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Friday, January 30, 2009

Quality Systems (QSII) post conf call comments

At first, the company talked a lot about the impending healthcare stimulus.  They declined to guide for the next quarter, which started the sell off – its unusual for them not to guide – they attributed it to the funky economy.

The Q&A was surprisingly centered on the balance sheet.  The company said they signed a decent sized deal with extended payment terms and that a couple of customers have been slow to pay which led to receivables not declining as they had hoped.

This stock keeps popping up on value screens as undervalued relative to its growth.  The growth is mostly through acquisition and the balance sheet is becoming increasingly precarious in an uncertain economy.  The short interest is too high – over my comfort threshold really – but I’m sticking around because its got all the earmarks of deceptive results and an inevitable reveal to come.

Quality Systems 4Q:2008 results

Quality Systems beats revenue forecasts entirely due to acquisition-based revenue.  EPS a penny better.  System sales were $1 mil light.

Receivables jumped to 100 mil, an 11% increase and in line with sales.  DSOs remained flat at 138 days.  Deferred revenue grew roughly 3% sequentially.  Upside to maintenance revenues without corresponding growth in deferred.  Cash dropped by roughly 10 mil sequentially to ~55 mil reflecting the growth in receivables.   If they don’t start to get paid, they’re going to need to raise cash.

Analysts are excited about the potential benefits of fiscal stimulus in the healthcare vertical.  Expect it to be the focus of q&a. 

Conference call at 9.

Broadcom 4Q:2008 results

Broadcom exceeded revenue expectations for current quarter by roughly 40 mil, showing 1.13 bil in sales.  Gross margins came in 100-150 bps lower.  Guidance of 800-875 mil is well below the street’s 953 mil estimate and below the worst cases of 900 mil laid out in print.  Gross margins are expected to fall further as Verizon royalty payments begin to fall off next quarter.

The Skew:  While Broadcom has an impressive portfolio, downside risk seems significant.  Their success in wireless has been more challenging than the street seems to have factored into estimates.  Current weakness is due to inventory destocking in the channel.  Their financial statements are radically different from virtually every other company in the semiconductor universe.  While Broadcom is a fine trading vehicle, the confusing financial statements make it difficult to justify long-term holding.

Amazon 4Q:2008 results

Impressively, Amazon exceeded estimates on both revenue and earnings per share for the December quarter.  Though the US experienced a deceleration, it was more than offset by stronger international sales growth.  Unit growth showed no deceleration.  Though gross margins were a little light, this was more than offset by increased fulfillment efficiencies.

Amazon has a press conference scheduled for February 9th at the New York Public Library where they are expected to unveil the redesigned Kindle 2.0.

The Skew:  I’m surprised they didn’t see more of a slowdown.  It’s still the most expensive stock retail stock in the world.  Can’t tell you to buy it.

Juniper 4Q:2008 results

While Juniper’s current quarter was pretty much in-line (though gross margins were a disappointment) the guidance of 800-830 mil was well below the street’s 883 mil estimate and EPS guidance of 15 cents is well below the street’s 27 cents.  Operating income is expected to decline from 24.5% in the current quarter to 15% next due as company will not reduce R&D spending in the face of falling sales and reduced visibility.  The company declined to guess at 2009.

Reduced carrier spending plans (specifically AT&T’s IPEG deployment) are the source of the weaker forecast.

Pricing is likely to continue to erode as the economy weakens and operating margins are severely depressed.  I see no near-term reason to buy the stock.  Breaking $15 would be a very bad omen as the chart lacks support below there until ~10.

Thursday, January 29, 2009

Tech roundup – January 29, 2009

Nintendo (NTDOY) reduced revenue forecast – surprising relative to their positioning.  Wii sales target lowered from 27.5 mil units to 26.5 mil units.  DS sales raised to 31.5 from 30.5 mil units.  The yen is the dominant factor in the lower revenue expectation.
The Skew:  Yen schmen.  Units are what matters.  First Wii estimate cut.  I’m curious how the stock takes it.

Toshiba took in more of Sandisk’s obligations in their NAND memory producing joint venture and consequently will further delay expansion.  Toshiba expects to report its first loss for the year since 2001.
The Skew:  While this provides much needed cash to Sandisk (SNDK) and reduces their ongoing lease obligations, it also will mute their leverage to an upturn and is driving them further back on the technology leadership ramp.  In an upturn, Sandisk will be forced to buy more raw NAND from external sources and will likely see lower ongoing gross margins as a result.  It also means they’re not expecting an upturn any time soon, or they’re in cash trouble.  I’m not sure which is worse.

Lehman previews Cisco (CSCO) negatively.  Revenue expectations are lowered from 9.025 to 8.85 billion.  He’s a penny below consensus on EPS.  Ffor next quarter he drops to 8.45 bil – street is 500 mil higher.  Following quarter same story – drops to 8.75 bil street at 9.3 bil.
The Skew:  Still think Cisco has to lower their long-term growth forecast and don’t think there can be any kind of bottom until they do.  Until then, I carry negative bias.  Expect numbers for street to continue to come down as quarter approaches.

Western Digital (WDC) showed good cost controls, beating revenue and EPS expectations.  They guide to 1.45 billion for next quarter, a decline of roughly 20% – in line with industry expectations of an ongoing inventory workdown and weaker OEM demand in the PC arena.  Nothing to add at this time.

Intersil (ISIL) reported a slightly better quarter, guided down another 20% and indicated demand is likely to start to improve in Q2.
The Skew:  Will do some more work on this one later.  They’ve been in freefall for a year now and I’m not current enough to know if there’s something to do here.  Interesting Q2 comment.

Lam Research 2Q:2009 results

Business has been falling off a cliff for the last couple of quarters due to the contraction in memory spending from unprecedented record levels.  Memory, which had been over 80% of Lam’s orders at the peak of the cycle, is under severe pressure due to oversupply in the marketplace and insolvency risk amongst manufacturers.

Lam guided significantly below street estimates.  Orders are expected to be ~160-190 mil for next quarter.  In a stark admission of the challenges facing the industry, Lam said they do not believe orders will pick up for the next 6-8 quarters.  They believe wafer equipment orders will fall by 50% for 2009 – this is the lower end of expectations.  In addition to customer weakness, used fab equipment is beginning to become more prevalent in the market.  As semiconductor equipment investors are conditioned to buy the stocks 2-3 quarters before an anticipated upturn, 6-8 quarters of projected slow (or no) growth will make it very difficult to make the case to buy the stock.

They’re burning through cash now and will lose in excess of $1.50 this year.  Deferred revenue dropped q/q, leaving them with not much in the way of cushion there.  Days sales outstanding rose to ~93 days as the company extended terms to struggling customers – that’s a polite way of saying they’re not getting paid for stuff they’ve already sold.  As the DRAM industry’s capital structure is in utter disarray and the likelihood of eventual insolvencies in Taiwan increases with time, some of these receivables probably will be uncollectable.

The rise in memory spending was unprecedented, so too shall be the decline.  While it’s tempting to call the bottom like Citi is, I think it’s imprudent to do so.  Management is very bearish and generally it’s good to gun against that.   However, the stock trades at twice book value and it would not surprise me to see the stocks trough at the lower end of their historic price to book range – somewhere between 1 and 1.5* book.  That’s another 25% downside in the stock minimum – and book is likely to decrease over the next couple of quarters so the bottom is still a moving target.

Obviously, this doesn’t bode well for the rest of the semiconductor capital equipment industry.

Wednesday, January 28, 2009

Qualcomm guides down

They miss by a nickel on revenues 100mm better than estimates.  Full-year guidance is a little better than where the street put them but don’t expect numbers to go up.  Qualcomm’s guidance seems to indicate more strength in the second half of the year as they’re guiding Q1 about ~100mm below consensus at the midpoint – analysts are unlikely to buy into their stronger bounce theory without some evidence to support it.  The cellphone business has been notably weak – there has been an ongoing deluge of negative data in that space. 

Qualcomm has roughly 13 billion in cash, equivalents and investments.  They took a 366 mil impairment against losses and have unrealized losses of $1.1 billion on the sheets.

I doubt the stock gets crushed on these numbers.  Investors would be foolish not to have expected some forecast reduction.  It’s down a couple since the close.

Plexus/Juniper

Plexus is a contract manufacturer.  I pay attention to them because 20% of their sales go to Juniper.  They reported in-line, cited weakness in their wireline/telecom business, said wireless was on plan.  Guidance is 15% below the street due to weakness at “significant medical account” – I presume that to be GE (10% of sales).  A number of other variables point to weakness at Juniper – AT&T’s lower capex planning was another.  Google is also apparently starting to build their own switches, according to this guy.  Might be worth shorting Juniper into the recent strength.

Bad Bank! Bad!

The banking sector has continued to deteriorate.  Thus far, plans like TARP, intended to shore up balance sheets, have had almost an opposite effect on confidence due to excessive flip-flopping by policy makers.

The latest bailout direction appears to be in the form of a “bad bank” structure.  The FDIC would purchase the worst parts of bank portfolios.  How much the FDIC would pay for these troubled assets is unclear.  Sheila Bair, the chairwoman of the FDIC, has been pushing to let the FDIC renegotiate mortgages and this would likely be key to getting out of the portfolio over time.  This is basically the original TARP plan which was rejected in favor of temporarily nationalization through large capital investment by the Treasury and Fed in ailing banks.

In the hedge fund industry, when a manager undertakes an unproven strategy with money taken from investors under a different operating pretense, its called “style drift”.  It’s a no-no.  Savvy investors will quickly pull capital when they see a manager do it as its an unknown variable – the story is changing – its not the strategy in which they had originally invested.  While the FDIC is no hedge fund, and there really is no yard stick by which to measure a successful strategy for dealing with the plague of credit derivatives, this is clearly major drift from the FDIC’s mandate of protecting consumer deposits. Buying up bad paper and renegotiating mortgages is not really what they're historically known to do successfully.

The FDIC is an undercapitalized regulatory body that has infinitely insured deposit accounts.  Frankly, they are the most bleeding heart of financial organizations, offering to bail out any and everyone.  While they may effectively reduce the bad loan problem, the aggregate effect of reducing the value of the bad mortgages will likely hurt values of home owners everywhere.  Should your neighbor get more favorable terms than you when you’re paying your bill and he isn’t because he bit off more than he could chew?  How long before timely mortgage payers are demanding that they get 40 year fixed rate loans, too?

A new bad bank.  Like we didn’t have enough of those already?

Research In Motion, Nvidia, Yahoo!, carrier capex

Research In Motion (RIMM)

Goldman Sachs raises estimates for the current quarter from 3.18 bil and 80 cents to 3.41 bil and 87 cents.  Their subscriber estimate for the current Q goes from 2.8 mil to 3.3 mil, above company guidance.  Device shipment estimate goes from 7.1 to 7.7 mil.  2010 estimates go from $13.0 bil and $3.41 (below consensus) to 14.9 bil and 3.90 (above consensus).  Goldman was emboldened by Verizon’s earnings reported yesterday morning.

 

Nvidia (NVDA)

Barclays says down 50% guidance is too conservative – the company is gaining market share according to industry survey data.

The Skew:  True.  This is one of those companies that really obliterated guidance and can start to show improvement relatively quickly – perhaps even without an industry recovery.  Marvell is likely in this category also.


Yahoo (YHOO)

Good sign that Yahoo has started to beat their own EBITDA forecasts again – second quarter in a row.  Revenue declined y/y for the first time since 2001.  Cost cutting led to upside in EBITDA.  Bad sign that they’re guiding the street down on revenues and EBITDA for Q1. 

The Skew:  It’s cheap but crappy and subject to rumors of strategic initiatives involving other companies that need to band together to fight off Google’s unrelenting market share gains.  2009 guidance appears to be missing from my press release.  Oh, right, they didn’t give any.  Without a specific catalyst, cheap stocks tend to get cheaper as they’re sold to raise cash to buy better opportunities.  I’m just not that interested in this perpetual turnaround.

 

Carrier capex (JNPR, CIEN, CSCO, ADTN)

Credit Suisse adds up capex forecasts and thinks they’re too high.  It’s a 120 page report.  Skimming it, he’s got 2009 capex declining 10.2% and 2010 down .4% in aggregate.  Wireline declines 13%, almost twice the wireless rate of –7.6%.  He cites planned reductions by Verizon and AT&T of 5-10% for 2009 and a worldwide constriction of credit availability and capital markets holding everyone else back.  He cuts numbers in everything but says ADTN and CIEN have the most exposure to downward revisions in the carrier market as they’re leveraged to North America which is particularly weak.

Tuesday, January 27, 2009

Yahoo Earnings Preview (from Alleyinsider.com)

Thanks, Henry.

http://www.alleyinsider.com/2009/1/yahoo-earnings-preview-crappy-yhoo

VMW and EMC follow-up

VMW wasn’t as bad guidance-wise as I feared.  The stock is a buy around 20.5, I believe.

EMC was a little murky for my tastes.  They’re typically pretty straightforward and predict their business pretty well.  The lack of guidance for Q1 and the year indicate there is in fact an air pocket and that they’ve filled enough of their backlog to not know how business will shake out.  They’re predicting a second half recovery and a lower 09 vs 08.  Best to stay out.

Citi reiterates semis could bottom

Despite lowering forecasts significantly and reporting terrible numbers, chip stocks haven’[t retreated on bad news.  Glen Yeung thinks the potential for a semi bottom is in place, though recovery will be muted.  He says chipmakers are under-shipping end demand, production was less aggressive on the way into the downturn and production cutbacks are bigger, end market inventories have been brought quickly under control and capitulation of earnings guidance and expectations is complete.

The Skew:  Yes, in some cases companies are clearing the decks significantly with their guidance and inventory reductions seem better overall than expected.  We don’t have enough OEM guidance to draw too much in the way of conclusion about it.  If sales drop 20% for the semis and PC/cellphone demand drops 20%, we’re right where we started.  Furthermore, there’s very little in the way of forward guidance to get much sense of the strength of a potential recovery.  However, when companies like Texas Instruments are running 35% utilization, Taiwan Semiconductor 40-45% utilization… this suggests their production levels will improve as long as demand doesn’t drop 50-60% – and it probably won’t.  We are likely facing a worldwide economic slowdown for the next several quarters which will make end market growth challenging.  There will be sporadic growth spurts as semiconductor companies try to find the new baseline growth rate.  Baseline growth is probably higher than current production levels and investors are likely to buy stocks when they see business ramping up again.

Texas Instruments (TXN) 4Q:2008 results

Revenues exceeded expectations by ~100 mil with gross margins of 44%, significantly above the street.  Inventories dropped 200 mil q/q.  The company indicated next quarter’s sales will fall to ~1.85 bil at the midpoint, which is roughly 10% worse than the consensus estimate of 2.1 bil – but most previews had suggested some downside there.  Based on their comments that gross margins should decline in a ratio proportionate to this past quarter’s, GM should come in at roughly 41%, which is better than the ~39 the street has modeled.  The company is laying off 12% of the workforce to reduce costs.

As Texas Instruments is very Nokia dependent and Nokia recently lowered their forecast significantly, the revenue downside is largely factored in.  Truthfully, the margins are somewhat baffling – one wouldn’t expect them to hold so well.  The stock likely drifts higher on the report.

Monday, January 26, 2009

EMC and VMW

Though I like both on a longer-term basis, there’s clearly risk to Q1 estimates.  After a strong Q4, there may be a bit of an air pocket on the other side as budgets are stuck in wait and see mode, back-end loaded or just plain non-existent right now.  I would suspect guidance to be somewhat murky.  While EMC estimates seem to call for a 12-13% drop, VMW estimates have a very modest 5% drop modeled – I don’t see why VMW wouldn’t drop more than that – spending is being watched closely in corporate America and IT typically receives more than their share of scrutiny.  While the pipeline will remain large, I think it may be difficult to get new projects off the ground until there’s a bit more economic stability.  VMW projects are by nature new as virtualization is in early adoption stages.

I have no position in either heading into the number and I expect to be looking for excuses to buy on weakness.

Caterpillar comments post conference call

First question is about the 2010 upturn.  The company declined to discuss a potential upturn having just disclosed a significant downturn.

They say they might have a loss in Q1.

JPMorgan asked about the potential for credit downgrades due to the necessary refinancing in 2009.  The company declined to guess what rating agencies will do.

The company talked about how well capitalized their dealers are.

The Skew:  Investors are conditioned to like this stock for its leverage on the upside.  I don’t disagree with that thinking, but I’m looking at Caterpillar as a company dependent on credit derivatives.

Caterpillar is one of the few large caps that sells receivables to generate cash.  Both CAT and DE did this as recently as the middle of last year.  I think in a world of risk aversion, receivables on in-process construction projects would qualify as extremely speculative.  They are likely to see a much tighter credit market and will have more trouble generating credit for their base.  Credit default swaps for the company have risen today – 25% the last time I saw a quote but I don’t get those in real time.  The point, though, is that people are starting to become concerned about Caterpillar’s debt and ongoing capital requirements.

Caterpillar’s 1.44% allowance for credit losses seems perilously low.  They are likely to see increased scrutiny on their balance sheet and it would surprise me if their credit rating does not see downgrades.  Investors hoping to hold the stock for a cyclical upturn are likely to flee if potential credit problems move to the forefront of Caterpillar headlines.

Earnings Estimate Cheat Sheet – Week of January 26, 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
01/26/2009 ACLS 40.4 (23.1) (0.24) (17.7) 34.1 -15.65% (15.6) (0.17) (14.3) 248.7 (71.0) (0.76) (49.5) 161.5 (51.5) (0.53) (30.0)
01/26/2009 ACTL 52.1 -- 0.08 -- 49.3 -5.37% -- 0.05 -- 217.8 -- 0.42 -- 202.8 -- 0.27 --
01/26/2009 AXP 7,221.7 983.0 0.22 1,719.4 6,905.6 -4.38% 824.0 0.43 2,176.2 29,389.5 4,296.0 2.39 8,189.4 28,560.3 3,603.0 1.63 8,042.9
01/26/2009 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
01/26/2009 GLW 1,156.1 14.9 0.20 141.3 1,112.0 -3.81% 26.4 0.19 133.0 6,035.7 1,238.5 1.60 2,125.0 4,990.5 382.5 0.94 835.9
01/26/2009 IKAN 21.8 (4.2) (0.14) -- 20.6 -5.73% (3.7) (0.13) -- 105.5 (6.4) (0.16) -- 89.4 (12.6) (0.38) --
01/26/2009 NFLX 354.2 34.5 0.34 43.4 371.5 4.88% 30.3 0.30 -- 1,359.2 117.3 1.29 151.2 1,538.1 149.0 1.49 182.9
01/26/2009 PCCC 453.3 6.2 0.15 8.0 397.7 -12.27% 3.7 0.09 7.2 1,767.9 28.7 0.67 36.1 1,697.7 21.3 0.50 26.2
01/26/2009 PLXT 14.0 (2.9) (0.09) -- 13.3 -5.31% (3.3) (0.05) -- 80.9 1.3 0.09 -- 64.4 (5.5) (0.07) --
01/26/2009 QLGC 164.3 55.0 0.29 -- 153.8 -6.36% 47.5 0.26 -- 657.8 225.8 1.20 277.0 651.1 206.8 1.12 268.0
01/26/2009 SANM 1,307.0 27.4 (0.00) 48.3 1,347.1 3.06% 29.9 0.01 53.5 5,477.1 121.7 0.02 199.9 5,698.8 132.0 0.07 214.8
01/26/2009 SPSN 503.7 (105.2) (0.81) 52.5 460.0 -8.69% (109.3) (0.82) 41.0 2,317.6 (367.5) (3.01) -- 1,955.9 (343.0) (2.61) 259.6
01/26/2009 SYNA 92.1 11.2 0.25 11.0 103.5 12.39% 14.2 0.33 17.6 442.4 74.2 1.71 81.2 496.7 85.7 1.83 86.0
01/26/2009 THQI 404.9 7.4 0.08 38.6 198.4 -50.99% (9.7) (0.12) 8.4 877.2 (101.2) (0.83) (88.4) 978.3 29.9 0.39 42.1
01/26/2009 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 --
01/26/2009 TXN 2,371.3 137.0 0.12 345.1 2,094.8 -11.66% 28.0 0.03 222.0 12,383.8 2,521.4 1.48 3,419.9 8,996.2 661.5 0.50 1,686.5
01/26/2009 VLTR 22.0 1.2 0.05 1.7 20.5 -6.82% 0.8 0.04 1.8 104.3 17.1 0.69 19.4 91.0 7.4 0.31 12.8
01/26/2009 VMW 512.3 118.5 0.26 169.3 496.5 -3.08% 112.7 0.23 163.3 1,878.3 451.4 0.95 609.9 2,194.8 533.6 1.10 709.8
01/26/2009 ZRAN 70.0 (15.9) (0.29) (15.1) 65.3 -6.74% (16.9) (0.30) (12.9) 433.8 4.4 0.08 10.1 310.9 (46.2) (0.71) (8.3)
01/27/2009 ALTR 318.7 84.9 0.27 93.2 293.8 -7.82% 66.6 0.20 70.4 1,371.4 411.6 1.17 442.6 1,189.4 280.1 0.84 284.6
01/27/2009 CCUR 17.8 0.2 0.03 -- 18.2 1.97% 0.6 0.08 -- 73.0 2.5 0.28 -- 76.5 6.0 0.70 --
01/27/2009 CHKP 215.5 114.7 0.47 118.8 200.2 -7.13% 101.4 0.43 106.7 806.6 419.7 1.76 426.1 850.9 435.7 1.86 435.1
01/27/2009 CREL 71.3 -- 0.42 16.7 60.0 -15.86% -- 0.24 11.7 270.1 -- 1.43 59.8 264.6 -- 1.36 56.0
01/27/2009 CVG 725.7 37.5 0.18 72.4 723.2 -0.34% 37.9 0.23 72.2 2,806.6 164.6 1.09 293.0 2,920.2 175.2 1.03 310.6
01/27/2009 ELX 107.6 23.2 0.20 -- 101.4 -5.70% 18.8 0.17 -- 424.4 87.2 0.75 108.2 431.5 85.0 0.75 115.7
01/27/2009 EMC 3,988.4 529.6 0.23 842.0 3,503.2 -12.17% 362.7 0.15 667.0 14,848.1 1,867.3 0.77 2,914.1 15,032.4 1,898.0 0.76 2,845.4
01/27/2009 HTCH 123.0 (21.3) (0.94) (1.6) 112.5 -8.56% (18.3) (0.84) (0.9) 482.8 (56.8) (2.56) 15.2 544.0 (20.0) (1.06) 49.4
01/27/2009 ISSI 34.5 (5.9) (0.18) -- 29.1 -15.65% (6.6) (0.22) -- 130.0 (22.1) (0.70) -- 150.0 (15.1) (0.48) --
01/27/2009 JAVA 3,167.7 (42.4) (0.08) 214.0 2,875.2 -9.23% (128.9) (0.21) 146.1 12,302.2 (220.7) (0.48) 593.6 12,136.0 178.3 0.05 931.1
01/27/2009 KEYN 19.8 (0.6) (0.03) -- 20.2 2.28% (0.6) (0.02) -- 81.9 (1.4) (0.05) -- 92.0 (0.2) 0.03 --
01/27/2009 LXK 1,098.1 61.1 0.75 107.0 1,010.9 -7.94% 64.3 0.62 107.5 4,541.7 382.0 3.52 583.5 3,964.3 226.4 2.45 424.2
01/27/2009 MOLX 656.6 32.7 0.14 97.1 628.5 -4.28% 34.5 0.14 98.4 2,790.1 194.7 0.79 433.7 2,703.1 194.5 0.84 438.5
01/27/2009 OPWV 48.4 (1.3) (0.02) (2.3) 48.4 0.06% (1.2) (0.01) 3.7 197.7 0.7 (0.04) 11.5 203.4 (0.1) 0.02 14.5
01/27/2009 PMTC 239.7 23.5 0.15 30.1 240.8 0.45% 34.5 0.20 43.4 998.3 158.0 0.96 196.7 1,057.9 193.1 1.17 239.1
01/27/2009 PTEC 18.8 (1.8) (0.10) 0.1 18.4 -1.87% (1.9) (0.12) (0.3) 84.0 (3.5) (0.34) 4.5 112.3 8.3 0.03 16.0
01/27/2009 RFMD 205.9 3.2 0.01 24.1 182.3 -11.46% (3.5) (0.01) 16.0 901.1 19.9 0.11 104.0 812.7 22.2 0.08 125.1
01/27/2009 STM 2,230.2 26.0 0.03 318.5 2,055.0 -7.85% (40.0) (0.07) -- 9,817.8 459.3 0.46 1,567.8 8,929.1 217.3 0.15 1,444.3
01/27/2009 TLAB 409.8 20.8 0.05 39.5 384.7 -6.12% 8.5 0.03 37.0 1,730.7 70.2 0.18 149.3 1,558.5 60.0 0.15 140.3
01/27/2009 VPRT 127.9 19.4 0.39 27.8 122.5 -4.21% 18.2 0.35 25.2 491.0 71.8 1.41 106.6 593.6 89.9 1.77 135.5
01/27/2009 VZ 24,739.6 4,441.6 0.61 8,073.0 25,274.3 2.16% 4,847.6 0.61 8,513.7 97,255.1 17,612.6 2.55 32,457.3 104,844.2 19,366.2 2.59 35,397.8
01/27/2009 WBSN 84.3 22.2 0.28 30.9 84.9 0.81% 25.0 0.33 38.8 345.8 103.9 1.35 149.9 353.9 105.0 1.39 126.0
01/27/2009 YHOO 1,372.3 187.5 0.13 416.4 1,289.7 -6.02% 181.3 0.10 367.5 5,396.8 558.7 0.42 1,357.7 5,383.5 770.4 0.44 1,556.8
01/28/2009 ADPT 30.0 0.0 0.02 (0.2) 28.8 -4.17% 0.3 0.01 (0.7) 121.9 1.2 0.10 1.9 98.5 -- 0.04 (3.2)
01/28/2009 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 --
01/28/2009 CAVM 22.0 1.9 0.04 3.1 22.3 1.19% (0.3) 0.01 1.6 86.5 12.5 0.31 20.4 104.3 10.8 0.21 18.4
01/28/2009 CLS 1,830.7 55.7 0.18 82.3 1,643.3 -10.23% 41.5 0.12 66.1 7,579.8 225.2 0.73 325.8 7,045.8 198.3 0.61 306.1
01/28/2009 CRUS 42.8 2.3 0.04 5.7 37.9 -11.45% (0.2) 0.01 -- 177.7 13.9 0.24 31.8 180.1 11.1 0.20 37.2
01/28/2009 CTXS 432.2 104.3 0.47 112.6 402.0 -6.99% 88.0 0.38 90.7 1,599.8 354.6 1.62 438.2 1,711.1 403.0 1.74 449.9
01/28/2009 EXTR 89.0 1.2 0.02 -- 84.4 -5.11% (0.1) 0.02 -- 355.5 3.9 0.09 -- 366.9 7.6 0.20 --
01/28/2009 FLEX 7,989.2 229.8 0.19 313.5 7,168.1 -10.28% 177.6 0.14 262.8 32,298.5 979.6 0.88 1,362.2 30,576.4 791.7 0.71 1,156.5
01/28/2009 FORM 39.1 (35.7) (0.45) 20.5 39.3 0.53% (31.9) (0.38) 3.7 209.4 (118.4) (1.43) (3.7) 200.7 (105.3) (1.09) (12.3)
01/28/2009 ISIL 128.5 16.0 0.09 18.8 125.5 -2.29% 14.7 0.10 10.9 767.1 196.2 1.30 215.1 547.6 77.0 0.53 87.5
01/28/2009 LRCX 277.5 (31.0) (0.05) (14.6) 244.3 -11.96% (38.5) (0.16) (21.0) 1,202.5 (59.2) (0.06) 23.0 1,311.7 (5.2) 0.44 96.8
01/28/2009 LSI 588.1 32.7 0.04 -- 508.0 -13.62% 3.9 (0.00) -- 2,673.8 287.0 0.41 483.0 2,148.2 83.8 0.09 28.6
01/28/2009 MLNX 25.0 3.2 0.12 -- 23.4 -6.41% 2.2 0.09 -- 107.5 27.9 0.93 22.9 101.1 14.3 0.48 7.6
01/28/2009 PLXS 462.1 20.2 0.39 28.4 442.1 -4.33% 17.6 0.34 25.3 1,831.9 78.0 1.53 113.3 1,991.2 92.1 1.75 124.2
01/28/2009 QCOM 2,418.7 887.3 0.47 1,101.8 2,418.2 -0.02% 899.8 0.47 1,090.4 10,250.8 3,838.2 2.03 4,248.2 12,068.6 5,053.5 2.50 5,247.4
01/28/2009 SAP 4,590.1 1,621.9 0.95 1,838.0 3,469.2 -24.42% 792.7 0.46 826.0 15,609.2 4,107.9 2.50 4,564.0 15,995.4 4,465.6 2.58 4,907.2
01/28/2009 SBUX 2,703.1 206.8 0.17 349.8 2,430.3 -10.09% 199.0 0.16 322.2 10,129.5 850.7 0.74 1,394.5 10,666.0 1,026.3 0.90 1,591.9
01/28/2009 SO 3,311.1 466.0 0.25 866.2 3,588.7 8.39% -- 0.39 1,010.6 16,410.7 3,612.2 2.35 4,940.0 17,039.1 3,878.9 2.44 5,297.5
01/28/2009 SYMC 1,474.2 392.3 0.32 616.0 1,509.5 2.39% 416.4 0.34 620.9 6,156.3 1,737.3 1.42 2,253.7 6,273.8 1,826.9 1.49 2,296.2
01/28/2009 T 31,352.7 6,574.4 0.65 10,520.4 31,220.6 -0.42% 6,526.0 0.66 10,705.5 124,285.4 28,687.5 2.82 43,797.5 125,947.7 27,767.5 2.75 43,798.7
01/28/2009 TER 202.4 (26.1) (0.13) 6.9 183.9 -9.12% (33.0) (0.15) 12.4 1,119.5 46.2 0.25 149.9 797.5 (109.0) (0.34) 40.8
01/28/2009 WDC 1,748.0 80.0 0.31 184.1 1,533.5 -12.27% 35.5 0.14 111.6 6,984.7 382.1 1.53 889.2 6,990.4 470.1 1.78 906.1
01/29/2009 ACS 1,616.1 162.8 0.78 263.7 1,653.5 2.31% 178.9 0.93 284.4 6,594.5 721.0 3.64 1,125.6 6,991.5 803.8 4.24 1,228.9
01/29/2009 AMCC 58.6 (2.9) (0.02) -- 53.8 -8.14% (4.6) (0.05) -- 262.9 6.2 0.21 -- 229.9 (1.0) 0.02 --
01/29/2009 AMZN 6,441.6 234.3 0.39 313.8 4,597.5 -28.63% 178.6 0.31 317.0 18,910.4 799.7 1.37 1,118.3 21,217.9 837.6 1.44 1,334.0
01/29/2009 ANEN 42.4 4.6 0.23 5.0 43.8 3.34% 4.9 0.24 5.0 170.3 19.2 0.93 20.0 186.8 22.0 1.12 24.0
01/29/2009 AVID 221.6 6.4 0.07 -- 191.1 -13.76% (5.2) (0.11) -- 859.8 (7.8) (0.34) -- 800.1 24.7 0.44 --
01/29/2009 AZN 8,286.6 2,244.0 1.13 3,122.0 7,650.0 -7.68% -- 1.32 -- 31,700.2 9,465.0 4.81 12,437.5 31,764.9 9,724.5 4.99 12,739.5
01/29/2009 BRCM 1,070.9 146.3 0.26 161.1 964.4 -9.95% 95.1 0.18 87.2 4,601.8 895.6 1.56 948.1 4,076.9 458.5 0.88 482.4
01/29/2009 CA 1,072.1 330.4 0.38 372.9 1,065.7 -0.60% 291.4 0.33 308.0 4,331.8 1,306.7 1.51 1,438.8 4,487.1 1,375.9 1.64 1,470.8
01/29/2009 CAL 3,488.2 (51.5) (0.89) 64.3 3,358.0 -3.73% 70.3 (0.29) 114.4 15,252.3 (146.5) (3.26) 292.4 14,651.8 1,297.8 4.92 1,783.8
01/29/2009 CAMD 10.2 (3.5) (0.14) -- 9.5 -6.90% (3.8) (0.15) -- 50.0 (10.4) (0.41) -- 49.6 (12.6) (0.42) --
01/29/2009 CHRD 25.7 0.7 0.03 1.7 22.9 -10.62% (1.3) (0.02) (2.3) 98.8 0.2 0.06 (0.4) 95.2 2.1 0.06 --
01/29/2009 CHRT 352.9 (60.4) (0.25) -- 340.0 -3.65% (64.0) (0.27) -- 1,663.1 (72.0) (0.21) 515.8 1,252.7 (265.3) (1.07) 368.9
01/29/2009 CNXT 85.1 1.7 (0.07) -- 75.8 -10.89% (1.9) (0.13) -- 328.5 5.5 (0.35) 56.6 380.9 -- 0.00 71.5
01/29/2009 CYBS 59.2 11.3 0.16 11.9 61.7 4.15% 12.4 0.17 12.6 225.9 44.3 0.64 45.1 261.9 55.6 0.73 55.2
01/29/2009 DRIV 95.0 22.1 0.44 28.2 99.8 5.03% 24.6 0.52 28.5 393.3 90.9 1.83 106.9 400.8 92.9 1.96 114.8
01/29/2009 EFII 135.4 8.1 0.13 26.7 123.7 -8.61% 4.3 0.07 22.2 560.5 40.6 0.78 97.3 523.0 32.4 0.61 93.4
01/29/2009 ENTU 25.5 2.6 0.04 3.6 25.0 -1.87% 1.8 0.02 2.1 100.2 4.3 0.07 6.3 102.7 8.6 0.14 10.0
01/29/2009 ESIO 26.0 -- (0.23) -- 21.0 -19.23% -- (0.24) -- 160.6 -- (0.33) -- 142.0 -- (0.42) --
01/29/2009 FCS 320.1 9.3 0.05 46.4 294.0 -8.13% 2.2 (0.04) 23.7 1,583.5 120.9 0.68 195.2 1,219.6 30.8 0.01 114.7
01/29/2009 HLIT 93.2 15.2 0.17 18.6 88.7 -4.85% 13.2 0.12 18.2 361.4 57.3 0.67 -- 384.9 61.7 0.53 81.3
01/29/2009 HOT 1,394.6 142.8 0.36 246.0 1,243.6 -10.83% 90.2 0.15 186.0 5,971.9 722.6 2.07 1,111.8 5,405.7 508.3 1.22 898.0
01/29/2009 IDTI 166.6 24.6 0.14 46.5 148.4 -10.93% 15.8 0.09 40.8 704.0 121.3 0.71 202.5 629.2 84.4 0.44 179.4
01/29/2009 INFA 127.4 31.3 0.23 -- 115.7 -9.17% 23.8 0.17 -- 458.7 96.8 0.75 99.1 507.6 117.5 0.85 125.7
01/29/2009 JDAS 98.8 22.5 0.40 24.8 93.1 -5.73% 20.3 0.35 23.1 382.9 85.0 1.44 94.3 383.5 89.3 1.58 99.8
01/29/2009 JNPR 937.2 230.8 0.32 279.8 893.9 -4.63% 210.2 0.28 212.5 3,587.8 868.7 1.18 1,052.4 3,750.9 910.1 1.19 1,057.8
01/29/2009 KLAC 397.2 (0.6) (0.06) 33.4 303.5 -23.59% (24.2) (0.18) 6.5 1,540.6 37.7 (0.04) 180.2 1,536.0 91.5 0.39 133.8
01/29/2009 KMT 579.7 46.7 0.36 70.8 588.8 1.57% 48.9 0.41 75.5 2,503.5 216.7 1.91 330.4 2,391.2 226.2 1.92 309.6
01/29/2009 LSCC 49.3 (1.6) (0.02) -- 45.5 -7.66% (0.8) (0.02) -- 221.3 -- 0.02 -- 181.3 (5.6) (0.05) --
01/29/2009 MCHP 188.9 42.9 0.22 64.7 175.9 -6.88% 33.8 0.18 55.1 902.6 256.2 1.20 368.1 772.7 188.5 0.87 325.4
01/29/2009 MCRL 54.2 5.6 0.07 -- 48.7 -10.17% 2.1 0.04 -- 258.4 41.1 0.41 50.5 201.7 17.6 0.23 26.4
01/29/2009 MIPS 25.9 5.2 0.04 -- 26.6 2.70% 6.2 0.07 -- 106.1 21.7 0.22 -- 114.3 28.8 0.33 --
01/29/2009 NENG 36.8 (1.2) (0.03) -- 37.1 0.84% (1.1) (0.02) -- 152.5 (3.3) (0.06) -- 166.9 (0.4) 0.02 --
01/29/2009 OPLK 36.5 0.4 0.04 1.9 37.2 2.05% 0.2 0.06 2.2 155.5 4.1 0.36 12.4 167.7 10.5 0.62 18.4
01/29/2009 PMCS 119.7 21.4 0.08 21.0 115.1 -3.79% 19.2 0.06 -- 523.9 116.7 0.44 104.0 490.5 92.7 0.30 66.0
01/29/2009 QTM 205.5 14.4 0.03 -- 199.5 -2.92% 13.6 0.03 -- 842.2 55.8 0.12 -- 827.0 58.7 0.14 --
01/29/2009 RMBS 29.9 (27.9) (0.23) -- 24.4 -18.54% (34.6) (0.30) -- 135.2 (97.3) (2.00) -- 94.3 (128.4) (0.91) --
01/29/2009 RMTR 16.5 2.1 0.05 -- 16.9 2.36% 1.8 0.06 -- 63.7 8.0 0.26 -- 75.5 9.9 0.28 --
01/29/2009 SMTL 32.0 (8.9) (0.17) (6.6) 25.5 -20.31% (9.5) (0.18) (6.9) 108.5 (32.8) (0.54) (20.3) 155.5 (5.3) (0.07) 48.1
01/29/2009 SNE 29,350.6 1,225.0 0.83 2,654.8 19,835.6 -32.42% 76.0 0.18 1,610.7 87,616.7 2,083.0 1.51 7,565.2 92,279.5 3,741.1 2.06 9,707.4
01/29/2009 SPWRA 397.9 65.6 0.58 131.1 391.2 -1.68% 62.5 0.56 80.4 1,432.7 246.4 2.19 285.4 1,935.3 323.6 2.79 390.6
01/29/2009 UTEK 35.8 3.5 0.14 5.4 30.4 -14.97% 1.4 0.08 -- 133.4 9.0 0.47 15.6 139.2 12.5 0.47 17.3
01/29/2009 VSEA 107.9 (8.1) (0.12) (5.2) 90.9 -15.74% (10.4) (0.15) (14.8) 404.2 (27.9) (0.43) (14.0) 556.0 45.8 0.54 69.6
01/29/2009 XEL 2,595.7 408.0 0.36 628.9 2,905.3 11.93% -- 0.39 610.3 10,971.0 1,484.3 1.46 2,345.7 11,436.7 1,583.9 1.52 2,486.3


(Formatting kinda wacky, may fix later but for now... deal.)

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