Word: marathoning
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Detroit's paucity of new models this fall is a by-product of the marathon race U.S. manufacturers are running to catch up with Japanese and European companies in developing small cars. High interest rates have also hurt foreign car sales, but those manufacturers continue to make inroads. About one of every three new cars sold in the U.S. is now a foreign model, and in California, Oregon and Washington imports have 50% of the market. To keep the situation from becoming worse, American automakers about two years ago abandoned the traditional fall introduction and now rush their...
...United Technologies ($59 to $44); McDonnell Douglas ($37 to $30); and Raytheon ($49 to $40). Among energy stocks, Cities Service, a strong gainer only a short time earlier as a result of takeover and merger talk, lost $20 per share in three weeks and sank to $46. Marathon, another favorite among oil stocks, skidded from $80 to $62 in four weeks...
...used for a proposed merger. The same day last week that Du Pont claimed victory, all ten of the most active stocks on the American Stock Exchange were oil and gas firms. Some of the possible acquisition targets for the major energy companies: Pennzoil, Mesa Petroleum, Superior Oil, Marathon Oil, Amerada Hess and Murphy Oil. Texaco, which was an early suitor of Conoco, is reportedly considering a bid for Kerr-McGee, an Oklahoma-based oil company...
...Mobil been permitted to acquire Conoco, there would have been other such mergers initiated by the major oil companies. A real threat existed that a large number of oil companies in the middle tier, like Conoco, would have been eliminated." Several of those firms, including Cities Service and Marathon, have already arranged their own lines of bank credit to fight off unfriendly takeover attempts...
Many of the coveted companies moved swiftly last week to protect themselves from a takeover. Cities Service has lined up $1 billion in standby credit, possibly to enable it to buy back a chunk of its own stock in the event of an unwanted merger bid. Marathon Oil has arranged to borrow up to $5 billion. Analysts think that Marathon might be preparing to buy another company and thus become too big to be easily swallowed. Even Gulf, the fifth largest U.S. oil company, announced a plan last week to protect itself by buying up 5% of its own stock...