Word: exxon
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...they could pick up some bargains because stocks had fallen too far. The big institutions lumbered in to buy solid stocks like General Electric, which was trading at its year's low of $52 a share, Burlington Northern, available at a near giveaway morning low of $36%, and Exxon, offered at a fire sale $30 a share. Said Michael Sherman, director of stock research for the Lehman Bros. Kuhn Loeb investment banking firm: "The Granville predictions created a classic buying opportunity. Many people felt compelled to buy because they knew stocks were being sold for emotional reasons." Quipped Stock...
...underdeveloped country in the world to nationalize its oil industry, Mexico is proud that PEMEX survived a vindictive technology and equipment boycott by the major American oil firms. Today, it ranks as one of the world's largest 500 companies, and there is even talk of PEMEX competing with Exxon by selling gasoline in the southwestern United States...
...nearly $3 billion spent annually on basic university research, contributions have risen dramatically this year, especially in contract grants that demand something in return. At the Massachusetts Institute of Technology, private help has jumped from $6 million in 1979 to $18 million this year. At M.I.T. Exxon is financing an $8 million project on combustion research. Harvard Medical School has announced a $6 million grant from Du Pont for genetic research. Carnegie-Mellon University in Pittsburgh has signed a $5 million contract with Westinghouse to fund the Robotics Institute, granting Westinghouse first patent rights on any research findings. Dartmouth College...
Even so, some large oil companies, including Exxon, Chevron and Sohio, are investing heavily in synfuels. Says Clifton C. Garvin. chairman of Exxon, which has committed $1 billion to such projects worldwide: "By the turn of the century, we think this country will get about 4 million or 5 million barrels a day of liquids from shale oil and coal. It's prudent to develop a reasonable-sized synthetic industry, in part because of national security, and in part because of economics...
Though the program's various tax and subsidy provisions were intended to encourage giant foreign multinationals like Shell, Exxon and Mobil to sell at least some of their Canadian operations to local companies, the effect has been to aggravate a host of economic difficulties. Inflation has surged to an annual rate of 13%, the Canadian dollar has slumped to 800 in American currency, its lowest point in 50 years, and investment capital has been fleeing Canada...