monthly highlights

Oppenheimer & Co Inc. 300 Madison Avenue 4th Floor New York, NY 10017 Tel: 800-221-5588 Fax: 212-667-8229

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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.

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 [email protected]

Robert Du Boff, CFA 212-667-8148 [email protected]

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)

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.


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:


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


Erik Zwick, CFA 215-656-2835 [email protected]

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)

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.


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:


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


Robert Du Boff, CFA 212-667-8148 [email protected]

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)

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.


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:


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


Benjamin Chittenden


Kaimon Chung, CFA 212-667-5366 [email protected]

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)

Monthly Highlights

10

O = Outperform P = Perform U = Underperform NR = Not Rated

See pages 31-33 for Disclosure Key

CHINA : China: ConsumerPaul [email protected]

Price Curr. Qtr Shares Mkt. CapRtg 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 [email protected]

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: EducationElla Ji, [email protected]


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 TechnologiesAndy Yeung, [email protected]


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




Monthly Highlights

11

CHINA : China: Media & InternetPaul [email protected]


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 ServicesElla Ji, [email protected]



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 ChemicalsKatherine [email protected]


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 & TelecomPaul [email protected]


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 : HealthcareKatherine [email protected]


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]






Monthly Highlights

12

CONSUMER & BUSINESS SERVICES : Business ServicesGlenn Greene, [email protected] 360-5942


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, [email protected]



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]



Monthly Highlights

13

CONSUMER & BUSINESS SERVICES : Consumer, Household & Personal Care ProductsJoseph Altobello, [email protected]


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 RetailingBrian Nagel, [email protected] 667-8381


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 : RestaurantsMatthew [email protected] 667-7127


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]




Monthly Highlights

14

CONSUMER & BUSINESS SERVICES : Specialty RetailingBrian Nagel, [email protected] 667-8381


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 [email protected] 667-7945


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 EnergyJairo [email protected] 667-5302



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 UtilitiesJairo [email protected] 667-5302


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, [email protected] 667-5264


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






Monthly Highlights

15

ENERGY : Independent Power ProducersShelby Tucker, [email protected] 667-5264


NRG NRG Energy, Inc. P 19.91 26.15 19.61 Dec -- -- -- -- -- -- 253.2 5040.9

ENERGY : Master Limited PartnershipsBernard Colson, [email protected]


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 & GasFadel [email protected]


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 & EquipmentG. Scott Burk, [email protected] 667-7402



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 Dril ling 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]





Monthly Highlights

16

FINANCIAL INSTITUTIONS : Commercial & Investment BankingChris [email protected] 667-6699


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 : ExchangesChris [email protected] 667-6699



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 EquityChris [email protected] 667-6699


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 BanksTerry McEvoy, [email protected]


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 BanksChris [email protected] 667-6699


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






Monthly Highlights

17

HEALTHCARE : Bio and Specialty PharmaceuticalsJohn [email protected]


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 : BiotechnologyBret Holley, [email protected]


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]



Monthly Highlights

18

HEALTHCARE : Healthcare ProvidersMichael [email protected]


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 & DistributionCharles [email protected] 667-5518


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 DevicesSteven [email protected]



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




Monthly Highlights

19

INDIA : ConsumerManish [email protected] 667-5407


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/DefenseEd [email protected]


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 : ChemicalsEdward [email protected]



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]




Monthly Highlights

20

INDUSTRIAL/CAPITAL GOODS : Industrial Multi-IndustryChristopher [email protected] 556-3711


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 TransportationG. Scott Burk, [email protected] 667-7402


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 & CasualtyRaymond [email protected] 667-6033


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




Monthly Highlights

21

INTERNET : InternetJason [email protected]


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 SituationsIan Zaffino, [email protected]



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 TechnologyYair [email protected] 667-5505


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]




Monthly Highlights

22

TECHNOLOGY : Communication SoftwareShaul [email protected]


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 TechnologyIttai [email protected]


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 softwareShaul [email protected]



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 SoftwareBrad Reback, [email protected]


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]





Monthly Highlights

23

TECHNOLOGY : Infrastructure SoftwareShaul [email protected]


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 TechnologyShaul [email protected]


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 ComponentsGary Hsueh, [email protected]


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 EquipmentGary Hsueh, [email protected]


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 & ComponentsRick [email protected]


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


Monthly Highlights

24

TECHNOLOGY : Solar TechnologyGary Hsueh, [email protected]


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 ServicesTimothy Horan, [email protected]


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 ServicesSrinivas Anantha, [email protected] 556-3709


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]




Monthly Highlights

25

Outperform Rated Stocks

Company Symbol Company Symbol Company Symbol

3SBio Inc. SSRX Charm Communications Inc. CHRM EOG Resources, Inc. EOG7 Days Group Holdings Limited SVN Check Point Software Technologies CHKP Essex Rental Corp. ESSXAbercrombie & Fitch Co. ANF Chemed Corporation CHE Eurand N.V. EURX

Acuity Brands Inc. AYI Chemspec International Limited CPC Excel Maritime Carriers Ltd. EXMAddus HomeCare Corporation ADUS Chesapeake Energy CHK Express Scripts, Inc. ESRXAeropostale Inc. ARO China Automotive Systems Inc. CAAS Fidelity National Information Services FISAetna, Inc. AET China Integrated Energy, Inc. CBEH Fifth Third Bancorp FITBAir Methods Corporation AIRM China Lodging Group HTHT FormFactor, Inc. FORM

AirMedia Group Inc. AMCN China Mass Media Corp. CMM Genco Shipping & Trading GNKAkamai Technologies AKAM China New Borun BORN General Dynamics Corporation GDAlexion Pharmaceuticals ALXN China Nuokang Bio-Pharmaceutical Inc. NKBP General Electric GEAlimera Sciences ALIM China Real Estate Information CRIC Gilead Sciences GILDAllscripts-Misys Healthcare Solutions, Inc. MDRX China Security & Surveillance Technology CSR Globe Specialty Metals, Inc. GSM

Amazon.Com, Inc. AMZN Chubb Corp. CB Goldman Sachs Group GSAmdocs Ltd. DOX Church & Dwight CHD Google, Inc. GOOGAmedisys, Inc. AMED Citigroup Inc. C GrafTech International GTIAmeresco, Inc. AMRC Citizens Republic Bancorp CRBC Graphic Packaging Holding Co. GPKAmerican Eagle Outfitters AEO City Telecom CTEL GSI Commerce, Inc. GSIC

American Oriental Bioengineering AOB Clearwater Paper Corp. CLW Gulf Resources, Inc. GFREAmerican Tower Corp. AMT Clorox CLX Halozyme Therapeutics, Inc. HALOAMERIGROUP Corp. AGP CMS Energy CMS HCC Insurance Holdings HCCAmerisourceBergen Corp. ABC Cognizant Technology Solutions CTSH Health Net, Inc. HNT

AMETEK, Inc. AME Comcast CMCSA Hess Corporation HESAmgen Inc. AMGN Comerica Inc. CMA hhgregg Inc. HGGANSYS, Inc. ANSS Community Health Systems, Inc. CYH Home Depot Inc. HDApache Corporation APA Complete Production Services CPX Home Inns & Hotels Management HMINA-Power Energy Generation APWR Computer Sciences Corp. CSC Honeywell International Inc. HON

Apple Inc. AAPL Comverse Technology, Inc. CMVT Hubbell Inc. HUB/BApplied Materials AMAT Concur Technologies CNQR Humana, Inc. HUMAppliedMicro AMCC ConocoPhillips COP Huntington Bancshares Inc. HBANArch Chemicals ARJ Constant Contact Inc. CTCT IAC/InterActiveCorp IACIArdea Biosciences, Inc. RDEA Convergys Corp. CVG Idenix Pharmaceuticals IDIX

Ariad Pharmaceuticals, Inc. ARIA Cooper Industries Ltd. CBE IFM Investments Ltd. CTCArQule, Inc. ARQL Corning Inc. GLW ImmunoGen, Inc. IMGNAT&T, Inc. T Cree, Inc. CREE Incyte INCYATA, Inc. ATAI Crown Castle International Corp. CCI Informatica INFAAtwood Oceanics, Inc. ATW Crude Carriers Corp. CRU Innophos Holdings IPHS

AutoNavi Holdings Limited AMAP CSG Systems International CSGS Integra LifeSciences Holdings IARTBarnes Group B Ctrip.com International Ltd. CTRP Inter Parfums, Inc. IPARBE Aerospace, Inc. BEAV Cypress Biosciences CYPB Intersil ISILBed Bath & Beyond Inc. BBBY Darden Restaurants Inc. DRI Intuit, Inc. INTU

Best Buy Co. Inc. BBY Devon Energy Corporation DVN Ituran Location & Control Ltd. ITRNBioSante Pharmaceuticals, Inc. BPAX DeVry Inc. DV J. Crew Group, Inc. JCGBMC Software Inc. BMC DG FastChannel Inc. DGIT J.M. Smucker Company SJMBoeing Company BA Diamond Offshore Drilling DO Jarden Corporation JAHBP plc BP Diana Shipping DSX JPMorgan Chase & Co. JPM

Brightpoint, Inc. CELL Douglas Dynamics, Inc. PLOW Juniper Networks, Inc. JNPRBrink's Company BCO DuPont Fabros Technology DFT Kenexa KNXABroadridge Financial Solutions BR ECA Marcellus Trust I ECT Key Energy Services, Inc. KEGBrocade Communications BRCD Ecolab ECL KKR & Co. KKRCalgon Carbon Corporation CCC Edison International EIX Kraton Performance Polymers KRA

Camelot Information Systems Inc. CIS E-House (China) Holdings Limited EJ LHC Group, Inc. LHCGCapella Education Co. CPLA Einstein Noah Restaurant Group BAGL Life Technologies, Inc. LIFECapital Product Partners L.P. CPLP El Paso Pipeline Partners EPB Life Time Fitness LTMCardinal Health, Inc. CAH Elizabeth Arden RDEN Lincoln Educational Services LINCCardiome Pharma Corp. CRME Emdeon Inc. EM Liquidity Services, Inc. LQDT

CBOE Holdings CBOE Emergency Medical Services EMS LMI Aerospace, Inc. LMIACelgene Corporation CELG Endo Pharmaceuticals ENDP Longtop Financial Technologies LFTCephalon, Inc. CEPH Ensco plc ESV Lowe's Cos. LOWCeragon Networks Ltd. CRNT Enterprise Products Partners EPD Macquarie Infrastructure Co. MIC

Monthly Highlights

26

Outperform Rated Stocks (Cont’d)

Company Symbol Company Symbol Company SymbolMagellan Health Services MGLN PrivateBancorp, Inc. PVTB Symantec Corporation SYMCMagellan Midstream Partners MMP ProAssurance Corp. PRA Syniverse Holdings, Inc. SVRMarathon Oil Corporation MRO Procter & Gamble PG Synutra International Inc. SYUT

Marshall & Ilsley Corp. MI Protalix BioTherapeutics PLX Taleo TLEOMasterCard Incorporated MA Public Service Enterprise Group Inc. PEG Targacept, Inc. TRGTMattson Technology, Inc. MTSN QUALCOMM Incorporated QCOM Teekay Corp. TKMcCormick & Schmick's Seafood Restaurant Inc. MSSR Questcor Pharmaceuticals QCOR Teekay Tankers Ltd. TNKMcKesson Corporation MCK Rackspace Hosting, Inc. RAX TeleTech Holdings TTEC

MedAssets, Inc. MDAS Red Hat RHT Teradata Corp. TDCMedco Health Solutions, Inc. MHS Regency Energy Partners RGNC Terremark Worldwide, Inc. TMRKMedtronic, Inc. MDT Rent-A-Center, Inc. RCII Teva Pharmaceutical TEVAMicros Systems Inc. MCRS RF Micro Devices, Inc. RFMD Texas Instruments TXNMicrosoft Corporation MSFT Rigel Pharmaceuticals RIGL Texas Roadhouse, Inc. TXRH

Mobile Mini, Inc. MINI Rockwell Collins Inc. COL The Blackstone Group BXMomenta Pharmaceuticals MNTA Roper Industries, Inc. ROP The Ensign Group ENSGMonster Worldwide, Inc. MWW RPM International RPM Thomas & Betts TNBMorgan Stanley MS RRSat Global Communications Network, Ltd. RRST TPC Group TPCGMotorola, Inc. MOT Rubicon Technology, Inc. RBCN Trimble Navigation Ltd. TRMB

Move, Inc. MOVE Safe Bulkers SB Triple-S Management Corp. GTSMurphy Oil Corporation MUR Salix Pharmaceuticals, Ltd. SLXP Triumph Group Inc. TGINess Technologies Inc. NSTC SAVVIS, Inc. SVVS U.S. Bancorp USBNetease.com Inc. NTES Schlumberger Limited SLB Ulta ULTA

Netezza Corporation NZ Seattle Genetics SGEN United Rentals, Inc. URINetflix, Inc. NFLX SEI Investments Company SEIC United Technologies Corp. UTXNetLogic Microsystems, Inc. NETL Semtech Corp. SMTC United Therapeutics UTHRNew Oriental Education & Technology Group EDU Sensata Technologies ST Urban Outfitters Inc. URBNNextEra Energy, Inc. NEE Sensient Technologies SXT VanceInfo Technologies VIT

Nice Systems, Ltd. NICE Shanda Games Limited GAME Verint Systems VRNTNorthrop Grumman Corp. NOC Shanda Interactive SNDA VeriSign Inc. VRSNNuance Communications Inc. NUAN ShengdaTech, Inc. SDTH ViaSat, Inc. VSATNVIDIA Corp. NVDA Shire plc SHPGY ViroPharma VPHMOccidental Petroleum OXY Six Flags Entertainment Corp SIX Visa Inc. V

OfficeMax Incorporated OMX Skilled Healthcare Group SKH Vital Images, Inc. VTALOlin OLN Skyworks Solutions, Inc. SWKS W.W. Grainger, Inc. GWWOmnicare OCR Solarfun Power Holdings Co. Ltd. SOLF Warner Chilcott plc WCRXOmniVision Technologies, Inc. OVTI Somaxon Pharmaceuticals, Inc. SOMX Watsco, Inc. WSOONEOK Partners OKS Sonic Corp. SONC Weatherford International Ltd. WFT

Online Resources Corp. ORCC Sonoco Products Company SON WellPoint, Inc. WLPOptimer Pharmaceuticals OPTR SORL Auto Parts, Inc. SORL Wells Fargo WFCPacific Sunwear PSUN Staples, Inc. SPLS Wendy's/Arby's Group, Inc. WENPerfect World Co., Ltd. PWRD Starbucks Corporation SBUX Western Alliance Bancorporation WAL

PG&E Corporation PCG Stereotaxis, Inc. STXS Whiting Petroleum WLLPier 1 Imports PIR Stericycle, Inc. SRCL Williams-Sonoma WSMPioneer Natural Resources PXD Sterling Bancshares, Inc. SBIB Wonder Auto Technology Inc. WATGPlains All American Pipeline PAA Stryker Corp. SYK WuXi PharmaTech Inc. WXPNC Financial Services Group, Inc. PNC SuccessFactors SFSF Xcel Energy Inc. XEL

Praxair PX Sun Healthcare Group, Inc. SUNH Yongye International Inc. YONGPremiere Global Services PGI SXC Health Solutions, Inc. SXCI Zumiez, Inc. ZUMZPride International, Inc. PDE

Monthly Highlights

27

Perform Rated Stocks

Company Symbol Company Symbol Company Symbol

Achillion Pharmaceuticals ACHN Comverge, Inc. COMV IDEX Corporation IEXAcorn International, Inc. ATV Conexant Systems, Inc. CNXT Illumina, Inc. ILMNAdobe Systems ADBE Consolidated Edison, Inc. ED Infosys Technologies Limited INFY

Air Products and Chemicals APD Cross Country, Inc. CCRN Intel Corp. INTCAirgas ARG Cubist Pharmaceuticals, Inc. CBST InterMune, Inc. ITMNAlaska Communications ALSK Cullen/Frost Bankers, Inc. CFR Internap Network Services INAPAlbemarle ALB Curtiss-Wright Corp. CW International Flavors & Fragrances IFFAllergan Inc. AGN Dick's Sporting Goods DKS Intrepid Potash IPI

Allstate Corp. ALL Digital Realty Trust DLR Iron Mountain Incorporated IRMAlvarion Ltd. ALVR Digital River, Inc. DRIV ITT Educational Services Inc. ESIAmerican Electric Power Co. AEP Dominion Resources, Inc. D Jack Henry JKHYAmerican Reprographics ARP Domino's Pizza, Inc. DPZ Jack in the Box, Inc. JACKAMERISAFE Inc. AMSF DryShips Inc. DRYS Jackson Hewitt Tax Service, Inc. JTX

Anadarko Petroleum APC DSP Group, Inc. DSPG JDA Software JDASApollo Group Inc. APOL Duke Energy DUK Jefferies Group JEFApplied Signal Technology, Inc. APSG Duoyuan Global Water DGW JinkoSolar Holding JKSArena Pharmaceuticals, Inc. ARNA E.I. DuPont de Nemours DD KeyCorp KEYAriba ARBA Eagle Bulk Shipping EGLE L-3 Communications Holdings LLL

Associated Banc-Corp. ASBC EarthLink, Inc. ELNK Lam Research LRCXAtheros Communications ATHR Eaton Corp. ETN Lazard Ltd. LAZAU Optronics Corp. AUO eHealth, Inc. EHTH Leap Wireless International, Inc. LEAPAudioCodes Ltd. AUDC EMC Corporation EMC Lender Processing Services LPS

Automatic Data Processing ADP Emerson EMR LifePoint Hospitals, Inc. LPNTAutoZone, Inc. AZO Employers Holdings, Inc. EIG Limelight Networks LLNWAuxilium Pharmaceuticals AUXL Enbridge Energy Partners EEP Lincare Holdings, Inc. LNCRBaidu.com, Inc. BIDU Energy Transfer Partners ETP Linear Technology Corp. LLTCBaker Hughes Incorporated BHI EnerNOC, Inc. ENOC Lockheed Martin Corporation LMT

Bank of America BAC Entergy Corp. ETR Logitech International SA LOGIBB&T Corporation BBT Equinix Inc. EQIX Lululemon Athletica Inc. LULUBioCryst Pharmaceuticals BCRX Euroseas Ltd. ESEA MakeMyTrip Limited MMYTBiodel BIOD Exelon Corp. EXC Marvell Technology Group MRVLBJ's Restaurants Inc. BJRI ExxonMobil Corporation XOM Maxim Integrated Products MXIM

Boardwalk Pipeline Partners BWP F5 Networks FFIV McAfee Inc. MFEBoston Scientific Corp. BSX FactSet Research Systems Inc. FDS McDonald's Corporation MCDBroadcom Corporation BRCM Feihe International, Inc. ADY McGrath RentCorp MGRCBuffalo Wild Wings, Inc. BWLD First Midwest Bancorp FMBI MEMC Electronic Materials, Inc. WFRCA Inc. CA First Solar, Inc. FSLR Mercantile Bank Corp. MBWM

Cabot Oil & Gas Corporation COG FirstMerit Corp. FMER MetroPCS Communications Inc. PCSCalifornia Pizza Kitchen Inc. CPKI Fiserv, Inc. FISV Micron Technology MUCanadian Solar Inc. CSIQ Flagstar Bancorp, Inc. FBC Microsemi Corp. MSCCCapital One Financial Corp. COF Focus Media Holding Ltd. FMCN Microvision, Inc. MVIS

CarMax KMX Forest Laboratories, Inc. FRX Mindray Medical Int'l Ltd. MRCavium Networks CAVM Fortress Investment Group FIG Molina Healthcare MOHCbeyond, Inc. CBEY FPIC Insurance Group, Inc. FPIC Monolithic Power Systems MPWRCentral Garden & Pet CENT Frontier Oil Corporation FTO Morton's Restaurant Group Inc. MRTCenturyLink CTL Frontline Ltd. FRO Mueller Water Products, Inc. MWA

Cerner Corporation CERN FTI Consulting, Inc. FCN Mylan Inc. MYLChangyou.com Ltd. CYOU GameStop Corp. GME Nabors Industries Ltd. NBRCheesecake Factory Inc. CAKE Gap Inc. GPS Nanometrics NANOChevron Corporation CVX Garmin Ltd. GRMN Navigant Consulting Inc. NCIChina Digital TV STV General Communications, Inc. GNCMA Navigators Group NAVG

China Distance Education Holdings Ltd DL General Maritime GMR NetApp, Inc. NTAPChina XD Plastics Co. Ltd. CXDC Gentiva Health Services, Inc. GTIV NeuStar Inc. NSRChinaEdu Corp. CEDU Giant Interactive Group, Inc. GA Neutral Tandem, Inc. TNDMChipotle Mexican Grill, Inc. CMG Global Payments Inc. GPN Newell Rubbermaid NWLCIGNA Corp. CI Goodrich Corporation GR NewMarket Corp. NEU

Cintas Corporation CTAS Graco Inc. GGG Noah Education Holdings Ltd. NEDCirrus Logic CRUS Graco Inc. GGG Noble Corporation NECisco Systems CSCO Great Plains Energy GXP Noble Energy, Inc. NBLCiti Trends, Inc. CTRN H&R Block, Inc. HRB Nokia Corporation NOK

Citrix Systems, Inc. CTXS Halliburton Company HAL Nordic American Tanker Shipping Ltd. NATCogent Communications CCOI Harris Corp. HRS Novellus Systems NVLSColgate-Palmolive CL Health Management Associates HMA NRG Energy, Inc. NRGCompass Minerals CMP HealthSpring Inc. HS NV Energy NVEcomScore, Inc. SCOR Hill-Rom Corp. HRC Obagi Medical Products, Inc. OMPI

Comstock Resources, Inc. CRK Huron Consult ing Group, Inc. HURN Office Depot, Inc. ODP

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28

Perform Rated Stocks (Cont’d)

Company Symbol Company Symbol

Oracle Corporation ORCL Spectra Energy Partners SEPO'Reilly Automotive, Inc. ORLY Sprint Nextel SOtelco, Inc OTT St. Jude Medical, Inc. STJ

Overseas Shipholding Group OSG STEC Inc. STECPAETEC Holding Corp. PAET Strayer Education Inc. STRAPanera Bread Co. PNRA Sunoco, Inc. SUNPAREXEL International Corp. PRXL SunPower Corporation SPWRAPatterson-UTI Energy, Inc. PTEN Suntech Power Holdings Co. STP

Paychex, Inc. PAYX SunTrust Banks, Inc. STIPeet's Coffee & Tea Inc. PEET Susser Holdings Corporation SUSSPentair Inc. PNR Synaptics, Incorporated SYNAPepco Holdings, Inc. POM Syntel Inc. SYNTPetrohawk Energy HK TCF Financial Corporation TCB

PetSmart, Inc. PETM TeleCommunication Systems TSYSPharMerica Corp. PMC Tempur-Pedic International TPXPinnacle West Capital Corp. PNW Teradyne TERPrestige Brands Holdings PBH Tesoro Corporation TSOProgress Energy Inc. PGN The Knot Inc. KNOT

Progressive Corp. PGR The9 Limited NCTYProsperity Bancshares, Inc. PRSP Tiffany & Co. TIFQuality Systems, Inc. QSII Titan International Inc. TWIRadioShack Corp. RSH TJX Companies, Inc. TJX

Radware Ltd. RDWR Total System Services Inc. TSSRange Resources RRC Tractor Supply Company TSCORaytheon Company RTN TransDigm Group, Inc. TDGRed Robin Gourmet Burgers Inc. RRGB Transocean Ltd. RIGRegal-Beloit RBC Travelers Companies TRV

Rentrak Corporation RENT tw telecom inc. TWTCResearch In Motion Limited RIMM Ultimate Software Group ULTIResources Connect ion Inc. RECN Under Armour, Inc. UARitchie Bros. Auctioneers RBA Unitil Corporation UTLRiverbed Technology RVBD Universal Display Corp. PANL

RLI Corp. RLI Valero VLORoss Stores Inc. ROST Verizon VZRoyal Dutch Shell plc RDS/A VisionChina Media Inc. VISNRSC Holdings RRR Vitacost.com, Inc. VITCSalesforce.com CRM VMware, Inc. VMW

Sally Beauty Holdings SBH Volterra Semiconductor VLTRSanDisk Corp. SNDK W.R. Berkley Corp. WRBSAP AG SAP Watts Water WTSSavient Pharmaceut icals Inc SVNT WD-40 Company WDFC

SCANA Corporation SCG Wesco International, Inc. WCCSchweitzer-Mauduit Int'l SWM Westar Energy WRScotts Miracle-Gro SMG Western Union WUSeaBright Holdings SBX Westway Group, Inc. WWAYSignature Bank SBNY Windstream Corporation WIN

Simcere Pharmaceutical Group SCR Wright Medical Group WMGISina Corporation SINA WSP Holdings, Inc. WHSmart Modular SMOD Yahoo! Inc. YHOOSohu.com Inc. SOHU Yingli Green Energy Holding YGE

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Underperform Rated Stocks Not Rated Stocks

Company Symbol

Advance Auto Parts, Inc. AAPAdvanced Micro Devices AMD

AmSurg Corporation AMSGathenahealth, Inc. ATHNBiogen Idec Inc. BIIBCadence Pharmaceuticals CADXCentene Corp. CNC

Estee Lauder ELHealthsouth Corp. HLSKLA-Tencor KLACKulicke & Soffa Industries KLICLevel 3 Communications, Inc. LVLT

Manhattan Associates MANHMannKind Corp. MNKDMarkel Corp. MKLP.F. Chang's China Bistro, Inc. PFCB

Rudolph Technologies RTECUnitedHealth Group, Inc. UNHVerigy Ltd. VRGY

Company Symbol

American Physicians Service AMPHBMP Sunstone Corp. BJGP

Gymboree Corp. GYMBKing Pharmaceuticals KGMicrotune Inc. TUNEQwest Communications Int'l QTongjitang Chinese Medicine TCM

Zoran Corporation ZRAN

Monthly Highlights

30

Initiation of Coverage

Rating Changes

Symbol Company Name Headline Author

NBR Nabors Industries Ltd. Initiating Coverage on Top Land Driller with Perform Rating G. Scott Burk, CFAPTEN Patterson-UTI Energy, Inc. Initiating Coverage of Land Drillers; PTEN Rated Perform G. Scott Burk, CFA

KEG Key Energy Services, Inc. Initiating Coverage: Oil Leverage Drives Outperform Rating G. Scott Burk, CFACPX Complete Production Services Initiating Coverage; Ride the Pressure Pumping Wave G. Scott Burk, CFA

BBT BB&T Corporation Near-Term Uncertainty Never a Good Thing; Initiating Coverage with a Perform Terry J. McEvoy, CFAFITB Fifth Third Bancorp Momentum Building; Initiating Coverage with an Outperform Rating and a $16 PT Terry J. McEvoy, CFA

GME GameStop Corp. Solid Company in a Tough Cycle; Initiating with Perform Rating Brian Nagel, CFASIX Six Flags Entertainment Corp This Coaster's About to Leave the Gate; Initiate with Outperform Rating Ian A. Zaffino, CFA

SWN Southwestern Energy Co. Initiating Coverage with Perform Rating Fadel Gheit

Date Ticker Company Analyst Current Previous

10/04/10 CXDC China XD Plastics Co. Ltd. Yeung, CFA PERFORM OUTPERFORM

10/05/10 CPX Complete Production Services Burk, CFA OUTPERFORM PERFORM

10/06/10 EQIX Equinix Inc. Anantha, CFA PERFORM OUTPERFORM

10/07/10 TNB Thomas & Betts Glynn OUTPERFORM PERFORM

10/08/10 JKS JinkoSolar Holding Hsueh, CFA PERFORM OUTPERFORM

10/08/10 YGE Yingli Green Energy Holding Hsueh, CFA PERFORM OUTPERFORM

10/08/10 VSAT ViaSat, Inc. Keller OUTPERFORM PERFORM

10/11/10 GYMB Gymboree Corp. Quintiliano NOT RATED OUTPERFORM

10/12/10 KEY KeyCorp McEvoy, CFA PERFORM OUTPERFORM

10/13/10 KG King Pharmaceuticals Newman NOT RATED PERFORM

10/15/10 TNDM Neutral Tandem, Inc. Horan, CFA PERFORM NOT RATED

10/19/10 JNPR Juniper Networks, Inc. Kidron OUTPERFORM PERFORM

10/20/10 BAC Bank of America Kotowski PERFORM OUTPERFORM

10/21/10 NFLX Netflix, Inc. Helfstein OUTPERFORM UNDERPERFORM

10/21/10 EMC EMC Corporation Kidron PERFORM OUTPERFORM

10/22/10 USB U.S. Bancorp Kotowski OUTPERFORM PERFORM

10/24/10 PRXL PAREXEL International Corp. Rhyee PERFORM OUTPERFORM

10/26/10 PNR Pentair Inc. Glynn PERFORM OUTPERFORM

10/26/10 BJRI BJ's Restaurants Inc. DiFrisco PERFORM OUTPERFORM

10/27/10 LAZ Lazard Ltd. Kotowski PERFORM OUTPERFORM

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Important Disclosures Analyst Certification - The author certifies that this research report accurately states his/her personal views about the subject securities, which are reflected in the ratings as well as in the substance of this report. The author certifies that no part of his/her compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this research report.

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Distribution of Ratings - Oppenheimer & Co. Inc. had a distribution of ratings for the quarter ended September 30, 2010, as follows: Buy, 51.80%; Neutral, 45.50%; Sell, 3.10%. Within the 12 months ended September 30, 2010, Investment Banking services were provided to 41.84% of those companies rated Buy, 27.18% of those rated Neutral and 20.00% of those rated Sell. Although the investment recommendations within the three-tiered, relative stock rating system utilized by Oppenheimer & Co. Inc. do not correlate to buy, hold and sell recommendations, for the purposes of complying with FINRA rules, Oppenheimer & Co. Inc. has assigned buy ratings to securities rated Outperform, hold ratings to securities rated Perform, and sell ratings to securities rated Underperform.

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32

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Monthly Highlights

33

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E Q U I T Y R E S E A R C H D I R E C T O R Y

Director of Research

John E. Parks

Associate Director of Research

Erica L. Moffett

CONSUMER

Business Services Glenn Greene Scott Schneeberger

Consumer, Household and Personal Care Products Joseph Altobello

Restaurants Matthew DiFrisco

Hardlines Brian Nagel

Specialty Retailing Pamela Quintiliano

HEALTHCARE

Biotechnology Bret Holley, Ph.D.

Healthcare Providers and Managed Care Michael Wiederhorn

Healthcare Technology & Distribution Charles Rhyee

Medical Devices Steven Lichtman

Bio and Specialty Pharmaceuticals John Newman

TECHNOLOGY

Applied Technology Yair Reiner

Communication & Infrastructure Software Shaul Eyal Communication Technology Ittai Kidron

Enterprise Software Brad Reback, CFA

Semiconductors & Components Richard Schafer

Semiconductors & Capital Equipment , Solar Technology Gary Hsueh

MEDIA &

TELECOMMUNICATIONS

Internet Services Sri Anantha

Media & Internet Jason Helfstein

Telecommunication Services Tim Horan, CFA

FINANCIAL

INSTITUTIONS GROUP

Insurance: Property & Casualty Raymond Iardella

Regional Banks Terry McEvoy, CFA

Commercial and Investment Banking, Merchant Banking/Private Equity Chris Kotowski

INDUSTRIALS

Aerospace & Defense Ed Keller

Chemicals Edward H. Yang

Industrial Multi-Industry Chris Glynn

Marine Transportation Scott Burk

ENERGY

Alternative Energy, Electric Utilities Shelby Tucker, CFA Jairo Chung

MLPs Bernard Colson

Oil & Gas Fadel Gheit

Oil Services & Equipment Scott Burk

CHINA

China Paul Keung Katherine Lu Ella Ji Andy Yeung, CFA

INDIA

Manish Hemrajani

STRATEGY & SPECIAL

SITUATIONS

Market Strategy * Brian G. Belski

Special Situations Ian A. Zaffino, CFA

Technical Analysis * Carter Braxton Worth

* Research is provided by Oppenheimer Asset Management

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monthly highlights

Documents

rated stocks

pp growth

new pp capacity

new capacity

key energy services

oil services sector

rated keg

pressure pumping wave