City Stocks Decline 3.8 Percent in Value

By Dudash, Stephen M. | THE JOURNAL RECORD, February 8, 1992 | Go to article overview

City Stocks Decline 3.8 Percent in Value


Dudash, Stephen M., THE JOURNAL RECORD


The Journal Record Portfolio of 21 Oklahoma City-based public stocks fell 3.8 percent in January, countering national trends.

A decline also was registered by the Tulsa Business Journal Portfolio, representing 30 Tulsa-Eastern Oklahoma-based companies, which lost 3.6 percent of its value last month.

Nationally, the three major barometers of stock market activity posted historic highs during January. The Standard & Poor's 500 ended the month lower, falling 2 percent, but the National Association of Securities Dealers Automated Quotations Composite of over-the-counter securities rose 5.8 percent and the Dow Jones Industrial Average gained 1.7 percent.

The six economic sectors representing The Journal Record Portfolio were divided in performance, with the Financial Services and Manufacturing sectors rising 7.4 percent each in January and Services posting a 6.8 percent gain. Food- food Related issues fell 10.7 percent on average, Utilities were down 8.8 percent and Energy equities lost 1 percent of their value.

Nine equities rose in value last month. An equal number declined, leaving three unchanged.

Eateries Inc., Red Eagle Resources, and LSB Industries were up at least 30 percent in market price last month, with four other equities rising in the double digits. Three common stocks fell by at least 10 percent in value.

Four companies' common stocks posted 52-week highs in January, with Bradmar Petroleum and Red Eagle Resources in the Energy sector and American Drug Screens and Unico Inc.

in the Service sector. Fifty-two week lows in market price were recorded by two Energy issues, Beard Oil and Devon Energy.

Five managements released their latest quarterly results, with two posting higher profit levels than in the year earlier period.

Here is a breakdown by sector:

Energy _ Only three out of the 10 issues rose in value last month, with Red Eagle Resources extending its string of monthly gains to four while Beard Oil's common rose for the first time in eight months.

Kerr-McGee reported a 29 percent decline in its fourth quarter earnings per share, to 72 cents from $1.01, placing full year results 31 percent below 1990, or $2.10 compared with $3.01. This was the third consecutive quarter that earnings were below the prior year period. …

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