<% ' AvantGo:MarketClose %>DJIA 9333.08 +18.80 (+0.20%) S&P 500 1192.29 +5.42 (+0.46%) Nasdaq 2016.44 +31.23 (+1.57%) Value Line Index 904.68 +3.28 (+0.36%) 30-Year Bond 101 12/32 +13/32 5.16 Yield<% ' AvantGo:End %>
<% ' AvantGo:Heroes %>Integrated oil companies got a boost today as official confirmation that energy giants Exxon Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: XON)") else Response.Write("(NYSE: XON)") end if %> and Mobil Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MOB)") else Response.Write("(NYSE: MOB)") end if %> are in merger talks prompted investors to believe industry stocks are fairly priced. The idea of a deal between Mobil and Exxon might evoke memories of Standard Oil magnate John D. Rockefeller -- the pairing would form the nation's largest publicly traded company with combined annual revenues in excess of $181 billion. Mobil, up $7 5/8 to $86 today, and Exxon, up $1 11/16 to close at $74 3/8, were the big story today, but several other "majors" also gained ground in the shortened session. Amerada Hess <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AHC)") else Response.Write("(NYSE: AHC)") end if %> won $2 1/2 to $58 3/8, Chevron <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CHV)") else Response.Write("(NYSE: CHV)") end if %> popped up $5 1/4 to $85 5/8, Phillips Petroleum <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: P)") else Response.Write("(NYSE: P)") end if %> advanced $1 3/16 to $44 1/2, Royal Dutch Petroleum <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: RD)") else Response.Write("(NYSE: RD)") end if %> ascended $1 7/8 to $49 1/8, Shell <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SC)") else Response.Write("(NYSE: SC)") end if %> opened $2 3/16 to $38, and Texaco <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TX)") else Response.Write("(NYSE: TX)") end if %> finished ahead $3 7/16 at $60 13/16. For more on the effects of a potential Exxon/Mobil marriage, see today's Breakfast With the Fool.
Inasmuch as the value of Business Week's "Inside Wall Street" column is questionable, it's power to move stocks is undeniable. Today's proof is the case of cancer drug developer Biomira Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BIOMF)") else Response.Write("(Nasdaq: BIOMF)") end if %>, which rocketed as high as $17 1/8 per share, a whopping 756% above Wednesday's close of $2, before closing up $2 13/16 to $4 13/16. The column quoted observers who called the market for the company's developmental breast cancer vaccine Theratope "huge." Theratope co-developer Chiron Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CHIR)") else Response.Write("(Nasdaq: CHIR)") end if %> popped up itself today, rising $1 1/4 to $23 1/2. The companies hope to begin the third and final phase of testing in the U.S. and Europe by year's end. Biomira said in a statement that the stock's sudden rise is a signal that the shares have been "undervalued for some time." That time stretches back to last winter, when the shares fell from highs of $8 per share in mid-1996 to the $2 level, around which they hovered until today. While the shares may indeed have been undervalued, investors decided quickly that a $15 jump was a bit much.
QUICK TAKES: Shares of Internet service provider EarthLink Network <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ELNK)") else Response.Write("(Nasdaq: ELNK)") end if %> gained $19 1/2 to $71 7/8 after Business Week's "Inside Wall Street" said long-distance carrier Sprint <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: FON)") else Response.Write("(NYSE: FON)") end if %> was likely to eventually acquire the 71% of EarthLink it doesn't already own... Software superpower Microsoft <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MSFT)") else Response.Write("(Nasdaq: MSFT)") end if %> grabbed $3 13/16 to $128 1/16 after unveiling Chinese-language software for handheld computers, giving it a key foothold in the giant market... Book retailer Books-A-Million <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BAMM)") else Response.Write("(Nasdaq: BAMM)") end if %> blasted ahead $26 to $38 15/16 following Wednesday's $8 9/16 rise on news of an "enhanced" company website that offers books to members of its discount card club at prices 28% to 46% lower than the retailer's normal prices.
Music, software, and CD-ROM distributor Navarre Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NAVR)") else Response.Write("(Nasdaq: NAVR)") end if %>, a September Daily Trouble, jumped $6 5/16, or 107.5%, to $12 3/16 on news reports that the company plans to file an IPO for its NetRadio e-commerce unit soon... Entertainment company Big Entertainment <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BIGE)") else Response.Write("(Nasdaq: BIGE)") end if %> grew $5 5/16 to $13 today after the company said it launched its bige.com, an "Internet studio store" featuring the elusive Furby doll... Other Internet risers today included CDnow <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CDNW)") else Response.Write("(Nasdaq: CDNW)") end if %>, taking on $9 7/8 to $26 7/8; Onsale Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ONSL)") else Response.Write("(Nasdaq: ONSL)") end if %>, up $37 5/8 to $97 5/8; Spyglass Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SPYG)") else Response.Write("(Nasdaq: SPYG)") end if %>, moving ahead $5 to $29 3/4; Open Market <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: OMKT)") else Response.Write("(Nasdaq: OMKT)") end if %>, gaining $8 5/16 to $20 3/4; Preview Travel <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PTVL)") else Response.Write("(Nasdaq: PTVL)") end if %>, zipping up $6 15/16 to $24, and N2K Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NTKI)") else Response.Write("(Nasdaq: NTKI)") end if %>, which advanced $6 11/16 to $20 1/16.
Soda and snacks company Pepsico <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PEP)") else Response.Write("(NYSE: PEP)") end if %> munched ahead $1 3/16 to $39 1/8 following Wednesday afternoon's news that its Frito-Lay division formed a joint venture with Venezuelan company Empresas Polar SA that covers snack distribution and productions in nine South American countries... Big blue IBM Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IBM)") else Response.Write("(NYSE: IBM)") end if %> swelled $3 1/4 to $170 on reports in the Financial Times that the company signed an agreement with Sony Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SNE)") else Response.Write("(NYSE: SNE)") end if %> and several U.S. record companies to form a digital music distribution system... Automaker DaimlerChrysler Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DCX)") else Response.Write("(NYSE: DCX)") end if %> motored ahead $3 1/4 to $93 7/16 after Merrill Lynch raised its near-term rating on the company to "accumulate" from "neutral."
Pizza chain Sbarro Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SBA)") else Response.Write("(NYSE: SBA)") end if %> rolled up $1 3/16 to $26 on its announcement of a new $27.50 per share buyout proposal from members of the Sbarro family. The offer price is a 10.8% premium over Wednesday's $24 13/16 close... 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 %> bubbled up $1 3/8 to $23 7/16 after the company adopted a "poison pill" shareholder rights plan with a 15% trigger... Rhone-Poulenc's <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: RP)") else Response.Write("(NYSE: RP)") end if %> American depositary receipts rose $1 1/16 to $51 3/16 after Paris newspaper Le Figaro said the company will announce a merger of its drug and agricultural divisions with those of Hoechst AG <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HOE)") else Response.Write("(NYSE: HOE)") end if %> on Tuesday. Hoechst's ADRs rose only $1/4 to $44 5/8 as the report said the merger would favor Rhone-Poulenc.
Data Broadcasting Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DBCC)") else Response.Write("(Nasdaq: DBCC)") end if %> rose $4 to $13 after real-time online business news provider MarketWatch.com, a joint venture between Data Broadcasting and CBS Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CBS)") else Response.Write("(NYSE: CBS)") end if %>, filed with the SEC for a 2.75 million-share IPO... Cable-based online services provider At Home Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ATHM)") else Response.Write("(Nasdaq: ATHM)") end if %> plugged in $2 15/16 to $67 7/8 on reports that it will unveil a high-speed Internet access venture with small and mid-sized cable operators next week... Digital video compression systems maker C-Cube Microsystems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CUBE)") else Response.Write("(Nasdaq: CUBE)") end if %> added $1 1/2 to $27 9/16 after it was rated new "buy" by Credit Suisse First Boston.<% ' AvantGo:End %>
<% ' AvantGo:Goats %>Several contract oil drillers slid today as a meeting of OPEC oil ministers in Vienna wrapped up on Wednesday without any new pledges of further oil production cuts. In March, the eleven-member cartel attempted to correct the current global oil glut by reducing production for a year. Analysts had been hoping this week's meeting would at least produce an extension of the current reduction agreement until the end of 1999, but the OPEC head honchos couldn't find any common ground. Although the glut may work its way out over the winter months, the near-term financial outlook for the drillers is still about as murky as a barrel of West Texas Intermediate grade crude. Transocean Offshore <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: RIG)") else Response.Write("(NYSE: RIG)") end if %> fell $1 11/16 to $26, Diamond Offshore <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DO)") else Response.Write("(NYSE: DO)") end if %> slipped $1 3/8 to $23 7/8, Noble Drilling <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NE)") else Response.Write("(NYSE: NE)") end if %> slid $1 1/4 to $12 5/16, and Santa Fe International <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SDC)") else Response.Write("(NYSE: SDC)") end if %> dropped $3/4 to $13 9/16.
Pharmaceutical contract research organization (CRO) Covance Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CVD)") else Response.Write("(NYSE: CVD)") end if %> was knocked down $1 7/16 to $24 3/16 following news earlier this week that the accounting watchdog the Center for Financial Research and Analysis had issued a report that was critical of the company's revenue recognition policies. According to analysts cited by Dow Jones, the CFRA took exception to Covance's use of so-called "percentage of completion accounting," whereby revenues are recorded as portions of a development contract are completed rather than all at once when payment is received, which is typically after the contract is finished. Of course, Covance and other CROs have been using this kind of accounting for some time, leading at least one analyst to believe that the watchdog may be chewing on an old bone. Fellow CRO Kendle International <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: KNDL)") else Response.Write("(Nasdaq: KNDL)") end if %> fell $1 5/8 to $21 1/2 today, perhaps in sympathy.
QUICK CUTS: Commercial and military aircraft maker Boeing <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BA)") else Response.Write("(NYSE: BA)") end if %> dropped $1 5/16 to $41 7/16 on reports that European and U.S. trust-busters are looking into allegations of collusion and price fixing by Boeing and Airbus Industrie after the two companies raised the list prices of some of their jets in tandem this summer... Barclays PLC <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BCS)") else Response.Write("(NYSE: BCS)") end if %> declined $3 3/4 to $92 1/4 after Martin Taylor, who has headed the British bank and investment house for the past five years, resigned to make way for a new management team... School bus and ambulance builder Laidlaw Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LDW)") else Response.Write("(NYSE: LDW)") end if %> fell $7/16 to $10 after a group of shareholders owning a 7.3% stake in bus line operator Greyhound Lines <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: BUS)") else Response.Write("(AMEX: BUS)") end if %> called Laidlaw's $6.50 per share buyout offer for the company "inadequate" in a federal filing, adding that it will urge other Greyhound shareholders to vote against the deal.
Healthcare products and drug maker Johnson & Johnson <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: JNJ)") else Response.Write("(NYSE: JNJ)") end if %> slid $9/16 to $82 1/4 after reportedly guiding analysts on Wednesday to lower their fiscal 1999 earnings estimates by about $0.05 per share from the previous $3.00 per share First Call mean estimate, due in part to expenses from the company's recent acquisition of orthopedic products maker DePuy Inc... Independent oil and gas exploration and production company Seagull Energy <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SGO)") else Response.Write("(NYSE: SGO)") end if %> lost another $7/16 to $9 3/8 after agreeing to a merger on Wednesday with rival Ocean Energy <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: OEI)") else Response.Write("(NYSE: OEI)") end if %>. Ocean Energy fell $5/16 to $9 3/16... Inter-modal trailers and marine containers firm XTRA Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: XTR)") else Response.Write("(NYSE: XTR)") end if %> dropped $1 13/16 to $47 5/16 after the company agreed to call off its proposed merger with a group led by privately held investment firm Apollo Management. However, XTRA said the two sides are discussing a possible "alternative transaction."
Small kitchen appliances maker Rival Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RIVL)") else Response.Write("(Nasdaq: RIVL)") end if %> was sliced $13/16 to $9 15/16 after saying it has hired NationsBanc Montgomery Securities to help evaluate an unsolicited acquisition offer from an unspecified company... Turf and forage seed developer AgriBioTech <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ABTX)") else Response.Write("(Nasdaq: ABTX)") end if %> wilted $1 9/16 to $12 3/8 after the company recently reported a pro forma sales slide and a fiscal Q1 loss in a federal filing. The loss contrasted sharply with the more positive year-over-year results the firm reported Nov. 16, which excluded the effects of acquisitions during the second half of this year... Online "computer stuff" retailer Cyberian Outpost <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: COOL)") else Response.Write("(Nasdaq: COOL)") end if %> gave back $6 3/8 to $33 1/8 after rising 175% over the week's first three trading days on positive sentiment for e-commerce firms.<% ' AvantGo:End %>
FOOL
ON THE HILL
An Investment Opinion
by
Warren Gump
"Guessing" Amazon's Value
<% ' AvantGo:FOTH %>In last Friday's FOTH, I discussed the parameters involved in creating a discount earnings model for a hypothetical Internet bookseller. The response to the article was loud and clear: Thanks for the interesting article, but how does your model apply to Amazon.com <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMZN)") else Response.Write("(Nasdaq: AMZN)") end if %>? To be honest, I used an imaginary company because it was my own creation, making it much harder for others to argue about various assumptions. You, our Foolish readers, have (correctly) indicated it is very unFoolish to hide behind this wall of fictional numbers.
Before going forward with calculations on the real company, let me bombard you with disclaimers. This work is just a guess as to what the theoretical value of Amazon.com would be if certain assumptions play out. The assumptions are not based on my expectations for the future, rather they are designed to illustrate what the discounted value of Amazon's earnings would be under certain situations. I have not closely monitored Amazon in the past and do not know where its sales and expense line items will move in the future. This exercise is simply a finance-oriented guy trying to see what kind of future the market is pricing into Amazon's stock. Stocks in general, and Amazon's stock in particular, often trade at levels that are far different from the value spit out by any model.
This analysis is based on the assumption that reported earnings approximate cash flows, which is the real number that should be used to calculate the present value of a company. For the sake of simplicity, however, I am making the two equivalent. In reality, this assumption is often invalid.
I have no position in Amazon.com stock or options. One of The Motley Fool's real-money portfolios, the Fool Portfolio (soon to be renamed the Rule Breaker Portfolio), does hold a long position in Amazon. You can go to that portfolio's archives to read the reasons why it is invested in the stock.
The Model
I consider the "base case" of this model extraordinarily, if not ridiculously, ambitious. The assumptions associated with it were created in an attempt to obtain a present value of operating earnings that approximates the current stock price (as of Tuesday). While this may seem like reverse logic to many people, it provides an indication of what kind of future is priced into the stock. The actual value spit out by the model with these assumptions is $208.36. (Note: See below for information on how to access the model spreadsheet.)
To give you some indication of how aggressive these assumptions are, this model produces year 2000 tax-adjusted operating earnings of $1.26 per share. First Call's consensus estimate on Amazon for the same year is a loss of $0.43 per share. Looking out into 2001 and 2002, the model shows EPS of $7.31 and $17.51, respectively. This kind of profit growth would be absolutely astounding.
What does Amazon look like at various stages of this model? Next year, the company would have sales of $2.6 billion. By 2001, revenues would be $11.5 billion. Going out to 2008, the company would be selling $70.8 billion in merchandise. That puts sales for Amazon ten years from now greater than the combined 1998 results of Kmart <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: KM)") else Response.Write("(NYSE: KM)") end if %> and Dayton-Hudson <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DH)") else Response.Write("(NYSE: DH)") end if %>, the owner of Target. This rapid growth would have to occur while the company maintains margins of 23%, which is slightly higher than what it reported in the first nine months of this year. Simultaneously, expenses would have to be leveraged dramatically, falling from 25.7% of sales in 1999 to 9.0% of sales in 2008. Delivering on this kind of model would almost certainly have to be the greatest business success in history.
The value spit out by this model varies dramatically based on changes to the underlying assumptions. To get an idea of the sensitivity to changes in various assumptions, a thumbnail sensitivity analysis is provided beneath the listing of base case assumptions. Note that the sensitivities listed are based on changing only one variable at a time. In real life, all of the input variables will be changing simultaneously.
Reducing the discount rate below 25% would enable the creation of projections less preposterous than the ones I've created and still justify the recent price. I didn't feel comfortable doing that, however, because it seems to me that investors in this volatile stock are going to expect returns of at least that amount.
One interesting bit of trivia that indicates the importance of what happens over the long term: In this model, 85% of Amazon's present value is created by results beyond the year 2004!
On to the numbers!
Base Case Assumptions
Discount Rate (the annual return shareholders expect): 25%
Long-term growth rate (year 2009 and beyond): 15%
The assumptions below are listed for the following time periods:
Q4:98, 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008
Revenue Growth: 500%, 250%, 150%, 75%, 50%, 40%, 30%, 25%, 25%, 20%, 20%.
Gross Margin: 23% for all periods (it was 22.5% for the first nine months of 1998).
Total Expenses (including marketing, product development, and general and administrative): 26.1%, 25.7%, 21.2%, 17.0%, 13.4%, 11.4%, 9.9%, 9.0%, 9.0%, 9.0%, 9.0%.
Taxes: A flat 35% for all periods.
Share count: Flat at 61.8 million throughout. Based on 52.8 million shares outstanding on 10/31/97, plus 9mm shares from options that were outstanding on 12/31/97.
Revenue Growth Sensitivity:
What happens if we change revenue growth a little bit. Let's say that we change the revenue growth in 1999 to 150% instead of 250%. Out slips 29% of the value, to $148.77 per share.
Perhaps the model is too conservative. Maybe revenue will grow at a rate higher than 250%. If revenue were to grow 400% in 1999 (meaning sales of $3.8 billion), Amazon's value would jump 43% to $297.74 per share.
Gross Margin Sensitivity:
My original model assumes margins of 23%. Is that realistic? We'll see. Many people would argue that margins are likely to compress in the future as competition intensifies.
Here's the impact of various margin levels on this model:
18%: $126.10 (-39%)
20%: $158.02 (-24%)
22%: $191.58 (- 8%)
24%: $223.51 (+7%)
26%: $257.06 (+23%)
Expense Level Sensitivity:
Expense levels have been modeled to be dramatically lower in future years, indicating that Amazon will significantly leverage its marketing and other expenses. Below is the result of altering the expense levels for each estimated time period by the specified number of percentage points.
+7 percentage points (stabilized expenses at 16% of sales): $94.17 (-55%)
+3 percentage points (stabilized expenses at 12% of sales):$159.65 (-23%)
-3 percentage points (stabilized expenses at 6% of sales):$258.69 (+24%)
Tax Sensitivity:
Changes to the tax rate will also affect the valuation.
+5 percentage points (tax rate of 40%): $192.32 (-8%)
-5 percentage points (tax rate of 30%): $224.39 (+8%)
Share Count Sensitivity:
No changes to share count (beyond options that were outstanding at the end of 1997) were made to our model. This assumption seems very conservative since options on 9 million shares were issued between the time the company was founded in 1994 and the end of 1997. Altering this assumption to one where the average number of shares outstanding (based on the treasury method) is increased by 1 million shares annually between 1999 and 2008, the discounted value of earnings would fall 13% to $182.32 per share.
Discount Rates Sensitivity:
Changing the annual return required by investors dramatically alters Amazon's value. Here are the results of discount rates other than 25% on the model.
18%: $885.28 (+325%)
22%: $329.27 (+58%)
28%: $145.50 (-30%)
30%: $118.49 (-43%)
Growth Rate Sensitivity:
The earnings growth rate beyond 2008 has a large noticeable impact on valuation. The default rate is 15% per year. While you may be inclined to increase this number, remember that this growth is occurring off a revenue base of $70.8 billion in 2008. Growth more rapid than 15% annually would be extremely impressive.
10%: $161.60 (-22%)
12%: $175.98 (-15%)
14%: $195.60 (-6%)
16%: $223.95 (+7%)
18%: $268.48 (+29%)
You're still here? I didn't lose you through all those numbers, eh? Perhaps you are a number cruncher who wants to do your own manipulation of numbers with this model. You are welcome to download it, but I have to admit it's not the most user friendly item in the world. If you don't have a finance background, you will probably be dazed and confused looking at it. Feel free to take a gander, but be forewarned. To download the model spreadsheet in Excel, click here.
Based on the number of responses to my last Internet "Fool on the Hill," it is highly unlikely that I'll be able to answer all the individual questions about this spreadsheet. If you have any inquiries, post them to the Web-based Amazon message board and I'll try to answer them. Unfortunately, I won't be able to respond to the boards until Monday afternoon/evening. And don't forget that each post to the Fool message boards between now and the end of the year will result in The Motley Fool donating 2 cents to Share Our Strength. Click here to learn more about this charity, or go here to make your own contribution now!<% ' AvantGo:End %>
Please see the Motley Fool's Conference Calls page for call information and links to synopses.
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