Newspaper article THE JOURNAL RECORD

City Stocks Increase by 3.4 Percent for July

Newspaper article THE JOURNAL RECORD

City Stocks Increase by 3.4 Percent for July

Article excerpt

The Journal Record Portfolio of 26 Oklahoma City-based publicly held corporations began the second half of 1990 by recording its largest monthly gain this year, rising 3.4 percent in July and outperforming by a large margin each of the major barometers of stock market activity as well.

The Dow Jones Industrial average rose 0.9 percent while the Standard & Poor's 500 fell 0.5 percent and the NASDAQ Composite of over-the-counter securities declined 5.2 percent. The Tulsa Business Journal Portfolio, comprised of 26 Tulsa/eastern Oklahoma-based equities, increased 1.4 percent last month.

While only three out of the six economic indicators represented in the portfolio reached higher ground last month, two posted substantial gains.

Services, on the coattails of USA Waste Services' 52 percent advance, rose 21.2 percent while the energy sector tacked on a 7 percent increase.

Utilities were 0.4 percent higher than a month earlier. Financial services fell 5.9 percent, manufacturing was down 5.5 percent and food-food related was off 0.7 percent despite a 74 percent advance in the market price of Eateries Inc.

Only 11 issues managed to rise in market price with eight lower and six unchanged from the month earlier period. In addition to USA Waste Services and Eateries, four other issues rose in the double digits.

American First lost half of its value while two others fell by at least 10 percent.

Fifty-two week highs were recorded by USA Waste Services and Eateries while American First and Banks of Mid-America posted 52-week lows.

Five managements released their latest quarterly results, with only one posting higher profit levels than a year ago and one registering a loss.

- Energy - Six out of the 11 issues represented in this sector rose in value. This sector's value increased for the first time in four months.

Petroleum Investments common fell for the fifth consecutive month. Kerr-McGee's second quarter earnings per share declined 15 percent, or 60 cents versus 71 cents. …

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