2004 Buyback Companies, and their Performance Relative to the S&P500
                                                            (through March 18, 2004)
Ticker Name Announcement
Date
Stock %
Change
S&P %
Change
Stock-S&P
WMT WAL-MART STORES 1/5/04 13.1% 0.0% 13.1%
BSC BEAR STEARNS COS. 1/7/04 8.9% 0.4% 8.5%
PSFT PEOPLESOFT INC. 1/12/04 -18.9% 0.4% -19.4%
MHS MEDCO HEALTH SOLUTION 1/14/04 -7.9% 0.7% -8.6%
BMY BRISTOL-MYERS SQUIBB 1/15/04 -14.9% 0.9% -15.8%
IP INTERNATIONAL PAPER 1/15/04 -5.5% 0.9% -6.3%
WB WACHOVIA CORP. (NEW) 1/15/04 2.5% 0.9% 1.7%
ZION ZIONS BANCORP 1/20/04 -4.8% 1.5% -6.3%
SOTR SOUTHTRUST CORP. 1/21/04 -0.5% 2.3% -2.7%
SYMC SYMANTEC CORP. 1/21/04 15.7% 2.3% 13.4%
LUV SOUTHWEST AIRLINES 1/22/04 -12.5% 1.9% -14.5%
VZ VERIZON COMMUNICATIONS 1/22/04 -0.3% 1.9% -2.2%
AT ALLTEL CORP. 1/23/04 2.6% 1.7% 0.9%
BDX BECTON 1/27/04 7.9% 1.9% 6.0%
LEH LEHMAN BROS. 1/27/04 1.0% 1.9% -0.9%
BAC BANK OF AMERICA CORP. 1/28/04 -0.5% 0.5% -1.1%
MHP MCGRAW-HILL 1/28/04 4.4% 0.5% 3.8%
WWY WRIGLEY (WM) JR. 1/28/04 3.3% 0.5% 2.8%
XEL XCEL ENERGY INC 1/29/04 5.4% 1.1% 4.3%
AFL AFLAC CORPORATION 2/2/04 6.4% 1.2% 5.3%
FDC FIRST DATA 2/2/04 7.8% 1.2% 6.7%
MDP MEREDITH CORP. 2/2/04 -1.3% 1.2% -2.5%
WEN WENDY'S INTERNATIONAL 2/2/04 6.5% 1.2% 5.3%
CTL CENTURY TELEPHONE 2/3/04 9.5% 1.2% 8.3%
GCI GANNETT CO. 2/9/04 3.9% 1.6% 2.4%
JP JEFFERSON-PILOT 2/9/04 2.2% 1.6% 0.7%
LNC LINCOLN NATIONAL 2/10/04 0.7% 2.1% -1.4%
MER MERRILL LYNCH 2/10/04 5.3% 2.1% 3.3%
PRU PRUDENTIAL FINANCIAL 2/10/04 4.4% 2.1% 2.4%
RBK REEBOK INTERNATIONAL 2/10/04 5.6% 2.1% 3.6%
RX IMS HEALTH INC. 2/10/04 -1.5% 2.1% -3.6%
MAY MAY DEPT. STORES 2/12/04 -6.2% 2.7% -8.8%
CTX CENTEX CORP. 2/17/04 8.1% 3.1% 5.0%
GDT GUIDANT CORP. 2/17/04 -0.8% 3.1% -3.9%
MTB M&T Bank Corp 2/18/04 -2.1% 2.6% -4.7%
TXN TEXAS INSTRUMENTS 2/19/04 -5.2% 2.2% -7.4%
PNC PNC BANK CORP. 2/20/04 0.9% 1.9% -1.1%
FO FORTUNE BRANDS 2/24/04 7.2% 1.5% 5.7%
IBM INTERNATIONAL BUS. MACHINES 2/24/04 -4.1% 1.5% -5.6%
NVLS NOVELLUS SYSTEMS 2/24/04 -4.3% 1.5% -5.8%
LMT LOCKHEED MARTIN CORP. 2/26/04 -4.4% 2.0% -6.4%
LTD LIMITED BRANDS 2/26/04 -4.8% 2.0% -6.8%
SDS SUNGARD DATA SYSTEMS 2/26/04 -3.3% 2.0% -5.3%
CAH CARDINAL HEALTH 2/27/04 0.6% 2.0% -1.5%
FDC FIRST DATA 2/27/04 2.8% 2.0% 0.7%
HD HOME DEPOT 2/27/04 1.9% 2.0% -0.1%
SPLS STAPLES INC. 3/4/04 -5.1% 2.9% -8.0%
MXIM MAXIM INTEGRATED PROD 3/10/04 1.3% 0.1% 1.1%
NSM NATIONAL SEMICONDUCTOR 3/11/04 6.5% -1.4% 7.9%
PTV PACTIV CORP. 3/15/04 5.6% -1.6% 7.2%
AZO AUTOZONE INC. 3/17/04 0.9% 0.1% 0.8%
Average -0.6%
Stdev 6.8%
N 51
% positive 49.0%