Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Bob, you've just described the long-term problem with investing in stocks that are in cyclical and/or commodity based industries. What should the proper PE be for "peak" earnings, if one believes that 2006 will be a year of level or declining prices in oil and NG? We also had a ton of speculators and hedge funds that felt trapped in these "hot" stocks and so the correction has been sharp and painful.
Of course, if one believes that FY06 will see the steady rise in oil and gas prices, then this is a welcome buying opportunity.....
I think I agree more with Lentinman, who has argued that demand is contracting faster right now than supply which should ultimately lead to lower prices in the future. Of course, the economy could pick up again, but there is the problem of steadily rising interest rates to deal with as well. In sum, there are lots of good reasons to be very cautious on US stocks at present.....
Thanks for posting the full NCNC interview, R59!
cmk, our favorite hedge fund just added some more to his DAAT hoard; Praetorian now holds just over 8% of the outstanding shares.
http://tinyurl.com/7338p
"Item 4. Ownership.
(a) Amount beneficially owned: 500,000
(b) Percent of class: 8.07%. The percentages used herein and in the
rest of Item 4 are calculated based upon the 6,193,364 shares of
Common Stock outstanding as of August 8, 2005, as set forth in the
Company's Form 10-Q for the quarter ended June 30, 2005. Since
September 6, 2005, the date of our most recent 13G filing on this
company, we made the following additional purchases:
September 22, 2005 12,000
September 23, 2005 15,320
September 26, 2005 5,680
September 27, 2005 3,400
September 28, 2005 13,600
------------
Nice to have Kupperman's firepower on the side of the longs.....would hate to see him try to unload if there is any bad news lurking out there.
Mike010173, have you looked at the possible impact of a private placement on CXTI? Its possible, given that the company has stated several times in SEC filings that it needs $10MM to complete its projects for this year and next. Of course, they could get advances from either the principals at the company or from the municipalities they will be doing work for......
That's the wild card out there for me that keeps me from making this one of my larger positions. I added recently in the 1.95 - 2.05 area (first buys were at 0.60). Haven't sold any of those yet.
I remember the AOBO debacle a year ago when they released decent earnings and then lowered the boom with the announcement of a PP far below what was then market price. Took about 8 mos for the price to recover, and fell as low as 1.02 in the process.
If you're interested in another China play that is much better capitalized, check out CNTF. I've mentioned it several times on the microcap value board. Earnings estimates have been cut recently, but they still expect strong growth in FY06 and recent results have been fantastic, with revenues nearly doubling in the first half of FY05 vs last year. CNTF earned 0.28 basic (ADR) and now trades at 9.30. Expected to earn 1.14 next year, up 30% from FY05 expectations, yet trades at 8x eps.
I mentioned CNTF (China Techfaith Wireless) a little while back as a decent low PEG play. It is a new IPO that came out in May 2005. Well, it looks even cheaper now.
Its hitting recent 52 week lows amid concerns (my guess) that its earnings won't be as strong as expected for FY05 and FY06.
Those estimates have been recently revised down to:
FY05: 0.88 (down from 1.12 1 mos ago)
FY06: 1.14
http://www.investor.reuters.com/CompanyEstimates.aspx?ticker=CNTF.O&target=%2fstocks%2fprofessio...
With the stock trading at $10 and $3 in cash on its balance sheet, the selling here seems to be out of hand. The company earned 0.28 basic in Q2 and guided for 10-15% higher revs in Q3 with similar margins as in Q2.
http://biz.yahoo.com/prnews/050816/cntu005.html?.v=9
This is probably not the bottom yet, but it could be a good rebound candidate for the next 6-12 months IF the trends continue to be strong in their business. Here's what they do:
"China Techfaith Wireless Communication Technology Ltd. (China Techfaith) provide complete design services spanning the entire handset design cycle, which involves industrial design, mechanical design, software design, hardware design, component selection and sourcing, prototype testing, pilot production and production support. The Company designs global system for mobile communications (GSM)-based mobile handsets using major baseband technology platforms, such as those developed by Philips AG, Texas Instruments, Inc. and Skyworks Solutions, Inc. China Techfaith have begun developing mobile handsets for use on wideband code division multiple access (WCDMA) and code division multiple access (CDMA) networks through cooperation with Wuhan NEC Mobile Communication Co., Ltd. and QUALCOMM Inc. The Company begun to develop smart phones, which provide significant data capabilities in addition to the normal functions of a mobile handset."
They seem poised to benefit from outsourcing of design work by international cellphone companies like Nokia, Motorola, etc.
Could be one to watch.
Bob, I noticed that ASPN insiders Cohan and Bailey have started selling some shares under a 10b5-1 plan for automatic selling:
http://biz.yahoo.com/iw/050909/094914.html
"Under the plan, during a six month period commencing on September 15, 2005, the two directors each plan to sell 67,000 shares of Aspen stock in open market transactions."
What I find interesting is that the two have already combined to sell 81,000 of those 134,000 shares in the past week....why would they be so aggressive in selling now if they have a full 6 mos in order to complete the task??
I have no problem with them selling now, because if I were in their shoes I'd do the same thing. However, it might be a signal that the stock is getting a bit ahead of itself given the accelerated pace of their selling. Just my two cents....
MCX (MC Shipping) recently got analyst coverage from Cantor Fitzgerald.
New estimates out on Yahoo show a fairly undervalued LPG shipper:
http://finance.yahoo.com/q/ae?s=MCX
FY05: 1.35
FY06: 1.97
Rev growth: +20% y/y
The market usually gives out very low PEs for shippers/tankers due to the volatility in rates. Using a PE range of 7-9x earnings would put MCX next year at 13.79 - 17.73.
Currently trading at 9.50, so its current FY05 PE is at 7x expectations, which is probably the low end.
LPG shipping rates are much more stable than crude and other commodities. MCX uses longer term charters, so once rates are locked in they have pretty decent forward visibility into revenues and earnings. Next year, they will have 6 ships with expiring charters coming up for renewal at what should be significantly higher rates. As these ships come up for renewal at various points, the revenues and earnings should continue to grow sequentially throughout FY06 and into FY07.
The stock also pays a dividend with a present yield of 2.6%.
Won't be a huge 10 bagger, but should hopefully provide some stability in one's portfolio if the market continues to come under pressure.
Wade, re MAJR.ob. First off, car dealerships will get far below market PEs because of the brutal competitive nature of their business. They are selling commodities, with very little ability to mark up or control prices.
The sales increase that MAJR has experienced is due to the following:
"In the first six months of 2005, our operations generated pre-tax income of
approximately $3,401,000 and net income of approximately $2,332,000. In the
comparable quarter of 2004, our operations resulted in pre-tax income of
$1,115,000 and net income of $1,055,000. The most significant factor in this
result was the increase in our gross profits. In the 2005 six-month period our
sales increased by $47.5 million to $236.3 million, or 25.2%, from $188.8
million in the 2004 comparable period. We believe this sales increase is
attributable to a continuation of a trend that developed in 2004. New vehicle
manufacturers have continued to offer cash-back and other incentives. This has
led more customers who were formerly used car buyers toward purchases of new
vehicles. Both the revenue per new vehicle sold and the gross profit per new
vehicle sold remained relatively flat, but the volume of new vehicle unit sales
increased 26.0%.
---------------
How sustainable is this trend? Won't car manufacturers have to stop offering substantial discounts at some point? And will the huge current incentives cannibalize future sales? With such a low growth outlook, IMO, its hard to know where the true value is here.
Just my two cents.
Hweb, ANII had a big Q4 last year, with pretax margins north of 22%. They may have higher revenues this year and less fd shares due to buyback, but I think the eps comps won't be as great as some may be hoping for. I'm guessing that they will earn around 0.37 - 0.39 ft, ft for FY05
BTW, the Q3 numbers looked better than usual (esp for bottom line) because during Q3 04 management made a strategic decision to sell some of their newer products at cost to build awareness of them.
I think the stock is a still undervalued at present levels, but buying post Q4 earnings might be the way to go (unless it breaks down further from here).
Larry, just a quick guess on insurance.....
I think they may be covered for wind damage from hurricanes, but not flooding. This is fairly standard.
Of course, some of the damage from flooding may be worsened by wind damage that preceded it. (i.e. if your roof gets ripped off and interior damage escalates as a result).
If there is just general flooding, I think they're out of luck.
Cleverrox, I have several questions on your stock model:
1. How do you go about setting a target date?
2 What do you use to determine target price?
3. Do you allocate more money to the highest ROR candidate?
Thanks!
OTC, I would point out that CGNW provided a pro-forma FY05 in which it fully expensed some marketing commissions and applied a 34% tax rate.....as a result of that, fd eps was only 0.04 for FY05. Those two adjustments will be applied going forward in FY06, so I think it makes more sense to use the pf numbers.
Rev growth was around 9-10% y/y, so I think a TTM PE of 10x makes a lot of sense here until the company can prove it will grow its revenue faster and more consistently.
Marvel, check out this passage in SVLF's 10Q:
"Cost of Sales
Cost of sales as a percentage of Vacation Interval sales decreased to 16.1% during the second quarter of 2005 versus 19.6% for the same period of 2004 primarily due to the Company selling a much higher percentage of its lower cost inventory in the second quarter of 2005 versus selling primarily its higher cost inventory during the same period of 2004. Higher average sales prices during the second quarter of 2005 compared to the second quarter of 2004 also contributed to the reduction in cost of sales as a percentage of Vacation Interval sales. The $1.3 million decrease in cost of sales in the second quarter of 2005 compared to the second quarter of 2004 is due to the inventory costing. Cost of sales as a percentage of Vacation Interval sales is expected to increase in future periods as the Company continues to deplete its inventory of low-cost Vacation Intervals and shifts its sales mix to more recently constructed units, which were built at higher average costs.
-----
read the last two sentences.....
MAJRE sales up strongly because of price cutting by domestic car companies:
RESULTS OF OPERATIONS - THREE MONTHS ENDED JUNE 30, 2005 AND THREE MONTHS ENDED
JUNE 30, 2004
Revenues. Revenues for the three-month period ended June 30, 2005 increased
to approximately $134.8 million, which is $30.9 million, or 29.7%, more than the
prior comparable period's revenues of $103.9 million. The primary reason for the
increase in revenues was the increase in units of both new and used vehicles
sold. New vehicle unit sales increased by 424 units, or 28.5%, in the current
quarter compared with the 2004 second quarter. Used vehicle sales revenues also
increased substantially quarter to quarter. The number of used vehicles sold
increased by 1,236 (36.8%) units, retail and wholesale, from 3,359 in 2004 to
4,595 in 2005. Total used vehicle sales revenue increased to $74.0 million in
the 2005 second quarter from $54.7 million in the 2004 comparable period, an
increase of $19.3 million, or 35.3%. Increased unit sales volume was the reason
for growth of used vehicle revenues. Revenue per new vehicle sold decreased by
$1,005 per vehicle in the 2005 second quarter to $28,784 as compared with the
second quarter of 2004's revenue per new vehicle of $29,789. Revenue per used
vehicle sold decreased, on average, by approximately $195 in the 2005 period
from the comparable quarter in the prior year. We believe that during the first
two quarters of 2005, there was a consumer trend toward new vehicle purchases
that will continue as long as manufacturers remain committed to giving new
vehicle purchasers substantial incentives to do so. Also, our ability to sell a
wide variety of quality used vehicles at all price points, plus our ability to
arrange financing for most customers, has enabled us to attract and retain used
vehicle customers and contribute to our growth this period.
----------------------
Such a difficult industry to do well in, hence the low PE and low expectations. How much longer can US car manufacturers offer these huge price incentives? I guess if you think longer than one year, then this is a buy. I'm wary of the fundamentals beyond this quarter......I can see why this might only trade at a fair value of 5-10x future earnings. Winter mos are also typically lower sales periods, so they have maybe one more good quarter (Q3) but Q4 will probably be breakeven at best.....
I would echo Samnotsamuel's comment. High returns such as 200% can only be achieved by taking huge amounts of risk (i.e. very concentrated portfolios and/or using leverage via margin or options)
Let's say you have a few good years and start investing larger amounts of money. Do you really want to risk those hard won gains as much? Probably not.....plus it gets more difficult to buy and sell your positions when you want and in the size you want as your portfolio gets bigger.
Try this: if you have access to a financial calculator that can compute future values based upon certain assumptions, try plugging in different rates of return and the number of years and see what you get.
EX:
PV: $10,000 (present value)
N: 5 years
I: 200%/yr
PMT: none (no additional payments or outflows)
FV: $2,430,000
That might seem achievable, but I guarantee you that the 200% return in year 5 is MUCH more difficult to achieve than in year 1..........
Marvelmeister, re SVLF. I'm more concerned about the artificially low cost of goods sold expense, but that may not impact the company for another quarter or two....
Hweb, check out the 6K filing on August 16 for CNTF. That has the quarterly financials in there, although share counts are not presented. Have to dig deeper into the IPO filing back on 5/6 for that......my number: 43.9MM shares (ADRs).
They don't provide a cash flow statement either, but that can be approximated from the balance sheet and income statement. From what I can tell, the company is generating solid cash flow from ops, and has $3.00/share in cash on its balance sheet.
Hweb, what are your thoughts on CNTF?
Earned 0.28 (basic) and 0.26 (diluted) last quarter. Those are untaxed numbers but the company is domiciled in BVI and has tax relief from China that should create a maximum tax rate of 15% on earnings for the next three years.
Stock is trading around 10.90 currently, with $3.00 in cash on the BS.
Rev growth is 95% y/y.
IPO done in May.
Estimates (from Yahoo)
FY05: 1.12
FY06: 1.56
Company should benefit from outsourcing trends in the cellphone industry......looks like an ideal combination of strong growth and value.
What do you think?
2morrowsgains, do you know if NAUG holds all those loans or sells some/most on the open market? And where are they getting their cash to make all these high interest loans?
WMAR (boat retailer) warned today.....might not bode well for JMIH.ob.
http://biz.yahoo.com/bw/050912/126156.html?.v=1
In the aftermath of Hurricane Katrina, and for other reasons indicated below, West Marine is lowering its fiscal year 2005 earnings guidance to range from $0.70 to $0.75 per share. The decrease in earnings directly attributable to the impact of Hurricane Katrina is expected to range from ($0.03) to ($0.04) per share. The trend in higher fuel prices and reduced boating activity nationwide associated with Hurricane Katrina, and the resulting decrease in sales of boating-related merchandise, as well as higher shipping costs, is expected to further reduce 2005 earnings from ($0.14) to ($0.17) per share. In addition, West Marine's continuing long-term commitment to maintaining proper store service staffing levels is expected to reduce fiscal 2005 earnings by another ($0.03) to ($0.04) per share.
Researcher, I'm curious about how you use PE ratios when comparing stocks that pay taxes vs. those that don't. Do you discount the potential PE multiple for non-tax payers?
Nuts, I think EGY trades less on quarterly earnings and more on expectations for growth of future production and reserves. I don't think anyone will be surprised by a strong quarter in terms of earnings, but what happens in the next 3-6 mos after that?
It does have the appearance of dead money.....although EGY might establish a tradeable range if that's how you want to play it.
I took a loss and sold my EGY shares this AM.
R59, I agree with your general take. Production might impact the rate of liftings, but if they have some inventory that would take up the slack for a little while....
Earnings appear to be impacted by two things: the amount of liftings in any one quarter and the price of oil. Liftings are more a function of how much room Shell tankers have when they stop by the Gabon facility to pick up oil.
The reserves issue is probably the biggest problem. If delayed, then the long term upside suffers. Short-term, the Q3 number is expected to be good, and Q4 numbers should be decent as well, assuming oil prices don't fall too much (EGY has hedged 40% of its production, I believe). Unfortunately, the Q3 numbers were already expected, so their release might not help much......
Nuts, are your CFK estimates in $US or $Canadian?
Anyone follow or have any opinions about CNTF? Its a Chinese handset designer that has come under some selling pressure recently, knocking its price down below 13. At that price, its trading at <11x FY05 estimates, with earnings expected to grow by another 39% in FY06 to 1.56:
http://finance.yahoo.com/q/ae?s=CNTF
Anyone have a feel for why its trading down recently? Looks like a pretty good value at current levels, with just over $3.00/share in cash on its balance sheet.
Sequential growth in revs from Q1 to Q2 was flat, and operating margins were down in part because of higher expenditures for its new offering of stock. Pretax margins went up because of the huge interest income from the recent cash they received from the offering of stock.
Q2 eps (ADR) of 0.28 basic, and 0.26 diluted (untaxed, as a lot of tech firms in China get waivers from the govt.) FY05 estimates for eps are 1.12, which might be a tad aggressive but not too far out of the ballpark......
Hweb, I might point out that URGI is lightly taxed (only 5% ytd), and thus if more fairly taxed at a 35% rate, 6 mos fd eps would be closer to 0.27. I'm also assuming that there were no other major one-time events other than the offsetting two in Q2.
Annualized, URGI could make a proforma eps of 0.54 for FY05.....so with the stock trading at 7.90, that represents a forward tax-adjusted PE of nearly 15x. Sales growth is around 12% ytd, and with retailers in general likely to struggle for the rest of the year, one could argue that it is reasonably valued in the 8-9 range. Not sure if there is enough of a safety cushion here, but I do agree that they have easy comps going forward, so anyone looking at y/y results is likely to be impressed.
DAAT.ob selloff has been on low volume, and probably tied to the fact that the retail sector has been out of favor. We might be seeing some selling based upon Katrina's economic impact.
Sales results for August should be out soon. My guess is that they will be pretty decent but September will probably be slightly impacted by Katrina. I don't think it will alter the full year expectations, but who knows.
Previous guidance has been for 0.23 - 0.26 FD and fully taxed for FY05. Revenues should come in around 14-16MM. Let's assume that the safer bet at this point is the low end of the range of estimates. If so, that would mean revenue growth of nearly 50%, and fd eps growth of 64% using a pf tax rate of 39% for FY04. The stock is currently trading at 10x forward estimates.....
I'm long the stock and like its management.
Sskillz....just checked CGNW's 10k for an issue that you raised earlier:
"Apparently, the reason why the pro-forma # were so much lower, because there looks to be a one-time charge in the #'s of 494,149, due to loans (termination of agreement), not being repaid. "
Unfortunately, it looks like that loan was written off in 2004. Here's the full passage from the K:
"On April 1, 2003, we and certain principals of Intandem Communications Corp. (Intandem) entered into an agreement (Funding Agreement) pursuant to which we agreed to provide up to $448,093 in a series of loans to Intandem. Effective February 1, 2004, by mutual agreement of the principals of Intandem and us, the Funding Agreement was terminated and a separate agreement, the Termination of Funding Agreement and Settlement Agreement (Termination Agreement), was entered into.
The Termination Agreement provided that we would convert the notes receivable of $387,399 into 100% of the outstanding stock of Intandem in exchange for payments of $10,000 per month for eight months, assumption of up to approximately $45,000 in liabilities, cancellation of all employment contracts of the Intandem principals and cancellation of options to purchase our common stock. As of the date of the Termination Agreement, $414,149 had been funded under the Funding Agreement. Due to questions of recoverability of this amount and the remaining commitments under the Termination Agreement, a provision of $494,149 has been taken in the statement of operations for the period ended June 30, 2004. This provision represents the $414,149 funding through the date of the Termination Agreement plus an estimate of remaining commitments under the Termination Agreement which approximated $80,000 at the time. Approximately $60,000 remained in accrued liabilities as of June 30, 2004, related to estimated future expenses relating to the Termination Agreement. During the year ended June 30, 2005, this accrual was paid.
Bob, I had been expecting much better things from THK. Clearly, they are having troubles executing, and adding more companies via acquisition seems like adding gas on to the fire.
I sold first thing this AM.
The emphasis in the PR upon "EBITDA" as the appropriate investment metric is a scary reminder of the internet days....
I have no problem using free cash flow multiples, but THK doesn't even have that at present.
Second of my pick 6 to disappoint BADLY. IIG the other one.
Larry, looks like UUU has a very angry former director who holds a lot of shares (333K), and looks like he's ready to sell (Form 4243B filed, so they can be sold at any time).
Too bad, because this has some potential.
Did you ever figure out what the impact on the company's share of JV income would be once they came public on the Hong Kong exchange??
THK/Yahoo connection?
Read the fine print:
http://searchmarketing.yahoo.com/af/cafp.php
"Earn $80 for every Sponsored Search Fast Track® sign-up and $20 for every Sponsored Search and Local Sponsored Search Self Serve advertiser sign-up. Payments will be sent from Kowabunga Technologies, Inc. Yahoo! Search Marketing Publisher/Affiliate Terms and Conditions apply. See the Yahoo! Search Marketing Terms and Conditions when you sign up. Subject to approval and acceptance into the Yahoo! Search Marketing affiliate program.
Kowabunga is a subsidiary of THK.
Noted by this blogger:
http://www.revenews.com/jeffmolander/archives/000900.html
Not sure what significance this has, but if publicly announced it might put THK back on the radar screens of investors.
checkmate, that tax benefit was unrelated to the valuation allowance that allows the company to show no taxes on its income statement. From the Q:
Income Taxes At December 31, 2004, the Company has available net operating loss carryforwards of approximately $53 million expiring at various dates through 2024, federal research and development credit carryforwards of approximately $2.3 million, and state research and development credit carryforwards of approximately $921 thousand. With these available carryforwards, the Company does not believe a provision for income taxes is required as of June 30, 2005. The tax benefit recognized in the quarter ended June 30, 2004 is the result of the Company’s settlement with the ITC, which resulted in the receipt of $975 thousand in April 2004, net of approximately $156 thousand of withholding tax on the gross settlement amount. Management continues to monitor the likeliness of recoverability of its deferred tax assets in light of its continued generation of profits. If the Company continues to generate profits during 2005, and there is continued confidence in the outlook for continuing future profitability, management may deem that it is more likely than not that certain of the deferred tax assets will be realized resulting in a potentially material income tax benefit adjustment from the release of some or all of the Company’s approximate $33 million valuation allowance.
---
I'm afraid that traders just looked at the net eps drop and sold first without investigating that pretax income was up strongly. I've seen this happen a lot, but the stock usually recovers eventually.
Slight correction on my previous EZEN post. Last year's Quarterly results included an 819k tax benefit and a 179k settlement fee. Backing those out from net, and one would get 463k net (which would be untaxed). FD eps: 0.03
In the current quarter, EZEN earned 0.06 fd. (also untaxed)
For 6 mos....EZEN earned 0.11
Stock should be worth at least 2.80 - 3.00, imo.
Knowledge, last year's eps for EZEN was artificially pumped up by a tax benefit.....
Adjusted for that, eps actually were 0.06 v 0.02, up 200% (Untaxed)
Rev growth was strong at 31%, at first glance, only worrisome point was the drop in deferred revs.
Thanks, Hweb...that was very helpful.
If you'll indulge me, here's a slightly different question about buying. I take it that you will dollar cost avg down on a stock that you like. Let's assume a scenario that envisions a stock shooting up after an earnings report but then drifting back down again through the quarter. How much of a position will you accumulate (as a % of your portfolio) before the next earnings report? Do you ever just admit defeat and give up when a certain loss percentage has been reached?
I find that I'm usually trying to resist the urge to buy more of a beaten down stock that I like, and less likely to buy stocks don't have as much of a value "cushion", especially if they have moved up strongly post earnings.
I'm also reluctant to take profits as quickly as you do, if I feel fairly certain that a stock could trade 30%+ higher than present value.....but selling is the toughest call to make, IMO.
Thanks for your insights.
Hweb, I know you are a relentless profit taker, and sell some or all of your position if a stock has run up before earnings are reported. My question is what do you do if you're stuck with a stock that's just reported bad earnings with no clear outlook?
What are the variables that play out in your mind as far as when to aggressively sell at the open or when to sit back and decide later?
Thanks.
IIG guides for a poor Q4, and the stock is taking a big hit today (mitigated somewhat by all the happy shorts taking their profits today).
http://biz.yahoo.com/bw/050810/105257.html?.v=1
Estimates were for 0.24 - 0.28 in the quarter, company estimates they'll make 0.03 - 0.04.
Imergent has been beset by lawsuits surrounding its product and customer service policies.....
Texas lawsuit still unresolved, looks like the uncertainty could linger for a while. I'm out at the open today after taking some lumps.
Interesting to watch the action here....someone appears to be quietly accumulating a lot of shares under 2.80, while another
investor(s) is slowly putting out some supply.
Who will win out in the short run? Stock has held its gains pretty well, even in the face of a pretty ugly market today and yesterday.
Nice move over the past few days, with trading volumes much higher than avg. Stock looks like it might need to churn though some technical resistance around 2.80, which has been a top over the last 6 months.
A nice Q2 report, with a reiteration of guidance for 0.23 - 0.26 could send us through 3. Wouldn't hurt if CEO Collins could discuss prospects for next year as well.....
Nice call on IEHC, Gilead. Checked out the Q, and there are no leading indicators that might help us out for Q2 (i.e. orders, backlog, etc). Could be a two quarter wonder, but who knows?