CMFO Reports

I thought CMFO reported great earnings yesterday morning (China Marine Food Group Limited Reports Record Results for its Fourth Quarter and Fiscal Year 2009, Company Exceeds 2009 Guidance), but it got a great ho-hum from the market. This maker of seafood snacks (mmmm) had

• 4q09 o 4q08 +85%
• 2009 0 2008 +43%
• 60 cents per share in 2009
• acquisition 1/1/10 of Shishi Xianghe Food Science and Technology Co., Ltd for essentially forgiving a 14m loan.
• Guidance of +43% in revenues for 2010 and +33% income

On the negative side, we did have some dilution as CMFO raised capital going from 24.3m shares to about 29m. They needed some extra cash after their acquisitions. All this being said, I suspect that CMFO will be a borderline MFI stock right now, not sure they will return to the list (I am up 53% with them).

Finally, here is a quick update of the Mechanical top 50 portfolio. The performance gap on open stocks is starting to close.

Symbol		Original	Current	Dividend	S&P O	S&P D	Stock Chg	S&P Chg	Diff
INFI	4/16/09	5.83	6.29	-	87.08	1.62	7.9%	35.7%	-27.9%
CRAY	5/1/09	3.98	6.16	-	87.89	1.62	54.8%	34.5%	20.3%
TWX	5/1/09	22.84	31.28	-	87.89	1.62	37.0%	34.5%	2.5%
RST	5/1/09	29.83	25.98	-	87.89	1.62	-12.9%	34.5%	-47.4%
ulcm	5/1/09	8.72	9.95	-	87.89	1.62	14.0%	34.5%	-20.4%
AAV	5/15/09	3.41	7.05	-	88.71	1.62	106.7%	33.3%	73.5%
AMED	5/29/09	30.43	61.53	-	92.53	1.62	102.2%	27.8%	74.5%
UTA	5/29/09	7.90	8.99	-	92.53	1.62	13.8%	27.8%	-14.0%
PFE	6/5/09	14.51	17.15	-	94.55	1.62	18.2%	25.0%	-6.8%
VM	6/5/09	4.55	5.50	-	94.55	1.62	20.9%	25.0%	-4.1%
ONTY	6/11/09	2.60	4.78	-	95.08	1.62	83.8%	24.3%	59.5%
BPI	6/19/09	16.74	24.49	-	92.04	1.10	46.3%	27.9%	18.4%
GME	6/19/09	22.95	21.60	-	92.04	1.10	-5.9%	27.9%	-33.8%
SHAW	7/10/09	23.69	35.02	-	87.96	1.10	47.8%	33.8%	14.0%
RTN	7/24/09	45.39	57.09	0.62	98.06	1.10	27.1%	20.0%	7.1%
CBZ	7/31/09	6.54	6.65	-	98.81	1.10	1.7%	19.1%	-17.4%
CBI	7/31/09	13.95	23.35	-	98.81	1.10	67.4%	19.1%	48.3%
DRC	7/31/09	29.11	31.71	-	98.81	1.10	8.9%	19.1%	-10.2%
JEC	7/31/09	40.98	43.40	-	98.81	1.10	5.9%	19.1%	-13.2%
NPSP	7/31/09	3.89	3.98	-	98.81	1.10	2.3%	19.1%	-16.8%
ASGN	7/31/09	4.23	7.67	-	98.81	1.10	81.3%	19.1%	62.2%
AGX	8/7/09	12.35	14.07	-	98.81	1.10	13.9%	19.1%	-5.2%
BBND	8/7/09	4.00	3.33	-	98.81	1.10	-16.8%	19.1%	-35.9%
LHCG	8/7/09	24.55	34.62	-	98.81	1.10	41.0%	19.1%	21.9%
RGR	8/7/09	11.45	12.56	-	98.81	1.10	9.7%	19.1%	-9.4%
PRIM	8/7/09	6.95	8.15	0.05	100.79	1.10	18.0%	16.8%	1.2%
SEPR	8/7/09	18.12	23.00	-	100.79	1.10	26.9%	16.8%	10.2%
CEU	8/21/09	5.10	5.55	-	102.96	1.10	8.8%	14.3%	-5.5%
CYTK	8/21/09	3.04	3.39	-	102.96	1.10	11.5%	14.3%	-2.8%
CMFO	8/28/09	4.55	6.56	-	102.96	1.10	44.2%	14.3%	29.9%
NAVR	9/4/09	1.79	1.95	-	102.60	1.10	8.9%	14.7%	-5.8%
WTW	9/11/09	26.00	25.57	0.35	104.77	1.10	-0.3%	12.3%	-12.6%
MIPS	9/18/09	3.72	4.23	-	106.72	1.10	13.7%	10.3%	3.4%
ESI	10/30/09	90.35	115.22	-	103.56	0.59	27.5%	13.2%	14.4%
VRSK	10/30/09	27.43	28.20	-	103.56	0.59	2.8%	13.2%	-10.3%
APOL	11/6/09	55.99	64.47	-	107.13	0.59	15.1%	9.4%	5.8%
CBST	11/6/09	17.60	22.99	-	107.13	0.59	30.6%	9.4%	21.2%
SNTA	11/6/09	3.20	4.62	-	107.13	0.59	44.4%	9.4%	35.0%
IMMU	11/6/09	3.61	3.52	-	107.13	0.59	-2.5%	9.4%	-11.9%
PBH	11/13/09	6.95	8.93	-	109.62	0.59	28.5%	6.9%	21.6%
IDCC	11/20/09	23.56	27.71	-	109.43	0.59	17.6%	7.1%	10.5%
PDLI	11/27/09	6.63	6.56	-	109.57	0.59	-1.1%	6.9%	-8.0%
CBPO	12/4/09	9.06	9.17	-	111.01	0.59	1.2%	5.6%	-4.3%
XOMA	12/4/09	0.72	0.54	-	111.01	0.59	-25.2%	5.6%	-30.8%
SHE	12/31/09	5.15	8.33	-	111.44	-	61.7%	4.6%	57.1%
RAI	1/15/10	53.81	53.73	-	113.64	-	-0.1%	2.6%	-2.7%
TRMS	1/15/10	2.45	2.47	-	113.64	-	0.8%	2.6%	-1.8%
SAI	1/15/10	18.90	19.43	-	113.64	-	2.8%	2.6%	0.2%
NATH	1/28/10	14.70	15.78	-	108.57	-	7.3%	7.4%	0.0%
SMED	2/5/10	6.74	6.61	-	106.66	-	-1.9%	9.3%	-11.2%
SPMD	2/5/10	36.63	41.16	-	106.66	-	12.4%	9.3%	3.1%
UIS	2/5/10	34.25	37.41	-	106.66	-	9.2%	9.3%	-0.1%
QKLS	2/12/10	5.69	5.20	-	108.04	-	-8.6%	7.9%	-16.5%
MGIC	2/12/10	1.78	2.59	-	108.04	-	45.5%	7.9%	37.6%
ESIC	2/19/10	2.07	2.11	-	111.14	-	1.9%	4.9%	-3.0%
ODSY	2/19/10	17.89	19.09	-	111.14	-	6.7%	4.9%	1.8%
HRB	2/26/10	17.28	17.13	-	110.74	-	-0.9%	5.3%	-6.2%
TNDM	2/26/10	16.12	18.37	-	110.74	-	14.0%	5.3%	8.7%
DEXO	2/26/10	29.80	26.42	-	110.74	-	-11.3%	5.3%	-16.6%
AFAM	3/5/10	35.52	38.45	-	114.25	-	8.2%	2.1%	6.2%
DNB	3/5/10	69.95	74.92	-	114.25	-	7.1%	2.1%	5.1%
SNTS	3/5/10	4.87	4.84	-	114.25	-	-0.6%	2.1%	-2.7%
KIRK	3/12/10	20.11	20.78	-	115.46	-	3.3%	1.0%	2.4%
PRSC	3/12/10	14.18	14.79	-	115.46	-	4.3%	1.0%	3.3%
						Top 50 Portfolio
						Totals	21.6%	2.6%	19.0%
52.6% of stocks beat the S&P 500 Benchmark						Closed	22.5%	-1.7%	24.2%
S&P C			116.59			Open	18.9%	14.8%	4.1%