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As I start to type this story, it's 2:59 and the DJIA chart I just saw read 11999.97, the tiniest tick shy of yesterday's 12,000 milestone, and 11.76 points off the record close. [By the time I published the market had closed two points above the 12,000 mark.] I know, yawn! Everyone's doing the same story. Dow 12,000, milestones in history. Right?

Right, and wrong. Let's do something else here, in this time that seems fraught with cliche and over-valuation. So many Wall Street pundits are saying, watch out! There's a slowdown ahead. And surely, many of these valuations seem high. Too high. But in my opinion, there are just as many stocks that have room to grow.

I'm looking at the numbers and I've found five Dow stocks to stay away from, and five that may still have some legs.

Five with room to zoom:
  • 3M Company (NYSE:MMM), $79.20 up 3.66% today; 52-week high $88.35; 52-week low $67.05. P/E 17.47. Latest quarter results show it is up 6% on LCD growth. I think that P/E is nice and low for a company which, despite its industrial roots, is really an innovative company that actually makes things that people want. A good 10% below the 52-week high sounds like lots of room to me.

Continue reading Dow 12,000: Where to go from here? Five stocks with room to zoom

Dow 12,000: Where to go from here? Five stocks with room to zoom originally appeared on BloggingStocks on Fri, 20 Oct 2006 16:46:00 EST. Please see our terms for use of feeds.

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