DJIA 9958.77 +82.42 (+0.83%) S&P 500 1307.26 +12.67 (+0.98%) Nasdaq 2431.44 +49.91 (+2.10%) Russell 2000 400.84 +2.46 (+0.62%) 30-Year Bond 96 +3/32 5.52 Yield
An investment by a noted technology god helped send the shares of website aggregator Go2Net <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GNET)") else Response.Write("(Nasdaq: GNET)") end if %> climbing up the stock market's version of Mount Olympus today, rising $26 3/8 to $113 3/8. Paul Allen of Microsoft <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MSFT)") else Response.Write("(Nasdaq: MSFT)") end if %> fame announced that his Vulcan Ventures investment firm will put the hammer to the anvil and pound out a multi-step equity investment in Go2Net valued at an estimated $750 million. If all goes well, Allen will end up owning more than 54% of the outstanding shares in the company, which will retain its current management team and its expansion strategy of steadily adding individual websites with differing products and communities. It's plain that Allen sees the Go2Net Network portal site adding a new online dimension to Vulcan's large cable holdings sometime down the road. What is not obvious, however, is whether Allen's money and ideas will make Go2Net the Trojan horse that surprises the rest of the consolidating Web portal sector.
Pioneer Hi-Bred International <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PHB)") else Response.Write("(NYSE: PHB)") end if %>, the world leader in selling corn seed, rose $4 1/16 to $38 3/8 today after chemical giant DuPont <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DD)") else Response.Write("(NYSE: DD)") end if %> agreed to provide the company with some "seed money" in the form of $40 a share in cash and stock for the 80% of Pioneer that it doesn't already own. This acquisition culminates a year of significant consolidation in the agricultural seed market. Last year, Monsanto <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MTC)") else Response.Write("(NYSE: MTC)") end if %> completed the purchase of Dekalb Genetics, which like Pioneer sells corn and soybean seeds, and announced plans to acquire Delta & Pine Land <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DLP)") else Response.Write("(NYSE: DLP)") end if %>, the leader in cotton seeds. Using DuPont's financial and intellectual resources to fertilize its own market-leading position in seeds, Pioneer looks poised to become an even more important player in the seed and agricultural genetics business. For more info, see today's Fool Plate Special.
QUICK TAKES: United Airlines parent UAL Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: UAL)") else Response.Write("(NYSE: UAL)") end if %> climbed $6 11/16 to $73 3/4 after announcing that it expects first quarter and full-year earnings to come in ahead of current First Call analysts' mean estimates. The company anticipates "strong performance," especially in the U.S., throughout 1999, which helped helped boost other air carrier shares. Northwest Airlines <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NWAC)") else Response.Write("(Nasdaq: NWAC)") end if %> added $2 7/8 to $28 1/4, US Airways Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: U)") else Response.Write("(NYSE: U)") end if %> advanced $2 7/8 to $55 3/8, Southwest Airlines <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LUV)") else Response.Write("(NYSE: LUV)") end if %> gained $2 15/16 to $34 1/8, and American Airlines parent AMR Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AMR)") else Response.Write("(NYSE: AMR)") end if %> moved up $3 3/4 to $61 3/4... Drugstore operator Rite Aid <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: RAD)") else Response.Write("(NYSE: RAD)") end if %> bounced back $2 1/16 to $24 5/8 after tumbling 39% Friday on news that various growing pains at the firm will result in fiscal Q4 earnings below analysts' previous estimates.
Financial information and transaction processor First Data Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: FDC)") else Response.Write("(NYSE: FDC)") end if %> gained $2 3/16 to $43 9/16 after announcing that its First Data Merchant Services e-commerce unit has developed a custom credit card authorization interface with Web portal Yahoo! <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: YHOO)") else Response.Write("(Nasdaq: YHOO)") end if %> that will allow Yahoo! Store merchants to process credit card orders quickly, safely, and reliably... Online fax-to-email services firm eFax.com <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: EFAX)") else Response.Write("(Nasdaq: EFAX)") end if %> gained $8 7/8 to $21 5/8 after agreeing to provide free fax-to-email services to the 6.5 million members of online direct marketing company Xoom.com <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: XMCM)") else Response.Write("(Nasdaq: XMCM)") end if %>. Xoom.com moved up $2 5/8 to $69 5/8... Appliance maker Whirlpool Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WHR)") else Response.Write("(NYSE: WHR)") end if %> spun ahead $2 3/8 to $48 3/4 after CIBC Oppenheimer raised its opinion on the company to "buy" from "hold."
Internet investment firm CMGI Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CMGI)") else Response.Write("(Nasdaq: CMGI)") end if %> rose $28 5/8 to $192 5/8 on news that it will replace Netscape Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NSCP)") else Response.Write("(Nasdaq: NSCP)") end if %> on the Nasdaq 100 Index on March 18. Netscape, which received word late last week that its merger with online services conglomerate America Online <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AOL)") else Response.Write("(NYSE: AOL)") end if %> will not be challenged by trustbusters at the Justice Department, tacked on $6 1/8 to $91... Cardiovascular medical devices maker Possis Medical <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: POSS)") else Response.Write("(Nasdaq: POSS)") end if %> pumped out a $2 1/2 gain to $14 7/8 after winning FDA approval for a wider range of uses for its AngioJet system, which had previously been cleared to only remove blood clots from vascular grafts used by kidney dialysis patients.
Internet domain name registrar Network Solutions <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NSOL)") else Response.Write("(Nasdaq: NSOL)") end if %> gained $43 to $265 after saying it has registered its four-millionth address with a .com, .net, or .org suffix. The company also said net new international Web address registrations came in at 168,000 in Q4, up 91% year-over-year and 22% sequentially... Virus and anti-HIV treatment developer Trimeris Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TRMS)") else Response.Write("(Nasdaq: TRMS)") end if %> added $1 5/8 to $14 1/2 after announcing a new CEO and chief scientific officer and a new president and CFO to replace current president and CEO M. Ross Johnson, who is leaving the company... Drug distributor and healthcare information systems developer McKesson HBOC <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MCK)") else Response.Write("(Nasdaq: MCK)") end if %> added $3 to $62 5/8 on a Warburg Dillon Read upgrade to "buy" from "hold," citing valuation and improving sales visibility.
Discount broker Charles Schwab Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SCH)") else Response.Write("(NYSE: SCH)") end if %> traded up $3 15/16 to $87 15/16 after saying a 69% year-on-year rise in customer daily average revenue trades will lead to Q1 EPS between $0.31 and $0.34, topping the First Call mean estimate of $0.26... Online fax services firm FaxSav <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FAXX)") else Response.Write("(Nasdaq: FAXX)") end if %> jumped $2 7/8 to $9 5/8 after saying it has developed an Internet fax package with Dutch software vendor Fenestrae that will be integrated into Microsoft's <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MSFT)") else Response.Write("(Nasdaq: MSFT)") end if %> Exchange e-mail application and SAP's <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SAP)") else Response.Write("(NYSE: SAP)") end if %> ERP environments... Enterprise software developer Onyx Software <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ONXS)") else Response.Write("(Nasdaq: ONXS)") end if %> surged $16 13/16 to $44 5/8 following bullish comments about its business prospects from its CEO in an interview with CNBC. Credit Suisse First Boston also started coverage of the firm late Friday with a "buy" rating.
Digital subscriber line (DSL) services provider Covad Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: COVD)") else Response.Write("(Nasdaq: COVD)") end if %> picked up $15 1/8 to $71 after saying its high-speed Internet service for businesses and employees working from home is now available in Philadelphia... Industrial and commercial high-pressure liquid pumps and gas boosters maker Haskel International <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: HSKL)") else Response.Write("(Nasdaq: HSKL)") end if %> surged $3 to $12 1/16 after saying it will be acquired by privately held Tinicum Capital Partners, L.P., for $72.8 million, or $12.90 per share in cash... Electronics contract manufacturer Sanmina Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SANM)") else Response.Write("(Nasdaq: SANM)") end if %> marched up $6 1/16 to $65 7/8 after Salomon Smith Barney started coverage of the firm with a "buy" rating... Fiber optic telecommunications network operator Qwest Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: QWST)") else Response.Write("(Nasdaq: QWST)") end if %> tacked on $4 15/16 to $74 9/16 after Morgan Stanley Dean Witter raised its rating on the company to "strong buy" from "outperform."
A program to boost productivity that seems to have done just the opposite meant a huge gash in shares of medical cost management services firm Healthcare Recoveries' <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: HCRI)") else Response.Write("(Nasdaq: HCRI)") end if %> stock today. The shares lost $4 21/32, or 54%, to $4 after it said first-quarter earnings are seen coming in between $0.12 and $0.14 per share, missing Wall Street's $0.18 consensus estimate. Healthcare boosted the number of files given to its examiners over the last six months in a move to increase efficiency; what happened instead was a decline in "throughput," which is the amount of debt recoveries expressed as a percentage of backlog. The company has taken some "corrective actions," but those aren't expected to return throughput to historical levels before Q4. Some better news -- plans for a $10 million stock buyback and a service contract with Oxford Health Plans <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: OXHP)") else Response.Write("(Nasdaq: OXHP)") end if %> -- couldn't help the stock today.
It was double whammy time today for Chicago-based IT services company SPR Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SPRI)") else Response.Write("(Nasdaq: SPRI)") end if %>, which agreed to end its planned merger with Metamor Worldwide <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MMWW)") else Response.Write("(Nasdaq: MMWW)") end if %> as the companies cited "the unanticipated impact of recent industry events." The picture has certainly changed since the deal was announced Jan. 11. Metamor stock is down approximately 80% over that period, while shares of SPR are off about 75%. SPR cast away $4 3/4 to $4 3/4 today after also announcing that it expects a Q1 loss because of merger termination costs, commitments to unassigned employees, and Year 2000 spending among its clients. Three analysts polled by First Call currently expect EPS of $0.22. Metamor, recently in the news for another proposed acquisition, advanced $2 13/16 to $16 15/16 today following the announcement that is "comfortable" with analysts' $0.32 EPS projection for Q1. The company also authorized a $32 million stock buyback.
QUICK CUTS: Fleet Financial Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: FLT)") else Response.Write("(NYSE: FLT)") end if %> trailed off $2 9/16 to $42 3/16 on news that it will acquire BankBoston <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BKB)") else Response.Write("(NYSE: BKB)") end if %> for $16 billion, or $53 per share, in stock. BankBoston, meanwhile, added $1/8 to $47 1/16. For more on the deal, reheat some of this morning's Breakfast With the Fool... Telecommunications equipment maker Ciena Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CIEN)") else Response.Write("(Nasdaq: CIEN)") end if %> fell $2 1/16 to $24 3/4 after saying it will acquire two privately held companies, Lightera Networks Inc. and Omnia Communications Inc., for a total of about $980 million in stock. A replay of the company conference call about the acquisitions is available at (888) 203-1113 until midnight tomorrow Eastern time. The access code is 648198... The American depositary shares of British phone giant Cable & Wireless PLC <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CWP)") else Response.Write("(NYSE: CWP)") end if %> gave away $1 15/16 to $38 5/16 after German utility Veba AG <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: VEB)") else Response.Write("(NYSE: VEB)") end if %> sold its 10.5% stake in the company at an 11.5% discount to Friday's closing price.
Entertainment production and distribution company Metro-Goldwyn-Mayer Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MGM)") else Response.Write("(NYSE: MGM)") end if %> faded $11/16 to $11 1/16 after canceling a video distribution agreement with Warner Home Video prior to the pact's scheduled 2003 ending... Online retailer CyberShop <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CYSP)") else Response.Write("(Nasdaq: CYSP)") end if %> shed $3 5/8 to $9 5/16 after taking on $6 1/4 on Friday. The company today confirmed reports that it will become a featured merchant on Yahoo!'s <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: YHOO)") else Response.Write("(Nasdaq: YHOO)") end if %> shopping channel... Telecommunications networking services company e.spire Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ESPI)") else Response.Write("(Nasdaq: ESPI)") end if %>, which named former Qwest Communications International <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: QWST)") else Response.Write("(Nasdaq: QWST)") end if %> executive Wayne Charity its senior VP and CIO, lost $21/32 to $8 15/32.
Nutritionals and health care products maker USANA Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: USNA)") else Response.Write("(Nasdaq: USNA)") end if %> dropped $3/4 to $9 after announcing Friday evening that a slowed market in North America and losses in its new U.K. division are expected to pull Q1 EPS down to $0.15 or $0.16. Two analysts polled by First Call currently expect EPS of $0.18 for the period... Homebuilder Meritage Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MTH)") else Response.Write("(NYSE: MTH)") end if %> was nailed for a $1 11/16 loss to $11 after it said construction delays at its Arizona locations will drag Q1 EPS "significantly" below Wall Street's $0.52 estimate... Gas pipeline company El Paso Energy <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: EPG)") else Response.Write("(NYSE: EPG)") end if %> leaked $2 5/8 to $32 1/16 after it agreed, as expected, to acquire oil and natural gas company Sonat Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SNT)") else Response.Write("(NYSE: SNT)") end if %> for about $4 billion in stock plus $2 billion in assumed debt. The deal, expected to close in the third or fourth quarter, would create the nation's largest natural gas pipeline company.
Integrated circuit controls maker Frequency Electronics <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: FEI)") else Response.Write("(AMEX: FEI)") end if %> shed $11/16 to $6 3/4 after turning in a fiscal Q3 loss of $0.18 per share, down from EPS of $0.31 a year ago and missing First Call's one-analyst breakeven estimate... Occupational protective gear maker Bacou USA <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BAU)") else Response.Write("(NYSE: BAU)") end if %> slumped $3 3/16 to $15 1/4 after reporting that slow Q1 sales are expected to make EPS "somewhat less" than last year's $0.36 mark, also missing Wall Street's anticipated $0.42... Information technology consulting firm Cotelligent Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CGZ)") else Response.Write("(NYSE: CGZ)") end if %> dropped $1/2 to $11 1/8 after extending its bank line of credit to $100 million from $40 million to fund acquisitions and short-term working capital... Data management software company Sand Technology Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SNDCF)") else Response.Write("(Nasdaq: SNDCF)") end if %> slipped $31/32 to $6 1/32 after reporting a fiscal Q2 loss of $0.21, $0.20 worse than the year-ago mark.
FOOL
ON THE HILL
An Investment Opinion
by
Alex Schay
What Are the Options?
About three-quarters of the way through Warren Buffett's 1998 Letter to Berkshire Hathaway <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BRK.A)") else Response.Write("(NYSE: BRK.A)") end if %> shareholders, the oracle of Omaha engages in an uncharacteristic diatribe. Although the annual Buffett letter has always been liberally sprinkled with poignant quips, this time around the avuncular tone of old is put on hold for a number of paragraphs as Buffett expounds on some accounting shenanigans that are clearly of concern to him. As always, the underlying interest group that's represented is the shareholder community at large.
Here, Buffett gives readers his assessment of the changing accounting ethos in corporate America:
"It was once relatively easy to tell the good guys in accounting from the bad: The late 1960's, for example, brought on an orgy of what one charlatan dubbed 'bold, imaginative accounting' (the practice of which, incidentally, made him loved for a time by Wall Street because he never missed expectations). But most investors of that period knew who was playing games. And, to their credit, virtually all of America's most-admired companies then shunned deception.
"In recent years, probity has eroded. Many major corporations still play things straight, but a significant and growing number of otherwise high-grade managers -- CEOs you would be happy to have as spouses for your children or as trustees under your will -- have come to the view that it's okay to manipulate earnings to satisfy what they believe are Wall Street's desires. Indeed, many CEOs think this kind of manipulation is not only okay, but actually their duty."
In the Buffett letter, a fair amount of digital ink is devoted to the subject of options accounting -- consistent with the overarching theme that many CEOs and auditors have vehemently fought against the replacement of "option fiction with truth." The topic is broached by means of an accounting line item in the Berkshire financials. The pro forma statement of income (as if General Re had always been a part of Berkshire) indicates a $63 million increase in compensation expense for 1997 as a result of the termination of General Re's longstanding option plan in favor of a cash plan with matching economics.
What? America's premier business savant pitted against a management compensation system that gives those with a hand on the corporate rudder a "stake" in the business? How can this be? Buffett's basic statement on the matter is as follows, "Though options, if properly structured, can be an appropriate, and even ideal, way to compensate and motivate top managers, they are more often wildly capricious in their distribution of rewards, inefficient as motivators, and inordinately expensive for shareholders."
Let's begin with Mr. Buffett's last "potential" criticism. Expensive for shareholders, how's that? Options bear no explicit cost to the firm that uses them. Employees pay the exercise price, they pay the tax, and the company in question gets some much-needed cash from both the employees and the IRS (through reduced taxes). The piece de resistance, however, is the fact that companies do not recognize any expense on the income statement, nor any liability on the balance sheet.
These are unassailable facts. However, as we've outlined at length in previous columns, if a company is actually buying back higher priced shares in order to offset the share quantity dilution imposed by the issuance of options, then that should really be viewed as cash paid for employee compensation. In instances where the firm buys back shares at higher market prices, any increase in equity that might have resulted from option exercise is upset by the treasury stock cost from the buyback. While shares outstanding may have been brought back into line (to the pre-option exercise amount), stockholders equity will have been beaten down to levels below the initial option transaction. Hence, the stock buyback ends up decreasing the book value of shares and the net worth of shareholders. Does this really address Mr. Buffett's criticism though? In a word... no.
Brace yourself. We are about to delve into the ramifications of an intellectual position that is unprecedented in corporate America, for its internal consistency, as well as its ethical underpinnings!
Buffett states quite baldly that current accounting principles on the options matter are "outrageous," and don't reflect the reality of doing business. And this really goes to the heart of the matter. Mr. Buffett, rather than choosing to take advantage of "what is," (an almost necessary credo in the business world today) has translated his own prescriptive ought, or "what should be," into the reality of how he structures transactions.
Just because the accounting profession as a whole decides to endorse something as wrong-headed as the current options treatment doesn't mean Buffett will partake, even if it means penalizing his own earnings. Dilution is not the issue, it's the possible overstatement of earnings that results from the use of options "for free" that really rankles the Chairman.
"Charlie and I, however, have trouble being philosophical about unrecorded costs. When we consider investing in an option-issuing company, we make an appropriate downward adjustment to reported earnings, simply subtracting an amount equal to what the company could have realized by publicly selling options of like quantity and structure. Similarly, if we contemplate an acquisition, we include in our evaluation the cost of replacing any option plan. Then, if we make a deal, we promptly take that cost out of hiding."
Objections to this shoot-yourself-in-the-foot-accounting usually mirror those "unassailable facts" that I mentioned in a previous paragraph. After all Mr. Buffett, you don't have to deal with options in a rational, consistent, and ethical manner.
Dale Wettlaufer penned a column not to long ago entitled, "We Love Buffett." At the risk of engaging in some nauseating cheerleading, this is a great example of why I love Warren Buffett. I'm sure some readers at this point are holding out for some statement concerning the "shareholder friendly" element of options. They can't be that bad if so many companies employ them as incentives for their employees, right? Understanding that their proper accounting treatment and their ultimate utility are two very different issues, Buffett's criticism that options are "inefficient motivators" is worth exploring.
Again, it's important to note that Buffett's overall option comments bear a unique qualifier. That is, he opens his general statement on the matter by asserting that options "can be appropriate, and even ideal." I assume he means that when they are tied to value creation and not just share price metrics.
"Readers who disagree with me about options will by this time be mentally quarreling with my equating the cost of options issued to employees with those that might theoretically be sold and traded publicly. It is true, to state one of these arguments, that employee options are sometimes forfeited -- that lessens the damage done to shareholders -- whereas publicly-offered options would not be. It is true, also, that companies receive a tax deduction when employee options are exercised; publicly-traded options deliver no such benefit. But there's an offset to these points: Options issued to employees are often repriced, a transformation that makes them much more costly than the public variety."
Investors quoting the "alignment of interests" scripture in favor of options, often overlook this "repricing" point. In terms of investment, equity holders bear the cost and risk of an initial outlay, management doesn't. Consequently, if the stock price suffers, management only gets hurt to the degree that they forgo an opportunity. Investors are hurt all the way down. Finally, if the share price should suffer, and options are indeed "repriced," as is often the case, what do equity holders get? Do they receive a discount on their purchase price after the fact? Do they get some kind of rebate on new shares? The answer, of course, is no.
Overall, investors should just say "yes" to a reading of the 1998 Berkshire Hathaway Letter to Shareholders. As usual, it lives up to the billing.
Please see the Motley Fool's Conference Calls page for call information and links to synopses.
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Contributing Writers Brian Graney (TMF Panic), a Fool David Marino-Nachison (TMF Braden), a new Fool
Editing |