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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Kip518 who wrote (4466)	3/8/1998 6:15:00 PM
From: Pancho Villa	Read Replies (1) \| Respond to of 18691

Kip: this is cool, insiders sell dummies buy! I guess the street will claim insiders don't really know the huge potential of their own businesses! Were did you get it? Did not see it in Barron's. Will try StockSmartPro. While you are at it check CMB, CCI, BBY I think the bankers are scared sh...less too. Pancho

To: Kip518 who wrote (4466)	3/8/1998 6:33:00 PM
From: Pancho Villa	Respond to of 18691

Financially, 1996 continued us on target. Core earnings were strong, if you recognize that our U.S. Cards business was down year-to-year as the credit environment shifted from unusually good (1995) to slightly worse than normal (1996). (Our loss performance shifted from being traditionally higher than the industry's to being better.) We offset the Cards business drop with strong performance, particularly in the emerging markets. Net income was $3.8 billion, up $324 million from last year. Earnings per share were $7.42, up 15%. Reflecting our very strong capital accumulation, we paid $1.0 billion in dividends to stockholders in 1996, bought back $3.1 billion in stock, held our capital ratios above 8.3% and 12.2%, and built our reserves. Our stock closed the year at $103 per share, up $35.75 or 53% for the year. Nineteen ninety-six was an unusually good year for business globally. It is quite unlikely that 1997 and 1998 will be so kind. Japan's economy is weak (yes and they did not know about the big Asian hit at this point) Europe will reflect the tensions that are inevitable as countries try to shoehorn their economies into the European Monetary Union. The U.S. economy is slowing, seemingly in an orderly way, but one has to reflect that the great success against inflation comes from restraints on purchasing capacity which, in turn, means tight household and government budgets. It is highly unusual to have good employment numbers and a less than good credit environment in the Cards business! The developing world is [THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.] <TABLE><S> <C> Latin America 11% Europe 15% North America 56% Asia Pacific, Central/Eastern Europe, Middle East, Africa 18% (Asian exposure, could be worse? wonder what the looses on nonperforming lonas will be) CORPORATE BANKINGREVENUE BY REGION<TABLE> <S> <C> Latin America 22% Europe 18% Asia Pacific 20% North America 32%Central/Eastern Europe, Middle East, Africa 8 Wow this looks mighty risky!!!!