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Sam Stovall's Sector Watch August 21, 2007, 6:49PM EST

Falling Rates, Rising Stocks?

(page 2 of 2)

From Standard & Poor's Equity Research

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Table 1: Benchmark performances six months after first interest rate decrease

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Table 2: Index price performances after rate reductions since 1945

Industry Momentum List Update

Here is this week's list of the industries in the S&P 1500 with Relative Strength Rankings of 5 (price performances in the past 12 months that were among the top 10% of subindustries in the S&P 1500), along with a stock with the highest S&P STARS (tie goes to the highest market value).

Subindustry Company S&P STARS Rank Price (8/17/07)

Auto Parts & Equipment Johnson Controls (JCI) 3 $109

Commodity Chemicals Lyondell Chemical (LYO) 3 $42

Computer Hardware Apple (AAPL) 4 $122

Construction & Engineering Jacobs Engineering (JEC) 5 $60

Construction & Farm Machinery Trinity Industries (TRN) 5 $33

Construction Materials Vulcan Materials (VMC) 3 $88

Consumer Electronics Harman Intl. (HAR) 3 $112

Diversified Metals & Mining Freeport-McMoRan Copper (FCX) 3 $77

Fertilizers & Agr. Chem. Monsanto (MON) 3 $63

Footwear Nike (NKE) 4 $54

Industrial Gases AirGas (ARG) 5 $43

Internet Retail Amazon.com (AMZN) 2 $75

Technology Distributors Ingram Micro (IM) 4 $19

Tires & Rubber Goodyear Tire (GT) 3 $28

Source: Standard & Poor's Equity Research

Stovall is chief investment strategist for Standard & Poor's Equity Research Services .

All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure

Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.

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