Go to Jeff Salisbury LWGate Home Page.From: "Katherine Malm" <kmalm@earthlink.net>
Subject: Re: [CANSLIM] How are you choosing your stocks?
Date: Thu, 25 Apr 2002 22:19:32 -0500
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Top of Thread: [CANSLIM] How are you choosing your stocks? Dimitri Katsaros
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This is a multi-part message in MIME format. - ------=_NextPart_000_0010_01C1ECA7.466FA520 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Dimitiri, Here is something I recently put together on my interpretation of RS, = group RS and EPS rankings. Interpretation of RS in CANSLIM =20 CANSLIM focuses on strength, but it's *relative* strength and in most = cases *increasing* strength that is most important. Also, technical = strength will outweigh historical fundamental rankings in almost all = cases, meaning that RS and A/D carry more importance than EPS or SMR = (that's my personal assessment). With respect to industries, again, the = idea is subtle, but *rising* strength is key and in my mind will = outweigh the absolute group strength ranking. On RS---from HTMMIS: p. 35-- "If the stock's relative price strength, on a scale from 1 to = 99, is below 70, it's lagging the better performing stocks in the = overall market." p. 175-- "You buy stocks that are performing relatively stronger than = the general market just as they are beginning to emerge from a sound = base-building period." HTMMIS: confine most of your buying to RS>=3D80... IBD's 20 Rules to Investment Success: buy when RS>=3D85 My interpretation: Stocks with RS>=3D70 are *not* laggards. If RS is = rising and >=3D70, then it is increasing in strength and *beginning* to = outperform. Most of what you buy will likely have a high RS when you buy = it. But good stocks will often break out when RS is a bit lower. The = absolute number is not as important as the *direction* of the RS and the = location of the RS *relative* to the stock's RS earlier in its base. = Also, if you immediately filter out all stocks with RS<80 or 85, you = will not be watching them early enough to perform due diligence and = stalk the trade. My approach focuses on stocks as they begin to = outperform so that you can catch them early enough to perform due = diligence and then wait for them to set up technically.=20 =20 Overall conclusions:=20 - --Minimum acceptable RS if you are to consider a stock as a potential = buy candidate: >=3D60 and *rising* - --Minimum acceptable RS at the time of the buy >=3D70 (otherwise it's = considered a laggard and violates the "L" in CANSLIM) - --When looking at a stock's chart, look at the RS while the base is = forming. If the RS is not making new highs relative to where it was = earlier in the chart, trouble is brewing because the stock is beginning = to lag the market, even though price is rising. - --A high RS ranking is sometimes misleading if considered in isolation. = A stock can have a high RS if it is going down less than the overall = market, but the stock itself may be weak. A stock that has already = broken out and is making its ascent will have a high RS. While that is a = healthy sign, it is not necessarily useful in finding new stocks that = are currently basing and therefore setting up to break out. - --All other things being equal, the stock with the higher RS would be = ranked higher if you were trying to choose between 2 candidates. In = other words, once a minimum acceptable RS is met and the pattern of RS = is acceptable, the absolute value of the RS is more useful as a = *sorting* tool than a *filtering/mining* tool. =20 =3D=3D=3D=3D=3D=3D=3D=3D I pulled some articles that help identify "exceptions to absolute value = of rankings" =20 Investor's Corner Articles: ***11/14/01 "Not All Big Winners Hold Top Ratings"--"[W]hat about stocks = that break out and have an EPS in the 70s? If everything else is in = place, don't dismiss them. If you don't you might miss the next big = stock winner." ***2/14/02 "Let Market Leaders Govern Your Buys"-- "If the group is = among the top 50 or is rising quickly up the ranks, it will more likely = become a leader in a good market." (italics are mine) 2/19/02 "Great Stocks Aren't Always Flawless"--"How many stocks run = through that checklist flawlessly? Not many. ... If the base is solid, = it can still become a winner." 3/11/02 "Stay on Top of Top Industries"-- " Watch for groups making big = moves up the charts." 1/15/02 "Not All Stocks First Hit All Time Highs" --discusses turnaround = stocks 8/31/01 "Market Washout Paves Way for New Bases"-- resetting the base = count after big corrections 7/3/00 "Investing Requires More Than Top Ratings"--"Ratings don't tell = you where a stock is in its price cycle, let alone the market...Ignoring = charts could leave you buying a quality stock that's ripe for a sell = off." This is the very reason that I don't mine for candidates with high = EPS/RS rankings. You are more likely to find those getting ready to top, = while ignoring those that are setting up and building strength. 1/9/02 "Best Stocks Have High Price Strength"--Discusses RS in general. = Interestingly, shows stocks at breakout where RS is high, but EPS is = low. More evidence that mining based on high EPS to the exclusion of = lower EPS's will often miss good breakout candidates. 1/7/02 "How to Use Moving Averages Wisely"-- Good discussion of the use = of 50 and 200 day moving averages. 2/4/02 "A New View of Truly Active Stocks"--Discusses changes in the = identification of active stocks in the IBD. Interestingly, they lowered = both EPS and RS requirements for coverage to.... EPS and RS >=3D70. This = supports the HTMMIS text from above. Also interesting, forward growth = estimates required for coverage? 15%.=20 3/28/02 "Web Site Teaches You the Ropes"--Nice chart that identifies = which concepts are covered in each of the IBD Learning Center articles. Excerpted from the IBD Weblink (Italics are mine) ITT Educational Services, 4/17/02 Before Tuesday's big move, ITT's Relative Price Strength Rating was a = relatively tame 76. If you only look at stocks with IBD ratings of 80 or = higher, then you're more likely to miss out on great stocks that had = formed long bases before leaping to new highs. A 76 is perfectly = acceptable if a stock's other ratings glow. The provider of various = computer technology and other technical degree programs boasts an A for = Accumulation/Distribution Rating (point 5), indicating mutual funds are = snatching shares. Although the Commercial Services-Schools industry = group currently holds a mediocre C ranking (point 6) and a D for Group = Technical Rating (point 7), leading stocks such as Apollo Group, Bright = Horizons, Career Education and Corinthian Colleges are tracing uptrends = and are poised to make new highs (point 8). Finally, consistent earnings = and sales growth over the past six years and outstanding return on = equity (44.9% in fiscal 2000, 47.2% in 2001) award ITT an A+ Fundamental = Rating (point 9).=20 - --Katherine ----- Original Message -----=20 To: canslim@lists.xmission.com=20 Sent: Thursday, April 25, 2002 3:31 PM Subject: [CANSLIM] How are you choosing your stocks? Hello all: I'm not sure how people are choosing stocks right now... are some rules being dismissed? When I've gone looking, I come up with no candidates. Here is the screen that I've built based on what I read in his two books and online: Screen Criteria Parameters Earnings Per Share (EPS) Rating From 85 to 99 Relative Price Strength (RS) Rating From 85 to 99 Industry Group Relative Strength (GRP RS) Rating A, B Sales + Profit Margins + ROE (SMR) Rating A, B Accumulation/Distribution (Acc/Dis) Rating A, B % Change in Latest Quarter's EPS vs. Same Quarter Prior Year Greater than or equal to: 25 % Increase in Current Annual EPS Estimate vs. Last Reported Annual EPS (TCFYEC) Greater than or equal to: 30 EPS Have Been Accelerating Over the Latest 3 Quarters (%) True Annual % EPS Growth Rate of Last 3 Years Greater than or equal to: 30 % Change Latest Quarter's Sales vs. Same Quarter Prior Year Greater than or equal to: 25 Sales Have Been Accelerating Over the Latest 3 Quarters (%) True Annual % Sales Growth Rate of Last 3 Years Greater than or equal to: 20 Annual % Sales Growth Rate of Last 5 Years Greater than or equal to: 20 Average Sales % Change for Last 3 Quarters Greater than or equal to: 25 Company's Industry Group Rank From 1 to 40 Sponsorship Rating A, B % of Stock Owned by Mutual Funds Greater than or equal to: 1 % of the number of Mutual Funds Owning for Current Quarter vs. Prior Quarter Greater than or equal to: 1 Current Price Greater than or equal to: 20.000 Stocks trading at new 52-Week High AND Percentage price is below 52-Week High From 0 to 10 Current 50-Day Average Volume(1000) Greater than or equal to: 200 % Increase in Volume (Current Day) vs. 50-Day Average Volume Greater than or equal to: 50 Average After Tax Profit Margin (Last 2 Quarters) Greater than or equal to: 13 Companies With Accelerating After-Tax Profit Margins During Latest 3 Quarters (%) True Pre-tax Annual Margins (Latest Fiscal Year Reported) Greater than or equal to: 18 ROE (Latest Fiscal Year Reported) Greater than or equal to: 17 Thank you Dimitri Katsaros =3D=3D=3D=3D=3D Quiquid latine dictum sit altum viditur __________________________________________________ Do You Yahoo!? Yahoo! Games - play chess, backgammon, pool and more http://games.yahoo.com/ - -To subscribe/unsubscribe, email "majordomo@xmission.com" -In the email body, write "subscribe canslim" or -"unsubscribe canslim". Do not use quotes in your email. - ------=_NextPart_000_0010_01C1ECA7.466FA520 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=3DContent-Type content=3D"text/html; = charset=3Diso-8859-1"> <META content=3D"MSHTML 6.00.2600.0" name=3DGENERATOR> <STYLE></STYLE> </HEAD> <BODY bgColor=3D#ffffff> <DIV>Dimitiri,</DIV> <DIV> </DIV> <DIV> <DIV>Here is something I recently put together on my interpretation of = RS, group=20 RS and EPS rankings.</DIV> <DIV> </DIV> <DIV> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"><EM>Interpretation of = RS in=20 CANSLIM</EM></P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> <?xml:namespace = prefix =3D o=20 ns =3D "urn:schemas-microsoft-com:office:office" /><o:p></o:p></P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">CANSLIM focuses on = strength, but=20 it's *relative* strength and in most cases *increasing* strength that is = most=20 important. Also, technical strength will outweigh = historical fundamental=20 rankings in almost all cases, meaning that RS and A/D carry more = importance=20 than EPS or SMR (that's my personal assessment). With respect to = industries,=20 again, the idea is subtle, but *rising* strength is key and in my mind = will=20 outweigh the absolute group strength ranking.</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">On RS---from = HTMMIS:</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">p. 35-- "If the = stock's relative=20 price strength, on a scale from 1 to 99, is below 70, it's lagging the = better=20 performing stocks in the overall market."</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">p. 175-- "You buy = stocks that are=20 performing relatively stronger than the general market just as they are=20 beginning to emerge from a sound base-building period."</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">HTMMIS: confine most = of your=20 buying to RS>=3D80...</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">IBD=92s 20 Rules to = Investment=20 Success: buy when RS>=3D85</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">My interpretation: = Stocks with=20 RS>=3D70 are *not* laggards. If RS is rising and >=3D70, then it = is increasing=20 in strength and *beginning* to outperform. Most of what you buy will = likely have=20 a high RS when you buy it. But good stocks will often break out when RS = is a bit=20 lower. The absolute number is not as important as the *direction* of the = RS and=20 the location of the RS *relative* to the stock's RS earlier in its base. = Also,=20 if you immediately filter out all stocks with RS<80 or 85, you = will not=20 be watching them early enough to perform due diligence and stalk the = trade. My=20 approach focuses on stocks as they begin to outperform so that you can = catch=20 them early enough to perform due diligence and then wait for them to set = up=20 technically. </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> <o:p></o:p></P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">Overall conclusions: = </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">--Minimum acceptable = RS if you=20 are to consider a stock as a potential buy candidate: >=3D60 and = *rising*</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">--Minimum acceptable = RS at the=20 time of the buy >=3D70 (otherwise it's considered a laggard and = violates the=20 "L" in CANSLIM)</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">--When looking at a = stock's=20 chart, look at the RS while the base is forming. If the RS is not making = new=20 highs relative to where it was earlier in the chart, trouble is brewing = because=20 the stock is beginning to lag the market, even though price is = rising.</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">--A high RS ranking = is sometimes=20 misleading if considered in isolation. A stock can have a high RS if it = is going=20 down less than the overall market, but the stock itself may be weak. A = stock=20 that has already broken out and is making its ascent will have a high = RS. While=20 that is a healthy sign, it is not necessarily useful in finding new = stocks that=20 are currently basing and therefore setting up to break out.</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">--All other things = being equal,=20 the stock with the higher RS would be ranked higher if you were trying = to choose=20 between 2 candidates. In other words, once a minimum acceptable RS is = met and=20 the pattern of RS is acceptable, the absolute value of the RS is more = useful as=20 a *sorting* tool than a *filtering/mining* tool.</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> <o:p></o:p></P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in = 0pt">=3D=3D=3D=3D=3D=3D=3D=3D</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">I pulled some = articles that help=20 identify "exceptions to absolute value of rankings"</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> <o:p></o:p></P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">Investor's Corner = Articles:</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">***11/14/01 "Not All = Big Winners=20 Hold Top Ratings"--"[W]hat about stocks that break out and have an EPS = in the=20 70s? If everything else is in place, don't dismiss them. If you don't = you might=20 miss the next big stock winner."</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">***2/14/02 "Let = Market Leaders=20 Govern Your Buys"-- "If the group is among the top 50 <EM>or is rising = quickly=20 up the ranks</EM>, it will more likely become a leader in a good = market."=20 (italics are mine)</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">2/19/02 "Great Stocks = Aren't=20 Always Flawless"--"How many stocks run through that checklist = flawlessly? Not=20 many. ... If the base is solid, it can still become a winner."</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">3/11/02 "Stay on Top = of Top=20 Industries"-- " Watch for groups making big moves up the charts."</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">1/15/02 "Not All = Stocks First Hit=20 All Time Highs" --discusses turnaround stocks</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">8/31/01 "Market = Washout Paves Way=20 for New Bases"-- resetting the base count after big corrections</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">7/3/00 "Investing = Requires More=20 Than Top Ratings"--"Ratings don't tell you where a stock is in its price = cycle,=20 let alone the market...Ignoring charts could leave you buying a quality = stock=20 that's ripe for a sell off." This is the very reason that I don't mine = for=20 candidates with high EPS/RS rankings. You are more likely to find those = getting=20 ready to top, while ignoring those that are setting up and building=20 strength.</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">1/9/02 "Best Stocks = Have High=20 Price Strength"--Discusses RS in general. Interestingly, shows stocks at = breakout where RS is high, but EPS is low. More evidence that mining = based on=20 high EPS to the exclusion of lower EPS's will often miss good breakout=20 candidates.</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">1/7/02 "How to Use = Moving=20 Averages Wisely"-- Good discussion of the use of 50 and 200 day moving=20 averages.</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">2/4/02 "A New View of = Truly=20 Active Stocks"--Discusses changes in the identification of active stocks = in the=20 IBD. Interestingly, they lowered both EPS and RS requirements = for coverage=20 to.... EPS and RS >=3D70. This supports the HTMMIS text from above. = Also=20 interesting, forward growth estimates required for coverage? 15%. </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">3/28/02 "Web Site = Teaches You the=20 Ropes"--Nice chart that identifies which concepts are covered in each of = the IBD=20 Learning Center articles.</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt">Excerpted from the = IBD Weblink=20 (Italics are mine)</P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"><EM><B>ITT = Educational Services,=20 4/17/02</B></EM></P> <P><EM>Before Tuesday's big move, ITT's Relative Price Strength Rating = was a=20 relatively tame 76. If you only look at stocks with IBD ratings of 80 or = higher,=20 then you're more likely to miss out on great stocks that had formed long = bases=20 before leaping to new highs. A 76 is perfectly acceptable if a stock's = other=20 ratings glow.</EM> The provider of various computer technology and other = technical degree programs boasts an A for Accumulation/Distribution = Rating=20 (point 5), indicating mutual funds are snatching shares. Although the = Commercial=20 Services-Schools industry group currently holds a mediocre C ranking = (point 6)=20 and a D for Group Technical Rating (point 7), leading stocks such as = Apollo=20 Group, Bright Horizons, Career Education and Corinthian Colleges are = tracing=20 uptrends and are poised to make new highs (point 8). Finally, consistent = earnings and sales growth over the past six years and outstanding return = on=20 equity (44.9% in fiscal 2000, 47.2% in 2001) award ITT an A+ Fundamental = Rating=20 (point 9). <SPAN style=3D"FONT-SIZE: 10pt"><o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in 0pt"> </P> <P class=3DMsoNormal style=3D"MARGIN: 0in 0in = 0pt">--Katherine</P></DIV></DIV> <BLOCKQUOTE=20 style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; = BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px"> <DIV style=3D"FONT: 10pt arial">----- Original Message ----- </DIV> <DIV style=3D"FONT: 10pt arial"><B>To:</B> <A = title=3Dcanslim@lists.xmission.com=20 = href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>= </DIV> <DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Thursday, April 25, 2002 = 3:31=20 PM</DIV> <DIV style=3D"FONT: 10pt arial"><B>Subject:</B> [CANSLIM] How are you = choosing=20 your stocks?</DIV> <DIV><BR></DIV>Hello all:<BR><BR>I'm not sure how people are choosing = stocks=20 right<BR>now... are some rules being dismissed? When I've = gone<BR>looking, I=20 come up with no candidates. Here is the<BR>screen that I've built = based on=20 what I read in his two<BR>books and online:<BR><BR>Screen Criteria=20 Parameters<BR><BR>Earnings Per Share (EPS) Rating From 85 to=20 99<BR><BR>Relative Price Strength (RS) Rating From 85 to = 99<BR><BR>Industry=20 Group Relative Strength (GRP RS) Rating A, B<BR><BR>Sales + Profit = Margins +=20 ROE (SMR) Rating A, B<BR><BR>Accumulation/Distribution (Acc/Dis) = Rating A,=20 B<BR><BR>% Change in Latest Quarter's EPS vs. Same Quarter<BR>Prior = Year=20 Greater than or equal to: 25<BR><BR>% Increase in Current Annual EPS = Estimate=20 vs. Last<BR>Reported Annual EPS (TCFYEC) Greater than or equal=20 to:<BR>30<BR><BR>EPS Have Been Accelerating Over the Latest 3 = Quarters<BR>(%)=20 True<BR><BR>Annual % EPS Growth Rate of Last 3 Years Greater = than<BR>or equal=20 to: 30<BR><BR>% Change Latest Quarter's Sales vs. Same Quarter = Prior<BR>Year=20 Greater than or equal to: 25<BR><BR>Sales Have Been Accelerating Over = the=20 Latest 3<BR>Quarters (%) True<BR><BR>Annual % Sales Growth Rate of = Last 3=20 Years Greater<BR>than or equal to: 20<BR><BR>Annual % Sales Growth = Rate of=20 Last 5 Years Greater<BR>than or equal to: 20<BR><BR>Average Sales % = Change for=20 Last 3 Quarters Greater<BR>than or equal to: 25<BR><BR>Company's = Industry=20 Group Rank From 1 to 40<BR><BR>Sponsorship Rating A, B<BR><BR>% of = Stock Owned=20 by Mutual Funds Greater than or equal<BR>to: 1<BR><BR>% of the number = of=20 Mutual Funds Owning for Current<BR>Quarter vs. Prior Quarter Greater = than or=20 equal to: 1<BR><BR>Current Price Greater than or equal to:=20 20.000<BR><BR>Stocks trading at new 52-Week High AND = Percentage<BR>price is=20 below 52-Week High From 0 to 10<BR><BR>Current 50-Day Average = Volume(1000)=20 Greater than or<BR>equal to: 200<BR><BR>% Increase in Volume (Current = Day) vs.=20 50-Day Average<BR>Volume Greater than or equal to: 50<BR><BR>Average = After Tax=20 Profit Margin (Last 2 Quarters)<BR>Greater than or equal to:=20 13<BR><BR>Companies With Accelerating After-Tax Profit = Margins<BR>During=20 Latest 3 Quarters (%) True<BR><BR>Pre-tax Annual Margins (Latest = Fiscal Year=20 Reported)<BR>Greater than or equal to: 18<BR><BR>ROE (Latest Fiscal = Year=20 Reported) Greater than or<BR>equal to: 17<BR><BR>Thank you<BR>Dimitri=20 Katsaros<BR><BR>=3D=3D=3D=3D=3D<BR>Quiquid latine dictum sit altum=20 = viditur<BR><BR>__________________________________________________<BR>Do = You=20 Yahoo!?<BR>Yahoo! Games - play chess, backgammon, pool and more<BR><A=20 = href=3D"http://games.yahoo.com/">http://games.yahoo.com/</A><BR><BR>-<BR>= - -To=20 subscribe/unsubscribe, email "<A=20 = href=3D"mailto:majordomo@xmission.com">majordomo@xmission.com</A>"<BR>-In= the=20 email body, write "subscribe canslim" or<BR>-"unsubscribe = canslim". Do=20 not use quotes in your email.</BLOCKQUOTE></BODY></HTML> - ------=_NextPart_000_0010_01C1ECA7.466FA520-- - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email.
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