Friday: Abby's Still the Same, Only More So - TheStreet

Abby Joseph Cohen,

Goldman Sachs'

highly influential strategist, is acting as a market mover once again. Yesterday, a story in

The Wall Street Journal

suggested that Cohen was waffling on her bullish theme. That prompted some analysts to blame the waffle for the

Dow Jones Industrial Average's

92-point drop, although most of the information in the

Journal

story stemmed from a six-day-old memo, according to

The Street's

Thursday

Market Roundup.

This morning, Cohen circulated a memo within Goldman and to key clients stressing that she was as bullish as ever, raising her 1997 price target for the

S&P 500

to 850 from 810, according to

CNBC

.

Cohen said she felt comfortable that earnings growth would continue throughout 1997.

Following the news announcement, the Dow, which was drifting listlessly in negative territory early in the trading session, shot up almost 30 points.

Elsewhere this morning,

Bear Stearns

analyst Marina Kunis initiated coverage of six movie theater stocks. She placed a buy on

Carmike Cinemas

(CKE)

; an attractive on

AMC Entertainment

(AEN)

and

Imax Corp.

(IMAXF)

; and a neutral on

Cineplex Odeon

(CPX)

,

Regal Cinemas

(REGL) - Get Report

and

GC Cos.

(GCX)

.

"Now is an interesting time to pick up coverage of theater stocks because of the strong box office," says Kunis. "And Carmike and AMC are especially attractive because they're undervalued relative to their growth rate."

Kunis believes there will be several blockbusters this summer that will follow up the box office success

Star Wars

is having.

In one small sign of a strong box office, a New York movie theater did the highly unusual today -- listing in

The New York Times

that several of its opening-night screenings of

The Empire Strikes Back

had already sold out.

Carmike was up 3/4 to 25 1/2 and AMC was up 1/4 to 15 3/4 in early-morning trading.

By Avi Stieglitz

astieglitz@thestreet.com