DJIA 9311.19 +126.92 (+1.38%) S&P 500 1244.78 +16.68 (+1.36%) Nasdaq 2251.27 +43.22 (+1.96%) Value Line Index 936.61 +6.61 (+0.71%) 30-Year Bond 100 20/32 -27/32 5.21% Yield
Investors worried yesterday about certain aspects of a potential linkup between wireless communications company AirTouch Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ATI)") else Response.Write("(NYSE: ATI)") end if %> and Bell Atlantic <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BEL)") else Response.Write("(NYSE: BEL)") end if %> cheered up today after Britain's Vodafone Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: VOD)") else Response.Write("(NYSE: VOD)") end if %> stepped into the fray. AirTouch, upgraded to "buy" from "attractive" by PaineWebber today, rose $6 3/4 to $75 as Vodafone's bid, reportedly in the $45 billion neighborhood, may set the stage for a bidding war. Rumors of a Vodafone-AirTouch deal have swirled before, most recently in September, but Vodafone's vantage point has improved considerably since the fall: the stock has risen from about $96 per share in early October to $179 1/8 today. Judging by the market's response, investors appear to favor the overseas offer to Bell Atlantic's, but some observers have suggested a Solomon-esque split, with AirTouch selling U.S. operations to Bell and its foreign business to Vodafone.
"Hey," Fools might be wondering, "haven't I heard of AvTel Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AVCO)") else Response.Write("(Nasdaq: AVCO)") end if %> before?" The network services company rose $4 1/4, or 103%, to $8 3/8 today after it said it will start offering multimedia and Internet development services through its Addictive Media division. Last we heard from AvTel, the company was being yanked down from a more than 1200% one-day rise in mid-November after a press release announcing a new Internet access service for Santa Barbara was widely misunderstood by trigger-happy investors and the financial media as heralding a revolutionary modem. A handful of class-action lawsuits alleging fraud still hang over AvTel's head today, but that didn't stop shareholders from getting right back on the roller coaster -- the company's 1.3 million share float changed hands more than twice today, with the shares rising as high as $11 5/8 mid-session.
QUICK TAKES: Online retailer Amazon.com <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMZN)") else Response.Write("(Nasdaq: AMZN)") end if %> moved up $6 3/16 to $124 1/2 after announcing Q4 sales of $250 million, which were 3.5 times higher than the $66 million posted last year... Optimism about fourth-quarter sales growth and yesterday's return of CFO Peter Guigliemi return from a five-month leave of absence likely helped telecommunications equipment maker Tellabs <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TLAB)") else Response.Write("(Nasdaq: TLAB)") end if %> gain $13 1/16 to $78 13/16 today... Internet access provider EarthLink Network <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ELNK)") else Response.Write("(Nasdaq: ELNK)") end if %> moved up $3 3/16 to $65 5/8 as the company, which just signed up its one-millionth member, anticipates Q4 revenue will double to roughly $58.3 million... Electronic design automation tools maker Avant! <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AVNT)") else Response.Write("(Nasdaq: AVNT)") end if %> jumped $4 3/16 to $19 3/16 after a U.S. District Court judge ordered that the firm and rival Cadence Design Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CDN)") else Response.Write("(NYSE: CDN)") end if %> meet and settle their long-running legal dispute through court-supervised mediation, rather than in the courtroom.
Different thinker Apple Computer <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AAPL)") else Response.Write("(Nasdaq: AAPL)") end if %>, a year-end hero, rose $2 1/16 to $43 5/16 after it was rated a new "buy" by Warburg Dillon Read, which expects the stock to hit $50 per share within a year... Biopharmaceutical company Immunex <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: IMNX)") else Response.Write("(Nasdaq: IMNX)") end if %> improved $10 to $126 1/2 after Deutsche Bank Securities reiterated a "buy" rating on the stock, setting a 12-month price target of $180 per share... Telecommunications giant MCI WorldCom <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: WCOM)") else Response.Write("(Nasdaq: WCOM)") end if %> dialed up gains of $5 1/16 to $74 15/16 following Salomon Smith Barney's reiteration of a "buy" rating on the stock... Powerhouse brokerage Merrill Lynch <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MER)") else Response.Write("(NYSE: MER)") end if %>, beneficiary of an upgrade to "outperform" from "neutral" today from Morgan Stanley Dean Witter, took on $4 5/8 to close at $73 1/8.
Microsoft <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MSFT)") else Response.Write("(Nasdaq: MSFT)") end if %> knew where it wanted to go today and headed up $5 1/2 to $146 1/2 as Lehman Brothers reiterated a "buy" rating and set a 12-month price target of $185... Frosted Flakes maker Kellogg <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: K)") else Response.Write("(NYSE: K)") end if %> munched on gains of $1 13/16 to $36 5/16 after it said Chairman and CEO Arnold Langbo will leave his posts April 23, a year ahead of schedule, to be replaced as CEO by President and COO Carlos Gutierrez... Technology management services company Competitive Technologies <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: CTT)") else Response.Write("(AMEX: CTT)") end if %> ran up $1 3/4 to $6 5/8 after the American Heart Association recommended that doctors increase testing for homocysteine, the technology for which Competitive Technologies holds the patent... Shares of automaker General Motors Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GM)") else Response.Write("(NYSE: GM)") end if %> drove ahead $3 3/4 to $74 5/8 on comments from North American Operations President Ron Zarrella that December vehicle sales are seen at or ahead of last year's levels. Analysts expected an off month.
Cellular phone and telecommunications equipment company Motorola <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MOT)") else Response.Write("(NYSE: MOT)") end if %> added $3 to $68 after Everen Securities reiterated a short-term "market perform" rating on the company... Several semiconductor capital equipment makers gained ground today as SoundView Technology raised its opinion on a trio of firms. Lam Research Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: LRCX)") else Response.Write("(Nasdaq: LRCX)") end if %>, which was upgraded to "buy" from "hold," gained $6 1/4 to $25 1/4. Yield management firm KLA-Tencor <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: KLAC)") else Response.Write("(Nasdaq: KLAC)") end if %> was upgraded to "strong buy" from "hold," lifting its shares $6 7/8 to $52 5/8. Automated test equipment firm Teradyne <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TER)") else Response.Write("(NYSE: TER)") end if %> rose $3 1/2 to $45 5/8 as the company's rating was raised to "strong buy" from "buy." Riding the coattails, fabrication systems big daddy Applied Materials <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMAT)") else Response.Write("(Nasdaq: AMAT)") end if %> added $5 7/16 to $49 3/4, wafer stepper maker ASM Lithography <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ASMLF)") else Response.Write("(Nasdaq: ASMLF)") end if %> picked up $4 7/8 to $37 1/4, and Novellus Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NVLS)") else Response.Write("(Nasdaq: NVLS)") end if %> advanced $6 9/16 to $58 9/16. Elsewhere, automatic test equipment maker Credence Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CMOS)") else Response.Write("(Nasdaq: CMOS)") end if %> advanced $3 1/4 to $21 after Adams, Harkness & Hill started coverage of the company with a "buy" rating.
Satellite systems maker and DirecTV operator Hughes Electronics Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GMH)") else Response.Write("(NYSE: GMH)") end if %> gained $3 3/4 to $42 5/8 after Merrill Lynch raised its near-term rating to "buy" from "accumulate" on a more positive outlook for the company following its recent deal to acquire United States Satellite Broadcasting <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: USSB)") else Response.Write("(Nasdaq: USSB)") end if %>. USSB rose $1 9/16 to $14 7/8... Organ transplant-related pharmaceutical developer SangStat <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SANG)") else Response.Write("(Nasdaq: SANG)") end if %> belted out a $4 13/16 gain to $27 9/16 after the FDA approved its Thymoglobulin drug, an antibody that decreases organ rejection rates in kidney transplant recipients... Home healthcare services provider Apria Healthcare Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AHG)") else Response.Write("(NYSE: AHG)") end if %> was nursed $15/16 higher to $9 13/16 on dual upgrades to "strong buy" from BT Alex. Brown and Prudential Securities this morning.
Tableware manufacturer Oneida Ltd. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: OCQ)") else Response.Write("(NYSE: OCQ)") end if %> shone today, taking $1 to $15 15/16 after it said it will initiate a restructuring program that will begin producing savings in fiscal 1999, which starts in February... Photodynamic medical therapies developer QLT PhotoTherapeutics <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: QLTIF)") else Response.Write("(Nasdaq: QLTIF)") end if %> flashed ahead $5 5/16 to $28 after an investigation found that a "significant number of patients" with the "wet" form of age-related macular degeneration were able to preserve their eyesight thanks to QLT's Visudyne therapy... Meat and seafood distributor Doughtie's Foods <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DOBQ)") else Response.Write("(Nasdaq: DOBQ)") end if %> rose $2 to $10 after it said it retained investment banking firm Mann, Armistead & Epperson to examine strategic alternatives, possibly including the sale of the company.
Food products maker International Home Foods <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IHF)") else Response.Write("(NYSE: IHF)") end if %> bottled $1 15/16 to $19 5/8 after BT Alex. Brown reiterated a "strong buy" on the stock... Financial services holding company Westcorp <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WES)") else Response.Write("(NYSE: WES)") end if %> moved up $13/16 to $9 1/16 following last night's announcement of plans to refocus its mortgage banking operations to focus on subprime and nonconforming loans.
Starbucks <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SBUX)") else Response.Write("(Nasdaq: SBUX)") end if %> was ground down a bit today, losing $1 7/8 to $52 after the Seattle coffee roaster and retailer reported a 1% increase in same-store sales and a 22% increase in net revenues for the five-week period ended December 27. The stock dropped below $47 this morning as the market burned its lips on the news, but as the joe cooled, the fuller story became a little more pleasing to the palate. The company explained that "[c]omparable store transactions, which are more representative of the Company's core beverage business, increased 5 percent," while overall results were impacted by disappointing sales of merchandise, such as French presses, mugs, and the like. The 5% same-store transactions gain was in-line with recent trends and matches the company's guidance for the coming year. As a holding in the Rule Breaker portfolio, there's likely more information on the news in tonight's portfolio report.
BARRA Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BARZ)") else Response.Write("(Nasdaq: BARZ)") end if %>, a provider of analytical models, software, consulting, investment data, and money management services was crushed for a $4 1/2 loss to $18 1/8 today after pre-announcing an earnings shortfall and receiving a downgrade from "buy" to "hold" at Hambrecht & Quist. Yesterday, the firm announced that it expects earnings per share for the fiscal third quarter (ended Dec. 31) to be 15% to 25% below the $0.39 cents a share it reported a year ago -- four analysts at First Call had projected $0.43 cents a share. The company stated that performance fees from its asset management business will be about 50% lower than the $10.7 million posted in the prior year largely due to "volatility in the securities markets." Despite all of the bad news, the company's core business is still growing and may warrant a closer look by investors, starting with today's Fool Plate Special.
German enterprise software giant SAP A.G. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SAP)") else Response.Write("(NYSE: SAP)") end if %> was knocked down $2 1/2 to $32 1/16 after saying its fiscal 1998 pre-tax profits rose by only 15%, which was below expectations, due to an accelerated decline in the firm's Japanese business and a new method to account for the ongoing financial problems in Russia. On the bright side, the company posted "extraordinarily strong" revenue growth of 40% for the year. Back in October, amid a prolonged ugly ERP washout, SAP guided analysts to expect a 30% to 35% pick-up in pre-tax profits for the year on a 40% increase in revenues. That guidance flabbergasted analysts at the time, since it inferred that Q4 profits would only rise by 16% or so, which they believed was too conservative an estimate. Guess again. Baffled by the results, both Deutsche Bank Securities and Salomon Smith Barney cut their ratings on SAP today.
QUICK CUTS: Telecommunications switching and access products maker World Access <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: WAXS)") else Response.Write("(Nasdaq: WAXS)") end if %> was shellacked $8 7/8 to $12 3/8 after announcing that lower-than-expected margins and sales in certain business lines will result in Q4 EPS of about $0.15, or less than half of the $0.31 the firm said analysts had been expecting. The company also hired BT Alex. Brown to look at "strategic alternatives" for its non-core units... Electrical and industrial equipment manufacturer Raychem Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: RYC)") else Response.Write("(NYSE: RYC)") end if %> fell $4 9/16 to $28 9/16 after saying its fiscal Q2 EPS will be about $0.40, or $0.08 short of the First Call mean estimate, due in part to a 7% year-on-year slide in revenues from the telecommunications, energy, and industrial segment of its business.
Office and adhesive products maker Avery Dennison Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AVY)") else Response.Write("(NYSE: AVY)") end if %> was stuck with a $2 1/4 loss to $42 11/16 after Asian adhesive tape maker Four Pillars Enterprise Co. filed fraud and trade secret theft charges against the company in China and Taiwan. Four Pillars said it is seeking $262 million in damages... Online auctioneer Onsale Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ONSL)") else Response.Write("(Nasdaq: ONSL)") end if %> dropped $2 7/8 to $41 after Adams, Harkness & Hill lowered its rating to "market perform" from "accumulate"... Desktop publishing software maker Adobe Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ADBE)") else Response.Write("(Nasdaq: ADBE)") end if %> cracked $1 1/16 to $48 7/8 after announcing it has acquired professional Web design and publishing software GoLive CyberStudio and the GoLive Web Publishing System from privately held GoLive Systems Inc. for an undisclosed price.
Propane grill cylinder exchange company Blue Rhino Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RINO)") else Response.Write("(Nasdaq: RINO)") end if %> was trampled for a $1 9/16 loss to $21 15/16 after filing a registration statement with the SEC to offer an additional two million common shares... Defense communications contractor L-3 Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LLL)") else Response.Write("(NYSE: LLL)") end if %> lost $2 7/8 to $43 5/16 after also filing a registration statement for a stock offering. L-3 plans to offer 9.25 million shares, including 3.5 million newly issued shares... Osteotech Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: OSTE)") else Response.Write("(Nasdaq: OSTE)") end if %>, which provides human bone and bone connective tissue for transplantation, was sliced $3 1/2 to $39 3/4 after BancBoston Robertson Stephens lowered its rating to "buy" from "strong buy," citing valuation.
Biopharmaceutical company Centocor <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CNTO)") else Response.Write("(Nasdaq: CNTO)") end if %> slid $7/8 to $41 3/4 after Morgan Stanley Dean Witter cut its rating on the firm to "outperform" from "strong buy" and adjusted its 12-month price target to $51 per share from $62 per share... Information storage devices maker Storage Technology Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: STK)") else Response.Write("(NYSE: STK)") end if %> was socked with a $15/16 loss to $33 1/2 after saying its Q4 EPS will come in between $0.50 and $0.55, which is below the $0.67 to $0.77 range of estimates by analysts surveyed by First Call. Revenues are expected to rise sequentially but fall on a year-on-year basis in the quarter, as sales of new products failed to make up for lower sales of older, high-margin products... Beef and pork producer IBP Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IBP)") else Response.Write("(NYSE: IBP)") end if %> moo-ved down $1 5/8 to $27 3/16 following a Credit Suisse First Boston downgrade to "hold" from "buy."
FOOL
ON THE HILL
An Investment Opinion
by
Warren Gump
CBRL: A Slowing Ship Adding New Propellers
With the excitement and phenomenal growth potential of Internet and other go-go stocks, many investors will find today's column boring. Is there anyone out there besides myself who wants to invest in a company trading for only 14x earnings that has strong cash flow and a history of spectacular growth? I'm beginning to lose faith that other value-oriented compatriots are there. Maybe if I just made it a little sexier. Well, it does have a pretty powerful name brand. In fact, Restaurants and Institutions has selected Cracker Barrel, its core restaurant operation, as the Best Family Dining chain eight years in a row. The company of which I speak is CBRL Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CBRL)") else Response.Write("(Nasdaq: CBRL)") end if %>.
Most of you may know this company as Cracker Barrel Old Country Stores Inc., but as 1998 rolled into 1999, a new holding company, CBRL, was created to hold Cracker Barrel as well as future acquisitions. While a small, technical maneuver, this transformation into a holding company structure signals CBRL's future strategy. Cracker Barrel will remain an integral part of the organization, but a significant portion of future growth will come from acquired chains. The holding company already owns a small gourmet market and restaurant called Carmine Giardini's Gourmet Market and La Trattoria Ristorante. It has also announced plans for a more significant purchase, Logan's Roadhouse <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RDHS)") else Response.Write("(Nasdaq: RDHS)") end if %>.
For those of you not familiar with Cracker Barrel, this chain of 369 restaurants, primarily located off interstates, offers moderately priced "home-styled country cooking." Some of the menu items include country ham, chicken, fish, sandwiches, vegetables, pancakes, and (of course) grits. In addition, each restaurant has a gift shop that sells toys, glassware, jelly, candy, and other trinkets. This chain was a big growth story in the late 1980s and early 1990s, but has fallen way out of favor over the past five years.
Throughout its rapid growth phase, Cracker Barrel consistently grew its store at 20%+ per year. Combining that unit growth with gains in same-store sales, the company posted stellar earnings growth. As the chain became larger, it became harder to continue growing its store base at the same pace, due to both management logistics and fear of chain saturation. Over the past couple of years, Cracker Barrel has added about 50 units a year, which is a decreasing percentage gain off an increasing store base. In 1999, the 50 new units will result in roughly 14% unit growth.
If you look at the company's stock price, you would probably think the past five years have been disastrous. Since mid-1993, while the S&P 500 increased 173%, CBRL fell 20%. Ughhh. What happened to earnings per share (EPS) at the company? They actually grew at a 16% compound annual rate during that period, rising from $0.78 to $1.65. What changed is the price/earnings (P/E) ratio, which fell from 37x in 1993 to 14x today? Lesson #1: The market can be manic depressive with a growth stock that is slowing down. Excessive joy on the upside can easily turn into overly pessimistic expectations on the downside.
The compelling fact of the investment story is that earnings are still increasing, albeit at a significantly slower rate in the short-term. Last year's earnings per share (EPS) increased 17% to $1.65. Earnings growth this year will be much more modest. Same-store sales have turned negative (falling 1.6% in fiscal Q1, ending in October) as store-level management turnover hindered operations and several years of price increases finally hurt the Cracker Barrel's price/value perception. In Q1, EPS increased only 11%. Management also commented that they expect EPS for this fiscal year to be flat to up 6% as it implements changes to restore positive momentum at the core chain.
If results from CBRL are flat (or declining) for the rest of time, its stock at $23 would not be a bargain. I would encourage you to shun the stock and watch it stumble along in the years ahead. Needless to say, I don't expect that will happen. The company has steadily generated increasing cash flow, with operations producing $151 million of the green stuff last year. While capital expenditures were $180 million, it is important to remember that unlike most restaurant chains, Cracker Barrel owns rather than leases a significant majority of its stores. This causes investment per restaurant to soar, but means that the company has hard assets that can be used to secure financing at reasonable terms if necessary.
CBRL expects capital expenditure to remain around $180 million this year to fund new restaurants and land purchases (this does not exclude expenditures for Logan's). Given its very strong balance sheet and seemingly low stock price, in early September the company also announced a 3 million share repurchase authorization (5% of outstanding shares). Over 1.3 million of these shares had already been bought back by the end of October.
Share repurchases are an effective use of excess cash when better investment alternatives are not available. Even more exciting, however, is a company that redeploys its cash into businesses that generate even higher returns. Here is where the purchase of Carmine's and Logan's come into play. These vehicles for future growth provide attractive opportunities for the company to invest its capital to maintain long-term growth prospects. The company didn't purchase Logan's, which has created a niche below Outback and Lone Star in the $12 check average range, until it demonstrated that it was able to successfully operate restaurants in several markets. With 41 restaurants, the chain has reached a size that demonstrates its feasibility, yet provides significant potential for future growth.
Such a strategy is appropriate for CBRL. A couple of years ago, it internally developed Cracker Barrel Corner Market as a way to cater to the then-trendy home meal replacement market. This test concept was shuttered during its market test due to lackluster results. Failing with a test concept is always disappointing, but those companies that never take risks are unlikely to be leaders. While taken to task by investors who feared the company didn't have a new growth concept, CBRL should be given credit for not pursuing a concept that didn't offer sufficient returns.
Many investors wait to invest in a stock until management has proven they are adept businesspeople. CBRL has clearly done that over the past fifteen years. Nonetheless, this year's expected slowdown in earnings growth does mean investors will have to closely monitor results over the next year to ensure that management is steadying Cracker Barrel. With its immense share of company's current revenue and profits, CBRL cannot move into higher earnings waters with its main engine failing. But if you believe in management's ability to refurbish that engine, the new propellers that the company will deploy might just kick the ship back on its growth trajectory. It may take a year or two for earnings growth to get back to 12%-15%, but the stock price will undoubtedly be much higher if it does.
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), another Fool David Marino-Nachison (TMF Braden), a new Fool
Editing |