|
PureBytes Links
Trading Reference Links
|
Almost every financial article this week is parroting the
"Old vs. New Economy theme.
Here's a picture: the ratio of NDX (the
NASDAQ 100) to OEX (the S&P 100). Both have 100
stocks, both mostly cap-weighted (NDX underweights
some of the very big cap. stocks), mostly big cap
stocks. The NDX has almost all of the 'gorilla'
tech. stocks and internet high flyers. The OEX,
has seom overlap with NDX, but has more old economy
stocks mixed in.
It took 13 years from 1985 to 1998 for the NDX to
double in rel. strength (measured by the ratio of
NDX to OEX), and subsequently in the past 2 years,
it has doubled again in rel. strength. The NDX
has averaged 50%/yr appreciation since 1985, and
in the past 2 years has shown a 100% compounded
annual growth rate.
Here are the top 30 companies by weighting in the NDX. These 30
companies represent 72% of the weighting in the NDX.
Sym Company Weight
MSFT Microsoft Corporation 7.29
CSCO Cisco Systems, Inc. 6.92
INTC Intel Corporation 5.96
QCOM QUALCOMM Incorporated 4.73
JDSU JDS Uniphase Corporation 3.93
ORCL Oracle Corporation 3.8
SUNW Sun Microsystems, Inc. 2.88
NXTL Nextel Communications, Inc. 2.58
VRTS VERITAS Software Corporation 2.5
IMNX Immunex Corporation 2.35
WCOM MCI WORLDCOM, Inc. 2.07
GBLX Global Crossing Ltd 2.01
DELL Dell Computer Corporation 1.85
YHOO Yahoo! Inc. 1.7
CMGI CMGI, Inc. 1.69
AMAT Applied Materials, Inc. 1.59
XLNX Xilinx, Inc. 1.5
SEBL Siebel Systems, Inc. 1.46
AMGN Amgen Inc. 1.34
NTAP Network Appliance, Inc. 1.33
PMCS PMC - Sierra, Inc. 1.28
AAPL Apple Computer, Inc. 1.22
ITWO i2 Technologies, Inc. 1.2
LVLT Level 3 Communications, Inc. 1.2
CIEN CIENA Corporation 1.17
ALTR Altera Corporation 1.16
MXIM Maxim Integrated Products, Inc. 1.11
ERICY LM Ericsson Telephone Company 1.1
BVSN BroadVision, Inc. 0.99
CTXS Citrix Systems, Inc. 0.96
and here are the top 30, by weight, in the OEX. These
top 30 make up 83% of the OEX by weight:
Ticker Company 100
MSFT Microsoft Corp 8.38
GE General Electric 7.26
CSCO Cisco Systems 5.94
INTC Intel Corp 5.48
XOM Exxon Mobil Corp 4.78
WMT Wal-Mart Stores 4.04
IBM International Bus Machi 3.36
C Citigroup Inc 3.21
MRK Merck & Co 3.06
LU Lucent Technologies 2.87
T AT&T Corp 2.8
AIG American Int'l Group 2.67
ORCL Oracle Corp 2.36
KO Coca Cola Co 2.35
PG Procter & Gamble 2.2
BMY Bristol-Myers Squibb 2.17
HD Home Depot 2.16
NT Nortel Networks Corp 2.12
JNJ Johnson & Johnson 1.99
HWP Hewlett-Packard 1.83
BEL Bell Atlantic 1.6
TXN Texas Instruments 1.44
BAC Bank of America Corp 1.37
DIS Walt Disney Co (The) 1.24
AXP American Express 1.22
WFC Wells Fargo & Co (New) 1.09
AMGN Amgen 1.08
DD Du Pont (EI) 1.02
F Ford Motor 1
GM General Motors 0.85
The stocks in the intersection of "old" and "new"
(OEX and NDX) are: AMGN, CSCO, INTC, MSFT, and ORCL.
X-Zm-Content-Name: ndx_oex.gif
Content-Type: image/gif ; name="ndx_oex.gif"
X-Zm-Decoding-Hint: mimencode -b -u
Attachment Converted: "f:\eudora\attach\ndx_oex.gif"
|