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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era -- Ignore unavailable to you. Want to Upgrade?

To: porcupine --''''> who wrote (997)	11/17/1998 9:54:00 PM
From: porcupine --''''>	Read Replies (1) \| Respond to of 1722

Berkshire Hathaway third-quarter earnings up -- Reuters NEW YORK, Nov. 12 (Reuters) - Diversified investment company Berkshire Hathaway Inc. (NYSE:BRKa - news) said on Thursday its third-quarter net earnings, excluding realized investment gains, rose 6 percent, bolstered by the contribution of its auto insurance subsidiary GEICO Corp. The company, the investment vehicle of Omaha billionaire Warren Buffett, said its income from operations rose to $264 million, or $212 per share, from $248 million, or $201 per share, a year ago. Including the gains in both years, the company, which announced in June it would buy insurer General Re Corp. (NYSE:GRN - news) in a deal valued at $22 billion, said its third-quarter net income fell to $365 million, or $293 per share, from $367 million, or $297 per share, in 1997. First Call Corp., which provides analysts consensus estimates, does not track Berkshire Hathaway, a spokesman said. Berkshire Hathaway said GEICO, its largest operation and the seventh-largest U.S. auto insurer, was an ''important contributor'' to its improved 1998 operating results with its 10 percent profit margin above target. The company said the unit's growth continued to accelerate in all categories of auto insurance. The company also said GEICO took premium rate reductions in certain states and that future margins should be more in line with expectations. Berkshire Hathaway said the General Re acquisition is expected to close in the fourth quarter pending certain rulings from the Internal Revenue Service.

To: porcupine --''''> who wrote (997)	11/17/1998 10:14:00 PM
From: porcupine --''''>	Read Replies (1) \| Respond to of 1722

RESEARCH ALERT - Merrill sees IBM growth NEW YORK, Nov 16 (Reuters) - International Business Machines Corp.'s operating income will grow at an accelerated pace as the computer maker's electronic business strategy unfolds, Merrill Lynch analyst Steve Milunovich said on Monday. "We think IBM's operating income growth will accelerate," Milunovich said in a published note on Monday. "Management was upbeat at last week's e-business meeting," he said of a briefing IBM held for Wall Street analysts last Wednesday. The Merrill analyst said two trends play to IBM's strengths -- the demand by customers for reduced technological complexity and complete system solutions instead of simply new products and the coming wave of so-called "information appliances." Information appliances are small Internet-connected devices that offer many of the advantages of personal computers at significantly lower prices. "IBM's role as an infrastructure provider for appliances could enhance its (price/earnings) multiple," Milunovich argued in a note after a visit with IBM management. Milunovich made no change to his IBM earnings estimates or stock rating, which remains a long-term buy with a 12-month price target of $180. IBM stock was up 13/16 to $158-1/4 early Monday afternoon, trading in a range just below its historic high, adjusted for stock splits, which was set last week. ((-- Eric Auchard, New York newsdesk, 212-859-1840))

To: porcupine --''''> who wrote (997)	11/17/1998 10:41:00 PM
From: porcupine --''''>	Read Replies (1) \| Respond to of 1722

Fed Funds Rate History Filed at 5:38 p.m. EST By The Associated Press Changes in benchmark interest rates by the Federal Reserve, since 1989: FEDERAL FUNDS RATE Nov. 17, 1998: 4.75 percent Oct. 15, 1998: 5 percent Sept. 29, 1998: 5.25 percent March 25, 1997: 5.5 percent Jan. 31, 1996: 5.25 percent Dec. 19, 1995: 5.5 percent July 6, 1995: 5.75 percent Feb. 1, 1995: 6 percent Nov. 15, 1994: 5.5 percent Aug. 16, 1994: 4.75 percent May 17, 1994: 4.25 percent April 18, 1994: 3.75 percent March 22, 1994: 3.5 percent Feb. 4, 1994: 3.25 percent Sept. 4, 1992: 3 percent July 2, 1992: 3.25 percent April 9, 1992: 3.75 percent Dec. 20, 1991: 4 percent Dec. 6, 1991: 4.5 percent Nov. 6, 1991: 4.75 percent Oct. 30, 1991: 5 percent Sept. 13, 1991: 5.25 percent Aug. 6, 1991: 5.5 percent April 30, 1991: 5.75 percent March 8, 1991: 6 percent Feb. 1, 1991: 6.25 percent Jan. 8, 1991: 6.75 percent Dec. 19, 1990: 7 percent Dec. 7, 1990: 7.25 percent Nov. 16, 1990: 7.5 percent Oct. 29, 1990: 7.75 percent July 13, 1990: 8 percent Dec. 20, 1989: 8.25 percent Nov. 6, 1989: 8.5 percent Oct. 16, 1989: 8.75 percent July 27, 1989: 9 percent July 7, 1989: 9.25 percent June 6, 1989: 9.5 percent Feb. 23, 1989: 9.75 percent Feb. 3, 1989: 9.25 percent DISCOUNT RATE Nov. 17, 1998: 4.5 percent Oct. 15, 1998: 4.75 percent Jan. 31, 1996: 5 percent Feb. 1, l995: 5.25 percent Nov. 15, 1994: 4.75 percent Aug. 16, 1994: 4 percent May 17, 1994: 3.5 percent July 2, 1992: 3 percent Dec. 20, 1991: 3.5 percent Nov. 6, 1991: 4.5 percent Sept. 13, 1991: 5 percent April 30, 1991: 5.5 percent Feb. 1, 1991: 6 percent Dec. 18, 1990: 6.5 percent Feb. 24, 1989: 7 percent Aug. 9, 1988: 6.5 percent