Tuesday, April 16, 2024
Miles from the Mainstream
D. R. ZUKERMAN, proprietor
LPR Stock Index - 2004

DISCLAIMER -- This stock index is not a recommendation in any manner with respect to the stocks that comprise this
index. Indeed, neither Lonely Pamphleteer Review nor its proprietor make any recommendation with respect to any stock, wherever listed. The proprietor is, however, fascinated, how the experts seem, each day, to find an over-arching reason for stock performance that does not necessarily relate to developments at any given company although, apparently, some developments at a given company are cited in explanation of the performance of the market in general. The LPR stock index simply tracks the daily
performance of four stocks held by the proprietor and is calculated by adding the daily changes in these stocks. If, for example, each of the stocks went up
ten cents, the index for the day would be plus 40. If two stocks went up ten cents and two declined by ten cents the index for that day would be zero.

DECEMBER 26, 2004 --

The LPRSI closed at Plus 468, December 23. (The markets were closed December 24 for Christmas.)

GE, at 36.77 was AYEP 579.

Motorola at 17.26 was AYEP 326.

Time Warner at 19.14 was AYEP 115.

Texas Instruments, at 23.86 was BYEP 552.

Springboard -- or Platform?

The Dow Jones closed December 24 at 10,827.12. Will the Dow end the year at 11,000? And, if so, will it stay over the 11,000 line in 2005?

It was only three weeks ago, December 7, that the Dow, at 10,440.58, closed more than 13 points below the December 31, 2001 close: 10,453.91.

Is the Dow on a springboard -- to continue up, or a platform, to go back down?

LPR wonders when GE will return to 40, where it was just three years ago?
DECEMBER 19, 2004 --

The LPRSI was Plus 423 at the December 17 close.

GE, at 36.75 was AYEP 577. Motorola, at 17, was AYEP 300. Time Warner at 19.39 was 140 AYEP. Texas Instruments, 23.44, was BYEP 594.

With two weeks left in 2004, the Dow Jones ended the week at 10649.92. In Barrons, last year, the Dow Jones outlook from "market strategists" had a high of
11,800 -- Abby Joseph Cohen, Goldman Sachs, to a low of 9750 -- Tobias Levkovich, Smith Barney.

Edward Yardeni, Prudential Equity Group, saw the Dow Jones at 11,700 by
the end of 2004.

The following analysts seem pretty much on target with two weeks left in 2004:

Jason Trennert, ISI Group, predicted a 10,800 Dow Jones for 2004. Chip Dickson, Lehman Brothers, predicted a 10,750 DJ. Abhijit Chakrabortti, JPMorgan, predicted 10,800 for the Dow Jones.

James Paulsen, Wells Capital Mgmt., put the Dow Jones at 11,300 for 2004, with Thomas McManus, Banc of America, and Gary Gordon, UBS, setting it at 11,000.
DECEMBER 12, 2004 --

The LPRSI dropped 169 poiints, last week and, at the December 10 close stood at Plus 279. (The Dow Jones, at 10543.22, lost 48.99 points for the week.)

GE, at 36.69, was up 86 cents for the week--AYEP 571.

Time Warner at 18.48, was up 43 cents and was AYEP 49.

Motorola was still AYEP, but lost a very significant $1.51, attributed to merger talks between Nextel and Sprint, and, at 16.34, was AYEP 234.

Texas Instruments also had a sizeable loss for the week -- off $1.47 to 23.63.

This drop was attributed, in large measure, to concern about lower than expected profits. Okay, but then why, earlier in the year, when TI exceeded expectations did its price also drop?

Texas Instruments was, at the December 10 closing bell, BYEP 575.

Right now, it looks as if GE has played the tortoise to Motorola's hare, in the LPRSI. LPR wonders if Time Warner is AYEP for good. Meanwhile, poor Texas Instruments.
DECEMBER 5, 2004 --

The LPRSI closed the week ending December 3 plus 448, which takes into account Motorola's spinoff of Freescale Semiconductor -- Motorola shareholders
receiving .110415 shares of Freescale for each share of Motorola. Allowing for the spinoff, Motorola closed on December 3 at 17.85, plus .25 -- after closing at 19.66 on December 2. (Freescale closed at 17.81 December 3, off .12.)

GE at 35.83 was up 39 cents for the week and was AYEP 485.

TimeWarner gained seven cents for the week, and, at 18.05, was AYEP 6.

Texas Instruments gained 51 cents for the week and at 25.10 was the only LPR stock in the BYEP column -- BYEP 428.
NOVEMBER 27, 2004 --

The LPRSI gained 63 points for the week ending November 26, closing at plus 466. (The Dow Jones gained 65.32 for the week -- and, at 10522.23, is ahead 68.31 for the year.)

GE had a bad week, off 83 cents to 35.44--AYEP 446.

Texas Instruments lost 16 cents for the week, closing at 24.59, BYEP 479.

Motorola was up $1.06 for the week, and, at 19 is AYEP 500.

Time Warner ended the week at 17.98, BYEP just one point -- and, with talk of settling AOL-related litigation with the SEC for some $750 million, Time Warner even went AYEP during the week.
NOVEMBER 21, 2004 --

The LPR stock index was off six points last week, closing November 19, plus 403.

Had it not been for the drop of 162 points Friday, the LPRSI would have been loooking real good. The Dow Jones ended the week at 10456.91, which puts it 3 poiints ahead for the year (it closed at 10453.92, last December 31.)

GE at 36.27 was AYEP 529

Motorola at 17.94, was AYEP 394

Texas Instruments at 24.75 was BYEP 463

Time Warner at 17.42 was BYEP 57

Texas Instruments seemed on the way to emerging out of its bear's den, closing November 18 at 25.36 (BYEP 402), and then Fed chairman Alan Greenspan made a public statement, Friday, sending TXN back deeper in its den, with the Dow Jones dropping 115 points.

Maybe some day stock prices will reflect company performance and not the comments of a Fed chairman or the pronouncements of Wall Street "analysts."
NOVEMBER 14, 2004 --

The LPRSI was up 275 points last week (Dow Jones was up 252 points), closing the week at plus 409.

GE, closing the week at 36.26
was AYEP 527.

Motorola at 18.10 was AYEP 410

Texas Instruments, closing the week at 24.69 was BYEP 469

Time Warner 17.40 was BYEP 59

All LPRSI stocks are up since election day, as of the November 12 closing figures: GE, up 2.20, Time Warner
up 1.18, Motorola up 1.02, Texas Instruments, up 39 cents
NOVEMBER 7, 2004 --

The LPRSI was up 122 points last week, closing November 5 plus 134.

GE, at 35.19, was AYEP 421.

Motorola, at 17.07, was AYEP 307

Texas Instruments, at 24.70, was BYEP 468

Time Warner, at 16.73, was BYEP 126.

(Election Day, GE closed at 34.05, Motorola at 17.08, Texas Instruments at 24.30, and Time Warner at 16.28. Noted by LPR just to see how much a difference W's re-election makes.)
NOVEMBER 1, 2004 --

The LPRSI rose 437 points for the week ending October 29, closing the week plus 12.

GE at 34.12 was AYEP 314

Motorola at 17.26 was AYEP 326

Texas Instruments at 24.45 was BYEP 493

Time Warner at 16.64 was AYEP 135

There was speculation that Osama Bin Laden's latest videotaped message will send the stock market down on November 1. If so, California Gov. Schwarzenegger
might direct his famous "g" word to the people of Wall Street.

AYEP- Above Year Ending Price
BYEP- Below Year Ending Price
OCTOBER 24, 2004 --

The LPRSI dropped to Minus 425 at the October 22 close. (The Dow Jones is going south -- closing October 22 at 9757.81.)

General Electric at 32.95 is AYEP 197
Motorola at 16.56 is AYEP 256
Texas Instruments at 22.31 is BYEP 707
Time Warner at 16.28 is BYEP 16.28

Looks like a Bush bear market to LPR. With the market going down and oil prices continuing to reach record highs with each day, November 2 may turn out to be a grim day indeed for President Bush. A President-elect John F. Kerry would, LPR believes, bring back the days of political correctness, and, if Republicans lose their congressional majorities, renewed government intrusiveness -- falling most heavily on the citizen-outsiders Senator Kerry alludes to for demagogic purpose.
OCTOBER 16, 2004 --

The LPRSI lost 110 points for the week (Dow Jones lost 121.82 over the same period) and now stands at Minus 280.

GE at 33.55 is 257 AYEP

Motorola at 18.45 is 445 AYEP

Texas Instruments at 21.22 is a whopping 816 BYEP

Time Warner is 166 BYEP. Time Warner last closed AYEP on January 27 -- 18.81 (82 AYEP), dropping to 17.96 next
day (3 BYEP).

Question: Does the market have confidence in President Bush?

OCTOBER 10, 2004 --

The LPRSI lost 138 points for the week, to Minus 173. The Dow Jones lost 135 points for the week. On October 5, the number of hits to LPR exceeded the Dow Jones average for the first time.

At week's close:
GE was AYEP 276 at 33.74;
Motorola was AYEP 441 at 18.41;
Texas Instruments was BYEP 731 at 22.07;
Time Warner was BYEP 159 at 16.40.

This is hardly a bull market. More likely it is a "who is going to be elected president?" market. Would a Bush re-election send the market back to 8000?

OCTOBER 2, 2004 --

The LPRSI gained 296 points on Friday, October 1 to close the week at Minus 35.

(The Dow Jones was up 112.38 at Friday's close.)

GE at 33.97 is AYEP 299.
Motorola at 18.77 is AYEP 477.
Texas Instruments, at 22.66 is BYEP 672.
Time Warner at 16.60 is BYEP 139.

AYEP- Above Year Ending Price
BYEP- Below Year Ending Price

SEPTEMBER 26, 2004 --

The LPRSI closed at Minus 292, Friday, September 24, dropping 77 points for the week. GE, at 33.41 was AYEP 243 and Motorola at 17.83 was AYEP 383.

Texas Instruments, at 21.69 was BYEP 769 and Time Warner at 16.50 was BYEP 149. So far, this year, Texas Instruments is off by more than twenty-five percent and Time Warner is off by more than ten percent.

AYEP- Above Year Ending Price
BYEP- Below Year Ending Price

 

SEPTEMBER 19, 2004 --

The LPRSI got back 118 points for the week ending September 17, closing the week at Minus 215. (The Dow lost some 28 points for the week.)

GE at 34.22 is now AYEP 324--but note that this is still a long way from the 53.55 it reached on May 21, 2001. Motorola is back over 17, closing the week at 17.01, AYEP 301. Texas Instruments, closing September 17 at 22.08 is BYEP 730.
Time Warner ended the week at 16.89, BYEP 110.

SEPTEMBER 12, 2004 --

The LPRSI gained 483 points for the week ending September 10, closing at Minus 333. (The Dow Jones average was up nearly 53 points for the same period,
closing at 10,313.07.)

General Electric was up $1.04 for the week, closing at 33.88 (AYEP 290). Motorola, up 55 cents for the week, closed at 16.69 (AYEP 269).

Texas Instruments, closing at 21.94 was up $2.77 for the week (BYEP 744). Time Warner, at 16.51, was up 47 cents for the week (BYEP 148).

GE is near its high for the year. Texas Instruments is more than eleven points off its high, early in the year. Would you believe Time Warner closed at 19.07
on January 26? And Motorola closed at 20.72 on April 22?

AYEP- Above Year Ending Price
BYEP- Below Year Ending Price

SEPTEMBER 4, 2004 --

The LPRSI dropped 222 points, last week, closing, September 3, Minus 816. (The Dow Jones was up 65 points, closing the week at 10,260.20)

GE was up 7 cents for the week, closing 32.84, AYEP 186. Motorola was off 45 cents, closing 16.14, AYEP 214

Texas Instruments dropped 1,17 for the week, closing 19.17, BYEP a whopping 1021. Time Warner lost 67 cents for the week, closing 16.04, BYEP 195.

AUGUST 31, 2004 --

The LPRSI closed Minus 594, August 27, up 126 for the week. (The Dow Jones was up some 85 points for the same period.)

GE ended the week at 32.79, AYEP 179
Motorola closed at 16.59, AYEP 259
Texas Instruments ended the week at 20.24, BYEP 904, Time Warner closed at 16.71, BYEP 128.

Note: On August 30, first day of the GOP convention, the Dow Jones fell by more than 72 points. The LPRSI dropped 153 to Minus 747.

The anti-Bush march impact on the stock market?

AUGUST 21, 2004 --

The LPRSI was up 499 for the week ending August 20, closing Minus 720. (The August 13 closing number was Minus 1219.)

GE at 32.65, was up 76 cents at week's end, and is AYEP 167. Motorola, at 16.05, was up $1.84 for the week and is
AYEP 205.

Texas Instruments gained $1.46 for the week and at 19.90, is BYEP 948. Time Warner, up 93 cents for the week, at 16.55 is BYEP 144.

LPR is thankful that, as of August 21, the Olympics have not been cited to explain the Dow Jones, which, at 10,110.14 was up 284.79 for the week ending August 20. (Thus far, the Olympics has been good for stocks. With the Republican National Convention to be bad?)

AUGUST 14, 2004 --

The LPRSI plummeted 210 points the week ending Friday the 13th. (The Dow Jones lost 10.02 for the same period.) The LPRSI will open on August 16 at Minus
1219, Texas Instruments is going deeper into the bear's hibernation den, BYEP 1094. Time Warner is following TI in the bear's den, BYEP 237. Motorola is just barely AYEP -- plus 21, a steep drop from its closing at 20.72 on April 22. GE at 31.89 is AYEP 92.

If the Dow Jones decides to track the LPRSI, hello, President Kerry.

AUGUST 7, 2004 --

The LPR stock index was off by 490 , closing at Minus 1009 for the week ending August 6. GE, off $1.73, at 31.52 is AYEP 54. Texas Instruments, down $1.66 for the week, at 19.67 is BYEP 971.

Motorola lost $1.19 for the week and, at 14.74 is only AYEP 74.

Time Warneer dropped 32 cents for the week and, at 16.33 is BYEP 1.66. The Dow Jones was off 324.38 for the week and is down 638.59 for the year.

This market walks like a bear, looks like a bear, and is hibernating like a bear.

AYEP- Above Year Ending Price
BYEP- Below Year Ending Price

JULY 31, 2004 --

The LPR Stock Index closed at minus 519, July 30, gaining 163 points for the week.(The Dow Jones gained 177.49 for this week.)

GM, at 33.35, was up 73 cents, and is AYEP 227. Texas Instruments, at 21.33, gained 54 cents for the week and is BYEP 805. (When will stock analysts take note of the lamentable performance of Texas Instruments this year?)

Motorola , at 15.93, was up 65 cents for the week and is AYEP 193. Time Warner, at 16.65, dropped 29 cents for the week,
and is BYEP 134.

The LPRSI Minus 519 seems to point to a cub market, if not a bear one. Not a positive economic indicator to this observer.

AYEP- Above Year Ending Price
BYEP- Below Year Ending Price

JULY 18, 2004 --

Dropping 204 points on Friday, July 16, the LPRSI closed the week Minus 553, down 296 since last week. (The Dow Jones lost 73.44 for the same period.)

GE, at 33.09 is AYEP 211 Motorola at 15.80 is AYEP 180. Texas Instruments, at 22.14, is BYEP 824.

Time Warner, at 16.79 is BYEP 1.20.
Motorola lost 1.70 for the week, Texas Instruments lost 1.66 for the week. Time Warner lost 52 cents. GE rose 92 cents for the week.

LPR declares we are now in a bear cub market.

AYEP- Above Year Ending Price
BYEP- Below Year Ending Price

JULY 10, 2004 --

Are we back in a bear market?

The LPRSI was off 7 points for the week ending July 9, closing at MINUS 257. (Please compare to Dow Jones which was off 69.61 for the week and is off 240 points for the year.)

GE reported strong earnings for second quarter and ended the week up 50 points, AYEP 119. Motorola dropped 27 points and is AYEP 350. Texas Instruments dropped 22 and, BYEP 658, got a downgrade from one analyst. Time Warner lost 8 points and is BYEP 68.

AYEP- Above Year Ending Price
BYEP- Below Year Ending Price

JULY 2, 2004 --

A song in "The Boy from Oz" begins "Don't cry out loud, keep it inside..." LPR rejects that advice to say: "Alan Greenspan, please go on an extended vacation. And to wonder: do the Democrats control the stock market?"

The LPRSI was off 207 points for the week ending July 2, and we did not need this kind of performance to mark the 141st anniversary of the Battle of Gettysburg. (The Dow Jones was off 89.01 for the same period.) The Fed, chaired still by Mr. Greenspan, raised interest rates to ward off inflation. Hey Alan, you know prices have been creeping up at the food stores even with your low interest rates? And what about Milton Friedman's teaching to watch the money supply?

LPR is crying out loud with...
Texas Instruments BYEP 636
Time Warner BYEP 60
General Electric AYEP 69
Motorola AYEP 377

Result: LPRSI MINUS 250

C'mon Alan, give us a break! Between you and New York's City Hall, there is trouble, right here in Reg. City!

AYEP- Above Year Ending Price
BYEP- Below Year Ending Price

JUNE 25, 2004 --

The LPRSI closed the week minus 43, up 114 from last week's minus 157. (The Dow Jones for the same period was down 44.57). Motorola was up 94 cents for the week, to 18.28 and Texas Instruments was up 85 cents for the week, to 24.03. GE was down 40 cents for the week, to 32.18 and Time Warner was off 25 cents, to 17.43.

AYEP- Above Year Ending Price
BYEP- Below Year Ending Price

JUNE 20, 2004 --

The LPRSI closed June 18 at minus 157, down a whopping 324 for the week, on the sudden decline by Motorola, losing 256 for this period. Texas Instruments lost another 195 for the week. GE was up 160 and Time Warner improved slightly, up 18.

LPR stocks at June 18 closing:
GE -- AYEP 160
Motorola -- AYEP 334
Texas Instruments -- BYEP 620 (wow)
Time Warner -- BYEP 31

AYEP- Above Year Ending Price
BYEP- Below Year Ending Price

JUNE 10, 2004 --

The LPRSI was up 62 points for the week, cut short by one day for the National Day of Mourning in honor of President Ronald W. Reagan. The index closed, June 10 at plus 167.

GE at 31.49 was AYEP 51. Motorola at 19.90 was AYEP 590. Texas Instruments went further BYEP, at minus 425, and Time Warner eased its BYEP a bit, at minus 49.

AYEP- Above Year Ending Price
BYEP- Below Year Ending Price

JUNE 4, 2004 --

The LPRSI was off 64 points for the week ending June 4, closing at plus 105. Motorola at 19.77 was unchanged, AYEP 577. GE at 31.23, was up 11, AYEP 25. Texas Instruments lost 90, to end the week at 25.21, BYEP 417. Time Warner ended the week up 15 at 17.19, BYEP 80.

MAY 28, 2004 --

The LPRSI closed the week ending May 28, up 169 points, with Motorola (19.77) strongly AYEP, plus 577 and Texax Instruments (26.11) unfathomly BYEP, minus 327. Time Warner (17.04) is BYEP, minus 95 and General Electric (31.12) has again edged into AYEP territory, plus 14.

MAY 14, 2004 --

The LPRSI took a beating on Friday, losing 93 points but still managed a modest gain of 15 points over last week's closing, to end the week minus 144.

Texas Instruments continues to be the worst performer: BYEP minus 42.
Time Warner also BYEP at minus 149.
GE is BYEP at minus 82

MAY 7, 2004 --

Although the index was off by 58 points Friday, May 7, it gained 64 points for the week to end the week at minus 159.

General Electric- BYEP minus 98
Texas Instruments- BYEP minus 396
Time Warner- BYEP minus 138
Motorola- AYEP plus 473

The Dow Jones was off nearly 124 points on May 7, despite good economic news
including more jobs filled than expected. Apparently all analyses point to "rate hike fears." Perhaps if economic indicators sagged, interest hikes should not be expected, but if the economy sagged, shouldn't stocks decline? Maybe we should just say the bears continue to rule the den.

 
 

MAY 1, 2004 --

The Index plunged, last week -- plummeting from the plus 354 at the close April 23, to minus 223 at the April 30 closing bell, a decline of 577 points. (The Dow Jones average dropped nearly 250 points for the same period).

GE is BYEP 103 and Time Warner is BYEP 117. Texas Instruments is a puzzling BYEP 438. Is this to be attributed solely to so-called "interest rake hike fears?" When will "Wall Street Analysts" take a "follow the money" approach in place of a "follow the comment -- or expectation" view. And just who are the expectation makers anyway?

Motorola remains comfortably AYEP -- at 425, but it declined 243 for the week ending April 30. In LPR's view, the stock market is expressing its lack of confidence in the Bush Administration, in addition to profit-taking, of course.

APRIL 23, 2004 --

The LPR Stock Index ended the week at plus 354, up 379 over the previous week. GE lost 54 cents for the week; Texas Instruments gained 28 cents and Time Warner added 20 cents. GE is BYEP 29, Time Warner is BYEP 116 and Texas Instruments is BYEP 144 -- astounding in view of its very good first quarter performance. Motorola also reported a terrific first quarter, but went higher AYEP -- 643, the only stock in the LPRSI to be above year-ending price, carrying the index to 354 on its shoulders alone.

Time Warner Chairman and CEO Richard D. Parsons concluded his March 29, 2004 letter accompanying the Time Warner annual report: "Given the strength of our businesses, the dynamic growth trends in the media and entertainment industries, and above all, the talent and energy of our people, I'm truly confident that we'll emerge from 2004 an even stronger company-- one you'll be proud to own." (Does Alan Greenspan moonlight as a writer of CEO letters?) Proud is fine, Richard; profitable even finer.

APRIL 16, 2004 -- “Don’t cry out loud.” (Borrowing from a song in “The Boy from Oz” - - starring Hugh Jackman who opens May 7 in the movie “Van Helsing.”)

The Index plummeted 403 points to close the week back in minus territory, minus 25 to be precise. (The LPRSI closed the week ending April 8 plus 378 -- not 374 as LPR had reported. The stock market was closed April 9, Good Friday.

Every stock in the index lost ground: GE, down 18 cents, to 31.23, Texas Instruments, which reported first quarter profits of $21 billion, three times the size of the first quarter profit of last year, was off 1.52 for the week to 27.66. Motorola dropped 1.57 to 16.58 and Time Warner lost 76 cents to 16.63. GE is AYEP 43 and Motorola is AYEP 258. Texas Instruments is BYEP a whopping 172 and Time Warner is BYEP 136.

These headlines from The Wall Street Journal, last week, suggest Wall Street analysts are some distance from Point Clarity:

“Blue Chips Rise On Optimism For Earnings" April 13, p.C1.

"Markets Say Good News Is Bad" April 14, p.C1.

This writer was returned, April 16, a quatrain submitted to The New Yorker, last September 29:

Bereft of academician’s gown
Lacking an economist's award-winning cup
I find that stocks I buy go down
And those I don't, of course, go up

The Dow Jones gained about 9 points for the week ending April 16

APRIL 8, 2004 -- The LPRSI ended the week at 374 (the stock market was closed Good Friday, April 9) down 136 from the previous week. Time Warner ended the week at 17.39, 60 cents below year ending price (BYEP). It was reported April 1 that Time Warner Chairman and Chief Executive Officer Richard D. Parsons was awarded a bonus of $8 million for 2003. This was no April Fool's joke. Motorola remains the LPRSI star, with an AYEP of 4.15 (down 60 from the previous week). GE, at 31.41 is AYEP 43. Texas Instruments, at 29.18 is BYEP 20.

APRIL 3, 2004 -- The LPRSI was up sharply for the week ending April 2, gaining 496 points on the previous week, to stand at 510. GE, up 96 for the week, returned to the AYEP column, ending the week at 31.06, 8 AYEP. Texas Instruments, up 1.82 for the week, was also back in the AYEP column, standing at 30.41, 103 AYEP. Motorola continued as index star, gaining 1.47 for the week, closing the week at 18.75, 475 AYEP. Time Warner gained 41 for the week, to close at 17.23, but remained the index laggard, 76 BYEP.
MARCH 26, 2004 -- The LPRSI was up 67 points for the week ending March 26 over the previous week, closing plus 14. (LPRSI was minus 53 the week ending March 19).

The index reached its closing low March 23, minus 314, gaining 90 points March 24 and another 255 March 25. The LPRSI was off 17 points March 26. GE at 30.10 was off four cents for the week, remaining BYEP. Texas Instruments at 28.59 gained 80 cents this week, but is also BYEP, as is Time Warner, at 16.82 off 13 cents for the week. Motorola at 16.98 was up four cents for the week, and remains the only AYEP stock in the LPRSI, but it was off 27 cents at the day's closing bell, March 26.

MARCH 19, 2004 -- The LPRSI was off 253 points for the week ending March 19. As the index closed at 200, week ending March 12, this puts the LPRSI at Minus 53. What does this mean? This means that three of the four LPRSI stocks are significantly BYEP (Below Year Ending Price) and their post-December 31, 2003 decline offsets the gains of the fourth index stock that is AYEP (Above Year Ending Price).

GE at 30.14 is 58 BYEP. Texas Instruments, which zoomed down more than five percent, March 19, off $1.50, at 27.79 is 1.59 BYEP. Time Warner, was up 24 cents, at the March 19 close, but at 16.95 is still $1.04 BYEP. Motorola, off ten cents March 19 to end the week at 16.94 is 2.94 AYEP.

MARCH 12, 2004 -- The Lonely Pamphleteer Review Stock Index (LPRSI) was off sharply the week ending March 12, plummeting 512 points at 51, its closing for the year – bouncing back 149 points by the March 12 close.
GE joined Time Warner, dropping below its year-opening price. Texas Instruments went lower than its year-opening 29.38, March 11, closing at 29.20. TI bounced back 61 cents, March 12 to close at 29.85. GE, however, started the year at 30.98, closed at 30.60 March 12. Time Warner, at 16.85, is 1.14 below its year-opening 17.99. Motorola droped 99 cents for the week (including a 4 cent dividend, March 11), but at 17.09 – $3.09 above its year-opening 14 – remains the star of the LPRSI.

MARCH 5, 2004 -- The LPR Stock Index for the week ending March 5 was up 60 points, to 712, over the previous week. Top performer of the index remains Motorola, off 37 cents for the week to 18.08. GE ended the week at 32.77; Texas Instruments at 31.47; Time Warner, dropping a dime to 17.15, is off 84 cents for the year.

FEBRUARY 27, 2004 -- The LPR Stock Index for the week ending February 27
was up 20 points over the previous week, to 652. The star of the index, so far this year, is Motorola, up $4.45 to $18.45 (up more than 30%). The LPR goat is Time
Warner, at $17.25, seventy-four cents down from its year-opening $17.99.

FEBRUARY 13, 2004 -- The LPR stock index was off 101 points the week ending
Friday, February 13, to close at 560. After rising 183 points, on Wednesday, the index fell 130 points on Lincoln's birthday and another 116 points on the 13th. Previously, the week ending February 6, the index closed at 661, off 17 points. Time Warner is the only LPR stock that is below its December 31,2003 closing price--off 75 cents. The other LPR index stocks are GE, Motorola and Texas Instruments.

JANUARY 31, 2004 -- The index closed up 2 points, Friday, January 30, down 80 points for the week and ending the month at 678 (that is to say, up 678 its first month.) Time Warner was off $1.41 for the week, notwithstanding a good earnings report for 2003. The other stocks in the LPR are GE, up 42 points for the week, Texas Instruments, up 38 points for the week, and Motorola, down 19 points for the week.

A Groundhog Market??? A Reuters report by Bill Rigby, the evening January 30, noted that after the Federal Resrve announcement of an interest rate hike earlier than expected, stocks might go up the week of February 2 (Groundhog Day) if the faith of investors is restored.

Before reading that report, LPR sent an e-mail to Time Warner inquiring about that point--what steps are to be taken to restore confidence in Time Warner? LPR
hopes it will receive a reply it can share with LPR clicksters.

JANUARY 25, 2004 -- The LPR stock index ended the week (Jan. 23) at 758,
down 79 on Friday and down 249 for the week, from the January 16 high of 1007. Motorola, one of the stocks in the index, reported that net income for 2003 was
up 20 cents a share compared with six cents a share the year before--$489 million compared to $174 million, but the A.A. (anonymous analysts) were reportedly concerned about delays in getting cell phones out for the Christmas season. This stock ended the week at $16.77 down from $17.05 at the January 16 close. The big loser in the LPR was Texas Instruments, closing the week at 30.97, down 2.56 from the Jan. 16 close of 33.53. (TI CEO Thomas Engibous
announced he will be stepping down, in favor of Texas Instruments current COO Richard Templeton)

JANUARY 16, 2004 -- The Lonely Pamphleteer Stock Index closed up 473 the week ending January 16, to stand at 1007. Texas Instruments rose by more than one dollar on two days and General Electric was up $1.35 on January 16.
Motorola and Time Warner, the other stocks in the index, also advanced this week.

LPR Alert: During the week, CNBC announced that staffers must sell their stock or put holdings in a blind trust. This interesting policy move will be discussed in the next LPR.

JANUARY 9, 2004 -- The first day this index went to work, January 2, it rose by 80 points. At the close of the NYSE, January 8, the index was down by 73 points on Friday, with the index for the week up 454 and with the index, this year, at 534. Two of the stocks in this index, Motorola and Texas Instruments, have already exceeded one year target estimates. The other stocks in the index are GE and Time Warner. (The stocks in this index are all held by the LPR proprietor, David R. Zukerman.)

JANUARY 2, 2004 -- Introducing the Lonely Pamphleteer Review Stock Index. This index, which went into operation January 2 is based on the combined performances of GE, Motorola, Texas Instruments and Time Warner. It opened the year up 80.