Word: marketing
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Dates: during 1940-1949
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High Tide? The why of the breakthrough was hard for brokers to analyze. There had been no rosy market news. The explanation seemed to be that investors, who had been shooed away from buying by talk of recession, had finally realized that many a stock was vastly underpriced, and that profits had a good chance to stay high for some time to come. (The tax cut had also released some investment cash...
...chartists had a rough clue in past performance. After previous bull-market "confirmations" (breakthroughs), the Dow-Jones industrials had a total rise from 30 points...
Nevertheless, even the most religious followers of the Dow theory knew that this was no guaranteed guide to the future. In effect, the breakthrough last week simply "proved" to the theorists that a bull market had been under way since the 1947 low of 161.38, following the collapse of the big bull market in 1946. But the market had been within 3.65 points of that low mark as recently as March, thus proving that even in the theorists' bull market an investor could lose his shirt...
...market started out strong again this week. As it opened Monday, a rush of profit-taking chipped off some of Saturday's gains. Then a wave of new buying shoved the industrial averages up 0.19 to 190.44, third new high in as many days. Almost 3,050,000 shares were traded. It looked as if the bull market had its feet firmly planted...
With its eye on the booming market, General Motors decided to sell the public its 29.1% interest (1,000,061 shares) in North American Aviation, Inc. The sale, to be made soon, is in line with G.M.'s policy to get out of companies with which it has no "direct business relationship." (It recently unloaded an 18.9% common stock interest in Bendix Aviation Corp. and 344,000 shares of Greyhound Corp.) To make the separation complete, North American President James Howard ("Dutch") Kindelberger was moved up to replace Henry Michael Hogan, a G.M. vice president, as chairman of North...