Viewing Month: January 1957

Tabell’s Market Letter – January 04, 1957

Tabell’s Market Letter – January 04, 1957

Tabell's Market Letter - January 04, 1957
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NEW YORK Walston &Co. – – – – I n c , MembeTS New Y o1'k Stock Exchange PHILADELPHIA' LOS ANGELES SAN FRANCISCO BASLE ISw,hedd) OFFICES COAST TO COAST CONNECTED BY DIRECT PRIVATE WIRE SYSTEM TABELL'S MARKET LEnER January 4, 1957 The Dow-Jones Industrial average continues tu meet resistance at the lower part of the heavy overhead s u pp 1 Y at 500-524. This week's high was 502.57 which was a bit above the previous November and December highs but not enough to be decisive. The rail average also failed to better the previous highs. Ability to penetrate the December high of 159.41 would be encouraging. This week's high was 157.31. Regardless of the action of the averages, individual issues continue to show excellent technical patterns. Reprinted below is a complete list of my recommendations for long term capital appreciation. – -'—-. Price Allegheny Ludlum 63 Amerada Petroleum 124 American Cyanamid Bell & Howell 78 50 Bristol Myers 45 Calgary & Edmonton 30 Carborundum Corp. 45 Carrier Corp. 60 Champlin Oil & Ref. 29 Columbian Carbon 48 Crucible Steel 80 Eagle Picher 45 Eastern Airlines 51 Fansteel Metal. 50 Food Machinery 62 Gen'l Dynamics (new) 57 General Electric 59 Gen'l Rwy Signal 32 Gulf Orl 123 HewtttT-Robin'B .- Intern'l Nickel 109 Intern'l Petroleum 49 Johns Manville 49 Joy Mfg 72 Kansas City South. 77 Kennecott Copper 128 Magma Copper 87 Martin, Glenn L. 41 Masonite 34 Minerals & Chem. 29 Nat'l Distillers 27 North.Natural Gas 49 Northern Pacific 41 Pacrfic Petroleums 19 Pan-Amer. \'Jorld Air 19 Panhandle East Pipe 52 Penn Dixie Cement 40 Pittston Co 68 Rayonier 31 Richfield Oil RoyalMcBee 71 Sperry Ran& 23 Sunray Mid-Continent 28 Sylvania Electric 44 Tennessee Corp. 60 Timken Roller Bear 100 United Airlines 43 U. S. Steel 72 Western Pacific 64 Yale & Towne 30 Recom. 16 103 67 423176–35 42-40 60-58 24 5& 60-58 22 4T 45-44 51 50-48 56 19 107 –25 ' 90 34 50 23 85-83 130 75 38 iffi 32z-430 4847 40-39 11 12 46 39-37 5 4038 75-74 31 25-24 25 49 50 9040-38 65 7138 Yield 31..26 3.8 2.0 3.9 0.3 3.3 4.0 3.5 5.0 3.8 4.9 2.0 2.0 3.2 3.5 3.4 4.2 2.0 . 3.4 2.4 4.6 3.9 5.2 772 4.0 5.0 0.7 3.7 5.3 4.3 4.2 2.9 12..85 4.5 4.9 . – 4.3 3.5 4.3 4.5 3.8 2.5 3.5 3.6 4.7 5.0 Advice BuyHold. Support at 58-55 BuyHold. Support at 11&-105 BuyHold. Support at 7570 BuyHold. Support at 4543 Buy-Hold. Support- at 41-39 Hol&. Support 25-24 – Buy-Hold. Support 3937 BuyHold. S,upport 5550 BuyHold. Support 2624 BuyHold. Support 4544 BuyHold. Support 7065 Support 45-,42 BuyHold. Support 4744 BuyHold. Support 4643 BuyHold. Support 6055 BuyHold. Support 5550 BuyHold. Support 5654 BuyHold. Support 3028 BuyHold. Support 9794 . BuyHold. Support 9890 BuyHold. Support 4039 BuyHold. Support 4442 BuyHold. Support 7065 BuyHold. Support 78-0/4 BuyHold. Support 125-120 i.'lyHold. Support 9285 Support 4037 BuyHold. Support BuyHold. Support 2725 BuyHold. Support 2524 Support 4645 Buy-HOld. Support- 36-35 Hol&. Support 15-14 BuyHold. Support 1716 BuyHold. Support 49-46 BuyHold. Support 3835 BuyHold. Support 65-50 BuyHold. Support 30BuyHold. Support 6864 BuyHold. Support 2221. BuyHold. Support 2524 Buy-Hold. Support 4442 Buy Hold.Support 5550 BuyHold. Support 95-90 BuyHold. Support 3735 Buy-Hold. Support 6966 BuyHold. Support 60-55 Buy-HOld. Support 28 .,.. formerly Chicago Corp. EDMUND W. TABELL WALSTON & CO. INC. ,

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Tabell’s Market Letter – January 11, 1957

Tabell’s Market Letter – January 11, 1957

Tabell's Market Letter - January 11, 1957
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'r; Walston &Co. Inc. Membe1's New YOTk Stock Exchange NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO BASLE ISwilo,l,d OFFICES COAST 10 COAST CONNECTED BY DIRECT PRIVATE WIRE SYSTEM TABELL'S MARKET LEnER January 11, 1957 CHAMPLIN OIL & REFINING CO. Statistics Price Dividend Yield 28 1/2 1.00 3.5 Funded Debt 40,867,931 3 Cum.Conv.pfd. 100,000 shs. Common Stock 4,Q13,706 shs. Earnings Per Share 1956-E 2.20 Earnings Per Share 1955 1.67 Cash Flow Per Share 1956-E 5.50 Cash Flow Per Share 1955 4.21 Sales & Revenues 1956-E 76,000,000 Sales & Revenues 1955 55,-730,000 Mkt.Range 1956-1955 28 3/4 – 20 1/4 Convertible share-for-share into common. Th m,lrket letter 19 not. and under no clTcumstnllces IS to he construed as,;n OffhT l. nA'hlkrem IS not guaranteed as to accurncy or completeness and the urms CICoo'r) f I 1A… or I to be construed as, u. rcprcsentntlOn or stockholder thereof, may Co. Inc. All expreSSlOllB of opmion aTe subject to 1aJ;l\l on day to day h.ne lltl Interest in the SecUntICS mentioned herem Thls et to any secuntles referred to herem wIll be furmshed ullon request '\\ N 301 news and not as a complete analYSIS Additional mioI'mation Wl respe

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Tabell’s Market Letter – January 18, 1957

Tabell’s Market Letter – January 18, 1957

Tabell's Market Letter - January 18, 1957
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I Walston &- Co. Inc. Members lVew York Stock Exchange NEW YORK PHILADELPHIA LOS ANGELES ,AN FRANCISCO BASLE (Swaml.nd) OFFICES COAST TO COAST CONNECTED BY DIRECT PRIVATE WIRE SYSTEM TABEll'S MARKET lEnER January 18, 1957 Crosscurrents continue to affect the market. The Dow-Jones Industric average has now held roughly between 500 and 460 since September, roughly c 8 1/2 trading range. The Standard & Poor's Composite average, perhaps an even more narrower accurate refl range between ercoutigohnlyo3f78theandge3n5e2r.al market, has held in an even Meanwhile, leadership has shifted from group to group and many stocks have had worthwhile moves while the averages were doing nothing. Once oagain-the-futili.ty of- trying- to predict-the maik-et!'–is indica,te. It is entirely possible that the averages may return to the lower part of t e 500-460 range. It is also possible that individual issues will continue to have worthwhile upside moves simultaneously with a decline in the averages. Indeed, during the uncertain market of the past two weeks exa'ctly this type of action has occurred. . Issues connected with the defense program have continued to fare well . on announcements of awards of guided missile contracts and on prospects for continued high arms spending. The higher prices accorded these shares by the f(4ie4d c3bu/ 8yr)r e1nw95th7i sc phe aerrcenucilneagnt istvl. ye enthusiasm are expected to be more than amply Included in our recommended list are GLENN L. made a new high, and GENERAL DYNAMICS (5b justiMART' Issues associated with natural gas, such as PANHANDLE EASTERN PIPE L' (53 1/8), NORTHERN NATURAL GAS (52 3/8) and CHAMPLIN OIL & REFINING (27 have been market leaders on the upside, stimulated by the President's budge message calling for exemption of natural gas producers from federal regula- tion. U. S. LINES (34 1/4) also on our recommended list, has recently shown strength on news of the prospective shipping boom and expected increased earnings. , ' On the weakness side of the list; last week was characterized by a minor slump in the price of steel shares, accomR.aniedby.. rep.Qrts.9f slacken – in-g steel –Close -exarifihation of st-eel pros- pects would seem to indicate that most of this pessimism is unfounded. Auto demand will, of course, not be as high as originally predicted, but it will may not in any case be higher than last year's. While the steel operate at full capacity, as was done for three quarters oinfd1u9s5tr6y, earnings should as in most cases i ncrease the last s1u5bstoafntsitaelleyl due to a capacity more even operating level, is marginal and produces only slightly better than break even 1 sults.Meanwhile, the shortage of many steel items continues and price inc ,cases offsetting higher labor costs are in prospect. Technically, most steel stocks are just above strong support and would appear to be excellent purchases around current levels, despite the fact that more consolidation may be required. Recent important news items have appeared on many companies in our recommended list. These reports state that New York Central Railroad is planning to spend 43 million for electrical traffic control systems. TSIhGiNsAwL o(u3l0d 1as/2su) r e a continuing high which handles most operating of Central level for 's signal GENERAL equipmen t RAIUJAY businesfr. Further gains appear.to be in prospect for General Railway Signal's earn- ings. CARRIER CORP. (58 1/2) recently revealed that it has acquired an ,important minority.interestinElliott Company, a producer of drive motors-'and other electrical equipment used in Carrier's products. The close rerationship with Elliott should add to Carrier's efficiency. With the air-conditioning industry entering a new field, Carrier appears attractive at current levels. RAYONIER (31 1/2), also on our recommended list, disclosed that it has been holding merger talks with Hammermill Paper, Consolidation should be beneficial to both companies. AWTamb EDMUND vI. TABELL WALSTON & CO. INC. ,

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Tabell’s Market Letter – January 25, 1957

Tabell’s Market Letter – January 25, 1957

Tabell's Market Letter - January 25, 1957
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,.' ' \ I WalstIoncn, &Co. Membe1's New Y01'k Stock Exchange NEW YORK PHILADELPHIA ' LOS ANGELES SAN FRANCISCO BASLE (Swa,.,ld) OFFICES COAST TO COAST CONNECTED BY DIRECT PRIVATE WIRE SYSTEM TABELL'S MARKET LEnER January 25, 1957 The rails were the weakest section of the list during the past week and the rail average, at Friday's low of. 148.32 reached the lowest level since the Eisenhower heart attack decline of September, 1955 when the rails declined to 144.07. The industrial average, on the other hand, managed to close the week above the previous week's closing level of 477.46 after reaching an intra-week low of 471.06. The industriais continue to hold in the broad 500-460 area which has contained the average for the past five months. The selective action of individual stocks continues and will probably continue for the foreseeable future. Continue 4to.thl. ikethe- action of most ofthe stocksinmy recomm.e.n.ded list of January Of the stocks in our recommended list, two of the less inspired performances have been turned in by MAGMA COPPER (82) and WESTERN PACIFIC (57) Both will have to do a good deal of work in order to form bases and penetrate the overhead supply which, of course, exists after a sharp decline. Both,on ,the other hand ,look reasonably attractive for purchase on current weakness. It is interefrting to note that Magma was first recommended by this letter some twenty-one months ago at an adjusted price of 68. At that time, the company's new San Manuel development was expected to be at least eighteen months away from full production, and the copper price was 33/ per pound. Despite the fact that, as of this writing, San Manuel hafr been in partial production for over a year, should attain full pro- duction within three or four months, and copper now sells for 361 per pound, Magma has declined to within 10 of the original recom- mended price. The reason for this is, of course,that Illagma enjoyed a sharp rise in 1955-56 as the price of copper skyrocketed to 461 per pound. As the copper price declined, Magma followed the trend, accelerated by reports that extensive mechanical and labor difficulties were being incurred at San .Manuel.,. .with attendan.t. diffLc,ulties on getting into-f.ull production. All of these reports were true and, as is the case with many new mining ventures, the target date for maximum output had to be pushed forward. It is now expected, however, that the mine can be on a normal output basis by April. The only remaining question is the copper market. The copper price is not so much of a factor here. Magma was originally recommendett anticipating 12 – 18 earnings on 331 copper. The main current diffi- culty in copper is that production has been cut back and there should be eome diffIculty in selling the full 70,000 ton San Manuel output. This, however, is only a temporary factor, and the strong possibility remains that, over the long term, the price of copper will again rise. With most of the unfavorable news fully digested, Magma at current prices appears fairly cheap. Western Pacific, at present levels, provides a better-than-5 cash yield, annual stock dividends, and perhaps one of the best growth potentials available in the rail field. – Indeed, recent forecasts of 1957 rail earnings project a larger 1956-1957 earnings gain for Western Pacific than for any other Class I carrier. Recently released earnings were 6.29 per share before funds and may rise to between 7 – 8 per share before funds in 1957. Tax adjustments may cause upward revision of these figures. Meanwhile', the extensive modernization pro'gram should permit substantial cost reductions, more than offsetting current tax benefits arising from certificates of necessity. Over the long term earnings could rise to a point substantially in excess of the above figures. c AWTamb EDMUND W. TABELL WALSTON & CO.INC. This market letter IS not, find under no circumstances IS to be construed as, an ofTer to !'ell or n contnln'(1 her!in IS not guaranteed as to .J.ccurncy or completeness and the furntRhlllg thereof IS not, C I Off D t 8m kh Id th eof may bh)avWe aahn-tmonte&r.csCtooI.n Itnhce A,elcluerxllplCre'!ssmIOenntsIOorneodmhnelroenmarT'hIsSumbJ'clrlckt''',ehtatnergeISv.mlthtocunddclotInCnC. , pWreasc'nettl . , 'and not liS a complete analYSIS AdditIOnal mformatlon WIth respect to any sculllIes referred to herein \HIl be furnIshed upon request dn;\o dCyWN 301

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