Posts tagged QCOM
Despite new claims for unemployment putting up the largest weekly increase since September 2005 (and you all remember September 2005, right? Alan Greenspan was still a genius, iPads were still just the truncated spelling of a sanitary napkin, and Kim Kardashian’s vagina was still underwraps (and some guy named Damon Thomas too)), despite Japan being downgraded by S&P due to greater risk of default than Charlie Sheen’s liver, and despite a little bit of happiness being squelched by studies showing breast implants are linked to a rare form of cancer (And no shit, really? You mean to tell Money McBags cutting open your tit and shoving something artificial in there might be a health risk? Shit, what’s next, finding out that eating Twinkies causes obesity or watching CNBC causes dementia?), the market continued to rally as investors buy the fucking rip.
The S&P flirted with 1,300 today in ways that would make the delightful Lisa Ann seem like a cocktease (and Ms. Ann, Money McBags can be reached at firstname.lastname@example.org should you ever want to tease anything of his) as it nudged above that psychological support level before closing a Robert Reich nut hair below it at 1299.54. Money McBags doesn’t know what to say anymore as the market races to the next bubble top (as opposed to the next muffin top), he just hopes you all are properly hedged and can get out before cookie crumbles.
That said, before Money McBags gets to the macro news, he has to go on a bit of a rant today because the Financial Crisis Inquiry Commission released their final report on the global clusterfuck (also known as the ponzeconomy™) and the report was strangely just one sentence: “Everyone acted like a bunch of asshats.” Ok, it was a bit longer than that (probably two sentences claiming that they were asshats and douchelickers) but Money McBags only read the highlights because he is waiting for the book on tape to come out.
The point is, and what really puts a turd in Money McBags’ punchbowl (or a copy of Pride and Prejudice in his bookcase if you will), is that in a letter to the FCIC, Fed Chariman Ben Bernanke admitted that the Fed just fucking missed the complete collapse of the financial system, no really, he did. But Money McBags guesses that all is forgiven because it’s not like that was their main job. Oh wait, what’s that? That is pretty much their only fucking job? Well fuck Money McBags but at least we fired all of the assholes who fucked up and said things in 2005 like: the economy “might bend but would likely not break” from a large home-price drop, and that the market may rest on “solid fundamentals,” and now say: ” it was hard for many FOMC participants, in the summer of 2005, to ascribe substantial conviction to the proposition that overvaluation in the housing market posed the major systemic risks that we now know it did.” Oh wait, what’s that? The fucking assclowns who said that are the same people who are still running the show? Are you kidding Money McBags? Holy shit. This is more fucking cockposterous than if Exxon rehired Captain Hazelwood and put him in charge of ship safety, neighbors insisted that Roman Polanksi take their RV and drive their babysitter home, or President Obama appointed Michael Jackson’s doctor as Surgeon General. Seriously.
Look congress/executive branch/Tina Wallman, Money McBags knows that you like to keep all of your chummy buddies at GS happy and he knows you just recycle the same shitty people through the same shitty jobs, but here is DOCUMENTED PROOF that these fuckers MISSED THE ONLY THING THEY HAD TO NOT MISS. Fucking A, you think Faye Reagan would keep getting hired if she always ducked and missed the money shot? Fuck no, because taking it on the chin IS HER JOB. So how the fuck can these guys still be in charge of this shit when they SUCK AT THEIR JOBS? They have already shown that they aren’t capable, so what makes you think they won’t fail again? Sucking at one’s job isn’t a random walk and sometimes past performance is an indicator of future success and the fact that we have LEARNED NOTHING FROM THIS DOWNTURN and are still sucking off the assholes who missed it, is so fucking ridonkulous that it makes Money McBags’ balls hurt just to think about it (which is why he spends his day thinking about this). Rant over.
Anyway, as for macro news, new claims for unemployment were up to 454k, a jump of 51k and the highest the number has been since October, right before QE2 created all of those jobs, oh wait, what’s that? QE2 wasn’t geared towards creating jobs? It was just supposed to pump up the markets so rich people could have their paper net worth artificially grow and cause them to buy maybe one more tennis bracelet from Tiffany’s for their “babysitter”? Well Money McBags guesses he was misled. Anyway, witch doctors blame the huge jump in new claims on snowstorms because when in doubt just blame an inanimate variable (and the jump was so large that it made Evel Kneivel roll over in his grave and it wasn’t even within a standard deviation of analyst guesses of 405k).
In other macro news pending home sales rose 2%, which beat analyst guesses of a 1% rise and is now only 5% below last year’s ass awful number. Meanwhile, bookings for durable goods increased bv .5% according to the Commerce Department, or fell by 2.5% if we take out transportation and anything else that might have made the number look shitty. Analysts guessed durable goods would rise 1.5% but in fairness to them, no one cares about this number anyway.
Internationally, S&P downgraded Japan from “super happy fun times” to “country and western karaoke night.” The ratings agency expressed concerns over Japan’s escalating debt (which is now twice GDP) and their inability to stop Godzilla after all of these years. In their report, S&P said Japan’s government lacks a “coherent strategy” to address the debt, before adding “for fucksake, they don’t even speak in English, so how are we supposed to understand any strategy of theirs?” That said, unlike the PIIGS, most of Japan’s debt is held domestically, so when the Pokemon hits the fan, they will implode rather than explode.
In the market, a shit ton of companies reported earnings led by NFLX who grew subscribers by 3.1MM and saw their stock price rise 15% which meant shorts like Whitney Tilson once again took it in the pooper (which of course makes NFLX a win-win stock for Mr. Tilson). Profits were up 52%, revenue was up 34%, and gullibility was up 900% as the plethora of free subscribers inflated numbers and caused gross margins to go down from 38% to 34.4%, but luckily for NFLX, that part of the press release was pixelated over. After the quarter, a number of analysts raised their target prices with Cannacord Genuity (formerly Cannacord Adams which, as always, is Canadian for “Roth Capital”) leading the way with a target price of $250, which is only about $1 Billionty too low.
In other news, 1985′s NFLX, MSFT, proved that you can be too big and fail as despite 5% revenue growth, their profit fell slightly as tablet sales started to eat in to sales of computers as if sales of computers were a cheesecake and tablets were Kirstie Alley. Elsewhere, QCOM shares jumped ~6% after the company put up a good Q and raised its outlook for the year citing the need for mobile phones to have more and better chips to be able to properly display HD porn while users are dropping logs at the office. Also, Motorola’s recently spun off mobility business announced their first Q today and dropped 12% on weak guidance, proving once and for all that you can’t polish a turd.
Finally, SBUX was flat despite a blow out Q as they announced that higher input prices will start to hurt margins and as a result gave guidance way below Street guesses. When reminded that Bernanke says there is no inflation, SBUX CEO Howard Schultz replied: “Are you talking about the guy who also missed the biggest economic downturn in our lifetime? Or are you talking about Scarlett Bernanke, who is causing my assets to inflate? Either way, they can both go fuck themselves because inflation is here, though if it is Scarlett, then I’d like a window seat for that.”
In small cap news, holy shit has it been a week for Money McBags and hopefully for you, his loyal readers as well. Last week he mentioned he was looking forward to earnings from KEYN, SMCI, and CRUS and all three crushed it in the last two days with KEYN up ~22%, SMCI up ~6%, and now CRUS up ~19% after they destroyed guidance. And then out of nowhere after hours today, TMRK agreed to sell for a 35%+ premium (and remember Money McBags has been pimping this stock since it was worth ~40% of what it is now). So boo-fucking-yah.
Before Money McBags breaks CRUS down today, he wanted to let you know that he did buy a tiny bit of NEI today despite their lackluster guidance for next Q. It’s a miniscule position because Money McBags knows he is really just guessing based on stock movement, increased volume, and long-term implications of their expanded manufacturing facility in Europe. For whatever it is worth, people more familiar with the industry than Money McBags (which would include everyone except for perhaps Carrie Prejean and a slice of bacon) keep telling him that they wouldn’t be expanding that facility unless they already had signed deals to increase production. In the low margin business they are in, one simply doesn’t put the cart before the horse so we should see ramping revenue. That said, guidance was for a 20% sequential revenue decline so either they need time to build out that facility, or the people Money McBags has been talking with about the industry are more full of shit than Kirk Douglas’ adult diaper. Money McBags thinks NEI has ~20% downside from here with the potential for 100% upside, so as a small speculative position, it is a risk worth taking.
As for CRUS, well they CRUShed it. The company grew revenue by 43% (though it was down 5% sequentially) and earned $.34 per share as their audio business which sells chips to AAPL was up 54%. They gave guidance for next Q for revenue to be $91MM ( up 65% y/y but down ~4% sequentially) with gross margins to maintain in the 55% range and operating costs to scale up a bit to ~$32MM or ~$29.5MM non-gaap. Taking their guidance, Money McBags gets to ~$1.30 eps for fiscal 2011 which is exactly where he was on them last Q. The question is, what the fuck does fiscal 2012 look like because revenue has now sequentially stabilized and they remain at the whims of AAPL. Unfortunately, their transcript hadn’t been posted anywhere by the end of the day and Money McBags refuses to listen to conference call as they are more of a time suck than NSFW Muff Guessing without any of the fun. Given that, Money McBags isn’t entirely sure how to forecast their next year.
If CRUS grows audio revenue 25% and energy drops 10% while operating costs grow 10%, they can earn ~$1.50 per share, so are trading ~15x that, which seems fairly reasonable. That said, if they grow their audio business 50% (and it will grow 70%+ this year) and their energy business is flat, they could earn $2 per share and thus are only trading at ~11x that which would be for ~37% growth. So look, Money McBags has no idea if either of those scenarios are reasonable, he is pulling them so far out of his ass that he thinks he actually pulled out some tongue as well, but it does show that there still might be some upside here.
Hopefully their transcript will be out tomorrow (because their earnings release had less color than a NSFW Betty White nude photo) and Money McBags will be able to find some information (and hopefully this will be out tomorrow and Money McBags will be able to find some gyration). When CRUS hit $18 several months ago, Money McBags told you to trim and with the run up today, he would be doing the same because for it to appreciate significantly from here, you have to believe the audio business can continue to grow at 30%+ and this cyclical company with one customer can trade at at least a market multiple, even though it may be at the top of the cycle. It is possible, so perhaps they gave some better info on the call.
Tomorrow, Money McBags hopes to break down NEI’s Q, CRUS’ transcript, TMRK’s sale, and everything that is going on in this picture. He also hopes to have a headline that doesn’t suck.
4/22/10 Midday Report: Market struggles to find green on Earth Day thanks in part to the new planet threatening phenomenon of Goldman Warning
It’s Earth Day which means Al Gore is likely so giddy that he is rolling around the back seat of his electric car while warming his globes to thoughts of Susan Solomon’s ozone hole and Carmella Bing’s flourescent bulbs. And sadly, while all of this is happening, somewhere a polar bear dies. Anyway, the market is trying to shake off a sluggish start thanks to poor earnings, the Greek economy’s impending trip down the river Styx, and the release of a new Jennifer Lopez movie suggestively titled The Back-Up Plan (and yes, Money McBags would plan to back that up).
But all is not bad today as US macro news was largely positive. Existing home sales in March rose for the first time in four months climbing 6.8% thanks to government incentives, the weather, and buy one get one free Sundays. Also, new claims for unemployment were down 24k to 456k which was surprisingly pretty much inline with analyst guesses thus giving credence to the old adage that even a broken clock is right twice a day (as opposed to the new adage that even a broken cock can love Hanna Hilton twice a day). As always, 10MM people are still receving unemployment benefits, extended benefits, and for the really lucky ones, friends with benefits. Finally, Producer prices rose but only modestly above analyst guesses. The PPI was up .7% largely because of food costs which were up by the most in 26 years since the great Dorito shortage of 1984. The price of vegetables was up a remarkable 49%, which did wonders for Stephen Hawking’s market value, but at some point those cost increases wil start being handed down to consumers. Excluding food and fuel though, PPI was flat, so once again, as long as you don’t need to eat or go anywhere, your money should last a long time. The point is, no matter how long economists want to delude themselves by using core PPI, inflation is coming because the goverment fired up the money making machines to try to push our economic problems off on the next generation (so next generation, here’s a big fuck you, but on the positive side, we did give you the NSFW Spankwire.com). Money McBags would call it the largest ponzi scheme in history, but it already has a name: Keynesian Economics.
In international news, apparently the Greek budget deficit was worse than originally thought and may top 14% of GDP which is a fuckload of dolma. The bigger problem is that there are many “uncertainites” about the quality of Greece’s data including the currency swap noted fraudsters Goldman Sachs hid for them and the fact that they hired David Friehling to audit their books. As a result of all of this nonsense, premiums on Greek bonds continue to reach new heights like Enceladus going through puberty. Greek Prime Minister George Papandreou is caught between a rock and his nether regions upon viewing Greek sensation Julia Alexandratou’s sex tape (which can be viewed in its entirety by searching for it on the aforementioned spankwire) as further austerity measures may crumble the spirit of the already striking Greek workers while doing nothing may hinder Greece’s ability to get aid from the IMF and Eurozone. As always, Money McBags is going to assume this is much ado about nothing because the Euro countries are not going to let Greece fail and if the country survived the Trojan Wars and Criss Angel’s career, a little debt is not going to hurt it.
In earnings news SBUX put up a quarter stronger than a venti Sumatra with no cream or sugar. Not only was traffic up 3% up, but spending was up 5% which helped drive eps of $.29 beating analyst guesses by $.04. SBUX rasied their outlook from $1.09 per share for 2010 to $1.19 to $1.22 and the stock is now trading at ~22x the top of that range which isn’t ridiculously expensive, except when you factor in that overall revenue growth was only 9%. Money McBags doesn’t own SBUX but he would be long biased. Driving the Street down though were earnings from EBAY and QCOM. EBAY actually beat estimates, but revenue growth in their core US business was inline and guidance of $.37 eps to $.39 eps for next q was below analyst guesses of $.40. Money McBags is not a bidder for EBAY since their business model ex. Paypal is so 1998 that he just doesn’t get it as the only people who still buy shit on EBAY auctions get kicked off half the time because their dial up AOL accounts fail. As for QCOM, they also gave disappointing guidance which has caused a sell off as fear that handset sales may be weak despite AAPL’s rindonkulous quarter yesterday.
In othe market news Moody’s downgraded Toyota due to their recent vehicle recall, while Money McBags once again downgraded Moody’s. So well done Moody’s, though downgrading Toyota now is a bit like downgrading White Star Lines a month after the Titanic sunk, but hey, at least you were earlier on this downgrade than the one for Lehman. You know what though Moody’s, go fuck yourself. You are worse at your job than an achluophobic night watchman or Heidi Montag’s voice coach.
Finally, the NYTimes turned a profit, but then again, Money McBags learned that from reading the New York times for free online so it could all be made up. And last and most definitely least, in a deal no one gives a shit about, Century Tel is buying Qwest for $10.6B in stock and one outdated business model.
In small cap news today Money McBags favorite KITD is out with another share offering and this one is even more dilutive than the last. Money McBags has broken down KITD’s business may times (just type KITD into the search box here), but is a bit concerned about the size of this offering which is for ~4.3MM shares at $13 in order to get ~$55MM in cash. The good news is the $13 price is above where it closed yesterday, KITD’s CEO has maintained that any acquisition will be accretive, and Heather Graham has another NSFW nude scene in her new movie. The bad news is that the share offering is about 25% dilutive and without knowing how it is going to be used, it reduces Money McBags $2.00-$2.25 high end eps estimate for next year to closer to $1.75 at best. Money McBags is glad that KITD is finding opportunities and the CEO owns a fuckload of equity so he is diltuing himself as well, but there comes a point in time where they are going to have to run this business and put up results with what they have. So while they say only 40% of growth is from acquisitions, they are going to need to show some strong numbers to support that. Money McBags has no intention of selling on this news, he still trusts management is doing things right, but the size of the deal and the fact that it is coming so soon after the last one gives Money McBags just a small pang in his gut that he hopes is merely last night’s dinner and not some early subliminal warning sign that this company may be biting off more than it can chew.
The rally is on again as Germany says they will back Greece, earnings are crushing estimates, and Bernanke is going to continue to stimulate the economy like he’s the delightful young actress Jessica Pare (moderately safe for work) and the economy is Money McBags. Bernanke spoke to the House Financial Services Committee today and he tried his best to use small words so the elected officials could understand him. Bernanke reiterated that “The economy continues to require the support of accommodative monetary policies” and cited the high unemployment numbers, the weak housing market, and the decline of Paul Reubens‘ career. He did say that the Fed has a plan to tighten monetary policy and he will do so at the appropriate time even if it causes Alan Greenspan to roll over in his grave. More importantly, new claims for unemployment fell by 14k to 442k which was 8k below economists’ forecasts (forecasts called for it to be overcast with a chance for showers and instead it was sunny and thus caused the showers to be golden to the delight of urolagniacs everywhere). 11.1MM people are still claming unemployment which is only slightly fewer than the number of people in Ohio or the number of pornstars claiming to have seen Tiger’s wood, so it is still a big fucking number. Economists think that if the new claims for unmeployment can drop to 425k, that could signal job growth, of course most of these same economists also thought that home prices could go up forever, that steady state unemployment could be achieved, and that Adam Smith actually had an invisible hand, so be careful to whom you listen (and as an aside, if Money McBags had an invisible hand it would be firmly attached to Bar Refaeli at all times).
In international news, Germany’s Chancelor Angela Merkel told the EU and Greece that Germany would support aid to Greece if the IMF were to be involved and if the Greeks finally cleaned up the Parthenon (I mean seriously, it’s been around for 2,500 years. Can someone in Greece do like 1 days work and just dust around the edges a bit?). France is backing the German plan which marks the first time these two countries have worked together since their ill-fated Broadway run in the musical Les Miserables Time We Had On Das Boot: A Love Story. Not only did Greece get positive news, but Dubai is putting up to $9.5B in to Dubai World and it’s failing real estate business to make sure that the illusion of grandeur can continue. Dubai World creditors will be paid back in 5 to 8 years or just in time for the next bubble.
The big news of the day has been in the US stock markets where earnings have continued to impress like Beethoven on “Take your kid to work day” or Salma Hayek at a treasure chest convention. Best Buy easily beat their numbers posting a profit of $1.82 per share vs. analyst guesses of $1.79. They also gave full year guidance of $3.45 to $3.60 per share which is well above the $3.36 consensus analyst guess. Same store sales rose by 7% after the company cut prices on flat panel TVs and started offering free taint massages for any purchases over $2,500. Best Buy also announced further international expansion, continued stock buybacks, and Olivia Munn to be in charge of the Geek Squad’s free “modem adujstment” promotion. In other stock news Qualcomm is off to the races after they raised their expectations for the second time. They now think Q2 earnings will be between $.56 and $.58 per share which is higher than analyst guesses of $.53 and higher than previous guidance of $.49 to $.53. They cited better licensing revenues and the addition of crack cocaine directly into their Snapdragon chipset. Both QCOM and BBY are up 7%+ on the day as investors run to chase good news like Alabamans chase leprechauns.
In small cap news, Money McBags ditched his RICK shares and it really hurt him to do so. The easy money had been made, though in positive news for those still holding RICK, Money McBags will be putting a portion of his >50% profits back in to Rick’s business through the purchase of many Jack and Cokes without the Coke while watching the fine classically trained dancers. In other small cap news, you might be able to make a momentum trade on CRTX. Money McBags wrote about CRTX after their Q in the first week of March and they seem to have picked up some steam since then. They are up 7% today on no news and slightly higher than average volume, but they have been steadily rising for the past couple of weeks. The company still has a ton of risk as their top selling drugs are in decline, they gave away controlling interest of the company to Italian pharma company Chiesi last year in order to help their balance sheet and acquire new drugs, and their operating record is thinner than Keira Knightley. If you believe their projections though, they are trading at only ~1.5x sales and that is way too low for a real company to be valued (of course this may not be a real company like, Nohjay Nimpson may not be a real name, oh wait, scratch that). So if you’re feeling lucky, this is a total momentum trade with absolutely no news behind it other than valuation seems relatively cheap and thus your downside should be limited (that is if the company’s proections are accurate).
3/2/10 Midevening Report: Market rises as member of the Fed retires, economists worried more retirements could cause bubble
The Fed is getting all jiggy with the markets today and the markets seem to like it. First Ben Bernanke’s number one henchman, the honorable Donald L. Kohn who in 40 years of service at the Fed never saw a market he couldn’t inflate, announced he is resigning from his position as Vice Chairman of the Fed in order to pursue other ventures more productive to society like finding out where the all the bees went, calculating Pi to the 1 billionth decimal (hint: 7), or figuring out how to get a money shot in lesbian porn (and squirting is not an acceptable answer). When asked why he was retiring, Kohn cited his age, his family, and his annoyance at always having to leave the seat down for Janet Yellen in the Federal Reserve bathroom (and I am told the right stall still contains the graffiti from 1934 of former Fed Chairman Eugene Black stating “Once you go Black, rates will never come back,” which helps explain why he was only in that position for only 1 year). Journalists have begun speculating on who Obama will nominate to fill Kohn’s seat at the Fed with leading candidates being the esteemed former President of Harvard Larry Summers who was forced to resign from that position due to a vote of “no confidence” (and seeing how the Fed is supposed to help instill confidence in to the economy, Summer’s “no confidence” vote may be a bit of a red flag), some lady named Christina Romer who actually looks a bit like Larry Summers in drag (no really, check it out, this is Larry Summers, this is Christina Romer, have you ever seen them in the same room?), and of course When Genius Prevailed’s own Money McBags (and Money McBags will certainly turn down the nomination as it would impede on his time at his not safe for working at the Fed, yet imminently important, hobby of guessing muffs (NSFW)). Not only is Donald Kohn retiring, but rogue Federal Reserve Board Member Thomas “T-Ho” Hoenig who is the yin to Bernanke’s yang, the Mary Kate to Bernanke’s Ashley, and the turd to Bernanke’s punchbowl, is out again saying rates need to move up sooner rather than later. While Benny B seemingly dissed T-Ho last week when congress axed him about rates and he said they would be kept low for an extended period of time, T-Ho got all upitty on Benny B and went on CNBC to air his grievances about indefinite low rates, inflation, and Benny B not keeping it real (rates that is). T-Ho said: “You are inviting future problems” and then removed his gold teef, took a swig on his 40 of Mickeys, and reiterated that a zero percent fed-funds rate is “inviting future excesses, and we all know my baby momma ain’t need no more excesses.” But he didn’t stop there, T-Ho took it one step further, opining “I think we shouldn’t be guaranteeing markets a zero rate for an extended period.” Rates “could be higher, and the effects would be minor” and “We should start that process sooner rather than later.” He then lamented that that “Bitch ass Benny B better recognize and check himself before he wrecks himself, because this aint no round the way girl he’s messing with, this is Uncle fucking Sam.”
In international news, continued hopes of a Greek bailout and a rally in India hepled the US market today. Greece was expected to release their austerity plan which was to shave $3.5B off of their deficit and was to include an increase in their value-added sales tax on things such as Ouzo, saganaki, and greek sodas. India’s government reported increases in manufacturing and exports, which along with strong sales from leading auto producer TaTa Motors (who are now said to beoffering lube jobs with their TaTas), helped send the market to it’s high for the month.
In US stock news, Ford became the top auto seller for the month with a 43% increase in sales thanks to the Toyota recall and consumers apparently not giving a shit about buying crappy cars. This was the first time in 12 years Ford has outsold GM in a month which means they are 3 years ahead of their 15 year plan. In earnings, Staples Q4 profit dropped 18% as a result of restructuring and disappointing sales of big ticket items like furniture and oversized checks for lottery winners. The stock dropped 10% as their guidance of $1.23 to $1.33 per share was worse than Rosie O’Donnell’s girlfriend’s breath after downing a lipsmacking day old tuna fish sandwich. Estimates were for $1.40 per share and anytime a company lowers earnings by greater than 10%, nothing good happens. Also, QCOM was up 7% after taking shareholder friendly actions of raising their dividend, announcing a big share buyback, and booking Hannah Hilton as the lunchtime entertainment for their next shareholder meeting (and Money McBags wishes she would hold his shares).
In small cap news a flurry of companies reported today with QCOR shaking off their string of bad quarters while NTRI and NLS helped their shareholders lose weight by making them hurl after each company put up craptastic quarters. Money McBags will dive into NTRI and NLS a bit later in the week, though he welcomes NLS supporter and long time When Genius Prevailed reader Matty McSacks to chime in and help Money McBags understand which of the 4 earnings from continuing operations numbers realeased today is best to use to evaluate NLS’s business. Money McBags hasn’t seen a release so confusing since he hit puberty and shot his first load to the imagined Lisa Whelchel-Nancy McKeon tryst which would have redefined Edna’s Edibles. As for QCOR, Money McBags broke them down in December concluding that “they could have real upside if they continue to penetrate the MS market and can get on-label IS approval.” Money McBags was waiting to see some more results though before buying as they had run in to reimbursement issues and some sales hiccups and today they certainly put up some strong results with 223% growth in their MS segment and 56% growth in their paid commercial IS segment, plus they had some sales into the nephrotic syndrome market. Money McBags will break QCOR down later in the week as well as he is pressed for time today but today’s 18% rise was likely a short squeeze (and Money McBags realizes he said that about the last time QCOR rallied, but there is something to say about consistency), that said, if they are now back up to a $.52 annual eps run rate with their $.13 eps quarter today, there is no reason they shouldn’t trade at 15x that and thus put their value at around $7.50 per share. The company has been well run and is shareholder friendly, but they need to continue to execute.