Bounce of the Blue Chips
Twenty-eight of the 30 stocks in the Dow Jones industrial average have gained ground in the latest six-week rally. The Dow, which reached its previous closing peak on July 17, hit its most recent intraday low on Oct. 8. The blue-chip barometer’s three biggest gainers are financial stocks. A look at the 30 stocks’ closing prices on July 17, Oct. 8 and Monday, along with the percentage change over the last six weeks. Also listed are per-share earnings estimates for this year and next, and price-to-earnings ratios based on this year’s consensus earnings estimates:
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Ticker Monday % chg. Company symbol July 17 Oct. 8 close from 10/8 Citigroup CCI $71.69 $32.50 $49.00 +50.8% American Express AXP 115.81 72.38 108.94 +50.5 J.P. Morgan JPM 132.50 79.88 115.88 +46.1 General Motors GM 69.88 50.25 73.38 +46.0 Boeing BA 50.00 30.88 43.81 +41.9 United Tech UTX 94.63 75.25 106.25 +41.2 IBM IBM 120.19 123.50 166.63 +34.9 General Electric GE 96.69 71.56 94.63 +32.2 Wal-Mart Stores WMT 69.00 56.81 74.94 +31.9 Disney DIS 39.38 23.50 29.50 +25.6 Hewlett-Packard HWP 59.94 49.19 61.63 +25.3 AlliedSignal ALD 45.75 34.50 42.81 +24.1 Sears S 58.31 40.56 49.88 +23.0 Merck MRK 138.00 127.00 156.00 +22.8 Philip Morris MO 39.50 47.88 58.25 +21.7 Procter & Gamble PG 90.50 78.63 93.56 +19.0 Goodyear GT 62.75 48.13 56.63 +17.7 Coca-Cola KO 86.13 64.50 75.44 +17.0 McDonald’s MCD 73.2 62.06 72.44 +16.7 Johnson & Johnson JNJ 77.56 75.81 88.00 +16.1 Caterpillar CAT 53.19 45.00 50.25 +11.7 Alcoa AA 72.56 72.63 80.31 +10.6 DuPont DD 68.06 55.19 61.00 +10.5 3M MMM 83.31 77.50 85.06 +9.8 AT&T; T 59.06 58.50 63.88 +9.2 Union Carbide UK 52.06 41.31 44.75 +8.3 International Paper IP 45.25 44.00 45.81 +4.1 Exxon XON 72.38 71.69 72.06 +0.5 Eastman Kodak EK 86.25 78.81 75.44 -4.3 Chevron CHV 82.81 86.25 80.31 -6.9 Dow 9,337.97 7,731.91 9,374.27 +21.2
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* Fiscal years ending 1/99 and 1/00
** Fiscal years ending 6/99 and 6/00
Sources: Bloomberg News, Zacks Investment Research
