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PART #2, California's Stem Cell Program Is Hobbled but Staying the Course
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Published: December 10, 2005
(Page 2 of 2)
The cells can turn into any type of cell in the body. That means stem cells might one day be used to generate replacement tissue for damaged organs and treat numerous diseases. But the science is ethically controversial because the creation of stem cells involves the destruction of human embryos.
Proposition 71 set up the California Institute for Regenerative Medicine, governed by a 29-member board. Members, appointed by state officials, are largely patient advocates and the deans or presidents of California universities and research institutes.
The initiative was written to shield the institute from interference by the Legislature, in hopes of speeding its work. But that approach has not totally worked and, in fact, might have left the stem cell program vulnerable to legal challenges.
Two lawsuits, although filed by lawyers opposed to embryonic stem cell research on ethical grounds, challenge the legality of Proposition 71, contending that it allows state money to be spent by people not adequately under state control.
A trial, in a state court, is set to begin Feb. 27. Until the litigation is resolved, which could take many months, the state will not issue any of the $3 billion in bonds to pay for research.
So far the institute has been subsisting on a $3 million loan from the state and a $5 million gift from the audio entrepreneur Ray Dolby. But that money will run out in May and the institute, which has 19 employees, has frozen hiring.
Robert N. Klein, the chairman of the institute's board and chief author of Proposition 71, denied that the institute's structure left it vulnerable. "They would have challenged us regardless of how we would have written it," he said.
Mr. Klein, a real estate developer whose son has diabetes, said he hoped to raise as much as $50 million in bridge financing early next year from charities and wealthy individuals. The money would allow for grants, first to train scientists in stem cell techniques and then perhaps for actual medical research.
Some California legislators and public interest groups that favor stem cell research have also criticized the institute, saying it has built-in potential for conflict of interest because some board members are from universities that could receive grants.
Critics also say the institute's activities have not been adequately open to public scrutiny. The board and various board committees have held more than 50 public meetings so far, and many have been sparsely attended.
At the meeting held this past Tuesday at the City of Hope medical center in Duarte, east of Los Angeles, the board members outnumbered members of the public.
The meeting's major topic - one of the final issues to be ironed out before grants can be awarded - was how to handle patents arising from research paid for by the state. A study commissioned by backers of Proposition 71 during the campaign had projected the state could earn royalties of $537 million to $1.1 billion in the next 35 years.
But a commission that the legislature asked to examine patent issues reported in August that such projections were "based on unrealistic assumptions about the potential economic impact" of the stem cell program.
Also dashing some prospects for royalties is a concern that if the state received too much in royalties it might be required under federal rules to issue taxable bonds instead of tax-exempt ones. That could raise the state's interest costs by several hundred million dollars during the next 30 years.
Mr. Klein said royalties were never expected to be a major part of the economic return from stem cell research. That return, he said, would instead come from the growth of the California biotechnology industry and from lower medical costs resulting from stem cell therapies.
At Tuesday's meeting board members agreed on an interim policy: let universities and other grant recipients own the patents developed from their research financed by the stem cell program and license them to companies. That would be in accord with federal policy under the Bayh-Dole Act.
But some board members, as well as state legislators, have said there was a promise to voters that the state would get a direct financial return and that treatments developed with taxpayer money would be made affordable to Californians. Others countered that requirements for royalties to the state or restrictions on pricing of therapies could discourage companies from developing treatments.
The interim policy calls for universities to share the proceeds from highly lucrative patents with the state in some still unspecified way.
Another item on Tuesday's agenda was a proposal to appoint a 14-member committee to develop a strategic plan for the institute.
Some of the academic members of the panel revolted, saying the plan should be developed by the institute's president, in consultation with individual board members. A board's job, they said, is just to approve or amend what the staff does.
This stance seems to reflect a sense on the part of some of the university presidents and deans that the monthly all-day board meetings, plus extra meetings if they are on committees, are more time-consuming than they had imagined.
But some patient advocates on the board said they wanted to be directly involved in developing the strategic plan. And Mr. Klein said a formal committee was probably necessary because it might violate the state's open-meeting law for the president to consult privately with too many board members.
The board decided the president, Zach W. Hall, should come up with a plan for developing the strategic plan, including how he would involve the board. Mr. Berg of Stanford objected, saying that if every plan first needed a plan on how to develop the plan "you guys are going to be just strangled."
The question of whether there will be a strategic planning committee was left for a future meeting.
California's Stem Cell Program Is Hobbled but Staying the Course
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By ANDREW POLLACK
Published: December 10, 2005
LOS ANGELES, Dec. 9 - After nearly an entire morning of sometimes heated debate the other day, the board overseeing California's $3 billion stem cell research institute took action. It asked the organization's president to draw up a plan for how to draw up a strategic plan.
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Jamie Rector for The New York Times
Embryonic stem cells might one day be used to generate replacement tissue for damaged organs and treat numerous diseases.
Sandy Huffaker/Getty Images
Rudy Gonzales does research on human embryonic stem cells at the Burnham Institute in La Jolla, Calif.
That is the way it has been going lately for the state's closely watched foray into the frontiers of medical science. More than a year after 59 percent of Californians approved an ambitious program to harness human embryonic stem cells to treat diseases, not a single dollar has yet been spent on research.
Instead, the effort has been hobbled by litigation that has kept the project from raising money. It has been second-guessed by public interest groups and legislators. And it has been consumed by the bureaucratic minutiae required to set up rules for administering grants. While much progress has been made, the delays and sheer magnitude of the work involved have frustrated even some of the project's champions.
"I liken it to the Iraq thinking - we won the war and didn't know what to do afterward," said Paul Berg, a Nobel laureate from Stanford University who fills in on the institute's board when Stanford's medical school dean cannot attend.
What happens in California matters to the nation because the $3 billion to be spent on mainly embryonic stem cell research - $300 million annually for 10 years - is expected to dwarf funding from the federal government and from any other state.
Whether stem cells fulfill their potential for medical breakthroughs, and whether the United States can stay competitive in a new branch of biotechnology, could depend on California. And California's experience could serve as an example of what to do - or what to avoid - for other states trying to set up stem cell programs. Those include Connecticut, Illinois and New Jersey. And in Florida, an effort is under way to promote a ballot initiative.
To be sure the task at hand, often likened to setting up a state version of the National Institutes of Health, is formidable. And many of the rules and committees needed are now in place. Ultimately, backers of the effort say, a delay of half a year or even a year in a long-term scientific endeavor would not make much difference.
"I have a mentor whose slogan is 'nothing great is easy,' and I think about that all the time," said Joan Samuelson.
She is a member of the institute's board and an advocate for people with Parkinson's disease, a condition that she has and which is seen as a promising target for stem cell therapy. "Anything so important and so public is going to have a Greek chorus - the naysayers, whiners and complainers. We just have to stay the course."
Still, there is a danger of a taxpayer revolt if promises made during the campaign in 2004 and in the immediate afterglow of the ballot victory are not upheld. Leaders of the initiative said then that they hoped to begin awarding the first research grants as early as last May. The project leaders are also backpedaling somewhat on projections made during the campaign that the state would reap sizable royalties from discoveries made with taxpayer money.
"They are engaged in expectation management, both financial and scientific," said Jesse Reynolds of the nonprofit Center for Genetics and Society, which supports stem cell research but has been a frequent critic of the California institute.
The delays could also threaten the allure of California as a magnet for stem cell scientists. A husband-wife team of geneticists from the National Cancer Institute recently decided to move to Singapore instead of Stanford because of the uncertainty surrounding the stem cell program, a decision first reported by The San Jose Mercury News.
Several scientists in California and elsewhere said in interviews that the state was still attractive, though perhaps a bit less than before.
The stem cell initiative, Proposition 71, was an effort to circumvent federal restrictions on research involving human embryonic stem cells.
California's Stem Cell Program Is Hobbled but Staying the Course [external]
More than a year after Californians approved a program to harness human embryonic stem cells to treat diseases, not a single dollar has yet been spent on research.
Can This Man Reprogram Microsoft? [external]
Bill Gates is counting on Ray Ozzie, who joined Microsoft just eight months ago, to help the company tackle Google.
this next one is about MSFT AND BILL GATES.
Credit Card Offers Stacking Up at Homes of the Newly Bankrupt [external]
Credit card companies are soliciting the more than two million Americans who rushed to file for bankruptcy this year before a tough new law took effect.
Kellogg to Reduce Trans Fat in Products
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A gift list that would get Santa fired
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Dec 8, 9:43 AM (ET)
CANBERRA (Reuters) - It may be the thought that counts when it comes to Christmas presents, but an Australian consumer magazine has issued a "useless" presents list to warn shoppers what not to buy this festive season.
A Choice magazine survey of nearly 12,000 people found the worst present to give was an electric ice shaver, joking "apparently hairy ice isn't a big consumer issue."
"It never really worked properly and we always ended up with a big mess and not enough crushed ice to be worth the effort," said one person who owned an electric ice shaver.
A close second was an ice cream maker and the third was a foot spa.
"If you are tired and have tired feet the last thing you want to do is run around, put towels down, fill up the foot spa, try not to spill it. Then it goes cold in 10 minutes. Too much work for a few minutes comfort," said a disgruntled foot spa owner.
Also on the 40-plus list of what not to buy were: electric can openers, aromatherapy diffusers, hair removal appliances (apparently they were too painful), heated rollers, hair curling wands and deli-slicers.
It seems toasters, kettles and hand-held mixers are the most useful gifts to give, according to the Choice survey.
hi dubi, that is 3%. TEVA, CHKP & CMVT
NASDAQ Announces the Annual Re-ranking of the NASDAQ-100 Index
12/9/2005 6:30:29 PM
(The three Israeli companies remain intact:
TEVA, CHKP & CMVT )
NEW YORK, Dec 09, 2005 /PRNewswire-FirstCall via COMTEX/ -- The Nasdaq Stock Market, Inc. (NASDAQ(R)) (NDAQ) announced today the annual re-ranking of the NASDAQ-100 Index(R), effective with the market open on Monday, December 19, 2005.
"The re-ranking is a unique event in that investors ultimately determine which companies are members of one of the most closely followed indexes in the world," said John L. Jacobs, executive vice president, NASDAQ. "The re-ranking process is objective, rules-based and transparent -- one that ensures the NASDAQ-100 Index will continue to be an important benchmark by which you can invest in a diverse array of NASDAQ-listed companies."
The following 12 issues will be added to the NASDAQ-100 Index: Google Inc. (GOOG), NII Holdings, Inc. (NIHD), Expedia, Inc. (EXPE), Patterson-UTI Energy, Inc. (PTEN), NVIDIA Corporation (NVDA), Urban Outfitters, Inc. (URBN), Cadence Design Systems, Inc. (CDNS), Activision, Inc. (ATVI), RedHat, Inc. (RHAT), Monster Worldwide, Inc. (MNST), CheckFree Corporation (CKFR), and Discovery Holding Company (DISCA).
The NASDAQ-100 Index is composed of the 100 largest non-financial stocks on The NASDAQ Stock Market(R) and dates to January 1985 when it was launched along with the NASDAQ Financial-100 Index(R), which is comprised of the 100 largest financial stocks on NASDAQ(R). These indexes were originally designed to segment NASDAQ into two major industry groups to support media coverage and to act as benchmarks for financial products such as options, futures, and funds. The NASDAQ-100 is re-ranked each year in December, timed to coincide with the quadruple witch expiration Friday of the quarter.
On a cumulative price return basis, the NASDAQ-100 Index has risen over 1238.0% since inception, and it has outperformed several major domestic and international stock indexes for the ten-year period ended November 30, 2005, although past performance is not indicative of future performance. For the most recent one, five, and ten-year periods ended November 30, 2005, the cumulative return of he NASDAQ-100 Index was 6.4%, -33.3%, and 181.7% respectively.
Shares of each company in the Index are included in the NASDAQ-100 Index Tracking Stock(R) (QQQ(R)) (QQQQ), which is an exchange-traded fund (ETF) that trades like a stock. It is the most actively traded listed equity security in the U.S., and it is one of the world's most actively traded ETFs as measured by the average daily share trading volume. QQQ represents ownership in the NASDAQ-100 Trust(SM). The Trust holds a portfolio of equity securities that comprise the NASDAQ-100 Index and aims to provide investment results that, before expenses, correspond with the NASDAQ-100 Index performance. Since its inception in March 1999, the Trust's total assets have grown to over $20 billion.
The NASDAQ-100 European Tracker Fund(R) (EQQQ(SM)) is listed on Borsa Italiana, SWX Swiss Exchange, Deutsche Boerse, virt-x, and London Stock Exchange and is designed to closely follow the NASDAQ-100 Index. EQQQ provides European investors with low cost access to the entire range of companies in the NASDAQ-100 Index in European hours, on European markets. Since its inception in November 2002, the Fund's total assets have grown to approximately $315 million. EQQQ is not available to U.S. investors.
There are also 22 domestic mutual funds and 9 international funds linked to the NASDAQ-100 Index. For more information about the NASDAQ-100 Index, including eligibility criteria, visit http://www.nasdaq-100.com.
As a result of the re-ranking of the NASDAQ-100 Index, the following 12 companies will be removed: Career Education Corporation (CECO) Dollar Tree Stores, Inc. (DLTR), Intersil Corporation (ISIL), Invitrogen Corporation (IVGN), Level 3 Communications, Inc. (LVLT), Millennium Pharmaceuticals, Inc. (MLNM), Molex Incorporated (MOLX), Novellus Systems Inc. (NVLS), QLogic Corporation (QLGC), Sanmina-SCI Corporation (SANM), Synopsys, Inc. (SNPS), and Smurfit-Stone Container Corporation (SSCC). NASDAQ(R) is the largest electronic screen-based equity securities market in the United States. With approximately 3,200 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to category-defining companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. For more information about NASDAQ, visit the NASDAQ Web site at http://www.nasdaq.com or the NASDAQ Newsroom at http://www.nasdaq.com/newsroom/.
Dubi
right on dubi, several goodies here. these are some great companies.
ADBL, icrosoft (MSFT ) and Yahoo (YHOO}
{MC ) and Fiserv (FISV ),(MRVL ). TWX,
Alvarion (ALVR ) and Airspan Networks (AIRN ).
Ones that I have not mentioned already include Automatic Data Processing (ADP ), Brooks Automation (BRKS ), Cognos (COGN ), Cree (CREE ), Electronic Arts (ERTS ), Ingram Micro (IM ), Lam Research (LRCX ), McAfee (MFE ), Motorola (MOT ), PowerWave (PWAV ), Amdocs (DOX ), and Seagate (STX ).
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hi dubi, YES...i'm not fast eddie but i'm catching up some that are behind.
I READ OVER 500 E'S LAST NIGHT. got 400 to go on yahoo.
thank you.
Hi Mick,
Missed you yesterday.Been busy?
Regards
Dubi
P/E ratios remains well above historical norms
By Mark Hulbert, MarketWatch
Last Update: 12:06 AM ET Dec 9, 2005
ANNANDALE, Va. (MarketWatch) -- They're doing it again.
By "it," I mean that some advisers are playing fast and loose with the historical data to make it appear as though the stock market's price-earnings ratio isn't as above-average as it really is.
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That in essence is the argument made by two hedge fund managers, Clifford Asness of AQR Capital Management, and Anne Casscells of Aetos Capital. In a working paper they wrote in 2004, they argued that many advisers are calculating the market's current P/E ratio one way and then comparing it to an historical average calculated in another way.
I wrote about their argument in January, and reported that, according to an honest apples-to-apples comparison, the market's P/E ratio then was between 46% and 50% higher than the historical average. Read archived column
What does their analysis suggest for today?
The good news is that the market isn't as overvalued today as it was a year ago. The bad news is that it still is significantly overvalued.
But I'm getting ahead of myself.
To understand Asness' and Casscells' argument, consider the following statement. It, or its functional equivalent, is repeated so often by investment newsletters and on Wall Street that we're likely to accept it as a legitimate argument, even though its reasoning is faulty.
The statement goes: "Based on analyst estimates for 2006, earnings on the S&P 500 next year are likely to total $X, which results in a P/E ratio of Y. That's right in line with that ratio's historical average of about 15."
Did you catch the sleight of hand inherent in it?
According to Asness and Casscells, the problem with this reasoning is that it compares a P/E ratio calculated using forward earnings with past P/E ratios calculated using trailing earnings. Since analysts invariably project earnings to grow, P/Es based on forward earnings will always be lower than those based on trailing earnings.
A legitimate historical comparison therefore requires comparing current and past P/Es that are all calculated using trailing earnings - or comparing today's with historical ratios when all are calculated based on forward earnings.
Consider first the ratio calculated using trailing earnings. For the trailing four quarters, according to Standard & Poor's, reported earnings per share for the S&P 500 ($SPX: news) have totaled $67, which results in a current P/E ratio of 18.7. Between 1871 and 2003, according to Asness and Cascells, the median of P/E ratios calculated in this way is 13.7.
Based on trailing earnings, therefore, the stock market's current P/E suggests that the market is 36% overvalued.
Consider next the ratio calculated using forward earnings. According to S&P, analysts are projecting total operating earnings per share for 2006 to be $88.59, which yields a P/E ratio of 14.2. The median of comparably-calculated P/E ratios for the 1871-2003 period is around 11, according to estimates from Asness and Casscells.
So according to this approach to calculating P/E ratios, the market is 29% overvalued.
As I hinted earlier in this column, the only good news implicit in these numbers is that they are not as bad as in January.
The problem with above-average P/E ratios is that they remove one of the strongest foundations that a bull market can otherwise have. That leaves the market particularly vulnerable to shifts in investor psychology.
That's just another way of saying that risk is above average in the market right now.
This doesn't mean that the market must go down. But it does mean that, at a minimum, the market is unlikely to provide high enough returns to adequately compensate investors for the risk they incur by being investing in stocks at current levels.
The most recent edition of the Hulbert Financial Digest is available by e-mail or regular mail. Highlights include:
-- If you think the stock market has gone nowhere since 1999, think again.
-- Scoreboards Performance, most/least popular stocks and funds, market exposure among timers
-- Profiles: Ford Equity Research Investment Review, Investor Advisory Service, Richard E. Band's Profitable Investing and Sound Advice
For more information or to subscribe to the Hulbert Financial Digest, click here
Mark Hulbert is the founder of Hulbert Financial Digest in Annandale, Va. He has been tracking the advice of more than 160 financial newsletters since 1980.
Back to My Way Finance
hi dubi, good morning.
BSA-IDC Study Illustrates Global Economic Gains From Reducing Software Piracy
Reducing Piracy 10 Points Worldwide Over Four Years Could Create 2.4 Million Jobs, $400 Billion in Growth
(I find the data awesome)
12/8/2005 9:30:30 AM
WASHINGTON, Dec 08, 2005 /PRNewswire via COMTEX/ -- Cutting the global piracy rate of 35 percent by 10 percentage points over four years could generate 2.4 million new jobs, $400 billion in economic growth and $67 billion in tax revenues worldwide, according to a new study released by the Business Software Alliance (BSA) today.
The independent research, conducted by International Data Corporation (IDC), found that every one percentage point drop in software piracy could yield $40 billion in economic benefits by jumpstarting growth in the global information technology (IT) sector. The study also concluded that while the global IT sector is currently projected to grow 33 percent through 2009, a 10- point reduction in software piracy could spur the global IT industry to grow 45 percent larger by 2009.
"When countries take steps to reduce software piracy, just about everyone stands to benefit," said Robert Holleyman, BSA president and CEO. "Workers have new jobs, consumers have more choices, entrepreneurs are free to market their creativity, and governments benefit from increased tax revenues."
Despite having the world's lowest software piracy rate, the study found that the United States stands to gain more than any other nation in the global survey from a 10-point piracy cut over four years -- boosting its economy by $125 billion. Although the U.S. IT sector is already projected to grow by almost a third between 2004 and 2009, it could grow more than 10 percentage points faster with further piracy reductions.
Countries with the highest piracy rates could capture the greatest economic gains from reducing piracy, the study found. A 10-point reduction in software piracy in China could create 2.6 million new IT jobs by 2009 -- as many IT jobs as the U.S. has been able to create through 30 years of IT leadership. Russia, a country with the fifth highest software piracy rate in the world (87 percent), could see its IT industry triple in size -- growing from $9.2 billion today to $30 billion in just four years.
The BSA-commissioned study, available online at http://www.bsa.org/idcstudy, is the only study of its kind, assessing the IT sector's economic impact in 70 countries worldwide and the benefits that accrue to countries that tighten and enforce their intellectual property laws and work to educate the public about the impact of piracy. With 1.1 million businesses worldwide, the IT industry contributes nearly $1.7 trillion a year to global economic prosperity.
Globally, a 10-point reduction in software piracy over four years could generate $67 billion in new tax revenues worldwide. Based on the Organization for Economic Cooperation and Development figures, this new revenue could provide:
* 435 million people with job training benefits
* Health care services for 45 million people
* Computers for over 33 million school children; or
* College degrees for 6.6 million people.
In addition to outlining the economic benefits that can be realized through increased copyright protection, the study also suggests that countries that want to enjoy the economic benefits promised in this study can do so by taking the following five steps:
* update national copyright laws to implement World Intellectual Property
Organization (WIPO) obligations;
* create strong enforcement mechanisms, as required by World Trade
Organization, including tough anti-piracy laws;
* dedicate real government resources to the problem, including national
IP enforcement units, cross-border cooperation, and more training for
local officers;
* improve public education and awareness; and
* lead by example by requiring the public sector to use only legitimate
software.
"With this report, we are able to further quantify the positive benefits that countries across the world can experience as a result of stronger intellectual property protection and greater education and awareness," said John Gantz, Chief Research Officer of IDC. "It provides a comprehensive snapshot of what we have known all along: reducing software piracy delivers real results in the form of more funding for education, job training, health care, and overall economic growth."
Holleyman unveiled the study today at a Washington, DC press conference. He was joined by John Gantz, Chief Research Officer and Senior Vice President of IDC, and Chris Israel, Coordinator for International Intellectual Property Enforcement at the U.S. Department of Commerce.
Methodology
Using its market data on IT industry spending, employment, and IT- generated tax revenues, IDC conducted an analysis in each of the 70 countries to determine what the impact of lowering piracy would be on spending on packaged software and how that would impact spending on related services and distribution.
About BSA
The Business Software Alliance (http://www.bsa.org) is the foremost organization dedicated to promoting a safe and legal digital world. BSA is the voice of the world's commercial software industry and its hardware partners before governments and in the international marketplace. Its members represent one of the fastest growing industries in the world. BSA programs foster technology innovation through education and policy initiatives that promote copyright protection, cyber security, trade and e-commerce. BSA members include Adobe, Apple, Autodesk, Avid, Bentley Systems, Borland, Cadence Design Systems, Cisco Systems, CNC Software/Mastercam, Dell, Entrust, HP, IBM, Intel, Internet Security Systems, Macromedia, McAfee, Microsoft, PTC, RSA Security, SAP, SolidWorks, Sybase, Symantec, Synopsys, The MathWorks, and UGS.
About IDC
IDC is the premier global provider of market intelligence, advisory services, and events for the information technology and telecommunications industries. IDC helps IT professionals, business executives, and the investment community make fact-based decisions on technology purchases and business strategy. Over 775 IDC analysts in 50 countries provide global, regional, and local expertise on technology and industry opportunities and trends. For more than 40 years, IDC has provided strategic insights to help our clients achieve their key business objectives.
SOURCE Business Software Alliance
Dubi
A worthwhile article,
quite a few companies mentioned,
Info Tech Stocks Worth Downloading
S&P's Scott Kessler sees some good opportunities for investors, including Audible, which stands to gain from the growth of podcasting
Although Standard & Poor's suggests investors only market weight technology stocks now, the info tech sector has a number of attractive opportunities. That's the report from Scott Kessler, S&P's group head for information technology stocks -- and analyst of stocks in the Internet software and services and Internet retailing industries. So far this year, two parts of info tech -- Internet software and services, and semiconductors -- have done best. But Kessler also points to application software and home entertainment software as promising areas.
Kessler sees podcasting as a "significant opportunity" for both Internet and traditional media companies -- the latter because of all the content they have available. At the "forefront" of that opportunity, he names Audible (ADBL ) as a company that makes it possible to assess unique uses of a podcast.
These were among the points Kessler made in an investing chat presented Nov. 22 by BusinessWeek Online, in response to questions from Jack Dierdorff and Karyn McCormack of BW Online. Following are edited excerpts from this chat.
(Scott Kessler is an S&P Equity Research analyst. He has no ownership interest in or affiliation with any of the companies on which he writes research. All of the views expressed here accurately reflect the analyst's personal views regarding any and all of the subject securities or issuers. No part of the analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this chat.)
How have the info tech stocks been doing as the broad market finally appears to be gaining some ground? Information technology stocks, in recent weeks, have acted quite well. In fact, the S&P 1500 information technology sector turned positive year-to-date in recent weeks. It's fair to say that investors are interested in committing capital to tech stocks. We continue to recommend a market weight position in technology, which accounts for roughly 15.5% of the S&P 1500.
Google's (GOOG ) ascent above $400 -- what does that mean to you?
The $400 mark was clearly a psychological barrier for the stock, as is often the case concerning whole numbers that end in zero. However, our recommendation on Google remains hold. We recommended the stock earlier this year but became and remain concerned about the company's lack of diversification beyond online search advertising, and what we perceive as mounting significant competition to Google's core franchises from the likes of Microsoft (MSFT ) and Yahoo (YHOO ), for example.
We think Google is an excellent company that has executed extremely well in recent quarters, but we believe that notable risks are not adequately reflected in the stock price at this point. We are not recommending that people purchase the shares at these levels. Alternatively, we are recommending Yahoo, reflecting the potential related to online advertising, as well as Yahoo's diversified and proven business model.
What part of the info tech sector looks best nowadays?
That is a good question. In terms of year-to-date performance, Internet software and services and semiconductors have performed the best. However, our relative strength measures indicate that application software and home entertainment software have been performing well. We also have a number of recommendations in the computer storage and peripherals area and the data processing and outsourcing services subindustry.
The bottom line is that there is a lot to choose from, and just quickly ticking off a stock in each of those areas, we have strong buy recommendations on EMC (EMC ) and Fiserv (FISV ), and a buy recommendation on Yahoo [however, on Nov. 23 S&P downgraded Yahoo to hold, based on valuation concerns]. We have a strong buy on Marvell Technology Group (MRVL ).
We've heard rumors of Yahoo being involved in some kind of takeover -- any inklings on that?
There were rumors that were confirmed that Yahoo had engaged in preliminary talks to explore options with AOL, which has been widely reported to be talking to suitors for a minority stake in that business unit of Time Warner (TWX ). However, these talks recently concluded, and Yahoo is no longer pursuing such a relationship with AOL.
Do you think another company would be able to buy Yahoo?
With a market capitalization recently exceeding $60 billion, I don't perceive Yahoo as a likely acquisition candidate.
Speaking of market caps and such, how do you see valuations in your area? Expensive?
It depends. If we look at valuations in terms of p-e's, tech stocks (as they usually do) look a bit pricey. However, incorporating growth considerations, technology stocks -- particularly, large-cap technology stocks -- only trade at a modest premium to their peers. Technology stocks also often have very strong balance sheets and are increasingly using their capital to deliver shareholder value in the form of stock buybacks, dividends, value-added acquisitions, and debt retirement.
However, it's important to keep in mind that technology companies frequently have notable exposure to stock options, and in keeping with recent SEC and FASB pronouncements earlier this year, companies inside and outside the technology sector must expense stock options in 2006. This will detract from earnings, and [on Nov. 21] S&P indicated that our estimates will take into account stock options for the period 2006 and beyond (see BW Online, 11/22/05, "Option Expensing: The Time Is at Hand").
Going back to including options expenses in earnings estimates, do you think tech stocks will suffer from the resulting reduction in earnings growth?
The answer is I'm not sure. On one hand, I think that there are some who will ignore this mandated change, and it will be business as usual. There will be others such as S&P who will more strictly adhere to the spirit of the change that has been mandated. Ultimately, those companies that deliver growth in sales and profits will be those that generate returns for investors. But clearly, the options issue is a potential overhang for 2006.
How have earnings for the info tech companies done so far this year?
Earnings have been coming in quite strong this year. Third-quarter earnings increased at roughly 25% over last year. And we expect mid- to high-teens growth in the fourth quarter. So overall I'd say earnings growth, although it has been decelerating and will probably continue to do so, this is happening off what we consider a fairly high base. We foresee growth of 16% for the S&P 500 tech sector EPS in 2006. How is the fast spread of podcasting affecting Net companies? Who might benefit?
I look at podcasting as a significant opportunity for Internet and traditional media companies. Traditional media companies often are those with the access to unique content that could be increasingly monetized through podcasting and other next-generation vehicles. Internet companies will play a role whether it's through amassing and aggregating audiences or hosting podcasts or facilitating groups around podcasting.
I cover Audible (ADBL ), which is at the forefront of the podcasting opportunity. The company is already the leading provider of spoken-word audio over the Internet and recently introduced software that will allow podcasts to be better managed and monetized.
Specifically, Audible's offering will enable the assessment of unique users actually listening to a podcast, something that has significant appeal to companies looking to enter and capitalize on the opportunities in the segment.
What else is on the leading edge in info tech that we should be watching?
I can tell you about two things. One is so-called Web services or application virtualization -- the notion of being able to access computer programs solely by use of the Internet via a wide variety of devices. Microsoft (MSFT ) recently announced a major push to these on-demand services. We believe that one of our strong buy recommendations, Citrix Systems (CTXS ), will be one of the major beneficiaries of this trend.
Second is WiMax, which is essentially fixed broadband wireless. It essentially is a more powerful incarnation of WiFi. It will allow more robust wireless data and communications. We cover two WiMax companies that are very speculative and are rated hold -- Alvarion (ALVR ) and Airspan Networks (AIRN ).
You told us about a few strong buys in your area -- do you have other names with the same high rating?
A: Ones that I have not mentioned already include Automatic Data Processing (ADP ), Brooks Automation (BRKS ), Cognos (COGN ), Cree (CREE ), Electronic Arts (ERTS ), Ingram Micro (IM ), Lam Research (LRCX ), McAfee (MFE ), Motorola (MOT ), PowerWave (PWAV ), Amdocs (DOX ), and Seagate (STX ). Last but not least, Microsoft.
Finally, any thoughts on the situation with Microsoft and the Xbox?
Well, we obviously are positive on Microsoft and think that the Xbox 360, given its new functionalities and timing coming to market earlier than its competitors, will gain share in the coming months in the video game market. We also think that this is a time that investors should be buying developers of video game software such as Electronic Arts and Activision (ATVI ), both of which already have released titles for the Xbox 360. Last but not least, we think that a company like Flextronics (FLEX ), which plays a role in the assembly of the consoles, could be a beneficiary of strong demand.
http://yahoo.businessweek.com/investor/content/nov2005/pi20051129_0234_pi057.htm
Dubi
Neptune Technology awards Tadiran Batteries $30m contract
Tadiran Batteries will supply advanced lithium batteries to Neptune Technology for automatic meter reading.
Globes correspondent 7 Dec 05 10:45
Tadiran Batteries Ltd has been awarded a four year $30 million contract for the supply of lithium batteries from US-based company Neptune Technology Group Inc.
Neptune Technology is a leading manufacturers of automatic meter reading (AMR) devices for water utilities, reading over 38 million meters per month.
(#msg-8773705)
Dubi
Israeli technology and Beachwood, Ohio resources - a match made in heaven
By David Brinn December 04, 2005
You might not expect to hear Hebrew spoken in the malls and restaurants of a middle American town like Beachwood, Ohio.
But these days, it's not such an unusual occurrence. As the result of a directed effort by the Beachwood Chamber of Commerce and the Beachwood Development Center, more than a dozen Israeli companies have co-located to the Cleveland high tech center over the last two years.
(#msg-8740540)
Dubi
C-Chat: Shantanu Narayen, COO, Adobe Systems
Danit Lidor, 12.02.05, 4:00 PM ET
http://www.forbes.com/2005/12/02/adobe-shantau-narayen_cx_dal_1202adobe.html?partner=yahootix
Shantanu Narayen
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NEW YORK - Shantanu Narayen has been president and chief operating officer of Adobe Systems since January 2005. In that time, he has helped guide the digital document management company through a number of changes, most significantly, the company's pending $3.8 billion acquisition of Macromedia, a multimedia software firm.
Since the deal was announced in April 2005, the deal has been working its way through the justice system amid concerns of a possible industry monopoly. Ultimately, the U.S. Department of Justice granted unconditional approval. Adobe (nasdaq: ADBE - news - people ) announced Thursday that the deal will be finalized on Saturday.
With annual revenue topping $1.6 billion, Adobe is best known for its Photoshop and Adobe Acrobat programs. Among other things, Macromedia (nasdaq: MACR - news - people ) makes Flash, a very popular animation tool, and Dreamweaver, powerful Web site design software. The newly combined company will be called Adobe. Fourth-quarter fiscal-year 2005 results will be announced on Dec. 12, 2005.
Narayen worked at Apple Computer (nasdaq: AAPL - news - people ) and Silicon Graphics (nyse: SGI - news - people ) before joining Adobe in 1998. He talks with Forbes.com about the company's post-merger strategy.
Forbes: What should customers expect from the newly merged company? Will there be some kind of combination super-package with both company's software?
Shantanu Narayen: For us, the benefit is when you put things together. Look at our four major customer segments. For the creative designer/developer customer, we want to offer the best of Dreamweaver, Flash and Photoshop. Creative Suite [a software design package combining various related image applications] has blown away our expectations because the Adobe platform is standardized and integrated with best-of-breed products. We will continue to provide more. For example, Web site designers can work with Photoshop and then switch over to Dreamweaver to create the site. We can make this all work seamlessly.
For the knowledge worker, we want Acrobat to be one of those essential desktop applications--just like e-mail. People are increasingly relying on Acrobat as the desktop application for sharing information. Macromedia's Breeze [Web video-conferencing software] allows for asynchronous collaboration, which means that workers don't have to be in the same place at the same time. That can facilitate much faster productivity.
For the enterprise customer, we are focusing on life cycle. We see government agencies and enterprise customers getting closer to their customers through electronic correspondence, dealing with security and Sarbanes-Oxley compliance, providing better customer service and saving money by switching from inefficient paper to electronic documents. The value proposition when we combine the companies is to be able to go tell any CIO [chief information officer] that we're the company that can provide them with both the tools and the mission-critical service to handle either online or offline paper or electronic documents, whether it's streamlining or automating that business process.
Finally, there is mobility: The possibilities inherent in alternate devices excite me the most. There are a billion people in China and India who are never going to connect to the Internet using a PC. They're going to connect through a cell phone or an alternate device. We have the opportunity to also provide an environment for people to engage with that information on those devices like what Macromedia has done with Flash Lite [for cell phones] and we have done with DoCoMo (nyse: DCM - news - people ) [by bringing Adobe Acrobat to its cell phones]. There are so many opportunities.
FDC: You've outlined plans to integrate and streamline the life cycle of documents. Do you plan to move into document storage, too?
SN: Both content management and storage are a great opportunity, but we don't view it as an opportunity for Adobe. Part of being in the enterprise business is that you have to have the key partners. We have a very good partnership with [storage company] EMC (nyse: EMC - news - people ). We also have a very strategic relationship with [content management company] SAP (nyse: SAP - news - people ).
FDC: Adobe and Macromedia have both established divisions in India that are in innovating new technology. How do you address outsourcing critics?
SN: We are a global company. Over 50% of our revenue comes from outside the U.S. It's incumbent on us to make sure we are taking advantage of the global talent that exists. Clearly it’s a competitive advantage for us. It enables us to do 24-hour software development around the world. But also when I talk about alternate devices--our telecom structure here in the U.S. is significantly behind. Look at Korea, China, India and Eastern Europe--that's where a lot of the mobile revolution is happening. It's the people there who are going to figure out what new solutions and services are required.
It's a global phenomenon. We either capitalize on it or get left behind.
FDC: Will the new Adobe continue to make acquisitions?
NS: Priority number one is to continue to provide insightful innovation. We have a history and culture of creating new businesses and new markets. We have some significant competitors like Apple and Microsoft (nasdaq: MSFT - news - people ). It behooves us to not rest on our laurels.
Adobe has a history of smaller acquisitions, and we will continue to do that. But they are hard, and they take a lot of effort. The Macromedia deal is clearly the biggest one that we've done. We are going to be plenty busy for a while.
Video: Beyond Acrobat
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this next one kind of goes with the MSFT stuff.
Cisco Stagnates
Chris Kraeuter, 12.02.05, 6:00 AM ET
BURLINGAME, CALIF. - Cisco Systems may dominate the networking industry, and it may have some of the most enviable profit margins in the technology sector. But it also has a stock price that's been stuck in the doldrums for a year now.
The world's largest networking company will trot out its top executives next week in front of roughly 400 investment and industry analysts for two days of presentations, tours and evangelizing.
Last year's analysts' meeting provided hardly any boost to the stock, with shares bouncing around since then, trading between $17 and $20.
Shares closed Nov. 30 at $17.54, part of yet another mini-rally, this one stemming from Cisco's (nasdaq: CSCO - news - people ) $6.9 billion purchase of Scientific-Atlanta (nyse: SFA - news - people ) two weeks ago.
The deal offered bulls hope that the company is still capable of growing, but Scientific-Atlanta's numbers indicate that it won't add much to Cisco. The set-top-box maker sports sales growth of around 10%, similar to Cisco's, and its profit margins are in the high 30% range, well below Cisco's margins in the high 60s.
As is the case of so much in the technology world, the deal's real promise lies in the future. Cisco reached out of its networking niche to buy Scientific-Atlanta, looking to better position itself as a broader provider of products and services to cable operators.
Cisco wants to provide all things networking to business and home, and it sees its ability to integrate a wide array of products as pivotal to its future success. This is a strategy that builds on the company's already substantial size but doesn't necessarily spur the rapid growth that investors want to see.
To this end, Cisco touts its so-called "advanced technologies," which are business areas that the company predicts can eventually account for $1 billion in annual sales.
Since these businesses are but small pieces of the overall company, their growth rates are faster. Sales of Cisco's six advanced technologies rose 25% in the previous quarter. Still, this segment makes up under 20% of Cisco's overall sales.
Another area of concern for investors is the company's international penetration. Cisco is able to draw only 17% of its sales from Asia-Pacific, including Japan--a level that's held steady for the past two years. North America accounts for more than half of Cisco's sales.
Order growth in Asia-Pacific came up strong in the most recent quarter, hitting 30%, a level that hadn't been reached in the previous four periods.
Altogether, Cisco is a company that has become a victim of its own success. It dominates the networking market, so there is little left there for the company to capture. It is branching out into new but related areas via its advanced technologies, but those segments remain moderate contributors to the overall business.
Bill Lesieur, a director at Technology Business Research, says Cisco has done pretty well with bringing along its advanced technologies, though sparking faster growth remains the key issue facing the company. "Everyone is just staring at the growth guidance," he says.
Indeed. That was a major topic at last year's analysts' meeting, and it will remain a major topic until the company can prove otherwise. The stock's inability to sustain a rally reflects growth fears.
Cisco wants to do bigger things than sell networking hardware. Its purchase of Scientific-Atlanta proves that, and Lesieur notes that the company is trying to do more with professional services.
"Cisco very much wants to influence the IT buyers, all the way up to the CEO level," he says. "They want to own more and more of the data center."
While this could have major implications for business in the years ahead, investors remain skeptical. Cisco aims to give them more to believe in during next week's analysts' meeting.
http://www.forbes.com/2005/12/01/cisco-shares-stagnation-cx_ck_1202cisco.html?partner=daily_newslett...
Dubi
Microsoft Unwraps Fremont
Google Base killer will blend classified ads, social networking.
December 1, 2005
After a handful of stories offering sketchy details of a project identified as its Google Base killer, Microsoft offered many more particulars late Wednesday on its seven-month-old project code-named “Fremont” (see Microsoft Attacks Google Base).
Fremont basically blends classified advertising with social networking.
“We decided that trust is very important when you are looking for things like babysitting services,” said Garry Wiseman, Microsoft’s product unit manager. “People should determine who can see their classified ads. You might decide you only want to share them with your email contacts or other students if you are at a university.”
Shares of Microsoft were up $0.21 to $27.89 in recent trading, while shares of Google were up $5.79 to $410.70.
Fremont, which is being tested internally at Microsoft, identifies individuals according to their level of familiarity with the seller.
“People tend to have a high level of trust when dealing with colleagues or fellow students or friends,” said Mr. Wiseman. “They know the people they are dealing with are not going to vanish tomorrow or try to rip them off because their reputations are at stake.
“You may have items that you would only sell, share, or swap with a friend or someone whom you know,” he added. “If my friend can’t make it to a game, then I want to sell the spare ticket to another friend or co-worker.”
In that case the seller can instruct the web site to show the tickets only to friends and close acquaintances. When that item is posted, a Microsoft Messenger alert pops up on the PCs of all the qualified contacts, usually the seller’s email contacts. In this way, the seller can go to the game with a friend rather than a complete stranger.
“There are quite a few scenarios like that related to dating, garage sales, barbecues, etc.,” said Mr. Wiseman.
Expanding Locations
The seller can also cast a wider net to include everyone in his or her ZIP code or city. That can extend further and further out to the entire country and then extend globally if the seller so chooses.
“Every listing in the system is geo-coded by ZIP code at the very least,” said Mr. Wiseman. “We add integrated maps from Live Local. The feedback we get is that it is fantastic for garage sales.”
Mr. Wiseman said the technology can be used by anyone searching for a house or looking to sell a house or just about anything. A visitor will be able to browse the site without registering. But registration and Microsoft Passport membership are required if someone wants to list an item or purchase an item.
“We wanted to make sure we didn’t suffer from spam and phishing. We didn’t want to clog everyone’s mailbox with dangerous emails,” said Mr. Wiseman.
Once listed, the items will become accessible to MSN searching, but sellers can set the availability parameters for each listed item. The service is free, but Microsoft expects to profit from contextual ads placed on the site.
“We will know a lot about the seller and the buyer, like their location, and we know by keywords what item they are interested in,” said Mr. Wiseman.
Narrow Focus
Unlike Google Base, which seeks out anything from the public including manuscripts, songs, favorite recipes, as well as items for sale, Fremont focuses tightly on classified ads.
“Google Base is quite confusing,” said Mr. Wiseman. “We are just about classified ads and community. Google Base is more of an open data store.”
Mr. Wiseman expects Fremont to launch publicly next year.
http://www.redherring.com/Article.aspx?a=14690&hed=Microsoft%20Unwraps%20Fremont
Dubi
Tech Helps Cops Bust Motorists
Motorola's license-plate recognition technology will help police quickly get info on vehicles located near their squad cars.
December 1, 2005
Police cars could automatically scan nearby vehicles’ license plates with a technology that Motorola and PIPS Technology launched Thursday, saving cops from currently having to type in a license plate number to search databases.
The Automatic License Plate Recognition (ALPR) technology uses a camera to automatically read license plates as they come into view, and then checks the plates against police and motor vehicle databases.
The new system is quicker and requires no action on the part of the police officer, said Steve Most, multimedia business director for Motorola’s radio systems division.
“The ALPR system gives public safety officers quick access to information about the vehicles around them,” he said. “This helps increase their security and safety, as well as that of the general driving population.”
Cellular company Motorola developed the technology and worked with PIPS Technology, a license plate recognition technology firm, to “ruggedize” the cameras so that they meet Motorola’s specifications for public safety communications in the United States.
The Pennsylvania State Police tested the system in October. According to Motorola, the system helped nab wanted suspects in its first week of testing.
When a state trooper stopped a speeding car on the Pennsylvania Turnpike, the ALPR system revealed that the vehicle was stolen and the trooper was able to call for backup before approaching the car. Another check revealed that the occupants were wanted in connection with a kidnapping and attempted murder case.
ALPR is one of a number of vehicle technologies being developed to help law enforcement.
High-tech Crime Fighting
Technology giant 3M, the maker of brands like Scotch and Post-It, plans to launch a system to check vehicle registration this month (see Tech Busts Unregistered Cars).
The system incorporates Radio Frequency Identification (RFID) tags in stickers that would go on a vehicle’s windshield as well as in reflective sheeting placed over the license plate.
As vehicles drive past sensors, the 3M tags would send vehicle registration and insurance information as well as data about inspection compliance, such as overdue smog checks, to a database. Automatic notices could be sent to the vehicle owners.
Eventually, the 3M tags could be used for open-road tolling, stolen vehicle detection, and even parking garage payments, said Jaime Ojeda, business manager of electronic vehicle registration.
Wi-Fi for Cars
Automakers are also testing Wi-Fi for cars, a technology called Dedicated Short-Range Communications (DSRC). U.S. car makers are mainly targeting DSRC for safety applications like collision avoidance, but the technology could one day be used for law enforcement (see Wi-Fi May Make Cars Smarter).
A number of auto manufacturers, including DaimlerChrysler, have said the information will be completely anonymous and will not help anyone track specific vehicles.
“It will tell you that a car is driving 50 [mph] on the highway, but it won’t say that it’s Joe’s car,” said Christopher Wilson, head of intelligent transportation systems for DaimlerChrysler’s North American research arm.
But privacy concerns are still a major issue as some drivers are concerned that the cars would transmit speed and other driving info. One example: New York City cab drivers are opposing plans to install GPS (global positioning systems) in their taxis.
Other businesses are capitalizing on drivers’ fears. A Harrisburg, Pennsylvania-based company, PhotoBlocker, makes reflective license-plate shields and sprays to deflect the flash from red-light cameras, for instance.
http://www.redherring.com/Article.aspx?a=14701&hed=Tech%20Helps%20Cops%20Bust%20Motorists
Dubi
PrismTech's Next-Generation SDR Middleware Platform, 'Spectra OE', Available for Evaluation
Lofty Promise of Saturn Plant Runs Into G.M.'s Fiscal Reality [external]
A Saturn plant once lauded as the savior of the U.S. auto industry is among 12 factories that G.M. plans to shut or partly close.
Yahoo using online behavior to target ads
Yahoo Inc. aims to boost the effectiveness of its advertising -- and rates -- by targeting ads to users based on their surfing behavior on its site, the company's advertising sales chief said on Thursday. "The new, new thing at Yahoo,
Companies mismanaged: activists
Boardrooms in America are filled with greedy, self-serving executives whose incompetence is threatening the nation's welfare, according to self-styled shareholder activists who spoke this week in New York. Portraying themselves as heroes
Data storage grows at record pace
The market for computer disk storage systems grew a record 12.5 percent in the third quarter amid surging demand by businesses to secure a growing mountain of data, market researcher IDC reported. EMC Corp. kept its top standing in the
Samsung Pleads Guilty in Price-Fixing Case photo
SAN FRANCISCO (AP) - Samsung, the world's largest maker of computer memory chips, has pleaded guilty to a charge it conspired with other companies to fix the price of chips used in personal computers and other electronic devices, boosting the cost to consumers. After accepting the plea and a...
Nokia Expands Mobile Production in China
STOCKHOLM, Sweden (AP) - Nokia Corp., the world's biggest mobile phone maker, said Thursday it will expand a mobile phone factory in China to meet surging demand for handsets in Asia. The company said it would start expanding the factory in the southern city of Dongguan in the third quarter of...
Microsoft Develops Classified Service
SEATTLE (AP) - Microsoft Corp. is developing an online classified service to compete with the likes of Craigslist and becoming the latest company to capitalize on growing consumer interest in buying and selling everything from cars to baby-sitting services on the Web. Such Web-based classifieds...
Japan Abandons 'IPod Tax' Idea
TOKYO (AP) - Japan is forgoing a copyright law revision to charge royalties on digital music players - a proposal dubbed the "iPod tax" - after discussions in a government panel produced no consensus on ways to police violations. The decision Thursday from the Cultural Agency committee followed...
Microsoft Move Eases Some Criticism
BOSTON (AP) - Massachusetts Gov. Mitt Romney appears to be having second thoughts about abandoning Microsoft software on state computers in favor of a rival open-source format. Microsoft Corp. has pledged to standardize the document format for its Office software, undercutting much of the...
REVIEW: Latest iMac Offers Remote Control photo
When asked a few years ago if they might someday offer a Mac that works like a Microsoft entertainment PC, Apple executives joked that they were instead focusing on the convergence of computers and toasters. The basic concept of a PC powering a living room multimedia hub - as pushed by Microsoft...
RIM Makes Progress in BlackBerry Battle photo
NEW YORK (AP) - Research In Motion Ltd. appears to have drawn a small boost in the BlackBerry patent battle after several setbacks as the U.S. Patent and Trademark Office issued another preliminary rejection against one of the patents RIM was found to have violated. The latest "non-final" ruling...
Afternoon Wrap: Broad based gain, new 52-wk highs for several averages :After a few days of a lower volume consolidation, the market averages have put together a strong, higher volume advance with the Nasdaq indices (100/Comp) as well as the Russell 2000 and S&P 400 reaching new 52-wk highs. All the major sector indices are positive with leadership provided by: Steel +4.2%, Semi +4.1% (SOX breaks out to highest level since April 2004), Oil +3.3%, Oil Service +3.3%, Gold +2.8%, Commodities Index +2.7% (new 52-wk high), Paper +2.4%, Natural Gas +2.4%, Restaurant +2.4%, Airline +2.2%, Coal +2.1%, Healthcare +2%.
Nokia confirms mobile device industry volumes in 2006 to grow more than 10% (NOK) 17.60 +0.52: -Update- Co now expects: Mobile device industry volumes in 2006 to grow more than 10% from 2005, and the mobile device market to also grow in value in 2006... The number of mobile subscriptions to surpass three billion in 2008, rather than in 2010 as co stated in Feb this year... Slight to moderate growth in the mobile infrastructure market in 2006... Operating margin target remains at 17%... Operating margin of 17-18% for Mobile Phones and Multimedia devices combined... Infrastructure operating margin of 13%, rather than 14% as co stated last year... As stated last year, by the end of 2006 to reduce overall R&D expenditure to 9-10% of net sales; reduce Nokia mobile device R&D expenditure to 8% of net sales; and reduce Nokia infrastructure R&D expenditure to 14% of net sales.
American Science & Engineering receives contract for the new OmniView gantry cargo and vehicle inspection system (ASEI) 69.99 +2.53:Co announces the receipt of a $5.4 mln phased contract from the U.S. Department of Defense for its OmniView Gantry Inspection System. The first phase of the contract is valued at $1.9 mln. The relocatable OmniView System, the industry's most comprehensive cargo and vehicle inspection system for detecting security threats and contraband, will be deployed by the DoD for force protection applications.
Akamai Tech - - Relative Strength (AKAM) 20.77 +0.81: -Technical- The stock displays RS today as it rallies out of its recent 3-day pullback of its November high (20.90).
Semiconductors Hldrs Trust climbs higher intraday to notch a fresh 1-1/2 year high above 38.32 (SMH) 38.33 +0.94: -Technical-
Intel notches minor new high of 27.06, hovering near wk long range top/Nov high at 27.15 (INTC) 27.06 +0.38: -Technical-
PARENTS ARE FROM BBCMF ,,,#Board-3665
http://search.yahoo.com/search?p=high+technology&prssweb=Search&ei=UTF-8&fr=FP-tab-web-t....
http://en.wikipedia.org/wiki/High_technology
High tech - Wikipedia, the free encyclopedia
From Wikipedia, the free encyclopedia. High tech refers to "high technology," technology that is at the cutting-edge and the most advanced currently available. The adjective form is hyphenated: high-tech.en.wikipedia.org/wiki/High_technology
High tech refers to "high technology," technology that is at the cutting-edge and the most advanced currently available. The adjective form is hyphenated: high-tech. There is also a style of architecture known as High tech.
There is no specific class of technology which is high-tech - the definition shifts over time, so products hyped as high-tech in the 1960s would now be considered, if not exactly low tech, then at least somewhat primitive. This fuzzy definition has led to marketing departments describing nearly all new products as high-tech.
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NetWorking with Moderator: midastouch017, Israel Economics main one is #msg-10690831 for all his activities.
NetWorking with Moderator: Ataglance2, Stock tips Under .05...#board-4759
4/11/06: Moderator: Relentless Despot,Assistants: Ataglance2...Forex Traders...#board-5125
#msg-10541509...parent message #msg-10541645...BOTTOM PLAYS...#board-4929
NetWorking with Moderator: Trade_4_Money, Alternative Energy Stocks...#msg-10602559
NetWorking with Moderator: Trade_4_Money, Nanotech stocks (NANOTECH)...#board-5529 ,
See This For List Of Nano Co's. ,,,#msg-10614797
NetWorking with Moderator: Trade_4_Money,Assistants: mick, Rawnoc
OTC/Pink Oil and Gas stocks (OIL&GAS)...#board-5598
NetWorking with Moderator: Trade_4_Money, PENNIES TO DOLLARS...#board-3802
this is concern for all , market maker signal for shares.
100--I need shares
200-I need shares badly,but do not take it down
300-take the price down to get shares
400-trade it sideways based on supply and demand
500-gap one way or another,to the direction of the 500 trade.
ADDING THIS 4/22/06: In my experiences I Noticed When In Sub Penny Add a Zero!!
http://www.nytimes.com
http://www.forbes.com
http://insidercow.com
http://www.itbusiness.ca/it/client/en/home/home.asp
Future With Technology
http://www.cnn.com/SPECIALS/2005/cnn.25/interactive/gallery.top25/content.1.html
http://www.fluwikie.com
http://www.promedmail.org - disease monitoring site...
Spider/Centipede Look Chart: Fibs, % Levels...
http://charts3.barchart.com/procal.asp?sym=FMNJ
[*chart]charts3.barchart.com/custom/tc/LBWR.GIF[*/chart]
chart ... p and f #1[3-BOX REVERSAL
[*chart]stockcharts.com/def/servlet/SharpChartv05.ServletDriver?chart=slre,pltad[pa][da][f!3!!]&pnf=y[*/chart]
chart ... p and f #2[2 BOX REVERSAL]
[*chart]stockcharts.com/def/servlet/SharpChartv05.ServletDriver?chart=vrdm,pluadanrbo[pa][d][f1!2!0.01!!2!20]&pnf=y[*/chart]
PINKSHEET UPDATES...
If You Need a Chart From The Pinks , Just Change The Symbol For The New Chart.
http://charts.edgar-online.com/ext/charts.dll?2-6-8-0-0-53-03NA000000dis
[*chart]charts.edgar-online.com/ext/charts.dll?2-6-8-0-0-53-03NA000000SVMI[*/chart]
100 Most Asked For At Pinkies.
http://www.pinksheets.com/marketactivity/topquotes.jsp
http://www.pinksheets.com/index.jsp
A Wealth Of Information Here. Many Links. #msg-9341363
GOOG,AOL[TWX} a possible I.P.O. in 2008.
see...#msg-9002774
I.P.O. CENTER ... http://biz.yahoo.com/ipo/
http://www.ipopros.com
chart ... p and f
[*chart]stockcharts.com/def/servlet/SharpChartv05.ServletDriver?chart=slre,pltad[pa][da][f!3!!]&pnf=y[*/chart]
The long awaited removal of the "Grandfather Clause" has today been officially posted in the Federal Register for removal.
http://a257.g.akamaitech.net/7/257/2422/01jan20071800/edocket.access.gpo.gov/2007/E7-15708.htm
On October 15th, all 'Naked Short' positions in public companies must be covered.
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