Andrew Rules!
...stock jumps 8%
by Greg Markus (TMF Boring)
ANN ARBOR, Mich. (Sept. 23, 1998) -- Comments from Chairman Alan Greenspan suggested that the Fed may (or may not -- we've heard this before) lower the prime rate soon in order to offset a possible (but not yet seen) domestic economic slowdown.
That a rate cut has long been priced into the market and, at any rate, would accomplish nothing to resolve the financial mess in Asia and Russia appeared to matter not at all to a market hungry for any morsel of upbeat news amidst this thoroughly depressing financial and political environment. The Dow zoomed 257 points (+3.26%) to close at 8154, and the S&P 500 and Nasdaq rocketed 3.52% and 3.68%, respectively.
For its part, the Boring Portfolio advanced 3.60%, with seven of eight holdings closing sharply higher. We'll take it, even if doesn't seem to make a lotta sense.
FelCor Lodging Trust (NYSE: FCH) checked in with a $7/8 gain on continued heavy volume to close at $25 1/2. That's -- what? -- seven advances in the past eight sessions?
Atlas Air (NYSE: CGO) continues to gain altitude as transportation stocks strengthen. Atlas's stock rose $1 3/4 to $27 3/4. I saw no news on Atlas, but while driving over to the pool this afternoon to pick up my daughter from swim practice, I caught the tale end of a story on NPR about the unprecedented demand for shippers to haul bargain-priced goods from Asia to North American markets ahead of the holiday shopping season. That certainly jibes with what the folks at Atlas have been saying lately.
The honors today go to Andrew Corp. (Nasdaq: ANDW). Our telecommunications infrastructure company, which hasn't been able to beg, borrow or steal a break this year, saw its stock jump $1, or 8%, to $13 1/2 today following some optimistic forecasts from the folks at Nokia (NYSE: NOK.A) and the beginning of the three-day PCS (personal communications services) Showcase industry trade show in Orlando.
Nokia CEO Jorma Ollila said that "strong market development in 1998 has reinforced our confidence in the outlook for the third quarter." Nokia now projects that the number of mobile telephone users will reach 600 million by the year 2001 and 1 billion by the 2005.
On the downside, shares of TCBY (NYSE: TBY) eased $1/16 to $6 1/16. Hey, how 'about doing yourself and the Borefolio a favor and buying yourself a frozen yogurt or six before the days start getting shorter and the evenings cooler, huh?
Stock Change Bid ANDW +1 13.50 CGO +1 3/4 27.75 BGP + 3/4 26.75 CSL + 9/16 37.81 CSCO +3 3/8 66.25 FCH + 7/8 25.50 PNR +1 11/16 29.63 TBY - 1/16 6.06 |
Day Month Year History
BORING +3.60% 15.09% -10.56% 12.54%
S&P: +3.52% 11.34% 9.86% 71.50%
NASDAQ: +3.68% 17.41% 12.09% 69.10%
Rec'd # Security In At Now Change
6/26/96 225 Cisco Syst 23.96 66.25 176.55%
2/28/96 400 Borders Gr 11.26 26.75 137.65%
8/13/96 200 Carlisle C 26.32 37.81 43.64%
3/5/97 150 Atlas Air 23.06 27.75 20.35%
11/6/97 200 FelCor Sui 37.59 25.50 -32.16%
4/14/98 100 Pentair 43.74 29.63 -32.27%
5/20/98 400 TCBY Enter 10.05 6.06 -39.65%
1/21/98 200 Andrew Cor 26.09 13.50 -48.26%
Rec'd # Security In At Value Change
6/26/96 225 Cisco Syst 5389.99 14906.25 $9516.26
2/28/96 400 Borders Gr 4502.49 10700.00 $6197.51
8/13/96 200 Carlisle C 5264.99 7562.50 $2297.51
3/5/97 150 Atlas Air 3458.74 4162.50 $703.76
4/14/98 100 Pentair 4374.25 2962.50 -$1411.75
5/20/98 400 TCBY Enter 4018.00 2425.00 -$1593.00
11/6/97 200 FelCor Sui 7518.00 5100.00 -$2418.00
1/21/98 200 Andrew Cor 5218.00 2700.00 -$2518.00
CASH $5750.59
TOTAL $56269.34
