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Stock Report for Fannie Mae (FNMA)

Brittany Webster — Fri, 10 Feb 2012 06:02:20 +0000

Federal National Mortgage Assoc. (Fannie Mae) (FNMA) is a government-sponsored enterprise (GSE) that was chartered by Congress in 1938 to support liquidity, stability and affordability in the secondary mortgage market, where existing mortgage-related assets are purchased and sold. FNMA conducts its activities through three complementary businesses: its Single-Family business, its Multifamily business, and its Capital Markets group. The Company’s Single-Family and Multifamily businesses work with Fannie Mae’s lender customers, who deliver mortgage loans that the Company purchases and securitizes into Fannie Mae MBS. The Capital Markets group manages the Company’s investment activity in mortgage-related assets, funding investments primarily with proceeds received from the issuance of Fannie Mae debt securities in the domestic and international capital markets. The Capital Markets group also provides liquidity to the mortgage market through short-term financing and other activities. FNMA has been under conservatorship, with the Federal Housing Finance Agency (FHFA) acting as conservator, since September 6, 2008.

Share Statistics (09-Feb-12)			FY 2009	FY 2010	% Chg	Q3 2010	Q3 2011	% Chg
Symbol	FNMA	Revenue, $Bn	39.36	154.27	291.9%	38.32	35.79	-6.6%
Current price	$0.31	Gross marg.	36.0%	10.5%	-70.8%	12.4%	14.4%	16.1%
52wk Range:	$0.19-$0.79	Oper. margin	–	-9.1%	–	–	-14.2%	–
Avg Vol (3m):	3,947,890	Net margin	-182.9%	-9.1%	-95.0%	-3.5%	-14.2%	-305.7%
Market Cap.	1.80B
Shares Outstanding	5.74B	EPS, $	-11.94	-3.67	-69.3%	-0.55	-1.25	127.3%

Source: Reuters.com, SEC Filings.

Investment Highlights

Fannie Mae (FNMA) shot up 10.4% to close Thursday’s trade at $0.31. Nearly 16.92 million shares traded hands during the session, topping the 10-day average of 8.23 million. The rally took the price to an intraday high of $0.33.

According to a report by Bloomberg on Wednesday, an ex-FNMA employee revealed to House investigators that FNMA rejected a 2010 plan to forgive borrowers’ mortgage debt because company executives were “philosophically opposed” to the idea.

The Federal Housing Finance Agency (FHFA), acting as conservator of FNMA, received a letter from House Democrats challenging a January analysis from Acting Director Edward J. DeMarco that claimed principal writedowns would raise costs and increase taxpayer losses at the government-owned company.

“We have now become aware of new information that calls into serious question the accuracy and completeness of your response, as well as your motivation for continuing to oppose principal reduction programs even when they have the potential to save American taxpayers billions of dollars,” said the letter from representatives Elijah Cummings of Maryland and John F. Teirney of Massachusetts, Democrats on the House Committee on Oversight and Government Reform.

Corinne Russell, spokeswoman for FHFA, did not offer an immediate comment.

FNMA in late January, released its monthly summary for December 2011, highlighting the following results:

Book of Business increased at a compound annualized rate of 2.7% in December.

Gross Mortgage Portfolio declined at a compound annualized rate of 8.2%.

The Conventional Single-Family Serious Delinquency Rate fell nine basis points to 3.91%; the Multifamily Serious Delinquency Rate fell one basis point to 0.59%.

The Effective Duration Gap on FNMA’s portfolio averaged zero months.

The Company completed 18,355 loan modifications during the month, for a total of

213,340 loan modifications in the year ended December 31, 2011.

Source:

http://www.fanniemae.com/resources/file/ir/pdf/monthly-summary/123111.pdf

http://news.businessweek.com/article.asp?documentKey=1376-LZ3ATA07SXKX01-69JODO5OA3J4J9HJ2Q8EE8N2D4

Financial Summary

FNMA reported net revenues of $5.5 billion in the third quarter of 2011, up 5% from $5.2 billion in the second quarter of 2011, due primarily to an increase in net interest income. Net interest income was $5.2 billion, up 4% from $5.0 billion in the second quarter of 2011.

Credit-related expenses, which are the total provision for credit losses plus foreclosed property expense, were $4.9 billion in the third quarter of 2011, down from $6.1 billion in the second quarter of 2011. The decrease in the Company’s credit-related expenses in the third quarter of 2011 was driven by a lower provision on individually impaired loans as the continued lower interest rate environment improved the Company’s expected cash flow projections on these loans, therefore reducing the Company’s estimated impairment.

Credit losses, which the Company defines generally as net charge-offs plus foreclosed property expense, excluding the effect of certain fair-value losses, were $4.5 billion in the third quarter of 2011, compared with $3.9 billion in the second quarter of 2011. The increase in credit losses was primarily due to an increase in foreclosed property expense.

Total loss reserves, which reflect an estimate of the probable losses the Company has incurred in its guaranty book of business, increased to $75.6 billion as of September 30, 2011, compared with $74.8 billion as of June 30, 2011. The total loss reserve coverage to total nonperforming loans was 37.07% as of September 30, 2011, compared with 36.91% as of June 30, 2011, and 30.85% as of December 31, 2010. The continued stress on a broad segment of borrowers from persistent high levels of unemployment and underemployment, and the prolonged decline in home prices have caused the Company’s total loss reserves to remain high for the past few years.

Net fair value losses were $4.5 billion in the third quarter of 2011, driven primarily by fair value losses on FNMA’s risk management derivatives due to a significant decline in swap interest rates during the quarter, compared with net fair value losses of $1.6 billion in the second quarter of 2011.

Source: http://www.fanniemae.com/resources/file/aboutus/media/q32011_release.pdf

Financial Strength (09-Feb-2012)	Company	Industry	Sector	S&P 500
Quick Ratio (MRQ)	–	0.19	0.36	0.59
Current Ratio (MRQ)	–	1.37	0.76	0.92
LT Debt to Equity (MRQ)	–	323.86	89.69	95.30
Total Debt to Equity (MRQ)	–	355.83	185.10	134.71
Interest Coverage (TTM)	-3.90	0.08	0.18	26.78

Source: Reuters.com, SEC Filings.

Technical Analysis

Source: http://stockcharts.com

FNMA is above the upper Bollinger Band, implying that it is currently extended from its recent trend. Be aware, however, that a cross outside of the Bollinger Bands can sometimes be a signal of trend strength and not, necessarily, trend reversal.

The MACD for FNMA currently indicates a strong bullish signal for two reasons. First, the MACD is above the signal line, a 9-day moving average. Second, the MACD is above 0, which implies that the underlying moving averages are trending higher.

Comparative Analysis

Company Name	Ticker	Price per	Mrkt. Cap.	P/E		P/S
Feb-09-2011	symbol	Share, $	$ Mn	2011	2012	2011	2012
The First Marblehead Corp.	FMD	1.47	148.18M	n/a	n/a	4.02	3.32
Federal Agricultural Mortgage Corp.	AGM	21.11	217.27M	n/a	n/a	2.22	1.57
Freddie Mac	FMCC	0.32	1.03B	n/a	n/a	n/a	n/a
Credit Services Median				11.36	n/a	2.72	n/a
Fannie Mae	FNMA	0.31	1.79B	n/a	n/a	n/a	n/a

Source: Thomson Financial

DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS REPORT. We are not registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission (the “SEC”) or with any state securities regulatory authority. We are neither licensed nor qualified to provide investment advice.

The information contained in our report should be viewed as commercial advertisement and is not intended to be investment advice. The report is not provided to any particular individual with a view toward their individual circumstances. The information contained in our report is not an offer to buy or sell securities. We distribute opinions, comments and information free of charge exclusively to individuals who wish to receive them.

Our newsletter and website have been prepared for informational purposes only and are not intended to be used as a complete source of information on any particular company. An individual should never invest in the securities of any of the companies profiled based solely on information contained in our report. Individuals should assume that all information contained in the report about profiled companies is not trustworthy unless verified by their own independent research.

Any individual who chooses to invest in any securities should do so with caution. Investing in securities is speculative and carries a high degree of risk; you may lose some or all of the money that is invested. Always research your own investments and consult with a registered investment advisor or licensed stock broker before investing.

Information contained in our report will contain “forward looking statements” as defined under Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Subscribers are cautioned not to place undue reliance upon these forward looking statements. These forward looking statements are subject to a number of known and unknown risks and uncertainties outside of our control that could cause actual operations or results to differ materially from those anticipated. Factors that could affect performance include, but are not limited to, those factors that are discussed in each profiled company’s most recent reports or registration statements filed with the SEC. You should consider these factors in evaluating the forward looking statements included in the report and not place undue reliance upon such statements.

We are committed to providing factual information on the companies that are profiled. However, we do not provide any assurance as to the accuracy or completeness of the information provided, including information regarding a profiled company’s plans or ability to effect any planned or proposed actions. We have no first-hand knowledge of any profiled company’s operations and therefore cannot comment on their capabilities, intent, resources, nor experience and we make no attempt to do so. Statistical information, dollar amounts, and market size data was provided by the subject company and related sources which we believe to be reliable.

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We encourage you to invest carefully and read investment information available at the websites of the SEC at http://www.sec.gov and FINRA at http://www.finra.org.

Small-Cap Stock Spotlight: Freddie Mac (FMCC)

Editor — Fri, 10 Feb 2012 03:39:53 +0000

Shares of Freddie Mac (OTC: FMCC) jumped as much 20% to reach an intraday high of $0.36 Thursday, extending gains into a third day on above-average volume of about 8.03 million shares. Shares in the government-chartered company have gained 38.3% in the last five days and 39.5% in the last month. Year-to-date, the stock is down 56.3%.

Based in McLean, Virginia, Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders.

Freddie Mac has been under conservatorship, with the Federal Housing Finance Agency (FHFA) acting as conservator, since September 6, 2008.

In its latest monthly summary report, Freddie Mac reported that its total mortgage portfolio decreased at an annualized rate of 10.0% in December. Single-family refinance-loan purchase and guarantee volume was $23.3 billion in December, representing 76% of total mortgage portfolio purchases and issuances. The company’s total number of loan modifications were 5,591 for the month and 109,174 for the twelve months ended December 31, 2011.

The aggregate unpaid principal balance (UPB) of its mortgage-related investments portfolio decreased by about $10.0 billion in December. Meanwhile, Freddie Mac mortgage-related securities and other guarantee commitments decreased at an annualized rate of 14.8% in December.

The company’s single-family seriously delinquent rate increased from 3.57% in November to 3.58% in December, while multifamily delinquency rate decreased from 0.28% in November to 0.22% in December.

The measure of the company’s exposure to changes in portfolio market value (PMVS-L) averaged $302 million in December.

Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey (PMMS), showing most average mortgage rates inching higher on January’s positive employment data. The 30-year fixed remained unchanged and at its all-time record low. One year ago at this time, the 30-year fixed averaged 5.05%.

Also this week, the company announced its sixth offering of Structured Pass-Through Certificates (K Certificates) backed exclusively by multifamily mortgages with a 7-year term. The company expects to offer approximately $1.0 billion in K Certificates (K-706 Certificates), which are expected to price the week of February 6, 2012, and settle on or about February 28, 2012. This is Freddie Mac’s second K Certificate offering this year.

FMCC shares added $0.03, or 9.58%, to close trade at $0.33. The stock has so far reached a 52-week high of $0.80, its 52-week low being $0.18. Market capitalization currently stands at 1.05 billion and it has 3.22 billion outstanding shares.

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Stock Alert for LifeVantage Corp. (LFVN)

Brittany Webster — Thu, 09 Feb 2012 06:02:25 +0000

LifeVantage Corp. (LFVN) is a science-based company engaged in the identification, research, development, manufacture and distribution of an advanced nutraceutical dietary supplement, Protandim, and an anti-aging skin care product, LiveVantage TrueScience, to meet important health and wellness needs. The Company is focusing its ongoing research efforts on oxidative stress solutions, particularly the activation of Nuclear factor (erythroid-derived 2)-like 2, also known as Nrf2, as it relates to cardiovascular, central nervous system, inflammatory and metabolic diseases, and other health-related disorders. LFVN sells its products in the United States, Japan, Mexico and Canada, through a network of independent distributors, preferred, retail and direct customers.

Share Statistics (08-Feb-12)			FY2010	FY2011	% Chg	Q32010	Q32011	% Chg
Symbol	LFVN	Revenue, $Mn	11.48	38.92	239.0%	6.44	20.08	211.8%
Current price	$1.87	Gross marg.	83.4%	84.8%	1.7%	84.2%	85.3%	1.3%
52wk Range:	$1.69-$1.92	Oper. margin	–	9.5%	–	–	17.1%	–
Avg Vol (3m):	n/a	Net margin	-96.3%	-130.5%	35.5%	11.2%	18.5%	65.2%
Market Cap.	185.68M
Shares Outstanding	99.30M	EPS, $	-0.19	-0.69	263.2%	0.01	0.03	200.0%

Source: Reuters.com, SEC Filings.

Investment Highlights

Shares in LifeVantage Corp. (LFVN) jumped as much as 17% Wednesday, continuing on its winning streak for the fourth straight day. Over 1.78 million shares have traded hands during the session, versus the 30-day average volume of about over 173 K.

LFVN shares have gained 29.9% in the last five days; 37.5% in the last month; and 175.0% year-to-date.

LFVN shares spiked last month as investors welcomed the news of the Company’s addition of new directors to its board at a January 10 annual shareholders meeting. The Company announced that four new board members were elected and the board immediately held a meeting after the shareholders meeting was completed. Woody Spedden was appointed as chairman of the board at that meeting.

Having held leadership positions at successful companies including Apple, VISA, Coca-Cola, Textron and Hewlett-Packard, the new directors are seen to bring a wealth of corporate experience and expertise in areas that are critically important to the LFVN’s growth and long-term success.

Douglas C. Robinson, CEO of LFVN, commented: “Each of our new directors brings a unique and valuable perspective that will be instrumental as we grow our business through distributor growth, geographic expansion, and the strategic introduction of new and complementary products.

LFVN’s board now consists of nine members, six of whom are independent.

Also last month, the Company announced that it had received the expected approval from warrant holders of its tender offer to modify certain outstanding warrants. With the warrant modification and the expiration of certain other warrants in March and April 2012, LFVN will be removing all derivative warrant liabilities from its balance sheet and eliminating the quarterly changes in fair value of these warrants from its income statement. With these changes, the Company believes that its financial statements will more closely reflect its operating performance.

The Company is expected to release its fiscal 2012 second quarter financial results on February 14, 2012, after the closing bell.

LFVN added $0.23, or 14.02%, to close Wednesday trade at $1.87.

Source: http://www.lifevantage.com/company/news-center/press-releases/

Financial Summary

LFVN reported net revenue of $20.1 million for the first fiscal quarter ended September 30, 2011, a record increase of 214% from $6.4 million reported in comparable period of the prior year. On a sequential basis, net revenue increased 34% from the $15.0 million reported for the fiscal 2011 fourth quarter ended June 30, 2011.

Gross profit for the latest reported quarter rose to $17.1 million compared to $5.4 million for the same period last year, delivering a gross margin of 85%, compared to 84% for the same period last year

Net income for the quarter came in at $3.7 million, compared to $0.7 million in the same period of the prior year and a net loss of $47.2 million in the prior quarter. According to the Company, the result reflects the increase in revenue, leverage of operating expenses and a decrease in interest expense due to the shareholders’ conversion of convertible debentures and reduced derivative expenses.

LFVN’s cash balance at September 30, 2011, was $9.4 million, an increase from $6.4 million at year end fiscal 2011, attributable to strong revenue growth and operating profits. The Company generated $3.3 million of cash flow from operations in the first quarter of fiscal 2012 compared to $0.6 million in the first quarter of fiscal 2011.

Looking forward to fiscal 2012, the Company expects to report revenue in a range of $95 million to $105 million, up from its previous guidance of $80 million to $90 million. Operating income is expected to be in a range of $11.4 million to $14.7 million, ahead of its previous guidance of $8.0 million to $9.5 million.

Source: http://www.lifevantage.com/company/news-center/press-releases/lifevantage-announces-record-first-quarter-fiscal-year-2012-results/

Financial Strength (08-Feb-2012)	Company	Industry	Sector	S&P 500
Quick Ratio (MRQ)	0.84	1.94	1.82	0.59
Current Ratio (MRQ)	1.04	2.49	2.32	0.92
LT Debt to Equity (MRQ)	–	10.42	29.63	95.13
Total Debt to Equity (MRQ)	–	16.36	39.72	134.18
Interest Coverage (TTM)	-0.43	0.07	2.53	27.70

Source: Reuters.com, SEC Filings.

Technical Analysis

Source: http://stockcharts.com

LFVN is above the upper Bollinger Band, implying that it is currently extended from its recent trend. Be aware, however, that a cross outside of the Bollinger Bands can sometimes be a signal of trend strength and not, necessarily, trend reversal.

The MACD for LFVN currently indicates a strong bullish signal for two reasons. First, the MACD is above the signal line, a 9-day moving average. Second, the MACD is above 0, which implies that the underlying moving averages are trending higher.

Comparative Analysis

Company Name	Ticker	Price per	Mrkt. Cap.	P/E		P/S
Feb-08-2011	symbol	Share, $	$ Mn	2011	2012	2011	2012
Inyx Inc.	IYXI	0.0012	63.73K	n/a	n/a	n/a	n/a
Prestige Brands Holdings Inc.	PBH	13.46	676.38M	14.02	11.70	1.62	1.21
Drug Related Products Median				18.61	n/a	1.05	n/a
Lifevantage Corp.	LFVN	1.87	185.68M	n/a	n/a	n/a	n/a

Source: Thomson Financial

We encourage you to invest carefully and read investment information available at the websites of the SEC at http://www.sec.gov and FINRA at http://www.finra.org.

Penny Stock on Watch: North Springs Resources Corp. (NSRS)

Editor — Thu, 09 Feb 2012 02:20:19 +0000

North Springs Resources Corp. (OTC: NSRS) plunged nearly 41% to close Thursday trade at $0.970, snapping a seven-day rally. Over 64.77 million shares exchanged hands during the session, versus the 10-day average of 34.23 million.

North Springs yesterday announced the receipt of additional geochemical results, including silver values from the initial sampling program conducted during phase one exploration at the Imperial Gold Silver Property.

NSRS shares saw an interesting spike in late January after the company said it has commenced phase one exploration at the said property in Esmeralda County Nevada, located about 150 miles northwest of Las Vegas in the Railroad Springs Mining District.

Commenting on the latest news, North Springs President Harry Lappa said all of the underground samples from the initial phase one exploration program tested positive for silver, another important confirmation that the Company’s assessment of the potential at Imperial is correct. Lappa added that the consistency, grade, and potential scale of the gold and silver mineralization encountered at the old Imperial Mine site and Resources Target area are all very bullish indicators for the project.

As previously reported, the Imperial Property consists of 24 unpatented mineral claims covering about 480 acres and includes the historic workings of the high-grade Imperial Mine. Previous exploration has identified four high-priority target areas at the Imperial Property; Imperial Fault Target, Jasperoid Breccia Target, IP Target, and Resource Target. Geochemical and environmental studies are expected to be followed by a reverse-circulation drilling program intended to test previously identified mineralized zones and potentially increase the 50 K ounce gold resource estimate made by previous operators.

North Springs expects phase one exploration expenditures at the Imperial Property to surpass $250 K this year.

As stated by Lappa, the Imperial Property is a vital component in the company’s exploration portfolio because it has many of the key characteristics we look for in a potential mining project, including close proximity to historic production, clearly defined exploration targets, and a strong possibility for additional gold discoveries.

This, along with the North Springs Property in Nevada and the Goldstar Property in Arizona, make three currently active exploration programs underway for the company,” Lappa said.

Shares of NSRS have gained 19.2% in the last five days; 104.6% in the last month; and 9,600.0% in the six months to date.

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Stock Alert for Satcon Technology Corp. (SATC)

Brittany Webster — Wed, 08 Feb 2012 06:02:49 +0000

Satcon Technology Corp. (SATC) is a clean energy technology provider of utility-grade power conversion solutions for the renewable energy market, primarily the large-scale commercial and utility-scale solar photovoltaic (PV) markets. The Company designs and delivers advanced power conversion solutions that enable large-scale producers of renewable energy to convert clean energy into grid-connected, efficient and reliable electrical power. Its power conversion solutions boost total system power production through system intelligence, advanced command and control capabilities, industrial-grade engineering and total lifecycle performance optimization. SATC’s power conversion solutions feature the widest range of power ratings in the solar industry. The Company also offers system design services and solutions for management, monitoring, and performance measurement to maximize capital investment and improve overall quality and performance over the entire lifespan of an installation.

Share Statistics (07-Feb-12)			FY 2009	FY 2010	% Chg	Q3 2010	Q3 2011	% Chg
Symbol	SATC	Revenue, $Mn	52.54	173.30	229.8%	58.38	45.01	-22.9%
Current price	$0.85	Gross marg.	6.1%	25.4%	316.4%	26.9%	11.8%	-56.1%
52wk Range:	$0.48-$4.95	Oper. margin	–	-4.1%	–	–	-26.2%	–
Avg Vol (3m):	850,452	Net margin	56.9%	-6.8%	-112.0%	0.3%	-26.9%	-9066.7%
Market Cap.	101.79M
Shares Outstanding	119.77M	EPS, $	-0.56	-0.25	-55.4%	-0.02	-0.10	400.0%

Source: Reuters.com, SEC Filings.

Investment Highlights

Shares in SATC jumped as much as 63% to $0.91 Tuesday after the Boston-based power conversion solutions provider announced a five-year sales, marketing and distribution deal in China. Over 8.85 million shares traded hands during the session, versus the 10-day average of 1.03 million.

SATC shares have gained 62.9% in the last five days and 42.8% in the last month. Year-to-date, the stock is down 82.6%.

SATC and China Electronics subsidiary Great Wall Computer Company (GWPC) entered into a partnership that is expected to expand SATC’s leadership position in China’s utility solar market. GWPC, a large-scale computer manufacturer with its own R&D, is highly committed to the promise of solar PV as a source of clean renewable energy, stated the company’s CEO, Zhou Gengshen.

The partnership is expected position SATC to capitalize on the estimated 14GW of utility scale projects under development, fueled by the country’s Feed-In Tariff program. Of the 14GW of identified non-residential solar projects in development in China today, the majority are expected to be developed by China State Owned Entities.

Under the terms of the sales and marketing agreement, Great Wall has committed to an initial purchase of approximately 60MW of SATC’s PowerGate Plus PV inverter solutions, which are expected to be delivered by April and utilized for Great Wall projects.

Per the non-exclusive contract manufacturing agreement with Great Wall’s wholly owned subsidiary and SATC’s current contract manufacturer, Excelstor, Great Wall will support joint efforts by SATC and Excelstor in cost reduction driven by design and supply chain improvements. Under the terms of the deal, immediate cost reductions are provided in addition to medium- and long-term targets.

“The Great Wall-Satcon partnership will enable continued solution innovation and cost competitiveness, helping to ensure the long term viability of solar as a key source of low cost clean energy production for decades to come,” commented Steve Rhoades, CEO of SATC.

Looking to improve its financial performance, SATC last month announced it would slash 140 jobs globally, or about 35% of its workforce, close a factory in Canada that makes power inverters for solar plants, and other efforts to trim costs.

SATC shares added $0.29, or $51.2, to close Tuesday trade at $0.85. Over the past 52 weeks, the stock has traded in the range of $0.48 – $4.95. It is currently above its 50-day moving average of $0.56 and below its 200-day moving average of $0.99.

Source: http://investor.satcon.com/phoenix.zhtml?c=93692&p=irol-news&nyo=0

Financial Summary

SATC reported revenue of $45.0 million for the third quarter of 2011, in line with the Company’s previously announced guidance of $45-$52 million, and flat compared with revenue of $45.5 million in the second quarter of 2011. North America continued to be the Company’s strongest performing region in the quarter, representing 91% of total revenue, with 2% coming from Asia and 7% from Europe. For the first nine months of 2011, revenue was $152.5 million, an increase of 51% over the same period last year.

Gross margin for the quarter was 12%, compared with 8% in the second quarter of 2011. The incremental improvement in gross margin was a result of the Company’s cost reduction programs and continued product innovation, including the expansion of its 1.25MW Prism Platform solution.

At September 30, 2011, SATC’s backlog, which consists of purchase orders from its customers, was $43.1 million. Backlog from North America represented 75% of orders to be delivered. Asia contributed 17%, while Europe contributed 8%.

The Company expects fourth-quarter revenue to be in the range of $37 million to $42 million.

Source: http://investor.satcon.com/phoenix.zhtml?c=93692&p=irol-newsArticle&ID=1627569&highlight=

Financial Strength (08-Feb-2012)	Company	Industry	Sector	S&P 500
Quick Ratio (MRQ)	0.71	3.15	1.28	0.59
Current Ratio (MRQ)	1.39	3.76	1.63	0.92
LT Debt to Equity (MRQ)	55.57	15.89	52.59	95.33
Total Debt to Equity (MRQ)	255.31	34.85	79.61	134.47
Interest Coverage (TTM)	-3.83	0.36	0.49	27.61

Source: Reuters.com, SEC Filings.

Technical Analysis

Source: http://stockcharts.com

SATC is above the upper Bollinger Band, implying that it is currently extended from its recent trend. Be aware, however, that a cross outside of the Bollinger Bands can sometimes be a signal of trend strength and not, necessarily, trend reversal.

The MACD for SATC currently indicates a strong bullish signal for two reasons. First, the MACD is above the signal line, a 9-day moving average. Second, the MACD is above 0, which implies that the underlying moving averages are trending higher.

Comparative Analysis

Company Name	Ticker	Price per	Mrkt. Cap.	P/E		P/S
Feb-07-2012	symbol	Share, $	$ Mn	2011	2012	2011	2012
Power-One Inc.	PWER	5.17	592.22M	9.23	7.83	0.61	0.56
Advanced Energy Industries Inc.	AEIS	10.64	460.88M	16.63	9.33	0.97	0.85
Semiconductor – Integrated Circuits Median				19.90	n/a	1.44	n/a
SatCon Technology Corp.	SATC	0.85	101.79M	n/a	n/a	0.54	0.55

Source: Thomson Financial

We encourage you to invest carefully and read investment information available at the websites of the SEC at http://www.sec.gov and FINRA at http://www.finra.org.

Stock Alert for O’Charley’s Inc. (CHUX)

Brittany Webster — Tue, 07 Feb 2012 06:02:54 +0000

O’Charley’s Inc. (CHUX) is a multi-concept restaurant company that operates or franchises a total of 342 restaurants under three brands: O’Charley’s, Ninety Nine Restaurant, and Stoney River Legendary Steaks. The O’Charley’s concept includes 227 restaurants in 18 states in the Southeast and Midwest, including 221 company-owned and operated O’Charley’s restaurants, and six restaurants operated by franchisees. The Ninety Nine concept includes 105 restaurants throughout New England and upstate New York. The Stoney River Legendary Steaks concept includes 10 restaurants in six states in the Southeast and Midwest.

Share Statistics (06-Feb-12)			FY 2009	FY 2010	% Chg	Q4 2010	Q4 2011	% Chg
Symbol	CHUX	Revenue, $Mn	866.27	830.11	-4.2%	188.64	186.59	-1.1%
Current price	$9.81	Gross marg.	15.8%	13.7%	-13.3%	12.3%	11.6%	-5.7%
52wk Range:	$4.51-$7.99	Oper. margin	–	-2.1%	–	–	-0.3%	–
Avg Vol (3m):	87,329	Net margin	-0.8%	-4.2%	425.0%	-3.9%	-2.1%	-46.2%
Market Cap.	215.51M
Shares Outstanding	21.97M	EPS, $	0.13	-0.71	-646.2%	-0.25	-0.16	-36.0%

Source: Reuters.com, SEC Filings.

Investment Highlights

O’Charley’s Inc. (CHUX) saw an interesting spike in Monday trade following news the Company would be acquired by Fidelity National Financial Inc. (NYSE: FNF). CHUX gained $2.89, or 41.76%, to close at $9.81, with close to 17.5 million shares exchanged. Yesterday’s trading volume was over 265 times the 10-day average.

Shares of the Nashville, Tenn.-based restaurant operator have gained 50.0% in the last five days; 75.2% in the last month; and 51.2% year-to-date.

According to the release, FNF will pay $9.85 a share to buy CHUX, which values the Company at $221 million. The proposed price represents a premium of 42% over CHUX’s closing price of $6.92 on February 3, 2012.

Florida-based title insurer FNF said it has been seeking an investment in a larger, scalable, strategic restaurant operating company to complement its successful investment in American Blue Ribbons Holdings LLC (ABRH). “There is a real opportunity to continue to improve the operating performance at O’Charley’s and to build on their current momentum. We look forward to having the ABRH and O’Charley’s teams working toward that end,” commented FNF chairman William P. Foley II.

“This transaction provides a number of benefits, including, for our shareholders, a substantial and immediate cash value for their shares,” said CHUX CEO David Head. “We believe FNF’s expertise and commitment to long-term growth will enable O’Charley’s Inc. to complete its turnaround and achieve its growth objectives, benefiting our employees, guests, business partners and other stakeholders.”

The deal is expected to close in the second quarter, assuming execution of the tender process and satisfaction of the conditions to closing.

Source: http://phx.corporate-ir.net/phoenix.zhtml?c=82565&p=irol-newsArticle&ID=1656743&highlight=

Financial Summary

Also on Monday, CHUX reported its results for the fourth quarter and full year ended December 25, 2011.

The Company posted revenue of $182.2 million, a decline of 0.7% from $183.5 million for the fourth quarter of 2010. CHUX attributed the result to fewer restaurants in operation for the fourth quarter of 2011 compared to the fourth quarter of the prior year. Blended comparable sales increased 1.1% for the quarter – the fourth consecutive quarterly increase. Blended comparable sales for full-year 2011 grew 1.7%, based on an increase of 0.3% for O’Charley’s, 3.9% for Ninety Nine Restaurants and 7.2% for Stoney River Legendary Steaks.

CHUX realized a loss from continuing operations of $8.2 million, or $0.38 per diluted share, for the fourth quarter of 2011, an improvement from a loss of $16.4 million, or $0.77 per diluted share, for the fourth quarter of 2010. The Company ended the year with a $12.1 million loss, narrowing from $34.9 million a year earlier.

Net cash provided by operating activities was $19.0 million for fiscal 2011, and at the quarter’s end, the Company had $18.6 million of cash, no funded debt and its $30 million revolving credit facility remains undrawn.

Source: http://phx.corporate-ir.net/phoenix.zhtml?c=82565&p=irol-newsArticle&ID=1656747&highlight=

Financial Strength (06-Feb-2012)	Company	Industry	Sector	S&P 500
Quick Ratio (MRQ)	0.86	0.97	1.09	0.59
Current Ratio (MRQ)	0.99	1.10	1.34	0.92
LT Debt to Equity (MRQ)	66.29	47.68	60.46	95.14
Total Debt to Equity (MRQ)	66.42	73.40	100.71	134.19
Interest Coverage (TTM)	-0.82	2.98	0.32	27.37

Source: Reuters.com, SEC Filings.

Technical Analysis

Source: http://stockcharts.com

CHUX is above the upper Bollinger Band, implying that it is currently extended from its recent trend. Be aware, however, that a cross outside of the Bollinger Bands can sometimes be a signal of trend strength and not, necessarily, trend reversal.

The MACD for CHUX currently indicates a strong bullish signal for two reasons. First, the MACD is above the signal line, a 9-day moving average. Second, the MACD is above 0, which implies that the underlying moving averages are trending higher.

Comparative Analysis

Company Name	Ticker	Price per	Mrkt. Cap.	P/E		P/S
Feb-06-2012	symbol	Share, $	$ Mn	2011	2012	2011	2012
Brinker International Inc.	EAT	27.12	2.17B	14.50	12.50	0.78	0.76
DineEquity Inc.	DIN	50.49	910.79M	11.91	12.23	0.85	1.03
Darden Restaurants Inc.	DRI	48.34	6.21B	13.66	12.02	0.78	0.73
Restaurants Median				21.10	n/a	0.99	n/a
O’Charley’s Inc.	CHUX	9.81	215.51M	n/a	n/a	0.26	0.25

Source: Thomson Financial

We encourage you to invest carefully and read investment information available at the websites of the SEC at http://www.sec.gov and FINRA at http://www.finra.org.

Small-Cap Stock Spotlight: Threshold Pharmaceuticals Inc. (THLD) Sets a New 52-Week High

Editor — Tue, 07 Feb 2012 02:34:22 +0000

Shares of Threshold Pharmaceuticals Inc. (NASDAQ: THLD) powered to a new 52-week high of $4.08 on Monday, extending Friday’s gains when investors applauded the news that the company has partnered with German drug maker Merck KGaA to develop Threshold’s cancer-fighting agent TH-302. The drug is currently in a global Phase III clinical trial in patients with soft tissue sarcoma, a randomized Phase II trial in patients with advanced pancreatic cancer from which top-line results are expected this month, as well as additional clinical studies in other solid tumors and hematological malignancies.Merck KGaA will pay Threshold $25 million upfront under the co-development and commercialization deal, of which Threshold could also receive up to $35 million in development milestones this year and $20 million with positive results from its randomized Phase II trial in pancreatic cancer.

“We are excited by the new resources that our partnership is going to bring to the development of TH-302 and the expertise in clinical development and commercialization that Merck will contribute to this program,” Barry Selick, president and CEO of Threshold, commented in the release. “This collaboration provides Threshold a strong and committed partner with a shared vision for TH-302.”

Threshold, based out of Red Wood City, CA, will have primary responsibility for development of TH-302 in the soft tissue sarcoma indication in the United States. It and Merck will jointly develop TH-302 in all other cancer indications being pursued, with Merck KGaA paying 70% of worldwide development costs for the drug.

Merck KGaA will commercialize TH-302 in the United States, with Threshold receiving a tiered, double-digit royalty on sales. Threshold, however, retains the option to co-promote and co-commercialize the drug, allowing the company to participate in up to 50% of the profits in the United States based on certain revenue tiers.

Outside of the U.S., Merck KGaA will be solely responsible for the commercialization of the drug, with Threshold receiving a tiered, double-digit royalty on sales in these territories.

In total, Threshold could receive up to $525 million in milestone payments, comprised of $280 million in regulatory and development milestones and $245 million in sales-based milestones.

TH-302 is a hypoxia-targeted drug that is thought to be activated under tumor hypoxic conditions, a hallmark for many cancer indications.To date, the drug has been investigated in over 550 patients in Phase I/II clinical trials in a broad spectrum of tumor types, both as a monotherapy and in combination with chemotherapy treatments and other targeted cancer drugs.

Shares of THLD added $0.39, or 13.04%, to close Monday’s trade at $3.38. Over 19.72 million shares exchanged hands during the session, topping the 10-day average of 1.81 million.

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Stock Alert for North Springs Resources Corp. (NSRS)

Brittany Webster — Mon, 06 Feb 2012 06:02:18 +0000

North Springs Resources Corp. (NSRS) is focused on the evaluation, acquisition, exploration, and development of mineral resource properties. The Company, currently in the evaluation and acquisition phase of operations, is led by a skilled and experienced management team and independent consulting geologists with many years of experience. NSRS is committed to creating value for its shareholders by advancing its current holdings and by acquiring new properties with significant potential.

Share Statistics (03-Feb-12)
Symbol	NSRS
Current price	$1.15
52wk Range:	$0.01-$1.20
Avg Vol (1m):	17.67M
Market Cap.	800.40M
Shares Outstanding	696.00M

Source: Reuters.com, SEC Filings.

Investment Highlights

North Springs Resources Corp. (NSRS) climbed as high as $1.20 Friday, a fresh 52-week high, following the release of the third in a series of four anticipated videos detailing exploration and drilling at the Company’s 20% owned Goldstar property in Arizona.

Shares of NSRS have risen 63.1% in the last five days; 138.6% in the last month; and 11,400.0% for the six months to date.

The new footage of the current exploration program includes extended views of drilling rig operation, the pulling of diamond core drill samples, and initial sample preparation for independent third-party testing. The video also contains an interview conducted at the Goldstar site discussing the measurements of gold bearing quartz veins at surface, interpretation of local geology, and the potential for the quartz veins to continue at depths well below previously expected levels.

“The detailed description and interpretation goes a long way to justify our increasing excitement over the potential of the Goldstar Property,” said Harry Lappa, president of NSRS. “Most notable were positive comments made during the interview that at least one local producing gold mine encountered this type of gold bearing quartz veinsdown to the 6000 foot level – triple the maximum depth used to figure the previous and updated Goldstar Property potential.”

The new video is available at NRSR’s Web site: www.northspringsresources.com

The Company on Thursday announced that it has positively re-analyzed the potential reserve estimates for Goldstar made by previous operators. Surface observations and new data collected from the ongoing drill program at Goldstar, along with historic references to the property, comparable mines in the surrounding area, previously available sampling and exploration data pertinent to the Goldstar site, and based on industry standards, indicate that the possible reserve estimate for the property could be as high as 2.77 million tons grading 0.7 oz. gold/ton, or about 1.94 million ounces of gold, the company reported.

Investors boosted shares in the Nevada-based company last month after it announced the Arizona project. Lappa commented that the Company is confident that the planned exploration work in Goldstar could put NSRS on track to build the next great high-grade gold mine in Arizona.

In January, the Company also provided an update on its letter of intent to acquire an interest in the Edum Banso Gold Project in Ghana’s $150 billion Ashanti Gold Belt District. NSRS shares set a new 52-week high following the news.

NSRS closed Friday’s session at $1.15, a gain of $0.19 or 19.8% on the day, with strong volume of 24.04 million shares.

Source:

http://www.northspringsresources.com/news.htm

Financial Summary

NSRS has not generated any revenue since its inception in 2009.

The Company incurred operating expenses of $55.93K during the three months ended October 31, 2011, compared with $6.09K in the comparable quarter of the prior year. NSRS attributed the increase to an increase in professional fees of $10.50K relating to legal expenses incurred with respect to changes in management and due diligence with respect to acquisition of mineral properties and $4K for accounting and auditing fees. The Company also incurred salaries of $30.00K to the president and director of the Company, incurred $2.89K in transfer agent and filing fees relating to the stock splits and issuance of shares for the mineral property option and had an increase of $5.04K in general and administrative expense.

NSRS realized a net loss of $56.84K for the quarter, up from a net loss of $6.09K in the prior-year period.

On top of operating expenses, the Company recorded interest expense of $915 during the period relating to interest from the $40.00K notes payable received in July 2011 which is unsecured, bears interest at 10% per annum, and is due on demand.

NSRS had cash of $16 and total assets of $60.59 K at October 31, 2011, compared with $nil at April 30, 2011. The increase in cash and total assets was attributed to the receipt of $40 K from the notes payable in June and July 2011 and the fair value of the shares issued for the mineral property.

Source: http://biz.yahoo.com/e/111219/nsrs.ob10-q.html

Financial Strength (03-Feb-2011)	Company	Industry	Sector	S&P 500
Quick Ratio (MRQ)	–	1.25	0.74	0.60
Current Ratio (MRQ)	0.01	1.35	1.00	0.93
LT Debt to Equity (MRQ)	–	6.84	14.97	94.53
Total Debt to Equity (MRQ)	–	7.78	19.67	133.36
Interest Coverage (TTM)	–	0.39	4.32	28.52

Technical Analysis

Source: http://stockcharts.com

NSRS is above the upper Bollinger Band, implying that it is currently extended from its recent trend. Be aware, however, that a cross outside of the Bollinger Bands can sometimes be a signal of trend strength and not, necessarily, trend reversal.

Comparative Analysis

Company Name	Ticker	Price per	Mrkt. Cap.	P/E		P/S
Feb-03-2012	symbol	Share, $	$ Mn	2011	2012	2011	2012
Latin American Minerals	LATNF	0.296	23.42M	n/a	n/a	n/a	n/a
Bearing Mineral Exploration Inc.	BEAX	1.05	6.27M	n/a	n/a	n/a	n/a
Bullfrog Gold Exploration	BFGC	0.800	23.92M	n/a	n/a	n/a	n/a
Sagebrush Gold Ltd.	SAGE	0.470	61.01M	n/a	n/a	n/a	n/a
Impala Mineral Exploration	IMXC	0.0019	141.19K	n/a	n/a	n/a	n/a
Median				n/a	n/a	n/a	n/a
North Springs Resources Corp.	NSRS	1.13	800.40M	n/a	n/a	n/a	n/a

Source: Thomson Financial

We encourage you to invest carefully and read investment information available at the websites of the SEC at http://www.sec.gov and FINRA at http://www.finra.org.

Small-Cap Stock Spotlight: Threshold Pharmaceuticals Inc. (THLD) Spikes on Multi-Million Cancer Drug Pact with Merck KGaA

Editor — Mon, 06 Feb 2012 05:18:00 +0000

Red Wood City, Calif.-based Threshold Pharmaceuticals Inc. (NASDAQ: THLD) on Friday announced a co-development and commercialization deal on its experimental cancer-fighting drug, TH-302, with Merck KGaA . The news sent shares in the company surging as much as 133% on above-average volume of over 13 million shares.

TH-302 is a hypoxia-targeted drug that is thought to be activated under tumor hypoxic conditions, a hallmark for many cancer indications. The drug is currently in a global Phase III clinical trial in patients with soft tissue sarcoma, a randomized Phase II trial in patients with advanced pancreatic cancer from which top-line results are expected in this month, as well as additional clinical studies in other solid tumors and hematological malignancies.

Under the deal, Darmstadt, Germany-based Merck KGaA will pay Threshold $25 million immediately. In addition, Threshold could receive up to $35 million in development milestones this year and $20 million with positive results from its randomized Phase II trial in pancreatic cancer.

Threshold could receive up to $525 million in total milestone payments, comprised of $280 million in regulatory and development milestones and $245 million in sales-based milestones.

Threshold will have primary responsibility for development of TH-302 in the soft tissue sarcoma indication in the United States. The company and Merck will jointly develop TH-302 in all other cancer indications being pursued, with Merck paying 70% of worldwide development costs for the drug.

The deal provides for Merck KGaA to commercialize TH-302 in the United States, with Threshold receiving a tiered, double-digit royalty on sales. Threshold, however, retains the option to co-promote and co-commercialize the drug, allowing the company to participate in up to 50% of the profits in the United States based on certain revenue tiers.

Merck KGaA will be solely responsible for the commercialization of TH-302 outside of the U.S., with Threshold receiving a tiered, double-digit royalty on sales in these territories.

Shares of THLD added $1.70, or 131.8%, to close Friday’s trade at $2.99. Shares have gained 119.9% in the last five days; 116.7% in the last month; and 69.9% year-to-date.

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Stock Alert for Central European Distribution Corp. (CEDC)

Brittany Webster — Fri, 03 Feb 2012 06:02:50 +0000

Central European Distribution Corp. (CEDC) is a producer of vodka and is Central and Eastern Europe’s largest integrated spirit beverage business. CEDC produces the Green Mark, Absolwent, Zubrowka, Bols, Parliament, Zhuravli, Royal and Soplica brands, among others. CEDC currently exports its products to many markets around the world, including the United States, England, France and Japan. The Company is also an importer of alcoholic beverages in Poland, Russia and Hungary. In Poland, CEDC imports many of the world’s leading brands, including brands such as Carlo Rossi Wines, Concha y Toro wines, Metaxa, Remy Martin Cognac, Sutter Home wines, Grant’s Whisky, Jagermeister, E&J Gallo, Jim Beam Bourbon, Sierra Tequila, Teacher’s Whisky, Campari, Cinzano, and Old Smuggler. CEDC is also an importer of premium spirits and wines in Russia with such brands as Concha y Toro, among others.

Share Statistics (02-Feb-12)			FY 2009	FY 2010	% Chg	Q3 2010	Q3 2011	% Chg
Symbol	CEDC	Revenue, $Mn	689.41	711.54	3.2%	157.76	228.85	45.1%
Current price	$5.28	Gross marg.	50.6%	46.1%	-8.9%	49.0%	40.7%	-16.9%
52wk Range:	$2.75-$23.70	Oper. margin	–	-3.3%	–	–	-285.1%	–
Avg Vol (3m):	2,314,430	Net margin	11.4%	-14.7%	-228.9%	63.3%	-367.0%	-679.8%
Market Cap.	382.76M
Shares Outstanding	72.49M	EPS, $	1.60	-0.10	-168.8%	1.01	-2.01	-299.0%

Source: Reuters.com, SEC Filings. -

Investment Highlights

Shares of vodka maker Central European Distribution rose as much as 28% to $5.69 Thursday, buoyed by news Russian billionaire Roustam Tariko proposed to raise his stake in the Company. This proposal is seen to help CEDC with its debt, while giving Tariko control of the Company’s management in Russia.

CEDC have gained 33.0% in the last five days and 20.7% in the last month. Year-to-date, the stock is down 77.6%.

According to Reuters’ report, the transaction would see Tariko exchange up to $103 million in CEDC debt maturing next year into common shares at an exchange price of $7.00 per share. The investor also offered to assist the Company in addressing the remaining $207 million in debt maturing 2013, by potentially extending a backstop credit facility to CEDC.

Russian Standard, which is controlled by Tariko, disclosed in an SEC filing that the proposal would enable it to increase its stake in CEDC to as much as 32.99% from 9.9% it currently owns. Tariko previously told Reuters that his Russian Standard intends to take management control of CEDC as part of an international expansion strategy.

William Carey, CEO of CEDC, said his company would consider the proposal as well as other options it is currently exploring.

Late in January, CEDC announced that First Drinks Brands, part of William Grant & Sons, will have the exclusive importation rights to Green Mark, Zubrowka and Kauffman Vodka in the UK. The deal is seen to strengthen CEDC and William Grant & Sons’ international alliance, within which CEDC imports and distributes brands from William Grant & Sons’ portfolio in Poland and Hungary.

CEDC shares rose 18.39% to close Thursday trade at $5.28. Over 6 million shares have traded hands during the session, versus the 10-day average volume of over 1.26 million. Over the past 52 weeks, the stock has traded in the range of $2.75 – $23.70. It is currently above its 50-day moving average of $4.26 and below its 200-day moving average of $5.76.

Source:

http://www.reuters.com/article/2012/02/02/cedc-idUSL4E8D25OE20120202?feedType=RSS&feedName=mergersNews&rpc=43

http://finance.yahoo.com/news/CEDC-Signs-Agreement-With-prnews-2085938112.html?x=0

Financial Summary

CEDC reported net sales of $228.9 million for the three months ended September 30, 2011, compared to $157.8 million reported for the same period in 2010. Operating profit came in at $36.2 million as compared to $32.5 million for the same period in 2010.

Operating profit in the recently reported quarter excluded the impact of a onetime, non-cash, impairment charge on goodwill and brands of $674.5 million, as well as other cost associated with restructuring and relicensing in Russia.

On a U.S. GAAP basis, CEDC reported a net loss of $839.9 million, or $11.59 per fully diluted share, for the quarter, compared to net income, excluding discontinued operations, of $68.9 million, or $0.98 per fully diluted share, for the same period in 2010. In addition to the impairment charge, the comparable net income excludes the unrealized non-cash foreign exchange loss of $170.8 million from the revaluation of long term debt recognized during the period. The number of fully diluted shares used in computing the earnings per share was 72.5 million for 2011 and 72.1 million for 2010.

Source: http://finance.yahoo.com/news/Central-European-Distribution-prnews-2207350927.html?x=0&.v=1

Financial Strength (02-Feb-2012)	Company	Industry	Sector	S&P 500
Quick Ratio (MRQ)	1.75	1.23	0.69	0.59
Current Ratio (MRQ)	2.11	1.68	0.94	0.95
LT Debt to Equity (MRQ)	182.89	44.62	24.69	94.90
Total Debt to Equity (MRQ)	190.76	52.58	35.04	133.68
Interest Coverage (TTM)	-2.51	0.73	0.63	28.68

Source: Reuters.com, SEC Filings.

Technical Analysis

Source: http://stockcharts.com

CEDC is above the upper Bollinger Band, implying that it is currently extended from its recent trend. Be aware, however, that a cross outside of the Bollinger Bands can sometimes be a signal of trend strength and not, necessarily, trend reversal.

The MACD for CEDC currently indicates a strong bullish signal for two reasons. First, the MACD is above the signal line, a 9-day moving average. Second, the MACD is above 0, which implies that the underlying moving averages are trending higher.

Comparative Analysis

Company Name	Ticker	Price per	Mrkt. Cap.	P/E		P/S
Feb-02-2012	symbol	Share, $	$ Mn	2011	2012	2011	2012
Heineken NV	HINKY	23.95	28.33B	14.43	14.17	1.29	1.26
Iconic Brands Inc.	ICNB	0.0004	21.01K	n/a	n/a	n/a	n/a
Constellation Brands Inc.	STZ	21.68	4.33B	10.58	9.81	1.63	1.57
Beverages – Wineries & Distillers Median				16.43	n/a	1.52	n/a
Central European Distribution Corp.	CEDC	5.28	382.76M	25.14	10.56	0.42	0.41

Source: Thomson Financial

We encourage you to invest carefully and read investment information available at the websites of the SEC at http://www.sec.gov and FINRA at http://www.finra.org.