Investment Figures Of The Week

COMMENTARY

Extremely skittish. That's the stock market these days. The Dow industrials

plummeted 192 points on June 23 in the wake of Prime Minister Hashimoto's

remarks that Japan might sell U.S. Treasuries. But when the Japanese backed

off, the Dow rallied mightily the next day, recouping 80% of the loss. Rumors

of some Treasury selling by a foreign central bank the next day sent stocks

tumbling again. The sell/buy ratio of insiders activity, shown on this page,

though still positive, is moving toward negative territory.

Investment Figures of the Week
Investment Figures of the Week
      
                                               % change
      U.S. MARKETS                    Latest  Week    Year
      
      Dow Jones Industrials           7690.0  -0.4    34.5
      NASDAQ Combined Composite       1446.2   1.0    23.3
      S&P MidCap 400                   287.1  -0.8    22.6
      S&P SmallCap 600                 158.9  -0.2    19.6
      S&P SuperComposite 1500          189.8  -0.1    31.3
      
                                                % change
      SECTORS                         Latest  Week    Year
      
      Bloomberg Information Age       269.3   0.1     32.2
      S&P Financials                  102.2  -1.0     53.0
      S&P Utilities                   195.9  -0.5     1.9
      PSE Technology                  286.7   0.9     39.0
      
                                                 % change
      FOREIGN MARKETS                 Latest  Week    Year
      
      London (FT-SE 100)             4640.0  -0.4     26.1
      Frankfurt (DAX)                3798.5   1.8     47.6
      Tokyo (NIKKEI 225)           20,679.3   0.9     -8.5
      Hong Kong (Hang Seng)        15,065.0   6.1     37.2
      Toronto (TSE 300)              6515.1   0.3     28.5
      Mexico City (IPC)              4397.8   2.7     39.2
      
                                               Week    Year
      FUNDAMENTALS                     Latest  ago      ago
      
      S&P 500 Dividend Yield           1.66%   1.66%  2.15%
      S&P 500 P/E Ratio (Last 12 mos.) 22.8    22.6   19.1
      S&P 500 P/E Ratio (Next 12 mos.)*18.5    18.4     NA
      First Call Earnings Revision*   -1.30%  -1.25%    NA
      
                                               Week
      TECHNICAL INDICATORS             Latest  ago      Reading
      
      S&P 500 200-day average          768.5   762.6   Positive
      Stocks above 200-day average      78.0%   78.0%  Negative
      Options: Put/call ratio           0.49    0.57   Negative
      Insiders: Vickers Sell/buy ratio  1.81    1.43   Positive
      
      BEST-PERFORMING           Last                          Last 12
      GROUPS                   month%                         months%
      
      Personal Loans            17.8    Savings & Loans         80.8
      Broadcasting              14.9    Semiconductors          73.7
      Invest. Banking/Brkrge.   14.2    Invest. Banking/Brkrge. 72.2
      Medical Prods. & Suppls.  13.6    Oil & Gas Drilling      64.9
      Drugs                     13.2    Instrumentation         56.5
      
      WORST-PERFORMING        Last                           Last 12
      GROUPS                 month%                          months%
      
      Oil Exploration & Prod. -9.8    Gold Mining             -23.6
      Photography/Imaging     -7.9    Engineering & Constr.   -14.3
      Airlines                -6.7    Photography/Imaging      -7.6
      Metals                  -5.3    Manufactured Housing     -5.1
      Gold Mining             -5.2    Defense Electronics      -3.0
      
      BLOOMBERG MONEY FLOW ANALYSIS
      
      Rebound ahead?  Stocks with most                  1-month
      significant buying on price weakness    Price     change
      
      Compaq Computer                        102 3/4      -4 1/8
      Amoco                                   88 1/4       - 3/8
      Micron Technology                       40 15/16    -1 11/16
      Texas Instruments                       88 7/16     -7 1/16
      MCI Communications                      38 9/16      - 3/16
      Nordstrom                               47 1/16      - 1/2
      
      Decline ahead?  Stocks with most                    1-month
      significant selling on price strength   Price        change
      
      Microsoft                              132 1/16      5 7/16
      Dell Computer                          123           9 3/4
      WorldCom                                30 3/4       4 3/4
      3Com                                    49 3/4       3
      Philip Morris                           44 3/16        3/16
      Quantum                                 21 15/16     2
      
                                     Latest  Week    Year
      KEY RATES                      week%   ago%    ago%
      
      MONEY MARKET FUNDS              5.15    5.16    4.90
      90-DAY TREASURY BILLS           5.10    5.03    5.24
      6-MONTH BANK CDS                5.19    5.21    4.99
      1-YEAR TREASURY BILLS           5.63    5.66    5.82
      10-YEAR TREASURY NOTES          6.44    6.40    6.91
      30-YEAR TREASURY BONDS          6.74    6.69    7.06
      LONG-TERM AA INDUSTRIALS        7.23    7.18    7.60
      LONG-TERM BBB INDUSTRIALS       7.64    7.61    7.99
      LONG-TERM AA TELEPHONES         7.47    7.42    7.85
      
      Data: Bloomberg Financial Markets; *First Call Corp.
      
      BLOOMBERG MUNI YIELD EQUIVALENTS
      Taxable equivalent yields on AAA-rated, tax-exempt municipal bonds,
      assuming a 31% federal tax rate.
      
                                 10-yr. bond      30-yr. bond
                                 Latest  Last     Latest  Last
                                 week    week     week    week
      GENERAL OBLIGATIONS        4.75%   4.71%    5.32%   5.28%
      PERCENT OF TREASURIES      73.76   73.74    79.00   79.01
      TAXABLE EQUIVALENT         6.88    6.83     7.71    7.65
      INSURED REVENUE BONDS      4.88    4.82     5.53    5.47
      PERCENT OF TREASURIES      75.78   75.46    82.12   81.86
      TAXABLE EQUIVALENT         7.07    6.99     8.01    7.93
      
      EQUITY FUNDS
      Leaders                                Laggards
      Four-week total return          %      Four-week total return       %
      
      American Heritage              23.5    United Svcs. Gold Shares   -13.8
      Invesco Worldwide Cap. Gds.    12.5    Frontier Equity            -13.5
      Morgan Stan. Inst. Lat. Am. A  12.2    Bull & Bear Gold Investors -11.8
      Lexington Troika Russia        12.1    Fontaine Global Growth     -11.1
      Morgan Stan. Latin Amer. A     11.9    Morgan Stan. Inst. Gold A  -10.8
      
      Leaders                                 Laggards
      52-week total return             %      52-week total return          %
      
      Morgan Stan. Inst. Lat. Am. A   61.3    Frontier Equity             -56.5
      Morgan Stan. Latin Amer. A      59.3    United Svcs. Gold Shares    -47.1
      Legg Mason Value Primary        56.1    Bull & Bear Gold Investors  -37.0
      Fidelity Select Home Finance    55.5    Morgan Stan. Inst. Gold A   -36.7
      Fidelity Select Brokerage       55.5    Lexington Strategic Invmts. -34.4
      
      EQUITY FUND CATEGORIES
      Leaders                                 Laggards
      Four-week total return           %      Four-week total return    %
      
      Latin America                   9.5     Precious Metals          -7.8
      Financial                       8.6     Natural Resources        -0.7
      Health                          6.6     Technology               -0.3
      Communications                  6.2     Europe                    2.6
      Diversified Emerging Markets    6.1     International Hybrid      3.1
      
      Leaders                                 Laggards
      52-week total return             %      52-week total return      %
      
      Financial                      47.1    Precious Metals           -25.9
      Latin America                  40.2    Japan                      -6.9
      Real Estate                    31.5    Diversified Pacific/Asia    3.0
      Large-cap Blend                30.4    Small-cap Growth            3.6
      Large-cap Value                30.1    Pacific/Asia ex-Japan       8.4
      
      All data are as of market close Wednesday, June 25, 1997, unless otherwise 
      indicated. Industry groups include S&P 500 companies only.  Fundamentals, 
      technical indicators, Bloomberg money flow analysis, and mutual fund returns 
      are as of June 24. For a more detailed explanation, write to us or E-mail 
      figures@businessweek.com.  NA=Not available  **Vanguard Index 500 Fund
      
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