Tag Archives: Apple Inc (AAPL)
Posted on 13. Mar, 2013 by Harvey Sax.
Take this curiois statement from Phil Schiller, Apple head of marketing, on the eve of the widely promoted and talked about new Samsung smartphone.
In the Walls Street Journal today, Mr. Schiller declined to comment about future products. Instead, he discussed the iPhone 5, which went on sale last September. He said the screen is “still the best display of any smartphone.”
“Given the iPhone 5 is so thin and light, the reason that people are making their devices bigger is to get up to the battery life the iPhone 5 offers,” he said.
Gee, Mr. Schiller. Do you really believe that? Is that the best you can do? People want a bigger display because they want a bigger display. Isn’t that obvious to Apple by now. Steve Wozniak co-founder of Apple said the Company was arrogant last summer when it didn’t release a larger phone. Now are you both arrogant and dumb?
Posted on 03. Jan, 2013 by Harvey Sax.
This is a checklist I use to quickly come to a conclusion on a stock. I score a stock, each line getting a 1, 0, or -1. A stock that scored 1 on each line would be a perfect 10. Buy it!
Some of these items are quite subjective. For example how would I score Cash Flow? If a company’s cash flow is much lower than it’s reported earnings, that raises a flag and I would score it a -1. If there are more insiders buying than selling, I would score it a 1. If there are no apparent catalysts in the near future I would score it a 0 but on the other hand if there is a pending secondary that will put more stock out on the market, I would score it -1.
CHART- know how to read charts. I firmly believe I can improve the price of buying or selling from an understanding of chart action. Apple stock is showing bullish divergence at $509. Already it has run a quick 45 points from this low and has pulled back a bit to $542.10 on January 3rd, 2013. +1
ANALYSTS- read analyst reports but come to your own conclusions. There are 21 strong buys, 28 buys, 6 holds, 2 underperform, and 1 sell. It’s a negative when opinion is so lopsided in the buy camp. You have to ask yourself, who’s left to buy Apple when just about every analyst on Wall St. is recommending it. I’d give this a minus one except today on CNBC, I heard a roundtable of talking heads giving their best tech idea and they were almost loathe to give Apple credit. I have to give that a +1
INSIDERS- if the people that know the company the best are not buying it, why should you? A director, Bob Iger, bought 19,000 shares on November 19th. After that two long time Apple employees sold substantial holdings. I’m not sure what to make of this, as 2012 was an extraordinary year of tax change anticipation. I’m going to score this a zero. I believe though until Eddie Cue and Bob Mansfield unloaded stock at the end of the year, this could have been a plus one two. Instead it’s a 0
MANAGEMENT DISCUSSION 10Q AND 10K- this is the only truthful thing you will read about a company. It’s composed by management, the auditors, and the firm’s lawyers. If all three of them can agree on the verbiage, it’s passed a big hurdle. Read it carefully. Pay particular attention to the Risks, Litigation, and Related Transaction sections. These are the things you will wish you had taken the time to read if something goes bad with your investment. There is really nothing negative one can say about Apple’s business, products, or strategy. It didn’t get to be the world’s most highly valued company with a flawed business plan. Therefore the most you can hope to achieve from reading the “k” is to better understand risks you might have glossed over. In that vein, I’m highlighting and commenting on the notable ones.
“Some of the Company’s current and potential competitors have substantial resources and may be able to provide such products and services at little or no profit or even at a loss to compete with the Company’s offerings.” I think that’s a reference to Google’s free Android operating system and Amazon’s remarkable ability to have a grandiose stock price with lackluster profit margins.
“Substantially all of the Company’s hardware products are manufactured by outsourcing partners that are located primarily in Asia. A significant concentration of this manufacturing is currently performed by a small number of outsourcing partners, often in single locations.” Investors should be aware that Apple could have supply disruptions. That would only be a temporary setback and if sold off, stock should be bought on that dip, as it’s a high probability it could find substitute manufacturers in time.
No company in history has generated the mountains of cash like Apple. Its growth rate for the last three years has been staggering and the company has accumulated $121 billion dollars with no debt. They are almost certain to increase the dividend and buy back stock. It’s almost a certainty too that they can’t continue to compound growth at these rates. The only negative I can think of is that the iPhone has grown to represent over 50% of revenue. Yet the market still seems to be growing overall but this dependence on one product increases risk to investors.
A clean, straightforward “k” without any hidden surprises deserves a +1
RELATIVE PERFORMANCE- If the stock has a superior relative performance to the market in the short term. Apple is down almost 25% from its recent highs. -1
SECTOR OUTLOOK- buying a good stock in a bad sector can be a humbling experience. Mobile is promising. That’s where the growth is and Apple is humming there. Also they invented the tablet category and the newly released iPad mini and full-blown brother blows away all competition. Although the PC market is in secular decline, Apple continues to gain share on Windows. +1
CASH FLOW- cash flow is more accurate than earnings. Earnings can be more easily manipulated. $121 billion in cash and growing every quarter. Apple had $50 billion dollars in operating cash flow over the last twelve months. +1
PEG RATIO- it’s good to find a company growing faster than it’s multiple.
VALUATION- contrary to popular opinion, it does matter what you pay for a company. Check its discounted cash flow value. Buy it for less than what it’s worth, a 1, less a -1, about the same 0. The real question is what is Apple’s sustainable growth rate over the next seven years. Let’s take the worst case and call it zero growth rate. Based on my DCF model with zero growth and a 3% 10-year treasury, Apple is worth over $700 per share +1
CATALYST- what’s going to change the status quo? Upcoming earnings, new larger display iPhone, TV? All are easily imagined catalysts. +1
Trading the markets is a humbling experience. I hope this handy checklist makes it less so.
Posted on 09. Sep, 2012 by Harvey Sax.
One thing we talk about in our Investment Survival Workshops is learning to develop a horizon further out than tomorrow. I know that sounds obvious but it’s harder to do than you think. Most people including myself, hesitate for a moment to recall what they did yesterday and most of us wake up and think about what we are going to do that day, not the next day or the following week. When I moved from Eastern Standard time to Mountain Standard time zone, I dreaded getting up two hours earlier in the predawn to read the papers and analyst reports. I soon came to the conclusion, though, that if you are worrying about what’s going to happen today, you’re too late already- no matter how early you get up. What’s going to happen today has for the most part been determined in Europe already or prior to that in the Asian markets. No, you need to be worrying about what’s going to happen tomorrow or the following Thursday or some time in the future. With that in mind, I’m worrying about what’s going to happen Wednesday.
1. Apple launch of the new iPhone. Apple will have to hit the ball out of the court . That’s something they have not done since Jobs died. Sales are good and the products shine compared to the competition with one big exception. The hardware, feel, and sex appeal of the new Samsung Galaxy III are greatly superior to the dated series of iPhones now. In fact if Apple doesn’t top it, Galaxy III may be my next smartphone. Apple now represents 5% of the S&p 500 by weighting. It can drag down the index and crush the NASDAQ.
2. Germany’s constitutional court is due to rule on Sept. 12 on whether the euro zone can launch its permanent bailout fund. It will be very bad for the market if they turn this down. This is a real distinct possibility considering that the German press has been slamming Merkel about the recent ECB decision to support Eurozone member bonds in the aftermarket.
The market is deeply overbought to begin with so I think traders should be leery come Tuesday. Wednesday might be a pivotal day. Longer term investors of course won’t be bothered with this noise. They don’t mind watching their portfolios decline 5%. Unfortunately fewer and fewer of those investor are left playing.
Posted on 13. May, 2012 by Harvey Sax.
It’s hard to find companies that look this enticing to short. As an early adopter of both iPhone and Zagg products, I can say unequivocally I don’t’ need Zagg protective covers any longer. In fact they intefere with the user experience in my opinion. The advent of Corning’s Gorilla glass has made them obsolete as far as I’m concerned. It’s nearly impossible to short sell though but you can buy put options. I’d go as far out as you can, because its hard to predict how slow people can react to the facts.
Posted on 14. Feb, 2012 by Wilensky.
According to the NY Times, yet another city in China has halted the sale of the iPad over the trademark dispute with Proview Technology. About 45 units have already been confiscated from stores and most have been removed from displays, although the devices are still reported to be available under the table.
“Proview has also made a filing with the General Administration of Customs in China, he said, putting Apple on notice that the company could seek to block the export of iPads, should Proview’s ownership claims be upheld. The seizures follow a ruling in December in which a court in Shenzhen, China, acting in a legal dispute between the two firms, dismissed Apple’s contention that it owned the iPad name in China. Proview later asked the authorities in more than 20 Chinese cities to investigative whether iPads were being sold after the ruling, Mr. Ma said, a move that allows the authorities to impound the tablets until their inquiries are complete. In effect, the seizures and the filing are warnings by Proview of the havoc it could wreak unless Apple agrees to pay a large fee to settle the trademark fight.”
Basically, the insolvent Proview wants money from Apple and although they sold the trademark rights through a Taiwanese subsidiary several years back. The argument is that the sale did not include Chinese rights, and now Proview is owed a large sum of money for which they are willing to settle in or out of court.
Posted on 13. Feb, 2012 by Wilensky.
Looks like one more hurdle is out of the way for Google to challenge Apple in the wireless world. The European Union allowed the deal to pass, but warned against excessive fees charged for licensing technology. The addition of Motorola’s portfolio of patents would provide the search engine giant a strong defense against infringement claims on its Android operating system.
“The European Union on Monday approved Google Inc.’s $12.5 billion acquisition of smartphone and tablet developer Motorola Mobility Holdings Inc., setting the stage for U.S. antitrust clearance expected this week. The deal will give Google a powerful arsenal of patents to use in the increasing number of courtroom battles worldwide over the hotly-contested smartphone market. But the EU’s clearance also came with a stern warning that companies should stop using certain types of patents to sue each other.”
Posted on 07. Feb, 2012 by Wilensky.
According to Saudi Prince Alwaleed bin Talal al Saud, the billionaire head of Kingdom Holding Co., Saudi Arabia is poised to limit the appreciation of oil to no greater than $100 a barrel.
“We can use our leverage, our excess capacity to be sure to pump more [oil] if needed so it will not impact the consumer countries while they’re getting out of their recessions slowly but surely,” the prince said.
As for Iran, he said it is important for the U.S. and other nations to put sanctions on the “renegade country” to force its government to negotiate. Issuing an ultimatum of war would push Iran to the “desperate move” of blocking the vital oil shipment waterway.
“I believe a solution is not impossible with them,” bin Talal said of Iran. “A dialog is the best way to do it.”
It seems that the House of Saud is willing to trade a guaranteed cap on oil price in order to protect the Strait of Hormuz, a shipping lane through which 20% of the world’s tanker transported oil passes. Although Alwaleed felt that if the Strait was closed by Iran, the US would have very little trouble opening it again. As the largest shareholder of Citigroup and a major investor in News Corp, Apple, and Twitter, Alwaleed has quite a bit of exposure to the US economy if the situation with Iran escalates.
Posted on 30. May, 2011 by Harvey Sax.
Intel stock has been less than stellar lately for two reasons. One was their ill-advised overpriced purchase of McAfee. See SA article for more background on that purchase. More importantly is their apparent failure to dominate the low power consumption mobile chip market the way they have PCs. Apple doesn’t use Intel processors inside the iPad or their phones and there are rumors that the next AirBook could even have an ARM processor. Microsoft also has been cited as having next generation designs for their tablet product to include ARM processor compatibility. Analysts are worried that Intel is too late to the party with low power consumption alternatives to this market. This is in spite of the fact that Intel has publicly acknowledged dozens of design wins and product rollouts in the second half of 2011 that will contain Intel low power consumption microprocessors in tables and phones.
What would it take Wall Street to believe this? This is a very simple question. It can only be one of three things right now. It has to be major design wins with either the Android camp or the Apple camp, or closer repeated wedding vows by Apple that it and Intel are two tight couples for life. Microsoft right now has lost credibility as a major competitor due to their small mobile phone market share. I do believe that Windows tablets will give Apple a run for the money. More on that in another post, though. To understand this, though requires an understanding of Silicon Valley egos. I think I have a shot at this as the titan’s spats are all so public.
Apple hates Google. There is no question about that. The New York Times did a great piece of reporting on that March 10, 2010. Click here for a link to that article. Apple is not terribly fond of Nvidia either although it doesn’t seem personal like the Google spat. Nvidia is widely engaged in making Android compatible processors.
Apple hates Samsung now. Apple has been heavily dependent on Samsung for processors and other key parts of their products. With the release of the IPAD, Apple showed the results of its multi-year effort of building its own chips. The results were impressive. Samsung then promptly went about copying every product they made for Apple with their own versions or partnered with people who did. Apple’s predictable response, they sued them. And most importantly Apple no longer trusts Samsung. And they shouldn’t.
Apple doesn’t hate Microsoft anymore. If anything it feels sorry for them. Well, that might be a stretch. A forgotten fact is that Bill Gates saved Apple from possible extinction when they invested $150 million and committed to Office for Mac for another five years. Good article on this at ZD Net. But really what does this have to do with anything? It’s simple, Apple is not threatened by the Wintel holy alliance any longer.
Apple likes Intel. Apple must have a fond spot in its heart for Intel. After all Apple was resurrected by Job’s fateful decision to abandon Motorola processors and go with Intel chips. But Intel’s chips did not meet Apple’s vision for the mobile Internet and they had to design their own. Now that Apple has found tremendous success with fabless design, they are not going to back away from it. But Intel has the best process control of any company in the world. Intel is also investing in massive foundry capacity. Who’s going to utilize this. Prepare yourself. Apple will make a major announcement that Intel will in the future build ALL the Apple designed chips. Who is left for Apple to trust? It has to be Intel. This will cause a considerable jump in the price of Intel stock. I have no idea of how big a jump. That would depend on how oversold or overbought the trend is at the moment. This decision is imminent in my opinion. I’d play it two ways, both on the long side. Buy Intel and continue to buy on weakness. INTC is just now touching the oversold line and should find some support at the 50 day ma at $21.59. Also buy stock covered write out of the money calls would be useful. More aggressive traders can buy Sep 23 calls.
Posted on 17. May, 2011 by Insider Monkey.
George Soros reduced his Apple (AAPL) holdings by 93K shares at the end of March. He bought 210 K call options, which were offset by a 280 K position in Apple put options. Soros is getting bearish about Apple.
What should you do? We think you should get a second opinion before making any decisions. Here are what other prominent hedge fund managers were doing:
Stephen Mandel – Lone Pine Capital: Mandel had 1.7 Million shares of Apple at the end of December. He sold about 9% of these, as Apple went up during the first quarter. He had $542 Million in Apple at the end of March, vs. $553 Million at the end of December.
Phill Gross and Robert Atchison – Adage Capital: Reduced number of shares by 5%. Adage had $503 Million in Apple at the end of March.
Chase Coleman – Tiger Global Management: Increased Apple holdings by 25%. Coleman had $493 Million in Apple at the end of March.
Lee Ainslee – Maverick Capital: Increased Apple holdings by 3%. Maverick had $416 Million in Apple at the end of March.
John Griffin – Blue Ridge Capital: Reduced Apple holdings by 13%. Griffin had $340 Million in Apple most recently, vs. $364 Million at the end of December.
David Einhorn – Greenlight Capital: Unchanged. Einhorn had $292 Million in Apple at the end of March.
Eric Mindich – Eton Park Capital: Increased Apple call options by 67%. Mindich had $174 Million in Apple calls at the end of March.
Barry Rosenstein – JANA Partners: Reduced Apple holdings by 19%. Rosenstein had $83 Million in Apple at the end of March.
Dan Loeb – Third Point: Increased Apple holdings by 25%. Loeb had $70 Million in Apple most recently.
David Tepper – Appaloosa: David Tepper initiated a brand new $70 Million position in Apple.
Alan Fournier – Pennant Capital: Increased Apple holdings by 51%. Fournier had $64 Million in Apple at the end of March.
Julian Robertson – Tiger Management: Reduced Apple holdings by 34%. Robertson had $28 Million in Apple at the end of March.
Leon Cooperman – Omega Advisors: Increased holdings by 88%. Cooperman had $28 Million in Apple most recently.
David Gerstenhaber – Argonaut Capital: Reduced holdings by 67%. Gerstenhaber had $3 Million in Apple at the end of March.
Ray Dalio – Bridgewater Associates: Reduced holdings by 48%. Dalio had peanuts in Apple.
Andreas Halvorsen – Viking Global: Sold out. Halverson had 260 thousand shares of Apple at the end of December. He seems to be the most bearish hedge fund manager in this group.
Overall these hedge funds had 9.5 Million Apple shares (excluding Soros’ put options) at the end of March. They had 9.3 Million shares at the end of December.
Posted on 02. May, 2011 by Insider Monkey.
Jim Cramer is one of the top watched TV personalities on CNBC. He is the host of Mad Money and also the co-founder and chairman of TheStreet.com. Nearly two hundred fifty thousand people watch his show daily on TV and most of these are ordinary investors trying to understand what’s going on in the market. Jim Cramer’s bullish and bearish stock picks on his show is the starting point for many investments made by these folks. Insider Monkey, your source for free insider trading data, will try to help these people by analyzinghedge fund holdings in these stocks.
On April 29th Jim Cramer was bullish about the following stocks:
Baidu (BIDU) and Sina Corp (SINA): Cramer has been very bullish about these two Chinese internet companies for a while now. He said Beijing-based Renren Network, which is similar to Facebook, is going to go public next week and it will ignite an increase in Chinese internet companies. To investors considering selling these two stocks, Cramer recommended not to sell BIDU and SINA until Renren goes public. Baidu is very popular among prominent investors. Fisher Asset Management, Coatue, Discovery Capital, and JAT Capital had $100+ Million in BIDU at the end of December. Sina wasn’t nearly as popular but hedge funds bullish about China also had SINA in their portfolios. Shumway Capital, Coatue and JAT are the largest holders.
Avnet (AVT) and Apple (AAPL): Cramer interviewed Avnet’s CEO on Friday. The stock reported its first quarter earnings on Thursday and beat expectations by 11 cents. Cramer uses this stock to gauge the direction of tech stocks. He said Avnet is the reason why he is bullish about mobile internet stocks, i.e Apple (AAPL), and semiconductors. He is still bullish about Avnet, which returned 35% since Cramer last interviewed its CEO in January 2010. Avnet isn’t very popular among hedge funds. Cliff Asness’ AQR had $18 Million in AVT at the end of December. Apple is the most popular stock among hedge funds. Hedge fund stars like David Einhorn, John Griffin, Stephen Mandel, Chase Coleman and John Burbank all own AAPL in their portfolio.
Ferro (FOE): Cramer thinks it is a good idea to buy this stock in dips and sell it in rips. Since the stock is in a dip right now, he recommended buying it. Ferro isn’t in a lot of hedge funds’ radar. Chuck Royce and Jim Simons have small positions in this stock.
Chipotle Mexican Grill (CMG): Chipotle declined close to 10% during the past couple of weeks. Jim Cramer is calling bottom here. Jim Simons had the largest position in CMG. Mark Broach’s Manatuck Hill Partners also had more than $122 Million in CMG at the end of December.
Goodrich (GR): Cramer recommended GR in his Lightning Round. He said GR will benefit from the new product cycle in aerospace industry. Goodrich is also one of Larry Robbins’ favorite stock picks. Stephen Mandel’s Lone Pine and Lee Ainslie’s Maverick also have large positions in GR. We also like this stock.
Columbia Sportswear (COLM): Cramer likes this stock even though it went up 32% since he first recommended it in October 2010. He doesn’t agree with naysayers who are worried about increasing input prices. Chuck Royce had the only significant position in COLM at the end of December.
VF Corp (VFC): The stock beat the earnings estimates and raised its guidance for the rest of 2011. Despite this, the stock went down after the announcement. Cramer still likes this name though. This stock isn’t in hedge funds’ radar.
General Motors (GM) and Herbalife (HLF): These two are the other stocks Cramer expressed bullish views in his discussions. GM has been a real disappointment for several hedge funds. It was one of the most popular stocks among hedge funds at the end of December. John Griffin’s Blue Rigde, William Ackman’s Pershing Square, George Soros,David Tepper’s Appaloosa, Roberto Mignone’s Bridger Management, Richard Perry’s Perry Capital, and Leon Cooperman’s Omega Advisors are among the several high profile hedge funds with GM positions. Herbalife isn’t nearly as popular as GM. Patrick McCormack’s Tiger Consumer had the largest position in this stock among the hedge funds we follow.
Jim Cramer was bearish about the following stocks:
Avon Products (AVP): Cramer thinks Avon’s CEO Andrea Jung is a serial disappointer. He is bearish about AVP. The only hedge fund with at $10 Million investment in AVP was Phill Gross’ Adage.
Whole Foods (WFMI): Cramer says there are concerns that Whole Foods’ growth is slowing down. He wonders whether Trader Joe’s is cutting into WFMI’s sales. He recommended reducing exposure before the earnings announcement. Steve Cohen had nearly $45 Million in WFMI at the end of December.
Posted on 07. Apr, 2011 by Insider Monkey.By Insider Monkey
Each year, Fortune publishes the list of the 10 best stocks of the coming year. According to this article on its website, Fortune is expecting its ten best stocks to increase their earnings at an average rate of 61% in 2011, vs. 14% for the S&P 500. The stocks in the Fortune list have an average forward PE ratio of 12, vs. 13 for the S&P.Unfortunately Fortune’s favorite stocks have gained 1.5% since the end of 2010, vs. a 6.3% gain for the S&P 500 (SPY). Five of Fortune’s top 10 stocks managed to beat the market. Here are the first quarter performances of Fortune’s favorite stocks:
1. The Mosaic Company (MOS): The Mosaic Company is operating in the agriculture industry worldwide. In fiscal 2010, MOS reported total revenues of $6.76 billion, a decrease of 34.4% compared to a year ago. Annual net income was $827 million in fiscal 2010. MOS recently traded at $80.37 and has a 0.3% dividend yield. MOS gained 5.3% during the past 3 months. The stock has a market cap of $36.8 billion and a P/E ratio of 44.5.
2. Agrium Inc. (AGU): Agrium provides agricultural nutrients, industrial products, and specialty products. In fiscal 2010, AGU reported total revenues of $10.52 billion, an increase of 15.2% compared to a year ago. Annual net income was $714 million in fiscal 2010. AGU recently traded at $92.71 and has a 0.11% dividend yield. AGU gained 1% during the past 3 months. The stock has a market cap of $15.1 billion and a P/E ratio of 21.1.
3. The Dow Chemical (DOW): The Dow Chemical Company is one of the largest chemical manufacturers in the world. In fiscal 2010, DOW reported total revenues of $53.7 billion, an increase of 19.6% compared to a year ago. Annual net income was $1.97 billion in fiscal 2010. DOW recently traded at $37.91 and has a 1.6% dividend yield. DOW gained 11.5% over the past 3 months. The stock has a market cap of $44.6 billion and a P/E ratio of 22.18.
Posted on 31. Mar, 2011 by Insider Monkey.By Insider Monkey
Long/short hedge funds are generally value investors. When they buy, they want to pay less than what a stock is worth. This doesn’t mean that hedge funds don’t invest in growth stocks with high PE ratios. Last summer, David Einhorn bought more than 800 thousand shares of Apple (AAPL), arguing that the stock’s PE ratio is extremely low compared to its growth prospects. Einhorn paid less than $250 per Apple share. There are several growth stocks that hedge funds think are undervalued.
We compiled the list of top 30 growth stocks where there are at least 70 hedge funds invested in the stock. The data source for Wall Street Analysts’ growth projections is Thomson Financial. Here are the top 30 stocks with the highest expected annual growth rates over the next 5 years that hedge funds are crazy about:
Posted on 28. Mar, 2011 by Insider Monkey.
A recent study by Da and Schaumburg published in the Journal of Financial Markets shows that Wall Street analysts can successfully determine mispriced stocks in a given industry. This doesn’t mean that their buy and sell recommendations will yield abnormal returns. It means when analysts think a stock is undervalued relative to its peers, that stock will outperform them. When analysts think a stock is overvalued, it will most likely underperform its peers.
Given that analysts’ price targets contain useful information, we compiled the list of stocks analysts expect to increase the most over the next 12 months. The data is sourced from Bloomberg and Yahoo! Finance. A portfolio that is long the stocks analysts are bullish about the most and short the stocks analysts are bearish about the most returns more than 25% annually. Da and Schaumburg’s analysis showed that investors beat the market by buying the following. Here are the 40 stocks analysts are insanely bullish about:
|Company||Ticker||Target Price||Last Price||Potential Upside|
|DONNELLEY R R & SONS CO||RRD||26.25||18.08||45.2%|
|J D S UNIPHASE CORP||JDSU||27.39||19.40||41.2%|
|F 5 NETWORKS INC||FFIV||131.27||94.14||39.4%|
|MEDCO HEALTH SOLUTIONS INC||MHS||71.75||52.02||37.9%|
|CLIFFS NATURAL RESOURCES||CLF||128.83||93.54||37.7%|
|BANK OF AMERICA CORP||BAC||18.35||13.44||36.5%|
|INTERNATIONAL PAPER CO||IP||36.4||26.93||35.2%|
|SOUTHWEST AIRLINES CO||LUV||16.83||12.51||34.5%|
|CISCO SYSTEMS INC||CSCO||23.46||17.49||34.1%|
|THERMO FISHER SCIENTIFIC INC||TMO||70||53.69||30.4%|
|AKAMAI TECHNOLOGIES INC||AKAM||48.42||37.19||30.2%|
|SALESFORCE COM INC||CRM||162.61||125.99||29.1%|
|NEWMONT MINING CORP||NEM||71.25||55.24||29.0%|
|FORD MOTOR CO DEL||F||18.94||14.72||28.7%|
|WYNDHAM WORLDWIDE CORP||WYN||39.67||30.87||28.5%|
|STATE STREET CORP||STT||56.1||43.66||28.5%|
|HEWLETT PACKARD CO||HPQ||54.42||42.49||28.1%|
|INTERPUBLIC GROUP COS INC||IPG||15.09||11.85||27.4%|
|A F L A C INC||AFL||65.77||52.71||24.8%|