所罗门美邦研究报告.pdf

See Appendix A-1 for Analyst Certifications and Important Disclosures.
Portfolio
Strategist
September 25, 2003 Volume 21, No. 39 A WEEKLY FOR INVESTORS
Editorial Overview Ready, Set… Mark Fulton.................................................................................... 3
Must Read: Aerospace & Defense ................................................................................................... 27
Our annual poll of public support for defense spending produced surprising results once again:
Only 31% of respondents support increased defense outlays, down from 50% last year and 80%
in the autumn of 2001. We had expected a slight decline to around 45%–50%. We believe the
key reasons for the drop were probably the military ess in Iraq again demonstrating the
overwhelming . military strength and the sharply rising budget deficit.
Macro / Commentary Proprietary / Proactive
. Equity Strategy Industry Aerospace & Defense e D. Shapiro
The Realities of Stock Market Recoveries More Difficult to Defend Defense ................................... 27
Tobias M. Levkovich ........................ 5 Mid-Cap Autodesk Craig Ellis
Index Targets and Portfolio Weighting ......... 8 Positioned to Surpass Consensus ......................................... 29
Smith Barney mended List ............... 9 Mid-Cap, Value . pany Inc. Deborah Weinswig
The Clock Is Ticking at Eckerd .............................................. 31
Economics This Week............................... 10
On the Contrary
. Emerging Growth Strategy
Large-Cap, Growth First Data Corporation Patrick M. Burton, CFA
Is There Still Value in Small-Cap Financials?
Solidifying Conviction in FDC-CE Merger ............................... 33
Albert D. Richards ........................... 11
Quantitative Research Insights
In Style: September and Year-to-Date Industry Business Services Leone T. Young, Tracy Whitman Brace
Review of Style Strategy Performance Sta