DJIA 8665.29 +37.36 (+0.43%) S&P 500 1087.58 +10.57 (+0.98%) Nasdaq 1753.11 +37.36 (+2.18%) Value Line ndx 919.26 +8.37 (+0.92%) 30-Year Bond 106 24/32 -1 6/32 5.65% Yield
Time Warner <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TWX)") else Response.Write("(NYSE: TWX)") end if %> gained $4 5/8 to $77 13/16 on news that software giant Microsoft <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MSFT)") else Response.Write("(Nasdaq: MSFT)") end if %> and PC giant Compaq <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CPQ)") else Response.Write("(NYSE: CPQ)") end if %> will each invest $212.5 million in the media and entertainment company's Road Runner joint venture with MediaOne Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: UMG)") else Response.Write("(NYSE: UMG)") end if %>. Microsoft and Compaq topped earlier bids from Oracle <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ORCL)") else Response.Write("(Nasdaq: ORCL)") end if %> and Intel <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INTL)") else Response.Write("(Nasdaq: INTL)") end if %> to each win a 10% stake in Road Runner, which delivers high-speed Internet access using cable modem technology and has about 90,000 customers. The investment's appeal is that not only is cable Internet access fast, it is always on, and Road Runner has exclusive access to its cable partners' customers. Under the agreement, Microsoft and Compaq together will have a 50% say in the company's technical committee, but won't make purchasing decisions or have much say regarding corporate governance. According to Forrester Research in Boston, the number of North American homes with cable modems will grow from 200,000 this year to 700,000 by the end of next year and to 13.6 million by the end of 2002. Road Runner aims to have 150,000 customers by year end. Microsoft was up $3 15/16 to $89 7/8, and Compaq added $1 3/16 to $28 5/16.
Medical device manufacturer Boston Scientific <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BSX)") else Response.Write("(NYSE: BSX)") end if %> advanced $1 3/4 to $62 3/4 after announcing that it will acquire cardiovascular devices specialist Schneider Worldwide from drug company Pfizer <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PFE)") else Response.Write("(NYSE: PFE)") end if %> for $2.1 billion in cash. Boston Scientific is the largest medical device company in the world dedicated to minimally invasive therapies -- devices that are inserted in natural openings in the body or through small incisions. The company has grown its topline at a compound annual rate of 28% since 1993. With this acquisition, Boston Scientific plans to take the lead in the market for peripheral stents, which is not quite as hotly contested as the market for coronary stents, but is expected to grow 12% a year. The company now stands within a couple of weeks of a probable FDA approval for two new stents. The launch of these products is expected to boost sales growth to 30% by the fourth quarter and will probably nudge operating margins upward. If the company can manage to capture 15% of the U.S. stent market in 1999, it can probably manage $210 million in stent revenues.
The nation's second largest equipment rental company U.S. Rentals <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: USR)") else Response.Write("(NYSE: USR)") end if %> surged $3 5/16 to $33 1/2 after announcing it has agreed to be acquired by smaller rival and consolidator United Rentals <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: URI)") else Response.Write("(NYSE: URI)") end if %> for about $1 billion in stock. U.S. Rentals shareholders will receive 0.9625 United Rentals shares for each U.S. Rentals share, which translates to a price of $32.12 per share, a 6.4% premium to U.S. Rentals' closing price yesterday. United Rentals, which jumped $2 3/8 to $35 3/4, also will assume $250 million in debt. The combined company will be the largest equipment rental company in North America with 296 rental locations in 33 states, Canada, and Mexico, and a 5% market share in the equipment rental industry.
Contract electronics manufacturer Solectron <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SLR)") else Response.Write("(NYSE: SLR)") end if %> gained $3 5/8 to $40 5/8 after reporting a 14% increase in Q3 EPS of $0.41 on a 30% year-over-year increase in revenues. The company also announced an alliance with electronics distributor and value-added reseller Ingram Micro <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IM)") else Response.Write("(NYSE: IM)") end if %> to facilitate that company's PC build-to-order and configure-to-order strategy. Investors, relieved that the company delivered its quarterly update with no surprises and no major warnings on upcoming quarters, also bid up other contract manufacturers. SCI Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SCI)") else Response.Write("(NYSE: SCI)") end if %>, another top tier contract manufacturer that is most likely to sign an alliance similar to Solectron's deal, gained $2 3/16 to $34 3/16. Flextronics <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FLEXF)") else Response.Write("(Nasdaq: FLEXF)") end if %> gained $2 1/8 to $38 1/2, Sanmina <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SANM)") else Response.Write("(NYSE: SANM)") end if %> rose $3 1/2 to $37 3/8, and Jabil Circuit <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: JBL)") else Response.Write("(NYSE: JBL)") end if %> added $2 9/16 to $34 1/2.
QUICK TAKES: Dell Computer <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DELL)") else Response.Write("(Nasdaq: DELL)") end if %> rose $4 23/32 to $84 31/32 on reports that the PC maker and direct seller is in talks with Microsoft <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MSFT)") else Response.Write("(Nasdaq: MSFT)") end if %> about custom designing PCs to more closely suit consumers' needs... Online service provider America Online <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AOL)") else Response.Write("(NYSE: AOL)") end if %> gained $3 7/8 to $89 after announcing a multi-year agreement with IBM <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IBM)") else Response.Write("(NYSE: IBM)") end if %> under which AOL Interactive Service software will be pre-installed on all of IBM's consumer Aptiva and ThinkPad computers... Online bookseller Amazon.com <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMZN)") else Response.Write("(Nasdaq: AMZN)") end if %> continued gaining ground, rising $7 7/8 to $73 5/8, in one of the nastiest-looking short squeezes in recent memory... Yahoo! Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: YHOO)") else Response.Write("(Nasdaq: YHOO)") end if %> advanced $6 11/16 to $121 15/16 after announcing an agreement between Asia CD, an online Asian music store, and Yahoo! Chinese, the company's Chinese language Internet directory.
Computer network equipment maker 3Com <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: COMS)") else Response.Write("(Nasdaq: COMS)") end if %> rose $1 3/8 to $25 9/16 after CEO Eric Benhamou dispelled speculation that he would leave the company after a new COO was appointed... U.K.-based drug maker SmithKline Beecham <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SBH)") else Response.Write("(NYSE: SBH)") end if %> gained $2 7/16 to $59 13/16 after announcing it has received wider U.S. government clearance for its herpes drug Famvir... Oil and oil service companies recovered some today with the rise in crude oil prices. Exxon <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: XON)") else Response.Write("(NYSE: XON)") end if %> climbed $1 15/16 to $69 9/16; Mobil <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MOB)") else Response.Write("(NYSE: MOB)") end if %> added $1 1/2 to $75 1/4; British Petroleum <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BP)") else Response.Write("(NYSE: BP)") end if %> spurted $3 1/8 to $86 1/8; and Amoco <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AN)") else Response.Write("(NYSE: AN)") end if %> picked up $1 to $41 7/8. Among the oil service companies, Schlumberger <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SLB)") else Response.Write("(NYSE: SLB)") end if %> added $1 15/16 to $70 3/4; Ensco International <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ESV)") else Response.Write("(NYSE: ESV)") end if %> climbed $1 1/8 to $18 9/16; Halliburton <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HAL)") else Response.Write("(NYSE: HAL)") end if %> gained $1 1/8 to $43 3/16; Noble Drilling <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NE)") else Response.Write("(NYSE: NE)") end if %> rose $1 3/8 to $24 1/4; Cooper Cameron <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: RON)") else Response.Write("(NYSE: RON)") end if %> jumped $3 1/16 to $52 7/8; and EVI Weatherford <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: EVI)") else Response.Write("(NYSE: EVI)") end if %> picked up $1 1/16 to $36 1/16.
First Union <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: FTU)") else Response.Write("(NYSE: FTU)") end if %> added on $1 3/8 to $60 15/16 after the Charlotte-based bank announced a quarterly dividend hike to $0.42 a share from $0.37 -- the third increase in the past year... Network software developer Novell <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NOVL)") else Response.Write("(Nasdaq: NOVL)") end if %> $1 to $13 after announcing that the U.S. Court of Appeals for the Federal Circuit has affirmed the invalidity opinion of the U.S. District Court for the Northern District of California regarding the patent infringement suit brought against Novell by Action Technologies... Waste Management <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WMX)") else Response.Write("(NYSE: WMX)") end if %> picked up $1 3/16 to $32 1/2 after the waste management services company priced its previously announced offering of 20 million shares at $31 5/16 per share.
Teleglobe <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TGO)") else Response.Write("(NYSE: TGO)") end if %> jumped $3 1/2 to $55 5/8 following yesterday's news that the Montreal-based telecommunications network company is acquiring U.S. long-distance company Excel Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ECI)") else Response.Write("(NYSE: ECI)") end if %> at a price that represented about a 17% discount to Excel's closing price on Friday...
Neff Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NFF)") else Response.Write("(NYSE: NFF)") end if %> jumped $1 3/8 to $11 1/4 after Morgan Stanley Dean Witter started coverage of the equipment rental company with a "strong buy" rating... Biotechnology firm Emisphere Technologies <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: EMIS)") else Response.Write("(Nasdaq: EMIS)") end if %> added $15/16 to $13 1/8 after reporting Q3 EPS of $0.10, up from a loss of $0.22 for the year-ago period.
Temporary employment services firm Manpower Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MAN)") else Response.Write("(NYSE: MAN)") end if %> was manhandled for a $10 1/2 loss to $27 11/16 after saying it will report fiscal Q2 EPS between $0.30 and $0.32, which is below the $0.49 earned a year ago and short of the First Call mean estimate of $0.47. The company said rising costs at its international offices and higher social security costs for workers in France will hamper its results. Revenues from France are up 38% since the start of the year, but that growth has not been able to offset the hit to operating earnings caused by a French tax law change. Previously, employers that paid workers only one-third more than the minimum wage (currently about $6.50 per hour) were exempt from paying social security taxes on those workers. Earlier this year, the French government changed the exemption to workers earning only 30% more than the minimum wage.
Millipore Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MIL)") else Response.Write("(NYSE: MIL)") end if %> slid $2 to $28 1/4 after the maker of liquid purification systems said its fiscal Q2 and Q3 earnings will come in as much as 50% below analysts' estimates. The company had been expected to earn $0.30 per share in Q2 and $0.38 per share in Q3, according to analysts surveyed by First Call. To improve its results, the firm said it will consolidate its administrative staff, outsource logistics operations, and streamline its organizational structure, which will result in an unspecified Q3 charge. Since some of the company's products are used to clean chemicals used in making silicon chips, Millipore is suffering from the industry-wide slowdown in semiconductors and the Asian financial crisis much like other, more well-known companies involved in the chip fabrication process.
QUICK CUTS: IBM <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IBM)") else Response.Write("(NYSE: IBM)") end if %> lost $2 1/4 to $110 after Merrill Lynch cut the computer giant's fiscal Q2 earnings estimate to $1.45 per share from $1.52 per share, citing the impact of the strong dollar on the company's international sales... Casual clothing retailer Gap Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GPS)") else Response.Write("(NYSE: GPS)") end if %> was ripped for a $1 1/8 loss to $58 after Goldman Sachs took the company off of its "priority list" in favor of its "recommended list"... Consumer products maker Sunbeam Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SOC)") else Response.Write("(NYSE: SOC)") end if %> slid another $1 7/8 to $13 7/8 as The Wall Street Journal reported that the firm may not give "Chainsaw" Al Dunlap any severance benefits, even though his contract includes a $5 million package with the right to immediately exercise Sunbeam stock options.
PC direct marketer Micron Electronics <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MUEI)") else Response.Write("(Nasdaq: MUEI)") end if %> fell $7/16 to $10 1/2 after reporting fiscal Q3 EPS of $0.06, which includes a $4.4 million, or $0.03 per share, net gain related to Micron's decision to change on-site service contract providers for its desktop PCs in the U.S... Innova Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INVA)") else Response.Write("(Nasdaq: INVA)") end if %>, which makes millimeter wave radios for wireless communications systems, sank $1 1/16 to $5 after saying increased price pressures for its products will reduce fiscal Q2 revenues and earnings. First Call had called for earnings of $0.10 per share in the period... Timber and forest products company Weyerhaeuser Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WY)") else Response.Write("(NYSE: WY)") end if %> slipped $1 3/16 to $45 7/8 as investors feared the worst ahead of a conference call after the market's close in which officials were expected to talk about current market conditions and the Asian financial crisis.
Water purification and treatment systems developer U.S. Filter Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: USF)") else Response.Write("(NYSE: USF)") end if %> lost $13/16 to $28 7/8 after the president and CEO of U.S. Filter merger partner Culligan Water Technologies <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CUL)") else Response.Write("(NYSE: CUL)") end if %> resigned... Home furnishings manufacturer Springs Industries <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SMI)") else Response.Write("(NYSE: SMI)") end if %> fell $7 1/2 to $48 3/4 after saying fiscal Q2 earnings will be "less than half" the $0.81 per share reported a year ago. The Street had been expecting earnings of $0.86 per share... PVC resins and vinyl compounds maker Geon Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GON)") else Response.Write("(NYSE: GON)") end if %> lost $15/16 to $20 after saying it expects to report fiscal Q2 earnings between $0.20 and $0.25 per share, missing the First Call mean estimate of $0.42... Dental center management firm Coast Dental Services <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CDEN)") else Response.Write("(Nasdaq: CDEN)") end if %> was drilled for $3 3/8 to $14 3/4 after Interstate/Johnson Lane downgraded the company to "long-term buy" from "strong buy."
Video-editing software developer Avid Technology <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AVID)") else Response.Write("(Nasdaq: AVID)") end if %> slumped $1 3/4 to $35 7/8 after agreeing to buy Microsoft's <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MSFT)") else Response.Write("(Nasdaq: MSFT)") end if %> SoftImage special-effects software business for $285 million in cash, notes, and stock purchase warrants... Israeli pharmaceutical company Teva Pharmaceutical Industries <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TEVIY)") else Response.Write("(Nasdaq: TEVIY)") end if %> slid $3 to $35 11/16 after being downgraded to "buy" from "strong buy" by Gruntal & Co... Life insurance holding company PennCorp Financial Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PFG)") else Response.Write("(NYSE: PFG)") end if %> lost $1 11/16 to $22 3/16 after president and CFO Steven Frickes resigned in order to form an investment group and make a bid for the company's Pennsylvania Life Insurance and Union Bankers Insurance subsidiaries.
Metal structures and irrigation equipment maker Valmont Industries <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: VALM)") else Response.Write("(Nasdaq: VALM)") end if %> fell $1 3/4 to $16 3/4 after saying weakness in the industrial products industry will result in fiscal Q2 earnings between $0.24 and $0.26 per share, short of the First Call mean estimate of $0.35 per share... Albany International Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AIN)") else Response.Write("(NYSE: AIN)") end if %>, which makes fabric used in the paper production process, dropped $1 11/16 to $24 5/16 after saying slow sales and the Asian financial crisis will result in fiscal Q2 EPS of $0.35, missing the Street's estimate by a dime... Jacobs Engineering Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: JEC)") else Response.Write("(NYSE: JEC)") end if %> lost $1 3/4 to $30 3/8 after Donaldson, Lufkin & Jenrette lowered its rating on the construction and engineering services company to "market perform" from "buy."
FOOL
ON THE HILL
An Investment Opinion
by
Dale Wettlaufer
Growth Isn't Always Good
Investors have taken to heart the idea that growth is good. The shorthand for company performance today is encapsulated in the following news blurb: "Growth Stock X jumped $10 to $40 after announcing first quarter EPS of $0.10, up 50% over last year, beating the mean analysts' estimate of $0.05." Earnings growth alone isn't responsible for advances in shareholder value, though. The quality of earnings and the underlying levers of leverage, margins, and capital productivity are a big part of the reason why stocks move up or down. Earnings per share growth is only part of the puzzle as to why the value of a business increases.
There are two moving parts to the movement in a stock's price -- the valuation multiple and the growth of the value to which a multiple is assigned. For example, if earnings per share increases 20% year-over-year and a company holds its valuation of 20 times earnings per share, then its share price will have advanced 20% over that year. However, one can't assume that P/E multiples will always stay static. The contraction or expansion of P/E multiples is very much related to underlying dynamics. For instance, recent lamentations from various popular magazines regarding market P/E multiples ignore the fact that the S&P 500 as a group is free cash flow positive for the first time in a very long time and that the aggregate inventory/sales ratio for the S&P 500 is at its lowest point in decades. Corporations are managing their supply chains better and have to tie up less cash in current assets. The less current assets you need to run your business, the more those current assets can be financed by current liabilities.
Say you're running a business with 60 days of inventory on hand, 45 days sales in receivables, and your noninterest-bearing current liabilities turn over 14 times a year, or every 26 days or so. You're generating negative working capital float because cash flows out for current assets more quickly than cash comes in from current liabilities. Incremental increases in sales will suck up cash, so an investor has to look not just at capital expenditures when a company expands, but they also must consider the need to finance this negative working capital float.
The S&P 500 companies have effectively reduced their financing needs, as evidenced by the established long-term decline in inventory-to-sales ratios. The capital necessary to expand sales is thus reduced, meaning the net burden on the liabilities and equity side of the balance sheet is lessened. The earnings growth that results, even before counting the decreased interest costs of carrying the negative working capital float, is of a higher quality than that of a company that has to pour cash into receivables and inventories to facilitate growth.
Berkshire Hathaway <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BRK.A and BRK.B)") else Response.Write("(NYSE: BRK.A and BRK.B)") end if %> Chairman Warren Buffett has said, "I am a calculator." Besides his innate and highly apparent facility with numbers, Buffett spent a lot of time doing calculations on the way a company's financials work before he got to the point where he could make a bid on a business with a look at its financials and no extensive due diligence. Eventually, one gets to the point where the principles of assessing return on invested capital and economic value added (EVA), whether you call your mechanism these things or not, becomes a basal function for the investor.
A company beating its cost of capital is easy to spot by looking at its financials. If a company starts in year A with average invested capital of X and generates a return on invested capital of 0.2 X (or 20%) and the cost of its capital is 10%, then that spread between return on invested capital and cost of capital indicates that it is creating value. If it then follows up with a 20% increase in after-tax operating earnings with an increase of only 10% in average invested capital, then that spread will widen and its valuation should increase if it can sustain these economics.
The incredible expansion of the P/E in the shares of Coca-Cola Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: KO)") else Response.Write("(NYSE: KO)") end if %> over the last fifteen years is very much a product of this thinking. With a core business producing products with universal applicability and appeal, CEO Roberto Goizueta eventually came to the conclusion that there was more than enough room for growth without the synergies of things like its Columbia Pictures investment. If return on additional invested capital in the movie business was 15% but was 30% in the soft drink business, the movie business was correctly divested. The return on the redirected resources confirmed the decision. You can buy a lot of things that will make earnings grow, but if the returns on those things are lower than could otherwise be reasonably attained, the P/E of your stock will drop. Although a useful discounting mechanism if the economic characteristics of a business don't change, the price-to-earnings growth model (or PEG) doesn't take into account what is driving earnings growth.
This is where the concept of return on marginal invested capital should be applied. Although it looks at the change in after-tax operating earnings over the change in average invested capital and thus looks at what has already happened, it tells you about the economic characteristics of new investments being made. If Coke were to start making investments that generated a 10% return on invested capital, it could still grow earnings at a very high rate if it threw lots of money at those investments. However, its return on marginal invested capital couldn't be hidden. Its P/E would fall below its current level above 50 if new investments showed such a poor return.
Growth isn't always good, and stocks aren't always underpriced at a P/E equal to half their growth rate or overpriced if they're generating no earnings. How they are going generate earnings in the future and the economic resources needed to do so and to generate further earnings increases off that base are paramount to the valuation of a company. Those rare large companies that can internally finance rapid growth over a number of years (not just through one or two product cycles, which is when most growth companies start to stagnate) are worth a heck of a lot more than most other publicly traded companies.
Please see the Motley Fool's Conference Calls page for call information and links to synopses.
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Contributing Writers Yi-Hsin Chang (TMF Puck), a Fool Brian Graney (TMF Panic), Fool Two Alex Schay (TMF Nexus6), Fool, too Dale Wettlaufer (TMF Ralegh), Final Fool
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