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Investment Figures Of The Week


Investment Figures of the Week

Investment Figures of the Week

COMMENTARYThe Dow Jones industrials moved up to a classier neighborhood--the 7000 blockof Wall Street. Stocks first cleared the millennial mark on Feb. 13, slippedand came back for a 7067 high on Feb. 18. Stocks may run into some resistanceat these levels. The price-earnings ratio for the Standard & Poor's 500 is over17, while the fair value for the current level of interest rates is 16. Even ifthe bull takes a rest, it has been one heck of year so far. The Dow's up 8.9%;the S&P, 9.7%. Mid-cap and small-cap stocks trail the big boys, as they've donesince last summer.

% change

U.S. MARKETS Latest Week Year

Dow Jones Industrials 7020.1 0.8 27.6

NASDAQ Combined Composite 1365.6 0.5 25.2

S&P MidCap 400 269.0 1.2 18.3

S&P SmallCap 600 148.6 1.8 19.6

S&P SuperComposite 1500 174.0 1.2 24.4

% change

SECTORS Latest Week Year

Bloomberg Information Age 249.7 0.1 21.5

S&P Financials 95.8 3.6 44.3

S&P Utilities 199.4 -0.3 -1.7

PSE Technology 269.2 2.5 27.2

% change

FOREIGN MARKETS Latest Week Year

London (FT-SE 100) 4357.4 1.2 16.4

Frankfurt (DAX) 3233.8 0.5 34.8

Tokyo (NIKKEI 225) 18,599.1 1.0 -10.2

Hong Kong (Hang Seng) 13,106.3 -2.6 13.0

Toronto (TSE 300) 6248.9 1.4 24.3

Mexico City (IPC) 3875.0 1.9 30.2

Week Year

FUNDAMENTALS Latest ago ago

S&P 500 Dividend Yield 1.78% 1.84% 2.13%

S&P 500 P/E Ratio (Last 12 mos.) 21.4 20.6 18.8

S&P 500 P/E Ratio (Next 12 mos.)* 17.2 16.7 NA

First Call Earnings Revision* -0.34% -0.41% NA

Week

TECHNICAL INDICATORS Latest ago Reading

S&P 500 200-day average 701.4 698.1 Positive

Stocks above 200-day average 73.0% 70.0% Negative

Options: Put/call ratio 0.58 0.62 Negative

Insiders: Vickers Sell/buy ratio 1.78 1.76 Positive

Latest Week Year

KEY RATES week% ago% ago%

MONEY MARKET FUNDS 4.96 4.95 4.97

90-DAY TREASURY BILLS 5.09 5.14 4.99

6-MONTH BANK CDS 5.01 5.01 4.61

1-YEAR TREASURY BILLS 5.44 5.52 5.09

10-YEAR TREASURY NOTES 6.31 6.43 6.01

30-YEAR TREASURY BONDS 6.58 6.71 6.39

LONG-TERM AA INDUSTRIALS 6.99 7.15 6.81

LONG-TERM BBB INDUSTRIALS 7.39 7.50 7.24

LONG-TERM AA TELEPHONES 7.27 7.39 7.17

BEST-PERFORMING Last Last 12

GROUPS month% months%

Savings & Loans 27.1 Shoes 111.7

Invest. Banking/Brokrge. 24.8 Semiconductors 84.5

Shoes 16.0 Savings & Loans 70.2

HMOs 15.4 Oil & Gas Drilling 65.9

Trucking 15.3 Invest. Banking/Brkrge. 62.7

WORST-PERFORMING Last Last 12

GROUPS month% months%

Oil & Gas Drilling -15.6 Gold Mining -20.2

Oil Exploration & Prod. -15.4 Trucking -19.0

Oil-Well Equip. & Svcs. -9.1 Broadcasting -17.3

Communications Equip. -8.1 Machine Tools -15.3

Engineering & Constr. -7.1 Steel -12.1

BLOOMBERG MONEY FLOW ANALYSIS

Rebound ahead? Stocks with most 1-month

significant buying on price weakness Price change

IBM 145 1/4 -21 3/4

Motorola 62 1/8 -5 3/8

Atmel 38 1/2 -5 3/8

DuPont 109 1/2 -1 1/4

Read-Rite 27 1/8 -3 5/8

Ascend Communications 62 3/8 -16 3/8

Intel 154 5/8 9 3/8

Microsoft 97 3/8 6 5/8

Sun Microsystems 33 3/4 1 3/8

Amgen 59 1/2 5 1/2

Worldcom 27 1

Dell Computer 74 5/8 11 1/16

BLOOMBERG MUNI YIELD EQUIVALENTS

Taxable equivalent yields on AAA-rated, tax-exempt municipal bonds,

assuming a 31% federal tax rate.

10-yr. bond 30-yr. bond

Latest Last Latest Last

week week week week

GENERAL OBLIGATIONS 4.75% 4.81% 5.35% 5.41%

PERCENT OF TREASURIES 75.36 75.03 81.39 80.67

TAXABLE EQUIVALENT 6.88 6.97 7.75 7.84

INSURED REVENUE BONDS 4.82 4.92 5.54 5.64

PERCENT OF TREASURIES 76.47 76.75 84.28 84.09

TAXABLE EQUIVALENT 6.99 7.13 8.03 8.17

EQUITY FUNDS

Leaders Laggards

Four-week total return % Four-week total return %

American Heritage 21.3 Pin Oak Aggressive Stock -12.2

Lexington Troika Russia 20.5 GT Glob. Natural Res. A -11.6

Merrill Mid. East/Africa A 12.6 Fidelity Sel. Natural Gas -11.2

Fidelity Sel. Brokerage 11.9 Van Wagoner Emerging Gr. -11.2

SIFE Trust I 9.5 TCW/DW Mid-Cap Equity -8.7

Leaders Laggards

52-week total return % 52-week total return %

Vontobel Eastern Europ. Eq. 86.7 United Svcs. Gold Shares -40.9

Interactive Inv. Tech Val. 67.5 Steadman Technology Grth. -38.7

State St. Res. Glob. Res. A 66.1 DFA Japanese Small Co. -34.4

Portico MicroCap Instl. 61.0 Fidelity Japan Small Co. -31.6

Warburg Small Co. Val. Com. 50.5 Matthews Korea -30.2

EQUITY FUND CATEGORIES

Leaders Laggards

Four-week total return% Four-week total return%

Financial 7.6 Natural Resources -3.6

Latin America 7.3 Small-cap Growth -3.0

Health 5.4 Technology -2.9

Diversified Emerging Markets 3.8 Pacific ex-Japan -2.3

Precious Metals 3.7 Mid-cap Growth -0.9

Leaders Laggards

52-week total return % 52-week total return %

Financial 37.6 Japan -18.0

Real Estate 32.8 Precious Metals -12.0

Latin America 32.0 Diversified Pacific -2.9

Large-cap Blend 24.4 Pacific ex-Japan 1.4

Large-cap Growth 24.1 Communications 7.1

All data are as of market close Wednesday, Feb. 18, 1997, unless otherwise

indicated. Industry groups include S&P 500 companies only. Fundamentals,

technical indicators, Bloomberg money flow analysis, and mutual fund returns

are as of Feb. 17. For a more detailed explanation, write to us or E-mail

figures@businessweek.com NA=Not available r=revised **Vanguard Index 500 Fund

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