Qimonda filed for insolvency – though a rescue package had been proposed, bickering amongst the rescuers kept funds from being delivered. Infineon, who owns 77.5% of the company, said they would increase reserves to meet potentially significant liabilities related to Qimonda. The Skew: It would be nice if this one actually went out of business and didn't turn into an undead company that haunts the system, printing unfettered losses and holding down profitability for everyone. As Infineon is a national treasure in Germany, that's unlikely. The government will probably step in and offer them some kind of financially irresponsible revival. * Samsung reported their first ever quarterly loss and gave a dour outlook for the first half based on worsening market conditions. DRAM bit growth was 8%, significantly below the 20% target the co had set for the quarter. They think the PC market will drop more this year in Q1 than the average of 10% q/q. NAND flash shipment volume was roughly in line but ASPs were down almost twice as much as their guidance. The company suggested NAND conditions are much better than DRAM due to production cutbacks at Toshiba/Sandisk and Hynix. They guided for market bit growth down ~8% with slightly better pricing. Handsets were up slightly to 53mm units, they set a shipment goal of "over 200 million" for 2009 but expect the handset market to decline by 5-10%. Lastly, TVs were up slightly q/q (Samsung is perhaps the highest rated TV brand) and down 15-20% in monitors. They said panel utilization has been improving in January relative to the prior quarter. Samsung declined to give hard capex guidance, saying instead they would spend in line with the industry – this suggests a significant decline in spending relative to 2008 without holding them to a number. The Skew: Samsung capacity cuts are positive for the memory industry. If a handful of Taiwan memory manufacturers could disappear we could really get some better market dynamics. Their intent to overproduce handsets relative to market demand is concerning and ultimately not good for anyone. * Synaptics (SYNA) Revenue and EPS beat the street due to strength in their handset touch screen business, which grew from 18% to 40% of sales for the quarter. Notebook touch pads were weaker. They guide in-line with consensus for next quarter, citing strength in the handset business. Implied significant weakness in notebook forecast – somewhere in the neighborhood of a 35% decline, according to ThinkEquity. Backlog, 103 mil at the end of last quarter, is roughly 50 mil exiting this quarter. Capstone downgrades the stock, I haven't seen the piece yet. The Skew: Synaptics is very well positioned in the touch screen phone market, despite not being designed into the iPhone. Other than the Blackberry Storm, most of the iPhone clones won't be around in a year or so. It's a design fad. Adoption may increase but right now I think its just coat tail chasing. I'm a little torn on the stock. On one hand, this is a stock trading at a discount to its growth rate in some very hot product areas. Windows 7 will open up some new markets, I think, in that its specifically designed to use multi-touch interfaces, which is one of Synaptics' strengths. Despite that, they're losing significant steam in notebooks and I think phone touch pads are faddy.
Friday, January 23, 2009
Qimonda, Samsung, Synaptics
Thursday, January 22, 2009
Marvell (MRVL) lowers the boom
Consensus is $690 mil. Mmm-kay. How about… $500 mil. The hard drive business is pretty weak. Inventories in the channel have been coming down. Production is still being slashed – Seagate, for example, did $3 billion in September – now they're talking $1.8 billion for March. It's likely these are the worst of the cuts velocity-wise. The trajectory of the inevitable upturn remains in question but guidance is coming pretty hard. I'm curious to see where analysts put the out quarters – what kind of bounce-back they're willing to put on paper. We'll see.
Google 4Q:08 results
Revenues were slightly better than expected, coming in up 4% -- the street was at roughly up 2%. Non-gaap EPS were better due to better operating margins and lower network traffic acquisition costs. As mentioned here numerous times, Google has been aggressively managing costs. All in all, it's a good showing in a poor overall economic climate. That said, it's likely you're looking at a peak quarter. Seasonality is likely to be a factor this year – it never has been before. Sequential increases in revenue have been getting smaller and smaller. In 06/07, Google grew 14.3% q4/q1. In 07/08 it was 7.4% q4/q1. In 08 its 2.8% in Q4 – this deceleration likely points to down revenue for next quarter for the first time in the company's history. Google is maturing and having trouble finding that next multi-billion dollar driver. Google is down quite a bit from its peak of $740 late last year. It trades at a far more reasonable multiple of ~14*2009 earnings. The stock can probably support $330 on current fundamentals. It's likely, though, that as the quarter limps along, people will again become concerned about a slower top line and stock will trade closer to $280. That's a nice wide range and there will be lots of trading opportunities. Again, the risk/reward here isn't particularly compelling.
Dell – what are you waiting for?
I'd be extremely surprised if they didn't preannounce. In fact, I'm surprised they haven't done it yet. All the market share data says they're getting slammed and Intel and Microsoft say the market itself isn't growing. Dell inevitably has to guide lower. They have a January quarter. Seems to me no one is going to be surprised so I don't see why they don't just get it out there. I think their operating expenses are all out of whack with their growth rate and when your memory and hard drive suppliers are printing red its very hard to wring more out of the cost curve. They're in for a rough year.
Trade rag troll – January 22, 2009
Microsoft lost 500 mil in online services last quarter. Chi Mei, the #2 panel maker in Taiwan, is delaying production at an already built plant to build 50 + inch LCD panels. Previously, Chi Mei had expected to ship product from said plant in 2H09. Rumors continue to circulate that ailing Taiwanese DRAM manufacturers could all merge together. Nokia is rapidly losing the battle for the smartphone market, leaving them stuck in a low margin, third world hell.
Microsoft (MSFT) releases earnings early
Microsoft reports weaker quarterly figures and says revenues will be lower in the second half of the year. IT spending slowed significantly. They guide expenses to 27.4 billion for the full year -- telling you about the only thing they can control. Many analysts have suggested a miss was coming and there's been sort of a consensus opinion that you should plan to buy it on the weakness around the release. Headcount reduction of 5000 is below the figures bandied around in the blogosphere (oh god, I used that stupid word). Despite revenues up 10% q/q, deferred revenues dropped ~5%... not what you want to see but probably what you ought to expect. Microsoft is starting to set up interestingly in that Windows 7's beta is getting excellent reviews. There might be a nice upgrade opportunity for them out there amongst the Vista community… and maybe even the 7 year old XP base. It's worth keeping an eye on. I would expect Windows 7 to ship in the fall.
Nokia supply chain
Company Percentage to Nokia RF Micro (RFMD) 59% Foxconn (contract manufacturer) 50% ST Micro (STM) 19% Texas Instruments (TXN) 16% National Semi (NSM) 11% Infineon (IFX) 8% Sandisk (SNDK) 7.5% Source: Connexiti
NOK, QSII, AAPL
Nokia (NOK) Nokia reports. Current quarter devices miss estimates by ~4 mil at 113 mil, operating EBIT significantly weaker at 12% vs consensus closer to 15.5%, offset somewhat by stronger infrastructure sales. Handset guidance is down 10% for the full year 2009. They expect the decline to be greater in the first half than the second half. Previously the company had stated expectation of down 5%ish for 2009. Inventories are down over 20% q/q with ASPs down roughly a euro to 71. The Skew: Down inventories is a good thing. Nokia's full year industry estimate may look aggressive in the weaker first half they're suggesting. Operating margins need to bottom for stock to work. Probably will happen in Q1/Q2. * Quality Systems (QSII) Some number cuts and a downgrade on the back of Eclipsys (ECLP) blowing up last night. Stock has been strong on anticipated healthcare stimulus from Obama. Might happen. Problem in my view is their balance sheet – DSOs very high. There have been questions raised about revenue recognition, too. Short interest is higher than I like but my experience is balance sheet issues pay off long-term on the short side. * Apple Computer (AAPL) Just a further footnote... and a more positive one than the grouchy one I wrote last night. On a sequential basis, non-GAAP revenue rose slightly but non-GAAP EPS fell. As Apple only began releasing non-GAAP numbers last quarter, there's not enough comp to draw much conclusion from it. The deferred revenue figures suggest iPhone gross margins significantly higher than the corporate average – the ASP appears to be roughly $600 with a gross margin of approximately 45-50%, according to a couple of estimates. Theoretically this will be a positive kick to margins going forward as the corporate average is mid 30s presently.
Taiwan Semiconductor (TSM) 4Q:08 results
Company is guiding to down 48% q/q revenues for Q1 – consensus is more like down 35%. They're forecasting gross profits of 1-5% and negative operating margins of 15-19%. Customer inventory levels are higher exiting Q4 but will trend down over the next two quarters. They believe communications customers are likely to pick up before PC customers do. The company refused to give capex guidance for 2009. The Skew: It's likely business doesn't get significantly worse. Again, the question is going to be one of the trajectory of recovery. My assumption is that baseline growth is coming down everywhere in a more frugal worldwide economy. That doesn't mean TSM won't have a nice snapback at some point as customers replenish dwindling inventories. The problem with bottom fishing in the near-term is inventory is just being worked down. It was only a couple of weeks ago that Citi was talking about rush orders from key customers and an imminent recovery. Though corporate sentiment is definitely shifting more where you want it (scared), we have no stabilization in run rates as of yet. Taiwan Semiconductor is a very leveraged, broad-based player – the largest foundry. As such, there will be a good trade in it when utilization stabilizes and begins to work higher. Hang back for now.
Wednesday, January 21, 2009
Apple (AAPL) 1Q:09 results
Revenues top recently lowered estimates by every analyst alive. $10.17 beats consensus of ~9.8 billion. EPS significantly better at $1.78 vs consensus of $1.39 on back of stronger than expected gross margins. If you recall, last quarter the company had guided gross margins precipitously lower due to anticipated future product releases that never occurred. iPhones sold 4.4 million, which is better than the worst case of <4 mil numbers that were floating around. iPods at 11 mil was the high end of consensus and Macbooks at 2.52 million was roughly in-line.
Revenue guidance for next quarter is $7.6 - 8.0 billion, below the street at $8.2 billion. EPS are guided to $.90 - 1.00.
The stock is up sharply in after-hours trading as sentiment going into the number was very poor. Though its tempting to advise chasing it up $9, none of the major issues facing the company have subsided. Steve Jobs is gravely ill. They sell a very overpriced internet access device. The iPod replacement cycle is clearly slowing longer-term and the overall growth rate for the company is coming down.
Technically I can get the stock to $94-96 short-term. As the longer-term technical work suggests $60, I think that's a pretty terrible risk/reward. I hate to miss a high beta love affair but I've got to pass.
Seagate Technology (STX) reports 2Q:09
Seagate reports revenues a couple of hundred million below the street at 2.27 bil. Red runs deep with EPS of (1.02) for the quarter -- 93 cents of this relates to amortization, restructuring and tax asset valuation charges. Next quarter is guided to 1.6 - 2.0 billion, below consensus of 2.2 billion. The company is urging the board to cut the dividend to conserve cash flow. They borrowed $350 million against a $500 million revolving credit facility for cash on hand and drew up 50 mil in outstanding letters of credit. They have 100 mil undrawn against that line.
Netgear preannounces 4Q:08
Netgear preannounces revenues in line with the street. Due to currency adjustments, operating margins will fall to 5-6% -- models call for closer to 10.5%. Netgear is predominantly a maker of 802.11 products.
Tech Roundup – January 21, 2009
Briefly: Digitimes reports Cypress Semiconductor (CY) is the sole touch screen supplier to the Palm Pre. ThinkEquity checks with Taiwanese notebook ODMs show units tracking down 20% q/q, in line with their expectations. There have been no further cancellations or pushouts from Dell or Hewlett Packard. Seasonally notebook shipment trends should begin to improve into February and March. Lunar New Year ends February 2nd – business goes dark until then. He reiterates his buy on Intel. Ericsson 4Q:08 revs and earnings better than expected on spending strength in China and Africa. EBIT margins were 10.5% versus expectations of 9.7%. Stock up ~15% overseas. Analog Devices preannounced further weakness in their January quarter. The company is now guiding down 25-30%, which is roughly 462-495 mil versus consensus of 518 mil. UBS does a CIO survey. Spending looks down 4% y/y for 2009 – a month ago it was down 2% y/y. Analyst Heather Bellini reiterates her sells on VMW, CRM and ADBE because virtualization spending will slow (VMW), seat count will shrink (CRM), and CS4 will see delayed adoption (ADBE). Nanya and Inotera, Micron's partners, reported very poor results. Capex has been cut to the bone for these two. Nanya is running on life support at this point with a mere 120 mil in cash on hand. Taiwan is likely to initiate a bailout shortly. These guys need cash just to pay off their near-term debt obligations, they're not going on a spending spree any time soon. Do not expect capex to come rushing back. Encouragingly for the industry, bit shipment growth for both players dropped significantly – capacity shutdowns are having some real impact. Though contract and spot prices aren't going up presently, they aren't going down either and that's an encouraging sign. RBC lowers numbers on semicap – overall for the industry he's modeling down 45% now. He's got 6-8 quarters of losses modeled before the industry returns to profits in 2H:10. These are his estimates… and probably represent the lows of consensus. He thinks Intel (INTC) will switch to Novellus (NVLS) and Applied Materials (AMAT) for their 22nm needs from their current supplier ASM International (ASMI). The SEC is probing Apple's disclosures around Steve Jobs' health. Let me save you some time, fellas. Their disclosure sucked. Apple protects their CEO from discomfort at all costs, whether he's granting himself retroactive options and they're lying to protect him or he chooses to keep his personal health information private and they back his claims that he's just fine. This issue is incredibly overplayed on the web so I'm just going to leave it alone.
DRAMexchange reports flat DRAM contract prices for the second half of January.
The Skew: Incremental channel weakness. Go figure.
Tuesday, January 20, 2009
IBM 4Q:08 results
Ibm a little light on the top line but significantly better gross margins and a lower than expected tax rate drive a big bottom line beat -- 3.28 is 26 cents better. If the tax rate were 26.5 pct as it should have been, eps would still be 316.
Contract signings stronger than expected at 17 bil ex-currency. With the currency hit, signings were 15.6 bil, still better than consensus of 13 bil.
Co guides to 9.20 for 09, better than street's 8.75.
Ibm is historically a defensive stock that trades with a higher multiple during economic uncertainty due to its breadth of offering and inordinate ability to meet their guidance. Even up 3 post-market, the stock is likely a buy at 9*2009 guidance.
Tech Roundup – January 20, 2009
Western Digital (WDC) Weisel lowers #s for the quarter from 32 cents to 8 cents. The channel is taking inventories from 5 weeks to 4 weeks, thereby reducing sales by ~200 mil for the quarter to 1.2 billion. The Skew: Channel inventories are getting a little on the light side but that's probably a good thing for drive makers. Demand is also falling and therefore these cuts are likely in-line with slowing velocity across the chain. The stock trades at 4*cash and near book value. No trade suggested. * Semiconductors (various) Piper has a note out saying Q1 will represent the end of the bulk of estimate cuts. They expect inventory to snap back in Q2/Q3 and then expect demand to be overshot by an overzealous industry. This will be followed by a multi-year super cycle starting in the middle of 2010. The super cycle will be amplified by capacity underinvestment. They like ATHR, SLAB, MPWR for inventory bounceback and ASML and ONNN for the super cycle. The Skew: Multi-year super cycle! Give the guy credit for laying some vision out there. Based on the downward trajectory of the semis, a snapback could very well happen at some point, and it could be as soon as June – the curve of such an upturn remains very much in question. Inventory restocking rallies do tend to have some power and it will likely be worth playing when it happens. Multi-year super cycle is mighty aggressive. * Apple (AAPL) NPD showed a pick-up in Apple sales for the month of December, driving Macs to in-line with the street estimates of +8% y/y and iPods to down 10% y/y with street down 16% y/y. The Skew: Stock is pretty compressed but March quarter is the one to worry about. Lack of holiday enthusiasm is likely to push seasonality much lower for Apple. * Intel (INTC) Intel (INTC) cuts processor prices by as much as 40%. The Skew: Significantly lower guidance and major gross margin pressure factored into guidance late last week. Consider this part of the plan. * Taiwan DRAM Taiwan's Financial Supervisory Commission (FSC) puts on hold idle equipment write-off changes to avert "increasing companies' financial obligations" for many DRAM companies. The Skew: They're out of whack with most other nations. Could bring up some accounting issues if Micron (MU) does indeed merge with Taiwanese players as accounting standards appear to be different. * Google (GOOG), Interactive (IACI) Efficient Frontier (private search advertising firm) reports search advertising spending fell 8% in 2008. This is the first quarter of negative annual growth recorded by EF in the several years they've been gathering data. Also, comScore reported on market share trends in search advertising. Most major web destinations held steady, though Interactive Corp's ask.com lost some share in December. Google search queries were up 4% m/m according to the group. The Skew: As consumer expectations plunged so precipitously starting in September, its not entirely surprising that search advertising would see cuts – at the least, you'd expect keyword prices to have declined in much the same way average consumer spending tickets did. If people spend less, their clicks and eyeballs are worth less too. As cited on theskew a number of times over the past several months, Google (GOOG) has been in spending lockdown mode as if they see something calamitous looming. Expect Google to show excellent expense controls and margin expansion when they report – and worry about the top line. * LCD panels Panel shipments down 24% y/y. WitsView says could've been worse. The Skew: No edge. * MSFT, YHOO, TWX Ballmer, Bostock and Bewkes (MSFT, YHOO, TWX) had a sit down at the Time Warner Center the other day, according to Kara Swisher of AllThingsD.com The Skew: Speculation may run on this. Bartz's lack of attendance suggests she's serious about taking her time about any search deal decisions. I'd go with Swisher's version. My inclination is a deal happens eventually. Yahoo as a standalone company is an eroding asset and its unlikely Bartz is going to come up with a better idea, regardless of what her self-proclaimed gut tells her. Quarter will be very poor – selling before and buying afterwards seems like a good plan. * Cisco (CSCO), VMWare (VMW) Cisco (CSCO) plans to sell servers outfitted with virtualization software from VMWare (VMW). The Skew: Good news for VMW. Stock should see a nice pop today. EMC preannouncement would indicate current Q is okay, though I hear the pipeline/outlook for EMC is a little iffy for the March quarter. * Satyam (SAY) Satyam founder may have just stolen it all. The Skew: You know, if that's the case, Satyam might be less worthless than the $1 closing price – if the money was embezzled, then we're talking about thievery of profits as opposed to non-existent profits – a potentially big distinction when evaluating what's left after the dust clears. * Madoff (JERK) Speaking of vanishing billions, reports are investigators can't find any evidence of trades. The Skew: It's tough to lose money when you don't trade. Expect to find out Madoff also siphoned billions of dollars into the ether. Perhaps the money hasn't been lost as much as not found.
Theenquirer.net reports the meeting was an informal merger discussion but doesn't mention Bewkes was there.
Monday, January 19, 2009
Earnings Estimate Cheat Sheet – Week of January 19, 2009
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 1/19/2009 AVCT 177.4 35.7 0.58 -- 159.3 -10.17% 22.9 0.36 -- 661.0 118.0 1.97 -- 704.1 130.3 2.04 -- 1/19/2009 JPM 24,013.3 -- 0.40 -- 24,612.2 2.49% -- 0.41 -- 95,273.1 41,564.5 1.96 19,105.2 100,754.5 47,147.0 3.14 29,223.7 1/19/2009 LOGI 699.3 88.1 0.43 102.4 554.3 -20.73% 45.4 0.25 59.7 2,432.6 249.1 1.20 269.9 2,352.4 249.4 1.28 273.4 1/19/2009 PVSW 11.0 1.6 0.06 1.7 11.2 2.30% 1.8 0.07 2.1 45.6 7.7 0.30 8.1 47.2 7.6 0.30 7.6 1/19/2009 SPSN 504.2 (105.4) (0.81) 52.5 474.6 -5.87% (104.3) (0.79) 41.0 2,318.1 (367.5) (3.01) -- 2,013.5 (338.2) (2.61) 259.6 1/19/2009 TXCC 15.3 (8.1) (0.08) -- 17.0 11.59% 0.8 0.00 -- 42.1 (23.0) (0.16) -- 76.6 8.4 0.04 -- 1/20/2009 CLZR 29.0 (6.1) (0.17) -- 28.5 -1.74% (3.2) (0.08) -- 115.6 (19.1) (0.50) -- 119.0 (11.4) (0.29) -- 1/20/2009 CREE 141.4 8.2 0.09 29.9 139.4 -1.39% 8.9 0.09 28.4 566.6 38.4 0.42 126.6 650.8 58.4 0.52 146.3 1/20/2009 IBM 28,149.5 5,543.8 3.03 7,055.0 23,121.8 -17.86% 3,014.0 1.61 4,414.1 104,756.1 16,829.5 8.69 22,168.9 100,872.1 15,841.2 8.75 21,337.1 1/20/2009 SUPX 17.8 2.1 0.17 2.8 17.4 -2.35% 2.3 0.16 3.2 81.5 14.9 1.03 18.3 77.0 13.5 0.82 20.1 1/21/2009 AAPL 9,776.0 1,660.3 1.39 1,821.0 8,241.5 -15.70% 1,333.1 1.14 1,549.0 35,906.2 5,960.6 5.03 6,417.9 41,798.3 7,062.6 6.01 7,542.3 1/21/2009 ADTN 116.8 22.0 0.28 27.0 112.9 -3.39% 23.1 0.25 26.0 505.3 114.7 1.24 126.8 489.2 108.7 1.15 112.7 1/21/2009 AUO 1,811.0 (501.8) (0.53) -- 1,464.0 -19.16% (579.7) (0.61) -- 13,606.0 1,372.0 1.29 3,950.6 6,129.0 (2,218.9) (1.66) 311.1 1/21/2009 EBAY 2,116.5 639.6 0.39 738.0 2,118.5 0.09% 656.4 0.40 778.7 8,625.2 2,713.4 1.70 3,152.5 8,667.6 2,637.2 1.62 3,125.5 1/21/2009 FFIV 166.3 43.1 0.40 48.2 162.6 -2.24% 41.4 0.37 40.9 669.1 173.3 1.56 197.3 763.3 202.1 1.76 227.0 1/21/2009 PLCM 264.2 44.4 0.40 -- 247.2 -6.43% 34.8 0.31 -- 1,072.2 160.2 1.47 135.0 1,046.8 153.1 1.41 187.0 1/21/2009 SANM 1,500.6 37.0 0.01 58.1 1,448.7 -3.46% 34.7 0.01 57.4 5,974.6 147.8 0.05 232.0 6,414.0 183.6 0.13 263.0 1/21/2009 STX 2,459.8 20.6 (0.04) 171.4 2,202.3 -10.47% (17.7) (0.07) 97.7 9,874.4 147.4 0.05 1,059.2 9,889.9 386.5 0.52 1,134.9 1/21/2009 TSM 1,952.7 375.7 0.07 -- 1,577.5 -19.22% 178.6 0.04 -- 10,476.6 3,307.6 0.61 5,785.3 6,867.5 1,027.2 0.21 3,836.9 1/21/2009 WIT 1,439.1 234.8 0.14 269.7 1,488.6 3.44% 246.7 0.15 277.2 5,696.6 931.9 0.53 1,112.6 6,431.8 1,050.3 0.60 1,206.6 1/22/2009 AMD 1,229.1 (231.0) (0.54) 43.2 1,068.2 -13.09% (270.4) (0.59) 33.3 5,824.0 (639.1) (1.54) 502.7 4,618.2 (853.3) (1.85) 218.0 1/22/2009 AVT 4,279.4 165.6 0.67 185.1 3,903.5 -8.78% 135.9 0.53 152.0 16,760.3 611.9 2.41 695.6 16,307.7 589.8 2.32 677.8 1/22/2009 AVX 315.0 10.4 0.09 25.9 287.9 -8.62% 1.0 0.04 16.5 1,402.8 75.0 0.51 137.4 1,213.6 37.5 0.37 100.8 1/22/2009 BKHM 60.6 (2.6) (0.03) -- 61.1 0.81% (2.2) (0.02) -- 250.7 (7.0) (0.01) 7.8 274.3 4.4 0.03 18.0 1/22/2009 CCMP 62.3 0.3 0.05 7.7 64.9 4.17% 0.2 0.08 9.7 271.2 7.9 0.58 38.2 331.5 32.2 1.24 47.2 1/22/2009 CY 170.4 (11.2) (0.08) -- 159.1 -6.61% (15.4) (0.08) -- 1,805.1 201.8 0.63 222.3 685.0 (29.7) (0.13) 59.9 1/22/2009 DGII 41.2 0.5 0.03 3.0 43.2 4.95% 1.3 0.05 4.0 177.5 7.1 0.24 16.9 198.0 12.9 0.38 30.4 1/22/2009 GOOG 4,121.3 2,035.1 4.96 2,439.2 4,138.3 0.41% 2,036.0 5.00 2,475.7 15,758.9 7,719.7 19.33 9,238.8 17,585.5 8,622.0 21.10 10,518.6 1/22/2009 MSCC 132.7 37.1 0.35 43.6 131.3 -1.10% 36.3 0.34 43.4 534.7 149.5 1.42 177.3 564.7 154.4 1.51 202.2 1/22/2009 MSFT 17,116.3 6,047.3 0.50 6,451.5 15,199.2 -11.20% 5,790.8 0.48 6,115.5 63,758.6 23,988.4 1.96 26,078.4 68,183.0 25,673.8 2.19 27,643.1 1/22/2009 NOK 17,269.1 1,948.0 0.37 2,591.7 13,602.6 -21.23% 1,236.2 0.23 1,792.9 71,140.0 9,117.2 1.92 9,924.2 60,397.1 6,542.4 1.33 8,773.9 1/22/2009 NTCT 72.9 15.4 0.24 19.5 71.0 -2.52% 14.2 0.21 15.3 282.7 58.0 0.84 67.0 298.6 63.9 0.89 74.8 1/22/2009 SYNA 132.0 27.0 0.63 30.3 95.0 -27.99% 11.4 0.28 12.9 448.5 75.6 1.76 85.2 506.3 87.2 1.88 86.2 1/22/2009 WFR 409.5 170.3 0.62 199.9 402.1 -1.82% 146.0 0.57 164.6 1,989.1 859.3 3.24 959.8 1,816.6 691.3 2.41 756.6 1/22/2009 LMT 11,075.0 1,249.0 1.91 1,466.6 10,428.1 -5.84% 1,115.4 1.76 1,295.6 42,675.6 5,028.8 7.73 5,844.1 45,246.2 4,936.5 7.84 5,741.6 1/23/2009 HOG 1,303.6 196.2 0.58 265.1 1,163.7 -10.73% 217.7 0.53 299.8 5,614.8 1,109.0 3.03 1,289.4 5,141.0 879.9 2.40 1,009.8 1/23/2009 XRX 4,715.8 433.2 0.34 554.0 4,161.9 -11.74% 334.7 0.24 460.5 17,953.8 1,431.1 1.17 1,970.2 17,374.7 1,517.8 1.13 1,989.3