Word: first-half
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Consent and Denial. In its confidential role as underwriter for the Douglas Aircraft Corp. during 1966, Merrill Lynch learned that the company's first-half earnings would be down sharply...
...Viet Nam priorities, and the company must simultaneously continue development (at a cost of some $80 million so far) of its JT9D jet engine for the next generation of airliners. Then, of course, there are Horner's records to be beaten, such as United's peak first-half earnings, announced last week, of $32.5 million on sales of $1.3 billion. That is about triple what the company was earning in an entire year as recently...
...industry seems certain to face a far rougher second half. New orders had begun tapering off even before last week's settlement, and some steelmakers expect second-half shipments to decline by more than 20% from their first-half level of 53 million tons. The industry is also concerned about competition from foreign steelmakers, who increased their inroads into the U.S. market by taking advantage of the abnormally high domestic demand for steel earlier this year. Steel from abroad is expected to account for at least 15% of the nation's total 1968 shipments...
...hottest stocks on the Big Board in recent weeks has been that of Atlantic Richfield-and in this instance there has been some logic behind the heat. Last May the company announced that it was splitting its stock two for one and increasing its dividend. Its first-half sales of $840 million were up 15.5%, and earnings were up 14% to $70 million. On top of that it has, with Humble Oil, confirmed an oil find on the North Slope of Alaska that Interior Secretary Stewart Udall calls "apparently the largest in the history of the country...
...added up a record-setting quarter, with profits of $213 million, 46% above the same period last year. That brought first-half earnings to $386 million, more than double what the company was clearing in a full year as recently as 1963. Part of the strong surge comes from the fact that the company has increased outright sales (as opposed to leasing) of its computers. Chairman Thomas J. Watson, in a monumental piece of understatement, said "our long-term prospects continue to be very good...