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Commentary


Investment Figures of the Week

COMMENTARY

U.S. stocks took two blows to the the chin this week: Yeltsin dissolved the

Russian parliament, sending world markets into a tizzy, and long-term interest

rates moved higher in response to some encouraging news on the housing front

and the overall economy. The sharpest decline came in the big-cap stocks,

especially the Dow industrials. But the Tokyo bourse was hit a lot harder,

despite the cut in the discount rate there. In addition to Russian jitters,

investors seem nervous over the health of Japan's economy.

MARKET ANALYSIS

% change

U.S. STOCKS Latest Week 52-week

DOW JONES INDUSTRIALS 3547.0 -2.4 8.2

MIDSIZE COMPANIES (S&P MidCap Index) 172.1 0.4 18.6

SMALL COMPANIES (Russell 2000) 246.5 0.5 28.2

ALL COMPANIES (Russell 3000) 264.3 -0.8 12.5

FUNDAMENTALS Latest Week ago Year ago

LONDON (FINANCIAL TIMES 100) 3007.5 0.6 16.5

TOKYO (NIKKEI INDEX) 20,174.6 -3.7 10.3

TORONTO (TSE COMPOSITE) 3954.9 -0.3 16.2

% change (local currency)

FOREIGN STOCKS Latest Week 52-week

90-DAY TREASURY BILL YIELD 2.98% 3.03% 2.98%

30-YEAR TREASURY BOND YIELD 6.09% 5.98% 7.49%

S&P 500 DIVIDEND YIELD 2.76% 2.72% 2.95%

TECHNICAL INDICATORS Latest Week ago Reading

S&P 500 PRICE/EARNINGS RATIO 23.6 23.9 24.5

S&P 500 26-week moving average 449.2 448.9 Positive

Stocks above 26-week moving average 57.0% 60.8% Negative

Speculative sentiment: Put/call ratio 0.50 0.49 Positive

Insider sentiment: Vickers sell/buy ratio 2.73 2.55 Negative

BRIDGE INFORMATION SYSTEMS INC.

INDUSTRY GROUPS

% change Strongest % change

FOUR-WEEK LEADERS 4-week 52-week stock in group 4-week 52-week Price

ENTERTAINMENT 10.3 19.9 PARAMOUNT

COMMUNICATIONS 46.7 66.5 77

REGIONAL TELEPHONE

COMPANIES 7.8 21.9 BELLSOUTH 13.4 17.7 61 3/8

TRUCKING 7.0 -3.0 CONSOLIDATED

FREIGHTWAYS 18.8 17.7 16 5/8

MACHINE TOOLS 6.9 26.8 CINCINNATI MILACRON 10.1 60.2 24 5/8

HEALTH-CARE SERVICES 6.7 -38.5 AMGEN 8.9 -43.7 38 1/8

% change Weakest % change

FOUR-WEEK LAGGARDS 4-week 52-week stock in group 4-week 52-week Price

HOSPITAL MANAGEMENT -13.6 9.5 NATIONAL MEDICAL

ENTERPRISES -33.0 -35.8 7 5/8

OIL AND GAS DRILLING -13.5 13.1 ROWAN -19.8 1.6 8 1/8

METALS -12.4 -16.4 INCO -16.4 -28.8 18 1/2

SHOES -11.8 -30.9 NIKE -19.3 -40.7 44 7/8

ALUMINUM -10.5 -5.1 REYNOLDS METALS -13.4 -17.5 42 7/8

MORNINGSTAR INC.

MUTUAL FUNDS

LEADERS LAGGARDS

Four-week total return % Four-week total return %

GABELLI VALUE 8.7 EXCEL MIDAS GOLD SHARES -14.4

SMITH BARNEY SHEARSON TELECOMM.

INCOME 8.1 VAN ECK GOLD/RESOURCES -13.2

TEMPLETON DEVELOPING MARKETS 7.4 PIONEER GOLD SHARES -12.8

52-week total return % 52-week total return %

LEXINGTON STRATEGIC INVESTMENTS 99.0 MONITREND GOLD -16.6

PBHG GROWTH 81.8 FIDELITY SELECT MEDICAL DELIVERY -16.2

FIDELITY SELECT BROKERAGE &

INVESTMENT 61.5 INVESCO STRATEGIC HEALTH SCIENCES -15.8

DRI/McGRAW-HILL

RELATIVE PORTFOLIOS

Foreign stocks Treasury bonds U.S. stocks Money market fund Gold

$13,471 $12,190 $11,169 $10,224 $10,216

-1.13% -1.75% -1.51% +0.04% +3.22%

Dollar amounts

represent the present value of $10,000

invested one year ago in each portfolio

Percentages indicate

five-day total returns

All data on this page are as of market close Wednesday, Sept. 22, 1993, unless

otherwise indicated. Industry groups include S&P 500 companies only;

performance and share prices are as of market close Sept. 21. Mutual fund

returns are as of Sept. 17. Relative portfolios are valued as of Sept. 21. A

more detailed explanation of this page is available on request.


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