Wal-Mart Message Board - Msg: 1871467

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Non-Tech : Wal-Mart

WMT 102.48

-0.1%

Nov 14 9:30 AM EST

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To: TheInvestor who wrote (191)	7/30/1997 6:08:00 PM
From: Ken Turetzky	of 1166

CREDIT SUISSE FIRST BOSTON CORPORATION Re: AM NOTES July 30, 1997 Retail - Michael Exstein-212/325-4147 Retail stocks as measured by the S&P Retail Index have been strong performers this year, up 35% year to date and 8.7% month to date. In fact, the group has actually outperformed the overall market year to date for the first time in five years. Now, the operative questions are: why is this happening and can it last? We think that there are three reasons for the industry's current outperformance: good sales performance in July, the hunt for value in the stock market, and the industry's improving fundamentals. We think the latter is the most important element for investors to focus on since the industry's structure has weighed down results for so long. There are no changes to our ratings; Federated (FD, $41 7/8) and Zale (ZLC, $21 1/4) are rated Strong Buy and May (MAY, $56 9/16), JCPenney (JCP, $60) and *WalMart (WMT, $37 3/4) are rated Buy**.

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