DJIA 8803.80 -87.44 (-0.98%) S&P 500 1082.74 -10.29 (-0.94%) Nasdaq 1742.10 -19.69 (-1.12%) Value Line ndx 941.23 -2.89 (-0.31%) 30-Year Bond 104 26/32 +3/32 5.78% Yield
Ciena Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CIEN)") else Response.Write("(Nasdaq: CIEN)") end if %>, a provider of bandwidth enhancement technology for fiber-optic communications networks, jumped $4 3/16 to $61 3/4 after agreeing to become a subsidiary of voice and data transmission and access systems designer Tellabs Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TLAB)") else Response.Write("(NYSE: TLAB)") end if %> through a one-for-one stock swap valued at about $7.1 billion. The combination is expected to be slightly dilutive to Tellabs' EPS in fiscal 1998 but not in fiscal 1999. The news helped drive up shares of digital telecommunications equipment maker DSC Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DIGI)") else Response.Write("(Nasdaq: DIGI)") end if %>, which closed $7/8 higher to $19 11/16. PairGain Technologies <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PAIR)") else Response.Write("(Nasdaq: PAIR)") end if %>, which makes digital subscriber line (DSL) products, rose $1 3/8 to $14 1/2 on speculation that the current consolidation throughout the telecom equipment sector will continue.
Property and casualty insurance holding company Allied Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GRP)") else Response.Write("(NYSE: GRP)") end if %> tacked on $3 5/16 to $46 3/16 after its board agreed "in principle" to a buyout offer from insurer Nationwide Mutual Insurance Co. valued at about $1.75 billion. The purchase price works out to $48.25 per share in cash, higher than the original $47 per share offer Nationwide made last month. The proposed transaction would be a bit messy, though. About $1.56 billion of the payment would be used to buy Allied Group's 30.6 million common shares outstanding, as well as shares issuable through certain incentive programs. Some $110 million would be paid to the policyholders of Allied Mutual Insurance Co., which owns 18.2% of Allied Group's voting stock. The remaining $86 million would go to purchase the 2.7 million shares of Allied Group unit Allied Life Financial Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ALFC)") else Response.Write("(Nasdaq: ALFC)") end if %> not already owned by Nationwide. Allied Life's board, for its part, said it was ready to accept that offer, which works out to $30 per Allied Life share. Allied Life's shares rose $2 3/4 to $28 3/4.
QUICK TAKES: America Online <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AOL)") else Response.Write("(NYSE: AOL)") end if %> gained $1 1/4 to $78 15/8 today, taking back some of the loss that it had undergone in the last couple days as "the Street" anticipated a negative "Heard on the Street" column in today's Wall Street Journal. The firm also signed a $12 million, four-year alliance with Allou Health & Beauty Care <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: ALU)") else Response.Write("(AMEX: ALU)") end if %>, which will become the exclusive fragrance retailer on AOL's shopping channel... Number one U.S. automaker General Motors <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GM)") else Response.Write("(NYSE: GM)") end if %> marched ahead $2 1/8 to $75 1/8 after reporting a 13% year-over-year increase in May car and light truck sales to 482,755 units... Life sciences company Monsanto Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MTC)") else Response.Write("(NYSE: MTC)") end if %> advanced $1 9/16 to $54 1/2 as the Justice Department requested additional information on the firm's proposed acquisition of genetic seed developer DeKalb Genetics Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DKB)") else Response.Write("(NYSE: DKB)") end if %>.
Drug maker Schering-Plough Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SGP)") else Response.Write("(NYSE: SGP)") end if %> plowed ahead $1 7/8 to $84 7/8 after the FDA approved the firm's Rebetron agent for treating the hepatitis C virus... Medical device maker Medtronic Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MDT)") else Response.Write("(NYSE: MDT)") end if %> moved up $1 1/2 to $55 9/16 after the FDA approved the firm's Wiktor Rival stent for supporting blood vessel walls in the heart. Also, the firm's CEO said he was comfortable with the Street's fiscal 1999 earnings expectation of $1.50 per share... American depositary shares of chemical and coatings company Akzo Nobel N.V. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AKZOY)") else Response.Write("(Nasdaq: AKZOY)") end if %> added $3 3/4 to $110 3/4 after Akzo agreed to sell the packaging and U.S. architectural coatings businesses of Britain's Courtaulds PLC <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: COU)") else Response.Write("(AMEX: COU)") end if %> to PPG Industries <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PPG)") else Response.Write("(NYSE: PPG)") end if %> for $285 million in cash, apparently opening the way for Akzo's proposed acquisition of the rest of Courtaulds.
Healthcare management software developer QuadraMed Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: QMDC)") else Response.Write("(Nasdaq: QMDC)") end if %> rose $2 1/4 to $27 after agreeing to acquire privately held health information management firm Pyramid Health Group for approximately 2.7 million QuadraMed shares, or about $67 million... Life insurer and financial services company Reliastar Financial <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: RLR)") else Response.Write("(NYSE: RLR)") end if %> climbed $1 7/16 to $43 11/16 after being selected to replace Illinois Central Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IC)") else Response.Write("(NYSE: IC)") end if %> on the S&P MidCap 400 Index. Professional staffing firm AccuStaff <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ASI)") else Response.Write("(NYSE: ASI)") end if %>, which will replace LCI International <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LCI)") else Response.Write("(NYSE: LCI)") end if %> on the same list, rose $1 5/16 to $33 3/4... TAVA Technologies <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TAVA)") else Response.Write("(Nasdaq: TAVA)") end if %> picked up $11/16 to $10 3/16 after reporting that it received $12.5 million in orders for its Plant Y2k One Year 2000 remediation product for factories in May.
Local and wide area network systems company 3Com Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: COMS)") else Response.Write("(Nasdaq: COMS)") end if %> added $1 to $25 after the company said it would appoint another executive to assist CEO Eric Benhamou with the company's day-to-day operations... Eye care practice management firm Vision Twenty-One <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: EYES)") else Response.Write("(Nasdaq: EYES)") end if %> moved up $13/16 to $7 5/8 after some of the company's directors and executives purchased some 315,000 Vision Twenty-One shares of the 521,183 shares being sold in a secondary offering by a certain selling shareholder... British telecommunications services provider Vodafone Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: VOD)") else Response.Write("(NYSE: VOD)") end if %> increased $4 11/16 to $120 5/16 after Morgan Stanley Dean Witter upgraded the firm to "outperform" from "neutral."
SportsLine USA <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SPLN)") else Response.Write("(Nasdaq: SPLN)") end if %>, a provider of sports information via the Internet, rose $1 1/4 to $24 after Bear Stearns started coverage of the company with a "buy" rating. Also, BancAmerica Robertson Stephens raised its rating to "strong buy" from "buy"... Broderbund Software <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BROD)") else Response.Write("(Nasdaq: BROD)") end if %> gained $1 1/4 to $18 on rumors that the developer of entertainment and educational software may be acquired, possibly by toy maker Hasbro's <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HAS)") else Response.Write("(NYSE: HAS)") end if %> Interactive unit... Educational software firm The Learning Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TLC)") else Response.Write("(NYSE: TLC)") end if %> gained $1 1/8 to $28 after agreeing to buy educational and test preparation software developer Sofsource Inc. from Handleman Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HDL)") else Response.Write("(NYSE: HDL)") end if %> for about $45 million in stock.
Biotechnology company Vivus <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: VVUS)") else Response.Write("(Nasdaq: VVUS)") end if %> plunged $1 11/16 to $7 1/16 after independent researchers reported that the company's impotence treatment MUSE (an acronym for medicated urethralsystem for erection) was not as effective as previously shown. The new study found that only 27% of patients using MUSE were able to achieve sufficient results for intercourse. That's significantly lower than the roughly 65% success rate in the company-sponsored study originally reported in the respected New England Journal of Medicine. The men in the new study also experienced more severe side effects -- 40% reported penile pain or burning sensations, and just 18% opted to keep using the drug at the end of the trial. Vivus CEO Leland Wilson said the discrepancy between the two studies could be due to more detailed instructions on how to use the drug in the earlier study. Prescriptions for MUSE have plummeted 70% since Pfizer <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PFE)") else Response.Write("(NYSE: PFE)") end if %> launched its impotence pill Viagra in April, and some investors believe pharmacists overstocked inventory of the MUSE product in 1997 in anticipation of demand growth that did not materialize this year.
Speaking of impotency, biotech firm Zonagen Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ZONA)") else Response.Write("(Nasdaq: ZONA)") end if %> dropped $5 1/2 to $31 1/4 after reporting at the Annual Meeting of the American Urological Association that out of patients taking 40 mg and 80 mg doses of its male impotence drug, Vasomax, 51% and 53% (respectively) achieved penetration on 75% of attempts compared with 38% of patients receiving the placebo. While well and good, the unimpressive difference in results between Vasomax and the placebo leaves much to be desired. Side effects were another problem. Some 8% of patients using 40 mg and 18% of patients using 80 mg experienced nasal congestion.
QUICK CUTS: Leading a sell-off in computer-related stocks, Intel <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INTC)") else Response.Write("(Nasdaq: INTC)") end if %> fell $3 5/16 to $65 15/16 after Hambrecht & Quist cut its EPS estimate for the quarter ending June to $0.65 from $0.69 and EPS for the year to $2.92 from $3.84. Texas Instruments <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TXN)") else Response.Write("(NYSE: TXN)") end if %> lost $1 1/2 to $48; Dell Computer <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DELL)") else Response.Write("(Nasdaq: DELL)") end if %> dropped $2 3/8 to $80 1/4; Hewlett-Packard <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HWP)") else Response.Write("(NYSE: HWP)") end if %> slipped $1 1/16 to $60 11/16; and IBM <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IBM)") else Response.Write("(NYSE: IBM)") end if %> slid $1 11/16 to $113 7/8... Ford Motor Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: F)") else Response.Write("(NYSE: F)") end if %> shifted into reverse, losing $1 3/8 to $55 5/8 after announcing plans to build 968,000 cars and trucks in North America in Q3, a 3.4% drop from last year. The No. 2 U.S. automaker also reported a 2% increase in May sales... Networking products and services company Newbridge Networks <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NN)") else Response.Write("(NYSE: NN)") end if %> gave back $4 5/8 to $25 3/8 after reporting Q4 EPS of $0.13 (before charges) compared with $0.28 for the prior-year period and in line with analysts' estimates. The company's shares rose $1 1/2 yesterday on anticipation of strong Q4 earnings.
Hospitals owner and operator Tenet Healthcare <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: THC)") else Response.Write("(NYSE: THC)") end if %> was cut $2 15/16 to $31 as BT Alex. Brown lowered its 1999 EPS estimate to $2 from $2.05... Disk drive thin-film media maker Komag Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: KMAG)") else Response.Write("(Nasdaq: KMAG)") end if %> dropped $1 3/16 to $8 after warning it will take a one-time charge of $135-$185 million in Q2 and expects a loss (excluding the charge) "similar in magnitude" to the $58 million Q1 loss. The company expects to return to profitability in the first half of next year... Semiconductor manufacturer Integrated Device Technologies <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: IDTI)") else Response.Write("(Nasdaq: IDTI)") end if %> tumbled $1 7/32 to $7 17/32 after announcing that it expects fiscal 1999 Q1 and Q2 results to fall below previous quarters, with an estimated 10% drop in Q1 revenue and a pre-tax loss from operations of about $15 million. Q1 results will also include a one-time charge of roughly $25-$45 million.
Power conversion equipment, real-time systems, and logistics management company Artesyn Technologies <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ATSN)") else Response.Write("(Nasdaq: ATSN)") end if %> fell $2 9/32 to $13 1/2 after warning that it expects Q2 revenue and earnings to be below analysts' estimates. Earnings probably will come in around $0.15 per share compared with $0.26 last year and Wall Street expectations of $0.27... PC products distributor Tech Data <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TECD)") else Response.Write("(Nasdaq: TECD)") end if %> shed $3 15/16 to $35 5/8 after reporting Q1 EPS of $0.46, compared with last year's $0.41 and in line with estimates. Q1 figures include results from Macrotron AG, in which the company acquired a controlling interest last July... Giant Cement Holding <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GCHI)") else Response.Write("(Nasdaq: GCHI)") end if %> sank $1 3/8 to $23 1/8 after announcing late yesterday that Q2 earnings will be "well below" analysts' expectations due to equipment problems, additional costs to improve its newly acquired Solite unit's operating levels, and a delay in resumption of the use of waste fuels at its Keystone operation until early Q3.
Arco Chemical <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: RCM)") else Response.Write("(NYSE: RCM)") end if %> declined $3 1/4 to $53 1/16 after Atlantic Richfield <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ARC)") else Response.Write("(NYSE: ARC)") end if %> announced plans to reduce its stake in the chemicals company to 50% by selling shares to Arco Chemical and to the public... Drug delivery technologies company Andrx Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ADRX)") else Response.Write("(Nasdaq: ADRX)") end if %> dipped $1 1/4 to $32 after Medix Resources <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MDIX)") else Response.Write("(Nasdaq: MDIX)") end if %> announced that, along with wholly owned subsidiary Cymedix Lynx Corp., it has filed a lawsuit in Florida state district court against Andrx and several of its officers for theft and unlawful appropriation of Cymedix's computer medical software for remote online healthcare providers and its Internet medical communications technology... Quaker Fabric <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: QFAB)") else Response.Write("(NYSE: QFAB)") end if %> was ripped for $1 3/4 to $24 1/2 after the upholstery fabric maker filed to sell 3.75 million shares... Power-One <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PWER)") else Response.Write("(Nasdaq: PWER)") end if %>, which makes electrical power regulation devices, fell $1 9/16 to $8 3/16 on fears that the company will report disappointing earnings.
FOOL
ON THE HILL
An Investment Opinion
by
Louis Corrigan
Reading the Financing Tea Leaves
Imagine you are CEO of a public company and in need of cash to finance a new project. You could: A) Sell more stock on the open market in a secondary offering; B) Float a junk bond offering at about a 10% annual interest rate; C) Secure a bank loan at a 7 1/2% rate; D) Sell convertible preferred stock to private investors at a discount to the market price; or E) Sell some of your own shares and loan your company part of the cash. Choose.
This isn't some finance nightmare, just a simple exercise to help you recognize that what you already know can make you a better investor. That's because the type of financing a firm arranges says a lot about the quality of the business and management's view of the stock price. After all, you know the most creditworthy applicants may qualify for a credit card with a 6.9% annual rate whereas others must pay 19.9%. But you also know that you wouldn't bother with a credit card if someone were willing to pay you $5,000 for that Beanie Baby you bought for five bucks. Like you, a CEO wants the best deal his company can get.
Crappy companies are often easy to spot because they have poor financing options. For example, many high-risk microcaps can't sell more shares through a secondary offering, and they often can't find bank financing at any rate. So they often end up doing private placements of convertible preferred stock. In these deals, big money investors, often offshore limited partnerships, inject cash into a company for the right to convert that cash into common stock later, often at an enormous discount to the stock's market price. In cases where there is no floor on the conversion price, these investors may have a tremendous incentive to short the living daylights out of the stock.
Yet even solid corporations may choose very different financing options based on market conditions. Unless they're already loaded down with debt, companies usually prefer debt since it can be paid off over a fixed time period out of operating profits without forever diluting the value of existing shares. Corporations usually only issue new stock when the market is willing to pay a pretty penny for it. A number of academic studies support this view, revealing that companies that sell stock to the public in an initial public offering or a follow-on secondary offering, or use their stock as currency in acquisitions, have historically seen their shares underperform comparable companies for roughly the next five years. Of course, this is on average, and there are certainly exceptions.
A cursory look at recently hot Internet stocks suggests that financing deals reveal a lot. Let's start with a market leader, online retailer Amazon.com <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMZN)") else Response.Write("(Nasdaq: AMZN)") end if %>. In May, Amazon floated a bond offering, raising a surprising $326 million. Though the annual percentage rate is a high 10%, the company doesn't have to start paying off the loan until November 2003, when it should have an easier time making payments, if you believe Amazon's story. Or it could just call the bonds.
This deal tells us several things. First, Amazon is a high-risk venture, and debt-holders want to be compensated sufficiently for that risk. Second, to pump so much money into the firm, investors also have great confidence in founder and CEO Jeff Bezos and in Amazon's first-mover advantages. Debt-holders have preferential dibs on a firm's assets, so it was probably easier to raise so much money via debt rather than equity. Still, $326 million is a huge sum for an e-commerce startup company.
Third, Bezos believes in Amazon's future. When the bonds were sold, Amazon's shares were trading near an all-time high, up around 450% since going public at a split-adjusted $9 in May '97. Bears are convinced the company was and still is overvalued. If this were true, Amazon should have been happy to do a secondary stock offering, with Bezos likely selling more of his own shares. Bezos may be wrong, but it's bullish for the stock that he took advantage of the bustling market in all things Internet to do a debt offering instead.
Contrast this deal to online CD seller N2K's <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NTKI)") else Response.Write("(Nasdaq: NTKI)") end if %> secondary offering. After going public last October at $19, the company gladly offered another two million shares to the public on April 15 at $33 apiece, with company insiders selling an additional 1.25 million shares. There's no question that N2K needs a war chest to pay for marketing deals with the likes of America Online <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AOL)") else Response.Write("(NYSE: AOL)") end if %> and to create an online presence. Yet, it's disconcerting, though hardly unusual, to see insiders use a secondary to trim their holdings. Although insiders have many legitimate reasons to sell, the impression here was that they were doing exactly the opposite of what Bezos did -- expressing a lack of confidence in N2K's long-term prospects by cashing out more shares now. The stock has since fallen to $19 3/4.
Or consider CDNow <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CDNW)") else Response.Write("(Nasdaq: CDNW)") end if %>, another leading online CD vendor. CDNow went public in February at $16. Yet given that it must compete against N2K and Amazon, the company immediately went back for more money. In contrast to N2K's secondary, CDNow's insiders aren't selling shares. That's positive. What's negative is that the company has persisted in trying to do a deal despite the stock's plunge from $39 to $17 3/4. Is the stock still richly valued even at these depressed levels? If CDNow must raise more cash now given the moves by its competitors, what does that suggest about the deep pockets required to compete in this industry?
Then there's K-tel <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: KTEL)") else Response.Write("(Nasdaq: KTEL)") end if %>. While the above three companies had legit financing options as well as a bunch of cash even before they sought more, K-tel had neither. On May 15, the company announced that Chair Philip Kives and President David Weiner were providing the firm with an $8 million bridge loan. Some supporters took this as a vote of confidence, but a more skeptical view seemed warranted. During May, six company insiders, including Kives and Weiner, cashed out 693,000 shares, most sold at around $30 a share. While that was cause enough to worry, the bridge loan arrangement suggested that no underwriter was willing to float a K-tel secondary offering or even a debt offering. One could also have viewed the loan as a savvy means for Kives and Weiner to justify the stock sales while actually moving assets from volatile K-tel stock to more secure K-tel debt. As predicted, K-tel has since plunged to $14 1/2 so far.
Similar lessons can be drawn from other high-risk Internet-related ventures. Consider Internet software developer 7th Level <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SEVL)") else Response.Write("(Nasdaq: SEVL)") end if %>. On April 22, the stock soared to $13 a share after trading at just $1 3/4 two days earlier. The same day, however, the company announced that it had raised $10 million in a private placement of convertible preferred stock and warrants. "Under the terms of the placement, the Company may be obligated to issue up to 8.275 million shares of common stock," according to the press release. Aside from the awesome dilution that amounted to given the 13.8 million shares then outstanding, it also meant the company had basically sold shares for $1.21 a piece, a 31% discount to the price even before the run-up and a 91% discount to what clueless investors were paying the day this deal was announced. The stock has since collapsed to $4.
Other hot Internet stocks such as General Magic <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GMGC)") else Response.Write("(Nasdaq: GMGC)") end if %> and C-Phone <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CFON)") else Response.Write("(Nasdaq: CFON)") end if %> have recently done discounted convertible offerings. That suggests these are extraordinarily high-risk outfits. Judging by their financing alone, an investor bringing some pretty basic knowledge to the game has to figure that, barring a major surprise, both are very likely to give back most if not all of their recent gains.
Please see the Motley Fool's Conference Calls page for call information and links to synopses.
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