DJIA 9544.97 +233.78 (+2.51%) S&P 500 1272.34 +27.56 (+2.21%) Nasdaq 2320.86 +69.59 (+3.09%) Value Line Index 951.64 +15.03 (+1.60%) 30-Year Bond 101 11/32 +21/32 5.16% Yield
Luxury goods maker Gucci Group NV <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GUC)") else Response.Write("(NYSE: GUC)") end if %> sashayed its way $12 13/16 higher to $68 5/8 after fellow Town and Country advertiser LVMH Moet Hennessy Louis Vuitton <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: LVMHY)") else Response.Write("(Nasdaq: LVMHY)") end if %> said it has acquired a "more than 5% stake" in the company. LVMH strutted up $2 1/8 to $46 1/2 today as well. LVMV, which makes Moet & Chandon champagne, Givenchy apparel, and other high-priced goodies, got analysts' hearts racing with the disclosure, which some view as the first step in a full-scale merger of the two companies. LVMH head honcho Bernard Arnault stepped down as a director of Johnny Walker and Guinness owner Diageo PLC <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DEO)") else Response.Write("(NYSE: DEO)") end if %> just last week. Some believe that move may have been a precursor to Arnault eventually ditching his 11% Diageo stake in order to free up moolah for an investment in a different company with products and strategies more in tune with those of LVMH -- such as Gucci.
Several steel producers rose today after Merrill Lynch raised its opinion on companies throughout the sector, based on expectations that the steel cycle will hit the mill floor sometime this year and start rebounding thereafter. That's good news for the shares of the companies singled out for upgrades today, all of which have lost anywhere from 20% to 40% of their values since last March. You could say their current valuations make them a stainless steal. (Ouch!) Cleveland-based LTV Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LTV)") else Response.Write("(NYSE: LTV)") end if %> gained $1 3/8 to $7 13/16, Bethlehem Steel <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BS)") else Response.Write("(NYSE: BS)") end if %> moved up $1 5/16 to $10 9/16, diversified metals company Allegheny Teledyne <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ALT)") else Response.Write("(NYSE: ALT)") end if %> rose $1 9/16 to $22 7/16, hot rolled sheet firm Rouge Steel Industries <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ROU)") else Response.Write("(NYSE: ROU)") end if %> climbed $13/16 to $10 1/8, and carbon steel powerhouse USX-U.S. Steel Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: X)") else Response.Write("(NYSE: X)") end if %> forged a $2 15/16 gain to $27 7/16.
QUICK TAKES: Electronic design automation products developer Mentor Graphics Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MENT)") else Response.Write("(Nasdaq: MENT)") end if %> picked up $2 5/16 to $10 3/8 after saying its Q4 earnings will top the First Call mean estimate of $0.17 per share due to record revenues, product orders, and gross margins... Internet service provider MindSpring Enterprises <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MSPG)") else Response.Write("(Nasdaq: MSPG)") end if %> hopped up $8 9/16 to $75 1/8 after agreeing to acquire the U.S. dial-up, dedicated, and Web-hosting accounts of ICG Communications' <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ICGX)") else Response.Write("(Nasdaq: ICGX)") end if %> Netcom subsidiary for $215 million in cash and $30 million in stock. The deal will put MindSpring over the 1 million dial-up subscriber mark, according to the company... Online stamp and collectibles auctioneer Greg Manning Auctions <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GMAI)") else Response.Write("(Nasdaq: GMAI)") end if %> was bid up $4 3/16 to $12 15/16 after announcing that it will report "record" profit and sales figures for fiscal Q2.
Web portal Lycos <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: LCOS)") else Response.Write("(Nasdaq: LCOS)") end if %> was boosted $13 5/8 to $66 after Credit Suisse First Boston started coverage with a "buy" rating, saying the company could attract investment interest from a big media player looking for an Internet presence. Other portals also gained ground. Yahoo! <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: YHOO)") else Response.Write("(Nasdaq: YHOO)") end if %> shouted its way $33 1/8 higher to $291, Excite <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: XCIT)") else Response.Write("(Nasdaq: XCIT)") end if %> tacked on $8 15/16 to $51, and Infoseek <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SEEK)") else Response.Write("(Nasdaq: SEEK)") end if %> found gains of $5 5/16 to $52 3/16... Electronics and computing products retailer Best Buy <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BBY)") else Response.Write("(NYSE: BBY)") end if %> added $7 1/8 to $73 after posting a 10.5% rise in December same-store sales, thanks in part to record sales of DVD equipment.
Following the lead from SoundView Technology's call on the sector yesterday, BT Alex. Brown fueled the rally in semiconductor capital equipment stocks today with some upgrades of its own. Among those "feeling the love," wafer fabrication systems maker Applied Materials <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMAT)") else Response.Write("(Nasdaq: AMAT)") end if %> added $3 13/16 to $53 9/16, chip metrology tools supplier Veeco Instruments <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: VECO)") else Response.Write("(Nasdaq: VECO)") end if %> gained $5 1/2 to $62, thin film deposition systems designer Novellus Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NVLS)") else Response.Write("(Nasdaq: NVLS)") end if %> advanced $7 1/2 to $66 1/16, chemical mechanical planarization equipment company LAM Research <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: LRCX)") else Response.Write("(Nasdaq: LRCX)") end if %> rose $1 7/8 to $27 1/8, and metrology and process controls firm Zygo Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ZIGO)") else Response.Write("(Nasdaq: ZIGO)") end if %> moved up $2 13/16 to $12 13/16... Paging company SkyTel Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SKYT)") else Response.Write("(Nasdaq: SKYT)") end if %> rose $1 7/8 to $22 7/8 as software giant Microsoft <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MSFT)") else Response.Write("(Nasdaq: MSFT)") end if %> reported a 5.7%, or 3.4 million common share, stake in the company in a federal filing.
Discount retailer Dollar Tree Stores <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DLTR)") else Response.Write("(Nasdaq: DLTR)") end if %> grew $5 5/16 to $48 1/2 after reporting a 5.2% rise in Q4 same-store sales, following last year's 5.5% advance during the same period. Net sales rose 24.3% in the quarter to $340 million, while net sales for 1998 increased by 27% year-on-year to $919 million... Paper, paperboard container, and building products maker Georgia-Pacific Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GP)") else Response.Write("(NYSE: GP)") end if %> produced a $3 9/16 gain to $66 1/16 on numerous reports that the company recently raised prices for uncoated office and printing paper anywhere from $40 to $60 per ton... Oshkosh, Wis.-based FCB Financial Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FCBF)") else Response.Write("(Nasdaq: FCBF)") end if %> jumped $10 1/4 to $37 after agreeing to merge with fellow Badger State bank Anchor BanCorp <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ABCW)") else Response.Write("(Nasdaq: ABCW)") end if %> in a stock swap valued last night at about $172 million. Anchor finished the day down $2 15/16 at $21 1/8.
Blood and critical care therapies company Baxter International <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BAX)") else Response.Write("(NYSE: BAX)") end if %> moved up $3 3/4 to $66 13/16 after Warburg Dillon Read raised its rating to "strong buy" from "hold"... Chip giant Intel Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INTC)") else Response.Write("(Nasdaq: INTC)") end if %> gained $6 1/4 to $129 1/2 after Piper Jaffray analyst Ashok Kumar raised his 1999 earnings estimate for the company to $4.45 per share from $3.81 per share... Victoria's Secret owner Intimate Brands <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IBI)") else Response.Write("(NYSE: IBI)") end if %> put a smile on its shareholders faces today, rising $1 5/8 to $31 5/8 on the back of a 6% pick-up in December same-store sales. The company also said its fiscal Q1 earnings will be $0.02 per share higher than analysts' expectations. Parent Limited Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LTD)") else Response.Write("(NYSE: LTD)") end if %> added $1 13/16 to $30 7/16. More details on Intimate Brands can be found in today's Fool Plate Special.
Telecommunications access products designer Premisys Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PRMS)") else Response.Write("(Nasdaq: PRMS)") end if %> picked up $2 3/8 to $12 1/8 after SoundView Technology Group raised its rating on the company to "buy" from "hold"... Antiviral pharmaceuticals developer ViroPharma Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: VPHM)") else Response.Write("(Nasdaq: VPHM)") end if %> gained $2 1/2 to $12 1/2 after a study of its pleconaril treatment showed that a statistically significant number of viral meningitis patients reported a decrease in disease symptoms while taking the treatment... Computing products direct marketer Insight Enterprises <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NSIT)") else Response.Write("(Nasdaq: NSIT)") end if %> eyed a $5 15/16 gain to $57 3/16 after reporting a 59% year-on-year increase in net sales during 1998 to more than $1 billion.
Investors in bicycle maker Cannondale Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BIKE)") else Response.Write("(Nasdaq: BIKE)") end if %> picked up some road rash today as the stock skidded $7/8 to $7 3/4, falling as low as $7 on four times normal volume after last night's announcement of projected fiscal Q2 EPS of $0.20. That figure not only misses First Call's three-analyst estimate of a $0.36 per share profit but underperforms last year's $0.43 mark. Suppliers relied upon for the components needed for higher-margin performance bicycles didn't come through during the quarter, Cannondale said. Meanwhile, the development of the company's motocross motorcycle -- a new venture the Fool's Warren Gump paused on when discussing Cannondale in October -- is rolling along and the first bikes will be shipped in the first quarter of fiscal 2000 (beginning in June).
It's been a cold winter for NFL coaches, with five fired just days after the regular season ended last month. That's what happens when an organization isn't happy with an employee's performace -- as was the case today with Aspect Telecommunications <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ASPT)") else Response.Write("(Nasdaq: ASPT)") end if %>, which makes call center management software. The company's shares tumbled $4 15/16 to $12 1/8 after it said it expects Q4 EPS of between $0.10 and $0.14 per share, short of the First Call analysts' mean estimate of $0.21. Aspect, which said North American business fell short of estimates, scapegoated Vice President for North America Larry Miller. "While many parts of our business continue to perform well, our North American region is not performing to expectations," said CEO James Carreker. "Accordingly, I have concluded that a management change at the top level of the North American sales organization is appropriate." Lin Johnstone, who held a similar position in the company's Europe, Middle East and Africa region, steps in on an interim basis.
QUICK CUTS: The news that iMacs are now available in an assortment of colors didn't help Apple Computer <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AAPL)") else Response.Write("(Nasdaq: AAPL)") end if %>, which fell $1 9/16 to $41 3/4 as CIBC Oppenheimer downgraded the stock to "underperform" from "hold"... Drug wholesaler Bergen Brunswig Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BBC)") else Response.Write("(NYSE: BBC)") end if %> spilled $1 1/2 to $33 3/4 after BT Alex. Brown downgraded the stock to "buy" from "strong buy"... Aerospace and defense company Northrop Grumman <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NOC)") else Response.Write("(NYSE: NOC)") end if %> dove $3 15/16 to $69 5/16 following the news that it will take pre-tax charges totaling about $125 million in the fourth quarter, reducing earnings for the year by roughly $1.18 a share. These charges are in addition to previously announced consolidation expenses to be charged in the fourth quarter.
Internet-based telecommunications services provider Tel-Save.com Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TALK)") else Response.Write("(Nasdaq: TALK)") end if %>, which yesterday announced a two-year extension of its marketing agreement with America Online <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AOL)") else Response.Write("(NYSE: AOL)") end if %>, lost $3 1/8 to $16 1/2 today. Accompanying the AOL news was the resignation of CEO Daniel Borislow. He will be replaced by former Network Solutions <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NSOL)") else Response.Write("(Nasdaq: NSOL)") end if %> CEO Gabriel Battista, who also becomes chairman and president... Enterprise resource planning software developer Platinum Software Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PSQL)") else Response.Write("(Nasdaq: PSQL)") end if %> dulled $1 to $12 1/8 after the company said it will take an unspecified restructuring charge in Q2 in connection with its recently completed acquisition of manufacturing software company DataWorks... Shares in video transport and network access system maker Tellabs <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TLAB)") else Response.Write("(Nasdaq: TLAB)") end if %> lost $3 11/16 to $75 1/8 today after it told news services it isn't in merger talks and had no explanation for its $13 1/16 rise yesterday.
Network security products maker Network Associates <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NETA)") else Response.Write("(Nasdaq: NETA)") end if %> leaked $1 3/4 to $58 3/16 despite saying Q4 EPS was expected to come in at $0.47, a penny above the Street's consensus estimate. The company may have to restate Q4 and full-year earnings figures in accordance with new SEC rules... Movie theater operator AMC Entertainment <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: AEN)") else Response.Write("(AMEX: AEN)") end if %> blurred $1 1/16 to $17 3/4 after BT Alex. Brown downgraded the stock to "market perform" from "buy." Meanwhile, competitor Loews Cineplex Entertainment <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LCP)") else Response.Write("(NYSE: LCP)") end if %> lost $1 3/4 to $9 after receiving a downgrade to "outperform" from "buy" from Salomon Smith Barney... Programmable logic devices maker Altera Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ALTR)") else Response.Write("(Nasdaq: ALTR)") end if %> gave back $1 9/16 to $63 3/8 after being dropped to "hold" from "buy" by Needham & Co., which set a 12-month price target of $61 per share.
DRAM testing systems maker Aehr Test Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AEHR)") else Response.Write("(Nasdaq: AEHR)") end if %> deflated $1 1/16 to $6 5/16 after the company reported a Q2 net loss of $0.07 per share, better than First Call's two-analyst estimate of a $0.10 loss but off last year's $0.10 profit... Networking products company Osicom Technologies <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FIBR)") else Response.Write("(Nasdaq: FIBR)") end if %>, which announced the opening of four European sales, marketing and support offices in Europe, lost $2 1/16 to $13 3/8 today... Enterprise storage company EMC Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: EMC)") else Response.Write("(NYSE: EMC)") end if %>, a recent Daily Double, fell $1 5/8 to $89 1/2 after it extended a reseller relationship with Hewlett-Packard <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HWP)") else Response.Write("(NYSE: HWP)") end if %> by three years.
FOOL
ON THE HILL
An Investment Opinion
by
Louis Corrigan
JDA Software's Hard Landing
When a top-performing company hits a rough spot -- and its stock gets crunched -- it's natural to wonder if the market is flashing a bargain sign. The case of JDA Software Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: JDAS)") else Response.Write("(Nasdaq: JDAS)") end if %>, however, suggests the risks endemic to this bottom-fishing strategy, at least in the short term. That's because business momentum works both ways. When a company that has been hot begins to cool down, you better know something that others don't because the worse case scenario that the market begins to discount into the stock price is often just a few quarters away from becoming reality.
Shares of JDA today sank 26%, losing $2 15/32 to $7 1/16 after this provider of enterprise software that helps retailers like the Gap <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GPS)") else Response.Write("(NYSE: GPS)") end if %> and Williams-Sonoma <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WSM)") else Response.Write("(NYSE: WSM)") end if %> track inventories and purchase orders announced late yesterday that Q4 results would come in way off track. An unexpected and dramatic shortfall in U.S. software license revenue is now projected to produce a Q4 loss of $0.08 to $0.11 per share. That's well shy of the consensus earnings estimate calling for a gain of $0.18 per share. Analysts from Prudential, Piper Jaffray, and Hambrecht & Quist rushed to downgrade the stock one notch, to a "neutral" or "hold" rating, while slashing estimates.
JDA's numbers were so ugly that CEO Brent Lippman was handed his walking papers. Co-chairmen and co-founders James Armstrong and Frederick Pakis have now returned as co-CEOs on a full-time basis in what the company sees as a long-term arrangement. In yesterday evening's conference call, they said they're now in "analytical mode," trying to make sense of the large number of deferrals experienced in what had appeared to be a strong U.S. pipeline. As CFO Kris Magnuson put it, software sales, which are always concentrated in the last couple of weeks of the quarter, "fell apart on a day by day basis" as the quarter came to a crashing thud.
Though Q4 sales should come in around $33 million, up 10%, the gains resulted from lower-margin consulting, maintenance and other services. Crucial software license sales plummeted to $7.5 million from $14.6 million a year ago. While results were especially ugly in Europe, where JDA did just $1.3 million in license revenue versus $5.4 million last year, that dip was largely anticipated. The year-ago period included a huge $3 million deal. Plus, JDA's European sales have been deteriorating all year, something that led to the November 15 hiring of Colin Wyatt to beef up management of the European sales team.
North America was the real shocker: U.S. sales collapsed to $3.6 million from $5.8 million in Q4 1997 while Canadian sales dropped to $0.4 million from $0.6 million. U.S. license deals had been the year's major bright spot, rising 130% in Q3 and 91% in Q2. Magnuson said the new management team will be interviewing sales personnel to figure out just what happened.
She said that JDA boosted the number of U.S. sales reps from 11 to 17 during 1998 and that only one representative left the company, so turnover wasn't the issue. Magnuson also indicated that the lower license fees weren't due to losing more deals to competitors such as giant enterprise resource planning (ERP) players like SAP <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SAP)") else Response.Write("(NYSE: SAP)") end if %> or PeopleSoft <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PSFT)") else Response.Write("(Nasdaq: PSFT)") end if %>, the latter of which has a new merchandising system that has not yet hit the market. She added that JDA didn't suffer unexpectedly in Europe from retail software competitor HNC Software <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: HNCS)") else Response.Write("(Nasdaq: HNCS)") end if %>, but she wasn't yet sure about the U.S. With much talk that the Y2K issue is impacting sales at major ERP outfits such as SAP, which reported unexpectedly weak Q4 results on Tuesday, Magnuson was asked whether that played a part in the JDA's lame results. She said that's "part of the puzzle that we are not prepared to answer today."
For the year, JDA's software license revenue increased a meager 5% to $44 million, with domestic fees up a sharp 59% to $26.6 million. International software sales declined 33%, due both to Europe and to a slowdown in the Asia-Pacific market, where sales fell to $1.8 million in Q4 from $2.6 million last year.
JDA also made two other noteworthy announcements. First, due to new SEC rules regarding accounting for in-process R&D, accountants Deloitte & Touche are now telling JDA it can write-off only $17 million of its $44 cost of acquiring Comshare's <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CSRE)") else Response.Write("(Nasdaq: CSRE)") end if %> Arthur line of decision support tools, rather than $40 million as previously announced. This change is a non-issue from a cash flow perspective, but it means that future expenses will rise by $575,000 per quarter due to the increased amortization of goodwill. Also, the Q2 loss due to the acquisition charge will be restated, from $0.87 per share to $0.24, while Q3 earnings will be cut to $0.15 from the $0.17 reported due to the amortization charge.
More important, JDA has altered its late August deal with troubled ERP suite provider Baan <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BAANF)") else Response.Write("(Nasdaq: BAANF)") end if %>. They had formed a joint venture selling a combined software solution to vertically integrated retailers. The companies are now working on a new marketing arrangement because, as Magnuson said, the joint venture structure created confusion with customers about who was really standing behind the product.
In the short term, all of this looks like very bad news for JDA, which in 1997 was the leading supplier of retail/wholesale-specific software applications, with 4.6% market share, according to a report from International Data Corp. Revenue soared 92% in 1997 on a 73% increase in software license sales, good for a 48% jump in EPS. JDA had appeared well-positioned, so much so that investors bid the stock up to $39 last April. That track record made me suggest that JDA was worth a look last August after it fell to $15 and again in October when it sank to $7 3/4. Yet with co-founders Armstrong and Pakis only beginning to get a handle on the situation and the whole sector being rocked due to Y2K-related uncertainty and other concerns, it wouldn't be shocking to see JDA fall a little closer to its current $3.57 per share net cash level as investors wait to see just what the problem is. On the other hand, a management change is often the first step in a turnaround.
U.S. investors interested in listening to the JDA's conference call should dial 800-475-6701 (access code: 426478). The replay is available through January 19.
Related articles:
-- Daily Trouble, 08/25/98: JDA Software Group, Inc.
-- The Evening News 10/21/98: JDA Software and the ERP Washout
Please see the Motley Fool's Conference Calls page for call information and links to synopses.
|
Contributing Writers Yi-Hsin Chang (TMF Puck), a Fool Brian Graney (TMF Panic), another Fool David Marino-Nachison (TMF Braden), a new Fool
Editing |