BW 500 1996 PDF

B
DOMESTIC
ASIA
EURO/
INTLLA
X X
500
FILENAME/FILENAME
XX120
ASIA XX EUR-LA
INT
THE S&P
EDIT OK
D: C M Y K 04 EDIT PASS
PE
DAD
--
--
Business Weeks Industry Rankings

MARKET VALUE
FEB. 21
1997
$ MIL.
TOTAL
RETURN
(1 YEAR)
SALES
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1996
$ MIL.
PROFITABILITY
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1996
$ MIL.
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
1 AEROSPACE & DEFENSE

INDUSTRY AVERAGE
15933.6
28.2
136.4
16425.7
10
7.0
773.3
143
22.7
LOCKHEED MARTIN
17838.8
14.2
131.9
26875.0
18
24.1
1347.0
98
35.6
134
UNITED TECHNOLOGIES
18056.3
47.1
136.1
23512.0 y
4.1
906.0
21
23.5
169
McDONNELL DOUGLAS
14370.8
46.1
242.9
13834.0
0.5
788.0
NM
27.7
182
NORTHROP GRUMMAN
192
BOEING
270
GENERAL DYNAMICS
29
2
3
4300.7
15.7
105.0
8071.0
18
15.2
234.0
59.2
36661.0
31.6
139.0
22681.0
16
4.5
1095.0
179
11.0
4374.0
14.7
63.7
3581.0
17
3.6
270.0
1.0
2 AUTOMOTIVE
INDUSTRY AVERAGE
12895.0
13.0
7.9
41142.3
9.3
1420.0
3.9
CHRYSLER
24675.3
41.3
35.2
59333.0
16
10.8
3720.0
75
7.6
246
FORD MOTOR
39352.5
13.7
16.4
146991.0
10.3
4446.0
15.5
272
DANA
3181.0
2.0
17.6
7890.7
12.5
306.0
32.8
286
GENERAL MOTORS
44262.4
19.7
5.0
6.4
4953.0
18
24.1
319
ECHLIN
2071.0
4.1
21.3
3261.0
15
18.4
146.5
14.8
357
PACCAR
2554.9
31.2
35.0
4316.8 y
6.3
201.0
20
13.3
404
CUMMINS ENGINE
2063.9
31.3
6.9
5257.0
7.7
160.0
29
5.0
415
COOPER TIRE & RUBBER
1703.8
15.2
20.8
1619.3
10.3
107.9
0.3
445
GOODYEAR TIRE & RUBBER
8350.8
14.1
24.0
13112.7
4.3
101.7
83
37.1
10
481
NAVISTAR INTERNATIONAL
734.2
3.7
61.2
5573.0
12
5.9
58.0
64
27.1
1117.9
69
164068.9 y
3 BANKS
INDUSTRY AVERAGE
17815.1
53.8
148.4
8000.6
18.9
13
19.0
MBNA
11736.1
91.0
303.4
2998.0 a
26
33.4
435.3 a
34
30.5
12
NATIONSBANK
34645.5
68.0
171.2
16376.0 a
10
21.1
2330.0 a
26
24.5
22
NORWEST
18481.1
44.1
124.2
8534.3
15
17.6
1153.9
21
23.1
26
FIRST BANK SYSTEM
10941.3
47.4
176.6
3026.1 y
15.7
739.8
30
39.4
32
FIRST UNION
25541.7
55.7
149.6
10294.0 y
11
31.0
1499.0
25.3
35
FIRST CHICAGO NBD
19082.7
47.2
133.7
9686.0 y
56.9
1436.0
25
49.5
46
FIFTH THIRD BANCORP
8828.8
73.4
193.1
1748.7
19
19.6
335.1
16
17.6
53
U.S. BANCORP
7378.4
65.4
109.4
2862.3 y
20.2
478.9
46
30.1
59
NATIONAL CITY
11104.1
55.4
119.4
4047.1 y
27.3
736.6
25
23.6
10
66
BANK OF NEW YORK
17495.0
56.4
225.1
5029.0 y
13.2
1020.0
12
22.2
11
68
BANKAMERICA
41832.7
71.3
197.9
20025.0
12.5
2873.0
14.6
12
76
WELLS FARGO
28391.2
28.7
141.5
8508.0
62
20.1
1071.0
20.7
13
85
REPUBLIC NEW YORK
5164.1
59.0
104.3
2833.1 y
16
13.5
418.8
45
8.6
14
86
CITICORP
56338.7
61.4
214.0
28818.0 y
0.3
3788.0
22.8
15
93
BANC ONE
19497.9
35.4
73.4
8978.1 y
14
10.1
1426.5
12
8.6
16
94
PNC BANK
13937.1
45.4
75.7
6155.5 y
18.1
992.2
143
4.7
17
103
FLEET FINANCIAL GROUP
15407.9
53.1
99.9
8078.0 a
40.9
932.0 a
19
34.5
18
110
BARNETT BANKS
9174.0
60.7
160.2
3748.8 a
6.6
553.0 a
19.6
19
111
BANK OF BOSTON
8571.4
61.2
247.2
5611.0 y
21.4
650.0
35.1
20
112
CHASE MANHATTAN
45087.2
52.3
208.5
41.1
2461.0
17
24.4
21
122
J.P. MORGAN
19625.0
37.7
75.1
13.5
1574.0
21
2.0
2
3
25000.0
10713.0 y
120 BUSINESS WEEK / MARCH 24, 1997
DISTRIBUTION: Sasseen, Kuntz, Dugan, Zucker,

Jespersen, Morrison, Bartlett,
Rosenberg, Weschler, Woolley,
Dowling
10
QPS
B
DOMESTIC
ASIA
EDIT OK
EURO/
INTLLA
X X
FILENAME/FILENAME
XX121
ASIA XX EUR-LA
INT
PE
DAD
--
--
INVESTMENT DATA
NET
MARGIN
1996
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
RETURN ON
INVESTED
CAPITAL
4.7
2.1
10.2
16.1
81
87/59
19
1.62
4.28
5.22
5.0
3.0
7.0
18.7
89
97/73
13
1.80
6.80
7.33
3.9
3.3
13.2
18.5
76
78/50
22
1.63
3.45
3.98
5.7
2.9
13.0
25.9
68
72/43
19
0.71
3.64
4.19
2.9
3.7
4.5
11.0
75
84/58
17
2.15
4.33
5.84
4.8
2.0
9.0
11.1
108
115/74
34
1.04
3.19
5.40
7.5
8.1
14.8
16.2
69
76/57
16
2.36
4.27
4.57
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1996
ESTIMATED
EARNINGS
PER SHARE
1997
NET
MARGIN
1995
3.5
3.6
8.1
19.8
38
44/31
12
2.85
3.17
3.98
6.3
4.1
19.8
32.1
35
36/26
4.56
5.03
5.28
3.0
3.0
2.4
16.4
33
37/29
4.65
3.72
4.06
3.9
3.7
9.3
21.4
31
36/27
10
3.20
3.01
3.11
3.0
3.8
8.9
22.3
59
64/46
10
3.42
6.07
7.45
4.5
5.5
8.5
14.1
33
39/30
14
2.64
2.38
2.55
4.7
5.5
5.8
14.8
66
74/45
13
3.80
5.17
6.07
3.0
4.3
10.6
12.8
52
55/37
13
1.91
4.01
4.04
6.7
7.6
12.6
13.7
21
27/18
16
1.66
1.30
1.64
0.8
4.6
2.0
2.7
54
56/42
81
2.08
0.66
4.86
1.0
2.6
1.5
3.1
10
12/8
25
NA
0.39
0.72
14.0
12.2
8.2
14.3
80
83/50
17
2.54
4.50
5.46
14.5
13.7
8.5
26.5
35
38/17
28
1.37
1.24
1.68
14.2
12.4
6.6
17.4
60
63/36
14
2.20
3.98
4.25
13.5
12.9
5.9
18.7
50
52/32
16
2.39
3.07
3.50
24.4
20.0
10.6
24.0
81
83/52
15
2.29
5.34
5.44
14.6
15.4
8.2
14.9
91
96/57
17
2.55
5.35
6.96
14.8
11.4
8.0
15.6
61
63/37
14
2.63
4.39
4.99
19.2
19.5
13.8
15.6
83
85/46
26
1.39
3.22
3.75
16.7
11.8
9.7
17.2
50
51/29
16
2.47
3.08
3.38
18.2
14.9
10.0
16.5
50
52/32
15
3.30
3.29
3.61
20.3
18.3
13.4
19.7
39
41/23
16
2.24
2.47
2.73
14.3
14.0
7.1
12.1
118
123/66
16
2.07
7.31
8.32
12.6
19.7
5.0
7.1
310
318/214
25
1.68
12.21
17.33
14.8
11.8
5.3
12.0
94
97/56
13
1.96
6.97
7.68
13.1
12.3
9.2
17.5
122
127/72
16
1.73
7.50
8.47
15.9
16.2
12.3
16.7
46
48/31
14
3.32
3.23
3.36
16.1
6.5
5.5
16.9
43
44/28
15
3.44
2.90
3.31
11.5
15.0
5.7
9.5
59
62/38
23
3.06
2.57
4.79
14.8
14.9
12.1
16.5
48
50/28
17
2.25
2.82
3.19
11.6
11.5
8.1
12.9
74
77/45
19
2.37
3.99
5.78
9.8
11.3
6.4
10.4
103
106/63
20
2.19
5.02
8.67
14.7
13.0
6.1
12.7
106
110/76
14
3.32
7.63
7.90
Aces of Pla s t ic
BNA rose to the top
of the banking
groupone of the
S&Ps best-performing
industries overall
thanks to its skill with
plastic. Credit cards, that
is. It concentrates on the
crme de la crme of the
market: affinity groups
united by a common
interest or profession.
That and careful credit
screening keeps delinquencies low. We are on
the old-fashioned side,
says President Charles M.
Cawley. We still have
people with green eyeshades making the credit
decisions on every
individual.
FOOTNOTES TO TABLES APPEAR ON PAGE 119;

ALPHABETICAL INDEX OF COMPANIES
BEGINS ON PAGE 152
BUSINESS WEEK / MARCH 24, 1997 121

Dowling
10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
X X
500
FILENAME/FILENAME
XX122
ASIA XX EUR-LA
INT
THE S&P
EDIT OK
PE
DAD
--
--

MARKET VALUE
FEB. 21
1997
$ MIL.
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1996
$ MIL.
PROFITABILITY
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1996
$ MIL.
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
22
130
SUNTRUST BANKS
11684.9
45.2
149.8
3994.3
10.2
616.6
9.1
23
146
CORESTATES FINANCIAL
11766.2
28.8
127.1
3405.1 a
22.5
590.6 a
29.6
24
159
WACHOVIA
10240.3
36.9
117.5
3713.4 y
12.8
644.6
9.6
25
170
MELLON BANK
10549.1
54.4
154.2
3250.0 y
1.5
733.0
20.5
26
178
BANKERS TRUST NEW YORK
7379.6
53.8
36.8
8072.0 y
11
11.4
612.0
185
23.9
27
180
COMERICA
6679.2
61.7
158.6
2836.7 y
12.9
417.2
7.0
28
225
KEYCORP
12262.0
54.9
108.9
5676.0
5.0
783.0
2.2
4 CHEMICALS
INDUSTRY AVERAGE
10372.0
11.8
66.4
7266.1
6.2
605.5
-1
34.7
58
DUPONT
60499.1
41.3
115.1
43810.0 z
5.8
3636.0
10
78.0
72
PRAXAIR
7802.7
36.0
184.9
4449.0
41
21.6
282.0
25.8
137
AIR PRODUCTS & CHEMICALS
8957.0
43.4
61.6
4181.9
7.9
426.9
15
29.5
154
ROHM & HAAS
5741.3
29.3
67.5
3982.0
7.1
363.0
24
38.8
172
UNION CARBIDE
5894.1
6.0
95.8
6106.0
10.7
593.0
36
60.1
211
ENGELHARD
3200.7
4.6
29.3
3184.4 y
12
14.5
150.4
96.5
217
DOW CHEMICAL
227
MORTON INTERNATIONAL
19257.2
7.0
35.8
20053.0 y
3.3
1907.0
48.6
5709.8
6.1
21.2
3742.8 y
13.5
334.2
28.7
2261.4
16.4
127.1
2238.8
5.7
106.2
88.3
22124.3
44.4
161.6
9262.0
5.7
385.0
48
5.6
283
B.F. GOODRICH
10
317
MONSANTO
11
337
NALCO CHEMICAL
2466.9
18.9
10.2
1303.5
2.9
145.9
2.0
12
339
EASTMAN CHEMICAL
4312.1
15.7
42.7
4782.0
7.9
380.0
32
17.0
13
367
HERCULES
4798.4
20.1
26.4
2060.2
15
9.9
324.9
16.5
14
377
W.R. GRACE
5037.0
20.0
92.4
3454.1 y
6.1
213.8
NM
NC
15
396
INTL. FLAVORS & FRAGRANCES
5097.8
6.1
33.2
1436.1
6.8
189.9
24
1.0
16
434
GREAT LAKES CHEMICAL
2792.3
42.8
42.5
2211.7
8.0
250.3
15
2.0
5 CONGLOMERATES
INDUSTRY AVERAGE
GENERAL ELECTRIC
21005.8
20.5
71.3
12813.7
10
0.1
904.2
10
16.6
173080.0
38.0
110.8
79178.9
13
10.6
7280.0
11
17.3
4593.7
89.7
164.5
3815.6
19.8
226.5
18
52.1
37.8
94.7
13971.0
6.3
1020.0
17
15.8
19.3
103.4
4339.6
31
16.9
172.6
39
135.4
78.3
9274.0 y
10
0.7
482.0
16
7.0
47.0
970.9
13.3
136.5
13.0
4.9
188.9
21.7
18
2.9
582.0
19
2.7
42
120
ALLEGHENY TELEDYNE
144
ALLIEDSIGNAL
20679.8
202
IKON OFFICE SOLUTIONS
5854.2
226
TEXTRON
8292.9
27.6
274
PALL
2752.6
13.4
279
HARCOURT GENERAL
289
ROCKWELL INTERNATIONAL
3360.4
17.0
35.9
14606.0
13.9
65.7
10596.0
3360.2 y
304
WHITMAN
2527.7
7.2
61.1
3111.3
7.5
139.4
10.9
10
335
ITT INDUSTRIES
3085.7
0.0
52.8
8718.2
22.3
222.6
960
42.5
11
389
TRW
6556.2
20.1
54.3
9857.1
7.2
182.4
54
3.8
12
419
TENNECO
6680.8
11.4
12.4
6572.0
26
23.8
218.0
16
24.6
6 CONSUMER PRODUCTS
INDUSTRY AVERAGE
1
25
NIKE
COCA-COLA
20568.5
34.6
93.5
9025.7
7.0
760.1
14
6.9
21194.8
120.4
493.0
7801.9
39
27.3
673.1
38
28.7
154315.6
53.0
204.1
18546.0
10.1
3492.0
17
16.9

Dowling
10
QPS
B
DOMESTIC
ASIA
EDIT OK
EURO/
INTLLA
X X
FILENAME/FILENAME
XX123
ASIA XX EUR-LA
INT
PE
DAD
--
--
INVESTMENT DATA
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
15.3
9.6
12.6
53
16.4
9.0
14.6
53
17.4
16.4
6.5
17.3
22.6
21.3
9.5
18.4
NET
MARGIN
1996
NET
MARGIN
1995
15.4
17.3
12-MONTH
HIGH/LOW
$
ESTIMATED
EARNINGS
PER SHARE
1997
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1996
55/33
19
1.70
2.76
3.02
55/36
17
3.53
3.05
4.28
63
64/40
16
2.56
3.81
4.16
82
85/51
16
2.93
5.17
5.79
7.6
2.9
3.2
10.7
93
96/63
14
4.30
6.78
7.63
14.7
14.4
6.0
15.6
62
63/37
18
2.76
3.55
4.61
13.8
13.4
8.1
15.9
55
56/35
16
3.06
3.37
4.22
8.3
8.7
13.8
23.4
55
64/42
16
2.04
3.33
3.75
8.3
7.8
22.5
36.3
108
114/73
17
2.12
6.47
7.18
6.3
8.3
6.7
14.1
50
52/34
28
0.88
1.77
2.60
10.2
9.5
9.1
16.6
75
77/52
19
1.47
3.84
3.78
9.1
7.5
15.3
20.3
90
92/55
16
2.01
5.45
6.17
9.7
15.7
16.1
27.5
46
50/36
11
1.62
4.28
4.82
4.7
4.8
12.5
18.1
22
26/18
21
1.62
1.05
1.24
9.5
9.4
13.4
24.1
79
93/70
10
3.79
7.71
7.75
8.9
9.3
16.6
18.7
40
45/33
18
1.50
2.28
2.56
4.7
5.4
6.9
10.3
42
46/33
21
2.61
1.97
2.46
4.2
8.2
6.7
9.3
38
43/25
59
1.58
0.64
1.71
11.2
11.2
15.0
20.9
37
39/29
18
2.73
1.99
2.29
7.9
11.1
12.4
23.8
56
76/51
12
3.17
4.80
4.36
15.8
13.7
27.3
35.9
47
66/42
15
2.15
3.04
3.26
6.2
5.1
10.6
16.8
56
83/46
24
0.89
2.32
3.45
13.2
17.3
17.1
17.2
46
52/41
27
3.12
1.71
2.31
11.3
12.5
13.3
16.8
43
79/42
11
1.40
3.94
4.05
7.1
7.1
10.7
20.5
52
59/40
22
1.99
2.36
3.09
9.2
9.4
8.9
24.3
105
108/74
24
1.98
4.40
4.95
5.9
6.8
17.1
25.8
26
27/13
21
2.43
1.28
1.70
7.3
6.1
19.1
25.3
73
75/50
20
1.42
3.61
4.18
4.0
3.8
4.0
6.8
45
66/38
38
1.26
1.17
1.53
5.2
4.9
3.5
15.6
100
104/73
18
1.76
5.60
6.44
14.1
14.3
17.8
18.9
24
29/20
20
2.35
1.19
1.32
5.6
5.9
8.7
18.5
47
57/39
18
1.52
2.60
2.98
5.5
5.5
10.3
10.6
67
71/48
25
1.73
2.67
3.57
4.5
4.5
8.0
21.6
24
26/22
19
1.72
1.31
1.52
2.6
0.2
16.5
30.9
26
29/22
14
2.30
1.85
2.15
1.9
4.1
6.6
8.2
52
54/41
37
2.40
1.38
3.88
3.3
4.9
7.7
14.6
39
59/38
31
3.07
1.28
2.91
8.7
7.9
21.2
26.5
57
61/38
24
1.96
2.42
2.99
8.6
8.7
23.1
23.9
74
76/32
32
0.54
2.28
3.29
18.8
16.6
47.4
56.0
62
63/37
44
0.81
1.40
1.65
Swoosh!
hen it comes to
brand building, nobody does it better
than Nike. Its ubiquitous
swoosh emblem has become one of the bestknown corporate symbols
on the globe. But Nike
doesnt think of itself just
as a manufacturer: hence,
the theme-park-like Nike
Town stores, the team
sponsorships around the
world, and big deals with
the likes of Michael Jordan. All that has helped
the consumer-goods industry star pump out
sales and earnings growth
averaging close to 40%
for three years straight.

BEGINS ON PAGE 152

Dowling
10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
X X
500
FILENAME/FILENAME
XX124
ASIA XX EUR-LA
INT
THE S&P
EDIT OK
PE
DAD
--
--

MARKET VALUE
FEB. 21
1997
$ MIL.
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
PROFITABILITY
12
MONTHS
1996
$ MIL.
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1996
$ MIL.
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
28
GILLETTE
37685.6
56.7
180.2
9697.7
10
23.7
948.7
11
32.6
62
PROCTER & GAMBLE
84427.9
51.3
123.9
35212.0
5.9
3237.0
14
67.9
74
PHILIP MORRIS
105294.2
38.0
156.5
54553.0
2.1
6303.0
15
20.4
87
ALBERTO-CULVER
1679.7
66.3
168.7
1668.9
20
12.7
76.5
41
22.2
99
CLOROX
6263.5
43.3
141.1
2353.6
13
10.6
234.8
12
10.6
100
ANHEUSER-BUSCH
123
AVON PRODUCTS
10
139
COLGATE-PALMOLIVE
11
184
ECOLAB
12
231
13
250
14
15
21908.0
33.9
96.9
10883.7
3.1
1156.1
30
20.2
8037.0
49.6
136.0
4814.2
7.5
317.9
11
10.1
15166.3
34.5
71.5
8749.0
7.3
635.0
269
7.5
2487.8
25.3
85.0
1490.0
11
10.6
113.2
14
11.6
RUSSELL
1443.8
34.7
54.5
1244.2
9.6
81.6
51
12.2
LIZ CLAIBORNE
2968.7
29.7
106.9
2217.5
0.2
155.7
23
11.4
261
VF
4424.5
35.5
53.8
5137.2
5.5
299.5
90
0.3
266
UST
6027.7
2.1
28.8
1396.8 x
8.0
464.0
8.2
16
271
CIRCUIT CITY STORES
3104.9
7.2
66.1
7499.5
12
25.8
150.2
17
7.4
17
310
REEBOK INTERNATIONAL
2774.0
84.3
55.5
3478.6
6.3
139.0
16
17.0
18
311
PEPSICO
53820.0
12.7
83.3
31645.0
8.0
1149.0
28
10.2
19
314
BROWN-FORMAN
3027.2
12.9
65.3
1580.7
4.3
165.4
1.2
20
322
FRUIT OF THE LOOM
3132.8
57.5
48.2
2447.4
8.6
151.2
NM
3.1
21
330
ARMSTRONG WORLD INDUSTRIES
2859.2
18.3
36.2
2156.4
3.2
164.8
1112
2.5
22
355
MAYTAG
2125.2
4.7
37.6
3001.7
0.9
138.0
NM
31.8
23
375
AMERICAN BRANDS
8828.2
16.4
72.1
5776.3
12.4
496.8
12.9
24
412
TANDY
2887.5
16.7
19.3
6285.5 y
15.6
91.6
NM
NC
25
449
WHIRLPOOL
3726.5
6.1
20.5
8696.0 y
4.7
156.0
25
8.6
26
457
ADOLPH COORS
758.4
7.3
25.7
1732.2
2.9
43.4
13.6
27
479
STRIDE RITE
595.4
48.8
17.6
448.3
10
8.1
2.5
NM
65.3
28
INC
SEAGRAM
14952.9
17.3
47.0
NA
NA
429.0
NA
NA
25.9
12207.0 y
7 CONTAINERS & PACKAGING

INDUSTRY AVERAGE
2974.2
11.2
25.2
4124.8
8.7
82.3
-64
156
CROWN CORK & SEAL
7323.4
23.7
53.7
8331.9
65
24.7
284.0
279
8.3
181
BEMIS
2127.2
26.8
92.3
1655.4
11.0
101.1
19
28.6
373
TEMPLE-INLAND
3068.8
35.7
16.8
3422.3
8.7
132.8
53
32.3
425
UNION CAMP
3325.3
4.6
9.2
4013.2
10.2
85.3
81
34.3
487
BALL
772.9
12.8
0.1
2184.4
5.5
13.1
75
NC
490
STONE CONTAINER
1227.6
11.1
20.6
5141.8
30
3.0
122.5
NM
NC
9316.9
23.4
17.6
16929.6
10
9.8
472.9
5.8
8 DISCOUNT & FASHION RETAILING

INDUSTRY AVERAGE
1
55
TJX
3206.2
105.5
61.7
6689.4
68
21.7
213.8
314
11.0
61
GAP
8989.5
34.3
50.9
5284.4
20
17.1
452.9
28
19.5
98
HOME DEPOT
24490.5
10.5
28.7
19535.5
26
27.9
937.7
28
26.4
149
DAYTON HUDSON
8567.6
62.6
86.5
25371.0
9.7
474.0
52
3.8
194
SEARS, ROEBUCK
21282.4
28.2
143.3
38236.0
7.7
1271.0
24
16.0
196
LOWE'S
5731.6
2.5
10.0
8600.2
22
22.9
292.2
29
27.1
220
AUTOZONE
3665.6
8.9
12.8
2348.7
25
21.9
170.3
17
22.5

Dowling
10
QPS
B
DOMESTIC
ASIA
EDIT OK
EURO/
INTLLA
X X
FILENAME/FILENAME
XX125
ASIA XX EUR-LA
INT
PE
DAD
--
--
INVESTMENT DATA
NET
MARGIN
1996
NET
MARGIN
1995
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1996
ESTIMATED
EARNINGS
PER SHARE
1997
9.8
12.1
21.5
26.5
85
86/48
49
0.85
1.71
2.61
9.2
8.1
18.9
25.5
124
130/79
27
1.45
4.58
4.86
11.6
10.3
24.2
44.3
129
136/86
17
3.72
7.68
8.96
4.6
3.9
12.4
16.8
60
62/35
22
0.66
2.70
2.47
10.0
10.1
17.6
24.1
121
127/78
27
1.92
4.55
4.75
10.6
8.6
15.8
28.5
44
46/32
19
2.19
2.28
2.44
6.6
6.4
128.1
222.0
61
64/39
25
2.08
2.38
2.72
7.3
2.1
12.7
32.1
103
109/71
25
1.82
4.19
4.82
7.6
7.4
16.4
21.8
39
40/30
22
1.66
1.75
2.00
6.6
4.7
8.9
12.3
38
39/23
18
1.38
2.11
2.35
7.0
6.1
15.1
15.1
42
46/27
19
1.08
2.15
2.42
5.8
3.1
11.7
14.8
70
71/49
15
2.18
4.64
4.96
33.2
32.4
111.0
145.9
32
36/28
13
5.00
2.42
2.67
2.0
2.7
9.6
13.3
31
39/26
21
0.45
1.52
1.71
4.0
4.7
11.1
39.5
50
53/26
25
NA
2.00
2.57
3.6
5.3
7.1
15.9
35
36/28
48
1.33
0.72
1.46
10.5
10.3
17.4
23.4
44
48/35
18
2.46
2.39
2.69
6.2
9.5
7.8
14.2
41
43/23
21
NA
1.98
2.48
7.6
0.6
12.7
20.1
69
75/52
17
2.31
3.97
5.66
4.6
0.5
12.2
24.0
21
23/18
16
3.03
1.36
1.80
8.6
9.2
9.4
13.5
52
54/40
18
3.86
2.86
3.55
1.5
3.6
8.2
8.8
49
59/37
30
1.63
1.64
3.10
1.8
2.5
4.9
8.2
50
61/44
24
2.71
2.08
3.25
2.5
2.6
4.9
6.1
20
24/17
18
2.50
1.14
1.19
0.6
1.7
1.0
1.0
12
13/7
240
1.67
0.05
0.25
3.5
NA
3.1
4.6
40
43/31
35
1.64
1.14
1.06
2.0
5.9
3.2
4.7
40
44/31
36
2.44
1.12
1.68
3.4
1.5
3.3
7.2
57
60/41
26
1.75
2.16
3.18
6.1
5.6
12.0
17.8
41
42/28
21
1.97
1.90
2.12
3.9
8.1
3.6
6.6
55
57/40
23
2.31
2.39
2.37
2.1
10.7
2.5
4.0
48
55/45
39
3.77
1.23
1.76
0.6
2.5
0.8
1.3
25
32/23
74
2.38
0.34
1.87
2.4
6.0
2.7
14.6
12
17/12
4.85
1.32
1.25
2.8
2.8
7.2
12.6
32
40/26
20
1.50
1.61
2.18
3.2
1.3
14.6
17.8
41
48/19
17
0.68
2.36
2.70
8.6
8.1
26.7
26.7
32
37/23
20
0.93
1.60
1.86
4.8
4.7
13.0
15.7
51
60/43
26
0.47
1.94
2.36
1.9
1.3
5.3
12.8
40
42/24
19
1.62
2.07
2.86
3.3
2.9
7.7
25.9
54
55/40
17
1.69
3.12
3.62
3.4
3.2
9.4
12.7
33
44/29
19
0.66
1.74
2.06
7.3
7.8
16.4
18.8
24
38/20
22
NA
1.12
1.28
C lothes Hor s es
etailers have been
underperformers for
years. That makes
standout results from Gap
and TJX, which runs the
T.J. Maxx discount clothing chain, all the more
impressive. A turnaround
at TJX gave shareholders a
105.5% return last year.
The much-larger Gap saw
shareholder returns jump
34%. How? Innovation
and attention to detail. A
few years ago, Gap went
after customers left out of
its midprice chain. That
led to low-end Old Navy
stores and a reborn highend Banana Republic.
Both are booming.

BEGINS ON PAGE 152

Dowling
10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
X X
500
8
223
WAL-MART STORES
FILENAME/FILENAME
XX128
ASIA XX EUR-LA
INT
THE S&P
EDIT OK
PE
DAD
--
--

MARKET VALUE
FEB. 21
1997
$ MIL.
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
55052.5
10.7
13.0
12
MONTHS
1996
$ MIL.
104859.0
PROFITABILITY
CHANGE
FROM
1995
%
12
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1996
$ MIL.
15.7
3056.0
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
12
8.7
228
COSTCO
5014.8
42.7
35.1
20066.3 y
8.8
231.1
17.0
10
252
FEDERATED DEPARTMENT STORES
7096.3
20.8
46.8
15229.0
32.7
265.9
257
0.2
11
278
PEP BOYS-MANNY, MOE & JACK
2005.9
10.7
21.7
1794.6
18
13.6
96.7
19
14.7
12
285
MAY DEPARTMENT STORES
11265.6
14.0
28.3
11650.0 y
11
1.2
749.0
0.5
13
324
LIMITED
14
399
J.C. PENNEY
15
402
16
4879.1
6.5
4.8
8644.8 y
10
6.2
434.2
55
11.4
10847.0
5.9
0.5
22653.0 y
10
3.1
565.0
33
16.2
DILLARD DEPARTMENT STORES
3222.7
8.1
18.0
6412.1 y
6.5
238.6
43
4.3
420
MERCANTILE STORES
1768.5
0.8
33.8
3030.8 y
3.6
121.5
12.5
17
421
NORDSTROM
2942.9
10.0
1.5
4579.4 y
7.4
147.5
11
0.6
18
428
KMART
5449.1
60.7
33.8
31437.0 y
3.1
231.0
NM
NC
19
435
TOYS 'R' US
6973.0
4.6
31.4
9870.1 b
9.5
137.5 b
70
30.3
20
454
WOOLWORTH
2730.0
69.8
10.6
8161.0 b
6.0
38.0 b
NM
NC
21
491
CHARMING SHOPPES
474.3
28.6
64.0
1068.3 b
5.5
116.5 b
NM
NC
9 ELECTRICAL & ELECTRONICS

INDUSTRY AVERAGE
1
INTEL
18
ANDREW
70
RAYCHEM
115
EMERSON ELECTRIC
133
6
7
11681.2
26.1
92.4
5851.3
15.0
399.0
-19
26.7
120115.3
147.5
329.3
20847.0
29
34.1
5157.0
45
33.3
3340.9
65.0
272.1
847.3
23
22.7
97.8
31
49.2
3808.4
30.0
134.5
1721.4
7.2
215.5
235
185.6
22707.6
28.7
68.3
11414.7
11
12.1
1042.9
12
8.0
HONEYWELL
9281.9
41.0
142.8
7311.6
7.4
402.7
21
8.9
136
THERMO ELECTRON
5459.2
0.1
99.8
2785.1 a
33
32.2
175.5 a
34
34.2
177
GENERAL SIGNAL
2278.4
30.2
40.3
2065.0
11
11.6
133.4
33
22.7
241
EATON
5580.1
32.4
34.6
6961.0
16.1
349.0
13
24.2
248
TEKTRONIX
1633.7
12.2
103.0
1841.5
11
13.7
99.8
15.0
10
282
THOMAS & BETTS
1860.4
23.7
53.9
1985.1
15
26.0
59.9
32
50.8
11
287
LSI LOGIC
4042.1
12.2
233.8
1238.7
21.8
147.2
38
46.3
12
292
RAYTHEON
12395.6
6.8
61.2
12260.9
10.7
761.2
5.8
13
298
MICRON TECHNOLOGY
7194.7
7.3
152.3
3196.1
11
50.7
285.6
72
25.8
14
302
COOPER INDUSTRIES
4820.4
19.3
26.2
5315.6
10
3.9
315.4
12
1.2
15
303
HARRIS
2900.9
16.3
57.6
3717.2
5.0
188.1
14
17.2
16
306
PERKIN-ELMER
3184.5
54.5
107.2
1211.0
8.3 f
56.9
24
10.0 f
17
347
MOTOROLA
35055.0
4.1
12.8
27973.0
18.5
1154.0
35
18
349
MILLIPORE
1911.6
1.8
96.2
618.7
12.4
43.6
49
0.1
19
359
NATIONAL SERVICE INDUSTRIES
1730.0
12.9
55.3
2032.9
3.6
102.7
11.0
20
379
AMP
8618.3
5.8
34.7
5467.7
16.9
286.9
33
0.3
21
405
TEXAS INSTRUMENTS
15078.2
57.2
101.4
9940.0
13
5.8
46.0
NM
NC
22
446
GENERAL INSTRUMENT
3303.0
9.8
9.4
2689.7
11
24.0
1.9
NM
NC
23
448
ADVANCED MICRO DEVICES
4910.2
74.8
59.8
1953.0
21
6.8
69.0
NM
NC
24
452
WESTINGHOUSE ELECTRIC
7219.9
10.0
20.3
8449.0
51
2.0
838.0
NM
NC
25
468
NATIONAL SEMICONDUCTOR
3600.8
55.2
22.4
2440.3
4.8
146.0
NM
NC
5.1

Dowling
10
QPS
B
DOMESTIC
ASIA
EDIT OK
EURO/
INTLLA
X X
FILENAME/FILENAME
XX129
ASIA XX EUR-LA
INT
PE
DAD
--
--
INVESTMENT DATA
NET
MARGIN
1996
NET
MARGIN
1995
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
2.9
2.9
11.0
17.7
24
1.2
1.2
7.3
12.6
1.7
0.5
2.2
5.1
5.4
5.3
7.4
6.4
6.7
5.0
2.5
12-MONTH
HIGH/LOW
$
ESTIMATED
EARNINGS
PER SHARE
1997
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1996
28/20
18
0.88
1.33
1.53
26
28/16
22
NA
1.15
1.48
34
37/26
27
NA
1.28
2.55
12.9
33
38/28
21
0.63
1.57
1.95
9.7
19.9
46
52/41
16
2.61
2.82
3.26
12.2
15.7
20.9
18
23/16
12
2.22
1.54
1.28
4.1
6.9
12.0
48
57/46
21
4.33
2.29
3.74
3.7
2.7
4.1
6.0
28
42/28
14
0.56
2.09
2.47
4.0
4.2
7.9
9.1
48
67/46
15
2.38
3.30
3.86
3.2
3.9
8.6
10.9
36
54/34
20
1.38
1.82
2.38
0.7
0.7
3.2
5.8
11
14/6
23
NA
0.48
0.68
1.4
5.1
3.0
3.9
25
38/22
51
NA
0.50
1.97
0.5
0.4
2.0
3.0
20
25/11
73
NA
0.28
1.59
10.9
2.4
20.9
27.8
8/3
NA
1.13
0.22
6.8
9.1
9.1
14.5
55
61/35
28
1.58
2.00
2.98
24.7
22.0
31.8
33.2
146
165/52
25
0.14
5.81
8.72
11.5
10.9
18.3
20.2
55
64/29
34
NA
1.60
1.88
12.5
4.0
20.4
23.9
86
89/59
18
0.66
4.65
5.08
9.1
9.1
16.6
19.0
102
105/78
22
2.13
4.66
5.05
5.5
5.0
14.6
19.3
73
77/48
23
1.47
3.18
3.67
6.3
6.2
4.6
10.3
37
44/30
29
NA
1.28
1.58
6.5
5.4
14.1
17.9
46
47/34
17
2.23
2.68
2.98
5.0
5.8
10.7
16.4
72
75/53
16
2.21
4.50
5.22
5.4
5.7
11.5
13.9
50
52/30
16
1.21
3.03
3.97
3.0
5.1
3.1
5.9
46
48/33
41
2.44
1.13
2.76
11.9
18.8
9.2
11.2
32
40/17
28
NA
1.12
1.47
6.2
6.8
12.8
17.1
47
56/43
15
1.70
3.21
3.52
8.9
28.1
9.9
11.3
34
44/17
26
0.58
1.33
0.84
5.9
5.8
8.5
17.1
45
45/36
15
2.96
2.93
3.03
5.1
4.7
8.7
12.7
74
80/50
15
2.04
4.84
5.16
4.7
6.8
16.1
16.1
73
77/44
58
0.93
1.26
2.80
4.1
6.6
8.4
9.8
59
70/44
31
0.81
1.90
2.53
7.1
14.4
9.9
20.0
44
47/34
44
0.82
1.00
2.35
5.1
4.9
14.2
14.8
38
40/33
17
3.16
2.18
2.27
5.2
8.2
9.3
9.9
39
46/33
30
2.55
1.31
2.15
0.5
8.7
0.8
1.1
79
85/41
331
0.86
0.24
3.30
0.1
5.1
0.1
0.2
24
34/18 2413
NA
0.01
1.32
3.5
8.8
2.8
3.4
35
37/10
68
NA
0.51
1.00
9.9
0.3
13.6
51.5
17
21/15
1.17
1.89
0.30
6.0
11.0
8.5
10.6
26
28/13
25
NA
1.05
1.64
C hip C ham p
hats better than
dominating a market? Dominating a
market thats fast-growing
and high-margin. Thats
the formula behind No.1
Intel, whose microprocessors reside inside PCs
everywhere. Despite its
near-monopoly position,
Intel leaves nothing to
chance. Its vigilant in
guarding against incursions by rivals, and its
marketing prowess is legend. Witness the Intel Inside campaign, which created a brand identity for
a product that consumers
never see and only vaguely understand.

BEGINS ON PAGE 152

Dowling
10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
X X
500
FILENAME/FILENAME
XX130
ASIA XX EUR-LA
INT
THE S&P
EDIT OK
PE
DAD
--
--

MARKET VALUE
FEB. 21
1997
$ MIL.
TOTAL
RETURN
(1 YEAR)
SALES
TOTAL
RETURN
(3 YEARS)
PROFITABILITY
12
MONTHS
1996
$ MIL.
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1996
$ MIL.
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
10 FOOD
INDUSTRY AVERAGE
9502.4
17.1
62.9
11264.1
4.8
366.8
-6
6.3
11645.1
17.8
76.0
9844.3
17
13.5
580.0
13
11.9
5776.6
26.9
88.3
1719.0
11
8.2
227.0
25
16.0
19050.9
21.6
93.1
19225.0
8.8
970.0
13
22.5
15281.7
21.3
108.3
9332.5 b
10.0
20805.2
37.5
132.7
7840.0
5.5
107
CPC INTERNATIONAL
128
PIONEER HI-BRED INTERNATIONAL
152
SARA LEE
160
H.J. HEINZ
183
CAMPBELL SOUP
209
GENERAL MILLS
10562.2
19.6
59.9
5567.0
5.9
224
RALSTON PURINA
8593.7
32.0
131.3
6235.3
0.1
240
AMERICAN STORES
6542.0
56.7
105.2
18859.0
0.2
344.7
683.7 b
6.6
5.4
448.2
55
2.5
370.6
13
9.9
9.7
690.0
242
SYSCO
6112.7
7.6
28.0
14091.2
11
10.0
289.9
11.2
10
244
KROGER
6664.2
42.9
115.8
25170.9
4.0
352.7
11
26.4
11
249
ALBERTSON'S
8834.8
0.9
30.4
13479.7
7.0
493.6
15.5
12
267
HERSHEY FOODS
6968.8
18.1
81.8
3989.3
4.4
273.2
1.7
13
284
WM. WRIGLEY JR.
7132.2
3.1
44.9
1850.6
9.2
230.3
8.3
14
336
KELLOGG
15180.0
5.3
49.9
6676.6
2.4
531.0
10.5
15
360
CONAGRA
13032.5
30.5
110.6
24924.3
3.4
218.1
58
15.3
16
365
WINN-DIXIE STORES
4748.0
12.1
37.1
13090.8
6.3
232.0
0.2
17
370
GREAT ATLANTIC & PACIFIC TEA
18
372
ARCHER DANIELS MIDLAND
19
380
20
21
1161.0
35.9
20.8
10072.4
1.1
75.5
102
NC
10322.3
5.8
27.0
13715.7
9.6
500.3
38
4.4
GIANT FOOD
1945.7
0.3
39.2
3931.2
3.8
112.7
15
7.3
406
SUPERVALU
2107.9
3.3
8.1
16509.6
0.9
170.8
9.6
436
QUAKER OATS
4732.6
1.4
19.4
5199.0
13
2.9
247.9
66
7.3
22
461
FLEMING
647.1
11.1
26.1
16486.7
8.3
26.7
36
12.3
23
INC
UNILEVER NV
30707.9
41.3
81.1
NA
NA
NA
NA
NA
NA
11 FUEL
INDUSTRY AVERAGE
18937.7
27.8
63.0
19181.4
14
7.1
1151.2
59
30.7
23
PHILLIPS PETROLEUM
11484.9
29.4
62.7
15731.0
18
8.6
1303.0
178
64.6
57
ROYAL DUTCH PETROLEUM
95220.1
32.4
87.3
76988.0
17
11.0
5667.0
29
24.1
60
AMOCO
43325.1
27.7
85.5
32150.0
19
7.8
2834.0
52
14.7
65
TEXACO
27041.0
30.3
75.3
45500.0 y
24
11.2
2018.0
177
11.8
75
SCHLUMBERGER
25521.6
40.4
91.7
8956.1
18
10.5
851.5
31
14.2
84
CHEVRON
43630.7
22.8
69.1
37580.0
20
5.2
2607.0
180
17.0
91
ATLANTIC RICHFIELD
20645.1
18.1
46.2
18592.0
18
2.9
1663.0
21
79.8
104
COASTAL
5109.1
27.3
63.1
11894.6
14
5.2
500.2
85
56.5
119
HALLIBURTON
10
124
EXXON
11
142
HELMERICH & PAYNE
12
147
UNOCAL
13
153
BAKER HUGHES
14
157
MOBIL
15
163
USX-MARATHON GROUP
16
168
SANTA FE ENERGY RESOURCES
7683.9
22.7
135.1
7385.1 y
26
5.7
300.4
21
32.0
128826.4
31.4
76.7
119660.0 y
7.3
7510.0
16
13.8
1093.3
29.3
66.1
423.1
32
10.2
56.1
348
23.4
10079.2
32.8
49.0
5328.0 y
21
12.9
456.0
83
16.8
5208.2
37.8
93.8
3141.7
15
6.3
194.3
52
33.9
51018.3
17.7
80.7
80781.9 y
14.0
2964.0
25
14.5
7690.5
46.5
73.6
16332.0 x
18
13.2
671.0
NM
NC
1247.1
48.6
52.8
32
10.4
41.9
58
56.5
583.3

Dowling
10
QPS
B
DOMESTIC
ASIA
EDIT OK
EURO/
INTLLA
X X
FILENAME/FILENAME
XX131
ASIA XX EUR-LA
INT
PE
DAD
--
--
INVESTMENT DATA
NET
MARGIN
1996
NET
MARGIN
1995
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1996
ESTIMATED
EARNINGS
PER SHARE
1997
3.3
3.6
14.7
19.6
55
58/41
26
1.92
2.13
2.87
5.9
6.1
15.8
28.3
81
84/65
21
2.03
3.93
4.32
13.2
11.7
23.1
23.8
70
74/50
26
1.31
2.72
3.03
5.0
4.7
13.1
19.7
39
41/30
20
2.13
1.94
2.03
7.3
7.2
11.7
24.0
42
42/30
23
2.80
1.82
2.13
8.8
9.9
25.7
41.9
89
91/56
32
1.73
2.82
3.64
8.1
5.6
34.0
186.3
68
69/52
24
2.95
2.84
3.41
5.9
4.8
14.5
34.1
84
85/56
24
1.42
3.51
4.08
1.8
1.8
6.9
13.8
45
46/25
19
1.43
2.36
2.73
2.1
2.1
13.5
19.7
35
36/28
21
1.74
1.61
1.73
1.4
1.3
14.7
NM
53
54/35
20
NA
2.68
3.26
3.7
3.7
15.6
22.8
35
44/34
18
1.71
1.96
2.15
6.8
7.6
15.0
23.5
45
52/35
26
1.76
1.77
2.24
12.4
12.6
25.7
25.7
62
63/48
31
1.11
1.99
2.34
8.0
7.0
33.5
39.1
72
81/62
29
2.34
2.50
3.36
0.9
2.1
4.2
9.2
54
55/38
57
2.01
0.95
3.01
1.8
1.9
16.8
17.6
32
38/30
21
3.04
1.54
1.56
0.8
0.4
4.4
8.7
30
37/22
15
0.66
1.98
2.42
3.6
6.2
6.1
8.0
19
23/16
21
1.05
0.92
1.38
2.9
2.6
10.8
13.0
33
36/31
17
2.34
1.89
2.04
1.0
1.0
6.3
13.4
32
33/27
12
3.18
2.53
2.82
4.8
12.2
10.8
19.4
35
40/30
19
3.27
1.80
1.54
0.2
0.2
0.8
1.9
17
21/12
24
0.47
0.71
1.10
NA
NA
NA
NA
192
198/130
21
1.72
NA
9.58
6.0
4.3
9.6
16.6
62
69/47
17
2.27
3.52
3.51
8.3
3.5
18.3
30.7
44
47/32
2.93
4.96
3.35
7.4
6.7
13.0
15.0
178
185/135
17
3.26
10.62
9.88
8.8
6.9
14.1
17.9
87
90/65
15
3.21
5.69
5.20
4.4
2.0
12.3
18.9
102
110/78
14
3.33
7.52
6.26
9.5
8.5
13.6
15.1
104
116/69
30
1.45
3.47
4.31
6.9
3.0
13.4
16.8
67
70/52
17
3.23
3.99
4.00
8.9
8.7
12.1
22.3
128
143/108
13
4.28
10.18
9.62
4.2
2.6
7.3
17.0
48
52/36
11
0.83
4.54
3.41
4.1
4.2
14.8
16.3
67
74/50
28
1.50
2.38
3.06
6.3
5.9
15.2
17.4
104
107/78
17
3.05
6.02
5.63
13.3
3.9
8.3
8.3
44
56/32
19
1.19
2.27
2.41
8.6
5.7
9.0
18.5
40
46/29
23
1.99
1.76
2.38
6.2
4.7
7.9
11.3
36
41/24
27
1.28
1.35
1.61
3.7
3.2
12.2
15.5
130
133/108
18
3.27
7.38
7.94
4.1
0.6
10.7
20.8
27
29/18
11
2.84
2.33
1.78
7.2
6.0
0.6
1.0
14
16/9
229
NA
0.06
0.68
The C r ude Ed ge
erformance in the
fuel industry ranges
from Phillips Petroleum, at No.23, to Sun,
at No.423. Whats the
difference? Phillips,
which drills, refines, and
then sells the finished
products, got a boost
from a 25% jump in
crude prices last year.
Meanwhile, Sun, which
owns the Sunoco brand,
is largely a refiner,
where margins are thin.
Scattered operations
make it tough to leverage its size or achieve
market share. To succeed in this business requires control, focus,
and enough diversity to
withstand bad times.

BEGINS ON PAGE 152

Dowling
10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
X X
500
FILENAME/FILENAME
XX132
ASIA XX EUR-LA
INT
THE S&P
EDIT OK
PE
DAD
--
--

MARKET VALUE
FEB. 21
1997
$ MIL.
TOTAL
RETURN
(1 YEAR)
SALES
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1996
$ MIL.
PROFITABILITY
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1996
$ MIL.
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
17
185
OCCIDENTAL PETROLEUM
8469.4
11.7
62.2
10557.0
9.5
698.0
37
118.0
18
188
ROWAN
1902.7
89.4
201.7
571.2
21
16.4
61.3
NM
NC
19
230
LOUISIANA LAND & EXPLORATION
1636.1
12.5
27.2
860.5
3.9
80.2
327
74.1
20
236
AMERADA HESS
5204.1
6.6
20.3
8929.7 y
19
14.9
660.1
NM
NC
21
293
KERR-McGEE
3102.9
5.5
53.6
1931.1
10
14.0
220.1
NM
46.7
22
297
UNION PACIFIC RESOURCES GROUP
6230.9
6.3
NA
1831.0
24
23
313
ASHLAND
2803.1
15.1
14.0
12561.0
24
329
WESTERN ATLAS
3308.9
12.8
NA
2582.8
25
332
BURLINGTON RESOURCES
5668.2
18.2
3.6
1293.0
26
395
PENNZOIL
2813.4
56.2
26.4
27
401
ORYX ENERGY
2266.1
64.8
17.7
28
423
SUN
2025.5
2.4
1.8
17.2 f
320.8
10.2
160.0
111
10.5
9.3 f
16
8.2
125.7
26
16.0
48
0.8
255.0
NM
3.6
2486.8 y
1.2
133.9
NM
5.8
1147.0 y
2.3
163.0
NC
11300.0 z
14
16.9
281.0
NM
NC
12 HEALTH CARE
INDUSTRY AVERAGE
19828.1
22.1
119.6
6319.0
14
16.3
738.4
21
21.8
MERCK
114564.9
45.6
216.1
19828.7
19
22.3
3881.3
16
20.4
10
PFIZER
61078.5
45.1
250.7
11306.0
13
15.8
1929.0
24
40.9
14
BRISTOL-MYERS SQUIBB
65103.2
55.8
162.3
15065.0
10.2
2850.0
57
11.7
15
JOHNSON & JOHNSON
80292.9
28.9
209.5
21620.0
15
15.7
2887.0
20
17.6
27
ELI LILLY
51179.9
52.8
271.7
7346.6
5.7
1523.5
17
41.8
31
MEDTRONIC
15835.4
15.5
239.7
2393.9
14
21.7
509.9
29
32.9
33
HEALTHSOUTH
6555.7
19.6
188.4
2436.5
22
72.2
220.8
139
201.8
37
SCHERING-PLOUGH
28455.5
40.2
180.6
5655.8
11
9.5
1212.8
15
13.7
39
BOSTON SCIENTIFIC
11875.8
47.9
323.8
1462.0
29
53.6
167.1
2495
4.8
10
45
AMERICAN HOME PRODUCTS
41727.0
34.8
144.9
14088.3
22.0
1883.4
12
8.8
11
48
ABBOTT LABORATORIES
44718.1
43.1
116.5
11013.5
10
9.4
1882.0
11
10.5
12
49
AMGEN
16609.9
4.4
207.0
2239.8
15
17.7
679.8
26
26.0
13
50
COLUMBIA/HCA HEALTHCARE
29128.4
19.6
53.4
19909.0
13
24.4
1505.0
41
35.3
14
56
WARNER-LAMBERT
22884.4
68.0
186.6
7231.4
7.9
786.5
36.5
15
117
WALGREEN
10399.5
22.7
115.9
12139.6
14
12.6
383.1
16
15.1
16
158
U.S. SURGICAL
2768.8
65.5
138.8
1112.7
3.2
109.1
38
138.4
17
165
ALZA
2515.7
10.2
33.0
26
23.4
92.4
28
28.7
18
176
BAXTER INTERNATIONAL
13156.4
24.1
138.8
5438.0
18.8
575.0
55
1.8
19
193
RITE AID
3472.6
31.3
136.6
5744.0
13.3
162.3
25.4
20
210
BECTON, DICKINSON
6147.9
20.9
168.4
2785.6
4.4
297.0
13
11.4
21
215
TENET HEALTHCARE
6111.7
32.4
82.9
5818.9
25
27.0
246.1
36
5.7
22
216
UNITED HEALTHCARE
9449.3
20.2
25.2
10073.8 y
78
48.1
355.6
24
16.7
23
239
BIOMET
1659.1
22.2
32.6
17.5
100.9
17
15.5
24
255
MALLINCKRODT
25
300
PHARMACIA & UPJOHN
26
312
27
28
29
411.1 y
556.1
3106.5
6.6
15.5
2302.4
7.8
198.2
21
39.9
19075.7
10.8
113.8
7286.0
23.5
562.0
24
9.2
ST. JUDE MEDICAL
3188.4
1.9
122.0
808.8
52.8
92.2
34
0.4
318
CVS
4749.2
65.7
46.5
5528.1
14
24.0
239.6
NM
10.5
342
LONGS DRUG STORES
1054.9
23.4
53.2
2828.3
4.1
58.6
27
4.5
344
GUIDANT
4780.5
38.3
NA
1048.5
13
9.5
65.8
35
8.1

Dowling
10
QPS
B
DOMESTIC
ASIA
EDIT OK
EURO/
INTLLA
X X
FILENAME/FILENAME
XX133
ASIA XX EUR-LA
INT
PE
DAD
--
--
INVESTMENT DATA
NET
MARGIN
1996
NET
MARGIN
1995
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1996
ESTIMATED
EARNINGS
PER SHARE
1997
6.6
4.9
6.3
11.9
26
27/21
14
3.88
1.86
1.81
10.7
3.9
8.0
12.4
22
29/10
32
NA
0.70
1.50
9.3
2.3
8.5
18.1
48
64/39
20
0.50
2.35
1.93
7.4
5.2
13.5
20.6
56
62/48
1.07
7.09
2.12
11.4
1.4
11.1
16.3
64
75/56
14
2.55
4.44
4.26
17.5
23.7
14.7
21.2
25
32/24
20
0.80
1.28
1.46
1.3
0.7
3.6
7.6
43
49/35
20
2.55
2.16
2.85
4.9
4.5
6.3
8.4
62
75/53
27
NA
2.31
2.80
19.7
32.1
7.1
11.4
45
55/35
22
1.21
2.02
2.33
5.4
12.3
4.2
13.8
60
64/37
21
1.66
2.88
2.88
14.2
14.0
16.4
NM
22
27/13
14
NA
1.55
1.47
2.5
0.1
12.7
22.7
28
33/22
3.60
4.43
1.41
11.7
11.0
15.7
24.8
50
54/34
27
1.48
1.91
2.41
19.6
20.0
25.8
34.1
95
100/57
30
1.68
3.20
3.77
17.1
15.5
26.9
29.4
95
100/62
32
1.44
2.99
3.49
18.9
13.2
40.9
44.9
65
69/39
23
1.52
2.84
3.16
13.4
12.8
23.3
27.0
60
63/43
28
1.26
2.17
2.48
20.7
19.3
17.7
25.2
93
95/54
33
1.55
2.78
3.17
21.3
18.9
25.0
25.2
66
72/47
31
0.58
2.14
2.69
9.1
4.6
6.6
13.7
42
44/29
31
NA
1.35
1.82
21.4
20.6
53.1
54.1
78
81/53
24
1.70
3.30
3.76
11.4
0.6
18.2
18.2
67
72/38
73
NA
0.92
2.12
13.4
12.6
13.8
28.9
65
68/49
22
2.51
2.96
3.37
17.1
16.9
34.9
39.9
58
60/39
24
1.88
2.41
2.71
30.4
27.7
34.3
35.7
63
67/51
26
NA
2.42
2.80
7.6
6.0
9.5
18.3
43
45/32
20
0.18
2.22
2.56
10.9
10.5
24.1
31.5
84
90/46
29
1.80
2.90
3.12
3.2
3.1
18.4
18.4
42
44/30
27
1.14
1.54
1.71
9.8
7.7
7.5
8.5
44
47/25
30
0.37
1.48
1.70
22.5
22.2
6.4
16.3
30
35/24
28
NA
1.08
1.25
10.6
7.3
13.5
22.3
48
50/40
23
2.35
2.11
2.36
2.8
2.9
6.0
14.0
41
43/27
21
1.93
1.94
2.44
10.7
9.5
16.4
22.2
50
52/35
22
1.04
2.23
2.42
4.2
8.2
4.0
8.6
28
29/18
25
NA
1.13
1.73
3.5
5.0
7.8
7.8
51
69/32
29
0.06
1.76
2.39
18.1
16.9
18.2
18.2
15
20/13
16
NA
0.88
1.08
8.6
7.6
10.7
15.4
42
46/35
16
1.57
2.62
2.81
7.7
10.4
7.8
8.8
38
45/34
35
2.88
1.07
2.26
11.4
18.2
9.1
11.0
39
44/30
35
NA
1.12
1.89
4.3
0.1
11.6
14.4
45
47/28
21
0.98
2.12
1.93
2.1
1.7
10.5
10.6
27
28/19
18
2.07
1.49
1.62
6.3
10.9
15.9
15.9
66
69/41
73
0.15
0.91
2.52
G ood Healt h
hanks to heavy research spending and
a commitment to innovative new products,
the health-care industry
boasts many of the fittest
companies in the S&P 500.
An unprecedented eight
drugs introduced in 1994
and 95 helped push giant
Merck to the top of the
sector, while little-known
Medtronic has churned
out red-hot growth by developing state-of-the-art
heart pacemakers. And all
benefited from strong
stock runups as fears of
government-inspired
health-care reform
subsided.

BEGINS ON PAGE 152

Dowling
10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
X X
500
FILENAME/FILENAME
XX134
ASIA XX EUR-LA
INT
THE S&P
EDIT OK
PE
DAD
--
--

MARKET VALUE
SALES
FEB. 21
1997
$ MIL.
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1996
$ MIL.
61.0
1362.5
PROFITABILITY
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1996
$ MIL.
24
7.4
71.6
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
30
350
MANOR CARE
1695.9
9.6
1.5
31
387
C.R. BARD
1610.1
18.9
3.6
1194.4
7.1
92.5
14.3
32
391
ALLERGAN
2246.0
6.8
46.6
1147.0
10.4
77.1
12.5
33
410
HUMANA
3252.3
21.2
0.0
6788.0 y
44
28.6
12.0
94
44.8
34
439
BEVERLY ENTERPRISES
1464.2
26.9
0.9
3267.2
4.7
52.0
NM
5.7
35
474
BAUSCH & LOMB
2067.7
2.7
20.7
1926.8
1.3
83.1
26
2.2
13 HOUSING & REAL ESTATE

INDUSTRY AVERAGE
3316.0
17.0
16.9
3642.3
12
7.9
145.2
-27
10.5
4956.6
35.2
74.7
4132.9
26
11.3
229.2
14
11.1
10145.5
25.0
55.6
7218.1
8.2
744.0
37.4
5705.2
24.5
5.1
3237.0
11
9.3
295.2
48
9.4
6.9
93.3
101
3.0
16.6
63.2
29
1.5
81.6
15
6.9
61.2
NM
NC
NM
NC
143
SHERWIN-WILLIAMS
164
PPG INDUSTRIES
273
MASCO
276
CENTEX
1201.8
48.0
7.9
3658.2 y
19
331
PULTE
802.6
16.5
0.8
2373.2 y
17
352
FLEETWOOD ENTERPRISES
933.5
0.7
22.3
2900.0
8.1
462
KAUFMAN & BROAD HOME
524.8
13.8
34.7
1787.0
28
12.1
469
OWENS CORNING
2257.6
1.5
4.8
3832.0
9.0
284.0
14 LEISURE TIME INDUSTRIES

INDUSTRY AVERAGE
10544.6
1.8
43.3
6265.2
17
15.1
396.6
11.9
50878.1
19.1
67.6
21180.0
67
32.2
1467.0
23.2
7024.8
13.8
86.5
10172.0
14
10.6
306.0
24
24.3
30011.6
25.1
133.2
15968.0
8.3
1011.0
19
24.2
11.1
53.1
10686.5
13.5
1572.6
10
13.6
21.4
51.5
3160.3
12.2
185.8
39
45.0
7162.9
4.2
59.0
3786.0
12.0
377.6
40.5
WENDY'S INTERNATIONAL
2506.6
20.1
31.5
1897.1 y
KING WORLD PRODUCTIONS
1438.6
9.1
2.7
96
WALT DISNEY
121
MARRIOTT INTERNATIONAL
150
EASTMAN KODAK
166
McDONALD'S
31832.6
171
BRUNSWICK
2802.9
197
MATTEL
213
269
14.0
155.9
42
24.0
665.6
13
12.5
141.3
16.4
1900.1 y
15
295
HILTON HOTELS
5106.0
9.5
48.3
10
301
ITT
6690.1
0.9
NA
6600.0
12.0
156.3
10
17.5
17.8 f
249.0
20
83.4 f
11
316
VIACOM
12345.8
16.7
40.9
12084.2
12
326
AMERICAN GREETINGS
2284.5
16.3
14.0
2098.2
11
78.3
170.7
13
1.7
6.4
159.1
41
4.8
13
343
HASBRO
3650.9
21.1
24.6
14
407
HARRAH'S ENTERTAINMENT
1903.7
32.1
48.5
3002.4
3.4
199.9
29
1.4
1588.1
9.0
98.9
25
7.0
15
458
DARDEN RESTAURANTS
1119.4
43.6
NA
3178.9
1.8 f
79.4
671
17.9 f
16
471
POLAROID
1954.5
1.2
41.7
2275.2
0.1
15.0
NM
43.9
15 MANUFACTURING
INDUSTRY AVERAGE
5314.9
16.2
54.2
4551.6
12.2
297.2
18
35.7
30
ILLINOIS TOOL WORKS
10636.0
39.1
103.2
4996.7
20
16.9
486.3
25
33.7
43
TYCO INTERNATIONAL
8909.9
52.3
122.0
5721.8
18
17.1
348.1
27
48.0
77
APPLIED MATERIALS
9124.4
25.8
101.5
3940.0
10
52.7
457.5
18
61.5
80
DOVER
5695.5
6.4
71.2
4076.3
18.3
390.2
40
35.3
89
NEWELL
5855.9
40.5
91.7
2872.8
15
20.4
256.5
15
15.6
106
15245.4
18.2
52.1
16522.0
12.4
1361.0
20
25.2
CATERPILLAR

Dowling
10
QPS
B
DOMESTIC
ASIA
EDIT OK
EURO/
INTLLA
X X
FILENAME/FILENAME
XX135
ASIA XX EUR-LA
INT
PE
DAD
--
--
INVESTMENT DATA
NET
MARGIN
1995
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
5.3
7.1
6.3
11.9
27
7.7
7.6
9.8
15.4
6.7
6.8
8.4
10.3
0.2
4.0
0.8
1.6
0.3
2.7
4.3
5.8
5.1
12-MONTH
HIGH/LOW
$
ESTIMATED
EARNINGS
PER SHARE
1997
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1996
44/24
24
0.33
1.14
1.75
28
37/26
17
2.41
1.62
1.97
34
42/30
29
1.51
1.17
2.12
0.9
20
29/15
286
NA
0.07
1.12
6.0
15
15/9
28
NA
0.52
0.87
9.4
37
45/33
25
2.79
1.47
2.23
4.0
6.1
2.4
15.3
39
42/29
34
1.55
1.14
3.12
5.5
6.1
15.2
16.8
58
58/41
22
1.39
2.65
3.01
10.3
10.9
21.9
30.0
55
62/44
14
2.38
3.96
4.36
9.1
6.8
10.3
16.6
36
37/27
19
2.25
1.84
2.17
2.6
1.5
8.1
11.6
42
42/25
13
0.48
3.18
3.48
2.7
2.4
5.0
7.6
35
35/24
14
0.70
2.52
2.69
2.8
2.6
17.2
19.5
26
37/23
13
2.44
1.99
2.54
3.4
2.1
6.7
19.4
14
17/11
2.22
1.54
1.46
7.4
6.4
51.7
NM
43
50/36
0.58
5.50
5.22
6.3
6.8
9.5
10.7
40
46/31
24
1.22
1.69
2.27
6.9
11.0
6.1
9.1
75
79/53
35
0.70
2.13
2.70
3.0
2.8
11.9
23.9
55
60/42
24
0.58
2.24
2.65
6.3
8.4
18.7
20.9
90
95/67
30
1.95
3.00
5.11
14.7
14.6
11.7
18.1
46
54/41
21
0.66
2.21
2.51
5.9
4.6
10.5
15.5
29
29/17
15
1.75
1.88
2.14
10.0
9.8
20.7
26.1
27
33/22
19
0.91
1.36
1.67
8.2
6.3
10.7
12.8
22
23/17
19
1.08
1.20
1.41
21.2
22.6
18.2
18.2
39
45/34
10
NA
3.73
3.81
8.2
10.5
6.3
11.2
26
32/18
33
1.23
0.79
1.36
3.8
3.3
3.5
8.2
58
68/41
27
NA
2.11
2.21
1.4
1.4
0.4
0.7
35
44/30
116
NA
0.30
0.62
7.6
5.8
10.1
12.1
31
31/24
14
2.23
2.12
2.44
6.7
5.4
11.1
12.1
42
44/32
19
0.94
2.27
2.69
6.2
5.1
6.3
13.2
19
39/16
19
NA
0.95
1.30
2.5
0.3
5.2
6.5
14/7
14
1.14
0.50
0.62
0.7
6.3
1.3
2.3
43
48/39
134
1.40
0.32
3.07
6.5
6.0
13.3
20.5
46
51/35
16
1.80
2.87
3.21
9.7
9.3
15.1
20.3
86
88/60
22
0.89
3.93
4.43
6.1
5.6
11.2
15.6
57
60/35
25
0.35
2.26
2.51
11.6
15.6
17.2
18.8
51
55/22
20
NA
2.49
2.06
9.6
7.4
23.3
27.6
51
55/41
15
1.34
3.45
3.26
8.9
8.9
11.6
18.1
37
39/25
23
1.74
1.62
1.85
8.2
7.1
16.0
34.2
80
83/62
11
2.01
7.07
7.16
Dean of Le an
mall is certainly beautiful for Illinois Tool
Works. The $5 billion
company has become a
highly profitable supplier
of choice for almost every
industrymaking thousands of components and
products from adhesives
and auto-door handles to
spray guns and paperpackaging gear. Extreme
decentralization, combined
with a global push, lies at
the heart of its success. By
splitting into 365 operating units in 34 countries
with just 100 staffers back
at headquartersits local
units react far faster to
customer needs.
FRANK SARAGNESE/FPG
NET
MARGIN
1996

BEGINS ON PAGE 152

Dowling
10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
X X
500
FILENAME/FILENAME
XX136
ASIA XX EUR-LA
INT
THE S&P
EDIT OK
PE
DAD
--
--

MARKET VALUE
SALES
FEB. 21
1997
$ MIL.
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1996
$ MIL.
5349.6
20.3
35.0
6702.8
PROFITABILITY
CHANGE
FROM
1995
%
17
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1996
$ MIL.
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
19.4
358.0
32
29.7
12.0
827.8
13
36.0
24
38.8
121.9
84.6
108
INGERSOLL-RAND
114
DEERE
10933.8
11.5
66.6
11307.9 y
131
HARNISCHFEGER INDUSTRIES
2034.8
10.0
73.6
2952.2
10
132
AVERY DENNISON
4105.2
47.2
181.0
3222.5
7.5
175.9
22
28.6
11
138
JOHNSON CONTROLS
3542.6
20.1
53.3
10584.4
25
19.1
242.6
21
19.1
12
145
PARKER HANNIFIN
3283.3
24.4
91.1
3851.9
12
16.2
237.6
60.3
13
148
MINNESOTA MINING & MFG.
35535.3
39.7
80.0
14236.0
14
200
SNAP-ON
2443.5
37.7
48.8
1485.3 y
15
203
TIMKEN
1676.2
18.4
59.3
16
212
FMC
2600.4
5.2
17
245
DRESSER INDUSTRIES
5466.1
14.2
18
247
TRINOVA
1039.7
25.7
4.4
19
258
CORNING
8728.6
33.3
55.7
12
20
280
CASE
3786.0
0.2
NA
5176.0
21
308
STANLEY WORKS
3355.7
40.2
88.5
2670.8
22
368
NACCO INDUSTRIES
489.7
3.8
0.4
2273.2
23
378
CINCINNATI MILACRON
901.5
16.4
4.6
1729.7
24
384
SPRINGS INDUSTRIES
904.1
5.0
26.7
2243.3
3.9
25
398
BLACK & DECKER
2876.3
0.9
68.1
4914.4
0.8
26
403
RUBBERMAID
3613.0
13.9
18.8
2355.0
6.5
152.4
27
430
BRIGGS & STRATTON
1327.0
7.5
28.1
1229.6
0.3
28
438
JOSTENS
802.2
6.0
31.3
708.7
5.7
29
476
McDERMOTT INTERNATIONAL
1171.9
11.8
3.0
3307.8
3.4
30
483
GIDDINGS & LEWIS
467.9
12.4
31
INC
TUPPERWARE
0.7
1516.0
16
5.5
15
9.3
131.5
16
15.3
2394.8
12.3
138.9
24
42.5
40.4
4969.4
12
9.9
218.1
68.9
51.4
6803.1 y
17
8.3
263.0
19
3.6
7.1
102.7
105.5
6.3
342.9
NM
NC
11.8
349.0
107.8
5.4
96.9
64
6.0
14.1
50.6
23
61.5
20.7
66.3
37
32.6
88.4
23
22.4
159.2
26
23.0
155
20.7
83.2
3.6
36.3
33
NC
7.5
NM
NC
2032.9
3684.5 y
42.3
763.0
14.2
12.5
NM
NC
2860.2
11.1 c
NA
1369.3
NA
174.7
NA
3990.7
-5.6
4.4
3326.9
-3
11.5
120.5
-47
39.4
16 METALS & MINING

INDUSTRY AVERAGE
1
189
ALUMINUM CO. OF AMERICA
12333.3
32.4
95.4
13061.0
14.2
514.9
35
330.8
235
PHELPS DODGE
4618.0
23.3
41.5
3786.6
10
14.7
461.8
38
44.9
275
FREEPORT-McMORAN COPPER & GOLD
6449.7
10.4
NA
1905.0
29.4
226.2
11
58.6
327
NUCOR
4188.5
13.2
16.1
3647.0
17.3
248.2
10
25.7
338
ALCAN ALUMINUM
8089.7
19.9
65.4
7614.0
18
2.8
410.0
24
106.7
348
INCO
5943.4
13.6
45.4
3105.0
15.3
166.0
25
141.5
371
ASARCO
1294.6
4.6
27.3
2696.7
16
19.4
138.3
18
47.0
386
USX-U.S. STEEL GROUP
2691.6
3.8
16.6
6547.0
5.4
275.0
17.0
394
BARRICK GOLD
10054.8
12.2
13.4
1298.4
26.0
217.9
25
2.2
10
397
WORTHINGTON INDUSTRIES
1897.5
0.0
11.3
1629.4
12
10.3
83.8
24
3.3
11
408
NEWMONT MINING
4515.7
18.2
12.5
768.5
21
6.9
85.1
24
0.7
12
416
REYNOLDS METALS
4644.9
30.1
37.4
6972.0
11.0
104.0
73
7.6
13
465
CYPRUS AMAX MINERALS
2166.9
4.7
12.9
2843.0
11
17.0
77.0
38
10.2
14
466
SANTA FE PACIFIC GOLD
2251.4
8.2
NA
343.2
11.4
21.1
47
11.1
15
472
ARMCO
453.1
26.1
26.1
1724.0
11
1.9
26.0
11
37.1

Dowling
10
QPS
B
DOMESTIC
ASIA
EDIT OK
EURO/
INTLLA
X X
FILENAME/FILENAME
XX137
ASIA XX EUR-LA
INT
PE
DAD
--
--
INVESTMENT DATA
NET
MARGIN
1995
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
5.3
4.7
10.9
17.9
49
7.3
7.0
13.8
23.3
4.1
4.7
8.3
17.0
5.5
4.6
14.6
21.1
2.3
2.4
10.3
15.0
6.2
7.0
12.6
10.6
9.7
8.9
8.8
5.8
12-MONTH
HIGH/LOW
$
ESTIMATED
EARNINGS
PER SHARE
1997
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1996
49/37
15
1.68
3.33
3.52
43
47/35
13
1.88
3.20
3.50
43
50/30
17
0.94
2.57
3.83
40
41/25
24
1.72
1.68
1.92
85
91/63
15
2.02
5.58
6.21
16.3
44
45/33
14
1.81
3.19
3.36
21.2
24.1
85
91/61
23
2.49
3.63
4.11
13.4
15.9
40
41/27
19
1.99
2.16
2.45
5.0
12.8
15.1
54
55/37
12
2.46
4.43
4.77
4.4
4.9
10.8
26.4
70
78/61
12
NA
5.73
6.21
3.9
3.8
10.5
16.6
31
36/25
21
2.19
1.48
1.73
5.1
5.0
14.6
23.0
37
40/28
11
2.15
3.51
3.53
9.3
2.2
11.9
34.7
38
46/31
25
1.90
1.50
1.78
6.7
7.0
11.0
17.3
52
59/42
11
0.39
4.61
5.03
3.6
2.3
8.6
12.4
38
39/24
35
1.96
1.09
2.09
2.2
3.0
5.4
14.8
55
64/43
10
1.38
5.67
4.50
3.8
6.4
8.8
14.8
23
29/18
13
1.59
1.73
1.95
3.9
3.2
9.2
11.3
45
51/39
10
2.94
4.32
4.05
3.2
4.5
4.9
9.2
33
44/29
20
1.47
1.64
2.46
6.5
2.6
13.0
15.0
24
30/21
24
2.49
1.01
1.26
6.8
6.4
15.0
16.8
46
47/37
16
2.35
2.88
3.58
5.1
8.1
31.2
32.3
21
24/17
22
4.24
0.95
1.50
0.2
0.2
0.9
2.4
21
23/16
74
0.94
0.29
0.78
1.6
0.9
2.1
2.7
14
20/11
38
0.85
0.37
0.96
12.8
12.6
49.2
69.1
46
56/38
17
1.91
2.76
3.05
3.6
6.7
2.1
6.1
30
36/24
27
1.57
1.11
1.80
3.9
6.3
7.0
11.8
71
73/54
24
1.27
2.94
5.41
12.2
17.8
13.6
16.8
71
78/55
10
2.80
6.97
6.32
11.9
13.8
6.4
15.3
33
36/28
38
2.70
0.89
1.06
6.8
7.9
13.0
16.2
48
63/45
17
0.67
2.83
3.29
5.4
5.8
6.4
8.1
36
37/29
21
1.68
1.74
2.79
5.3
6.7
2.5
3.2
36
37/29
33
1.12
1.09
1.67
5.1
5.3
3.4
6.0
30
36/23
2.65
3.24
1.98
4.2
4.7
9.7
17.3
32
38/24
11
3.15
3.00
3.85
16.8
22.8
5.6
6.3
27
33/25
45
0.52
0.60
0.79
5.1
7.6
8.4
12.4
21
23/18
23
2.30
0.92
1.25
11.1
17.7
5.0
8.3
45
61/38
53
1.06
0.86
1.22
1.5
5.4
1.5
2.6
64
65/49
60
2.19
1.06
3.70
2.7
3.9
1.1
2.5
23
29/20
38
3.44
0.62
1.58
6.1
11.4
2.2
3.7
17
18/11
107
0.29
0.16
0.21
1.5
1.5
6.1
NM
6/4
53
NA
0.08
0.39
Aluminum Roll
ith pressure on
gold, aluminum,
and steel prices, the
mining and metals industries have taken a beating.
Still, aluminum maker Alcoa has done better than
most. To be sure, weak results in 1992 and 1993
make for an easier comparison. Thats why Alcoa
could rack up average annual profit gains of 331%
over the past three years.
Alcoa turned low aluminum prices into improved profit margins,
which gave it a leg up on
competitors. Total return
for three years hit 95%,
by far the sectors best
performance.
GREG PEASE/TONY STONE
NET
MARGIN
1996

BEGINS ON PAGE 152

Dowling
10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
X X
500
FILENAME/FILENAME
XX138
ASIA XX EUR-LA
INT
THE S&P
EDIT OK
PE
DAD
--
--

MARKET VALUE
FEB. 21
1997
$ MIL.
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1996
$ MIL.
PROFITABILITY
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1996
$ MIL.
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
NC
16
477
PLACER DOME
5298.6
19.7
1.9
1157.0
12
8.7
65.0
NM
17
478
BATTLE MOUNTAIN GOLD
1635.8
33.3
33.4
424.0
33.8
74.3
NM
NC
18
480
HOMESTAKE MINING
2365.1
14.7
18.3
742.9 y
2.5
30.3
22.9
19
482
INLAND STEEL INDUSTRIES
978.2
22.6
39.7
4584.1
5.7
69.0
53
19.9
20
492
BETHLEHEM STEEL
879.3
46.6
65.2
4679.0
2.5
308.8
NM
NC
21
495
ECHO BAY MINES
1054.0
46.0
36.1
337.3
2.9
176.7
NM
NC
17 NONBANK FINANCIAL
INDUSTRY AVERAGE
11707.7
40.0
109.2
8753.3
10
11.2
755.4
16
11.5
TRAVELERS GROUP
35016.1
67.9
203.2
21345.3 y
21
44.4
2305.8
42
35.0
17
FEDERAL HOME LOAN MORTGAGE
22607.6
52.6
140.7
12032.0
27
30.9
1258.0
15
15.9
19
GREEN TREE FINANCIAL
5268.3
27.4
248.4
924.1
30
36.8
308.7
22
38.6
24
MERRILL LYNCH
16148.8
68.9
149.3
25011.0 y
16
15.0
1619.0
45
5.5
38
DEAN WITTER, DISCOVER
13307.3
56.2
147.6
9028.6 y
14
16.2
951.4
11
16.3
40
MGIC INVESTMENT
4522.7
34.0
159.4
749.7
20
21.6
258.0
24
26.9
41
FANNIE MAE
42307.4
25.0
103.1
25053.9 y
13
16.4
2753.6
28
9.4
54
MORGAN STANLEY GROUP
10369.8
36.1
102.9
13144.0
22
14.4
1029.0
69
11.0
79
ALLSTATE
29055.3
56.2
172.0
24299.0
5.4
2075.0
31.9
10
81
AMERICAN EXPRESS
31802.5
46.1
170.5
16237.0 y
7.4
1901.0
22
6.5
11
83
AMERICAN INTERNATIONAL GROUP
58679.6
30.5
113.6
25862.5 y
11.7
2897.3
15
14.8
12
88
LOEWS
11931.3
24.1
116.1
20442.4 y
17.9
1383.9
22
55.6
13
113
JEFFERSON-PILOT
4076.7
6.5
99.6
2121.5 a
56
18.8
31
11.9
14
118
CIGNA
11963.2
38.3
163.1
18950.0 y
1.2
1056.0
400
42.7
15
125
BENEFICIAL
3790.0
47.0
104.7
1959.1 y
24
2.9
281.0
87
11.3
16
127
GOLDEN WEST FINANCIAL
17
129
GENERAL RE
18
135
19
20
306.0 a
4114.3
38.6
75.2
2620.1 y
12.9
369.9
58
9.6
14029.2
19.6
65.2
8192.1
15
36.6
893.1
10.1
HOUSEHOLD INTERNATIONAL
9674.2
56.0
206.3
5058.8
5.1
538.6
19
21.9
140
MARSH & McLENNAN
8434.7
25.0
56.4
4149.0
10
9.5
459.3
14
10.8
141
CONSECO
5709.0
151.6
210.1
3035.0
11.5
278.9
25
0.6
21
179
AMERICAN GENERAL
8857.6
24.7
80.4
6887.0 y
14.6
577.0
29.3
22
190
ST. PAUL
5862.8
23.6
85.4
5734.2
13
8.6
557.9
10.4
23
191
MBIA
4232.0
32.4
68.1
545.5
18
8.0
322.2
19
8.9
24
195
PROVIDIAN
5122.1
22.0
70.5
3622.6
8.4
434.7
26
10.9
25
222
SALOMON
6351.0
53.1
20.3
9002.0 y
4.3
907.0
98
3.1
26
238
CHUBB
10094.7
21.2
63.5
6316.4 y
5.7
694.7
26.9
27
243
USF&G
2639.2
40.5
64.5
3498.0
2.7
261.0
25
22.6
28
260
AON
6929.3
24.0
110.9
3888.2
12
1.5
350.8
16
0.7
29
263
TORCHMARK
3993.3
23.5
37.8
2186.0 a
1.6
321.1 a
19
5.7
30
299
SAFECO
5325.8
19.3
61.5
4072.0 y
5.5
439.0
10
3.3
31
305
TRANSAMERICA
5803.1
18.5
85.3
6227.6
9.5
456.3
1.5
32
307
GREAT WESTERN FINANCIAL
6394.0
114.3
198.0
3488.6 y
8.0
115.8
56
21.1
33
345
LINCOLN NATIONAL
5987.7
9.2
58.6
6721.3 y
5.7
513.6
10.1
34
362
UNUM
5591.4
34.3
55.8
4042.7
6.8
238.0
15
2.1

Dowling
10
QPS
B
DOMESTIC
ASIA
EDIT OK
EURO/
INTLLA
X X
FILENAME/FILENAME
XX139
ASIA XX EUR-LA
INT
PE
DAD
--
--
INVESTMENT DATA
NET
MARGIN
1995
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
5.6
7.2
1.3
2.0
22
17.5
7.4
9.8
14.2
4.1
4.2
2.9
3.9
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1996
ESTIMATED
EARNINGS
PER SHARE
1997
31/20
82
0.00
0.27
0.32
12/6
20
0.70
0.36
0.08
16
21/13
77
1.24
0.21
0.18
1.5
3.1
3.7
7.3
20
29/16
16
1.00
1.23
1.58
6.6
3.7
20.0
28.0
16/8
NA
3.15
0.45
52.4
13.9
26.8
29.4
15/6
1.06
1.31
0.35
8.6
8.2
7.9
14.4
71
74/47
15
1.72
4.54
5.27
10.8
9.2
9.3
17.7
55
58/28
16
1.10
3.45
3.75
10.5
11.5
0.7
17.6
32
34/19
19
1.09
1.67
1.91
33.4
35.7
21.1
24.7
38
43/28
17
0.78
2.20
2.97
6.5
5.2
5.1
23.8
98
104/54
12
1.23
8.20
7.15
10.5
10.8
6.9
19.1
41
44/24
15
1.36
2.79
3.38
34.4
33.3
19.6
20.1
79
80/52
18
0.20
4.13
5.10
11.0
9.7
1.5
21.2
40
44/28
16
2.11
2.50
2.80
7.8
5.6
4.6
14.7
68
72/41
11
1.18
6.27
5.58
8.5
8.4
14.9
16.3
66
68/37
14
1.45
4.63
4.82
11.7
9.9
11.5
22.3
67
70/39
17
1.34
3.90
4.09
11.2
10.5
7.4
13.3
125
130/88
20
0.32
6.15
6.73
6.8
9.5
9.8
16.5
104
107/73
0.96
11.91
10.50
14.4
17.1
11.7
13.6
58
61/49
14
2.78
4.25
4.16
5.6
1.1
13.1
15.1
159
162/101
11
2.01
13.85
13.84
14.3
9.5
2.9
16.3
71
72/47
14
2.95
5.08
5.96
14.1
9.5
2.8
15.7
72
76/49
11
0.61
6.33
5.88
10.9
11.5
9.9
12.0
172
178/139
16
1.28
11.00
11.86
10.6
8.8
2.8
17.5
100
108/62
19
1.56
5.30
6.43
11.1
10.7
21.4
26.4
118
123/88
19
3.06
6.34
7.08
9.2
7.8
5.9
12.8
43
44/16
20
0.29
2.12
2.80
8.4
8.4
4.8
10.3
44
45/33
16
3.22
2.75
3.52
9.7
10.6
11.3
14.0
71
72/50
11
2.67
6.49
5.63
59.1
58.7
5.3
13.0
98
105/70
13
1.56
7.43
8.00
12.0
10.2
11.0
14.1
55
57/38
12
2.01
4.64
5.01
10.1
5.1
4.4
15.6
58
61/35
1.10
7.88
5.78
11.0
11.5
10.7
12.2
58
60/41
15
1.86
3.91
4.17
7.5
6.0
10.5
13.8
23
23/14
11
0.88
2.05
1.70
9.0
8.8
8.3
9.9
64
66/48
26
2.25
2.48
3.78
14.7
13.2
12.2
17.6
57
59/40
13
2.04
4.35
4.83
10.8
10.2
10.1
11.2
42
44/31
12
2.75
3.48
3.29
7.3
7.7
3.5
12.0
87
89/67
13
2.30
6.59
7.23
3.3
7.5
1.6
3.5
46
47/21
67
2.16
0.69
2.69
7.6
7.3
9.2
11.8
57
60/41
12
3.42
4.91
4.53
5.9
6.8
8.4
10.4
78
80/55
24
1.41
3.26
4.90
Weill B ui lt
o what you know. Do
it well. And do it
cheap. Thats the formula Sanford I. Weill
used when he took over a
troubled Travelers in
1993. Combining it with
his healthy Primerica, he
turned the resulting Travelers Group into the top
performer in financial services. Weill has pursued
his now well-known strategy of shedding laggards,
cutting costs, and making
acquisitions. His latest
buy: Travelers 1996 purchase of Aetnas property
and casualty business,
giving Travelers powerhouse status.
SHAUN EGAN/TONY STONE
NET
MARGIN
1996

BEGINS ON PAGE 152

Dowling
10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
X X
500
FILENAME/FILENAME
XX140
ASIA XX EUR-LA
INT
THE S&P
EDIT OK
PE
DAD
--
--

MARKET VALUE
SALES
FEB. 21
1997
$ MIL.
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
4201.0
86.9
157.5
12
MONTHS
1996
$ MIL.
3719.8 y
PROFITABILITY
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1996
$ MIL.
CHANGE
FROM
1995
%
6.3
145.5
68
35
366
H.F. AHMANSON
36
383
USLIFE
1632.2
56.2
99.2
1806.1
37
393
AETNA
12828.3
21.5
50.0
15163.2 y
38
437
ITT HARTFORD GROUP
8828.1
50.8
NA
39
450
H&R BLOCK
3120.7
24.6
25.6
1769.3 y
17
17.7
124.7
8005.1
12473.0
3 YEAR
AVERAGE
CHANGE
%
21.8
4.2
76.0
28
6.2
16
3.1
205.1
57
29.2
99.0
NM
NC
15.4
34.0
64
40.6
11
21.6
534.2
15
24.3
6.0 f
18 OFFICE EQUIPMENT & COMPUTERS

INDUSTRY AVERAGE
14736.8
MICROSOFT
113810.0
90.2
378.0
9435.0
27
32.8
2476.0
35
34.4
DELL COMPUTER
12506.8
299.3
1150.5
7759.0
47
40.5
531.0
95
88.7
CISCO SYSTEMS
38311.1
23.7
215.5
5406.4
80
81.4
1041.6
53
67.0
COMPAQ COMPUTER
21596.3
60.3
149.5
18109.0
23
36.0
1313.0
66
35.5
11
ORACLE
26892.2
15.7
168.5
4848.0
39
42.4
704.9
48
51.5
13
SUN MICROSYSTEMS
12146.8
37.1
405.3
7798.7
22
20.1
567.4
27
47.2
16
EMC
8609.2
96.0
86.2
2273.7
18
42.4
386.2
18
43.3
34
3COM
6796.5
21.4
164.1
2796.7
42
60.1
301.2
71
61.3
51
HEWLETT-PACKARD
56537.4
14.4
155.7
39427.0
18
22.9
2708.0
29.6
10
71
INTERNATIONAL BUSINESS MACHINES
71227.3
15.7
166.4
75947.0
7.1
5429.0
30
34.1
11
78
FIRST DATA
16856.0
2.7
74.1
4934.1
21
57.3
636.5
NM
57.1
12
92
CERIDIAN
13
101
AUTOMATIC DATA PROCESSING
14
155
PITNEY BOWES
15
162
16
186
17
2740.5
12.8
76.2
1495.6
12
18.5
181.9
87
36.4
12339.5
2.2
67.6
3906.1 y
23
18.8
484.8
15
16.1
9166.8
27.8
52.7
3858.6
8.7
469.4
15
15.5
XEROX
18459.5
34.4
84.4
17378.0
1.4
1206.0
23.2
SEAGATE TECHNOLOGY
12731.7
59.1
302.0
8568.8
42.1
285.5
39
28.1
187
COMPUTER ASSOCIATES INTL.
16839.8
6.1
179.0
3945.4
23
24.9
295.1
NM
5.8
18
201
COMPUTER SCIENCES
5469.1
8.5
86.3
5241.3
17
29.5
164.3
22
25.3
19
207
SHARED MEDICAL SYSTEMS
1302.7
2.4
118.9
18
15.5
47.0
18
14.7
20
234
CABLETRON SYSTEMS
4569.2
20.1
21.6
1314.3
29
33.7
172.2
13
17.6
21
363
DATA GENERAL
776.0
14.7
136.4
1343.1
11
8.0
33.9
NM
NC
22
429
SILICON GRAPHICS
4321.7
9.3
1.5
3245.2
30
37.1
30.1
NM
NC
23
431
MOORE
2187.2
17.0
33.3
2517.7
24
443
AUTODESK
1559.7
1.3
36.2
25
451
BAY NETWORKS
3748.2
58.8
22.7
26
455
JOHN H. HARLAND
871.6
29.8
27
459
AMDAHL
1330.9
28
464
DELUXE
2644.8
29
470
NOVELL
30
473
31
475
32
767.4 y
3.2
149.9
44
11.1
6.7
41.6
53
7.4
2094.5
19
48.4
82.9
NM
NC
37.6
609.4
5.7
13.9
NM
NC
24.8
79.6
1631.5
1.6
326.7
NM
NC
1.3
8.4
1895.7
6.2
65.5
31
24.0
4196.0
7.6
50.5
1311.8
34
12.7
113.2
65
24.9
TANDEM COMPUTERS
1589.5
32.1
7.8
1929.4
2.7
28.3
35
60.4
UNISYS
1180.1
0.0
53.8
6370.5
5.1
61.8
NM
32.2
485
DIGITAL EQUIPMENT
5288.0
51.8
15.9
13609.7
0.4
342.8
NM
NC
33
489
APPLE COMPUTER
2040.1
44.7
54.9
8814.0
23
3.1
867.0
NM
NC
34
494
INTERGRAPH
410.5
55.3
17.9
1095.3
1.8
69.1
NM
NC
496.7 y

Dowling
10
QPS
B
DOMESTIC
ASIA
EDIT OK
EURO/
INTLLA
X X
FILENAME/FILENAME
XX141
ASIA XX EUR-LA
INT
PE
DAD
--
--
INVESTMENT DATA
NET
MARGIN
1995
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1996
ESTIMATED
EARNINGS
PER SHARE
1997
3.9
11.7
0.8
3.9
41
45/22
45
2.14
0.91
2.94
4.2
6.1
5.2
6.6
48
48/27
22
2.08
2.18
3.47
1.4
3.6
1.3
1.6
85
89/55
63
0.94
1.36
5.52
0.8
4.6
1.8
2.2
75
81/45
90
2.13
0.84
6.35
1.9
6.3
5.4
6.2
30
42/24
103
2.67
0.29
1.74
6.7
6.4
9.8
17.8
41
53/27
37
NM
1.13
2.23
26.2
24.8
25.7
25.7
95
104/46
50
NA
1.92
2.29
6.8
5.1
48.1
48.9
71
76/13
26
NA
2.77
3.43
19.3
22.7
28.8
29.1
58
76/41
38
NA
1.54
2.09
7.3
5.3
20.4
21.4
80
88/36
17
NA
4.72
6.05
14.5
13.7
33.0
33.0
41
51/27
39
NA
1.05
1.67
7.3
7.0
24.6
24.6
33
35/20
23
NA
1.45
1.79
17.0
17.0
23.0
27.6
37
40/17
24
NA
1.57
1.94
10.8
9.0
21.7
23.6
39
81/34
23
NA
1.66
2.68
6.9
7.8
16.9
20.2
56
60/38
22
0.86
2.58
2.98
7.1
5.8
17.2
25.0
138
170/89
13
1.02
10.24
12.51
12.9
2.1
11.5
18.2
38
44/34
27
0.21
1.37
1.61
12.2
7.3
38.1
48.8
40
55/32
17
NA
2.39
2.86
12.4
13.3
17.4
20.5
42
46/36
25
1.09
1.67
1.82
12.2
11.5
12.5
21.0
62
63/43
20
2.59
3.12
3.47
6.9
7.1
8.0
26.6
57
61/41
16
2.25
3.49
4.07
3.3
5.5
8.1
8.1
52
56/18
43
NA
1.19
3.32
7.5
3.4
9.3
19.5
46
68/38
57
0.22
0.81
3.00
3.1
3.0
7.3
10.2
72
87/64
31
NA
2.32
3.44
6.1
6.1
15.9
16.7
55
72/42
28
1.52
1.95
2.27
13.1
19.4
17.3
17.3
30
44/27
26
NA
1.14
2.19
2.5
5.5
6.9
9.9
20
20/9
24
NA
0.81
1.10
0.9
9.3
1.5
1.8
25
30/18
144
NA
0.17
0.88
6.0
10.3
9.2
9.7
22
23/17
15
4.30
1.50
1.40
8.4
16.4
13.5
13.5
35
44/19
39
0.69
0.88
1.43
4.0
12.3
6.7
7.4
19
49/18
42
NA
0.45
0.67
2.3
8.2
4.8
8.0
28
33/21
63
1.06
0.45
1.96
20.0
1.9
50.5
50.5
11
14/7
NA
2.71
0.71
3.5
5.1
8.0
9.2
32
40/29
40
4.61
0.80
2.13
8.6
16.1
6.5
6.6
12
16/9
36
NA
0.34
0.82
1.5
2.3
2.4
2.6
13
15/8
58
NA
0.23
0.96
1.0
9.9
1.7
3.4
9/5
20
NA
0.34
0.43
2.5
3.0
8.7
10.5
34
77/28
14
NA
2.46
0.83
9.8
1.5
30.0
44.6
16
30/15
NA
7.01
1.49
6.3
4.1
13.5
14.4
20/8
NA
1.46
0.22
Silicon C za r s
ith players like Microsoft, Dell, Compaq, and Cisco, its
no surprise that the computer industry dominates
the top 10 slots in the
BUSINESS WEEK 50. Superfast growers all, each sits
atop the niche it has
carved out in one of the
most dynamic industries
on the globe. Lean manufacturing and low-cost direct sales have made Dell
a dynamo in personal
computer manufacturing,
while Microsofts continuing ability to reinvent itself, and its software, have
made it the 800-pound
gorilla rivals love to hate.
JOHN WILKES
NET
MARGIN
1996

BEGINS ON PAGE 152

Dowling
10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
X X
500
FILENAME/FILENAME
XX142
ASIA XX EUR-LA
INT
THE S&P
EDIT OK
PE
DAD
--
--

MARKET VALUE
FEB. 21
1997
$ MIL.
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1996
$ MIL.
PROFITABILITY
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1996
$ MIL.
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
19 PAPER & FOREST PRODUCTS

INDUSTRY AVERAGE
6436.2
7.1
25.0
7439.3
-6
9.0
255.5
-44
20.9
KIMBERLY-CLARK
27877.1
31.5
93.6
13149.1
28.4
1403.8
4128
2.6
364
INTERNATIONAL PAPER
12495.8
15.4
20.1
20100.0
15.4
303.0
74
11.9
374
JAMES RIVER CORP. OF VIRGINIA
2589.7
14.0
78.8
5690.5
16
8.7
157.3
24
NC
390
WILLAMETTE INDUSTRIES
3394.9
13.4
13.3
3425.2
12
11.1
192.1
63
31.2
392
WESTVACO
2891.2
2.6
31.8
3033.1
9.6
185.3
38
58.7
400
MEAD
2997.7
11.2
36.8
4706.5
4.5
189.9
45
40.4
418
CHAMPION INTERNATIONAL
4013.0
0.1
32.7
5880.4
16
7.4
141.3
82
49.4
432
WEYERHAEUSER
9170.9
9.3
7.4
11114.0
6.0
463.0
42
0.8
63
2
3
453
POTLATCH
1247.6
4.4
1.5
1554.4
4.8
61.5
43
24.8
10
460
GEORGIA-PACIFIC
6816.1
15.4
10.0
13024.0
2.8
161.0
84
29.7
11
467
BOISE CASCADE
1538.9
11.5
23.3
5108.2
10.2
9.1
97
NC
12
493
LOUISIANA-PACIFIC
2202.0
15.7
49.4
2486.0
13
1.0
200.7
NM
NC
20 PUBLISHING & BROADCASTING

INDUSTRY AVERAGE
1
6526.8
12.2
50.4
3923.5
18
13.9
120.9
44
58.0
5049.6
14.6
60.0
3074.7
11.3
495.7
118
213.2
59.3
4421.1
18
5.8
624.0
36
14.3
49.8
2774.8
4.2
267.9
60
19.2
7.0
282.8
15
13.1
3.2
58.6
25
32.3
1.7
206.4
NM
53.4
8.3
84.5
38
110.1
2481.6
8.8
190.0
8.4
10064.0
25
14.6
156.0
NM
NC
48
25.0
479.0 a
NM
NC
73
McGRAW-HILL
97
GANNETT
11558.5
23.9
218
KNIGHT-RIDDER
3728.4
18.5
221
TRIBUNE
4912.0
20.3
49.2
2405.7
265
MEREDITH
1331.0
9.2
137.0
853.4
268
TIMES MIRROR
5147.3
50.9
136.6
3401.0
281
NEW YORK TIMES
4232.5
57.6
68.5
2615.0
358
DOW JONES
3829.1
2.6
8.1
414
TIME WARNER
16165.8
3.9
12.9
10
422
TELE-COMMUNICATIONS
9047.8
31.5
20.2
11
426
COMCAST
4316.3
4.0
6.6
4038.4
20
52.3
52.4
NM
NC
12
440
US WEST MEDIA GROUP
9003.5
12.1
NA
2955.0
24
24.4 f
71.0
NM
NC
5515.2
13.6
65.6
4179.7
15
13.9
163.8
-19
17.6
7997.0 a
21 SERVICE INDUSTRIES
INDUSTRY AVERAGE
1
20
HFS
8685.6
51.7
391.2
44
SERVICE CORP. INTERNATIONAL
6715.8
29.2
119.0
93
46.5
169.6
113
68.1
2294.2
799.0 y
39
37.7
265.3
45
37.3
105
INTERPUBLIC GROUP
4099.1
21.2
58.8
151
ENRON
10591.3
9.7
39.5
13289.1
2537.5 y
16
13.4
205.2
58
17.3
45
16.8
584.4
12
20.1
198
FLUOR
5425.5
0.8
47.5
12046.9
25
14.1
272.6
14
16.3
205
CRANE
1496.6
24.3
94.1
1847.7
237
CUC INTERNATIONAL
9512.3
11.2
74.3
2051.4 b
21
24.7
12.4
254
SIGMA-ALDRICH
3148.9
16.5
18.6
259
W.W. GRAINGER
4082.4
16.7
33.1
10
264
GENUINE PARTS
5568.3
8.3
33.7
11
277
FOSTER WHEELER
1676.4
5.8
12
333
LAIDLAW
4319.1
41.1
11.7
92.1
20
38.1
117.2 b
1034.6
11.9
147.9
12
12.1
3537.2
10.2
208.5
12
14.8
5720.5
9.2
330.1
8.3
8.6
4005.5
32
17.6
82.2
188
2.4
125.0
2380.1
6.8
133.3
21.1

Dowling
10
QPS
B
DOMESTIC
ASIA
EDIT OK
EURO/
INTLLA
X X
FILENAME/FILENAME
XX143
ASIA XX EUR-LA
INT
PE
DAD
--
--
INVESTMENT DATA
NET
MARGIN
1995
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1996
ESTIMATED
EARNINGS
PER SHARE
1997
3.4
5.8
3.6
7.6
48
55/40
27
2.39
1.77
2.29
10.7
0.2
22.3
32.6
99
107/69
20
1.86
4.98
5.54
1.5
5.8
1.7
3.1
42
45/36
40
2.40
1.04
2.00
2.8
1.9
2.4
4.3
30
36/24
26
1.99
1.15
1.84
5.6
13.3
5.2
9.8
61
70/52
18
2.09
3.48
3.20
6.1
9.0
5.4
8.3
28
33/27
16
3.10
1.83
2.08
4.0
6.6
5.4
8.5
57
62/49
16
2.09
3.57
3.69
2.4
11.1
2.1
3.8
42
51/40
28
0.48
1.48
0.92
4.2
6.8
4.7
10.1
46
51/40
20
3.46
2.34
2.49
4.0
6.8
3.8
6.4
43
45/35
20
3.93
2.13
2.36
1.2
7.1
2.1
4.5
75
81/63
42
2.68
1.78
2.83
0.2
6.9
0.8
1.8
32
47/27
50
1.89
0.63
0.07
8.1
1.8
10.6
14.1
20
28/20
11
2.77
1.87
0.56
3.1
2.5
8.6
4.3
41
44/30
26
1.52
1.56
1.38
16.1
7.7
30.3
45.8
51
52/37
10
2.84
4.96
14.1
12.3
13.6
23.4
82
84/62
19
1.76
4.43
4.42
9.7
6.1
13.9
24.1
40
42/32
14
2.02
2.75
2.16
11.8
10.9
11.2
18.2
40
44/32
19
1.61
2.15
2.32
6.9
5.4
19.2
19.2
50
54/39
24
1.05
2.09
2.37
6.1
9.8
8.7
10.4
52
56/31
34
0.77
1.55
2.11
3.2
5.6
3.6
5.4
44
45/26
50
1.37
0.87
2.14
7.7
8.3
9.5
11.3
40
42/32
20
2.42
1.96
1.30
1.6
1.5
2.5
7.9
42
45/30
44
0.86
0.95
0.65
6.0
2.0
2.5
15.8
14
22/11
17
NA
0.78
0.39
1.3
1.1
0.7
9.5
19
21/14
88
0.50
0.21
0.17
2.4
6.1
1.1
1.7
19
23/14
119
NA
0.16
0.40
3.9
5.6
9.6
10.0
37
44/30
27
1.73
1.37
2.07
21.2
19.3
6.9
8.9
68
80/41
52
NA
1.29
2.55
11.6
11.1
6.2
12.4
29
32/21
26
1.05
1.10
1.28
8.1
6.0
18.2
25.3
51
51/41
20
1.34
2.56
2.81
4.4
5.7
7.0
15.8
42
48/35
18
2.16
2.31
2.64
2.3
2.5
16.3
16.3
65
76/58
20
1.17
3.22
3.67
5.0
4.3
12.6
19.9
33
34/24
17
1.50
2.01
2.28
5.7
6.6
9.8
10.0
24
28/18
70
NA
0.34
0.89
14.3
13.7
16.0
16.2
32
33/24
21
0.79
1.48
1.65
5.9
5.7
16.0
16.1
80
83/64
20
1.25
4.04
4.44
5.8
5.9
18.4
19.5
46
48/42
17
3.11
2.73
3.01
2.1
0.9
6.0
12.1
41
47/34
20
1.99
2.03
2.49
5.6
5.2
3.1
6.0
14
14/9
31
0.00
0.44
0.69
B r and Dad d y
FS may not be a
household name, but
its portfolio, which
includes Century 21,
Coldwell Banker, Avis,
Howard Johnson, and Ramada, has some of the
best-known brands in
their industries. This
earnings powerhouse
profits averaged 68.1%
over the past three
yearshas a simple formula: Buy aging franchised service companies,
set high standards, and
expand the operations,
aiming them squarely at
aging baby boomers, still
the most powerful demographic force in the land.
TED MORRISON
NET
MARGIN
1996

BEGINS ON PAGE 152

Dowling
10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
X X
500
FILENAME/FILENAME
XX146
ASIA XX EUR-LA
INT
THE S&P
EDIT OK
PE
DAD
--
--

MARKET VALUE
SALES
12
MONTHS
1996
$ MIL.
PROFITABILITY
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1996
$ MIL.
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
10.4
FEB. 21
1997
$ MIL.
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
1033.8
25.2
19.7
923.1
5.4
61.1
15
13
340
SAFETY-KLEEN
14
409
WMX TECHNOLOGIES
16146.5
16.8
38.5
9187.0
0.9
477.8
23
0.8
15
442
EG&G
1047.3
3.6
32.5
1427.3
3.0
54.5
0.1
16
444
BROWNING-FERRIS INDUSTRIES
6715.9
8.5
20.0
5843.6
18.8
100.3
NM
NC
17
463
R.R. DONNELLEY
4586.8
15.3
6.5
6599.0
16.3
157.6
NM
NC
18
488
DUN & BRADSTREET
4275.6
6.3
20.5
2159.2
27.1
27.3
NM
NC
19
INC
COGNIZANT
5661.1
3.5 d
NA
1730.6
12
NA
195.5
120
NA
12633.1
14.1
1182.3
26
28.6
22 TELECOMMUNICATIONS
INDUSTRY AVERAGE
23006.4
16.9
78.9
21
TELLABS
7637.3
82.8
547.6
869.0
37
38.3
118.0
57.3
47
NORTHERN TELECOM
19339.4
56.7
153.0
12847.0
20
16.8
623.0
32
23.6
52
BELLSOUTH
46205.4
21.4
93.0
19040.0
6.2
2863.0
83
31.4
90
AMERITECH
35423.5
11.0
76.3
14917.0
11
8.2
2134.0
17.0
95
GTE
46108.3
13.7
75.4
21339.0
2.6
2798.0
37.1
102
SBC COMMUNICATIONS
34257.8
5.8
64.1
13898.2
10
9.1
2101.2
11
13.7
109
MCI COMMUNICATIONS
24314.0
20.8
34.2
18494.0
21
15.6
1237.0
126
18.1
116
PACIFIC TELESIS GROUP
17454.2
44.2
49.8
9588.0
0.8
1057.0
65.7
126
SPRINT
19046.5
22.5
54.6
14044.7
10
7.2
1190.9
26
32.0
10
161
US WEST COMMUNICATIONS GROUP
17057.8
12.9
69.5
10079.0
1.2
1215.0
39.5
11
167
FRONTIER
3518.8
29.8
9.5
2575.6
20
40.3
217.9
51
30.3
12
199
NYNEX
22973.9
4.4
63.4
13508.8
0.3
1346.0
26
30.3
13
206
AIRTOUCH COMMUNICATIONS
13719.8
14.5
11.7
2251.7
39
28.9
199.0
51
66.6
14
229
AT&T
64572.8
7.8
20.3
52184.0
11.7
5608.0
75
9.0
15
288
BELL ATLANTIC
30643.8
8.3
51.6
13081.4
0.1
1739.4
8.0
16
321
WORLDCOM
10771.8
30.2
86.7
4485.1
21
58.5
2188.9
NM
NC
17
341
ALLTEL
6565.0
6.2
39.4
3192.4
10.4
291.7
18
6.1
18
456
SCIENTIFIC-ATLANTA
1369.2
7.1
27.0
1088.5
15.0
21.1
57
1.1
19
484
DSC COMMUNICATIONS
2417.9
40.6
27.5
1380.9
25.3
7.6
NM
NC
20
INC
LUCENT TECHNOLOGIES
36731.6
NA
23797.0
11
NA
1083.0
NM
NA
81.7 e
23 TRANSPORTATION
INDUSTRY AVERAGE
BURLINGTON NORTHERN SANTA FE
7097.1
9.9
28.7
8108.5
5.4
475.1
43
21.2
12900.4
4.1
40.9
8187.0
33
20.6
889.0
349
28.8
67
175
AMR
204
UNION PACIFIC
208
US AIRWAYS GROUP
232
FEDERAL EXPRESS
233
CSX
253
CONRAIL
291
NORFOLK SOUTHERN
11153.7
14.0
36.6
323
SOUTHWEST AIRLINES
3442.7
19.7
33.5
3406.2
10
417
DELTA AIR LINES
5988.4
7.3
62.1
12952.0
7541.6
2.9
26.5
17753.0
4.2
1105.0
476
120.1
14834.1
32.2
56.3
8786.0
17
7.1
733.0
18
1.7
1292.4
19.3
64.3
8142.4
5.0
263.4
121
NC
5942.6
38.0
36.1
10817.9
10
10.0
308.2
24.9
10193.6
1.9
11.1
10536.0
5.8
855.0
38
29.0
8371.8
43.2
77.7
3714.0
2.1
342.0
30
9.8
2.2
770.4
11.4
19
13.7
207.3
14
9.5
2.1
249.0
51
NC
4770.0 y

Dowling
10
QPS
B
DOMESTIC
ASIA
EDIT OK
EURO/
INTLLA
X X
FILENAME/FILENAME
XX147
ASIA XX EUR-LA
INT
PE
DAD
--
--
INVESTMENT DATA
NET
MARGIN
1996
NET
MARGIN
1995
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
6.6
6.2
8.1
13.2
18
5.2
6.8
3.4
8.6
33
38/28
34
1.97
0.97
1.76
3.8
3.8
11.1
14.4
22
25/16
19
2.53
1.15
1.35
1.7
6.4
1.9
3.9
32
33/21
63
2.15
0.50
1.58
2.4
4.6
5.3
9.4
31
39/29
29
2.49
1.04
1.81
1.3
10.1
2.5
2.5
25
67/21
156
3.52
0.30
1.80
11.3
5.8
33.2
33.2
33
38/30
29
0.36
1.15
1.74
9.4
8.0
11.0
22.0
44
48/32
24
2.85
1.79
2.48
13.6
18.2
19.9
20.0
43
47/22
66
NA
0.64
1.19
4.8
4.4
9.5
12.7
75
77/45
31
0.70
2.40
3.03
15.0
8.7
13.4
21.6
47
48/35
16
3.09
2.88
2.79
14.3
15.0
18.2
28.8
65
67/50
17
3.50
3.87
4.20
13.1
12.8
12.3
40.2
48
49/38
17
3.93
2.89
3.18
15.1
14.9
17.1
30.7
57
60/46
16
3.03
3.46
3.73
6.7
3.6
7.4
10.5
36
38/22
21
0.14
1.73
1.84
11.0
11.6
11.7
40.3
41
42/26
16
3.09
2.47
2.46
8.5
7.4
10.4
14.2
44
46/35
16
2.26
2.79
2.55
12.1
12.5
12.7
31.0
36
38/27
14
6.03
2.55
2.54
8.5
6.8
13.1
19.9
22
33/20
16
3.86
1.32
1.59
10.0
8.0
7.6
19.9
52
59/42
17
4.52
3.08
3.86
19/13
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1996
17
2.03
1.05
ESTIMATED
EARNINGS
PER SHARE
1997
1.15
8.8
8.1
2.6
3.5
27
34/23
76
NA
0.36
0.52
10.7
6.3
19.4
26.6
40
69/33
11
3.31
3.47
3.48
13.3
13.9
12.7
23.9
70
75/55
18
4.11
3.96
4.70
48.8
7.2
0.5
1.2
26
29/18
NA
5.50
0.29
9.1
11.4
7.8
14.2
35
37/27
23
3.18
1.53
2.10
1.9
4.4
4.4
4.4
18
20/12
66
0.34
0.27
0.81
0.5
13.6
0.5
0.7
21
37/13
344
NA
0.06
0.90
4.6
4.0
21.0
30.8
58
61/30
35
0.52
1.66
2.08
5.9
4.5
6.5
13.5
58
66/47
16
1.82
3.70
5.21
10.9
3.2
8.9
15.6
84
90/76
15
1.42
5.70
6.86
6.2
1.1
10.3
20.9
83
98/75
NA
12.64
10.31
8.3
8.3
4.5
9.1
61
75/50
18
2.83
3.36
3.95
3.2
1.6
6.4
179.4
20
26/15
NA
2.69
2.56
2.8
3.2
7.5
11.2
52
53/34
19
NA
2.68
3.34
8.1
6.0
9.2
17.1
47
53/41
12
2.21
4.00
4.29
9.2
7.2
6.4
10.6
105
108/64
25
1.82
4.25
6.20
16.2
15.3
11.3
15.5
89
97/76
15
2.69
6.09
6.62
6.1
6.4
9.1
12.8
24
33/21
17
0.19
1.37
1.62
1.9
4.2
4.4
7.9
82
87/67
48
0.24
1.69
13.06
Switch H it
iny Tellabs (TLAB)
may seem a surprising
star of the telecom
sector. But a closer look at
the Lisle (Ill.) maker of
telephone transmission
equipment shows theres
no mystery. While phoneservice providers such as
AT&T and the Baby Bells
struggle against rivals,
Tellabs specializes in the
sophisticated computer
switching equipment they
all need to modernize
their networks. Shareholders couldnt be happier:
Tellabs 548% total return
for the past three years
ranked second among the
S&P 500 companies.
JOHN WILKES
12-MONTH
HIGH/LOW
$

BEGINS ON PAGE 152

Dowling
10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
X X
500
11
433
RYDER SYSTEM
12
486
CALIBER SYSTEM
FILENAME/FILENAME
XX148
ASIA XX EUR-LA
INT
THE S&P
EDIT OK
PE
DAD
--
--

MARKET VALUE
SALES
PROFITABILITY
FEB. 21
1997
$ MIL.
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1996
$ MIL.
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1996
$ MIL.
CHANGE
FROM
1995
%
3 YEAR
AVERAGE
CHANGE
%
2580.8
24.2
24.4
5519.4
9.5
31.3
NM
NC
923.0
42.8
58.6
2718.1
11
17.3
9.9
89
44.6
24 UTILITIES
INDUSTRY AVERAGE
5219.3
11.5
44.5
4459.3
11
6.4
416.2
9.8
36
PANENERGY
6625.1
49.8
106.8
7536.8
52
47.5
361.1
19
34.6
64
WILLIAMS
6529.0
31.0
167.5
3531.2
24
28.7
362.3
21
29.8
82
NORAM ENERGY
2041.2
62.5
107.0
4788.5 y
62
16.1
95.1
45
33.0
173
SONAT
4302.1
44.1
83.9
3394.9
74
23.6
201.2
5.0
174
ONEOK
795.3
40.7
82.2
1234.6 y
20
16.8
56.6
30
12.8
214
COLUMBIA GAS SYSTEM
3481.6
43.6
118.8
3354.0 y
27
0.7
221.6
NM
10.5
219
CONSOLIDATED NATURAL GAS
5000.8
24.8
41.7
3794.3 y
15
251
CINERGY
5499.1
19.1
69.3
3242.7
256
TEXAS UTILITIES
9068.4
3.8
31.3
6550.9
10
257
CENTRAL & SOUTH WEST
5243.7
0.5
14.0
11
262
NICOR
1712.3
26.4
45.3
12
290
PACIFICORP
6003.5
1.6
36.5
13
294
PEOPLES ENERGY
1193.7
13.1
14
296
SOUTHERN
14736.1
4.8
15
309
FPL GROUP
8367.6
2.2
56.4
16
315
AMERICAN ELECTRIC POWER
7865.6
1.7
17
320
UNICOM
4852.1
28.5
18
325
EDISON INTERNATIONAL
9644.5
33.6
19
328
PACIFIC ENTERPRISES
2625.9
16.4
20
334
OHIO EDISON
3490.0
1.6
21
346
ENTERGY
6110.0
2.7
3.4
22
351
DUKE POWER
9172.3
5.2
35.6
23
353
ENSERCH
1460.2
43.8
37.2
2142.6 y
24
354
CAROLINA POWER & LIGHT
5583.5
4.8
58.0
25
356
CONSOLIDATED EDISON CO. OF N.Y.
7401.9
1.8
31.8
26
361
HOUSTON INDUSTRIES
5735.1
6.4
33.8
4095.3 y
27
369
BALTIMORE GAS & ELECTRIC
4116.2
5.0
45.0
3153.2 y
28
376
EASTERN ENTERPRISES
687.8
2.9
58.9
1007.3
29
381
DOMINION RESOURCES
7267.7
1.9
19.6
4842.3 y
30
382
GPU
4183.5
8.8
46.2
31
385
PP&L RESOURCES
3696.6
2.2
19.9
32
388
NORTHERN STATES POWER
3246.0
2.2
35.8
33
411
PUBLIC SERVICE ENTERPRISE GROUP
6508.0
1.9
18.3
34
413
UNION ELECTRIC
3970.1
3.1
28.9
35
424
PECO ENERGY
4868.1
21.9
0.4
36
427
NIAGARA MOHAWK POWER
1606.1
36.9
31.0
37
441
DTE ENERGY
4408.0
8.3
38
447
PG&E
9234.0
6.3
6.3
298.3
1297
5.8 f
361.2
26.2 f
16
5.7
840.0
NM
19.3
5464.0 ay
46
12.6
15.2
1850.7 y
25
2.2
121.2
21
2.2
4293.8 y
26
6.9
504.9
6.3
34.1
1268.2
21
1.3
104.8
43
9.8
28.0
10323.8
12
7.1
1214.9
4.2
6036.8 y
4.2
603.2
8.4
51.7
5849.2
3.5
629.4
14.1
2.0
6937.0
9.7
747.5
91.8
46.7
8544.5 y
2.8
764.2
4.5
69.7
2563.0 y
4.9
210.0
3.7
37.7
2469.8
1.7
330.6
105.6
7163.5 y
14
15.7
499.0
11
1.9
4758.0 y
3.6
730.0
5.9
11
5.7
22.7
74
47.2
2995.7
1.5
391.3
5.5
6959.7
3.5
694.1
1.4
10
1.7
427.5
2.2
4.8
310.8
0.5
2.3
60.7
24.9
3.0
514.7
10
3.4
3918.1
3.0
342.8
29
11.5
2910.2 y
2.1
357.4
4.5
2654.2
3.4
274.5
9.5
6041.2 y
1.7
620.1
1.3
2260.4
3.6
304.9
0.6
14
1.2
15
20.7
447.0 a
7.4
4283.6
2.5
543.9
3986.0 a
0.2
164.1 a
34.1
3645.4
1.1
325.3
25
12.9
8.6
9610.0 y
3.6
755.2
44
7.2

Dowling
10
QPS
B
DOMESTIC
ASIA
EDIT OK
EURO/
INTLLA
X X
FILENAME/FILENAME
XX149
ASIA XX EUR-LA
INT
PE
DAD
--
--
INVESTMENT DATA
NET
MARGIN
1995
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
0.6
3.0
0.8
2.4
32
33/23
83
1.90
0.38
2.21
0.4
3.8
1.1
1.4
23
45/16
94
3.08
0.25
1.47
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1996
ESTIMATED
EARNINGS
PER SHARE
1997
9.3
9.6
5.7
9.9
33
37/27
14
5.11
2.34
2.56
4.8
6.1
8.4
15.0
44
47/28
18
2.19
2.39
2.60
10.3
10.5
4.7
10.5
42
43/31
19
2.50
2.17
2.39
2.0
2.2
4.5
9.7
15
16/8
21
1.88
0.70
0.83
5.9
9.9
8.4
13.1
50
57/31
21
2.17
2.33
2.65
4.6
4.2
7.3
13.1
29
31/21
14
4.12
2.06
2.06
6.6
16.4
6.2
14.3
63
66/43
15
0.95
4.12
4.55
7.9
0.6
8.7
13.8
53
60/42
17
3.68
3.16
3.35
11.1
12.5
6.5
12.0
35
36/28
16
5.16
2.12
2.54
12.8
0.9
4.8
10.5
40
44/39
12
5.20
3.35
3.37
8.2
11.3
3.7
7.5
25
30/23
17
7.00
1.46
2.24
6.5
6.7
9.7
16.5
34
37/25
14
3.84
2.42
2.43
11.8
14.8
4.9
10.6
20
23/20
13
5.30
1.62
1.67
8.3
7.0
8.5
14.9
34
37/30
11
5.51
3.00
2.53
11.8
13.0
6.1
10.5
22
26/21
13
5.94
1.68
1.80
10.0
10.7
7.2
11.8
46
48/42
14
4.21
3.33
3.46
10.8
10.3
5.9
11.5
42
45/39
13
5.73
3.14
3.23
10.8
10.6
4.9
9.5
23
35/22
7.11
3.09
2.72
8.9
9.4
4.8
10.0
22
23/15
14
4.49
1.64
1.71
8.2
8.4
6.9
12.7
31
33/25
13
4.66
2.37
2.30
13.4
13.2
5.6
10.6
23
25/19
11
6.56
2.10
2.16
7.0
8.9
2.7
5.5
27
30/25
15
6.76
1.83
2.56
15.3
15.3
7.5
12.3
46
53/43
14
4.66
3.37
3.59
1.1
0.7
0.5
1.1
21
24/14
131
0.95
0.16
0.53
13.1
12.4
7.1
13.5
37
39/34
14
5.10
2.66
2.80
10.0
11.1
6.8
11.4
32
35/26
11
6.67
2.93
2.93
10.4
11.5
5.4
9.2
23
25/21
14
6.63
1.66
1.91
9.9
11.5
4.6
8.5
28
30/25
15
5.74
1.85
2.32
6.0
6.4
7.3
14.2
34
40/31
11
4.72
2.97
2.87
10.6
10.1
4.4
8.2
40
44/37
15
6.39
2.65
3.24
8.7
12.7
4.5
8.2
35
36/30
14
5.60
2.47
3.21
12.3
12.7
5.4
10.4
23
26/22
11
7.30
2.05
2.06
10.3
10.7
6.6
11.0
47
53/45
12
5.87
3.82
3.82
10.3
11.5
5.4
9.6
28
32/25
12
7.75
2.42
2.68
13.5
14.0
6.7
11.1
39
44/36
14
6.53
2.86
3.09
12.7
15.1
5.4
9.5
22
33/22
10
8.23
2.24
2.23
4.1
3.6
1.9
4.0
11
11/7
13
NA
0.87
1.20
8.9
11.9
4.1
8.6
30
37/28
14
6.78
2.13
2.98
7.9
13.9
4.2
7.7
23
28/20
13
5.33
1.75
1.91
Power ing Up
ts a turnaround story.
Its a takeover stock.
And its a deregulation
play. Being at the heart of
three key trends has paid
off big for PanEnergy, a
star of the natural-gas industry. After suffering
steep losses in 1990, the
Houston pipeline company has charged back into
newly competitive markets
such as energy risk management and electricity
marketing. Now, a pending merger with Duke
Power will complete its
transformation into one of
the most successful energy-services giants to arise
out of deregulation.
CHIP SIMONS/FPG
NET
MARGIN
1996

BEGINS ON PAGE 152

Dowling
10
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B

Business Weeks Industry Rankings

1 AEROSPACE & DEFENSE

COOPER TIRE & RUBBER

GOODYEAR TIRE & RUBBER

FIRST BANK SYSTEM

FIRST CHICAGO NBD

FIFTH THIRD BANCORP

BANK OF NEW YORK

REPUBLIC NEW YORK

FLEET FINANCIAL GROUP

120 BUSINESS WEEK / MARCH 24, 1997

DISTRIBUTION: Sasseen, Kuntz, Dugan, Zucker,

FOOTNOTES TO TABLES APPEAR ON PAGE 119;

BUSINESS WEEK / MARCH 24, 1997 121

DISTRIBUTION: Sasseen, Kuntz, Dugan, Zucker,

Business Weeks Industry Rankings

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ROHM & HAAS

INTL. FLAVORS & FRAGRANCES

GREAT LAKES CHEMICAL

IKON OFFICE SOLUTIONS

122 BUSINESS WEEK / MARCH 24, 1997

DISTRIBUTION: Sasseen, Kuntz, Dugan, Zucker,

FOOTNOTES TO TABLES APPEAR ON PAGE 119;

BUSINESS WEEK / MARCH 24, 1997 123

DISTRIBUTION: Sasseen, Kuntz, Dugan, Zucker,

Business Weeks Industry Rankings

PROCTER & GAMBLE

CIRCUIT CITY STORES

FRUIT OF THE LOOM

ARMSTRONG WORLD INDUSTRIES

7 CONTAINERS & PACKAGING

CROWN CORK & SEAL

8 DISCOUNT & FASHION RETAILING

124 BUSINESS WEEK / MARCH 24, 1997

DISTRIBUTION: Sasseen, Kuntz, Dugan, Zucker,

FOOTNOTES TO TABLES APPEAR ON PAGE 119;

BUSINESS WEEK / MARCH 24, 1997 125

DISTRIBUTION: Sasseen, Kuntz, Dugan, Zucker,

Business Weeks Industry Rankings

FEDERATED DEPARTMENT STORES

PEP BOYS-MANNY, MOE & JACK

MAY DEPARTMENT STORES

DILLARD DEPARTMENT STORES

9 ELECTRICAL & ELECTRONICS

THOMAS & BETTS

NATIONAL SERVICE INDUSTRIES

ADVANCED MICRO DEVICES

128 BUSINESS WEEK / MARCH 24, 1997

DISTRIBUTION: Sasseen, Kuntz, Dugan, Zucker,

FOOTNOTES TO TABLES APPEAR ON PAGE 119;

BUSINESS WEEK / MARCH 24, 1997 129

DISTRIBUTION: Sasseen, Kuntz, Dugan, Zucker,

Business Weeks Industry Rankings

PIONEER HI-BRED INTERNATIONAL

WM. WRIGLEY JR.