Anybody who thinks war is good for the economy will have to think again after looking at corporate earnings for the first quarter. Instead of shopping at the mall, visiting an amusement park, or buying a new car, most Americans remained glued to their TV screens during the Persian Gulf conflict. The reluctance of consumers to spend freely in the midst of a recession at home and a war abroad helped push earnings for the 900 companies in BUSINESS WEEK's Corporate Scoreboard down 9% from the 1990 first quarter.
The news would have been worse if higher oil prices hadn't lifted earnings in the energy sector. Without fuel companies, first-quarter profits were down 15%. Indeed, 4 of the 15 biggest earners in the quarter were energy companies. On the other hand, if the automotive sector had been excluded, the profit picture would have been brighter: Earnings would have slipped just 1%.
WORSENING SLUMP. The 9% profit decline for all industries wasn't as bad as the 12% decrease in corporate earnings registered during the 1990 fourth quarter. But those numbers are a bit deceptive, because 1990 fourth-quarter earnings were depressed when many companies took write-offs to restructure their operations and clean up their balance sheets. On an operating basis, there's little evidence that the earnings slide abated in the beginning of this year. And the current quarter would look even worse if the Scoreboard included some huge onetime adjustments taken by a few big companies. IBM, for instance, earned $532 million, but an accounting charge for retiree benefits resulted in a $1.7 billion loss. Most such adjustments are excluded from the Scoreboard, which seeks to reflect operating results.
There were plenty of signs that the recession worsened during the first quarter. Sales grew a meager 3%--the lowest rate since the 1986 fourth quarter. That compares with a 10% gain for the fourth quarter of 1990. And the Commerce Dept. reported that gross national product declined 2.8% in the first quarter, compared with a 1.6% fall in the previous quarter.
Despite the contraction in economic activity during the first quarter, profit margins began to show some improvement. The average margin for the Scoreboard companies was 4.3% in the latest quarter. That wasn't as high as the 4.9% margin logged in 1990's first quarter. But it was significantly greater than the puny 3% recorded in the write-off-plagued fourth quarter of 1990.
Many economists expected Americans to celebrate the U. S. victory in the gulf with a shopping spree. But the rise in consumer confidence that followed the end of the war has yet to translate into big increases in spending. And to make matters worse, companies that have been depending on overseas profits to bolster their earnings are now faced with a stronger dollar and a slowdown in many foreign economies. Says Paul Getman, managing director of Regional Financial Associates Inc., an economic forecasting firm in West Chester, Pa.: "This year will be one that most executives would rather forget. By comparison, 1992 will look fantastic."
If not fantastic, things might at least look better by the second half, when some economists are anticipating a rebound in corporate profits. "Earnings and GNP are likely to decline in the second quarter, but we may see a surprising recovery in the third and fourth quarters," says Stephen S. Roach, senior economist at Morgan Stanley & Co. For 1991 as a whole, Thomas M. Doerflinger, an economist at PaineWebber Inc., is expecting reported earnings for the Standard & Poor's 500 composite to dip 1.6%. For 1992, Doerflinger estimates that S&P 500 reported earnings will advance 14.3%, thanks to strong consumer demand.
Americans may not have been out shopping in the first quarter, but they found it hard to ignore the soaring stock market. Financial services was one of the few bright spots. The group's 131% profit increase was second only to the performance of medical products, which turned in a 327% gain, thanks partly to an earnings turnaround at Baxter International. Among the financial-services companies with strong first-quarter performances were Merrill Lynch, up 338%; PaineWebber, ahead 193%; and Charles Schwab, up 185%.
Besides medical products and financial services, groups that did well in the first quarter were instruments, with a 56% gain; tobacco, with a 53% increase; coal, ahead 48%; oil and gas, up 47%; and food retailing, which posted a 36% gain.
Eagerly awaiting the return of buyers are the car and truck manufacturers, which collectively lost $1.9 billion--more than any other group--in the first quarter. Ford Motor lost the most of any company--$884.4 million. Reporting the second-largest loss, $683 million, was General Motors. Winning third place in this dismal race was Chrysler, with $341 million. Analysts expect that the Big Three, battered by weak prices and sluggish sales, will all report losses for the full year for the first time since 1980.
Faring almost as poorly as the auto companies were the airlines. The war nearly brought international air travel to a halt, while higher fuel prices drove up operating costs. As a group, airlines lost $689.9 million--more than any sector except cars and trucks. American Airlines was the hardest hit, with a $196 million loss in the quarter. It was joined on the list of companies that lost the most by USAir, $168.7 million; UAL, $157 million; and Delta Air Lines, $84.1 million.
AWASH. Despite the end of the war, business travelers have yet to make a full-scale return to the skies. But those carriers that can survive the recession and the industry shakeout should benefit from increased demand next year. Paul Nisbet, an analyst with Prudential Securities Group Inc., expects that even with a slow economic recovery, traffic for the major airlines will rebound by 9.7% in 1992 after declining 3.1% this year.Carmakers and airlines weren't the only ones awash in red ink in the first quarter. The steel group had an $88.4 million deficit, followed by transportation services, with a $69.9 million loss; auto parts and equipment makers, which gave up $65.5 million; and tire and rubber companies, with a $64.7 million loss.
Even industries that had been holding up fairly well--broadcasting and entertainment--reported lower earnings in the first quarter. Although the gulf war boosted TV viewership, that increase didn't flow to the bottom line for the networks. Weak ad revenues and the high costs of covering the war led to a 47% profit decline for the broadcast group. Capital Cities/ABC reported a 45% drop, while earnings fell 88% at CBS. Profits of the entertainment group fell 37%. At Walt Disney, lower theme-park attendance pushed earnings down 29%. "It turns out that Mickey Mouse is as vulnerable to the business cycle as anybody else," says Getman. Like President Bush's economic advisers, Mickey is hoping the recession will end by the second half of the year.
WINNERS AND LOSERS IN FIRST-QUARTER PROFITS THE INDUSTRIES THE SHARPEST GAINS Percent change from 1990's first quarter MEDICAL PRODUCTS 327% FINANCIAL SERVICES 131 INSTRUMENTS 56 TOBACCO 53 COAL 48 OIL & GAS 47 FOOD RETAILING 36 HEALTH CARE SERVICES 31 FOOD PROCESSING 22 DRUGS & RESEARCH 18 EATING PLACES 18 COMPUTER SOFTWARE 14 DRUG DISTRIBUTION 13 BEVERAGES 13 FOOD DISTRIBUTION 11 THE DEEPEST DROPS Percent change from 1990's first quarter CARS & TRUCKS LOSS AIRLINES LOSS STEEL LOSS TRANSPORT. SERVICES LOSS AUTO PARTS & EQUIPMENT LOSS TIRE & RUBBER LOSS FOREST PRODUCTS -92% APPLIANCES -82 REAL ESTATE -81 MACHINE & HAND TOOLS -79 SPECIAL MACHINERY -79 BUILDING MATERIALS -69 HOTEL & MOTEL -51 PAPER CONTAINERS -48 BROADCASTING -47 ALL-INDUSTRY AVERAGE: -9% THE COMPANIES WHO MADE THE MOST Millions of dollars EXXON $2,240 GENERAL ELECTRIC 999 PHILIP MORRIS 942 AT&T 712 MOBIL 710 DU PONT 590 DOW CHEMICAL 578 CHEVRON 557 IBM 532 BRISTOL-MYERS SQUIBB 493 AMOCO 492 MERCK 484 WAL-MART STORES 482 PROCTER & GAMBLE 424 JOHNSON & JOHNSON 418 WHO LOST THE MOST Millions of dollars FORD MOTOR $884 GENERAL MOTORS 683 CHRYSLER 341 HILLS DEPARTMENT STORES 240 USX 237 AMR 196 USAIR GROUP 169 UAL 157 SHAWMUT NATIONAL 117 SOUTHEAST BANKING 117 FEDERAL EXPRESS 106 UNISYS 98 BANK OF BOSTON 97 GOODYEAR TIRE & RUBBER 90 DELTA AIR LINES 84 DATA: STANDARD & POOR'S COMPUSTAT SERVICES INC.ALPHABETICAL LIST OF COMPANIES The number following each company name identifies the Scoreboard category under which it is listed A A&P 10c Abbott Laboratories 12d Adia Services 21e Advanced Micro 9d Advo-System 21d Aetna Life & Casualty 17bAffiliated Pubs. 20b Ahmanson (H. F.) 17c Air & Water Techs. 21c Air Express Intl. 23c Air Products & Chemicals 4Airborne Freight 23c Alaska Air Group 23a Albany International 15d Alberto-Culver 6d Albertson's 10c Alco Standard 5 Alcoa 16a Alexander & Alex. 17a Alexander & Baldwin 23d Alexander's 8 Alleghany 17a Allegheny Ludlum 16b Allegheny Power 24a Allergan 12b Allied Products 15c Allied-Signal 5 Alltel 22b AM International 18b Amax 16a Amdahl 18b Amerada Hess 11b America West 23a American Brands 6e American Building 21e American Cyanamid 4 American Electric 24a American Express 17a American Family 17b American Greetings 14d American Home 12b American Intl. Group 17b American Medical 12c American National 17b American President 23d American Stores 10c American TV 20a Ameritech 22b AmeriTrust 3b Ames Dept. Stores 8 Ametek 9c Amgen 12b Amoco 11b AMP 9d AMR 23a Analog Devices 9d Anheuser-Busch 6c Apogee Enterprises 21a Apple Computer 18b Applied Magnetics 18b Applied Materials 15c Arco Chemical 4 Argonaut Group 17b Armco 16b Armstrong World 6b Arrow Electronics 21b Arvin Industries 2b Asarco 16c Ashland Oil 11b Asset Investors 13b AST Research 18b AT&T 22a Atlantic Energy 24a Atlantic Richfield 11b Automatic Data 18c Avery Dennison 15a Avnet 21b Avon Products 6d B Baker Hughes 11c Ball 7a Baltimore G&E 24a Banc One 3b Bancorp Hawaii 3d Bandag 2c Bank of Boston 3a Bank of New York 3a BankAmerica 3d Bankers Trust New York 3aBanta 21d Bard (C. R.) 12d Barnes Group 13a Barnett Banks 3c Baroid 11c Bausch & Lomb 12d Baxter International 12d BayBanks 3a Bear Stearns 17a Bearings 21b Beckman Instruments 9c Becton, Dickinson 12d Bell Atlantic 22b Bell & Howell 18a BellSouth 22b Bemis 7b Bergen Brunswig 12a Berkley (W. R.) 17b Best Buy 6b Bethlehem Steel 16b Betz Laboratories 4 Beverly Enterprises 12c Big B 12a Bindley Western 12a Black & Decker 15b Block (H&R) 17a Blockbuster Ent. 14b Blount 15a Boatmen's Bancshares 3b Bob Evans Farms 14a Boeing 1 Boise Cascade 19a Borden 10b Boston Edison 24a Bowater 19b Brendle's 8 Briggs & Stratton 15c Bristol-Myers Squibb 12b Broad 17a Brooklyn Union Gas 24b Brown Group 6a Brown-Forman 6c Browning-Ferris 21c Brunswick 14d Burlington Coat Factory 8 Burlington Northern 23b Burlington Resources 11b C C&S/Sovran 3c Cabot 4 Caesars World 14c CalFed 17c Campbell Soup 10b Capital Cities/ABC 20a Capital Holding 17b Carlisle 15a Carnival Cruise Lines 14d Carolina Freight 23d Carolina Power 24a Carpenter Tech. 16b Casey's General 10c Castle (A. M.) 21b Castle & Cooke 10b Caterpillar 15c CBS 20a CDI 21e Centel 22b Centerior Energy 24a Centex 13b Central & South West 24a Central Maine Power 24a Champion Intl. 19b Charming Shoppes 8 Chase Manhattan 3a Chemical Banking 3a Chemical Waste 21c Chesapeake 19b Chevron 11b Chrysler 2a Chubb 17b Cigna 17b Cilcorp 24a Cincinnati Bell 22b Cincinnati G&E 24a Cincinnati Milacron 15b Cipsco 24a Circle K 10c Circuit City Stores 6b Circus Circus 14c Citadel Holding 17c Citicorp 3a Clark Equipment 15b Clorox 6d CML Group 8 CMS Energy 24a Coast Savings 17c Coastal 11b Coca-Cola 6c Coca-Cola Enterprises 6c Colgate-Palmolive 6d Columbia Gas 24b Comdisco 18c Comerica 3b Commerce Clearing 20b Commercial Metals 16b Commodore Intl. 18b Commonwealth Ed. 24a Comm. Energy 24a Compaq Computer 18b Computer Sciences 18c Comsat 22a ConAgra 10b Conner Peripherals 18b Consolidated Edison 24a Cons. Freightways 23d Cons. Natural Gas 24b Consolidated Papers 19b Consolidated Rail 23b Consolidated Stores 8 Constar International 7a Continental Bank 3b Control Data 18b Cooper Industries 9a Cooper Tire & Rubber 2c Coors (Adolph) 6c CoreStates Financial 3a Corning 15a Costco Wholesale 8 CPC International 10b Crane 15a Crawford 17a Cray Research 18b Crestar Financial 3c Crown Central 11b Crown Cork & Seal 7a CRSS 21a Crystal Brands 6a CSX 23b CUC International 18a Cummins Engine 2b Curtice-Burns Foods 10b Cyclops Industries 16b Cyprus Minerals 16c D Dairy Mart 10c Dana 2b Danaher 15b Dart Group 5 Data General 18b Dayton Hudson 8 Dean Foods 10b Deere 15c Dekalb Genetics 10b Delchamps 10c Dell Computer 18b Delmarva Power 24a Delta Air Lines 23a Delta Woodside 15d Deluxe 18a Detroit Edison 24a Dexter 4 Diamond Shamrock 11b Digital Equipment 18b Dillard 8 Disney (Walt) 14b Dollar General 8 Dominion Bankshares 3c Dominion Resources 24a Donnelley (R. R.) 21d Dover 15c Dow Chemical 4 Dow Jones 20b DPL 24a DQE 24a Dresser Industries 11c DSC Communs. 22a Du Pont 4 Duke Power 24a Dun & Bradstreet 20b Durr-Fillauer Medical 12a DWG 15d E E-Systems 9b Eagle Food Centers 10c Eagle-Picher Industries 2b Eastern Enterprises 24b Eastman Kodak 14d Eaton 2b Echlin 2b Ecolab 6d Edison Brothers 8 Edwards (A. G.) 17a EG&G 21a Electronic Data 18c Engelhard 4 Enron 24b Enserch 24b Entergy 24a Equifax 17a Equitable Resources 24b Ethyl 4 Exxon 11b F Fabri-Centers 8 Family Dollar Stores 8 Fay's 12a Federal Express 23c Federal Home Loan 17a Federal Natl. Mtg. 17a Federal Paper Board 7b Federal-Mogul 2b Ferro 4 FHP International 12c Fieldcrest Cannon 15d Figgie International 5 Fingerhut 8 First Bank System 3b First Chicago 3b First City Bancorp. 3d First Fidelity 3a First Financial Mgmt. 17a First Interstate Bancorp 3d First Mississippi 4 First of America Bank 3b First Union 3c First Wachovia 3c Fleet/Norstar 3a Fleetwood Ents. 14d Fleming 10a Florida Progress 24a Flowers Industries 10b Fluor 21a FMC 15c Food Lion 10c Foodarama 10c Ford Motor 2a Fort Howard 19b Foster Wheeler 21a Foundation Health 12c FPL Group 24a Freeport-McMoRan 4 Freeport Copper 16c Fruit of the Loom 6a Fuller (H. B.) 4 Fuqua Industries 5 G Gannett 20b Gap 8 Gatx 23c Gaylord Container 7b GenCorp 1 Genentech 12b General Cinema 5 General Dynamics 1 General Electric 5 General Host 5 General Mills 10b General Motors 2a General Public Uts. 24a General Re 17b General Signal 9c Genesco 8 Genuine Parts 21b Georgia Gulf 4 Georgia-Pacific 19a Getty Petroleum 21b Giant Food 10c Gillette 6d Glatfelter (P. H.) 19b Glenfed 17c Golden Nugget 14c Golden West 17c Goldome 17c Goodrich (B. F.) 4 Goodyear Tire & Rubber 2cGoulds Pumps 15c Grace (W. R.) 4 Grace Energy 11c Grainger (W. W.) 21b Great American Mgmt. 4 Great A&P 10c Great Lakes Chemical 4 Great Western 17c Greyhound Dial 5 Grossman's 8 Grumman 1 GTE 22b Guilford Mills 15d Gulf States Utilities 24a H Hall (Frank B.) 17a Halliburton 11c Handleman 21e Hanna (M. A.) 4 Hannaford Brothers 10c Harley-Davidson 14d Harman International 14d Harnischfeger 15c Harris 9b Harsco 15a Hartford Steam 17b Hartmarx 6a Hasbro 14d Hawaiian Electric 24a Hechinger 8 Heinz (H. J.) 10b Helene Curtis Industries 6dHenley Group 9c Hercules 4 Hershey Foods 10b Hewlett-Packard 18b Highland Superstores 6b Hillenbrand 15a Hillhaven 12c Hills Department Stores 8 Hilton Hotels 14c Holly 11b Home Depot 8 Home Shopping 8 HON Industries 18a Honeywell 9c Hormel (Geo. A.) 10b Hubbell 9a Hudson Foods 10b Huffy 14d Humana 12c Hunt (J. B.) 23d Huntington Bancshares 3b I IBC Holdings 10b IBM 18b IBP 10b Illinois Central 23b Illinois Power 24a Illinois Tool Works 15a IMC Fertilizer 4 Imecera Group 12d Imo Industries 9c Inacomp Computer 18a Independent Ins. 17b Indiana Energy 24b Ingersoll-Rand 15c Inland Steel 16b Inspiration Resources 16c Intel 9d Intelligent Electronics 18a Interco 6b Interface 15d Intergraph 18c Interlake 15c International Flavors 6d Intl. Multifoods 10b International Paper 19b Interpublic Group 21d Ipalco Enterprises 24a Itel 5 ITT 5 J Jacobs Engineering 21a Jacobson Stores 8 James River 19b Jamesway 8 Johnson & Johnson 12d Johnson Controls 9c Jostens 15a JWP 21e K K mart 8 Kaman 1 Kansas City Power 24a Kansas City Southern 23b Kaufman & Broad 13b Kellogg 10b Kellwood 6a Kelly Services 21e Kemper 17b Kennametal 15b Kerr-McGee 11b KeyCorp 3a Kimball International 6b Kimberly-Clark 19b Knight-Ridder 20b Kroger 10c L L. A. Gear 6a La-Z-Boy Chair 6b Lafarge 13a Lands' End 8 Leggett & Platt 6b Leslie Fay 6a LG&E Energy 24a Lifetime 12c Lilly (Eli) 12b Limited 8 Lincoln National 17b Lionel 8 Litton Industries 9b Liz Claiborne 6a Lockheed 1 Loews 17a Lone Star Techs. 16b Longs Drug Stores 12a Longview Fibre 7b Lotus Development 18c Louisiana Land 11b Louisiana-Pacific 19a Lowe's 8 LSI Logic 9d LTV 5 Lubrizol 4 Lukens 16b Lyondell 4 M Magma Copper 16c MagneTek 9a Manor Care 12c Manufacturers Hanover 3aManufacturers Natl. 3b Manville 13a Mapco 11b Marion Merrell Dow 12b Mark IV Industries 15a Marriott 14c Marsh & McLennan 17a Marshall Industries 21b Martin Marietta 1 Masco 6b Masco Industries 2b Mattel 14d Maxus Energy 11b Maxxam 16a May Department Stores 8 Maytag 6b McCormick 10b McDonald's 14a McDonnell Douglas 1 McGraw-Hill 20b MCI Communications 22a McKesson 12a MCN 24b Mead 19b Media General 20b Medtronic 12d Mellon Bank 3a Melville 8 Mercantile Stores 8 Merck 12b Meredith 20b Meridian Bancorp 3a Merrill Lynch 17a Merry-Go-Round 8 Metropolitan Fincl. 17c Meyer (Fred) 8 Michaels Stores 8 Michigan National 3b MicroAge 18a Microsoft 18c Midlantic 3a Midway Airlines 23a Midwest Resources 24a Miller (Herman) 18a Millipore 9c Minnesota Mining 15a Mitchell Energy 11b Mobil 11b Modine Mfg. 2b Molex 9d Monsanto 4 Montana Power 24a Morgan (J. P.) 3a Morgan Stanley 17a Morrison 14a Morrison Knudsen 21a Morton International 4 Motorola 9b Multimedia 20a Murphy Oil 11b N Nacco Industries 11a Nalco Chemical 4 Nash Finch 10a Nashua 7b National City 3b Natl. Convenience 10c National Fuel Gas 24b National Health 12c National Medical 12c National Semicond. 9d National Service 9a Navistar International 2a NBD Bancorp 3b NCH 6d NCNB 3c NCR 18b Neiman Marcus Group 8 Nerco 11a New England Electric 24a New York State E&G 24a New York Times 20b Newell 15a Newmont Gold 16c Newmont Mining 16c Niagara Mohawk 24a Nicor 24b Nike 6a Nipsco Industries 24a NL Industries 4 Nordstrom 8 Norfolk Southern 23b Nortek 15a Northeast Utilities 24a Northern States 24a Northern Trust 3b Northrop 1 Norwest 3b Novell 18c Nucor 16b Nynex 22b O Occidental Pet. 11b Office Depot 21b Ogden 5 Ohio Edison 24a Oklahoma G&E 24a Olin 4 Olsten 21e Omnicom Group 21d Oracle Systems 18c Orange & Rockland 24a Oryx Energy 11b Outboard Marine 14d Owens & Minor 12d Owens-Corning 13a Oxford Industries 6a P Paccar 2a Pacific Enterprises 24b Pacific G&E 24a Pacific Telecom 22a Pacific Telesis Group 22b PacifiCare Health 12c PacifiCorp 24a PaineWebber Group 17a Pall 5 Pamida Holdings 8 Panhandle Eastern 24b Paramount Comms. 14b Parker Hannifin 15a Penn Central 5 Penn Traffic 10c Penney (J. C.) 8 Pennsylvania Power 24a Pennzoil 11b Pentair 15c Peoples Energy 24b Pep Boys 8 PepsiCo 6c Perkin-Elmer 9c Perry Drug Stores 12a Petrie Stores 8 Petroleum Heat 24b Pfizer 12b Phelps Dodge 16c PHH 23c Philadelphia Electric 24a Philip Morris 6e Phillips Petroleum 11b Phillips-Van Heusen 6a PHM 13b Pic 'N' Save 8 Piedmont Natural 24b Pier 1 Imports 6b Pilgrim's Pride 10b Pinkerton's 21e Pinnacle West 24a Pioneer Hi-Bred 10b Pitney Bowes 18a Pittston 11a PNC Financial 3a Polaroid 14d Pope & Talbot 19a Portland General 24a Potlatch 19b Potomac Electric 24a PPG Industries 13a Precision Castparts 16c Premark International 5 Premier Industrial 21b Preston 23d Price 8 Primerica 17a Procter & Gamble 6d Progressive 17b Promus 14c Provident Life 17b PSI Resources 24a PS Co. of Colorado 24a Public Service Ent. 24a Puget Sound Power 24a Q Quaker Oats 10b Quaker State 11b Quanex 16b Quantum 18b Quantum Chemical 4 Questar 24b QVC Network 8 R Ralston Purina 10b Raychem 9a Raytheon 9b Reebok International 6a Republic New York 3a Rexene 4 Reynolds & Reynolds 18a Reynolds Metals 16a Richfood Holdings 10a Rite Aid 12a RJR Nabisco 6e Roadway Services 23d Robertson Ceco 15a Rochester G&E 24a Rochester Telephone 22b Rockwell International 5 Rohm & Haas 4 Rohr Industries 1 Rose's Stores 8 Ross Stores 8 Rubbermaid 15a Ruddick 10c Russell 6a Ryder System 23c Rykoff-Sexton 10a Ryland Group 13b S Safeco 17b Safety-Kleen 21e Safeway 10c Salomon 17a San Diego G&E 24a Santa Fe Pacific 23b Sara Lee 10b Scana 24a SCEcorp 24a Schering-Plough 12b Schlumberger 11c Schulman (A.) 4 Schwab (Charles) 17a Scott Paper 19b Scripps (E. W.) 20b Seagate Technology 18b Sears, Roebuck 8 Seaway Food Town 10c Security Pacific 3d Service Corp. Intl. 21e Service Merchandise 8 Shaw Industries 15d Shawmut National 3a Sherwin-Williams 13a Shoney's 14a Signet Banking 3c Silicon Graphics 18b Smith (A. O.) 2b Smith's Food & Drug 10c Smithfield Foods 10b Snap-on Tools 15b Society 3b Sonat 24b Sonoco Products 7b Southeast Banking 3c Southern 24a So. New Eng. Tel. 22b Southwest Airlines 23a Southwestern Bell 22b Southwestern PS 24a Spiegel 8 Springs Industries 15d SPX 15b Square D 9a St. Paul 17b Standard Products 2b Standard Register 18a Stanhome 6d Stanley Works 15b State Street Boston 3a Sterling Chemicals 4 Stewart & Stevenson 15c Stone Container 7b Stop & Shop 10c Storage Technology 18b Strawbridge & Clothier 8 Stride Rite 6a Student Loan Mktg. 17a Sun 11b Sun Microsystems 18b Sundstrand 1 SunTrust Banks 3c Super Food Services 10a Super Valu Stores 10a Supermarkets Genl. 10c Syntex 12b Sysco 10a T Tambrands 6d Tandem Computers 18b Tandy 18b Tech Data 18a Teco Energy 24a Tecumseh Products 13a Tektronix 9c Teledyne 5 Temple-Inland 7b Tenneco 5 Texaco 11b Texas Industries 13a Texas Instruments 9d Texas Utilities 24a Textron 5 Thiokol 1 Thomas & Betts 9a 3M 15a Tiffany 8 Time Warner 20b Times Mirror 20b Timken 15c TJX 8 Torchmark 17b Toro 6b Tosco 11b Toys `R' Us 8 Trans World Music 14d Transamerica 17a Transatlantic 17b Transco Energy 24b Travelers 17b Tribune 20b Trinova 15a TRW 5 TW Holdings 14a Tyson Foods 10b U U. S. Healthcare 12c U. S. Shoe 8 U. S. Surgical 12d UAL 23a UGI 24b UJB Financial 3a Union Camp 19b Union Carbide 4 Union Electric 24a Union Pacific 23b Union Texas 11b Unisys 18b United Illuminating 24a United Stationers 21b United Technologies 1 United Telecomms. 22a Unitrin 17b Univar 21b Universal 6e Universal Foods 10b Universal Health 12c Unocal 11b Unocal Exploration 11b UNUM 17b Upjohn 12b US West 22b USAir Group 23a USG 13a USLico 17b USLife 17b UST 6e USX 5 UtiliCorp United 24a V Valero Energy 11b Valhi 5 Valley National 3d Valmont Industries 15a Valspar 13a Varian Associates 9b Venture Stores 8 VF 6a Viacom 20a Vicorp Restaurants 14a Village Super Market 10c Vista Chemical 4 Vons 10c Vulcan Materials 13a W Waban 8 Wackenhut 21e Wal-Mart Stores 8 Walgreen 12a Wallace Computer 18a Wang Laboratories 18b Warner-Lambert 12b Washington Gas 24b Washington Post 20b Washington Water 24a Waste Management 21c Weirton Steel 16b Weis Markets 10c Wellman 4 Wells Fargo 3d Wendy's Intl. 14a Western Digital 18b Western Publishing 20b Westinghouse Electric 9a Westmark Intl. 12d Westvaco 19b Weyerhaeuser 19a Wheelabrator Techs. 24a Wheeling-Pittsburgh 16b Whirlpool 6b Whitman 5 Wickes 15d Wicor 24b Willamette Industries 19a Willcox & Gibbs 21b Williams 24b Winn-Dixie Stores 10c Wisconsin Energy 24a Witco 4 Woolworth 8 Worthington Inds. 16b WPL Holdings 24a Wrigley (Wm.) Jr. 10b XYZ Xerox 18b Yellow Freight 23d Zenith Electronics 6b Zenith National 17b