Word: lipper
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Dates: during 1980-1989
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...fresh wave of gloom rolled through investment houses last week. Even as the Dow Jones industrial average surged 72.40 points to a post-crash high of 2409.46, blue- chip firms announced setbacks that ranged from layoffs to plunging profits. Says Perrin Long, who follows the securities industry for Lipper Analytical Services in Manhattan: "A new reality...
Some Wall Street experts predict painful new layoffs at many U.S. firms. "What the industry needs is a good housecleaning," says Lipper Analytical's Long, who argues that brokerages would need to dismiss 12,000 to 17,000 more employees to keep profits from sinking further. Other analysts expect a steady decline in the number of investment firms. Since the crash, membership on the New York Stock Exchange has fallen from 392 companies to 365, a decline of nearly 7%. The dropouts have either closed their doors or merged with stronger firms...
...investments has started to outpace redemptions, and Lynch is pleased that only 50,000 out of the 1 million-plus Magellan customers have abandoned the fund completely. Even after the crash, Magellan investors are 2% ahead for 1987 as a whole. According to an independent study by Lipper Analytical Services, investors who have been in Magellan for three years have earned 68% on their money as of the end of November. Over the same period the Standard & Poor's Index of 500 stocks has gone up only 56.7%, and the average stock fund has risen...
...fund managers hope that investors, after a period of cooling their nerves, will venture back into the stock funds. Says Edward McVey, senior vice president at Franklin Resources: "As soon as people got over the initial trauma of Black Monday, they were calling up to reverse their redemptions." Michael Lipper, president of Lipper Analytical Securities, is not quite so confident. "The panic is over," he says, "but the jury is still out on the comfort factor." Fund companies have already launched a blitz of upbeat ads and letters to shareholders in an effort to convince customers that mutual funds...
...SOURCE: LIPPER ANALYTICAL SERVICES...