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Prices for newsprint posted gains for most of 1997, but prices for other paper grades were depressed by the economic turmoil in Asia, and the prices for export logs and lumber have been hit hard as well. Work stoppages and consolidation are two factors which will have impacts on the paper and forest products industries, as well. Investors need to consider risks before committing funds as these stocks are susceptible to downturns.

US demand for cement in the near future is expected to increase with the passage and signing of the Transportation Efficiency Act. In addition, the US consumed 102 mil tons of cement in 1997 while producing only 86 mil tons during the same period and this demand and supply situation is expected to continue. Earnings for the cement industry are expected to remain strong in 1998 and these stocks are timely in 1998, although cyclical.

Low fuel prices, rail-service problems in the Northwest, strong volume, and firm prices are benefiting US truckload carriers in 1998, but carriers may also have a volume falloff in 1999. Less-than-truckload carriers have seen a decrease in volume in 1998, but industry finances are still better than in 1995 and 1996. These stocks are timely for 1998 and 1999 and investors who are willing to take risks will find several in this industry to consider.

Airline traffic growth is expected to remain solid for 1998 and 1999 along with the US economy, although it will be less than the 5% of 1997, and airline capacity is forecast to grow more slowly than traffic. Airlines are also creating international joint ventures in order to take advantage of the expected increase in international travel. These shares are timely and have outperformed the market in 1997 and 1998, but continue to be cyclical.

Low inflation, high employment, and disposable income is forecast to aid consumer confidence in 1998, and the US gross domestic product is expected to grow at an average of 2.5% for the remainder of the year. Specialty store chains with unique merchandising strategies will have opportunities to grow and prosper as a result, although some sectors are mixed and competition is tough. Several of these stocks are timely for investors in 1998.

Department stores are expected to have mixed financial results in 1998 due to increased competition and the lack of store-opening opportunities with the lessened consolidation within the industry. On the other hand, Wal-Mart and other discount store chains are forecast to have gains in both market share and earnings. Investors need to evaluate these stocks on an individual basis as their growth potential through the years 2001-2003 is limited.

There has been an improvement in apparel pricing and demand in 1998 with healthier backlogs and inventories at all industry levels, and this can be expected to continue with improved economic conditions. The Asian economic crisis, NAFTA, and less expensive offshore production capacity has also improved the industry's cost structure. However, investors need to show caution with these stocks, although they are timely in 1998.

Strong customer demand, healthy economic conditions and a stable rate were beneficial for the economic conditions of the trucking and transport leasing industry during 1997. The stocks of the industry performed well during 1997 and could continue to do well through 2002. There are risks involved in these investments but they might pay off during early 1998.

Pricing and demand for apparel has improved in 1997, but sales for the 1997 holiday selling season and after are an unknown factor in spite of a good US economy. Stable material costs, better cost structures in apparel companies, and improved European economic conditions through 1999 are likely to support earnings growth in the industry. Investors need to be cautious with their stock evaluations, although the industry is ranked for timeliness in 1997.

The outlook for the 1997 holiday shopping season is good compared to 1996 with higher consumer confidence due to a higher minimum wage, continued personal income growth and low unemployment. The selling environment for books, video games, toys, consumer electronics and soft lines is also good in 1997 and this should continue through 1998. Investors must select stocks in this industry that are timely for both the near- and long-term.

Future prospects for the retail store industry are mixed, especially for department stores where women's apparel sales have been weak in 1997. The outlook for discount stores is better, however, as they continue to gain a greater share of the market. Retail stocks have outperformed the market in 1996 and 1997 after a weak 1994 and 1995. Investors must consider individual stocks, as the industry is unattractive for the next three to five years.

The paper and forest products industry reported good financial results in 1997 partly due to increased prices for newsprint and rising orders for coated papers. However, supplies of paper and wood products are expected to exceed demand in 1998, especially in the international market. The paper and forest products industries are vulnerable to economic trends, and investors should consider whether they are willing to accept possible risks.

Stocks of the cement and aggregates industry are expected to continue rising in the last quarter of 1997 and the first half of 1998, as the construction industry's demand for cement remains high. Imports supply about 15% of cement sales. Environmental restrictions hamper the building of new cement facilities in the US, so companies are likely to increase production by expanding their existing plants. Long-term investors should keep in mind the cyclical nature of this industry.

The less-than-truckload (LTL) segment of the trucking industry has been robust during 1996 and 1997, and rates have increased and stabilized, as well. Package volume for some LTL carriers increased during the Teamsters strike against United Parcel Service, in addition. However, the upcoming National Master Freight Agreement renegotiation is a concern. These stocks, some of which have potential, must be considered on an individual basis.

Financial results for special lines retail stores are as mixed as the numerous types of stores that make up the industry and although sales were good in February and March, 1997, they slowed considerable in April. Many sectors, even those doing well, are not likely to show much improvement and will have slow growth rates. Investors should seek companies with high growth potential or those that cater to price-conscious consumers.

Many electronics industry companies have had good growth and are expected to continue to do so over the long-term period, but some companies, including personal computer manufacturers, may see a drop in new sales as consumer inventories grow. While a few company's stocks have dropped in Timeliness ratings in the last quarters, many other companies boast stocks that will offer above-average appreciation over a 3 to 5 year period.

Paper and forest products industries earning and economic performance have been on a steady decline for seven quarters since they reached their high point in the summer of 1995 and are expected to drop even further in the immediate future despite the tradition of cyclical changes. Paper prices are dropping and the construction industry demand for lumber will be impeded by increased interest rates. Investors who require good year-ahead performance should avoid involvement with paper and forest products companies whose equity prices are already near all-time highs.

Only a handful of the diverse specialty chemical industry companies are expected to be of value to investors from 1997 through the end of the century and will offer few attractions other than that they will have stable earnings and will probably outperform basic chemical companies. Best expectations are that 1996 marked the end of rising raw material costs and that the current economic cycle is reaching a point generally favorable for specialty chemical stock margin expansion.

Some trucking companies are performing better, but that improvement may not continue. The merger of freight railroads Conrail and CSX, if consumated, could result in lost market share for less-than-truckload carriers such as American Freightways and CNF Transportation's Con-Way group, which serve the East. The trucking industry has a middle-of-the-pack Timeliness rank, but investors are advised to place their funds elsewhere.

Consumer demand has given the retail industry good results in the 3rd qtr of 1996. Lower inventory levels, along with better consumer confidence and retail conditions, and a stable economy will also benefit the industry in 1997. However, offshore production and sourcing operations and computerized systems are needed for the industry to remain competitive and profitable. Investors must be selective and value-oriented when evaluating these stocks.

The forecast for the 1996 Christmas shopping season is good with high consumer confidence levels, along with the factors of supply and demand. However, specific retailers may have problems in 1997 since a slowdown in the US economy is expected, and consumer confidence and spending are not likely to be maintained. Investors in 1997 must carefully select those retail stocks with well-defined opportunities and proven records of success.

The environment for the retail industry, especially department stores, has improved in terms of same-store sales and profits in 1996 when compared to 1994 and 1995. Department stores have been accelerating the trend to private labels, as well as changing their merchandise offerings. However, results for discount store chains have been more mixed in 1996. Timeliness for these stocks has increased in 1996, but investors must still be selective.

A number of electronics industry companies offer good prospects for serious investors despite a recent tapering off from the industry's rapid growth and a drop to Below Average in the industry's Timeliness ranking. Long term investments are expected to be good but this is also based on world economic improvements since industry growth in sharply dependent on international economic growth and development.

Paper and forest products industry economic conditions have been extremely volatile in 1996 and analysts are predicting that they will continue to remain so in 1997 except for a few companies who will offer some comparatively high yields on their securities. Despite a boom in the construction industry, lumber prices have dropped approximately 15% since September, 1996. In the paper industry, only Mosinee Paper Corp. is expected to show a satisfactory performance for 1996.

The cement and aggregates industry had good economic results in 1996, helped considerably by the growth in construction, and many individual companies that have used their earnings to reduce debts will probably give them a strong financial position. However, prices, except for some cements, may take a drop from their previously steady upswing and prevent even formerly fast rising stocks from moving much higher.

The apparel industry is not timely in 1996, although the retail area has improved. Consumers have reallocated their spending with concerns over the economy, personal debt, and job security, and apparel prices have been reduced. Fashion trends have become important and manufacturers are catering to consumer needs, but competition is still intense. Some apparel stocks are suitable investments, but most will underperform the market in 1996.

Higher cement prices, US industry protection through tariffs and consistent construction activity will continue to benefit the cement and aggregates industry throughout 1996. Profits are expected to increase during 1996 and will provide timely investments. Several stocks could have high returns into the next century.

A modified Delphi method is used to forecast future trends and developments in the food industry. Four major areas in the food system are specifically analyzed. These are supermarket sales distribution, technological developments, operational developments and structural developments. The study indicates a continued strong demand for fresh and branded foods. Technology is also seen to significantly affect the future of the food industry, specially in customer service.

In today's whirlwind corporate world of mergers and acquisitions, the human resources function is positioned to play an important role. At a time when HR struggles to become a strategic [...]