Conference nyoss1::market_investing

        -< Mexico Stocks Closing Prices: IPC Index Up 4.22 Or 0.23  Pc >-

Copyright � Dow Jones & Co. 1992
Source: Dow Jones News Service
Headline: Mexico Stocks Closing Prices: IPC Index Up 4.22 Or 0.23  Pc
Time: May 20 1992 1715


Story: 
In Mexican pesos.  Changes from previous close 
are positive unless preceded by minus sign. 
Source: Mexican Stock Exchange 
                Close    Change 
IPC Index      1815.32     4.22 
Alfa A          25,300     -300 
Apasco A        10,850      100 
Bacomer B        4,260        0 
Banacci A       17,900      100 
Banacci C       20,100      150 
Bimbo 1         12,000        0 
Bimbo 2         11,900        0 
Celanes A       18,800      800 
Cemex A         51,000     -200 
Cemex B         52,000      600 
Cifra A          4,300        0 
Cifra B          4,950        0 
Cifra C          4,400      100 
Cydsasa A       12,400      100 
Desc B          10,400      350 
Ericson B        2,350        0 
Femsa B         12,400     -400 
Gcarso A1       18,500     -100 
Kimber A        53,2       0 
Livepol 1        4,200        0 
Maseca A2        2,380      -20 
Maseca B2        2,440        0 
Peqoles A2       4,750        0 
Serfin B         6,825      -25 
Tamsa *         19,000      500 
Telmex A         8,700       25 
Telmex L         8,700        0 
Ttolmex B2      24,600      200 
Vitro CP        23,900      400 
   5:15 PM
categorySubject N/MKT N/STK
categoryGeographic R/NME R/SM R/US
categoryStatistical S/STT
    

Copyright � Dow Jones & Co. 1992
Source: Press Release News Wire
Headline: 
 WAL-MART, CIFRA REACH AGREEMENT TO EXPAND JOINT VENTURE EFFORTS IN MEXICO
Time: May 29 1992 0829


Story: 
  BENTONVILLE, Ark., May 29 /PRNewswire/ -- Wal-Mart Stores, Inc. (NYSE: WMT; 
PSE) and CIFRA, S.A., the largest retailers in the United States and Mexico, 
respectively, have reached an agreement to expand their previously announced 
joint venture efforts in Mexico.
  The companies have agreed to jointly and exclusively pursue, as equal 
partners, future growth opportunities in the retail, wholesale, distribution 
and related businesses in Mexico.  These plans presently include Wal-Mart 
Supercenter combination stores, Club Aurrera units (wholesale clubs previously 
joint ventured by the parties), McLane wholesale business, and distribution 
center operations, and all future Almacenes Aurrera and Gran Bazar combination 
stores, Bodega Aurrera discount stores and Superama supermarkets, including 
those currently under development.  CIFRA will continue to independently own 
and operate the existing units of these stores as well as its Vips and 
Suburbia businesses.
  Henry Davis, president of CIFRA, commented:  "The prospects for combining 
the future growth of our discount and grocery operations in Mexico with those 
of Wal-Mart is a very exciting strategic alliance for all of us.  Wal-Mart is 
the recognized leader in people supportive technology applications as well as 
merchandising and distribution.  We believe these capacities and their proven 
record of profitable expansion will enable us to increase our growth in all of 
our operations and to continue our efforts to lower the cost of goods to 
consumers in Mexico."
  David Glass, president and chief executive officer of Wal-mart added:  "We 
have learned a lot from our work with our CIFRA partners to date and look 
forward to expanding our efforts in Mexico together.  In addition to the 
exciting growth opportunities in both retailing and wholesaling, we believe 
significant potential lies in the further development of quality Mexican-made 
goods for export.  We anticipate stepping up our efforts to grow this export 
business as well as aggressively recruiting and assisting off-shore 
manufacturers in their expansion and relocation efforts in Mexico."
  The joint venture has immediate plans to expand its existing Club Aurrera 
operations in Mexico City by an additional six to eight new units to open in 
the 1992-1993 period.  Further aggressive club expansion outside of Mexico 
City is planned.  The first such unit, a club in Monterrey, is currently under 
construction.
  CIFRA's previously announced openings of five Almacenes Aurrera combination 
stores, 12 Bodega Aurrera discount stores, and six Superama supermarkets are 
scheduled to be opened by the joint venture within the next year and 
additional expansion plans are under review.
  The first Wal-Mart Supercenter is planned to open in 1993 in Monterrey.  
Announcements regarding additional units are anticipated soon.
  The agreement is contingent upon certain conditions including CIFRA 
shareholder approval and approval by the CIFRA and Wal-Mart boards of 
directors.
  At April 30, CIFRA operated 38 Almacenes Aurrera combination stores, 29 
Bodega Aurrera discount stores, 35 Superama stores, two Gran Bazar, 28 
Suburbia and 72 restaurants (54 Vips, 15 El Porton, and three Italian).  
During the first quarter ended March 31, CIFRA consolidated sales totaled 
$723,900,000, a 17 percent growth rate, after discounting inflation, vs. last 
year.  CIFRA securities are listed on the Mexican Stock Exchange.
  At April 30, Wal-Mart had 1,735 Wal-Mart stores (includes nine 
Supercenters), 215 Sam's Clubs and four Hypermart*USA units, compared with 
1,591 Wal-Mart stores (included five Supercenters), 178 Sam's Clubs and four 
Hypermart*USA units at the same time last year.
  Wal-mart operates in a 43-state trade area, and its securities are listed on 
the New York and Pacific stock exchanges.
  /CONTACT:  Paul R. Carter, 501-273-4184, or Randy Laney, 501-273-4148, both 
of Wal-Mart Stores/
08:04 EDT
categoryIndustry I/RTB
categorySubject N/JVN
categoryMarketSector M/CYC
categoryGeographic R/AR R/MX R/NME
categoryCompany E.CIF WMT

================================================================================
Note 13.6                         Retail Stores                           6 of 8
SDSVAX::SWEENEY                                      22 lines  29-MAY-1992 10:29
--------------------------------------------------------------------------------
        -< Wal-Mart Stores Reaches Pact To Expand Cifra Joint Venture >-

Copyright � Dow Jones & Co. 1992
Source: DJ International Economic News Wire
Headline: Wal-Mart Stores Reaches Pact To Expand Cifra Joint Venture
Time: May 29 1992 1026


Story: 
  BENTONVILLE, Ark. -(AP-DJ)-- Wal-Mart Stores Inc. said it agreed to expand 
significantly a joint venture with Cifra S.A., one of the largest retailers in 
Mexico. 
  Wal-Mart said said that in addition to 23 previously announced stores in 
Mexico City, the two companies will open an additional six to eight Club 
Aurrera wholesale stores in that city by the end of next year.  They are also 
constructing a Club Aurrera in Monterrey, Mexico. 
  The company said it also will open a Wal-Mart Supercenter in Monterrey next 
year, and expects to announce additional units in the near future. 
 
-0- 1426GMT
categoryIndustry I/RTB
categorySubject N/EWR N/INV N/WER
categoryMarketSector M/CYC
categoryGeographic R/AR R/MX R/SM
categoryCompany E.CIF LATAM WMT
    

Copyright � Dow Jones & Co. 1992
Source: Dow Jones News Service
Headline: Mexico Stocks Closing Prices: IPC Index Up 36.12 Or 1.95 Pc
Time: May 29 1992 1709


Story: 
In Mexican pesos.  Changes from previous close 
are positive unless preceded by minus sign. 
Source: Mexican Stock Exchange 
                Close    Change 
IPC Index      1892.33    36.12 
Alfa A          25,500     -300 
Apasco A        11,550      450 
Bacomer B        4,400      140 
Banacci A       19,000      300 
Banacci C       21,000        0 
Bimbo 1         12,000        0 
Bimbo 2         13,000      500 
Celanes A       18,800        0 
Cemex A         56,200    2,600 
Cemex B         56,200    1,800 
Cifra A          5,000      150 
Cifra B          5,625      275 
Cifra C          5,050      150 
Cydsasa A       13,400      400 
Desc B          10,300      200 
Ericson B        2,280        0 
Femsa B         12,800      200 
Gcarso A1       19,750      350 
Kimber A        28,200    1,300 
Livepol 1        4,000     -150 
Maseca A2        2,640       10 
Maseca B2        2,630       10 
Peqoles A2       5,200      200 
Serfin B         6,850      -75 
Tamsa *         19,250      -50 
Telmex A         8,825      125 
Telmex L         8,825      125 
Ttolmex B2      25,200    1,000 
   5:09 PM
categorySubject N/MKT N/STK
categoryGeographic R/NME R/SM R/US
categoryStatistical S/STT
    

    Wal_Mart agreed to greatly expand its partnership with Mexican retailer
    Cifra by opening more stores in Mexico, with plans to operate at least
    30 outlets there by the end of 1993.
    

                        -< Mexico City Closing Stocks >-

Copyright � Dow Jones & Co. 1992
Source: DJ International Economic News Wire
Headline: Mexico City Closing Stocks
Time: Jun 03 1992 1718


Story: 
 
Alfa A     25700 25900 
Apasco A   11500 11600 
Bacomer B   4650  4590 
Banacci A  18750 18800 Banacci C  21000 20800 
Bimbo 1    12000 12000 
Bimbo 2    12900 12900 
Celanes A  18800 18800 
Cemex A    55600 56800 
Cemex B    56000 57200 
Cifra A     5150  5225 
Cifra B     6050  6150 
Cifra C     5200  5275 
Cydsasa A  12800 13400 
Desc B     10500 10400 
Ericson B   2280  2280 
Femsa B    12800 12350 
Gcarso A1  18800 19000 
Kimber A   28600 29400 
Livepol 1   3940  4000 
Maseca A2   2500  2500 
Maseca B2   2500  2500 
Peqoles A2  5175  5275 
Serfin B    6750  6825 
Tamsa *    18700 18700 
Telmex A    8700  8800 
Telmex L    8700  8775 
Ttolmex B2 26000 25800 
Vitro CP   24000 24000 
-0- 2118GMT
categorySubject N/EWR N/INV N/STK N/WER
categoryGeographic R/MX R/NME R/SM
    

Cifra was selling for $1.90 on Thur Jun 11.

Cifra went down to $1.58 - $1.65 (bid).

A majority of Mexico funds went down. Telefonos De Mexico fell (TMX) $3.50.
The reason behind all this is because of uncertainty of Perot becoming
president and Perot's negative attitude towards free-trade.

I am purchasing Cifra in blocks of 200 to average in.

Does anyone know if the free-trade fails will Cifra or TMX be
a lot more of a risky investment???

    
    
    	Question from rookie.....
    
    	Can I call Schwab and buy CIFRA, or must I go about it some
    	other way?
    
    	

    
    You can buy CIFRA from any brooker.
    
    peter

    Could one of the CIFRA bulls state their case in summary?
    
    Thanks,
    John

>    Could one of the CIFRA bulls state their case in summary?
    
Sure.  It's an excellent play on the improving Mexican economy which under
President Salinas (a Harvard educated economist) has opened up Mexico
to foreign capital and trade.   Inflation is being brought under control -
from 159% in 1987 to roughly 15% currently.  The large government budget
deficit has been eliminated.  U.S. industry has been moving to Mexico
in a big way....for cheap labor and a jump start on the possible North
American Free Trade Agreement.  

All this results in a growing affluent middle class which has an increasing
amount of disposable income to spend at Mexico's largest retailer...CIFRA.
CIFRA will approach $3 billion U.S. in sales this year.  They are growing
very rapidly (30-50% annual sales growth).   They do an excellent job at
running their stores (with extraordinarily high inventory turnover).
Their discount warehouse stores produce up to twice the sales per square
foot of an average Kmart.  They have remained consistently profitable 
(even during the bad years for Mexico).  And finally, they are debt-free!

Other factors:  As you have read, a strategic management agreement with
Wal-Mart has evolved into a joint venture for the two companies.  Although
different accounting standards apply between the two countries, it still
appears safe to say that CIFRA trades at a cheaper P/E than Wal-Mart and
yet CIFRA appears to have even better growth prospects than the largest
U.S. retailer.  The last kicker is the possibility of a NYSE listing
for CIFRA which would give it more visibility.

    
    Asking price this morning was $1.56/$1.60
    
    Peter
    
    
================================================================================
Note 11.65                   International News Wire                    65 of 78
SDSVAX::SWEENEY                                      39 lines   6-AUG-1992 17:14
--------------------------------------------------------------------------------
                        -< Mexico City Closing Stocks >-

Copyright � Dow Jones & Co. 1992
Source: DJ International Economic News Wire
Headline: Mexico City Closing Stocks
Time: Aug 06 1992 1714


Story: 
 
Alfa A         22000     22000 
Apasco A       10600     10600 
Bacomer B       3450      3430 
Banacci A      14000     13650 
Banacci C      16700     16300 
Bimbo 1        10950     10950 
Bimbo 2        10900     10900 
Celanes A      17000     17000 
Cemex A        37800     38300 
Cemex B        38600     38600 
Cifra A         4380      4380 
Cifra B         4960      4970 
Cifra C         4200      4200 
Cydsasa A      12100     12100 
Desc B          9200      9200 
Ericson B       1740      1740 
Femsa B        10650     10500 
Gcarso A1      16650     16400 
Kimber A       25200     25000 
Livepol 1       3500      3490 
Maseca A2       1790      1790 
Maseca B2       1740      1790 
Peqoles A2      4200      4200 
Serfin B        5050      5050 
Tamsa *        18000     17700 
Telmex A        7375      7275 
Telmex L        7400      7275 
Ttolmex B2     20500     20600 
Vitro CP       17600     17250 
-0- 2112GMT
categorySubject N/EWR N/INV N/STK N/WER
categoryGeographic R/MX R/NME R/SM

    
    Given that .6 says that cifra was at $1.90 on 11-Jun and -.2 says
    it is recently below $1.60, why is there so much ongoing interest
    in cifra? 

    
    If I buy CIFRA adrs, am I buying CIFRA A, B, or C?
    
    

    
    You are buying CIFRA B.
    
    Peter

    Any new news on CIFRA? It was do to be added the the stock market
    listings for more visability this summer some time. Does anyone know if
    it has or will it be inthe near future.
    
    I own CIFRA B adr's I might be interested in purchasing more if all is
    going well.
    
    Thanks for any updates
    
    Frank

    
    They were at/about $1.80 shr earlier this week.  Came back from down
    around $1.4X a few weeks back.
    

Re: .17
>    Any new news on CIFRA? It was do to be added the the stock market
>    listings for more visability this summer some time. Does anyone know if
>    it has or will it be inthe near future.
    
This last spring, almost every large Mexican company was probably toying 
with the idea of a U.S. offering and a concurrent listing on the NYSE
(following in the steps of Telmex).  Some did...Vitro, EmpressICA.
During the summer, the Mexican government expressed concern with the
rapidity and size of the offerings and basically used their influence 
to throw a cold shower on everything.

It'll probably happen someday, but I wouldn't think it would happen during
the next 12 months.  For now, CIFRA will enjoy its status as a widely
followed "penny stock".

    CIFRA  -  Quote on 1/29/93   $2.25
     

    I guess I got ahead of myself the title for the last reply should be as
    fallows.
    
    Quote 1/29/93 CIFRA

    Re .20
    Where did you get that quote from? It closed on the Mexican stock
    market at 6.05 on Friday and the peso is around 0.321 and that puts it 
    below $2.

    Curios
    	Peter

    Got the quote from my broker.
    
    Frank

    
    Well,
    
    10 months later I decided that not much is happening and got out at
    $2/share. 
    Now watch it take off ;-)
    
    Peter

	Any speculation on the effect of NAFTA passing on CIFRA?
	What is the stock currently trading at? Where is it listed and under
	what symbol?

    
    It isn't listed since it trades on the pink sheets. It traded yesterday
    at about 8.30 something New pesos. I sold a while back when it was just
    over 7 and that corresponded to $2 a share. A peso is about .320 of a
    dollar.
    
    For current quote call your broker but I think that the price already
    reflects the outcome...
    
    Peter

    It is listed in pesos in the Foreign Markets section of the WSJ. Two
    flavors trade:
    
    		 Close Previous
    		       Close
    	Cifra B   8.30     8.16
    	Cifra C   7.90     7.80

    I sold my Cifra B ADRs on Monday at 2.55, with a touch of regret
since I do believe this company will be a big winner this decade.
It looks like NAFTA will pass and I'll be wishing I had waited until
Thursday to sell, but I think a significant top is somewhere in this
area and NAFTA passing should bring in the remaining buyers before
the market drops (within the next 3 months I would guess).  Just as 
the breaking of the Berlin Wall caused the German stock market to zoom 
before taking a serious dive, I think the Mexican market will zoom on 
initial euphoria from NAFTA's acceptance and then will sell off as 
people then look ahead and realize that Mexico still poses many 
economic risks.  Also, their stock market, while cheap relative to ours, 
has made HUGE gains over the past few years...and interest rates in 
Mexico have started to rise recently.

    Just to counter my own argument, I will say that most all of the
US investment institutions (Morgan Stanley, Goldman Sachs, etc.) remain
very bullish on Mexico with or without NAFTA.  Also, if NAFTA does pass
as expected, many investment managers in the Eastern hemisphere will look 
more kindly on Mexican investments.

NAFTA did pass today (hooray).  CIFRA traded at 2.72 - 2.76 at close of today.
I am hoping that CIFRA will take off as a result of NAFTA.
The only problem is how long to hold onto it.  I was lucky
to purchase 700 shares around 1.50 (it was a speculation more than anything).


I also hold some shares in TMX (Telefonos de Mexico).  TMX
traded at 571/8 today up 1/4.  I too wonder how it will do tomorrow.


Any comments on how long as to hold onto those shares ?

If the Dow Jones has a large selloff, will these stocks to bad also ?

    CIFRA was downgraded today by one of the brokerage houses (I think it
    was Smith, Barney..)