Word: manley
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...INDUSTRY This highly cyclical group includes Dow Chemical, aluminum producer Alcoa, rubber company Goodyear Tire and metal benders like Caterpillar--outfits that make what sells well in an economic recovery. Because their earnings are volatile, a better way to value such companies is by looking at sales, says John Manley, market strategist at Salomon Smith Barney. Over the past 30 years, he says, this group has traded at a 10% discount to the price-to-sales ratio (price per share divided by sales per share) of the S&P 500. The discount today...
ENERGY This industry has been scalded by the Enron scandal. The most compelling values are in natural gas (where Buffett has been buying). Typically, gas-company P/Es are slightly above the S&P multiple. Today the group trades at a 50% discount, Manley notes. Big oil companies don't look cheap, but domestic producers are trading below the market average, including Amerada Hess. Electric utilities are best valued by their dividend yields. Secure yields of 4% to 6%--as with FPL and Public Services Enterprises--are out there...
SYRACUSE, N.Y.—While the snow fell outside Manley Field House in Syracuse on Dec. 20, the Crimson shooters had a hard time getting anything to fall when it counted...
SYRACUSE, N.Y.—While the snow fell outside Manley Field House in Syracuse on Thursday afternoon, the Crimson shooters had a hard time getting anything to fall when it counted...
...countries like Mexico, Peru and Chile, democracies have been considerably strengthened since 1994. Financial crises that overwhelmed Mexico in 1994 and Brazil in 1999 have been largely overcome. Regional trade and investment have expanded. Moreover, "this summit is about much more than trade," says Canadian foreign minister John Manley, pointing to such areas of cooperation as transport, education and the environment...