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A Menu of Investment Opportunities

Be careful. Although the numbers seem enticing, unusually high or low 
percentages may be a sign of trouble.

HIGH HOPES FOR EARNINGS
These companies' earnings are forecast to move smartly in 1997.

                           PERCENT CHANGE
                              1996-97
FIELDCREST CANNON                950%
SUNBEAM                          923
RELIANCE GROUP HOLDINGS          900
SCIENTIFIC-ATLANTA               811
PERKIN-ELMER                     747
CIRRUS LOGIC                     511
YELLOW                           381
DELTA AIR LINES                  324
FHP INTERNATIONAL                298
EARTHGRAINS                      272


COMPANIES WITH THE HIGHEST YIELD
These companies pay the highest annual dividends as a percent of stock price.

                               PERCENT
LONG ISLAND LIGHTING             9.0%
NORTHEAST UTILITIES              8.4
MIDAMERICAN ENERGY               8.0
PUBLIC SERVICE ENTERPRISE GROUP  7.6
CENTERIOR ENERGY                 7.4
BOSTON EDISON                    7.3
PP&L RESOURCES                   7.3
CONSOLIDATED EDISON CO. OF N.Y.  7.2
PECO ENERGY                      7.1
ENOVA                            7.0


THE LOWEST PRICE-EARNINGS RATIOS
Prices of these stocks compared with 1997 earnings may suggest unrecognized 
values.

                                RATIO
LABORATORY CORP. OF AMERICA      6.4
COLLINS & AIKMAN                 6.5
THORN APPLE VALLEY               6.5
CONTINENTAL AIRLINES             6.8
JOHN ALDEN FINANCIAL             7.1
NORTHWEST AIRLINES               7.2
ARCADIAN                         7.3
CHRYSLER                         7.4
NIAGARA MOHAWK POWER             7.4
STANDARD COMMERCIAL              7.4


STOCKS THE INSTITUTIONS RARELY HOLD
Unpopular--or just overlooked? Either way, if the institutions suddenly take 
notice, prices could rise.

                 PERCENT OF SHARES       NUMBER
                HELD BY INSTITUTIONS    HOLDING
DIAL                     1%                4
MICRON ELECTRONICS       1                25
LINCOLN ELECTRIC         4                27
RYERSON TULL             5                 6
SPIEGEL                  5                40
BANKERS LIFE HOLDING     5                54
SOUTHLAND                5                58
LIBERTY FINANCIAL        7                42
NGC                      7                67
ARCO CHEMICAL            7               123
AVG. OF 900 COMPANIES   54               356


STOCKS SELLING WAY BELOW BOOK VALUE
Bargain hunters, take note. The stock price of these companies as a percentage 
of book value is very low.

                       PERCENT
VENTURE STORES            23%
WHX                       30
HECHINGER                 30
PAYLESS CASHWAYS          33
BAKER (J.)                46
NIAGARA MOHAWK POWER      50
MUSICLAND STORES          50
FLEMING                   55
FIELDCREST CANNON         58
WEIRTON STEEL             60


WHERE FORECASTERS DISAGREE THE MOST
Uncertainty can spell opportunity. The 1996 earnings-per-share estimates are 
all over the lot for these stocks. For example: Estimates for WorldCom range 
from a profit of $1.26 to a loss of $1.

                   CONSENSUS FOR 1997        VARIATION
                    CENTS PER SHARE         IN FORECASTS
WEIRTON STEEL             19                    405%
NATIONAL STEEL            79                    260
COMCAST                  -11                    255
WLR FOODS                -21                    233
TRANS WORLD AIRLINES      41                    217
BETHLEHEM STEEL           41                    178
WORLDCOM                  23                    174
BOISE CASCADE             53                    172
INTELLIGENT ELECTRONICS    7                    171
WANG LABORATORIES          5                    160


DATA: AS OF NOV. 29, I/B/E/S INTERNATIONAL INC., STANDARD & POOR'S COMPUSTAT, A 
DIVISION OF THE MCGRAW-HILL COMPANIES


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SIGNUPABOUTBW_CONTENTSBW_+!DAILY_BRIEFINGSEARCHCONTACT_US


Updated June 13, 1997 by bwwebmaster
Copyright 1996, Bloomberg L.P.
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