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March 22, 2005 - Dr. Ed Yardeni's Economics Network

March 22, 2005 - Dr. Ed Yardeni's Economics Network

- Relative Earnings: S&P

- Relative Earnings: S&P 500 Sectors - 300 275 Figure 14. S&P 500 FORWARD EARNINGS* (1997=100) 300 275 Among these Basics, Energy is soaring, while Industrials and Materials are in cyclical upswings. 250 225 200 S&P 500 Index Energy Industrials Materials 250 225 200 175 150 Mar 175 150 125 125 100 100 75 50 yardeni.com 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 75 50 * 12-month forward consensus expected operating earnings per share. Time-weighted average of current and next years’ consensus forecasts. Source: Thomson Financial. 175 Figure 15. S&P 500 FORWARD EARNINGS* (1997=100) Mar 175 These utilities are bottoming. 150 S&P 500 Index Telecommunications Services Utilities 150 125 125 100 100 75 75 50 yardeni.com 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 50 * 12-month forward consensus expected operating earnings per share. Time-weighted average of current and next years’ consensus forecasts. Source: Thomson Financial. Page 14 / March 22, 2005 / Investment Strategy Weekly OAK ASSOCIATES, ltd. www.oakassociates.com

Copyright (C) Dr. Edward Yardeni 2005. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. Any opinions expressed are subject to change without notice. Additional Information Available on Request.

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