The Pros' Picks: David J. Williams

COMPANY* SYMBOL PRICE** P-E RATIO***
ACE LIMITED ACE 38.77 8
Cheap stock of a company enjoying rising commercial insurance premiums.
BLACK & DECKER BDK 49.24 11
Consumer confidence will drive sales of its small tools as it enjoys restructuring gains.
CAROLINA GROUP CG 23.45 8
The 8% dividend yield is compelling and the tobacco litigation outlook is improving.
CONSOL ENERGY CNX 23 19
Pricing should be strong for its natural gas and coal.
DEVON ENERGY DVN 54.1 11
A play on global demand for energy, with a good mix of oil and gas..
ENEL EN 32.72 17
Big European utility offers dividend yield of nearly 7%.
FREDDIE MAC FRE 55.24 9
Mortgage finance company and its stock will emerge stronger from corporate governance problems. Undervalued compared with Fannie Mae.

* Panelists, or their firms, may have financial interests in these stocks.

** Dec. 12

*** Based on forecast earnings for fiscal 2004

Data: Bloomberg Financial Markets, I/B/E/S

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