Word: snapback
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Gung-Ho for Growth? Whatever the numbers, the President has to decide on which of two policies to emphasize. Should he aim for a modest rate of economic recovery, risking a continuation of high unemployment? Or should he strive for a faster snapback, risking more inflation later? Every sign now indicates that the President, prodded by Chief Economist Paul McCracken and Budget Boss George Shultz, has made a decision to go for speedy, job-creating growth. It remains to be seen whether John Connally, Nixon's surprise choice for Secretary of the Treasury, will alter the strategy. Though...
Rising demand, of course, does much to account for steel's snapback, but newly efficient plants help to produce the profits. Over the past decade, the industry has averaged more than $1 billion a year to expand, modernize and automate; it plans to invest $1.2 billion this year and $1.5 billion next. Last week National Steel opened a $100 million hot-strip mill near Detroit, and in Kentucky, Armco Steel brought in two new oxygen-process steel furnaces and started pouring iron from the largest blast furnace in the Western world (daily capacity: 3,340 tons). The payoff from...
Ford Motor Co. last week wheeled out a racy earnings report that was a prime example of the fast snapback scored by many a recession-hit corporation. In the last three months of 1958. Ford earned $111.9 million or $2.05 a share, the second-best fourth quarter in its history (best: 1955). This wiped out the nine-month loss, gave to the company a respectable net for the year of $95.7 million or $1.75 a share...
...price index, which climbed to a record 123.7 in June. There were also some good business reasons. The depressed machine-tool industry noted a 7% rise in new orders from May to June. Second-quarter earnings in some key industries showed a better recovery than expected, indicating that a snapback in profits may be closer than previously anticipated. Many investors were also quite obviously influenced by the headlines from the Middle East; they expected the crisis to reverse inventory liquidation, start a buildup, particularly among hard-goods manufacturers, whose stocks are down sharply...
Good Year Ahead. Last week, vacationing at his small, four-room, co-op apartment at Delray Beach, Fla., Smith said he will now relinquish most of his everyday managing duties, concentrate more on long-range planning and policymaking. Cheered by the stock market's quick snapback and high volume of trading last week (see State of Business), the top man in Wall Street's top brokerage house saw a good year ahead for M.L.P.F. & S. Said he: "Company after company is going to need more money to expand, and they will have to come to Wall Street...