Word: first-half
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...strong partly because many investors again see portents of inflation, and stocks are considered a sensible hedge. Also, there was economic news to balance the tax message. New factory orders and construction contracts are increasing, inventories are decreasing, and steel production took an upward turn. While reporting generally unimpressive first-half earnings, most executives have hastened to add that from their vantage point they think they see the up sign...
...marking time after passing through the worst phase of the government's deflationary policies. Companies are even talking of rehiring laid-off autoworkers. But last year's exports slumped to the lowest level since 1961, and car registrations were off 12% in the first two months of this year. In its first-half report for fiscal 1967, due shortly, giant B.M.C. is expected to show sharply reduced profits...
Sharp Difference. One reason for Johnson's decision was the sharp difference between capital spending and anticipated first-half trends. In 1966, capital investment had reached $60.6 billion, a 16.7% increase over the year before. As the Administration saw it, this was too much, and the credit was suspended. Early estimates for 1967 said that even so, investment would rise an other 6%. But last month, with the tax credit removed, a Commerce Department-SEC survey showed that business men had cut their spending plans for 1967 by $2.3 billion. And a similar survey released last week disclosed that...
...earnings outraced increasing costs. Though the year-long gain was nothing like 1965's 47% leap, Wilson seemed almost embarrassed. Some time in the future, he warned, "our percentage rate of growth must, of course, diminish." - Kennecott Copper, one of the three biggest U.S. copper producers, turned a first-half slump resulting from strikes in Chile into a booming year with profits up 22%, to $125 million. Thanks to heavy Pentagon orders and higher prices abroad, Kennecott is well polished for its upcoming $466 million merger with another profitmaker, St. Louis' Peabody Coal Co., second largest...
...Manner Born. It was a typical St. Louis victory: "Lucky, awfully lucky," in the words of Cards Owner Charles ("Stormy") Bidwill Jr. All the Cardinals' wins this year have been cliffhangers. The team has had to come from behind so often (in combined first-half scores, the Cards trail all opponents 68-80) that St. Louisans have taken to calling them the "Cardiac Cards." One fellow professes never to lose faith. "What would you expect with a name like mine?" asks Charley Winner...