J.P. Morgan's Top '99 Stock Picks
Cisco Systems Inc., First Data Corp. and Sprint PCS are among the top global stock picks J.P. Morgan on Tuesday recommended for 1999.
Strategists and analysts at the investment bank (JPM) released the list of 72 stocks for clients. Bank officials made the list available to CBS.MarketWatch.com
In the technology sector, the U.S. analysts backed networking company Cisco (CSCO), Lucent (LU), chip maker Analog Devices (ADI) and software giant Microsoft (MSFT).None of the high-flying Internet stocks appeared to make the list, except Sterling Commerce (SE), which at 43 1/8 Tuesday is a shade off its 52-week high of 50 1/4. The company is an electronic commerce software and services provider. J.P. Morgan analysts were not immediately available for comment.
Telecommunications provider Sprint's (FON) wireless provider spin-off, Sprint PCS (PCS), a tracking stock, made the list, as did communications services provider Frontier Corp. (FRO).
Among retailers, J.P. Morgan picked Abercrombie & Fitch Co. (ANF), Jones Apparel Group (JNY), Saks Inc. (SKS) and grocery chain Kroger (KR).
In the oil patch, the bank selected Sunoco (SUN), Amerada Hess (AHC) and French company Elf Aquitaine.
Among the financials, J.P. Morgan recommended BankAmerica (BAC), discount broker Charles Schwab (SCH), Fannie Mae (FNM) and Nationwide Financial Services (NFS).
Written By Emily Church