Earnings out the Ying Yang

Probably an appropriate image of my MFI earnings as they come flooding in. When you have over 40 stocks, it is virtually impossible to keep up (assuming you have a day job) with the flow. Offhand, it seems to me that my earnings thus far have been on the less good side. It is certainly showing in my performance. Of course my "Mechanical" picks are doing better than my "intelligent/deeply analyzed" picks. We all have that strong desire to feel that we can "add" something, when in reality we end up taking away more often than not. I should probably have that tattooed on my Fidelity Trade Web Page.

BIOC - my clinical testing company had earnings that I felt were rather flat this morning (BioClinica Announces First Quarter 2010 Financial Results). The stock made an early go of it, but ended up down 20 cents or 3.8%.

JCOM - The internet fax company delivered numbers that on the margin seemed not so good. They missed on both revenues and EPS (j2 Global Reports First Quarter 2010 Results). But they ended up 3 cents on the day.

TNDM - I really liked this company when I bought them. But they delivered a real head-scratcher of a quarter (Neutral Tandem Announces First Quarter 2010 Financial Results). Their revenues were higher than a year ago, but earnings quite a bit lower. They complained about increased competition, but all I saw were higher expenses. Stock was down 12%.

LIWA - this is a Chinese company that makes copper wire from recycled materials. I thought their numbers were stunning (Lihua International Reports First Quarter 2010 Financial Results). They expect to earn 35 to 36m in 2010, a 40% growth rate. Operating income, per the magic formula is north of $50m. They have a market cap of $244m and they have $46m in cash. For all that, they dropped 4.7%. They made 28 cents a share, and even with no growth tht would be $1.10 in 2010. That makes the $8.57 share price look cheap. I expect they'll be showing up on the screens pretty soon.

PRSC - My specialized healthcare company had very good numbers in my opinion after the bell tonight (Providence Service Corporation Reports Record First Quarter 2010 Results). The street expected 46 cents per share and they earned 66 cents with revenues also beating. They upped guidance. So I gotta believe they'll be up tomorrow, but as you can see I am a poor prognaticator.

Kind of depressing. With the recent market swoon, I am now down (-0.48%) for the year and inception-to-date I am just barely above break-even. Here are my mechanical holdings, which as I mentioned are doing better.

Still Own	1
		Values
Symbol	Date	Bought	Price	Pct Gain	IWV Gain	Pct Diff
AGX	10/22/09	$12.31	$11.06	-10.2%	7.9%	-18.0%
AMED	9/8/09	$35.86	$55.83	55.7%	14.7%	41.0%
BIOC	7/30/09	$3.70	$5.10	37.8%	20.3%	17.6%
BKE	8/17/09	$26.66	$37.06	48.0%	20.2%	27.8%
BR	7/30/09	$16.53	$23.40	44.1%	20.3%	23.8%
CBI	7/30/09	$13.62	$20.64	51.5%	20.3%	31.3%
CBPO	12/4/09	$9.15	$12.04	31.6%	6.8%	24.8%
CEU	8/26/09	$5.40	$4.60	-14.8%	14.5%	-29.4%
CMFO	10/30/09	$4.30	$6.06	40.9%	14.3%	26.6%
CYTK	12/21/09	$2.59	$3.00	15.8%	5.4%	10.4%
DNB	3/8/2010	$69.93	$77.29	10.5%	2.6%	8.0%
ESI	11/3/09	$93.61	$103.75	10.8%	13.2%	-2.4%
FRX	6/9/09	$23.10	$27.05	17.1%	26.2%	-9.1%
GIGM	7/27/09	$5.02	$2.72	-45.8%	20.7%	-66.5%
GTLS	8/27/09	$19.50	$20.83	6.8%	14.5%	-7.6%
GXDX	1/29/2010	$31.69	$37.25	17.5%	7.8%	9.7%
HCKT	5/7/09	$2.30	$2.81	22.2%	32.1%	-9.9%
IDCC	11/17/09	$23.62	$28.47	20.5%	6.4%	14.1%
JCOM	9/30/09	$23.00	$23.07	0.3%	11.3%	-11.0%
ODSY	3/1/2010	$17.72	$20.25	14.3%	5.5%	8.8%
OSK	4/30/2010	$39.33	$37.91	-3.6%	-3.2%	-0.4%
PFE	6/9/09	$14.13	$17.18	25.1%	26.2%	-1.1%
PRIM	9/30/09	$7.30	$7.51	3.6%	11.3%	-7.8%
PRSC	3/12/2010	$14.35	$16.45	14.6%	1.3%	13.4%
PVSW	8/18/09	$4.96	$4.88	-1.6%	19.1%	-20.7%
QKLS	11/20/09	$5.75	$6.01	4.5%	8.4%	-3.9%
RAI	1/20/2010	$53.55	$53.55	1.7%	2.6%	-0.9%
RGR	10/30/09	$10.59	$17.49	66.6%	14.3%	52.3%
RTN	7/27/09	$45.61	$58.22	29.8%	20.7%	9.1%
SHE	1/5/10	$5.31	$8.30	56.3%	3.7%	52.6%
TNDM	2/27/2010	$15.31	$14.09	-7.9%	7.8%	-15.7%
TRMS	1/14/2010	$2.46	$2.39	-2.8%	2.6%	-5.4%
UIS	2/5/2010	$34.07	$26.05	-23.5%	11.5%	-35.0%
	3/1/2010	$35.22	$26.05	-26.0%	5.5%	-31.5%
UTA	5/29/09	$7.90	$8.80	11.4%	29.4%	-18.1%
WTW	9/21/09	$26.00	$28.02	9.8%	10.0%	-0.2%
Average Open				14.8%	12.7%	2.1%
Still Own	0
		Values
Symbol	Date	Bought	Sold	Pct Gain	IWV Gain	Pct Diff
AHCI	1/5/09	$1.11	$1.73	55.9%	0.2%	55.7%
CKSW	1/5/09	$1.99	$5.52	177.4%	23.3%	154.1%
DBTK	3/16/09	$6.70	$7.05	5.2%	14.7%	-9.5%
DELL	2/23/09	$8.55	$9.52	11.3%	6.5%	4.9%
	2/27/09	$8.66	$9.52	10.0%	7.4%	2.5%
FRX	6/9/09	$23.10	$29.08	25.9%	11.1%	14.8%
GME	6/22/09	$22.64	$25.76	13.8%	24.5%	-10.7%
	6/23/09	$20.63	$22.65	9.8%	16.5%	-6.7%
JTX	6/29/09	$5.55	$2.20	-60.3%	26.3%	-86.6%
	6/30/09	$5.41	$2.20	-59.3%	27.0%	-86.3%
PFE	6/5/09	$14.46	$16.27	13.6%	11.2%	2.4%
RST	5/7/09	$29.72	$27.00	-9.2%	0.2%	-9.3%
	5/8/10	$28.78	$27.00	-6.2%	-22.8%	16.6%
SEPR	8/17/09	$17.86	$23.09	29.3%	1.4%	27.9%
SOLR	2/23/09	$4.70	$8.09	72.1%	6.5%	65.7%
UTA	6/23/09	$8.37	$10.90	30.2%	2.7%	27.5%
VM	6/5/09	$4.38	$5.18	18.3%	4.5%	13.8%
	6/23/09	$3.11	$4.33	39.2%	2.7%	36.5%
	6/6/09	$4.23	$5.18	22.5%	4.5%	18.0%
Average Closed				21.0%	8.9%	12.2%
Open and Closed				16.4%	11.6%	4.8%

Here's my estimate of LIWA's MFI stats post their earnings:

		liwa
+	Operating Income After Depreciation	32.93
-	Minority Interest - Income Account	-
=	Income for Calculation	32.93
	Diluted Shares Outstanding	25.424
	Share Price	8.57
+	Market Cap Calc	245.00
+	Preferred Capital	-
+	Debt in Current Liabilities	2.20
+	Long-Term Debt	-
	Cash and Short-Term Investments	46.30
-	Excess Cash	46.30
=	Enterprise Value	200.90
+	Property Plant and Equipment - Net	18.48
+	Receivables	11.49
+	Inventories	17.53
+	Other Current Assests	0.27
+	Working Cash	-
-	Accounts Payable	4.92
-	Current Liabilities - Other	0.68
=	Invested Capital	42.17
	Earnings Yield	16%
	ROIC	78%