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Oppenheimer & Co Inc. 300 Madison Avenue 4th Floor New York, NY 10017 Tel: 800-221-5588 Fax: 212-667-8229
MonthlyHighlight...
Monthly Highlights
2
November 1, 2010
ENERGY/OIL SERVICES & EQUIPMENT
Complete Production Services
Initiated Coverage; Rid...
Monthly Highlights
3
Price Target Calculation
Our 12-18 month target price of $35/share implies 4.9x 2012E EV/EBITDA, in l...
Monthly Highlights
4
November 1, 2010
FINANCIAL INSTITUTIONS/REGIONAL BANKS
Fifth Third Bancorp
Momentum Building; Initiat...
Monthly Highlights
5
Price Target Calculation
Our earnings estimates imply further progress in Fifth Third's fundamentals,...
Monthly Highlights
6
November 1, 2010
ENERGY/OIL SERVICES & EQUIPMENT
Key Energy Services, Inc.
Initiated Coverage: Oil Le...
Monthly Highlights
7
Price Target Calculation
Our 12- to 18-month price target of $13/share is based on an EV/EBITDA multi...
Monthly Highlights
8
November 1, 2010
FINANCIAL INSTITUTIONS/COMMERCIAL & INVESTMENT BANKING
U.S. Bancorp
The “G” Word: Gr...
Monthly Highlights
9
Price Target Calculation
Our 12- to 18-month price target valuation is based on our 2012 earnings est...
Monthly Highlights
10
O = Outperform
P = Perform
U = Underperform
NR= Not Rated
See pages 31-33 for Disclosure Key
CHINA :...
Monthly Highlights
11
CHINA : China: Media & Internet
Paul Keung
Paul.Keung@opco.com
212-667-7789
Price Curr. Qtr Shares M...
Monthly Highlights
12
CONSUMER & BUSINESS SERVICES : Business Services
Glenn Greene, CFA
Glenn.Greene@opco.com
312 360-594...
Monthly Highlights
13
CONSUMER & BUSINESS SERVICES : Consumer, Household & Personal Care Products
Joseph Altobello, CFA
Jo...
Monthly Highlights
14
CONSUMER & BUSINESS SERVICES : Specialty Retailing
Brian Nagel, CFA
Brian.Nagel@opco.com
212 667-838...
Monthly Highlights
15
ENERGY : Independent Power Producers
Shelby Tucker, CFA
Shelby.Tucker@opco.com
212 667-5264
Price Cu...
Monthly Highlights
16
FINANCIAL INSTITUTIONS : Commercial & Investment Banking
Chris Kotowski
Chris.Kotowski@opco.com
212 ...
Monthly Highlights
17
HEALTHCARE : Bio and Specialty Pharmaceuticals
John Newman
John.Newman@opco.com
212-667-7325
Price C...
Monthly Highlights
18
HEALTHCARE : Healthcare Providers
Michael Wiederhorn
Michael.Wiederhorn@opco.com
212-667-8200
Price ...
Monthly Highlights
19
INDIA : Consumer
Manish Hemrajani
Manish.Hemrajani@opco.com
212 667-5407
Price Curr. Qtr Shares Mkt....
Monthly Highlights
20
INDUSTRIAL/CAPITAL GOODS : Industrial Multi-Industry
Christopher Glynn
Christopher.Glynn@opco.com
61...
Monthly Highlights
21
INTERNET : Internet
Jason Helfstein
Jason.Helfstein@opco.com
212-667-6433
Price Curr. Qtr Shares Mkt...
Monthly Highlights
22
TECHNOLOGY : Communication Software
Shaul Eyal
Shaul.Eyal@opco.com
212-667-8411
Price Curr. Qtr Shar...
Monthly Highlights
23
TECHNOLOGY : Infrastructure Software
Shaul Eyal
Shaul.Eyal@opco.com
212-667-8411
Price Curr. Qtr Sha...
Monthly Highlights
24
TECHNOLOGY : Solar Technology
Gary Hsueh, CFA
Gary.Hsueh@opco.com
415-399-5730
Price Curr. Qtr Share...
Monthly Highlights
25
Outperform Rated Stocks
Company Symbol Company Symbol Company Symbol
3SBioInc. SSRX Charm Communicat...
Monthly Highlights
26
Outperform Rated Stocks (Cont’d)
Company Symbol Company Symbol Company Symbol
MagellanHealthServices...
Monthly highlights
Monthly highlights
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  1. 1. Oppenheimer & Co Inc. 300 Madison Avenue 4th Floor New York, NY 10017 Tel: 800-221-5588 Fax: 212-667-8229 MonthlyHighlights EQUITY RESEARCH November 2010 Monthly Highlights FEATURED ARTICLES Complete Production Services OUTPERFORM 2 Fifth Third Bancorp OUTPERFORM 4 Key Energy Services, Inc. OUTPERFORM 6 US Bancorp OUTPERFORM 8 Coverage Universe (as of 10/29/10) 10 Outperform Rated Stocks 25-26 Perform Rated Stocks 27-28 Underperform Rated Stocks 29 Not Rated Stocks 29 Initiation of Coverage 30 Rating Changes 30 Oppenheimer & Co. Inc. does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. See "Important Disclosures and Certifications" section at the end of this report for important disclosures, including potential conflicts of interest. See "Price Target Calculation" and "Key Risks to Price Target" sections at the end of this report, or at the end of each section hereof, where applicable.
  2. 2. Monthly Highlights 2 November 1, 2010 ENERGY/OIL SERVICES & EQUIPMENT Complete Production Services Initiated Coverage; Ride the Pressure Pumping Wave SUMMARY On October 5, 2010, we initiated coverage of Complete Production Services (CPX) with an Outperform rating. The stock is the best performer in the oil services sector since the oil service bottom in March 2009, year-to-date and in the last month. We think pressure pumping tightness could continue for another 6-12 months as new capacity gets absorbed by a completion backlog and increased horizontal fracturing. Investors desiring momentum and near-term catalysts would do well to buy CPX, in our opinion. Complete recently reported 3Q10 results, exceeding all expectations: EPS were $0.42 vs. consensus of $0.31 and our $0.28 estimate. Strong pressure pumping (PP) growth was only part of the story, with other product lines contributing with better utilization. Mgmt laid out expectations for a likely 71% increase in capex budget to $300M. Higher margins add significantly to our prior EPS estimates, leading us to increase our price target on October 20 from $29 to $35 based on 4.9x 2012E EBITDA (mid-cycle average). High demand should absorb new PP capacity through 2011, with the strength in other product lines implying a more balanced growth profile that could support EPS beyond a PP peak. KEY POINTS Pressure Pumping Contribution. At 28% of revenue, PP contributed only 100bp more than it did in 2Q, although we suspect the margin contribution was larger. Some of this was due to new capacity (43K horsepower) not coming online until late in the quarter, though it also indicates revenue gains are not confined to PP. Ex-Pumping. Well Servicing contributed 14% of revs, implying ~16% sequential growth for that segment. Coiled Tubing is the other hot service line currently given it is similarly levered to the rapid growth in unconventional drilling. Positive results in both segments provide read-through for Outperform-rated KEG. Rising Capex. The company will spend $175M in 2010 to add over 125K HP in PP capacity (previously budgeted $165M for ~110K HP). 2011 capex could exceed $300M, with the company adding an incremental 100K+ HP in frac equipment, CPX will add to coiled tubing (30 units currently) and other completion tools. Margin Upside. Our EPS forecast goes to $0.52 in 4Q, $2.42 in 2011 and $2.78 in 2012 with only a modest rise in margins from current levels (19.1% up to 22%). We think there is some upside potential given the prior peak of 26% in 1Q07 and HAL's 26.8% this past quarter. Stock Price Performance Company Description Complete Production Services offers completion and production services used in onshore oil & gas drilling throughout North America. It also has a small fleet of contract drilling rigs and sells new and reconditioned equipment. The company is headquartered in Houston, TX. Stock Rating: Outperform 12-18 mo. Price Target $35.00 CPX-NYSE (10/29/10) $23.26 3-5 Yr. EPS Gr. Rate NM 52-week Range $22.75-$8.85 Shares Outstanding 77.8M Float 67.2M Avg. Daily Trading Vol. 1,614,130 Market Capitalization $1,809.6M Dividend/Yield NA/NM Fiscal Year Ends Dec Book Value $9.45 2010E ROE 8.8% LT Debt $650.0M Preferred NA Common Equity $719M Convertible Available No EPS Q1 Q2 Q3 Q4 FY Mult 2008A 0.60 0.54 0.70 0.50 2.33 10.0x 2009A 0.04 (0.32) (0.32) (0.17) (0.77) NM 2010E (0.04)A 0.20A 0.42A 0.52 1.12 20.8x 2011E -- -- -- -- 2.42 9.6x 2012E -- -- -- -- 2.78 8.4x EBITDA Q1 Q2 Q3 Q4 FY Mult 2008A 125 118 144 125 511 4.6x 2009A 71 31 27 34 163 14.3x 2010E 56A 85A 113A 125 379 6.1x 2011E -- -- -- -- 559 4.2x 2012E -- -- -- -- 615 3.8x G. Scott Burk, CFA 212-667-7402 Scott.Burk@opco.com Robert Du Boff, CFA 212-667-8148 Robert.DuBoff@opco.com
  3. 3. Monthly Highlights 3 Price Target Calculation Our 12-18 month target price of $35/share implies 4.9x 2012E EV/EBITDA, in line with the stock's historical average. It also implies a ~12.5x 2012E P/E multiple, a discount to the group's ten-year average of 15.5x reflecting its relatively small size and high leverage. For the record our prior $29 price target was based on 4.5x our prior 2012 EBITDA estimate. Key Risks to Price Target Risks include a high degree of leverage to the rate of natural gas development in North America, a high level of net debt, the potential for overcapacity in the pressure pumping industry and the related hit to margins, cost inflation and the possibility of unfavorable regulatory changes. (For more detail, please see our reports “Initiating Coverage; Ride the Pressure Pumping Wave,” published on 10/5/10 and “Exceeding All Expectations; Increasing Target to $35,” published on 10/20/10)
  4. 4. Monthly Highlights 4 November 1, 2010 FINANCIAL INSTITUTIONS/REGIONAL BANKS Fifth Third Bancorp Momentum Building; Initiated Coverage with an Outperform Rating and a $16 PT SUMMARY On October 6, 2010, we initiated coverage of Fifth Third Bancorp with an Outperform rating and $16 price target. While Fifth Third may never return to the glorious profits of the '90s, we believe momentum is building across the company, as evidenced by the improvement in pre-provision profitability and credit trends in recent quarters. Reserve and capital levels are some of the highest in the industry. Our estimates imply further progress in Fifth Third's fundamentals, which combined with the company's ability to grow market share due to the resurgence in the company's sales culture, should result in an upward move in the stock's valuation. Our price target of $16 assumes an 11x multiple on our '12E EPS. KEY POINTS Fifth Third's balance sheet strength compares favorably to the industry’s, with reserves plus Tier 1 capital at 17.1% of risk adjusted assets vs. 14.6% for peers. This strength enables the company to absorb remaining credit losses and support future loan growth. After increasing in 3Q10, we expect net charge-offs to decline in 4Q10 and into FY11. Profitability is improving at Fifth Third, with core pre-tax, pre-provision earnings over 2% of average assets last quarter. Expansion in the net interest margin, higher loan balances and stronger mortgage-related revenue are expected to improve core profitability in the near term. C&I loan originations have strengthened recently, and auto lending is providing another area of growth for Fifth Third. These two areas represent about 45% of total loans. Shorter-term residential mortgages are being added to the portfolio. This suggests to us that Fifth Third could be one of a few regional banks to grow loans in 2H10. While Fifth Third spent much of the '90s buying banks, we feel over the near- to mid-term investors will view the company as a potential target, as upper management ranks have undergone a fair amount of turnover in recent years. The $10B market cap would limit the pool of buyers. Fifth Third reported 3Q10 EPS of $0.22 compared to $0.16 in 2Q10 and ($0.20) in the year ago quarter. This was above our estimate of $0.16 and the consensus of $0.17. The earnings beat resulted from strong residential mortgage income and a $127M pre- tax gain related to a litigation settlement. We raised our 4Q10E EPS by $0.03 to $0.23. Additionally, we increased our FY11E EPS to $1.30 reflecting stronger fee income, while our FY12E EPS remains at $1.45. Stock Price Performance Company Description Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio with roots dating back to 1858. At June 30, 2010, the Bancorp had $112B in assets, operated 16 affiliates with 1,309 full-service branches in 12 states through the Midwestern and Southeastern U.S. Fifth Third offers a full range of consumer and commercial banking products. Stock Rating: Outperform 12-18 mo. Price Target $16.00 FITB-NASDAQ (10/29/10) $12.56 3-5 Yr. EPS Gr. Rate 4% 52-week Range $15.95-$8.76 Shares Outstanding 796.3M Float 794.8M Avg. Daily Trading Vol. 12,229,475 Market Capitalization $10,001.5M Dividend/Yield $0.04/0.32% Fiscal Year Ends Dec Book Value $12.65 2010E ROE 2.5% LT Debt $10,989.0M Preferred NA Common Equity $10,070M Convertible Available Yes EPS Q1 Q2 Q3 Q4 FY Mult 2009A (0.04) 1.15 (0.20) (0.20) 0.71 17.7x 2010E (0.09)A 0.16A 0.22A 0.23 0.52 24.2x 2011E -- -- -- -- 1.30 13.5x 2012E -- -- -- -- 1.45 8.7x Terry J. McEvoy, CFA 207-775-4926 Terry.McEvoy@opco.com Erik Zwick, CFA 215-656-2835 Erik.Zwick@opco.com
  5. 5. Monthly Highlights 5 Price Target Calculation Our earnings estimates imply further progress in Fifth Third's fundamentals, which combined with the company's ability to grow market share due to the resurgence in the company's sales culture, should result in an upward move in the stock's valuation. Our price target of $16 assumes an 11x multiple on our '12E EPS and a 1.7x multiple of tangible book value, a justified premium to peers, in our view. Key Risks to Price Target We believe the largest risks to Fifth Third reaching our price target would be having to raise a larger than expected amount of common equity in conjunction with TARP redemption, additional management turnover, paying too much or encountering integration difficulties with any future acquisitions, increased regulatory oversight and costs, and the potential for a double-dip recession. (For more detail, please see our reports “Momentum Building; Initiating Coverage with an Outperform Rating and a $16 PT,” published on 10/6/10 and “3Q10 Results Reinforce Our Thesis,” published on 10/21/10)
  6. 6. Monthly Highlights 6 November 1, 2010 ENERGY/OIL SERVICES & EQUIPMENT Key Energy Services, Inc. Initiated Coverage: Oil Leverage Drives Outperform Rating SUMMARY On October 5, 2010, we initiated coverage of Key Energy Services with an Outperform rating and a 12- to 18-month price target of $13/share, based on a 2012E EV/EBITDA multiple of 5.5x, in line with the onshore driller five-year average. We like Key's efforts to tap into long-term secular growth themes (horizontal wells, international) that could provide growth throughout the cycle. We think Key's oil-focused services could avoid potential gas market weakness. KEY POINTS 3Q10 Results. Key recently reported a clean 3Q10 loss of $0.01/sh, below the consensus estimate of $0.02 and our estimate of $0.04. This excludes earnings of $0.06/share from its pressure pumping and wireline segments, which were sold to PTEN on October 1st (our model also excluded those assets). Mexico was the primary driver of the miss, with revenues down 29% from 2Q10 due to temporary work stoppages, reducing total Well Servicing revenue growth to only 5% (we had modeled 16% growth). Oil Exposure. Key generates roughly 70% of its revenue from oil-related well service activities, so is not as exposed to a potential decline in natural gas drilling as some peers. Oil prices remain significantly higher than gas prices on an energy equivalent basis, leading E&P companies to shift more resources toward oil/liquids production. Increased Horizontal Drilling. More than half of the wells drilled in the US today are horizontal, and another 20% are directional. Horizontal wells can require more servicing and workovers, which could benefit Key's dominant workover rig business, and increase demand for its coiled tubing units. No Pressure Pumping Exposure. Key decided to exit the pressure pumping business this year to focus more on coiled tubing, eliminating a potential positive catalyst for the next several quarters. Pressure pumping is currently the hottest service in the sector, contributing to higher margins and earnings for those companies with exposure. Relatively Cheap Valuation. Compared with our covered workover/driller names, Key has a P/E multiple of 19.3x (group average is 13.5x) and EV/EBITDA multiple of 6.0x 2011E (group average, 4.8x). However, the stock is trading at a discount to its ten-year average EV/EBITDA multiple of ~6.5x. Stock Price Performance Company Description Key Energy Services is the world's largest provider of land-based service rigs, with a fleet of ~800 workover rigs. It also offers coiled tubing, fluid management, fishing & rental and other oilfield production services. Key is headquartered in Houston, TX. Stock Rating: Outperform 12-18 mo. Price Target $13.00 KEG-NYSE (10/29/10) $9.85 3-5 Yr. EPS Gr. Rate NM 52-week Range $11.54-$7.07 Shares Outstanding 141.5M Float 121.3M Avg. Daily Trading Vol. 1,508,213 Market Capitalization $1,393.8M Dividend/Yield NA/NM Fiscal Year Ends Dec Book Value $5.89 2010E ROE 1.1% LT Debt $517.5M Preferred NA Common Equity $738M Convertible Available No EPS Adj Q1 Q2 Q3 Q4 FY Mult 2008A 0.27 0.35 0.39 0.29 1.29 7.6x 2009A 0.01 (0.15) (0.20) (0.11) (0.46) NM 2010E (0.06)A (0.02)A (0.01)A 0.03 (0.06) NM 2011E -- -- -- -- 0.51 19.3x 2012E -- -- -- -- 0.95 10.4x G. Scott Burk, CFA 212-667-7402 Scott.Burk@opco.com Robert Du Boff, CFA 212-667-8148 Robert.DuBoff@opco.com
  7. 7. Monthly Highlights 7 Price Target Calculation Our 12- to 18-month price target of $13/share is based on an EV/EBITDA multiple of ~5.5x and a P/E multiple of ~13.5x our 2012 estimates of $396M and $0.95, respectively. The target EV/EBITDA multiple is essentially in-line with the group's five-year average multiple. Key Risks to Price Target Risks include dependence on E&P company capital spending, potential for an excess capacity overhang, and regulatory risk (Clean Water Act). (For more detail, please see our reports “Initiating Coverage: Oil Leverage Drives Outperform Rating,” published on 10/5/10 and “Waiting on the Upturn,” published on 10/28/10)
  8. 8. Monthly Highlights 8 November 1, 2010 FINANCIAL INSTITUTIONS/COMMERCIAL & INVESTMENT BANKING U.S. Bancorp The “G” Word: Growth! Upgraded to Outperform SUMMARY The word "growth" appears eight times on the front page of USB's 3Q10 earnings release. The word "record" appears twice, and it relates to revenues. We have been saying since we launched in March 2009 (see Sequencing the Recovery, March 16, 2009) that loan growth would be the last step of the recovery that would occur only after the credit recovery had run its course for a while. Thus, we think it is fitting that USB, which had among the best credit quality in the group, should be the first to return to growth mode. Perversely, the stock, which has lagged the BKX YTD, traded down on the report date. We upgraded USB to Outperform from Perform on October 22, 2010 and established a $29 price target. KEY POINTS Total average loans were up 0.7% linked quarter, and period-end loans were were up 1.1% over the average. That implies another quarter of growth in 4Q. The numbers are 1.5% and 1.4% respectively if we exclude FDIC "covered" assets that are in run-off mode―all very impressive. Total revenues were up 1.5% linked quarter to a record $4.5B, and both net interest income and fees contributed to the beat, which amounted to $150M in dollar terms. Thus, the much feared yield curve pressure and Dodd-Frank revenue contraction are manageable in the overall context of the business. Total pre-provision earnings (PPE) were up 2.8% linked quarter and exactly in line with our expectations as expenses exceeded by a similar amount. We almost like to see this because we suspect the company of "investment spending" for future growth. Asset quality trends continued to improve with both NPAs and NCOs declining. The rate of net new problem loan inflows is now below the NCO rate, and since losses are rarely equal to the total problem asset inflow, further declines in NPAs and NCOs are pretty much baked into the cake. We made minor changes to our model following earnings to take into account the new base levels of revenues and loans. We are tweaking our estimates accordingly. Stock Price Performance Company Description U.S. Bancorp is one of the country's leading consumer and commercial banking franchises, with $266 billion in assets primarily in the Midwest and West. Stock Rating: Outperform 12-18 mo. Price Target $29.00 USB-NYSE (10/29/10) $24.20 3-5 Yr. EPS Gr. Rate NA 52-week Range $28.43-$20.44 Shares Outstanding 1,917.2M Float 1,753.0M Avg. Daily Trading Vol. 12,370,966 Market Capitalization $46,396.2M Dividend/Yield $0.20/0.83% Fiscal Year Ends Dec Book Value $14.19 2010E ROE 12.0% LT Debt $30,353.0M Preferred $1,930.0M Common Equity $28,013M Convertible Available No EPS Dil. Q1 Q2 Q3 Q4 FY Mult 2008A 0.62 0.53 0.32 0.15 1.61 15.0x 2009A 0.24 0.12 0.30 0.30 0.97 25.0x 2010E 0.34A 0.40A 0.47A 0.48 1.69 14.3x 2011E -- -- -- -- 2.34 10.3x 2012E -- -- -- -- 3.00 8.1x Chris Kotowski 212-667-6699 Chris.Kotowski@opco.com Benjamin Chittenden 212-667-6697 Benjamin.Chittenden@opco.com Kaimon Chung, CFA 212-667-5366 Kaimon.Chung@opco.com
  9. 9. Monthly Highlights 9 Price Target Calculation Our 12- to 18-month price target valuation is based on our 2012 earnings estimate multiplied by what we view as a "normal" multiple for a financial institution, which we believe is 70% of the multiple of the S&P. As the target multiple for the S&P we are using 14x because this is roughly where the market is in relation to trendline earnings for 2011. This implies a 9.8x multiple for USB and that the stock would be fairly valued at $29 one year from now. Key Risks to Price Target As with all banks, we believe that the biggest risk in USB shares is that there is a turnaround of the currently favorable trend in asset quality. For this to happen, we believe that there would have to be another major round of job losses. A high but stable unemployment rate would probably not disrupt the trends we are seeing. (For more detail, please see our report “The “G” Word: Growth! Upgrading to Outperform,” published on 10/22/10)
  10. 10. Monthly Highlights 10 O = Outperform P = Perform U = Underperform NR= Not Rated See pages 31-33 for Disclosure Key CHINA : China: Consumer Paul Keung Paul.Keung@opco.com 212-667-7789 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. SVN 7 Days Group Holdings Limited O 20.07 20.97 9.10 Dec -- -- -- -- -- -- 50.3 1009.1 [ 2 3 4 5] ATV Acorn International, Inc. P 5.00 7.30 3.04 Dec 0.42 0.00 -- 0.08 -- -- 29.6 148.1 CYOU Changyou.com Ltd. P 33.97 36.40 24.85 Dec 2.81 3.25 3.77 0.86 10.5 9.0 8.9 1751.8 [ 1] HTHT China Lodging Group O 24.31 27.50 12.25 Dec -- -- -- -- -- -- 60.3 1464.8 [ 1 2 3 4 5 9] CTRP Ctrip.com International Ltd. O 52.06 52.90 26.52 Dec 0.68 0.90 1.17 0.24 57.8 44.5 147.9 7697.6 [ 1] GA Giant Interactive Group, Inc. P 7.10 8.25 6.03 Dec 0.54 0.51 0.57 0.13 13.9 12.5 226.4 1607.7 [ 2 3 4 5] HMIN Home Inns & Hotels Management O 51.16 54.25 25.68 Dec 0.79 1.58 1.51 0.56 32.4 33.9 40.2 2054.2 [ 1 5] NTES Netease.com Inc. O 41.82 43.44 26.16 Dec 2.08 2.26 2.59 0.59 18.5 16.2 129.5 5416.6 [ 1] PWRD Perfect World Co., Ltd. O 32.40 50.40 20.75 Dec 2.82 2.47 3.10 0.49 13.1 10.5 41.7 1637.8 [ 1 5] SNDA Shanda Interactive O 40.41 59.92 36.33 Dec 3.36 1.79 1.99 0.50 22.6 20.3 66.8 2698.1 [ 1 5] NCTY The9 Limited P 5.57 8.66 3.70 Dec (2.34) (1.49) -- (0.33) NM -- 25.1 139.9 [ 1 5 7] Katherine Lu Katherine.Lu@opco.com 212-667-7194 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. BORN China New Borun O 14.63 20.50 4.77 Dec 1.22 1.61 1.85 0.35 9.1 7.9 25.7 376.4 [ 1 2 3 4 5] ADY Feihe International, Inc. P 10.16 36.16 6.31 Dec 1.18 (0.69) 0.62 (0.93) NM 16.4 22.3 226.5 [ 5] SYUT Synutra International Inc. O 11.08 24.99 8.97 Mar (1.86) (0.46) 0.22 (0.01) NM 50.4 57.3 634.9 [ 1 2 3 4 5] CHINA : China: Education Ella Ji, CFA Ella.Ji@opco.com 212-667-6037 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. ATAI ATA, Inc. O 3.28 5.60 2.72 Mar 0.19 (0.23) (0.03) (0.15) NM NM 22.4 73.5 [ 1 5] DL China Distance Education Holdings Ltd P 4.95 7.96 3.04 Sep 0.03 0.06 0.08 0.06 82.5 61.9 34.5 170.7 [ 5 6 7] CEDU ChinaEdu Corp. P 7.10 8.40 6.20 Dec 0.29 0.36 0.44 0.07 19.7 16.1 16.3 115.7 [ 1 5] EDU New Oriental Education & Technology Group O 107.37 116.29 65.92 May 1.59 2.01 2.26 (0.01) 53.4 47.5 37.7 4044.7 [ 5] NED Noah Education Holdings Ltd. P 1.97 6.16 1.73 Jun 0.39 0.02 (0.36) (0.09) 98.5 NM 39.6 78.0 [ 6 7] CHINA : China: Industrials & Applied Technologies Andy Yeung, CFA Andy.Yeung@opco.com 212-667-8130 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. APWR A-Power Energy Generation O 7.14 21.04 5.72 Dec (0.49) 1.63 1.30 0.08 4.4 5.5 45.4 323.9 [ 1 2 4 5] AMAP AutoNavi Holdings Limited O 20.94 21.08 12.50 Dec 0.44 0.49 0.61 0.09 42.7 34.3 46.9 981.4 [ 1 2 3 4 5] CAAS China Automotive Systems Inc. O 15.62 27.17 10.24 Dec 0.76 1.04 1.19 0.22 15.0 13.1 27.1 423.5 [ 1] CBEH China Integrated Energy, Inc. O 8.30 12.31 5.60 Dec 1.04 1.21 1.37 0.31 6.9 6.1 33.8 280.8 [ 1 2 3 4 5] CSR China Security & Surveillance Technology O 5.40 9.04 4.09 Dec 1.01 1.12 1.13 0.47 4.8 4.8 89.3 482.2 [ 2 3 4 5] CXDC China XD Plastics Co. Ltd. P 5.39 15.00 5.00 Dec (0.36) 0.44 0.72 0.14 12.3 7.5 44.2 238.2 SORL SORL Auto Parts, Inc. O 9.30 12.89 5.07 Dec 0.70 0.86 1.02 0.21 10.8 9.1 19.3 179.5 [ 1] WATG Wonder Auto Technology Inc. O 9.64 14.12 6.58 Dec 0.79 0.87 1.41 0.24 11.1 6.8 33.9 326.4 [ 1 2 3 4 5] WH WSP Holdings, Inc. P 1.38 4.46 1.02 Dec 0.04 (0.47) 0.08 (0.10) NM 17.3 102.9 141.6 [ 1 5] 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings
  11. 11. Monthly Highlights 11 CHINA : China: Media & Internet Paul Keung Paul.Keung@opco.com 212-667-7789 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. AMCN AirMedia Group Inc. O 6.90 8.90 2.83 Dec (0.44) 0.10 0.52 0.12 69.0 13.3 65.6 452.6 [ 1 5] BIDU Baidu.com, Inc. P 110.01 113.78 36.91 Dec 0.66 1.51 2.39 0.48 72.9 46.0 266.2 38748.7 [ 1] CHRM Charm Communications Inc. O 9.74 10.20 6.12 Dec 0.60 1.06 1.17 0.28 9.2 8.3 7.8 380.5 [ 1 2 3 4 5] CMM China Mass Media Corp. O 2.42 3.85 1.13 Dec 0.45E 0.73 -- 0.01E 3.3 -- 26.3 63.6 [ 5] FMCN Focus Media Holding Ltd. P 24.73 25.54 11.99 Dec 0.36 1.16 1.48 0.33 21.3 16.7 143.2 3540.8 [ 1 5] GAME Shanda Games Limited O 6.68 11.49 4.99 Dec 0.76 0.64 0.74 0.18 10.4 9.0 80.5 1904.1 [ 1 5] SINA Sina Corporation P 56.30 58.32 32.00 Dec 1.18 1.65 2.09 0.45 34.1 26.9 60.9 3429.7 [ 1] SOHU Sohu.com Inc. P 74.50 76.91 40.05 Dec 3.98 4.12 4.94 1.14 18.1 15.1 37.8 2818.6 [ 1] VISN VisionChina Media Inc. P 4.17 12.27 2.51 Dec 0.46 (0.08) 0.05 0.03 NM 83.4 72.1 300.8 [ 1 5] CHINA : China: Real Estate Services Ella Ji, CFA Ella.Ji@opco.com 212-667-6037 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. CRIC China Real Estate Information O 9.92 15.85 7.47 Dec 0.50 0.38 0.52 0.09 26.1 19.1 143.4 1422.4 [ 1] EJ E-House (China) Holdings Limited O 16.71 22.15 13.01 Dec 1.27 0.70 1.04 0.08 23.9 16.1 80.2 1340.6 [ 5] CTC IFM Investments Ltd. O 5.44 8.20 4.50 Dec 0.43 (0.54) 0.25 (0.20) NM 21.8 45.7 248.8 [ 2 3 4 5] CHINA : China: Specialty Chemicals Katherine Lu Katherine.Lu@opco.com 212-667-7194 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. CPC Chemspec International Limited O 6.43 9.05 5.20 Dec 0.76 0.83 0.88 0.22 7.8 7.3 36.3 233.6 [ 5] DGW Duoyuan Global Water P 12.51 44.00 10.38 Dec 0.90 1.43 1.56 0.45 8.8 8.0 24.6 307.9 [ 5] GFRE Gulf Resources, Inc. O 8.40 14.94 6.28 Dec 1.03 1.39 1.52 0.23 6.0 5.5 34.6 291.0 [ 1 5] SDTH ShengdaTech, Inc. O 6.33 7.66 4.17 Dec 0.37 0.48 0.52 0.11 13.2 12.2 54.2 343.1 [ 1 5] YONG Yongye International Inc. O 8.02 10.19 5.57 Dec 0.63 0.99 1.19 0.34 8.1 6.7 48.2 386.5 [ 1 2 3 4 5] CHINA : China: Technology & Telecom Paul Keung Paul.Keung@opco.com 212-667-7789 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. STV China Digital TV P 6.58 8.14 5.21 Dec 0.46 0.48 -- 0.12 13.7 -- 58.0 381.9 CHINA : Healthcare Katherine Lu Katherine.Lu@opco.com 212-667-7194 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. SSRX 3SBio Inc. O 15.05 15.30 9.84 Dec 0.56 0.62 0.73 0.19 24.3 20.6 21.5 323.7 [ 1 5] AOB American Oriental Bioengineering O 2.72 4.92 2.14 Dec 0.56 0.40 0.48 0.09 6.8 5.7 78.6 213.7 [ 5] BJGP BMP Sunstone Corp. NR 9.84 9.88 3.38 Dec 0.12 0.20 0.25 0.03 49.2 39.4 42.1 414.7 [ 1 5] NKBP China Nuokang Bio-Pharmaceutical Inc. O 4.66 9.30 4.25 Dec 0.61 0.55 0.63 0.11 8.5 7.4 19.7 91.7 [ 1 2 3 4 5] MR Mindray Medical Int'l Ltd. P 28.98 40.35 25.52 Dec 1.21 1.44 1.69 0.37 20.1 17.2 84.5 3306.6 [ 5] SCR Simcere Pharmaceutical Group P 9.15 10.44 6.77 Dec 0.32 0.22 0.40 0.06 41.6 22.9 60.3 551.9 TCM Tongjitang Chinese Medicine NR 3.95 4.48 3.03 Dec (0.05) (0.07) 0.05 (0.03) NM 79.0 33.8 133.7 WX WuXi PharmaTech Inc. O 16.48 20.13 12.05 Dec 0.75 0.76 0.90 0.16 21.7 18.3 69.5 1145.7 [ 5] 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings
  12. 12. Monthly Highlights 12 CONSUMER & BUSINESS SERVICES : Business Services Glenn Greene, CFA Glenn.Greene@opco.com 312 360-5942 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. ADP Automatic Data Processing P 44.49 45.74 26.46 Jun 2.39 2.37 2.48 0.62 18.8 17.9 492.5 21910.5 [ 1] CIS Camelot Information Systems Inc. O 16.03 19.62 10.10 Dec 0.55 0.71 0.87 0.20 22.6 18.4 46.4 744.6 [ 2 3 4 5] CTSH Cognizant Technology Solutions O 65.19 68.87 38.37 Dec 1.78 2.27 2.67 0.60 28.7 24.4 300.9 19615.1 [ 1] FDS FactSet Research Systems Inc. P 87.78 89.87 61.15 Aug 2.90 3.10 3.52 0.85 28.3 24.9 46.3 4066.5 FIS Fidelity National Information Services O 27.10 30.78 21.62 Dec 1.53 1.97 2.44 0.62 13.8 11.1 299.6 8119.7 FISV Fiserv, Inc. P 54.52 55.90 44.80 Dec 3.66 4.04 4.42 1.05 13.5 12.3 150.1 8183.7 [ 1] GPN Global Payments Inc. P 38.96 54.52 34.61 May 2.10 2.55 2.67 0.67 15.3 14.6 79.7 3104.2 INFY Infosys Technologies Limited P 67.44 71.28 44.80 Mar 2.21 2.28 2.60 0.68 29.6 25.9 574.0 38712.9 [ 1] JKHY Jack Henry P 27.16 27.25 21.01 Jun 1.22 1.38 1.44 0.34 19.7 18.9 85.9 2333.9 [ 1] LPS Lender Processing Services P 28.84 43.47 25.50 Dec 3.12 3.48 3.70 0.91 8.3 7.8 93.1 2684.3 LFT Longtop Financial Technologies O 36.34 41.77 25.66 Mar 0.98 1.34 1.71 0.42 27.1 21.3 56.2 2043.4 [ 5] MA MasterCard Incorporated O 240.06 269.88 191.00 Dec 11.19 13.37 16.05 3.45 18.0 15.0 118.8 31527.5 MWW Monster Worldwide, Inc. O 18.06 19.10 10.01 Dec 0.05 (0.06) 0.45 0.07 NM 40.1 130.0 2348.4 ORCC Online Resources Corp. O 5.18 6.00 3.58 Dec 0.34 0.21 0.24 0.03 24.7 21.6 31.2 161.4 [ 1] PAYX Paychex, Inc. P 27.74 32.88 24.65 May 1.48 1.35 1.37 0.35 20.6 20.3 361.7 10032.8 [ 1] SEIC SEI Investments Company O 22.15 24.43 16.76 Dec 0.99 1.07 1.25 0.28 20.7 17.7 188.5 4175.0 [ 1] TSS Total System Services Inc. P 15.61 17.75 13.41 Dec 1.12 0.99 1.04 0.24 15.8 15.0 197.4 3081.6 VIT VanceInfo Technologies O 36.37 37.10 14.50 Dec 0.60 0.80 1.00 0.20 45.5 36.4 39.9 1449.7 [ 11 5] V Visa Inc. O 78.16 97.19 64.90 Sep 2.79 3.91 4.77 1.20 20.0 16.4 496.7 57101.4 WU Western Union P 17.59 20.26 14.65 Dec 1.30 1.39 1.53 0.36 12.7 11.5 660.1 11611.5 Scott Schneeberger, CFA Scott.Schneeberger@opco.com 212-667-8114 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. ARP American Reprographics P 7.12 11.31 5.11 Dec 0.38 0.06 0.20 0.01 118.7 35.6 45.7 325.5 [ 5] APOL Apollo Group Inc. P 37.48 66.69 35.50 Aug 4.22 5.35 3.55 1.32 7.0 10.6 147.3 5539.8 [ 1] CPLA Capella Education Co. O 54.89 98.01 51.66 Dec 2.51 3.64 4.12 1.09 15.1 13.3 16.5 907.7 CTAS Cintas Corporation P 27.47 30.00 23.10 May 1.83 1.49 1.60 0.40 18.4 17.2 145.3 3991.3 [ 1] DV DeVry Inc. O 47.86 74.36 36.34 Jun 2.36 3.87 4.60 1.16 12.4 10.4 70.7 3385.5 ESSX Essex Rental Corp. O 4.39 7.65 4.19 Dec 0.08 (0.41) 0.07 (0.08) NM 62.7 17.2 75.4 [ 1 5] FCN FTI Consulting, Inc. P 35.46 48.35 30.78 Dec 2.70 2.62 2.95 0.68 13.5 12.0 46.8 1660.0 HRB H&R Block, Inc. P 11.78 23.23 10.13 Apr 1.53 1.47 1.57 (0.39) 8.0 7.5 308.5 3634.3 HURN Huron Consulting Group, Inc. P 19.91 27.12 17.30 Dec (1.63) 1.56 1.77 0.12 12.8 11.3 22.1 439.1 [ 1] INTU Intuit, Inc. O 47.98 48.31 28.79 Jul 1.82 2.11 2.42 (0.10) 22.7 19.8 317.5 15235.4 [ 1] IRM Iron Mountain Incorporated P 21.79 28.49 19.93 Dec 0.97 1.14 1.23 0.28 19.1 17.7 201.5 4390.9 ESI ITT Educational Services Inc. P 64.53 121.98 50.00 Dec 7.91 11.13 11.55 3.10 5.8 5.6 31.9 2059.6 JTX Jackson Hewitt Tax Service, Inc. P 0.99 5.85 0.75 Apr 1.02 0.26 0.08 (0.72) 3.8 12.4 29.0 28.7 LINC Lincoln Educational Services O 12.46 28.21 9.73 Dec 1.82 2.45 2.60 0.62 5.1 4.8 26.1 325.0 [ 1 5] MGRC McGrath RentCorp P 25.31 27.41 19.27 Dec 1.40E 1.36 1.52 0.37E 18.6 16.7 23.9 605.7 [ 1 5 6] MINI Mobile Mini, Inc. O 17.43 18.21 12.95 Dec 0.82 0.56 1.00 0.15 31.1 17.4 36.4 634.2 [ 1 5] NCI Navigant Consulting Inc. P 9.15 15.59 8.67 Dec 0.68 0.63 0.82 0.17 14.5 11.2 50.0 457.5 RECN Resources Connection Inc. P 16.20 21.89 11.00 May 0.51 (0.02) 0.30 0.08 NM 54.0 46.0 745.9 [ 1] RBA Ritchie Bros. Auctioneers P 21.18 25.69 17.17 Dec 0.88 0.63 0.72 0.07 33.6 29.4 105.6 2236.0 RRR RSC Holdings P 8.08 9.65 5.90 Dec (0.66) (0.72) (0.30) (0.12) NM NM 103.5 836.5 [ 5] SRCL Stericycle, Inc. O 71.74 73.45 50.62 Dec 2.08 2.47 2.74 0.64 29.0 26.2 85.3 6119.4 [ 1] STRA Strayer Education Inc. P 139.96 262.44 124.01 Dec 7.60 9.64 11.35 2.66 14.5 12.3 13.6 1896.6 URI United Rentals, Inc. O 18.79 19.14 6.87 Dec (0.76) 0.24 0.54 0.08 78.3 34.8 60.5 1137.4 [ 5] 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings
  13. 13. Monthly Highlights 13 CONSUMER & BUSINESS SERVICES : Consumer, Household & Personal Care Products Joseph Altobello, CFA Joseph.Altobello@opco.com 212-667-8085 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. CENT Central Garden & Pet P 10.35 11.85 8.28 Sep 0.94 1.00 1.10 0.16 10.4 9.4 16.8 661.9 [ 1 2 3 4 5 6 7] CHD Church & Dwight O 65.85 70.14 54.57 Dec 3.48 3.98 4.40 0.92 16.6 15.0 71.0 4676.1 CLX Clorox O 66.55 69.00 58.01 Jun 3.81 4.24 4.65 1.15 15.7 14.3 138.9 9245.9 CL Colgate-Palmolive P 77.12 87.39 73.12 Dec 4.37 4.82 5.10 1.23 16.0 15.1 482.7 37224.6 RDEN Elizabeth Arden O 20.43 21.44 10.29 Jun 0.47 0.87 1.20 0.13 23.5 17.0 27.8 568.0 [ 1] EL Estee Lauder U 71.17 74.31 40.13 Jun 1.49 2.75 3.00 0.78 25.9 23.7 119.8 14008.6 IPAR Inter Parfums, Inc. O 17.49 19.00 10.47 Dec 0.74 0.84 0.98 0.22 20.8 17.9 30.4 532.5 [ 1] JAH Jarden Corporation O 32.06 35.11 25.50 Dec 2.60 2.84 3.25 0.80 11.3 9.9 91.9 2945.5 [ 5] NWL Newell Rubbermaid P 17.65 18.48 13.11 Dec 1.31 1.48 1.68 0.41 11.9 10.5 316.0 5577.9 PBH Prestige Brands Holdings P 10.75 11.13 6.69 Mar 0.65 0.73 0.86 0.22 14.7 12.5 50.0 538.0 PG Procter & Gamble O 63.57 64.58 39.37 Jun 4.26 4.11 3.95 1.10 15.5 16.1 2799.2 177944.7 SBH Sally Beauty Holdings P 12.17 12.75 6.60 Sep 0.54 0.76 0.85 0.20 16.0 14.3 182.4 2219.7 SMG Scotts Miracle-Gro P 53.40 54.99 37.50 Sep 2.62 3.35 3.70 (0.37) 15.9 14.4 67.0 3575.6 TPX Tempur-Pedic International P 34.50 36.36 18.84 Dec 1.12 2.08 2.40 0.57 16.6 14.4 68.2 2351.7 ULTA Ulta O 30.69 32.68 14.62 Jan 0.66 1.03 1.35 0.20 29.8 22.7 59.0 1810.0 [ 1] VITC Vitacost.com, Inc. P 6.12 13.45 5.42 Dec 0.52 0.20 0.45 0.05 30.6 13.6 27.8 169.9 [ 1 5] WDFC WD-40 Company P 36.89 40.99 29.30 Aug 1.58 2.15 2.35 0.62 17.2 15.7 16.7 617.3 [ 1] CONSUMER & BUSINESS SERVICES : Hardlines Retailing Brian Nagel, CFA Brian.Nagel@opco.com 212 667-8381 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. AAP Advance Auto Parts, Inc. U 64.98 65.01 36.41 Dec 3.00 3.80 4.10 0.88 17.1 15.9 84.3 5475.6 AZO AutoZone, Inc. P 237.63 237.93 135.13 Aug 11.73 14.93 17.70 3.39 15.9 13.4 44.6 10604.4 BBBY Bed Bath & Beyond Inc. O 43.90 48.52 26.50 Feb 2.30 2.80 3.20 0.68 15.7 13.7 259.1 11375.0 [ 1] BBY Best Buy Co. Inc. O 42.98 48.83 30.90 Feb 3.15 3.55 3.65 0.61 12.1 11.8 397.8 17099.2 KMX CarMax P 30.99 31.09 18.62 Feb 1.24 1.50 1.60 0.28 20.7 19.4 224.9 6968.2 GME GameStop Corp. P 19.65 26.05 17.12 Jan 2.27 2.60 2.75 0.37 7.6 7.2 150.4 2954.4 HGG hhgregg Inc. O 23.04 31.14 16.47 Mar 1.03 1.46 2.00 0.19 15.8 11.5 39.4 908.1 HD Home Depot Inc. O 30.90 37.03 24.47 Jan 1.63 1.90 2.15 0.47 16.3 14.4 1665.3 51457.8 LTM Life Time Fitness O 36.13 42.99 21.29 Dec 1.81 2.08 2.70 -- 17.4 13.4 41.9 1513.4 LOW Lowe's Cos. O 21.34 28.54 19.15 Jan 1.24 1.42 1.65 0.31 15.0 12.9 1403.3 29945.9 ORLY O'Reilly Automotive, Inc. P 58.50 58.60 35.94 Dec 2.25 3.00 3.45 0.62 19.5 17.0 138.8 8117.5 [ 1] ODP Office Depot, Inc. P 4.49 9.19 3.36 Dec (0.26) (0.03) 0.10 (0.03) NM 44.9 277.1 1244.0 [] OMX OfficeMax Incorporated O 17.70 19.79 9.58 Dec 0.24 0.84 1.05 0.10 21.1 16.9 85.0 1505.0 PETM PetSmart, Inc. P 37.43 37.74 23.07 Jan 1.59 2.00 2.25 0.39 18.7 16.6 118.6 4437.6 [ 1] PIR Pier 1 Imports O 8.68 9.81 3.20 Feb 0.01 0.66 0.70 0.09 13.2 12.4 117.2 1017.4 RSH RadioShack Corp. P 20.12 24.00 16.39 Dec 1.63 1.89 2.25 0.72 10.7 8.9 113.8 2290.2 SPLS Staples, Inc. O 20.52 26.00 17.45 Jan 1.14 1.29 1.60 0.41 15.9 12.8 730.1 14981.9 [ 1] TSCO Tractor Supply Company P 39.58 40.53 22.16 Dec 1.58 2.15 2.45 0.57 18.4 16.2 72.6 2873.5 [ 1] WSM Williams-Sonoma O 32.37 34.61 18.42 Jan 0.94 1.85 2.20 0.32 17.5 14.7 106.2 3436.2 CONSUMER & BUSINESS SERVICES : Restaurants Matthew DiFrisco matthew.difrisco@opco.com 212 667-7127 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. BJRI BJ's Restaurants Inc. P 33.15 35.58 15.38 Dec 0.54 0.80 0.98 0.22 41.4 33.8 27.1 897.9 [ 1 5] BWLD Buffalo Wild Wings, Inc. P 47.03 52.99 34.33 Dec 1.69 2.05 2.45 0.50 22.9 19.2 18.2 855.5 [ 1] CPKI California Pizza Kitchen Inc. P 16.51 24.00 12.29 Dec 0.77 0.62 0.72 0.18 26.6 22.9 24.6 405.8 [ 1] CAKE Cheesecake Factory Inc. P 29.12 30.75 17.61 Dec 1.07 1.42 1.65 0.35 20.5 17.7 59.5 1732.4 [ 1] CMG Chipotle Mexican Grill, Inc. P 210.21 215.38 80.47 Dec 3.95 5.50 6.50 1.30 38.2 32.3 30.9 6505.0 DRI Darden Restaurants Inc. O 45.71 49.01 29.94 May 2.65 2.96 3.35 0.53 15.4 13.6 138.4 6326.9 DPZ Domino's Pizza, Inc. P 14.84 16.32 7.09 Dec 0.92 1.35 1.44 0.40 11.0 10.3 60.0 891.0 BAGL Einstein Noah Restaurant Group O 11.06 13.47 8.57 Dec 0.93 0.72 0.91 0.17 15.4 12.2 16.6 183.2 [ 1] JACK Jack in the Box, Inc. P 23.16 26.37 17.84 Sep 2.29 1.57 2.12 0.35 14.8 10.9 55.1 1276.0 [ 1] MSSR McCormick & Schmick's Seafood Restaurant Inc.O 8.93 11.98 5.46 Dec 0.32 0.36 0.51 0.10 24.8 17.5 14.9 132.8 [ 1 5] MCD McDonald's Corporation P 77.77 79.90 58.56 Dec 3.98 4.63 5.09 1.29 16.8 15.3 1064.3 82773.6 MRT Morton's Restaurant Group Inc. P 5.60 8.09 2.55 Dec 0.10 0.34 0.45 (0.10) 16.5 12.4 16.7 93.7 PFCB P.F. Chang's China Bistro, Inc. U 45.92 50.86 29.18 Dec 1.87 1.95 2.20 0.57 23.6 20.9 23.0 1054.6 [ 1] PNRA Panera Bread Co. P 89.51 95.41 58.95 Dec 2.78 3.58 4.40 1.18 25.0 20.3 29.7 2785.2 [ 1] PEET Peet's Coffee & Tea Inc. P 38.25 42.48 30.65 Dec 1.09 1.28 1.50 0.23 29.9 25.5 12.9 491.8 [ 1] RRGB Red Robin Gourmet Burgers Inc. P 20.30 29.10 14.39 Dec 1.35 0.80 1.00 0.20 25.4 20.3 15.6 317.1 [ 1] SONC Sonic Corp. O 8.89 13.11 7.28 Aug 0.72 0.53 0.66 -- 16.8 13.5 61.6 548.0 [ 1] SBUX Starbucks Corporation O 28.56 28.80 18.85 Sep 0.80 1.23 1.44 0.32 23.2 19.8 740.1 21137.3 [ 1] TXRH Texas Roadhouse, Inc. O 15.39 16.20 9.27 Dec 0.69 0.84 0.96 0.18 18.3 16.0 71.6 1183.2 [ 1] WEN Wendy's/Arby's Group, Inc. O 4.60 5.55 3.83 Dec 0.18 0.12 0.19 0.04 38.3 24.2 418.3 1924.1 [ 5] 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings
  14. 14. Monthly Highlights 14 CONSUMER & BUSINESS SERVICES : Specialty Retailing Brian Nagel, CFA Brian.Nagel@opco.com 212 667-8381 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. DKS Dick's Sporting Goods P 28.82 30.83 20.50 Jan 1.20 1.46 1.65 0.16 19.7 17.5 90.8 3339.7 TIF Tiffany & Co. P 53.00 53.00 35.81 Jan 2.03 2.60 2.90 0.37 20.4 18.3 126.3 6692.1 Pamela Quintiliano Pamela.Quintiliano@opco.com 212 667-7945 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. ANF Abercrombie & Fitch Co. O 42.86 51.12 29.88 Jan 1.12 1.76 2.70 0.22 24.4 15.9 88.3 3783.5 [ 5] ARO Aeropostale Inc. O 24.40 32.24 19.10 Jan 2.27 2.67 2.95 0.61 9.1 8.3 92.5 2256.1 AEO American Eagle Outfitters O 16.02 19.64 11.35 Jan 0.93 1.02 1.19 0.28 15.7 13.5 195.5 3132.6 CTRN Citi Trends, Inc. P 20.98 37.57 20.76 Jan 1.36 1.60 2.11 (0.02) 13.1 9.9 14.8 311.3 [ 1 5] GPS Gap Inc. P 19.01 26.34 16.62 Jan 1.58 1.80 2.01 0.46 10.6 9.5 618.9 11765.0 GYMB Gymboree Corp. NR 65.06 65.18 37.26 Jan 3.41 3.97 4.34 0.44 16.4 15.0 27.3 1778.9 [ 1] JCG J. Crew Group, Inc. O 31.99 50.96 30.06 Jan 1.91 2.26 2.70 0.56 14.2 11.9 63.7 2039.1 LULU Lululemon Athletica Inc. P 44.32 48.45 24.21 Jan 0.82 1.19 1.43 0.30 37.2 31.0 51.8 3158.4 [ 1 5] PSUN Pacific Sunwear O 5.96 6.42 2.92 Jan (0.78) (0.64) (0.30) (0.22) NM NM 66.0 393.6 [ 1] ROST Ross Stores Inc. P 58.99 59.24 42.30 Jan 3.54 4.35 4.70 0.96 13.6 12.6 120.5 7105.8 [ 1] TJX TJX Companies, Inc. P 45.89 48.50 35.75 Jan 2.01 2.84 3.43 0.92 16.2 13.4 400.7 18386.3 UA Under Armour, Inc. P 46.68 48.59 23.72 Dec 0.92 1.24 1.55 0.07 37.7 30.1 38.4 2376.2 [ 5] URBN Urban Outfitters Inc. O 30.79 40.84 29.03 Jan 1.28 1.71 2.01 0.45 18.0 15.3 165.1 5082.9 [ 1 7 8] ZUMZ Zumiez, Inc. O 26.22 26.45 10.68 Jan 0.38 0.60 0.82 0.30 43.7 32.0 30.6 802.3 [ 1] ENERGY : Alternative Energy Jairo Chung Jairo.Chung@opco.com 212 667-5302 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. COMV Comverge, Inc. P 7.65 13.25 5.88 Dec (1.46) (0.63) 0.01 0.02 NM NM 25.3 193.3 [ 1] ENOC EnerNOC, Inc. P 30.07 37.00 24.10 Dec (0.32) 0.50 0.91 1.58 60.1 33.0 24.8 746.6 [ 1] ENERGY : Electric Utilities Jairo Chung Jairo.Chung@opco.com 212 667-5302 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. CMS CMS Energy O 18.38 19.07 13.00 Dec 1.26 1.36 1.45 0.19 13.5 12.7 244.6 4495.3 GXP Great Plains Energy P 19.03 20.29 16.63 Dec 1.13 1.46 1.52 0.77 13.0 12.5 135.6 2581.4 NVE NV Energy P 13.67 13.76 10.94 Dec 0.82 0.96 0.99 0.04 14.2 13.8 235.1 3214.0 POM Pepco Holdings, Inc. P 19.26 19.80 14.34 Dec 0.91 1.06 1.20 0.43 18.2 16.1 224.5 4323.9 PNW Pinnacle West Capital Corp. P 41.16 42.68 31.08 Dec 2.33 3.05 3.05 2.08 13.5 13.5 108.7 4474.6 SCG SCANA Corporation P 40.84 41.97 33.59 Dec 2.74 3.00 3.20 0.72 13.6 12.8 126.6 5171.2 UTL Unitil Corporation P 21.72 24.40 19.28 Dec 1.57 1.00 1.51 0.61 21.7 14.4 10.9 236.3 [ 5] WR Westar Energy P 25.30 25.79 18.91 Dec 1.32 1.83 1.82 0.96 13.8 13.9 111.4 2818.2 Shelby Tucker, CFA Shelby.Tucker@opco.com 212 667-5264 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. AEP American Electric Power Co. P 37.44 37.55 28.17 Dec 2.98 3.07 3.15 0.42 12.2 11.9 479.4 17950.1 ED Consolidated Edison, Inc. P 49.72 49.95 40.55 Dec 3.12 3.42 3.48 1.25 14.5 14.3 290.1 14422.7 D Dominion Resources, Inc. P 43.46 45.12 34.00 Dec 3.27 3.36 3.24 1.05 12.9 13.4 589.1 25603.6 DUK Duke Energy P 18.21 18.32 15.47 Dec 1.22 1.43 1.31 0.22 12.7 13.9 1318.7 24013.5 EIX Edison International O 36.90 37.05 30.37 Dec 3.26 3.30 2.71 1.22 11.2 13.6 325.8 12022.4 ETR Entergy Corp. P 74.53 84.44 70.35 Dec 6.66 7.08 6.53 1.27 10.5 11.4 186.8 13923.4 EXC Exelon Corp. P 40.82 51.98 37.24 Dec 4.12 4.00 3.97 0.90 10.2 10.3 661.4 26998.9 NEE NextEra Energy, Inc. O 55.04 56.57 45.29 Dec 4.05 4.44 4.51 1.49 12.4 12.2 415.8 22887.9 PCG PG&E Corporation O 47.82 48.34 34.95 Dec 3.21 3.43 3.70 0.96 13.9 12.9 390.8 18685.8 PGN Progress Energy Inc. P 45.00 45.61 36.91 Dec 3.03 3.07 3.10 1.25 14.7 14.5 292.6 13166.1 [ 11] PEG Public Service Enterprise Group Inc. O 32.34 34.93 29.01 Dec 3.12 3.17 2.92 0.61 10.2 11.1 505.9 16361.9 SO Southern Company P 37.87 38.62 30.85 Dec 2.29 2.36 2.52 0.17 16.1 15.0 830.7 31458.8 XEL Xcel Energy Inc. O 23.86 24.08 18.53 Dec 1.50 1.64 1.72 0.31 14.6 13.9 462.8 11043.3 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings
  15. 15. Monthly Highlights 15 ENERGY : Independent Power Producers Shelby Tucker, CFA Shelby.Tucker@opco.com 212 667-5264 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. NRG NRG Energy, Inc. P 19.91 26.15 19.61 Dec -- -- -- -- -- -- 253.2 5040.9 ENERGY : Master Limited Partnerships Bernard Colson, CFA Bernard.Colson@opco.com 816-932-8022 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. BWP Boardwalk Pipeline Partners P 32.56 34.23 14.49 Dec 0.88 1.49 1.63 0.29 21.9 20.0 169.7 6270.7 ECT ECA Marcellus Trust I O 23.24 23.65 19.00 Dec -- -- -- -- -- -- 13.2 409.1 [ 1 2 3 4 5] EPB El Paso Pipeline Partners O 33.70 33.84 20.20 Dec 1.60 1.97 2.95 0.47 17.1 11.4 134.3 5461.4 EEP Enbridge Energy Partners P 61.49 63.39 38.02 Dec 2.72 4.10 3.87 0.79 15.0 15.9 98.6 7209.0 [ 5] ETP Energy Transfer Partners P 51.00 51.95 40.06 Dec -- -- -- -- -- -- 189.8 10133.3 [ 2 3 4 5] EPD Enterprise Products Partners O 42.85 42.99 27.54 Dec 2.11 2.31 2.01 0.46 18.6 21.3 636.7 27477.2 [ 2 3 4 5] MMP Magellan Midstream Partners O 53.99 54.00 37.81 Dec 2.81 2.51 2.62 0.59 21.5 20.6 112.5 6072.9 OKS ONEOK Partners O 78.33 79.76 25.57 Dec -- -- -- -- -- -- 65.4 7982.4 [ 2 3 4 5] PAA Plains All American Pipeline O 63.10 64.85 44.12 Dec -- -- -- -- -- -- 136.4 8608.0 [ 5] RGNC Regency Energy Partners O 25.33 26.58 18.56 Dec -- -- -- -- -- -- 134.9 3416.2 [ 3] SEP Spectra Energy Partners P 34.27 36.31 22.58 Dec -- -- -- -- -- -- 58.7 2809.6 ENERGY : Oil & Gas Fadel Gheit fadel.gheit@opco.com 212-667-7405 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. APC Anadarko Petroleum P 61.57 75.07 34.54 Dec (1.13) 1.82 2.13 (0.11) 33.8 28.9 494.9 30472.8 [] APA Apache Corporation O 101.02 111.00 81.94 Dec 5.59 9.29 9.04 2.39 10.9 11.2 364.3 36799.4 BP BP plc O 40.80 62.38 26.75 Dec 4.67 6.53 6.87 1.54 6.3 5.9 3132.9 127821.3 [ 10 9] COG Cabot Oil & Gas Corporation P 28.98 46.46 26.62 Dec 1.72 0.98 0.05 0.19 29.6 NM 104.0 3013.1 CHK Chesapeake Energy O 21.68 29.22 19.62 Dec 2.55 2.91 2.43 0.68 7.5 8.9 654.3 14185.9 CVX Chevron Corporation P 82.60 85.79 66.83 Dec 4.84 10.05 10.43 2.60 8.2 7.9 2010.6 166075.0 [ 10 9] CRK Comstock Resources, Inc. P 22.35 44.52 19.54 Dec (0.80) (0.18) (0.04) (0.05) NM NM 47.3 1057.5 COP ConocoPhillips O 59.39 62.63 46.63 Dec 3.34 6.09 6.57 1.45 9.8 9.0 1483.4 88093.2 [ 10 9] DVN Devon Energy Corporation O 65.02 76.79 58.58 Dec 4.06 6.15 4.88 1.39 10.6 13.3 435.0 28283.7 [ 10 9] EOG EOG Resources, Inc. O 95.72 114.95 80.37 Dec 3.00 1.16 3.02 0.74 82.5 31.7 253.5 24262.0 XOM ExxonMobil Corporation P 66.49 76.54 55.94 Dec 4.01 5.88 6.48 1.49 11.3 10.3 5091.8 338554.1 [ 10 9] FTO Frontier Oil Corporation P 13.25 15.70 11.03 Dec (0.80) 0.91 1.55 0.09 14.6 8.6 105.7 1400.2 HES Hess Corporation O 63.03 66.49 48.70 Dec 2.27 5.07 6.02 1.13 12.4 10.5 328.4 20700.3 MRO Marathon Oil Corporation O 35.57 36.43 27.64 Dec 1.63 3.47 4.67 0.94 10.3 7.6 709.7 25243.5 MUR Murphy Oil Corporation O 65.16 67.24 48.14 Dec 3.10 4.84 7.01 1.22 13.5 9.3 191.8 12497.2 NBL Noble Energy, Inc. P 81.48 81.72 56.23 Dec 3.36 3.59 4.17 0.88 22.7 19.5 175.1 14266.7 OXY Occidental Petroleum O 78.63 90.99 72.13 Dec 3.78 5.64 6.54 1.54 13.9 12.0 812.2 63866.7 HK Petrohawk Energy P 16.99 27.36 13.89 Dec 0.38 0.56 1.20 0.15 30.3 14.2 302.4 5137.1 PXD Pioneer Natural Resources O 69.80 74.49 39.13 Dec (0.10) 1.72 2.59 0.43 40.6 27.0 116.0 8096.4 RRC Range Resources P 37.39 54.65 32.25 Dec 1.04 0.50 0.76 0.14 74.8 49.2 160.1 5985.1 RDS/A Royal Dutch Shell plc P 64.93 65.07 49.16 Dec 3.69 5.88 7.52 1.63 11.0 8.6 1772.8 200725.8 [ 10 9] SWN Southwestern Energy Co. P 33.84 52.82 30.61 Dec 1.52 1.75 2.04 0.43 19.3 16.6 346.8 11735.1 SUN Sunoco, Inc. P 37.47 40.63 24.25 Dec (0.32) 2.27 3.00 0.35 16.5 12.5 120.6 4517.8 TSO Tesoro Corporation P 12.96 15.33 10.40 Dec (0.71) 0.02 1.66 0.50 NM 7.8 142.7 1849.5 VLO Valero P 17.95 21.49 15.49 Dec (0.56) 1.66 2.53 0.39 10.8 7.1 566.3 10164.4 [ 5] WLL Whiting Petroleum O 100.44 106.76 55.09 Dec 0.39 5.56 7.94 1.67 18.1 12.7 58.5 5880.6 [ 5] ENERGY : Oil Services & Equipment G. Scott Burk, CFA Scott.Burk@opco.com 212 667-7402 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. ATW Atwood Oceanics, Inc. O 32.51 40.58 23.71 Sep 3.89 4.08 4.62 0.91 8.0 7.0 64.4 2094.6 BHI Baker Hughes Incorporated P 46.42 54.80 35.62 Dec 1.92 1.80 3.05 0.44 25.8 15.2 431.1 20011.1 CPX Complete Production Services O 23.43 25.97 8.85 Dec (0.77) 1.12 2.42 0.52 20.9 9.7 77.9 1825.2 DO Diamond Offshore Drilling O 66.16 100.81 53.43 Dec 10.05 6.77 7.38 1.27 9.8 9.0 139.0 9198.0 ESV Ensco plc O 46.34 52.32 33.33 Dec 5.45 3.51 4.60 0.64 13.2 10.1 143.0 6624.6 HAL Halliburton Company P 31.86 35.89 21.10 Dec 1.28 2.00 2.80 0.62 15.9 11.4 909.5 28977.8 KEG Key Energy Services, Inc. O 9.85 11.54 7.07 Dec (0.46) (0.06) 0.51 0.03 NM 19.3 141.5 1393.4 NBR Nabors Industries Ltd. P 20.90 27.05 15.54 Dec 1.29 1.00 1.73 0.30 20.9 12.1 285.3 5962.1 NE Noble Corporation P 34.53 44.66 25.75 Dec 6.45 3.24 4.61 0.59 10.7 7.5 255.9 8835.2 PTEN Patterson-UTI Energy, Inc. P 19.41 20.47 11.85 Dec (0.19) 0.68 1.48 0.33 28.5 13.1 154.1 2992.0 [ 1] PDE Pride International, Inc. O 30.32 34.36 21.51 Dec 2.20 1.55 2.90 0.31 19.6 10.5 175.6 5325.6 SLB Schlumberger Limited O 69.89 73.99 51.67 Dec 2.78 2.76 3.73 0.76 25.3 18.7 1364.4 95356.5 RIG Transocean Ltd. P 63.36 94.88 41.88 Dec 11.39 6.10 7.18 1.09 10.4 8.8 319.0 20211.5 WFT Weatherford International Ltd. O 16.81 20.88 12.34 Dec 0.50 0.60 1.32 0.23 28.0 12.7 741.0 12456.7 [ 6] 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings
  16. 16. Monthly Highlights 16 FINANCIAL INSTITUTIONS : Commercial & Investment Banking Chris Kotowski Chris.Kotowski@opco.com 212 667-6699 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. BAC Bank of America P 11.45 19.86 11.03 Dec (0.28) (0.04) 1.32 0.16 NM 8.7 10033.8 114877.5 C Citigroup Inc. O 4.17 5.07 3.11 Dec (0.80) 0.39 0.41 0.06 10.7 10.2 28973.5 120819.6 GS Goldman Sachs Group O 161.13 186.41 129.50 Dec 22.13 13.39 18.53 4.00 12.0 8.7 515.6 87095.6 [ 9] JEF Jefferies Group P 23.93 29.00 20.15 Nov 1.38 1.11 1.50 0.29 21.6 16.0 171.8 4111.9 JPM JPMorgan Chase & Co. O 37.63 48.20 35.16 Dec 2.24 3.69 4.35 0.85 10.2 8.7 3925.8 147727.9 [ 9] LAZ Lazard Ltd. P 36.90 41.90 25.70 Dec 0.09 1.23 2.32 0.53 30.0 15.9 112.8 4674.7 MS Morgan Stanley O 24.87 34.55 22.40 Dec (0.76) 2.63 3.00 0.67 9.5 8.3 1397.0 34742.6 [ 9] USB U.S. Bancorp O 24.20 28.43 20.44 Dec 0.97 1.69 2.34 0.48 14.3 10.3 1917.2 46395.3 WFC Wells Fargo O 26.06 34.25 23.02 Dec 1.75 2.16 3.42 0.59 12.1 7.6 5233.4 136383.0 [] FINANCIAL INSTITUTIONS : Exchanges Chris Kotowski Chris.Kotowski@opco.com 212 667-6699 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. CBOE CBOE Holdings O 24.01 34.18 19.60 Dec 1.17 0.97 1.33 0.20 24.8 18.1 13.5 2451.5 [ 1 2 3 4 5] FINANCIAL INSTITUTIONS : Merchant Banking/Private Equity Chris Kotowski Chris.Kotowski@opco.com 212 667-6699 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. FIG Fortress Investment Group P 4.40 5.46 2.70 Dec 0.26 0.61 0.79 0.13 7.2 5.6 165.0 2047.4 KKR KKR & Co. O 12.68 12.97 8.64 Dec -- 2.66 2.20 0.58 4.8 5.8 204.9 8660.5 [ 9] BX The Blackstone Group O 13.48 15.93 8.93 Dec 0.63 1.06 1.59 0.25 12.7 8.5 254.5 14917.0 [ 9] FINANCIAL INSTITUTIONS : Regional Banks Terry McEvoy, CFA terry.mcevoy@opco.com 207-775-4926 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. ASBC Associated Banc-Corp. P 12.65 16.29 10.25 Dec (1.26) (0.16) 0.60 0.06 NM 21.1 173.0 2188.1 [ 1] BBT BB&T Corporation P 23.41 35.72 21.72 Dec 1.18 1.15 1.95 0.28 20.4 12.0 693.6 16236.2 CRBC Citizens Republic Bancorp O 0.68 1.50 0.48 Dec (3.86) (0.58) 0.00 (0.08) NM -- 397.0 270.0 [ 1 5] CMA Comerica Inc. O 35.78 45.84 26.49 Dec (0.77) 0.58 2.35 0.32 61.7 15.2 176.3 6308.7 CFR Cullen/Frost Bankers, Inc. P 52.44 60.78 45.67 Dec 3.00 3.40 3.45 0.84 15.4 15.2 60.9 3195.6 FITB Fifth Third Bancorp O 12.56 15.95 8.81 Dec 0.71 0.52 1.30 0.23 24.2 9.7 796.3 10001.3 [ 1] FMER FirstMerit Corp. P 17.17 24.43 16.55 Dec 0.91 1.05 1.20 0.25 16.4 14.3 108.8 1867.9 [ 1] FMBI First Midwest Bancorp P 10.71 17.95 9.09 Dec (0.71) 0.15 0.55 0.00 71.4 19.5 74.1 793.1 [ 1] FBC Flagstar Bancorp, Inc. P 1.27 10.10 1.21 Dec (18.73) (1.86) 0.00 (0.15) NM -- 277.0 351.8 [ 5] HBAN Huntington Bancshares Inc. O 5.66 7.40 3.50 Dec (8.08) 0.25 0.41 0.11 22.6 13.8 716.9 4057.4 [ 1] KEY KeyCorp P 8.20 9.84 5.29 Dec (2.58) 0.29 0.50 0.15 28.3 16.4 880.3 7218.3 MI Marshall & Ilsley Corp. O 5.95 10.66 4.97 Dec (2.49) (1.08) 0.20 (0.16) NM 29.8 527.6 3138.0 [ 5] MBWM Mercantile Bank Corp. P 4.16 6.66 3.00 Dec (5.05) (1.40) 0.30 (0.30) NM 13.9 8.6 35.8 [ 1] PNC PNC Financial Services Group, Inc. O 53.90 70.45 48.83 Dec 4.36 5.48 5.45 1.25 9.8 9.9 525.4 28319.0 PVTB PrivateBancorp, Inc. O 11.79 17.96 8.33 Dec (0.78) (0.23) 0.55 0.07 NM 21.4 71.4 841.8 [ 1] PRSP Prosperity Bancshares, Inc. P 31.09 43.66 28.27 Dec 2.40 2.70 2.70 0.68 11.5 11.5 46.6 1449.7 [ 1] SBNY Signature Bank P 42.24 43.39 30.00 Dec 1.27 2.33 2.55 0.59 18.1 16.6 40.9 1727.4 [ 1 5] SBIB Sterling Bancshares, Inc. O 5.38 6.33 4.34 Dec (0.26) (0.01) 0.20 0.01 NM 26.9 101.9 548.4 [ 1] STI SunTrust Banks, Inc. P 25.01 32.02 18.90 Dec (4.30) (0.33) 0.84 0.07 NM 29.8 499.9 12503.4 TCB TCF Financial Corporation P 13.16 19.17 11.36 Dec 0.54 1.10 1.20 0.26 12.0 11.0 142.6 1877.2 WAL Western Alliance Bancorporation O 6.04 9.64 2.99 Dec (3.42) (0.05) 0.35 0.01 NM 17.3 80.4 485.8 FINANCIAL INSTITUTIONS : US Banks Chris Kotowski Chris.Kotowski@opco.com 212 667-6699 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. COF Capital One Financial Corp. P 37.27 47.73 34.03 Dec 0.74 5.88 3.39 1.39 6.3 11.0 452.6 16868.4 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings
  17. 17. Monthly Highlights 17 HEALTHCARE : Bio and Specialty Pharmaceuticals John Newman John.Newman@opco.com 212-667-7325 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. AGN Allergan Inc. P 72.41 73.00 53.32 Dec 2.78 3.16 3.63 0.78 22.9 20.0 307.5 22266.9 RDEA Ardea Biosciences, Inc. O 21.32 27.78 12.18 Dec (1.70) (1.95) (1.33) (0.49) NM NM 22.9 487.9 [ 1 2 3 4 5] AUXL Auxilium Pharmaceuticals P 24.75 38.50 19.99 Dec (0.82) (0.76) (0.62) (0.25) NM NM 47.6 1178.9 [ 1] BIOD Biodel P 3.63 6.25 3.22 Sep (1.44) (1.41) (1.04) (0.27) NM NM 26.4 95.8 [ 1 5] BPAX BioSante Pharmaceuticals, Inc. O 1.50 2.50 1.29 Dec (1.40) (0.58) (0.36) (0.11) NM NM 70.8 106.2 [ 1 5] CADX Cadence Pharmaceuticals U 8.88 10.91 6.29 Dec (0.75) (0.79) (0.86) (0.12) NM NM 50.6 448.9 [ 1] CBST Cubist Pharmaceuticals, Inc. P 23.28 25.48 16.50 Dec 1.36 1.81 1.86 0.46 12.9 12.5 59.3 1380.5 [ 1 5] CYPB Cypress Biosciences O 3.99 6.84 2.06 Dec (0.74) (1.40) (0.36) (0.82) NM NM 38.6 154.0 [ 1 2 3 4 5] ENDP Endo Pharmaceuticals O 36.74 38.20 19.11 Dec 2.84 3.34 4.06 0.85 11.0 9.1 115.4 4240.3 [ 1] EURX Eurand N.V. O 10.96 13.70 7.41 Dec (0.14) (0.05) 0.06 0.02 NM NM 47.9 524.5 FRX Forest Laboratories, Inc. P 33.05 34.14 24.17 Mar 3.46 3.52 3.88 0.99 9.4 8.5 285.5 9437.2 HALO Halozyme Therapeutics, Inc. O 7.33 9.11 5.22 Dec (0.67) (0.50) (0.48) (0.11) NM NM 92.0 674.5 [ 1] KG King Pharmaceuticals NR 14.14 14.18 7.18 Dec 1.11 0.56 0.96 0.13 25.3 14.7 249.7 3530.2 [] MNKD MannKind Corp. U 6.38 11.12 4.76 Dec (2.07) (1.47) (0.95) (0.38) NM NM 131.9 841.4 [ 1 5] MYL Mylan Inc. P 20.32 23.63 16.14 Dec 1.30 1.61 1.72 0.44 12.6 11.8 309.4 6284.7 [ 1 5] OMPI Obagi Medical Products, Inc. P 11.41 14.28 9.58 Dec 0.59 0.51 0.65 0.11 22.4 17.6 22.0 251.3 [ 1 5] OPTR Optimer Pharmaceuticals O 9.39 13.95 7.68 Dec (1.30) (1.22) (0.92) (0.27) NM NM 38.9 365.7 [ 1] QCOR Questcor Pharmaceuticals O 12.28 12.59 3.33 Dec 0.40 0.60 0.87 0.18 20.5 14.1 62.1 762.7 [ 1] SLXP Salix Pharmaceuticals, Ltd. O 37.83 45.00 18.18 Dec (0.88) (0.06) 1.10 (0.45) NM 34.4 57.8 2187.2 [ 1] SVNT Savient Pharmaceuticals Inc P 12.43 23.46 10.43 Dec (1.05) (0.48) 0.44 (0.20) NM 28.3 67.6 840.3 [ 1] SHPGY Shire plc O 70.10 72.41 50.14 Dec 3.49 3.96 4.52 0.95 17.7 15.5 187.4 13136.2 [ 1] SOMX Somaxon Pharmaceuticals, Inc. O 2.79 10.60 0.90 Dec (0.74) (1.03) (0.19) (0.42) NM NM 35.1 98.0 [ 1 2 3 4 5] TEVA Teva Pharmaceutical O 51.88 64.95 46.99 Dec 3.37 4.61 5.01 1.08 11.3 10.4 936.0 48562.0 [ 1 5] VPHM ViroPharma O 16.36 16.80 7.28 Dec (0.14) 1.16 0.77 0.16 14.1 21.3 78.0 1275.8 [ 1] WCRX Warner Chilcott plc O 23.98 25.32 15.09 Dec 3.36 3.28 3.49 0.75 7.3 6.9 252.2 6048.6 [ 1 5] HEALTHCARE : Biotechnology Bret Holley, Ph.D Bret.Holley@opco.com 212-667-7289 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. ACHN Achillion Pharmaceuticals P 2.84 3.89 1.47 Dec (0.97) (0.59) (0.49) (0.15) NM NM 58.4 165.7 [ 1 5] ALXN Alexion Pharmaceuticals O 68.30 72.45 43.00 Dec 1.18 1.75 2.28 0.49 39.0 30.0 90.1 6155.9 [ 1] ALIM Alimera Sciences O 10.75 11.49 6.30 Dec (0.86) (1.00) 2.28 (0.28) NM 4.7 31.1 334.8 [ 1 2 3 4 5] AMGN Amgen Inc. O 57.19 61.26 50.26 Dec 4.91 5.14 5.39 1.36 11.1 10.6 958.5 54815.2 [ 1] ARNA Arena Pharmaceuticals, Inc. P 1.65 8.00 1.45 Dec (1.73) (0.97) (0.29) (0.17) NM NM 112.3 185.4 [ 1 5] ARIA Ariad Pharmaceuticals, Inc. O 3.68 4.49 1.70 Dec (0.86) 1.01 (0.53) (0.08) 3.6 NM 128.9 474.3 [ 1 2 3 4 5] ARQL ArQule, Inc. O 5.52 7.49 2.97 Dec (0.82) (0.76) (0.79) (0.18) NM NM 44.9 247.8 [ 1 5] BCRX BioCryst Pharmaceuticals P 4.96 12.70 4.43 Dec (0.35) (0.45) (0.42) 0.07 NM NM 44.9 222.8 [ 1 2 3 4 5] BIIB Biogen Idec Inc. U 62.71 64.92 41.75 Dec 4.15 4.94 5.07 1.20 12.7 12.4 238.3 14943.9 [ 1] CRME Cardiome Pharma Corp. O 5.06 9.36 3.65 Dec 0.09 0.76 0.46 0.42 6.7 11.0 61.0 308.8 [ 1 5] CELG Celgene Corporation O 62.03 65.79 48.02 Dec 2.08 2.86 3.22 0.79 21.7 19.3 459.5 28499.9 [ 1] CEPH Cephalon, Inc. O 66.44 72.87 53.44 Dec 6.02 7.86 8.47 1.91 8.5 7.8 75.2 4998.5 [ 1] GILD Gilead Sciences O 39.67 49.50 31.73 Dec 3.06 3.67 4.19 0.94 10.8 9.5 838.6 33268.6 [ 1] IDIX Idenix Pharmaceuticals O 4.33 6.11 1.81 Dec (0.81) (0.85) (0.64) (0.22) NM NM 72.9 315.7 [ 1] IMGN ImmunoGen, Inc. O 8.22 10.90 4.96 Jun (0.63) (0.87) (0.88) (0.22) NM NM 68.0 558.7 [ 1 2 3 4 5] INCY Incyte O 16.66 17.48 5.67 Dec (1.58) (0.89) (1.02) (0.31) NM NM 122.0 2033.0 [ 1] ITMN InterMune, Inc. P 13.16 49.46 8.34 Dec (2.62) (1.87) (0.72) (0.32) NM NM 56.0 737.3 [ 1 2 3 4 5] MNTA Momenta Pharmaceuticals O 16.70 26.20 8.70 Dec (1.33) (0.77) 1.30 (0.14) NM 12.9 45.3 756.1 [ 1] PLX Protalix BioTherapeutics O 9.66 12.50 5.63 Dec (0.33) (0.44) 0.51 (0.10) NM 18.9 80.9 781.3 [ 5] RIGL Rigel Pharmaceuticals O 8.31 10.15 6.02 Dec (2.40) 1.03 (1.37) 1.04 8.1 NM 52.1 433.2 [ 1 5] SGEN Seattle Genetics O 16.41 18.05 8.26 Dec (0.90) (0.70) (0.74) (0.08) NM NM 101.2 1661.0 [ 1 5] TRGT Targacept, Inc. O 24.76 25.00 17.80 Dec (0.92) 0.30 0.24 0.03 82.5 NM 28.6 708.6 [ 1 5] UTHR United Therapeutics O 60.00 61.97 41.00 Dec 0.35 2.14 3.11 0.54 28.0 19.3 56.9 3415.0 [ 1] 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings
  18. 18. Monthly Highlights 18 HEALTHCARE : Healthcare Providers Michael Wiederhorn Michael.Wiederhorn@opco.com 212-667-8200 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. ADUS Addus HomeCare Corporation O 3.04 9.72 2.92 Dec 0.60 0.72 0.95 0.19 4.2 3.2 10.7 32.7 [ 1 2 3 4 5] AIRM Air Methods Corporation O 40.90 44.23 25.99 Dec 2.33 2.40 2.84 1.03 17.0 14.4 12.5 509.9 [ 1 5 6 7] AMED Amedisys, Inc. O 25.46 64.28 22.82 Dec 4.89 4.29 3.72 0.96 5.9 6.8 29.0 739.1 [ 1 5 6] AMSG AmSurg Corporation U 18.13 23.33 16.35 Dec 1.71 1.71 1.83 0.43 10.6 9.9 30.9 560.6 [ 1 5] CHE Chemed Corporation O 58.94 60.92 43.88 Dec 3.91 4.16 4.48 1.20 14.2 13.2 22.8 1343.1 CYH Community Health Systems, Inc. O 30.08 42.30 25.63 Dec 2.69 2.98 3.27 0.73 10.1 9.2 92.5 2783.8 CCRN Cross Country, Inc. P 7.30 11.03 6.63 Dec 0.26 0.17 0.28 0.03 42.9 26.1 31.1 226.9 [ 1 5] EMS Emergency Medical Services O 54.38 61.83 41.50 Dec 2.56 3.26 3.60 0.84 16.7 15.1 30.3 2395.8 [ 2 3 4 5] GTIV Gentiva Health Services, Inc. P 23.28 30.88 18.93 Dec 2.19 2.77 2.88 0.65 8.4 8.1 29.8 693.9 [ 1] HMA Health Management Associates P 8.01 9.81 5.84 Dec 0.51 0.65 0.72 0.16 12.3 11.1 250.6 2007.5 HLS Healthsouth Corp. U 18.07 22.22 14.44 Dec 0.83E -- -- 0.23 -- -- 93.5 1688.8 LHCG LHC Group, Inc. O 26.90 37.49 19.61 Dec 2.44 2.79 2.77 0.71 9.6 9.7 18.7 501.9 [ 1] LPNT LifePoint Hospitals, Inc. P 33.92 39.61 27.89 Dec 2.57 2.86 3.00 0.67 11.9 11.3 54.2 1839.3 [ 1 5] LNCR Lincare Holdings, Inc. P 26.22 33.45 20.55 Dec 1.35 1.85 2.04 0.48 14.2 12.9 98.1 2571.8 [ 1] SKH Skilled Healthcare Group O 3.75 8.43 1.43 Dec 1.03 0.90 0.91 0.21 4.2 4.1 20.8 141.7 SUNH Sun Healthcare Group, Inc. O 9.51 10.34 6.68 Dec 1.10 0.97 0.99 0.26 9.8 9.6 74.8 711.4 [ 1 5] ENSG The Ensign Group O 18.79 18.98 13.50 Dec 1.60 1.83 1.97 0.46 10.3 9.5 20.8 390.5 [ 1] HEALTHCARE : Healthcare Technology & Distribution Charles Rhyee Charles.Rhyee@opco.com 212 667-5518 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. MDRX Allscripts-Misys Healthcare Solutions, Inc. O 19.10 22.55 15.65 Dec 0.59 0.67 0.93 0.14 28.5 20.5 186.4 3559.8 [ 1 5] ABC AmerisourceBergen Corp. O 32.83 33.83 22.07 Sep 1.72 2.15 2.34 0.48 15.3 14.0 278.8 9154.2 ATHN athenahealth, Inc. U 39.97 47.82 21.51 Dec 0.43 0.57 0.78 0.21 70.1 51.2 34.3 1369.6 [ 1] CAH Cardinal Health, Inc. O 34.69 36.66 28.22 Jun 2.26 2.22 2.48 0.60 15.6 14.0 348.8 12100.5 CERN Cerner Corporation P 87.83 92.95 72.05 Dec 2.43 2.92 3.51 0.84 30.1 25.0 82.5 7244.4 [ 1] EM Emdeon Inc. O 13.63 16.90 9.95 Dec 0.87 0.91 1.07 0.23 15.0 12.7 90.9 1575.0 [ 5] ESRX Express Scripts, Inc. O 48.52 54.00 37.75 Dec 1.76 2.49 3.22 0.69 19.5 15.1 526.2 25531.8 [ 1] MCK McKesson Corporation O 65.98 71.49 57.23 Mar 3.88 4.53 4.82 1.08 14.6 13.7 253.1 16697.1 MDAS MedAssets, Inc. O 18.59 25.08 18.10 Dec 0.82 0.88 1.08 0.27 21.1 17.2 58.1 1079.2 [ 1] MHS Medco Health Solutions, Inc. O 52.53 66.94 43.45 Dec 2.83 3.35 3.87 0.83 15.7 13.6 433.7 22779.8 [ 5] OCR Omnicare O 24.12 30.63 19.14 Dec 2.51 2.07 2.24 0.49 11.7 10.8 116.3 2804.7 [ 5] PRXL PAREXEL International Corp. P 21.51 25.64 11.78 Jun 0.98 1.06 1.30 0.28 20.3 16.6 58.5 1258.0 [ 1] PMC PharMerica Corp. P 10.04 20.95 6.88 Dec 1.30 0.89 0.84 0.19 11.3 12.0 30.6 307.7 QSII Quality Systems, Inc. P 64.26 68.89 51.30 Mar 1.63 1.68 2.00 0.48 38.3 32.1 28.9 1857.8 [ 1] SXCI SXC Health Solutions, Inc. O 38.96 41.58 21.27 Dec 0.96 1.05 1.41 0.25 37.1 27.6 60.8 2369.7 [ 1 5] VTAL Vital Images, Inc. O 13.30 16.92 11.35 Dec (0.24) (0.21) 0.23 (0.04) NM 57.8 14.4 191.0 [ 1] HEALTHCARE : Medical Devices Steven Lichtman Steven.Lichtman@opco.com 212-667-8160 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. BSX Boston Scientific Corp. P 6.39 9.79 5.04 Dec 0.78 0.38 0.44 0.10 16.8 14.5 1516.9 9693.0 ILMN Illumina, Inc. P 54.31 57.19 25.59 Dec 0.80 1.10 1.40 0.34 49.4 38.8 124.3 6750.0 [ 1] IART Integra LifeSciences Holdings O 43.02 46.73 29.69 Dec 2.65 2.74 2.98 0.72 15.7 14.4 28.3 1215.6 [ 1 2 4 5] LIFE Life Technologies, Inc. O 50.18 56.19 41.10 Dec 3.07 3.50 3.80 0.86 14.3 13.2 183.3 9199.1 [ 1] MDT Medtronic, Inc. O 35.23 46.66 30.80 Apr 2.92 3.22 3.43 0.81 10.9 10.3 1079.9 38044.4 STJ St. Jude Medical, Inc. P 38.30 42.87 33.92 Dec 2.44 3.00 3.26 0.74 12.8 11.8 327.4 12539.6 STXS Stereotaxis, Inc. O 3.95 6.02 3.00 Dec (0.64) (0.44) (0.27) (0.08) NM NM 50.4 199.0 [ 1 5] SYK Stryker Corp. O 49.49 59.72 42.74 Dec 2.95 3.29 3.65 0.40 15.0 13.6 396.9 19644.6 WMGI Wright Medical Group P 13.35 19.61 13.03 Dec 0.64 0.69 0.81 0.22 19.4 16.5 39.2 523.2 [ 1] ZMH Zimmer Holdings P 47.44 64.77 46.27 Dec 3.95 4.26 4.70 0.71 11.1 10.1 201.0 9533.6 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings
  19. 19. Monthly Highlights 19 INDIA : Consumer Manish Hemrajani Manish.Hemrajani@opco.com 212 667-5407 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. MMYT MakeMyTrip Limited P 36.17 42.88 14.00 Mar (0.37) 0.05 0.18 0.01 NM NM 34.1 1234.6 [ 1 2 3 4 5] INDUSTRIAL/CAPITAL GOODS : Aerospace/Defense Ed Keller Edwin.Keller@opco.com 617-556-3708 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. APSG Applied Signal Technology, Inc. P 33.56 34.01 17.08 Oct 1.11 0.97 1.17 0.22 34.6 28.7 13.4 449.6 [ 1] BEAV BE Aerospace, Inc. O 36.76 37.43 17.47 Dec 1.43 1.47 1.95 0.36 25.0 18.9 102.3 3760.4 [ 1 5] BA Boeing Company O 70.64 76.00 47.33 Dec 1.87 4.00 4.75 1.11 17.7 14.9 733.6 51820.1 CW Curtiss-Wright Corp. P 30.88 37.54 26.11 Dec 2.08 2.27 2.51 0.76 13.6 12.3 46.1 1422.7 [ 5] GD General Dynamics Corporation O 68.12 79.00 55.46 Dec 6.20 6.75 7.15 1.84 10.1 9.5 380.4 25911.1 GR Goodrich Corporation P 82.07 82.98 53.85 Dec 4.43 4.40 5.25 1.05 18.7 15.6 125.4 10289.6 HRS Harris Corp. P 45.19 54.50 40.24 Jun 3.87 4.43 4.87 1.12 10.2 9.3 128.3 5796.9 LLL L-3 Communications Holdings P 72.18 97.81 66.11 Dec 7.61 8.09 8.21 2.20 8.9 8.8 114.5 8262.5 LMIA LMI Aerospace, Inc. O 16.33 19.50 10.53 Dec 1.08 1.36 1.50 0.32 12.0 10.9 11.8 192.4 [ 1 5] LMT Lockheed Martin Corporation P 71.29 87.19 67.39 Dec 7.71 6.95 6.33 2.07 10.3 11.3 360.1 25673.5 NOC Northrop Grumman Corp. O 63.22 69.80 49.63 Dec 4.87 7.00 7.11 1.49 9.0 8.9 292.0 18459.5 RTN Raytheon Company P 46.08 60.10 42.65 Dec 4.89 5.01 4.77 1.32 9.2 9.7 364.5 16798.1 COL Rockwell Collins Inc. O 60.51 68.04 47.19 Sep 3.73 3.55 4.00 0.97 17.1 15.1 157.2 9512.1 [ 5] TDG TransDigm Group, Inc. P 66.27 66.39 38.92 Sep 3.29 3.24 3.65 0.92 20.5 18.2 49.3 3269.8 TGI Triumph Group Inc. O 83.59 84.34 45.93 Mar 5.90 5.12 6.10 1.48 16.3 13.7 24.2 2022.2 UTX United Technologies Corp. O 74.77 77.09 61.42 Dec 4.12 4.75 5.30 1.32 15.7 14.1 923.4 69043.1 VSAT ViaSat, Inc. O 41.17 42.00 26.04 Mar 1.57 1.55 1.72 0.39 26.6 23.9 40.6 1670.9 [ 1 2 4 5] INDUSTRIAL/CAPITAL GOODS : Chemicals Edward Yang Edward.Yang@opco.com 512-314-2619 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. ARG Airgas P 70.89 71.15 41.82 Mar 3.12 2.68 3.27 0.78 26.5 21.7 83.7 5931.1 APD Air Products and Chemicals P 84.97 86.50 64.13 Sep 4.06 5.02 5.50 1.31 16.9 15.5 212.5 18059.2 ALB Albemarle P 50.13 51.15 31.00 Dec 1.89 3.63 3.74 0.98 13.8 13.4 91.6 4590.4 [ 5] CMP Compass Minerals P 78.87 82.65 60.71 Dec 5.01 4.64 5.56 1.96 17.0 14.2 32.8 2587.0 DD E.I. DuPont de Nemours P 47.28 48.00 31.02 Dec 2.03 3.10 3.16 0.30 15.3 15.0 912.9 43161.6 ECL Ecolab O 49.32 52.46 40.66 Dec 1.99 2.22 2.49 0.60 22.2 19.8 233.3 11506.5 IPHS Innophos Holdings O 36.72 36.88 17.35 Dec 2.98 2.83 3.40 0.83 13.0 10.8 21.4 786.5 [ 1 5] IFF International Flavors & Fragrances P 50.16 51.77 37.84 Dec 2.69 3.26 3.39 0.89 15.4 14.8 79.9 4005.7 IPI Intrepid Potash P 34.33 35.14 19.08 Dec 0.74 0.30 0.48 0.05 NM 71.5 75.1 2578.2 KRA Kraton Performance Polymers O 32.46 34.85 12.76 Dec (0.41) 3.45 4.04 0.91 9.4 8.0 30.9 1002.0 [ 2 3 4 5] OLN Olin O 19.99 22.39 14.35 Dec 1.69 0.70 1.65 0.03 28.6 12.1 79.6 1590.2 [] PX Praxair O 91.34 94.30 72.70 Dec 3.99 4.70 5.32 1.21 19.4 17.2 306.4 27984.7 RPM RPM International O 20.71 22.90 16.07 May 1.04 1.26 1.38 0.35 16.4 15.0 128.9 2669.5 [ 5] SXT Sensient Technologies O 32.31 32.79 24.62 Dec 1.92 2.13 2.31 0.50 15.2 14.0 49.7 1604.6 TPCG TPC Group O 27.45 29.14 5.25 Jun (1.61) 1.09 2.25 0.59 25.2 12.2 18.3 501.1 [ 1 2 3 4 5] 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings
  20. 20. Monthly Highlights 20 INDUSTRIAL/CAPITAL GOODS : Industrial Multi-Industry Christopher Glynn Christopher.Glynn@opco.com 617 556-3711 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. AYI Acuity Brands Inc. O 50.07 51.35 30.46 Aug 2.45 2.08 2.75 0.61 24.1 18.2 43.5 2180.3 [ 5] AMRC Ameresco, Inc. O 13.12 14.17 9.34 Dec 0.61 0.68 0.80 0.16 19.3 16.4 22.7 534.5 [ 2 3 4 5] AME AMETEK, Inc. O 54.05 54.20 34.59 Dec 1.91 2.59 3.05 0.70 20.9 17.7 106.5 5756.7 B Barnes Group O 18.19 22.40 14.95 Dec 0.76 1.05 1.55 0.30 17.3 11.7 54.7 995.2 CBE Cooper Industries Ltd. O 52.42 54.17 38.22 Dec 2.52 3.18 3.65 0.84 16.5 14.4 166.7 8740.7 PLOW Douglas Dynamics, Inc. O 14.42 15.00 10.20 Dec 0.67 0.80 1.20 0.25 18.0 12.0 21.4 308.7 [ 1 2 3 4 5] ETN Eaton Corp. P 88.83 89.50 60.05 Dec 2.59 5.56 6.70 1.65 16.0 13.3 167.8 14905.7 EMR Emerson P 54.90 55.44 37.45 Sep 2.27 2.70 3.15 0.82 20.3 17.4 752.4 41307.2 GE General Electric O 16.02 19.70 13.75 Dec 1.03 1.12 1.25 0.32 14.3 12.8 10691.2 171273.3 [ 5 6 7] HON Honeywell International Inc. O 47.11 48.63 35.60 Dec 2.85 2.52 2.85 0.78 18.7 16.5 780.2 36753.9 HUB/B Hubbell Inc. O 54.02 56.08 37.98 Dec 3.15 3.67 4.30 0.88 14.7 12.6 52.9 3221.2 IEX IDEX Corporation P 36.08 37.28 27.54 Dec 1.52 1.97 2.30 0.50 18.3 15.7 81.5 2939.2 MWA Mueller Water Products, Inc. P 3.02 5.99 2.21 Sep (0.30) (0.19) 0.10 (0.01) NM 30.2 154.6 466.8 PNR Pentair Inc. P 32.73 39.32 28.71 Dec 1.47 1.97 2.25 0.46 16.6 14.6 98.7 3230.1 RBC Regal-Beloit P 57.71 67.32 45.51 Dec 2.63 4.15 4.90 1.17 13.9 11.8 38.6 2225.6 ROP Roper Industries, Inc. O 69.43 72.91 49.53 Dec 2.67 3.25 3.85 0.99 21.4 18.0 94.2 6538.9 ST Sensata Technologies O 23.15 23.71 15.25 Dec 0.76 1.76 2.05 0.44 13.2 11.3 171.8 3978.1 [ 1 2 3 4 5] TNB Thomas & Betts O 43.55 45.38 33.15 Dec 2.27 2.70 3.35 0.63 16.1 13.0 52.3 2276.2 GWW W.W. Grainger, Inc. O 124.03 126.05 92.87 Dec 5.37 6.70 7.75 1.68 18.5 16.0 69.1 8565.7 WTS Watts Water P 35.17 37.00 27.51 Dec 1.55 2.05 2.35 0.53 17.2 15.0 29.8 1297.3 WCC Wesco International, Inc. P 42.82 44.95 24.65 Dec 2.30 2.50 3.05 0.66 17.1 14.0 42.5 2003.7 INDUSTRIAL/CAPITAL GOODS : Marine Transportation G. Scott Burk, CFA Scott.Burk@opco.com 212 667-7402 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. CPLP Capital Product Partners L.P. O 8.85 10.06 5.31 Dec 1.16 0.58 0.30 0.10 15.3 29.5 37.8 334.4 [ 2 3 4 5] CRU Crude Carriers Corp. O 17.62 19.00 15.00 Dec -- 0.34 0.65 0.00 51.8 27.1 16.6 328.7 [ 2 3 4 5] DSX Diana Shipping O 13.65 18.24 10.75 Dec 1.56 1.59 1.53 0.41 8.6 8.9 80.7 1101.1 DRYS DryShips Inc. P 4.12 7.30 3.28 Dec 1.03 0.97 0.86 0.24 4.3 4.8 294.8 1213.2 [ 1] EGLE Eagle Bulk Shipping P 5.13 6.75 3.91 Dec 0.72 0.41 0.44 0.09 12.5 11.7 62.2 319.2 [ 1] ESEA Euroseas Ltd. P 4.02 5.02 3.02 Dec (0.08) (0.12) 0.11 (0.02) NM 36.6 30.9 124.0 [ 1 5] EXM Excel Maritime Carriers Ltd. O 5.82 8.40 4.59 Dec (0.18) 0.41 0.72 0.11 14.2 8.1 79.7 464.6 FRO Frontline Ltd. P 28.75 38.85 22.53 Dec 1.20 1.90 2.70 0.26 15.1 10.7 77.9 2238.4 GNK Genco Shipping & Trading O 16.55 29.20 14.20 Dec 4.73 4.39 2.95 1.04 3.8 5.6 35.5 588.0 GMR General Maritime P 3.84 8.82 3.58 Dec 0.29 (1.08) (0.45) (0.33) NM NM 88.9 341.4 NAT Nordic American Tanker Shipping Ltd. P 26.03 34.19 25.27 Dec 0.09 0.30 0.71 (0.02) 86.8 36.7 46.9 1220.8 OSG Overseas Shipholding Group P 33.43 53.20 31.39 Dec (1.55) (2.78) (1.35) (1.24) NM NM 30.4 1017.1 SB Safe Bulkers O 8.45 9.64 6.50 Dec 2.11 1.66 1.54 0.41 5.1 5.5 65.9 556.6 [ 2 3 4 5] TK Teekay Corp. O 31.80 32.11 19.19 Dec (1.49) (1.29) 0.19 (0.75) NM NM 73.0 2320.7 TNK Teekay Tankers Ltd. O 11.88 13.96 7.85 Dec 1.11 0.64 0.70 0.13 18.6 17.0 39.1 613.0 [ 2 3 4 5] INSURANCE : Property & Casualty Raymond Iardella Raymond.Iardella@opco.com 212 667-6033 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. ALL Allstate Corp. P 30.49 35.51 26.86 Dec 1.58 2.13 3.55 0.96 14.3 8.6 538.2 16409.2 AMPH American Physicians Service NR 32.40 32.54 21.51 Dec 3.26 2.72 2.70 0.56 11.9 12.0 6.8 221.4 [ 1 5] AMSF AMERISAFE Inc. P 19.09 19.50 15.50 Dec 2.22 2.07 1.66 0.49 9.2 11.5 18.6 355.9 [ 1] CB Chubb Corp. O 58.02 59.18 47.10 Dec 6.18 6.35 6.15 1.57 9.1 9.4 314.5 18250.2 EIG Employers Holdings, Inc. P 16.19 17.27 12.31 Dec 1.80 1.48 1.62 0.33 10.9 10.0 41.1 664.6 FPIC FPIC Insurance Group, Inc. P 35.42 38.20 21.94 Dec 3.09 2.78 2.74 0.65 12.7 12.9 9.5 335.7 [ 1 6 7] HCC HCC Insurance Holdings O 26.48 29.00 23.85 Dec 3.11 2.83 2.97 0.73 9.4 8.9 115.2 3050.5 MKL Markel Corp. U 335.02 392.55 317.21 Dec 20.52 13.49 12.64 3.13 24.8 26.5 9.8 3273.2 NAVG Navigators Group P 45.97 54.15 36.86 Dec 3.65 3.78 3.51 0.79 12.2 13.1 15.8 727.5 PRA ProAssurance Corp. O 57.49 62.53 48.78 Dec 6.70 5.69 5.42 1.51 10.1 10.6 31.8 1828.5 PGR Progressive Corp. P 21.16 21.59 15.90 Dec 1.58 1.56 1.49 0.41 13.6 14.2 667.6 14127.0 RLI RLI Corp. P 57.42 59.88 49.33 Dec 4.32 4.58 3.61 0.86 12.5 15.9 20.9 1202.8 SBX SeaBright Holdings P 8.37 11.90 6.53 Dec 0.63 (0.05) 0.35 0.07 NM 23.9 22.0 184.3 TRV Travelers Companies P 55.20 55.90 47.35 Dec 6.37 6.33 6.02 1.61 8.7 9.2 459.0 25339.2 WRB W.R. Berkley Corp. P 27.52 28.22 23.30 Dec 1.86 2.58 2.09 (0.13) 10.7 13.2 148.4 4084.8 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings
  21. 21. Monthly Highlights 21 INTERNET : Internet Jason Helfstein Jason.Helfstein@opco.com 212-667-6433 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. AMZN Amazon.Com, Inc. O 165.23 171.99 105.80 Dec 2.04 2.37 4.79 0.45 69.7 34.5 448.8 74161.3 [ 1] SCOR comScore, Inc. P 23.51 23.84 12.64 Dec 0.50 0.78 0.95 0.21 30.1 24.8 31.1 731.9 [ 1] DGIT DG FastChannel Inc. O 23.55 44.19 15.02 Dec 1.25 1.84 2.15 0.37 12.8 11.0 28.4 669.8 [ 1 5] EHTH eHealth, Inc. P 13.51 18.98 9.33 Dec 0.61 0.56 0.49 0.20 24.1 27.6 23.5 318.1 [ 1] GOOG Google, Inc. O 613.70 629.51 433.63 Dec 23.22 29.02 32.84 8.17 21.2 18.7 246.5 195985.2 [ 1] GSIC GSI Commerce, Inc. O 24.42 31.35 18.09 Dec (0.20) (0.37) 0.47 0.44 NM 52.0 66.3 1619.9 [ 1 5] IACI IAC/InterActiveCorp O 27.90 28.30 18.77 Dec 0.51 0.86 1.60 0.32 32.4 17.4 87.6 2800.7 [ 1] LQDT Liquidity Services, Inc. O 16.00 17.32 7.81 Sep 0.39 0.59 0.75 0.15 27.1 21.3 26.8 429.3 [ 1 5] MOVE Move, Inc. O 2.36 2.47 1.45 Dec 0.06 0.03 0.10 0.01 78.7 23.6 156.5 369.4 [ 1] NFLX Netflix, Inc. O 173.57 184.74 48.52 Dec 2.11 3.06 3.17 0.75 56.7 54.8 52.3 9070.3 [ 1] RENT Rentrak Corporation P 27.15 29.46 14.26 Mar 0.51 0.34 0.47 0.12 79.9 57.8 10.9 295.6 [ 1] KNOT The Knot Inc. P 9.04 11.09 6.90 Dec 0.07 0.05 0.07 0.02 NM NM 34.0 307.8 [ 1] YHOO Yahoo! Inc. P 16.49 19.12 12.94 Dec 0.61 0.97 0.89 0.38 17.0 18.5 1348.3 22233.1 [ 1] SPECIAL SITUATIONS : Special Situations Ian Zaffino, CFA ian.zaffino@opco.com 212-667-7413 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. ARJ Arch Chemicals O 35.51 37.66 25.95 Dec 1.85 2.39 2.59 0.35 14.9 13.7 25.1 892.1 BCO Brink's Company O 23.60 29.59 18.30 Dec 1.39 1.41 1.77 0.44 16.7 13.3 46.9 1107.3 BR Broadridge Financial Solutions O 22.00 24.02 18.51 Jun 1.51 1.56 1.60 0.11 14.1 13.8 125.0 2751.0 [ 5] CCC Calgon Carbon Corporation O 15.01 18.35 11.75 Dec 0.60 0.77 0.90 0.22 19.5 16.7 55.8 838.0 CLW Clearwater Paper Corp. O 80.75 85.22 29.24 Dec 5.59 4.83 5.60 1.43 16.7 14.4 11.5 926.9 GNCMA General Communications, Inc. P 10.45 10.85 5.21 Dec 0.07 0.12 0.24 0.04 87.1 43.5 52.0 575.0 [ 1 2 4 5] GSM Globe Specialty Metals, Inc. O 15.54 16.03 7.60 Jun 0.46 0.42 0.67 0.03 37.0 23.2 74.9 1163.4 GTI GrafTech International O 16.47 17.78 11.68 Dec 0.58 1.15 1.60 0.26 14.3 10.3 121.1 1994.0 [ 5] GPK Graphic Packaging Holding Co. O 3.66 4.10 2.18 Dec -- -- -- -- -- -- 343.6 1257.7 HRC Hill-Rom Corp. P 38.75 40.42 19.29 Sep 1.18 1.76 2.12 0.48 22.0 18.3 63.5 2460.4 SJM J.M. Smucker Company O 64.28 64.55 51.19 Apr 3.76 4.30 4.56 1.26 15.0 14.1 119.5 7681.8 MIC Macquarie Infrastructure Co. O 18.08 18.42 7.00 Dec -- -- -- -- -- -- 45.7 826.5 NEU NewMarket Corp. P 118.52 126.89 81.80 Dec 11.11 11.48 12.29 2.62 10.3 9.6 14.3 1693.8 SWM Schweitzer-Mauduit Int'l P 64.18 83.63 42.39 Dec 4.25 4.29 4.79 1.09 15.0 13.4 18.4 1178.4 [ 2 3 4 5] SIX Six Flags Entertainment Corp O 51.28 53.20 31.85 Dec -- -- -- -- -- -- 27.4 1404.5 SON Sonoco Products Company O 33.50 35.87 26.17 Dec 1.78 2.33 2.60 0.59 14.4 12.9 102.9 3447.2 TWI Titan International Inc. P 15.17 16.06 7.15 Dec (0.37) 0.33 0.50 0.03 46.0 30.3 35.4 536.3 [ 2 3 4 5] WSO Watsco, Inc. O 55.97 65.59 47.34 Dec 1.45 2.43 3.12 0.28 23.0 17.9 28.1 1809.6 WWAY Westway Group, Inc. P 3.52 5.20 2.80 Dec 0.19E 0.23 0.27 0.08E 15.3 13.0 14.0 93.6 [ 1 5] TECHNOLOGY : Applied Technology Yair Reiner Yair.Reiner@opco.com 212 667-5505 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. AAPL Apple Inc. O 300.98 319.00 185.57 Sep 9.08 15.15 19.01 5.42 19.9 15.8 917.3 276091.1 [ 1] AUO AU Optronics Corp. P 10.03 13.30 8.38 Dec (0.58) 0.61 -- (0.05) 16.4 -- 882.7 8853.5 GLW Corning Inc. O 18.28 21.10 14.14 Dec 1.35 2.12 1.88 0.52 8.6 9.7 1561.6 28546.6 CREE Cree, Inc. O 51.29 83.38 40.50 Jun 0.67 1.71 2.37 0.58 30.0 21.6 108.5 5562.9 [ 1 5] DSPG DSP Group, Inc. P 7.16 9.10 5.27 Dec 0.14 0.40 0.43 (0.17) 17.9 16.7 23.4 167.2 [ 1 6 7] GRMN Garmin Ltd. P 32.84 40.47 26.11 Dec 3.53 3.16 3.06 0.82 10.4 10.7 194.6 6390.5 [ 1 6 7] ITRN Ituran Location & Control Ltd. O 15.55 16.99 11.60 Dec 0.87 0.97 1.12 0.25 16.0 13.9 21.9 340.4 [ 1 6 7] LOGI Logitech International SA P 18.80 19.98 13.17 Mar 0.69 0.40 0.93 0.41 47.0 20.2 191.6 3602.2 [ 1] MVIS Microvision, Inc. P 2.05 4.17 1.92 Dec (0.54) (0.43) (0.30) (0.10) NM NM 88.9 182.2 [ 2 3 4 5] OVTI OmniVision Technologies, Inc. O 27.13 27.43 11.70 Apr (0.08) 0.59 1.72 0.52 46.0 15.8 54.0 1463.8 [ 1] RBCN Rubicon Technology, Inc. O 23.08 35.90 12.65 Dec (0.48) 1.02 1.95 0.32 22.6 11.8 22.9 529.4 [ 1 5] SYNA Synaptics, Incorporated P 26.93 33.95 21.79 Jun 2.19 2.26 2.39 0.68 11.9 11.3 34.5 928.1 [ 1 6 7] TRMB Trimble Navigation Ltd. O 35.84 36.50 20.87 Dec 1.04 1.45 1.84 0.36 24.7 19.5 119.2 4270.7 [ 1] PANL Universal Display Corp. P 25.04 26.98 10.30 Dec (0.56) (0.43) -- (0.14) NM -- 38.2 956.3 [ 1] ZRAN Zoran Corporation NR 7.08 12.32 5.98 Dec (0.25) -- -- -- -- -- 49.7 351.6 [ 1] 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings
  22. 22. Monthly Highlights 22 TECHNOLOGY : Communication Software Shaul Eyal Shaul.Eyal@opco.com 212-667-8411 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. DOX Amdocs Ltd. O 30.68 32.44 24.10 Sep 2.11 2.28 2.39 0.59 13.5 12.8 205.7 6310.3 CMVT Comverse Technology, Inc. O 8.00 9.90 4.59 Jan 0.14E 0.31 -- 0.21 25.8 -- 204.3 1634.2 [ 1 5] CVG Convergys Corp. O 11.34 13.78 9.50 Dec (0.63) 1.10 1.10 0.28 10.3 10.3 124.1 1407.0 CSGS CSG Systems International O 19.45 23.84 15.82 Dec 2.01 2.24 2.34 0.64 8.7 8.3 34.1 662.5 [ 1] NSR NeuStar Inc. P 25.81 26.73 20.20 Dec 1.34 1.52 1.70 0.42 17.0 15.2 73.8 1904.1 NICE Nice Systems, Ltd. O 33.49 34.30 25.10 Dec 1.54 1.73 2.00 0.49 19.4 16.7 63.0 2108.3 [ 1 5] NUAN Nuance Communications Inc. O 15.71 18.55 13.11 Sep 1.06 1.18 1.30 0.32 13.3 12.1 293.9 4617.1 [ 1] SVR Syniverse Holdings, Inc. O 30.49 31.25 14.76 Dec 1.59 1.93 2.00 0.49 15.8 15.2 70.0 2135.7 TSYS TeleCommunication Systems P 5.42 10.55 2.96 Dec 0.53 0.29 0.36 0.07 18.7 15.1 47.0 288.0 [ 1 2 4 5] VRNT Verint Systems O 32.91 32.93 14.75 Jan 3.09 2.00 2.21 0.73 16.5 14.9 34.7 1142.5 [ 1] TECHNOLOGY : Communication Technology Ittai Kidron Ittai.Kidron@opco.com 212-667-6292 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. ALVR Alvarion Ltd. P 2.76 4.28 1.78 Dec 0.02 (0.24) (0.14) (0.05) NM NM 58.0 160.0 [ 1 6 7] AUDC AudioCodes Ltd. P 4.99 5.03 2.27 Dec 0.08 0.32 0.46 0.11 15.6 10.9 40.5 202.1 [ 1 5 6 7] CELL Brightpoint, Inc. O 7.51 8.46 5.71 Dec 0.52 0.66 0.72 0.15 11.4 10.4 69.9 525.0 [ 1] BRCD Brocade Communications O 6.35 9.45 4.64 Oct 0.53 0.58 0.52 0.13 11.0 12.2 453.4 2879.1 [ 1] CRNT Ceragon Networks Ltd. O 11.06 13.29 6.88 Dec 0.20 0.53 0.70 0.15 20.9 15.8 33.4 369.8 [ 1 5 6 7] CSCO Cisco Systems P 22.86 27.74 19.82 Jul 1.35 1.61 1.70 0.39 14.2 13.5 5585.3 127679.3 [ 1] EMC EMC Corporation P 21.02 21.83 16.12 Dec 0.90 1.25 1.50 0.41 16.8 14.0 2053.5 43164.9 FFIV F5 Networks P 117.70 119.88 43.50 Sep 1.68 2.51 3.65 0.83 46.9 32.3 80.5 9471.0 [ 1] JNPR Juniper Networks, Inc. O 32.39 32.84 22.25 Dec 0.92 1.26 1.50 0.37 25.7 21.6 519.9 16840.1 MOT Motorola, Inc. O 8.16 9.36 6.04 Dec 0.19 0.41 0.47 0.14 19.9 17.4 2333.9 19044.5 [ 5] NTAP NetApp, Inc. P 53.25 53.66 26.89 Apr 1.09 1.51 2.09 0.50 35.3 25.5 357.1 19014.6 [ 1] NOK Nokia Corporation P 10.70 15.88 8.00 Dec 0.92 0.79 0.95 0.26 13.5 11.3 3745.0 40071.0 QCOM QUALCOMM Incorporated O 45.16 49.80 31.63 Sep 1.92 2.37 2.68 0.60 19.1 16.9 1605.2 72490.6 [ 1] RDWR Radware Ltd. P 35.30 40.17 11.46 Dec 0.26 0.91 1.38 0.29 38.8 25.6 18.9 667.8 [ 1 5 6 7] RIMM Research In Motion Limited P 56.92 76.95 42.53 Feb -- 4.37 6.15 1.64 13.0 9.3 524.5 29852.4 [ 1] RFMD RF Micro Devices, Inc. O 7.29 7.45 3.65 Mar (0.05) 0.49 0.68 0.19 14.9 10.7 273.0 1989.9 [ 1] RVBD Riverbed Technology P 57.59 59.20 19.62 Dec 0.68 1.17 1.67 0.38 49.2 34.5 73.5 4232.9 [ 1] SWKS Skyworks Solutions, Inc. O 22.92 23.09 10.05 Sep 0.69 1.23 1.65 0.40 18.6 13.9 178.6 4094.4 [ 1] TECHNOLOGY : Communication software Shaul Eyal Shaul.Eyal@opco.com 212-667-8411 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. BMC BMC Software Inc. O 45.46 46.95 34.24 Mar 2.26 2.66 2.99 0.79 17.1 15.2 177.7 8077.1 CA CA Inc. P 23.20 23.91 17.70 Mar 1.76 1.74 1.92 0.50 13.3 12.1 511.6 11869.6 [ 1] VMW VMware, Inc. P 76.46 89.18 37.70 Dec 1.00 1.50 1.79 0.46 51.0 42.7 111.8 31487.3 TECHNOLOGY : Enterprise Software Brad Reback, CFA Brad.Reback@opco.com 404-364-8728 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. ADBE Adobe Systems P 28.15 38.20 25.45 Nov 1.54 1.90 2.14 0.52 14.8 13.2 508.7 14320.4 [ 1] ANSS ANSYS, Inc. O 45.25 46.88 36.21 Dec 1.78 2.02 2.20 0.48 22.4 20.6 90.9 4113.0 [ 1] ARBA Ariba P 18.78 20.00 10.40 Sep 0.63 0.77 0.88 0.20 24.4 21.3 90.4 1697.7 [ 1] CNQR Concur Technologies O 51.62 52.47 34.99 Sep 0.86 0.76 0.90 0.19 67.9 57.4 51.9 2679.9 [ 1 5] CTCT Constant Contact Inc. O 23.00 26.50 14.70 Dec 0.13 0.37 0.66 0.14 62.2 34.9 29.0 666.5 [ 1 5] INFA Informatica O 40.69 40.95 21.02 Dec 0.91 1.10 1.33 0.37 37.0 30.6 92.5 3765.7 [ 1] JDAS JDA Software P 25.32 31.72 19.57 Dec 1.57 1.88 2.21 0.54 13.5 11.5 41.8 1058.4 [ 1 6 7] KNXA Kenexa O 18.29 19.72 9.58 Dec 0.62 0.56 0.73 0.13 32.7 25.1 22.6 413.9 [ 1 5] MANH Manhattan Associates U 30.78 31.64 20.94 Dec 0.96 1.37 1.54 0.31 22.5 20.0 21.9 674.5 [ 1] MSFT Microsoft Corporation O 26.66 31.58 22.73 Jun 1.70 2.11 2.52 0.71 12.6 10.6 8555.5 228133.0 [ 1] MCRS Micros Systems Inc. O 45.39 46.16 25.68 Jun 1.39 1.56 1.75 0.41 29.1 25.9 80.1 3636.1 [ 1] NZ Netezza Corporation O 26.96 28.94 8.49 Jan 0.32 0.19 0.28 0.06 NM 96.3 62.8 1692.0 ORCL Oracle Corporation P 29.38 29.71 20.65 May 1.44 1.67 1.98 0.45 17.6 14.8 5027.1 147696.6 [ 1] RHT Red Hat O 42.26 42.73 25.45 Feb 0.86 0.71 0.76 0.19 59.5 55.6 190.6 8054.0 CRM Salesforce.com P 116.07 123.77 56.17 Jan 0.35 0.63 1.16 0.31 NM NM 129.9 15077.5 SAP SAP AG P 51.73 54.66 40.95 Dec 2.39 2.83 3.52 1.11 18.3 14.7 1226.7 63455.4 SFSF SuccessFactors O 27.12 27.72 14.19 Dec (0.04) 0.01 0.13 0.00 NM NM 73.7 1999.7 [ 1 5] TLEO Taleo O 28.69 31.36 19.17 Dec 0.78 0.74 0.87 0.18 38.8 33.0 40.0 1148.0 [ 1 2 3 4 5] TDC Teradata Corp. O 39.36 39.98 26.80 Dec 1.48 1.77 2.03 0.39 22.2 19.4 167.3 6584.9 ULTI Ultimate Software Group P 41.38 42.52 24.73 Dec 0.30 0.51 0.84 0.21 81.1 49.3 25.1 1038.5 [ 1] 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings
  23. 23. Monthly Highlights 23 TECHNOLOGY : Infrastructure Software Shaul Eyal Shaul.Eyal@opco.com 212-667-8411 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. CHKP Check Point Software Technologies O 42.75 43.27 28.82 Dec 2.05 2.43 2.73 0.68 17.6 15.7 208.7 8923.2 [ 1] CTXS Citrix Systems, Inc. P 64.13 71.93 36.75 Dec 1.68 2.01 2.18 0.60 31.9 29.4 186.9 11988.4 [ 1] MFE McAfee Inc. P 47.30 47.44 29.53 Dec 2.42 2.54 2.80 0.64 18.6 16.9 151.9 7186.4 SYMC Symantec Corporation O 16.19 19.16 12.04 Mar 1.58 1.51 1.33 0.32 10.7 12.2 789.3 12779.4 [ 1] VRSN VeriSign Inc. O 34.75 35.50 21.21 Dec 1.28 1.20 1.64 0.31 29.0 21.2 172.0 5976.6 [ 1] TECHNOLOGY : Israeli Technology Shaul Eyal Shaul.Eyal@opco.com 212-667-8411 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. NSTC Ness Technologies Inc. O 4.82 7.30 4.12 Dec 0.35 0.43 0.55 0.14 11.2 8.8 38.0 183.2 [ 1 6 7] TECHNOLOGY : Memory Components Gary Hsueh, CFA Gary.Hsueh@opco.com 415-399-5730 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. MU Micron Technology P 8.26 11.40 6.12 Aug (2.28) 1.39 1.37 0.40 5.9 6.0 996.2 8224.0 SNDK SanDisk Corp. P 37.63 50.55 19.18 Dec 1.82 4.42 4.00 1.09 8.5 9.4 233.1 8770.5 [ 1] SMOD Smart Modular P 7.40 8.75 3.52 Aug 0.07 0.76 0.92 0.23 9.7 8.0 62.6 463.4 [ 1] STEC STEC Inc. P 15.60 23.41 9.47 Dec 1.45 0.35 1.19 0.19 44.6 13.1 50.8 792.4 [ 1 5 6 7] TECHNOLOGY : Semiconductor & Electronics Capital Equipment Gary Hsueh, CFA Gary.Hsueh@opco.com 415-399-5730 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. AMAT Applied Materials O 12.35 14.94 10.27 Oct (0.11) 0.95 1.31 0.31 13.0 9.4 1336.1 16500.4 [ 1] FORM FormFactor, Inc. O 9.73 22.65 6.89 Dec (2.00) (2.31) (0.89) (0.44) NM NM 50.3 489.0 [ 1] KLAC KLA-Tencor U 35.72 37.49 26.69 Jun (0.23) 1.45 4.55 1.08 24.6 7.9 167.1 5967.5 [ 1] KLIC Kulicke & Soffa Industries U 6.22 9.58 4.03 Sep (1.01) 2.04 1.05 0.87 3.1 5.9 70.4 438.1 [ 1 5] LRCX Lam Research P 45.79 46.53 32.07 Jun (1.00) 2.61 6.37 1.63 17.5 7.2 122.9 5626.4 [ 1] MTSN Mattson Technology, Inc. O 2.55 5.52 1.89 Dec (1.46) (0.50) 0.45 0.01 NM 5.7 50.1 127.8 [ 1 5] NANO Nanometrics P 13.47 15.80 6.60 Dec (0.73) 2.27 1.74 0.70 5.9 7.7 21.9 294.5 [ 1 2 3 4 5] NVLS Novellus Systems P 29.22 29.31 19.42 Dec (0.51) 2.96 3.23 0.94 9.9 9.1 91.9 2685.7 [ 1] RTEC Rudolph Technologies U 7.41 10.98 5.70 Dec (0.62) 0.80 0.37 0.25 9.3 20.0 31.3 232.2 [ 1] TER Teradyne P 11.24 13.37 8.09 Dec (0.28) 1.72 1.10 0.20 6.5 10.2 181.3 2038.3 VRGY Verigy Ltd. U 9.17 13.75 7.48 Oct (1.50) 0.43 0.28 0.28 21.3 32.8 60.0 550.0 [ 1] TECHNOLOGY : Semiconductors & Components Rick Schafer Rick.Schafer@opco.com 720-554-1119 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. AMD Advanced Micro Devices U 7.33 10.24 4.33 Dec (0.29) 0.37 0.11 0.04 19.8 66.6 674.6 4948.0 AMCC AppliedMicro O 10.07 12.48 6.69 Mar 0.16 0.16 0.43 0.16 62.9 23.4 66.6 670.4 [ 1 5] ATHR Atheros Communications P 31.04 43.90 22.77 Dec 1.36 2.40 1.95 0.49 12.9 15.9 71.6 2221.9 [ 1] BRCM Broadcom Corporation P 40.83 41.98 25.76 Dec 1.21 2.62 2.78 0.67 15.6 14.7 456.5 20892.7 [ 1] CAVM Cavium Networks P 31.87 32.89 18.23 Dec 0.04 0.85 1.10 0.26 37.5 29.0 45.1 1437.4 [ 1] CRUS Cirrus Logic P 12.86 21.20 4.51 Mar 0.26 0.44 1.26 0.30 29.2 10.2 69.1 889.0 [ 1] CNXT Conexant Systems, Inc. P 1.50 5.17 1.38 Sep (0.15) 0.40 (0.11) -- 3.8 NM 81.3 121.9 [ 1 2 3 4 5] INTC Intel Corp. P 20.05 24.37 17.60 Dec 1.18 1.95 1.61 0.49 10.3 12.5 5568.0 111638.4 [ 1] ISIL Intersil O 13.09 16.97 9.80 Dec 0.42 0.81 0.75 0.15 16.2 17.5 123.8 1620.9 [ 1] LLTC Linear Technology Corp. P 32.25 33.06 25.56 Jun 1.37 1.71 2.25 0.56 18.9 14.3 229.7 7407.8 [ 1] MRVL Marvell Technology Group P 19.28 22.87 13.36 Jan 0.76 0.65 1.19 0.33 29.7 16.2 650.6 12543.6 [ 1] MXIM Maxim Integrated Products P 21.66 22.27 15.67 Jun 0.51 1.01 1.43 0.36 21.5 15.2 298.3 6461.8 [ 1] MSCC Microsemi Corp. P 19.99 20.52 12.85 Sep 0.99 1.16 1.52 0.34 17.2 13.2 83.1 1660.7 [ 1 2 4 5] TUNE Microtune Inc. NR 2.89 3.05 1.66 Dec (0.11) -- -- -- -- -- 54.3 156.9 [ 1 2 4 5] MPWR Monolithic Power Systems P 16.07 25.34 14.75 Dec 0.68 1.27 1.08 0.41 12.7 14.9 36.6 587.7 [ 1 11] NETL NetLogic Microsystems, Inc. O 30.06 35.00 18.43 Dec 0.86 1.44 1.41 0.36 20.9 21.3 63.5 1908.8 [ 1] NVDA NVIDIA Corp. O 12.02 18.96 8.65 Jan 0.59 0.41 0.52 0.14 29.3 23.1 574.0 6899.8 [ 1] SMTC Semtech Corp. O 21.41 21.47 14.65 Jan 0.85 0.90 1.58 0.44 23.8 13.6 62.4 1335.2 [ 1] TXN Texas Instruments O 29.57 29.75 22.28 Dec 1.23 2.46 2.36 0.60 12.0 12.5 1195.2 35341.9 VLTR Volterra Semiconductor P 20.46 29.93 12.92 Dec 0.64 1.39 1.08 0.24 14.7 18.9 26.9 549.8 [ 1] Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week 52-Week Earnings Per Share Price/Earnings
  24. 24. Monthly Highlights 24 TECHNOLOGY : Solar Technology Gary Hsueh, CFA Gary.Hsueh@opco.com 415-399-5730 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. CSIQ Canadian Solar Inc. P 13.97 33.68 8.99 Dec 0.60 1.19 2.02 0.55 11.7 6.9 42.7 596.7 [ 1 5] FSLR First Solar, Inc. P 137.68 153.30 98.71 Dec 7.53 7.58 7.92 1.69 18.2 17.4 85.6 11779.2 [ 1] JKS JinkoSolar Holding P 30.15 33.53 8.23 Dec (0.43) 3.66 3.90 0.91 8.2 7.7 21.7 655.2 [ 2 3 4 5] WFR MEMC Electronic Materials, Inc. P 12.82 16.99 9.19 Dec (0.28) 0.47 -- 0.16 27.3 -- 227.4 2915.5 SOLF Solarfun Power Holdings Co. Ltd. O 10.21 13.48 4.48 Dec (0.16) 2.22 2.30 0.67 4.6 4.4 58.1 593.6 [ 1 5] SPWRA SunPower Corporation P 13.60 27.72 9.61 Dec 0.93 1.50 2.00 0.12 9.1 6.8 55.7 1312.7 [ 1] STP Suntech Power Holdings Co. P 8.49 18.78 7.53 Dec 0.53 0.62 0.97 0.22 13.7 8.8 180.1 1529.5 [ 5] YGE Yingli Green Energy Holding P 11.66 19.11 8.31 Dec (0.35) 0.95 1.40 0.27 12.3 8.3 148.4 1730.5 TELECOMMUNICATION SERVICES : Communications Services Timothy Horan, CFA Tim.Horan@opco.com 212-667-8137 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. ALSK Alaska Communications P 10.03 10.62 6.53 Dec (0.01) 0.21 0.36 0.06 47.8 27.9 44.6 447.5 [ 1 5] AMT American Tower Corp. O 51.61 52.34 36.15 Dec 0.59 0.92 1.25 0.21 56.1 41.3 401.1 20703.0 T AT&T, Inc. O 28.52 29.43 23.78 Dec 2.12 2.30 2.55 0.55 12.4 11.2 5909.0 168524.7 CBEY Cbeyond, Inc. P 13.55 18.05 10.71 Dec (0.08) 0.00 0.09 (0.02) -- NM 30.8 417.6 [ 1] CTL CenturyLink P 41.38 41.54 14.16 Dec 3.50 3.43 3.15 0.83 12.1 13.1 301.4 12473.8 CTEL City Telecom O 12.92 17.74 6.37 Aug 0.82 0.76 0.97 0.34 17.0 13.3 38.3 494.3 [ 1 2 3 4 5] CCOI Cogent Communications P 10.85 12.20 6.98 Dec (0.39) (0.08) (0.09) (0.02) NM NM 45.8 497.2 [ 1] CMCSA Comcast O 20.63 20.95 13.95 Dec 1.10 1.31 1.59 0.34 15.8 13.0 2069.6 56981.2 [ 1 1 5] CCI Crown Castle International Corp. O 43.12 44.46 29.47 Dec 0.31 0.43 0.87 0.15 NM 49.6 290.3 12517.3 LEAP Leap Wireless International, Inc. P 11.41 19.21 9.51 Dec (3.30) (2.49) (1.49) (0.68) NM NM 78.3 893.8 [ 1] LVLT Level 3 Communications, Inc. U 0.97 1.77 0.83 Dec (0.38) (0.44) (0.37) (0.09) NM NM 1664.8 1611.0 [ 1 5] PCS MetroPCS Communications Inc. P 10.40 11.24 5.52 Dec 0.50 0.63 0.83 0.18 16.5 12.5 353.9 3680.5 TNDM Neutral Tandem, Inc. P 14.62 24.40 9.87 Dec 1.21 1.05 1.16 0.26 13.9 12.6 33.0 483.1 [ 1 2 4 5 6 7] OTT Otelco, Inc P 16.59 17.35 12.96 Dec -- -- -- -- -- -- 13.2 219.3 [ 1 5] PAET PAETEC Holding Corp. P 4.22 5.30 2.93 Dec (0.13) (0.17) (0.03) (0.05) NM NM 145.1 612.5 [ 1 6 7] Q Qwest Communications Int'l NR 6.61 6.64 3.46 Dec 0.37 0.40 0.45 0.10 16.5 14.7 1739.3 11496.5 [ 9] RRST RRSat Global Communications Network, Ltd. O 9.11 12.50 7.02 Dec 0.83 0.70 0.85 0.18 13.0 10.7 17.3 157.8 [ 1 5] S Sprint Nextel P 4.12 5.31 2.78 Dec (0.84)E (1.09) (0.98) (0.07) NM NM 2949.5 12414.3 TWTC tw telecom inc. P 18.40 19.62 11.51 Dec 0.18 0.38 0.50 0.10 48.4 36.8 151.6 2789.0 [ 1] VZ Verizon P 32.48 33.68 24.75 Dec 2.40 2.25 2.20 0.55 14.4 14.8 2826.8 91813.9 WIN Windstream Corporation P 12.66 13.05 6.02 Dec 0.95 0.76 0.76 0.19 16.7 16.7 483.2 6116.9 [ 2 4 5] TELECOMMUNICATION SERVICES : Internet Services Srinivas Anantha, CFA Srinivas.Anantha@opco.com 617 556-3709 Price Curr. Qtr Shares Mkt. Cap Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl. AKAM Akamai Technologies O 51.67 53.64 21.65 Dec 1.67 1.68 1.17 0.41 30.8 44.2 181.6 9383.5 [ 1] CSC Computer Sciences Corp. O 49.05 58.36 39.61 Mar 4.31 4.52 5.25 1.22 10.9 9.3 154.4 7572.6 DLR Digital Realty Trust P 59.73 64.17 43.80 Dec 2.93 3.28 3.75 0.81 18.2 15.9 87.3 5214.6 DRIV Digital River, Inc. P 37.26 39.10 21.83 Dec 1.79 0.89 1.33 0.31 41.9 28.0 39.6 1477.0 [ 1] DFT DuPont Fabros Technology O 25.10 28.19 14.30 Dec 0.88 1.32 1.75 0.28 19.0 14.3 59.2 1486.8 [ 2 3 4 5] ELNK EarthLink, Inc. P 8.99 9.35 7.85 Dec 1.44 1.05 0.91 0.23 8.6 9.9 108.1 972.2 [ 1 5] EQIX Equinix Inc. P 84.24 110.57 69.42 Dec 2.61 2.00 2.40 0.44 42.1 35.1 46.0 3874.6 [ 1] INAP Internap Network Services P 5.00 6.46 3.04 Dec (0.11) 0.07 (0.04) 0.02 71.4 NM 51.9 259.6 [ 1] LLNW Limelight Networks P 6.79 7.26 3.22 Dec (0.09) 0.03 0.01 (0.01) NM NM 98.4 667.9 [ 1] PGI Premiere Global Services O 6.83 10.34 4.87 Dec 0.87 0.66 0.62 0.10 10.4 11.0 60.5 413.1 RAX Rackspace Hosting, Inc. O 24.96 26.50 15.15 Dec 0.24 0.32 0.37 0.08 78.0 67.5 125.0 3119.4 SVVS SAVVIS, Inc. O 24.01 24.93 12.36 Dec 0.15 (0.49) (0.47) (0.24) NM NM 55.2 1326.2 [ 1] SYNT Syntel Inc. P 48.86 49.72 30.79 Dec 2.85 2.69 2.86 0.68 18.2 17.1 41.7 2039.1 [ 1 5] TTEC TeleTech Holdings O 15.18 20.95 12.17 Dec 1.36 1.13 1.15 0.28 13.4 13.2 60.2 913.5 [ 1] TMRK Terremark Worldwide, Inc. O 9.99 10.72 6.00 Mar (0.17) (0.36) (0.36) (0.14) NM NM 65.7 656.5 [ 1] 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings 52-Week Earnings Per Share Price/Earnings
  25. 25. Monthly Highlights 25 Outperform Rated Stocks Company Symbol Company Symbol Company Symbol 3SBioInc. SSRX Charm CommunicationsInc. CHRM EOGResources, Inc. EOG 7Days Group HoldingsLimited SVN Check PointSoftware Technologies CHKP EssexRental Corp. ESSX Abercrombie& Fitch Co. ANF Chemed Corporation CHE Eurand N.V. EURX Acuity BrandsInc. AYI ChemspecInternational Limited CPC Excel MaritimeCarriersLtd. EXM AddusHomeCareCorporation ADUS Chesapeake Energy CHK ExpressScripts,Inc. ESRX AeropostaleInc. ARO China Automotive SystemsInc. CAAS Fidelity National InformationServices FIS Aetna, Inc. AET China Integrated Energy,Inc. CBEH Fifth ThirdBancorp FITB Air Methods Corporation AIRM China LodgingGroup HTHT FormFactor, Inc. FORM AirMedia Group Inc. AMCN China MassMediaCorp. CMM Genco Shipping & Trading GNK Akamai Technologies AKAM China NewBorun BORN General DynamicsCorporation GD AlexionPharmaceuticals ALXN China Nuokang Bio-Pharmaceutical Inc. NKBP General Electric GE AlimeraSciences ALIM China Real EstateInformation CRIC GileadSciences GILD Allscripts-MisysHealthcare Solutions,Inc. MDRX China Security& Surveillance Technology CSR GlobeSpecialtyMetals,Inc. GSM Amazon.Com, Inc. AMZN ChubbCorp. CB Goldman SachsGroup GS AmdocsLtd. DOX Church &Dwight CHD Google,Inc. GOOG Amedisys,Inc. AMED Citigroup Inc. C GrafTechInternational GTI Ameresco,Inc. AMRC Citizens RepublicBancorp CRBC GraphicPackaging HoldingCo. GPK American EagleOutfitters AEO CityTelecom CTEL GSICommerce, Inc. GSIC American Oriental Bioengineering AOB Clearwater Paper Corp. CLW Gulf Resources, Inc. GFRE American Tower Corp. AMT Clorox CLX Halozyme Therapeutics,Inc. HALO AMERIGROUP Corp. AGP CMS Energy CMS HCCInsurance Holdings HCC AmerisourceBergen Corp. ABC Cognizant TechnologySolutions CTSH HealthNet,Inc. HNT AMETEK,Inc. AME Comcast CMCSA HessCorporation HES AmgenInc. AMGN ComericaInc. CMA hhgreggInc. HGG ANSYS,Inc. ANSS Community Health Systems,Inc. CYH HomeDepot Inc. HD Apache Corporation APA Complete Production Services CPX HomeInns &HotelsManagement HMIN A-Power EnergyGeneration APWR Computer SciencesCorp. CSC Honeywell International Inc. HON AppleInc. AAPL ComverseTechnology,Inc. CMVT Hubbell Inc. HUB/B AppliedMaterials AMAT Concur Technologies CNQR Humana,Inc. HUM AppliedMicro AMCC ConocoPhillips COP Huntington BancsharesInc. HBAN ArchChemicals ARJ Constant ContactInc. CTCT IAC/InterActiveCorp IACI Ardea Biosciences,Inc. RDEA ConvergysCorp. CVG IdenixPharmaceuticals IDIX Ariad Pharmaceuticals,Inc. ARIA Cooper IndustriesLtd. CBE IFMInvestmentsLtd. CTC ArQule,Inc. ARQL Corning Inc. GLW ImmunoGen,Inc. IMGN AT&T, Inc. T Cree,Inc. CREE Incyte INCY ATA, Inc. ATAI Crown Castle International Corp. CCI Informatica INFA AtwoodOceanics,Inc. ATW Crude CarriersCorp. CRU InnophosHoldings IPHS AutoNavi Holdings Limited AMAP CSGSystems International CSGS Integra LifeSciences Holdings IART BarnesGroup B Ctrip.comInternational Ltd. CTRP Inter Parfums,Inc. IPAR BE Aerospace,Inc. BEAV CypressBiosciences CYPB Intersil ISIL Bed Bath &BeyondInc. BBBY Darden RestaurantsInc. DRI Intuit, Inc. INTU Best BuyCo.Inc. BBY Devon Energy Corporation DVN IturanLocation &Control Ltd. ITRN BioSantePharmaceuticals,Inc. BPAX DeVry Inc. DV J.CrewGroup, Inc. JCG BMCSoftwareInc. BMC DG FastChannel Inc. DGIT J.M.Smucker Company SJM Boeing Company BA Diamond Offshore Drilling DO Jarden Corporation JAH BP plc BP Diana Shipping DSX JPMorgan Chase & Co. JPM Brightpoint,Inc. CELL DouglasDynamics,Inc. PLOW Juniper Networks,Inc. JNPR Brink'sCompany BCO DuPontFabros Technology DFT Kenexa KNXA Broadridge Financial Solutions BR ECAMarcellusTrust I ECT KeyEnergy Services,Inc. KEG Brocade Communications BRCD Ecolab ECL KKR&Co. KKR Calgon CarbonCorporation CCC EdisonInternational EIX Kraton Performance Polymers KRA Camelot Information SystemsInc. CIS E-House (China)HoldingsLimited EJ LHCGroup, Inc. LHCG Capella Education Co. CPLA Einstein Noah Restaurant Group BAGL Life Technologies,Inc. LIFE Capital ProductPartnersL.P. CPLP El Paso PipelinePartners EPB Life TimeFitness LTM Cardinal Health,Inc. CAH Elizabeth Arden RDEN Lincoln Educational Services LINC CardiomePharma Corp. CRME Emdeon Inc. EM Liquidity Services,Inc. LQDT CBOE Holdings CBOE Emergency Medical Services EMS LMI Aerospace,Inc. LMIA CelgeneCorporation CELG Endo Pharmaceuticals ENDP Longtop Financial Technologies LFT Cephalon,Inc. CEPH Enscoplc ESV Lowe's Cos. LOW CeragonNetworks Ltd. CRNT EnterpriseProductsPartners EPD Macquarie Infrastructure Co. MIC
  26. 26. Monthly Highlights 26 Outperform Rated Stocks (Cont’d) Company Symbol Company Symbol Company Symbol MagellanHealthServices MGLN PrivateBancorp,Inc. PVTB SymantecCorporation SYMC MagellanMidstreamPartners MMP ProAssuranceCorp. PRA Syniverse Holdings,Inc. SVR MarathonOil Corporation MRO Procter &Gamble PG SynutraInternational Inc. SYUT Marshall &IlsleyCorp. MI ProtalixBioTherapeutics PLX Taleo TLEO MasterCard Incorporated MA PublicService Enterprise GroupInc. PEG Targacept,Inc. TRGT MattsonTechnology, Inc. MTSN QUALCOMMIncorporated QCOM TeekayCorp. TK McCormick& Schmick'sSeafoodRestaurantInc. MSSR Questcor Pharmaceuticals QCOR TeekayTankers Ltd. TNK McKessonCorporation MCK Rackspace Hosting,Inc. RAX TeleTechHoldings TTEC MedAssets, Inc. MDAS RedHat RHT TeradataCorp. TDC MedcoHealthSolutions,Inc. MHS RegencyEnergyPartners RGNC TerremarkWorldwide,Inc. TMRK Medtronic,Inc. MDT Rent-A-Center, Inc. RCII TevaPharmaceutical TEVA Micros SystemsInc. MCRS RF MicroDevices, Inc. RFMD TexasInstruments TXN MicrosoftCorporation MSFT Rigel Pharmaceuticals RIGL TexasRoadhouse,Inc. TXRH MobileMini, Inc. MINI Rockwell CollinsInc. COL TheBlackstoneGroup BX Momenta Pharmaceuticals MNTA Roper Industries, Inc. ROP TheEnsignGroup ENSG Monster Worldwide,Inc. MWW RPMInternational RPM Thomas& Betts TNB MorganStanley MS RRSatGlobal CommunicationsNetwork,Ltd. RRST TPCGroup TPCG Motorola,Inc. MOT RubiconTechnology, Inc. RBCN Trimble NavigationLtd. TRMB Move, Inc. MOVE SafeBulkers SB Triple-SManagementCorp. GTS MurphyOil Corporation MUR Salix Pharmaceuticals,Ltd. SLXP TriumphGroupInc. TGI NessTechnologiesInc. NSTC SAVVIS,Inc. SVVS U.S. Bancorp USB Netease.comInc. NTES Schlumberger Limited SLB Ulta ULTA Netezza Corporation NZ Seattle Genetics SGEN UnitedRentals, Inc. URI Netflix,Inc. NFLX SEIInvestmentsCompany SEIC UnitedTechnologiesCorp. UTX NetLogicMicrosystems,Inc. NETL SemtechCorp. SMTC UnitedTherapeutics UTHR NewOriental Education &TechnologyGroup EDU SensataTechnologies ST Urban Outfitters Inc. URBN NextEra Energy,Inc. NEE SensientTechnologies SXT VanceInfo Technologies VIT Nice Systems,Ltd. NICE ShandaGamesLimited GAME VerintSystems VRNT Northrop Grumman Corp. NOC ShandaInteractive SNDA VeriSignInc. VRSN NuanceCommunicationsInc. NUAN ShengdaTech, Inc. SDTH ViaSat,Inc. VSAT NVIDIACorp. NVDA Shireplc SHPGY ViroPharma VPHM Occidental Petroleum OXY SixFlagsEntertainmentCorp SIX VisaInc. V OfficeMaxIncorporated OMX Skilled Healthcare Group SKH Vital Images, Inc. VTAL Olin OLN SkyworksSolutions, Inc. SWKS W.W. Grainger,Inc. GWW Omnicare OCR SolarfunPower HoldingsCo.Ltd. SOLF Warner Chilcottplc WCRX OmniVision Technologies,Inc. OVTI Somaxon Pharmaceuticals, Inc. SOMX Watsco,Inc. WSO ONEOK Partners OKS SonicCorp. SONC WeatherfordInternational Ltd. WFT OnlineResourcesCorp. ORCC Sonoco ProductsCompany SON WellPoint,Inc. WLP Optimer Pharmaceuticals OPTR SORL AutoParts, Inc. SORL WellsFargo WFC Pacific Sunwear PSUN Staples, Inc. SPLS Wendy's/Arby'sGroup, Inc. WEN PerfectWorldCo.,Ltd. PWRD Starbucks Corporation SBUX WesternAllianceBancorporation WAL PG&ECorporation PCG Stereotaxis,Inc. STXS Whiting Petroleum WLL Pier 1 Imports PIR Stericycle,Inc. SRCL Williams-Sonoma WSM Pioneer Natural Resources PXD SterlingBancshares, Inc. SBIB Wonder Auto TechnologyInc. WATG Plains All AmericanPipeline PAA StrykerCorp. SYK WuXi PharmaTechInc. WX PNCFinancial ServicesGroup, Inc. PNC SuccessFactors SFSF Xcel EnergyInc. XEL Praxair PX SunHealthcareGroup,Inc. SUNH YongyeInternational Inc. YONG PremiereGlobal Services PGI SXCHealthSolutions,Inc. SXCI Zumiez, Inc. ZUMZ Pride International, Inc. PDE

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