Just a reminder, Amazon has an event scheduled at the New York Public Library where they are widely expected to unveil the Kindle 2.0. The stock probably gets a pop to 67 between now and then.
Friday, February 6, 2009
Treasury to assume role of bad bank
According to the Financial Times, US officials are working on revised structure for their investments in banks. Instead of preferred shares that carry a fixed dividend, they’re thinking of turning them into convertible preferred shares that could be converted into equity. The benefit of this would be that if tangible equity ratios fell below a certain point, the Fed could convert their preferred and flood the equity side of the ratio. Also under discussion is a plan to buy toxic assets at below market values and issuing a government security to cover the difference.
The Skew:
Ok. So in order to make the bad debt problems less onerous they’re thinking of ballooning equity to make them seem less onerous per share. This obviously will also directly dilute shareholders. It also moves the government further down on the claims list should a bank go bankrupt – as preferred holders, they get paid before equity shareholders. This would level the field in theory, though in practice I’m sure they’d take what they wanted and no one could do much about it.
The Fed and Treasury have been swapping toxic assets for government securities under revolving agreements via auctions. It’s a temporary arrangement, trying to provide liquidity for illiquid assets so banks can stay afloat. By buying the assets at a discount to market values and making good with government securities, they would be putting in a more permanent structure. It’s an admission that the Fed thinks the credit problems have no short-term fix and that they expect it to take many years to correct. Presumably once the government gets hold of the securities they would try to strong-arm the counterparties to more agreeable terms. In a way, though, that seems impossible. If the government is guaranteeing debt left and right, how can they turn around and devalue any of it? Wouldn’t active devaluation of government-secured debt be like active destruction of the value of the dollar? More than likely, the government would have to sit on these securities ad infinitum.
I will never like the idea of fighting excess liquidity problems with excess liquidity. It’s gasoline on a fire. I really do want to like one of these plans but it strikes me that its probably impossible.
The way to fix credit problems is through more stringent lending practices and higher down payments. The origination market is moving in that direction… and the pool of eligible borrowers has thinned significantly as a result of higher standards. Businesses and consumers will not invest in markets where they cannot predict a return on investment… and the ability to predict remains stymied for now. This means that not only are businesses cautious about borrowing to expand (there’s plenty that want to borrow to catch up), but that banks will look at borrowers with increasing scrutiny and skepticism. And let’s face it – they’re capped on what they can make anyway because of the securities dilution and the proposed pay caps. Is there any incentive for a banker to take any kind of risk on a loan? There’s no upside and the blank pink slips continue to pile up.
Multi Fineline Electronix (MFLX) guides down
In early January they had guided higher – at the time that seemed very at odds with what was going on around them. They’re a handset supplier, you see. They reported, number was in-line with preannouncement. Guidance for the March quarter is for a decline of 13-22% q/q with gross margins dropping to 13-15% from their current 15.2%. Customers of significance for MFLX are RIMM, AAPL, ERIC and MOT. RIMM dominated the quarter, becoming 34% of sales and was likely the source of the upside as MFLX is designed into both the Bold and the Storm and both had strong sell-in to carriers. It’s unclear who the weakness is – Motorola is frankly too small to matter much for them. My guess? Ericsson and Apple with more moderate plans due to seasonality.
Thursday, February 5, 2009
Big tech rally
That Bank of America article in the WSJ this morning sent chills down my spine. Moral hazard is utterly by the wayside. We are through the looking glass here, people. The bank fix is in but it doesn’t repair the damage or cure the ailment. Time is what we need. Policy makers, bank officials, and government fiduciaries are trying to craft a fast solution to a problem decades in the making. It’s unlikely to work.
I see a number of stocks that have broken downtrends and are trying to form up channels. That is an encouraging sign. For the time being, though, I feel those stocks need to be sold into the strength. I see caps at 98 on AAPL, 67 on AMZN, 356 on GOOG, 19 on ERTS, 16.80 on CSCO – to name a few that stick out. VMW has had a nice move since I mentioned buying it at 20.6 – I’d make a sale here.
I would feel much better about this rally if they had taken everything down initially. The SOX opened down 2 and traded up 10 from there. Clearly there are a number of people who want to look through the near-term business trends and visibility issues to a greater tomorrow. I would also like to do that but I fear that’s denial. Cisco, for example, was expected to be poor – this was poorer than expected. Inventory is working lower in the channel in general and thats good – but its starting to look like its following OEM business down – on a relative basis, inventory may not be dropping at all. Cisco is the first major US OEM that has indicated severe weakness. HPQ and DELL are other significant players. My sense is Dell is going to be horrific – less so at HPQ. Regardless, though, this validates the inventory reductions as being in line with lower demand – so far we’re not necessarily outpacing end demand on the downside. I don’t think this is a time to buy strength.
WSJ on BAC and the Fed
When BAC CEO John Lewis saw the spiraling losses at Merrill Lynch and tried to back out of the deal, the Fed told him he had no justification to do that. The WSJ report implies that the Fed told him if he backed out of the deal and BAC needed more government money down the road, the Fed would consider ousting executives and directors.
The Skew: Extremely unsettling information. The Fed threatened to fire Lewis if he didn’t go against his better judgment and buy Merrill Lynch. While keeping Merrill alive is obviously more confidence-building than Merrill failing, coercing bank executives to go against the best interests of the company by threatening to fire them is depressing, sad and astoundingly dangerous. Bank of America stock is in a tailspin now. If the banks continue this slide, whose head will they hold the gun to next?
Wednesday, February 4, 2009
Cisco 2Q:2009 conference call comments
. After a whole lot of telling us how great their product positioning is, Chambers gets around to lowering guidance. 7.86 – 8.35 bil for next quarter, which is below the consensus and the worst case scenarios out there. Directionally not a surprise but certainly more conservative than people expected. His commentary about orders was rather alarming: down 9% in November, down 11% in December, down 20% in January – things are getting worse as the economic slump spreads globally. All geographies were weaker.
Stock reaction is almost always a jump ball. Figure you’ve got numbers coming down again, that long-term economic forecast of 12-17% is still out there – which is dumb – they should bring that down and get it out of the way. What is the point of having a forecast like that out there? Cisco is not excessively expensive relative to its long-term growth rate (oh yeah, that’s why they have that forecast out there!).
At $14-15 its a coin flip. Admittedly, its a coin that you can probably stick in your pocket for 5 years without worrying it’ll disappear.
Cisco 2Q:2009 results
Cisco reported revenues 9.1 bil vs consensus of 9.0 bil and guidance of down 5-10% from the prior quarter – or a range of 8.85 – 9.35 billion. Non-gaap gross margins at 64% are slightly better than the consensus of 63.78%.
Good number on the surface relative to the environment. The conference call (and forward guidance) as always is more important than the reported number. Analysts have been tweaking numbers down in front of the quarter, with consensus for next quarter settling in at 8.71 bil, gross margins flattish at 63.8% and non-GAAP EPS estimates of 29 cents. There are some lazy numbers in that consensus – for example, Barclays cut this week and went to 8.45 bil, 64% and 27 cents for next quarter. Consensus may not reflect fuzzy expectations of down 5% revenue.
"Cisco showcased solid financial strength during a period of significant economic challenge," said John Chambers, chairman and chief executive officer, Cisco. "We remain comfortable with our long-term vision and strategy as we move into new market adjacencies and prioritize our existing opportunities. We intend to accelerate the alignment of our resources to prioritize future growth opportunities, gradually decrease our operating expenses, while building even stronger customer relationships to position Cisco for ongoing, long-term market leadership."
The Skew: “Long-term vision” could mean short-term visibility problems. More after (well, probably during) the call.
Electronic Arts, Netlogic, Nokia
Electronic Arts (ERTS) reported and it wasn’t pretty. The company had indicated during the quarter that they were tracking below plan and they sure were right about that. Sales of 1.74 bil were well below analyst consensus of 1.9 bil. EPS of 56 cents missed consensus of 89 cents. In response to the macroeconomic weakness, the company will be scaling back costs, cancelling some titles and playing with the release calendar to better focus and promote games such as Sims 3 and Godfather 2. They offered guidance of 4.2 bil and $1.00 for 2010.
The Skew: Miss was expected. Cost cutting is good but its not growth. The company has been slow to embrace the Wii, likely because the platform is like going backwards developmentally for them – they’re all about high end graphics and the Wii is all about fun. The company seems creatively frustrated – Spore failed and they had really promoted that to be a new and exciting franchise. Many of their other franchises are long in the tooth. As Electronic Arts paid way up for multi-year licenses for the NFL, NBA, FIFA, and Harry Potter, its difficult for them to break some of their largest overall costs. There is nothing strategically encouraging about cost cuts – they’re a response to an adverse environment. They need to be creative and that’s a much trickier line item to address. It’s bouncing – maybe people stop selling it for a day or two. I doubt there’s much follow through to a rally.
Netlogic (NETL) reported in-line revenues and gross margins 300 bps better than estimates. Guidance was essentially in-line with the street. Cisco is 32% of sales and has been reducing inventories – Netlogic believes these inventory reductions are largely behind them and that Cisco will begin to increase again in Q1.
The Skew: Short interest in the name is high at over 25% of the float so its particularly sensitive to good news – frankly even news that isn’t bad makes stocks with very high short interest rise. Its not cheap. Dependence on any one company is rarely a good feature for a company – it means they don’t control a big chunk of their destiny. It’s likely to be strong today but that’s just going to make it more expensive. It’s held in very well prior to the report, having rallied some 50% since its $14 low in December.
Nokia (NOK) will be ramping smartphone orders in 2Q, according to Digitimes. Jeff Kvaal of Barclays had the company on the road yesterday and says demand hasnt deteriorated meaningfully since their last snapshot. Channel inventories are being worked down to 4-5 weeks, which will be the desired level, down from previous 5-6 weeks. Orders could begin to rise again in 2Q.
The Skew: Wow, demand hasnt dropped again? What’s it been, 2 weeks since their last update? Two whole weeks of consistently poor demand! Hooray!!! What a company says about the current quarter two weeks after blowing up isn’t particularly meaningful.
Tuesday, February 3, 2009
Sandisk 4Q:2008 results
While revenues exceeded expectations by nearly 100mm, product gross margins collapsed under the weight of the lousy pricing environment that persisted for most of 4Q:08. Guidance of 475-575mm is below the street’s prior expectation of 631mm. The company filed a mixed shelf of indeterminate size.
The Skew: The company is clearly worried about the current environment as they feel the need to raise cash with the stock here – bet that $27 bid from Samsung is looking pret-ty good right now. The NAND environment has been improving for the last month but Sandisk’s restructuring has me wondering how much negative impact there will be to gross margins as a result of reduced interest in their manufacturing ops. Sandisk is interesting at $9 but lack of clarity on the unwinding of the dubious JV manufacturing accounting structure should give pause.
Monday, February 2, 2009
Applied Materials (AMAT) guides 1Q:09 lower
Revenues will come in at the low end of their down 25-35% range at 1.33 billion, below consensus of 1.41 billion, EPS at .00 - .02 below prior range of .00 - .04 and consensus of .03
Book is $5.5ish, 1.5* book would be $8.25. The stock probably trades to the top end of that range at some point. They may be tanking near-term guidance so they can show a better than industry growth rate when they talk about 2Q.
Lunar New Year is over – get back to work!
Lunar New Year festivities are winding down and Asia heads back to work today.
The China Ministry of Commerce said retail sales rose 13.8% y/y from the equivalent holiday week a year ago. Last year’s Lunar New Year was disrupted by a huge snow storm and the year ago comp was unusually weak.
According to DRAMexchange, DRAM part spot prices are up 10-25% since their last quote a week ago. Qimonda’s insolvency filing is cited as the source of the strength. DRAM shares in Taiwan rallied further on hopes that industry capacity cutbacks will alleviate the industry’s oversupply.
NAND spot prices rose a more moderate 3-5% since their last quotes.
December SIA data tells us what we knew
Industry survey data during earnings season often reveals little that companies haven’t already told us. This quarter is no exception.
December SIA data shows a 21% decline in units q/q and a 26% decline in revenue due to a 6% ASP decline. The decline was most significant in DSP and analog shipments (TXN, ADI, NSM). DRAM was down nearly 40% q/q vs typical seasonality of +10%. Shipments of semiconductors are significantly slower than PC sell-through, which is likely to lead to inventory restocking sometime in the next 6 months if PC rates do not decelerate meaningfully.
I would note in the above chart that although units relative to trend bottomed in 1Q:02, the index didn’t begin to rally until 4Q:02. The semiconductor index had been 1200 in 1Q:00 and had fallen 50% to 600 by 1Q:02. It fell another 50% by 4Q:02.
Earnings Estimate Cheat Sheet – Week of February 2, 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 02/02/2009 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) 02/02/2009 ACTU 34.6 7.4 0.08 8.2 30.7 -11.19% 4.2 0.05 5.0 132.4 22.8 0.26 25.5 132.5 24.1 0.30 27.1 02/02/2009 AEIS 68.9 (2.3) (0.04) 0.8 63.5 -7.90% (3.6) (0.06) (1.1) 330.3 18.5 0.38 30.2 276.9 2.6 0.04 12.7 02/02/2009 ATHR 97.4 6.7 0.15 9.0 86.6 -11.03% 2.5 0.06 0.2 471.3 68.8 1.11 78.7 396.4 28.9 0.48 27.7 02/02/2009 MSPD 30.8 (2.5) (0.13) (1.2) 28.5 -7.68% (3.4) (0.17) (2.4) 118.7 (10.8) (0.55) (7.6) 131.8 (1.1) (0.12) 1.7 02/02/2009 MTSN 14.3 (23.3) (0.47) (21.0) 16.6 15.93% (20.2) (0.37) -- 134.8 (55.2) (1.13) (48.3) 88.7 (67.5) (1.12) (56.0) 02/02/2009 NNDS 228.2 52.1 0.67 63.3 231.6 1.52% 56.1 0.73 62.9 889.9 189.9 2.45 232.6 958.7 231.4 2.99 247.6 02/02/2009 RNOW 36.9 (0.4) 0.00 2.0 37.8 2.57% (0.1) 0.01 2.1 141.2 (5.5) (0.10) 2.5 160.7 3.0 0.12 12.3 02/02/2009 SIRF 50.6 (11.6) (0.22) -- 40.7 -19.63% (14.1) (0.19) -- 236.0 (38.7) (0.64) (336.7) 193.0 (36.8) (0.49) -- 02/02/2009 SNDK 766.7 (237.5) (0.60) (171.0) 631.7 -17.61% (152.5) (0.36) -- 3,248.9 (451.2) (1.04) (285.5) 2,805.9 (362.8) (0.78) (143.0) 02/02/2009 TRID 21.4 (8.5) (0.13) (8.0) 18.2 -15.07% (10.0) (0.16) (10.5) 92.7 (33.2) (0.50) (34.2) 82.5 (44.8) (0.65) (43.3) 02/02/2009 TSRA 67.9 13.1 0.12 -- 58.7 -13.66% 3.8 0.07 -- 246.4 17.1 0.06 -- 245.0 22.3 0.61 -- 02/02/2009 WEDC 13.3 0.8 0.03 1.4 14.8 11.32% 1.2 0.04 1.7 61.2 5.5 0.19 8.1 67.0 6.8 0.25 -- 02/03/2009 ACTL 52.1 -- 0.08 -- 49.3 -5.37% -- 0.05 -- 217.8 -- 0.42 -- 202.8 -- 0.27 -- 02/03/2009 AXE 1,455.1 86.5 1.13 93.2 1,290.2 -11.34% 64.3 0.81 75.0 6,132.3 428.5 5.91 451.5 5,506.8 313.5 4.51 360.1 02/03/2009 DIS 10,109.2 1,802.8 0.52 2,027.1 8,445.9 -16.45% 1,750.4 0.49 2,042.3 36,910.0 7,241.0 2.00 8,421.8 38,209.8 7,946.9 2.20 8,867.0 02/03/2009 ERTS 1,910.5 424.5 0.90 508.2 1,030.8 -46.05% 82.4 0.19 129.0 4,677.9 272.9 0.62 473.6 4,739.5 484.9 1.14 678.3 02/03/2009 FISV 1,073.4 269.5 0.86 319.9 1,091.1 1.64% 277.1 0.88 332.9 4,767.3 1,105.6 3.29 1,309.2 4,400.0 1,130.6 3.70 1,355.4 02/03/2009 IACI 367.8 1.1 0.20 49.6 366.3 -0.42% (0.7) 0.18 46.3 1,462.2 5.5 0.30 179.3 1,514.0 46.7 0.96 229.0 02/03/2009 IFX -- -- -- -- -- -- -- -- -- -- -- (0.82) -- -- -- (0.15) -- 02/03/2009 IKAN 21.8 (4.2) (0.14) -- 19.6 -10.32% (4.3) (0.14) -- 105.5 (6.4) (0.16) -- 84.6 (14.0) (0.43) -- 02/03/2009 IVAC 14.2 (10.7) (0.18) (9.3) 23.3 64.13% (5.6) (0.15) (0.1) 108.1 (21.4) (0.30) (16.1) 132.4 (8.9) (0.12) 1.8 02/03/2009 MOT 7,148.2 2.5 (0.00) 242.5 5,894.6 -17.54% (142.9) (0.06) (38.9) 30,154.4 137.6 0.02 994.1 25,789.8 198.9 0.01 831.9 02/03/2009 NETL 31.0 5.2 0.23 1.3 30.2 -2.70% 5.2 0.21 -- 140.0 30.9 1.43 16.9 129.5 25.0 1.02 -- 02/03/2009 NEWP 105.0 2.2 0.03 7.6 105.4 0.34% 3.9 0.05 9.5 442.9 14.9 0.26 37.5 440.5 22.2 0.32 46.5 02/03/2009 PLNR 47.0 (7.9) (0.45) -- 49.0 4.26% (2.8) (0.13) -- 200.0 (15.0) (0.78) -- 206.0 (7.0) (0.31) -- 02/03/2009 PSEM 29.9 0.5 0.04 -- 27.7 -7.25% 0.0 0.03 -- 129.8 5.4 0.29 -- 121.5 4.6 0.21 -- 02/03/2009 QUIK 6.4 (1.1) (0.04) -- 6.3 -1.56% (0.9) (0.03) -- 32.4 -- (0.10) -- 33.0 -- 0.01 -- 02/03/2009 RSYS 84.5 3.5 0.09 2.0 76.1 -9.91% 1.2 0.04 -- 368.4 17.4 0.47 8.0 351.3 16.2 0.53 19.2 02/03/2009 RVBD 90.2 17.3 0.18 17.9 83.7 -7.21% 14.3 0.13 16.2 331.3 57.2 0.57 64.8 368.4 71.4 0.65 79.4 02/03/2009 TRMB 272.4 35.9 0.23 53.0 307.9 13.05% 56.5 0.33 65.9 1,329.6 259.6 1.52 283.5 1,221.8 231.2 1.33 251.6 02/03/2009 VIGN 36.1 (1.3) (0.02) 3.0 37.2 3.14% (0.2) 0.02 2.0 168.5 0.6 0.18 -- 155.8 4.3 0.22 -- 02/04/2009 AKAM 205.5 70.9 0.40 93.5 208.4 1.43% 72.7 0.41 96.2 783.8 281.6 1.61 364.5 866.3 305.5 1.69 403.2 02/04/2009 ALU 6,272.0 309.7 0.10 -- 4,676.5 -25.44% (112.1) (0.08) -- 23,031.8 527.2 (0.07) 1,918.7 20,316.3 (79.1) (0.07) 1,074.2 02/04/2009 ALVR 73.7 1.3 0.02 2.0 69.9 -5.16% 0.6 0.01 1.7 284.6 4.5 0.13 -- 305.4 11.7 0.21 19.4 02/04/2009 ATMI 72.2 1.0 0.07 7.8 65.1 -9.78% (1.4) (0.00) 7.3 342.0 40.8 0.89 64.2 289.2 12.6 0.36 38.9 02/04/2009 ATML 338.6 (9.4) (0.03) 33.3 308.9 -8.76% (15.1) (0.04) 21.5 1,570.8 (4.0) (0.04) 201.4 1,294.0 (25.3) (0.08) 126.2 02/04/2009 AUO 1,545.0 (584.9) (0.64) -- 1,727.0 11.78% (450.8) (0.50) -- 7,233.0 (1,260.8) (1.21) 989.2 8,779.0 576.7 0.50 2,876.7 02/04/2009 BBBB 83.9 12.4 0.24 17.6 85.7 2.14% 13.8 0.24 20.5 311.0 37.0 0.77 56.9 369.2 69.2 1.18 89.9 02/04/2009 BIDU 132.4 48.0 1.41 60.8 119.8 -9.49% 38.5 1.01 49.8 455.1 161.5 4.54 209.9 615.0 215.9 5.85 275.1 02/04/2009 CDNS 218.5 (23.5) (0.06) 14.0 201.0 -8.00% (35.9) (0.11) -- 1,029.8 (30.9) (0.06) 100.0 850.7 (61.8) (0.24) 128.0 02/04/2009 CNQR 58.3 9.9 0.13 14.1 64.3 10.14% 12.5 0.16 16.7 267.3 54.5 0.70 73.7 333.3 73.0 0.93 91.9 02/04/2009 CSCO 9,006.5 2,133.5 0.30 2,595.2 8,787.5 -2.43% 2,138.7 0.30 2,713.8 37,218.9 9,702.4 1.34 11,810.5 37,838.0 10,344.0 1.44 12,852.2 02/04/2009 EPIC 126.2 24.9 0.22 25.7 112.9 -10.48% 13.6 0.12 14.0 497.1 73.9 0.65 80.4 500.6 74.7 0.71 76.3 02/04/2009 FORM 33.9 (34.6) (0.41) (22.0) 36.5 7.47% (31.0) (0.36) (18.0) 167.0 (115.5) (1.20) (76.1) 235.3 (90.3) (0.39) (45.4) 02/04/2009 NVLS 189.5 (18.6) (0.17) 1.7 155.1 -18.17% (29.2) (0.19) (2.5) 1,017.1 17.4 0.09 85.1 676.1 (85.4) (0.43) 4.8 02/04/2009 NVTL 64.7 (3.9) (0.05) 1.2 61.0 -5.78% (3.9) (0.06) (0.1) 322.2 (0.4) 0.06 13.8 273.4 (8.5) (0.07) 9.1 02/04/2009 OIIM 21.3 (4.2) (0.12) (3.0) 18.9 -11.34% (4.3) (0.13) (3.9) 137.4 6.2 0.18 6.2 92.2 (16.1) (0.31) (14.6) 02/04/2009 ONNN 484.9 43.6 0.09 83.2 411.2 -15.19% 18.1 0.02 55.6 2,050.7 307.6 0.71 403.6 1,703.9 128.9 0.24 248.4 02/04/2009 POWI 42.0 5.4 0.19 8.7 40.1 -4.62% 4.3 0.17 7.8 201.2 40.4 1.19 51.0 186.9 28.1 0.95 43.4 02/04/2009 SFLY 96.7 20.7 0.38 25.8 33.4 -65.52% (8.3) (0.15) -- 202.4 (4.6) (0.03) 26.3 209.6 (2.9) 0.03 32.4 02/04/2009 SLAB 100.9 19.8 0.35 22.5 90.9 -9.96% 13.9 0.26 13.3 419.0 98.2 1.69 104.3 397.6 72.2 1.33 75.7 02/04/2009 SSTI 56.9 -- (0.06) -- 50.8 -10.72% -- (0.06) -- 314.1 -- (0.07) -- 218.4 -- (0.20) -- 02/04/2009 THQI 405.2 7.4 0.08 38.6 200.3 -50.58% (9.7) (0.12) 8.4 877.2 (101.2) (0.83) (88.4) 978.3 29.9 0.40 42.1 02/04/2009 THQI 405.2 7.4 0.08 38.6 200.3 -50.58% (9.7) (0.12) 8.4 877.2 (101.2) (0.83) (88.4) 978.3 29.9 0.40 42.1 02/05/2009 ARTG 40.9 2.5 0.02 6.0 40.2 -1.54% 2.7 0.02 6.0 160.1 11.0 0.09 21.0 178.8 18.5 0.14 34.0 02/05/2009 AVNX 38.8 (4.9) (0.30) -- 38.9 0.26% (4.3) (0.26) -- 164.5 (19.5) (1.17) -- 185.1 (7.1) (0.17) -- 02/05/2009 BLKB 82.9 16.8 0.23 -- 79.0 -4.67% 16.0 0.22 -- 307.1 68.2 0.94 -- 331.1 69.0 0.94 -- 02/05/2009 COHU 39.5 (5.9) (0.16) -- 47.5 20.25% (4.9) (0.18) -- 197.8 (6.3) (0.07) -- 225.5 0.3 (0.31) -- 02/05/2009 ELNK 216.2 46.2 0.38 58.2 200.4 -7.30% -- 0.37 60.2 955.7 234.9 1.85 297.8 750.3 171.9 1.40 217.9 02/05/2009 ESLR 46.7 (20.5) (0.12) (16.0) 62.7 34.34% (9.5) (0.04) (1.8) 114.1 (65.4) (0.40) (41.8) 383.8 15.0 0.17 61.1 02/05/2009 FALC 21.8 1.6 0.02 -- 20.3 -7.26% 1.2 0.02 -- 86.0 9.4 0.14 -- 95.9 13.0 0.20 -- 02/05/2009 FEIC 144.6 7.7 0.17 14.7 148.1 2.42% 10.6 0.21 20.3 592.1 31.5 0.68 51.2 590.6 47.2 0.97 67.8 02/05/2009 ITWO 56.8 8.0 0.22 -- 54.4 -4.28% 5.2 0.15 -- 248.9 30.3 0.76 -- 218.5 25.8 0.56 -- 02/05/2009 JDSU 373.6 21.2 0.10 33.0 368.8 -1.29% 20.7 0.09 39.0 1,497.3 88.3 0.41 150.4 1,593.1 143.9 0.66 191.5 02/05/2009 MFLX 215.3 16.7 0.51 25.6 200.6 -6.84% 14.0 0.43 16.3 844.9 59.4 1.81 93.2 914.2 67.0 1.93 104.1 02/05/2009 NWSA 8,431.5 1,045.9 0.20 1,344.8 8,154.0 -3.29% 1,150.8 0.24 1,462.0 32,121.1 4,212.6 0.89 5,494.7 33,553.9 4,840.5 1.06 5,993.5 02/05/2009 OMTR 84.8 10.1 0.13 17.5 88.5 4.28% 10.2 0.13 18.4 308.0 33.6 0.43 58.7 385.1 49.2 0.60 82.9 02/05/2009 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 02/05/2009 PDFS 13.7 (2.7) (0.08) -- 14.1 3.16% (2.9) (0.08) -- 73.9 (2.6) (0.06) -- 66.7 (3.5) (0.08) -- 02/05/2009 PTIX 9.0 (1.2) (0.05) -- -- -- -- -- -- 40.4 (0.4) 0.09 -- 40.4 (2.8) (0.07) -- 02/05/2009 PWAV 187.4 (4.3) (0.04) -- 181.2 -3.30% (4.0) (0.04) -- 896.8 -- 0.09 -- 822.7 20.0 0.02 -- 02/05/2009 RGEN 5.1 -- (0.03) -- 5.3 3.92% -- (0.08) -- 29.2 -- 0.19 -- 25.4 -- (0.21) -- 02/05/2009 RTEC 17.8 (7.2) (0.12) -- 18.3 3.08% (6.2) (0.12) -- 132.4 (7.5) (0.13) 8.8 82.2 (22.0) (0.44) (9.9) 02/05/2009 RVSN 22.6 (1.5) (0.03) (0.3) 21.0 -6.86% (2.4) (0.07) (2.2) 84.6 (10.0) (0.30) (5.8) 89.8 (3.5) (0.03) (3.3) 02/05/2009 SIMG 56.7 (1.9) (0.00) 1.0 51.7 -8.81% (1.2) (0.00) 0.9 271.6 19.1 0.34 29.9 214.7 (0.6) 0.04 4.3 02/05/2009 SIMO 32.2 2.4 0.04 0.8 29.9 -7.27% 1.2 0.01 (0.5) 177.5 33.0 1.02 33.5 138.7 13.2 0.33 9.0 02/05/2009 SNCR 30.5 4.6 0.10 6.7 28.3 -7.27% 4.0 0.10 6.2 110.3 18.6 0.38 29.4 126.1 21.3 0.47 28.6 02/05/2009 SWKS 211.2 27.1 0.15 35.8 189.7 -10.16% 18.0 0.10 26.6 812.9 98.6 0.53 127.8 885.9 130.6 0.66 165.3 02/05/2009 TUNE 24.7 1.0 0.02 -- 19.8 -19.76% (1.2) (0.02) -- 108.7 9.5 0.19 -- 89.4 0.2 0.02 -- 02/05/2009 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 -- 02/05/2009 ULTI 48.8 4.2 0.10 6.8 49.9 2.20% 4.1 0.10 6.6 177.6 10.7 0.27 20.1 216.8 23.2 0.55 32.9 02/05/2009 VRSN 244.3 87.3 0.28 116.6 252.0 3.17% 92.2 0.31 121.3 940.6 319.8 0.99 450.1 1,052.7 402.8 1.38 515.7 02/05/2009 XXIA 41.0 2.0 0.03 -- 40.5 -1.22% 0.9 0.03 -- 175.9 15.7 0.24 28.0 174.8 10.9 0.18 26.6 02/06/2009 TZOO 17.5 (0.7) (0.12) (0.7) 19.0 8.60% 0.5 (0.03) 0.1 79.0 1.9 (0.40) 2.3 76.7 2.8 (0.06) 2.2
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