Updating Chevron Corp., Weyerhaeuser Corp., Washington Mutual Inc., Supervalu Inc., and Barnes & Noble Inc.

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CHEVRON CORP. $78 (New York symbol CVX; Conservative Growth Portfolio, Resources sector; Shares outstanding: 2.2 billion; Market cap: $171.6 billion; WSSF Rating: Above average) has teamed up with WEYERHAEUSER CORP. $77 (New York symbol WY; Conservative Growth Portfolio, Resources sector; Shares outstanding: 241.0 million; Market cap: $18.6 billion; WSSF Rating: Average) to develop new ways to make biofuels such as ethanol out of wood. Right now, ethanol comes mainly from corn. However, rising ethanol production has led to much higher corn prices. Chevron and Weyerhaeuser feel turning scrap wood into ethanol could broaden their revenue sources, and improve their image with politicians and environmentalists. We see both Chevron and Weyerhaeuser as buys. WASHINGTON MUTUAL INC. $42 (New York symbol WM; Aggressive Growth Portfolio, Finance sector; Shares outstanding: 887.9 million; Market cap: $37.3 billion; WSSF Rating: Average) has moved down recently due to investors fears over rising default rates among subprime borrowers. Although this segment accounted for just 8% of Washington Mutual’s total loans…