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The Profit Picture: Try Not To Look


Corporate Scoreboard

THE PROFIT PICTURE: TRY NOT TO LOOK

Anybody who thinks war is good for the economy will have to think again after looking at corporate earnings for the first quarter. Instead of shopping at the mall, visiting an amusement park, or buying a new car, most Americans remained glued to their TV screens during the Persian Gulf conflict. The reluctance of consumers to spend freely in the midst of a recession at home and a war abroad helped push earnings for the 900 companies in BUSINESS WEEK's Corporate Scoreboard down 9% from the 1990 first quarter.

The news would have been worse if higher oil prices hadn't lifted earnings in the energy sector. Without fuel companies, first-quarter profits were down 15%. Indeed, 4 of the 15 biggest earners in the quarter were energy companies. On the other hand, if the automotive sector had been excluded, the profit picture would have been brighter: Earnings would have slipped just 1%.

WORSENING SLUMP. The 9% profit decline for all industries wasn't as bad as the 12% decrease in corporate earnings registered during the 1990 fourth quarter. But those numbers are a bit deceptive, because 1990 fourth-quarter earnings were depressed when many companies took write-offs to restructure their operations and clean up their balance sheets. On an operating basis, there's little evidence that the earnings slide abated in the beginning of this year. And the current quarter would look even worse if the Scoreboard included some huge onetime adjustments taken by a few big companies. IBM, for instance, earned $532 million, but an accounting charge for retiree benefits resulted in a $1.7 billion loss. Most such adjustments are excluded from the Scoreboard, which seeks to reflect operating results.

There were plenty of signs that the recession worsened during the first quarter. Sales grew a meager 3%--the lowest rate since the 1986 fourth quarter. That compares with a 10% gain for the fourth quarter of 1990. And the Commerce Dept. reported that gross national product declined 2.8% in the first quarter, compared with a 1.6% fall in the previous quarter.

Despite the contraction in economic activity during the first quarter, profit margins began to show some improvement. The average margin for the Scoreboard companies was 4.3% in the latest quarter. That wasn't as high as the 4.9% margin logged in 1990's first quarter. But it was significantly greater than the puny 3% recorded in the write-off-plagued fourth quarter of 1990.

Many economists expected Americans to celebrate the U. S. victory in the gulf with a shopping spree. But the rise in consumer confidence that followed the end of the war has yet to translate into big increases in spending. And to make matters worse, companies that have been depending on overseas profits to bolster their earnings are now faced with a stronger dollar and a slowdown in many foreign economies. Says Paul Getman, managing director of Regional Financial Associates Inc., an economic forecasting firm in West Chester, Pa.: "This year will be one that most executives would rather forget. By comparison, 1992 will look fantastic."

If not fantastic, things might at least look better by the second half, when some economists are anticipating a rebound in corporate profits. "Earnings and GNP are likely to decline in the second quarter, but we may see a surprising recovery in the third and fourth quarters," says Stephen S. Roach, senior economist at Morgan Stanley & Co. For 1991 as a whole, Thomas M. Doerflinger, an economist at PaineWebber Inc., is expecting reported earnings for the Standard & Poor's 500 composite to dip 1.6%. For 1992, Doerflinger estimates that S&P 500 reported earnings will advance 14.3%, thanks to strong consumer demand.

Americans may not have been out shopping in the first quarter, but they found it hard to ignore the soaring stock market. Financial services was one of the few bright spots. The group's 131% profit increase was second only to the performance of medical products, which turned in a 327% gain, thanks partly to an earnings turnaround at Baxter International. Among the financial-services companies with strong first-quarter performances were Merrill Lynch, up 338%; PaineWebber, ahead 193%; and Charles Schwab, up 185%.

Besides medical products and financial services, groups that did well in the first quarter were instruments, with a 56% gain; tobacco, with a 53% increase; coal, ahead 48%; oil and gas, up 47%; and food retailing, which posted a 36% gain.

Eagerly awaiting the return of buyers are the car and truck manufacturers, which collectively lost $1.9 billion--more than any other group--in the first quarter. Ford Motor lost the most of any company--$884.4 million. Reporting the second-largest loss, $683 million, was General Motors. Winning third place in this dismal race was Chrysler, with $341 million. Analysts expect that the Big Three, battered by weak prices and sluggish sales, will all report losses for the full year for the first time since 1980.

Faring almost as poorly as the auto companies were the airlines. The war nearly brought international air travel to a halt, while higher fuel prices drove up operating costs. As a group, airlines lost $689.9 million--more than any sector except cars and trucks. American Airlines was the hardest hit, with a $196 million loss in the quarter. It was joined on the list of companies that lost the most by USAir, $168.7 million; UAL, $157 million; and Delta Air Lines, $84.1 million.

AWASH. Despite the end of the war, business travelers have yet to make a full-scale return to the skies. But those carriers that can survive the recession and the industry shakeout should benefit from increased demand next year. Paul Nisbet, an analyst with Prudential Securities Group Inc., expects that even with a slow economic recovery, traffic for the major airlines will rebound by 9.7% in 1992 after declining 3.1% this year.Carmakers and airlines weren't the only ones awash in red ink in the first quarter. The steel group had an $88.4 million deficit, followed by transportation services, with a $69.9 million loss; auto parts and equipment makers, which gave up $65.5 million; and tire and rubber companies, with a $64.7 million loss.

Even industries that had been holding up fairly well--broadcasting and entertainment--reported lower earnings in the first quarter. Although the gulf war boosted TV viewership, that increase didn't flow to the bottom line for the networks. Weak ad revenues and the high costs of covering the war led to a 47% profit decline for the broadcast group. Capital Cities/ABC reported a 45% drop, while earnings fell 88% at CBS. Profits of the entertainment group fell 37%. At Walt Disney, lower theme-park attendance pushed earnings down 29%. "It turns out that Mickey Mouse is as vulnerable to the business cycle as anybody else," says Getman. Like President Bush's economic advisers, Mickey is hoping the recession will end by the second half of the year.WINNERS AND LOSERS IN FIRST-QUARTER PROFITS

THE INDUSTRIES

THE SHARPEST GAINS

Percent change from

1990's first quarter

MEDICAL PRODUCTS 327%

FINANCIAL SERVICES 131

INSTRUMENTS 56

TOBACCO 53

COAL 48

OIL & GAS 47

FOOD RETAILING 36

HEALTH CARE SERVICES 31

FOOD PROCESSING 22

DRUGS & RESEARCH 18

EATING PLACES 18

COMPUTER SOFTWARE 14

DRUG DISTRIBUTION 13

BEVERAGES 13

FOOD DISTRIBUTION 11

THE DEEPEST DROPS

Percent change from

1990's first quarter

CARS & TRUCKS LOSS

AIRLINES LOSS

STEEL LOSS

TRANSPORT. SERVICES LOSS

AUTO PARTS & EQUIPMENT LOSS

TIRE & RUBBER LOSS

FOREST PRODUCTS -92%

APPLIANCES -82

REAL ESTATE -81

MACHINE & HAND TOOLS -79

SPECIAL MACHINERY -79

BUILDING MATERIALS -69

HOTEL & MOTEL -51

PAPER CONTAINERS -48

BROADCASTING -47

ALL-INDUSTRY AVERAGE: -9%

THE COMPANIES

WHO MADE THE MOST

Millions

of dollars

EXXON $2,240

GENERAL ELECTRIC 999

PHILIP MORRIS 942

AT&T 712

MOBIL 710

DU PONT 590

DOW CHEMICAL 578

CHEVRON 557

IBM 532

BRISTOL-MYERS SQUIBB 493

AMOCO 492

MERCK 484

WAL-MART STORES 482

PROCTER & GAMBLE 424

JOHNSON & JOHNSON 418

WHO LOST THE MOST

Millions

of dollars

FORD MOTOR $884

GENERAL MOTORS 683

CHRYSLER 341

HILLS DEPARTMENT STORES 240

USX 237

AMR 196

USAIR GROUP 169

UAL 157

SHAWMUT NATIONAL 117

SOUTHEAST BANKING 117

FEDERAL EXPRESS 106

UNISYS 98

BANK OF BOSTON 97

GOODYEAR TIRE & RUBBER 90

DELTA AIR LINES 84

DATA: STANDARD & POOR'S COMPUSTAT SERVICES INC.

ALPHABETICAL LIST OF COMPANIES

The number following each company name identifies the Scoreboard category under

which it is listed

A

A&P 10c

Abbott Laboratories 12d

Adia Services 21e

Advanced Micro 9d

Advo-System 21d

Aetna Life & Casualty 17bAffiliated Pubs. 20b

Ahmanson (H. F.) 17c

Air & Water Techs. 21c

Air Express Intl. 23c

Air Products & Chemicals 4Airborne Freight 23c

Alaska Air Group 23a

Albany International 15d

Alberto-Culver 6d

Albertson's 10c

Alco Standard 5

Alcoa 16a

Alexander & Alex. 17a

Alexander & Baldwin 23d

Alexander's 8

Alleghany 17a

Allegheny Ludlum 16b

Allegheny Power 24a

Allergan 12b

Allied Products 15c

Allied-Signal 5

Alltel 22b

AM International 18b

Amax 16a

Amdahl 18b

Amerada Hess 11b

America West 23a

American Brands 6e

American Building 21e

American Cyanamid 4

American Electric 24a

American Express 17a

American Family 17b

American Greetings 14d

American Home 12b

American Intl. Group 17b

American Medical 12c

American National 17b

American President 23d

American Stores 10c

American TV 20a

Ameritech 22b

AmeriTrust 3b

Ames Dept. Stores 8

Ametek 9c

Amgen 12b

Amoco 11b

AMP 9d

AMR 23a

Analog Devices 9d

Anheuser-Busch 6c

Apogee Enterprises 21a

Apple Computer 18b

Applied Magnetics 18b

Applied Materials 15c

Arco Chemical 4

Argonaut Group 17b

Armco 16b

Armstrong World 6b

Arrow Electronics 21b

Arvin Industries 2b

Asarco 16c

Ashland Oil 11b

Asset Investors 13b

AST Research 18b

AT&T 22a

Atlantic Energy 24a

Atlantic Richfield 11b

Automatic Data 18c

Avery Dennison 15a

Avnet 21b

Avon Products 6d

B

Baker Hughes 11c

Ball 7a

Baltimore G&E 24a

Banc One 3b

Bancorp Hawaii 3d

Bandag 2c

Bank of Boston 3a

Bank of New York 3a

BankAmerica 3d

Bankers Trust New York 3aBanta 21d

Bard (C. R.) 12d

Barnes Group 13a

Barnett Banks 3c

Baroid 11c

Bausch & Lomb 12d

Baxter International 12d

BayBanks 3a

Bear Stearns 17a

Bearings 21b

Beckman Instruments 9c

Becton, Dickinson 12d

Bell Atlantic 22b

Bell & Howell 18a

BellSouth 22b

Bemis 7b

Bergen Brunswig 12a

Berkley (W. R.) 17b

Best Buy 6b

Bethlehem Steel 16b

Betz Laboratories 4

Beverly Enterprises 12c

Big B 12a

Bindley Western 12a

Black & Decker 15b

Block (H&R) 17a

Blockbuster Ent. 14b

Blount 15a

Boatmen's Bancshares 3b

Bob Evans Farms 14a

Boeing 1

Boise Cascade 19a

Borden 10b

Boston Edison 24a

Bowater 19b

Brendle's 8

Briggs & Stratton 15c

Bristol-Myers Squibb 12b

Broad 17a

Brooklyn Union Gas 24b

Brown Group 6a

Brown-Forman 6c

Browning-Ferris 21c

Brunswick 14d

Burlington Coat Factory 8

Burlington Northern 23b

Burlington Resources 11b

C

C&S/Sovran 3c

Cabot 4

Caesars World 14c

CalFed 17c

Campbell Soup 10b

Capital Cities/ABC 20a

Capital Holding 17b

Carlisle 15a

Carnival Cruise Lines 14d

Carolina Freight 23d

Carolina Power 24a

Carpenter Tech. 16b

Casey's General 10c

Castle (A. M.) 21b

Castle & Cooke 10b

Caterpillar 15c

CBS 20a

CDI 21e

Centel 22b

Centerior Energy 24a

Centex 13b

Central & South West 24a

Central Maine Power 24a

Champion Intl. 19b

Charming Shoppes 8

Chase Manhattan 3a

Chemical Banking 3a

Chemical Waste 21c

Chesapeake 19b

Chevron 11b

Chrysler 2a

Chubb 17b

Cigna 17b

Cilcorp 24a

Cincinnati Bell 22b

Cincinnati G&E 24a

Cincinnati Milacron 15b

Cipsco 24a

Circle K 10c

Circuit City Stores 6b

Circus Circus 14c

Citadel Holding 17c

Citicorp 3a

Clark Equipment 15b

Clorox 6d

CML Group 8

CMS Energy 24a

Coast Savings 17c

Coastal 11b

Coca-Cola 6c

Coca-Cola Enterprises 6c

Colgate-Palmolive 6d

Columbia Gas 24b

Comdisco 18c

Comerica 3b

Commerce Clearing 20b

Commercial Metals 16b

Commodore Intl. 18b

Commonwealth Ed. 24a

Comm. Energy 24a

Compaq Computer 18b

Computer Sciences 18c

Comsat 22a

ConAgra 10b

Conner Peripherals 18b

Consolidated Edison 24a

Cons. Freightways 23d

Cons. Natural Gas 24b

Consolidated Papers 19b

Consolidated Rail 23b

Consolidated Stores 8

Constar International 7a

Continental Bank 3b

Control Data 18b

Cooper Industries 9a

Cooper Tire & Rubber 2c

Coors (Adolph) 6c

CoreStates Financial 3a

Corning 15a

Costco Wholesale 8

CPC International 10b

Crane 15a

Crawford 17a

Cray Research 18b

Crestar Financial 3c

Crown Central 11b

Crown Cork & Seal 7a

CRSS 21a

Crystal Brands 6a

CSX 23b

CUC International 18a

Cummins Engine 2b

Curtice-Burns Foods 10b

Cyclops Industries 16b

Cyprus Minerals 16c

D

Dairy Mart 10c

Dana 2b

Danaher 15b

Dart Group 5

Data General 18b

Dayton Hudson 8

Dean Foods 10b

Deere 15c

Dekalb Genetics 10b

Delchamps 10c

Dell Computer 18b

Delmarva Power 24a

Delta Air Lines 23a

Delta Woodside 15d

Deluxe 18a

Detroit Edison 24a

Dexter 4

Diamond Shamrock 11b

Digital Equipment 18b

Dillard 8

Disney (Walt) 14b

Dollar General 8

Dominion Bankshares 3c

Dominion Resources 24a

Donnelley (R. R.) 21d

Dover 15c

Dow Chemical 4

Dow Jones 20b

DPL 24a

DQE 24a

Dresser Industries 11c

DSC Communs. 22a

Du Pont 4

Duke Power 24a

Dun & Bradstreet 20b

Durr-Fillauer Medical 12a

DWG 15d

E

E-Systems 9b

Eagle Food Centers 10c

Eagle-Picher Industries 2b

Eastern Enterprises 24b

Eastman Kodak 14d

Eaton 2b

Echlin 2b

Ecolab 6d

Edison Brothers 8

Edwards (A. G.) 17a

EG&G 21a

Electronic Data 18c

Engelhard 4

Enron 24b

Enserch 24b

Entergy 24a

Equifax 17a

Equitable Resources 24b

Ethyl 4

Exxon 11b

F

Fabri-Centers 8

Family Dollar Stores 8

Fay's 12a

Federal Express 23c

Federal Home Loan 17a

Federal Natl. Mtg. 17a

Federal Paper Board 7b

Federal-Mogul 2b

Ferro 4

FHP International 12c

Fieldcrest Cannon 15d

Figgie International 5

Fingerhut 8

First Bank System 3b

First Chicago 3b

First City Bancorp. 3d

First Fidelity 3a

First Financial Mgmt. 17a

First Interstate Bancorp 3d

First Mississippi 4

First of America Bank 3b

First Union 3c

First Wachovia 3c

Fleet/Norstar 3a

Fleetwood Ents. 14d

Fleming 10a

Florida Progress 24a

Flowers Industries 10b

Fluor 21a

FMC 15c

Food Lion 10c

Foodarama 10c

Ford Motor 2a

Fort Howard 19b

Foster Wheeler 21a

Foundation Health 12c

FPL Group 24a

Freeport-McMoRan 4

Freeport Copper 16c

Fruit of the Loom 6a

Fuller (H. B.) 4

Fuqua Industries 5

G

Gannett 20b

Gap 8

Gatx 23c

Gaylord Container 7b

GenCorp 1

Genentech 12b

General Cinema 5

General Dynamics 1

General Electric 5

General Host 5

General Mills 10b

General Motors 2a

General Public Uts. 24a

General Re 17b

General Signal 9c

Genesco 8

Genuine Parts 21b

Georgia Gulf 4

Georgia-Pacific 19a

Getty Petroleum 21b

Giant Food 10c

Gillette 6d

Glatfelter (P. H.) 19b

Glenfed 17c

Golden Nugget 14c

Golden West 17c

Goldome 17c

Goodrich (B. F.) 4

Goodyear Tire & Rubber 2cGoulds Pumps 15c

Grace (W. R.) 4

Grace Energy 11c

Grainger (W. W.) 21b

Great American Mgmt. 4

Great A&P 10c

Great Lakes Chemical 4

Great Western 17c

Greyhound Dial 5

Grossman's 8

Grumman 1

GTE 22b

Guilford Mills 15d

Gulf States Utilities 24a

H

Hall (Frank B.) 17a

Halliburton 11c

Handleman 21e

Hanna (M. A.) 4

Hannaford Brothers 10c

Harley-Davidson 14d

Harman International 14d

Harnischfeger 15c

Harris 9b

Harsco 15a

Hartford Steam 17b

Hartmarx 6a

Hasbro 14d

Hawaiian Electric 24a

Hechinger 8

Heinz (H. J.) 10b

Helene Curtis Industries 6dHenley Group 9c

Hercules 4

Hershey Foods 10b

Hewlett-Packard 18b

Highland Superstores 6b

Hillenbrand 15a

Hillhaven 12c

Hills Department Stores 8

Hilton Hotels 14c

Holly 11b

Home Depot 8

Home Shopping 8

HON Industries 18a

Honeywell 9c

Hormel (Geo. A.) 10b

Hubbell 9a

Hudson Foods 10b

Huffy 14d

Humana 12c

Hunt (J. B.) 23d

Huntington Bancshares 3b

I

IBC Holdings 10b

IBM 18b

IBP 10b

Illinois Central 23b

Illinois Power 24a

Illinois Tool Works 15a

IMC Fertilizer 4

Imecera Group 12d

Imo Industries 9c

Inacomp Computer 18a

Independent Ins. 17b

Indiana Energy 24b

Ingersoll-Rand 15c

Inland Steel 16b

Inspiration Resources 16c

Intel 9d

Intelligent Electronics 18a

Interco 6b

Interface 15d

Intergraph 18c

Interlake 15c

International Flavors 6d

Intl. Multifoods 10b

International Paper 19b

Interpublic Group 21d

Ipalco Enterprises 24a

Itel 5

ITT 5

J

Jacobs Engineering 21a

Jacobson Stores 8

James River 19b

Jamesway 8

Johnson & Johnson 12d

Johnson Controls 9c

Jostens 15a

JWP 21e

K

K mart 8

Kaman 1

Kansas City Power 24a

Kansas City Southern 23b

Kaufman & Broad 13b

Kellogg 10b

Kellwood 6a

Kelly Services 21e

Kemper 17b

Kennametal 15b

Kerr-McGee 11b

KeyCorp 3a

Kimball International 6b

Kimberly-Clark 19b

Knight-Ridder 20b

Kroger 10c

L

L. A. Gear 6a

La-Z-Boy Chair 6b

Lafarge 13a

Lands' End 8

Leggett & Platt 6b

Leslie Fay 6a

LG&E Energy 24a

Lifetime 12c

Lilly (Eli) 12b

Limited 8

Lincoln National 17b

Lionel 8

Litton Industries 9b

Liz Claiborne 6a

Lockheed 1

Loews 17a

Lone Star Techs. 16b

Longs Drug Stores 12a

Longview Fibre 7b

Lotus Development 18c

Louisiana Land 11b

Louisiana-Pacific 19a

Lowe's 8

LSI Logic 9d

LTV 5

Lubrizol 4

Lukens 16b

Lyondell 4

M

Magma Copper 16c

MagneTek 9a

Manor Care 12c

Manufacturers Hanover 3aManufacturers Natl. 3b

Manville 13a

Mapco 11b

Marion Merrell Dow 12b

Mark IV Industries 15a

Marriott 14c

Marsh & McLennan 17a

Marshall Industries 21b

Martin Marietta 1

Masco 6b

Masco Industries 2b

Mattel 14d

Maxus Energy 11b

Maxxam 16a

May Department Stores 8

Maytag 6b

McCormick 10b

McDonald's 14a

McDonnell Douglas 1

McGraw-Hill 20b

MCI Communications 22a

McKesson 12a

MCN 24b

Mead 19b

Media General 20b

Medtronic 12d

Mellon Bank 3a

Melville 8

Mercantile Stores 8

Merck 12b

Meredith 20b

Meridian Bancorp 3a

Merrill Lynch 17a

Merry-Go-Round 8

Metropolitan Fincl. 17c

Meyer (Fred) 8

Michaels Stores 8

Michigan National 3b

MicroAge 18a

Microsoft 18c

Midlantic 3a

Midway Airlines 23a

Midwest Resources 24a

Miller (Herman) 18a

Millipore 9c

Minnesota Mining 15a

Mitchell Energy 11b

Mobil 11b

Modine Mfg. 2b

Molex 9d

Monsanto 4

Montana Power 24a

Morgan (J. P.) 3a

Morgan Stanley 17a

Morrison 14a

Morrison Knudsen 21a

Morton International 4

Motorola 9b

Multimedia 20a

Murphy Oil 11b

N

Nacco Industries 11a

Nalco Chemical 4

Nash Finch 10a

Nashua 7b

National City 3b

Natl. Convenience 10c

National Fuel Gas 24b

National Health 12c

National Medical 12c

National Semicond. 9d

National Service 9a

Navistar International 2a

NBD Bancorp 3b

NCH 6d

NCNB 3c

NCR 18b

Neiman Marcus Group 8

Nerco 11a

New England Electric 24a

New York State E&G 24a

New York Times 20b

Newell 15a

Newmont Gold 16c

Newmont Mining 16c

Niagara Mohawk 24a

Nicor 24b

Nike 6a

Nipsco Industries 24a

NL Industries 4

Nordstrom 8

Norfolk Southern 23b

Nortek 15a

Northeast Utilities 24a

Northern States 24a

Northern Trust 3b

Northrop 1

Norwest 3b

Novell 18c

Nucor 16b

Nynex 22b

O

Occidental Pet. 11b

Office Depot 21b

Ogden 5

Ohio Edison 24a

Oklahoma G&E 24a

Olin 4

Olsten 21e

Omnicom Group 21d

Oracle Systems 18c

Orange & Rockland 24a

Oryx Energy 11b

Outboard Marine 14d

Owens & Minor 12d

Owens-Corning 13a

Oxford Industries 6a

P

Paccar 2a

Pacific Enterprises 24b

Pacific G&E 24a

Pacific Telecom 22a

Pacific Telesis Group 22b

PacifiCare Health 12c

PacifiCorp 24a

PaineWebber Group 17a

Pall 5

Pamida Holdings 8

Panhandle Eastern 24b

Paramount Comms. 14b

Parker Hannifin 15a

Penn Central 5

Penn Traffic 10c

Penney (J. C.) 8

Pennsylvania Power 24a

Pennzoil 11b

Pentair 15c

Peoples Energy 24b

Pep Boys 8

PepsiCo 6c

Perkin-Elmer 9c

Perry Drug Stores 12a

Petrie Stores 8

Petroleum Heat 24b

Pfizer 12b

Phelps Dodge 16c

PHH 23c

Philadelphia Electric 24a

Philip Morris 6e

Phillips Petroleum 11b

Phillips-Van Heusen 6a

PHM 13b

Pic 'N' Save 8

Piedmont Natural 24b

Pier 1 Imports 6b

Pilgrim's Pride 10b

Pinkerton's 21e

Pinnacle West 24a

Pioneer Hi-Bred 10b

Pitney Bowes 18a

Pittston 11a

PNC Financial 3a

Polaroid 14d

Pope & Talbot 19a

Portland General 24a

Potlatch 19b

Potomac Electric 24a

PPG Industries 13a

Precision Castparts 16c

Premark International 5

Premier Industrial 21b

Preston 23d

Price 8

Primerica 17a

Procter & Gamble 6d

Progressive 17b

Promus 14c

Provident Life 17b

PSI Resources 24a

PS Co. of Colorado 24a

Public Service Ent. 24a

Puget Sound Power 24a

Q

Quaker Oats 10b

Quaker State 11b

Quanex 16b

Quantum 18b

Quantum Chemical 4

Questar 24b

QVC Network 8

R

Ralston Purina 10b

Raychem 9a

Raytheon 9b

Reebok International 6a

Republic New York 3a

Rexene 4

Reynolds & Reynolds 18a

Reynolds Metals 16a

Richfood Holdings 10a

Rite Aid 12a

RJR Nabisco 6e

Roadway Services 23d

Robertson Ceco 15a

Rochester G&E 24a

Rochester Telephone 22b

Rockwell International 5

Rohm & Haas 4

Rohr Industries 1

Rose's Stores 8

Ross Stores 8

Rubbermaid 15a

Ruddick 10c

Russell 6a

Ryder System 23c

Rykoff-Sexton 10a

Ryland Group 13b

S

Safeco 17b

Safety-Kleen 21e

Safeway 10c

Salomon 17a

San Diego G&E 24a

Santa Fe Pacific 23b

Sara Lee 10b

Scana 24a

SCEcorp 24a

Schering-Plough 12b

Schlumberger 11c

Schulman (A.) 4

Schwab (Charles) 17a

Scott Paper 19b

Scripps (E. W.) 20b

Seagate Technology 18b

Sears, Roebuck 8

Seaway Food Town 10c

Security Pacific 3d

Service Corp. Intl. 21e

Service Merchandise 8

Shaw Industries 15d

Shawmut National 3a

Sherwin-Williams 13a

Shoney's 14a

Signet Banking 3c

Silicon Graphics 18b

Smith (A. O.) 2b

Smith's Food & Drug 10c

Smithfield Foods 10b

Snap-on Tools 15b

Society 3b

Sonat 24b

Sonoco Products 7b

Southeast Banking 3c

Southern 24a

So. New Eng. Tel. 22b

Southwest Airlines 23a

Southwestern Bell 22b

Southwestern PS 24a

Spiegel 8

Springs Industries 15d

SPX 15b

Square D 9a

St. Paul 17b

Standard Products 2b

Standard Register 18a

Stanhome 6d

Stanley Works 15b

State Street Boston 3a

Sterling Chemicals 4

Stewart & Stevenson 15c

Stone Container 7b

Stop & Shop 10c

Storage Technology 18b

Strawbridge & Clothier 8

Stride Rite 6a

Student Loan Mktg. 17a

Sun 11b

Sun Microsystems 18b

Sundstrand 1

SunTrust Banks 3c

Super Food Services 10a

Super Valu Stores 10a

Supermarkets Genl. 10c

Syntex 12b

Sysco 10a

T

Tambrands 6d

Tandem Computers 18b

Tandy 18b

Tech Data 18a

Teco Energy 24a

Tecumseh Products 13a

Tektronix 9c

Teledyne 5

Temple-Inland 7b

Tenneco 5

Texaco 11b

Texas Industries 13a

Texas Instruments 9d

Texas Utilities 24a

Textron 5

Thiokol 1

Thomas & Betts 9a

3M 15a

Tiffany 8

Time Warner 20b

Times Mirror 20b

Timken 15c

TJX 8

Torchmark 17b

Toro 6b

Tosco 11b

Toys `R' Us 8

Trans World Music 14d

Transamerica 17a

Transatlantic 17b

Transco Energy 24b

Travelers 17b

Tribune 20b

Trinova 15a

TRW 5

TW Holdings 14a

Tyson Foods 10b

U

U. S. Healthcare 12c

U. S. Shoe 8

U. S. Surgical 12d

UAL 23a

UGI 24b

UJB Financial 3a

Union Camp 19b

Union Carbide 4

Union Electric 24a

Union Pacific 23b

Union Texas 11b

Unisys 18b

United Illuminating 24a

United Stationers 21b

United Technologies 1

United Telecomms. 22a

Unitrin 17b

Univar 21b

Universal 6e

Universal Foods 10b

Universal Health 12c

Unocal 11b

Unocal Exploration 11b

UNUM 17b

Upjohn 12b

US West 22b

USAir Group 23a

USG 13a

USLico 17b

USLife 17b

UST 6e

USX 5

UtiliCorp United 24a

V

Valero Energy 11b

Valhi 5

Valley National 3d

Valmont Industries 15a

Valspar 13a

Varian Associates 9b

Venture Stores 8

VF 6a

Viacom 20a

Vicorp Restaurants 14a

Village Super Market 10c

Vista Chemical 4

Vons 10c

Vulcan Materials 13a

W

Waban 8

Wackenhut 21e

Wal-Mart Stores 8

Walgreen 12a

Wallace Computer 18a

Wang Laboratories 18b

Warner-Lambert 12b

Washington Gas 24b

Washington Post 20b

Washington Water 24a

Waste Management 21c

Weirton Steel 16b

Weis Markets 10c

Wellman 4

Wells Fargo 3d

Wendy's Intl. 14a

Western Digital 18b

Western Publishing 20b

Westinghouse Electric 9a

Westmark Intl. 12d

Westvaco 19b

Weyerhaeuser 19a

Wheelabrator Techs. 24a

Wheeling-Pittsburgh 16b

Whirlpool 6b

Whitman 5

Wickes 15d

Wicor 24b

Willamette Industries 19a

Willcox & Gibbs 21b

Williams 24b

Winn-Dixie Stores 10c

Wisconsin Energy 24a

Witco 4

Woolworth 8

Worthington Inds. 16b

WPL Holdings 24a

Wrigley (Wm.) Jr. 10b

XYZ

Xerox 18b

Yellow Freight 23d

Zenith Electronics 6b

Zenith National 17b

Monica Roman in New York


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