Saturday, August 30, 2008

Newest Top 25 Stock

My group of 34 MFI stocks that I have been tracking in Parallel with MagicDiligence's stock picks has performed quite well. As a reminder, a stock gets added to my list if it hasn't been in the top 25 in the past year (I pull the list every weekend). So far, my stocks are up 6% versus the S&P being down 3% for a 9% margin (about the same as MD).

Number 35 will come online on Tuesday. It is actually a company I like a lot, VSNT. This is a small software company that has been on and off MFI lists for the past 2 years. They are there because they reported earnings last week (which were good) but they were a little lukewarm about the future. This caused the stock to drop from $29.22 to $25.53 on Friday. Here is what their CEO said:

``We are very satisfied with the results in our third fiscal quarter, which established another record quarterly net income milestone for the Company,'' said Jochen Witte, CEO of Versant Corporation. ``However, due to the strengthening of the U.S. dollar and the difficult economic environment in the U.S. and Europe, achieving our future goals will become more challenging.''

Not terrible, but I suppose "challenging" is not a favorite word of investors. I am happy to add them to my list, I expect them to be competitive. They have about $24m in cash, for a $95 million company that has been growing quite steadily over at least the past two years, And they have a built in income stream from royalties. Here is my calc of their ratios:



vsnt
+ Operating Income After Depreciation 9.93
- Minority Interest - Income Account -
= Income for Calculation 9.93

Market Cap Yahoo 95,100

Share Price 25.53
+ Market Cap Calc 95.10
+ Preferred Capital -
+ Debt in Current Liabilities -
+ Long-Term Debt 0.05

Cash and Short-Term Investments 27.41
- Excess Cash 24.74
= Enterprise Value 70.41






+ Property Plant and Equipment - Net 0.79
+ Receivables 3.51
+ Inventories -
+ Other Current Assests 0.80
+ Working Cash 2.67
- Accounts Payable 0.36
- Current Liabilities - Other 6.61
= Invested Capital 0.79
Earnings Yield 14%
ROIC 1261%

They essentially require no capital. Seems like a quality company with quality management.

Friday, August 29, 2008

Tutti Frutti

Lots to catch up on. First another monthly stock portfolio came to a close on Friday. The August 30th, 2007 portfolio was pretty darned bad. It was down an average of 12% versus a drop of 7.8% for the Russell 3000. That makes it the 12th straight portfolio to lose to the benchmark. Overall for my 20 closed portfolios, the benchmark has done better 13 times. For the 20 closed portfolios, the average annual gain has been 3.5% (that passport savings account is looking better) while the benchmark has gained 5.5%. The upcoming 6 portfolios are also trailing, so it has been a bleak stretch. As a reminder, my tracking portfolios are the 50 stocks greater than 100m market cap.

As is generally the case, there has been a lot of variability. MVL, PBT, EGY, TRLG & VPHM were the big winners, all up over 50% with EGY up over 100%! CHCG, FTO GLBL, HOC, HBMFF, PNCL, RDYN, TZOO and WON were the big losers, each down over 50%. RDYN was the biggest loser, down over 81%. Again, this illustrates why results of people using MFI vary so much in the short term. The returns of individual stocks vary greatly. But if you buy the whole portfolio, which is how JG measured the method as superior, it hasn’t been working.

There is silver lining. The 5 newest portfolios, starting with March 24th, 2008 are all ahead of the benchmarks. In statistics we check the “fit” of data by looking for random patterns of above and below the actual data. In the MFI method, it seems very likely to me that the likelihood of beating the benchmarks is not random, but rather has runs, both good and bad. Hopefully we’re on the cusp of a nice long “good” run.

My overall results continue to frankly suck. It has been a bad year. The refiners that I picked sank, IAR was crushed, CHCG has been a disaster. Even sold stocks like TGIS, USHS and NOOF tanked in 2008. Wait, I forgot ODP (actually bought by JG) and LCAV. It has really been a bad year. What lessons can be gleaned from these stocks?

IAR – had too much debt. With slowing economy amount of $ to cover debt costs left little for stock holders and dividends.

CHCG – Chinese companies are simply out of favor. They have had hot/cold numbers, though in total they’re making decent money for the price. Limited visibility on OB probably hurts as well. I am not convinced this is a broken company.

TGIS – smaller company with many revenues coming from govt. Too much reliance on single customer.

USHS – housing slump crushed earnings.

NOOF – smaller company with unsteady cash flow. Just one project being delayed cost $.

ODP – general business slowdown hurt company. Also all retailers have in general been hurt.

LCAV – discretionary purchase such as laser surgery in troubled times drop sharply.

Recently, I have been steadily moving up. I am 11% off my lows for the year, but I have a long ways to go to even get to break-even. I am still convinced the method has merits, but I am obviously (1) not a very good stock picker or (2) incredibly unlucky. Honestly, it is probably (1), I do think I have a tendency to fall into value traps. Hopefully I am learning as I go.

One change for me is moving to tranches of 5 stocks every month. I am hoping the law of larger numbers helps me right the ship again. I am not trying to get rich using this method, but rather have steady performance. My current tranches are:

May: ACN, AEO, RHI, MHP and TRA. Overall up 8.5%

June: KG, FTO, LRCX, HURC and VALU. Overall up 0.5%

July: COH, NOK, QXM, NVDA and FTO. Overall up 1.6%

August: BOLT, NOK, CAST, BR and HURC. Overall up 0.3%.

Since I am buying smaller $ per stock, I do allow myself to own a stock 2x, as I have done for NOK and FTO. I am already starting to think towards September. NWS, BBSI and KHD are on my early watch list.

I think one point that JG doesn’t touch upon much in his book is the differences between smaller/micro cap stocks and larger stocks. He paints everything with the same brush, which I am not sure is fair. I had never bought these small cap stocks before MFI and it is fair to state that has been an expensive lesson. Smaller cap stocks can really get crushed as they may have a large reliance on a single customer or single product. Also, smaller cap stocks are a little more likely to show up on the list because of an unusual event, such as a one time windfall, that people may not fully understand. Finally, some smaller cap stocks are very thinly traded which makes buying them and selling them difficult. I have held VALU for a 2nd year as I frankly had trouble selling as the spread between the bid and ask is often so broad.

Here are my current holdings and whether I rank each stock a 1 – would buy more, 2- would buy more if price dropped, 3- would sell if price went up or 4- would sell today if I could.

COH (1) – I found it stunning they increased revenues 20% in this economy. They must have the secret sauce.

NOK (1) – Jubak likes them and that is good enough for me.

BOLT (1) – just reported a strong quarter and said they think 2009 looks strong. Not many companies are saying that, yet BOLT is cheap.

CHCG (1) – I have lost a fair chunk of change here as well, but I (foolishly?) think this stock has decent prospects.

KSW (1) – Don’t know how this stock is under $5. They have buckets of cash and are making buckets more.

PRLS (2) – still trading well less than total cash. Seems like something could happen to make them pop (like a buyout or them making money again).

TRID (2) – in product replacement mode, will likely lose money over next 12 months. Does have cash though, so should be near bottom.

HBMFF (2) – directly correlated with the price of zinc.

ELOS (2) – they have had two straight strong quarters since I bought them, yet the stock price has barely moved.

MRX (2) – see ELOS.

BBSI (2) – a solid company with great fundamentals/balance sheet. Decent dividend. Might be able to take advantage of downturn to gobble up competitors.

BID (2) – part of a duopoly. Auction business has held up decently despite economic downturn.

LRCX (2) – this semi equipment company seems SO cheap.

HURC (2) – I see they’re up today, I think the market decided that companies growing their earnings should not be 30% down on the year.

VALU (2) – sleepy company, but increasing dividend and making money. Hard to complain too much compared to some of my other choices.

BR (2) – nice steady niche company that spun off from ADP. A pick straight from JG’s first and 2nd books!

ACN (2) – well-managed company. Past several quarters have really been good.

LCAV (3) – last quarter was god-awful. Little hope of improvement in near-term until economy picks up. Bad news does seem priced in.

HOC (3) – I think I have had it with refiners. If gas consumption continues to drop, it’ll be hard for them to make a decent profit.

ODP (3) – like many of my MFI stocks, forward prospects are not so good. A lesson that trailing 12 months earnings are not always a great proxy for the future.

IAR (3) – a complete disaster. Possibly my worst stock of all time, including some internet go-go bubble babies.

THO (3) – I thought they were best of breed and had demographics going for them. I now think that is trumped by higher gas prices and raw material costs.

RHI (3) – staffing company. Seems to be trekking along ok. Risk is that unemployment fires up.

TRA (3) – fertilizer company. I have concerns that farmers are being squeezed by high costs. On other hand, lower NG costs may increase margins.

MHP (3) – I think companies are going to pare down the number of rating agencies they use. Could hurt MHP.

KG (3) – I have done well with King due to good timing, but I think future prospects are dim.

FTO (3) – see HOC. Though I do think FTO is best of breed for independent refiners.

NVDA (3) – in a battle with AMD. Hopefully it won’t be too bloody.

AEO (4) – maybe my least favorite stock for their prospects. Retail is hurting and AEO seems to be losing market share to companies like ARO.


Enough babbling. Time to say "good night"

Thursday, August 28, 2008

Back and Relaxed

Back from my little getaway to Europe. Let me tell you, there are some rich people in Monte Carlo. Every other car was a Ferrari. I did add a new tranche of 5 stocks yesterday: CAST, HURC, BR, NOK and BOLT. I gotta figure BOLT will do well after his 3 gold medals (ha ha).

HURC announced earnings today, I guess the market wasn't thrilled as HURC dropped a couple percent on a huge up day. I am starting to 2nd guess one of my better stocks in my May tranche - TRA. They are up about 25% for me, but MagicDiligence's quick take was that TRA is a poster-child for a bad MFI stock. Also I read an article where farmers are changing the crops they're planting based on fertilizer costs for 2009. Not sure if I'll bail early... probably not.

Speaking of Magic Diligence, I see SDA was nice enough to give us a recent pick gratis: NWS. I may have to consider them in next tranche. I wish I had pulled the trigger on GCI a month or two ago. According to the MD website, they are beating the S&P by a hair over 10%. My parallel contest is up by 9.7%, so it is neck and neck.

Symbol Date Original Current Dividend S&P O S&P D Stock Chg S&P Chg Diff
DTPI 2/2/08 4.75 6.06 - 139.58 1.31 27.6% -5.8% 33.4%
AIRV 2/13/08 5.08 5.32 - 136.37 1.31 4.7% -3.6% 8.3%
CITP 2/16/08 9.98 11.96 - 135.14 1.31 19.8% -2.7% 22.5%
PRXI 2/16/08 4.29 3.79 - 135.14 1.31 -11.7% -2.7% -9.0%
CAST 2/23/08 5.06 3.95 - 135.62 1.31 -21.9% -3.0% -18.9%
GSB 3/12/08 2.08 1.61 - 131.36 1.31 -22.6% 0.1% -22.7%
IGC 3/12/08 3.70 4.64 - 131.36 1.31 25.4% 0.1% 25.3%
LGTY 3/12/08 6.70 6.89 - 131.36 1.31 2.8% 0.1% 2.7%
MRX 3/12/08 19.45 21.22 0.08 131.36 0.67 9.5% -0.4% 9.9%
DEPO 3/22/08 2.74 4.42 - 132.08 0.67 61.3% -0.9% 62.2%
NVTL 3/22/08 8.98 6.25 - 132.08 0.67 -30.4% -0.9% -29.5%
VRGY 3/22/08 17.42 18.72 - 132.08 0.67 7.5% -0.9% 8.4%
DLX 4/6/08 19.58 16.90 0.25 136.89 0.67 -12.4% -4.4% -8.0%
NTRI 4/6/08 14.94 20.00 0.18 136.89 0.67 35.0% -4.4% 39.4%
IUSA 4/6/08 5.28 6.70 - 136.89 0.67 26.9% -4.4% 31.3%
LRCX 4/11/08 41.08 38.19 - 133.38 0.67 -7.0% -1.9% -5.1%
SLXP 4/11/08 6.47 6.85 - 133.38 0.67 5.9% -1.9% 7.8%
CHRD 4/19/08 5.03 6.02 - 138.48 0.67 19.7% -5.5% 25.2%
QXM 4/26/08 6.26 4.98 - 139.60 0.67 -20.4% -6.3% -14.2%
MDP 5/9/08 33.79 29.05 0.22 138.90 0.67 -13.4% -5.8% -7.6%
OMPI 5/9/08 7.11 9.96 - 138.90 0.67 40.1% -5.8% 45.9%
PPD 5/9/08 43.45 45.19 - 138.90 0.67 4.0% -5.8% 9.8%
ELNK 5/25/08 9.21 9.38 - 137.64 0.67 1.8% -4.9% 6.8%
FTAR.ob 5/25/08 4.37 3.60 - 137.64 0.67 -17.6% -4.9% -12.7%
CHKE 5/31/08 27.25 22.48 - 140.35 0.67 -17.5% -6.8% -10.7%
APKT 7/5/08 4.62 6.54 - 126.31 - 41.6% 3.1% 38.5%
CSY 7/5/08 11.06 13.21 - 126.31 - 19.4% 3.1% 16.4%
VALU 7/5/08 32.00 41.03 0.40 126.31 - 29.5% 3.1% 26.4%
QCOR 7/26/08 4.84 5.50 - 125.48 - 13.6% 3.8% 9.9%
MSTR 8/1/08 60.56 64.98 - 126.16 - 7.3% 3.2% 4.1%
NVDA 8/8/08 11.00 13.14 - 129.37 - 19.5% 0.6% 18.8%
SWIR 8/8/08 12.41 12.28 - 129.37 - -1.0% 0.6% -1.7%
CF 8/8/08 134.65 150.60 - 129.37 - 11.8% 0.6% 11.2%
SIGM 8/8/08 16.93 17.79 - 129.37 - 5.1% 0.6% 4.4%
















Totals 7.8% -1.9% 9.7%
67.6% of stocks beat the S&P 500 Benchmark




Friday, August 08, 2008

Big Day Part Deux

Wow, the market is so-so volatile. Down 200+ yesterday, up 300 today. What does it all mean? I am not sure. I suspect we're not at the bottom, bottom. The one thing I am starting to feel better about is that the stretch of underperformance for MFI and smaller cap stocks seems to be coming to an end. My last 5 tracking portfolios are all beating the benchmarks, after 19 straight being behind. Then in my stock market contest that I am running the 25 stocks greater than 100m are up a snappy 10%, versus the average portfolio being up 3.2% and the 25 stocks greater than 2b being down 0.2%. Makes you think.

I had a solid day, up about 2.7%.

I am starting to think about my 5 August buys. My short list includes:

BR, NOK, THO, AMAT, NVDA, BPT, QXM, HURC and COH.

I won't decide until I get back from my vacation. Have a great weekend everyone.

Thursday, August 07, 2008

News Flash! - Refiners Down

If you blinked, you missed it. FTO and WNR announced earnings today. Let us be nice and say they didn't overwhelm. I am going to go out on a limb and predict that the refiners will be falling off the MFI lists is short order. They are all taking a record quarter of income in 2q2007 and replacing it in the formula with limited earnings. FTO made $59 million in what is the peak driving quarter compared with $243m a year ago.

KG - my other company to have poor earnings today. I was busy and didn't have time to read the report, but I guess sales were worse than expected (King Pharmaceuticals shares dive after 2Q report).

I did add three new stocks to my contest against MD: SIGM, SWIR & NVDA.

Well, it is late... it was a miserable day. Think I'll end it on that note. The only good news is I'll be heading off on vacation next week, so my Blog should be pretty quiet until near the end of August.

Wednesday, August 06, 2008

News Flash! - Refiners Up

What do I know? Not much obviously. PACR got hammered today, down 23% on what I thought was a decent earnings report. Looking at the news, they were downgraded by JPM based on
  1. Low volumes in 2nd quarter (not sure I understand as revenue was up)
  2. Recent trend of falling fuel prices (I guess they are used more when fuel is high)
  3. Upcoming repricing of Union Pacific contract
Don't know that these items are worthy of a 23% drop, but I guess by definition they were.

I was also wrong on BID, which I thought was decent with them beating analysts expectations for the quarter and then saying next quarter would be better than 3q 2007. With that neagtive news (read sarcasm) they dropped 7.8%.

MRX did have a nice day on what I thought were respectable earnings but mixed guidance and they went up 8%.

HSII announced before the bell this morning, and they were kind of flat with 2007 (Heidrick & Struggles beats by $0.06, beats on revs; guides FY08 revs above consensus). Again, in today's world and with stock prices that have dropped 30 to 50%, that feels alright. They were up 4% on the news.

HOC reported earnings before the bell and the headline wasn't positive (Holly misses by $0.42, misses on revs). Yet they went up 10%! Go figure. It was a great day for the refiners (a beaten down sector if I ever saw one) as FTO was up a nifty 12% and WNR (no longer an MFI stock for me) was up 6%.

My Portfolio which is competing against MagicDiligence continues to do well and is up 8.6% against the S&P 500. We are now trailing MD as they had a monster day yesterday and have zoomed ahead by 8.9%!

Symbol Date Original Current Dividend S&P O S&P D Stock Chg S&P Chg Diff
DTPI 2/2/08 4.75 5.30 - 139.58 1.31 11.6% -6.7% 18.3%
AIRV 2/13/08 5.08 5.80 - 136.37 1.31 14.2% -4.5% 18.7%
CITP 2/16/08 9.98 11.81 - 135.14 1.31 18.3% -3.6% 22.0%
PRXI 2/16/08 4.29 4.20 - 135.14 1.31 -2.1% -3.6% 1.5%
CAST 2/23/08 5.06 4.14 - 135.62 1.31 -18.2% -4.0% -14.2%
GSB 3/12/08 2.08 1.40 - 131.36 1.31 -32.7% -0.9% -31.8%
IGC 3/12/08 3.70 4.60 - 131.36 1.31 24.3% -0.9% 25.2%
LGTY 3/12/08 6.70 6.97 - 131.36 1.31 4.0% -0.9% 4.8%
MRX 3/12/08 19.45 21.45 0.08 131.36 0.67 10.7% -1.3% 12.0%
DEPO 3/22/08 2.74 3.98 - 132.08 0.67 45.3% -1.9% 47.1%
NVTL 3/22/08 8.98 9.96 - 132.08 0.67 10.9% -1.9% 12.8%
VRGY 3/22/08 17.42 22.14 - 132.08 0.67 27.1% -1.9% 29.0%
DLX 4/6/08 19.58 16.89 0.25 136.89 0.67 -12.5% -5.3% -7.1%
NTRI 4/6/08 14.94 19.13 0.35 136.89 0.67 30.4% -5.3% 35.7%
IUSA 4/6/08 5.28 5.19 - 136.89 0.67 -1.7% -5.3% 3.6%
LRCX 4/11/08 41.08 36.06 - 133.38 0.67 -12.2% -2.8% -9.4%
SLXP 4/11/08 6.47 7.77 - 133.38 0.67 20.1% -2.8% 22.9%
CHRD 4/19/08 5.03 6.16 - 138.48 0.67 22.5% -6.4% 28.9%
QXM 4/26/08 6.26 4.97 - 139.60 0.67 -20.6% -7.2% -13.4%
MDP 5/9/08 33.79 27.14 0.22 138.90 0.67 -19.0% -6.7% -12.3%
OMPI 5/9/08 7.11 9.49 - 138.90 0.67 33.5% -6.7% 40.2%
PPD 5/9/08 43.45 43.41 - 138.90 0.67 -0.1% -6.7% 6.6%
ELNK 5/25/08 9.21 9.16 - 137.64 0.67 -0.5% -5.8% 5.3%
FTAR.ob 5/25/08 4.37 3.82 - 137.64 0.67 -12.6% -5.8% -6.7%
CHKE 5/31/08 27.25 21.02 - 140.35 0.67 -22.9% -7.7% -15.2%
APKT 7/5/08 4.62 4.83 - 126.31 - 4.5% 2.1% 2.5%
CSY 7/5/08 11.06 12.98 - 126.31 - 17.4% 2.1% 15.3%
VALU 7/5/08 32.00 35.96 0.40 126.31 - 13.6% 2.1% 11.6%
QCOR 7/26/08 4.84 5.18 - 125.48 - 7.0% 2.7% 4.3%
MSTR 8/1/08 60.56 62.00 - 126.16 - 2.4% 2.2% 0.2%
















Totals 5.4% -3.2% 8.6%
73.3% of stocks beat the S&P 500 Benchmark




S&P C

128.93





Tuesday, August 05, 2008

Back from Trip

Back from my quick 6 day get-a-way. Great day in the market though I am still not exactly setting the world afire. Three of my companies reported earnings after the bell. I am pleased (and relieved) to say that the results were generally strong.

PACR - This has been a great company (finally for me) as they got renewed this past winter. They're up a snappy 53% for me, and likely to move up a bit further tomorrow (Pacer International Reports Second Quarter 2008 Results). They were up 90 cents after the bell. Reading the report, they're up year over year about 10% both in revenues and earnings. In today's near-recessionary times, that strikes me as pretty fierce.

BID - the auction business seems to be going well (Sotheby's Announces 2008 Second Quarter and First Half Results). They were off last year a bit (about 5%), but this was apparaently due to the shift of a major event last year from the 2nd quarter to the third quarter. They expect the 3rd quarter to be strong than the third quarter last year. They did top expectations, so I expect tomorrow will be a green day.

MRX - the vanity business still seems good (Medicis Reports Second Quarter 2008 Financial Results). Revenues were actually up a robust 20%. Their non GAAP earnings of 40 cents were above guidance. They gave guidance for the rest of 2008. While it was a bit mixed, all-in-all they expect to make between $1.32 and $1.36 for the year. That is pretty much even-steven with last year at $1.32. Again, all things considered, including a stock price down 50% that seems decent in today's world.

Not much else new. QXM was a bit disturbing today. It was down 14% on no news that I saw on a huge up day in general and large volume. I can only assume that some institutional holder was selling. Hopefully to cover some margin calls on oil.

Saturday, August 02, 2008

New Addition to Top 25

In my contest versus MagicDiligence, we have a new stock in the top 25 this weekend: MSTR
This is a software company that was a go-go stock back in the good old internet bubble days. They are one of the few remaining independent business software companies. Many have been gobbled up by the likes of SAP, IBM and Oracle. Their price is $60.56, which I think is a steal. A nice thing about software companies is they can scale up with very little additional costs. Here are their ratios:



mstr
+ Operating Income After Depreciation 87.92
- Minority Interest - Income Account -
= Income for Calculation 87.92

Market Cap Yahoo 719,390

Share Price 60.56
+ Market Cap Calc 719.39
+ Preferred Capital -
+ Debt in Current Liabilities -
+ Long-Term Debt -

Cash and Short-Term Investments 102.10
- Excess Cash 62.71
= Enterprise Value 656.68






+ Property Plant and Equipment - Net 8.43
+ Receivables 44.73
+ Inventories -
+ Other Current Assests 49.00
+ Working Cash 39.39
- Accounts Payable 23.61
- Current Liabilities - Other 109.50
= Invested Capital 8.43

Earnings Yield 13%

ROIC 1043%

As you can see, they have a high ROIC. They have an unblemished balance sheet (something to look for certainly) I like the company and may buy them in next tranche (I have owned them twice before and have done very well).

They are masters (ha ha) at self-promoting. They do put out a lot of press releases. I think the one item to watch, and likely a primary reason the stock price is depressed, is their SGA expenses. In the first quarter they were $55m, up over 30% from a year ago. In today's competitive market and tough business climate, you've got to manage general expenses.

I would be remiss if I didn't comment on what they're spending their additional money on. They are focusing on application for the mobile business user. I do strongly believe that this is where future growth potential lies as people rely more and more on "near computers" such as Iphone, blackberries etc. That was my rationale last month for buying Nokia. I did see where they must be making some headway as I skimmed their press releases (View Summary MicroStrategy Offers Business Intelligence Reports and Dashboards on the Apple iPhone).

Friday, August 01, 2008

Top 25 vs MagicDiligence

My top 25 did well today with CHRD and CITP up strongly. Overall up 3.6% and beating SPY by 8.9%

I saw where IAR's bonds are selling below 50 cents on the dollar. My spidey-sense tells me that is not a good sign for stockholders.

Symbol Date Original Current Dividend S&P O S&P D Stock Chg S&P Chg Diff
DTPI 2/2/08 4.75 5.28 - 139.58 1.31 11.2% -8.7% 19.8%
AIRV 2/13/08 5.08 6.11 - 136.37 1.31 20.3% -6.5% 26.8%
CITP 2/16/08 9.98 12.08 - 135.14 1.31 21.0% -5.7% 26.7%
PRXI 2/16/08 4.29 4.17 - 135.14 1.31 -2.8% -5.7% 2.9%
CAST 2/23/08 5.06 4.21 - 135.62 1.31 -16.8% -6.0% -10.8%
GSB 3/12/08 2.08 1.45 - 131.36 1.31 -30.3% -3.0% -27.3%
IGC 3/12/08 3.70 4.60 - 131.36 1.31 24.3% -3.0% 27.3%
LGTY 3/12/08 6.70 6.53 - 131.36 1.31 -2.5% -3.0% 0.4%
MRX 3/12/08 19.45 18.40 0.08 131.36 0.67 -5.0% -3.5% -1.5%
DEPO 3/22/08 2.74 3.87 - 132.08 0.67 41.2% -4.0% 45.2%
NVTL 3/22/08 8.98 9.54 - 132.08 0.67 6.2% -4.0% 10.2%
VRGY 3/22/08 17.42 21.98 - 132.08 0.67 26.2% -4.0% 30.2%
DLX 4/6/08 19.58 14.45 0.25 136.89 0.67 -24.9% -7.4% -17.6%
NTRI 4/6/08 14.94 17.43 0.35 136.89 0.67 19.0% -7.4% 26.4%
IUSA 4/6/08 5.28 5.15 - 136.89 0.67 -2.5% -7.4% 4.9%
LRCX 4/11/08 41.08 32.60 - 133.38 0.67 -20.6% -4.9% -15.7%
SLXP 4/11/08 6.47 7.77 - 133.38 0.67 20.1% -4.9% 25.0%
CHRD 4/19/08 5.03 5.83 - 138.48 0.67 15.9% -8.4% 24.3%
QXM 4/26/08 6.26 5.63 - 139.60 0.67 -10.1% -9.2% -0.9%
MDP 5/9/08 33.79 25.35 0.22 138.90 0.67 -24.3% -8.7% -15.7%
OMPI 5/9/08 7.11 9.78 - 138.90 0.67 37.6% -8.7% 46.2%
PPD 5/9/08 43.45 42.91 - 138.90 0.67 -1.2% -8.7% 7.4%
ELNK 5/25/08 9.21 9.02 - 137.64 0.67 -2.1% -7.9% 5.8%
FTAR.ob 5/25/08 4.37 3.92 - 137.64 0.67 -10.3% -7.9% -2.4%
CHKE 5/31/08 27.25 22.14 - 140.35 0.67 -18.8% -9.6% -9.1%
APKT 7/5/08 4.62 4.86 - 126.31 0.67 5.2% 0.4% 4.8%
CSY 7/5/08 11.06 11.99 - 126.31 0.67 8.4% 0.4% 8.0%
VALU 7/5/08 32.00 36.32 0.40 126.31 0.67 14.8% 0.4% 14.3%
QCOR 7/26/08 4.84 5.05 - 125.48 0.67 4.3% 1.1% 3.3%
















Totals 3.6% -5.4% 8.9%
69.% of stocks beat the S&P 500 Benchmark




S&P C

126.16