Tabell’s Market Letter – November 04, 1983

Tabell’s Market Letter – November 04, 1983

Tabell's Market Letter - November 04, 1983
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.————————- – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – TABELL'S MARKET LETTER 909 STATE ROAD, PRINCETON, NEW JERSEY 08540 MEMBER NEW YORK STOCK EXCHANGE, INC MEMBER NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC (609) 9249660 , …— – . November 4, 1983 -Most-investors -areHware 'of' the-superior 'performanceof'quality-stocks-over-l-ecenC —I ' months. We conducted a study this week in an attempt to pinpoint precisely where this super- ior performance might be occurring. We studied the price action of 1494 stocks over 3b-week and l3-week periods. We computed the average change for all these stocks and then divided them into five groups or quintiles based on percentage price performance. Needless to say, the performance of individual issues varied widely, For 30 weeks, the average stock was up 4.82 and for 13 weeks, the average performance was a 4,19 decline. The best performers, however, averaged a 42 gain for 30 weeks and a 16 gain for 13 weeks. The worst perform- ers, by contrast, averaged a 25 decline for both periods. We then took various subsets of the list, and computed the average performance in those subsets and the quintile for the over- all market into which each stock in the subset fell. The results are summarized in the table below. Total Avs Q U 1 N T I L E All! QUINTILE Stocs I. Ch!J 1 2 3 4 5 I. eh 1 2 3 4 5 —— All Stocks 1494 4.82 299 299 299 299 298 – 4.19 299 299 299 299 298 NYSE Stocks 1157 6.55 3 253 254 238 189 – 1. 88. 261 271 243 214 168 ASE Stocks OTe Stocks 140 3.66 197 – 4.00 37 21 14 25 43 -11.65 15 7 19 47 52 39 25 31 36 66 -11.74 23 21 37 38 78 OJIA Stocks 30 11.83 8 6 8 6 2 4.50 11 6 10 2 1 SiP 500 All S&P 500 7.06 98 112 119 93 78 0.63 136 110 129 70 51 – – -..- – To–1-00-S-&P-1-00A., 1-6-1-4-2-1-28-.23L40.5721 2!1361.3 6 Lower 400 SiP 400 7.80 Caltal EQuip, 91 6.72 EnerS'tI 34 14.41 84 91 91 70 64 0.65 115 86 93 57 45 -16 19 23 18 15 1 t 02 14 25 22 19 11 9 9 13 3 0 – 1.57 3 6 18 3 4 Natural Res. 48 8t4 11 11 9 11 6 0.76 16 9 11 7 5 Consumer Dur. 42 8.66 15 7 3 5 12 1.18 15 8 6 10 3 Utl1itll.S 41 14.99 9 17 11 3 1 8.09 19 17 4 1 0 Cons. Non-Dur. 172 5.71 Financial 44 – !.45 Transortatlon 20 9.83 26 39 45 39 23 1.53 48 38 51 19 16 3 6 8 11 16 – 3.76 11 3 13 9 8 8 2 4 2 4 – 2.44 8 4 4 2 2 NYSE-Non-S&P 675 6.15 139 125 135 154 124 – 3.66 129 162 120 124 120 As expected, NYSE stocks significantly outperformed ASE and OTC stocks, OTC issues actually declined over 30 weeks, and a third of them were in the worst performing category, The extent to which the 30 Dow-Jones issues outperformed the rest of the list was also somewhat surprising. Their 3D-week gain was two and one-half times as great as the entire list, and they were up significantly over the l3-week period. –.- – Strangely enough, this superior performance was not shared by the top 100 stocks in the S & P 500. These issues underperformed all S & P issues for 30 weeks, although their recent performance has been a bit better. The lower 400 issues in the S & P actually outperformed the top-tier stocks. We also tabulated the performance of NYSE issues not in the S & P, and -this performance for 30 weeks at least. was,in line wit!! !he market. The table also shows the performance of various S & P stocks divided into economic sectors. In this category, the standout performers are the Energy and Utility groups over 3D-week periods while Financial issues have distmguished themselves by their relative weakness. The utllities' strength continued over the most recent period, but strength in energy stoCk/. f decreased. p' AWTrs ANTHONY W. TABELL !5' DELAFIELD, HARVEY, TABELL INC. Dow-Jones Industrials (12 00 p.m.) 1220.63 S & P Composite (1200 p.m.) 16283 Cumulative Index (11/3/83) 1968.81 No statement or eypreSSlon of opinion or any other matter herem contained 15 or IS to be deemed to be directly or Indirectly, an oiler or the soliCitation 01 an oller to buy or sell any security referred toor mentioned The mailer IS presented merely lor the convemence of the subscriber While we oellevethe sources 01 our Informallon to bereifable, we Inno way represent or guarantee the accuracy thereof nor 01 the statements made herein Any actIOn 10 be taken by the subscnber should be based on hiS own investigation and Information Delatlald, Harvey, labell Inc, as a corporatIOn and lIs officers or employees may now have, or may later take, poSitions or trades In respect to any securilles mentioned In thiS or any future Issue, and such position may be dillerent from any views now or hereafter expressed In thiS or any other Issue Detafleld Harvey, Tabel! Inc, which IS registered With the SEC as an Investment adVisor, may give adVice to Its Investment advisory and other customers Independenlly of any statements made In thiS or In any other Issue Further mformahon on any security mentioned herem Is available on request

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