Investment Figures Of The Week

COMMENTARY

Stocks fell for the week in response to earnings disappointments and skittish

markets in Asia. Oracle tumbled almost 30%, from 32 3/8 to 22 15/16, on Dec. 9,

on a volume of 172 million, the most ever for any stock on a single day. This

triggered a decline throughout the tech sector, sending the tech-laden NASDAQ

composite index skidding 3.3% from Dec. 8 to Dec. 10. The decline in the Dow

industrials over those two days came to only 1.6%. Oxford Health Plans was

another victim of poor earnings, dropping 28% for the week.

Investment Figures of the Week
Investment Figures of the Week
      
                                                      % change
      U.S. MARKETS                    Latest        Week      Year
      
      Dow Jones Industrials           7978.8        -0.7      24.6
      NASDAQ Combined Composite       1596.6        -1.1      22.0
      S&P MidCap 400                   328.0        -0.2      29.5
      S&P SmallCap 600                 179.0        -0.2      24.3
      S&P SuperComposite 1500          208.2        -0.6      30.5
      
                                                      % change
      SECTORS                         Latest        Week      Year
      
      Bloomberg Information Age        295.4        -2.4      26.1
      S&P Financials                   118.9        -0.1      46.4
      S&P Utilities                    220.4         0.3      12.1
      
                                                       % change
      FOREIGN MARKETS                Latest         Week      Year
      
      London (FT-SE 100)              5130.7         3.2      28.8
      Frankfurt (DAX)                 4117.3         0.8      44.9
      Tokyo (NIKKEI 225)            16,478.1        -0.6     -19.9
      Hong Kong (Hang Seng)         11,022.4        -1.7     -16.4
      Toronto (TSE 300)               6754.5         1.1      16.8
      Mexico City (IPC)               5045.4        -1.6      55.6
      
                                                          Week       Year
      FUNDAMENTALS                           Latest        ago        ago
      
      S&P 500 Dividend Yield                  1.57 %       1.57 %     1.95 %
      S&P 500 P/E Ratio (Last 12 mos.)        24.6         24.6       20.8
      S&P 500 P/E Ratio (Next 12 mos.)*       19.3         19.1       16.1
      First Call Earnings Revision*          -1.35 %      -1.01 %    -0.52 %
      
                                                          Week
      TECHNICAL INDICATORS                  Latest        ago        Reading
      
      S&P 500 200-day average                885.0        880.8      Positive
      Stocks above 200-day average            70.0 %       69.0 %    Neutral
      Options: Put/call ratio                 0.51         0.60      Negative
      Insiders: Vickers Sell/buy ratio        2.56         2.75      Negative
      
      BEST-PERFORMING             Last                                    Last 12
      GROUPS                      month%                                  months%
      
      Manufactured Housing         29.8       Trucking                    162.9
      Airlines                     16.3       Invest. Banking/Brokerage    88.3
      Long-Distance Telecom.       13.8       Savings & Loans              72.9
      Regional Telephone Cos.      12.4       Drug Chains                  60.8
      Invest. Banking/Brokerage    11.7       Oil-Well Equip. & Svcs.      60.7
      
      WORST-PERFORMING            Last                                   Last 12
      GROUPS                     month%                                  months%
      
      Gold Mining                 -15.6       Gold Mining                 -44.3
      Oil & Gas Drilling          -14.9       Engineering & Constr.       -39.2
      Metals                      -14.6       Metals                      -33.5
      Photography/Imaging          -9.8       Photography/Imaging         -27.4
      Leisure Time                 -9.7       Shoes                       -17.3
      
      BLOOMBERG MONEY FLOW ANALYSIS
      Rebound ahead?  Stocks with most                              1-month
      significant buying on price weakness    Price                  change
      
      Texas Instruments                       45 1/4               -8 15/16
      Schlumberger                            85 1/2               -3 3/4
      Smith International                     71                   -6 5/8
      Cliffs Drilling                         62                  -15 9/16
      ITT                                     77 7/8                - 9/16
      Helmerich & Payne                       73 9/16              -8 1/8
      
      Decline ahead?  Stocks with most                              1-month
      significant selling on price strength   Price                 change
      
      Intel                                   75 5/8                  1/2
      3Com                                    37 5/8                1 9/16
      WorldCom                                33 5/8                2 5/8
      Applied Materials                       33 9/16               1 3/16
      Boeing                                  50 3/4                4 1/8
      Dell Computer                           93 15/16              18 5/16
      
                                     Latest        Week       Year
      KEY RATES                      week%         ago%       ago%
      
      MONEY MARKET FUNDS              5.20         5.18       4.95
      90-DAY TREASURY BILLS           5.20         5.26       4.96
      6-MONTH BANK CDS                5.21         5.20       4.99
      1-YEAR TREASURY BILLS           5.50         5.53       5.49
      10-YEAR TREASURY NOTES          5.87         5.83       6.38
      30-YEAR TREASURY BONDS          6.07         6.02       6.61
      LONG-TERM AA INDUSTRIALS        6.63         6.55       7.17
      LONG-TERM BBB INDUSTRIALS       7.03         6.97       7.64
      LONG-TERM AA TELEPHONES         7.02         6.96       7.32
      
      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        4.50%   4.53%         5.08%    5.11%
      PERCENT OF TREASURIES     76.56   77.85         83.63    85.00
      TAXABLE EQUIVALENT         6.52    6.57          7.36     7.41
      INSURED REVENUE BONDS      4.60    4.63          5.27     5.30
      PERCENT OF TREASURIES     78.26   79.57         86.76    88.16
      TAXABLE EQUIVALENT         6.67    6.71          7.64     7.68
      
      Leaders                                  Laggards
      Four-week total return           %       Four-week total return          %
      
      Wright EquiFd.-Mexico           14.6     Matthews Korea                -44.9
      Wright EquiFd.-Hong Kong        14.0     Blanchard Precious Metals     -31.6
      T. Rowe Price Latin America     13.8     Midas                         
      -29.1
      Govett Latin America A          13.1     Fidelity Sel. American Gold   -26.2
      Guinness Flight China           12.6     Invesco Strategic Gold        -26.2
      
      Leaders                                  Laggards
      Four-week total return          %        Four-week total return          %
      
      Lexington Troika Russia         70.2     Matthews Korea                -63.6
      Fidelity Sel. Brokerage         67.3     Midas                         -62.8
      Fidelity Sel. Energy Serv.      63.6     U.S. Global Investors Gold    -61.1
      Evergreen U.S. Real Est.Y       61.5     Invesco Strategic Gold        -60.9
      Hartford Cap. Apprec A          60.7     Morgan Stan. Instl. Gold A    -59.6
      
      Leaders                                  Laggards
      52-week total return              %      52-week total return             %
      
      Latin America                    9.7     Precious Metals               -21.1
      Financial                        7.7     Natural Resources              -6.7
      Utilities                        5.5     Japan                          -1.1
      Large-cap Blend                  4.5     Diversified Emerging Mkts.     -0.9
      Communications                   4.3     Technology                     -0.7
      
      Leaders                                  Laggards
      52-week total return             %       52-week total return            %
      
      Financial                       45.0     Precious Metals               -48.8
      Small-cap Value                 29.5     Pacific/Asia ex-Japan         -27.1
      Real Estate                     28.1     Diversified Pacific/Asia      -21.8
      Large-cap Blend                 27.5     Japan                         -18.1
      Mid-cap Value                   27.3     Diversified Emerging Mkts.     -1.4
      
      All data are as of market close Wednesday, Dec. 10, 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 Dec. 9. 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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