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To: Anthony Wong who wrote (720)	9/1/1998 8:35:00 AM
From: Anthony Wong	Respond to of 1722

Merck said they are buying back shares: Let's see if some of the heavyweights step up to the buyback plate Tuesday. So far this week, drug maker Merck & Co. (MRK) and restaurant company Wendy's International (WEN) are on the record saying they are buying their tumbling shares on the floor of the New York Stock Exchange. CBS Market Watch, August 31, 1998 cbs.marketwatch.com

To: Anthony Wong who wrote (720)	9/1/1998 8:51:00 AM
From: Anthony Wong	Respond to of 1722

Analysts' Favorite Stocks Are Mostly Long-Term Investments (excerpt): Richard Bernstein, chief quantitative strategist for Merrill Lynch & Co. in New York, said he believes the best value can be found in high-quality large caps. "What the market is valuing in stocks is not the fundamentals but the certainty of those fundamentals," he said. "If you include a variable for certainty when you value them, it makes these high-cap guys look cheap." Bernstein said in the current economic environment, it doesn't matter that small-cap companies are trading at lower multiples or have fallen further than their larger cousins. "Value has never outperformed growth when the profit cycle is decelerating, which it is currently," he said. Two sectors in particular - pharmaceuticals and higher-quality retail stocks - can be considered bargain buys now, he said. smartmoney.com