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Taking stock: manufacturers' results for the period ended July 16, 1996.

NEW YORK(FNS)--Caught in a market decline that shook up Wall Street's steadiest performers, home furnishings manufacturers came out of the 5-week period ended July 16, bloodied but unbowed.

On July 15, the blue chip Dow Jones Industrial Average plunged 161 points, nearly panicking the market. The next day, the market went on a wild ride dropping more than 160 points only to shoot up over 50 points before settling down for the day with a modest nine-point rise.

While the losses among home furnishings stocks were widespread, most reflected the weak panicky market. The sharpest decliner in the group, Zenith Electronics, which lost 32.11 percent of its value in the five-week period closing at 9 1/4, has been losing money. The company, which is 58 percent owned by South Korean giant LG Electronics, lost $92.4 million in 1995 and continued in the red in the first quarter of this year with a loss of $35 million. Zenith was also the most active issue in the group.

Rubbermaid Inc. was also among the active issues' adding 7/8 to 27 7/8 on a turnover of 9.6 million shams Last week a California arbitrator ordered the company to pay its workers $1 million in closing a plant in Carson, Cal. The company is fighting the order.

Sunbeam Corp., which dropped 19 percent of its value, closing at 15 1/8, has hired turnaround expert Albert J. Dunlap as chief executive officer. Dunlap, who comes from Scott Paper, will buy $3 million worth of Sunbeam stock On Friday, three investment banking firms upgraded Sunbeam's stock

International Jensen managed an 11.39 percent gain to 11, while the rest of the market was sinking fast. The reason: Jensen is the subject of a lively bidding war between Emerson Radio and Recoton Corp.
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Title Annotation:home furnishings
Author:Rutberg, Sidney
Publication:HFN The Weekly Newspaper for the Home Furnishing Network
Article Type:Brief Article
Date:Jul 22, 1996
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