Stock Values of Local Firms Up

By Dudash, Stephen M. | THE JOURNAL RECORD, June 8, 1991 | Go to article overview

Stock Values of Local Firms Up


Dudash, Stephen M., THE JOURNAL RECORD


The Journal Record Portfolio, com- prised of the common stocks of 22 Oklahoma City-based corporations,& advanced for the fourth consecutive month and rose 1.7 percent in value in May. At the national level, the National Association of Securities Dealers Auto- mated Quotations (NASDAQ) Compo- site of over the counter securities and the Standard and Poors 500 recorded their seventh consecutive monthly rise. NASDAQ rose 4.4 percent and Standard and Poors was up 3.9 percent. The Dow Jones Industrial Average on its way to a historical high posted a 4.8 percent increase. Across the state, the Tulsa Commerce and Legal News Portfolio, representing 29 Tulsa-Eastern Oklahoma-based cor- porations registered a fourth consecutive gain, adding less than 1 percent to its value. Four out of the six economic sectors representing The Journal Record Portfo- lio increased in values. Food-food related was 9.6 percent higher, with services rising 3.8 percent, financial services adding 2.4 percent and energy issues rising less than 1 percent on average. Manufacturing was down 3.1 percent and utilities fell 6.9 percent in value. Ten issues were up in market price last month, nine were down and three were unchanged. Leading the list on the upside was Magic Circle Energy rising 40 percent, possibly a delayed reaction to the release of the company's 1990 very positive results in which it reported it was profitable for the first time in four years. Six other issues posted modest price improvement in the double digits. On the downside, American Drug Screens fell 29 percent possibly reflecting the 13 percent decline in its first quarter revenues despite recording a profit. Five additional equities were down by at least 10 percent. While the common stocks of Banks of Mid-America, Hadson Energy& Resources and USA Waste Services were rising to 52-week highs during May, Harold's Stores Inc.'s equity fell to a 52-week low during the month just ended. Thirteen managements released their latest quarterly results with four posting higher profit levels than a year earlier and six recording losses. Here is a breakdown by sector: Energy _ Only four of the 10 issues rose in market price last month. Both Hadson Corp. and Hadson Energy Resources reported more profitable first quarters than a year earlier. Hadson Corp.'s first quarter earnings per share was up three-fold or 3 cents versus 1 cent. Revenues rose for the third consecutive month as did earnings, and for the latest 12 months have advanced 25.3 percent over the year ago period. Hadson Energy's profits were up for the third consecutive quarter posting a gain of 38. …

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