Abby Joseph Cohen,
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
story stemmed from a six-day-old memo, according to
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
to 850 from 810, according to
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,
analyst Marina Kunis initiated coverage of six movie theater stocks. She placed a buy on
; an attractive on
; and a neutral on
"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
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