Word: stocked
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Dates: during 1960-1969
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Nervous and emotional, uncertain and perhaps a bit illogical, the stock market lost another $8 billion in paper values last week. Small investors sold more shares than they bought; big institutions stuffed their steadily rising funds into safer, short-term Treasury bills or corporate bonds and just waited. The Dow-Jones industrial average fell for four days in a row, struggled up just a bit in the final session, and closed at 864-down 16½ points for the week.* Everybody on Wall Street was waiting for news from Washington and looking for a firmer fix on three uncertainties that...
...sign of the investment mood was that the short interest as of mid-July hit an all-time high of 7.2 million shares. When an investor goes short, he borrows stock and sells it, figuring that it will drop and he can later buy it at a lower price. A large amount of short selling suggests that investors are bearish; but for the longer term, it serves to support and lift the market because the short sellers eventually have to buy stock to cover what they borrowed...
...called Keep Your Eye on Norton Simon. The California industrialist, who has broadened his Hunt Foods into a far-reaching company (TIME cover, June 4), has been a prime stockholder in ABC for more than two years. Last week it was disclosed that he has bought much more stock through Hunt and a subsidiary, McCall Corp., boosting his stake from 6% to 9% of the outstanding shares. He owns 400,000 shares, which makes him ABC's largest holder...
Bonanza. Simon's investment is worth about $22 million at current prices, has been rapidly appreciating. Price of the stock has doubled in the past 18 months, and last week President Leonard Goldenson reported that the company's first-half earnings rose 41% above the same period last year, to a record $7.6 million. From a lagging third place among the three television networks, ABC under Goldenson's gifted goading has risen to a point where it is neck-and-neck with NBC and CBS. Stockholder Simon has reason to appreciate the Goldenson touch, but may well...
...That is a damaging accusation against the son of J. P. Morgan's late partner, Thomas W. Lamont, and a prominent Wall Street personality in his own right. In addition, the SEC seeks to have Lamont "make restitution" to the shareholders from whom Morgan Guaranty bought its stock-that is, pay them what they would have earned had they held on longer. A U.S. district court would assess the actual amount...