text:
The David E. Bjorklund Fund SIENA STOCK PICKS Week Ending October 31st, 2008 Bringing Wall Street to Loudonville Siena College School of Business - 515 Loudon Road - Loudonville, NY, 12211 Table of Contents Company Ticker Sector Analyst Page TeleCommunication Systems TSYS James Ferguson 3 Telecommunications Verizon Communications Inc. VZ Steven Padovani 4 Dollar Tree Inc. DLTR Consumer Tim Fontaine 6 Guess? Inc. GES Discretionary Jared Brown 7 Chicago Bridge and Iron Co. CBI Industrials Stefan Putyera 9 Ashland Inc. ASH Materials Richard Watts 10 Activision Blizzard Inc. ATVI Robert Brenner 12 Technology Hewlett-Packard Co HPQ Daniel DeMilio 13 Energizer Holdings Inc. ENR Consumer Staples John Shahda 14 Buckeye Partners, L.P BPL Jason DeFilippo 16 Energy BP PLC BP Bryan Biagioli 17 Sempra Energy SRE Utilities Bryan Ashline 18 Coventry Health Care, Inc. CVH Will Hassett 20 Healthcare Biogen IDEC Inc BIIB Daniel Pearsall 21 PNC Financial Services Group PNC Katie Kroslowitz 22 Financials SunTrust Banks, Inc. STI Ben Tasse 24 2 TeleCommunication Systems (TSYS) Economic Analysis as of October 31st, 2008: James Ferguson – Telecommunications TeleCommunication Systems, Inc. engages in the development and application of wireless data communications technology in both the United States and in foreign countries. Its primary focus is on text messaging and location-based services. The company operates specifically through commercial and government sections. Commercial segments offer carrier software system products that enable wireless carriers to deliver short text messages, location information, Internet content, and other enhanced communication services to and from wireless phones. The Government segment provides communication systems integration, information technology services, and software solutions to the U.S. Department of Defense and other government customers. It also owns and operates satellite teleport facilities; resells access to satellite airtime and designs, furnishes, installs, and operates wireless and data network communication systems. Statistically, TeleCommunications Systems has a 254.40 market cap. The current enterprise value is at 238.53 million the trialing P/E currently stands at 11.75 while its forward P/E sits at 9.88 creating an opportunity for growth. Its quarterly revenue growth is 24.30% and while it took a minor hit in September, the company was able to sustain and increase stock value throughout October, quite impressive for any stock in the market, let alone in the telecom industry. TeleCommunication Systems, Inc. announced that for the fiscal year, it expects to meet or exceed earnings outlook. According to Reuters Estimates, analysts were expecting the company to report net profit of $21 million and EPS of $0.45 for the same period. The company traditionally has had large percent changes in the later parts of the year. The stock history has traditionally risen in the month of November and while its current price is at $5.64, I would expect the stock to rise above $8.50. Some key developments occurred in the last several months most importantly in August as the U.S. Army's awarded a contract with an initial order and options for up to $246 million of deployable Satcom System-related deliverables through November 2011, raising the company's total backlog to a record $450 million. Most recently, on October 8th when TeleCom issued a patent for prepared short messaging. On October 10th, TeleCom won a 1.1 million dollar contract to provide U.S. Marine Corps with Professional Services for Wireless Point to Point Link, and most recently on October 20th, announced the launch of its SwiftLink DVM-45 portable communications X-Band terminal. The TCS SwiftLink DVM-45 is designed for deployed tactical units to support access to classified channels for voice, video, and data transfer a compact, easily assembled satellite device. The estimates for the one year are stated below relating to significant estimates within the next year. As you can see, revenue is expected to increase all three years and almost double in the third year. Profitability is also expected to grow nearly seven points from 28.86 to 34.60 Estimates Revenue FY1: 189.45 Revenue FY2: 242.99 Revenue FY3: 270.10 EBITDA FY1: 28.86 EBITDA FY2: 29.22 EBITDA FY3: 34.60 EBIT FY1: 16.78 EBIT FY2: 16.73 EBIT FY3: 20.90 CFPS FY1: -- CFPS FY2: -- CFPS FY3: -- DPS FY1: -- DPS FY2: -- DPS FY3: -- 3 In conclusion, I suggest a buy on TSYS. It is a cheap enough to buy a large amount of shares while not emptying your wallets while still establishing some diversity in the Telecommunications' sector. Over the past year, TSYS has had a higher P/E ratio and have had a larger substantial amount of revenue growth from quarter to quarter compared to competitors such as Computer Sciences (CSC) and Openwave Communications (OPWV). TeleCom is also currently pursuing future homeland security investments. They were recently invited and in attendance for to the third annual Homeland Security Investor Conference which occurred in the middle of last week. They are the leading provider of mission- critical wireless communications, and are beginning to make further advancements that will make this stock a valuable addition to anyone's portfolio. Verizon Communications Inc. (VZ): Economic Analysis as of October 30th, 2008: Steven Padovani – Telecommunications Established in 2000 via Bell Atlantic's acquisition of rival GTE (two former "baby bells"), Basking Ridge, New Jersey based Verizon Communications is currently the second largest telecom company in the United States by market cap (AT&T is the current leader). Through a partnership with Vodafone plc, Verizon partially owns and maintains the United States' second largest wireless network in terms of customers. Verizon also operates landline operations in several states, mostly in New England and the Mid-Atlantic (with the exception of Connecticut, see figure A). In an attempt to broaden their product offerings and compete directly with the growing cable companies, Verizon also partners with DirecTV to offer television services and has begun to roll out its own television service, called Verizon FiOS, in select areas. Earlier this week, Verizon released third-quarter earnings that were better than analysts expected. The stock has surged more than 4 percent this week. From its humble beginnings as a "baby bell" broken off from "Ma Bell" AT&T in 1983, much of Verizon's profits have been a product of their traditional landline operations (see figure B). This trend has been solidly declining since the late 1990s, however. As more and more landline subsribers choose to ditch the cord in favor of their cell phones or other types of communication, Verizon has been attempting to prevent the loss of millions of customers from the division (over one million customers were lost in the third-quarter alone). Like its rivals Sprint Nextel and AT&T, Verizon is relying heavily on its wireless division to sustain growth and profits at the company. Analysts have widely viewed Verizon as the best U.S. wireless performer in recent years, but it now faces robust competition from AT&T Inc., which said last week it added two million customers in the third quarter after promoting a $200 version of Apple Inc.'s iPhone. AT&T and Verizon ended the third quarter with 74.9 million and 70.8 million customers, respectively. Verizon, who is in the process of acquiring rural carrier Alltel Wireless, received approval this week from the Department of Justice to merge, pending the moderate divestures required by the DoJ. After the acquisition, Verizon is expected to supplant AT&T Mobility in terms of customers to become the largest wireless carrier in the US with more than 80 million customers. 4 Fundamental data for Verizon is indiciating a stong period of upcoming growth for the company. Over the next two years, EBITDA is expected to rise nearly 12 percent to $35 billion from its current $32 billion. In turn, earnings per share is also expected to rise substantially to $2.74 per share, up from $2.39 in 2007. Verizon also pays an attractive dividend; the dividend yield is almost 6 percent. CEO Ivan Seidenberg recently noted the difficulties balancing the deteriorating legacy business (landlines) with new growth areas like the company's investment in fiber-optic based TV and Internet services through its FiOS network. It is my opinion that the future success of Verizon will be directly linked to this balance. If Verizon is unable to control the bleeding in their legacy divisions, they may be forced to spin off the assets (as Sprint Nextel did with Embarq), but the ongoing credit crisis makes a future sale unlikely. Fundamentals for Verizon are strong in my opinion and I beleve buying into the stock now would be beneficial for the Bjorklund Fund. A target price of approximatly $37 per share is expected. Figure A: Geographic representation of Regional Bell Operating Companies 5 Figure B: Percentage of revenues by segment; 2004-2007 Dollar Tree Inc. (DLTR): Economic Analysis as of October 31, 2008: Tim Fontaine – Consumer Discretionary Dollar Tree Inc. owns and operates discount stores that sell products for $1 or less. The company was founded in 1986 and headquartered in Chesapeake, Virginia. Their current CEO is Bob Sasser. Their store names include Dollar Tree, Deal$, and Dollar Bills. Specifically, the type of products that they offer include candy, health and beauty care, household consumables, durable house wares, toys, party goods, apparel, and seasonal products along with many others. Also, just recently, they expanded into the grocery business that include products such as milk, pizza, ice cream, pre-made baked goods, and frozen dinners. The company operated approximately 3,500 stores in 48 states. Their closest competitors are 99 Cent Only Stores (NDN) and Family Dollar (FDO). Discount stores such as Dollar Tree tend to perform exceptionally well when the economy is bad. The consumer is making significant cuts in discretionary spending and move towards cheaper alternatives. This is the exact reason why this company thrives during these times. Dollar Tree performed marginally better in the first two quarters of 2008 as compared to closest competitor Family Dollar. In Q1, their sales increased 7.8% as compared to Family Dollar's 5.9% decrease. In Q2, increases in sales for Dollar Tree and Family Dollar were 12.5% and 2.9%, respectively. While Family Dollar outperformed Dollar Tree in the recession in 2000-2002, it looks as though roles are reversed. During these hard times, retailers are faced with spiked food and fuel costs which cut into profits. Competitor 99 Cents Only Stores say they expect to raise their price for the first time in their 26-year history. In a highly competitive industry, like Dollar Tree Inc is, companies must do something extra to differentiate their shopping experience and gain a competitive advantage over their competitors. Dollar Tree is doing exactly that by expanding their consumable offers and adding coolers to their stores. While offering lower-margin food items will put pressure on profitability, store traffic is expected to increase which should benefit sales. On average, stores experience a 7% increase in store sales after a cooler is installed. Also, because of their size and scale compared to their peers, they automatically gain a competitive advantage in some areas. They have the ability to leverage their marketing efforts and distribution infrastructure as well as increased clout with manufacturers. They can benefit from their relationships with their suppliers to develop products in customized sizes and quantities in order to ensure 6 items can be sold profitably for $1. They also have suburban locations which will give them more exposure to middle-class consumers as opposed to rivals Family Dollar and Dollar General who mainly operate in rural and urban areas. Overall, it looks as though there are many things that contribute to the wide economic moat of Dollar Tree. An examination of Dollar Tree's fundamentals will help reinforce the fact that they are an attractive investment. Please refer to the table below to compare key statistics of their company as compared to their competitors: Forward Forward Profit Margin ROA ROE Long Term EPS P/E EPS P/E (%) (%) (%) Growth (%) DLTR 2.45 2.69 16.66 14.27 4.77 11.71 19.35 15.25 NDN 0.19 0.34 - 33.75 -0.13 -0.80 -0.30 8.00 FDO 1.69 1.82 16.29 14.53 3.34 8.64 9.19 12.75 As you can see from the table, their fundamentals are strong. Not only is their profit margin is better than both their competitors, but their returns on assets and equity both trump their competitors. These profitability ratios show their strength to produce profits even when sales might suffer due to this economic slowdown. Their P/E is the highest out of their peer group, but is not significantly higher than the industry average of 16.42. One thing that is nice regarding their P/E is their forward P/E. Not only does it decrease, but it decreases marginally better than competitor Family Dollar (FDO). Another fundamental that looks attractive is their long term growth % that is almost twice as large as 99 Cent Stores' (NDN). Overall, I believe that Dollar Tree is an attractive investment. Not only do they have built in growth opportunities due to their highly discounted prices during this time of an economic downturn, but are making the correct moves to create more growth. Their size is an advantage to grow their market share, leverage marketing and distribution, and build strong supplier relationships. Management is implementing significant changes that will increase sales and profitability, as evident by their past two quarter performance results. I believe they have wide economic moat and are well positioned to create more value to their shareholders than their competitors. Therefore, I believe that Dollar Tree Inc (DLTR) is a BUY AND HOLD with an entry price of $34 and an exit price of $40 which equates to a return on investment of approximately 17.5% Guess? Inc. (GES): Economic Analysis as of October 31st, 2008: Jared Brown – Consumer Discretionary Guess? Inc. is an American name brand clothing company that designs, markets, distributes, and licenses lifestyle collection of apparel and accessories for men, women, and children. Guess? Inc.'s product line consists of denim and cotton clothing, including jeans, pants, overalls, skirts, dresses, shorts, blouses, shirts, jackets, and knitwear. It also grants licenses to manufacture and distribute a range of products, which include eyewear, watches, handbags, footwear, kids' and infants' apparel, leather apparel, swimwear, fragrance, jewelry, and other fashion accessories. Its apparel is marketed under trademarks, including GUESS, GUESS?, GUESS U.S.A., GUESS Jeans, GUESS? and Triangle Design, Question Mark and Triangle Design, a stylized G, GUESS Kids, Baby GUESS, YES, G by GUESS, GUESS by MARCIANO and MARCIANO. As of February 2, 2008, Guess? Inc. operated a total of 373 7 stores in the United States and Canada, 40 stores in Europe, 76 stores in Asia and 7 stores in Mexico. The company has both domestic and international wholesale distribution channels and through these channels the company's products can be found throughout Africa, Asia, Australia, the Middle East, Mexico, the Caribbean, and South America. The following chart shows a breakdown of their revenues by product and region: They are increasing their global presence which is a good sign since the U.S. is currently on the brink of a recession. Other apparel companies competing with Guess? include The Gap Inc., Abercrombie & Fitch Co., and Polo Ralph Lauren Corporation. The following table shows some fundamental estimates of Guess? and their main competitors: 52Wk T LTG CurQ # FY1 # FY0 FY1 Company RIC Price Recom. Low Price % EPS Est EPS Est P/E P/E Guess?, Inc. GES 21.62 50.4817.51 BUY (1.33) 53.00 20.00 0.64 6 2.54 6 8.51 7.33 The Gap Inc. GPS 12.58 22.0211.01 OUTPERFORM (2.50) 17.13 12.00 0.32 20 1.33 22 11.23 9.45 Abercrombie & Fitch Co. ANF 27.06 84.5423.75 HOLD (2.89) 36.93 15.73 0.75 25 4.04 25 5.24 6.70 Polo Ralph Lauren RL 44.29 82.0238.45 HOLD (2.67) 68.33 14.60 1.26 11 4.08 12 10.96 10.87 Corporation It appears that Guess? Inc. is projected to outperform its competitors in many areas. Reuters analysts estimate that the one-year target price will be $53.00, which is a significant increase in their current stock price of 21.62. In fact, if this target is hit it would represent a 145% increase in share price which is greater than any of its competitors. Their long term growth rate is 20%, also considerably higher than that of its rivals. Their current EPS is 0.64 and it is estimated to increase to 2.54 in one year which signals that analysts believe the company will become more profitable in the future. Also, strengthening this position are the P/E ratios presented in the chart. Their current P/E, according to Reuters, is 8.51 and their forward P/E is 7.33 which show that the company is currently undervalued and that future growth is likely. Growth is often correlated with increasing share price and thus increasing the value of the shareholders investment. Furthermore, Guess has showed that they are capable of generating profit. Their trailing-twelve month ROE is 33.91% and their TTM ROA is 19.12%. This shows that Guess is extremely good at generating profits from the money that shareholders invest; and that their management is efficient at using its assets to generate earnings. Compared to the industry's ROE and ROA, Guess is fairing drastically better. The industry posts a 2.47% ROE and a 1.52% ROA. Guess' net profit margin over the last twelve months is 10.92% which is significantly better than the industry's 0.86% profit margin. Net income continues to grow year after year which supports the strength of the company's success and as an attractive investment option. At the end of 2005 net income was $58.813 million and so far in 2008 net income is $186.5 million. Their latest year over year quarterly revenue growth is 32.70% which shows that 8 the company is still growing even through this economic downturn. Also, Guess pays a dividend yield of 1.90% which is important because it provides another source of income for investors in these tough economic times. Guess is currently trading at over $21 and their 52-week range has been between $17.51 and $50.48. They are obviously trading at the lower end of the spectrum and I expect share price to increase as the market recoups. The company is currently trading under their 50-day and 200-day moving averages, which are $30.68 and $35.85, respectively. This may further interpret that the company is currently undervalued. This is a fundamentally and financially strong company that can handle the current economic slowdown because it has operations in multiple regions throughout the world. They have proved that they can generate profits through invested shareholder money, their assets and their products. I believe Guess? Inc. is a strong BUY at this price. Chicago Bridge and Iron Co. (CBI): Economic Analysis as of Oct 31st, 2008: Stefan Putyera – Industrials Chicago Bridge and Iron is a global engineering, procurement and construction company that specializes in projects that produce, process, store and distribute the world's natural resources. The company engages in the engineering procurement, fabrication and commissioning of projects which involve hydrocarbon processing plants, liquefied natural gas terminals, pipelines and other steel structures and facilities. North America accounted for 45% of CBI's 2007 revenues, Europe, Africa, and the Middle East account for 29%, Asia-Pacific for 10%, Central and South America for 14% and the Lummus acquisition accounted for 2% of revenues. Lummus is a provider of process technologies used in the oil & gas and petrochemical industries. Awards grew by 40% for the company in 2007. The company expects that about 35% of its revenues will continue to come from the US refinery market. Strategy for the company has been to increase value by expanding market share in the high-growth energy infrastructure market. The company also continues to seek growth through selective acquisitions that would expend or compliment its portfolio of services. Growth for the construction and engineering industry is still expected primarily by the oil and gas segment. The presidential election is likely to positively affect the industry as both candidates are seeking energy independence. Therefore interest in coal-fired plants, oil and gas, and nuclear energy are already increasing at astonishing levels. On October 28th, 2008 CBI announced its third quarter earnings. The company reported net income of $8.6 million, or $0.09 per diluted share compared with third quarter net income of $58.7 million, or $0.61 per diluted share. The company previously announced that it is taking a pre-tax charge of approximately $86 million, or $0.85 per share for forecasted cost overruns associated with two major projected. Revenue for the quarter was $1.56 billion, a 33% increase over third quarter 2007 revenue of $1.17 billion. New awards for the quarter were $703.7 million, bringing total backlog to $6.2 billion. President and CEO Philip K. Asherman stated "We remain confident in our new award prospects in the fourth quarter and into 2009 despite the current global financial crisis." Asherman has also said that new orders in nuclear, offshore, and core industry segments leads him to believe that the company can achieve sustained earnings growth. The stock price has seen its value drop by over 80% the last few months. Although this was partially due to the overall market downturn, the company reported negative earnings on July 29th, due to 9 the previously stated pre-tax charge. The stock on July 29th was trading at $31 dollars a share. Investors panicked and sold off shares thus causing the price to plummet to below $10 dollars a share. The company did not necessarily benefit from the rally in the price of oil over the summer. The past 5 years the company has outgrown the industry and the sector. Although historical earnings aren't necessary a mirror into a company's future, it is certain that this stock is worth over 10$ a share. Analysts expect earnings to continue to increase at the previous rates. Investors should jump into this opportunity to take advantage of a company that is truly undervalued. S&P gave it a fair value of 5, a score given to company's which are truly undervalued. Chicago Bridge and Iron is buy at $12.35. Investors should ask themselves one question regarding CBI and that is whether or not the 80% decline was justified? I believe that answer is no. 1 Year EPS Growth 5 Year EPS Growth Market Comparison P/E Forward P/E PEG Rate Rate CBI - 3.7x - 44.10% 25.01% Construction Services 14.9x 6.5x 1.0x 25.59% 11.63% Capital Goods 11.3x 7.9x 0.9x 27.80% 24.85% S&P500 14.3x 12.9x 2.0x 14.48% 22.72% Ashland Inc. (ASH): Economic Analysis as of October 30th, 2008: Rich Watts-Materials Ashland Inc is a diversified chemical company in the basic materials sector. It is a Fortune 500 company that has four divisions including Ashland Performance Materials, Ashland Distribution, Valvoline, and Ashland Water Technologies. Products include Valvoline motor oils, plastics, gel coatings, packaging materials, inks and labels, and water treatment chemicals. They are a very diversified company that provides customers with a very large array of products. One of Ashland's distribution centers is the second largest distributor of chemicals in North America. CEO James J. O'Brien has many years of experience in the chemicals business, as well as the head of Ashland. Ashland's products are sold throughout the entire world. The largest revenue stream by far is from Ashland's Distribution, bringing in over 50% of revenue. The next two divisions, Ashland Performance Materials, and Valvoline make up the next two most profitable segments, each bringing in just under 20% of total revenue. The last notable segment where Ashland makes its money is Ashland Water Technology which brings in 10.3% of total revenue for the firm. Clearly, distribution is by far the most important aspect of the business, and it is an area where Ashland focuses a lot of its resources as, again it has the second largest distribution center in North America. 10 The firm posts an increase in forward PE from 6.70 to 8.17 which can be seen as a negative sign because it can mean there will be a decrease in earnings. The beta is high compared to other similar companies in the sector which, with this volatile market makes the stock pretty unstable. Like many other companies in the sector, it is trading near its 52 week low. EPS for next year is also projected to fall because of lower forecasts for the coming year. For this particular stock I do not think it is a good thing. Price 52 Wk. Range Beta PE F/PE EPS Next Year EPS Ashland Inc ASH $22.59 19.59 ‐ 58.19 1.48 6.7 8.17 3.28 2.69 Dow Chemical DOW $26.68 19.12 ‐ 43.50 0.78 9.44 9.27 2.75 2.8 Air Products & Chemicals Inc. APD $58.13 46.33 ‐ 104.94 1.16 11.27 9.82 4.95 5.68 Rohm & Haas Co. ROH $70.35 43.63 ‐ 75.63 0.29 21.9 19.74 3.2 3.55 This week, Ashland came out with earnings reports that were not good for the firm. They announced that they had a preliminary loss from continuing operations of $1 million, or $0.01 per share. This loss is for the quarter ended September 30th, which is the fourth quarter for Ashland's fiscal year. There was also a loss from discontinued operations of $9 million, or $0.14 per share. These losses from discontinued operations come mostly from adjustments in asbestos related insurance. One positive note from these reports was that Ashland Distribution added $10.6 million of operating income against the same quarter of last year. Valvoline's operating income fell 27% compared to the same quarter in the prior year. Water Technologies reported an operating loss of $5.9 million. In total, operating income for the 2008 fiscal year totaled $213 million compared to $216 million in the 2007 fiscal year. CEO O'Brien blamed the recent economic woes for these numbers. He continued on to say that difficult conditions in the North American construction and transportation markets, as well as a downturn in the European market will continue to challenge the Performance Materials section of the business. Distribution, the biggest portion of Ashland, is also projected to be negatively affected by the current weakness in the industrial output within North America. This is extremely important to Ashland, because this is the most profitable portion of the firm. Based on the shaky numbers for Ashland, as well as a less than stellar outlook for the coming months I recommend that you sell Ashland Inc. I would consider buying this stock around $33 or $34, but this stock has a long way to climb to get to this point. Once economic situations improve, and the outlook begins to turn, this can provide a solid, well diversified company that can bring value to a portfolio. This, however, is not currently the situation with the firm. This stock is not going anywhere right now because 11 the loss incurred, coupled with a tough outlook for the future. It will remain in the low- mid $20 range until it reports on positive news, whenever that may come. Activision Blizzard Inc. (ATVI): Economic Analysis as of October 30th Rob Brenner—Technology Activision Blizzard Inc. is headquartered in Santa Monica, California and operates as an online and console game publisher. On December 2, 2007 Activision and Blizzard merged, combining some of the top video game franchises in the industry. Its products include several well known, interactive games. These products include Guitar Hero, Call of Duty, Tony Hawk, Spider-Man, X- Men, Shrek, James Bond, and Transformers. Activision Blizzard also owns various franchises including Crash Bandicoot, Spyro, StarCraft, Diablo, Warcraft, and World of Warcraft. Activision Blizzard distributes its products on a world wide scale. It has operations in the United States, Canada, the United Kingdom, France, Germany, Ireland, Italy, Sweden, Spain, Norway, Denmark, the Netherlands, Romania, Australia, Chile, India, Japan, China, Taiwan, and South Korea. Activision Blizzard operates as a subsidiary of Vivendi. It operates both in the markets of product publishing and product distribution. The majority of Activision Blizzard's profits come from its publishing division. Over the past several years, Activision Blizzard's revenues came nearly equally from both North America and Europe. However, in the past year, 73.2% of revenues came from North American endeavors. Activision Blizzard has been in the news recently for the release of a new product. Guitar Hero World Tour was released on October 26, 2008, in an effort by Activision Blizzard to capitalize off the well-known game title. Another sequel to a popular series will be released in the coming days; World of Warcraft: Wrath of the Lich King. This strategy of new product releases will ultimately prove to be quite profitable as we approach the holiday season. Of late, consumer spending on the video game industry seems to be unharmed, and will most likely continue to remain this way through the holiday season. Given the uniqueness of Activision Blizzard's product releases, they will remain virtually unaffected by competition within the marketplace. 12 Fundamentally, Activision Blizzard Inc. appears to be quite strong. Activision Blizzard currently has a Price/Earnings ratio of 20.3. The forward P/E ratio is projected to be 16.4. This decrease in the P/E ratio suggests that Activision Blizzard will undergo a growth in earnings. In addition, Activision Blizzard is a secure investment, as compared to the market, given its relatively low beta of 0.89. In addition, Activision Blizzard has more attractive profitability ratios than the technology sector as a whole. Activision Blizzard's Return on Equity is 20.53%, while the sector Return on Equity is only 17.3%. Activision Blizzard has also nearly doubled its revenues in the past year, increasing from a level of $1,513,012,000 to $2,898,136,000. Given its strong product offerings, Activision Blizzard is projected to increase its revenues into the future. The chart below details projected growth estimates: Activision Blizzard Inc. Estimates Revenue FY1: 2,670.79 Revenue FY2: 5,345.40 Revenue FY3: 5,762.43 EBITDA FY1: 472.54 EBITDA FY2: 1,463.58 EBITDA FY3: 1,639.60 EBIT FY1: 441.51 EBIT FY2: 1,428.97 EBIT FY3: 1,580.13 CFPS FY1: 0.79 CFPS FY2: -- CFPS FY3: -- DPS FY1: 0.00 DPS FY2: 0.00 DPS FY3: -- Given its strong fundamental strength, and unique product offering Activision Blizzard Inc. would make a great addition to any, well diversified portfolio. Currently very near its 52 week low of $9.40, Activision Blizzard Inc. would be an excellent buy at a current price of $11.59 per share. Activision Blizzard Inc. has had a trading range of $9.40 to $19.28 in the trailing 52 weeks. Activision Blizzard Inc. has recently been upgraded, as a BUY by both UBS and Deutsche Bank will target prices of $17 and $18, respectively. For these reasons, Activision Blizzard Inc. is a BUY and HOLD with a Reuter's aggregate target price of $18.82 per share. Hewlett Packard Co. (HPQ): Economic Analysis as of October 31st Daniel DeMilio – Officer Technology/Consumer Staples Hewlett Packard Company is based out of Palo Alto, California and was founded in 1939 and is currently the world's largest technology company that provides printing and personal computing products and IT services to its customers. HP currently employs over 300,000 employees worldwide and has operations on six continents and 170 countries. The client base that HP reaches is approximately 1 Billion customers, which represents approximately 1/6 of the entire population of the earth. HP not only has an incredibly large market share on the technology industry, but their revenue growth rates continue to outperform the industry at 10.46%/9.98%. HP has been in the news recently with the announcement of a $13.9 Billion acquisition of Electronic Data Systems Corp (EDS) which specializes in outsourcing services and provides outsourcing to health care companies, governments etc. This acquisition has been said to be a great opportunity for HP to broaden 13 its IT portfolio, and will allow HP to take more advantage of the opportunities in this area. Also, HP has outperformed analyst expectations with positive earnings numbers for Q3 compared to negative outlooks by many analysts. Expected EPS for October was expected to be at -3.17% compared to the actual earnings of +1.85%. HP clearly was estimated far below its actual numbers and due to that its stock price has suffered from the negative outlook. The release of great earnings has created a strong buy opinion of analysts and HP's share this week did well alongside the DOW and other technology stocks. HP's competitors include Canon (CAJ), Dell, and IBM. HP has outperformed the competitors in many different components of their businesses. As seen below, HP has a more positive outlook on forward P/E compared to IBM which points towards a possible heavier overpricing of HP compared to IBM. The current quarter EPS numbers that were just released also point toward HP outperforming analyst expectations for Q3 that is also factored into the lower P/E. Peer Analysis 52Wk T LTG CurQ # FY1 # FY0 FY1 Company RIC Price Recom. Low Price % EPS Est EPS Est P/E P/E Hewlett-Packard HPQ 37.69 53.48 30.03 OUTPERFORM (1.81) 52.49 13.63 1.01 26 3.62 27 10.41 9.21 Company International Business Machines IBM 90.69 130.93 78.82 OUTPERFORM (2.09) 115.41 11.16 3.06 17 8.74 21 12.72 10.38 Corp. Ratios and Statistics Curr Mkt Cap (m): 92,306.72 P/E Excl. Extra Items: 14.08 Curr EV, LFY (m): 87,678.72 Curr P/E Normalized, LFY: 13.91 Curr EV/EBITDA (LFY): 7.69 Gross Profit % Margin, LFY: 24.36 Curr EV/Tot Revenue (LFY): 0.84 Income Aft Tax % Margin, LFY: 6.97 ROE Comm Eqty, LFY: 18.95 ROC Tot LT Cap, LFY: 15.20 Hewlett-Packard Company has many strong fundamentals that set it aside from its competitors and was heavily damaged by the recent financial melt-down in our markets. It is however, going to be successful in the future and has already proved it by its better than expected earnings and superior profit margins over the industry. I recommend a BUY right now at its price of $38.28, and give HPQ a 1-year expected price to be $57.50. 14 Energizer Holdings Inc. (ENR): Economic Analysis as of October 31st, 2008: John Shahda – Consumer Staples Energizer Holdings Inc. manufactures batteries, flashlights, and men's and women's wet-shave products. It offers a line of lithium, alkaline, and carbon zinc batteries, miniature batteries for hearing aids, watches, specialty photo and camera batteries, and rechargeable batteries. Energizer also manufactures wet shave products like razors, disposable shaving products for men and women, lotions, and shaving creams. Energizer markets its products through certain retail stores like mass merchandisers and warehouse clubs, specialty stores, department stores, and drug and convenient stores. Energizer is the second largest battery maker nationally, with a 37% market share of the US retail market. However, Energizer is constantly on the lookout to expand its product line and grow. To gain a further edge in the shaving industry, Energizer bought Schick-Wilkinson Sword in 2003. Schick is the world's number 2 shaving brand behind Gillette. Back in the summer of 2007, Energizer bough Playtex Products for $1.9 billion dollars to expand its personal care products. Playtex has several strong brands that add value and diversifies Energizer's products; from the number two market share in tampons to a 70% market share in the hand and face wipes category. In regards to their main product, batteries, Energizer is an innovative maker. They have an array of lithium and rechargeable products and have broadened its strategy to focus on delivering portable power solutions. These acquisitions in the past five years have further diversified Energizer's product line and strengthened the company as a whole. The biggest concern for Energizer looking forward has been retailers who are running tighter inventories and consumers who have decreased their spending as a result of the economy. Around 20% of Energizer's products are sold through Wal-Mart, which seems to be fairly high despite their broad product mix. Wal-Mart has recently announced that they will be decreasing the number of new stores in the future due to the financial crisis, which will hurt Energizer's growth for the future. Probably the biggest concern for Energizer is their smaller products, like razors and skin care, go up against well-established companies like Gillette and Proctor & Gamble. Therefore, it's hard to tap into these markets and be successful. The top chart above helps show the diversity of Energizer with its broad product line. Almost 70% of revenue comes from razor blades, but that's split between North American sales and International sales. Also, nearly a third of revenue comes from razors and other shaving products. The bottom chart shows the geographic allocation of Energizer, as it's almost a 50/50 split between domestic and international sales. 15 Estimates Revenue FY1: 4,161.23 Revenue FY2: 4,350.87 Revenue FY3: 4,274.00 EBITDA FY1: 802.53 EBITDA FY2: 867.57 EBITDA FY3: 863.00 EBIT FY1: 655.42 EBIT FY2: 713.28 EBIT FY3: 725.00 CFPS FY1: 7.90 CFPS FY2: 8.95 CFPS FY3: 9.36 DPS FY1: 0.00 DPS FY2: 0.00 DPS FY3: The following numbers above are a glimpse into Energizer's fundamentals, which are fairly strong. I believe this to be a more short-term investment, and Energizer's revenues are expected to increase by almost $200 million in the next two years. Earnings will also increase slightly, but unfortunately Energizer does not offer a dividend. Dividends are extremely important during times of financial distress because it's guaranteed income, but Energizer can use the money it retains to reinvest back into the company. Energizer has a fairly high beta of 0.96, which is almost equal to the market. The market has been very volatile lately, so we can expect the same from Energizer. Energizer currently has a P/E of 9.78 compared to the industry of 19.5, and the forward P/E is expected to decrease significantly to 6.7. The EPS has increase steadily since 2005 from 3.21 to 5.51 in 2007. However, the trailing twelve months EPS is lower at 5.11 than in 2007. With the upcoming holiday season approaching, I believe this number will change as Energizer has been the leader in developing innovative portable power solutions that fuel today's games and high-tech devices. As parents and families buy toys and gadgets for the holiday, batteries will be a necessity. With Energizer being the leading of this industry, sales should increase for the next quarter. I believe Energizer is a BUY at $50, which it currently stands. Buckeye Partners, L.P (BPL) : Economic Analysis as of October 31, 2008 Jason DeFilippo- Energy Buckeye Partners is a Pennsylvania based company in the energy sector that was founded in 1986. This company is slightly different from the major players in the oil and gas industry in the fact that it transports and stores petroleum products for those major companies. Buckeye Partners transports refined petroleum products including: gasoline heating oil, diesel fuel and natural gas. It also provides pipeline maintenance and construction for other major oil and gas companies. Pipeline Operations proves to be their most valuable segment, producing 73% of the company's revenue. They are also a domestic company, doing all of their business in the United States. This allows them to focus on one domestic economy, as well as limit their political risk to one government. As of the beginning of the year, they owned 2,700 miles of pipeline under agreements with major oil companies in the United States. Recently, the private holder of Buckeye Holdings announced an offer to buy 38% of the company that it doesn't already own for $17 a unit. This is a 19% premium on the current value of the shares, which should be a good sign to its shareholders. This leads many to believe the stock to be substantially undervalued at its current price. In recent years, most of this company's growth has come from deals with major oil companies in the industry. In 2004, they bought pipeline assets from Dutch Shell and did the same with Exxon Mobil in 2005. They have been purchasing smaller pipeline terminals over the past two years. These acquisitions have served as a continuation of many of their current pipelines, leading to a better final product. This industry is generally not affected by lower crude prices. There is a regulated price structure in the pipeline industry that locks in annual prices, based on the producer price index. Therefore their beta is 1.03, infering they are equally as risky as the market. With growth in the pipeline industry 16 difficult, Buckeye has shifted its attention to its storage business. This could become a major aspect of their business in the future of this company. The company's recent acquisition of Lodi Gas Storage, which is a natural gas storage facility in California, has been seen as a stray from the focus of the company. Buckeye is a financially sound company with better than average fundamentals. It has a forward earnings yield of 9.17% compared to the industry average of 4.1%. This ratio is the annual return the company would generate if its profits remained fixed and it paid out all of its earnings as dividends. Buckeye also has a forward P/E ratio of 10.9, compared to the industry average of 24.4. This displays a relatively cheap stock at its current price. Another strong fundamental of this company is its dividend yield. Buckeye has a dividend yield of 9.3%, which is 5% more than the industry average. Especially in a volatile equity market, a strong dividend yield makes this company extremely attractive to many investors. I recommend this stock as a buy based on strong fundamentals, strong growth, and a solid third quarter in an underperforming market. The recent premium paid to acquire a percentage of the company is a positive sign to investors. Their growth into the storage industry will be instrumental in their cash flow growth in the next few years. Their stable business offers little risk going forward; however they have become more leverage in the past few years. Their high leverage offers some risk, especially in a tough credit market. Included is a graph to show the company's revenues by segment. BP PLC: Economic Analysis as of October 30, 2008 Bryan Biagioli – Energy Formed in 1998 with the merger of British Petroleum and Amoco, BP is one of the largest international oil companies on the planet. It operates in two segments, Exploration and Production, and Refining and Marketing. Headquartered in London, BP boasts proven resources of 17.8 billion of oil equivalent and produced 3.8 million barrels per day in 2007. They have a refining capacity of 2.8 million barrels per day, operates petrochemical plants and sells petroleum through 24,100 service stations around the globe. BP announced strong earnings Wednesday on high oil and gas prices and higher refining and marketing margins. Net income was $10 billion, up from $4 billion, or 148%, 17 from the third quarter of last year. Earnings doubled to $12.7 billion from $6.3 billion a year ago due to higher crude-oil and natural gas prices in the quarter. Production remained unchanged for the quarter as production gains from the startup of major fields from last year were offset by hurricane-caused production disruptions in the Gulf of Mexico. The good news is the firm expects higher production in the fourth quarter resulting from a seasonal boost, new projects, and a return to pre-hurricane production in the Gulf of Mexico. In May 2007, Tony Hayward became group chief executive of BP taking over for John Browne. Hayward was previously chief executive officer of BP's Exploration and Production segement and has been with the company since 1982. Going forward, BP seems to be a sound investment. Hefty investment in liquefied natural gas and deep-water oil and gas projects should pay off very well in the near future. Compared to its peers, Exxon Mobil and Royal Dutch Shell, exploration and production makes up a larger chunk of BP's business at 5.6% of revenues in 2007. BP is defined by Morningstar as a large value stock which are typically less volatile then growth stocks. BP is a good buy and hold, especially with the recent volatility in the equity markets. BP's trailing 5 year earnings are about average for the industry, however; its forward earnings yield in 16.13% - double the industry average of 8.06%. The stock's forward earnings yield is the annual return it would generate if its profits remain fixed and it paid out all of its earnings as dividends. For BP to generate decent returns for investors, it will probably only have to realize moderate growth in earnings. It has a very attractive dividend yield at 6.3% and has a very low relative price to book of 1.6 as compared to the industry's 17.4 – which is usually a good indication of an undervalued stock. I consider BP a strong buy at its current price of $49.20. Reuters has it pegged as an "outperform" with a target price of $65.25. Peer Analysis 52Wk 52Wk T LTG FY0 FY1 FY0 FY1 Company Price High Low Recommendation Price % EPS EPS P/E P/E BP plc 49.2 79.77 37.57 OUTPERFORM 65.25 4.67 1.75 8.83 5.57 6.58 Exxon Mobil 75.05 96.12 56.51 OUTPERFORM 81.5 6.74 1.88 8.7 10.31 8.62 Hess Corp. 53.13 137 41.61 OUTPERFORM 80.45 7 1.4 9.1 8.9 5.84 Sempra Energy (SRE): Economic Analysis as of October 30, 2008 Bryan Ashline-Utilities Sempra Energy is one of the largest utility firms in the United States. The company was formed in 1998 as a result of a merger between Southern California Gas Co. and San Diego Gas & Electric. It is now a Fortune 500 energy services firm based in San Diego, California with annual revenues of over $11 billion. With 13,500 employees, the company develops energy infrastructure, operates two utilities, and provides related products to more than 29 million consumers worldwide. Its California utility companies serve 20 million of these customers with electricity and natural gas. The company 18 operates in the North America, Asia, and Europe; however, 89% of its revenues in 2007 came from the United States. In the past three years, the company's operations have become more diversified. Its revenues from its SoCalGas utility have become less of its main source of revenue and it is more balanced with its San Diego Gas and Electric subsidiary and Sempra Commodity segments taking more of a percentage stake in revenues. This is better for the company because it has diversified its operations taking the pressure off the performance of a single segment. The company has strong financial health. It has a low debt to equity ratio of .79 compared to the industry average 1.32 and sector 1.42. Its gross margin is 48.21% compared to the industry margin of 23.11%. Its operating margin is 14.03% which is also much higher than the industry average of 4.15%. This shows the strength of the management in controlling costs and creating profitability. SRE's revenue and net income is expected to increase year over year for the next three fiscal years. Estimates: Revenue FY1: 10,777.34 Revenue FY2: 11,396.15 Revenue FY3: 13,552.14 EBITDA FY1: 2,251.86 EBITDA FY2: 2,580.60 EBITDA FY3: 2,986.67 EBIT FY1: 1,482.98 EBIT FY2: 1,733.36 EBIT FY3: 2,122.12 CFPS FY1: 6.39 CFPS FY2: 9.34 CFPS FY3: -- DPS FY1: 1.38 DPS FY2: 1.52 DPS FY3: 1.63 Sempra Energy has a Trailing P/E of 9.04 and a Forward P/E of 8.32. This is an indication of future earnings growth. The industry has a P/E of 13.02; however the industry has a significantly lower EPS of $2.08, where SRE has an EPS of $4.15. SRE has a lower dividend yield than the industry at only 3.80% compared to the industry 5.60%. This is because Sempra has reinvested its cash flow into other investments that offer more opportunities for growth, however Sempra has continued to increase its dividend each year since 2004. Sempra Energy is a much riskier stock than the typical utility stock that generates stable earnings and high dividend yields. While this stock operates utilities, some of its other operations offer high growth potential. Sempra Energy's more risky operations include: energy trading, merchant generation, pipelines, refined petroleum product import facilities and liquefied natural gas. The liquefied natural gas offers the most earnings growth. The process converts natural gas to liquid form which is easier to transport. The gas can then be transported to a facility where it is converted back to gas form and can be distributed to customers. Sempra has partnered with Kinder Morgan to build a pipeline from the Rocky Mountains to the Midwest. Because this is a developing market, Sempra is positioning itself to gain a large competitive advantage over other gas companies. Sempra will have two facilities operational by 2009. This move will give Sempra a steady supply of natural gas. The investment in this project will generate a return that is higher than the costs of capital invested in the project. Sempra Energy has a beta of .97 which is higher than most utility companies, but this is because of the risk of some of its operations. The operational risk could lead to high growth and a increasing stock price. The stock is currently trading at $41.46 with a 52 week high of $64.21 and 52 week low of $34.29. I consider this stock currently undervalued due to the market and a stock that also offers long term growth potential. Sempra energy is "Buy" with an entry point of $41 and an exit price of $60.30. 19 Coventry Health Care, Inc. (CVH): Economic Analysis as of October 30, 2008 Will Hassett – Healthcare Coventry Health Care, Inc. is a managed healthcare company in the United States. The company currently serves more than 4.6 million members in all 50 states. CVH is broken down into three main divisions – Commercial, Individual Consumer & Government, and Specialty. Within these three divisions, a full range of products and services are provided, including group and individual health insurance, Medicare and Medicaid programs, and coverage for specialty services such as worker's compensation. CVH was incorporated, from the previous Coventry Corporation, in November of 1986 and it became publicly traded in 1991. Coventry Health Care, Inc. is located in Bethesda, Maryland and has approximately 15,000 full time employees. Price (USD, Major) Estimates Close (10/29/08): 11.82 Revenue FY1: 11,957.46 Revenue FY2: 12,893.82 Revenue FY3: 13,566.78 Price - 52 Wk High: 63.89 EBITDA FY1: 792.51 EBITDA FY2: 806.4 EBITDA FY3: 895.45 Price - 52 Wk Low: 11.4 EBIT FY1: 655.95 EBIT FY2: 680.94 EBIT FY3: 768.16 Beta: 2.14 CFPS FY1: 3.64 CFPS FY2: 3.6 CFPS FY3: -- One of the first things to notice about CVH is its extremely high beta of 2.14; this stock is incredibly risky. However, this could also be a positive forbearer of things to come. Revenues, EBITDA and EBIT are all expected to rise over the next three years. This essentially means the company is expected to grow, make more sales, generate more revenue and therefore make more profit. What the statistics in the table below tell you, in essence, is that Coventry Health Care, Inc. is on the path to growth, which will lead to success and more wealth for shareholders. The price to earnings ratio of CVH is 3.3; this is compared to the industry average of 8.2 and the S&P average of 13.6. This is an extremely good price to earnings ratio; Coventry Health Care outperforms the industry and the market by a sizeable margin in this area. The forward price to earnings ratio for CVH is 4.3, compared to the industry forward P/E average of 13.4 and the market forward P/E of 11.4. Even though the P/E ratio of CVH is expected to go up (get worse) in the future, it is still expected to outperform both the industry and the market. This is an extremely encouraging sign. One important question to ask is: with all of the positive statistics about Coventry Health Care, Inc., why is it selling near its 52-week low of $11.40 (close on 10/29/08 at $11.82)? A major reason for this is the recently released third-quarter earnings on October 20, 2008. For the third- quarter, earnings fell roughly 50%, costs rose 26% and the company absorbed $36 million in its investment portfolio. Revenue was up by 18%, but forecasted 2008 earnings fell by 31%. The stock has fallen 57% in one week, which is why it is currently so low. This is not necessarily a bad thing now, however. While previous stockholders have taken a hit, investors could be looking at a new bargain. The stock is trading at less than five times expected full-year earnings and at less than five-times annualized fourth quarter earnings. 20 CVH also has a beneficial revenue distribution. The company has been looking into becoming more balanced between commercial and individual consumer revenue; the ratio has decreased from 72.8% to 24.4% in 2005, to 65.6% to 31.8% in 2006 to finally 53.3 to 41.4% in 2007. This balance is a good thing because this means that CVH does not completely depend on either commercial or individual consumer revenue completely; and a decrease in one is not a killer to the company. All of Coventry Health care's revenue is generated in the United States. Sometimes in the market, negative news for a company is positive news for investors. This may be a case with Coventry Health Care, Inc. Even though it turned in abysmal third-quarter earnings for 2008, it still is projected to grow in revenue, EBIT and sales in the next three years. It is also expected to considerably outperform the market both now and in the near future. CVH's current price is also so low that it is trading well below than what its earnings would suggest it should be trading at. In addition, Medicare enrollments are expected to increase steadily for many years since the baby boomers are aging. Coventry's small size also makes it a possible acquisition target, which will also benefit shareholders. With all of the statistics, I feel that CVH is a victim of being over sold in the current volatile market. Even though it has had some problems recently, so have a large majority of the companies in the S&P 500. I think because of this, CVH looks likes a bargain currently. Therefore, I recommend Coventry Health Care, Inc. as a long-term buy, with an entry price of anywhere between $11.75 and $12.25 per share. Biogen Idec Inc. (BIIB): Economic Analysis as of October 31, 2008 Dan Pearsall – Healthcare Biogen Idec was formed by the merger of IDEC Pharmaceuticals and Biogen in November 2003. Biogen Idec, Inc. engages in the development, manufacture, and commercialization of novel therapies primarily in the areas of oncology, neurology, immunology, and cardiology in the United States and internationally. The firm develops and manufactures biopharmaceutical products that treat cancer and autoimmune diseases. Its primary products include Avonex and Tysabri for multiple sclerosis and Rituxan for cancer and rheumatoid arthritis. They produce products that specifically treat multiple sclerosis, leukemia, and rheumatoid arthritis. Biogen Idec develops their own products, as well as through partnerships with other large pharmaceutical companies. They have many products in the late-stages of development that don't currently carry the partnership burdens. As the new products get passed, the company will not have to share these profits with other pharmaceutical companies. Unlike other large pharmaceutical companies that need several big drugs to help spur growth, only one successful product can help increase Biogen's profits substantially because they are smaller than their competitors. Biogen's immense production capabilities help them provide a strong incentive for smaller development pharmaceutical companies and 21 established companies to partner with Biogen Idec in developing biologics. Biogen Idec Inc.'s third-quarter profit rose over 73 percent on higher sales of the multiple sclerosis drugs Avonex and Tysabri. This beat Wall Street's estimated and as a result forced the company to raise their 2008 profit outlook for the end of the year. The biotechnology company hit a milestone during the quarter, topping the $1 billion mark in revenue. This was a significant accomplishment because they overall economy was suffering a financial crisis. Despite this tough period, Biogen increased earnings and proved that they can survive in any economy. They are positioning themselves globally which accounts for about a third of their revenues as you can see from the chart on the left. The company earned $206.8 million, or 70 cents per share, compared with profit of $119.4 million, or 41 cents per share, during the same period a year ago. Revenue rose 38 percent to $1.09 billion from $789.2 million. Sales of the company's multiple sclerosis drug Avonex, which was the main revenue driver, rose 26 percent to $573 million during the third quarter, while Tysabri sales reached $236 million worldwide. Fundamentally, BIIB is slightly undervalued. As you can see from the chart below their PE is lower than the industry, but higher than the S&P 500. Biogen has been sold off by over fifty percent in the past year along with the overall market. Stock Industry S&P 500 5 Year Average Price/Earnings 15.4 62.5 13.9 N/A Price/Book 2.0 4.0 3.1 2.3 Price/Sales 3.0 4.6 1.9 7.7 Price/Cash Flow 8.0 22.7 9.6 N/A Dividend Yield % N/A N/A 3.5 N/A Biogen's forward PE is 10.72 which suggest that earnings for the next quarter will be higher than the previous quarter's results. This will drive the stock price higher. In conclusion, Biogen is continuing to focus them internationally, which currently accounts for about thirty four percent of their business. Currently, their pipeline has more than a dozen products that are in mid stages of development. This implied that they are not focused on one specific clinical program so they are diversified for the future. I have a target price for them at $53 which is an appreciation of about 20% from its current levels. Therefore I have a buy rating on Biogen. PNC Financial Services Group (PNC): Economic Analysis as of October 30th, 2008: Kaitlyn Kroslowitz – Financials PNC Financial Services Group is a diversified financial services company, operating in the United States. It mainly offers retail banking, corporate and institutional banking, asset management, and global fund processing services. It's retail banking services make up the highest percentage of their revenues (58.5 percent.) The company currently operates over 1,000 branches and 3,900 ATM machines. It's corporate and institutional banking segment makes up 23.5 percent of their revenues. The company's asset management business stems from its 34 percent ownership in BlackRock Corporation. However, their revenues from BlackRock only make up 5.2 percent of their revenues. PNC's global fund processing segment makes up the remaining 12.8 percent of their revenues, currently holding 76 million shareholder accounts with over $2.6 trillion in total fund assets serviced. The recent acquisitions of Albridge Solutions Inc. and Coates Analytics Group, LP has contributed greatly to this segment. The company was founded in 1922 and is headquartered in Pittsburgh, Pennsylvania. 22 Earnings were released on October 16th, 2008, reporting a third quarter net income of $248 million, or $0.71 per share, a 39 percent decrease from the year earlier. This was nowhere near analyst estimates of $1.02 earnings per share. Revenues also declined from $1.75 billion to $1.65 billion from the year prior. Net charge-offs for the third quarter increased significantly from the second quarter from $112 million to $122 million. Credit loss provisions also skyrocketed from $65 million to $190 million, weighing down on their already depleted revenues. Third quarter profits were also affected by trading losses of $54 million, an $82 million write-down on commercial mortgages, and $74 million in write-downs relating to preferred stock in Freddie Mac and Fannie Fannie Mae. However, the PNC's balance sheet remains strong through the economic downturn with strong capital and liquidity positions. Despite write-downs, the company's credit quality remains manageable unlike other companies in the sector who have been suffering from severe credit losses over the past year. The company continues to attract new customers; loans were 13 percent higher than in the same quarter a year earlier while deposits were up 8 percent from the prior year. Fundamentally, the outlook on PNC Financial Services group remains positive. The company's current PE of 14.58 is greater than its forward PE of 13.25, indicating future growth. Earnings per share is also expected to increase drastically, much more so than all of its competitors. PNC's long term growth rate also remains strong, higher than all competitors with the exception of Wells Fargo. Company comparison is as follows: Long Current 52 Week Target Forward Trailing Forward Company Price 52 Week Term Quarter High Price EPS P/E P/E Low Growth % EPS PNC Financial Services 62.82 87.99 42.51 69.69 8.28 1.09 4.31 14.58 13.25 Wachovia Corporation 5.97 46.58 0.75 6.39 8.05 -0.03 -5.82 1.79 -- BB&T Corporation 33.96 45.31 18.71 31 6.53 0.6 2.64 10.71 12.86 Comerica Incorporated 27.18 54 19.31 29.24 4.46 0.47 1.93 6.18 14.09 Fifth Third Bancorp 10.77 31.52 7.8 13.79 6.24 0.09 0.49 4.81 21.98 KeyCorp 12.15 28.78 5.75 12.34 5.2 0.11 -2.01 5.57 -- SunTrust Banks, Inc. 38.56 73.8 25.6 40.27 7.5 0.37 2.88 9.2 13.38 U.S. Bancorp 29.03 42.23 20.57 31.13 7.42 0.5 2 11.95 14.52 Regions Financial Corp. 11.36 27.5 6.41 12.02 6 0.15 1.2 5.03 9.48 Wells Fargo & Company 32.11 44.68 20.46 33.94 8.92 0.39 1.97 13.49 16.28 PNC has remained strong over the past year as the economic downturn swept the global markets. In fact, this was the first quarter that the company reported a drop in profits this year compared to other financials who have seen losses since the credit crisis hit the sector hard. They have avoided sub-prime mortgages and extremely high-risk loans that have affected their major competitors. The company receives most of its revenues from its banking services as a fee-based business instead of relying on the stability of interest rates and credit cycles. PNC's ownership in BlackRock that makes up their wealth management business provides the company with revenues that are more or less fixed. Further growth of their banking services 23 and wealth management businesses will make the company much more profitable in the short term as well as the long term. Key fundamentals in the above chart support this claim. The company has maintained a moderate risk profile and has a diverse portfolio of loans including mortgage, home equity, and real estate loans. However, they are currently in the process of acquiring National City, adding a substantial amount of risk to the company even if the move opens up markets in the mid-Atlantic, Midwest, and Florida. The acquisition will expand its lending business, which is not the safest play during a credit crisis of this intensity. However, the company has a reputation of making successful acquisitions; National City could prove to be extremely profitable for PNC. I believe that PNC Financial Services Group stands out against its competitors and other major companies within the financial sector. The company has a strong growth outlook both in the short term and the long run. PNC is currently trading at 66.67 with a 52 week range 42-51 to 87.99. I recommend a "buy" with a target price of $75.40. SunTrust Banks, Inc. (STI): Economic Analysis as of September 31th, 2008: Benjamin Tasse – Financials SunTrust Banks, Inc. (STI) operates as the holding company for SunTrust Bank, which provides various financial services to consumer and corporate customers in the United States. STI offers various deposit products including "NOW" accounts, money market accounts, savings accounts, brokered deposits, and foreign deposits. SunTrust also offers a variety of loans; real estate 1-4 family loans, real estate construction loans, real estate commercial loans, and real estate home equity lines. The company also offers investment banking products and services, including mergers and acquisitions services, capital raising in debt and equity markets, financial risk management, asset securitization and market making in cash securities and derivative instruments for various sectors, such as consumer retail, financial services, technology, energy, healthcare and industrials. In addition, SunTrust provides residential mortgage products, professional investment management, trust services, administration and custody services, endowment and foundation services, and balance sheet risk management. In a nut shell, with $175 billion in assets, SunTrust is one of the 10 largest banks in the U.S. It operates more than 1,600 branches in the southeast U.S. More than 20% of SunTrust's branches are located within a retail outlet, including 102 inside Wal-Mart. As an analyst and a realist—risky mortgages and mortgage backed securities is one of the leading causes of our current financial crisis. Given the current state of the economy, a business that has high expose to real estate and mortgage backed securities is more likely to feel pressure. When analyzing SunTrust, I am worried about the portion of revenue that comes from the mortgage segment and real estate services. However, as the following chart shows, STI does not rely on mortgages as their main source of revenue. Nearly half of SunTrust's revenue (45%) comes directly from retail 24 banking services. SunTrust recently announced it received initial approval from the government for 3.5 billion of preferred equity through the Troubled Asset relief Program. It also announced it will cut its quarterly dividend by 30%, to $0.54 per share. I believe these announcements have already been priced into the current stock price of $38.98. However, as with all the banks that will receive a portion of the governments bailout money, should this be a sign that this company needs help to survive, or that the company is too important to let fail. I strongly believe these are two very different assumptions. The reduction in the dividend was necessary because it is believed that SunTrust was not earning enough income to cover its dividend through its core business. SunTrust, Inc. is similar to its peers and is valued at a large-cap orientation; however it has a much more extreme value bias than its industry peers. Value stocks are often seen as less volatile than growth issues, unless the stock shows value characteristics because it is facing serious business or financial problems. STI has a total market cap of 13.85B, and has an enterprise value of 33.47B. Enterprise value is often used to compare companies with varying levels of debt, because companies issue varying levels of equity than others. As the following chart depicts, SunTrust is significantly smaller in terms of market cap and enterprise value. However, further analysis must be done in order to properly value STI because market cap and enterprise values are often misleading because different companies offere different amounts of debt and equity-both of which are included in formulating the enterprise value of a company. STI BAC BBT WB Industry Market Cap: 13.42B 106.34B 19.28B 13.44B 17.53B Enterprise value 33.47B 424.64B 47.08B 175.73B This stock is in the super regional banks industry, which has generated market-like results over the longer 10 year period, but has really suffered the past five. Over the last 5 years, STI has generated a negative 7.7%, compared to the industry average of negative 8.2%. More importantly, YTD stock has generated -36.6% compared to the industry average of negative 8.1%. A better indicator of future performance is the company's valuation ratios. SunTrust has a PE ratio of 12.11 and a forward PE of 16.71, indicating that this company is not expected to grow. SunTrust has a current earning yield of 6.67— which is the annual return it would generate if its profits remained fixed and it paid out all of its earnings as dividends. This is not a good sign seeing as how the dividend was just cut, which indicates this firm is not as healthy as it may seem. A key indicator that SunTrust Banks, Inc. may be in distress is their Debt to total capital ratio of 54.4%. This ratio is a measure of the company's financial leverage, including short and long term obligations. Due to the nature of this industry, a company is expected to have relatively high debt, however when compared to the industry average of 42.5%--this should raise concern. Although the industry average is high as well, I believe this industry as a whole has too much debt which will result in problems 25 in the future. In fact, STI cutting their dividend and negotiating with the government in selling preferred shares may be the first sign the company is feeling pressure because of the high leverage. The following chart compares key statistics of SunTrust, Wachovia Corp., and their Peers (regional Banks). This chart is useful because it not only compares competitors but it compares results from the past sixth months. Some areas that should be highlighted are market cap, 1 year total return, the adjusted beta, employee growth, short and long term debt and cash flow from operations. SunTrust has generated a 1 year total return of -44.98%, which is better than Wachovia's -86.44%, but worst than the industry average of -38.94%. In addition, compared to six months ago STI's 1 year total return has decreased by more than 10%, which may be an indicator that return still has downward momentum. In terms of revenue, Wachovia far exceeds SunTrust by $35 Billion—which is interesting because STI and WB have very similar market caps. Similar market caps, and largely different revenues would lead me to believe that STI is not operating as efficiently as Wachovia. However, when comparing their cash flow from operations it appears that STI (operating cash flow of 6.06 B) is more efficient than Wachovia (operating cash flow of 2.93 B). This may be attributed to the fact that STI has an operating margin of 20.33% compared to WB's operating margin of -118%. It is very important to note that cash flow from operations has increased from -261.2 million to 6.06 billion today. This is an extraordinary increase. One factor that has attributed to this increase in efficiency is the decrease of employees by nearly 4%. Operating cash flow is arguably a better measure of a business' profits than earnings because a company can show positive net earnings on their income statement and still not be able to pay its debt. In terms of debt, STI has short and long term debt of 33.06B which is significantly lower than Wachovia's short and long term debt of 251.22 B. As the 1 year graph of price shows, SunTrust is very volatile. Despite the recent government aid, I believe the regional bank industry as a whole is far too leveraged and will see increased pressure in the future. STI has and EPS of 3.23, and an adjusted beta of 1.31--which indicates it is slightly more risky than the market as a whole. STI has a 52 week range of $25.60-$73.34, and is currently trading at $39.32. I believe no actions should be taken on this company. Due to the uncertainty of their exposure to mortgage backed securities and other risky investment vehicles, coupled with the volatility of the financial sector—I believe STI should be monitored and purchased only if it falls below $25. 26
Pages to are hidden for
"America Movil _AMX_"Please download to view full document


text:
on 26.09.2012
xxxxuro.swxxxxsnest@talkta lk.net: "I received my order today and I am very pleased with it and also every stage of the transaction. Thank you"
on 04.01.2013
email@example.com: "Your service is one of the best customer experience I have ever had. Thank you for the fast delivery & the quality of packaging."
on 12.11.2014
firstname.lastname@example.com: "The product is fantastic and was extremely well packaged and the tracking facility worked a treat!"
The item Gretsch GB-R843-CO Brooklyn Rock is not part of our current product range anymore.
Payment can be made safely and securely with Credit Card, Bank Transfer, PayPal or Amazon Payments.

subset: commoncrawl


text:
From Report on Medicare Compliance - In a new fraud alert, the HHS Office of Inspector General (OIG) lets physicians know they're on the hook for contracts that don't comply with fraud and abuse laws. The one-page fraud alert, released June 9, makes it clear that OIG will throw the book at the takers of payments for referrals and not just the givers, lawyers say. It's not an academic exercise; OIG already made its move in 12 civil monetary penalty settlements last year with physicians stemming from a Department of Justice false claims settlement with a diagnostic imaging company that allegedly paid them kickbacks disguised as compensation… Read more
From Drug Benefit News - Three years after SXC Health Solutions Corp. purchased Catalyst Health Solutions, Inc. to create what it hoped would be a viable contender with major PBMs CVS/caremark and Express Scripts Holding Co., Catamaran Corp. will soon secure itself positioning as the third largest PBM when it is acquired by UnitedHealth Group and merged with its in-house PBM, OptumRx (DBN 4/3/15, p. 1). Read more
From Drug Benefit News - Before UnitedHealth Group and Catamaran Corp. on March 30 unveiled plans to combine the stand-alone PBM with the health plan operator's OptumRx unit (DBN 4/3/15, p. 1), the PBM contemplated multiple transaction options, according to a new proxy statement filed by Catamaran. These include potential combinations with several unnamed parties, such as one that analysts believe to be Express Scripts Holding Co., which could have raised significant antitrust concerns. Read more
Check out all of the benefits, sample issues & more!


text:
Vyzkoušejte si tisíce doplňků, které jsou zde dostupné. Stáhněte si Mozilla Firefox, rychlý a zdarma dostupný způsob, jak prohlížet web!Zavřít
Zvolte si z tisíců balíčků funkcí a stylů, které vám přizpůsobí Firefox dle vašich potřeb.Zavřít
|Gaurav Kumar
|Application Developer - Big Data
|Zaregistrován(a) od
|July 5, 2009
|Počet vyvíjených doplňků
|0 doplňků
|Průměrné hodnocení doplňků vývojáře
I have an industrial experience of 4 years in providing solutions for distributed systems using open source/Big Data technologies. I have hands-on experience in Hadoop, Pig, Hive, Flume, Sqoop & NoSQLs like Cassandra & MongoDB. I possess knowledge of cloud technologies and have production experience on Amazon AWS.
My area of expertise includes developing large scale distributed systems for analyzing big sets of data. Currently I am a Big Data developer at IBM working on the data clusters of Sprint using Hortonworks Data Platform. I have also worked on machine learning using scikit-learn. I architected an end-to-end solution to perform clickstream analysis for Tradus. I also played an instrumental role in providing distributed searching capabilities using Solr for GulfNews (one of UAE's most viewed newspaper websites).
For me, new languages are not a barrier. I am particularly proficient in Java & Python, along with frameworks like Struts & Django. I have always been fascinated by the open source world and constantly give back to the community.
Awesome add-on.
Can you please fix 1 bug that's been bothering me for ages?
Whenever I type something into the address bar, suggestions appear and I click on one of them...the clicked entry is not loaded but a google search of whatever was present in the address bar is made.
Great addon,
Pls fix the bug:
Whenever I try to search for something and the URL bar shows me suggestions, if use arrow keys to select something it works, but If I use the mouse to click on a row, it doesn't load the selected result but loads what was already in the URL bar.
A suggestion:
Why doesn't the instant Google work when not specifying the modifier (g)?
We want the same features as the chrome extension.
If FF does not provide you with APIs to customize notification UI, then please atleast add other features. Most important being able to snooze notifications.
Great add-on...
One bug though, if we're using keyboard shortcuts to open any link, then it gets redirected through google only.
For example, search for anything > then press tab key > then press enter when the indicator is on the first result.
Pease fix this.
The bug has been fixed by the developer and is working flawlessly. Thanks a lot !!!
Really useful addon. I've looking for this since ages.
But please change the behaviour to open new tabs in foreground instead of background, or better yet make it customizable.
This is an awesome addon. It's one of the addons that I install first on a new FF. However, I can't remember if that's the behavior from the start or it has started to happen recently.
When just typing something in the URL bar, say pizza, I get the first result from the history and then the rest are suggestions from instantfox. What I need is to load a URL that contained pizza from the history of FF. So, the correct behavior should be- first result from history, then 5 suggestions from instantfox, then the rest of the URLs from FF history as well.
Gaurav Kumar
Awesome...just the addon I needed.
Just one thing though...after enabling this, the web history in Google cannot show which links I clicked from the search results. Is there any way to fix that?
Good addon until you did this.
"Now Firefox will use direct connect at start in case the user forgot to clear the proxy settings."
Please undo this or atleast have a setting to control this behavior.
I am behind a corporate proxy and I don't want this addon to reset the proxy everytime I restart FF.
Many Thanks
I have tried iReader, Stream, Readable & Evernote Clipper and trust me guys, no one does the job better than Readability. Awesome add-on, reading list, multi-page articles etc makes it the best.
Please have some options to configure the CSS more. Some of us developers like to play around with the width of the page or some other parameters ourselves, so please have some options to change them.
Awesome addon...highly recommended...
Google Reader seems to be really in beta after viewer the same feeds in feedly...
* The feedly mini toolbar also appears while viewing images...and it kinds of appears distorted.
* When anything is saved for later, I can't seem to be able to delete that entry from the saved list. Both marked as read and delete are not working. I have to manually go to google reader and remove the star from the entry. Plz fix this.
* In the mini feedly, i have only enabled gmail, twitter and fb, still google's +1 and feedly, save for later are also appearing.
Great addon- finally an addon that works with Google Instant.
Just one thing though...the Prefs option seems to have some bug while changing the options...
Great add-on.
A minor error though.
The actual config entry is "browser.ctrlTab.previews" and not "browser.ctrlTabs.previews".
Please please make it compatible with Firefox 3.5
TMP has now become an indispensable part of Firefox.
Pro založení své vlastní sbírky musíte mít účet na serveru Doplňky Mozilly.


text:
Jason Pierre-Paul
Dottino: Giants Out To Pick Up Where They Left Off Last Time Vs. Redskins
Think back to Week 4. It was a long time ago and one of the highlights of the Giants' season.
Jason Pierre-Paul: 'I Would Love To Be A Giant For Life'
"Yeah, if I can stay here, I would love to be a Giant for life," the defensive end told reporters on Wednesday. "I don't know what the future has."
Kennard, Hankins Are The Building Blocks Of 2015 Giants Defense
As the New York Giants head toward another season without a sniff of the NFL playoffs, major changes appear to be on the way. What is in store for Big Blue's defensive unit next year?
Team Grades: Giants Snap Losing Streak With Complete Effort
The New York Giants (4-9) were finally able to shake the dry spell that saw the team drop its last seven contests. After last week's disappointment against the Jacksonville Jaguars, Big Blue kept the pedal to the metal in the 36-7 win over the hapless Tennessee Titans (2-12).
Rookies Williams, Beckham Step Up As Giants Snap 7-Game Skid
The Giants had gone so long between wins they had started dreaming of what it might feel like. After beating the woeful Titans, they don't need to dream anymore.
Dottino's Game Balls, Gassers: Costly Fumbles Doom Giants In Jacksonville
Rock bottom? Maybe so, although the way things have gone for the Giants this season…
Palladino: Giants' Season Truly Went To The Dogs Against Jags
You know your season has gone to the dogs when you can't find an answer to a bunch of young Jacksonville cats.
'Worse Than Embarrassing': Giants In 'Least Mode' Against Lynch, Seahawks
Antrel Rolle didn't try and avoid what was an obvious description after the Giants watched Marshawn Lynch and the Seahawks run wild on Sunday.
Jason Pierre-Paul Questions Giants' 'Heart' Ahead Of Seahawks Matchup
His comments followed safety Antrel Rolle's plea to teammates earlier this week on WFAN radio. While Rolle spoke of "passion," JPP questioned his team's pulse.
Giants' Reese Needs To Get Working On Pierre-Paul Contract
The New York Giants have a philosophy of not negotiating contracts during the season. Why this unwritten rule remains in place is anyone's guess. But after the Tampa Bay Buccaneers extended defensive lineman Gerald McCoy this week, the Giants ought to get to work on a Jason Pierre-Paul extension, before it's too late.
Studs And Duds: Who Is To Blame For The Giants' 3-4 Record?
The New York Football Giants (3-4) entered their bye week coming off of two straight losses to division opponents and being outscored 58-21 in the process. Because of the hot starts by both the Dallas Cowboys (6-1) and Philadelphia Eagles (5-1), the G-men have very slim hope to be able to win the division.
Palladino: 5 Things Giants Need To Fix During The Bye
Unless the Giants can find at least two wins in the next four games against Indianapolis, Seattle, San Francisco and Dallas, their collective gooses will be fricasseed for a third straight season.
LISTEN: Rolle Backs Up JPP, Says Giants Are 'More Than Capable' Of Winning Out
"We're more than capable (of winning out)," the captain of the defense told Roberts. "This is a good football team that we have.
Jason Pierre-Paul: Giants Can Win Final 9 Games
JPP has a message for anyone ready to give up on the Giants as they head into a bye week off disappointing losses to the Eagles and Cowboys. It's simple: Don't write off Big Blue.
Dottino's Game Balls, Gassers: Giants Brutalized On Ground, End Of Story
Let's make this as simple as possible. The Cowboys out-rushed the Giants, 156 to 104. You can start there, because everything else is secondary.


text:
Thanaka: Burma's Age-Old Skincare Secret
Every morning for the eight months I lived in Rangoon, Burma—a nation that, in the iron grip of a harsh military dictatorship, was more or less cut off from the rest of the world for decades—a lady named Mrs. Campbell would apply a pale yellow paste named Thanaka to my cheeks, nose and forehead.
MORE: Natural Beauty Secrets From the Caribbean
Back then, though, I was a child with no notion of aging, sun damage or the passage of time, and I despised the cakey feeling of the Thanaka as it hardened on my face. The moment I could, I scrubbed it off, much to Mrs. Campbell's chagrin. "Just 20 minutes," she would beg. But I wouldn't listen.
Flash forward to today: I am in my mid 40s and, for better or for worse, my skin is what it is. Burma (aka Myanmar) is slowly transitioning toward democracy. And the Grande Dame of the Burmese opposition, Aung San Suu Kyi, after remaining under house arrest for 15 years, plans to run for president in Burma's 2015 elections.
Long an icon of freedom and human rights, Suu Kyi is quickly becoming a beauty and style icon, too. This year, TIME included the 68-year-old on its list of 100 most influential people in the world, while the British newspaper The Guardian featured her in its "50 Best-Dressed Over 50" list.
MORE: Beauty Tips From Scandinavian Women
When I see Aung San Suu Kyi's perfect skin, I regret my lack of diligence with Thanaka. But I do believe that it's better too late than never at all, particularly because science shows that Thanaka has valuable properties for anyone at any age. Even today, says David Honegger, founder of St. Gallen, Switzerland-based Argo Naturals (which earlier this year began importing pure Thanaka powder from Burma), when westernization is sweeping through Burma and international cosmetic giants are eying the country as the next great frontier for their products, the Burmese still swear by what's been their beauty staple for more than 1,000 years."In Burma, women, children and even men apply Thanaka first thing in the morning," Honneger says. "Some of them paint designs on their cheeks, some cover their entire face with it. Some leave it on for half an hour, some keep it on all night. It really is a unique Burmese tradition and the Burmese are very proud of Thanaka."


text:
Exciting lesson ideas, book lists, videos, classroom strategies, and reproducibles in a daily blog by mentor teachers
Tuesday, December 28, 2010
Tuesday, December 21, 2010
Tuesday, December 14, 2010
Tuesday, December 7, 2010
Tuesday, November 30, 2010
Scholastic teacher advisor Mary Blow explains how her students created video booktalks in the classroom to share their favorite books and presents six of the videos.
Tuesday, November 23, 2010
Tuesday, November 16, 2010
Incorporate basic word processing skills, such as typing efficiency and essay formatting, into your English classes with these tips from Scholastic teacher advisor Mary Blow.
Tuesday, November 9, 2010
The anchor text for my Cinderella Unit, the 1812 version of Cinderella by Jacob and Wilhelm Grimm, is challenging, but the content is engaging. I have found that students put more effort into reading challenging text if the topics are engaging....
Tuesday, November 2, 2010
Tuesday, October 26, 2010
Use these resources on Veteran's Day when we honor the men and women who have served, and who are serving in the military.


text:
Stock Photo:
fontaine of Hort del Rei gardens Palma de Mallorca near Almudaina
- Image ID: 82018141
- Copyright: holbox
High quality images curated from over 150 countries.
Over 50 million photos, vectors, illustrations, and more.
Simple and flat pricing by image or by month.
Over 230,000 images downloaded every day.


text:
Just love the front/back burst on these. Very cool uniform book match. PM or for killer price.
Type: Posts; User: Killerburst
Just love the front/back burst on these. Very cool uniform book match. PM or for killer price.
No, I just got the new price list and both patterns are available on the Core model.
So happy you're digging it, Stephen! Glad we could make that happen for you! Here's another take on the color: https://scontent-a-iad.xx.fbcdn.net/hphotos-prn2/1425676_476384555812717_1306443771_n.jpg
Dropping like flies! One last vintage natural still coming in, none left in stock. Two McTbursts and two vintage sunbursts left.
Thank you very much for the kind words!
Update- 204834 is gone.
Here's what's in stock:
Will have full glamour pics and more details shortly, but here's a sneak peek!
Shipping notice received! First batch is on the way, will have pics up ASAP!
We have the Studio pictured in the thread linked above and also this 408 Standard in stock. Send me a PM if you want to hear the best part. :top:
Another hand-picked PRS Experience guitar at GRG!
Thank you! If you like us on Facebook you'll see a bunch more over the next couple days as I upload all the EXP guitars. I just put up the Singlecut Trem Limited and one of our 408 Limited...
Lol Awesome! You need a little ™ next to that slogan.
Thanks! I'm a total amateur photographer - playing by ear, if you will - so when something comes out halfway decent I have to admit it makes me happy! :top:
Fresh in from the Experience, we are very pleased to present Private Stock #4559.
Custom 24 Semi-Hollow
Burl Maple Top (Perhaps the burliest I've seen!) finished in Blue/Green
Mahogany back
Bump. These are due ETA late October, and we still have some of each color left!
Thanks again, Alan!
I feel your pain! If I had a real job, I'd be buying Private Stocks instead of selling them! :laugh:
Our first Private Stock. I think we picked out a good one, as we had so many folks come back to look at it and take pictures again and again, saying this was the nicest looking guitar at the whole...
Well, I just got back from the PRS EXP (stopped off to do a taste test in Philly... Pat's vs Geno's... Pat's won hands-down). As it was my first time at the event, I didn't really know what to...
Here's a few pics I took of the guitars we had on our table. The burl maple Private Stock Custom 24 semi-hollow is a show stopper. We got 4 of the Exp 2013 Ltd 408 semi-hollow (out of 100 pieces...
I'll be there with a table. Here's me on the right getting the lowdown on ValveTrain amps at NAMM last month. Note the short, fat guy in black t-shirt theme continues...
I'm in Highfield. We play mostly around New Haven and the Valley area. We take August off. Next gigs are 9/6 at Hot Tamales in Seymour and 9/7 at Z's in West Haven.
Amber Cu24 is sold. :top:


text:
Jump to navigation
The World IRC took place in Boston on March 1. See results, photos and more!
In addition to our standard white, Concept2 offers 52 custom oar blade colors.
Now designed for double-pole and classic use, the Concept2 SkiErg is better than ever.
Make sure your PM5 is updated with all the latest features.
My name is Sam Loch and I'm currently preparing for the 2012 London Olympics where I hope to be in either the Australian Men's Heavyweight 4+ or 8+. I live in Canberra, Australia's capital city, and train at the Australian Institute of Sport (AIS). Last year I was fortunate to be in the Australian Men's 8+ that won bronze at the World Championships and we hope to make that gold in 2012. Prior to training with the national team I rowed at Princeton University and graduated in 2006. My interests pertain mainly to athletic performance, nutrition and training. I also enjoy cycling, running and lifting weights. I'm a fan of mixed martial arts, professional cycling and rugby. Away from sport I enjoy watching movies, reading, spending time with my girlfriend and 1-year-old Labrador, Bonnie.


text:
Narrow your search
As the Archos 605 WiFi's little sib, the Archos 405 holds its own as one of the best portable video players for under $200.
A family that did catering for Jobs donates the cards for The Marin School's annual fundraiser.
Apple's tax bill is under scrutiny once again, Virgin vows to bring down the cost of the Premier League, and Windows turns 10.
Apple's tax bill is under scrutiny once again, Virgin vows to bring down the cost of the Premier League, and Windows turns 10 in this week's podcast.
The German firm, which helped clients build augmented-reality apps, appears to have transferred its shares to Apple.
The "Ant-Man" Lego miniature fiigures might reveal plot points in the upcoming Marvel movie. So don't look too carefully at the new "Final Battle" set if you want to be surprised at what's to come.
Why would a wireless and broadband company like Verizon spend $4.4 billion on a digital media company like AOL? One word: Advertising
This compact laser supports not only wireless printing, but also automatic duplexing for double-sided goodness. Plus: a $60 security freebie!
We go hands-on with the ambitious EmoSpark, an artificial intelligence console that monitors your mood, and changes its behaviour depending on how you treat it.
CNET's Michael Franco spent a month exploring the weird and wild landscape located on Ireland's western shore, learning its secrets both above and below ground.


text:
Listen to free music by Ana Moura
Blip.fm is internet radio made social. It's easy to search for, play, and discover free music recommended by real people. Join today to create your own free station.
Ana Moura – 'Os Búzios'
Ana Moura
Os Búzios
Artists Like Ana Moura
Blip.fm DJs who play Ana Moura
Friends: MerchantCircle | Charity Blossom | Website Load Testing


text: Find things to do around the Valley with Arizona Sports Calendar of Events Event Calendar ☰ menu Featured Events Calendar All Events Submit Your Event Art shows, plays, festivals, concerts, shopping, dining, sporting events and more. We've got a spot for your event! Use the following form to submit your event to our calendar. Upon review, your event will appear on ArizonaSports.com. Tell us about your event... Event Name * Describe event * Categorize your event *Hold down CTRL for multiple choices ArtCharityComedyCommunityEat and DrinkEducationExhibitsFamilyFilmHealth and FitnessLecturesLiteraryMusicRun/WalkSeasonalSpecial EventsSportsTheater Event Phone Event Website Admission price Where is your event... Venue Name * Address * City * State * Zip * When is your event... Is this a recurring event? If so, choose the days of the week this event occurs. Sun Mon Tue Wed Thu Fri Sat Start Date * End Date (end date not required if single day event) Start Time -- 12 1 2 3 4 5 6 7 8 9 10 11 : -- 00 15 30 45 pm am (leave blank if times vary) End Time -- 12 1 2 3 4 5 6 7 8 9 10 11 : -- 00 15 30 45 pm am (leave blank if times vary) About you... Your name * Your email * ConfirmationPlease type both words separated by a space: Most Popular Sports KTAR News Videos Photos Has Aldridge narrowed decision to two? Report: Spurs, Aldridge seek 2nd meeting Suns make trade, clear cap space A behind-the-scenes look at the work done by the D-backs grounds crew at Salt River Fields Will Ferrell entertains Arizona Diamondbacks fans as left fielder D-backs kick off inaugural Collegiate Baseball Series with Sun Devils D-backs vs. Rockies - Thurs. D-backs vs. Dodgers - Wed. ASU makes transition from Nike to adidas apparel official 2 bodies found, AZ man in custody Prescott college gets an 'A' for value She Said: Food specials for the Fourth Browse by Date Search by Keyword Browse by Category All categories Art Charity Comedy Community Eat and Drink Education Exhibits Family Film Health and Fitness Lectures Literary Music Seasonal Special Events Sports Staff Picks Theater


text:
The Catcher in the Rye Test
Tests others are taking
hoerv31 / f / Gay
The Are you Dominant or submissive Test
Ccameron8232 / m / Straight
How badly do you need to pee? Quiz.
twentyønefires14 / f / Bisexual
The Should U Date Someone W/Kids Test
Woveuface19 / f / Straight
The Could you date a transsexual? Test
violintron25 / m / Gay
Connect your existing OkCupid account
Sign in
Welcome Back!
Restore your account to continue
meeting new people.
Reset your password
We'll email you a link to reset it.
Email sent!
An email is on its way to .
If you don't see it, try checking
your Spam folder.


text: This summer, all eyes are on Brazil and these are the players we'll be watching. All of our official country jerseys can be customized with the name and number of your favorite soccer superstar or your own name and number. We offer authentic customization, the exact letters and numbers you see on the professionals, for only $30.