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BUSINESS WEEKS
INDUSTRY RANKINGS
OF THE S&P 500
he S&P 500 represents a huge universe, accounting for some 70% of the market
capitalization of all U.S. stocks. To find out how each of the companies in the
index measures up against its peers, we ranked them within industry groups,
using the same factors that go into the overall report card grades. The numbers
used to derive those grades are shown in these tables, along with a wealth of additional
financial information. Each companys rank within its industry is listed to the left of its
name, followed by its overall rank. Taken together, they form a vivid picture of how well
each company harnesses its resources, given the unique constraints of its industry.
G LOSSARY & FOOTNOTES

Companies on this list are from the Standard
& Poors 500. Each company is ranked by
eight criteria: one-year total return; three-year
total return; one-year sales growth; three-year
average annual sales growth; one-year profit
growth; three-year average annual profit
growth; net profit margins; and return on equity, with additional weight given to a companys sales. A companys composite rank is
calculated using the sum of all of its ranks.
MARKET VALUE
Share price on Feb. 29, 2000, multiplied by

the latest available common shares
outstanding.
ONE-YEAR TOTAL RETURN
Annual dividend per share, reinvested, plus

Feb. 29, 2000, price per share, as a percent of Feb. 26, 1999, price per share.
THREE-YEAR TOTAL RETURN
Annual dividend per share, reinvested, plus

Feb. 29, 2000, price per share, as a percent of Feb. 28, 1997, price per share.
SALES
Latest available sales through the most recent 12 months ending Jan. 31, 2000. Includes all sales and other operating revenues. For banks, this includes all banking
operations revenues.
THREE-YEAR SALES GROWTH
Calculated using the least squares method.

Data for 1999 and 1998 are as reported by
company in 1999.
PROFITS
EARNINGS PER SHARE
Latest available profits through the most recent 12 months ending Feb. 29, 2000. Net
income from continuing operations before
extraordinary items.
Primary earnings per share, excluding extraordinary profit or loss, divided by number of
common and common equivalent shares.
THREE-YEAR PROFITS GROWTH
Analysts consensus estimates for 2000

compiled as of Feb. 17, 2000 by I/B/E/S International Inc., New York, N.Y. I/B/E/S is a
registered trademark of I/B/E/S International
Inc.
Calculated using the least squares method.

Data for 1999 and 1998 are as reported by
company in 1999. If results for the earliest
year are negative, the average is for two
years.
NET MARGINS
Net income from continuing operations before extraordinary items as a percent of

sales.
RETURN ON INVESTED CAPITAL
Net income available for shareholders as a

percent of debt and equity funds.
RETURN ON EQUITY
Net income available for shareholders divided by total equity.

RECENT SHARE PRICE
Price for a single share of a companys most

widely traded issue of common stock as of
the close of trading Feb. 29, 2000.
HIGH/LOW PRICE
Trading range for the companys common

stock, Feb. 26, 1999, to Feb. 29, 2000.
P-E RATIO
Price-earnings ratio based on latest 12 months

earnings and Feb. 29, 2000, stock price.
DIVIDEND YIELD
Annual dividend rate as a percent of the

Feb. 29 stock price.
EARNINGS PER SHARE ESTIMATES
(a) Data as of September, 1999.

(b) Data as of October, 1999.
(c) Total return from Aug. 16, 1999.
(d) Total return from Dec. 31, 1999.
(e) Total return from Nov. 5, 1999.
(f) Two-year growth rate.
(x) Sales include excise taxes.
(y) Sales include other income.
(z) Sales include excise taxes and other income.
NA=not available. NM=not meaningful.
NC=not calculable. INC=Incomplete.
Because BUSINESS WEEK is owned by McGraw-Hill, the S&P 500 Scoreboard does not include a forecast of the companys earnings.
Note: Compustat provided by Standard &
Poors Institutional Market Services, from
sources such as statistical services, registration statements, and company reports that
SPIMS believes to be reliable but are not
guaranteed by SPIMS or BUSINESS WEEK as to
correctness or completeness. This material
is not an offer to buy or sell any security.
Additional data: I/B/E/S International Inc.,
New York, N.Y. I/B/E/S is a registered trademark of I/B/E/S International Inc.
BUSINESS WEEK / MARCH 27, 2000 167
Distribution: Morrison, Barnathan, Kuntz,

Beucke, Byrnes, Barrett, +3 for Jespersen
Large: Jespersen, Rosenberg, JMandel
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THE S&P Business Weeks Industry Rankings
500
MARKET VALUE
FEB. 29
2000
$ MIL.
SALES
12
MONTHS
1999
$ MIL.
PROFITABILITY
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1999
$ MIL.
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12153.8
29.8
18.8
21568.9
14.9
839.5
12
8.9
8692.1
26.4
37.5
8959.0
21
39.8
880.0
49
51.7
1 AEROSPACE & DEFENSE

INDUSTRY AVERAGE
1
40
168
BOEING
322
NORTHROP GRUMMAN
352
UNITED TECHNOLOGIES
363
B.F. GOODRICH
437
456
GENERAL DYNAMICS
33274.3
5.1
24.6
57993.0
18.3
2309.0
106
3.4
3167.9
25.7
33.4
8995.0
1.1
483.0
149
11.3
24172.4
16.7
41.3
24127.0y
0.1
841.0
27
1.5
2638.7
27.4
35.6
5537.5
28.1
169.6
53
26.0
RAYTHEON
6260.4
64.7
58.8
19841.0
19.5
457.0
46
10.1
LOCKHEED MARTIN
6870.6
52.4
58.1
25530.0
2.2
737.0
26
18.7
15304.3
21.4
52.2
51800.4
12
8.6
1990.3
42
25.8
3371.8
8.6
51.8
9021.0
14
24.4
583.6
40
40.3
8838.0
2 AUTOMOTIVE
INDUSTRY AVERAGE
46
PACCAR
53
NAVISTAR INTERNATIONAL
2069.8
23.8
240.3
120
GENERAL MOTORS
48836.2
14.4
83.4
196
FORD MOTOR
50865.8
27.3
237
DELPHI AUTOMOTIVE SYSTEMS
9378.7
8.4
305
DANA
3516.4
42.0
25.6
13159.0y
368
COOPER TIRE & RUBBER
820.1
44.0
42.4
2196.3
467
GOODYEAR TIRE & RUBBER
3575.4
48.7
53.4
12880.6
10
16.8
553.0
72
109.3
176558.0y
14
1.7
5576.0
83
4.2
111.1
162558.0
13
2.4
7237.0
67
30.0
NA
29192.0
2.8
1083.0
147
20.2
17.1
513.0
22.9
17
10.0
135.5
7.5
0.6
241.1
66
19.8
1495.9
3 BANKS
INDUSTRY AVERAGE
17226.2
26.9
18.0
8733.9
21.9
35
MBNA
18340.7
4.6
66.6
6047.1a
25
25.3
31
24.7
30
28.9
39
WELLS FARGO
53788.5
8.2
41.1
19930.0y
38.7
3747.0
92
47.7
58
STATE STREET
11630.1
4.2
85.9
4207.0y
12
76
PROVIDIAN FINANCIAL
9192.2
36.5
NA
4036.8
91
20.0
619.0
42
26.9
60.2
550.3
86
51.4
79
CHASE MANHATTAN
65865.8
2.1
70.2
28119.0
94
BANK OF NEW YORK
24612.1
3.3
81.9
106
NORTHERN TRUST
12552.8
27.8
175.8
121
FIFTH THIRD BANCORP
16081.6
20.2
46.0
942.9a
4.2
5446.0
44
27.2
5574.0y
3.5
1739.0
46
18.3
2542.8y
10
13.5
405.0
14
15.9
3434.5
25.9
668.2
22
25.1
13
26.9
612.8
13
27.5
20.3
989.0
14
10.7
125
BB&T
7477.7
36.4
29.5
3877.1
10
129
MELLON FINANCIAL
15081.3
8.9
61.0
5186.0y
11
148
SUNTRUST BANKS
16254.5
24.0
3.6
7414.4
27.2
1124.0
16
25.4
12
151
NATIONAL CITY
11685.9
42.7
16.1
7239.9
20.2
1405.5
31
20.8
13
161
FIRSTAR
17377.4
34.7
43.9
6075.5
113.9
875.3
92.5
14
176
FLEETBOSTON FINANCIAL
15522.2
34.8
3.7
16803.0
43.9
2038.0
12
45.8
15
178
REGIONS FINANCIAL
4440.6
45.1
25.9
3391.8
10
33.0
525.4
25
33.6
16
179
J.P. MORGAN
18323.6
2.9
16.9
11816.0y
12
3.8
2055.0
113
3.9
17
185
WACHOVIA
11541.2
30.9
1.2
6328.3
18.6
1011.2
16
17.4
18
195
BANK ONE
29678.6
49.9
28.8
24299.0
43.5
3479.0
12
35.9
19
203
SYNOVUS FINANCIAL
4618.0
30.0
10.5
1494.1
19
12.7
225.3
15
17.5
20
204
SOUTHTRUST
3851.4
41.1
7.1
3284.6
14
21.8
443.2
20
23.0
21
206
FIRST UNION
29155.3
42.8
26.3
16265.0y
15.2
3223.0
11
26.6
22
213
BANK OF AMERICA
77154.6
27.4
17.2
47977.0
5.3
7882.0
53
7.0
168 BUSINESS WEEK / MARCH 27, 2000

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INVESTMENT DATA
NET
MARGIN
1999
NET
MARGIN
1998
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1999
ESTIMATED
EARNINGS
PER SHARE
2000
3.9
3.6
9.8
13.3
34
63/32
12
2.90
2.89
3.27
9.8
8.0
27.0
29.1
43
75/41
10
2.22
4.36
3.97
4.0
2.0
13.2
20.1
37
49/34
15
1.52
2.49
2.41
5.4
2.2
8.9
14.9
45
76/45
3.52
6.93
7.17
3.5
5.1
7.2
10.7
51
76/48
31
1.57
1.65
3.46
3.1
6.6
5.5
13.4
24
46/21
16
4.60
1.53
3.19
2.3
4.3
2.5
4.2
19
77/18
14
4.32
1.34
1.69
2.9
3.8
4.1
11.6
17
46/16
2.52
1.92
1.00
3.8
7.5
9.7
25.6
33
56/30
3.35
4.82
4.78
6.5
5.3
10.4
27.7
43
63/40
2.79
7.41
6.27
6.3
4.0
15.3
42.0
33
56/32
0.00
8.42
5.70
3.2
2.0
3.7
27.4
76
95/60
2.63
8.53
9.16
4.5
15.3
6.8
26.2
42
68/41
4.81
5.86
5.88
3.7
1.5
22.4
33.8
17
22/14
1.68
1.95
2.06
3.9
4.3
8.8
17.3
21
54/21
5.80
3.08
4.28
6.2
6.8
6.7
13.9
11
25/10
3.88
1.79
2.06
1.9
5.7
3.5
6.7
23
67/22
15
5.25
1.52
2.82
17.1
13.5
9.8
18.7
37
59/34
13
3.79
2.92
3.26
15.6
15.0
9.2
23.4
23
33/20
19
1.40
1.21
1.46
18.8
10.2
8.0
16.8
33
50/32
15
2.66
2.23
2.57
14.7
11.7
17.3
23.3
73
95/56
19
0.88
3.78
3.38
13.6
14.1
22.5
41.3
65
138/58
17
0.31
3.78
5.13
19.4
13.1
12.1
22.8
80
91/66
13
2.06
6.27
6.20
31.2
22.5
18.4
33.8
33
45/32
15
1.93
2.27
1.90
15.9
15.3
11.1
18.4
57
62/40
32
0.96
1.74
1.95
19.5
17.2
10.9
16.4
52
75/50
24
1.84
2.15
2.82
15.8
15.8
6.5
19.8
24
41/22
13
3.40
1.83
2.21
19.1
17.0
11.7
24.6
30
40/29
16
2.66
1.90
2.03
15.2
13.7
7.9
14.3
51
76/49
15
2.91
3.50
4.41
19.4
15.3
9.2
24.5
19
37/18
5.92
2.22
2.38
14.4
13.3
7.7
13.9
18
35/18
20
3.65
0.87
1.53
12.1
15.1
6.7
12.9
27
45/26
13
4.40
2.10
3.24
15.5
13.7
15.5
17.4
20
39/20
5.33
2.35
2.52
17.4
7.2
5.5
17.7
111
148/105
11
3.60
10.39
10.20
16.0
14.7
7.1
18.0
57
92/55
12
3.78
4.90
5.49
14.3
12.8
6.3
17.3
26
64/23
6.49
2.95
2.83
15.1
15.6
15.3
19.0
16
24/16
20
2.20
0.80
0.91
13.5
12.8
11.0
15.4
23
43/21
4.36
2.63
2.91
19.8
18.0
7.1
20.2
30
57/28
6.51
3.33
3.57
16.4
10.7
7.5
17.7
46
76/43
10
4.35
4.48
5.30
Road Warriors
he boom in just-intime deliveries has
created a whole new
demand for trucks, which
are starting to be viewed
as mobile warehouses. Rival truckmakers Paccar,
No. 46, and Navistar International, No. 53, posted
net income gains last year
of 40% and 72%, respectively. Paccar also delivered a sturdy 27.7% return on equity. But
trouble may be just
around the bend: After
record production during
the first half of 99,
truckmakers shifted into
lower gear. And as oil
prices and finance charges
soar, buyers are starting
to tap the brakes, too.
FOOTNOTES TO TABLES APPEAR ON PAGE 167;

ALPHABETICAL INDEX OF COMPANIES
BEGINS ON PAGE 195

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500
23
227
OLD KENT FINANCIAL
24
240
U.S. BANCORP
25
243
HUNTINGTON BANCSHARES
26
252
UNION PLANTERS
27
253
PNC BANK
28
277
29
296
30
31
MARKET VALUE
SALES
PROFITABILITY
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1999
$ MIL.
3080.0
35.9
28.8
1699.1
21.1
13795.2
42.3
25.9
7521.8
4778.0
25.7
5.5
2403.9
FEB. 29
2000
$ MIL.
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1999
$ MIL.
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
252.5
12
20.0
7.2
1506.5
13
11.6
5.8
422.1
40
10.7
3791.1
36.4
31.1
2645.1
22.2
410.0
82
22.3
11335.6
23.2
0.9
6920.0
4.6
1264.0
13
8.2
KEYCORP
7510.8
46.1
31.1
6885.0
6.7
1107.0
11
11.8
COMERICA
5761.9
43.0
1.5
3082.5y
2.6
672.6
11
17.0
314
AMSOUTH BANCORPORATION
5601.7
52.9
2.0
1659.2
4.0
290.4
15
17.3
318
SUMMIT BANCORP.
4132.8
35.6
17.8
2591.6
7.1
442.6
16.9
13.8
4 CHEMICALS
INDUSTRY AVERAGE
1
234
MONSANTO
274
HERCULES
275
ROHM & HAAS
284
DOW CHEMICAL
326
6
7
11252.7
8.2
7.6
7337.8
1.8
339.7
18
24631.0
14.6
18.1
9146.0
26
11.2
503.0
NM
9.9
1754.3
37.7
61.3
3248.0
51
16.2
168.0
1767
42.7
8807.6
31.2
39.5
5339.0y
44
8.4
249.0
45
9.8
23793.7
13.7
48.8
18929.0y
2.5
1331.0
13.1
PRAXAIR
5364.6
2.2
28.4
4639.0
1.5
441.0
14.6
345
GREAT LAKES CHEMICAL
1671.1
24.7
26.1
1453.3
2.8
140.0
148
2.1
383
UNION CARBIDE
7184.1
23.9
19.8
5870.0
2.5
311.0
23
21.8
387
W.R. GRACE
409
AIR PRODUCTS & CHEMICALS
10
418
INTERNATIONAL FLAVORS & FRAGRANCES
11
423
DUPONT
12
474
EASTMAN CHEMICAL
680.6
25.1
18.7
1471.9
4.6
130.2
NM
7.1
5904.6
18.2
26.7
5009.9
6.0
374.7
27
3.4
3182.7
24.2
28.1
1439.5
0.1
162.0
21
5.3
49252.9
0.6
0.6
26918.0y
13.4
219.0
87
56.3
2805.6
21.0
28.2
4590.0y
1.6
48.0
81
47.0
5 CONGLOMERATES
INDUSTRY AVERAGE
55293.4
7.5
33.4
433879.3
33.6
168.7
43
128
TRW
131
HONEYWELL INTERNATIONAL
186
TEXTRON
9132.6
349
PERKINELMER
2977.0
354
HARCOURT GENERAL
2450.8
402
PALL
2449.1
482
IKON OFFICE SOLUTIONS
484
ALLEGHENY TECHNOLOGIES
GENERAL ELECTRIC
19596.6
12
3.4
1515.4
10
5.5
111630.0y
11
12.5
10717.0
15
13.7
5837.0
4.6
1.1
16969.4
43
18.8
468.8
40.4
38265.8
17.8
38.8
23735.0
22.7
1541.0
19
20.6
20.5
29.9
11579.0y
20
8.1
623.0
41
9.9
147.7
216.6
1363.1
60
6.5
28.4
64
9.6
10.0
9.8
2157.9
12
17.4
119.2
38
NC
3.8
1.0
1180.8
3.1
80.8
13.2
1048.3
49.6
82.4
5458.2
7.7
50.5
NM
NC
1601.1
52.1
59.1
2296.1
18.6
111.0
28
23.2
6 CONSUMER PRODUCTS
INDUSTRY AVERAGE
19535.7
15.7
103.8
10913.4
8.4
869.4
9.9
11166.0
17.8
2262.2
11637.7
23
14.0
293.5
71
195.1
3982.2
3.6
118.3
1722.7
34
31.3
117.0
33
33.1
CIRCUIT CITY GROUP
8228.9
49.3
161.1
10152.6
14
12.8
254.4
64
19.9
COLGATE-PALMOLIVE
30403.7
24.4
110.0
9118.2
1.2
937.3
10
13.9
7343.4
37.3
209.7
4126.2
14
12.9
297.9
386
26.3
29778.5
15.1
52.8
11703.7
2.4
1402.2
14
6.4
25
BEST BUY
73
BED BATH & BEYOND
95
132
144
TANDY
182
ANHEUSER-BUSCH

4A
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Credit:
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ASIA XX EUR-LA
INT
INVESTMENT DATA
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
13.8
17.6
20.4
26
47/26
20.0
18.9
6.0
19.7
18
17.6
13.0
6.4
19.5
21
15.5
8.5
10.5
13.8
18.3
15.5
7.7
21.0
16.1
15.4
4.8
17.3
21.8
20.5
5.4
18.9
17.5
15.6
5.1
17.1
19.4
NET
MARGIN
1998
14.9
12-MONTH
HIGH/LOW
$
ESTIMATED
EARNINGS
PER SHARE
2000
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1999
12
3.36
2.11
2.56
38/18
4.70
2.06
2.30
34/20
11
3.83
1.82
1.94
27
50/27
10
7.31
2.85
3.03
39
62/38
4.65
4.15
4.30
17
38/17
6.61
2.45
2.42
37
70/35
4.35
4.14
4.57
19.7
14
35/14
17
5.59
0.86
1.85
6.6
15.8
24
44/24
5.51
2.54
3.06
4.6
6.2
13.3
10.1
39
59/35
21
2.67
1.90
2.67
5.5
1.8
4.5
9.4
39
51/33
50
0.31
0.77
1.25
5.2
0.4
4.1
19.6
17
41/16
10
6.55
1.62
2.31
4.7
12.2
3.6
7.0
40
49/30
32
1.89
1.27
2.43
7.0
7.1
9.3
15.8
109
142/90
18
3.21
5.93
6.52
9.5
8.8
9.1
18.6
34
58/33
12
1.84
2.72
2.97
9.6
4.0
7.7
12.9
29
50/28
12
1.10
2.41
2.74
5.3
7.1
7.0
12.3
54
68/41
24
1.68
2.27
2.33
8.8
10.2
87.2
92.2
10
21/10
0.00
1.76
1.72
7.5
10.3
7.4
12.8
26
49/26
15
2.80
1.73
2.16
11.3
14.5
17.5
18.9
30
49/29
20
5.07
1.53
1.96
0.8
6.7
1.4
2.0
51
75/50
266
2.77
0.19
2.97
1.0
5.6
1.5
2.7
36
60/35
59
4.90
0.61
2.63
7.7
7.9
7.8
23.9
48
68/37
26
2.37
1.86
2.74
9.6
9.3
9.6
26.8
132
160/98
41
1.24
3.22
3.69
2.8
4.0
5.7
17.3
48
58/40
13
2.75
3.80
5.35
6.5
8.1
23.0
28.4
48
69/41
25
1.56
1.90
3.24
5.4
4.6
6.3
14.0
61
98/57
15
2.13
4.05
4.65
2.1
9.2
4.5
5.5
65
85/26
106
0.87
0.61
2.07
5.5
4.5
5.9
18.4
34
54/33
21
2.44
1.65
1.97
6.8
6.9
9.6
11.0
20
25/16
31
3.34
0.64
1.20
0.9
1.6
1.4
3.6
16/5
21
2.29
0.33
0.77
4.8
6.5
6.6
9.2
17
48/16
15
4.72
1.16
1.68
8.0
7.8
20.9
26.5
36
58/31
21
2.47
1.76
2.37
2.5
1.8
24.8
25.3
55
81/41
40
0.00
1.38
1.99
6.8
6.9
23.0
23.0
28
39/22
35
0.00
0.81
1.09
2.5
1.7
12.3
13.4
40
54/26
35
0.17
1.15
1.87
10.3
9.5
23.6
53.9
52
67/41
36
1.21
1.47
1.66
7.2
1.3
25.0
35.2
38
80/27
27
0.58
1.43
1.75
12.0
11.0
15.6
33.8
64
84/57
22
1.88
2.94
3.26
All Is Forgiven
alk about the comeback kid. Three
years ago, consumer
electronics retailer Best
Buy was struggling. But
management refocused on
higher-margin products
such as Palm handheld
computing devices,
slapped on inventory controls, and redesigned stores
to be more shopper-friendly. Now, Best Buy, at
No. 25, is riding a wave
of consumer demand for
digital gizmos. Its net
income jumped 195%
annually on average over
the past three years. With
the stock up more than
2,000% in that time, its
no wonder investors are
willing to let bygones
be bygones.

BEGINS ON PAGE 195
(PREVIOUS PAGE) WALTER HODGES/TONY STONE; (ABOVE) EVAN KAFKA
RETURN ON
INVESTED
CAPITAL
NET
MARGIN
1999

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X X
XX172
ASIA XX EUR-LA
INT
500
7
187
PROCTER & GAMBLE
192
WHIRLPOOL
194
PHILIP MORRIS
10
197
11
205
12
212
SEAGRAM
13
214
ECOLAB
14
215
PEPSICO
15
247
LIZ CLAIBORNE
16
270
ADOLPH COORS
17
279
GILLETTE
18
291
BROWN-FORMAN
19
302
COCA-COLA
20
309
21
331
22
23
MARKET VALUE
FEB. 29
2000
$ MIL.
115617.1
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
0.6
52.1
12
MONTHS
1999
$ MIL.
39188.0
PROFITABILITY
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
3.5
12
MONTHS
1999
$ MIL.
CHANGE
FROM
1998
%
3727.0
3 YEAR
AVERAGE
CHANGE
%
5.2
4042.4
26.8
14.7
10511.0
8.4
347.0
12
36.8
48011.4
45.6
49.1
78596.0
14.8
7675.0
43
4.4
MAYTAG
2175.8
52.4
25.5
4323.7
13.6
328.5
15
35.6
LEGGETT & PLATT
3300.1
18.3
2.0
3779.0
12
15.3
290.5
17
23.3
25551.7
28.1
57.6
14428.0
63
29.5f
265.0
58
4.6f
3660.6
28.4
55.0
2080.0
10
12.1
175.8
14
15.8
46902.5
13.2
10.0
20367.0
0.7
2050.0
30.0
2249.9
12.6
4.4
2806.5
11
7.9
192.4
14
5.7
1617.0
25.6
113.7
2056.6
5.5
92.3
36
23.0
37811.2
33.7
7.9
9897.0
0.4
1260.0
17
5.5
12.0
214.1
8.9
1.8
2431.0
31
11.7
3262.8
26.4
13.0
120094.2
23.1
18.1
2124.4y
UST
3304.3
30.8
27.2
1512.3
3.3
469.3
0.7
AVON PRODUCTS
6557.5
33.6
1.9
5289.1
3.1
302.4
12
3.7
360
CLOROX
9564.2
30.6
42.0
19.8
235.0
37
2.7
382
COCA-COLA ENTERPRISES
9938.2
24.2
15.1
14406.0
21.7
59.0
58
19.4
24
385
NIKE
7848.9
46.3
59.3
8919.9
3.1
526.5
121
17.7
25
415
VF
2918.3
48.0
24.6
5551.6
2.8
366.2
7.3
26
442
ARMSTRONG WORLD INDUSTRIES
761.2
59.3
69.3
3443.8
25
17.7
14.3
NM
58.6
27
485
RUSSELL
456.6
26.9
60.4
1142.2
2.9
8.4
NM
54.3
28
488
REEBOK INTERNATIONAL
450.1
50.4
82.9
2899.9
10
6.5
11.0
54
60.7
19805.0
3988.0y
7 CONTAINERS & PACKAGING

INDUSTRY AVERAGE
2847.0
13.9
6.0
3999.7
7.2
181.8
67
11.5
812.3
35.3
10.9
3584.2
24
18.3
104.2
226
75.4
SEALED AIR
4149.9
2.1
20.8
2839.6
13
19.5
211.5
190
14.9
235
AVERY DENNISON
6855.9
15.0
58.4
3768.2
5.2
215.4
7.2
281
TEMPLE-INLAND
2855.5
13.4
1.5
3682.1
12
0.9
191.6
116
18.0
337
OWENS-ILLINOIS
2107.0
42.3
42.7
5522.9
12.9
299.1
145
5.6
373
BEMIS
1552.6
10.3
22.9
1918.0
4.4
114.8
13
3.2
399
WESTVACO
2736.9
25.0
1.5
2950.7
1.2
136.2
11.1
450
CROWN CORK & SEAL
1706.1
47.5
72.5
7731.8
2.4
181.3
73
21.3
18.8
81.7
21667.8
14
14.2
777.5
14
19.8
156
BALL
172
3
4
8 DISCOUNT & FASHION RETAILING

INDUSTRY AVERAGE
23102.8
41109.3
12.3
400.9
11635.4
29
31.0
1127.1
37
37.3
15
HOME DEPOT
133062.8
45.7
380.8
38434.0
27
25.3
2320.0
44
35.6
45
WAL-MART STORES
217676.6
14.0
276.9
165013.0
20
16.4
5575.0
26
22.5
61
KOHL'S
12356.8
9.9
229.6
4557.1
24
26.9
258.1
34
42.5
70
STAPLES
12337.2
8.2
180.9
8383.1b
24
30.3
266.9b
42
40.5
85
TARGET
26892.2
5.1
188.1
33702.0
10
10.0
1185.0
23
34.1
86
LOWE'S
18281.7
19.2
164.9
15905.6
19
23.6
672.8
34
32.8
88
COSTCO WHOLESALE
22050.8
23.6
287.3
28401.5y
14
12.1
540.4
16
31.8
107
5534.3
12.2
82.6
3888.0
21
22.2
219.4
21
24.2
GAP
DOLLAR GENERAL

4A
4.0
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DOMESTIC
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INTLLA
EURO/
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EDIT PASS
X X
XX173
ASIA XX EUR-LA
INT
INVESTMENT DATA
NET
MARGIN
1998
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1999
1.46
2.59
ESTIMATED
EARNINGS
PER SHARE
2000
9.5
10.5
16.9
28.5
88
118/84
34
3.21
3.3
3.0
11.6
18.6
54
78/41
12
2.50
4.56
6.21
9.8
7.2
27.9
50.1
20
43/19
9.51
3.19
3.68
7.6
7.0
28.9
76.9
26
75/26
2.72
3.66
3.68
7.7
7.4
11.9
17.6
17
28/16
12
2.38
1.45
1.67
1.8
7.0
1.2
2.0
59
65/37
107
1.12
0.55
0.01
8.5
8.2
18.9
23.6
28
44/28
22
1.70
1.31
1.47
10.1
8.9
21.5
29.8
32
42/30
23
1.68
1.37
1.39
6.9
6.7
19.4
19.4
37
41/31
12
1.20
3.12
3.39
4.5
3.6
9.8
11.0
44
63/41
18
1.50
2.46
2.87
12.7
10.8
18.1
34.6
35
64/33
31
1.67
1.14
1.29
10.1
9.5
20.7
21.7
48
76/47
16
2.60
3.01
3.49
12.3
18.8
23.0
25.7
49
71/47
50
1.40
0.98
1.47
31.0
32.0
76.7
233.7
19
33/19
9.11
2.68
2.94
5.7
5.2
113.7
494.1
27
59/23
23
2.73
1.17
1.85
5.9
9.4
9.6
13.5
40
65/36
41
1.98
0.98
1.75
0.4
1.1
0.4
1.9
23
38/17
180
0.68
0.13
0.71
5.9
2.7
14.3
16.4
28
67/27
15
1.69
1.86
2.31
6.6
7.1
13.2
16.3
25
55/22
3.56
2.99
3.04
0.4
0.3
0.6
1.6
19
61/19
53
10.11
0.36
5.48
0.7
0.9
1.0
1.5
14
25/12
55
4.05
0.25
1.94
0.4
0.7
1.1
2.0
23/7
40
0.00
0.20
1.02
4.5
2.9
6.1
9.5
34
54/31
16
2.51
2.14
2.82
2.9
1.1
5.7
14.7
27
59/27
2.24
3.15
3.65
7.4
2.9
4.7
6.2
50
68/45
30
0.00
1.68
2.20
5.7
6.5
15.1
26.6
61
79/51
28
1.78
2.13
2.87
5.2
2.7
4.6
9.7
51
78/48
15
2.50
3.43
5.07
5.4
2.3
3.4
11.1
14
33/14
0.00
1.79
1.89
6.0
5.5
10.1
15.8
30
40/29
14
3.23
2.18
2.44
4.6
4.4
3.0
6.1
27
35/21
20
3.23
1.36
2.09
2.3
1.3
2.5
5.6
14
38/14
10
7.14
1.36
2.31
3.6
3.6
12.7
17.8
30
47/25
19
1.14
1.56
1.88
9.7
9.1
41.3
58.8
48
54/31
38
0.18
1.26
1.52
6.0
5.3
17.7
18.8
58
70/36
58
0.28
1.00
1.23
3.4
3.2
12.6
21.6
49
70/39
39
0.41
1.25
1.44
5.7
5.2
12.6
16.5
76
82/62
49
0.00
1.55
1.83
3.2
2.8
12.2
15.8
27
36/16
48
0.00
0.56
0.89
3.5
3.1
10.8
21.2
59
77/54
23
0.68
2.54
2.87
4.2
3.8
10.5
14.3
48
66/41
27
0.29
1.75
2.16
1.9
1.9
11.4
14.6
50
55/33
42
0.00
1.17
1.37
5.6
5.7
23.5
23.6
21
33/18
26
0.61
0.81
1.01
Picky, Picky
t was a great year for
a lot of retailers. Just
not great enough.
Only three store chains
made the BW50 roster,
down from seven last
year. Powerhouse Gap
slipped five places, to
No. 8, after a string of
fashion missteps slowed
growth at flagship stores.
No.15 Home Depot was
off the charts with 44%
growth, but that wasnt
enough to keep it from
slipping a notch from last
years showing. And
mighty Wal-Mart, which
churned out a 26%
earnings increase in 1999,
slipped 10 places to
No. 45. Shareholders,
like shoppers, are pickier
than ever.

BEGINS ON PAGE 195
RICK RICKMAN/MATRIX
NET
MARGIN
1999

4A
4.0
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DOMESTIC
ASIA
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EURO/
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03
Story:
Production:
Credit:
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Dept AD:
EDIT PASS
X X
XX174
ASIA XX EUR-LA
INT
500
MARKET VALUE
FEB. 29
2000
$ MIL.
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1999
$ MIL.
PROFITABILITY
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1999
$ MIL.
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
10
123
TJX
4942.1
43.9
55.4
8795.3
11
11.3
526.8
22
52.2
11
169
FEDERATED DEPARTMENT STORES
7703.5
3.8
5.6
18217.0
15
5.6
795.0
16
41.4
12
225
LIMITED
7303.7
2.8
106.3
9723.3
3.8
460.8
77
27.4
13
226
AUTOZONE
3316.5
31.4
3.0
4221.9
22
21.8
249.5
13.5
14
259
OFFICE DEPOT
4015.2
49.2
7.4
10263.3
14
18.3
257.6
10
23.0
15
272
MAY DEPARTMENT STORES
8664.5
32.5
10.5
14224.0
5.8
927.0
7.5
16
312
KMART
4293.2
49.6
29.5
35925.0
4.6
633.0
22
45.6
17
324
SEARS, ROEBUCK
10417.5
30.9
46.4
41071.0
2.2
1453.0
39
2.8
18
328
ALBERTO-CULVER
1191.3
9.9
22.6
2037.2
10
6.5
94.5
15
7.0
19
355
TOYS 'R' US
2969.4
12.4
52.4
11862.0
6.1
279.0
NM
17.5
20
377
DILLARD'S
1822.7
29.7
41.4
8921.0y
12
12.2
164.0
21
16.3
21
388
NORDSTROM
2868.7
46.6
19.1
5233.3y
4.4
202.6
11.1
22
426
CONSOLIDATED STORES
1246.8
55.3
60.0
4700.2
12
19.2
96.1
12
2.5
23
439
J.C. PENNEY
4095.0
54.0
63.5
32510.0
10.2
336.0
43
14.4
24
478
PEP BOYS-MANNY, MOE & JACK
315.3
65.4
80.2
2402.8b
10.9
NM
42.0
38706.1
234.5
267.3
6396.0
14
8.4
608.0
101
29.0
64128.9
21.2b
9 ELECTRICAL & ELECTRONICS

INDUSTRY AVERAGE
1
23
TYCO INTERNATIONAL
1.9
159.3
23921.8
21
17.5
1930.1
187
297.4
26
QUALCOMM
100880.4 1461.0
1994.0
4116.1
17
55.6
329.5
174
131.8
27
INTEL
377533.0
88.7
220.0
29389.0
12
11.4
7314.0
21
9.6
29
XILINX
25567.8
357.3
606.9
898.7
42
15.2
215.3
79
20.5
37
SOLECTRON
19409.7
46.6
395.5
8947.6
47
45.7
331.5
52
39.5
41
TEXAS INSTRUMENTS
135041.5
273.4
774.3
9468.0
10
2.7
1406.0
238
115.8
47
PE BIOSYSTEMS GROUP
21645.5
345.0
504.6
1302.5
21
0.6
172.8
184
34.1
52
TERADYNE
14897.6
262.5
538.5
1790.9
20
15.4
191.7
88
21.3
63
ANALOG DEVICES
27501.0
527.4
576.3
1640.2
35
9.2
259.9
138
7.9
10
93
EATON
5515.4
10.4
11.6
8402.0
27
4.4
617.0
77
15.3
11
142
MILLIPORE
2418.8
94.2
28.8
771.2
10
6.0
64.3
552
0.5
12
155
LSI LOGIC
18855.8
394.7
271.0
2089.4
38
18.9
158.9
NM
2.1
13
173
MOLEX
8766.2
109.3
145.6
1906.9
16
9.1
194.6
11
7.5
14
175
KLA-TENCOR
14309.6
200.8
273.9
1048.3
13
2.9
135.4
444
15.1
15
188
MICRON TECHNOLOGY
26180.3
68.3
157.0
4554.8
59
8.3
318.6
NM
3.2
16
228
EMERSON ELECTRIC
19640.8
18.8
1.9
14386.1
8.1
1336.1
8.6
17
254
ROCKWELL INTERNATIONAL
8583.9
3.9
1.9
7095.0
0.5
605.0
NM
11.7
18
264
MOTOROLA
103774.4
143.8
211.3
30931.0
2.9
817.0
NM
11.7
19
311
THOMAS & BETTS
1297.3
44.8
45.9
2522.0
13
7.3
148.3
69
23.4
20
325
CONEXANT SYSTEMS
19465.1 1055.9
NA
1659.4
49
8.6f
121.9
NM
NC
21
353
NATIONAL SERVICE INDUSTRIES
22
403
23
405
839.3
33.2
40.2
2320.3
12
4.3
123.0
14
5.4
COOPER INDUSTRIES
2848.3
29.4
26.5
3868.9
8.3
331.9
2.4
ADVANCED MICRO DEVICES
5781.5
118.9
8.7
2857.6
12
12.9
88.9
NM
NC

4A
4.0
B
DOMESTIC
ASIA
INTLLA
EURO/
D: C M Y K
03
Story:
Production:
Credit:
Edit OK:
Dept AD:
EDIT PASS
X X
XX175
ASIA XX EUR-LA
INT
INVESTMENT DATA
NET
MARGIN
1998
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
6.0
5.5
39.8
43.8
16
4.4
4.3
7.4
13.0
4.7
21.9
17.8
5.9
6.7
2.5
2.6
6.5
12-MONTH
HIGH/LOW
$
ESTIMATED
EARNINGS
PER SHARE
2000
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1999
37/14
10
0.88
1.66
1.90
37
57/32
10
0.00
3.62
3.92
24.5
34
51/29
17
1.77
2.00
2.14
10.8
20.4
24
37/22
14
0.00
1.70
1.98
11.6
13.5
12
26/9
18
0.00
0.69
1.07
6.3
11.8
22.1
26
45/25
10
3.55
2.60
2.87
1.8
1.5
5.9
10.7
18/8
0.00
1.22
1.33
3.5
2.5
7.4
23.0
28
53/25
3.34
3.81
4.23
4.6
4.4
11.5
16.1
21
28/21
14
1.40
1.56
1.68
2.4
1.2
5.9
8.0
12
25/10
11
0.00
1.14
1.44
1.8
1.7
2.6
5.8
17
37/17
11
0.92
1.55
2.73
3.9
4.0
10.3
16.6
21
45/18
15
1.50
1.46
1.74
2.0
2.6
5.6
8.1
11
38/11
13
0.00
0.85
1.12
1.0
2.0
2.2
4.1
16
54/15
14
7.30
1.16
1.98
0.9
0.2
1.5
3.2
22/6
13
4.36
0.48
0.73
9.5
5.4
8.7
14.3
74
87/27
54
0.98
1.38
2.26
8.1
3.4
8.2
14.7
38
54/23
33
0.13
1.14
2.13
8.0
3.4
8.2
8.9
142
200/9
291
0.00
0.49
1.05
24.9
23.1
21.8
22.4
113
117/50
54
0.11
2.11
2.91
24.0
19.1
18.0
18.0
80
81/16
125
0.00
0.64
0.95
3.7
3.6
8.6
11.4
66
98/41
53
0.00
1.23
1.69
14.9
4.8
13.6
15.2
166
170/43
99
0.10
1.68
2.34
13.3
5.6
26.9
28.4
105
116/22
124
0.16
0.85
0.42
10.7
6.9
16.7
16.6
87
90/22
81
0.00
1.07
2.19
15.8
9.0
14.8
14.9
157
167/24
111
0.00
1.42
2.18
7.3
5.3
13.6
23.5
75
104/60
2.35
8.36
7.12
8.3
1.4
13.1
36.4
53
55/23
38
0.82
1.42
1.83
7.6
9.2
8.6
8.6
64
65/12
124
0.00
0.52
0.58
10.2
10.6
11.3
11.4
45
58/26
45
0.22
0.99
1.09
12.9
2.7
9.9
9.9
78
79/21
108
0.00
0.72
1.11
7.0
10.5
5.2
7.3
97
100/34
87
0.00
1.12
4.36
9.3
9.1
16.9
21.6
46
71/45
15
3.14
3.06
3.31
8.5
0.5
16.8
22.6
45
65/41
15
2.25
3.12
3.45
2.6
3.3
4.1
5.0
170
175/65
130
0.28
1.31
3.15
5.9
3.9
7.3
13.6
22
54/22
4.99
2.56
3.10
7.3
30.6
7.9
10.3
98
133/9
164
0.00
0.60
0.87
5.3
5.2
11.5
19.4
21
41/21
6.40
3.01
2.85
8.6
9.2
13.8
19.6
30
57/29
4.63
3.50
3.80
3.1
4.1
2.6
4.5
39
46/15
65
0.00
0.60
1.85
Chips Ahoy!
ooming demand and
tight supplies made
it a banner year for
semiconductor makers. At
Intel, low-end microprocessors took off, and
cost-cutting took hold,
pushing margins up to an
industry-best 24.9%. That
helped the chip king climb
13 spots to No. 27. Meanwhile, Qualcomm catapulted onto the BW 50 at
No. 26, propelled by
strong sales of chip sets
for cellular phones and a
promising patent deal.
Even tiny Xilinx joined, at
No. 29, as it dominated
devices that engineers can
customize at the last
minute. Not a bad specialty, given the pace of
change in tech land.

BEGINS ON PAGE 195
TELEGRAPH COLOUR LIBRARY/FPG
NET
MARGIN
1999

4A
4.0
B
DOMESTIC
ASIA
INTLLA
EURO/
D: C M Y K
03
Story:
Production:
Credit:
Edit OK:
Dept AD:
EDIT PASS
X X
XX176
ASIA XX EUR-LA
INT
500
MARKET VALUE
SALES
PROFITABILITY
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1999
$ MIL.
2723.8
202.2
86.6
1553.9
FEB. 29
2000
$ MIL.
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1999
$ MIL.
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
7.1
37.4
NM
27.8
24
428
TEKTRONIX
25
452
NATIONAL SEMICONDUCTOR
12993.5
615.5
186.2
1972.8
9.4
664.8
NM
NC
26
458
THERMO ELECTRON
2472.5
13.1
54.2
2471.2
20
8.1
14.6
NM
NC
27
466
ANDREW
1992.6
63.6
32.5
806.8
0.7
24.0
76
36.0
10 FOOD
INDUSTRY AVERAGE
9662.1
29.2
0.0
14376.5
2.7
471.2
3.9
110
SAFEWAY
19698.0
33.2
59.8
28859.9
18
17.7
970.9
20
28.4
113
SYSCO
10813.7
17.7
95.9
18292.1
13
9.1
397.0
19
10.5
163
QUAKER OATS
7167.1
0.6
60.2
4725.2
3.2
455.0
60
20.1
171
RALSTON PURINA
8214.1
6.6
11.4
4843.2
4.8
571.1
34
17.6
184
GENERAL MILLS
220
BESTFOODS
263
285
9963.7
15.9
10.4
6486.4
5.3
598.1
17
12.0
11696.5
8.8
13.3
8637.0
0.6
717.0
12
12.3
HERSHEY FOODS
6086.0
28.0
1.1
3970.9
10
0.2
460.3
35
17.1
WM. WRIGLEY JR.
7742.8
26.0
18.7
2079.2
4.3
308.2
10.4
308
SUPERVALU
2399.7
27.8
19.3
18998.1
4.7
225.2
19
6.4
10
313
CAMPBELL SOUP
12116.1
27.8
30.6
6472.0
3.4
757.0
20
1.1
11
333
SARA LEE
13215.5
44.4
19.1
20146.0
1.5
1178.0
12
369
H.J. HEINZ
11327.3
39.5
16.8
0.2
13
396
KELLOGG
10259.4
30.2
20.9
6984.2
1.3
14
407
ALBERTSON'S
10379.2
56.3
27.2
31750.5b
39.2
15
430
CONAGRA
8061.1
43.8
33.6
24903.0
16
459
WINN-DIXIE STORES
2356.8
61.9
44.9
14119.7
17
469
ARCHER DANIELS MIDLAND
6109.9
29.1
34.7
13211.7
18
470
GREAT ATLANTIC & PACIFIC TEA
899.2
24.8
17.9
10156.6
9274.1b
651.4b
7.3
20
6.4
338.3
33
13.7
353.9b
55
5.2
0.6
319.2
50
11.5
2.7
118.7
27
20.4
18
0.1
192.3
47
26.7
0.4
81.4
NM
NC
19
473
NABISCO GROUP HOLDINGS
2813.0
50.2
57.6
8268.0
25.0
255.0
NM
24.6
INC
INC
KROGER
12458.3
53.8
12.7
45352.0
NA
638.0
29
NA
INC
INC
UNILEVER NV
29127.5
36.0
0.7
NA
NA
NA
NA
NA
NA
14.8
11 FUEL
INDUSTRY AVERAGE
25254.8
24.3
6.8
19026.5
11
0.8
926.3
117
3850.2
30.7
1.4
14362.1
19
10.6
441.7
316
30.0
ROYAL DUTCH PETROLEUM
113111.6
23.4
32.7
63219.6
12
7.3
5150.4
2353
26.4
150
EXXON MOBIL
261863.3
15.6
61.4
165464.0
11
13.4
7910.0
1.2
167
USX-MARATHON GROUP
6705.4
7.7
11.8
24212.0y
12
25.3
654.0
111
4.5
209
APACHE
4164.0
84.5
15.6
1300.5y
49
5.8
200.9
NM
17.6
219
ATLANTIC RICHFIELD
22914.0
34.5
27.3
12501.0
21
14.1
1345.0
NM
5.8
222
CHEVRON
49015.2
0.1
26.5
35448.0
18
3.3
2070.0
55
14.6
245
OCCIDENTAL PETROLEUM
5904.4
12.7
28.3
7610.0
15
11.1
568.0
75
2.1
255
PHILLIPS PETROLEUM
9660.3
1.5
0.9
13900.0y
18
6.1
609.0
157
30.8
10
257
COASTAL
11
269
TEXACO
12
294
13
299
14
304
CONOCO
74
147
3
4
TOSCO
8986.9
31.1
88.5
26236.1
5.1
5.5
8197.2
11
13.0
498.9
1.9
35698.0y
13
9.7
1177.0
104
27.0
KERR-M C GEE
3869.2
62.7
AMERADA HESS
4585.8
12.6
20.7
2696.1
23
15.7
146.2
NM
11.6
2.1
7039.1
6.8
437.6
NM
18.9
12339.2
27.2
NA
18
2.2
744.0
65
12.5
27309.0z

4A
4.0
B
DOMESTIC
ASIA
INTLLA
EURO/
D: C M Y K
03
Story:
Production:
Credit:
Edit OK:
Dept AD:
EDIT PASS
X X
XX177
ASIA XX EUR-LA
INT
INVESTMENT DATA
NET
MARGIN
1999
NET
MARGIN
1998
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
2.4
1.0
4.8
6.0
58
33.7
18.2
47.1
51.6
75
75/9
19
0.00
4.03
2.61
0.6
5.6
0.3
0.7
16
20/13
142
0.00
0.11
1.04
3.0
11.7
4.5
5.0
25
26/11
83
0.00
0.30
0.83
58/18
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1999
73
0.83
0.80
ESTIMATED
EARNINGS
PER SHARE
2000
2.08
3.3
3.4
16.4
23.6
29
48/27
21
2.84
1.41
2.00
3.4
3.3
9.4
22.0
39
59/29
21
0.00
1.88
2.22
2.2
2.1
15.1
26.4
33
41/25
28
1.46
1.19
1.25
9.6
5.9
45.7
166.9
54
71/51
17
2.11
3.23
3.11
11.8
9.2
22.3
43.6
28
33/26
15
1.41
1.87
1.66
9.2
8.3
31.1
233.0
33
44/29
17
3.34
1.90
2.19
8.3
7.6
24.5
85.0
42
60/41
17
2.53
2.48
2.73
11.6
7.7
23.3
41.9
44
63/38
13
2.37
3.26
2.37
14.8
15.0
27.1
27.1
68
98/65
25
2.07
2.66
2.93
1.2
1.1
5.7
12.1
17
26/16
10
3.14
1.79
2.09
11.7
9.7
47.3
285.7
28
47/25
16
3.17
1.74
1.92
5.8
6.0
25.3
66.1
15
28/15
12
3.63
1.27
1.35
7.0
8.8
13.5
32.7
32
55/32
18
4.60
1.79
2.81
4.8
7.4
13.9
41.6
25
41/21
30
3.87
0.83
1.64
1.1
2.6
3.4
6.4
25
61/24
21
2.94
1.16
2.68
1.3
2.6
5.2
10.5
16
31/16
25
4.97
0.66
1.87
0.8
1.2
9.1
9.4
16
44/14
20
6.33
0.80
0.74
1.5
2.2
2.0
3.1
10
16/10
32
1.99
0.32
0.61
0.8
0.3
4.5
9.7
23
38/23
11
1.71
2.12
2.45
3.1
1.4
3.2
8.1
34/8
12
5.68
0.75
0.97
1.4
1.1
6.2
26.5
15
35/14
20
0.00
0.74
1.34
NA
NA
NA
NA
46
76/41
NA
2.37
NA
2.98
4.9
2.5
5.7
13.4
39
52/31
24
2.45
1.61
2.32
3.1
0.9
11.7
23.2
27
30/19
1.05
2.83
2.45
8.1
0.4
13.5
15.3
53
67/42
22
2.56
2.40
2.61
4.8
5.5
16.4
18.0
75
87/64
33
2.34
2.25
3.35
2.7
1.4
6.5
14.1
22
34/20
10
3.88
2.11
2.17
15.4
14.8
4.7
7.3
37
50/20
21
0.77
1.72
2.32
10.8
6.4
9.1
15.5
71
98/53
17
4.01
4.09
4.97
5.8
4.5
9.3
12.0
75
105/70
24
3.48
3.14
4.58
7.5
4.9
6.2
17.4
16
25/15
10
6.23
1.58
1.47
4.4
2.0
6.4
13.9
38
57/36
16
3.57
2.41
2.96
6.1
6.6
5.5
13.2
42
45/31
18
0.59
2.30
2.77
3.3
1.8
5.9
9.6
47
70/44
22
3.79
2.14
3.35
5.4
15.7
3.7
10.0
45
68/29
26
4.02
1.69
4.07
6.2
7.0
8.3
15.0
51
66/44
10
1.19
4.85
4.31
2.7
1.9
8.4
16.9
20
31/19
17
3.86
1.17
1.72
Turbocharged
illing your tank
seems to cost more
every day, but rising
oil prices have brought
joy to certain fuel-company investors. Witness
Tosco Corp.: After several
years of paltry performance, it showered shareholders with returns of
31% last year on a
quadrupling of net
income. Wall Street hasnt
caught up with every fuel
company, but the trend
is spreading. Giants
Exxon Mobil and
Chevron, for example,
rode rising prices to
significantly higher spots
in our annual rankings.
Now, they just have
to hope this gusher
lasts.

BEGINS ON PAGE 195
STEVE MCALISTER/IMAGE BANK
12-MONTH
HIGH/LOW
$

4A
4.0
B
INTLLA
EURO/
DOMESTIC
ASIA
D: C M Y K
03
Story:
Production:
Credit:
Edit OK:
Dept AD:
EDIT PASS
X X
XX178
ASIA XX EUR-LA
INT
500
MARKET VALUE
FEB. 29
2000
$ MIL.
16840.9
SALES
PROFITABILITY
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1999
$ MIL.
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1999
$ MIL.
35.8
22.9
14898.0y
14
24.2
298.0
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
NM
6.8
15
319
HALLIBURTON
16
361
UNOCAL
6484.7
2.8
26.2
6057.0y
19
4.0
113.0
22
46.0
17
372
ANADARKO PETROLEUM
3919.4
12.5
11.2
701.1y
25
4.5
42.6
NM
26.8
18
412
SCHLUMBERGER
40610.9
71.3
69.5
19
414
SUNOCO
2227.5
15.9
0.1
20
422
BAKER HUGHES
8509.0
46.2
21
425
ASHLAND
2210.8
27.9
22
457
UNION PACIFIC RESOURCES GROUP
2210.1
1.5
61.9
1727.5y
23
475
ROWAN
2071.3
188.4
25.2
460.6
24
476
BURLINGTON RESOURCES
4905.2
13.4
34.4
2065.0
INC
INC
TRANSOCEAN SEDCO FOREX
8173.3
NA
648.2
17.1d
8394.9
22
2.6
329.3
47
30.6
10068.0z
17
1.0
97.0
65
39.3
23.6
4546.7
22
15.9
52.3
NM
NC
20.3
7140.0
18.9
135.0
14.9
1.5
89.2
NM
36.9
35
6.1
9.7
NM
NC
1.8
1.0
NM
87.4
41
NA
58.1
83
NA
12 HEALTH CARE
INDUSTRY AVERAGE
28618.3
13.5
56.8
9809.1
14
15.1
908.5
12
22.7
WARNER-LAMBERT
73225.2
25.7
215.3
12928.9
20
22.3
1733.2
36
31.7
13
BIOGEN
16216.8
124.6
338.3
794.4
42
44.2
220.5
59
73.7
19
MEDTRONIC
56769.3
37.7
203.3
4701.4
16
26.0
934.3
74
20.8
20
AMGEN
69655.1
118.4
346.2
3340.1
23
14.1
1096.4
27
18.8
34
GUIDANT
20310.9
18.7
302.8
2352.3
23
32.2
344.5
NM
70.3
36
PFIZER
124364.2
26.3
116.2
16204.0
20
13.7
3199.0
64
15.6
48
MERCK
143906.4
23.3
40.4
32714.0
22
17.7
5890.5
12
14.8
55
BRISTOL-MYERS SQUIBB
113566.4
7.8
84.0
20222.0
11
10.2
4167.0
15
13.5
64
SCHERING-PLOUGH
51415.0
36.5
89.6
9176.0
14
17.7
2110.0
20
20.4
10
71
JOHNSON & JOHNSON
96784.8
14.6
30.2
27471.0
14
8.1
4167.0
39
10.6
11
80
WATSON PHARMACEUTICALS
3832.2
17.3
83.4
689.2
16
43.3
178.9
51
31.6
12
97
ELI LILLY
64818.4
36.2
41.4
10002.9
10.6
2546.7
21
18.5
13
109
CVS
13719.9
33.6
54.2
18098.3
18
17.5
635.1
65
41.7
14
118
WALGREEN
25953.5
18.9
146.2
18645.6
18
15.3
647.9
17
19.6
15
119
ALLERGAN
6615.7
24.1
209.1
1406.2
11
7.0
188.2
NM
32.6
16
130
BAXTER INTERNATIONAL
15855.7
21.2
25.8
6380.0
12
4.1
779.0
183
8.6
17
162
UNITED HEALTHCARE
8757.5
3.7
2.4
19562.0y
13
26.8
568.0
16.0
18
164
CARDINAL HEALTH
11761.8
42.0
2.5
27166.7y
17
39.9
526.9
14
56.6
19
166
ABBOTT LABORATORIES
50223.9
27.5
23.1
6.1
2445.8
9.4
20
170
WELLPOINT HEALTH NETWORKS
4440.2
14.4
57.4
7485.4y
16
20.8
297.2
16.1
21
198
BOSTON SCIENTIFIC
7568.3
31.1
44.9
2842.0
27
22.3
371.0
NM
35.3
22
208
PHARMACIA & UPJOHN
24693.5
10.8
38.3
7253.0y
0.6
803.0
27
19.0
23
239
BIOMET
3724.3
9.7
119.1
24
244
M C KESSON HBOC
5458.8
71.3
40.2
35824.2y
25
262
BECTON, DICKINSON
7798.7
6.4
29.7
3508.6
26
280
ALZA
3746.8
30.2
31.9
795.9
27
301
MALLINCKRODT
1713.4
18.8
38.5
2649.2y
28
316
BAUSCH & LOMB
3044.2
11.1
50.4
1756.1
10
4.5
102.7
85
7.8
29
379
C.R. BARD
2018.8
28.8
52.5
1036.5
11
4.6
118.1
53
21.9
30
384
SIGMA-ALDRICH
2396.1
9.3
20.5
1037.9
1.4
148.6
1.2
13177.6
792.0
12
12.9
122.3
7.5
30
45.7
211.7
235.4
10
8.3
274.9
11
4.3
23
26.6
91.0
16
0.7
14.0
190.6
75
0.9

4A
4.0
B
DOMESTIC
ASIA
INTLLA
EURO/
D: C M Y K
03
Story:
Production:
Credit:
Edit OK:
Dept AD:
EDIT PASS
X X
XX179
ASIA XX EUR-LA
INT
INVESTMENT DATA
NET
MARGIN
1998
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
2.0
0.1
5.6
7.2
38
12-MONTH
HIGH/LOW
$
52/28
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1999
57
1.31
0.67
ESTIMATED
EARNINGS
PER SHARE
2000
0.98
1.9
1.8
1.9
5.3
27
47/25
58
2.99
0.46
1.63
6.1
7.5
1.1
2.1
31
43/26
123
0.65
0.25
0.81
3.9
5.8
3.0
4.3
74
74/48
127
1.02
0.58
1.28
1.0
3.3
4.1
6.4
25
39/22
23
4.05
1.07
2.44
1.2
4.8
0.9
1.6
26
36/15
162
1.78
0.16
0.47
1.9
2.1
3.2
6.8
31
45/29
18
3.53
1.71
3.79
5.2
48.0
2.4
9.9
19/9
25
2.24
0.36
0.55
2.1
17.6
0.9
1.3
25
26/9
207
0.00
0.12
0.64
0.0
16.0
0.0
0.0
28
48/26
NC
1.99
0.00
1.24
9.0
31.3
NA
NA
39
40/29
74
0.30
0.53
0.96
9.3
9.4
15.5
25.2
40
60/32
29
0.92
1.37
1.96
13.4
11.9
29.6
37.8
86
100/61
44
1.12
1.96
2.45
27.7
24.9
22.1
22.5
108
129/45
77
0.00
1.40
1.82
19.9
13.3
24.1
24.2
48
50/30
63
0.33
0.77
1.09
32.8
31.8
34.1
36.3
68
77/26
67
0.00
1.02
1.08
14.6
1.3
26.6
47.5
67
71/41
61
0.00
1.10
1.62
19.7
14.4
34.4
36.4
32
50/30
39
1.12
0.82
1.04
18.0
19.5
29.5
45.8
62
87/59
25
1.88
2.45
2.78
20.6
19.9
42.6
49.4
57
79/55
28
1.71
2.06
2.33
23.0
21.7
44.5
44.5
35
61/33
25
1.43
1.42
1.65
15.2
12.5
24.0
27.1
72
107/70
24
1.56
2.94
3.36
26.0
19.9
14.9
17.0
40
49/27
22
0.00
1.83
2.02
25.5
22.7
33.1
52.3
59
98/56
26
1.75
2.30
2.63
3.5
2.5
14.6
16.9
35
53/30
23
0.66
1.55
1.80
3.5
3.5
18.0
18.0
26
33/23
40
0.52
0.65
0.73
13.4
7.1
22.3
29.7
50
64/39
36
0.64
1.39
1.55
12.2
4.8
12.6
23.8
55
76/54
21
2.14
2.64
3.22
2.9
3.1
13.3
14.7
51
70/39
16
0.06
3.20
3.78
1.9
2.0
9.5
13.6
42
78/37
23
0.24
1.85
2.54
18.6
18.7
30.5
36.7
33
53/28
21
2.30
1.57
1.77
4.0
4.9
17.9
22.6
68
97/48
15
0.00
4.38
5.05
13.1
11.8
15.4
21.5
18
47/18
20
0.00
0.90
1.11
11.1
9.3
13.4
14.2
48
66/43
32
2.10
1.49
2.04
15.4
19.0
13.3
14.7
33
46/25
31
0.42
1.07
1.74
0.6
0.7
4.9
6.7
19
71/18
26
1.24
0.74
1.26
7.8
7.8
9.9
15.1
31
43/22
30
1.19
1.04
1.61
11.4
16.7
5.6
13.2
37
54/27
42
0.00
0.88
1.58
7.2
4.3
10.4
17.4
25
38/24
2.68
2.68
2.63
5.8
3.5
4.2
8.3
53
85/51
30
1.97
1.75
3.22
11.4
21.7
16.1
20.6
40
60/37
17
2.03
2.28
2.71
14.3
15.0
11.3
11.3
24
35/22
16
1.31
1.47
1.83
Healthy Returns
he fever for pharmaceutical stocks broke
last year: Investors
dumped them, worried
about Medicare changes
and patent expirations. But
Pfizer and Warner-Lambert, two big drugmakers
planning a merger, came
up with a growth prescriptionblockbuster compounds and savvy marketing. Warner-Lambert, No.
9, rode its cholesterol-reducing Lipitor to 36%
higher net income last
year. Pfizer jumped to No.
36, with 64% higher net
income and healthy sales
of Viagra and Lipitor
(which it co-markets). The
rest of the industry may be
suffering the chills, but
these two are thriving.

BEGINS ON PAGE 195
ANDREW OLNEY/TONY STONE
NET
MARGIN
1999

4A
4.0
B
DOMESTIC
ASIA
INTLLA
EURO/
D: C M Y K
03
Story:
Production:
Credit:
Edit OK:
Dept AD:
EDIT PASS
X X
XX180
ASIA XX EUR-LA
INT
500
MARKET VALUE
FEB.29
2000
$ MIL.
SALES
PROFITABILITY
12
MONTHS
1999
$ MIL.
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
250.0
35
9.4
3.6
657.0
23
12.4
12
9.2
69.0
6.0
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
5457.1
11.1
35.5
11417.0
11
11.6
10878.7
14.0
51.3
16657.0
11
730.4
47.8
22.6
3672.4
12
MONTHS
1999
$ MIL.
31
386
TENET HEALTHCARE
32
391
COLUMBIA/HCA HEALTHCARE
33
404
LONGS DRUG STORES
34
436
HEALTHSOUTH
1883.0
58.1
75.9
4072.1
17.7
76.5
64
37.6
35
447
ST. JUDE MEDICAL
2190.0
3.5
34.2
1114.5
10
7.7
24.2
81
17.3
36
453
AMERICAN HOME PRODUCTS
56786.4
25.6
43.9
13550.2
1.7
1227.1
NM
NC
37
471
HUMANA
1141.3
61.1
65.3
10113.0
14.9
382.0
NM
NC
38
490
MANOR CARE
910.5
62.0
68.7
2135.3
1.6
55.2
NM
NC
INC
INC
RITE AID
1780.1
83.0
65.7
NA
NA
NA
NA
NA
NA
13 HOUSING & REAL ESTATE

INDUSTRY AVERAGE
3404.8
25.7
5.6
4976.8
15
15.1
316.5
55
36.9
848.0
13.9
40.8
3836.3
57
29.2
147.5
55
59.1
7922.9
30.7
7.2
6307.0
19
26.4
569.6
26.6
727.2
29.6
0.1
3730.3y
30
15.8
178.3
76
46.5
VULCAN MATERIALS
4002.2
9.3
96.3
2355.8
33
13.6
239.7
9.6
193
CENTEX
1164.3
46.2
1.1
5775.9y
22
17.3
255.3
23
41.8
334
SHERWIN-WILLIAMS
3182.7
19.4
28.7
5003.8y
6.0
303.9
11
9.3
340
PPG INDUSTRIES
8596.2
2.7
5.3
7757.0
2.4
568.0
29
6.7
417
OWENS CORNING
794.8
53.9
64.8
5048.0
10.1
270.0
NM
108.7
12854.0
20.9
24.6
6604.4
5.3
455.8
11.1
10308.7
18.1
269.4
19
17.3
267.2
25
23.0
77
145
MASCO
152
PULTE
174
KAUFMAN & BROAD HOME
14 LEISURE TIME INDUSTRIES

INDUSTRY AVERAGE
60
HARLEY-DAVIDSON
91
HARRAH'S ENTERTAINMENT
2459.3
14.6
3.4
3024.4
51
24.0
219.5
80
28.6
111
CARNIVAL
17776.6
34.8
67.9
3497.5
16
17.1
1027.2
23
22.3
146
M C DONALD'S
42820.3
25.2
48.5
13259.3
7.6
1947.9
26
6.0
218
EASTMAN KODAK
18088.2
11.7
31.6
14089.0
4.5
1392.0
93.2
241
VIACOM
38841.0
26.2
216.3
12858.8
3.2
371.7
NM
24.9
271
DARDEN RESTAURANTS
1690.0
39.8
85.2
3558.5
4.2
161.2
33
26.2
295
MIRAGE RESORTS
3133.5
19.5
37.3
2402.7
61
19.6
141.0
65
18.5
350
HASBRO
3061.7
35.6
14.5
4232.3
28
11.2
189.0
2.6
10
359
MARRIOTT INTERNATIONAL
6756.5
22.9
NA
8739.0
10
3.5
424.0
12.3
11
366
WENDY'S INTERNATIONAL
1902.2
33.5
21.6
2072.2
2.2
166.6
35
1.4
12
374
WALT DISNEY
70745.3
4.0
38.0
23745.0
3.8
993.0
42
12.3
13
378
HILTON HOTELS
1784.8
55.4
58.8
3161.0
10
12.0
216.0
10
7.7
14
443
BRUNSWICK
1624.0
15.1
34.3
4283.8
10.4
37.9
79
36.9
15
455
TRICON GLOBAL RESTAURANTS
4100.3
57.1
NA
7822.0
9.0
627.0
41
NC
16
460
POLAROID
1114.1
7.8
37.0
1978.6
5.5
8.7
NM
NC
17
472
AMERICAN GREETINGS
1113.0
24.7
40.3
2159.6
0.9
96.3
46
14.5
18
483
MATTEL
4052.1
62.9
59.8
5515.0
7.7
82.4
NM
NC
2480.6y

4A
4.0
B
DOMESTIC
ASIA
INTLLA
EURO/
D: C M Y K
03
Story:
Production:
Credit:
Edit OK:
Dept AD:
EDIT PASS
X X
XX181
ASIA XX EUR-LA
INT
INVESTMENT DATA
NET
MARGIN
1998
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
2.2
3.8
2.5
6.1
18
3.9
2.8
5.6
11.7
1.9
1.9
8.4
1.9
1.2
2.2
12-MONTH
HIGH/LOW
$
ESTIMATED
EARNINGS
PER SHARE
2000
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1999
29/15
22
0.00
0.80
2.00
19
32/17
17
0.41
1.11
1.48
10.3
19
37/18
11
3.02
1.76
2.05
1.2
2.2
16/5
27
0.00
0.18
0.70
12.7
1.9
3.1
26
41/23
90
0.00
0.29
1.82
9.1
18.4
12.9
21.8
44
70/37
46
2.12
0.94
1.96
3.8
1.3
16.2
30.1
20/6
0.00
2.28
0.69
2.6
2.1
3.3
5.6
30/8
17
0.00
0.51
1.29
NA
NA
NA
NA
41/5
NA
0.00
NA
0.49
6.4
4.7
12.6
22.2
25
41/23
2.03
3.08
3.58
3.8
3.9
6.5
21.8
19
29/17
1.57
3.08
3.81
9.0
10.7
10.4
18.7
18
34/17
14
2.69
1.28
1.88
4.8
3.5
11.0
16.3
17
26/16
0.95
4.07
4.20
10.2
14.4
11.9
18.1
40
51/34
17
2.10
2.35
2.90
4.4
4.4
12.4
18.7
20
43/19
0.81
4.16
4.51
6.1
5.5
13.2
18.0
19
33/17
11
2.82
1.80
2.02
7.3
10.7
11.3
18.3
49
71/48
15
3.24
3.23
4.17
5.3
13.3
24.1
NM
15
44/13
2.07
4.67
5.13
6.9
7.1
9.6
11.7
27
43/23
20
1.40
1.32
1.83
10.8
10.2
18.5
23.0
68
78/45
39
0.26
1.73
2.07
7.3
6.1
5.4
14.2
19
31/16
11
0.00
1.71
1.71
29.4
27.8
14.8
18.4
29
54/27
17
1.46
1.66
1.93
14.7
12.5
11.8
19.1
32
50/31
23
0.62
1.39
1.57
9.9
10.4
28.9
35.8
57
80/56
13
3.07
4.33
5.63
2.9
0.4
2.1
3.3
56
63/37
109
0.00
0.51
0.79
4.5
3.5
12.6
16.7
13
23/13
11
0.61
1.17
1.40
5.9
5.7
3.4
6.7
16
26/11
23
0.00
0.70
0.92
4.5
6.2
8.2
10.1
16
37/14
17
1.52
0.93
1.37
4.9
4.9
9.9
15.0
28
45/27
17
0.80
1.60
1.88
8.0
6.3
10.9
15.4
16
32/16
12
1.52
1.32
1.47
4.2
7.4
3.1
4.3
34
39/23
67
0.63
0.50
0.73
6.8
6.9
5.9
83.4
17/7
12
1.14
0.58
0.70
0.9
4.5
1.8
2.6
18
30/17
43
2.83
0.41
2.68
8.0
5.2
31.5
NM
27
74/25
0.00
3.92
3.09
0.4
2.8
0.9
2.3
25
31/17
125
2.39
0.20
1.84
4.5
8.0
5.7
7.8
17
32/17
13
4.64
1.33
2.53
1.5
3.7
2.7
4.4
10
30/9
46
3.74
0.21
0.70
High on the Hog

orget tough, tattooed biker gangs in
studded leather. The
guy roaring around on a
Harley-Davidson motorcycle today is likely to belly
up to the bar in a pair of
Dockers. Strong demand
from aging baby boomers
had the Milwaukee company riding high on the
hog: It roared onto the
S&P 500 for the first
time, finishing at No. 60
in this years BW 50
rankings. Net income
surged 25% in 1999, the
14th consecutive year of
record earnings. With its
bad-boy image and stock
returns of 269% since
1997, Harley offered
shareholders a double
shot of adrenaline.

BEGINS ON PAGE 195
A.W. SPITZENBERGER/TONY STONE
NET
MARGIN
1999

4A
4.0
B
DOMESTIC
ASIA
INTLLA
EURO/
D: C M Y K
03
Story:
Production:
Credit:
Edit OK:
Dept AD:
EDIT PASS
X X
XX182
ASIA XX EUR-LA
INT
500
MARKET VALUE
FEB. 29
2000
$ MIL.
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1999
$ MIL.
PROFITABILITY
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1999
$ MIL.
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
15 MANUFACTURING
INDUSTRY AVERAGE
8377.6
1.4
32.0
5483.6
4.9
279.3
2.5
22
APPLIED MATERIALS
70004.1
228.9
622.7
5783.6
66
9.2
997.8
1157
1.7
65
CORNING
46003.6
254.2
421.5
4338.1y
103
JOHNSON CONTROLS
4558.4
11.7
33.8
136
ILLINOIS TOOL WORKS
12958.2
24.1
138
MINNESOTA MINING & MFG.
35161.5
21.9
149
DANAHER
5809.6
199
DOVER
7852.6
202
BRIGGS & STRATTON
23
5.0
476.9
46
8.0
16584.6
24
18.3
438.9
25
26.2
25.9
9333.2
11
26.5
841.1
21.7
3.2
15659.0
2.9
1763.0
45
1.1
15.3
89.6
3197.2
21.0
261.6
36
25.0
14.4
60.4
4446.4
12
1.3
405.1
24
1.0
769.6
30.5
18.3
1639.0
14
9.8
143.9
56
23.5
232
INGERSOLL-RAND
6267.1
18.5
25.8
7666.7
4.8
544.9
20
15.5
10
266
PARKER HANNIFIN
4063.2
0.8
30.0
5022.6
9.5
317.4
8.9
11
320
JOSTENS
806.8
7.0
25.6
782.4
3.4
43.2
2.1
12
327
BLACK & DECKER
2871.9
31.8
7.5
4520.5
3.3
300.3
NM
22.3
13
332
FMC
1477.9
5.6
29.7
4110.6
1.5
216.0
17
9.4
14
351
STANLEY WORKS
2056.8
2.5
35.5
2751.8
1.1
150.0
16.2
15
376
CATERPILLAR
12432.2
21.2
4.4
19702.0
16
394
SNAP-ON
1276.5
20.4
39.5
17
397
SPRINGS INDUSTRIES
18
398
CUMMINS ENGINE
19
406
TUPPERWARE
20
427
21
429
22
434
MILACRON
23
441
DEERE
24
445
NEWELL RUBBERMAID
6556.5
44.0
33.8
25
451
NACCO INDUSTRIES
354.3
50.1
17.7
26
464
FORTUNE BRANDS
3607.2
25.5
29.4
5122.9
27
477
TIMKEN
886.4
15.8
40.1
2495.0
28
491
M C DERMOTT INTERNATIONAL
557.3
52.4
56.7
2640.5
INC
INC
PACTIV
NA
1945.6y
6.5
946.0
37
11.2
10
7.2
127.2
NM
2.1
630.9
10.5
12.0
2220.4
0.2
69.0
85
12.7
1269.2
17.3
30.1
6639.0
8.4
160.0
NM
2.0
990.7
2.6
57.0
1043.8
9.0
79.0
14
22.5
ITT INDUSTRIES
2131.9
36.8
1.4
4632.2
20.5
232.9
NM
NC
CRANE
1326.2
23.0
0.5
1553.7
7.6
100.9
19
3.8
513.4
20.6
31.6
1624.7
8357.1
11.8
11.0
11631.0y
1.4
70.1
2.6
13
1.0
227.0
74
33.0
6413.1
35.3
95.4
80
21.9
2602.8
5.4
54.3
47
7.4
6.5
890.6
NM
NC
1.5
62.6
45
24.4
21
7.0
22.9
NM
NC
2921.0
NA
112.0
NM
NA
0.8
157.0
5.7
8.4
1054.1
24
24.7
11.8
197.5
24.4
1399.7
41.7e
4658.1
11.7
23.3
3981.8
16322.8
16 METALS & MINING

INDUSTRY AVERAGE
1
92
25190.8
71.4
101.7
286
ENGELHARD
1715.1
21.9
34.6
4404.9y
321
BARRICK GOLD
6452.8
6.8
40.6
1421.0
10
2.8
331.0
10
15.3
341
ALCAN ALUMINUM
7188.4
38.1
2.1
7324.0
1.1
460.0
15
1.9
356
WORTHINGTON INDUSTRIES
1182.4
9.0
29.7
1853.6
10
1.2
96.6
20
0.4
392
NUCOR
4333.4
12.7
6.3
4009.3
2.8
244.6
1.5
410
FREEPORT-MCMORAN COPPER & GOLD
2247.9
45.7
58.0
1887.3
1.6
136.5
11
18.0
424
REYNOLDS METALS
4014.8
52.3
8.1
4796.0y
18
12.0
124.0
18
6.6
440
INCO
2906.0
38.6
49.4
2113.0
20
7.2
22.0
NM
37.9
10
454
NEWMONT MINING
3708.3
29.1
52.5
1398.9
6.5
24.8
NM
37.3
ALCOA

4A
4.0
B
DOMESTIC
ASIA
INTLLA
EURO/
D: C M Y K
03
Story:
Production:
Credit:
Edit OK:
Dept AD:
EDIT PASS
X X
XX183
ASIA XX EUR-LA
INT
INVESTMENT DATA
NET
MARGIN
1998
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1999
ESTIMATED
EARNINGS
PER SHARE
2000
5.1
5.0
13.0
14.5
43
63/30
18
2.47
2.36
3.31
17.3
2.3
18.7
21.0
183
190/48
73
0.00
2.49
4.33
11.0
9.3
12.5
21.2
188
198/48
97
0.38
1.93
2.36
2.6
2.6
11.8
18.1
53
77/49
11
2.10
4.68
4.87
9.0
9.7
13.6
17.5
52
82/51
19
1.39
2.76
3.37
11.3
8.1
21.7
28.0
88
104/69
20
2.63
4.34
4.66
8.2
6.3
13.2
15.9
41
69/38
23
0.15
1.79
2.12
9.1
8.2
15.5
20.3
39
48/32
20
1.19
1.92
2.22
8.8
6.4
27.6
35.3
33
71/33
3.59
6.17
5.11
7.1
6.2
9.9
18.3
38
74/35
12
1.78
3.29
3.93
6.3
6.5
11.8
16.1
36
54/34
13
1.88
2.89
3.18
5.5
5.4
107.7
118.3
24
25/17
19
3.66
1.27
1.77
6.6
16.6
18.2
37.5
33
65/33
10
1.46
3.40
3.90
5.3
4.2
9.9
29.4
48
75/39
0.00
6.67
6.61
5.5
5.0
14.6
20.4
23
35/22
14
3.83
1.67
2.13
4.8
7.2
6.1
17.3
35
66/35
13
3.71
2.63
3.11
6.5
0.3
8.9
15.4
22
38/22
10
4.22
2.16
3.07
3.1
1.7
6.7
8.9
35
45/27
3.73
3.80
4.52
2.4
0.3
6.2
11.2
33
66/33
3.60
4.13
5.74
7.6
6.4
19.2
68.4
17
26/15
13
5.12
1.37
1.83
5.0
2.2
15.2
22.0
24
42/22
10
2.47
2.53
2.83
6.5
8.0
11.8
17.8
20
33/16
13
2.01
1.50
2.00
4.3
5.0
8.9
14.2
14
25/12
3.46
1.89
2.13
2.0
6.5
3.9
5.5
36
48/30
37
2.46
0.97
1.79
1.5
7.8
2.1
3.5
23
52/21
68
3.61
0.34
1.99
2.1
4.0
4.7
10.0
43
94/43
1.98
6.66
9.84
17.4
6.1
22.6
32.6
22
46/22
4.21
5.35
2.37
2.5
4.3
4.6
6.0
14
26/14
14
5.03
1.01
1.44
0.9
7.0
2.0
2.8
33/7
2.13
1.05
1.84
3.8
2.9
3.8
8.1
15/8
15
0.00
0.55
0.90
3.9
3.9
3.6
5.9
27
38/20
47
1.77
0.57
1.95
6.5
5.6
10.1
16.7
69
87/36
24
1.46
2.82
4.15
4.5
4.5
15.6
25.8
14
24/13
2.94
1.47
1.61
23.3
23.4
7.1
8.0
16
26/16
20
1.23
0.83
0.84
6.3
5.1
6.7
8.1
33
46/23
16
1.82
2.06
2.76
5.2
4.8
9.1
13.8
13
18/11
12
4.53
1.07
1.27
6.1
6.4
8.7
11.2
50
62/42
18
1.05
2.80
4.18
7.2
8.8
3.5
14.7
14
21/9
23
0.00
0.61
0.91
2.6
2.6
3.9
5.8
64
82/39
33
2.21
1.94
5.16
1.0
6.3
0.1
0.1
18
25/11
875
0.00
0.02
1.45
1.8
24.8
1.0
1.7
22
30/16
148
0.54
0.15
0.81
Gold Blues
ith oil, currency,
and real-estate
prices on the rise,
it seems like the 70s all
over again. So gold companies should be having a
field day, right? Wrong.
The price of gold rallied
briefly last fall, but the
doldrums are back. At
Barrick Gold, management was able to boost
net income by an annual
average of 15% over the
past three years, but sales
rose by a lackluster 2.8%
average; shareholders saw
a negative 41% return
over that period. Even the
most devoted gold bug
would have a hard time
putting a shine on this
group.

BEGINS ON PAGE 195
PATRICK COCKLIN/TONY STONE
NET
MARGIN
1999

4A
4.0
B
INTLLA
EURO/
DOMESTIC
ASIA
D: C M Y K
03
Story:
Production:
Credit:
Edit OK:
Dept AD:
EDIT PASS
X X
XX184
ASIA XX EUR-LA
INT
500
MARKET VALUE
FEB. 29
2000
$ MIL.
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1999
$ MIL.
PROFITABILITY
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1999
$ MIL.
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
51.0
86
41.0
11
479
USX-U.S. STEEL GROUP
1933.6
10.5
22.7
5314.0
15
6.9
12
480
PLACER DOME
2851.8
19.3
57.8
1162.0
0.4
45.0
10
NC
13
481
PHELPS DODGE
3708.7
0.6
27.3
3114.4
8.0
254.3
NM
NC
14
486
HOMESTAKE MINING
1691.6
28.7
59.6
690.9
14
3.2
4.9
NM
NC
15
487
BETHLEHEM STEEL
746.0
35.5
31.1
3914.8
13
5.5
183.2
NM
NC
INDUSTRY AVERAGE
19241.4
15.8
45.6
12742.7
10
14.4
1237.1
24
14.7
MORGAN STANLEY DEAN WITTER
77807.9
57.3
281.2
36044.0
16
17.3
4791.0
41
33.9
14
CHARLES SCHWAB
34321.4
12.5
407.3
4713.2
39
26.6
588.9
69
35.3
42
CAPITAL ONE FINANCIAL
7256.3
13.3
181.4
3965.8
53
41.2
363.1
44
KANSAS CITY SOUTHERN INDUSTRIES
8703.8
68.8
355.2
1608.2a
29
25.1
262.1a
51
CITIGROUP
174442.5
33.8
124.2
7.8
9994.0
72
9.3
54
T. ROWE PRICE ASSOCIATES
3943.2
8.3
54.5
1036.4y
17
20.6
239.4
37
33.0
59
AMERICAN INTERNATIONAL GROUP
136923.4
2.8
107.1
37725.7y
14
13.9
5055.4
18
21.2
62
HOUSEHOLD INTERNATIONAL
15033.2
20.1
3.5
9499.1
21.3
1486.4
184
27.9
17 NONBANK FINANCIAL
82005.0
32
33.9
497
13.3
66
FREDDIE MAC
29057.1
28.3
44.9
24268.0
34
26.0
2218.0
30
20.9
10
75
AMERICAN EXPRESS
60062.5
24.5
110.3
19483.0y
13
2.4
2475.0
16
9.0
11
78
MERRILL LYNCH
37515.0
35.4
122.1
34879.0
11.4
2618.0
108
10.7
12
81
MARSH & M C LENNAN
20659.1
11.7
114.4
9157.0
27
29.4
726.0
21.9
13
84
FANNIE MAE
54028.2
23.0
39.3
36968.6
17
15.0
3921.1
14
16.8
14
98
H&R BLOCK
4262.4
1.2
59.3
2041.0
44
21.3
209.4
23.9
15
100
BEAR STEARNS
4528.0
2.3
50.7
8585.2
10
15.4
876.0
63
11.3
16
102
LEHMAN BROTHERS HOLDINGS
8705.1
37.6
119.5
18989.0y
10.8
1132.0
54
36.8
17
105
PAINEWEBBER GROUP
5552.9
3.5
81.9
7822.8y
10.9
628.6
45
18.3
18
139
ASSOCIATES FIRST CAPITAL
14473.9
50.7
16.0
12131.2
29
18.9
1490.4
22
20.1
19
141
AMERICAN GENERAL
12892.4
27.1
29.6
10679.0
9.8
1131.0
48
24.5
20
158
WASHINGTON MUTUAL
12646.4
42.9
32.6
13361.9y
8.1
1817.1
22
69.0
21
159
AFLAC
9707.9
15.9
85.2
8640.0
22
6.5
571.0
17
9.7
22
165
CONSECO
4783.2
50.0
60.9
8339.1
36.7
962.6
89
37.4
23
177
MGIC INVESTMENT
3950.8
10.0
4.4
999.4
10.2
470.2
22
21.8
24
236
COUNTRYWIDE CREDIT INDUSTRIES
2825.2
33.4
11.9
3560.4
35.2
412.0
12
18.0
25
246
EQUIFAX
2877.6
43.1
17.7
1772.7
13.7
215.9
12
11.3
26
251
JEFFERSON-PILOT
5452.4
21.7
40.7
2560.3
5.9
494.0
11
19.4
27
265
LINCOLN NATIONAL
5408.6
40.1
3.0
6803.7y
12
14.0
460.4
10
47.7
28
267
FRANKLIN RESOURCES
6761.0
13.9
5.5
2260.5y
10
11.3
495.7
13
11.5
29
283
AETNA
6155.3
43.8
48.9
26452.7y
28
19.4
716.9
15
44.7
30
293
GOLDEN WEST FINANCIAL
4598.7
8.4
28.5
2891.3y
3.5
480.0
10.7
31
300
SLM HOLDING
32
335
ALLSTATE
33
339
CINCINNATI FINANCIAL
34
344
CIGNA
13725.7
35
346
AON
5405.5
36
364
ST. PAUL
5074.7
28.6
4934.2
26.2
7.5
3259.4
4.7
500.8
5.8
15179.4
46.6
35.4
26959.0
3.5
2720.0
17
9.1
4902.9
13.2
36.8
2128.2
5.6
254.7
1.8
4.6
52.3
18781.0y
1.5
699.0
41
10.9
45.1
20.4
7070.0
21.1
352.0
35
12.3
28.0
7569.0y
6.3
636.3
31
3.2

4A
4.0
B
DOMESTIC
ASIA
INTLLA
EURO/
D: C M Y K
03
Story:
Production:
Credit:
Edit OK:
Dept AD:
EDIT PASS
X X
XX185
ASIA XX EUR-LA
INT
INVESTMENT DATA
NET
MARGIN
1998
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
1.0
5.8
1.5
2.1
22
12-MONTH
HIGH/LOW
$
34/21
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1999
46
4.57
0.48
ESTIMATED
EARNINGS
PER SHARE
2000
2.84
3.9
4.4
1.6
2.5
18/9
80
1.14
0.11
0.36
8.2
6.2
4.6
7.8
47
73/46
11
4.24
4.13
2.49
0.7
29.1
0.5
0.6
11/6
325
0.77
0.02
0.17
4.7
2.7
11.0
17.0
11/5
0.00
1.72
0.18
9.7
8.6
3.8
17.3
43
67/36
14
2.10
3.13
3.71
13.3
10.9
12.3
30.7
70
71/41
17
1.14
4.10
3.84
12.5
10.3
23.4
28.6
42
78/27
60
0.13
0.70
0.83
9.2
10.6
6.4
24.0
37
60/32
21
0.29
1.72
2.25
16.3
3.5
13.2
22.6
79
82/38
28
0.20
2.79
4.35
12.2
7.6
7.8
21.0
52
60/38
18
1.24
2.85
3.21
23.1
19.7
30.4
31.1
33
43/26
18
1.58
1.85
2.12
13.4
13.0
8.0
15.7
88
115/81
27
0.23
3.23
3.65
15.6
6.0
3.5
23.1
32
52/30
10
2.13
3.07
3.55
9.1
9.4
1.1
17.9
42
65/40
14
1.44
2.96
3.36
12.7
12.4
15.0
25.4
134
170/107
25
0.67
5.42
6.13
7.5
3.6
3.7
21.3
103
103/62
17
1.05
6.17
6.19
7.9
11.1
10.6
17.0
77
105/62
30
2.33
2.62
4.07
10.6
10.9
NA
21.8
53
74/50
14
2.11
3.73
4.24
10.3
14.0
16.1
22.1
44
60/38
21
2.51
2.12
3.29
10.2
6.9
3.8
17.0
39
50/32
1.53
5.69
5.24
6.0
3.7
3.0
16.5
73
86/48
0.61
8.15
7.86
8.0
6.0
7.2
20.2
38
50/32
11
1.26
3.56
4.03
12.3
13.0
2.8
15.2
20
49/17
10
1.31
2.04
2.32
10.6
7.5
7.1
17.5
52
82/51
12
3.37
4.40
5.19
13.6
12.1
2.5
20.1
22
46/22
4.88
3.16
3.54
6.6
6.9
11.8
15.1
37
57/35
18
0.82
2.07
2.35
11.5
6.6
5.8
16.5
15
38/14
4.10
2.89
2.81
47.0
39.6
22.1
26.5
37
63/33
0.27
4.30
4.81
11.6
11.2
3.4
14.8
25
48/23
1.60
3.51
3.55
12.2
11.9
19.0
109.0
21
38/20
14
1.75
1.55
1.74
19.3
17.0
14.2
17.1
52
80/51
12
2.84
4.42
4.20
6.8
8.4
7.5
10.8
28
58/27
12
4.20
2.30
3.45
21.9
17.4
16.0
18.2
27
45/27
14
0.88
1.97
2.23
2.7
4.1
4.8
6.1
41
100/39
1.95
4.72
4.93
16.6
14.8
12.0
15.0
29
38/27
10
0.74
2.87
3.07
15.4
16.3
9.0
59.4
31
54/29
10
2.04
3.06
3.40
10.1
12.7
15.1
17.1
20
41/20
3.45
3.38
2.76
12.0
11.8
4.6
5.1
30
43/27
20
2.54
1.52
1.59
3.7
6.7
8.2
11.5
74
99/63
21
1.68
3.54
6.34
5.0
8.3
7.2
10.9
21
47/21
16
3.99
1.33
2.12
8.4
6.3
7.6
9.8
22
37/22
4.83
3.18
2.77
Street Smart
keptics said the marriages creating two
financial powerhouses
wouldnt work. But profits
at Morgan Stanley Dean
Witter, No. 7, shot up
41% last year, as the firm
continued to exploit the
booming IPO market. Its
stock returns are up more
than 280% from three
years ago. Meanwhile,
Citigroup climbed to
No. 51, from No. 168 in
1999. Its net income
soared 72% last year,
thanks to a thriving consumer banking business
and bond trading at its
Salomon Smith Barney
unit. So far, these look
like matches made in
heaven.

BEGINS ON PAGE 195
ALAN SCHEIN/STOCK MARKET
NET
MARGIN
1999

4A
4.0
B
INTLLA
EURO/
DOMESTIC
ASIA
D: C M Y K
03
Story:
Production:
Credit:
Edit OK:
Dept AD:
EDIT PASS
X X
XX186
ASIA XX EUR-LA
INT
500
MARKET VALUE
FEB. 29
2000
$ MIL.
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1999
$ MIL.
6109.5y
PROFITABILITY
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
16
20.1
12
MONTHS
1999
$ MIL.
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
295.2
35
0.5
320.5
26
0.5
621.1a
12
0.3
37
365
PROGRESSIVE
4349.4
53.6
9.4
38
380
MBIA
3821.3
36.7
18.2
964.4
20.8
39
390
CHUBB
8632.5
16.2
11.3
6597.2a
5.2
40
400
DUN & BRADSTREET
4211.7
21.6
26.2
1971.8
2.0
256.0
8.1
41
419
HARTFORD FINANCIAL SERVICES GROUP
6986.7
41.4
12.0
13528.0
10
3.6
862.0
15
19.6
42
421
TORCHMARK
2606.1
39.5
19.0
2181.0y
0.2
261.6
5.6
43
432
SAFECO
2730.0
45.3
44.1
6866.2y
22.0
252.2
28
17.0
44
444
LOEWS
4758.7
42.2
54.8
45
448
UNUMPROVIDENT
3210.4
69.6
63.8
106.1
664.7
20952.6
9242.5y
2.0
521.1
12
29.3
37.9
182.9
NM
NC
14
25.0
1005.1
63
42.6
18 OFFICE EQUIPMENT & COMPUTERS

INDUSTRY AVERAGE
61559.6
10008.0
MICROSOFT
462694.4
19.1
266.7
21855.0
25
32.5
8746.0
38
53.4
CISCO SYSTEMS
438203.2
170.3
969.4
14977.0
49
40.1
2530.0
87
30.8
ORACLE
209498.6
298.7
751.3
9328.6
17
24.6
1441.9
33
29.1
EMC
121083.1
132.5
1222.2
6715.6
24
47.2
1010.6
55
36.1
18801.5
446.8
4910.9
403.3
62
107.7
116.9
91
80.2
12
SUN MICROSYSTEMS
150352.2
291.5
1134.0
13150.2
25
18.6
1281.9
46
30.3
16
DELL COMPUTER
104114.0
1.9
818.1
25265.0
38
48.2
1666.0
14
47.2
18
NETWORK APPLIANCE
28187.5
798.8
3675.0
470.1
89
79.3
60.1
93
102.1
21
COMPUWARE
7962.8
20.9
184.3
2148.7
44
42.4
429.4
42
78.4
10
24
COMPUTER ASSOCIATES INTL.
34821.8
53.2
122.0
6269.0
23
16.4
762.0
34
24.4
11
31
LEXMARK INTERNATIONAL GROUP
15388.4
131.1
755.6
3452.3
14
14.0
318.5
31
36.9
12
33
AMERICA ONLINE
134476.5
32.7
2417.4
5718.0
49
60.2
1026.0
762
NC
13
38
GATEWAY
21621.8
89.2
368.1
8645.6
16
19.6
427.9
24
31.7
14
49
ADOBE SYSTEMS
15
67
INTERNATIONAL BUSINESS MACHINES
16
69
FIRST DATA
17
87
UNISYS
18
90
19
108
20
CITRIX SYSTEMS
12091.0
408.0
472.9
1015.4
13
7.8
237.8
126
7.7
187272.6
21.6
191.4
87548.0
4.8
7712.0
22
11.5
18913.5
17.9
23.3
5520.0y
3.2
1199.7
158
24.2
9278.7
0.2
350.9
7544.6
6.1
522.8
39
115.3
AUTOMATIC DATA PROCESSING
27456.2
10.4
109.6
5828.4y
11
14.6
763.1
20
16.4
BMC SOFTWARE
11232.4
12.5
114.9
1629.3
36
47.4
246.4
27
25.3
112
COMPUTER SCIENCES
13154.6
18.3
133.5
8599.1
11
17.6
367.5
17
39.1
21
114
NOVELL
10798.2
70.6
226.5
1303.1
17
2.2
206.7
77
19.0
22
122
3COM
33508.4
211.7
196.0
5688.5
10.7
492.1
62
14.0
23
137
PITNEY BOWES
24
140
HEWLETT-PACKARD
25
180
26
181
27
221
NCR
28
238
ADAPTEC
29
258
30
31
32
13130.2
20.1
68.6
4432.6
4.7
659.2
22
11.4
137055.5
103.9
146.1
43808.0
10
2.1
3016.0
2.1
YAHOO
84072.5
108.1
6234.7
588.6
140
218.3
61.1
NM
NC
APPLE COMPUTER
18480.3
229.3
605.4
6767.0
11
8.3
632.0
53
NC
3653.4
7.3
15.0
6196.0
3.6
337.0
176
593.9
4261.8
105.6
7.7
782.1
10
6.8
180.7
NM
16.8
COMPAQ COMPUTER
42662.3
28.7
60.0
38525.0
24
24.6
569.0
NM
27.7
260
SEAGATE TECHNOLOGY
10320.3
65.9
1.5
6775.0
8.6
1045.0
NM
NC
273
ELECTRONIC DATA SYSTEMS
30365.4
40.1
48.7
18534.2
10
8.9
420.9
43
0.6
278
DELUXE
1767.0
27.3
15.0
1650.5
15
4.0
203.0
42
57.8

4A
4.0
B
DOMESTIC
ASIA
INTLLA
EURO/
D: C M Y K
03
Story:
Production:
Credit:
Edit OK:
Dept AD:
EDIT PASS
X X
XX187
ASIA XX EUR-LA
INT
INVESTMENT DATA
NET
MARGIN
1998
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1999
ESTIMATED
EARNINGS
PER SHARE
2000
4.8
8.6
7.8
10.7
60
152/52
15
0.44
3.96
3.11
33.2
47.0
3.7
9.1
38
72/36
12
2.14
3.19
5.16
9.4
10.4
8.7
9.8
49
76/44
13
2.60
3.66
4.15
13.0
12.7
223.2
NM
26
40/23
17
2.83
1.56
1.79
6.4
6.8
9.6
14.9
31
66/31
3.07
3.79
4.11
12.0
12.0
10.2
13.0
20
38/19
10
1.82
1.93
2.84
3.7
5.3
4.3
5.5
21
47/20
11
7.05
1.90
1.73
2.5
2.2
2.9
5.3
45
84/44
2.25
4.80
9.89
2.0
7.3
2.8
3.7
13
60/13
17
4.41
0.77
2.79
10.0
7.1
16.3
21.4
67
84/30
47
0.46
1.42
1.65
40.0
36.3
25.2
25.2
89
120/74
56
0.00
1.59
1.68
16.9
13.5
15.3
15.3
132
139/47
147
0.00
0.90
1.02
15.5
13.6
39.0
42.4
74
77/11
152
0.00
0.49
0.71
15.0
12.0
18.0
20.4
119
126/47
129
0.00
0.92
1.45
29.0
24.6
15.4
21.9
105
109/13
174
0.00
0.60
0.43
9.7
8.3
21.6
21.6
95
97/24
124
0.00
0.77
0.91
6.6
8.0
28.6
31.4
41
54/31
67
0.00
0.61
0.90
12.8
12.5
14.4
14.4
189
208/20
539
0.00
0.35
0.60
20.0
20.2
25.9
37.8
22
40/16
20
0.00
1.10
1.58
12.2
11.2
9.7
24.9
64
79/32
47
0.13
1.38
3.75
9.2
8.0
39.4
48.3
119
122/42
51
0.00
2.32
2.84
17.9
3.1
13.1
16.4
59
96/38
137
0.00
0.43
0.35
5.0
4.6
25.8
25.9
69
84/28
52
0.00
1.32
1.83
23.4
11.8
46.4
46.4
102
107/19
55
0.10
1.84
1.89
8.8
7.7
22.2
37.5
103
139/82
25
0.47
4.12
4.32
21.7
9.1
21.4
35.1
45
54/37
16
0.18
2.76
1.99
6.9
5.2
16.7
24.9
30
50/21
18
0.00
1.63
1.82
13.1
12.1
17.1
17.7
44
55/37
36
0.80
1.20
1.30
15.1
28.2
14.7
14.7
46
87/30
47
0.00
0.97
2.17
4.3
4.1
10.4
12.7
79
95/52
35
0.00
2.26
3.04
15.9
10.4
12.8
12.9
33
45/16
56
0.00
0.59
0.73
8.7
5.5
13.9
14.0
98
100/20
72
0.00
1.37
1.49
14.9
13.3
16.8
40.5
50
73/41
20
2.30
2.47
2.60
6.9
7.0
14.5
15.6
135
138/63
47
0.48
2.89
3.41
10.4
5.2
6.9
4.8
160
250/55
1597
0.00
0.10
0.19
9.3
6.8
13.4
14.3
115
122/32
31
0.00
3.69
3.47
5.4
1.9
20.4
20.9
38
55/27
11
0.00
3.35
2.41
23.1
5.1
16.5
20.8
41
64/19
25
0.00
1.64
2.17
1.5
8.8
3.8
3.8
25
35/18
74
0.40
0.34
1.08
15.4
0.5
27.9
34.4
48
51/25
11
0.00
4.19
0.53
2.3
4.4
5.4
9.3
65
77/45
76
0.93
0.85
2.28
12.3
7.4
33.8
42.3
23
41/22
6.32
2.64
2.61
Tiny, But Mighty

he folks at Citrix
Systems Inc. sure
know how to make
an entrance. The Florida
software maker has been
around for more than a
decade and is only 1/50th
the size of Microsoft. But
it debuted in the S&P 500
this yearand on the
BW 50, at No. 6. Businesses cant get enough of its
programs, which run computer terminals that cost
less to maintain and manage than regular PCs. Sales
have doubled on average
each of the past three
years, to $403 million,
driving margins up to 29%
last year. No ones cheering
more than investors, whose
three-year returns are
nearly 5,000%.

BEGINS ON PAGE 195
MEL LINDSTROM/TONY STONE
NET
MARGIN
1999

4A
4.0
B
INTLLA
EURO/
DOMESTIC
ASIA
D: C M Y K
03
Story:
Production:
Credit:
Edit OK:
Dept AD:
EDIT PASS
X X
XX188
ASIA XX EUR-LA
INT
500
33
289
PARAMETRIC TECHNOLOGY
34
292
CERIDIAN
35
297
XEROX
36
323
SHARED MEDICAL SYSTEMS
37
416
CABLETRON SYSTEMS
38
438
39
446
40
489
MARKET VALUE
SALES
FEB. 29
2000
$ MIL.
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
8335.0
97.2
7.5
12
MONTHS
1999
$ MIL.
PROFITABILITY
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1999
$ MIL.
99.7
1046.5
10.6
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
7.4
2868.8
44.7
1.3
1342.3
16
12.1
148.9
19.9
14442.6
59.8
26.7
19228.0
3.8
1424.0
143
4.0
1047.4
22.4
25.4
1217.1y
16.7
76.0
15.8
8897.6
503.1
62.7
1422.9
1.6
20.3
NM
52.3
AUTODESK
2752.8
12.4
34.8
820.2
19.1
9.8
90
30.0
PEOPLESOFT
5553.9
9.6
5.2
1429.1
50.1
177.8
NM
NC
SILICON GRAPHICS
1807.5
38.4
59.3
2681.2
8.2
86.0
NM
NC
19 PAPER & FOREST PRODUCTS

INDUSTRY AVERAGE
7235.8
2.9
0.4
9012.7
10
2.7
428.3
83
9.2
5939.7
4.2
30.8
17790.0
35
10.0
716.0
545
49.2
KIMBERLY-CLARK
28088.1
11.0
3.0
13006.8
0.5
1668.1
50
7.8
WEYERHAEUSER
10323.2
5.5
21.4
12262.0
14
2.6
616.0
110
7.3
3779.1
5.9
11.2
4078.0
10
6.0
260.5
193
11.8
4978.3
40.5
18.9
5268.0
3.4
237.0
216
10.8
LOUISIANA-PACIFIC
1257.5
33.3
39.0
2878.6
25
4.0
216.8 10740
NC
336
BOISE CASCADE
1703.4
2.4
5.0
6952.7
13
11.0
199.8
NM
NC
367
MEAD
3073.0
0.0
8.8
3799.5
6.2
208.1
49
1.2
56
134
207
224
WILLAMETTE INDUSTRIES
307
CHAMPION INTERNATIONAL
315
7
8
GEORGIA-PACIFIC GROUP
401
FORT JAMES
10
411
INTERNATIONAL PAPER
11
413
POTLATCH
4131.3
35.9
39.6
6827.4
4.2
349.6
29
19.0
15220.5
10.6
5.9
24600.0
8.1
199.0
19
12.6
1100.2
14.3
0.5
1676.8
2.3
40.9
10
11.2
20 PUBLISHING & BROADCASTING

INDUSTRY AVERAGE
1
TIME WARNER
28
115
CLEAR CHANNEL COMMUNICATIONS
126
NEW YORK TIMES
154
GANNETT
157
M C GRAW-HILL
201
COMCAST
210
MEDIAONE GROUP
217
DOW JONES
10
223
KNIGHT-RIDDER
11
229
TIMES MIRROR
12
268
CBS
13
303
MEREDITH
TRIBUNE
24278.9
17.8
149.4
5478.0
31
15.4
815.1
104
33.0
109640.0
32.5
321.0
27333.0
87
36.2
1960.0
1067
155.2
9259.1
18.5
104.8
3221.9
10.2
1483.1
258
65.3
22552.6
11.0
178.3
2678.2
98
96.4
85.7
59
25.9
7295.1
37.5
96.2
3130.6
5.6
310.2
49.0
18172.6
3.9
70.0
5260.2
5.7
919.4
15.8
9976.6
5.5
107.7
3992.0
8.7
425.8
25
2.9
31946.8
19.9
379.0
6209.2
21
14.3
780.9
23
NC
50820.9
44.0
327.2
2695.0
5.5
3514.0
146
NC
5580.8
35.0
64.3
2001.8
7.9
272.4
3158
11.3
3857.1
5.0
23.8
3228.2
10.5
339.9
11
16.9
3045.7
7.4
2.8
3029.2
3.7
259.1
93
1.8
42042.3
61.5
248.2
7373.0
21.7
157.0
NM
NC
1435.7
14.6
19.5
1061.9
7.9
88.9
14.9
21 SERVICE INDUSTRIES
INDUSTRY AVERAGE
9297.3
5.5
52.2
7333.7
15.4
175.6
140
25.8
30
ENRON
49198.4
113.6
262.9
40112.0
28
45.5
1024.0
46
43.1
32
OMNICOM GROUP
16713.3
43.3
292.3
5130.5
20
26.0
362.9
30
27.0
68
PAYCHEX
12372.4
78.7
297.3
653.8
20
4.1
162.9
36
36.5
99
INTERPUBLIC GROUP
11293.1
8.1
147.0
4561.5
15
22.4
321.9
19.6

4A
4.0
B
DOMESTIC
ASIA
INTLLA
EURO/
D: C M Y K
03
Story:
Production:
Credit:
Edit OK:
Dept AD:
EDIT PASS
X X
XX189
ASIA XX EUR-LA
INT
INVESTMENT DATA
NET
MARGIN
1998
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
9.5
9.3
16.6
16.6
30
11.1
14.1
10.2
17.7
7.4
3.0
8.0
27.6
6.2
6.2
12.0
1.4
29.0
1.8
12-MONTH
HIGH/LOW
$
ESTIMATED
EARNINGS
PER SHARE
2000
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1999
36/12
84
0.00
0.36
0.49
20
38/15
20
0.00
1.01
1.02
22
64/19
11
3.68
1.96
1.93
16.6
39
74/36
14
2.16
2.80
2.73
1.8
49
50/7
445
0.00
0.11
0.70
1.2
11.1
1.6
1.6
45
49/17
279
0.54
0.16
1.74
12.4
9.5
21.3
23.2
21
28/12
31
0.00
0.67
0.23
3.2
15.7
4.6
5.8
10
19/7
19
0.00
0.52
0.37
4.8
2.9
7.4
12.3
35
53/32
15
2.71
2.32
3.29
4.0
0.8
9.0
20.1
35
54/33
1.44
4.07
4.93
12.8
9.1
22.7
32.5
52
70/47
17
2.10
3.09
3.33
5.0
2.7
7.3
12.9
51
75/47
17
3.12
2.99
4.40
6.4
2.4
6.8
12.2
34
52/33
15
2.48
2.33
3.64
4.5
1.3
4.2
7.7
52
68/36
21
1.16
2.46
4.11
7.5
0.1
9.1
15.9
12
25/11
4.74
2.04
1.75
2.9
0.4
5.5
12.1
30
47/28
10
2.01
3.06
3.36
5.5
3.7
5.5
8.6
30
46/28
15
2.27
1.99
2.69
5.1
7.2
7.7
31.0
19
42/18
12
3.19
1.59
2.39
0.8
1.0
0.9
1.6
37
60/35
77
2.72
0.48
3.18
2.4
2.4
2.5
4.4
38
46/33
27
4.58
1.41
2.39
14.9
9.6
13.4
15.0
55
70/43
22
0.91
2.50
1.69
7.2
1.2
6.0
21.7
85
102/57
60
0.21
1.43
0.63
46.0
13.9
26.9
46.2
39
61/32
1.03
5.61
1.75
3.2
4.0
0.6
0.9
67
96/56
256
0.00
0.26
0.26
9.9
9.8
16.5
22.5
42
50/27
24
0.99
1.73
1.99
17.5
19.8
13.2
20.7
65
84/61
20
1.29
3.26
3.71
10.7
9.2
20.8
25.9
51
63/45
24
1.85
2.14
12.6
19.6
3.9
7.3
43
58/29
45
0.00
0.95
0.23
130.4
49.6
12.5
20.6
79
83/54
15
0.00
5.32
1.20
13.6
0.4
38.7
49.2
62
71/46
21
1.60
2.99
2.69
10.5
9.9
10.9
17.9
47
65/45
13
1.96
3.49
3.62
8.6
4.8
12.9
67.0
51
73/50
15
1.73
3.38
3.73
2.1
0.2
1.2
1.6
60
66/35
271
0.00
0.22
0.50
8.4
8.4
9.6
20.3
29
42/27
17
1.12
1.67
1.84
2.4
1.1
11.9
7.6
34
50/25
37
1.21
0.92
1.60
2.6
2.2
4.6
9.3
69
73/31
54
0.73
1.27
1.40
7.1
6.5
15.7
34.2
94
108/66
47
0.74
2.01
2.27
24.9
21.9
32.9
32.9
50
51/24
76
0.72
0.66
0.91
7.1
7.8
14.0
23.4
40
58/34
36
0.85
1.11
1.49
Trading Places
ust try to put a label
on Enron Corp. Originally a struggling
gas-pipeline company, Enron scored big when utilities deregulated by moving into wholesale and
retail markets for electricity and gas. It got a bigger boost by launching
online trading of energy
and other commodities.
Sales leaped an average
annual 46% over the past
three years; net income
rose 43%. Now, Enron,
No. 30, is trying to create
a new market for trading
fiber-optic bandwidth.
Wall Street is eating it
up. Last year, returns
doubled, making Enron
look more like a dot-com
than a utility.

BEGINS ON PAGE 195
ANDY WHALE/TONY STONE
NET
MARGIN
1999

4A
4.0
B
DOMESTIC
ASIA
INTLLA
EURO/
D: C M Y K
03
Story:
Production:
Credit:
Edit OK:
Dept AD:
EDIT PASS
X X
XX190
ASIA XX EUR-LA
INT
500
MARKET VALUE
FEB. 29
2000
$ MIL.
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1999
$ MIL.
PROFITABILITY
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1999
$ MIL.
216
IMS HEALTH
6197.0
37.0
38.3
1398.0
18
5.1
250.4
256
GENUINE PARTS
4011.9
21.9
20.4
7981.7
21
11.6
276
YOUNG & RUBICAM
3520.2
34.0
NA
1717.2
13
11.8
287
QUINTILES TRANSNATIONAL
3412.7
31.2
9.2
1607.1
32
342
R.R. DONNELLEY
2418.2
42.4
33.4
5183.4
10
362
W.W. GRAINGER
11
431
CENDANT
12
462
13
14
INC
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
99
1.3
377.6
4.5
167.1
NM
NC
42.7
73.2
15
96.5
1.1
311.5
17
54.4
3998.1
2.4
12.7
4533.9
8.3
180.7
24
3.9
12685.0
7.5
26.2
5402.0y
31.3
229.0
NM
NC
FLUOR
2162.3
17.3
50.4
12031.8
11
0.6
105.4
54
20.9
463
WASTE MANAGEMENT
9411.6
69.3
58.3
13029.6a
12.5
219.3a
NM
NC
468
SERVICE CORP. INTERNATIONAL
1003.4
75.5
86.8
3321.8
16
13.2
34.3
NM
NC
INC
ALLIED WASTE INDUSTRIES
1061.9
71.2
35.7
3341.1
NA
NA
221.3
NA
NA
70307.3
84.5
251.4
18232.7
19
31.9
1693.2
45
32.4
22 TELECOMMUNICATIONS
INDUSTRY AVERAGE
1
10
LUCENT TECHNOLOGIES
189130.1
17.3
344.9
38467.0
18
17.6
3477.0
149
57.0
11
COMVERSE TECHNOLOGY
14835.1
311.6
576.9
872.2
25
68.3
170.3
53
90.0
17
TELLABS
19309.2
19.9
140.8
2319.5
36
39.0
559.1
41
66.1
57
ALLTEL
18207.9
1.9
75.5
6302.3
12
25.3
783.6
30
34.8
72
SCIENTIFIC-ATLANTA
8058.0
216.9
517.2
1397.2
20
7.3
126.7
52
75.1
83
SBC COMMUNICATIONS
129223.9
26.6
41.8
49489.0
32.2
6573.0
15
44.8
89
ADC TELECOMMUNICATIONS
27227.6
121.6
232.4
2067.3
27
31.4
153.6
19
21.5
96
GTE
57335.9
6.6
38.9
25336.0
6.2
4063.0
63
10.6
101
SPRINT FON GROUP
48181.0
43.5
216.0
17016.0
6.9
1736.0
18.5
10
104
BELL ATLANTIC
11
124
MCI WORLDCOM
12
127
13
14
75990.2
12.9
55.8
33174.0
4.2
4208.0
41
11.5
126661.1
18.9
151.4
37120.0
104
106.8
4013.0
NM
NC
BELLSOUTH
76380.1
11.2
85.0
25224.0
10.1
3448.0
6.5
133
U S WEST
36770.0
41.7
131.2
13182.0
9.2
1102.0
23
3.5
189
CENTURYTEL
4696.5
18.0
152.1
1676.7
34.6
239.8
19.1
15
190
AT&T
220252.2
8.2
98.9
62391.0
17
5.8
5450.0
1.2
16
230
NORTEL NETWORKS
157649.9
300.3
554.8
22217.0y
26
19.4
170.0
NM
NC
17
261
NEXTEL COMMUNICATIONS
45523.4
354.9
859.6
3326.0
80
118.6
1270.0
NM
NC
INC
INC
SPRINT PCS GROUP
44602.6
223.4
NA
3180.0
160
NA
2481.0
NM
NA
INC
INC
GLOBAL CROSSING
35803.2
58.1
NA
1664.8
297
NA
10.5
NM
NA
23 TRANSPORTATION
INDUSTRY AVERAGE
6485.8
30.2
4.9
10481.5
4.8
552.1
0.6
117
SOUTHWEST AIRLINES
9300.8
8.1
165.8
4735.6
14
11.4
474.4
32.2
143
DELTA AIR LINES
6063.2
24.8
14.0
15051.0
4.9
1285.0
19
66.0
211
FEDEX
10424.1
26.6
35.7
17372.0
12.4
629.4
22
28.1
329
UNION PACIFIC
9417.9
17.6
33.0
11273.0
7.2
783.0
NM
6.3
338
BURLINGTON NORTHERN SANTA FE
9191.8
39.4
25.7
9100.0
3.9
1133.0
10.1
393
AMR
7829.9
4.6
34.3
17730.0
0.4
656.0
41
13.3
420
US AIRWAYS GROUP
1335.4
60.6
5.4
8595.0
1.8
197.0
63
14.1

4A
4.0
B
DOMESTIC
ASIA
INTLLA
EURO/
D: C M Y K
03
Story:
Production:
Credit:
Edit OK:
Dept AD:
EDIT PASS
X X
XX191
ASIA XX EUR-LA
INT
INVESTMENT DATA
NET
MARGIN
1998
17.9
10.6
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
39.3
50.7
20
12-MONTH
HIGH/LOW
$
37/20
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1999
26
0.40
0.78
ESTIMATED
EARNINGS
PER SHARE
2000
0.99
4.7
5.4
13.2
17.7
23
36/21
11
4.88
2.11
2.30
9.7
5.4
28.2
57.7
51
72/35
25
0.20
2.02
1.68
4.6
7.0
7.4
7.8
30
46/16
47
0.00
0.63
1.30
6.0
7.5
12.9
28.1
19
38/19
4.60
2.40
2.42
4.0
5.5
11.9
13.0
43
58/41
22
1.50
1.92
2.14
4.2
3.0
2.7
10.4
18
27/14
64
0.00
0.28
1.07
0.9
1.7
5.6
6.7
28
49/26
21
3.52
1.38
2.82
1.7
17.8
1.7
4.8
15
60/14
42
0.07
0.36
1.40
1.0
11.9
0.4
0.9
22/4
28
0.00
0.13
0.66
6.6
NA
2.3
15.6
21/5
0.00
1.69
1.21
9.3
7.6
8.7
12.2
69
84/37
62
1.02
1.10
1.61
9.0
4.3
17.5
21.6
60
84/48
55
0.13
1.09
1.38
19.5
16.0
18.0
26.3
197
200/45
92
0.00
2.14
2.56
24.1
23.2
27.3
27.3
48
77/38
35
0.00
1.36
1.66
12.4
10.7
9.8
18.6
58
92/56
23
2.21
2.47
2.87
9.1
7.2
15.8
15.8
103
111/25
65
0.08
1.58
1.50
13.3
16.7
14.5
24.6
38
60/35
20
2.56
1.90
2.29
7.4
8.0
10.9
11.0
45
48/17
90
0.00
0.50
0.43
16.0
9.8
15.6
37.5
59
79/56
14
3.19
4.15
3.88
10.2
10.6
11.6
16.6
61
76/41
31
0.82
1.97
1.97
12.7
9.5
12.5
27.1
49
70/47
18
3.15
2.65
3.32
10.8
14.1
6.1
8.1
45
65/41
33
0.00
1.35
1.89
13.7
15.3
14.6
23.3
41
51/35
23
1.87
1.80
2.21
8.4
11.6
9.6
87.8
73
80/52
34
2.95
2.16
3.40
14.3
14.5
6.1
13.0
34
49/33
20
0.57
1.70
1.85
8.7
9.8
5.2
7.3
49
63/42
28
1.78
1.74
2.24
0.8
3.1
1.4
1.6
116
127/27
772
0.13
0.15
1.29
38.2
82.2
10.4
56.8
137
144/27
30
0.00
4.58
2.54
78.0
89.0
17.1
75.2
52
57/15
19
0.00
2.71
0.93
0.6
16.2
0.5
0.7
47
64/20
311
0.00
0.15
0.67
5.3
5.5
7.0
11.5
28
52/27
11
1.94
2.60
3.13
10.0
10.4
13.9
16.9
18
24/14
21
0.12
0.89
1.00
8.5
7.5
13.4
24.5
46
72/44
0.22
8.68
6.80
3.6
3.2
9.7
13.6
35
62/33
17
0.00
2.09
2.55
6.9
6.0
4.4
10.0
38
68/36
12
2.11
3.12
3.94
12.5
12.6
8.2
13.9
20
38/20
2.43
2.44
2.68
3.7
6.4
5.6
10.1
53
75/49
13
0.00
4.17
5.74
2.3
6.2
10.0
285.5
19
60/18
0.00
2.64
2.80
Speed Demons
he Internet has created a gold mine for
companies selling
the building blocks of
high-speed telecommunications. Comverse Technology, No. 11, quadrupled its stock returns last
year on strong sales of
systems that support voice
mail on cell phones; the
company wants to sell
equipment to record video
images, too. Tellabs, No.
17, boosted margins nearly a full point, to 24.1%.
It holds a 70% share of
the North American market for equipment that
connects voice and data
traffic on the same network. Talk about hogging
the line.

BEGINS ON PAGE 195
TELEGRAPH COLOUR LIBRARY/FPG
NET
MARGIN
1999

4A
4.0
B
DOMESTIC
ASIA
INTLLA
EURO/
D: C M Y K
03
Story:
Production:
Credit:
Edit OK:
Dept AD:
EDIT PASS
X X
XX192
ASIA XX EUR-LA
INT
500
MARKET VALUE
FEB. 29
2000
$ MIL.
SALES
TOTAL
RETURN
(1 YEAR)
TOTAL
RETURN
(3 YEARS)
12
MONTHS
1999
$ MIL.
5195.0y
PROFITABILITY
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
12
MONTHS
1999
$ MIL.
CHANGE
FROM
1998
%
3 YEAR
AVERAGE
CHANGE
%
23
7.3
239.0
62
29.9
435
NORFOLK SOUTHERN
5186.1
49.3
51.4
461
RYDER SYSTEM
1263.9
29.8
37.4
4952.2
0.5
72.9
43
32.6
10
465
CSX
4844.5
41.5
47.8
10811.0
10
0.0
51.0
91
58.8
24 UTILITIES
INDUSTRY AVERAGE
5929.3
8.6
18.7
6640.7
13.4
458.7
14
3.7
6079.9
18.8
5.3
15302.8y
33
56.3
1665.7
NM
62.6
AES
16762.6
125.4
156.4
3253.0
36
58.6
245.0
20
28.5
PPL
2891.8
17.8
4.4
4590.0y
21
17.1
504.0
25
13.5
135
PECO ENERGY
6932.2
7.3
88.3
8.8
609.4
14
10.0
153
COLUMBIA ENERGY GROUP
4794.6
18.2
56.9
3189.2y
21
3.6
355.0
18
15.5
160
TEXAS UTILITIES
9017.8
18.6
4.5
17117.9y
16
41.9
997.7
32
7.6
183
SEMPRA ENERGY
4326.3
7.6
5.4
5374.0y
24.5
405.0
32
17.0
191
FIRSTENERGY
4310.9
33.1
1.0
6319.6
42.6
645.1
27
27.4
50
RELIANT ENERGY
82
116
200
FLORIDA PROGRESS
10
231
WILLIAMS
11
233
12
242
13
248
CONSTELLATION ENERGY GROUP
14
249
SOUTHERN
15
250
DUKE ENERGY
16
282
17
288
18
19
5436.6
4196.6
11.8
60.1
18176.1
14.7
102.1
7.0
316.3
12
25.3
8593.1
3845.1y
12
29.6
161.8
14
25.7
DTE ENERGY
4378.5
19.6
PUBLIC SERVICE ENTERPRISE GROUP
6343.7
19.3
18.6
4728.0y
12
9.4
483.0
13.0
25.2
6497.0y
2.1
732.0
12
7.9
4450.6
23.1
28.4
14969.3
6.8
19.6
11585.0
3786.2y
13
5.8
339.9
4.2
2.4
1297.1
29
1.9
17702.5
11.2
23.8
21742.0y
23
19.5
847.0
33
4.9
GPU
3070.2
33.7
15.9
PINNACLE WEST CAPITAL
2340.9
20.6
2.2
290
CINERGY
3396.9
22.0
26.5
298
EDISON INTERNATIONAL
9114.2
7.5
37.8
20
306
AMEREN
4116.5
14.1
4.7
21
310
UNICOM
8225.0
11.1
98.4
22
317
PEOPLES ENERGY
1028.3
10.0
23
330
EL PASO ENERGY
8509.5
4.0
24
343
DOMINION RESOURCES
7000.4
0.9
25
347
CENTRAL & SOUTH WEST
3575.3
26.7
26
348
FPL GROUP
6919.3
21.6
4.8
27
357
EASTERN ENTERPRISES
1563.3
56.6
94.9
978.7
28
358
CMS ENERGY
1939.7
57.7
43.1
6103.0y
29
370
CONSOLIDATED EDISON
6009.9
37.7
5.0
7491.3y
30
371
NICOR
1429.1
16.9
2.0
1615.2y
10
31
375
CAROLINA POWER & LIGHT
4748.1
21.1
6.9
3357.6y
32
381
AMERICAN ELECTRIC POWER
5458.9
27.8
20.0
6916.0y
33
389
ENTERGY
4886.0
25.2
9.7
8773.2y
34
395
NEW CENTURY ENERGIES
3134.9
28.4
17.5
3375.4y
35
408
PG&E
7919.6
31.6
2.1
36
433
NORTHERN STATES POWER
2711.0
27.4
37
449
NIAGARA MOHAWK HOLDINGS
2200.6
19.7
INC
INC
ONEOK
683.6
11.0
4757.1
12
6.3
470.0
18
15.4
2423.4y
14
9.7
269.8
11
4.9
5937.9
23.5
409.1
53
0.6
9670.1y
3.4
648.9
5.4
3523.6y
14.2
397.7
8.3
6848.0
0.4
622.0
10
6.2
0.2
1296.6
22
1.2
98.8
47
5.2
48.5
10581.0y
11
53.6
217.0
NM
NC
8.4
5520.3y
2.1
550.6
4.6
14.0
5537.0y
2.6
473.0
16.5
6438.0y
2.4
711.0
5.7
1.6
55.1
3.8
19
11.6
284.0
1.4
2.1
714.2
1.1
6.9
124.4
0.2
4.0
382.3
0.4
5.6
520.0
7.2
24
8.2
595.0
24
16.6
3.1
346.6
8.5
20820.0
29.2
13.0
98
70.4
12.6
2869.0
2.7
225.3
20
4.1
14.6
4084.2
0.8
24.7
NM
50.7
10.7
2071.0y
12
NA
106.9
NA

4A
4.0
B
DOMESTIC
ASIA
INTLLA
EURO/
D: C M Y K
03
Story:
Production:
Credit:
Edit OK:
Dept AD:
EDIT PASS
X X
XX193
ASIA XX EUR-LA
INT
INVESTMENT DATA
NET
MARGIN
1998
RETURN ON
INVESTED
CAPITAL
RETURN ON
COMMON
EQUITY
RECENT
SHARE
PRICE
$
12-MONTH
HIGH/LOW
$
PE
RATIO
DIVIDEND
YIELD
EARNINGS
PER SHARE
1999
ESTIMATED
EARNINGS
PER SHARE
2000
4.6
14.9
1.8
4.0
14
36/13
22
5.90
0.63
1.09
1.5
2.8
2.4
6.1
19
29/18
17
3.24
1.06
2.15
0.5
5.4
0.4
0.9
22
54/20
92
5.41
0.24
2.56
6.9
6.6
5.4
11.1
31
42/26
13
5.78
2.46
2.76
10.9
1.2
16.2
30.3
21
32/20
7.30
5.82
2.28
7.5
12.8
2.5
16.3
84
89/35
67
0.00
1.25
2.95
11.0
10.7
8.4
28.0
20
32/19
4.97
3.14
2.63
11.2
10.1
7.2
28.9
37
51/31
12
2.68
3.03
3.56
11.1
11.4
9.0
17.9
59
66/44
14
1.53
4.29
4.15
5.8
5.1
3.6
11.8
33
46/31
7.36
3.53
3.38
7.5
6.1
6.5
12.7
18
25/16
11
5.56
1.66
1.87
10.2
8.6
5.0
10.6
19
32/19
8.11
2.50
2.60
8.2
7.8
6.9
15.3
43
48/36
13
5.11
3.21
3.33
1.9
1.8
1.3
3.7
42
54/28
116
1.44
0.36
0.66
10.2
10.5
6.1
12.5
30
45/29
6.82
3.33
3.37
11.3
10.9
7.2
17.1
29
43/28
7.45
3.29
3.48
9.0
9.8
5.7
10.3
30
34/25
14
5.65
2.18
2.60
11.2
8.8
5.2
12.9
22
29/22
12
6.04
1.86
2.03
3.9
7.2
4.1
8.6
49
61/47
22
4.54
2.25
4.00
9.9
9.3
4.2
12.3
25
45/23
8.52
3.66
3.22
11.1
11.4
6.4
12.3
28
43/26
5.07
3.17
3.23
6.9
4.5
7.4
14.8
21
35/21
8.42
2.53
2.50
6.7
7.8
3.5
11.0
26
30/22
15
4.11
1.79
2.24
11.3
12.0
6.7
11.3
30
41/29
11
8.47
2.81
3.11
9.1
8.0
4.6
11.3
38
43/31
14
4.23
2.74
3.21
7.6
6.4
7.6
12.6
29
40/27
10
6.91
2.78
2.67
2.1
3.0
2.5
8.2
37
43/30
35
2.22
1.06
2.42
10.0
8.8
4.2
10.0
37
49/36
13
7.03
2.88
3.25
8.5
8.2
5.9
12.6
17
26/17
10.35
2.18
1.99
11.0
10.2
8.0
12.5
39
61/36
5.59
4.07
4.22
5.6
5.4
4.2
7.3
58
59/34
25
2.97
2.27
2.94
4.7
5.1
2.6
11.6
17
47/16
8.72
2.35
2.50
9.5
10.3
6.9
12.1
28
50/26
7.91
3.13
3.26
7.7
7.9
10.2
15.9
30
40/30
12
5.14
2.62
2.90
11.4
12.5
5.8
10.9
30
45/28
12
6.92
2.55
3.02
7.5
8.4
4.6
10.0
28
44/28
10
8.53
2.69
2.42
6.8
6.8
3.7
7.0
20
34/20
5.93
2.25
2.39
10.3
9.8
6.6
12.8
27
43/26
8.57
3.01
3.26
0.1
3.9
0.1
0.2
21
34/20
516
5.82
0.04
2.15
7.9
10.0
4.2
8.3
18
28/17
12
8.26
1.43
1.95
0.6
3.0
0.1
0.3
12
16/12
196
0.00
0.06
0.32
5.2
5.7
3.6
6.1
23
33/22
11
5.47
2.09
2.63
High Energy
hile most of the

utility industry is
still fettered by a
regulated-monopoly mindset, a couple of companies
are humming at full power. Reliant Energy Inc.,
No. 50, expanded overseas,
picking up gas pipelines
and electricity plants to
augment its energy-trading network. Net income
rose an average 63% in
each of the past three
years. Meanwhile, AES
Corp. nabbed deregulated
power plants worldwide.
The strategy is risky:
Profits fell 20% last year,
reflecting Brazils devalued
currency. But Wall Street
took the long view, and
AES still generated highwattage 125% returns.
BEGINS ON PAGE 195
CHIP SIMONS/FPG
NET
MARGIN
1999

4A
4.0

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B

G LOSSARY & FOOTNOTES

Share price on Feb. 29, 2000, multiplied by

Annual dividend per share, reinvested, plus

Annual dividend per share, reinvested, plus

Calculated using the least squares method.

EARNINGS PER SHARE

THREE-YEAR PROFITS GROWTH

Analysts consensus estimates for 2000

Calculated using the least squares method.

Net income from continuing operations before extraordinary items as a percent of

Net income available for shareholders as a

Net income available for shareholders divided by total equity.

Price for a single share of a companys most

Trading range for the companys common

Price-earnings ratio based on latest 12 months

Annual dividend rate as a percent of the

EARNINGS PER SHARE ESTIMATES

(a) Data as of September, 1999.

BUSINESS WEEK / MARCH 27, 2000 167

Distribution: Morrison, Barnathan, Kuntz,

THE S&P Business Weeks Industry Rankings

1 AEROSPACE & DEFENSE

DELPHI AUTOMOTIVE SYSTEMS

COOPER TIRE & RUBBER

GOODYEAR TIRE & RUBBER

BANK OF NEW YORK

FIFTH THIRD BANCORP

168 BUSINESS WEEK / MARCH 27, 2000

Distribution: Morrison, Barnathan, Kuntz,

FOOTNOTES TO TABLES APPEAR ON PAGE 167;

BUSINESS WEEK / MARCH 27, 2000 169

Distribution: Morrison, Barnathan, Kuntz,

THE S&P Business Weeks Industry Rankings

OLD KENT FINANCIAL

ROHM & HAAS

GREAT LAKES CHEMICAL

AIR PRODUCTS & CHEMICALS

INTERNATIONAL FLAVORS & FRAGRANCES

IKON OFFICE SOLUTIONS

CIRCUIT CITY GROUP

BED BATH & BEYOND

170 BUSINESS WEEK / MARCH 27, 2000

Distribution: Morrison, Barnathan, Kuntz,

FOOTNOTES TO TABLES APPEAR ON PAGE 167;

(PREVIOUS PAGE) WALTER HODGES/TONY STONE; (ABOVE) EVAN KAFKA

BUSINESS WEEK / MARCH 27, 2000 171

Distribution: Morrison, Barnathan, Kuntz,

THE S&P Business Weeks Industry Rankings

PROCTER & GAMBLE

LEGGETT & PLATT

ARMSTRONG WORLD INDUSTRIES

7 CONTAINERS & PACKAGING

CROWN CORK & SEAL

8 DISCOUNT & FASHION RETAILING

172 BUSINESS WEEK / MARCH 27, 2000

Distribution: Morrison, Barnathan, Kuntz,

FOOTNOTES TO TABLES APPEAR ON PAGE 167;

BUSINESS WEEK / MARCH 27, 2000 173

Distribution: Morrison, Barnathan, Kuntz,

THE S&P Business Weeks Industry Rankings

FEDERATED DEPARTMENT STORES

MAY DEPARTMENT STORES