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Friday April 02, 1999 (10:00 am ET) Laggards for Die-Hard Value Investors
By Arnold Kaufman, Editor, S&P's The Outlook
NEW YORK, Apr. 02 (Standard & Poor's) - Growth investing, sometimes called momentum investing, has been "in" now for a period of years, exemplified by the persistent leadership of the big-capitalization blue chips, especially the large technology stocks. But investing fashions tend to change after one or the other becomes over-used.
On the assumption that value investing will return to favor before long, we searched our database for relatively low-P/E laggards among the out-of-style small- and mid-cap issues. S&P securities analysts, moreover, had to like the stocks' prospects.
Specifically, we looked for stocks that (1) have market capitalizations of $5 billion or less, (2) are down at least 10% in price since the end of 1998, (3) carry P/Es on estimated 1999 earnings that are lower than the projected five-year earnings growth rates and (4) carry S&P STARS rankings of (buy) for their above-average year-ahead appreciation potential.
The following 12 stocks (listed in order of market-cap size) emerged:
Cadence Design Sys (CDN)
Saks Inc (SKS)
Network Associates (NETA)
ECI Telecom Ltd (ECILF)
Convergys Corp (CVG)
Solutia Inc (SOI)
Microchip Technology (MCHP)
Furniture Brands Intl (FBN)
Meritor Automotive (MRA)
Enhance Financial Svcs Grp (EFS)
Canandaigua BrandsCl'A' (CBRNA)
Zebra Technologies'A' (ZBRA)
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