CORRECTING and REPLACING Wal-Mart Retains Top Spot on Fortune 500 List; Ranks No. 1 for Sixth Time in Seven Years

NEW YORK--(BUSINESS WIRE)--Sub-headline of release from April 21, 2008, should not include lines: Savings institutions down a whopping 102 percent. Homebuilders down 260 percent.

“The FORTUNE 500 issue is so comprehensive; it is used as an encyclopedia for anyone interested in large corporations. The FORTUNE 500 online channel analyzes, dissects, cross-references, and compiles data for a complete user experience that really solidifies the fact that FORTUNE means business.”

The release reads:

WAL-MART RETAINS TOP SPOT ON FORTUNE 500 LIST; RANKS NO. 1 FOR SIXTH TIME IN SEVEN YEARS

AT&T Breaks Into Top Ten, While AIG Drops to No. 13

Texas New No. 1 State in Number of Fortune 500 Companies

New York Moves From No. 1 to No. 2

FORTUNE announced today that Wal-Mart Stores continued its hold on the No. 1 spot on the FORTUNE 500, the annual list of America’s largest corporations according to revenue. Wal-Mart posted 2007 revenue of $378.8 billion (up 7.9% versus 2006) and profits of $12.7 billion. Right behind Wal-Mart is No. 2 Exxon Mobil with $372.8 billion in revenue and profits of $40.6 billion. Chevron moved up one spot to #3, with $210.8 billion in revenue and profits of $18.7 billion. General Motors dropped one position to No. 4, with $182.3 billion in revenue and a loss of $38.7 billion. Oil company ConocoPhillips held on to the No. 5 spot which it occupied last year. Rounding out the top ten on the list are General Electric (No. 6); Ford Motor (No. 7); Citigroup (No. 8); and Bank of America Corp. (No. 9). A big mover was AT&T, which moved up from last year’s No. 27 position to grab No. 10.

The list and related stories appear in the May 5^th issue of FORTUNE, on newsstands nationwide April 28 and at www.fortune.com/500 on April 21. The entire multimedia package will include:

* Top 50 – profiles of the 50 biggest companies

* The full FORTUNE 1,000 list

* Best to work for – More than 30 companies are also on FORTUNE's 100 Best Companies to Work for list

* 20 most profitable companies

* Best investments – See the 20 top performing stocks of 2007

* Women CEOs – Meet the 12 women heading FORTUNE 500 companies

* 20 biggest money losers

* Fortune 1000 companies near you – See a state-by state breakdown

* See the Dreamliner – Take a video tour of the new 787 with writer Michael Copeland

* Fresh faces – A gallery of about 50 twenty-somethings who work for Fortune 500 companies

* Find your top companies – Use the interactive tool to find firms that meet your criteria.

* Compare companies – Use the tool to easily compare on revenues, profits, shareholder return, and more.

“The FORTUNE 500 list is synonymous with business in America”, said Andy Serwer, Managing Editor, FORTUNE. “The FORTUNE 500 issue is so comprehensive; it is used as an encyclopedia for anyone interested in large corporations. The FORTUNE 500 online channel analyzes, dissects, cross-references, and compiles data for a complete user experience that really solidifies the fact that FORTUNE means business.”

Key FORTUNE 500 findings and stats:

• The biggest gainer on the list was Freeport-McMoran Copper & Gold, which moved up 258 places from No. 398 in 2006 to No. 140 in 2007.
• Fidelity National Financial dropped the most on the list falling 171 places to No. 435.
• Most profitable companies in 2007 were Exxon Mobil, General Electric, Chevron, J.P. Morgan Chase & Co., and Bank of America Corp.
• For the fifth straight year (and seven of the last eight) Exxon Mobil made the most money, $40.6 billion.
• Largest companies by market value were Exxon Mobil, General Electric, Microsoft, AT&T and Procter & Gamble.
• Wal-Mart continues to be the biggest employer, employing more people (2 million) than serve in the U.S. armed forces (1.4 million)
• Fastest-growing companies in profits in 2007 are AK Steel Holding, Qwest Communications, Pitney Bowes, Williams, and MeadWestvaco.
• Texas, with 58 headquarters, is the state with the most FORTUNE 500 companies. New York (No. 2) is right behind with 55 headquarters, while California is No. 3 with 52 headquarters and Illinois (33) and Ohio (28) follow at No. 4 and No. 5.
• Hess, Deere, and AK Steel Holding were among the Top 20 performing stocks of 2007 of the Fortune 500, thanks to the energy and commodities boom. Also in the Top 20 were Apple, Amazon.com, and Gamestop.
• One in three Americans uses a cellphone that runs over AT&T’s wireless network, 31 million homes rely on the company for phone service, and every company on the Fortune 500 list uses AT&T (ranked No. 10 on this year’s list) for data and phone connections.
• Newcomers include Blackrock, PetSmart, OshKosh, Symantec and KraftFoods.
• Overall FORTUNE 500 revenue increased 7.1% from 2006 to $10.6 trillion.
• Overall FORTUNE 500 profits decreased 17.8% from 2006, to $645.2 billion.

About FORTUNE

FORTUNE is a global leader in business journalism known for its unrivaled access to industry leaders and decision makers. Founded in 1930, FORTUNE magazine has a worldwide circulation of more than 1 million and a readership of nearly 5 million and is home to some of the strongest business franchises, including: FORTUNE 500, FORTUNE 100 Best Companies to Work For, America’s Most Admired Companies, Fastest Growing Companies and Most Powerful Women. The FORTUNE Conference Division extends the brand's mission into live settings, hosting a wide range of annual conferences for top-level executives, including the FORTUNE Global Forum and the Most Powerful Women Summit. FORTUNE magazine’s online home is CNNMoney.com, the most visited and utilized business destination website, attracting nearly 8.0 million unique visitors per month, according to Nielsen/NetRatings. FORTUNE, along with MONEY, FSB: FORTUNE Small Business, and CNNMoney.com, is part of The Fortune|Money Group, a division of Time Inc, a subsidiary of Time Warner, a leading media and entertainment company.