Business Services Industry
Orange County, Calif., Interest Rate Sensitive Firms Show Strength in Market.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, August, 2000
Aug. 13--In the argot of Wall Street, Downey Financial Corp., First American Corp. and Fidelity National Financial Inc. are known as "interest-rate-sensitive" companies because higher borrowing costs typically do very bad things to their sales, earnings and share prices.
In the current climate, where the economy is sending mixed messages on inflation and no one knows for sure what the Federal Reserve is going to do about interest rates at next week's meeting, let alone at its three autumn gatherings, those three Orange County companies should be suffering on Wall Street.
Instead, they are showing surprising signs of strength.
Downey Financial, the Newport Beach bank operator, is trading near an all-time high. And Fidelity National and First...
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