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Non-Tech : FEDDERS

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To: nick stalin who wrote (2)	2/11/1997 1:13:00 PM
From: JBonline	of 26

FJA (class A Fedders) might be of more interest now than FJC (common Fedders). FJA is higher p/e and yield, but you don't get voting rights. Some of the the big investors do buy Fedders, but usually not to hold. Due to its relatively predictable seasonal cycles, they instead use it like a money pump-- buying it low in its fall trough and selling it high at its summer peak. Its China business will have a different seasonal pattern that will partially offset the North American-style seasonality. The peaks and troughs in earnings and stock price in the future thus may not be as pronounced as they have been in the past. They may not be timed the same as they have been. Also, holding may start to pay off as this stock is starting to look like a growth cyclical, rather than a stable cyclical. (Growth cyclical meaning that the later major troughs are higher than previous major troughs, ditto for major peaks.) Am curious about the 25% market share. Thought I'd read somewhere that it had increased to about 50%. Do you remember where you saw that number and the date of the reference? Thanks!

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