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Monday, July 6, 2009

What kind of crummy blog is this? Where are the updates?

I’ve accepted a position at Concept Capital.

The blog is on extended hiatus for the time being.

I am still active in the markets and reachable at royhoward@gmail.com.

I look forward to hearing from you.

Monday, June 8, 2009

Live stream of the Apple WWDC

Pretty rare to get a stream of this.  Our seats suck, the audio is scratchy and I can hear keyclicks and digital cameras going off every couple of seconds, but here it is:

June 8, 2009

DB positive QCOM after meeting with management, believes upside to ASIC shipments for this q and likely for next.  Co has seen baseband shortages but believes they will be alleviated shortly.

MS positive MU, citing qualification and initial shipments of 32mb NAND to AAPL.

GS expecting better than consensus and guidance revenue and EPS for NSM with cost cutting measures ahead of plan.  They reiterate sell on valuation.  Also expecting slightly better results from TXN on their mid-quarter update tonight after the close.

Citi raises #s on INTC, citing lean channel inventory.  They go from 7 to 7.15 bil for the quarter – 7.4 bil is more likely in my opinion.  At Computex, Atom processors were the predominant processor for netbooks and design wins for ARM-based processors from NVDA and QCOM were hard to find.  Intel has a growth multiple without growth and it will be very hard to hold ASPs with netbook processors the predominant growth engine at a fraction of the value of mainstream microprocessors.  Citi also raises #s in QCOM and XLNX, citing strength in China.

Barclays has a piece out spinning Chinese solar negative based on increased poly supply and high receivables, which exposes the companies to lower margins and debt collection problems.

Monday, June 1, 2009

SOX chart

image

Important level coming up.

Thursday, May 14, 2009

Roundup – May 14, 2009

It wasn’t just Ken Lewis with his arm twisted behind his back.  In mid-October, the Treasury told a panel of 9 major banks that they had to either voluntarily take capital infusions or they would be tied down and given them anyway.

Zillow reports 74% of homeowners believe their home will hold or gain value over the next 12 months and 63% believe home values in their markets will increase or stay the same.  One third of the group said they would be somewhat likely to put their homes on the market in the next 12 months if the real estate market started to turn around – in other words, there is substantial shadow inventory waiting to hit a bid.  Homeowners in the West seem most aligned with reality, scoring a 2 on Zillow’s “Misperception Index” (zero is reality), Northeastern perception is the most out of whack, scoring an 11.  Skew:  92% of this survey group also believe in Santa Claus, the Easter Bunny and the full faith and credit of the United States Government.

IBM said 2010 earnings of $10-11 are likely.

Phoenix Solar indicated large scale solar projects are getting back on track.  In related news, the head of China’s National Energy Administration’s New Energy Department said large scale PV projects will not be eligible for subsidies – they are likely to promote feed-in tariffs instead.

Synaptics has a touchscreen design win at Nokia, according to Digitimes.

Panel demand is showing signs of decline, according to BenQ.  Not surprising as the industry has practically doubled production sequentially.  Sony blowing up isn’t going to help the case against this theory.  Don’t like Corning here.

Speaking of Sony, I walked through their store yesterday.  Their prices are idiotic.  Everything they sell is twice the going rate of comparable products.  I know Madison Avenue rent is high but come on -- $1000 for a netbook?  It doesn’t even have a real keyboard.  They’re wildly out of price position in every market they serve and they’re losing all their key markets to competition – music players to Apple, video games to Nintendo, televisions to Samsung.  Sony seems like they’re in serious long-term trouble.

Wednesday, May 13, 2009

Quick and dirty – May 13, 2009

Applied Materials reported better revenue, worse orders, guided to a midpoint of revs in-line with consensus and suggested orders will be up next quarter.  Typically these stocks trade on direction of orders.  At 2* book, Applied has already gravitated higher in anticipation of some recovery.  Watch the stock for stability around $11.  Below there is trouble.

--

Intel said business is tracking better than they expected for next quarter and the worst is behind us.  A month ago when they reported, the company had declined to give guidance but had said they were “planning” for flat business.  This gives credence to the Intel was low-balling argument.  Furthermore, with most PC builders (Compal, Quanta, Wistron) suggesting 15-20% growth for the June quarter, Intel’s guidance seems subdued on a relative basis.  Their comments should not be too surprising.  Sounds like you should buy Intel, right?  Numbers are too low!  Maybe.  On the other hand, Intel’s sales are stagnant over the long-term and the stock has a premium growth multiple here.  Even if estimates wind up being 70 cents instead of 53 cents where they are now for the year – do you want to own this stock trading at over 20* earnings?  I think you have to think Intel is going to grow at over 20% over the next several years to make that bet… and I don’t see how that would happen.

The PC is becoming the television and the economics there will follow.  Who was the most successful producer of cathode ray tubes?  You don’t know?  EXACTLY.  As the internet continues to become the dominant usage for computing devices, the importance of companies like Microsoft and Intel will fade.  Unless they can make themselves relevant to an internet-based computing world, they will slip into obscurity.

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Elpida Memory reported.  They changed their depreciation schedule from 5 years to 9 years, which averted triggering financial covenant defaults.  Extremely deceptive… and concerning.

--

Digitimes:

Taiwan Semi wants in to PV production.

Panel makers saw a big sequential bump in production in April.  Despite the big increase, sales are still down 40% y/y.

Wafer prices are coming down again as solar demand continues to suck.  Yesterday there was a piece talking about poly prices dropping.

Tuesday, May 12, 2009

STEC 1Q:2009 results ( $STEC )

STEC finally reports a big number.  Consensus was 59 mil and 11 cents – they report 63.5 mil and 17 cents.  Gross margins were the big surprise, rising 7.5% sequentially to 39.8%.  The company indicated gross margins on ZeusIOPS, the drive used by their major OEMs for enterprise solutions, were above 40% and will head toward 50% next quarter.  Guidance of 68-70 mil and 20-22 cents is well ahead of consensus of 59 mil and 10 cents.  Higher margin enterprise solid state drives will account for more than 50% of business in the second quarter and DRAM products, which were 100% of business a couple of years ago, were 12% of revenues this quarter and will continue to shrink.

Weisel throws out 94 cents for this year and an aggressive $1.45 for next.  The stock is up 30+% pre-opening.

I have to say, I’m a little confused about their margin structure.  They said they have long-term procurement deals with their suppliers to buy specialized 16mb SLC NAND at fixed prices that are not tied to contract.  It’s extremely unusual if that’s the case.  I’d like to better understand their deal.

STEC indicated they see no firm competition in the enterprise SSD space and don’t expect any for the rest of the year at least, though clearly competitors will try to encroach over the coming quarters.  Dell had designed STEC into their higher end Mini and it sounds like that business will fade to zero next quarter, presumably replaced by Samsung.  The good news there is the bears can’t use it as a negative catalyst anymore once Dell is no longer a customer.

Despite the rollercoaster ride, I still own some, though not in the size I did at lower prices.

Monday, May 11, 2009

Roundup -- May 11, 2009

 

NAND contract pricing up 0-12% according to DRAMexchange.com.  The chart they posted of 16gb MLC NAND flash contract is pretty misleading.

image

Here’s the chart zoomed out to put it into some context:

image 

NAND pricing is definitively better over the last several months but their chart misleads by only showing the recent uptrend.

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Taiwan Semiconductor is considering a foray into solar panels.

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When an advertising company needs to resort to advertising, there may be trouble.  Google is planning a blitz to promote Chrome, their speedy browser.  Uhm – what’s wrong with a web campaign?  What’s the message here, fellas?

---

Playboy has a really bad idea for an online porn game.

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SNL on the stress test results:

I keep meaning to write something up about the stress tests but they seem so bogus I don’t want to lower myself to respond to them.  It’s worth pointing out the WSJ reports the government succumbed to pressure from banks to understate bank vulnerabilities to stress – which begs the question:  what was the point besides to hoodwink investors?

Wednesday, May 6, 2009

Cisco 2Q:2009 results

Reports a nickel better on a negligible revenue beat.  Guides to down 17-20% – street is down 19%ish… so modestly better.  Commentary perhaps more important – customers saying they’re seeing a bottom and feeling better about stability… but that they’re at significantly lower levels.  Though this is a change from prior quarter commentaries that business was eroding and there was worldwide economic risk, it’s not exactly a shot across the bow of recovery.

Stock was up a buck on the # and has come back in to flat.  Call still ongoing.

Cisco ( $CSCO ) Cheat Sheet – 2Q:2009

Cisco reports tonight.  Here’s the quick and dirty consensus:

 

Q2-Jan.09

Q3-Apr.09

Q4-Jul.09

FY-Jul.09

Income Statement

 

 

 

 

    Revenue

9089.00

8072.13

8263.97

35749.33

    Gross Margin (%)

64.02

63.01

63.20

64.01

    EBIT

2298.00

1774.37

1874.52

9024.89

    Operating Profit

2298.00

1782.33

1933.24

9006.63

    EBITDA

2533.00

2214.37

2314.52

10284.96

    Pre-tax Profit

2393.00

1866.04

2013.14

9388.52

    Net Income

1867.00

1459.54

1578.08

7354.83

And an earnings preview (cribbed from an alert service):

Company is scheduled to report third quarter results tomorrow after the market closes. Reuters is $0.25/$8.13B; guidance was for a revenue decline of 15-20% y/y, implying a range of $7.83-8.32B. The Street is generally looking for an in-line quarter, though several previews note the potential for modest EPS upside even if the top line were to be light. Order trends will be a focus to see if the company has experienced the relative stability over the past 6-8 weeks that has been referenced by many tech peers throughout earnings season. Margins and expense controls will also be closely watched as the company is expected to have managed costs well in the muted demand environment. Consensus (10-15 estimates) for selected metrics:

  • Product revenue $6.46B
  • Services revenue $1.63B
  • Non-GAAP gross margin 63.2%; guidance was for 63%

As is typically the case, guidance and Chambers' comments that frame the outlook will likely dictate the market's reaction. Gauging expectations is more difficult than usual this quarter as while there are no calls for upside proper, several previews note that current consensus for a 2% sequential increase is very beatable heading into the strong fourth quarter; further, there were several out-quarter estimate bumps included in the deluge of previews. In sum, while upside is not necessarily "expected" in this environment, anything less than bracketing the consensus along with relatively constructive comments about the environment from Chambers may be viewed as a disappointment. Given CSCO's wide footprint, geographical breadth, Chambers' willingness to provide details and its spot at the front of April-reporting companies, tomorrow's call could potentially go a long way toward dictating tech sentiment over the near term.

I don’t like Cisco at 15* estimates of $1.25 for this year.  They’re shrinking and the stock is trading at the upper end of the company’s “12-15% long-term growth rate” guidance, which is total garbage too and needs to come down.  Very well managed company… likely to do a large acquisition at some point.  Too much of a macro buy tech kind of bet for me… which is probably exactly why its working.  Macro calls are driving this market.

I have an idea. Let's outsource toxic assets. ( $BAC $INFY $EEM #MARKET )

Outsourcing is going to get a lot more expensive in 2011 when Obama’s corporate tax expenditure changes kick in.  The cost of outsourcing ops will effectively double.  (indiatimes.com)

Several (and probably all) large multinational corporations have their operations structured to take advantage of the tax codes Obama is looking to abolish.  (bloomberg.com)

… will the administration wind up shifting the job losses to emerging nations?



Sources say Bank of America needs $33.9 billion in capital. (nytimes.com) That's funny, I could have sworn I saw Ken Lewis say they need none a week ago. The stock has had a 25% swing from trough to peak already this morning.

Tuesday, May 5, 2009

Roundup – May 5, 2009

DRAM contract prices ticked up 5% pretty much across the board for the first half of May.  No update was posted for NAND contract.  (insye.com)  Due to spot cutbacks by Elpida and Powerchip, contract prices could rise 10-15% in aggregate for the month of May.  (dramexchange.com)

LCD contract prices were 2-5% higher for the first half of May.  Notebook panels in 14 and 15” and 17” monitor prices were at the higher end of these hikes, large form factor TVs were at the lower end.  (insye.com)  Display product vendors are eyeing the higher prices and increased supply warily due to limited third quarter demand indications.  (digitimes.com)

Intel’s Atom chipset, for the netbook segment, is selling very well in China.  Too well for Intel’s taste.  Chinese white box manufacturers have been stripping out features to break the $400-500 netbook price Intel and the industry would like to enjoy.  Two of Taiwan’s largest IC distributors estimate this month’s Atom supply will fall short by 500k units.  (digitimes.com)

Yahoo and Microsoft continue to try to negotiate a mutually beneficial search agreement.  Progress has been “meaningful.”  (allthingsd.com)

When Sentinel Management, a $1.4 billion dollar hedge fund, lost $900 mil, it froze withdrawals and drew the scrutiny of the SEC.  They told investors they were buying liquid commercial paper when they were actually buying 30 year non-investment graded instruments.  Why?  The best seats in the house and lap dances.  (bloomberg.com)

This one goes to eleven:  spy photos of Amazon’s new Kindle.  For a limited time includes streaming live feed of dying newspapers.  (alleyinsider.com)

10 out of 19 banks subjected to the stress test will need to raise more capital.  (wsj.com)

AIG has borrowed enough money to lose… for now.  (bloomberg.com)

Monday, May 4, 2009

Roundup – May 4, 2009 ( $RIMM $AAPL $AMZN $BRK.A $C $BAC $WFC #SEMIS #SOLAR )

Govt postpones stress test results till late Thurs afternoon.  FT reports Citi and BAC are plotting to raise 10 bil a piece and that Wells Fargo and PNC are appealing initial findings that they require capital raises.

Buffett said he applied his own stress tests to WFC and thinks they’re just fine.

Buffett also said Berkshire Hathaway is likely to lose money on their credit default contracts, though he remains hopeful he will make money on his massive portfolio of index puts sold short.

Amazon is expected to unveil a larger format Kindle at a press event on Wednesday at Pace University, the 19th century headquarters of the NY Times – as the source here is the NY Times, I’m guessing their facts are correct.  Industry watchers have this device pegged as tailored for large format print – newspapers.  Could see Amazon stock do better into the announcement but the device is unlikely to save the newspaper industry.

China sets a deadline of May 15th for BIPV subsidy applications at $2.93 per watt with minimum installation volume of 50kw per project.

iSuppli predicts netbook growth may end when the economy recovers.  This is a stupid theory – netbooks aren’t good primary computers but they’re great as a secondary.  If anything, an increase in disposable income or a surge in corporate spending is likely to strengthen netbook shipments, not shrink them.

The Blackberry Curve outsold the iPhone last quarter, according to NPD.  Keep in mind, these would be sales to consumers, not sales into the channel – cell phones are sold to carriers who in turn sell them to consumers.  RIMM has an analyst meeting tomorrow where they are expected to unveil the Verizon version of the Bold.  Two upgrades on Friday and Goldman throws RIMM on the conviction buy list this AM.

The Semiconductor Industry Association (SIA) reported sales jumped 3.3% m/m to $14.7 billion.  Sales were down 15.7% from the prior quarter and 29.9% from the prior year’s quarter.  Japan was the only worldwide region to contract in the period.  Sounds a lot better than it looks:

image

Thursday, April 30, 2009

Making sales. ( #MARKET $CAT $FSLR $COH )

Making a lot of short sales here. FSLR 189, CAT 36.35, COH 25.4 ... A few others. Definitely uncomfortable but they feel stretched here and I believe they're vulnerable.

Wish me luck.

First Solar 1Q:2009 results ( $FSLR )

First Solar reported revenues 20 mil better than expectations with a significant jump in gross margins to 56% versus expectations closer to 51%.  EPS were $1.99, better than mean expectations of $1.51 on the back of hedging gains and a one-time tax benefit.  The company reiterated their guidance of 1.9 – 2.0 bil for 2009 sales and generally sounded confident.

Last quarter First Solar had suggested they intended to use the strength of their balance sheet to build business.  They are certainly following through on that – they’re building plants on spec without owners.  Qualcomm did the same thing early in their life cycle – built networks to show it could be done efficiently and profitably, then resold them… like having a large scale demo.  Accounts receivable tripled to $184 mil on flat sequential sales – which would be a big red flag if the days outstanding wasn’t so low in the first place – the 38-39 days they’re showing now is still reasonable.  The company indicated their was still 10-15% default risk in their customer base – those customers may back out.

While their strategy of building plants in anticipation of buyers is risky and they are clearly providing more financing to customers during these uncertain times which can bite them in the ass later, their execution is excellent.  So far their courage is being rewarded -- the stock is up over 20 points in pre-market trading.

Earnings Estimate Cheat Sheet – April 30 – May 1, 2009 ( #EARNINGS )

Estimated Reporting Date Symbol Revenue Estimate Current Q Operating Profit Estimate Current Q EPS Estimate Current Q EBITDA Estimate Current Q Revenue Estimate Next Q Sequential Revenue Growth Estimate, Percent Operating Profit Estimate Next Q EPS Estimate Next Q EBITDA Estimate Next Q Revenue Estimate Full Year Operating Profit Estimate Full Year EPS Estimate Full Year EBITDA Estimate Full Year Revenue Estimate Next Year Operating Profit Estimate Next Year EPS Estimate Next Year EBITDA Estimate Next Year
4/30/2009 ACS 1,649.1 176.3 0.93 276.1 1,723.9 4.54% 193.1 1.05 297.5 6,589.3 717.1 3.72 1,112.0 6,987.5 797.4 4.22 1,225.4
4/30/2009 ACTU 29.8 4.2 0.07 5.0 31.3 5.10% 5.8 0.08 6.9 125.3 21.9 0.33 25.3 131.2 26.7 0.39 31.0
4/30/2009 AMCC 44.2 (10.5) (0.12) -- 44.2 -0.06% (7.6) (0.07) -- 252.8 4.5 0.22 -- 191.6 (20.4) (0.13) --
4/30/2009 ANEN 43.2 5.4 0.25 -- 44.6 3.15% 5.8 0.27 -- 167.1 20.3 0.97 -- 182.6 24.3 1.16 --
4/30/2009 ARTG 40.7 3.5 0.03 5.0 43.4 6.55% 5.1 0.04 8.0 174.0 20.4 0.15 28.0 192.4 28.3 0.19 35.0
4/30/2009 ATML 289.0 (11.8) (0.04) 22.1 296.8 2.71% (8.6) (0.03) 33.0 1,230.0 (11.2) (0.08) 130.8 1,374.6 75.1 0.12 200.5
4/30/2009 AUDC 32.3 (0.4) (0.01) -- 33.0 2.08% 0.0 0.00 -- 134.4 0.7 0.02 -- 141.4 2.2 0.07 --
4/30/2009 AZN 7,862.4 3,170.0 1.40 3,369.5 7,911.2 0.62% 2,717.0 1.30 3,244.2 31,804.1 10,604.5 5.27 12,886.0 31,024.1 9,423.5 5.01 11,681.5
4/30/2009 BLKB 75.7 12.4 0.16 -- 80.7 6.63% 15.4 0.21 -- 322.4 60.7 0.82 -- 348.9 72.5 0.98 --
4/30/2009 CCUR 18.8 1.2 0.15 -- 18.8 0.27% 1.2 0.09 -- 73.4 3.2 0.31 -- 76.5 6.0 0.70 --
4/30/2009 CMCSA 8,762.5 1,711.0 0.23 3,331.3 8,861.4 1.13% 1,812.0 0.25 3,435.1 35,449.1 7,072.2 0.98 13,563.2 36,754.2 7,503.2 1.12 14,045.8
4/30/2009 DWA 142.0 33.3 0.24 38.3 124.9 -12.02% 27.1 0.19 35.8 694.3 185.7 1.43 185.3 842.6 248.6 1.97 251.7
4/30/2009 ENTR 23.9 (5.0) (0.07) (3.9) 25.3 5.74% (3.9) (0.06) (3.4) 108.8 (12.7) (0.18) (14.4) 144.3 4.0 0.05 (5.8)
4/30/2009 ERIC 6,022.4 346.7 0.09 -- 6,341.1 5.29% 452.8 0.11 -- 26,307.8 2,198.7 0.50 3,718.3 27,034.3 2,868.4 0.66 4,213.5
4/30/2009 ESLR 49.2 (14.5) (0.08) (4.2) 71.8 45.75% (8.3) (0.04) 1.4 315.6 (16.0) (0.06) 25.8 465.0 48.1 0.28 100.8
4/30/2009 EXPE 588.3 99.9 0.15 110.7 687.4 16.85% 157.9 0.29 171.6 2,651.9 579.9 1.00 631.3 2,812.3 643.2 1.14 689.8
4/30/2009 FISV 1,057.2 261.6 0.85 311.4 1,057.4 0.02% 267.3 0.87 316.4 4,284.0 1,103.2 3.63 1,310.2 4,466.3 1,167.8 4.08 1,386.1
4/30/2009 FORR 54.0 5.9 0.17 -- 58.1 7.51% 10.1 0.27 -- 225.0 35.6 1.00 -- 245.6 41.0 1.25 --
4/30/2009 GTI 153.3 4.5 0.01 12.1 215.5 40.60% 23.7 0.10 24.2 937.7 131.4 0.65 144.1 1,305.0 284.3 1.50 292.2
4/30/2009 HOT 1,142.1 60.2 0.03 150.9 1,287.8 12.76% 113.2 0.23 204.4 4,968.9 451.5 0.92 819.4 4,983.1 439.1 0.93 815.3
4/30/2009 IDTI 106.9 (4.0) (0.03) 30.4 110.6 3.46% (0.5) 0.00 32.2 662.8 107.7 0.64 160.7 463.1 23.8 0.09 74.6
4/30/2009 IM 6,689.3 43.6 0.13 72.0 6,717.3 0.42% 48.4 0.16 72.9 27,767.8 266.9 0.92 351.1 29,292.6 372.1 1.35 419.6
4/30/2009 JAVA 3,090.0 49.1 (0.01) 237.4 2,610.8 -15.51% (67.0) (0.12) 90.5 11,935.9 (202.8) (0.42) 447.7 11,410.7 89.4 (0.02) 603.8
4/30/2009 MFE 448.5 96.6 0.48 123.6 466.0 3.91% 107.8 0.54 136.5 1,891.6 447.9 2.23 574.1 2,057.8 513.4 2.50 642.9
4/30/2009 MIPS 22.0 4.0 0.08 -- 21.8 -0.57% 4.4 0.05 -- 96.4 20.4 0.36 -- 94.1 22.8 0.31 --
4/30/2009 MOT 5,551.6 (322.5) (0.11) (167.4) 5,808.4 4.63% (140.2) (0.05) 124.0 23,956.6 (307.9) (0.14) 535.8 25,803.8 779.8 0.20 1,741.9
4/30/2009 NANO 13.0 (4.4) (0.36) (2.1) 14.0 7.69% (2.1) (0.33) 0.2 64.5 (7.2) (1.19) 2.1 98.5 -- (0.79) --
4/30/2009 NEM 1,403.9 493.0 0.42 576.4 1,634.6 16.43% 667.0 0.49 748.8 6,482.6 2,424.5 2.06 2,904.8 6,912.8 2,688.0 2.43 3,185.0
4/30/2009 NENG 37.7 (0.6) (0.01) -- 38.8 2.86% (0.6) (0.01) -- 153.6 (0.8) (0.01) -- 163.9 0.1 0.02 --
4/30/2009 NETL 30.2 4.7 0.21 1.3 31.0 2.67% 5.2 0.23 1.6 126.7 21.9 0.97 8.1 147.6 30.7 1.29 17.2
4/30/2009 NTCT 70.6 14.3 0.22 15.4 66.0 -6.50% 12.2 0.19 12.8 283.1 61.1 0.88 67.9 277.9 55.6 0.89 63.7
4/30/2009 OMX 1,954.7 24.2 0.16 -- 1,728.6 -11.57% 5.8 (0.05) -- 7,367.1 43.3 0.21 200.9 7,192.3 24.0 0.42 233.1
4/30/2009 PCCC 343.7 (1.3) (0.03) 0.6 379.2 10.31% 2.4 0.06 4.3 1,539.8 8.3 0.20 15.9 1,596.3 12.8 0.30 20.4
4/30/2009 PG 18,908.0 3,766.6 0.80 4,597.2 19,476.0 3.00% 3,781.4 0.81 4,692.5 80,648.8 16,274.9 4.22 20,117.8 82,445.5 18,025.2 4.04 21,519.1
4/30/2009 PKE 46.7 3.9 0.21 -- -- #VALUE! -- -- -- 211.3 20.5 0.99 -- -- -- -- --
4/30/2009 PTEC 15.9 (4.3) (0.21) (2.6) 17.5 9.64% (1.5) (0.11) (0.2) 71.1 (9.2) (0.55) -- 98.6 7.9 0.06 13.7
4/30/2009 QLGC 135.0 35.6 0.21 -- 136.6 1.23% 37.0 0.22 -- 638.4 215.9 1.20 216.0 570.1 163.1 0.97 177.0
4/30/2009 SCOR 30.5 0.6 0.01 -- 32.5 6.53% 2.2 0.05 -- 133.7 10.5 0.23 -- 155.8 17.8 0.37 --
4/30/2009 SWIR 95.3 (1.7) (0.07) 2.3 134.7 41.26% (7.2) (0.17) 1.5 522.1 (12.5) (0.31) 18.4 609.1 9.1 0.28 29.3
4/30/2009 TSRA 116.6 (0.1) 0.72 -- 53.6 -54.00% (2.8) (0.04) -- 288.8 15.4 0.94 -- 259.6 51.0 1.12 --
4/30/2009 TTMI 148.7 7.6 0.08 13.4 146.7 -1.30% 8.4 0.10 14.3 603.9 37.8 0.44 60.7 649.7 57.1 0.69 78.4
4/30/2009 VPRT 125.1 17.9 0.37 26.4 126.3 0.99% 18.3 0.37 28.0 504.9 77.0 1.57 112.0 596.0 91.5 1.85 136.9
4/30/2009 VSEA 65.4 (21.5) (0.28) (17.7) 69.4 5.99% (17.1) (0.23) (16.6) 321.9 (62.8) (0.77) (55.3) 429.4 2.0 0.06 (9.9)
4/30/2009 VSH 482.5 (24.5) (0.13) 26.1 490.4 1.62% (12.8) (0.09) 35.7 1,939.7 (80.9) (0.38) 119.4 2,115.7 60.8 0.11 285.8
4/30/2009 XEL 3,091.0 387.0 0.36 608.5 2,602.4 -15.81% 320.0 0.27 531.2 11,323.2 1,576.8 1.51 2,470.5 11,734.0 1,732.5 1.62 2,602.1
5/1/2009 CRAY 62.5 (0.0) (0.01) -- 62.8 0.40% 0.7 0.00 -- 258.8 (7.1) (0.19) -- 288.0 15.3 0.45 --
5/1/2009 CTV 836.0 106.3 0.66 136.4 882.2 5.53% 121.3 0.76 150.0 3,289.4 385.4 2.18 469.6 3,414.5 436.4 2.66 529.1
5/1/2009 IGOI 15.4 -- (0.03) -- 16.6 7.32% -- (0.01) -- 64.7 -- (0.07) -- 75.9 -- 0.08 --
5/1/2009 IVAC 10.3 (9.7) (0.32) -- 13.0 26.21% (6.4) (0.21) -- 79.9 (27.6) (0.84) -- 157.0 6.3 0.27 --
5/1/2009 JDSU 290.5 (2.4) 0.01 22.1 296.9 2.21% 2.5 0.03 25.4 1,313.7 28.4 0.21 130.5 1,269.4 44.7 0.26 121.8
5/1/2009 KEYN 18.6 (0.4) (0.01) -- 18.8 1.13% (0.3) 0.00 -- 77.5 (0.5) 0.04 -- 80.0 0.3 0.07 12.0
5/1/2009 NI 2,659.8 372.0 0.62 508.7 1,626.2 -38.86% 135.0 0.03 256.0 7,534.4 937.0 1.05 1,430.9 7,657.4 977.0 1.11 1,480.7
5/1/2009 PSEM 24.6 (1.1) 0.00 -- 25.3 2.57% (1.0) 0.01 -- 124.5 3.6 0.22 -- 108.2 0.3 0.30 --

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