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IBO Stock Indices in August: Lab Instrumentation Index Show Gains.

As the three major US market indices continue their declines, many observers question when the US market will show signs of stable growth. Unfortunately, instrument company stocks were not immune from the bear market.

The Federal Reserve Board again cut interest rates a quarter percent in August. However, the cut had little effect on the overall performance of the market in August.

For the month of August, the Dow Jones Industrial Average (DJIA) fell 6% to close at 9949.75. This was the first time the DJIA fell below the 10,000 mark since early April 2001. Since the beginning of the year, the DJIA has fallen 8%. The S&P 500 broad market index closed at 1133.58, losing 3% for the month of August. It continues to remain 14% below its level at the beginning of the year. The tech-heavy NASDAQ market index fell 10% for the month and 27% for the year thus far to close at 1805.43.

For the month of August, the four IBO stock indices showed contrasting results. Two of the indices dropped in value, one rose slightly in value and another remained even with its July close. The Laboratory Instrumentation Stock Index rose 5% to 387.80 for the month, but remains down 53% for the year. Showing the largest losses for the month, the Process/Metrology/Motion Instrumentation Stock Index dropped 15% for the month of August and remains down 50% from its December 2000 close. The Filtration Stock Index fell 3% for the month, but is up 3% for the year and is the only IBO stock index to remain in positive territory for 2001. The Laboratoty Equipment Distributor Stock Index remained even for the month, but has fallen 9% after the first eight months of 2001.

Laboratory Instrumentation

For the month of August, the Laboratory Instrumentation Stock Index showed 18 companies gaining between 1% to 73% in value, nine companies losing between 1% to 45% in value, and one remaining even from its July close for an overall gain of 5%. However, for the year, seven companies are up, 20 are down, and one is unchanged from the beginning of the year, resulting in a 53% loss for the index in 2001.

Starting September 5, 2001, Rheometric Scientific will be traded on the American Stock Exchange under the symbol "RHM". One of the month's biggest gainers was Harvard Bioscience, which recorded a 73% gain in share price for the month and is up 47% for the year. During the month of August, new coverage was initiated on Harvard Bioscience by Stephens Inc. at a Buy rating, while Molecular Devices received an Add rating from ABN AMRO. Analysts from Robert W. Baird upgraded PerkinElmer's stock and Qiagen's stock to Strong Buy recommendations, while analysts from SG Cowen upgraded Waters' stock to a Strong Buy recommendation.

[GRAPH OMITTED]

Process/Metrology/Motion Instrumentation

The Process/Metrology/Motion Instrumentation Stock Index, falling 15% for the month, appears to be suffering from the downturn in the semiconductor industry. Two of the nine companies in the index showed a rise in share price for the month, while the other seven companies declined by 3% to 43%. The driving force behind this index continues to be Newport, which is down 77% from the close of December, while the index remains down 50% for the year. Newport and Veeco both received Buy ratings from Dain Rauscher Wessels. Also during the month, Veeco was upgraded by Tucker Anthony Sutro to a Buy rating, while Zygo was downgraded by ABN AMRO from an Add to a Hold.

Filtration

The Filtration Stock Index

fell 3% during the month, with four of the five companies' share prices dropping between 1% to 34%. For the year thus far, the index is the only one to show positive growth, with three of the five companies growing in share price. But, in August, three companies stocks were downgraded. Ionics was downgraded to a Neutral rating from First Analysis Securities, while shares of Osmonics and Pall were downgraded to Market Perform from Robert W. Baird.

Laboratory Equipment Distributors

The Laboratory Equipment Distributor Stock Index remained even for the month of August with three gainers and two losers. For the year thus far, the decrease in share price between 7% and 32% for four of the five index companies is the reason behind the 9% loss for the index. Of the gainers in August, shares of SciQuest rose 36%, shares of Apogent Technologies rose 3%, and shares of Kewaunee rose 1%.

International

The international companies didn't perform very well for the month of August either. Shares of Japanese companies Horiba, Shimadzu, and Jeol dropped 15%, 9%, and 3%, respectively, for the month. On the London Stock Exchange, shares of Genetix rose 1% for the month, but remain down 29% for the year. Whatman's shares fell 5% for the month and continue to head downward, falling 52% this year so far. On the Swiss Exchange, Tecan's shares fell 3% during August, down 26% after the first eight months of 2001.
 Mkt. Value 52 week Price
Company: Exchange (000s) high/low 8/31/01

Laboratory Instrumentation
Affymetrix: o $1,206,520 17.37- 92.00 $21.70
Applied Biosystems:n $5,274,609 18.49- 133.31 $25.01
Argonaut Tech:o $77,775 4.05- 22.50 $4.25
Beckman Coulter: n $2,715,768 32.63- 47.60 $45.72
Biacore:o $256,270 23.10- 46.25 $26.15
Bioanalytical Systems:o $34,500 2.13- 14.50 $7.50
Bio- Rad Laboratories:a $696,875 21.00- 56.00 $55.75
Bruker Daltonics:o $902,550 8.31- 47.31 $16.50
Cell Robotics:o $3,405 0.28- 2.94 $0.40
Ciphergen:o $111,606 3.75- 39.44 $4.18
CRS Robotics: to $22,105 2.00- 3.90 $2.75
Dionex:o $664,224 25.56- 38.00 $29.92
Genomic Solutions: o $54,250 1.75- 18.81 $2.17
Harvard Bioscience: o $352,160 5.88- 14.25 $14.20
Illumina: o $280,401 5.69- 51.63 $8.79
Invitrogen:o $3,462,727 38.50- 87.44 $68.03
Isco:o $42,000 3.41- 9.00 $7.50
Luminex:o $532,125 11.95- 41.00 $19.35
Molecular Devices:o $367,578 16.38- 112.50 $22.69
O.I. Analytical:o $10,276 2.25- 3.94 $3.67
Packard BioScience:o $638,986 3.94- 20.00 $9.58
Perkin Elmer:n $3,236,872 21.28- 60.50 $32.08
Qiagen:o $2,912,000 16.88- 48.75 $20.80
Rheometric Scientific:o $81,763 1.88- 7.40 $5.80
Thermo Electron:n $3,891,932 19.25- 31.24 $21.67
Varian Inc.: o $976,801 21.50- 52.50 $29.69
Visible Genetics: o $412,300 12.16- 48.75 $26.60
Waters Corporation:n $4,283,709 22.33- 90.94 $33.13

Process/Metrology/Motion Instrumentation
DecisionLink:o $4,752 0.09- 0.42 $0.11
InVision Technologies: o $42,558 1.31- 4.56 $3.46
MTS Systems:o $269,100 5.50- 15.60 $13.00
Nanometrics:o $324,990 10.63- 63.88 $28.26
Newport:o $583,464 17.02- 192.06 $18.12
Strategic Diagnostics:o $68,060 2.06- 5.06 $4.10
Veeco Instruments:o $716,380 29.02- 117.00 $29.24
X-Rite:o $183,393 5.00-10.31 $8.61
Zygo:o $163,155 9.83- 89.00 $10.95

Filtration
CUNO:o $434,721 22.06- 31.00 $26.67
Ionics:n $455,259 18.19- 32.88 $27.93
Millipore:n $2,937,504 42.56- 66.85 $63.45
Osmonics:n $149,040 6.81- 16.30 $10.35
Pall:n $2,741,336 17.94- 26.25 $22.36

Laboratory Equipment/Distributors
Apogent Technologies:n $2,533,816 17.88- 29.13 $22.04
Fisher Scientific:n $1,002,500 23.60- 45.50 $25.00
Kewaunee Scientific:o $24,325 7.75- 15.00 $9.73
New Brunswick:o $25,939 3.00- 8.07 $4.25
SciQuest.com:o $26,190 0.53- 12.00 $0.90

Laboratory Instrumentation
 Stock Index 387.80
Process/Metrology/Motion
 Instrumentation 234.43
Filtration Stock Index 188.36
Laboratory Equipment
 Distributor Stock Index 177.18
Dow Jones Industrial
 Average 9949.75
S&P 500 1133.58
NASDAQ Composite 1805.43

 Chg. Chg. EPS EPS
Company: Exchange 1 mo. YTD P/E 12 mo. FY

Laboratory Instrumentation
Affymetrix: o 22% -71% N/A -0.36 -0.24
Applied Biosystems: n -1% -73% 26 0.96 0.96
Argonaut Tech: o -3% -50% N/A -0.51 -0.50
Beckman Coulter: n 5% 9% 22 2.10 2.03
Biacore: o 10% -42% 41 0.63 0.67
Bioanalytical Systems: o -45% 224% 43 0.18 -0.30
Bio- Rad Laboratories: a 18% 75% 16 3.53 2.55
Bruker Daltonics: o 27% -30% 236 0.07 0.04
Cell Robotics: o -41% -29% N/A -0.52 -0.54
Ciphergen: o -11% -68% N/A -3.12 -4.09
CRS Robotics: to -19% 2% 21 0.13 0.15
Dionex:o 0% -13% 22 1.37 1.37
Genomic Solutions: o -20% -72% 13 0.17 -0.90
Harvard Bioscience: o 73% 47% 95 0.15 0.13
Illumina: o -26% -45% 3 3.15 -0.76
Invitrogen: o 11% -21% N/A -0.47 1.07
Isco: o 9% 7% 41 0.19 -0.17
Luminex: o 8% -26% N/A -0.45 -0.48
Molecular Devices: o 17% -67% 34 0.66 0.62
O.I. Analytical: o 15% 0% 8 0.45 0.21
Packard BioScience: o 1% -18% 6 1.52 -0.11
Perkin Elmer: n 3% -39% 21 1.51 1.33
Qiagen: o 16% -40% 99 0.21 0.14
Rheometric Scientific: o 6% 60% N/A -0.02 0.00
Thermo Electron: n -1% -27% N/A -0.51 -0.22
Varian Inc.: o 6% -12% 20 1.48 1.26
Visible Genetics: o 34% -30% N/A -2.48 -2.42
Waters Corporation: n 18% -60% 27 1.21 1.06

Process/Metrology/Motion Instrumentation
DecisionLink: o -11% -4% N/A -0.32 -0.36
InVision Technologies: o -3% 141% 49 0.07 -0.14
MTS Systems: o -7% 79% 21 0.61 0.17
Nanometrics: o 1% 105% 33 0.86 0.92
Newport: o -18% -77% 19 0.95 0.86
Strategic Diagnostics: o 18% 77% 34 0.12 0.09
Veeco Instruments: o -17% -27% 23 1.26 -0.75
X-Rite: o -4% 11% 20 0.43 0.58
Zygo: o -43% -61% 16 0.69 0.69

Filtration
CUNO: o 2% -1% 23 1.17 1.05
Ionics: n -8% -2% N/A -0.07 -0.01
Millipore: n -1% 1% 52 1.23 2.53
Osmonics: n -34% 51% 25 0.41 0.38
Pall: n -5% 5% 21 1.06 1.06

Laboratory Equipment/Distributors
Apogent Technologies: n 3% 17% 21 1.12 1.20
Fisher Scientific: n -4% -32% N/A -0.25 0.51
Kewaumee Scientific: o 1% -14% 18 0.54 0.51
New Brunswick: o -7% -7% N/A -0.11 -0.65
SciQuest.com: o 36% -31% N/A -3.50 -3.00

Laboratory Instrumentation
 Stock Index 5% -53% 73
Process/Metrology/Motion
 Instrumentation -15% -50% 80
Filtration Stock Index -3% 3% 25
Laboratory Equipment
 Distributor Stock Index 0% -9% 30
Dow Jones Industrial
 Average -6% -8%
S&P 500 -3% -14%
NASDAQ Composite -10% -27%

 LTD/ FY R&D/
Company: Exchange Equity ROE Sales

Laboratory Instrumentation
Affymetrix: o 285% N/A 29%
Applied Biosystems: n N/A N/A 11%
Argonaut Tech: o 279% N/A 29%
Beckman Coulter: n 281% 36% 10%
Biacore: o 14% 12% 17%
Bioanalytical Systems: o 21% N/A 9%
Bio- Rad Laboratories: a 93% 14% 9%
Bruker Daltonics: o 18% 2% 26%
Cell Robotics: o N/A N/A 81%
Ciphergen: o 0% N/A 101%
CRS Robotics: to 0% 0% 0%
Dionex: o 1% 24% 8%
Genomic Solutions: o 2% N/A 29%
Harvard Bioscience: o 0% 4% 5%
Illumina: o 5% N/A 1035%
Invitrogen: o 1% 2% 10%
Isco: o 5% N/A 10%
Luminex: o 1% N/A 104%
Molecular Devices: o N/A 6% 17%
O.I. Analytical: o N/A 4% 8%
Packard BioScience: o 1465% N/A 17%
Perkin Elmer: n 112% 19% 5%
Qiagen: o 19% 12% 11%
Rheometric Scientific: o 97% 2% 7%
Thermo Electron: n 60% N/A 8%
Varian Inc.: o 17% 17% 5%
Visible Genetics: o N/A N/A 81%
Waters Corporation: n 4% 32% 5%

Process/Metrology/Motion Instrumentation
DecisionLink: o 22% N/A 459%
InVision Technologies: o 2% N/A 14%
MTS Systems: o 39% 2% 6%
Nanometrics: o 3% 8% 13%
Newport: o 1% 6% 9%
Strategic Diagnostics: o 4% 7% 12%
Veeco Instruments: o 6% N/A 14%
X-Rite: o N/A 22% 8%
Zygo: o 8% 7% 13%

Filtration
CUNO: o 9% 15% 5%
Ionics: n 11% N/A 2%
Millipore: n 101% 14% 7%
Osmonics: n 21% 5% 4%
Pall: n 60% 15% 5%

Laboratory Equipment/Distributors
Apogent Technologies: n 87% 17% 2%
Fisher Scientific: n -6140% -7% N/A
Kewaumee Scientific: o 9% 5% N/A
New Brunswick: o 2% N/A 14%
SciQuest.com: o 1% N/A 13%

Laboratory Instrumentation
 Stock Index 91% 12% 9%
Process/Metrology/Motion
 Instrumentation 7% 3% 10%
Filtration Stock Index 50% 12% 5%
Laboratory Equipment
 Distributor Stock Index 200% 9% 1%
Dow Jones Industrial
 Average
S&P 500
NASDAQ Composite
 Price
 Mkt Value MktValue 8/31/01
Region (U.S.$000s) (Local. mil.) (Local)
Company

Pacific Rim Shares
Horiba: t $219,062 [yen] 27,115 [yen] 868
JEOL: t $268,009 [yen] 33,174 [yen] 512
Shimadzu: t $863,115 [yen] 106,836 [yen] 400

European Shares
Genetix: l $4,855,386 3,435 [pounds 161 [pounds
 sterling] sterling]
Oxford Instruments:
 l $12,198,703 8,629 [pounds 183 [pounds
 sterling] sterling]
Whatman: l $4,838,172 3,423 [pounds 138 [pounds
 sterling] sterling]
Alpha M.O.S.: c $8,997 Euro 10 Euro 4.0
Anatytik Jena: g $42,995 Euro 50 Euro 14.3
Chemunex: e $11,921 Euro 14 Euro 0.5
Gretag Imaging: s $1,198 CHF 2 CHF 7
Tecan: s $920,068 CHF 1,628 CHF 125

Region Chg. Chg. EPS
Company 1 mo. YTD P/E 12mo.

Pacific Rim Shares
Horiba: t -15% 2% 19 [yen] 46.4
JEOL: t -3% -5% 64 [yen] 8.1
Shimadzu: t -9% 4% N/A ([yen] 39.6)

European Shares
Genetix: l 3.0 [pounds
 1% -29% 54 sterling]
Oxford Instruments:
 l 0.1 [pounds
 -1% 0% 1825 sterling]
Whatman: l 19.7 [pounds
 -5% -52% 7 sterling]
Alpha M.O.S.: c 5% -50% N/A -Euro 0.6
Anatytik Jena: g -3% -39% 48 Euro 0.3
Chemunex: e 360% -54% N/A -Euro 0.2
Gretag Imaging: s -63% -95% 1 CHF 13
Tecan: s -3% -26% 36 CHF 3

Region EPS LTD/ FY R & D/
Company FY Equity ROE Sales

Pacific Rim Shares
Horiba: t [yen] 46.4 9% 4% 4%
JEOL: t [yen] 8.1 32% 3% 7%
Shimadzu: t ([yen] 39.6) 82% N/A 4%

European Shares
Genetix: l 3.0 [pounds
 sterling] 0% 7% 7%
Oxford Instruments: 0.1 [pounds
 sterling] 7% 0% 5%
Whatman: l 19.7 [pounds
 sterling] 13% 30% 7%
Alpha M.O.S.: c -Euro 0.6 N/A N/A N/A
Anatytik Jena:g Euro 0.3 5% 3% 3%
Chemunex: e -Euro 0.2 14% N/A 61%
Gretag Imaging: s CHF 14 3% 8% 12%
Tecan: s CHF 3 5% 28% 11%

The IBO composite stock indices are weighted by market capitalization.
Index averages for the various financial ratios presented are also
weighted statistically to reflect the relative sizes of the constituent
companies. Lab Instrumentation Index: 12/31/91 =100;
Process/Metrology/Motion Instrumentation, Filtration and Lab
Equipment/Distributors Indices: 12/31/93=100. Nonrecurring charges
excluded from composite P/E ratios. Exchanges: n=NYSE; a=AMEX;
o=NASDAQ; t=Tokyo; l=London; s=Switzerland; g-NEUER; e=EASDAQ;
c=Continuous Market. dd: Indicates loss in the most recent four
quarters; cc: P/E ratio is 100 or more; n/ap: not applicable; n/a:
data not available at press time. Return on equity calculated using
most recent year-end data.

COPYRIGHT 2001 Strategic Directions International Inc. (SDI)
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001 Gale, Cengage Learning. All rights reserved.

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Comment:IBO Stock Indices in August: Lab Instrumentation Index Show Gains.
Publication:Instrument Business Outlook
Geographic Code:1USA
Date:Aug 31, 2001
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