DJIA 8574.85 +149.85 (+1.78%) S&P 500 1083.67 +20.92 (+1.97%) Nasdaq 1818.04 +27.85 (+1.56%) Value Line ndx 861.04 +5.10 (+0.60%) 30-Year Bond 99 9/32 -4/32 5.55% Yield
Spyglass <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SPYG)") else Response.Write("(Nasdaq: SPYG)") end if %>, a developer of Internet software and technologies for TV set-top boxes, network computers, and cellular phones, rose $1 3/8 to $11 1/4 after disclosing a licensing agreement with Motorola <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MOT)") else Response.Write("(NYSE: MOT)") end if %> in a federal filing on Friday. According to the filing, Spyglass agreed in June to license versions of its Mosaic and MicroServer software and its ThinGUI graphics library to Motorola for an unspecified product. Spyglass CEO Douglas Colbeth told several news outlets that the agreement is worth "multiple millions" of dollars over an unspecified time frame, making it the largest deal for the company since it entered the Internet devices market in fiscal 1997. Investors are hoping Spyglass will benefit as Internet users transition to non-PC access devices, such as screenphones and smart handheld devices. The Motorola deal validates that strategy somewhat and also provides Spyglass with some much needed visibility of its future prospects.
Shares of semiconductor capital equipment companies took off today after automated test equipment and electronic equipment backplane manufacturer Teradyne <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TER)") else Response.Write("(NYSE: TER)") end if %> announced that semiconductor fabrication company Taiwan Semiconductor Manufacturing <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TSM)") else Response.Write("(NYSE: TSM)") end if %> has purchased "multiple" Catalyst test systems. As back-end test equipment is usually the first capital equipment to be added to a fabrication facility (fab) to increase output, this news and news of another order for Teradyne from another Taiwan merchant fab were greeted warmly by other semiconductor capital equipment manufacturers. Applied Materials <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMAT)") else Response.Write("(Nasdaq: AMAT)") end if %> climbed $2 3/16 to $33 5/16 and Novellus <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NVLS)") else Response.Write("(Nasdaq: NVLS)") end if %> added $3 5/16 to $39 11/16. Today's news follows last week's large order for other types of assembly equipment from Kulicke & Soffa <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: KLIC)") else Response.Write("(Nasdaq: KLIC)") end if %>, which usually acts as one of the better barometers for the semiconductor and semiconductor capital equipment industry. Also moving today was KLA-Tencor <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: KLAC)") else Response.Write("(Nasdaq: KLAC)") end if %>, the leader in yield enhancement and process control equipment for the semiconductor industry. SoundView started coverage of the company with a "long-term buy" rating, estimating fiscal 2000 EPS of $1.74, well above the current IBES estimate of $1.58.
Vascular radiation devices maker Novoste Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NOVT)") else Response.Write("(Nasdaq: NOVT)") end if %> gained $4 1/16 to $15 1/16 after saying 78 of 85 patients in a trial group of its Beta-Cath system reported a 50% reduction in their restenosis rate compared to a control group after receiving radiation treatment with the device. Restenosis refers to the renarrowing of the arteries following treatment with balloon angioplasty. After an angioplasty, healthcare workers can use the Beta-Cath to keep the arteries open, increasing the effectiveness of the less-invasive angioplasty procedure vis-a-vis the longer-lasting but more expensive and strenuous coronary artery bypass graft surgery. Novoste is hoping the system, which may be approved for limited use in Europe by the end of the year, will either become a stand-alone treatment for restenosis or will be used in conjunction with coronary stents made by firms such as Guidant <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GDT)") else Response.Write("(NYSE: GDT)") end if %> and Boston Scientific <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BSX)") else Response.Write("(NYSE: BSX)") end if %>.
QUICK TAKES: Chemicals and life sciences company DuPont <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DD)") else Response.Write("(NYSE: DD)") end if %> rose $1 13/16 to $55 1/16 after an article in a British newspaper this weekend suggested the company is on the verge of selling its Conoco oil production and refining unit to France's Elf Aquitaine <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ELF)") else Response.Write("(NYSE: ELF)") end if %>... Glaxo Wellcome <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GLX)") else Response.Write("(NYSE: GLX)") end if %> picked up $1 3/4 to $62 on renewed speculation that it will merge with fellow British drugmaker SmithKline Beecham <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SBH)") else Response.Write("(NYSE: SBH)") end if %>. SmithKline rose $2 15/16 to $57 3/4. An earlier proposed combination between the two firms fell apart in February... Drugmaker Pfizer <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PFE)") else Response.Write("(NYSE: PFE)") end if %> advanced $3 7/16 to $104 5/8 as Gruntal & Co. and SG Cowen both reiterated their "strong buy" ratings on the stock.
Chip giant Intel Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INTC)") else Response.Write("(Nasdaq: INTC)") end if %> tacked on $3 3/8 to $89 9/16 after Lehman Brothers reiterated its "outperform" rating on the stock and raised its 12-month price target to $95 per share from $80 per share... Home improvement products retailer Lowe's Companies <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LOW)") else Response.Write("(NYSE: LOW)") end if %> climbed $1 1/4 to $38 15/16 after reporting fiscal Q2 EPS of $0.47, beating the Street's estimate by a penny... Air carrier U.S. Airways Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: U)") else Response.Write("(NYSE: U)") end if %> rose $1 7/8 to $68 3/4 after saying it has reached a tentative labor agreement with the union representing about 6,100 of its baggage handlers and related employees... NationsBank Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NB)") else Response.Write("(NYSE: NB)") end if %> tacked on $3 1/8 to $73 3/16 as the Federal Reserve gave the green light to the firm's proposed merger with fellow banking giant BankAmerica Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BAC)") else Response.Write("(NYSE: BAC)") end if %>. BankAmerica rose $2 3/4 to $82 1/8.
Direct PC marketer Dell Computer <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DELL)") else Response.Write("(Nasdaq: DELL)") end if %> gained $4 15/16 to $110 9/16 ahead of its fiscal Q2 earnings announcement tomorrow... Computing products company Apple Computer <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AAPL)") else Response.Write("(Nasdaq: AAPL)") end if %> added $1 7/16 to $41 15/16 after introducing its new iMac computer to shoppers on Saturday. Retailer CompUSA <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CPU)") else Response.Write("(NYSE: CPU)") end if %> declined to say exactly how many iMacs it sold on Saturday, but told Bloomberg News the number is in the "thousands"... Electronics retailer Circuit City Stores <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CC)") else Response.Write("(NYSE: CC)") end if %> moved up $2 5/16 to $42 7/16 as Prudential Securities reiterated its "strong buy" rating on the stock... Toy retailer Toys R Us <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TOY)") else Response.Write("(NYSE: TOY)") end if %> added $3/16 to $20 3/16 after reporting fiscal Q2 EPS (before a charge) of $0.06, beating the First Call mean estimate by a penny.
Online transaction processing services provider Pegasus Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PEGS)") else Response.Write("(Nasdaq: PEGS)") end if %> rose $2 3/8 to $19 5/8 after announcing that its TravelWeb online reservations service will become the exclusive travel services provider for online streamed media aggregator and programmer Broadcast.com <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BCST)") else Response.Write("(Nasdaq: BCST)") end if %>. Broadcast.com also climbed $3 5/8 to $56 7/8... Laser vision correction systems maker Visx <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: VISX)") else Response.Write("(Nasdaq: VISX)") end if %> added $1 25/32 to $63 1/16 thanks to a Hambrecht & Quist upgrade to "strong buy" from "buy"... Air quality products maker Trion <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TRON)") else Response.Write("(Nasdaq: TRON)") end if %> gained $1 7/8 to $6 5/8 after agreeing to a $7.27 per share cash buyout bid from Britain's McLeod Russel Holdings PLC.
Non-textbook educational products supplier School Specialty <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SCHS)") else Response.Write("(Nasdaq: SCHS)") end if %> rose $2 15/16 to $14 after agreeing to acquire privately held school supplies distributor The Beckley-Cardy Group for $76 million in cash and $60 million in assumed debt... Mortgage insurance provider MGIC Investment Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MTG)") else Response.Write("(NYSE: MTG)") end if %> moved up $1 13/16 to $46 15/16 after Sanford Bernstein raised its rating to "outperform" from "market perform"... Printed circuit board (PCB) designer and manufacturer Praegitzer Industries <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PGTZ)") else Response.Write("(Nasdaq: PGTZ)") end if %> advanced $1 1/4 to $8 courtesy of an Advest upgrade to "strong buy" from "market perform."
Houston-based Waste Management <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WMI)") else Response.Write("(NYSE: WMI)") end if %> fell $1 5/16 to $51 3/8 after announcing it will acquire Eastern Environmental Services <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: EESI)") else Response.Write("(Nasdaq: EESI)") end if %> in a stock swap valued at around $1.3 billion, or $33.75 per share, based on Waste Management's closing price Friday -- a 5.5% premium to Eastern's close Friday. Today Eastern lost $1 3/8 to $30 5/8. Eastern shareholders will receive 0.6406 of a Waste Management share for each Eastern share. The companies expect the transaction will add about a nickel a share to their combined 1999 earnings and anticipate synergies of around $75 million next year. The Eastern acquisition is yet another merger in the rapidly consolidating waste management industry. Last month Waste Management closed a $19.13 billion merger with USA Waste Services. Likewise, Eastern recently bought Atlantic Waste Disposal, a unit of Australian transport company Brambles Industries Ltd., as well as a Florida-based recycler. Elsewhere in the industry, Allied Waste Industries <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AWIN)") else Response.Write("(Nasdaq: AWIN)") end if %> earlier this month announced plans to acquire American Disposal Services <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ADSI)") else Response.Write("(Nasdaq: ADSI)") end if %> for $1.1 billion in stock. Allied slid $1 11/16 to $22 1/16, and American Disposal shed $3 to $34 7/8.
Pizza Hut parent Tricon Global Restaurants <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: YUM)") else Response.Write("(NYSE: YUM)") end if %> was sliced $2 1/2 to $31 13/16 as the food fight continued between the company and rival upstart Papa John's International <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PZZA)") else Response.Write("(Nasdaq: PZZA)") end if %>, which was also cut $1 5/8 to $29 3/8. Last week Pizza Hut took the battle from the kitchen to the courtroom by filing suit against Papa John's and challenging its "Better Ingredients. Better Pizza." advertising campaign. Pizza Hut is alleging that Papa John's ads are "false, misleading and deceptive" -- that, in fact, Papa uses "cooked and concentrated tomato sauce, stored in cans for up to 18 months," while the Hut uses vine-ripened tomatoes. Papa John's says that it has always said its sauce is made with fresh-packed tomatoes that are canned an average of six hours after being picked. It called the suit "frivolous and simply a public relations stunt," adding that the Hut is turning to the courts as a last resort -- when all else fails, sue. According to Papa John's, the National Advertising Division of the Council of Better Business Bureaus ruled in its favor in two similar claims Pizza Hut previously made against it. In the interest of peace, we propose a pie tossing contest between the companies' CEOs to settle the issue once and for all.
Exide Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: EX)") else Response.Write("(NYSE: EX)") end if %>, the world's largest car battery maker, stalled for a loss of $2 11/16 to $12 13/16 after announcing that it has decided to scrap a recapitalization plan and that the company is not for sale. Two weeks ago the debt-ridden company said it was considering taking itself private by selling control to senior management and a third party. Today the company announced that Chairman and CEO Arthur Hawkins has advised the company's board of directors of the change in plans, citing strong support for the directors at last week's shareholders' meeting and the negative reaction of some shareholders to the proposal. Separately, Exide's treasurer, Catherine Hnatin, resigned for a "better" position elsewhere. Further complicating the issue, Exide is also being investigated by the Florida attorney general regarding allegations of deceiving investors, selling defective and used batteries, and improperly crediting customer accounts.
QUICK CUTS: Amazon.com <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMZN)") else Response.Write("(Nasdaq: AMZN)") end if %> slipped $3 1/16 to $119 11/16 on news that Europe's largest media company, Bertelsmann AG, is investing "a few hundred million" German marks in its online bookstore to compete with Amazon.com... Hot IPO 24/7 Media <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TFSM)") else Response.Write("(Nasdaq: TFSM)") end if %> gave back $2 to $18 1/4 after the Internet advertising agency surged $6 1/4 to $20 1/4 Friday in its trading debut from an initial offering price of $14 a share... Oilfield services company Halliburton <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HAL)") else Response.Write("(NYSE: HAL)") end if %> fell $1 1/4 to $28 3/4 after Merrill Lynch cut the company's 1998 earnings estimates, citing the persistence of low oil prices and oil industry consolidation.
Healthcare information technology solutions company DAOU Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DAOU)") else Response.Write("(Nasdaq: DAOU)") end if %> dipped $7/8 to $11 7/8 after Barron's reported that analysts are questioning the company's latest quarterly report, namely a discrepancy between what the company told them regarding Q2 expenses versus what appears in its 10-Q filing... Drug discovery tools developer ArQule Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ARQL)") else Response.Write("(Nasdaq: ARQL)") end if %> tanked $2 to $6 1/2 after warning that 1998 revenues will be between $22 million and $26 million, short of previous projections, with a loss of up to $5 million... Shares of Inland Steel Industries <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IAD)") else Response.Write("(NYSE: IAD)") end if %> lost $3 7/8 to $24 3/8 as arbitrageurs unwound their positions in the company's stock after Inland announced the completion of its Dutch auction self-tender offer for 25 million shares at $30 apiece. The company also said it will exercise an option to purchase another nearly 1 million shares for a total repurchase of 58.4% of the company's shares.
Disk drive manufacturing equipment maker Intevac Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: IVAC)") else Response.Write("(Nasdaq: IVAC)") end if %> plunged $1 1/2 to $6 3/4 after announcing it does not expect to report a profit in Q3 and Q4 due to a continuing downturn in the disk drive industry. The company plans to cut around 9% of its workforce... Energy services company Washington Water Power <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WWP)") else Response.Write("(NYSE: WWP)") end if %> was drained $1 13/16 to $19 1/16 after announcing it will cut its annual common stock dividend by 61% to $0.48 from $1.24 per share... Insurance holding company PennCorp Financial Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PFG)") else Response.Write("(NYSE: PFG)") end if %> was pummeled for a $2 7/8 loss to $8 3/4 after reporting a Q2 loss of $5.60 a share compared with earnings of $0.45 per share last year. The company also announced it has received written proposals from prospective buyers for its Career Sales Division.
Regional brokerage Interstate/Johnson Lane <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IJL)") else Response.Write("(NYSE: IJL)") end if %>, which rose 30% last week, dropped $4 1/8 to $36 7/8 as takeover rumors subsided... Food products company International Home Foods <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IHF)") else Response.Write("(NYSE: IHF)") end if %> lost $1 3/16 to $20 1/16 after Friday announcing it has filed a registration statement on behalf of two major shareholders to sell 4.4 million shares... Information technology training company Learning Tree International <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: LTRE)") else Response.Write("(Nasdaq: LTRE)") end if %> fell $2 to $15 1/8 after reporting late Friday Q3 EPS of $0.15, a penny better than both the year before and the analysts' mean estimate... Indirect auto finance company Union Acceptance Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: UACA)") else Response.Write("(Nasdaq: UACA)") end if %> was slashed $1 to $5 1/2 after announcing it will restate its results, reducing fiscal 1997 earnings by $1.5 million to $2.5 million and earnings for the nine months ended March 31 by $8 million to $9 million.
Formula Systems (1985) Ltd. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FORTY)") else Response.Write("(Nasdaq: FORTY)") end if %> slid $1 1/2 to $29 1/4 after announcing it has exercised a portion of its option to acquire shares of Mashov Computers Ltd. by buying 3.825 million shares for $4.8 million. The company is also buying 3.4 million shares of Mashov from two shareholders in exchange for 51,000 Formula shares along with $543,000 to each shareholder... Drug company Incyte Pharmaceuticals <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INCY)") else Response.Write("(Nasdaq: INCY)") end if %> dropped $2 1/4 to $30 5/8 after it agreed to buy Hexagen PLC, a privately held U.K. research company, for about $41 million... Specialty metals manufacturer Starmet Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: STMT)") else Response.Write("(Nasdaq: STMT)") end if %> finished down $1 15/16 to $10 3/8 after reporting a fiscal Q3 loss of $0.58, compared with income of $0.06 in the year-earlier period.
FOOL
ON THE HILL
An Investment Opinion
by
Alex Schay
Tiffany Sparkles
Nothing bad happened to investors in Tiffany & Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TIF)") else Response.Write("(NYSE: TIF)") end if %> today, as the firm reported some sparkling second quarter results and rose $2 1/16 to $42 5/8. Tiffany announced top line improvements in all three of its major distribution channels, bringing total worldwide sales up 14%. This provided ample fuel for the hard driving bottom line results of $0.37 per share (versus $0.29 last year), beating the Street's estimate of $0.34. This marks the sixth consecutive year that Tiffany has managed to come through with double-digit sales improvements in the second quarter.
U.S. retail sales increased 23% in the second quarter to $129,733,000 while aggregate U.S. comparable store sales rose 15%. Direct marketing sales rose 18% to $24,723,000 in the second quarter and 23% to $46,386,000 in the first half of the year, due to strong demand in the catalog (42% growth in catalog sales, though comparisons were easy) and corporate divisions. Of the three business segments identified for financial reporting purposes, international retail sales were the most surprising -- although supposedly not to the management at Tiffany. International sales rose 3% to $93,266,000, which doesn't seem that strong except when considered without the effect of the stronger U.S. dollar and its impact on the translation of international sales into dollars. Assuming no pesky currency translations, constant currency sales jumped 18%. In Japan, total retail sales in local currency rose 37% in the second quarter and 21% in the first half, primarily due to comparable store sales growth of 30% and 15% over those periods
With Japan accounting for two-thirds of Tiffany's international sales, and other luxury goods vendors getting hit hard, these results are impressive. Perhaps even more impressive is the fact that in February Tiffany raised prices by an average of 10% in Japan. Now, it's one thing to raise prices on cheeseburgers and Coke during a recession, but to see strong sales when prices on engagement rings get bumped up is truly a testament to brand loyalty. Sales of engagement rings make up between 35-50% of Tiffany's Japan business and account for the fact that the average Tiffany sale in Japan is $600 compared with $260 in the U.S. The reasons the company gave for continued strength in Japan going forward include a 26-year presence and the deep cultural importance placed on gift giving and celebrating important occasions. Peter Schaeffer an analyst at Warburg Dillon Reed gave a decidedly more earthy explanation, "...[I]t's almost uncool to give an engagement ring in Japan that's not bought at Tiffany."
Though most of Tiffany's good tidings can be attributed to strong demand for its goods, the company also has been proactive in the inventory management area, and much business success has followed. Let's start with the company's latest distribution facility, which opened in Parsippany, New Jersey, in April of 1997. The facility, which replaced three separate facilities, has the capacity to handle 50,000 units per day -- with volume of approximately 6 million units expected for 1998 (up from 4 million in 1996). The key element in the equation, though, is the facility's ability to drive down the costs associated with delivery of each unit. This is accomplished through "advanced pick packing systems," including radio-frequency devices linked to inventory management, and improved process flow. Why talk about distribution facilities? Well, aside from streamlined distribution driving down unit processing costs, the new distribution facility provides improved inventory management and automatic replenishment capabilities, which are lynchpins in Tiffany's retail store strategy.
The ability to closely monitor inventory levels and immediately replace items that have been sold is obviously one of the defining elements of the advanced data interchange era in which we live. However, one noteworthy element of the strategy where Tiffany is concerned is the fact that with improved inventory management comes the ability to increase the amount of dedicated selling space in each store. In Tiffany's case, this translates into 60% in a new store, up from 40% in an "old" store -- increasing store productivity by over 50% and reducing initial unit outlay costs. Tiffany's reported that by year-end approximately half of its 34 U.S. stores will be in the new format.
New Old Square footage 6,000-8,000 10,000-15,000 Investment $4-5 million $6-7 million First-year sales $5 million $5 million Sales per Sq. Ft. $640 $400 Dedicated Selling% 60% 40% (sales estimates from Hambrecht & Quist)Tiffany's trailing return on invested capital is 22%, though off balance sheet lease arrangements were not added back to the capital base. This represents a nice eight point spread on the company's weighted average cost of capital. Considering that at current levels Tiffany has been looking in the mirror and aggressively buying back shares -- one-fifth of the company's $100 million three-year buyback authorization begun last November has been completed -- it might be worth a closer look for investors to assess whether or not the image is appealing.
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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