White House Chief of Staff Rahm Emanuel said stress tests on the biggest 19 U.S. banks will reveal a “gradation,” with some being “very, very healthy” and others needing assistance.
*WSJ: Banks Have A Few Days To Dispute Assessments
Friday, April 24, 2009
Apple stores are selling less
Apple stores are generating less sales for the company, leading Apple to open fewer stores. 250 stores with $5.9 mil sales a piece indicates about 1.475 billion dollars. Apple did about 33 billion in sales last year so stores process less than 5% of sales. The storefronts are also service centers, show rooms, and great advertising as they’re popular and cool. Still, I’m surprised they don’t directly contribute more to the company’s overall sales.
Stress tests are probably meaningless ( #BANKS $BAC $C $JPM )
The Fed wrote down 28-38% of the value of their Bear Stearns mortgage portfolio. The rest of the banks are carrying the same securities at 90+% of their face values. Who’s zooming who?
Fannie and Freddie saw mortgage delinquencies rise 50%.
Banks are carrying most loans at 90+% of their face value.
If the stress tests don’t make real assumptions about the starting capital, how can they really diagnose the banks in a theoretical environment of deterioration? If their portfolios drop another 5% does that force a 5% markdown or a 30% markdown to catch-up to reality?
It’s hard not to be cynical.
Bad action ( #MARKET )
Seeing all the leadership come off early. AAPL GOOG BIDU red. Ford forecasting 2011 return to profitability? 2011? Are they kidding me? How’s May look, you clowns.
Bank stress tests still going to start leaking soon. Good or bad market vulnerable to profit taking and/or bad news.
Have to sell here.
Quick earnings recap – 4/24/09 ( $JNPR $MSFT $KLAC $SPWRA $AMZN $WDC )
Juniper (JNPR) reported in-line with their preannounced revenue guidance of 765 million. The company indicated they saw increasing signs of stability and believe carrier capex budgets are firming up. They exited the quarter with a book to bill over 1. Despite the company’s talk of a more stable environment, pricing is under severe pressure and I believe capex budgets may in fact firm up but it will lead to lower gross margin sales from the company, or worse, from their competitors. I’m offering stock at 21.3 short.
KLA Tencor (KLAC) had better orders (up 12% vs est 0) and gave guidance of +/- 20% for next quarter’s orders. As we’ve discussed, foundries are spending near-term for the first time in a while and this will give them some cushion. That said, the stock at $25.7 is about a buck and a half shy of 2* book and further improvement will likely need to become apparent to drive the stock significantly higher.
Microsoft (MSFT) missed revenue estimates by 1/2 a billion and made it sound like business was absolutely terrible. Their online business showed significant weakness and its likely they will look to partner with Yahoo as soon as possible. Yahoo probably gained some leverage from this report. Despite the apparent agony Microsoft is suggesting in the economy, investors clearly see something they don’t as the stock is up a buck pre-market.
Sunpower (SPWRA), one of the larger manufacturers of solar panels, reported 30% below the consensus revenue figure. Their guidance of 1.3 – 1.7 billion for the year seems absolutely impossible:
| 1Q | 214.0 | |
| 2Q | 256.8 | 20.00% |
| 3Q | 349.2 | 36.00% |
| 4Q | 475.0 | 36.00% |
They’d have to grow 36% q/q in the last 2 quarters of the year to hit the low end they have out there – an extremely aggressive target. Stranger things have happened but it seems like they’re really rolling the dice with this forecast.
Amazon (AMZN) beat yet again. The company is fantastic and they’ve completely changed the way I shop. I have to throw out too many valuation metrics to be a buyer of the stock.
Western Digital (WDC) beat the 12 cent estimate by 18 cents. Impressive. Assuming analyst estimates go to $2.30ish (where I saw one guy go already), the stock is trading at 10* earnings.
Thursday, April 23, 2009
Lewis in the federal headlock ( $BAC )
Here’s what I don’t understand. Why is this on CNBC ALL DAY LONG?
I read about this in the WSJ over two and a half months ago. Here’s the post.
Weird.
FT provides list of REITs to short from underwriters ( #REITS $UDR $AEC $CPT $HME $HCP $AVB )
Typically its illegal to short a stock once a secondary has been announced by the underwriter. Theoretically the stocks mentioned in this article would make good shorts in front of the deal announcements provided you could cover on the deal. Of course, once the companies get the deals done, the stocks explode higher, because the near-term liquidity risk goes away.
As what I’m saying here is such conventional knowledge, and the list of names in this article are significantly lower class than the primary REITs that have already done deals, my guess is we’re going to have a company that can’t get a deal done and it’s probably one of the companies in this article. There simply can’t be that much money willing to go into equity in illiquid assets… barring the several trillion dollars of taxpayer funds, that is.
No REIT positions.
Roundup – April 23, 2009 ( $INTC $BAC $C #MARKET #SEMIS $SNDK $AAPL )
Regulators are set to meet with bank executives on Friday to reveal preliminary results of the stress tests. Expect results to leak quickly. More from Mish.
The FDIC is still the biggest bluff ever.
Margins in the semiconductor test business are rolling over even as rush orders dominate demand.
WPG Holdings received some iPhone power management IC orders. According to that Digitimes chart a couple of weeks ago, Infineon and NXP had that design previously.
DRAM spot up another 6% overnight. NAND spot up a more modest 2%. NAND contract for 2H April posted to DRAMexchange up 10-12% (I posted it Monday), so expect analysts to start commenting on it and pushing Sandisk as a beneficiary.
Intel on sale. SSD prices are slated for cuts. Dual and quad core processor prices were cut earlier this week.
I still don’t understand how Steve Jobs says he didn’t understand the accounting ramifications of backdating with a straight face. Neither does Forbes Magazine. The guy was weaned on silicon. He knew.
Do you really want people to know what you watch on Youtube and when you’re doing it? Somehow I doubt it.
Quick earnings recap – 4/23/09
VMWare (VMW) missed on license revenues and guided for down sales y/y in Q2. Estimates will need to drop ~10%. Stock has been running up on takeover speculation by Cisco. Both VMW and Citrix (CTXS) are likely takeover candidates as enterprise software companies continue to push into application hosting.
EMC missed estimates by 100 mil on the top line. Guidance of … er … there’s no guidance. IT spending will be down 9-12% (high single/low double digits) for 2009, according to the company. Company indicates operating profits will be better in the second half relative to the first quarter – by virtue of omission, the second quarter will show no improvement or be worse than the first. Still think IBM should buy these guys – especially since they own that big hunk of VMW.
Lam Research (LRCX) and Novellus (NVLS) both indicated a near-term bottom has been found in semicap. Novellus guided up 20-50% for next quarter – it sounds like a lot but last quarter they were down ~35% from the one before that. We’re really talking about 3 quarters of flat with a pothole last quarter. Novellus is hopeful the second half will be stronger than the first. Lam stuck to their forecast of equipment sales down 50% for 2009. Breakeven levels have been reduced, they’re losing less money at this revenue level than they were two quarters ago and foundry orders have been trickling in for the first time in a while. Memory companies are only spending reluctantly despite a 100% rise in component prices. It’s hard to get very negative on them with companies setting expectations so low.
Xilinx (XLNX) came in at the high end of their lowered forecast without the big margin dip Altera (ALTR) had. They guided to 2-4% growth for next quarter, which will move consensus up ~5%. I remain skeptical of the China 3G build sustainability.
Apple 1Q:2009 results ( $AAPL )
Revenues of $8.1 bil slightly better than consensus of ~7.95 billion. Gross margins surprise to the upside at 36.4% – if its a surprise that they stepped on gross margin estimates to set up the potential for a beat. Mac sales of ~2.2 million were a modest disappointment relative to the 2.3 mil analysts modeled. iPods were 11 mil, roughly a million units better and iPhone shipments of 3.7 mil beat the consensus of ~3.3 mil. Non-gaap EPS were off the charts at $1.88 and gaap EPS came in better than expected.
Apple continues to execute as the best in class purveyor of internet content consumption tools. Their software edge, friendly service and consumer cache has carried them through another difficult quarter. Macs are showing some sign of strain and are a cause for concern. Conservative to the point of mockery of attempts to truly model growth, Apple said sales would decline 300-400 mil for the next quarter and gross margins will drop to 33% in June and 30% in September. I would not expect analysts to fully factor in company guidance but it may have a deleterious effect on their models – the company wants them to use lower numbers.
At $125, the stock has moved 50% off its lows and down 40% from its highs. I really don’t have a good sense of where its going from here. There’s expectation of shipments of a new iPhone this quarter and a large scale iPod touch that will further blur the lines between handheld and notebook computing. They’re also expected to ship iPhones to China this quarter and to welcome the return of Steve Jobs in June. A lot can go wrong or right over the next 3 months. If the stock breaks 120 I would likely get concerned but otherwise I suspect it will test the outside of its downtrend at 145 sometime this quarter.
Wednesday, April 22, 2009
Roundup – 4/22/09 #DRAM $MU $AAPL $YHOO $AMAT $KLAC
DRAM spot prices up 6%.
AT&T activated 1.6 mil iPhones in 1Q:2009, down from 1.9 mil in the prior quarter and 2.4 mil in the quarter before that. Seasonal weakness should be expected. Apple is also prepping yet another beta version of the much delayed Snow Leopard OS revision. Apple reports tonight.
Yahoo reported a crappy number and no one cares about anything except the potential Microsoft search deal.
LED sales to China are strong but sustainability is in doubt.
LCD panel prices rise. Surprising with all the overproduction.
TSM has been quietly ramping 40nm production. They haven’t spent much lately. Note the table that indicates AMAT and KLAC taking down 40% of the spending so far.
Market about to open. More later.
Freddie Mac $FRE acting CFO found dead
His wife told local police that David Kellerman, 41, acting CFO of Freddie Mac, committed suicide. Fairfax, VA police say no evidence of foul play. WSJ is reporting the SEC has been questioning Freddie Mac executives.
Altera $ALTR 1Q:2009 results
Revs better, gross margins 3% below the street on back of big product mix shift away from higher priced sales to government and industrial customers and stronger sales to wireless communication customers. The China 3G build has begun in earnest and Altera/Xilinx are benefiting near-term. Sustainability of this spending is in question. The company said it will ultimately be a 42 billion dollar spend from China and they believe it has just begun. Several analysts have suggested this spend may be front end loaded for 2009 and are cautious as a result.
Gross margins are projected to grow throughout 2009 off a significantly lower level than prior models. While EPS numbers likely don’t change much, they probably ought to drift lower as the higher revenue is being offset by lower margins. 2010 could prove interesting as the company says they’re getting significant design wins in their new products… but there’s likely chop between now and then.
Revenue guidance of +2-7% is better than the street’s flattish modeling. Recent Asian press reports have indicated Altera’s ordering patterns are more in line with a 10% sequential increase for 2Q. The company said their book to bill was significantly over 1 exiting the quarter but remained somewhat cautious – as if they expect business to slow in the second half of the quarter (or they’re being conservative… its unclear at this time.)
I own some Altera and I view the quarter as a disappointment.
Sandisk $SNDK – 1Q:2009 results
Sandisk blew past estimates, reporting revenue 20% higher than street estimates and guiding to a like kind of beat in the following quarter. Product gross margins of 11.4% were up significantly from the prior quarter’s –62.3% – most had significant losses modeled. With contract and spot NAND having risen so much intra-quarter, clearly analysts were asleep at the switch on the positive impact of better pricing. Perception has been that retail markets remain somewhat weak – if so, Sandisk is stuffing the channel as retail and OEM markets were the primary upside to revenue forecasts.
On a concerning note, Sandisk’s royalty income was significantly below the street, clocking in at 71mm vs estimates of ~90mm. The company attributed this shortfall to a dispute with a licensing customer. As the Samsung royalty contract is up for renegotiation and resolution has not been achieved as yet, this highlights much of the risk to estimates. Royalty income is basically 100% profit. It has a major effect on reported income as there are no costs associated with royalty sales. Samsung represents a significant portion of the company’s royalty income and could cut the legs out from under the model if they are able to negotiate significantly lower prices.
Sandisk showed 2.4 billion of cash on the balance sheet against 1.2 billion in lease obligations (mostly associated with their portion of the Toshiba JV). The company made a decision to trade off future capacity to fulfill near-term cash needs. This may lead them to need to procure more flash from non-captive suppliers. If I were Samsung, I would be trying to secure a royalty abeyance in favor of a major manufacturing partnership with cost plus accounting or fixed discounts to stated contract prices. This would give Samsung more manufacturing leverage and significantly reduce Sandisk’s capital spending requirements. It would also get rid of the overhanging fear of a cash generating secondary from Sandisk – in the prior quarter the company had indicated they could dilute shareholders with an additional 20% equity sale and that cloud hasn’t lifted.
While the quarter and outlook were better than expected, expectations have clearly risen as the stock is up from a low of $5 to its last sale of $15. Contract prices have been strong and show no near-term sign of abatement. And yet, I doubt it’s running away here with the royalty issue still squirming beneath the surface.
I have no position in Sandisk.
Tuesday, April 21, 2009
#Earnings Estimate Cheat Sheet – Week of April 20 – 24th, 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 04/21/2009 ALTR 257.6 51.3 0.16 56.6 259.5 0.73% 46.8 0.15 57.3 1,055.6 198.0 0.62 221.2 1,157.1 248.6 0.82 273.2 04/21/2009 BRCM 848.4 8.5 0.03 27.3 861.9 1.59% 12.2 0.04 32.7 3,611.5 133.8 0.32 188.6 4,131.2 367.3 0.79 451.2 04/21/2009 CREE 130.6 11.2 0.11 -- 136.4 4.47% 13.7 0.13 -- 554.1 59.9 0.60 127.6 613.9 72.9 0.68 124.0 04/21/2009 CYMI 55.6 (8.0) (0.22) -- 56.2 1.00% (5.1) (0.13) -- 255.2 (8.1) (0.21) 12.6 388.7 53.8 1.14 66.3 04/21/2009 JCI 6,925.4 (68.4) (0.17) 126.2 7,790.1 12.49% 235.3 0.20 458.2 30,068.8 465.4 0.18 1,410.0 32,062.3 1,187.6 1.20 2,102.2 04/21/2009 LMT 10,510.6 1,073.7 1.64 1,237.9 11,548.5 9.87% 1,204.1 1.88 1,389.1 45,440.4 4,793.4 7.34 5,467.9 48,327.6 5,230.3 8.25 5,985.8 04/21/2009 LXK 970.7 59.7 0.60 111.5 960.9 -1.01% 51.8 0.58 98.0 3,851.9 208.6 2.27 406.8 3,579.3 169.6 1.96 374.3 04/21/2009 MOLX 528.1 (23.3) (0.07) 45.5 537.7 1.81% (10.1) (0.02) 60.1 2,573.4 81.2 0.44 334.4 2,318.6 103.2 0.50 343.3 04/21/2009 PVSW 13.0 2.5 0.10 3.2 11.3 -12.91% 1.6 0.06 1.4 47.3 8.3 0.32 9.2 47.8 7.7 0.31 7.6 04/21/2009 SNDK 537.7 (298.1) (0.76) (146.0) 579.0 7.68% (192.3) (0.50) (86.0) 2,549.2 (704.8) (1.79) (161.0) 2,827.2 (206.8) (0.29) 142.1 04/21/2009 YHOO 1,204.3 84.4 0.08 298.4 1,224.4 1.68% 104.0 0.09 300.0 5,002.5 457.1 0.37 1,413.1 5,274.8 572.1 0.44 1,708.5 04/22/2009 AAPL 7,949.9 1,328.1 1.09 1,567.7 8,270.3 4.03% 1,375.2 1.12 1,611.0 35,273.9 6,316.2 5.21 7,037.5 40,342.1 7,292.8 5.94 7,832.0 04/22/2009 ATMI 53.6 (6.4) (0.17) (0.3) 56.8 5.94% (4.2) (0.12) 1.8 242.4 (9.5) (0.24) 13.3 319.1 29.0 0.72 54.9 04/22/2009 CAL 2,979.8 (56.0) (1.19) 15.1 3,516.6 18.01% 167.0 0.36 241.5 13,433.6 854.0 2.33 1,234.0 13,926.2 1,061.0 3.95 1,545.0 04/22/2009 CLZR 28.3 (3.2) (0.08) -- 31.1 9.78% (2.6) (0.07) -- 115.1 (22.1) (0.64) -- 118.4 (11.4) (0.28) -- 04/22/2009 EBAY 1,940.6 567.1 0.33 678.5 1,979.7 2.01% 584.8 0.35 693.4 8,001.3 2,394.1 1.42 2,891.3 8,501.4 2,532.7 1.50 3,020.5 04/22/2009 EFX 448.3 -- 0.54 146.0 449.2 0.20% -- 0.57 150.7 1,800.9 -- 2.29 604.1 1,880.4 -- 2.51 645.8 04/22/2009 EPIQ 57.2 -- 0.17 16.5 58.1 1.62% -- 0.17 16.9 227.4 -- 0.70 67.7 252.2 -- 0.86 81.6 04/22/2009 EQIX 198.9 27.5 0.18 84.1 209.6 5.36% 29.8 0.19 88.3 860.2 122.2 0.88 359.7 1,013.6 169.5 1.62 442.4 04/22/2009 FFIV 154.1 41.4 0.38 47.0 154.9 0.51% 40.5 0.37 47.2 633.9 163.1 1.53 189.7 683.4 182.9 1.64 214.5 04/22/2009 ISIL 110.3 2.1 0.03 8.8 114.3 3.66% 5.2 0.05 9.6 480.5 34.8 0.24 40.4 540.2 68.9 0.45 77.0 04/22/2009 LOGI 496.5 13.4 0.06 -- 422.2 -14.95% 2.0 0.03 22.4 2,288.1 168.0 0.83 206.1 2,140.3 158.4 0.80 204.7 04/22/2009 NTGR 138.9 2.1 (0.08) -- 137.3 -1.14% 3.1 (0.05) -- 574.4 23.9 0.08 -- 650.3 52.5 0.92 -- 04/22/2009 NVLS 101.7 (64.6) (0.51) (47.2) 104.8 3.07% (54.4) (0.45) (43.7) 479.2 (192.6) (1.52) (127.2) 748.0 (49.6) (0.18) 24.7 04/22/2009 QCOM 2,345.2 822.4 0.41 912.8 2,351.2 0.26% 798.8 0.40 903.9 9,689.5 3,476.8 1.57 4,070.5 11,072.4 4,351.8 2.14 4,932.0 04/22/2009 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 04/22/2009 T 31,085.5 5,248.9 0.48 10,092.3 31,187.1 0.33% 5,359.1 0.49 10,222.5 124,937.0 21,437.7 2.00 41,190.1 126,286.1 23,572.4 2.23 43,209.2 04/22/2009 TQNT 114.0 (12.9) (0.09) (2.1) 137.8 20.95% 2.8 0.01 14.8 570.5 17.4 0.10 63.0 630.1 62.5 0.36 106.5 04/22/2009 TXN 1,942.1 66.7 0.02 241.7 2,060.7 6.10% 181.5 0.09 330.1 8,009.3 474.8 0.24 1,229.2 8,550.0 1,093.2 0.71 1,869.9 04/22/2009 VLTR 18.7 0.3 0.02 0.9 20.7 10.37% 1.4 0.06 2.6 79.2 3.3 0.16 6.8 94.4 8.7 0.40 12.6 04/22/2009 VMW 474.4 98.1 0.20 140.7 499.7 5.34% 113.0 0.23 161.2 2,078.9 493.6 0.99 636.0 2,357.6 590.6 1.16 721.4 04/22/2009 WIT 1,353.8 217.3 0.13 267.8 1,353.3 -0.04% 215.8 0.13 271.9 5,468.7 882.8 0.51 1,075.2 5,618.1 885.4 0.52 1,100.0 04/22/2009 XLNX 383.1 67.9 0.18 87.9 376.4 -1.73% 64.2 0.17 87.8 1,812.9 428.9 1.26 511.9 1,541.7 266.7 0.76 338.1 04/23/2009 ABB 7,398.0 939.0 0.27 -- 8,268.0 11.76% 1,087.0 0.31 -- 31,325.3 4,130.0 1.16 4,669.4 28,883.6 3,446.5 1.05 4,032.7 04/23/2009 AEIS 33.3 (19.4) (0.45) (20.1) 33.1 -0.70% (15.8) (0.37) (16.2) 155.3 (51.8) (1.07) (44.3) 260.1 3.7 0.21 10.7 04/23/2009 AMZN 4,761.9 183.2 0.31 272.1 4,611.7 -3.15% 171.1 0.30 251.7 22,019.4 868.8 1.50 1,277.5 25,707.4 1,136.8 1.91 1,599.3 04/23/2009 ATHR 83.1 0.7 0.04 1.1 86.1 3.67% 2.2 0.06 2.5 369.7 17.7 0.35 23.5 446.6 43.1 0.71 49.5 04/23/2009 AVCT 125.9 15.0 0.21 21.8 135.0 7.25% 22.1 0.30 29.8 563.5 98.3 1.31 133.1 635.6 115.9 1.75 148.2 04/23/2009 AVT 3,608.5 85.1 0.31 103.2 3,705.2 2.68% 107.1 0.41 123.1 16,106.0 510.0 2.01 582.9 14,940.9 473.2 1.89 548.6 04/23/2009 AVX 284.0 19.3 0.11 35.8 295.2 3.92% 23.1 0.13 39.9 1,401.8 108.5 0.62 175.0 1,190.7 101.6 0.52 168.8 04/23/2009 AXP 6,464.1 -- 0.12 1,482.7 6,784.8 4.96% -- 0.17 1,683.5 26,694.0 -- 0.44 6,324.5 27,833.0 -- 0.98 7,326.4 04/23/2009 BHE 535.8 13.4 0.20 24.0 546.9 2.08% 14.3 0.21 24.3 2,197.5 60.1 0.87 97.8 2,352.4 75.4 1.05 111.3 04/23/2009 CCMP 44.6 (9.8) (0.32) 1.4 57.6 28.94% (5.2) (0.11) 5.2 229.9 (16.6) (0.35) 8.0 282.4 21.3 0.75 49.9 04/23/2009 CHRT 239.6 (125.0) (0.42) -- 268.7 12.14% (110.0) (0.35) -- 1,173.0 (381.0) (1.08) 162.1 1,513.6 (189.2) (0.39) 374.6 CLS 1,512.3 32.2 0.09 55.7 1,492.9 -1.28% 33.6 0.09 53.3 6,319.4 147.6 0.43 253.9 6,502.0 164.6 0.51 265.4 04/23/2009 COHU 33.0 (8.8) (0.25) -- 39.5 19.70% (4.6) (0.18) -- 164.5 (15.2) (0.59) -- 212.0 4.7 0.02 -- 04/23/2009 CYBS 60.4 10.3 0.15 11.3 63.2 4.72% 12.3 0.17 12.7 261.3 52.7 0.72 54.1 306.8 65.6 0.84 66.7 04/23/2009 DGII 41.8 0.8 0.03 4.1 44.5 6.50% 2.1 0.07 4.6 174.8 6.6 0.23 17.1 194.1 11.7 0.34 30.4 04/23/2009 EMC 3,246.3 438.9 0.16 707.5 3,364.4 3.64% 498.5 0.19 743.4 14,024.6 2,242.5 0.85 3,127.0 14,779.6 2,632.0 1.00 3,365.8 04/23/2009 EXTR 81.2 (0.5) 0.01 -- 84.5 4.01% 1.2 0.02 -- 344.6 3.7 0.09 10.0 349.3 8.0 0.16 14.4 04/23/2009 HITT 37.2 14.2 0.32 16.1 37.9 1.96% 14.5 0.32 16.2 155.3 59.7 1.33 67.0 176.6 69.7 1.55 78.6 04/23/2009 INFA 110.0 21.0 0.15 22.1 119.7 8.81% 25.3 0.18 26.6 491.4 112.5 0.80 119.2 541.1 131.3 0.92 140.5 04/23/2009 JNPR 764.2 116.9 0.17 156.6 775.3 1.45% 123.4 0.18 153.2 3,165.0 541.0 0.76 719.0 3,481.2 695.4 0.95 872.3 04/23/2009 KLAC 299.8 (55.1) (0.26) (21.9) 290.3 -3.20% (42.3) (0.21) (18.9) 1,516.4 (32.4) (0.25) 124.7 1,361.7 (15.9) (0.02) 86.7 04/23/2009 LSCC 42.9 -- (0.04) -- 43.3 0.84% -- (0.03) -- 172.6 -- (0.13) -- 178.5 -- (0.09) -- 04/23/2009 MCRL 46.1 2.0 0.01 -- 46.8 1.65% 2.3 0.02 -- 195.0 11.3 0.14 8.2 228.0 21.8 0.35 19.5 04/23/2009 MSFT 14,100.3 4,703.0 0.39 5,276.4 15,042.8 6.68% 4,840.5 0.40 5,515.6 60,784.2 21,501.7 1.74 23,811.6 61,734.4 22,188.5 1.91 24,768.6 04/23/2009 NCR 1,058.8 9.2 (0.02) 51.5 1,205.4 13.84% 52.7 0.17 90.5 4,956.5 226.6 0.84 334.2 5,081.0 216.3 0.97 287.5 04/23/2009 NFLX 390.4 31.6 0.31 40.7 405.9 3.98% 46.2 0.47 57.7 1,630.7 160.3 1.60 201.7 1,870.2 188.8 1.93 237.3 04/23/2009 NIHD 958.2 141.1 0.36 242.5 1,000.3 4.39% 153.1 0.47 254.9 4,079.9 639.5 1.84 1,036.8 4,680.4 754.1 2.43 1,229.6 04/23/2009 OMTR 86.8 9.5 0.12 17.2 89.2 2.69% 10.4 0.13 18.0 362.4 44.2 0.53 75.2 427.0 60.7 0.70 96.3 04/23/2009 OPLK 30.1 (0.2) 0.00 0.9 30.6 1.72% 0.3 0.01 1.0 141.3 4.7 0.32 8.3 140.2 7.5 0.41 4.8 04/23/2009 PGI 155.8 24.8 0.25 35.3 158.5 1.70% 25.9 0.26 36.2 632.9 103.6 1.03 144.3 668.3 112.2 1.12 151.6 04/23/2009 PMCS 95.8 4.3 0.01 -- 99.6 4.03% 6.9 0.02 -- 415.1 37.7 0.14 -- 473.1 67.5 0.26 -- 04/23/2009 POWI 34.1 0.5 0.05 3.0 36.9 8.37% 1.6 0.08 3.8 154.7 13.5 0.44 21.9 180.0 29.7 0.78 36.6 04/23/2009 PTIX 7.5 (1.5) (0.08) -- 8.0 5.40% (1.4) (0.07) -- 32.8 (4.5) (0.20) -- 35.6 (2.1) (0.03) -- 04/23/2009 RMBS 28.4 (43.7) (0.39) -- 27.7 -2.19% (36.7) (0.32) -- 115.1 (140.0) (1.07) -- 110.0 (105.8) (0.58) -- 04/23/2009 RVBD 85.1 10.3 0.10 11.8 90.5 6.30% 12.7 0.12 14.1 372.3 57.6 0.55 64.7 429.5 80.4 0.76 90.0 04/23/2009 SIMG 41.4 (7.9) (0.07) (5.8) 43.8 5.80% (6.5) (0.05) (4.5) 187.0 (17.8) (0.12) (4.5) 204.2 0.9 0.06 10.1 04/23/2009 SPWRA 274.2 35.0 0.25 51.3 357.0 30.21% 51.2 0.42 68.9 1,585.0 236.9 1.97 312.8 2,255.4 355.4 2.89 447.0 04/23/2009 STMP 20.5 1.2 0.09 1.6 20.4 -0.09% 1.8 0.12 2.1 83.4 6.8 0.45 7.6 83.4 -- 0.44 8.1 04/23/2009 SWKS 168.2 16.8 0.10 27.5 178.2 5.96% 21.4 0.12 32.9 748.7 94.4 0.54 131.9 812.9 119.7 0.64 168.1 04/23/2009 SYNA 93.7 14.1 0.33 14.3 102.4 9.28% 15.9 0.36 14.0 453.4 85.9 2.03 87.1 493.4 88.4 1.94 78.6 04/23/2009 TUNE 18.1 (1.8) (0.03) -- 18.2 0.59% (1.9) (0.03) -- 79.1 (5.4) (0.09) -- 90.8 (2.1) (0.03) -- 04/23/2009 WDC 1,482.5 39.0 0.12 155.0 1,450.9 -2.13% 44.9 0.15 154.5 6,860.8 444.5 1.75 848.7 6,635.8 450.5 1.73 857.9 04/23/2009 WFR 217.7 (9.2) (0.02) 19.8 249.1 14.44% 6.8 0.04 38.9 1,140.3 107.4 0.54 257.0 1,630.2 367.2 1.52 497.0
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