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This is one of three daily columns for investors available by e-mail.  For
more information, go to http://www.clark.net/pub/fbarnako/FRB/frb.htm.
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By Frank Barnako

... a digest of the day's online market opinion

Tuesday, October 29, 1996
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** Stocks the market loves / Fortune 

Susan E. Kuhn writes about wall Street's sweethearts; "seven blue chips
(which) continue to notch up reliable double-digit earnings gains and
ignore the often hefty premiums the stocks carry." But Kuhn says these
"warm and fuzzy stocks" (IBM, Microsoft, General Electric) have their own
risks: competition, economic factors, management challenges. Kuhn offers
some analysts' realistic evaluations, for instance on Microsoft: "Bet
against Bill Gates? Maybe he is overexposed, but his company is everywhere
... Competition keeps Microsoft on its toes ... But at a recent $139, the
stock is a lofty 40 times trailing earnings. Time to sell? Says Founders
fund manager Ed Keely: 'At $149 a share, I'd take some off the table.
Maybe 20% of my position.'" More information is available at
http://pathfinder.com/@@SE1g8AUAZzlOR4Op/fortune/1996/961111/inv.html

** Tax loss bargains / Washington Post 

Each year, as the next year approaches, some investors begin to sell some
losers to buttress them against the tax man's bite on some of the winners'
profits. Columnist James Glassman says savvy investors can see
opportunities. Glassman says the US Steel is a stock that could be
affected here. The company's five year average price is $33, about 20%
higher than it's now trading. This means many investors have a loss. If
they sell positions to balance profits on other stocks, USX could go lower
... but still be a value-oriented "buy". Other "beautiful losers" Glassman
also likes Navistar and Motorola. More information is available at
http://www.WashingtonPost.com/wp-srv/business/longterm/glassman/taxes/yearend.htm

** Shopping spree / Individual Investor 

CNBC's Maria Bartiromo says the big players have gone shopping for stocks,
and found a bag of retailers. In the November issue of Individual Investor
she quotes the Walter Loeb of Loeb's Retail Letter predicting "Consumers
will overspend this fall. I expect to see a strong recovery." So, what are
the good buys? She says Soros Fund likes Dayton Hudson, Federated and
Dillard. Alan Millstein, publisher of the Fashion Network Newsletter,
predicts Saks, Tiffany and Donna Karan will also do well this season. And
an analyst at Robertson Stephens likes the Gap. More retail picks for your
holiday investment stocking at available at
http://www.enews.com/magazines/ii/current/961101-002.html

** Bullish On The mouse / Intelligence Report 

Analyst Richard Young takes a close look at the Walt Disney company, and
finds the Magic Kingdom still has "the magic" for investors. Disney World,
he points out draws more visitors than any other venue in the USA, except
Las Vegas - and the theme park business is only one part of the company.
Young writes "it's always a struggle to maintain market share, but Walt
Disney Co. continues to maintain its position in the number one spot."
Young can see Disney earnings increasing 18% a year for the next five
years. More information is available at
http://investools.com/cgi-bin/Ideas/ideas.pl/INVESTools+Newsletter+Digest

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