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HEROES

Biotechnology giant Amgen Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMGN)") else Response.Write("(Nasdaq: AMGN)") end if %> gained $3 3/8 to $58 3/8 after the Clinton administration eased Medicare reimbursement guidelines for the company's anti-anemia drug Epogen. The drug, which is mostly reimbursed by Medicare, generates more than $1 billion a year in sales and accounts for roughly half of the company's revenues. A Salomon Smith Barney report said that the less restrictive guidelines likely will "propel EPO back into double-digit growth rates," Bloomberg News reported. Under the old policy implemented last September, Medicare would not pay for Epogen if the patient's blood cell count exceeded a certain level during a 90-day period. Now, Medicare will reimburse for Epogen if the doctor provides medical justification. Absent that justification, Medicare will reduce but no longer deny payment.

A link, however tenuous, to a big-name computer maker can do wonders for a small company. Case in point: Smith Micro Software <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SMSI)") else Response.Write("(Nasdaq: SMSI)") end if %> gained 125% today, rocketing up $2 1/2 to $4 1/2 after announcing that Compaq Computer <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CPQ)") else Response.Write("(NYSE: CPQ)") end if %> will bundle the communications software company's VideoLink Mail software with several models of Compaq's Presario desktop computers starting in May. Smith Micro, which had been trading under $2 at the beginning of this month, today hit a 52-week high on volume of more than 3 million shares, a number that dwarfed its 30-day average of 19,000 shares. Smith Micro reported a loss of $1.6 million last year on sales of $11.7 million. Earlier this week, Number Nine Visual Technology <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NINE)") else Response.Write("(Nasdaq: NINE)") end if %> shot up after announcing an OEM supplier agreement with International Business Machines <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IBM)") else Response.Write("(NYSE: IBM)") end if %>. After a 2-day run, the maker of high-performance PC graphic accelerators and processors started running out of steam, finishing down $1/16 to $3 15/16.

QUICK TAKES: Sunglass Hut International <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RAYS)") else Response.Write("(Nasdaq: RAYS)") end if %> added $13/16 to $10 9/16 after the sunglasses retailer announced plans to close about 250 marginal or unprofitable stores and to repurchase up to 7.5 million shares. The company took a restructuring charge of $75.8 million and has disposed of its Eye-X optical segment and written off inventory to improve merchandise clarity... Capital management firm Acacia Research Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ACRI)") else Response.Write("(Nasdaq: ACRI)") end if %> leapt $4 1/2 to $16 1/2 after announcing that its majority-owned subsidiary Soundview Technologies will begin licensing its patented V-chip technology following today's FCC approval of the TV guidelines rating system and V-chip technical standards... Fine Host Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FINE)") else Response.Write("(Nasdaq: FINE)") end if %> gained $1 9/16 to $6 after naming Gerald P. Buccino as president and chief executive officer of the food and beverage concession and catering company. Late last year, the company's former CEO was blown out the door by directors after the company revealed accounting irregularities.

Data communications products manufacturer Newbridge Networks <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NN)") else Response.Write("(NYSE: NN)") end if %> jumped $2 3/16 to $27 11/16 after two of its affiliates, Telexis Corp. and Televitesse Systems, announced that they have agreed to combine their businesses, benefiting Newbridge's venture capital arm. The two companies, which both produce network video products, plan to combine their R&D efforts and operate under the Telexis name... FIRSTPLUS Financial Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: FP)") else Response.Write("(NYSE: FP)") end if %> moved up $3 15/16 to $43 1/16 after the consumer finance company announced that it will acquire lender LIFE Financial Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: LFCO)") else Response.Write("(Nasdaq: LFCO)") end if %> in a stock-for-stock merger valued at approximately $138 million. LIFE Financial gained $2 3/16 to $20 3/16 on the news.

Automotive parts and accessories retailer CSK Auto Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CAO)") else Response.Write("(NYSE: CAO)") end if %> sped ahead $3 9/16 to $23 9/16 from its initial public offering price of $20 on 7.5 million shares... London Pacific Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: LPGLY)") else Response.Write("(Nasdaq: LPGLY)") end if %> advanced $2 1/4 to $14 5/8 after announcing that it has settled all legal proceedings involving the American Endeavour Fund Ltd. The insurance, trust, and mutual-fund management company also reported preliminary 1997 earnings of $0.41 per share, or $1.64 per ADR, the same as the year before... Applied Micro Circuits Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMCC)") else Response.Write("(Nasdaq: AMCC)") end if %>, which makes high bandwidth semiconductors for the telecommunications industry, added $2 3/8 to $21 7/8 on a public offering of 3.5 million shares at $19.375 per share. The company made its initial public offering last November.

HealthCare Financial Partners <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: HCFP)") else Response.Write("(Nasdaq: HCFP)") end if %>, which offers financing to healthcare companies, was boosted $2 7/8 to $43 7/8 after announcing the completion of a stock offering of 3.5 million shares at $40 per share that generated about $126.5 million.... Online analytical processing software developer Arbor Software Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ARSW)") else Response.Write("(Nasdaq: ARSW)") end if %> gained $2 1/16 to $45 3/4 after announcing its new alliance with Precision Systems Concepts, which specializes in systems integration consulting... Spain's telecommunications company Telefonica de Espana <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TEF)") else Response.Write("(NYSE: TEF)") end if %> rang up $5 13/16 to $122 1/4 after announcing an alliance with Portugal Telecom SA, whose alliance with Brazilian state telephone holding Telebras SA should facilitate Telefonica's and Portugal Telecom's investments in Brazil, which represents 40% of the Latin American telecommunications market.

Telecommunications services provider MasTec Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MTZ)") else Response.Write("(NYSE: MTZ)") end if %> climbed $2 3/16 to $31 3/4 after announcing that it has signed a collective bargaining agreement with its Spanish workforce that allows the company to permanently reduce its workforce with no obligation to rehire. The company also reported fourth quarter earnings of $0.33 before gains and charges versus $0.48 in Q4 1996. The First Call mean estimate was $0.36... Coach USA Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CUI)") else Response.Write("(NYSE: CUI)") end if %> chugged ahead $2 1/8 to $42 1/4 after Investor's Business Daily reported that the chartered tour and sightseeing company could see sales of about $1 billion in 1999 if it continues to acquire companies at its current rate.

United Airlines parent UAL Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: UAL)") else Response.Write("(NYSE: UAL)") end if %> took off for $3 1/8 to $88 1/4 after the FAA announced that commercial air traffic reached record highs in 1997 despite the economic turmoil in Asia... Britain's largest tobacco company Gallaher Group Plc <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GLH)") else Response.Write("(NYSE: GLH)") end if %> gained $1 1/4 to $23 7/8 after announcing that its share of cigarette sales in Britain rose to nearly 40% last year, while its overseas sales grew by about 23%... Group 1 Automotive <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GPI)") else Response.Write("(NYSE: GPI)") end if %> sped ahead $11/16 to $10 7/16 after the auto retailer and consolidator announced that it will acquire five car dealerships in two new markets, adding approximately $300 million in sales.

EARNINGS MOVERS: Williams-Sonoma Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: WSGC)") else Response.Write("(Nasdaq: WSGC)") end if %> tacked on $3 3/4 to $59 3/4 after the kitchenware retailer reported earnings of $1.21 per share, topping the First Call mean estimate was $1.11. The company also announced a 2-for-1 stock split that will take effect May 4... Canadian auto parts and systems maker Magna International <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MGA)") else Response.Write("(NYSE: MGA)") end if %> climbed $5 7/8 to $71 1/2 after reporting second quarter earnings of US$ 0.93 per share, compared with $0.86 in the year-earlier quarter and the First Call mean estimate of $0.89... Food and drug retailer Fred Meyer Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: FMY)") else Response.Write("(NYSE: FMY)") end if %> gained $1 3/8 to $48 1/4 after reporting fourth quarter earnings of $0.56. The First Call mean estimate was $0.51... Electric Lightwave <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ELIX)") else Response.Write("(Nasdaq: ELIX)") end if %> rose $2 5/16 to $18 7/8 after reporting a fourth quarter EBITDA (earnings before interest, taxes, depreciation, and amortization) loss of $3.8 million, compared with a loss of $7 million in Q4 1996. Furman Selz started coverage of the communications services provider with a "strong buy" rating.

ANALYST UPGRADES: PepsiCo Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PEP)") else Response.Write("(NYSE: PEP)") end if %> fizzed up $2 3/4 to $43 after Merrill Lynch raised its near-term rating on the company to "buy" from "neutral" while maintaining its "long-term buy" rating. Merrill Lynch also increased its 1999 earnings estimate for the company to a range of $1.55 to $1.60 per share... Healthcare and hospital management company Columbia/HCA Healthcare <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: COL)") else Response.Write("(NYSE: COL)") end if %> rose $1 15/16 to $31 7/16 after Salomon Smith Barney raised its rating on the company to "outperform" from "underperform"... CS First Boston upgraded its rating on FirstService Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FSRVF)") else Response.Write("(Nasdaq: FSRVF)") end if %> to "strong buy" from "buy," sending the property and business services provider's shares up $2 to $12 3/8.

GOATS

Fruits, vegetables, and packaged foods producer Dole Food Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DOL)") else Response.Write("(NYSE: DOL)") end if %> was canned for a $6 7/8 loss to $50 1/4 after the company said its fiscal Q1 earnings would be roughly half of the $0.70 per share earned a year ago. The firm blamed the lower earnings on an oversupply of bananas caused by unusual El Nino-related weather in Central America. The street was expecting earnings of $0.80 per share for the quarter. Goldman Sachs removed the stock, one of strategist Abbey Joseph Cohen's ideas for 1998, from its "recommended list" and rated it "market perform." The company said that the banana harvest started early this year after El Nino dumped heavy rains on some areas of Central America while scorching other regions with unusually high temperatures. The current glut could lead to shortages of the fruit later on in the year, which could pose an even greater problem for Dole than the current surplus. Unlike cars, computers, and other non-perishable goods, bananas can't just be inventoried in a warehouse somewhere in New Jersey while the company waits for this literal "feast-or-famine" situation to straighten itself out. Nevertheless, most foodstuffs producers prefer shortage situations and tight pricing to bumper crops.

Customer service software provider Pegasystems Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PEGA)") else Response.Write("(Nasdaq: PEGA)") end if %> fell $1 31/32 to $19 1/8 after Howard Schilit of the Center for Financial Research and Analysis recommended shorting the stock in a Wall Street Journal article because of the company's use of "aggressive accounting practices." The analyst's beef with Pegasystems sounds familiar -- last November, the stock bombed after the company's auditors balked at the way it books much of its revenues from multi-year contracts in the period the contract starts, rather then over the life of the deal. Pegasystems said the auditor was pulling an about-face after having signed off on the accounting in prior periods. The stock recovered soon after Pegasystems restated its results. Schilit thinks the company's new auditors won't give an unqualified opinion on the company's financials, commenting, "When you're talking about a company's revenue line, you're going to the core of the business."

QUICK CUTS: American Home Patient <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AHOM)") else Response.Write("(Nasdaq: AHOM)") end if %> fell $3 1/2 to $21 5/16 after the home healthcare services provider delayed the release of its Q4 earnings report until March 23, causing some uncertainty in the minds of investors... Semiconductor fabrication facility equipment manufacturer PRI Automation <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PRIA)") else Response.Write("(Nasdaq: PRIA)") end if %> was off $3/4 to $26 3/4 after analysts voiced concerns that one of the firm's major clients, chip giant Intel Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INTC)") else Response.Write("(Nasdaq: INTC)") end if %>, may cut its capital expenditures budget... The American depositary shares of German chemical giant Hoechst AG <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HOE)") else Response.Write("(NYSE: HOE)") end if %> tanked $2 3/16 to $38 11/16 after its CEO warned that fiscal 1998 will be "difficult" because of the Asian financial crisis and an expected fall in petrochemical prices.

Electronics contract manufacturer SCI Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SCI)") else Response.Write("(NYSE: SCI)") end if %> slipped $2 1/4 to $39 3/4 after BT Alex. Brown lowered its rating on the electronics manufacturer to "buy" from "strong buy." A major SCI customer is Compaq <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CPQ)") else Response.Write("(NYSE: CPQ)") end if %>, which warned last Friday of slowing sales to its distributors... Superconductivity products manufacturer Intermagnetics General Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: IMG)") else Response.Write("(AMEX: IMG)") end if %> lost $5/8 to $11 1/4 on reporting Q3 EPS of $0.07, which was in line with the estimate of the sole analyst surveyed by First Call... Bicycle maker GT Bicycles <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GTBX)") else Response.Write("(Nasdaq: GTBX)") end if %> skidded $5/8 to $6 1/8 after announcing a voluntary recall of about 10,000 BMX bikes sold over the past four years due to reports that the frames may crack under stress... Manufacturing and product data software developer Engineering Animation <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: EAII)") else Response.Write("(Nasdaq: EAII)") end if %> fell $2 1/2 to $43 1/4 on filing with the SEC to sell 1.1 million secondary shares, all of which are held by directors, officers, or other parties who had received the shares in connection with a merger.

American depositary shares of Nissan Motor Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NSANY)") else Response.Write("(Nasdaq: NSANY)") end if %> dipped $3/8 to $7 3/4 after the Japanese carmaker warned that its fiscal 1997 earnings will fall short of expectations due to slower sales in its domestic market and higher costs for sales incentives in the U.S... Loehmann's Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: LOEH)") else Response.Write("(Nasdaq: LOEH)") end if %> fell $7/16 to $4 3/16 after the apparel retailer reported a Q4 loss (before charges) of $0.40 per share, which was in line with the First Call mean estimate. The company said it will close ten of its older stores and scale back the number of new stores to open in 1998 to three... Golf and active sportswear maker Sport-Haley Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SPOR)") else Response.Write("(Nasdaq: SPOR)") end if %> was sliced $5/8 to $11 1/4 after being downgraded to "neutral" from "strong buy" by John G. Kinnard.

Internet bank Security First Network Bank <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SFNB)") else Response.Write("(Nasdaq: SFNB)") end if %> sank $7/8 to $9 5/8 after Wheat First Union lowered its rating on the stock to "outperform" from "buy." Earlier this week, the company agreed to sell its banking operations to Royal Bank of Canada <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: RY)") else Response.Write("(NYSE: RY)") end if %>, which will also purchase shares in Security First at $10 per share and has an option to purchase additional shares at prices from $11.88 to $15.82 per share... The inventor of the legal pad, American Pad & Paper Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AGP)") else Response.Write("(NYSE: AGP)") end if %>, was ripped for a $9/16 loss to $8 7/16 after shareholders filed suit alleging misrepresentations by the firm prior to an initial public offering... Video game developer THQ Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: THQI)") else Response.Write("(Nasdaq: THQI)") end if %> tumbled another $3 5/16 to $21 3/16 after deciding not to renew its licensing agreement with WCW World Championship Wrestling earlier this week.

Minneapolis-based brokerage firm Dain Rauscher Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DRC)") else Response.Write("(NYSE: DRC)") end if %> dropped $3 1/2 to $59 5/8 after saying it will report lower-than-expected earnings due to a slowdown in its stock underwriting and mergers businesses... Noninvasive surgical systems developer Perclose Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PERC)") else Response.Write("(Nasdaq: PERC)") end if %> slumped $2 5/8 to $28 1/4 even though Vector Securities International reiterated its "buy" rating on the stock with a 12-month price target of $35 per share.

FOOL ON THE HILL
An Investment Opinion
by Alex Schay

AMEX, Nasdaq Talk Merger

HEROES (cont.)

The American Stock Exchange (Symbol: AMEX) shot up today after announcing that it was in discussions to be acquired by The National Association of Securities Dealers (Symbol: Nasdaq), which is the parent organization of the Nasdaq Stock Market. The combined entity would sport revenues of $750 million and a member-company market capitalization of roughly $2 trillion. In a memorandum to members and employees, American Stock Exchange chairman and CEO Richard Syron commented that NASD officials, "see the benefits of adding an order-driven auction market to their quote-driven dealer market, and they considered the AMEX to be the best possible partner." Syron added that "[t]he NASD wished to expand their product offerings to include options and found Amex to be the best partner in this regard." The proposed combination of the former antagonists will allow them to effect significant cost savings, as well as mount a challenge to stock market bellwether The New York Stock Exchange (Symbol: NYSE).

Although the above is clearly a parody of a news announcement, it highlights the significant point that markets are businesses too -- that is, they are owned and operated to make money and thus are beholden to the same competitive dynamics that define all other industries (despite being public institutions). As with all other businesses, growth is paramount. The primary means by which stock markets grow is by increasing trading volume, as well as by attracting new listings.

The Nasdaq market, commonly referred to by the specious appellation, "the technology-heavy Nasdaq," has been the fastest-growing market over the last decade growing almost ten-fold during the period. Average daily volume on the Nasdaq came in at 646 million shares in 1997, compared with 24 million for the AMEX and 530 million for the New York Stock Exchange (a five-fold increase over the last decade). Meanwhile, the number of companies traded on the Nasdaq has risen 60% since 1981, reaching 5,495 companies by the end of 1997. The New York Stock Exchange has boomed as well, nearly doubling in the same period, listing 3,056 firms by the end of 1997.

The American Stock Exchange, on the other hand, has been the laggard of the three, at least by the above metrics. In the mid-eighties the exchange was responsible for roughly 4% of all shares traded, but has seen its market share slip to between 2-3% in the interim. By the end of 1997 the American Stock Exchange had 771 listed companies, which is actually fewer than the exchange had in 1981 (there were 869 in 1987). So it would seem from these statistics that the New York Stock Exchange and the Nasdaq have been neck and neck over the last couple of years, well, not exactly.

As New York Stock Exchange chairman Richard Grasso stated today, "Market capitalization affects the scale of the brand." Indeed, the total member market capitalization (price of the individual securities multiplied by the number of shares outstanding) of the NYSE is in the neighborhood of $11.2 trillion, compared with $1.8 trillion at the Nasdaq and $162 billion at the AMEX. In fact, many of the companies that currently trade on the AMEX and the Nasdaq would not qualify for listing on the NYSE (outlined below).

NYSE Listing Requirements

1. At least 1,100,000 shares publicly held with a market value of at least $18 million
2. A minimum of 2,000 round lot shareholders (100 shares or more) or a total of 2,200 shareholders.
3. An average monthly trading volume of at least 100,000 shares for the most recent six months.
4. Minimum pre-tax earnings of $2.5 million for the latest fiscal year.

Taking a quick glance at the domestic fee schedules for companies that hope to list on either the NYSE or the Nasdaq makes the importance of the market capitalization issue abundantly clear. The more shares the company has outstanding, the more it pays out to the exchange that it's listed on. Hence, any defections from one exchange to another are unacceptable to the various market operators. Unfortunately for Nasdaq officials, they are seeing the majority of the attrition -- it is a rare event when a company takes itself off of the NYSE in order to migrate to the Nasdaq. Most companies with a market capitalization north of $500 million prefer to list on the NYSE, in part due to the perception that the listing will expose them to more investors, which is bolstered by the 206 year tradition of the exchange.

Hardly a slouch, the Nasdaq grew at a heady pace in the 1980s, as hundreds of "technology" companies listed on the exchange. The Nasdaq took to marketing itself as, "the stock market for the next one hundred years," and much of this growth came at the expense of the AMEX. Putting the brake on the growth of the Nasdaq were allegations that NASD dealers collaborated on prices to widen their profits, which culminated in 1996 in a settlement where $910 million was squeezed out of 30 brokerages to settle a class-action price fixing lawsuit. Since then, the Nasdaq has gone to great lengths to boost its image in the minds of investors, including the recent endorsement of a proposal that presently sits before the SEC that would reduce that price that investors pay on Nasdaq limit orders. This would certainly give investors an incentive to trade Nasdaq issues, and would provide a valuable retention vehicle for keeping companies on the exchange.

Another possible retention vehicle is to enhance the value of the exchange through acquisition. The possible merger between the AMEX and Nasdaq would also provide cost savings, in part because the AMEX would presumably allow more trading of its stocks off the floor of the exchange and through the trading systems of NASD member broker dealers, although the potential diminished traffic and the effect on commissions of floor brokers in this arrangement will probably be hotly debated.

According to the New York Times, listed companies on the "new" market would be able to decide whether or not shares would be traded through the AMEX "open outcry" system or the Nasdaq's electronic system, allowing firms a certain degree of flexibility. The structure of the market would entail the formation of a new holding company by the NASD and the AMEX whereby the two exchanges would operate as separate subsidiaries. It is important to remember, however, that many of these changes are still speculative, and a combination will still require the approval of 864 AMEX members as well as, ultimately, the SEC.

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Dale Wettlaufer (TMF Ralegh), Fool
Alex Schay (TMF Nexus6), Fool
Yi-Hsin Chang (TMF Puck), Fool
Brian Graney (TMF Panic), Fool
Louis Corrigan (TMF Seymor), Fool
Contributing Writers

Brian Bauer (TMF Hoops), Fool