Cohan's W. Industrial Complex
Peter Cohan April 15, 2005
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Comments taken from management consultant Peter Cohan's interview with Wall $treet Week with FORTUNE co-anchor Karen Gibbs, which will air on our April 15, 2005 broadcast.
"The one area that I've seen that's had tremendous value since the current administration took over back in January 2001 is something that I call the
W Industrial Complex Index, with the "W" for George W. Bush. These are companies in the energy industry, defense industry, certain high end retailing properties and certain communications companies. And I've tracked these stocks since January 2001."
| Stock (Symbol) | 01/19/01 | 04/12/05 | Percentage change |
| OVERALL INDEX | 101% |
| ENERGY |
| Massey (MEE) | $14.91 | $39.01 | 162% |
| Consol (CNX) | $23.91 | $46.20 | 93% |
| Arch Coal (ACI) | $13.85 | $43.73 | 216% |
| Peabody Coal (BTU) | $17.65 | $44.13 | 150% |
| Exxon (XOM) | $36.04 | $59.93 | 66% |
| Chevron (CVX) | $35.08 | $56.34 | 61% |
| ConocoPhillips (COP) | $50.21 | $107.99 | 115% |
| BP (BP) | $45.25 | $62.93 | 39% |
| Devon Energy (DVN) | $27.03 | $46.40 | 72% |
| Burlington Resources (BR) | $20.68 | $50.31 | 143% |
| Valero Energy (VLO) | $16.04 | $73.90 | 361% |
| Schlumberger (SLB) | $69.99 | $69.60 | -1% |
| Baker Hughes (BHI) | $37.90 | $44.05 | 16% |
| Halliburton (HAL) | $34.42 | $43.76 | 27% |
| DEFENSE |
| Raytheon (RTN) | $28.22 | $38.51 | 36% |
| United Defense** (UDI) | $20.00 | $73.94 | 270% |
| Boeing (BA) | $52.39 | $58.09 | 11% |
| Lockheed Martin (LMT) | $30.49 | $61.69 | 102% |
| Northrop Industries (NOC) | $37.71 | $55.78 | 48% |
| General Dynamics (GD) | $65.03 | $105.20 | 62% |
| United Technology (UTX) | $67.52 | $99.58 | 47% |
| MEDIA |
| Fox Entertainment (FOX) | $22.12 | $36.35 | 64% |
| RETAIL |
| Neiman Marcus (NMG.A) | $35.99 | $93.86 | 161% |
Here are how some major indexes, energy prices and defense spending have done over the same period:
| Stock (Symbol) | 01/19/01 | 04/12/05 | Percentage change |
| S&P 500 | $1,342 | $1,172 | -13% |
| NASDSAQ | $2,770 | $1,977 | -29% |
| US Coal ($/mt) | $30.75 | $62.00 | 102% |
| Oil ($/bbl) | $24 | $53.75 | 124% |
| Gas ($/mcf) wellhead | $3.79** | $7.56 | 99% |
| Defense Budget ($B) | $305 | $419 | 37% |
** -- Gas price tracking dates to June 2001
Source: Department of Energy, Energy Information Administration
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