Word: morganized
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Dates: during 1990-1999
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Chic. Cubs (Morgan 0-1) at S.D. (Spencer...
Throughout the week, name-brand stocks like Citicorp and J.P. Morgan--stocks that usually trade in eighths and quarters--dropped in two- and three-point gulps. I tried to scoop up some Chase bank shares at $47, only to be told I had bought it at $45--seemingly good news, but the stock was at $44 by the time I got confirmation of the trade. Sure, some of the lack of liquidity might stem from the large number of traders still vacationing, but most of it came from fear--fear that if the sellers didn't act fast, someone would...
...stocks--especially blue chips that you can count on to thrive long-term. High yield today is anything over 3%, a level that may indicate the stock has been unfairly trashed and will do well in coming quarters. Among the highest-yielding Dow stocks are Philip Morris (4.1%), J.P. Morgan (4.4%) and General Motors (3.5%). Other stocks to own might include those of consumer-products companies, a group that lost far less ground than the market this summer. You could also look for value-oriented stock mutual funds, such as Oakmark Fund (which has some of my money) or Mutual...
Investors in the market for some valuable advice during the dog days of the Dow can get it from a new source on the Web. Last week Morgan Stanley became the first major Wall Street house to offer discount online traders (at its discoverbrokerage.com site) same-day access to high-quality research reports on more than 400 companies. For $19.95 a month, subscribers can receive analyst ratings, earnings estimates and overviews on 20 stocks...
This doesn't mean there are no cheap stocks. Take out the 50 most popular stocks in the S&P 500, and the average P/E of the rest falls to a not-so-scary 18, according to Morgan Stanley. And there are hundreds of smaller stocks with P/Es below their expected rate of earnings growth--a classic sign of value. But the overall market will not be cheap by historic standards unless the S&P falls 40%--or its underlying companies earn far more than analysts project...