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2000 Year-End Transcript [IMAGE] ANNOUNCER: Every week for more than thirty years, America's most widely watched and trusted source of economic and financial advice, Wall $treet Week With Louis Rukeyser is made possible by: Deloitte & Touche, who is equally at home with steel and silicon, with wheat fields and cyberspace. For professional services, the answer is the people of Deloitte & Touche; by A.G. Edwards, committed professionals providing a full range of financial services and investment advice, A.G. Edwards, trusted advice, exceptional service; by OppenheimerFunds, where a long-term approach to investing has helped put financial security in the hands of millions of Americans, OppenheimerFunds, the right way to invest; by The Kaufmann Fund, a small company aggressive growth fund; and by contributions to your PBS station from viewers like you. Thank you. Produced Friday, December 29, 2000. Our panelists are Elizabeth Dater, Louis Holland, Barbara Marcin and Brian Rogers. LOUIS RUKEYSER: Good evening. I'm Louis Rukeyser. This is Wall Street Week. Welcome back. Well, folks, now you know why they call it black tie. Much of the world of investors regards 2000 as a year of mourning -- for profits past, for bubbles burst, for bulls de-horned and for certainties crumbled. And let's face it: It wasn't always fun. As Winston Churchill put it, "I'm always ready to learn, although I do not always like to be taught." Virtually nobody except the non-stop pessimists -- who are still stone losers over the past decade -- foresaw the viciousness of this year's declines -- although the year was contradictory, even there. For example, is this a bear market? Well, yes and no. Even from their highest heights in early 2000, the Dow Jones Industrial Average and the S&P 500 have declined far less than the twenty percent that traditionally has defined a bear market. But for the formerly high-flying technology stocks personified by the Nasdaq, this has not only been a bear -- but the growly of all time. Nasdaq, which never does things moderately, fell nearly 40 percent this year -- and is off more than 51 percent from its March 10th high. That makes this not only the worst year ever for the 29-year-old Nasdaq, but the biggest decline for any of the three major indexes since the S&P 500 lost 47 percent in 1931, during the Great Depression. So devastating was this latest, and most severe, tech wreck that any attempt to put it in perspective -- by pointing out, say, that Nasdaq has been the bullish phenomenon of the past decade -- and that it gained more than 85 percent in 1999 alone -- is likely to seem like irrelevant ancient history to today's bleeding tech investors. Are they right? Is this just a temporary reversal of a fantastically promising up-trend, or is it truly the end of a booming era? Were the downward catalysts of 2000 -- a fierce Federal Reserve, a steeply weakening economy and a nation driven to embarrassing self-doubt by the Election That Would Not Die -- passing phenomena or auguries of enduring change? We'll try to get you some meaningful answers tonight -- in the company of four sharp-shooting panelists whose recommendations actually made our viewers significant money in 2000 while the markets -- and most of their competitors -- faltered. We'll review what really did happen in 2000 -- to the economy and to investors -- and we'll see if those four can be at least as helpful to us in the year ahead -- in which, not to put too fine a point on it, Wall Street owes us all a lot! But, first, let's see how the best-performing got better -- and the worst-hit got hysterical -- in a characteristically mixed ending to a thoroughly mixed-up year. The Dow Jones Industrial Average ended on a stronger note, despite a final-day sell-off, gaining more than 150 points to close the year at 10,787.99 -- making this the Dow's first losing year since 1990. Most indexes followed the Dow's upward lead -- with the conspicuous exception of, you guessed it, Nasdaq, which ended the year at less than half its March peak. But the elves, filled with the holiday spirit -- or something -- continue to insist that better times lie ahead both for the Dow -- where our haloes go, as usual, to those who voted neutral three months ago, since when the Dow is up by just a bit more than one percent -- and for Nasdaq, which we now insist they also predict -- to see if that can improve their worst overall yearly record since they were created. There were minimal changes in the bond and oil markets, and the dollar had a mixed week -- as the long-suffering euro continued its recent rebound. And if your investments this year are giving you palpitations, try munching some of those holiday sweets you've been trying to put out of your mind. A new report in the American Journal of Clinical Nutrition says that chocolate may protect against heart disease. The theory is that procyanidin found in the candy helps prevent build-up of blood platelets. Brian Rogers, what's it going to take to build up investor psychology in Wall Street? ROGERS: Well, Lou, I think what we've seen is a very natural transition this year away from some of the higher-flying sectors of 1999. And I think investors as we enter the new year will be focused on earnings progression, what the Fed does with rates, and I think an awful lot will be determined, at least in the first part of the year, on what happens to mutual fund cash flows. RUKEYSER: When will we know that? A week or two from now, or will it take longer? ROGERS: I think we'll see a lot of indications in January. I think the Fed will meet several weeks into the new year. I think we'll see trends in mutual fund cash flow data evident by the end of January. And then we also have the January effect I suppose we can look forward to, to see how the first month of the year shakes out. RUKEYSER: So basically, if things don't look a heck of a lot better by mid-January, that's going to be a bad sign. ROGERS: You can take the rest of the year off at that point. RUKEYSER: Thanks for your encouragement. Barbara Marcin, what do you think? What's it going to take to pep up the investors? MARCIN: Well, I think that we have much more reasonable expectations of profit and growth priced into the market here. And I really think that what happened this year was it was really a narrow group of stocks that really led the market down. It was the same technology and telecommunication stocks which boomed so much last year. And last year you could have a reasonable return which would look very mediocre if you weren't invested in those stocks, and this year if you have a reasonable return, it looks very good, because the telecom and technology stocks declined so much. So I think it's really just been a matter of resetting expectations, and I think we can still have a good market here with a broad number of stocks attractively priced. RUKEYSER: So it was a good thing that those jazzed-up fly boys came down to earth, huh? MARCIN: Well, I think it sets us up for a better year in the stock market certainly, yes. RUKEYSER: Lou Holland, Brian mentioned the Fed. How important is the Fed in all this? HOLLAND: Well, I think the Fed made a big mistake. I mean they raised interest rates, you know, 6 times in 15 months. You know, basically the economy, inflation was not an issue at the time that they were raising it. And now of course they took money out of the system because they put a lot in at the end of '99 for Y2K issues, and now they've taken it out. So really I think they've dropped the ball here, and I think that they're going to have to cut rates here over the next month or so. RUKEYSER: How much impact will that have? Wall Street expects them to do that doesn't it? HOLLAND: Well, I think it does, Wall Street expects that. But I think, again, to see it is to believe it, and I think to the extent that Greenspan has sort of been a follower, he has not been a leader. So I suspect that any positive action here will be received relatively positively. RUKEYSER: You mean the markets have led him. HOLLAND: That's exactly right. RUKEYSER: And they're now leading him to a rate cut. HOLLAND: Exactly. RUKEYSER: I see. Well, I hope Mr. Greenspan understands that. Beth Dater, what do you think? DATER: Well, that's an interesting point, because I think typically the stock market is driven by the economy. What's sort of interesting about the last year-and-a-half is that to some extent the economy has been driven by the stock market and the wealth effect. And so I think what's going to be really important to watch here is the consumer and whether the consumer can adjust to a year in the stock market where you may have gains that are more like eight percent than 25 or 30 or high double-digit gains. RUKEYSER: The consumer didn't seem to be too sanguine this Christmas. DATER: No, the consumer seems to be retrenching definitely somewhat here. And I think the question will be, back to Brian's point, what will happen when the consumers see their fourth quarter results in some of the mutual fund business. It's something to watch very closely I think. RUKEYSER: There was a fall off in the rate of net input into mutual funds last month, which is not surprising. What do you think? Why should people turn around and put a lot of money into mutual funds now? DATER: Well, I think there's, I think that consumers also have to adjust to the fact that, you know, the same 25 stocks aren't going to carry everything, that there are areas of diversification, such as fixed income and value and other styles of investing, where one can still receive good returns over time. RUKEYSER: All right. Now, before we look ahead with our winners of the year, let's review where we've been in a year most investors would love to forget. The Dow Jones Industrial Average was the year's first victim, falling nearly 2,000 points after peaking in mid-January at a record 11,723 -- but then gained most of it back, ending with a loss of just over six percent. The S&P 500 peaked later -- in March -- but recovered less, losing a bit more than ten percent for the year. But the true carnage was restricted to the Nasdaq, which was butchered by more than 39 percent. In contrast, both the New York and American Stock Exchange composite indexes -- which track all the common stocks traded there -- eked out small gains for the year -- while the small-stock Russell 2000 was down by just 4.2 percent. Even a bad year for stocks and a hint of inflation couldn't revive the fortunes of the investment world's longest sufferers -- the gold bugs -- whose favorite metal continued to tarnish. And silver did even worse. The strong man of the year was the U.S. dollar, which easily outperformed all other major currencies, with a particularly dazzling gain of 12 percent against the yen. Meanwhile, the U.S. economy continued -- as it has now for nearly ten years -- what has become a record expansion -- but new doubts about its durability arose as growth slowed in the third quarter to just 2.2 percent and the fourth quarter seemed even weaker. There was a slight whiff of inflation midway through the year, helped along by a stunning rise in oil prices and a period of excess money creation by Fed officials, who last year took the Y2K threat too seriously. By November, there was some relief -- consumer prices for the past 12 months had increased 3.4 percent, ahead of the pace a year ago, but off the summer highs. Continuing to defy old-fashioned economic textbooks, unemployment remained low, even as inflation blipped -- and the economy chugged forward. U.S. unemployment reached a three-decade low at 3.9 percent, and as of the last monthly report, in November, was still holding at just four percent. Even the ever-edgy bond market stopped trembling about inflation -- and with the prospect of a softer economy, the ghouls rejoiced. The yield on the 30-year Treasury bond was driven down to 5.46 percent -- more than a full point lower than where it was a year ago. But short-term rates -- which are more-easily controlled by the Federal Reserve -- climbed nearly as much as long rates fell. The average yield on taxable money-market funds is now up to six percent. The year's big international economic story was oil. From below $11.00 a barrel just two years ago, oil climbed over $37.00 this past September before retreating to today's $26.80 -- a little more than a dollar higher than a year ago. For the fourth year in a row, the U.S. trade deficit is setting a record in 2000 -- and next April will mark a full quarter-century since the U.S. last saw even a monthly trade surplus. And where do we go from here? The Conference Board's index of so-called leading economic indicators has been anemic throughout 2000 with outright negative readings in four of the past five months. Brian Rogers, which of these numbers, if any, is the one to watch in the 2001 markets? ROGERS: Lou, I think the most important thing will be what happens to corporate earnings in the first half. Things have been sluggish in the second half of this year, and I think as we enter the new year corporate profitability will be the most important thing affecting how investors view markets. RUKEYSER: And what's your guess on how that will turn out? ROGERS: I think we'll have a decent profit year, but when I say decent, Lou, my best guess is in the five to seven percent range, and not much more than that, from a corporate profitability standpoint. RUKEYSER: Do you think the markets are expecting that? ROGERS: I think the markets are expecting a little bit more than that, which makes me think we might continue to have some, again some choppiness in the first part of 2001. RUKEYSER: Barbara Marcin, what are you going to keep your eye on? MARCIN: I'm going to keep my eye on the consumer confidence levels. You know, we had three forces which slowed the economy this year: the Federal Reserve raising interest rates, high oil and gas prices, and really a sharp drop off in consumer confidence as the stock market fell, and that slowed spending a lot. And I think that if that were to get much worse or consumers really stopped spending, that could spiral a little bit more into companies incorporating that and having layoffs, and really then we could get a recession. So that's what I'm keeping my eye on. RUKEYSER: Consumers have been the heroes and heroines of this whole expansion. MARCIN: Yes. RUKEYSER: There are some signs they're flagging a little, but you want to see how much. MARCIN: Yes. RUKEYSER: What's your guess? MARCIN: I think that, right now I'm not predicting a recession, so I'm not predicting that they're going to flag that much more. We just had, this week the third straight month of a fall off in consumer confidence. And I think that perhaps, come the new year, we can regain it, but that is what I'm concerned about. RUKEYSER: Lou Holland, how about you? HOLLAND: I agree with Barbara. I think the consumer sentiment has deteriorated, and I think that there's probably a greater than 50-50 chance that we're probably going to have a recession. It's sort of the old notion of the Federal Reserve pushing on the string in order to get the economy going by reducing rates or injecting money into the system. And I'm not so sure that the system will swallow it quick enough to stop us from falling into recession. RUKEYSER: So you think the Fed has waited far too long. HOLLAND: I think so. RUKEYSER: Do you think there's a chance that they'll cut more than a quarter percent next month? HOLLAND: I think it's possible that they could have an interim meeting to cut, and I think it's very possible they could cut a half a point. RUKEYSER: Beth, can you cheer me up any more? DATER: Well, I think it gets down to interest rates, because I think that is what will ultimately influence the consumer confidence. I'm a little bit concerned about the dollar in here. I mean I think that we have had a huge amount of foreign investment also into our capital markets here, and if the dollar were to weaken substantially, that might be at risk, and we might see some repatriation of some of those foreign investments. RUKEYSER: All right. Now comes the moment of truth when we turn the spotlight on what these folks said twelve months ago. In what has been for decades the toughest competition in investing -- the lists cannot be changed for any reason during the ensuing twelve months -- it was a tough year even for our certified geniuses -- though the average of all our panelists continued to beat the performance of the S&P 500, let alone the sagging Nasdaq. You can check all their records on our web site. It will be up after midnight tonight. As you'll see, the five who actually defied the odds, and made you money in 2000, included the four stalwarts here tonight. Brian Rogers, to show what a weird year it was, you were the second-closest of all our panelists, behind Marty Zweig, in predicting the Dow's 2000 high and close -- though even you were too optimistic by nearly 800 and 1,000 points, respectively. That was good this year. But in the far-more-important, actual money-making part of the competition, you excelled -- with a portfolio of specific recommendations that, according to calculations by our friends at Bloomberg Financial Markets, was up a whopping 42.5 percent, aided by three timely short sales and a near-double in Bergen Brunswig. Congratulations! ROGERS: Thank you. RUKEYSER: Barbara Marcin, with both you and Brian here, it's clearly the value players' night out. While your prediction that the Dow would get above 14,000 turned out to be ridiculously high, you came within 11 points -- 11 points -- of nailing the precise Dow low of 9796.03. And better still, your portfolio is up more than 40 percent in this generally-grim year -- thanks to the best single pick of any panelist, Everest Reinsurance Holdings -- which rewarded you with a 222-percent gain. So thanks, Barbara, for bringing us so much value! MARCIN: Thank you. RUKEYSER: Lou Holland, welcome back to your fourth year-end appearance, the most of any panelist here tonight, and you earned it. While your high, low and close were way off the mark -- a familiar song this year -- your portfolio was up more than 28 percent, powered by the more-than-doubling of Washington Mutual. Way to go, Lou. HOLLAND: Thank you. RUKEYSER: Beth Dater, this is your third year-end program. And your cautious approach to investing in 2000 -- including putting 20 percent of the portfolio in three-year Treasury notes -- paid off with an average gain of more than 7.5 percent. In 2000, that looked awful good. So congratulations, Beth. DATER: Thank you, Lou. RUKEYSER: But enough with the compliments -- however well-earned in a year like this past one. There's a new, and we hope different, year ahead -- and what have you done for us lately? For starters, in our annual triumph of hope over experience, let's hear from each of you the true inside word on the highest close, the lowest close, and the final close for both the Dow Jones Industrial Average and Nasdaq in 2001. And this time, gang, let's all get it exactly right. Brian? ROGERS: Lou, for the Dow, I have a high of 12,500, a low of 10,000, and a close of 11,900. And for the Nasdaq, a high of 3,000, a low of 2,000, and a close of 2,250. RUKEYSER: Barbara? MARCIN: For the Dow, I have a high of 13,000, a low of 10,500, and a close of 12,000. And for Nasdaq, a high of 3,200, a low of 2,500, and a close of 3,000. RUKEYSER: Lou? HOLLAND: For the Dow, I have a high of 12,936, a low of 10,100, and a close of 12,504. For the Nasdaq, I have a high of 3,090, a low of 2,101, and a close of 2,842. RUKEYSER: Beth? DATER: Lou, for the Dow, I have a high of 12,175, a low of 9,781, and a close of 11,740. And for the Nasdaq, a high of 2,834, a low of 2,404, and a close of 2,734. RUKEYSER: Okay. Well, one thing is for sure -- and this is my only personal, unqualified guarantee of the night: At least some of them will be wrong. But, if you'd like to see the full predictions, with specific stock selections, from all 22 of our panelists, all those lists will be included in tonight's transcript -- which you can get for $7.50 by writing to Year-End Transcripts, Wall $treet Week With Louis Rukeyser, Owings Mills, Maryland 21117 -- or, you can order on-line, for $10.00, by visiting our web site at: pbs.org. And now, let's see what these fabulous four think are the very best buys for 2001. Brian? ROGERS: Lou, Aon Corp, Cypress Semiconductor, Disney, Exodus Communications, Fortune Brands, Hasbro, Morgan Stanley Emerging Markets Fund, Motorola, Octel, Ryder (System), Sprint (FON Group), and Unisource Energy. RUKEYSER: Barbara? MARCIN: I'm keeping the two from this year's list that did not perform, and that's Cendant and Mattel, and I'm adding Compaq, WorldCom, Lucent, Loral (Space & Communications), AT&T Wireless, and Motorola. RUKEYSER: A little tech in there, hmm? MARCIN: Yes. RUKEYSER: Tech's going to have a little comeback you think? MARCIN: That's right. Tech and telecom maybe. RUKEYSER: Some of those bleeding people will be very happy to hear that from a cautious person like yourself. Lou? HOLLAND: Okay, I have Carnival Corp., CEC Entertainment, Ceridian Corp., Clorox Company, Chase Manhattan Bank, Cognos Inc., Intel -- one of your favorites, Louis -- Home Depot, Jabil Circuit, Microsoft, and WorldCom. RUKEYSER: My favorites are the ones that go up. The ones I hate are the ones that go down. You know what Will Rogers said, there's nothing hard about the stock market. You buy a stock, and when it goes up, you sell it. If they don't go up, you don't buy. Beth Dater, your list? DATER: Lou, 25% weighting in 3-year U.S. Treasury notes. The balance equally weighted in Amgen, Berkshire Hathaway, Cisco Systems, Intel, MedImmune, Mellon Bank, Morgan Stanley Dean Witter, Royal Dutch Petroleum, Schlumberger, Wal-Mart, and Westwood One. RUKEYSER: Hearing as much financial services as I do, is that an interest rate forecast as well? DATER: It's an interest rate forecast, and also it's a call on valuations, which I think are still very interesting in that area. RUKEYSER: How about some of those fallen giants that you've picked? That suggests to me that you don't think it's the end of the world. DATER: I do not think it's the end of the world. And I do think it's a time of some uncertainty and it's a time to think of preservation of capital first and foremost, and therefore, I'm going with some household names at this point. RUKEYSER: Especially some that have been knocked so far down that... DATER: Exactly. The valuations are coming into reasonable levels. RUKEYSER: Brian Rogers, let's hear from you on interest rates. What do you think? ROGERS: Lou, I think we'll see a normalization of the yield curve this year, so I think we'll see short rates fall. The Fed will cut rates probably a couple of times. And I think the big gain this year was in the long bond in calendar year 2000. I think that game is probably mostly over would be my best guess. RUKEYSER: And short-term rates you don't think are going to fall that much? ROGERS: No, I think short-term rates will fall causing the yield curve to look... RUKEYSER: But how much do you think they'll fall? ROGERS: I think they'll fall at least 50 or 75 basis points this year. RUKEYSER: Okay. If we can get that over the next two weeks, that might help some of your inflows into your mutual funds. ROGERS: Well, we'll be happy then. RUKEYSER: Thank you all very much. There we do have to stop. I hope you'll join me next week twice -- first, for our regular program when my guest will be the incomparable Abby Joseph Cohen -- and then for a very special, hour-long "Louis Rukeyser's 2001 Money Guide" -- when my guests will include four world-class industrial titans -- true shapers of our future in the year -- and the century -- ahead. Meanwhile, this has been "Wall Street Week." I'm Louis Rukeyser, wishing you a happy -- and infinitely more prosperous -- New Year. ANNOUNCER: Wall $treet Week With Louis Rukeyser is produced in association with Rukeyser Television, Inc., by Maryland Public Television; made possible by: Deloitte & Touche. Businesses have always had to face new challenges. Who can they turn to now that they face a new economy as well? For e-business services, the answer is the people of Deloitte & Touche; by A.G. Edwards, providing a full range of personalized financial, retirement and estate planning. A.G. Edwards, trusted advice, exceptional service; by OppenheimerFunds. Every year millions of Americans place their financial futures in the hands of one mutual fund company, OppenheimerFunds. The right way to invest; by The Kaufmann Fund, a small-company aggressive growth fund; and by contributions to your PBS station from viewers like you. Thank you. [IMAGE] 2001 PANEL PREDICTIONS Ralph Acampora ? DJIA NASDAQ High:? 12,700 3,500 Low: ?9,700 1,800 Close 11,400 3,200 ? ? Cablevision Systems Corp. Graco Mercury Computer Systems Minnesota Mining & Manufacturing QUALCOMM Unisys Corp. United Technologies Corp. Waste Management Wells Fargo & Co. Laszlo Birinyi ? DJIA NASDAQ High:? 13,250 3,550 Low: 10,400 2,100 Close: 13,050 3,450 ? ? Applera Corp. - Celera Genomics AT&T Wireless Group BEA Systems Bear Stearns Companies Berkshire Hathaway - Cl "A" EMC Corp. Goodyear Tire & Rubber Co. Lucent Technologies Martha Stewart Living Omnimedia NCR Corp. Sara Lee Corp. UST Inc. ? Ed Brown ? DJIA NASDAQ High: 11,950 2,900 Low: 10,320 2,260 Close: 11,735 2,810 ? Carnival Corp. Cisco Systems Dollar General Corp. Home Depot Microsoft Corp. Pfizer Safeway Staples Wal-Mart Stores ? Frank Cappiello ? DJIA NASDAQ High:? Low: Close: 12,500 10,800 12,100 3,850 2,500 3,800 ? ? Arrow Electronics AT&T Corp. Biotech Holders Trust Christopher & Banks Corp. Federated Department Stores FleetBoston Financial Corp. Intel Corp. KV Pharmaceutical Co. Microsoft Corp. Oracle Corp. Regional Bank Holders Trust United Technologies Corp. Elizabeth Dater ? DJIA NASDAQ High:? 12,175 2,834 Low: ???9,781 2,404 Close: 11,740 2,734 25% Weighting: 3-Year U.S. Treasury Notes 75% Equal Weighting: Amgen Berkshire Hathaway Cisco Systems Intel Corp. MedImmune Mellon Financial Corp. Morgan Stanley Dean Witter Royal Dutch Petroleum Co. Schlumberger Ltd. Wal-Mart Stores Westwood One ? Alison Deans ? DJIA NASDAQ High:? 11,750 3,650 Low: ?10,200 2,625 Close: 11,400 3,450 Altera Corp. America Online Applied Materials Enron Corp. Lucent Technologies Morgan Stanley Dean Witter Viacom Harvey Eisen ? DJIA NASDAQ High:? Low: Close: 13,500 ??8,900 12,300 4,100 1,900 3,100 ? ? Acceptance Insurance Companies Bank One Corp. Cendant Corp. Citigroup CNA Financial Corp. Leggett & Platt Mueller Industries Plains Resources Riddell Sports WebMD Corp. Whitman Education Group Mary Farrell ? DJIA NASDAQ High:? 12,700 5,500 Low: 10,100 2,330 Close: 12,500 4,600 ? America Online Amgen Bank of New York Co. Bed Bath & Beyond Cisco Systems Home Depot JDS Uniphase Corp. Johnson & Johnson Merrill Lynch & Co. Nortel Networks Corp. Texas Instruments Verizon Communications ? Tom Gallagher ? DJIA NASDAQ High:? 12,000 2,700 Low: ?9,800 2,200 Close: 12,000 2,700 ? ? Banco Latinoamericano ????????de Exportaciones, S.A. Bear Stearns Companies Campbell Soup Co. Diebold Gentex Corp. Germany Fund Intel Corp. Microsoft Corp. Northrop Grumman Corp. Phillips Petroleum Co. PIMCO European Bond Fund Transocean Sedco Forex ? Francis Gannon ? DJIA NASDAQ High:? Low: Close: 12,700 10,400 12,250 4,000 2,200 3,400 ? ? Amdocs Ltd. BEA Systems Bristol-Myers Squibb Co. Chase Manhattan Corp. El Paso Energy Corp. Enron Corp. Gap, Inc. Immunex Corp. Juniper Networks Lehman Brothers Holdings QUALCOMM Target Corp. ? Kim Goodwin ? DJIA NASDAQ High:? 12,812 3,250 Low: ?10,315 2,350 Close: 12,400 3,000 ? ? Amgen Comerica Conseco Genentech Juniper Networks ONI Systems Corp. PepsiCo Stilwell Financial Texas Instruments VERITAS Software Corp. Wal-Mart Stores Louis Holland ? DJIA NASDAQ High:? 12,936 3,090 Low: ?10,100 2,101 Close: 12,504 2,842 ? ? Carnival Corp. CEC Entertainment Ceridian Corp. Clorox Co. Chase Manhattan Corp. Cognos Intel Corp. Home Depot Jabil Circuit Microsoft Corp. WorldCom Michael Holland ? DJIA NASDAQ High:? Low: Close: 12,500 10,200 12,375 3,025 2,400 3,010 ? ? FORTUNE e-50 Index Fund FORTUNE 500 Index Fund Intel Corp. Microsoft Corp. Varian Semiconductor Equipment John Kim ? DJIA NASDAQ High:? 12,400 3,100 Low: ?9,200 2,300 Close: 12,100 3,000 ? ? Aetna Allmerica Financial Corp. America Online JDS Uniphase Corp. Lehman Brothers Holdings Lincoln National Corp. Nortel Networks Corp. Xilinx Yahoo! Gretchen Lash ? DJIA NASDAQ High:? 11,825 3,000 Low: 10,000 2,200 Close: 11,800 2,500 ? Bed Bath & Beyond Capital One Financial Corp. Carnival Corp. Cox Communications Household International Lilly (Eli) & Co. Medtronic Schering-Plough Corp. Strong High-Yield Bond Fund Vanguard High-Yield ????????Corporate Bond Portfolio ? Barbara Marcin ? DJIA NASDAQ High:? Low: Close: 13,000 10,500 12,000 3,200 2,500 3,000 ? ? AT&T Wireless Group Cendant Corp. Compaq Computer Corp. Loral Space & Communications Lucent Technologies Mattel Motorola WorldCom Roger McNamee ? DJIA NASDAQ High:? 12,000 3,200 Low: 10,500 2,300 Close: 12,000 3,200 ? ? Agile Software Corp. BEA Systems Cabletron Systems E.piphany Ericsson (LM) Extreme Networks Flextronics International Ltd. Informatica Corp. i2 Technologies Juniper Networks Peregrine Systems Brian Rogers ? DJIA NASDAQ High:? 12,500 3,000 Low: 10,000 2,000 Close: 11,900 2,250 ? ? Aon Corp. Cypress Semiconductor Corp. Disney (Walt) Co. Exodus Communications Fortune Brands Hasbro MSDW Emerging Markets Fund Motorola Octel Corp. Ryder System Sprint Corp. (FON Group) Unisource Energy Corp. ? Nick Sargen ? DJIA NASDAQ High:? Low: Close: 11,600 ?9,600 11,400 3,150 1,950 2,900 ? Alcatel SA Allstate Corp. McDonald's Corp. Nestle SA Southern Co. Sun Microsystems TOPIX (Japanese Stock Market) Vitesse Semiconductor Corp. WorldCom Currencies: Long Euro versus Yen Bonds: Merrill Lynch High-Yield Index ? Liz Ann Sonders ? DJIA NASDAQ High:? 13,500 3,800 Low: 10,200 2,400 Close: 13,000 3,500 ? ? Applera Corp. - Applied Biosystems BEA Systems Brocade Communications Systems CIENA Corp. Citigroup Enron Corp. Home Depot Interwoven Nokia Nuance Communications Texas Instruments VERITAS Software Corp. Robert Stovall ? DJIA NASDAQ High:? 12,735.73 4,075.73 Low: 9,295.75 2,015.75 Close: 12,675.29 3,675.43 ? ? Archer-Daniels-Midland Co. Chase Manhattan Corp. DIMON Developers Diversified Realty FedEx Corp. Lowe's Companies Motorola Norfolk Southern Corp. Palm Petroleum Geo-Services ASA Seitel Williams Companies Martin Zweig ? DJIA NASDAQ High:? 13,375 3,350 Low: 10,610 2,270 Close: 13,170 2,570 ? ? ACE Ltd. Amgen BEA Systems Bristol-Myers Squibb Co. Brocade Communications Systems Dime Bancorp Freddie Mac Home Depot Ingersoll-Rand Co. St. Paul Companies Tyco International Ltd. Washington Mutual ? Copyright , 2001. Maryland Public Television. All rights reserved. ?
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