Viewing Month: May 1951

Tabell’s Market Letter – May 04, 1951

Tabell’s Market Letter – May 04, 1951

Tabell's Market Letter - May 04, 1951
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, Hoff &- Goodwin -'t;-,''',,'',,0;,'' !,,-''''''''''!,'''-'',''''', ''''r'''''''','',',,' '.W1O,I StOl ,1 l . 01011 ,,',''''''','''' 0,, ,.''b,,,',,'-I,II-,,-', i.n &4mU!-Jz& OU f.-i TA'AET L;''';j; NEW YORK S, N, Y, PHILADELPHIA 2, PA. ., ;'''' . . '.;.. ILOS ANGELES '13, CALIF. SAN FRANCISCO 4, CALIF, i'ij ! The advance of average has continued into the an- f ticipated 260-265 area. The average reached a high of 264.44 011 Friday 1' ;Tle ra11G succeeded in betterirg the April high of 84.83 but, at Friday' s ! high of 86.51, were still cor;siderably beow the February high of 90.82. ,,' i'; The present advance into new high territory by the industrial i,, aver82;e, gii.'es us an opportunity to compare the internal technical strength; if',' of. the Jr.arket at present with that of the January-February rise. ;; ' So far, the 2vicenc s at hand is unfavorable on a nUlaber of CQu;ltsi, ;';;', Of the fifty-two group averages that I chart, only some eighteen or nine- — teen have bet cered the February highs. The balance of thirty or so are I still below the previous highs. This indicates that the breadth of the ;', V ;-',market actio,l is not strong and that a relatively small nUl'ber of groups , ,;are responsible for the rise en the average. , ', Volume indications are also unfavorable. The volur.le on the L' present advance is cO;lsiderabl,' below that of the January-February rise. ', ,'; In Ja1.uary there were seven days during which volume topped the three , tmilli()n share mark and nine days in January-February during which volurae c',' \'las f'lore than two nillion shares. On the present advance there has been ,.- ' only three days in which volume was slightly more than two million shares. ,,, k, The same unfavorable action is noted when new highs and lows and ;nuwber of advancing and declining issues are compared with the totals of the ,Januapy-February rise. ' ,, All of these unfavorable comparisons suggest extreme caution .The market must be given more time to prove itself, but the evidence at hand ;,i'iat the moment confirrs my thoughts that the market is in the process of ;' forming a broad distributional top. r I'', The growth stocks have been among the leaders in the recent rally 2rhis type of security is eagerly sought by wealthy long term investors aDd ; ; institutions and trusts. 'rhe r.lain characteristic of growth stocks is, of i' ;'' course the continued growth in earnings and price over a period of years ,,' ;,regaodless of gene,'al economic conditions. MONSANTO CHEMICAL is '.,1 / ,, ,'example. In 1929, the company earned 481 and sold at a high of 13 3 4. ,' ;' vii th only slight i1!terruptions, earnings have steadily increased each year. ;! ;;; 1950 earnings were 5.7 and the recent high was 89 1/2. This is in con- ; '' trast to cyclical stocks such as U. S. Steel with widely fluc tua ting earnings' deper.ding on general business. 1929 earnings were 7.06 on the present f; capitalization. There was a defic it of 1. 26 in 1938 and 1950 earnings 1'Ieret' 1 7 .23. c'' ,', The fear of the possible effect of excess profits taxes held back,.;, 'the growth stocks until recently, but the release of first quarter earnings ,- ,showd that, despite a much heavier tax burden, the growth characteristics ,were still dominant. This has been the reason for recent strength. ',' '; On the unfavorable Side, the great demand for this type of issue ;,; , ,has resulted in their selling at high price-to-earnings ratios and at 10Vi , , , yields. j101rSANTO, at the present price of 88, sells at 16 times 1950 earn- , fings of 5.37 to yield 2.9 on the 1950 dividend of 2.62-/,. Most of the demand for growth issues has been in the field of ,' ,. chemicals like ronsanto and Rohm & Haas, ethical drugs like Pfizer and ;' !,,,'Merck, and specialties such as Minnesota Mining & Manufacturing.Neverthe- ,less, not all the growth issues are in these few obvious industries. r ' ; one is willing to seek out Situations, there are issues in less select ;; -conpany .' greater that are obtainable at greater yields with the possibility of eveD price appreciation if one is willing to have patience until the ;'t ;.' general investing public realizes the grovlth, potentials. ' , Some of these issues are in industries not usually associated with ,.., long term growth but rather with cyclical characteristics. For example, in V, i,'; the rail field there is Min,leapolis, St .Paul & Sault Ste Marie (Soo Line) ; j,.selling at 15 to yield almost 7. This road taps the rich Alberta oil and ,)gas fields where there should be tremendous growth in industry and popula- '' '.' tiOI1. The growth of the south and west has already resulted in sharp price / increases in railroads in those territories while eastern rails have done ;', ,' little marketwise. Even a feast or famine industry like steel has developed,' ;' ;grovlth s.tuations like Ganite City SteeL Utility operating companies in f ;'grO\';th territories alsc have interesting, if less spectacular, price appre-;.;, ciation possibilities. EmmND W. TABELL ' ! ; TVl -. 't–. '-jl -. 11 m,lttor d not to b, conltrued III a offer or solicitation of offen to buy or II m al n, edWin may -; t- hive olin 1nt.r,,' 1 loml or all of the Ilcu,I,111 merdionld hr,l th. forlQoinQ meterial hal b.. prepared by 1,11 a, I matt.r of Information only. It is bued -. t)7Jfuipton7!In;f'or'mfIa!ttilon't4b1i,l1I,eiv'eId;At;7liab;'l1e,,butfn;ot7Tn-ecelWftirily'ico-mZp-l,t.,-Ist..n/otS;.uariaJn…5d-alr'a2ccuroa.t.forffiinal,/linSdi'snotintenld;e'dtofo!rf.clao;s3eR;Itndr,p,endren1t'inquir,y;.; … .' .. '

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Tabell’s Market Letter – May 11, 1951

Tabell’s Market Letter – May 11, 1951

Tabell's Market Letter - May 11, 1951
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, –,-, a l s t O l l . H o f f r n a l l Goodwlon!.J',-',;I;b'''4l'i,I\'Ii.,.,lr''l'j'l' ,,'.,-r-',-, ri1; ' .l l,T, '. 'c.'.. &'&J4;t.e-;d o/eo 'c.''-.''..'''' ,''',–,-', '-'C,'-'–'I','',,,,(2-/-'.., J , I.' fi'1;i NEW YORK 5, N, y, PHILADELPHIA 2, PA LOS ANGELES 13, CALIF, SAN FRANCISCO 4, CALIF, f tiVJ, W;; 35 Wall Street DIGBY 44141 1420 Walnut Street PENNYPACKER 5S977 550 South Spring Street MADISON '232 265 Montgomery Street SUTTER 12700 f!J!. v TABELL'S MARKET LEnER 0 t\'i 8I,' itliff! o;;,;,', This weekend I am leaving on a four-week trip to visit the Calif1'i ;'' ornia, Oregon and Washington offices of my firm. During that period, my e,' q letter will continue to be issued although it will be written on the West iifi. I,ICoast . ;j, Virc';; op i n It . ht be appropriate at this time to restate my general marketi;', I i For the longer term my thoughts have changed but little from my I' I; orecast of 1948. At that time, I stated that the stock market appeared to ;5 i;,; be in a long uptrend similar to the war and post-war period of 1914 to 1929'-; r' The present uptrend started in 1942 and, if the same time span were used, fit, ', would continue to 1957. Such long term moves obviously have their inter- '! , ruptions. Usually they consist of five phases – three of advance and two t, fi'';. of decline. The first phase was the advance from 95 L1 the Dow-Jones in- p',If dustrials in June 1942 to 213 in May 1946. The next phase was the decline r,' from 213 to 160. This low point was tested each year from 1946 to 1949 , ,;. In my 1948 forecast I expressed the opinion that the next advancing phase ;; (; w0uld carry from a low of 160 to about the 250 level with 5 leeway either ;, ti side. The advance would be followed by a decline to about the 200 leveL ,c J, After that, tnere would' be the final dynamic advance phase that would carrI.; ,;; the average well above the 1929 high of 386 to probably 450 or higher. I;;; seet,';,;J no reason to change the broad outllne of this patter1. '-1';C ;; l'tHLPLeDt aQ,;l1ill.j,so,iU-lIlY-2pJ,,lIliQJ;;,,near.,ingitsendc.Whetl1ec; 1 ;'\ / ti) wut hnhegerteihdneidcr tuatshbter-i'Iraeal'siaTnwas piwllriTmlaf'lrnladylrT-sys.o!mgsole1mw1eXhwalht.2'aBa'tb-olallvc5te9ivs,elafi'sl;t.ie;wFee,JekthiIeSPiar0t.noYgphti-ogefrhm2'6o-1ftt-.rglfOeJ-f.l,lo.i2ri3iss l Ct, ';!;''ii on,ed,–ll),-lll(()Ri, the markeis, only.n…E!ieearlY3tagesofform- ln a dJs.1L-r,i'!111tlR!aU0jl,.rCr5ayrequire conlderbletimeMandl!ide , ,fYuctuations in a broad twenty-flve-point'range in the.. industrialav,erage r; bore-TnetQJlJ-compieted,–The downside-GilpEcat1Oris of such a pattern h,i ; it! I!;, ; are not-predictable until the formation is more complete but, in my opinio., ,', the decline will be relatively mild as compared with the 1946 or 1937 de- ;'.; I cline, both as to price and as to time. The 1942-1946 advance lasted four ( -' years and was 123. The 1949-1951 market has advanced 67 in a two-year (,' ,; period. The next decline will most likely be about in the same ratio \';;1e;-, -' compared to the 1946 decline of 25. That would mean a decline of about ;, , 15 or 20, or about forty or fifty pOints to approximately 225-215, Of K ,', course, a broadening of the top may occur later but that appears to be all (7 ' that r but, is indicated at the moment. The duration of such a move is guessHork as a guess, I would say it would occupy a time period of six months f/ , ' to a year. ;' , ' This does not mean that all securities will decline 15. Many, ', stocks have had little price advance during the past two years and are not ', ;' overbought. Their decline would be comparatively moderate. There are other i.,' 'I issnes that could even advance moderately during such a period of re-ad- ,' ',' justment. The most vulnerable issues would be those that have advanced iI ;;; sharply from the 1949 lows and are in need of consclidation and re-accumu- ;',,- ,' lation at Imler levels. 'c\ 't'o the longer term investor such a decline as ewisaged should ' ;' be of no great significance and hardly warrants disturbing sound holdingc. l' ,'; New funds, however, should be invested only in defensive-type issues. For ;;/, those interested in intermediate term capital gains of six months or so, ,\CI ;'';, the pattern has much greater significance. While some tssues may work ; ,( ', temporarily higher, it would appear that most will be lower six months ', ,, from now and, therefore, the greater part of funds should be liquid await- ' J ing buying opportunities. For the short term tradel', it would appear that , . the market is no longer a one-way street and a great 6eal more caution is , ;,'c, necessary ..\ /,,' ,,1',' ,',i; May 11, 1951 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN , Closing Averages Dow-Jones Industrials Doy/-Jones Rails -. ,, ' ' .7' Thh mlmot.lldum is not to b. conshUld III an offlr or solIcitation of offlrs to buy or sell any Slcur,tiu from tlml to time Walston. Hoffman & Goodwin may havi .n Inflrut j sam. or all of the slcuritils mlntlOld hlrlin Thl foreqoinq materIal h.ll been preparld by us as a matter of informaholl only It is basld , ', upon information belllvid rillabil but of IIlcessarily compllte. is not ;ua,anteed .!IS accur..t. or filial, and is IIOt i'ellded to foreclose Indlpendlnt inqUiry , , '!';'-'! ;'\,,'J((I) ;K-';,',; -;t,,, , ,N ,. -,', , ', , –' ''–,,' ;-; '' – ,' – ,' , -;.- ','.,, ' ,-' i'- ',;'-

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Tabell’s Market Letter – May 13, 1951

Tabell’s Market Letter – May 13, 1951

Tabell's Market Letter - May 13, 1951
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NEW YORK 5, N. Y. 3S Wall Street OIGSY 014141 PHILADELPHIA 2, PA '420 Walnut Street PENNYPACKER ssm LOS ANGELES 13, CALIF. SAN FRANCISCO 4, CALIF. SSO South Spring Streot 26S Montgomery Street MAOISON '22 SUTTER '2700 , Last vleek the market action gave added evidence to the thought .; that the market is building up a pote;otial top patter!. As yet, the , pattern butional is incomplete and more Hork may be needed to enlarge the distritop. lli th the exceptio', of steels and motors, comparatively ;;/ f-; S (,;1 few issues have formed broad top patterns and continued backing and fill- ',,,;,, ' ',,' 'i.'.i.1is ),' a broad trading ra;1ge bounded roughly by 245-255 action should present very favorable opportunities appears indicat2d. to switch out of 1 issues with unfavorable patterns into those with excellent long term potentials. ',,' ; A few issues of this type are noted below CARRIER CORPORATION was origi;,ally recommended in this letter ,'at an equivalent price of 10-11 for the preset stock. It is presently ' selling at 22 1/4. O the basis of the indicated 25Ji quarterly rate, it , is yielding 4.5. The divide!1d appears conservative 1'i'e compared to earn- .. ings of 4.54 in 1950. The stock has tremendous growth possibilities. ,'It is the leading indeper,dent cOffipany in the air-conditioning field. ' Its products range from self-contained units for individual rooms to – industrial units of 1200 tons. While its 101lg terrl growth potentkl is ,' based on a peace economy, it will do very well under the present defense ' ;' econo;ny. If large air-raid shel'ers or undergroud plants were necessary, the denand for company 's produc s would be tre!1endous. Finances have ' been gradually inproving. Net 1'iorking capital has increased from 4012 ; in 1941 to 18.12 in 1950. This stock has formed a very strong base , pattern in the 12-19 area. The upside ) tration indicates an initi2.1 ',; 23-25, which has been 1' -Jo.ed, to be followed by a eve;tual 45. Would -, buy on all mip..or price c.ips. ! ,; COLUMBIA GAS SYSTEM, at 13 3/8, is an excellent natural gas growth situation in addition to being a good defensive vehicle in the ,-, prese ; o –;10mic uncertainty. The corr,pany is one of' the nation 's ,' , ' large ,stural gas systems. It serves, directly or throgh sales to ; independent distributors, over two and a half milliop.. cu, tomers 0 It , operates in Pennsylvania, OhiO, West Virginia, Maryland and Kentucky. . It serves such populatior; centers as Wasr.ington, Baltimore, Cincinnati, ;', Dayton, Richmond, Columbus, Toledo, and Harrisburg. Income in 1950 in- ,t r ' , creased to 1.18 per share from 84Ji in 1949. Profit for the 12 months ended March 191 improved further to 1.28 a share. And net for the , season211 – ooC. March quarter of 1951 rose to 68Ji vs. 58Ji in the March ,; 1950 quarcer. The dividend was increased to 20Ji quarterly in the first ; c quarter of 1951. With the demand for natural gas increasing, further ; 'earnings expansion is indicated. The company has spent 200 million in ;, expansion over the past five years. The technical pattern is good 0 The f,;' stock has held in the 9-14 range for 3 years 0 An upside pe e';ration ; would indicate an initial objective of 20. The stock may be slol'l but '– it has a very strong potential pattern. Buy on all minor price declines. , ,' ,t LAr-iBERT COMPAl\'Y lias origir,ally placed in my recommended list '' at 22. It is now selling at 25 1/2 and yields 7.8 on the rate indicated ;' by the latest quarterly payment of 50;1. 1950 earnings were 2.94. j,et '; for larch quarter of 1951 rose; to 1.14 vs. 83Ji i;1 the Jllar,,!'\ quarter r', of 1950. Stock has a good tax base. Major produc t is still Listerine , but company has diversified by entering into moulded plastics, etlHcal ,;, drugs and toothpaste and brushes. The stock sold at a high of 68 in ;'; 1946. Technically, it has built up a strong base pattern in the 17-23 ,; range. The upside ;Je!tration indicates an initial 28 followed by a , long term 400 There is no heavy supply of stock until the 40 level is I, reached. f' ,– – . ,, Buy — on — – minor p r i c e d i p s .- -.- — …. – ——–;;;;. ', May 13, 1951 ;,. Closing Averages Ther e- i s good–. — sportat'.5-2 – – …-. —, – 0 EDMUND W, TABELL VJALSTO!', HOFFMAN & GOODWIlJ 7-'- ,, V; Dow-Jones Industrials 250.10 Dow Jones Rails 70 .l'l / Thll memorandum il 1I0t to b. construed III' en off.r or solicltllltion of offer, to bu, or HII any IIcurltl., From 11m. to tim. Wallton, Hoffman I Goodwin mllly ,', hn'. an lnt.rest In som, or ell of the Hcuriti., mentioned herein, Th foregoing material ha, b..n prepared by u, a, a maUar of Information onl,. It Is baHd ;. l. , , upon information belJe…ed relleble but not nl(lIllIrlly complet., i, not ;uII,ant..d a. accurate or final, and I, not intended to for.clos. 1ndependent Inquiry. , lff;'t';,,,'f(t,!7/l..!m!i,!5i!/1rJ3b,,t'I, ,' f.','-..' ,'' ,'.' ' l.'…,,', '','.', r ,!,, jJI'f,'Vj';F(';j;..;'\!L''.-,';', ''''.J. ''

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Tabell’s Market Letter – May 23, 1951

Tabell’s Market Letter – May 23, 1951

Tabell's Market Letter - May 23, 1951
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— —-. – – .I—————— . , .. &-,I Walston.Hoffnlant;;..,;c',,.,.-,,,,-..' .' …c., … ,., Goodwin, ',' .,'cc, .—.. –'i\ ,'.!., ..! ,',I NEW YORK 5, N. Y 46;u-d (/;c PHILADELPHIA 2, PA LOS ANGELES 13, CALIF SAN FRANCISCO 4, CALIF, ,;;,\ 35 Wall Street , DIGBY 44141 1420 Walnut Street PENNYPACKER 55977 I'',It')l 550 South Spring Shellt MADISON ,.22 265 Montgomery Street SUTTER 12700 ;l',, TABELL'S MARKET LEnER ;– , fc;( 'i',e l'ails pene'Jra'ed the lViarc 1, 1951 low cf 78.G5 on 'lay 21 \Del I,-then (ecl.ined vO an nr2.-d3.y leN of 75.03 '.n IVIar 24. T'lis seels .. 0 con,,.f'ir t-le sCand previousl;' taken bf his letter th2.- 17'2 are i11. an in,er.e la.e dcrn1rend. The indstrial average fell co a low point of 241.S cn i,,;,'he S8 e day, \lhere it jus t abou L held at the Marc \1 19'',1 bO'cte of 242.06. ,)l'he f2.ct ccat 'he wee'.'s decline stopped a aoout ,-le '-arc', 10 lor l;e ;,,''nC.usr21s no.ic….;es -..re pcssibll that there -.aT oe 2.. s;lor te;' —11j; . of se,. e i1a cure. 'I';le aru;.lent in f2.vor of a short cer; ra.lly is basecl cn ;-…;he ;c1i;3.1 cbservc. ion th2. so.e stoc!S have nc. /e.. fCl'fed ver-;,;- broad ;..'p f r' 'a c.l.ons. or exa.ple, sO;'e furt' .er '.'lark appears to be needed ',c , ,,''. t5 \,.br,;C'den out tcp pa'cte'ns 'n s,ech ;roups as oils acyl c.e.1-icals. On ,he .er hind, groups such as steels, o'cors and papers bave already b'lt ,,1-,p rG.Ci1er subSvanClla t cps., ,' ,c. There is a probability, 'chen, that the rlarlcet ;i'l1t h01d for so;' e ',,, '!f'!.rTt'11eI' tir.1e in the 2'f2-250 range. However-, I believe '. hat even cta 1 1' the 'T.'h rCl lCjs l'L11 be broken en tle d01'lnside rherefc'e, \'Jou1c s.cvise t,;'n ,c.UvQ.lt,.f)e of 2ny strenst-l to lishten hold;ns 2nc. b'lila. Ep purchasLr, )'p ,er 80 as t talce ldvntage of future sell-oft's in t;le .J.rket. Lcol2.n2 P.I e.l., 1..p8rtant slpport points lc …ld be 235-232 f-r the !..ndustr'Lls ..ild ,.,..I. , -I,'-U- f vr 'Cj .-Ie ral'1 s. , ,l ,,, L.s'ced beL-,vl ..re additicnal stac's 1li'011 e,;ccellent lcng ce'.' 'po- ',; y'c''.ls ;,;; .' , RADIO CORPORATION OF AMERICA is the leade' 'n the elec trcnics i'-!.f.eld. I originallj' reco.1Lended its purchase in' the 10-12 ran;e .nd advised profj.t-t&.lins a)c 21-23. Since -that ti;(e tle stcc reacted t'e 15 2nd '1rcllied bacl' tc 21. The current price 's nO'J IS l/S. The f!..rs o..arter i. .,'' ;',e'.rnillEs for 1;'51 l'ere Lhe best for that period ,-n the histcr…- of tle COl.'- ,.. iP2,T. Earnins -Jere eqtal to 30 cents a co,',on 3hare cc.pared 'iLch 75 )ntE last year. Erninss ;or all of lS50 totale 13.10 and 1.50 !n divl- .l,lencs 'os paid. ''e ccp2.nT \'Iill be able ;;0 ear, 1.50 to 't'1-2.00 il si'la'e ; , ;,; ef'cr'e ecess pr0f'J.ts ta;es apply. It is iJelieved t'lat ul-;i.,.,tel; the RCA , 1,,1i-,, 'ste . (f' colr.., television iLll be sed. T-Ie co; ,p8.lJ.. ene,aE,es .Ln ' all ph..ses .;' ;, 'rJ YaC'. v, teevLsi -n and related fielcis an-. 't is ccnt.Ji'Ltosll' addine; ne1 . ;,, ,;.proG.'J.cts in tole electronics fielc'. In addition, of cCLrse, '-t owns 'ce 'c (i.u;ional BrcacJ.Gast Ln.' Co;pany. I believe -chat the stcc is nildin6 'jpa- ;! r(,\el';' strGn2; re-acru.ulation pattern. It is posoible t-,at it j',iay be 3.vail- i;ble at sliGhtly lO\'ler levels. I Vlould. Cl2(aiE add it tG r..- r2co;,ended list ;,'; ',i'.f i t i.s available in the 15-17 area. of!''; I'l0C;OPOL.4, H!C (45) for;,erly G&lvin M2EufE.cturin;, is one I,;, the;-.', U;f'ciur lartest television producers in adcJ.ition to beip6 the ost i1 portant ,,'Cactor in aute..otile radios and tl'lO-way cor.w.nicati.cI! syst0,c,S for police 'ri;'ars, rJil,'ays, etc. Also r.anufactures electroYic equipr;,ent vlhich allei'is (;e. 'ote c;or,crol cf ,.eters and valves. This can be ,sed by pipelines, ,i.,t ili'c ies, etc. Earnings f0r 1950 ',Jere 14.56 a COJon share on the hCOj O!JC shares of con;-lon stock now outstanding. For the Marh qlearter of , ,- QS5l oer-share net ca',1e to 2.92 after heavy taxes againflt 3.21 in the i,;nrst' quarter of 1950. Motorola has esti!1ated its EP'I' exe;-.1ption ,t 7 .50 '-'2 sl- 2.'e after ncri..al and s''rtax, based on the present tax 12ViS. D,-vidends ('bf ;J.f.09 \Jere paid in 1950 and the stoc' is preser'ltl' on a regular' 2.00 ,', '\J.ivic.nd basis. Over the past year and a '.1111' the ste-c! has had c'ide ;lra,bicns 'in price tetween approi,atel-' 31 and 57. It has re entlc' opoen c.t , !.A.m r, dOllnside of the 52-47 trac1in,; range and there is possible dOl1Dside Ln6ic.3.tion of 0. return to the lLO-35 rane. If tIle s)cocl is availab'le ac this-, ,;level I 110uld advise its purchase. The LmC 'Ger;-; techn'ccl patte'rn is good .;.; i;and sJ.ggests much higher prices over the longer ter;l, It is one of the i';fdore inportant cOll'panies in the elec tron1cs and television groc.,p 1'lhich, in ,. fJ1 c! inion, Wic0..th,,eadi'EUPD,'.1eTnABeJE'LoLlarlet,se. ' rt-t' . 'I'- …. .U1U.J W rna'i, C .3, 1S'51 viALS' 0;.-, OFFiIlAN & GOOman , l'b ,I 'losi.l. ,…J es i;.. DOI-Jenes Industrials 245.27 iJ ,–……D…C…….\-J.,.-on…es,–R..,a-l-l..,S–;–. .7-.-L- .;-.'—;—-'–;;—–;;;;;—;-;;;;;;-;;;;;;; T l,;I/,;h Thh memorandum Is not to b. hll…. an Int.rest ill some or all condruld al lin oH.r or solicitation of the ..curiti., m.tio.d heteln of offen to buy or 1111 Th. foregoing material any hal b'eIecnuriptiresparFerdombyt.imUIe to time Wallton, Hoffiln .111,11 matt.r of Informatl & Goodwin may only 11 IS. b,ued ,,I UPOII Infotmatloll believed rellabl. but not neulSarily complete, II not uaratllGd III accutate or final, and Ii not Inteded to foredose Independent Inquiry f.\7hf,(;,'' ..'t,'Y\;7,'i'T',1.(-';.'—-.- .' / ';'i, 'L .. J.;' .', L . ',,'';.,'''(,-'t'-'- '.' '.'/', /

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