Dow Theory Forecasts Announces Investment Opinion: Dow Theory Forecasts Names Capital-Gains Favorites For 2003

Business Wire, Jan 28, 2003

Business Editors

NOTE TO EDITORS: The following is an investment opinion issued

by Dow Theory Forecasts

HAMMOND, Ind.--(BUSINESS WIRE)--Jan. 28, 2003

Dow Theory Forecasts, one of the nation's oldest and most widely read investment newsletters, recently named its capital-gains favorites for 2003. Among the stocks chosen by Forecasts editor Richard Moroney, CFA, are:

Biomet (Nasdaq:BMET). Biomet offers a range of reconstructive devices, including knee and hip replacements. Sales are projected to climb 18% to $1.4 billion in fiscal 2003 ending May. Per-share earnings are expected to jump 19%. The stock's valuation seems reasonable considering the company's solid track record. www.dowtheory.com/Biomet

Microsoft (Nasdaq:MSFT). Microsoft has been doing a good job of boosting revenue during a tough time for most technology companies. About 35% of Microsoft's revenues are recurring, and the continued move toward subscriptions should boost that percentage. www.dowtheory.com/Microsoft

Philip Morris (NYSE:MO). Philip Morris combines a yield of more than 6% with an attractive valuation. Backing out the company's ownership of Kraft Foods infers a very modest valuation on the entire tobacco business. www.dowtheory.com/PhilipMorris

STERIS (NYSE:STE). STERIS is a leading maker of infection-prevention systems and laboratory and surgical supplies. The company should benefit from a trend toward an increased number of surgical procedures and accelerating demand from pharmaceutical makers and research facilities. www.dowtheory.com/STERIS

Wells Fargo (NYSE:WFC). Wells Fargo has benefited from robust demand for mortgage originations and home-equity loans. Wells Fargo's broad commercial exposure should serve it well when the economy rebounds. Wells Fargo expects double-digit revenue and earnings growth, and it is positioned to excel whether the economy recovers or not. www.dowtheory.com/WellsFargo

Dow Theory Forecasts has been providing advice to individual investors every week since 1946. The newsletter's "Focus List" has posted a gain of 124.8% since its December 1994 inception to December 31, 2002. That compares to a 91.3% return for the S&P 500 and 84.8% return for the Wilshire 5000. (Returns reflect the impact of our recommended cash position). Among all newsletters monitored by the independent Hulbert Financial Digest, Dow Theory Forecasts ranks in the top five for both timing-only and overall performance over the last 20 years. Receive a FREE trial subscription to Dow Theory Forecasts at www.dowtheory.com.