Word: marketing
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Dates: during 1950-1959
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...stock market's response to the Middle East crisis demonstrated what a powerful teacher history can be. At the first emotional scare headlines, the big international oils dropped and, as expected, carried the market down with them. Dow-Jones industrials tumbled 5.96 points in a single session, the biggest sell-off of the year. Then investors paused-and realized that panic is always unprofitable. As in the Suez crisis and other flareups, they turned their attentions to shares that might benefit from a harder U.S. stand. In buying surges that frequently left the ticker behind, investors sent industrials...
...increased production at home in another situation like Suez (see below), staged a smart rally. Atlantic Refining rose from 38 to 40¾; Shell from 76 to 80⅝; Amerada from 104 to 109¼. Like the home-grown oils, many other industries slowed by the recession picked up market strength as investors gambled on an imminent change in the business tides. Some steels, coppers and aircrafts rose to new highs for the year; Crucible Steel, one of the most active, rose 4¼ points to 24. The few groups that did not benefit from Wall Street's afterthoughts...
Despite the general enthusiasm, many shrewd traders are skeptical of the current market level, feel the market is due for a retrenchment. The experts argue that prices are already so high that they discount both a business upturn and any acceleration the Mideast crisis might bring. "Korea brought a quick dip and then a quick recovery," said Ralph A. Rotnem, partner of Harris, Upham & Co. "But today the market is more vulnerable; people are paying twice as much for earnings now as in 1950." Bears point out that the Dow-Jones industrials in mid-1950 sold at eight times earnings...
Other Wells to Draw On. If Iraqi oil were cut off, the world market would hardly know the difference. Iraq now produces 704,000 bbl. per day, only 17% of total Mid-East production and less than 5% of the world's total; the U.S. pumps more than nine times that much. Iraq provides only between 9% and 10% of Great Britain's total oil requirements, though it does ship about 34% of France's current supply. Any cutoff of its oil could easily be made up by cracking the taps a fraction wider in other Mideast...
Last week, as the Middle East crisis pushed sugar futures prices upward, Sugarman Lobo stood to profit even more. He owns or controls eleven sugar mills in Cuba, finances another 15 to 20 mills when the market demands it. He handles half the 5.5 million-ton Cuban sugar crop, finances 25% of the Puerto Rican and Philippine crops, amounting to another 500,000 tons. A rise of a fraction of a cent (½ last week) on world markets can mean a small fortune for Lobo...