BW 500 1998 PDF

B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
D: C M Y K 02 EDIT PASS
X X
XX142
ASIA XX EUR-LA
INT SCOREBD-500IND-13
PE
DAD
TD/JLM
JDE
THE S&P Business Weeks Industry Rankings
500
MARKET VALUE
FEB. 26
1999
$ MIL.
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1998
$ MIL.
PROFITABILITY
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1998
$ MIL.
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
1 AEROSPACE & DEFENSE

INDUSTRY AVERAGE
1
15074.5
11.5
42.8
20993.0
10
16.6
697.0
38
16.4
7634.2
40.9
115.7
4970.0
22
17.0
364.0
15
14.1
27878.3
40.8
142.2
25715.0 y
4.0
1255.0
17
18.7
2536.6
29.3
2.8
3950.8
17
23.9
228.1
102
24.1
BOEING
33411.2
33.4
8.8
56154.0
23
40.9
1120.0
NM
30.3
LOCKHEED MARTIN
14698.3
34.4
3.6
26266.0
4.7
1001.0
23
11.8
4288.1
54.0
7.0
8902.0
9.0
214.0
47
0.6
78
GENERAL DYNAMICS
88
UNITED TECHNOLOGIES
185
B. F. GOODRICH
207
351
413
NORTHROP GRUMMAN
2 AUTOMOTIVE
INDUSTRY AVERAGE
21087.5
3.0
107.1
49800.1
8.7
3872.7
84
20.4
72480.5
60.1
215.7
144416.0
2.0
22071.0
219
72.7
NAVISTAR INTERNATIONAL
2846.6
41.6
324.7
8012.0
19
9.5
322.0
86
36.8
112
PACCAR
3270.4
30.3
102.3
7894.8
17
20.5
416.8
21
22.6
169
DANA
6255.2
28.8
35.7
12463.6
20.0
534.1
67
20.9
302
GENERAL MOTORS
54081.7
23.2
86.6
161315.0 y
1.5
2956.0
53
17.3
332
GOODYEAR TIRE & RUBBER
7181.2
32.0
3.5
12623.2
1.2
682.3
31
2.1
350
COOPER TIRE & RUBBER
1496.9
12.8
18.7
1876.1
8.3
127.0
4.9
1034.3
26
FORD MOTOR
29
3
4
3 BANKS
INDUSTRY AVERAGE
22138.1
8.0
130.8
8053.4
19.7
19.9
27
MBNA
18230.7
2.7
202.7
4828.3 a
14
28.1
726.3 a
24
31.1
41
BB&T
11014.3
24.4
191.6
3074.0
11
25.0
501.8
39
36.3
50
STATE STREET
12321.8
25.1
249.6
3741.0 y
57
U.S. BANCORP
23451.5
14.0
79.5
61
FIRSTAR
18320.1
44.3
322.0
68
FIRST UNION
52365.2
4.5
92.8
16394.0 y
72
BANK ONE
63263.8
2.1
82.6
24252.0 y
75
WACHOVIA
17266.6
9.5
97.9
5893.4
24
20.3
435.9
15
21.7
7030.9
28.9
1327.4
58
24.3
3345.4
13
71.1
430.1
16
58.7
23.7
2891.0
31.0
52.9
3108.0
38.2
12
18.6
874.2
47
10.9
77
NORTHERN TRUST
9939.8
18.8
255.0
2319.4 y
15
13.3
353.9
14
17.4
10
82
MELLON BANK
17712.5
10.9
164.2
5136.0 y
11
19.0
870.0
13
7.7
11
83
NATIONAL CITY
22802.1
10.2
121.5
6981.1
10
24.0
1070.7
24.6
12
90
FIFTH THIRD BANCORP
17633.5
26.9
203.1
2637.9
23.0
476.1
20.1
13
95
SOUTHTRUST
6699.0
0.1
149.2
2875.9
16
22.3
368.6
20
22.6
14
104
CHASE MANHATTAN
67522.0
31.1
139.1
28901.0
6.5
3782.0
12.0
15
110
REGIONS FINANCIAL
8377.3
2.2
78.8
2935.9
14
32.9
421.7
32.6
16
113
PNC BANK
15813.2
4.1
87.4
17
121
FLEET FINANCIAL GROUP
24368.2
11.0
126.4
18
124
SUNTRUST BANKS
21816.5
6.4
98.8
19
125
AMSOUTH BANCORPORATION
5550.2
28.2
193.2
1615.7 a
20
132
WELLS FARGO
60419.1
8.5
115.2
21
138
BANK OF NEW YORK
27011.3
21.4
188.4
22
139
SYNOVUS FINANCIAL
6364.3
2.6
187.4
1262.1 y
23
146
MERCANTILE BANCORPORATION
7181.6
15.9
65.4
2729.4
24
161
SUMMIT BANCORPORATION
6711.4
20.1
65.9
2415.9
7328.0 y
11
5.6
1115.0
36.0
8138.0 ay
12
3.1
1452.0 a
14.5
6989.3
10
26.8
5.3
19052.0 y
43.0
5300.0 y
2.0
8
12
971.0
23.1
262.7 a
16
25.1
1950.0
22
33.8
1192.0
9.2
11.7
187.1
13
17.8
23.1
375.3
52
15.5
13.0
465.8
26
24.9
142 BUSINESS WEEK / MARCH 29, 1999
DISTRIBUTION: Comes, Sasseen, Beuke, Kuntz,

Byrnes, Tergesen, + 2 extra to Jespersen
BIG: Morrison, Jespersen, Rosenberg, J Mandel
10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX143
ASIA XX EUR-LA
BANK 13
PE
DAD
TD/JLM
JDE
nkings
INVESTMENT DATA
NET
MARGIN
1998
NET
MARGIN
1997
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1998
ESTIMATED
EARNINGS
PER SHARE
1999
3.3
2.6
9.7
13.9
59
83 /43
20
2.05
2.97
3.94
7.3
7.8
15.4
17.2
60
62 /40
21
1.46
2.86
3.08
4.9
4.4
17.9
25.3
124
127 /72
25
1.16
5.05
5.79
5.8
3.4
8.5
14.6
34
56 /27
11
3.22
3.04
3.50
2.0
0.4
6.1
9.1
36
56 /29
31
1.57
1.15
1.77
3.8
4.6
6.2
16.3
38
59 /35
14
2.34
2.63
3.38
2.4
4.4
3.8
7.4
62
139 /57
20
2.57
3.07
6.13
7.8
4.0
10.5
56.0
47
62 /33
2.21
5.86
4.86
15.3
4.5
14.9
93.8
59
67 /39
3.10
17.76
5.29
4.0
2.6
11.3
38.8
43
44 /17
0.00
4.66
4.31
5.3
5.1
9.1
23.4
42
66 /37
1.91
5.30
5.10
4.3
2.7
10.4
18.7
38
62 /31
12
3.29
3.20
4.47
1.8
3.7
2.5
19.7
83
94 /47
20
2.42
4.18
8.67
5.4
4.0
13.3
18.6
46
77 /45
11
2.61
4.31
4.39
6.8
6.8
11.8
14.6
20
25 /15
12
2.13
1.64
1.77
12.8
14.3
8.1
13.9
56
68 /38
24
2.36
2.39
3.39
15.0
13.8
8.6
31.4
24
28 /14
25
1.16
0.97
1.16
16.3
13.0
6.7
18.2
38
41 /26
22
1.85
1.71
1.94
11.7
12.6
13.5
18.9
77
79 /48
29
0.73
2.66
3.03
18.9
12.9
6.4
22.2
32
47 /26
18
2.41
1.78
2.23
12.9
17.3
8.2
12.2
84
94 /54
43
1.43
1.95
3.37
17.6
17.2
8.3
16.6
53
66 /41
18
3.53
2.95
4.02
12.8
12.8
7.2
15.1
54
66 /36
21
3.13
2.61
3.95
14.8
11.3
7.5
16.7
85
97 /73
20
2.30
4.18
4.97
15.3
15.3
10.4
18.0
89
92 /56
29
1.07
3.04
3.45
16.9
16.6
9.8
19.0
68
80 /45
21
2.13
3.25
3.61
15.3
17.6
7.0
15.2
70
78 /57
22
2.98
3.22
4.58
18.1
19.1
13.1
15.0
66
75 /48
38
1.21
1.76
2.35
12.8
12.4
9.5
13.5
40
45 /25
18
2.20
2.25
2.52
13.1
13.6
8.6
15.5
80
83 /36
19
1.81
4.24
5.13
14.4
15.5
12.0
14.1
38
46 /29
20
2.63
1.88
2.60
15.2
16.0
5.8
18.2
52
67 /39
14
3.15
3.60
3.88
17.8
18.4
7.7
14.9
43
47 /30
17
2.52
2.52
2.87
13.9
15.4
6.9
11.9
68
88 /54
22
2.03
3.04
3.91
16.3
14.8
12.1
18.3
47
50 /31
22
2.13
2.17
2.46
10.2
13.9
4.6
9.2
37
44 /28
31
2.01
1.17
2.22
22.5
21.5
13.5
21.8
35
41 /24
23
1.60
1.53
1.72
14.8
14.2
15.7
18.4
24
26 /17
34
1.23
0.70
0.80
13.8
10.1
9.4
12.2
46
58 /39
19
2.98
2.41
3.05
19.3
16.3
7.4
17.1
39
54 /31
15
3.11
2.63
2.85
GARY BUSS/FPG
Bank Eat Bank

hat a year for the
banks. As if big
losses from risky
overseas and hedge-fund
loans werent enough, the
industry was rocked by
mergers. Half of the six
bank names on last years
BW 50 no longer exist.
Of the three on this years
list, none is a big moneycenter bank. Credit-card
giant MBNA was No. 27,
followed by hot regional
BB&T at No. 41 and
No. 50 State Street,
known for its high-tech
processing skills.
FOOTNOTES TO TABLES APPEAR ON PAGE 141;

ALPHABETICAL INDEX OF COMPANIES
BEGINS ON PAGE 168
BUSINESS WEEK / MARCH 29, 1999 143

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
PE
XX144
ASIA XX EUR-LA
TD/JLM
DAD
--JDE
500
MARKET VALUE
FEB. 26
1999
$ MIL.
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
0.6
175.8
25
183
COMERICA
10327.1
26
184
KEYCORP
14591.6
5.0
88.1
27
221
BANKBOSTON
11928.1
16.5
80.7
28
224
HUNTINGTON BANCSHARES
29
242
BANKAMERICA
30
267
UNION PLANTERS
31
301
J. P. MORGAN
32
370
33
372
INC
INC
PROVIDIAN FINANCIAL
12
MONTHS
1998
$ MIL.
2940.6 y
PROFITABILITY
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1998
$ MIL.
1.1
607.1
6473.0
3.6
6780.0
11
4.3
13.5
6714.4
0.1
96.7
2287.6
113777.7
2.3
89.5
47428.0
4.3 e
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
14
15.0
996.0
9.0
792.0
10
8.0
301.8
5165.0
21
5.7 e
8.4
6131.5
24.0
62.2
2526.3 a
41.3
193.4 a
36
27.7
19502.1
3.4
51.4
13389.0 y
11.5
963.0
34
9.2
REPUBLIC NEW YORK
4860.5
23.6
60.7
3234.0 y
10.1
248.0
45
3.8
BANKERS TRUST
8315.2
23.1
54.2
11471.0 y
14
16.8
6.0
NM
NC
14390.6
170.6
NA
2108.8
73
NA
296.4
55
NA
4 CHEMICALS
INDUSTRY AVERAGE
10798.5
14.4
12.4
6142.1
2.0
363.9
26
16.4
239
AIR PRODUCTS & CHEMICALS
7366.4
22.1
27.0
4958.8
8.9
512.7
11.8
248
ROHM & HAAS
5181.5
6.1
43.9
3720.0 y
1.2
453.0
10
15.5
256
PRAXAIR
5511.7
26.0
4.4
14.5
425.0
20.2
311
DUPONT
57756.8
14.3
43.8
24767.0 z
19.7
1648.0
15
26.0
325
DOW CHEMICAL
21774.3
11.6
37.1
18441.0 y
2.7
1310.0
28
10.9
366
INTERNATIONAL FLAVORS & FRAGRANCES
4381.3
7.2
9.6
1407.3
0.7
203.8
4.5
386
MORTON INTERNATIONAL
4360.3
11.2
37.8
2498.3 y
11.3
189.9
18
16.1
393
UNION CARBIDE
5841.3
3.3
3.3
5659.0
13
0.6
403.0
40
21.0
8648.0
15
0.6
250.0
NM
NC
4481.0 y
3.7
249.0
13
23.7
4833.0
398
MONSANTO
27530.2
10.7
91.2
10
434
EASTMAN CHEMICAL
3742.0
25.6
28.3
11
435
NALCO CHEMICAL
1842.0
27.9
3.5
1573.5
10
9.1
37.9
77
31.0
12
460
GREAT LAKES CHEMICAL
2301.5
7.0
35.2
1394.3
14.9
48.6
32
44.8
13
470
HERCULES
2601.6
41.2
50.9
2145.0
15
4.6
9.0
97
66.2
INC
INC
W. R. GRACE
987.8
32.7
NA
1463.4
NA
145.7
NM
NA
5 CONGLOMERATES
INDUSTRY AVERAGE
38750.0
8.8
33.7
327794.2
30.8
180.1
ALLIEDSIGNAL
23172.1
1.3
55.3
203
TEXTRON
12462.0
5.8
108.9
217
TRW
5658.3
11.6
17.3
11886.5
272
EG&G
1183.7
0.4
19.7
323
HARCOURT GENERAL
3254.1
13.9
348
PALL
2636.1
4.0
376
ALLEGHENY TELEDYNE
4065.8
21.4
422
TENNECO
5193.9
24.6
10
456
IKON OFFICE SOLUTIONS
2079.7
56.1
62.2
44
162
3
4
GENERAL ELECTRIC
16116.0
5.6
1227.1
17
1.3
11
13.4
9296.0
13
12.3
2.0
1331.0
14
15.0
12
3.5
443.0
19
0.7
10
7.7
476.8
NM
13.0
1407.9
0.0
102.0
233
14.1
10.5
4309.4
13
12.2
136.6
NM
9.8
16.3
1119.0
7.9
80.9
19
18.2
54.5
3923.4
0.4
241.2
27
0.4
31.3
7597.0
3.7
255.0
29
13.5
5636.5
14.0 e
91.4
NM
NC
100469.0 y
15128.0
9683.0 y
6 CONSUMER PRODUCTS
INDUSTRY AVERAGE
24093.2
4.9
79.6
9944.4
5.5
767.0
9.5
38
MAYTAG
5061.4
26.3
202.0
4069.3
19
10.5
286.5
56
44.1
80
CLOROX
12271.8
36.7
194.8
2834.2 y
11.1
317.5
20
14.5

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX145
ASIA XX EUR-LA
GE 13
PE
DAD
TD/JLM
JDE
nkings
INVESTMENT DATA
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1998
18.1
7.1
19.4
66
73 /47
18
2.17
3.72
4.14
15.4
15.2
4.9
16.2
32
45 /23
14
3.23
2.23
2.45
11.7
14.4
7.5
16.2
40
59 /26
15
3.17
2.64
3.17
13.2
13.0
5.2
13.6
32
35 /22
23
2.52
1.41
1.95
10.9
14.2
5.6
11.2
65
88 /44
23
2.76
2.90
4.67
7.7
13.0
4.7
6.5
45
64 /40
29
4.43
1.58
3.46
7.2
11.3
2.3
8.2
111
149 /72
24
3.55
4.71
6.69
NET
MARGIN
1998
NET
MARGIN
1997
20.6
ESTIMATED
EARNINGS
PER SHARE
1999
7.7
14.0
2.8
7.0
45
73 /36
22
2.30
2.07
3.83
0.1
8.6
0.2
0.8
87
136 /45
229
4.60
0.38
5.41
14.1
15.7
16.2
36.9
102
109 /28
50
0.20
2.04
3.17
5.9
8.0
5.3
12.6
41
60 /34
25
2.27
1.65
2.28
10.3
10.3
10.2
18.5
32
45 /29
14
2.12
2.35
2.29
12.2
10.3
23.7
29.8
31
39 /26
12
2.30
2.52
2.00
8.8
8.8
7.3
17.7
35
54 /31
13
1.60
2.60
2.56
6.7
5.9
10.2
14.7
51
84 /51
36
2.73
1.43
2.79
7.1
9.0
10.5
17.1
98
101 /75
17
3.54
5.76
4.95
14.5
15.3
21.2
21.3
41
50 /32
22
3.69
1.90
2.08
7.6
9.1
11.3
13.0
36
36 /21
24
1.44
1.50
1.67
7.1
10.4
9.5
16.5
44
56 /37
15
2.05
2.91
1.96
2.9
3.9
2.2
5.0
46
64 /34
111
0.26
0.41
0.84
5.6
6.1
6.9
12.9
47
73 /40
15
3.73
3.13
2.55
2.4
11.4
2.2
3.8
28
41 /26
70
3.56
0.40
2.10
3.5
5.5
3.1
4.4
39
54 /36
47
0.82
0.82
2.42
0.4
17.4
0.7
1.3
28
51 /25
275
3.93
0.10
2.30
10.0
6.0
40.7
44.8
13
87 /10
0.00
1.95
1.40
7.6
7.1
10.0
22.3
43
53 /32
23
2.26
1.88
2.38
9.3
9.0
9.4
25.0
100
105 /69
36
1.40
2.80
3.20
8.8
8.1
20.5
26.5
41
48 /33
18
1.64
2.32
2.63
4.6
4.3
5.4
13.4
78
81 /52
29
1.67
2.68
3.98
4.0
0.4
14.3
25.4
47
60 /43
12
2.79
3.83
4.35
7.2
2.1
20.7
27.0
27
34 /19
12
2.11
2.22
1.57
3.2
3.8
4.6
14.7
46
62 /42
19
1.75
2.41
2.33
7.2
6.4
9.1
10.5
21
27 /19
33
3.02
0.65
1.03
6.1
8.2
14.1
18.0
21
30 /14
17
3.10
1.22
1.66
3.4
5.0
4.5
9.6
30
48 /28
20
4.01
1.51
2.37
1.6
2.1
3.1
7.3
14
36 /5
18
1.13
0.80
0.69
7.7
8.5
15.7
22.0
49
61 /35
30
1.82
1.61
2.33
7.0
5.4
25.4
56.4
56
66 /40
18
1.28
3.05
3.43
11.2
9.9
19.3
27.9
118
133 /79
39
1.22
3.01
3.22
Maytag Repair
eres proof that you
dont have to be in a
glamour industry to
achieve glamorous results:
Maytag, the $4.1 billion
appliance maker, climbed
from No. 136 in last
years rankings to No. 38.
Strong consumer demand
and innovative products
helped raise earnings an
average 44% over three
years, while return on equity reached 56% last
year. Thanks to an agreement with Sears, Roebuck
to carry its appliances
including the new highmargin, front-loading
NeptuneMaytag should
keep cleaning up.

BEGINS ON PAGE 168

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
PE
XX146
ASIA XX EUR-LA
TD/JLM
DAD
--JDE
500
3
89
111
ECOLAB
ANHEUSER-BUSCH
114
COLGATE-PALMOLIVE
117
PROCTER & GAMBLE
149
8
9
MARKET VALUE
FEB. 26
1999
$ MIL.
TOTAL
RETURN
(1 YEAR)
SALES
TOTAL
RETURN
(3 YEARS)
PROFITABILITY
12
MONTHS
1998
$ MIL.
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1998
$ MIL.
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
5162.4
40.1
174.4
1888.2
15
11.9
154.5
15
16.2
36650.7
66.9
147.7
11245.8
2.7
1233.3
10.6
24852.1
5.9
128.3
8971.6
2.5
848.6
15
63.9
118712.8
6.8
128.3
37602.0
2.7
3956.0
11.8
PEPSICO
55443.0
4.3
34.5
22348.0
8.4
1993.0
34
11.7
164
COCA-COLA ENTERPRISES
10459.1
6.0
231.1
13414.0
19
27.2
142.0
17
22.8
167
GILLETTE
59833.8
0.9
105.3
10056.0
12.9
1081.0
24
13.0
10
174
BROWN-FORMAN
4522.7
21.0
80.0
2004.6
10.6
197.8
8.1
11
180
VF
5842.2
3.1
92.1
5478.8
2.6
388.3
11
33.2
12
196
COCA-COLA
157275.8
6.1
62.7
18813.0
1.4
3533.0
14
7.0
13
201
ADOLPH COORS
2172.8
93.1
225.2
1899.5
4.2
79.6
17
25.7
14
218
PHILIP MORRIS
95203.4
6.6
33.7
57813.0
2.9
5372.0
15
0.6
15
222
AVON PRODUCTS
10927.4
20.3
120.2
5212.7
5.1
270.0
20
1.1
16
238
CIRCUIT CITY GROUP
5448.2
40.9
85.2
8894.8
16
9.8
118.8
13.6
17
280
WHIRLPOOL
3307.8
33.2
15.6
10323.0
20
6.7
310.0
NM
18.4
18
293
UST
5497.6
12.1
3.6
1423.2 x
2.4
455.3
1.2
19
326
ALBERTO-CULVER
1368.5
20.4
39.1
1853.9
9.7
82.0
13.4
20
341
NIKE
15096.2
23.2
68.7
8949.6
17.8
238.2
70
18.2
21
344
LIZ CLAIBORNE
2176.9
31.8
11.1
2535.3
7.0
169.4
10.9
22
403
TANDY
5568.6
26.0
164.5
4787.9
11
7.2
61.3
67
30.5
23
426
FRUIT OF THE LOOM
914.8
60.5
50.0
2170.3
4.3
135.9
NM
NC
24
445
ARMSTRONG WORLD INDUSTRIES
1968.8
35.3
9.0
2746.2
25
5.3
9.3
NM
NC
25
450
RJR NABISCO HOLDINGS
8871.8
14.8
1.3
17037.0
1.9
577.0
NM
NC
26
479
REEBOK INTERNATIONAL
910.2
48.3
38.4
3224.6
12
1.8
23.9
82
44.1
27
484
RUSSELL
704.7
26.5
26.2
1180.1
0.6
10.4
NM
NC
INC
INC
SEAGRAM
18382.8
24.0
42.6
9667.0
NA
625.0
124
NA
7 CONTAINERS & PACKAGING

INDUSTRY AVERAGE
3161.9
11.0
41.2
4258.5
7.9
110.3
34
7.6
195
AVERY DENNISON
5449.4
8.1
110.7
3459.9
3.6
223.3
15.9
282
BALL
1289.8
30.3
47.7
2896.4
21
4.3
32.0
45
56.3
357
BEMIS
1780.4
22.6
18.6
1848.0
7.3
111.4
9.1
360
TEMPLE-INLAND
3332.5
2.9
59.6
3740.1
2.9
67.7
33
40.7
368
OWENS-ILLINOIS
3718.9
37.6
47.3
5306.3
14
13.0
122.1
55
6.0
415
CROWN CORK & SEAL
3400.4
47.1
36.6
8300.0
16.3
105.1
65
11.4
22993.4
29.1
175.2
20220.3
11
15.9
733.1
30
28.7
8 DISCOUNT & FASHION RETAILING

INDUSTRY AVERAGE
1
GAP
36875.4
117.9
456.8
9054.5
39
26.8
824.5
54
31.0
13
HOME DEPOT
87969.9
87.4
318.6
30219.0
25
24.9
1614.0
39
29.5
19
TJX
35
WAL-MART STORES
37
43
47
8974.0
47.7
423.3
7949.1
31.3
433.2
41
98.6
191495.0
86.9
314.2
137634.0
17
13.6
4430.0
26
17.2
LOWE'S
20916.3
103.6
288.2
12244.9
21
19.8
482.4
35
28.1
DAYTON HUDSON
27640.3
63.1
423.2
30951.0 y
12
9.6
962.0
20
47.9
KOHL'S
10915.9
72.1
346.1
3681.8
20
24.5
192.3
36
38.3

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX147
ASIA XX EUR-LA
RETAIL13
PE
DAD
TD/JLM
JDE
nkings
INVESTMENT DATA
NET
MARGIN
1998
NET
MARGIN
1997
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1998
ESTIMATED
EARNINGS
PER SHARE
1999
8.2
8.2
18.2
23.6
40
41 /26
35
1.05
1.15
1.30
11.0
10.7
13.7
28.9
77
78 /45
30
1.46
2.53
2.80
9.5
8.2
18.7
39.9
85
99 /65
33
1.30
2.61
2.88
10.5
9.9
20.0
30.0
90
95 /65
33
1.27
2.70
2.84
8.9
7.1
19.1
32.1
38
45 /28
29
1.38
1.31
1.33
1.1
1.5
1.2
5.8
31
42 /23
89
0.52
0.35
0.30
10.8
14.2
15.7
22.2
54
63 /35
57
0.95
0.95
1.44
9.9
9.5
21.5
22.5
66
77 /54
23
1.79
2.86
3.22
7.1
6.7
14.6
18.2
49
55 /33
16
1.73
3.10
3.34
18.8
21.9
41.3
44.9
64
89 /54
45
1.00
1.42
1.48
4.2
3.8
9.1
10.4
60
66 /31
28
1.01
2.12
2.33
9.3
11.2
17.6
33.2
39
60 /35
18
4.50
2.20
3.26
5.2
6.7
51.7
94.7
42
46 /25
41
1.73
1.02
1.67
1.3
1.6
5.7
6.9
54
64 /29
46
0.26
1.19
2.16
3.0
0.5
8.4
15.5
44
75 /41
11
3.13
4.06
4.19
32.0
31.3
67.2
78.9
30
36 /25
12
5.68
2.44
2.67
4.4
4.4
11.5
15.1
24
32 /20
18
1.08
1.37
1.46
2.7
8.0
6.6
7.4
53
55 /31
65
0.90
0.82
1.92
6.7
7.7
16.7
16.7
34
55 /25
13
1.34
2.57
3.00
1.3
3.5
5.1
6.5
56
64 /37
103
0.72
0.54
2.65
6.3
18.0
9.7
24.8
13
38 /12
0.00
1.88
2.24
0.3
8.4
0.5
1.0
49
90 /47
214
3.90
0.23
5.89
3.4
2.4
3.1
6.8
27
36 /21
14
7.51
1.91
2.09
0.7
3.7
2.1
4.5
16
33 /13
38
0.00
0.42
1.20
0.9
4.4
1.1
1.6
20
34 /18
67
2.87
0.29
1.66
6.5
2.7
3.1
5.2
46
50 /25
25
1.43
1.84
0.67
2.6
4.1
5.4
6.3
40
55 /32
31
2.33
1.30
2.28
6.5
6.1
17.2
26.8
54
62 /39
25
1.79
2.15
2.39
1.1
2.4
1.5
4.4
42
49 /29
46
1.43
0.91
2.60
6.0
5.7
10.3
16.6
34
47 /33
16
2.70
2.09
2.23
1.8
1.4
1.1
3.3
60
67 /43
50
2.14
1.21
1.61
2.3
5.8
1.3
4.3
24
49 /24
34
NA
0.71
2.35
1.3
3.6
1.3
2.7
28
55 /24
39
3.60
0.71
2.49
3.6
3.1
14.1
18.1
43
52 /26
24
1.03
1.79
1.95
9.1
8.2
39.8
52.4
65
67 /28
47
0.21
1.37
1.60
5.3
4.8
15.7
18.5
60
62 /32
56
0.20
1.06
1.29
5.5
4.1
29.8
35.1
29
32 /16
22
0.42
1.29
1.48
3.2
3.0
13.6
21.0
86
90 /47
43
0.36
1.98
2.22
3.9
3.5
10.9
15.4
59
60 /24
44
0.20
1.36
1.60
3.1
2.9
9.3
19.2
63
66 /31
31
0.64
2.04
2.25
5.2
4.6
13.0
16.5
69
71 /34
58
NA
1.18
1.39
CHRIS SORENSEN/STOCK MARKET
Strong Stuff
fter hints of returning to strength a
year ago, retailers
have roared back. Seven
retailers made it to this
years BW 50. Gap
climbed 14 places to
No. 3. Even giant
Wal-Mart hit the list at
No. 35. Whats behind the
renaissance? Improved
merchandising helps.
But with jobs plentiful
and optimism running
high, consumers are
spending freely.

BEGINS ON PAGE 168

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX148
ASIA XX EUR-LA
PE
TD/JLM
FILENAME/FILENAME
DAD
--
500
MARKET VALUE
FEB. 26
1999
$ MIL.
TOTAL
RETURN
(1 YEAR)
SALES
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1998
$ MIL.
PROFITABILITY
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1998
$ MIL.
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
54
LIMITED
8033.9
26.9
119.4
9346.9
5.9
2053.6
845
17.2
56
STAPLES
13561.6
108.8
283.5
7123.2
24
33.6
185.4
10
38.0
10
58
COSTCO
17525.4
64.3
365.6
24838.2
11
10.3
466.2
23
31.9
11
66
DOLLAR GENERAL
6277.9
1.9
235.8
3221.0
23
22.3
182.0
26
27.3
12
134
AUTOZONE
5249.9
15.7
35.9
3468.6
24
22.3
231.7
13
17.0
13
193
MAY DEPARTMENT STORES
13249.2
0.4
49.4
13413.0 y
6.9
849.0
6.4
14
209
NORDSTROM
5714.3
41.6
83.9
5027.9 y
5.9
206.7
11
9.5
15
225
KMART
8626.3
32.1
150.0
33674.0
0.4
518.0
108
NC
16
249
FEDERATED DEPARTMENT STORES
7994.5
18.7
26.0
15833.0 y
1.8
685.0
19
110.1
17
275
CONSOLIDATED STORES
18
336
SEARS, ROEBUCK
19
367
20
21
22
2757.8
38.8
51.4
4193.7
41.7
109.4
27
14.0
15563.4
21.9
5.3
41322.0
6.0
1072.0
10
0.7
J. C. PENNEY
9186.9
46.7
14.2
30678.0 y
13.4
594.0
9.8
394
DILLARD'S
2657.1
29.8
19.3
7464.3 by 12
436
PEP BOYSMANNY, MOE & JACK
1124.0
27.7
37.3
2337.9 b
464
TOYS 'R' US
3545.7
46.2
40.8
11170.0
7.7
172.2 b
33
6.8
17
15.0
3.9 b
NM
NC
6.3
132.0
NM
NC
9 ELECTRICAL & ELECTRONICS

INDUSTRY AVERAGE
1
32
SOLECTRON
40
INTEL
148
EMERSON ELECTRIC
170
HONEYWELL
175
RAYTHEON
212
PERKIN-ELMER
284
TEXAS INSTRUMENTS
333
355
10
11
16118.7
3.0
48.4
6353.4
5.8
346.7
37
3.5
10632.3
84.8
268.6
6097.1
52
39.2
217.8
27
35.9
199935.0
33.9
309.9
26273.0
17.8
6068.0
13
20.8
25122.2
8.1
57.1
13702.4
10.1
1248.7
10.1
8807.8
10.4
38.5
8426.7
8.0
572.0
21
19.4
18007.1
7.8
11.7
19840.0
45
18.3
864.0
64
1.1
4718.9
30.6
111.1
1382.5
22
5.6
65.1
70
10.5
34844.0
54.5
266.7
8460.0
13
12.5
407.0
35
31.1
COOPER INDUSTRIES
4526.2
19.8
23.3
3651.2
12.1
335.9
5.4
GENERAL INSTRUMENT
4983.4
76.0
73.4
1987.8
13
5.8
55.5
NM
NC
379
THERMO ELECTRON
2193.9
66.3
62.2
3867.6
19.6
176.8
26
9.8
382
THOMAS & BETTS
2365.4
24.7
24.8
2230.4
20.9
87.5
46
13.1
12
383
ANDREW
1253.5
45.2
34.6
840.4
6.9
98.7
11
9.4
13
395
EATON
4953.4
26.0
28.6
6625.0
12
0.1
349.0
25
1.2
14
399
RAYCHEM
1772.8
46.9
28.0
1774.4
3.7
131.5
46
25.5
15
400
NATIONAL SERVICE INDUSTRIES
1325.9
40.8
0.2
2062.7
1.1
107.8
4.1
16
401
KLA-TENCOR
4549.9
12.3
115.9
926.1
21
19.0
24.9
82
34.1
17
405
MOTOROLA
42162.5
27.4
32.7
29398.0
3.2
962.0
NM
NC
18
424
AMP
11637.1
23.6
34.6
5482.0
1.9
2.0
NM
79.0
19
438
LSI LOGIC
20
448
MICRON TECHNOLOGY
21
451
22
453
23
3636.4
9.2
6.3
1490.7
16
5.4
131.6
NM
NC
14250.7
73.6
80.4
2850.9
24
5.3
289.5
NM
NC
HARRIS
2485.1
37.3
0.3
3748.4
2.6
117.9
46
8.1
ROCKWELL INTERNATIONAL
8434.3
10.4
22.0
6758.0
7.0
35.0
NM
NC
466
MILLIPORE
1224.8
25.1
35.0
699.3
7.2
9.9
NM
51.5
24
468
ADVANCED MICRO DEVICES
2597.2
23.9
7.7
2542.1
2.8
104.0
NM
NC
25
481
TEKTRONIX
913.5
55.5
32.6
1933.1
5.7
13.7
NM
NC
26
492
NATIONAL SEMICONDUCTOR
1753.8
56.0
32.8
2139.7
22
5.4
389.3
NM
NC

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX149
ASIA XX EUR-LA
PE
TD/JLM
SOLE13
DAD
--
nkings
INVESTMENT DATA
NET
MARGIN
1997
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
22.0
2.4
69.0
88.1
36
2.6
2.9
9.7
11.2
29
1.9
1.7
11.6
15.6
5.7
5.5
24.6
6.7
7.3
11.3
6.3
6.1
4.1
3.8
1.5
0.8
5.4
8.7
18
4.3
3.7
7.7
12.8
38
2.6
2.1
7.4
9.3
25
46 /16
26
0.00
0.97
1.55
2.6
2.9
5.7
18.9
41
65 /39
15
2.27
2.74
3.68
1.9
1.9
3.9
7.5
36
79 /36
16
6.04
2.19
3.02
NET
MARGIN
1998
ESTIMATED
EARNINGS
PER SHARE
1999
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1998
39 /21
1.69
8.32
1.68
33 /14
72
NA
0.41
0.66
80
86 /41
39
NA
2.06
2.28
24.6
30
38 /20
35
0.43
0.85
1.02
17.8
35
38 /21
23
NA
1.51
1.70
10.8
21.6
59
71 /50
17
2.25
3.46
3.81
11.4
16.6
40
44 /22
29
0.80
1.41
1.63
21 /11
17
0.00
1.01
1.20
56 /33
13
NA
3.06
3.30
2.3
3.9
3.1
6.2
25
45 /24
16
0.64
1.56
2.88
0.2
5.0
0.3
0.5
18
27 /12
304
1.43
0.06
0.99
1.2
4.4
3.2
4.0
14
31 /14
28
0.00
0.50
1.64
5.5
9.1
5.1
9.9
46
64 /30
45
1.36
1.04
2.29
3.6
4.3
13.1
17.1
45
47 /18
50
NA
0.90
1.13
23.1
27.7
26.4
27.1
120
144 /66
35
0.13
3.45
4.67
9.1
9.1
17.3
20.9
57
67 /54
20
2.26
2.82
3.01
6.8
5.9
14.7
22.3
70
96 /59
16
1.66
4.48
4.98
4.4
3.9
5.2
8.2
53
61 /41
21
1.50
2.53
3.75
4.7
3.4
9.9
11.2
95
115 /55
74
0.72
1.28
3.21
4.8
3.1
5.4
6.2
89
105 /45
87
0.38
1.02
2.96
9.2
9.1
8.0
15.5
44
70 /37
15
3.02
2.93
3.49
2.8
0.9
3.7
3.7
29
41 /16
89
NA
0.33
0.93
4.6
6.7
3.6
8.0
14
43 /13
13
0.00
1.04
1.22
3.9
7.2
4.8
8.6
42
64 /33
27
2.69
1.54
3.29
11.7
12.6
17.9
19.7
15
29 /10
13
0.00
1.14
1.23
5.3
6.1
10.7
17.0
69
100 /58
14
2.54
4.80
5.85
7.4
13.5
9.8
17.0
23
45 /21
14
1.58
1.60
1.80
5.2
5.4
15.6
18.4
32
61 /30
13
3.98
2.55
2.72
2.7
11.9
2.1
2.1
52
65 /21
179
0.00
0.29
0.57
3.3
4.0
6.5
7.9
70
74 /38
44
0.68
1.61
1.96
0.0
8.0
0.1
0.1
53
54 /28
NM
2.03
0.01
2.19
8.8
12.5
6.4
8.7
26
30 /11
28
0.00
0.93
0.72
10.2
8.5
5.2
7.5
58
81 /20
43
0.00
1.34
0.20
3.1
5.6
4.9
7.2
31
55 /28
21
3.08
1.48
2.64
0.5
6.2
1.1
1.5
44
62 /32
317
2.30
0.14
2.91
1.4
5.1
2.3
7.2
28
38 /17
127
1.58
0.22
1.11
4.1
0.9
3.2
5.4
18
33 /13
25
0.00
0.72
0.25
0.7
3.5
1.8
2.3
20
48 /14
53
2.46
0.37
2.24
18.2
9.9
18.8
23.2
11
25 /7
0.00
2.36
0.50
LARRY GILPIN/TONY STONE IMAGES
High-Tech Road
ittle-know Solectron,
No. 32, is among the
worlds best high-tech
manufacturers. Never
heard of it? The name
means plenty to the likes
of Hewlett-Packard, IBM,
Cisco Systems, and Dell.
Theyve outsourced
enough work to Solectron
to fuel earnings growth
averaging 36% over three
years. The contract manufacturer has mastered
rapid delivery of custom
orders. As product cycles
grow tighter, it should be
in even more demand.

BEGINS ON PAGE 168

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX150
ASIA XX EUR-LA
PE
TD/JLM
FILENAME/FILENAME
DAD
--
500
MARKET VALUE
FEB. 26
1999
$ MIL.
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
PROFITABILITY
12
MONTHS
1998
$ MIL.
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1998
$ MIL.
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
10 FOOD
INDUSTRY AVERAGE
13579.1
7.2
93.9
12455.9
5.0
440.4
55
4.7
SAFEWAY
28066.5
65.6
286.6
24484.2
15.8
806.7
30
34.9
122
GENERAL MILLS
12335.6
15.5
54.3
6128.7
5.6
511.5
31
17.0
154
SYSCO
9416.1
21.8
80.2
16152.5
7.9
333.9
7.9
158
ALBERTSON'S
13996.7
23.3
61.2
16005.1
8.2
567.2
10
6.6
178
WM. WRIGLEY JR.
10798.2
23.6
66.3
2004.7
4.6
304.5
12
11.5
182
H. J. HEINZ
19718.2
0.9
74.2
9308.6
0.7
746.9
188
FRED MEYER
9969.7
44.6
432.6
12892.2 b 115
58.1
189
SARA LEE
24796.3
2.0
78.2
31
2
3
19985.0
2.9
91
1.6
NM
NC
1190.0
NM
11.5
4.8 b
204
AMERICAN STORES
9227.1
34.9
140.9
19651.1
2.4
330.9
33
0.1
10
205
KROGER
16542.9
53.1
248.5
28203.3
5.6
449.8
13.5
11
211
BESTFOODS
13412.9
9.4
54.5
8374.3
0.3
640.1
49
4.2
12
215
HERSHEY FOODS
8908.6
5.3
73.0
4435.6
6.5
340.9
8.1
13
254
CONAGRA
14711.3
2.5
51.9
24154.3
0.8
635.6
18.6
14
286
RALSTON PURINA
8484.2
16.6
30.2
4628.0
13.2
427.7
14
9.1
15
290
PIONEER HI-BRED INTERNATIONAL
5642.2
31.0
36.6
1832.0
5.4
246.0
9.9
16
294
SUPERVALU
2911.6
4.8
64.2
17517.1
1.9
188.6
19
8.1
17
309
QUAKER OATS
7442.9
3.4
71.6
4842.5
6.3
284.5
NM
22.7
18
322
KELLOGG
15003.5
10.9
5.2
6762.1
0.8
502.6
11
1.4
19
334
CAMPBELL SOUP
17883.7
26.5
43.1
6507.0
5.1
629.0
25
2.7
20
369
WINN-DIXIE STORES
6511.9
16.7
38.4
13866.0
3.2
161.9
24
12.2
21
381
ARCHER DANIELS MIDLAND
8955.1
28.4
6.2
16040.0
7.5
360.3
21
22.3
22
392
GREAT ATLANTIC & PACIFIC TEA
INC
INC
UNILEVER NV
1208.4
5.1
45.2
10256.2
0.4
34.7
53
2.5
46374.4
14.3
128.6
NA
NA
NA
NA
NA
NA
21642.4
27.1
11.5
16766.7
18
5.2
476.6
63
1.0
806.1
42.8
1.3
628.7
14
25.5
84.8
77.6
26510.4
34.8
38.9
11815.6
17.0
1014.2
27
20.0
6857.0
2.2
79.8
7368.2
24
11.8
482.9
21
16.3
161814.7
6.9
82.4
103060.0 y
16
0.9
6440.0
24
1.1
50153.8
2.0
52.0
29956.0 x
26
0.6
1976.0
39
28.2
6039.5
38.2
21.9
21726.0 x
39
23.9
310.0
32
32.0
726.8
69.4
20.7
64841.1
18.5
66.5
2847.1
21.5
12522.9
37.9
11 FUEL
INDUSTRY AVERAGE
1
259
HELMERICH & PAYNE
263
SCHLUMBERGER
279
COASTAL
292
EXXON
304
CHEVRON
315
USX-MARATHON GROUP
324
ROWAN
363
MOBIL
390
SUNOCO
10
396
HALLIBURTON
11
408
ASHLAND
12
417
TEXACO
13
420
OCCIDENTAL PETROLEUM
14
425
BAKER HUGHES
15
439
ROYAL DUTCH PETROLEUM
16
444
BURLINGTON RESOURCES
15.1
124.5
20
42.4
53566.0 z
706.4
19
6.3
1704.0
48
8.6
14.8
8583.0 z
18
2.7
280.0
NC
8.5
17353.1 y
49.7
14.7
NM
NC
3309.2
18.2
30.5
6581.0
41
16.1
140.0
33
33.4
24889.3
13.7
29.2
31707.0 y
32
2.9
603.0
77
2.8
5188.8
38.7
26.7
6596.0
18
15.2
325.0
50
22.3
5882.4
55.1
28.6
6311.9
12
36.4
297.4
NM
NC
94081.0
16.9
39.9
56215.0
27
4.7
210.0
96
60.4
5742.5
26.7
7.5
1637.0
18
26.2
86.0
73
41.9

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX151
ASIA XX EUR-LA
PE
TD/JLM
SAFE13
DAD
--
nkings
INVESTMENT DATA
NET
MARGIN
1998
NET
MARGIN
1997
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1998
ESTIMATED
EARNINGS
PER SHARE
1999
3.5
2.4
15.6
22.8
47
55 /36
30
1.64
1.54
1.98
3.3
2.8
15.2
29.0
58
62 /34
36
NA
1.59
1.81
8.3
6.7
28.6
259.3
81
85 /59
25
2.73
3.22
3.92
2.1
2.1
13.9
23.5
28
30 /20
29
1.42
0.99
1.06
3.5
3.5
13.2
21.3
57
67 /44
25
1.19
2.30
2.69
15.2
14.0
26.6
26.6
93
104 /71
35
0.86
2.63
2.82
8.0
4.3
13.9
33.2
55
62 /49
27
2.51
2.03
2.63
0.0
1.8
0.1
0.2
64
65 /37
357
0.00
0.18
1.95
6.0
2.9
25.0
57.4
27
32 /22
22
1.84
1.23
1.26
1.7
1.3
5.7
12.3
34
39 /23
28
1.07
1.20
1.45
1.6
1.7
16.6
NM
65
67 /40
38
0.00
1.70
2.29
7.6
5.1
20.7
66.4
47
61 /43
22
2.09
2.15
2.45
7.7
7.8
17.1
35.3
62
76 /54
27
1.54
2.34
2.51
2.6
2.8
10.3
20.8
30
34 /23
23
2.38
1.32
1.65
9.2
8.2
13.1
28.4
27
39 /26
20
1.49
1.32
1.31
13.4
13.4
20.8
21.0
24
43 /22
24
1.70
0.98
1.16
1.1
1.4
7.9
14.9
24
29 /20
16
2.19
1.55
1.72
5.9
18.6
27.3
132.6
55
66 /51
28
2.09
1.97
2.57
7.4
8.3
20.1
56.5
37
45 /29
30
2.54
1.23
1.46
9.7
12.5
31.0
91.0
40
63 /40
29
2.24
1.39
1.90
1.2
1.6
11.4
11.8
44
59 /29
41
2.33
1.08
1.22
2.2
3.1
3.8
5.5
15
23 /15
25
1.32
0.61
0.82
0.3
0.7
1.9
3.8
32
35 /22
35
1.27
0.91
1.86
NA
NA
NA
NA
72
88 /56
NA
1.39
NA
3.03
2.8
6.2
1.7
6.0
36
55 /33
110
2.73
0.33
1.55
13.5
16.9
10.0
10.6
16
34 /16
10
1.72
1.69
1.12
8.6
12.0
8.9
12.5
49
86 /40
27
1.54
1.81
1.70
6.6
4.1
6.3
14.2
32
39 /25
15
0.78
2.21
2.29
6.2
6.9
12.7
14.7
67
77 /62
26
2.46
2.60
2.80
6.6
8.0
9.0
11.2
77
90 /73
26
3.17
3.01
3.15
1.4
2.9
3.1
7.9
21
41 /20
20
4.06
1.05
1.54
17.6
22.5
12.0
17.0
33 /9
0.00
1.43
0.25
3.2
5.0
7.1
8.7
83
91 /62
40
2.74
2.10
3.14
3.3
2.5
10.6
16.2
30
44 /30
10
3.29
2.95
3.15
0.1
4.7
0.3
0.4
29
57 /25
950
1.75
0.03
1.29
2.1
1.9
3.9
6.8
45
58 /42
25
2.47
1.81
3.97
1.9
5.7
2.9
4.6
47
65 /46
45
3.87
1.04
2.12
4.9
2.7
3.3
8.8
15
30 /15
17
6.67
0.88
0.15
4.7
4.0
5.8
9.2
18
44 /15
20
2.56
0.92
0.60
0.4
6.3
0.5
0.6
44
60 /40
27
3.11
1.65
1.73
5.3
16.0
1.8
2.8
32
50 /29
67
1.70
0.48
0.73
JON RILEY/TONY STONE IMAGES
Food Fighter
t Safeway, if the
soup isnt selling, its
gone. By chopping
slow-moving items and
paring costs, the supermarket giant, No. 31, has
hiked earnings at a 35%
average for three years.
Another reason it returned 66% to investors
last year: Its a leader
in the industrys consolidation. With Wal-Mart
pushing into the food biz,
Safeway has to keep
filling its shopping cart
with acquisitions.

BEGINS ON PAGE 168

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX152
ASIA XX EUR-LA
PE
TD/JLM
FILENAME/FILENAME
DAD
--
500
MARKET VALUE
FEB. 26
1999
$ MIL.
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1998
$ MIL.
11545.0
PROFITABILITY
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1998
$ MIL.
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
17
446
PHILLIPS PETROLEUM
9858.5
18.6
21.2
24
4.6
237.0
75
21.0
18
462
UNOCAL
6788.7
23.6
0.3
5479.0 y
10
6.4
130.0
81
15.6
19
472
UNION PACIFIC RESOURCES GROUP
2244.4
59.5
64.2
1841.0 y
21
7.8
883.1
NM
NC
20
474
ANADARKO PETROLEUM
21
476
ATLANTIC RICHFIELD
22
478
23
487
24
491
3361.8
14.3
2.5
17
9.8
42.2
NM
NC
17551.8
26.5
13.1
10303.0
560.2 y
28
14.3
655.0
NM
NC
AMERADA HESS
4100.3
22.3
9.0
6590.0
20
3.1
458.9
NM
NC
APACHE
1949.1
40.8
21.3
26
6.7
131.4
NM
NC
KERR-M C GEE
1350.2
56.1
47.9
9.7
227.2
NM
NC
875.7 y
1395.7
12 HEALTH CARE
INDUSTRY AVERAGE
36128.7
22.5
115.8
9047.9
14
16.7
806.8
6.3
81972.7
47.8
314.8
8077.0
19
16.9
1756.0
22
18.6
10
SCHERING-PLOUGH
12
WARNER-LAMBERT
56469.4
42.4
336.8
10213.7
25
13.2
1254.0
44
18.3
16
MERCK
192510.5
29.7
159.7
26898.2
14
17.5
5248.2
14
16.6
25
ELI LILLY
103918.8
45.2
225.9
9236.8
16
10.7
2096.3
17.1
42
BRISTOL-MYERS SQUIBB
125127.5
27.5
215.7
18284.0
10.0
3141.0
19.3
45
AMGEN
31780.7
135.1
109.0
2718.2
13
11.4
863.2
34
14.6
51
WALGREEN
31933.4
75.4
298.3
15838.0
15
14.0
554.0
24
18.6
53
PFIZER
171227.0
50.2
314.2
13544.0
23
9.2
1950.0
7.9
60
CVS
20654.1
43.9
294.4
15273.6
11
44.2
396.4
418
7.8
10
64
ABBOTT LABORATORIES
70333.5
25.6
133.5
12477.8
7.6
2333.2
11
11.4
11
67
CARDINAL HEALTH
19639.2
32.4
170.8
16621.5 y
25
25.0
284.4
12
27.7
12
86
M C KESSON HBOC
6781.7
31.2
169.8
26152.4 y
29
38.3
129.4
17
45.6
13
101
ALZA
4579.4
39.8
61.6
14
106
MEDTRONIC
34559.6
33.5
149.9
15
108
AMERICAN HOME PRODUCTS
78421.3
29.1
157.5
13462.7
16
116
BIOMET
4120.6
23.5
96.1
705.3
17
128
C. R. BARD
18
129
JOHNSON & JOHNSON
19
150
20
223
21
584.5
26
20.8
112.3
NM
14.9
3700.2 y
22
21.5
470.4
5.5
0.3
2474.3
21
13.2
17
11.2
134.2
15
15.8
3104.5
64.6
67.2
1164.7
0.9
252.3
249
34.4
114823.6
14.8
90.4
23657.0
7.6
3059.0
9.0
RITE AID
10705.0
29.2
175.9
12357.3
14
36.8
204.7
19
13.5
PHARMACIA & UPJOHN
27688.8
39.8
41.2
6893.0
1.7
691.0
114
7.3
230
BAXTER INTERNATIONAL
20112.8
26.8
79.1
6599.0
9.7
315.0
10.8
22
261
LONGS DRUG STORES
1409.4
16.2
71.5
3266.9
11
7.0
63.4
10
9.8
23
273
BECTON, DICKINSON
8341.6
6.1
68.4
3184.2
11
4.7
248.4
19
1.4
24
274
GUIDANT
17097.4
55.7
381.0
1897.0
43
26.8
2.2
NM
NC
25
305
HUMANA
2922.1
31.2
28.6
9781.0
22
26.7
129.0
25
16.3
26
321
ST. JUDE MEDICAL
2114.6
31.2
33.4
1016.0
10.4
129.1
136
3.2
27
331
TENET HEALTHCARE
6104.5
47.2
10.5
10251.0
10
21.2
386.0
NM
1.9
28
340
SIGMA-ALDRICH
2653.7
32.6
5.5
1194.3
7.7
166.3
8.5
29
349
BAUSCH & LOMB
3383.0
37.5
67.3
2362.8
23
6.1
25.2
49
39.3
30
353
MALLINCKRODT
2207.0
18.4
16.6
2533.0 y
30
9.1
108.7
NM
13.3
31
358
UNITED HEALTHCARE
9243.9
18.7
24.2
17355.0 y
47
42.1
166.0
NM
NC
32
377
ALLERGAN
5350.3
137.9
130.3
1296.1
13
5.9
90.2
NM
NC
33
388
COLUMBIA/HCA HEALTHCARE
11536.6
33.9
50.6
18681.0
1.7
532.0
192
34.0

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX153
ASIA XX EUR-LA
PE
TD/JLM
DRUG13
DAD
--
nkings
INVESTMENT DATA
NET
MARGIN
1997
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1998
ESTIMATED
EARNINGS
PER SHARE
1999
2.1
6.3
2.7
5.1
39
53 /38
43
3.52
0.91
1.98
2.4
11.0
2.5
5.9
28
42 /28
52
2.84
0.54
0.92
48.0
20.0
19.8
121.3
25 /8
2.24
3.57
0.20
7.5
15.9
1.8
3.9
28
45 /25
67
0.73
0.41
0.00
6.4
9.3
5.3
8.7
55
85 /54
27
5.22
2.05
1.95
NET
MARGIN
1998
7.0
0.1
8.2
14.8
45
61 /44
1.32
5.12
0.45
15.0
13.2
4.0
6.7
20
39 /18
15
1.40
1.34
0.48
16.3
11.6
10.2
17.0
29
73 /29
6.29
4.78
1.78
8.9
9.4
12.9
22.7
52
62 /35
47
0.78
1.11
1.92
21.7
21.3
43.8
43.9
56
58 /36
47
0.79
1.18
1.38
12.3
10.6
26.6
36.5
69
86 /50
46
1.16
1.48
1.93
19.5
19.5
27.7
41.8
82
82 /56
38
1.33
2.15
2.46
22.7
25.2
30.2
46.5
95
97 /58
51
0.97
1.87
2.30
17.2
19.2
35.4
41.6
63
68 /44
41
1.37
1.54
2.03
31.8
26.8
33.6
33.7
62
67 /26
38
0.00
1.64
1.82
3.5
3.2
18.8
18.8
32
34 /16
58
0.41
0.55
0.60
14.4
18.8
21.3
22.6
132
135 /84
89
0.67
1.48
2.48
2.6
0.6
11.7
12.9
53
58 /33
54
0.43
0.98
1.48
18.7
17.6
34.7
43.4
46
50 /35
31
1.47
1.51
1.69
1.7
1.9
9.9
12.8
72
83 /52
47
0.14
1.53
2.06
0.5
0.8
4.3
7.7
68
96 /52
53
0.35
1.28
2.95
19.2
56.2
8.2
24.7
53
56 /34
42
0.00
1.26
1.55
12.7
16.9
16.1
16.2
71
89 /48
81
0.37
0.87
1.91
18.4
14.4
18.3
26.4
60
61 /44
32
1.51
1.85
1.91
19.0
19.2
16.6
18.3
37
41 /26
31
0.33
1.19
1.48
21.7
6.0
34.7
44.5
56
57 /32
13
1.35
4.51
2.22
12.9
14.6
20.3
21.9
85
90 /67
38
1.17
2.23
2.98
1.7
2.3
3.3
7.0
41
51 /30
54
1.11
0.76
1.78
10.0
4.8
10.9
12.0
55
60 /38
42
1.98
1.31
1.82
4.8
4.9
5.6
11.7
70
71 /52
65
1.65
1.09
2.84
1.9
2.0
9.7
9.9
36
45 /26
22
1.55
1.64
1.81
7.8
10.7
10.1
14.7
34
50 /31
36
1.02
0.94
1.57
0.1
11.3
0.3
0.4
57
60 /30
405
0.04
0.14
1.35
1.3
2.2
5.1
7.6
18
32 /12
23
0.00
0.77
1.47
12.7
5.5
10.8
16.7
25
40 /19
17
0.00
1.50
1.74
3.8
0.2
3.8
10.0
20
41 /19
16
0.00
1.24
1.94
13.9
14.7
14.0
14.0
26
42 /25
16
1.10
1.64
1.77
1.1
2.6
1.0
3.0
60
64 /38
134
1.72
0.45
2.68
4.3
10.7
5.5
10.4
31
40 /20
21
1.49
1.48
2.27
1.0
3.9
5.0
5.3
49
74 /30
44
0.06
1.12
2.93
7.0
11.2
10.1
13.0
82
87 /35
59
0.69
1.38
2.50
2.8
1.0
3.8
7.0
18
35 /17
22
0.45
0.82
1.32
DENNIS GALANTE/FPG
In the Pink
y successfully fusing
hefty research dollars with big marketing budgets, pharmaceutical makers have
produced a stream of
blockbusters. For the
third year running, thats
allowed the industry to
grab more than its share
of spots atop the BW 50.
Schering-Plough led at
No. 10, thanks to 22%
margins and the continued strength of its $2.3
billion antihistamine Claritin. At No. 12, WarnerLambert vaulted 48 spots.
Its Lipitor cholesterol reducer helped earnings
grow 44%.

BEGINS ON PAGE 168

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX154
ASIA XX EUR-LA
PE
TD/JLM
FILENAME/FILENAME
DAD
--
500
34
402
HEALTHSOUTH
35
409
BOSTON SCIENTIFIC
36
452
HCR MANOR CARE
MARKET VALUE
SALES
PROFITABILITY
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1998
$ MIL.
4914.8
57.0
33.6
4006.1
28
10412.4
11.3
10.4
2233.6
22
24.8
264.4
NM
NC
2479.2
49.0
17.4
2209.1
57.9
13.7
91
37.0
FEB. 26
1999
$ MIL.
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1998
$ MIL.
CHANGE
FROM
1997
%
25.5
46.6
86
3 YEAR
AVERAGE
CHANGE
%
13.7
13 HOUSING & REAL ESTATE

INDUSTRY AVERAGE
3646.6
9.5
52.7
71
CENTEX
2189.2
1.2
160.0
81
MASCO
8932.1
2.0
95.4
4345.0
133
KAUFMAN & BROAD HOME
899.8
12.4
53.8
2449.4
181
PULTE
1038.7
6.4
64.5
2866.5 y
250
PPG INDUSTRIES
9117.5
17.6
20.5
270
FLEETWOOD ENTERPRISES
1131.0
29.4
28.5
300
SHERWIN-WILLIAMS
4138.8
26.8
18.9
414
OWENS CORNING
1725.8
4.7
20.2
4406.0
12
11.8
174.9
20
27.4
4749.0 y
25
14.3
207.8
60
62.0
16
14.3
476.0
24
33.1
30
19.0
95.3
64
47.5
14
11.6
101.1
103
21.5
7510.0
2.1
801.0
12
0.9
3384.8
15
6.5
110.9
15.8
4934.4
15.0
272.9
11.1
5009.0
15
11.8
666.0
NM
NC
14 LEISURE TIME INDUSTRIES

INDUSTRY AVERAGE
14576.7
9.1
37.7
6002.1
3.8
439.5
27
9.2
CARNIVAL
26497.4
52.6
227.0
3009.3
23
14.2
835.9
25
22.3
136
M C DONALD'S
57502.5
56.4
73.0
12421.4
8.1
1550.1
3.0
213
DARDEN RESTAURANTS
3030.7
63.8
81.6
3409.6
1.8
120.9
NM
99.9
216
WALT DISNEY
72874.3
5.2
64.1
23226.0
20.6
1717.0
13
9.6
236
EASTMAN KODAK
21444.9
3.4
0.6
13406.0
4.2
1390.0 27700
39.3
265
HASBRO
4843.7
3.1
66.1
3304.5
5.1
206.4
289
KING WORLD PRODUCTIONS
1892.1
0.9
33.2
705.2
5.8
143.4
2.4
291
HARRAH'S ENTERTAINMENT
1693.4
20.8
38.5
2004.0
24
7.6
121.7
13
14.9
295
MARRIOTT INTERNATIONAL
8739.9
NA
7968.0
10
6.7
390.0
20
15.3
10
318
BRUNSWICK
2106.3
31.3
1.0
3945.2
11.2
178.6
18
6.9
11
328
VIACOM
31187.5
84.1
125.2
12096.1
13
1.9
43.5
NM
NC
12
338
MATTEL
7735.8
37.0
1.9
4781.9
9.2
332.3
15
4.6
13
362
WENDY'S INTERNATIONAL
2979.2
11.6
36.6
1948.2
4.1
123.4
1.7
14
364
HILTON HOTELS
4123.6
22.4
0.9
1769.0
20
6.4
188.0
4.2
15
385
AMERICAN GREETINGS
1656.3
47.0
7.7
2205.3
4.2
177.0
16.3
16
406
TRICON GLOBAL RESTAURANTS
9505.1
118.0
NA
8468.0
13
6.1
445.0
NM
NC
17
429
MIRAGE RESORTS
3517.8
14.7
15.6
1523.7
4.6
85.2
59
18.6
18
488
POLAROID
1050.3
46.7
43.0
1845.9
14
6.1
51.0
NM
NC
33
3.7 c
53
4.7
15 MANUFACTURING
INDUSTRY AVERAGE
1
85
INGERSOLL-RAND
87
ILLINOIS TOOL WORKS
94
JOHNSON CONTROLS
99
TYCO INTERNATIONAL
105
DANAHER
118
NEWELL
163
CATERPILLAR
6845.6
12.9
47.4
5142.7
4.7
249.9
13
9.1
7830.7
1.4
82.9
8291.5
17
12.5
509.1
34
21.7
17191.9
15.7
114.7
5647.9
9.9
672.8
15
20.2
5220.7
12.6
80.8
13403.6
17
16.3
352.1
52
18.4
48287.2
47.3
315.7
13443.4
27
25.4
910.3
NM
NC
6512.8
34.3
185.4
2910.0
17
26.3
182.9
21.7
6910.5
5.8
61.0
3720.0
12
14.4
396.2
35
20.5
16342.9
14.5
45.8
20977.0
11
9.8
1513.0
11.2

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX155
ASIA XX EUR-LA
PE
TD/JLM
CARN13
DAD
--
nkings
INVESTMENT DATA
NET
MARGIN
1998
NET
MARGIN
1997
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
DIVIDEND
YIELD
EARNINGS
PER SHARE
1998
ESTIMATED
EARNINGS
PER SHARE
1999
106
0.00
0.11
1.07
PE
RATIO
1.2
11.0
0.7
1.3
12
31 /8
11.8
7.2
19.1
32.2
27
41 /20
39
NA
0.68
1.03
0.6
7.0
0.7
1.1
22
48 /22
186
NA
0.12
2.05
4.0
5.6
3.4
15.2
31
45 /25
41
1.52
0.76
3.10
4.4
3.4
13.3
18.3
37
46 /26
11
0.44
3.36
3.96
11.0
10.2
12.0
17.9
26
33 /21
19
1.68
1.39
1.58
3.9
3.1
6.4
20.1
23
35 /17
10
1.33
2.32
3.12
3.5
2.0
6.8
11.0
24
36 /20
10
0.67
2.30
2.70
10.7
9.7
19.8
27.8
52
77 /49
12
2.92
4.48
4.03
3.3
3.4
12.3
20.0
32
48 /25
10
2.22
3.10
3.27
5.5
5.3
10.9
15.9
24
38 /19
15
2.00
1.57
1.73
13.3
1.4
108.5
NM
32
47 /26
0.94
12.44
4.43
7.3
5.9
9.2
11.7
34
44 /23
27
1.15
1.27
1.77
27.8
27.2
14.9
20.4
45
49 /19
32
0.81
1.40
1.63
12.5
14.4
10.0
17.0
43
43 /25
38
0.46
1.11
1.41
3.5
2.2
9.2
12.1
22
23 /13
27
0.36
0.82
1.02
7.4
8.8
5.5
8.6
35
43 /23
43
0.60
0.82
0.86
10.4
0.0
31.8
35.5
66
89 /60
16
2.66
4.24
5.04
6.2
4.2
8.8
10.6
25
27 /19
25
0.97
1.01
1.38
20.3
21.0
15.9
15.9
26
31 /21
14
0.00
1.90
2.14
6.1
6.6
4.4
14.7
17
26 /11
14
NA
1.19
1.41
4.9
4.5
11.4
15.3
36
41 /19
25
0.56
1.46
1.64
4.5
4.1
8.7
12.7
21
36 /12
12
2.35
1.80
2.37
0.4
3.5
0.5
0.8
88
90 /48
442
NA
0.20
1.04
6.9
6.0
11.6
17.8
26
47 /21
24
1.21
1.10
1.50
6.3
6.4
8.1
11.5
24
25 /18
25
1.00
0.95
1.23
10.6
12.4
2.4
5.0
16
36 /13
22
0.51
0.71
0.82
8.0
8.5
9.6
13.1
24
54 /22
10
3.21
2.46
2.95
5.3
1.1
18.9
NM
62
63 /28
22
NA
2.84
2.67
5.6
14.8
2.2
5.3
20
27 /13
43
0.00
0.45
1.15
2.8
5.9
7.4
12.9
24
46 /17
21
2.51
1.15
1.60
4.9
6.0
8.4
13.2
41
59 /30
23
1.86
1.81
2.73
6.1
5.4
9.2
19.9
48
54 /34
15
1.26
3.08
3.42
11.9
11.2
15.7
20.2
69
73 /45
26
0.87
2.67
2.98
2.6
2.0
11.4
16.5
62
65 /41
16
1.63
3.79
4.03
6.8
4.9
6.3
12.5
74
80 /40
48
0.13
1.55
2.80
6.3
7.1
11.3
14.2
48
55 /28
37
0.12
1.32
1.78
10.7
8.8
12.0
21.0
43
55 /36
18
1.88
2.38
2.09
7.2
8.8
10.4
29.5
46
61 /39
11
2.63
4.11
3.64
COLIN PRIOR/TONY STONE IMAGES
Cruisin'
teaming into the
No. 33 berth is Carnival, the $3 billion
cruise ship operator. A
newcomer to the S&P 500,
Carnival managed strong
sales and earnings growth
in the past year and
turned in margins of
28%. It stoked the engines with acquisitions,
including Cunard Line,
and new capacity, such as
the Paradisebilled as
the only smoke-free cruise
ship on the Caribbean.
With baby boomers entering their prime cruise
years, Carnival should
have the wind at its back
for some time.

BEGINS ON PAGE 168

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX156
ASIA XX EUR-LA
PE
TD/JLM
FILENAME/FILENAME
DAD
--
500
MARKET VALUE
FEB. 26
1999
$ MIL.
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1998
$ MIL.
PROFITABILITY
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1998
$ MIL.
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
199
CRANE
1882.9
15.1
58.9
2268.5
11
8.6
138.4
23
22.0
219
PARKER HANNIFIN
4027.1
19.0
67.2
4852.7
11
12.4
315.3
11.9
10
228
BRIGGS & STRATTON
1132.3
13.2
22.7
1432.5
4.7
92.1
59
0.5
11
234
NACCO INDUSTRIES
12
255
CORNING
13
260
14
278
15
298
MINNESOTA MINING & MFG.
16
312
DEERE
17
320
AEROQUIP-VICKERS
18
345
JOSTENS
19
352
20
21
714.4
31.8
63.7
12385.3
34.2
105.5
2536.2
13
4.2
102.3
66
16.6
3532.4 y
1.8
327.5
20
2.3
M C DERMOTT INTERNATIONAL
1176.3
49.0
DOVER
7564.9
10.9
9.2
3325.4
1.4
232.1
2430
198.4
58.6
3977.7
0.8
326.4
3.0
29767.7
10.7
27.4
7593.7
40.5
11.6
15021.0
3.9
1213.0
43
1.1
13435.0 y
9.3
868.0
12
7.0
1562.9
0.6
99.2
2149.5
829.6
3.6
15.8
770.9
4.4
100.3
1.5
4.7
41.8
27
6.9
FORTUNE BRANDS
5151.6
21.8
8.0
4797.2
5.7
293.6
607
28.3
359
STANLEY WORKS
2159.1
48.0
8.0
365
RUBBERMAID
4958.7
16.4
25.7
2729.1
1.2
137.8
NM
30.6
2553.7
2.8
82.9
42
9.6
22
384
FMC
23
389
APPLIED MATERIALS
24
418
MILACRON
25
421
TIMKEN
26
428
ITT INDUSTRIES
27
431
CUMMINS ENGINE
28
442
29
30
1693.5
29.3
29.9
4378.4
0.3
185.3
NM
3.6
20462.4
51.1
211.2
3476.5
24
0.4
113.0
84
35.5
696.5
41.0
34.5
1514.7
4.3
75.4
9.2
1098.7
43.3
14.7
2679.8
6.6
114.5
33
2.7
4245.2
16.0
58.2
4492.7
24.0
97.6
NM
NC
1570.3
27.3
4.0
6266.0
11
6.2
21.0
NM
NC
TUPPERWARE
1010.0
31.7
NA
1082.8
12
7.6
69.1
16
29.4
458
SNAP-ON
1863.9
31.7
1.5
1838.6 y
10.9
4.8
NM
NC
461
CASE
1441.4
69.8
62.8
6149.0 y
6.9
64.0
84
38.9
31
467
BLACK & DECKER
4283.5
2.3
49.7
4559.9
1.3
754.8
NM
NC
32
473
SPRINGS INDUSTRIES
592.7
38.7
16.3
2180.5
0.7
37.3
46
19.8
33
493
HARNISCHFEGER INDUSTRIES
INC
INC
SEALED AIR
351.9
77.7
78.8
1951.2
28
6.3
165.8
NM
NC
4238.1
24.6
NA
2506.8
37
NA
73.0
58
NA
16 METALS & MINING

INDUSTRY AVERAGE
3179.5
20.7
34.0
3674.3
0.4
112.9
30
7.0
14869.3
12.8
50.8
15339.8
15
6.5
853.0
7.0
ENGELHARD
2551.7
0.4
7.5
4174.6 y
15
13.8
187.1
292
2.2
371
NUCOR
3902.5
12.6
15.2
4151.2
7.1
263.7
10
0.5
387
BARRICK GOLD
6668.4
7.6
40.2
1287.0
0.0
301.0
NM
3.2
391
USX-U.S. STEEL GROUP
2241.5
24.9
14.2
6184.0
1.0
364.0
19
11.0
407
PLACER DOME
2734.7
14.2
59.7
1279.0
7.2
105.0
NM
NC
416
ALCAN ALUMINUM
5534.4
19.8
15.2
7789.0
4.9
399.0
15
7.6
440
FREEPORT-MCMORAN COPPER & GOLD
1562.4
36.7
69.0
1757.1
12
0.8
153.8
37
13.2
176
ALCOA
194
3
4
441
REYNOLDS METALS
2755.5
30.1
11.6
5859.0 y
15
6.1
152.0
12
22.5
10
443
WORTHINGTON INDUSTRIES
1173.5
23.0
35.4
1689.9
4.1
80.3
10.6
11
457
BETHLEHEM STEEL
1145.3
17.1
35.9
4477.8
2.6
120.1
57
8.0
12
465
PHELPS DODGE
2808.2
20.6
12.7
3063.4
22
8.6
190.9
53
34.4
13
477
NEWMONT MINING
2884.5
40.2
69.0
1453.9
32.7
360.5
NM
NC
14
483
HOMESTAKE MINING
1940.5
7.3
51.2
797.8
18
6.1
218.3
NM
NC

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX157
ASIA XX EUR-LA
PE
TD/JLM
METAL13
DAD
--
nkings
INVESTMENT DATA
NET
MARGIN
1998
NET
MARGIN
1997
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1998
ESTIMATED
EARNINGS
PER SHARE
1999
6.1
5.5
13.8
21.5
27
38 /22
14
1.46
2.00
2.30
6.5
7.3
13.1
17.8
37
53 /27
13
1.83
2.84
2.79
6.4
4.3
21.2
30.1
49
56 /34
13
2.38
3.81
3.63
4.0
2.8
9.3
20.8
88
177 /76
0.93
12.53
10.37
9.3
11.5
10.1
21.4
54
55 /23
38
1.35
1.39
1.73
7.0
0.3
14.0
26.7
20
44 /19
1.00
3.75
1.96
8.2
8.9
13.0
17.2
34
40 /26
23
1.24
1.45
1.74
8.1
14.1
15.3
20.4
74
98 /66
25
3.02
2.97
4.03
6.5
7.4
12.6
21.3
33
64 /28
2.69
3.56
2.37
4.7
4.8
11.8
17.6
57
72 /22
16
1.55
3.56
3.39
5.4
7.7
56.1
71.4
23
27 /19
21
3.76
1.14
1.70
6.1
0.9
5.8
7.1
30
42 /25
18
2.92
1.67
1.85
5.0
1.6
13.6
20.6
24
57 /24
16
3.54
1.53
2.14
3.2
5.9
6.9
8.0
33
37 /22
60
1.94
0.55
1.24
4.2
0.6
8.7
24.4
51
82 /48
10
0.00
5.30
5.86
3.2
15.3
2.9
3.5
56
72 /22
192
0.00
0.29
1.08
5.0
4.8
9.3
15.8
18
34 /15
2.70
1.91
2.24
4.3
6.5
8.3
10.8
18
42 /14
10
4.07
1.82
1.80
2.2
0.3
4.0
5.0
39
41 /30
43
1.54
0.90
2.48
0.3
3.8
0.8
1.6
41
63 /28
75
2.68
0.55
3.74
6.4
6.7
15.9
58.5
18
29 /11
15
5.03
1.18
1.39
0.3
8.6
0.5
0.6
28
46 /26
353
3.12
0.08
2.64
1.0
6.7
1.1
2.6
20
71 /17
26
1.03
0.76
0.75
16.6
4.6
43.8
131.5
49
66 /39
0.99
8.22
3.20
1.7
3.1
3.8
5.2
33
61 /32
17
3.97
1.97
3.28
8.5
2.3
9.9
24.9
35 /6
0.00
3.58
0.58
2.9
9.5
0.1
0.1
51
70 /27
NM
0.00
0.04
1.73
3.1
4.2
0.5
4.7
21
32 /17
32
1.77
0.64
0.91
5.6
6.0
8.3
14.6
41
45 /29
17
1.99
2.42
2.67
4.5
1.3
13.8
21.9
18
23 /16
14
2.25
1.29
1.40
6.4
7.0
10.5
13.0
45
61 /35
15
1.08
3.00
2.43
23.4
9.6
7.4
8.4
18
24 /13
22
1.02
0.79
0.86
5.9
6.6
12.7
17.4
25
43 /20
3.94
3.92
2.20
8.2
20.6
3.9
5.4
11
18 /8
30
0.91
0.36
0.35
5.1
6.0
5.4
7.0
24
35 /19
14
2.47
1.71
1.74
8.8
12.3
3.8
19.6
21 /9
14
0.00
0.67
0.58
2.6
2.0
4.7
6.9
43
68 /42
20
3.28
2.18
4.07
4.8
4.8
6.7
10.9
13
20 /10
15
4.41
0.84
1.11
2.7
6.1
3.7
5.2
17 /7
14
0.00
0.64
0.08
6.2
10.4
5.4
7.4
49
72 /42
15
4.12
3.26
0.90
24.8
4.3
13.2
25.0
17
35 /13
0.70
2.26
0.43
27.4
23.7
19.8
29.7
15 /8
1.09
1.02
0.01
GREG PEASE/TONY STONE IMAGES
Clank, Clank
it by weak prices
and an avalanche of
cheap imports, the
metals industry just
couldnt seem to get the
lead out. Sixteen of eighteen companies on our list
lost money for shareholders over the past year.
Thirteen languished in the
bottom 100 of our rankings. Amid the downdraft,
Alcoa managed to repeat
as the top performer in
the group. By eking out
gains from cost-cutting
and wringing efficiencies
from recently acquired
Alumax, the aluminum
maker jumped from
No. 224 to No. 176.

BEGINS ON PAGE 168

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX158
ASIA XX EUR-LA
PE
TD/JLM
FILENAME/FILENAME
DAD
--
500
15
486
CYPRUS AMAX MINERALS
16
489
ASARCO
17
490
INCO
18
494
BATTLE MOUNTAIN GOLD
MARKET VALUE
FEB. 26
1999
$ MIL.
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1998
$ MIL.
PROFITABILITY
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1998
$ MIL.
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
1025.7
26.8
50.1
2558.0
24
5.0
75.0
NM
NC
560.1
34.2
48.4
2233.1
18
10.2
130.6
NM
NC
2096.5
28.4
59.2
1766.0 y
25
18.7
112.0
NM
NC
775.7
43.3
68.2
276.6
20
12.4
241.3
NM
NC
17 NONBANK FINANCIAL
INDUSTRY AVERAGE
18855.6
6.3
116.0
12040.9
11
14.9
1021.5
17.9
51193.2
31.0
249.4
31131.0
15
18.8
3393.0
31
32.1
8385.0
90.5
386.8
2599.8
45
35.8
275.2
45
28.8
CHARLES SCHWAB
29844.1
197.4
568.0
3388.2
19
24.1
348.5
29
25.3
MARSH & M C LENNAN
18213.5
25.7
138.7
7190.0
20
26.0
796.0
99
20.9
39
FREDDIE MAC
39887.0
25.8
195.9
18048.0
25
23.1
1700.0
22
15.4
48
WASHINGTON MUTUAL
23736.4
8.7
113.0
12291.6
12
26.0
1486.9
68
54.1
52
FANNIE MAE
71722.9
11.5
133.9
31498.8 y
13
12.1
3444.4
12
16.4
59
AMERICAN INTERNATIONAL GROUP
119629.2
42.5
167.0
30846.9 y
10
8.9
3765.6
13
14.5
62
PROGRESSIVE
9303.4
11.1
181.8
5292.4 y
15
21.9
456.7
14
22.7
10
79
AON
10024.1
0.3
81.3
6492.9
13
25.5
540.5
33
22.9
11
91
COUNTRYWIDE CREDIT INDUSTRIES
4240.4
14.2
85.6
3975.0
92
40.6
368.9
12
32.8
12
97
AMERICAN EXPRESS
48879.3
21.6
145.9
19132.0 y
3.9
2141.0
10.4
13
98
AMERICAN GENERAL
18483.3
28.8
119.0
10251.0
15
15.2
764.0
41
8.6
14
107
CIGNA
16208.9
25.3
111.5
21121.0 y
3.9
1292.0
19
72.7
15
119
LEHMAN BROTHERS HOLDINGS
6023.9
15.7
118.3
19894.0
18
14.3
736.0
14
45.9
16
130
TRANSAMERICA
9189.4
26.9
105.4
6428.6
12
0.7
707.0
33
14.7
17
140
HARTFORD FINANCIAL SERVICES GROUP
12397.8
11.9
123.4
15022.0
12
7.4
1015.0
24
26.2
18
141
GOLDEN WEST FINANCIAL
5341.4
5.9
89.0
8.4
447.1
26
20.8
19
142
JEFFERSON-PILOT
7187.5
23.6
95.6
18.8
418.3
13
18.9
20
144
ALLSTATE
30722.3
18.7
82.0
25879.0
4.2
3294.0
22.7
21
145
ASSOCIATES FIRST CAPITAL
28138.8
2.1
NA
9376.8
13
15.5
1223.5
19
19.3
22
153
H&R BLOCK
4408.1
1.6
38.8
1423.6
20
1.1
196.4
42
26.7
23
155
CONSECO
9370.9
35.3
81.1
7716.0
17
45.5
630.7
24
52.5
24
157
EQUIFAX
5340.2
6.0
110.6
1621.0
19
1.1
193.4
10.5
25
165
MERRILL LYNCH
27578.6
8.6
177.9
35853.0
10
19.7
1264.0
35
5.7
26
166
MBIA
6113.5
14.9
69.0
906.9
19
26.6
432.7
17.7
27
168
CITIGROUP
67190.4
6.8
172.3
76431.0
9.2
5807.0
13
0.5
28
179
BEAR STEARNS
5018.4
2.2
115.2
7900.2
11
22.4
538.6
17
13.2
29
186
LINCOLN NATIONAL
9566.5
15.5
88.9
6087.1 y
24
2.3
509.8
2193
23.0
30
187
MGIC INVESTMENT
3730.3
53.7
17.7
31
190
PROVIDENT
4429.2
8.0
101.4
32
206
FRANKLIN RESOURCES
33
229
AETNA
34
233
35
36
37
MORGAN STANLEY DEAN WITTER
15
CAPITAL ONE FINANCIAL
18
21
3100.2 y
2610.5 y
974.6
12
16.1
385.5
19
23.2
3904.0 y
10
18.9
254.0
33.5
8030.9
37.3
68.5
2512.6 y
24.0
438.4
18.3
10463.1
14.4
1.8
20505.2 y
11
17.0
848.1
38.1
DUN & BRADSTREET
5653.1
16.4
71.4
1934.5
3.5
246.4
13
39.2
241
SLM HOLDING
7036.9
5.2
90.3
3064.6
19
6.6
501.5
11.7
243
CHUBB
9775.6
23.5
30.8
6786.8 a
11
4.5
707.0 a
18
2.9
244
HOUSEHOLD INTERNATIONAL
19602.5
4.8
90.0
8707.6
23.2
44
10.4
524.1

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX159
ASIA XX EUR-LA
PE
TD/JLM
FIN13
DAD
--
nkings
INVESTMENT DATA
NET
MARGIN
1998
NET
MARGIN
1997
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
2.9
2.1
2.3
4.2
11
18 /9
11
1.78
1.02
0.76
5.8
5.3
4.3
8.6
14
28 /13
1.42
3.29
1.38
6.3
0.7
2.3
3.2
13
21 /8
15
0.00
0.85
0.33
87.2
1.5
53.0
100.4
8 /3
1.48
1.08
0.07
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1998
ESTIMATED
EARNINGS
PER SHARE
1999
8.5
9.1
8.2
14.4
61
76 /41
18
1.40
3.29
3.81
10.9
9.5
8.8
23.6
91
98 /37
16
1.06
5.52
5.25
10.6
10.6
5.4
21.7
128
140 /52
32
0.25
3.96
5.15
10.3
9.5
21.0
26.7
75
75 /19
88
0.15
0.85
1.08
11.1
6.6
16.4
22.3
71
73 /43
24
2.26
2.98
3.31
9.4
9.7
1.6
14.6
59
66 /39
25
0.82
2.31
2.75
12.1
8.0
4.1
15.8
40
52 /27
16
2.30
2.56
3.39
10.9
11.0
1.3
21.9
70
76 /50
21
1.54
3.26
3.66
12.2
11.9
7.3
14.6
114
120 /65
32
0.20
3.57
3.98
8.6
8.7
14.3
18.9
129
174 /94
21
0.20
6.11
6.37
8.3
7.1
12.1
17.7
59
76 /48
19
1.90
3.11
3.43
9.3
15.9
3.6
15.2
38
56 /29
12
0.85
3.17
3.67
11.2
11.2
12.4
22.8
109
119 /67
23
0.83
4.63
5.36
7.5
6.1
4.6
8.6
73
79 /53
25
2.18
2.96
4.54
6.1
5.4
13.5
15.8
79
86 /57
13
1.53
6.05
5.37
3.7
3.8
1.9
12.1
53
85 /23
10
0.68
5.19
4.72
11.0
9.3
5.9
13.5
73
74 /46
13
1.38
5.44
4.02
6.8
9.9
10.6
15.9
54
60 /38
13
1.63
4.30
3.86
14.4
12.2
11.1
14.3
94
115 /70
12
0.60
7.74
7.79
16.0
14.4
11.0
13.8
68
78 /55
17
1.95
3.91
3.70
12.7
12.4
17.6
19.8
37
52 /35
1.61
3.94
3.28
13.0
12.5
1.7
14.3
41
45 /23
23
0.54
1.75
2.04
13.8
11.7
19.5
25.9
45
49 /35
26
2.20
1.77
2.29
8.2
12.6
4.8
11.8
30
58 /22
16
1.87
1.90
4.04
11.9
13.6
15.5
48.5
38
45 /30
28
0.95
1.34
1.56
3.5
6.0
1.8
12.5
77
109 /36
26
1.25
3.00
4.33
47.7
53.2
5.5
11.4
62
81 /46
14
1.30
4.32
4.96
7.6
9.3
3.8
13.3
59
74 /29
24
1.23
2.43
3.52
6.8
9.2
2.6
11.4
43
61 /25
12
1.40
3.49
3.10
8.4
0.5
7.3
9.2
95
99 /67
19
2.32
5.02
5.84
39.6
37.2
19.3
23.5
34
75 /24
10
0.29
3.39
3.75
6.5
7.0
5.8
7.3
33
44 /26
18
1.22
1.82
2.53
17.4
19.9
15.8
18.5
32
58 /26
18
0.69
1.73
1.84
4.1
4.9
5.7
7.0
74
91 /60
14
1.08
5.41
4.44
12.7
12.1
NM
NM
34
37 /22
24
2.16
1.44
1.73
16.4
13.4
4.9
76.7
43
51 /28
15
1.40
2.95
3.17
10.4
9.8
11.4
12.8
60
89 /54
14
2.07
4.19
4.33
6.0
11.2
1.5
8.2
41
54 /23
39
1.48
1.03
3.00
JONATHAN NOUROK/TONY STONE IMAGES
On the Money
hat do Morgan
Stanley Dean Witter, Capital One Financial, and Charles
Schwab have in common?
Each hit the BW 50 by
navigating shoals that
battered other investment
hawks and financial institutions. Morgan, No. 8,
avoided much of last
years market turmoil by
reducing its bond inventories. Capital One, No. 15,
is thriving in the creditcard biz even as defaults
remain high. And while
competitors dithered,
Schwab, No. 18, came to
dominate online trading.

BEGINS ON PAGE 168

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX160
ASIA XX EUR-LA
PE
TD/JLM
FILENAME/FILENAME
DAD
--
500
MARKET VALUE
FEB. 26
1999
$ MIL.
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1998
$ MIL.
PROFITABILITY
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1998
$ MIL.
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
12
3.9
363.4
12.9
1.3
324.3
18
3.8
3.9
38
258
UNUM
6192.6
12.0
58.4
4641.4
39
277
TORCHMARK
4646.3
17.0
74.4
2215.5 y
40
287
SAFECO
5477.6
20.9
21.3
6602.3
38
20.7
351.9
18
41
337
CINCINNATI FINANCIAL
5854.4
20.8
79.7
2054.3
7.4
241.6
19
4.8
42
397
LOEWS
8889.3
21.2
5.0
21208.3 y
6.5
464.8
41
36.6
43
411
ST. PAUL
7668.7
25.0
24.2
9137.4 y
23.2
89.3
91
37.6
18 OFFICE EQUIPMENT & COMPUTERS

INDUSTRY AVERAGE
38008.5
44.0
272.0
9417.0
12
20.9
647.3
39.8
MICROSOFT
376813.8
77.1
508.5
16660.0
27
31.7
6360.0
63
51.8
DELL COMPUTER
101838.9
129.1
3630.2
18243.0
48
51.8
1460.0
55
75.4
ORACLE
53623.9
126.9
141.8
7966.4
26
31.6
1087.0
50
28.4
EMC
51376.6
171.2
830.7
3973.7
35
27.6
793.4
47
34.9
COMPUWARE
10348.5
32.8
872.8
1496.1
45
37.3
302.4
85
96.1
AMERICA ONLINE
82611.5
486.2
1348.3
3305.0
62
64.8
254.0
440
512.6
14
CISCO SYSTEMS
153859.9
122.7
363.3
9989.0
37
50.2
1362.0
27.3
22
BMC SOFTWARE
8872.3
6.9
193.3
975.6
33
35.3
301.6
86
56.2
23
SUN MICROSYSTEMS
37491.3
104.3
270.7
10517.6
14
18.1
880.0
22
25.5
10
24
GATEWAY 2000
11341.8
65.2
392.8
7467.9
19
26.5
346.4
215
13.4
11
65
AUTOMATIC DATA PROCESSING
24209.5
31.2
110.8
5074.7 y
16
16.6
644.1
18
14.9
12
76
INTERNATIONAL BUSINESS MACHINES 158351.6
63.6
184.0
81667.0
4.2
6328.0
14.6
13
92
COMPUTER SCIENCES
10580.9
27.3
82.5
7398.8
18
18.2
304.5
19
36.7
14
93
PITNEY BOWES
17227.6
37.2
179.3
4220.5
5.5
567.9
12
11.4
15
115
PEOPLESOFT
16
152
COMPUTER ASSOCIATES INTL.
17
160
18
172
19
198
HEWLETT-PACKARD
20
202
AUTODESK
21
237
SHARED MEDICAL SYSTEMS
22
245
COMPAQ COMPUTER
23
246
ELECTRONIC DATA SYSTEMS
22903.7
24
251
DELUXE
2718.9
4.0
20.3
1931.8
25
253
XEROX
36172.9
26.0
166.8
19449.0
26
271
3COM
11261.6
12.1
35.7
5571.7
27
281
FIRST DATA
16986.8
12.8
11.2
5111.8 y
28
297
NOVELL
29
310
ASCEND COMMUNICATIONS
30
330
31
347
32
4398.2
57.0
42.2
1313.7
61
79.6
143.2
32
79.7
22627.4
11.0
38.2
5091.0
14
16.4
569.0
48
38.9
CERIDIAN
5139.7
53.8
66.6
1162.1
2.8
164.4
364
2.3
UNISYS
7649.9
66.8
386.7
7208.4
4.3
387.0
NM
NC
67457.1
0.2
35.7
47182.0
12.1
2976.0
5.4
1881.7
14.8
15.9
20
11.6
90.6
101
1.8
1356.4
32.4
4.4
23
20.2
70.8
16
21.5
59677.6
10.6
250.3
31169.0
27
27.8
2743.0
NM
NC
7.8
15.0
16891.0
11
10.2
743.4
1.7
1.3
145.4
226
9.5
5.3
585.0
60
17.3
41.4
304.0
75
8.8
7.6
465.7
31
14.5
740.2 y
1135.4 y
6540.8
84.2
59.0
1117.7
26
19.1
116.8
NM
24.9
16690.3
105.5
70.0
1478.7
27
103.1
19.7
NM
NC
APPLE COMPUTER
4711.9
47.4
26.6
6073.0
19.6
414.0
NM
NC
ADOBE SYSTEMS
2450.9
8.4
23.6
894.8
6.5
105.1
44
5.7
356
PARAMETRIC TECHNOLOGY
4111.0
49.2
17.3
1009.2
33.0
93.6
18
0.4
33
459
SEAGATE TECHNOLOGY
7026.1
18.5
11.7
6604.0
18
7.6
32.6
NM
NC
34
475
SILICON GRAPHICS
2990.0
5.8
36.2
2783.0
25
4.6
436.6
NM
NC
35
480
MOORE
928.7
31.2
40.0
2717.7
1.8
547.9
NM
NC

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX161
ASIA XX EUR-LA
PE
TD/JLM
COMP13
DAD
--
nkings
INVESTMENT DATA
NET
MARGIN
1998
NET
MARGIN
1997
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1998
ESTIMATED
EARNINGS
PER SHARE
1999
7.8
8.9
10.4
13.2
45
63 /42
17
1.32
2.57
3.29
14.6
13.0
10.1
12.8
33
50 /31
14
1.62
2.29
2.56
5.3
9.0
5.0
6.3
40
56 /37
16
3.48
2.51
3.03
11.8
15.4
4.5
4.9
35
45 /31
25
1.94
1.41
1.52
2.2
3.9
2.5
4.4
78
108 /77
19
1.28
4.06
9.55
1.0
10.4
0.7
1.2
32
47 /28
147
3.21
0.22
2.67
6.9
7.6
10.0
16.8
51
64 /28
63
0.60
0.80
1.85
38.2
29.7
28.0
28.0
150
176 /79
64
0.00
2.35
2.56
8.0
7.7
51.5
62.9
40
55 /15
76
NA
0.53
0.74
13.6
11.5
32.7
36.0
37
41 /12
50
0.00
0.74
1.04
20.0
18.3
22.2
23.9
102
110 /34
69
0.00
1.49
1.97
20.2
15.8
29.1
29.2
28
40 /18
37
NA
0.76
1.15
7.7
2.3
13.7
17.5
89
92 /14
342
NA
0.26
0.32
13.6
18.1
14.8
14.9
98
118 /40
119
NA
0.82
1.47
30.9
22.2
28.6
28.6
41
60 /35
31
NA
1.32
1.90
8.4
7.8
21.5
21.5
97
116 /38
44
0.00
2.21
2.79
4.6
1.7
25.7
25.8
73
85 /36
33
NA
2.18
2.79
12.7
12.4
16.6
17.3
40
43 /30
38
0.77
1.04
1.13
7.7
7.8
18.1
32.5
170
199 /96
26
0.52
6.57
7.52
4.1
4.1
12.2
13.2
67
75 /46
35
0.00
1.89
2.55
13.5
13.0
15.5
34.5
63
71 /45
31
1.61
2.03
2.30
10.9
13.3
23.2
21.6
19
57 /17
34
NA
0.55
0.67
11.2
24.7
12.4
22.2
42
62 /26
42
0.19
1.00
2.60
14.1
3.3
26.7
25.3
36
41 /23
32
0.00
1.11
1.14
5.4
12.9
10.6
20.4
30
37 /14
28
0.00
1.06
1.34
6.3
7.1
15.5
17.0
66
84 /47
23
0.96
2.83
3.37
12.2
7.3
19.7
19.7
40
49 /22
22
0.60
1.85
2.54
6.2
6.6
17.1
17.7
51
87 /40
19
1.65
2.62
3.08
8.8
7.5
23.3
24.2
35
51 /23
21
0.23
1.71
1.81
4.4
4.8
9.9
12.6
47
54 /30
31
1.29
1.50
1.88
7.5
2.3
21.2
25.3
34
38 /26
19
4.37
1.80
2.64
3.0
8.0
3.3
12.0
55
63 /39
68
1.45
0.81
2.70
5.5
3.1
10.1
10.2
31
51 /23
38
0.00
0.83
1.98
9.1
6.8
8.4
11.8
38
39 /20
37
0.21
1.04
1.73
10.4
13.0
7.7
7.8
19
21 /9
59
0.00
0.33
0.47
1.3
10.7
1.5
1.5
77
93 /31
769
NA
0.10
1.67
6.8
13.4
14.4
21.5
35
47 /22
13
0.00
2.66
2.60
11.8
20.5
20.4
20.4
40
52 /24
26
0.50
1.55
2.46
9.3
10.8
26.0
26.0
15
36 /9
45
NA
0.34
0.81
0.5
1.3
0.9
1.1
29
44 /16
206
0.00
0.14
1.58
15.7
0.7
24.1
31.0
16
21 /7
0.00
2.33
0.47
20.2
2.1
86.8
89.8
11
18 /9
1.91
6.19
0.54
WALT SENG/NONSTOCK
Sky-High Tech
ven in a tough year,
technology companies
rule. Microsoft, No. 1,
stumbled in court, but it
sold enough software to
rack up 63% earnings
growth and 38% margins.
Dell, No. 2, missed the
cheap-pc boom, yet returned 63% on equity.
Oracles Asia sales were in
the tank, but a recovery
in database sales took it
from No. 102 to No. 4.
Shareholder returns also
sparkled for most. Still,
as PC sales slow, tech
growth could develop a
glitch.

BEGINS ON PAGE 168

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX162
ASIA XX EUR-LA
PE
TD/JLM
FILENAME/FILENAME
DAD
--
500
36
482
DATA GENERAL
37
485
CABLETRON SYSTEMS
MARKET VALUE
SALES
PROFITABILITY
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1998
$ MIL.
690.4
33.0
18.1
1462.4
7.5
1394.8
47.6
78.4
1377.7
10.2
FEB. 26
1999
$ MIL.
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1998
$ MIL.
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
139.4
NM
NC
495.1
NM
NC
19 PAPER & FOREST PRODUCTS

INDUSTRY AVERAGE
6544.0
7.3
21.9
7201.3
2.1
211.9
198
12.9
25600.0
13.3
31.7
12297.8
2.9
1177.0
33
178.5
FORT JAMES
6584.5
33.8
19.4
7301.1
1.5
500.2
379
34.8
354
GEORGIA-PACIFIC GROUP
6548.7
27.0
75.1
13223.0
2.4
111.0
NM
48.3
374
WILLAMETTE INDUSTRIES
4043.9
0.7
46.9
3700.3
1.1
89.0
22
46.4
380
WEYERHAEUSER
11093.9
15.3
45.3
10766.0
2.6
294.0
14
28.1
404
INTERNATIONAL PAPER
12894.0
7.7
25.8
19541.0
0.4
213.0
NM
39.8
410
UNION CAMP
4626.7
15.9
57.8
4502.9
3.1
19.3
76
61.3
412
BOISE CASCADE
1749.9
4.4
7.0
6162.1
12
6.8
28.4
NM
NC
430
MEAD
3127.4
9.1
29.4
3772.2
11.1
140.1
14
24.7
10
449
POTLATCH
1006.3
16.1
4.4
1565.9
0.7
37.2
31.2
11
454
CHAMPION INTERNATIONAL
3536.6
27.2
6.3
5653.0
6.3
75.3
NM
50.8
12
463
WESTVACO
2263.7
28.3
14.8
2834.5
4.6
124.7
22
24.0
13
469
LOUISIANA-PACIFIC
1997.0
13.7
13.8
2297.1
6.5
2.0
NM
NC
24.4
140.8
4217.2
13.5
398.8
570
8.0
177
KIMBERLY-CLARK
208
3
4
20 PUBLISHING & BROADCASTING

INDUSTRY AVERAGE
18080.1
63
GANNETT
17881.9
0.4
95.7
5121.3
10.6
999.9
40
28.0
73
COMCAST
26230.4
103.1
265.7
5145.3
15
14.8
1007.7
NM
NC
120
M C GRAW-HILL
10768.6
47.4
168.8
3729.1
9.0
341.9
18
7.2
131
TRIBUNE
7875.2
3.8
106.5
2980.9
10
10.2
414.3
20.9
151
CLEAR CHANNEL COMMUNICATIONS
14909.2
32.6
374.1
1350.9
94
77.6
54.0
15
23.3
171
NEW YORK TIMES
5653.3
4.1
138.0
2936.7
7.0
286.6
40.1
214
MEREDITH
1696.3
20.8
57.9
1030.9
11
6.3
86.7
15
23.2
231
TIME WARNER
78045.0
91.8
207.8
14582.0
10
22.8
168.0
44
NC
232
KNIGHT-RIDDER
3935.4
9.4
52.9
3091.9
5.6
305.6
23
29.3
10
240
MEDIAONE GROUP
33070.6
69.3
161.1
2882.0
25
8.8
1430.0
NM
NC
11
316
CBS
26037.9
19.2
103.2
6805.0
27
9.1
12.0
NM
NC
12
423
TIMES MIRROR
4526.3
8.2
69.5
3009.1
5.6
93.4
58
32.7
13
455
DOW JONES
4411.3
6.7
28.9
2158.1
16
1.3
8.4
NM
67.2
9293.8
0.5
53.4
7208.9
17
27.6
197.2
95
12.4
11176.1
46.3
237.5
4092.0
31
21.6
285.1
28
26.7
6933.3
24.0
164.8
1103.4
29
40.0
119.4
36
37.3
3968.7 y
21 SERVICE INDUSTRIES
INDUSTRY AVERAGE
1
30
OMNICOM GROUP
34
PAYCHEX
36
INTERPUBLIC GROUP
10197.8
38.6
175.8
14
25.6
309.9
55
29.5
74
ENRON
21497.3
40.9
88.9
31260.0
54
50.6
703.0
570
7.8
235
IMS HEALTH
11315.3
53.0
NA
1186.5
12
4.4
178.5
24
63.4
257
W. W. GRAINGER
4237.3
6.8
35.4
4341.3
10.5
238.5
8.8
269
GENUINE PARTS
5385.6
16.7
14.8
6614.0
10
7.6
355.8
4.7
283
SERVICE CORP. INTERNATIONAL
3964.0
58.9
30.2
2875.1
13
19.3
342.1
24.8

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX163
ASIA XX EUR-LA
PE
TD/JLM
ADS13
DAD
--
nkings
INVESTMENT DATA
NET
MARGIN
1998
NET
MARGIN
1997
9.5
35.9
RECENT
SHARE
PRICE
$
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
3.2
22.6
34.4
14
13.6
48.5
48.5
12-MONTH
HIGH/LOW
$
EARNINGS
PER SHARE
1998
ESTIMATED
EARNINGS
PER SHARE
1999
PE
RATIO
DIVIDEND
YIELD
22 /7
0.00
2.85
0.52
16 /7
NA
3.06
0.39
2.9
1.0
3.7
7.4
40
51 /29
41
2.45
0.97
1.36
9.6
7.0
18.8
29.6
47
59 /36
22
2.20
2.13
2.77
6.9
1.4
10.6
47.2
30
53 /27
13
2.01
2.27
2.63
0.8
0.7
1.6
3.3
73
81 /37
60
1.37
1.22
1.16
2.4
2.1
2.3
4.4
36
41 /23
46
1.76
0.80
1.02
2.7
3.1
3.4
6.4
56
62 /37
38
2.87
1.47
1.76
1.1
0.8
1.1
2.4
42
62 /36
60
2.38
0.70
0.94
0.4
1.8
0.6
1.0
67
70 /34
239
2.69
0.28
1.00
0.5
0.6
1.4
3.3
31
40 /22
37
1.93
0.85
0.38
3.7
4.4
3.9
6.2
30
37 /26
23
2.10
1.34
1.46
2.4
2.3
2.3
4.0
35
48 /31
27
5.02
1.28
1.37
1.3
9.6
1.2
2.4
37
58 /26
47
0.54
0.78
0.76
4.4
5.4
3.4
5.8
23
33 /21
18
3.90
1.23
1.40
0.1
4.2
0.1
0.2
18
24 /16
919
3.05
0.02
1.03
9.5
1.5
8.2
8.6
53
61 /35
35
0.96
1.53
1.43
19.5
15.1
19.3
25.6
64
75 /48
18
1.26
3.50
3.19
19.6
4.1
10.4
24.9
71
78 /33
28
0.13
2.50
0.40
9.2
8.2
16.3
22.9
55
59 /36
32
1.57
1.72
13.9
14.5
10.9
19.7
66
75 /45
22
1.09
3.01
2.85
4.0
9.1
0.8
1.4
60
65 /31
273
0.00
0.22
0.42
9.8
9.2
14.0
18.5
31
41 /21
21
1.23
1.49
1.65
8.4
8.2
15.6
22.4
34
49 /27
21
0.89
1.61
1.64
1.2
2.3
1.7
3.4
65
67 /34
208
0.28
0.31
0.34
9.9
13.8
10.3
19.1
50
60 /41
16
1.59
3.11
2.99
49.6
21.5
6.9
10.7
55
58 /32
26
NA
2.10
1.35
0.2
2.4
0.1
0.2
37
38 /18
NM
0.00
0.02
0.37
3.1
7.7
2.9
4.7
56
66 /49
67
1.43
0.83
2.98
0.4
31.2
1.1
1.4
47
59 /42
522
2.04
0.09
2.09
2.7
1.6
10.9
8.9
39
52 /29
31
1.82
1.29
2.00
7.0
7.1
12.9
26.7
66
68 /37
39
0.91
1.68
1.93
10.8
10.3
31.3
31.3
42
55 /33
59
0.85
0.72
1.01
7.8
5.8
17.7
25.1
75
81 /45
34
0.80
2.21
2.56
2.2
0.5
3.9
9.9
65
69 /41
32
1.54
2.02
2.33
15.0
22.1
20.2
21.6
36
39 /25
67
0.23
0.53
0.99
5.5
5.6
16.7
18.3
45
55 /36
18
1.35
2.44
2.66
5.4
5.7
15.3
17.7
30
38 /28
15
3.47
1.98
2.16
11.9
14.8
5.4
11.4
15
47 /15
12
2.34
1.31
1.31
JOHN WILKES
Quiet Giants
hey may be the
biggest ad companies
youve never heard of,
but Omnicom Group and
Interpublic Group dominate. These two consolidators, which own such bigname shops as BBDO
Worldwide and McCannErickson Worldwide, have
built global networks by
buying hot agencies while
taking care not to overpay, overleverage, or overmanage creative talent.
Results: stellar growth and
shareholder returns of
46% at Omnicom, No. 30,
and 39% at Interpublic,
No. 36, over the past year.

BEGINS ON PAGE 168

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX164
ASIA XX EUR-LA
PE
TD/JLM
FILENAME/FILENAME
DAD
--
500
MARKET VALUE
FEB. 26
1999
$ MIL.
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1998
$ MIL.
299
WASTE MANAGEMENT
28430.0
17.5
128.8
12703.5
10
307
CENDANT
14103.9
55.8
23.8
11
314
R. R. DONNELLEY
4672.3
11.7
1.5
5018.4
12
335
FLUOR
2659.3
24.2
45.2
13
343
BROWNING-FERRIS INDUSTRIES
5032.5
3.1
14.0
14
447
FOSTER WHEELER
509.0
50.7
59175.8
PROFITABILITY
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1998
$ MIL.
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
179.2
766.8
NM
NC
25
26.9
159.9
141
20.8
7.8
294.6
126
6.1
13489.9
12.5
231.6
67
7.4
4451.7
21
8.5
340.8
14
4.5
68.6
4536.8
12
12.9
31.5
NM
NC
51.0
136.9
16247.3
25.8
1265.0
11
22.7
5283.8 y
22 TELECOMMUNICATIONS
INDUSTRY AVERAGE
1
103424.3
42.8
109.5
28777.0
29.6
4068.0
143
18.0
11
SBC COMMUNICATIONS
TELLABS
15572.3
32.6
238.9
1660.1
38
37.8
398.3
51
57.1
17
AIRTOUCH COMMUNICATIONS
52188.2
102.9
193.8
5181.0
44
48.6
725.0
62
80.8
20
AMERITECH
71844.4
60.6
149.6
17154.0
8.4
3606.0
57
20.1
28
BELLSOUTH
90675.0
55.6
153.5
23123.0
12
8.8
3527.0
29.3
49
BELL ATLANTIC
90820.1
32.4
95.5
31565.9
29.6
2990.8
22
12.5
69
LUCENT TECHNOLOGIES
133696.9
87.8
NA
30627.0
13
12.8
1578.0
233
20.7
70
SPRINT FON GROUP
36959.7
48.6
188.2
16016.9
7.8
1540.1
12
17.4
96
AT&T
144020.0
37.5
109.2
53223.0
1.4
5235.0
23
12.7
10
102
ALLTEL
16473.8
34.0
96.3
5194.0
14
20.8
525.5
11
20.7
11
103
U S WEST
26811.1
6.4
91.6
12378.0
9.7
1508.0
10.0
12
126
GTE
62553.4
23.8
69.6
25473.0
10
8.5
2492.0
11
0.6
13
200
MCI WORLDCOM
150966.4
116.0
319.0
17678.0
139
68.9
2540.0
NM
NC
14
210
FRONTIER
6177.7
33.7
32.8
2593.6
5.0
177.5
458
12.3
15
220
SCIENTIFIC-ATLANTA
2558.3
86.0
94.2
1160.6
2.0
83.7
24
31.8
16
303
NORTHERN TELECOM
38523.3
9.7
149.9
17575.0 y
14
18.3
537.0
NM
NC
17
346
NEXTEL COMMUNICATIONS
8594.4
1.7
98.8
1846.8
150
120.9
1518.9
NM
NC
INC
INC
SPRINT PCS GROUP
NA
1225.4
NA
NA
1089.6
NM
NA
13305.6
106.5 d
23 TRANSPORTATION
INDUSTRY AVERAGE
8884.1
4.1
52.8
9555.4
7.5
551.7
33.7
55
SOUTHWEST AIRLINES
10132.8
57.7
121.4
4164.0
13.1
433.4
36
35.3
84
FDX
14064.2
49.6
157.4
16355.8
19.5
515.7
54
16.5
109
BURLINGTON NORTHERN SANTA FE
15538.8
1.1
29.4
8941.0
12.1
1155.0
31
69.7
123
DELTA AIR LINES
8605.9
7.8
56.9
14402.0
5.8
1078.0
15
42.9
147
AMR
10108.7
12.4
26.4
19205.0
4.1
1306.0
34
75.8
192
US AIRWAYS GROUP
4141.0
25.2
180.7
8688.0
5.1
538.0
48
80.0
264
LAIDLAW
2538.2
46.7
17.7
3493.4
13.7
349.3
390
25.1
375
NORFOLK SOUTHERN
10480.1
17.6
9.8
4221.0 y
2.7
630.0
10
4.3
378
RYDER SYSTEM
1951.9
24.9
13.9
5188.7
0.0
159.1
0.9
10
419
CSX
8567.5
27.8
6.1
9898.0
1.1
537.0
33
4.8
11
432
UNION PACIFIC
11595.8
6.7
9.1
10553.0
13.5
633.0
NM
NC

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX165
ASIA XX EUR-LA
PE
TD/JLM
FONE13
DAD
--
nkings
INVESTMENT DATA
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
17.5
49
58 /35
37
0.08
1.31
3.01
1.0
3.3
17
42 /7
92
0.00
0.18
1.07
2.7
12.4
22.9
34
48 /34
16
2.45
2.08
2.21
1.7
1.0
12.7
15.2
35
53 /34
12
2.27
3.00
3.00
7.7
5.3
10.6
24.6
32
39 /26
16
2.41
1.97
2.15
0.7
0.1
2.6
5.5
13
32 /12
16
6.72
0.77
1.67
7.8
7.5
9.0
12.5
62
69 /34
64
1.54
0.97
1.62
14.1
6.3
16.0
31.8
53
60 /35
26
1.77
2.05
2.38
24.0
21.9
28.9
28.9
80
93 /31
39
0.00
2.07
2.43
14.0
12.5
4.3
5.6
91
99 /42
85
NA
1.07
1.39
21.0
14.4
21.9
33.1
65
69 /41
20
1.94
3.25
2.64
15.3
15.9
14.0
21.9
47
50 /30
26
1.63
1.78
1.88
9.5
8.1
9.4
23.7
58
61 /40
31
2.67
1.87
3.00
5.2
1.7
19.9
28.5
102
120 /52
87
0.16
1.17
2.32
9.6
9.2
10.7
17.0
86
88 /28
24
1.17
3.55
3.75
9.8
8.2
17.4
21.8
82
100 /48
28
1.61
2.91
3.30
10.1
13.0
7.8
16.0
60
67 /38
32
2.04
1.89
2.56
12.2
13.3
16.0
199.7
53
66 /47
19
4.01
2.84
3.29
9.8
12.0
9.9
30.4
65
72 /47
25
2.90
2.57
3.49
14.4
3.3
4.2
5.7
83
86 /37
41
0.00
2.02
1.97
6.8
1.3
8.3
17.4
36
39 /24
35
2.47
1.02
1.21
7.2
5.6
13.0
13.1
32
35 /12
31
0.19
1.06
0.66
3.1
5.4
4.2
4.9
58
69 /27
59
0.52
0.99
2.22
82.2
212.2
17.5
92.3
30
34 /15
NA
5.99
4.53
88.9
NA
9.6
29.1
32
40 /13
12
NA
2.63
4.73
5.8
6.5
9.0
12.2
43
57 /30
15
1.27
2.90
3.43
10.4
8.3
15.0
19.1
30
32 /15
24
0.10
1.23
1.31
3.2
2.2
9.1
12.0
95
98 /44
27
0.00
3.49
4.63
12.9
10.6
8.9
14.9
33
36 /27
14
1.45
2.43
2.62
7.5
6.7
17.8
24.9
61
72 /41
0.16
6.87
6.62
6.8
5.4
12.4
19.9
55
90 /46
0.00
7.48
5.83
6.2
12.0
19.8
74.8
47
83 /35
0.00
5.60
6.16
10.0
2.1
6.3
11.0
17 /7
2.41
1.06
0.81
14.9
16.6
4.7
10.6
28
42 /26
17
2.90
1.65
1.89
3.1
3.3
4.5
14.5
27
41 /19
13
2.22
2.16
2.63
5.4
7.5
4.4
9.1
39
61 /36
16
3.06
2.51
2.75
6.0
3.9
3.5
8.3
47
58 /37
18
1.71
2.57
2.43
NET
MARGIN
1998
NET
MARGIN
1997
RETURN ON
INVESTED
CAPITAL
6.0
8.6
5.3
3.0
1.6
5.9
GARY BUSS/FPG
RETURN ON
COMMON
EQUITY
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1998
ESTIMATED
EARNINGS
PER SHARE
1999
Wedding Bells
erger mania is a
big reason six telephone companies
hit the BW 50. Ameritech
is marrying SBC, GTE is
merging with Bell
Atlantic, and Vodafone is
buying AirTouch. Meanwhile, No. 28 BellSouth
jumped 53 places as
shareholders benefited
from takeover speculation.
Stock runups across the
industry signal that
investors expect more
mergers.

BEGINS ON PAGE 168

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX166
ASIA XX EUR-LA
PE
TD/JLM
FILENAME/FILENAME
DAD
--
500
MARKET VALUE
SALES
PROFITABILITY
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1998
$ MIL.
6848.1
2.3
41.9
6229.8
14
15.7
393.9
4.5
6693.8
15.5
203.6
2398.0
70
53.5
307.0
63
42.9
53.1
1260.3
29
17.2
FEB. 26
1999
$ MIL.
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1998
$ MIL.
CHANGE
FROM
1997
%
3 YEAR
AVERAGE
CHANGE
%
24 UTILITIES
INDUSTRY AVERAGE
1
46
AES
100
DUKE ENERGY
20571.7
6.2
31.9
17609.7 y
127
FIRSTENERGY
6934.3
6.3
49.9
5055.9
79
25.7
441.4
44
8.8
135
PP&L RESOURCES
3998.0
20.1
25.3
3786.0 y
23
10.7
404.0
26
3.2
137
PECO ENERGY
7981.6
85.2
50.3
5210.5
13
7.6
532.8
58
8.0
143
ENTERGY
6964.8
2.4
19.6
11494.8 y
21
23.3
739.1
198
1.4
156
COLUMBIA ENERGY GROUP
4217.4
0.8
80.2
6551.1 y
30
36.9
269.2
10.2
159
TEXAS UTILITIES
12005.6
10.4
23.1
14736.1 y
85
36.0
740.0
12
4.2
173
NEW CENTURY ENERGIES
4532.1
8.4
35.2
3610.9 y
18.4
347.3
27
21.5
10
191
PG&E
12049.3
8.5
44.8
19942.0 y
29
30.4
719.0
17.1
11
197
ONEOK
839.6
21.2
37.4
1908.7 y
56
20.4
103.5
74
30.4
12
226
CENTRAL & SOUTH WEST
5275.2
1.2
9.9
5468.0 y
18.3
449.0
36
4.4
13
227
DTE ENERGY
5748.6
13.2
33.6
4221.0 y
12
4.9
450.0
4.0
14
247
EDISON INTERNATIONAL
8994.1
4.3
66.6
10207.9 y
11
6.8
706.0
3.4
15
252
PUBLIC SERVICE ENTERPRISE GROUP
8612.5
24.7
67.5
5931.0 y
0.3
653.0
14
0.7
16
262
FPL GROUP
9304.3
8.4
29.1
6661.0 y
6.0
679.0
4.5
17
266
CONSOLIDATED EDISON
10793.9
15.1
72.7
7093.0 y
2.8
729.7
0.5
18
268
DOMINION RESOURCES
7512.6
3.1
19.1
6086.2 y
16
12.9
571.4
31
4.3
19
276
AMEREN
5119.9
3.1
6.8
3318.2 y
16.9
399.1
10.4
20
285
CINERGY
4631.1
11.6
14.8
5876.3
34
25.8
267.5
29
9.4
21
288
GPU
5102.6
4.4
41.1
4248.8
3.9
397.0
14
2.9
22
296
RELIANT ENERGY
7624.8
9.1
42.6
11488.5 y
67
47.6
141.1
NM
NC
23
306
CAROLINA POWER & LIGHT
6034.3
0.0
26.6
3130.0
1.3
399.2
2.0
24
308
SOUTHERN
17487.4
6.7
23.7
11441.9
9.0
1001.5
7.0
25
313
WILLIAMS
15824.9
15.1
149.0
7678.6
46.5
159.8
65
15.3
26
317
NORTHERN STATES POWER
3941.6
1.1
23.7
2819.2
3.1
282.3
19
0.8
27
319
UNICOM
7720.8
15.9
31.9
7151.3
1.2
567.1
NM
8.6
28
327
CONSOLIDATED NATURAL GAS
5269.3
0.9
42.6
2760.4 y
13
6.9
287.7
10
119.7
29
329
AMERICAN ELECTRIC POWER
7964.3
8.5
14.4
6345.9
3.5
547.1
14
1.8
30
339
SEMPRA ENERGY
5040.3
8.5
36.6
5525.0 y
9.9
294.0
32
8.8
31
342
BALTIMORE GAS & ELECTRIC
3823.3
14.5
6.7
3358.1 y
4.6
327.7
16
1.9
32
361
PACIFICORP
5351.0
21.7
1.0
6386.1 ay
50
22.5
71
40.3
33
373
NICOR
1818.8
3.8
61.1
1465.1 y
26
0.4
116.4
5.3
34
427
PEOPLES ENERGY
1204.2
1.2
28.0
1066.8
16
0.7
67.3
30
3.3
35
433
EASTERN ENTERPRISES
864.8
9.8
22.1
935.3
0.3
50.8
5.8
36
437
NIAGARA MOHAWK POWER
2740.2
14.2
95.0
3826.4
0.8
120.8
NM
NC
37
471
SONAT
2785.3
39.1
17.9
3709.8
15
25.7
530.5
NM
NC
99.0 a

10
QPS
B
DOMESTIC
ASIA
EURO/
INTLLA
EDIT OK
X X
XX167
ASIA XX EUR-LA
PE
TD/JLM
AES13
DAD
--
nkings
INVESTMENT DATA
NET
MARGIN
1998
NET
MARGIN
1997
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1998
ESTIMATED
EARNINGS
PER SHARE
1999
6.3
7.1
4.2
9.2
35
43 /31
18
4.64
1.95
2.53
12.8
13.3
3.9
17.9
37
58 /23
22
0.00
1.67
2.01
7.2
6.0
7.7
14.8
57
71 /55
17
3.87
3.42
3.56
8.7
10.8
3.2
7.3
29
34 /27
15
5.13
1.95
2.45
10.7
10.4
7.4
20.1
25
29 /21
11
3.93
2.29
2.04
10.2
7.3
7.0
15.5
36
42 /20
15
2.81
2.32
2.84
6.4
2.6
4.0
9.2
28
32 /23
4.25
3.00
2.05
4.1
5.4
6.8
13.9
51
61 /45
16
1.58
3.21
3.78
5.0
8.3
2.9
8.5
42
48 /38
15
5.42
2.79
3.19
9.6
8.2
6.9
14.0
41
52 /40
13
5.72
3.05
3.35
3.6
4.9
3.9
8.5
32
35 /30
17
3.81
1.88
2.12
5.4
4.9
4.0
5.8
27
44 /26
18
4.66
1.46
2.30
8.2
6.3
5.6
11.6
25
31 /24
12
7.01
2.07
2.03
10.7
11.4
5.6
11.9
40
49 /36
13
5.20
3.05
3.13
6.9
8.0
4.8
11.9
26
31 /25
14
4.08
1.84
1.96
11.0
9.4
5.8
12.2
38
43 /32
14
5.68
2.79
2.79
10.2
10.0
8.2
12.4
51
73 /50
13
4.04
3.85
3.98
10.3
9.9
6.8
11.2
47
56 /41
15
4.58
3.04
3.14
9.4
6.0
4.6
8.9
39
49 /38
14
6.68
2.75
2.99
12.0
12.0
6.7
11.5
37
44 /37
13
6.81
2.82
2.90
4.6
8.6
5.0
9.9
29
40 /28
18
6.17
1.65
2.61
9.3
8.4
4.7
10.6
40
47 /35
13
5.17
3.03
3.27
1.2
6.2
1.3
2.9
27
33 /25
54
5.59
0.50
2.04
12.8
12.8
7.0
13.2
40
50 /39
15
5.02
2.75
3.09
8.8
8.0
4.1
9.3
25
32 /25
18
5.35
1.40
1.86
2.1
5.5
1.4
3.5
37
37 /20
106
1.62
0.35
1.10
10.0
8.7
6.0
10.7
26
31 /25
14
5.54
1.84
2.01
7.9
2.5
3.7
9.7
36
41 /32
15
4.50
2.34
2.54
10.4
10.0
8.1
12.1
55
60 /42
18
3.53
3.00
3.59
8.6
10.9
5.1
10.6
42
53 /41
15
5.77
2.81
3.27
5.3
8.4
5.0
9.4
21
29 /21
17
7.43
1.24
1.76
9.8
8.6
4.9
9.6
26
35 /25
12
6.56
2.06
2.39
1.6
8.0
0.9
1.9
18
25 /18
69
6.00
0.26
1.21
7.9
6.4
8.9
15.3
38
44 /37
16
3.88
2.42
2.83
6.3
7.6
5.3
9.0
34
40 /32
18
5.78
1.90
2.53
5.4
5.5
5.2
9.3
38
45 /38
17
4.37
2.24
2.98
3.2
4.6
1.6
4.2
15
17 /11
15
0.00
0.95
0.29
14.3
5.0
21.7
39.9
25
45 /24
4.27
4.82
1.46
WESLEY HITT/TONY STONE IMAGES
Supercharged
ho says a utility
has to be boring?
AES, at No. 46,
turns in electrifying results by acting more like
a global powerhouse than
a local power company.
With more than 90 generating plants from Kazakhstan to Brazil, it
scours the globe for acquisitions as governments
privatize. That has helped
sales surge by 70% and
earnings by 63% over the
past year. But investors
beware: Returns, up more
than 200% over three
years, fell 16% over the
past 12 months as global
economic woes spread.

BEGINS ON PAGE 168

10
QPS

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