Word: salomon
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...billion). Rubin's timing, as usual, is perfect. Just as the former Goldman Sachs investment banker climbs back into the spotlight, Congress is preparing to vote on a historic bill that plays legislative catch-up with Citi's 1998 merger with Travelers, the insurance outfit that also owns Salomon Smith Barney. Rubin never made financial modernization his priority in government; nevertheless he will now help direct an institution sure to be among the bill's principal beneficiaries...
...SALOMON GRINDERS Gimmick: Slide along stairs or banisters without skates New fad? [rated 4 Michael Jordan heads] Sport even has an edgy name: "freestyle walking...
What should you own? If rates keep rising, the rotation into cyclical stocks like Alcoa and Caterpillar that began in April but stalled over the summer could regain momentum. "That play has been shaken but not yet disproved," notes John Manley, market strategist at Salomon Smith Barney. In the fixed-income world, short-term securities are best because they are easily held to maturity and rolled into higher-paying investments...
...sharp further rise in interest rates would be "a dagger in the heart" of the U.S. stock market, says Vincent Farrell, chief investment officer of Spears, Benzak, Salomon & Farrell, an investment firm. But he believes the dagger is well sheathed: "Interest rates have probably about run their course." Abby Joseph Cohen, who chairs the investment policy committee at Goldman Sachs, is more emphatic. Says she: "I think yields on long-term bonds cannot move much higher and stay there on a sustained basis...
SAFETY NET Internet stocks took some nasty hits last week, but that doesn't necessarily mean it's time to leave the party. Net funds are still posting strong overall gains for '99, and some analysts last week were saying that com stocks had hit bottom. Nerves still frayed? Salomon Smith Barney just introduced a bond (pegged to thestreet.com's Net index) that lets you play the Net game with a little peace of mind. Minimum redemption upon maturity in 2006 is $9 on the $10 note, no matter how far the index drops. The flip side: if the bond...