16 Dec 1979
Page 1
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Newspaper
Syracuse Herald Journal
Location
Syracuse, New York, United States of America
Date
Dec 16, 1979
Page
1
Brief summary of weekly trading activity on the American Stock Exchange with notes on notable listings and market movements. Includes references to securities, trading volumes, and potential price shifts across key sectors.
Economist Steven Rattner reports that despite mixed signals, unemployment fell to 8 percent in November with 350,000 payrolls added. Retail sales rose 1.8 percent after a prior drop, fueling debate on whether a recession is delayed or deeper. OPEC oil prices and Iran’s embargo add risk, while Fed policy and inflation outlook cloud forecasts for 1980.
Institutional buying drove several stocks higher with Gulf Canada and Mobil among leaders. Mesa Petroleum jumped 11 percent, Reading & Bates 245, Superior Oil 8 percent, Patrick Petroleum 8 percent, and Warner & Swann climbed 20 percent as markets warmed. Camble Skogmo rose after Wickes Corp agreed to acquire the firm for about 208 million dollars in a mix of convertible and nonconvertible debentures.
Chrysler Corp reports delays in $400 and $600 rebates for October buyers due to dealer and customer paperwork errors. Spokesman says most checks remain safe, but only about 3,400 of over 200,000 purchasers will wait past the holidays for their rebates, with four to six weeks initial promise.
The PSC cites amendments to the Home Insulation and Energy Conservation Act easing audits and loans for up to four unit dwellings. New ceilings range from 2500 to 4500 dollars by unit count, with energy measures limited to seven year payback or less. Utilities will list approved contractors for consumer use.
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