The document discusses several companies, including ClearOne Communications Inc. which saw declines in revenue, operating income, return on equity, and stock price last quarter and is estimated to be overvalued by 35-45%. It also discusses Sykes Enterprises Inc. which had operating income and stock price declines last quarter alongside a large increase in long-term debt. PC Connection Inc. is estimated to be overvalued by 57%. The document also provides an overview of IBM and its investments in artificial intelligence and quantum computing technologies as well as Intel Corporation and its commitment to corporate social responsibility, core processors, and growth potential in areas like 5G and artificial intelligence.

12. Ebix Inc.

14. Orbotech LTD

16. CSP Inc.

18. Iridium Inc.

21. ClearOne Communications Inc.

22. Provider of voice/visual communication solutions
 16% revenue decline
 65% operating income decline
 64% return on equity decline
 30% Q3 stock price decline
ClearOne Communications Inc.
 Current stock price: $7
 Estimated value per share: $4-5
 Overvalued: 35-45%

23. Sykes Enterprises Inc.

24. Provider of technical support
 12% operating income decline
 281% long-term debt increase
 16% decrease in stock price during Q3
 1.62 PEG ratio
Sykes Enterprises Inc.

25. PC Connection Inc.

26. Provider of hardware, software, and networking devices
 Current stock price: $28
 Estimated value per share: $12
 57% overvalued
 1.77 PEG ratio
PC Connection Inc.

27. Questions?

29. International Business Machines Inc.

30. IBM Business Overview
 Provider of software and security
solutions through cloud computing
 Sector: Information Technology
 Industry: IT Consulting & Services

31. Cloud Computing/ Artificial Intelligence
 IBM Watson
 Financial: AI EQ
 Customer Service: Chabot
 Security (Resilient / QRdar)
 Clients able to find and repair security
threats 60x faster
 Uber / Equifax / Yahoo
 MIT-IBM Watson AI
 $240 Million Investment
 100 Data Scientists
 Institutions → Every day consumer
 Qubit rather than bit
 IBM 50 Qubit / Google 17 Qubit
 Google Quantum one million times
faster than average laptop
 Mass Market & Institutional Demand
Commercial Quantum Computers
Products

37. Intel Corporation Inc.

38. Intel Business Overview
 IT Solutions & Microprocessors
 Sector: Information Technology
 Industry: Semiconductors and
Semiconductor Equipment
 Commitment to corporate social
responsibility

39. Products
 Intel Core Processors
 Mobile Intel Chipsets
 Intel Security
 Intel Select Solutions

43. Growth Potential
 Artificial Intelligence
 5G connectivity
Fab 42 project:
 $7 billion investment
 7 nanometer manufacturing process
 10,000 job creation
 Helps U.S. maintain position as global
semiconductor industry leader

44. Summary
 Current Stock Price:
$44
 Estimated Share Price:
$47-49
 Undervalued:
7-11%
 PEG Ratio: 1.45
 Dividend Yield: 2.87%

45. Questions?