12/25/95 TABLE: A Menu of Investment Opportunities

A Menu of Investment Opportunities

Be careful. Although the numbers seem enticing, usually high or low percentages may be a sign of trouble. High Hopes For Earnings These companies' earnings are forecast to move smartly in 1996. PERCENT CHANGE 1995-96 WESTERN GAS RESOURCES 600% MERISEL 556 RYLAND GROUP 500 FHP INTERNATIONAL 424 CROWN CENTRAL PETROLEUM 400 BURLINGTON RESOURCES 339 ROADWAY SERVICES 337 PENN TRAFFIC 337 FREEPORT-McMORAN 300 HUNT (J.B.) TRANSPORT 268 Stocks The Institutions Rarely hold Unpopular--or just overlooked? Either way, if the institutions suddenly take notice, prices could rise. PERCENT OF SHARES NUMBER OF HELD BY INSTITUTIONS HOLDING AMERCO 1% 10 MIDAMERICAN ENERGY 1 15 FREEPORT-McMORAN 1 18 COPPER & GOLD MICRON ELECTRONICS 2 29 VALHI 3 33 COOPER CAMERON 5 7 SPIEGEL 5 60 FOOD LION 5 91 LINCOLN ELECTRIC 6 13 COMPUCOM SYSTEMS 6 32 AVERAGE OF 900 COMPANIES 57 363 Companies With The Highest Yield These companies pay the highest annual dividends as a percent of stock price. PERCENT POLARIS INDUSTRIES 18.3% NIAGARA MOHAWK POWER 11.3 LONG ISLAND LIGHTING 10.4 CENTERIOR ENERGY 8.3 NORTHEAST UTILITIES 7.4 PUBLIC SERVICE ENTERPRISE GROUP 7.3 PACIFIC TELESIS GROUP 7.3 MIDAMERICAN ENERGY 7.2 BROWN GROUP 7.1 PACIFIC GAS & ELECTRIC 7.1 Stocks Selling Way Below Book Value Bargain-hunters, take note. The stock price of these companies as a percentage of book is very low. PERCENT CALDOR 20% BRADLEES 22 VENTURE STORES 27 WHX 34 BAKER (J.) 38 PAYLESS CASHWAYS 40 CHARMING SHOPPES 40 HECHINGER 42 AVIALL 53 CROWN CENTRAL PETROLEUM 54 DATA: AS OF NOV. 30, I/ B/ E/S INTERNATIONAL INC., STANDARD & POOR'S COMPUSTAT, A DIVISION OF THE McGRAW-HILL COS. The Lowest Price-Earnings Ratios Prices of these stocks compared with 1996 earnings may suggest unrecognized values. RATIO CALDOR 1.5 STONE CONTAINER 3.6 COLLINS & AIKMAN 3.9 BRADLEES 4.0 JEFFERSON SMURFIT 4.4 BOWATER 4.7 WICKES LUMBER 4.8 CHAMPION INTERNATIONAL 5.2 WEIRTON STEEL 5.4 ZEIGLER COAL HOLDING 5.5 Where Forecasters Disagree The Most Uncertainty could spell opportunity. The 1996 earnings-per-share estimates are all over the lot for these stocks. For example: Estimates for Time Warner range from a profit of $0.43 to a loss of $1.02. CONSENSUS FOR 1996 VARIATION CENTS PER SHARE IN FORECASTS TELE-COMMUNICATIONS -2 850% ZENITH ELECTRONICS 10 570 NATIONAL STEEL 66 255 CHARMING SHOPPES 4 225 HOST MARRIOTT 4 200 COMCAST -11 191 MORRISON KNUDSEN -8 138 TIME WARNER -29 131 YELLOW 46 91 MAXTOR 43 88