PNC Financial Services defended its market cap crown in 2007, while the merger of Mellon Financial with Bank of New York allowed H.J. Heinz to seize the No. 2 spot.
PNC easily outdistanced the condiments maker even though its market cap -- short for market capitalization, which is determined by multiplying the number of its publicly traded shares by its stock price -- fell to $21.7 billion, 13 percent below year-ago levels.
Mellon's departure also opened up a spot in the traditionally stable Top 5 for Consol Energy. The Upper St. Clair coal company occupied the No. 3 spot, up from No. 9 a year ago. Consol's market cap more than doubled last year to $13.7 billion.
U.S. Steel, with a market cap of $12.3 billion, and PPG Industries, whose public traded shares were valued at $10.5 billion, rounded out the Top 5.
The smallest company on the list is WVS Financial. The McCandless-based parent of West View Savings has a market cap of $36 million.
The total market cap of the Top 50 fell 4 percent last year to $151.4 billion, marking the second consecutive annual decline. The disappearance of Mellon, No. 2 on last year's list with a 2006 market cap of $17.5 billion, contributed to the decline.
There was more movement among the remainder of the Top 10.
Equitable Resources moved up two spots to No. 8 with a market cap of $7.1 billion, while a 33 percent slide in its share price dropped American Eagle Outfitters out of the Top 10 to an 11th place finish.
Respironics jumped five places to No. 10 with a market cap of $4.9 billion. Shares of the Murrysville medical equipment maker, which is being acquired by Royal Philips Electronics, jumped 73 percent last year.
CNX Gas, a Robinson natural gas producer spun out of Consol in 2006, also cracked the Top 10. It finished ninth with a market cap of $5.4 billion, assisted by a 25 percent jump in its share price.
Consol, which kept about 82 percent of CNX shares after the spinoff, has made an offer to take them back by giving CNX holders 0.44 Consol shares for each of their shares.
Other than companies such as Mellon that were merged out of existence last year, sharp swings in stock prices accounted for much of the movement on the list.
Calgon Carbon, the region's best-performing stock last year, jumped up 10 places to No. 30 with a market cap of $718 million. Dick's Sporting Goods finished in the No. 13 spot, up three spots from the previous year. L.B. Foster moved up five slots to No. 37. The Green Tree company's market cap jumped to $432 million vs. $208 million in 2006.
Cecil generic drug maker Mylan, whose shares fell nearly 30 percent because of uncertainty over its acquisition of Merck's generic drug business, fell three spots to No. 14. Falling four spots to No. 18 was Wesco International. Shares of the electrical products distributor fell nearly 33 percent last year.
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Len Boselovic can be reached at email@example.com or 412-263-1941.