In This Issue:

•Equity Outlook Brightens: The end of the Fed's tightening cycle could be a catalyst for better stock performance.
•STARS Status: Changes in S&P analysts' STARS rankings for August 14 through August 18.
•P/E Analysis Turns Up Some Bargains: These five-STARS stocks are all trading well below their historical P/Es.
•Flagging Fiscal Fitness: Use S&P credit ratings to help evaluate risk and reward.
•How to Size Up a Mutual Fund: Excellence in fund management is more than just last year's performance.
•Master List Changes: We dropped four three-STARS stocks - three from the Small/Mid-Cap Portfolio and one from the Total Return Portfolio - in favor of higher-ranked issues.
•Procter & Gamble on Course for Solid Growth: We think P&G is well positioned to satisfy consumer demand for household and personal care products in developing countries.
•Harness Our Quant Power: Standard & Poor's Neural Fair Value 25 Portfolio buys what are deemed undervalued issues with superior return potential.

Some of the Companies Featured:

Bed Bath & Beyond
Barclays
Barr Pharmaceuticals
Carlisle
Cheesecake Factory
Citigroup
Electronics for Imaging
Johnson & Johnson
MEMC Electronic Materials
Merrill Lynch
Pfizer
Procter & Gamble
SAP
Tween Brands
Wild Oats Markets

S&P Information Products

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S&P Industry Stock Reports
The Outlook
Search Engine Survey
Pocket Guides
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