Archive: Personal and Household Products

CL: It’s Worth Brushing Up on Colgate

My latest column is up at RealMoney.

In summary, I think Colgate (CL) looks good relative to its peers on the basis of cash flow, earnings quality and estimate revisions.

Downside from current stock levels seems fairly limited. Colgate’s earnings are expected to reach $3.81 this year and $4.27 next year, assuming that no further positive revisions are in the cards. The lowest trailing P/E ratio over the last five years has been 18 times, so even if valuations sink to those levels, the company could grow into its current share price.

Better yet, if the stock can maintain its current P/E ratio, it could reach $100 in the next 12 to 18 months, for a 28% gain from current levels.

It doesn’t quite amount to one of Cramer’s $80-to-$120 plays, but in today’s market environment, slow and steady may well win the race.

Disclosure: At time of publication, William Trent has no financial position in the companies mentioned.

Topics: Alberto Culver (ACV), Avon (AVP), Church & Dwight (CHD), Clorox (CLX), Colgate Palmolive (CL), Consumer Non-cyclical, Estee Lauder (EL), Personal and Household Products, Procter & Gamble (PG) | No Comments

NTY: NBTY Catches an Upgrade Rally

When I said it was too early to buy NBTY (NTY), unfortunately I didn’t mean a day or two early. The stock was up nicely this morning after an analyst upgrade.

Analyst Upgrades NBTY, Stock Surges: Financial News – Yahoo! Finance

Shares of NBTY Inc. surged Wednesday as an analyst upgraded the nutritional supplement maker, citing its solid sales and an attractive stock price.Edward Aaron of RBC Capital Markets said he is more comfortable with his NBTY estimates now partly because the Bohemia, N.Y.-based company recently reported improved sales. Last month NBTY said its January sales rose 6 percent, as strong wholesale results offset a weak retail environment.

As I said in the original article, though NTY looks fairly cheap so do most retailers and consumer companies. Unless we can get through another quarter without a significant earnings miss or downward revision it just seems too early to call a bottom here.

I still think there is better opportunity in names like Tupperware (TUP) or Coach (COH).

Disclosure: At time of publication, William Trent has no position in the companies mentioned.

Topics: Apparel and Accessories, Coach (COH), NBTY (NTY), Tupperware (TUP) | No Comments

NTY: Too Early to Buy NBTY

This article is a reprint of my March 4, 2008 RealMoney column

When I started looking at NBTY (NTY) when it showed up on one of my screens recently, I realized a good chunk of my typical Whole Foods (WFMI - Annual Report) bill was going to their products. NBTY makes vitamins, sport supplements and other products under the brand names Nature’s Bounty, Vitamin World, Puritan’s Pride, Holland & Barrett, Rexall, Osteo-Bi-Flex, Flex-a-min, Knox, Sundown, MET-Rx, WORLDWIDE Sport Nutrition, American Health, DeTuinen, Le Naturiste, SISU, Solgar, and Ester-C.

The health food shops where I pick up my supplements (which are served through NBTY’s wholesale segment) account for nearly half the company’s total sales. The North American Retail segment (457 Vitamin World and 80 Le Naturiste shops) provided 11% of 2007 sales, European Retail (626 stores under a variety of brand names) was 31% of company revenues and the Direct Response/e-commerce segment provided 10%.

These are clearly consumer products, clearly discretionary, and clearly at risk to a consumer slowdown. Given a price of just over ten times earnings and a 10% free cash flow yield, it is also clear investors are aware of this. However, there could still be some downside given that in 2000 valuations troughed at 8.8 times earnings and 0.6 times sales.

For NBTY, the slowdown hit hard in the December 2007 quarter with flat sales and falling margins. That said, the company appears well prepared to weather a slowdown, having cut its debt load from $500 million to $210 million over the last two years. Moody’s recently upgraded its outlook to positive, which is nice for a company with high yield debt in a time of extreme credit market jitters.

The wholesale division has been the company’s strong point, with improving gross margins over the last year. The other half of the business has been poor, requiring store closings in North America. Although European retail performed relatively well in 2007, it was primarily due to currency related issues. In the first quarter, European retail sales declined 4% in local currency.

NBTY is trying to right the retail ship through its store closings and other cost saving moves. The company ended 2007 with 35 fewer stores than it started with. 71 leases are due for renewal in 2008, and the company expects to close 23 more in 2008. NBTY also plans 10 to 12 new store openings this year. In the first quarter, five stores were closed and two opened. These efforts will only be made more difficult if a recession materializes.

I have a few concerns over earnings quality. For example, in each of the last two years the company has reserved less than the actual amount charged for sales returns, bad debt and promotional incentives (an under-reserving trifecta.) However, overall earnings quality measured using the accrual ratio appears strong.

nty-accruals.jpg

Source: Zacks Research Wizard, compiled by William A. Trent

I’m also nervous about a stock that has had such a big run over the last few weeks. But then again, I had the same concerns about Tupperware (TUP) and it has continued to outperform after rebounding from the same January low. (As a side note, American Oriental Bioengineering (AOB) could represent a catch-up play here.)

The options aren’t generating a particularly good premium right now, so there doesn’t seem much point to a put-write strategy. On the other hand, buying the March $25 puts for $0.15 (as I am writing this) seems like fairly cheap insurance on a long position, given my concerns about the recent run-up.

All in all, though NTY looks fairly cheap so do most retailers and consumer companies. Unless we can get through another quarter without a significant earnings miss or downward revision it just seems too early to call a bottom here.

Disclosures: William Trent has no positions in the stocks mentioned.

Zacks Investment Research has provided Stock Market Beat with a complimentary trial subscription to Research Wizard.

Topics: American Oriental Bioengineering (AOB), Biotechnology and Drugs, NBTY (NTY), Tupperware (TUP), Whole Foods Market (WFMI) | 1 Comment

TUP: Tupperware Looks Even Better When Considering Options

This article is a reprint of my February 7, 2008 RealMoney column.

When Tupperware (TUP) reported $0.93 per share in quarterly earnings last week, it marked at least the fourth consecutive double-digit percentage earnings surprise. The expectation is clearly for that to continue, as the six analysts reported by Yahoo! Finance as covering the company have all raised their 2008 earnings estimates in the last month.

With nearly 84% of the company’s sales coming from international markets, Tupperware has seen a tremendous benefit from the weaker dollar and should be well insulated from a U.S. economic slowdown. It could even be modestly counter-cyclical should a slowing job market increase the pool of salespeople.

Due to the surprises and positive estimate revisions, Tupperware’s Zacks Rank improved to 1 last week, putting the company in the top 5% in terms of earnings revision momentum among the companies followed. Better still, in addition to having momentum, it still looks like there is value in Tupperware shares.

To begin with, the shares currently trade at just 14.3x the consensus estimate for 2008. If the double-digit surprises continue, the multiple might be more like 13x. Over the last five years, Tupperware has averaged a 15.1x P/E, with a low of 9.6x.

Better still, in my opinion, is the free cash flow generation. Operating cash flow in 2007 was $177.4 million, and net capital expenditures were $32.4 million. The $145 million in free cash flow amounts to a 6.5% free cash flow yield on the current market value. (Net of interest, the free cash flow to the firm offers a similar yield to the enterprise value.) This yield is more than double the current 5-year Treasury yield, and Treasuries don’t offer the 15% earnings growth that Tupperware is (and is expected to continue) generating.

When it comes to earnings quality, Tupperware’s is about as good as it gets. The accrual ratio, which measures the relationship between accounting based earnings and cash earnings, ideally should range around zero.

tup-accruals.jpg

Source: Zacks Research Wizard, compiled by William A. Trent

With the exception of a blip caused when Tupperware acquired Sara Lee Corporation’s (SLE - Annual Report) direct selling businesses in December 2005, Tupperware’s accrual ratio has been as tight as any I’ve seen.

Tupperware’s 5x Price/Book ratio is reasonable, and its 30% return on equity implies a sustainable growth rate higher than the consensus growth estimate. With limited valuation downside and double-digit growth, Tupperware stock should be well primed to earn 15-20% annual returns over the next five years.

As good as the Tupperware story seems, however, it is hard for me to come to grips with buying a stock that has surged 45% in just the last three weeks. If nothing else, it seems due for a breather that would take it back to perhaps the 50-day moving average (which would be around $33 per share).

As a result, if I were to play the name I think I would use a put-write strategy. As I write this, the March $35 put options are going for about $1.60, which would be a 4.5% six-week return on the money risked should the shares continue to rise and a $33.40 effective purchase price if the puts are exercised. That’s close enough to $33 for me.

Disclosures: None

Zacks Investment Research has provided Stock Market Beat with a complimentary trial subscription to Research Wizard.

Topics: Sara Lee (SLE), Tupperware (TUP) | 1 Comment

UN: Pulling the Lever for Unilever

The following is a reprint of my January 14, 2008 RealMoney column.

Unilever (UN) is one of the leading providers of consumer staples worldwide. Some of its brands include Lipton, Breyers, Hellmann’s, and Slim-Fast in foods, and Dove, Close-up, Snuggle and Surf in household and personal products. In other words, the type of products that should be relatively immune if consumer spending turns down.

Unilever’s corporate structure can be difficult for many investors to understand. Since 1930, the company has been run by two controlling companies – Unilever NV and Unilever PLC (UL). Unilever NV and PLC have separate legal identities but operate as a single entity. The company provides the following graphical aid on its web site:

un.jpg

After a few minutes trying to figure this out, many investors are probably thinking they should look at Colgate-Palmolive (CL), Procter & Gamble (PG) or Heinz (HNZ) instead. I think it’s worth the time spent to get to know Unilever, though, because it looks like a better value in many ways. Consider the following table:

Price/2008 Earnings

Estimated Growth

Free Cash Flow Yield

Unilever

15.1

10.4%

4.0%

Colgate-Palmolive

21.0

10.8%

3.5%

Procter & Gamble

17.9

12.9%

4.3%

Heinz

16.3

7.9%

3.7%

Average

17.6

10.5%

3.9%

Unilever offers the lowest P/E ratio, growth in line with the average and an above-average free cash flow yield. (I define free cash flow as the cash generated from operating activities over the last 12 months minus capital expenditures over the same period. Free cash flow yield is free cash flow divided by enterprise value.) Free cash flow yield is my preferred measure because I think it levels the playing field between the ways companies can generate return such as dividends, share buybacks, acquisitions or internal growth.

P&G also looks good in this comparison, with higher growth and a higher free cash flow yield than Unilever. But a couple of other factors lead me to (slightly) favor Unilever.

First, Unilever shares shed 9% of their value last week, bringing them to much more attractive levels after they reported earnings and a Morgan Stanley analyst expressed concern over raw materials prices. But Procter faces the same issues, and the stock did not come in nearly as much. As a result, I think the concern is more “priced in” at Unilever.

Second, in recent weeks Unilever’s earnings estimates for 2007 and 2008 have been marching up steadily. The 2008 estimates were $2.10 two months ago, but now stand at $2.21. As a result, the Zacks Rank measure of earnings momentum puts Unilever in the top 20% of all companies. Procter’s estimates haven’t budged from $3.92 in that time.

It’s true that the raw materials concerns could start to rein in estimates. Again, however, this should apply to both companies.

With a 4% free cash flow yield, Unilever compares favorably to the current 3.15% yield of 5-year Treasuries. Adding in the 10.4% growth rate estimated over the next five years produces a potential total return of more than 14% per year. Alternatively, if Unilever’s P/E could rise to the industry average over the next year it could generate a 16% return for that period.

In today’s uncertain economic environment, I’d be willing to accept quite a bit less than that.

Zacks Investment Research has provided Stock Market Beat with a complimentary trial subscription to Research Wizard.

Topics: Colgate Palmolive (CL), Food Processing, HJ Heinz (HNZ), Personal and Household Products, Procter & Gamble (PG), Unilever (UN) | No Comments

Discretionary Spending Hanging On Under Pressure

With the consumer high on everyone’s mind, I thought it a good time to take a look at some companies exposed to discretionary spending to see what they are saying.

Estee Lauder’s (EL) three percent growth in North America was in line with the total retail sales growth recently reported. A big question is whether they are in the wrong place at the wrong time.

Although our most rapid growth will come from overseas, we are taking action to improve in the largest individual market, the U.S. However, we expect progress to be slow because of continued softness in department stores. We anticipate that the tough retail climate in department stores will last for at least the first half of your fiscal year. However, we remain committed to the channel. Department stores have unique offerings of designers and brands, and we firmly believe they will remain the cornerstone of U.S. prestige distribution.

That said, we also note that we now generate approximately 34% of our net sales in North American prestige department stores down from 46% five years ago.

(Excerpt from full EL conference call transcript)

Starbucks (SBUX) grew significantly faster than the average retailer, but not nearly so fast as its investors have come to expect.

Company-operated U.S. retail revenue growth of 19% was driven by the opening of 1,116 new company-operated stores in the last 12 months. During the third quarter specifically, we opened 285 new company-operated locations.

Turning to comparable store sales growth for the U.S. segment, the third quarter saw trends similar to those in the second quarter. The average value per transaction increased 3% while traffic grew less than 1%, resulting in a 4% comparable store sales growth. During the quarter, sales of our core handcrafted espresso-based beverages and premium food offerings were the primary drivers of the growth in same-store sales.

(Excerpt from full SBUX conference call transcript)

The 3% per-transaction growth, again, was just average for US retail. What is still somewhat impressive is growing store traffic at all (even just 1%) while opening new stores at the rate of 3 or 4 per day. Still, they are noticing some shifts in their customer’s habits.

It’s clear that there is an increased competitive environment. There is an increased pressure on consumers from macroeconomic factors. But in all of those areas, we believe that we have a competitive advantage of being the coffee experts and being able to generate incremental traffic as we go forward, particularly in our core beverages, our core espresso beverages and the things that are uniquely Starbucks.

(Excerpt from full SBUX conference call transcript)

The credit crunch is hitting Nordstrom (JWN).

Approximately $14 million of the bad debt reserve is non-comparable due to the previous mentioned accounting treatment for our co-branded Visa receivables that did not occur in the prior year. The remaining $8 million of the incremental provision resulted from growth in both the Visa and proprietary card receivables ahead of plan and from changes to assumed repayment rates versus last year.

These changes stem from observed increases in early stage delinquencies.

(Excerpt from full JWN conference call transcript)

However, the company expects to gain market share.

Our same-store sales expectation is now 5% to 6% for the year, up from 3% to 4% based on our year-to-date performance combined with our plans for the remaining two quarters of the year.

(Excerpt from full JWN conference call transcript)

I think the general consensus is that consumers are feeling some pressure but not enough to really keep them from spending. These conference calls seem to confirm that consensus opinion.

Disclosure: Author is long Starbucks (SBUX) at time of publication.

Topics: Estee Lauder (EL), Nordstrom (JWN), Personal and Household Products, Restaurants, Retail (Department and Discount), Starbucks (SBUX) | 1 Comment

The Week Ahead – 21 July 2007

The Economic Calendar is quiet in the early part of this week but there are important reports at the end of the week. On Thursday is the Durable Goods report, for which the consensus estimates a 2.0% increase. On Friday is the Preliminary Estimate of 2Q GDP, which the consensus has pegged at 3.2%. That sounds a little high to me based on the economic data table I’ve been compiling.

EconomicData

Bad and Deteriorating Bad but Improving Good but Deteriorating Good and Improving
Existing Homes (June) Chicago Fed NAI (May) Consumer Confidence (June) Real Disposable Income
Employment (June) Durable Goods (June) Personal Spending (June) ISM Manufacturing (July)
New Home Sales (June) Construction Spending Retail sales (August 2007) ISM Services (June)
ATA Truck Tonnage (June) CPI (July 07) Leading Indicators (June)  
GDP (Q2 Advance) Trade deficit (July 07)    
PPI (July 07) Durable Goods (July)    
Industrial Production (July 07)      
Housing Starts (July 07)      
       
       

The Earnings Calendar is as busy as it can get. Some of the names I’ll be watching:

Monday

Tuesday

  • CH Robinson (CHRW - Annual Report) – estimates have been rising and now stand at $0.47, but Landstar (LSTR - Annual Report) disappointed.
  • CDW Corporation (CDWC) – stellar monthly sales reports have kept estimates rising. They now stand at $0.97.
  • EMC Corporation (EMC - Annual Report) – The big news is still the VMWare IPO, but it is also a decent look at enterprise tech spend.
  • Laboratory Corporation of America (LH) – The Mid Cap and Large Cap Watch List (Track at Marketocracy) member has been seeing positive earnings revisions and is now expected to earn $1.09 on $1.03 billion in revenue.
  • Lexmark (LXK) preannounced and will probably offer poor guidance.
  • Linear Technology (LLTC) – expected to earn $0.35 on $267 million in sales.
  • Norsk Hydro (NHY) – The Large Cap Watch List (Track at Marketocracy) member has no analyst coverage right now.
  • Plantronics (PLT) – my covered call position is now being cashed out so I’ve no skin in this one. But it is often volatile.
  • United Parcel Services (UPS) is a great read on the health of the economy. Expectations are $1.03 on $12.23 billion in revenue.

Wednesday

Thursday

Disclosure: William Trent has a long position in SMH.

Topics: Air Courier, Altera (ALTR), Basic Materials, CDW Corp (CDWC), CH Robinson Worldwide (CHRW), Colgate Palmolive (CL), Communications Equipment, Computer Hardware, Computer Peripherals, Computer Storage Devices, Conglomerates, Consumer Non-cyclical, Corning (GLW), Durable Goods, EMC Corp. (EMC), Economy, Electronic Instruments and Controls, Federated Investors (FII), Financials, Freeport McMoRan (FCX), GDP, Graco (GGG), Healthcare, Healthcare Facilities, Hexcel (HXL), Ingram Micro (IM), Investment Services, Iron and Steel, Laboratory Corp. of America (LH), Large Cap Watch List, Lexmark (LXK), Linear Technology (LLTC), MEMC Electronic Materials (WFR), Metals and Mining, Mid Cap Watch List, Miscellaneous Capital Goods, Miscellaneous Transportation, Norsk Hydro (NHY), Personal and Household Products, Plantronics (PLT), Retail (Catalog and Mail Order), Semiconductors, Services, Small Cap Watch List, Steel Dynamics (STLD), Stock Market, Technology, Texas Instruments (TXN), Transportation, United Parcel Service (UPS), Watch List, Xerox (XRX), Xilinx (XLNX) | 3 Comments

Small Cap Watch List Changes

With the end of the first quarter approaching, it is time to adjust the names in my Watch Lists. I will price all the new lists as of the close on Friday, June 29.

Today I present my planned updates to the Small Cap Watch List. There was a fairly high level of turnover to the list. 12 of the 24 names from the previous run made it to the current list, which was also 24 names. Performance-wise, the list created in March has returned an unweighted average return of 2.6% through June 28, with 80% of the stocks in positive territory. All of the money-losers from the previous list fell out of consideration.
So without further ado, the names on the chopping block from the previous list are: PW Eagle (PWEI), Insteel Industries (IIIN), Allied Defense (ADG - Annual Report), Hartmarx (HMX), Parlux (PARL), Hansen Natural (HANS), FirstFed Financial (FED), Young Innovations (YDNT), ITT Educational (ESI), Rent-a-Center (RCII), Valassis (VCI), and Travelzoo (TZOO). The castaways include four of the five money losers from the previous portfolio (HMX, PARL, YDNT and TZOO) as well as the biggest gainer (ESI).
The new list is:

070630smallcap.jpg

I will continue to track both lists on StockPickr.

Topics: Aeropostale (ARO), Allied Defense (ADG), American Oriental Bioengineering (AOB), Big Five Sporting Goods (BGFV), Central European Media (CETV), DXP Enterprises (DXPE), Delta Apparel (DLA), First Regional Bancorp (FRGB), FirstFed Financial (FED), Hansen Natural (HANS), Hartmarx (HMX), Helix Energy Solutions (HLX), Hexcel (HXL), ITT Educational Services (ESI), Impac Mortgage (IMH), Ingram Micro (IM), Interdigital Communications (IDCC), Landstar Systems (LSTR), NVR (NVR), New Jersey Resources (NJR), Nutri Systems (NTRI), PWEI, Parlux Fragrances (PARL), Pinnacle Airlines (PNCL), Prepaid Legal (PPD), RAD, Reliv International (RELV), Rent-A-Center (RCII), Russell 2000 (RUT), S&P Smallcap 600 (SML), Silgan (SLGN), Stock Market, Tempur-Pedic (TPX), Travelzoo (TZOO), US Concrete (RMIX), Vaalco Energy (EGY), Valassis Communications (VCI), Watch List, Young Innovations (YDNT) | No Comments

U.S. Investors Say Get Us Out of Here!

Stock market uber-blogger Charles Kirk said yesterday that despite the current rally, the U.S. market is looking Like A Bad Stock:

The U.S. market continues to act like a bad stock in a really great sector of the market. In other words, with the global boom worldwide and the gains seen across the globe, the U.S. market is moving higher along with everything else whether deserved or not. That’s also why we continue to see a huge migration toward companies that have international exposure. The more global the better and there’s good reason for that.

I thought the analogy resonated, and decided to dig a little for evidence in support of the idea. For this task I turned to some recent conference call transcripts of companies with global operations.

At least twice the growth overseas as in America for Autodesk (ADSK):

Revenue in America was $184 million, an increase of 8%. Revenue in the America was somewhat impacted by changes in backlog between years as well as the particularly tough compare in the first quarter of last year, which grew 39%.

EMEA revenues were $207 million, an increase of 26% as reported and 14% cost of currency. Asia Pacific increased 16% to $117 million. Revenues in Japan decreased slightly compared to last year, but increased significantly on a sequential basis consistent with historical trends.

(Excerpt from full ADSK conference call transcript)

Hewlett Packard (HPQ - Annual Report) also saw stronger growth overseas, but currency played a big role for them.

On a regional basis, revenue was up 11% in the Americas, up 14% in EMEA and up 16% in Asia Pacific. When adjusted for the effects of currency, revenue was up 11% in the Americas, 7% in EMEA and 13% in Asia Pacific.

(Excerpt from full HPQ conference call transcript)

BEA Systems (BEAS) is also seeing strength overseas:

As I mentioned, we saw a tough selling environment in the Americas. Our close rate in the first two months of the quarter was actually on track with plan, and then we were surprised when close rates weakened at the end of the quarter. Some large deals slipped out of the quarter. The slippage was generally due to poor execution on our part. A few of those deals have already closed in Q2.

Geographically, the Asia-Pacific region performed very well. We continue to see great performance out of China, Korea, and Asia. In Q1, China contributed more license revenue than any territory outside the United States, and we see no end to demand there. EMEA performed fairly well overall. We performed well in Italy, Northern EMEA and other places.

We’re seeing improvement in the U.K., and our new team there is trying to drive better results and better pipeline.

(Excerpt from full BEAS conference call transcript)

Finally, lest you think the issue may be confined to tech, Estee Lauder (EL) chimes in:

Geographically, our international business again led our growth this quarter. In Europe, the Middle East and Africa, despite coming off high single digit local currency growth last year, we grew net sales a solid 13% for the quarter. A few key businesses drove this performance, including travel retail and our largest market in the region, the United Kingdom, which posted healthy double-digit increases. Russia, one of our emerging markets, reported another outstanding quarter.

All countries in Asia-Pacific posted local currency sales increases, with the exception of Thailand. The increases generally reflect a strong economy in the region. Japan, our largest affiliate in the region, was up mid single digits in the quarter. New points of distribution in the region also added to sales growth.

In the Americas, net sales decreased.

(Excerpt from full EL conference call transcript.)

So all are in agreement: sales are better overseas. No wonder, then, that overseas markets have been stronger.

Disclosure: Author is long IShares MSCI Japan Index (EWJ) at time of publication.

Topics: Autodesk (ADSK), BEA Systems (BEAS), Estee Lauder (EL), Hewlett Packard (HPQ), Stock Market | No Comments

Large Cap Watch List Changes

With the end of the first quarter approaching, it is time to adjust the names in our Watch Lists. We will price all the new lists as of the close on Friday, March 30. Today we present our planned updates to the Large Cap Watch List (Track at Marketocracy).

Though less than the Small Cap Watch List and Mid Cap Watch List (Track at Marketocracy), there was still relatively high turnover in this list. 14 of the original 33 names made the cut for the new list (which was trimmed to just 26 names.) Part of the reason for the turnover was to reduce overlap between the lists. One third of the Mid Cap Watch List (Track at Marketocracy) names appear on each of the Small Cap and Large Cap Watch List (Track at Marketocracy)s, but there is no longer any overlap between small and large.
So without further ado, the names on the chopping block from the previous list are:

3M (MMM); Continental (CTTAY.PK); Mitsui (MITSY); Anheuser-Busch (BUD); ConocoPhillips (COP); Helix Energy (HELX); IndyMac Bancorp (NDE - Annual Report); Barr Pharmaceutical (BRL - Annual Report); Quest Diagnostics (DGX); Public Storage (PSA); ITT Educational Services (ESI); Equifax (EFX); Rent-a-Center (RCII); Kroger (KR); Ricoh (RICOY); First Data Corp. (FDC); Expeditors International (EXPD); and Keyspan (KSE).

The new list is:

largecap4.jpg

Topics: 3M (MMM), Abercrombie & Fitch (ANF), Accenture (ACN), Anheuser Busch (BUD), Apollo Group (APOL), AutoZone (AZO), Barr Pharmaceuticals (BRL), CH Robinson Worldwide (CHRW), Coach (COH), Colgate Palmolive (CL), Conoco Phillips (COP), Continental Tire (CTTAY), Davita (DVA), Equifax (EFX), Expeditors International (EXPD), First Data (FDC), Freeport McMoRan (FCX), Frontier Oil (FTO), Helix Energy Solutions (HLX), IMS Health (RX), ITT Educational Services (ESI), IndyMac Bancorp (IMB), KeySpan (KSE), Kroger (KR), MEMC Electronic Materials (WFR), Mitsui (MITSY), Moody's (MCO), NII Holdings (NIHD), NVR (NVR), Oracle (ORCL), PG&E (PCG), Public Storage (PSA), Quest Diagnostics (DGX), RWE AG (RWEOY), Rent-A-Center (RCII), Ricoh (RICOY), S&P 500 (SPY), SEI Investments (SEIC), SIE, SallieMae (SLM), Statoil (STO), Steel Dynamics (STLD), Stock Market, Superior Energy Services (SPN), TJX Companies (TJX), UST, Watch List | 5 Comments