Word: lynch
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Later on Thursday, one of Wall Street's most stubborn bears, Analyst Robert Farrell of Merrill Lynch, suddenly sided with the bulls. He predicted that the rally would last for seven to eight weeks and perhaps take the Dow to 950. Previously, he had forecast a peak in the index of no more than 870 this fall...
...been averaging about 52.3 million shares. The week's total volume of 455 million shares shattered the old record of 329 million set in March. In fact, more shares were sold last week than in the entire year of 1953. Said Samuel Kachel, a broker with Merrill Lynch, who was still answering his phone late on Friday: "I'm tired as all hell. This was an exceptional week...
...rates' coming down, but they can mount a sustained upward move only when corporate earnings improve. This is the food on which bull markets feed." Gordon believes that the Dow will rise only to about 900 in the next few months. Richard McCabe, a vice president with Merrill Lynch, is gloomier; he predicts that the Dow will lose all its surge of last week and sink below 780 by fall...
...responsible for the money owed by Drysdale, but was willing to go ahead anyway and and put put $90 million into a $250 million pool until the situation was cleared up. Included among the astonished listeners were the heads of some of the bluest chips of American finance: Merrill Lynch; Goldman, Sachs; and Salomon Bros...
...will take more than soothing personalities to improve the grim outlook for Harvester's finances. Says Richard F. Rossi, an analyst at Merrill Lynch: "The company will not turn around just because McCardell is gone. His departure will not make the situation between the company and its creditors any different at all for the time being." The big question that remains at International Harvester is whether the bankers will give the new management enough time to try to save the firm...