TOP OF THE CLASS – Snapshots of OC’s 10 Largest Public Companies
1) INGRAM MICRO INC.
Headquarters: 1600 E. St. Andrew Place, Santa Ana
Employees: 12,700; 1,350 in OC
Business: Technology products distributor
Market value, as of April 7: $1.6 billion
12-month revenue: $22.5 billion, down 11%
12-month net loss: $275.2 million, vs. $6.7 million net income
Year in review: The restructuring of the past two years is paying off. Ingram Micro, which has cut 3,400 jobs worldwide since 2001, was rewarded with lower costs in 2002. The company has pared more than $70 million in regular operating expenses and says it’s on track to see $160 million in profits from the moves by next year.
“I thought we were being pretty aggressive,” said Michael Grainger, Ingram Micro’s chief operating officer. “But it shows that we get done what we need to get done.”
That’s the good news. The bad news: No. 1 computer and parts distributor Ingram Micro still is mired in the tech slump while tough competition from Clearwater, Fla.-based No. 2 player Tech Data Corp. forces price cuts. The company’s sales fell nearly 11% to $22.4 billion last year. But gross profits were 5.5% of revenue, 20 basis points higher than a year earlier.
What’s ahead: The tough sales climate isn’t likely to improve any time soon. Ingram Micro forecasts first-quarter sales of $5.4 billion to $5.55 billion, down from $5.6 billion a year ago. Gross margins are expected to be in line with those in the second and third quarters of last year. Meanwhile, Ingram Micro will be working through more restructuring. The company said in September that it would spend $140 million in 15 months to close eight distribution centers, move more Santa Ana jobs to New York to consolidate its Canadian and American operations and close computer assembly operations in Memphis and the Netherlands.
Wall Street’s take: Shares are off 33% in the past 12 months to 10.87 at recent check. Of the 10 brokers covering the stock, six have “hold” recommendations, with two at “buy” and one at “strong buy,” according to Thomson Financial. Ingram Micro shares fell 17% in February when Tech Data warned that profits this year would dip because of “uncertain demand.” Shares have rebounded 14% since the 52-week low in February. Analysts forecast net income of 79 cents a share this year, up from 49 cents a share last year.
,Mike Mason
2) PACIFICARE HEALTH SYSTEMS INC.
Headquarters: 5995 Plaza Drive, Cypress
Employees: 7,800; 4,800 in OC
Business: Managed healthcare services
Market value, as of April 7: $915.5 million
12-month revenue: $11.2 billion, down 6%
12-month net loss: $757.3 million, vs. $19 million net income
Year in review: PacifiCare logged its second full year of a turnaround bid being steered by Chief Executive Howard Phanstiel. Since 2000, PacifiCare has been working to shed its reliance on Medicare by venturing into new areas, such as consumer health plans and prescription coverage for seniors. The company launched a $20 million advertising campaign designed to highlight its expanded offerings.
Early in 2002, PacifiCare paid some $88 million to the federal government to settle a dispute over charges for benefit services. It also lost nearly 200,000 members when the California Public Employees Retirement System balked at higher premiums. PacifiCare has lopped off more than 800,000 marginally profitable Medicare plan members and raised prices as part of its restructuring.
By year’s end, PacifiCare moved from Santa Ana to Cypress, where its California operation is based. The move was part of a greater “profit improvement program” designed to save up to $90 million a year.
The restructuring has impacted PacifiCare’s 2002 sales, which were down 5% to $11.2 billion. But restructuring boosted operating profit to $297 million, more than double that of 2001. An accounting change and interest expense led to a $757 million net loss for the year. The company also reworked about $800 million in debt.
What’s ahead: PacifiCare is eyeing its Medicare supplement plan, behavioral health and pharmacy benefits management businesses for growth. Commercial membership is seen growing 4% this year, excluding the impact of losing CalPERS last year. The company’s Medicare plan is seen shrinking by 670,000 members with exits from two states. Profits from specialty businesses, such as drug unit Prescription Solutions, are seen rising by up to 60%.
In January, PacifiCare projected 2003 earnings will exceed forecasts, thanks to rising premiums. Rate hikes on employers are a key driver. A 5% rise in shares outstanding could hurt earnings per share, the company said. The loss of CalPERS stands to lower revenue this year by about 1%.
In March, PacifiCare’s Texas arm came to terms with state regulators over pending litigation. The company is expected to pay $4.5 million in legal fees, other expenses and fines. Texas alleged PacifiCare had millions of dollars in unpaid claims. The company denied wrongdoing and said the settlement wouldn’t impact 2003 earnings.
Wall Street’s take: In a word, unconvinced. PacifiCare has rankled analysts with a series of earnings surprises,both negative and positive. Investors have cheered PacifiCare’s gains but jeered its missteps. For the most part, PacifiCare’s share price isn’t widely different than it was a year earlier. Drawing more employers is key to reducing PacifiCare’s Medicare reliance. But employers are balking at runaway premiums. Medicare still is about half of the company’s business. Analysts expect PacifiCare to earn $4.27 a share this year, up from $3.92 last year. Even so, eight brokers list the stock at “sell,” while one has it at “strong sell.” Two have it at “hold.” One calls it a “buy.”
,Michael Lyster
3) FLUOR CORP.
Headquarters: One Enterprise Drive,
Aliso Viejo
Employees: 44,809; 2,579 in OC
Business: Engineering and construction
Market value, as of April 7: $2.9 billion
12-month revenue: $10 billion, up 11%
12-month net income: $163.6 million, up 743%
Year in review: It was a good first year in a difficult environment for Alan Boeckmann, Fluor’s chief executive. Boeckmann, who replaced the retired Philip Carroll Jr. early last year, took over as the company was struggling amid a slowdown in power plant building. Challenges for the global engineering company included slumping world economies, particularly in Brazil, Argentina and other Latin American countries, where Fluor’s work ground to a halt. But sales from continuing operations rose 11% to $10 billion and net income jumped 743% to $163.6 million, with its operating margin rising to 4.2% from 3.9%.
Fluor made sales gains on strength in its energy, chemicals and infrastructure businesses. Power plant work suffered. The company’s operational results were aided by its plan to shed units not related to its engineering businesses. Last year Fluor sold its technology staffing unit and its S & R; Equipment Co. operation. Meanwhile, a deal that has IBM Corp. overseeing part of Fluor’s global computer network systems transferred about 250 workers to IBM’s staff.
What’s ahead: Despite sales and profit gains last year, Fluor faces more challenges. The company’s backlog heading into 2003 was $9.7 billion, down 15.6% from a year earlier. Fluor has said it could cut up to 325 mainly power and energy workers in a “worst-case scenario” if it doesn’t line up more contracts. One of Fluor’s biggest potential contracts could come from Iraq rebuilding, although cometition is stiff. To make up for expected shortfalls in global work, Fluor said it’s beefing up its government services operations, a sector Boeckmann said was “relatively stable.” The company recently bought Palos Verdes-based Del-Jen Inc. for about $50 million. Del-Jen, which does military base maintenance and training for the Labor Department, expects sales to be $140 million this year. Locally, Fluor won a $200 million contract naming it construction manager on the Orange County Performing Arts Center’s expansion.
Wall Street’s take: Shares of Fluor are up more than 60% from their 52-week low of 21.36 in October. The company had seen its stock steadily decline during the year, from a high of 43.29 last April to the October low. Four of seven analysts polled have a “buy” rating on Fluor, with three others at “hold.” First Albany initiated coverage with a “buy” rating last month. Analysts expect earnings of $2.22 a share in 2003, up from $2.13 last year.
,Mike Mason
4) FIDELITY NATIONAL
FINANCIAL INC.
Headquarters: 17911 Von Karman Ave., Irvine
Employees: 20,800; 500 in OC
Business: Title insurance
Market value, as of April 7: $3.6 billion
12-month revenue: $5.1 billion, up 31%
12-month net income: $531.7 million, up 74%
Year in review: Fidelity National hopes the boom times continue. The nation’s largest title insurer rolled right along with the nation’s housing surge last year. The numbers speak for themselves: revenue up 31.2% to $5.1 billion and profit before taxes jumping 62.5% to $851.3 million. And Fidelity National picked up steam as the year went on, with revenue in the fourth quarter a record $1.6 billion. The title insurer, part of Santa Barbara-based William P. Foley’s empire, has about 30% of the title market. It added to its share with the buy of Orange-based title insurer ANFI Inc. for about $100 million (the deal closed in late March). To smooth its operations, Fidelity National rolled out a $50 million software system to centralize title processing and escrow closings across its units. And in a bid to expand its services, Fidelity National took a 75% interest in Hialeah, Fla.-based Homebuilders Financial Network Inc., which provides mortgage loan services to homebuilders, and bought the flood insurance business of Bankers Insurance Group.
What’s ahead: What will stop this machine? Since most of its revenue is tied to the housing market, higher interest rates or a cooling in home-buying interest would hurt Fidelity National. Late last year, the Mortgage Bankers Association of America said U.S. loan originations would fall 27% to $1.6 trillion this year. As noted above, Fidelity National has made some moves to diversify beyond title insurance, but since most of its revenue is tied to the housing market, that’s the key to watch. Observers will keep an eye on how efficiently Fidelity National brings its latest buy into the fold. In January, Fidelity National said it plans to acquire the mortgage loan servicing arm of Little Rock, Ark.-based Alltel Corp. for about $1 billion. The unit had sales of about $820 million last year and handles about 46% of all home loans.
Wall Street’s take: Shares of Fidelity National matched others in the housing sector last year: they went way up, gaining 48% through the end of the year. Shares have added another 10% this year to 38.83 at recent check. Analysts peg Fidelity National’s earnings at $4.63 a share in 2003, down from last year’s epic $5.38 per share. And they have a range of opinions, with three analysts rating the stock a “hold” or “sell” and six others at “buy” or “strong buy.”
,Mike Mason
5) FIRST AMERICAN CORP.
Headquarters: 1 First American Way, Santa Ana
Employees: 25,594; 2,137 in OC
Business: Title insurance, financial services
Market value, as of April 7: $1.9 billion
12-month revenue: $4.7 billion, up 25%
12-month net income: $234.4 million, up 40%
Year in review: Don’t confuse First American with its bigger rival, No. 4 Fidelity. True, both rely on the housing market for revenue, but First American has taken a different tack to growth: diversification. First American posted a 25% gain in revenue to $4.7 billion in 2002. Its profit before taxes grew even faster, up 36% to $449.9 million. While most of its revenue still comes from title insurance,74% last year, up from 72% a year earlier,profits are a different matter. Title insurance accounted for just 54% of profits before taxes. First American counts on other profitable services such as employee background screening, online financing, Internet-based multiple listing software and consumer credit. Last year it bought ISymmetrics Inc., which has an online bill payment service targeted to attorneys and mortgage companies. The Company’s big move came at the end of last year, with a plan to join its employee screening unit with same from US Search.com Inc. and spin it off into a public company. First American will own 80% of the new company, called First Advantage Corp., with the deal set to close in the second quarter this year. A downer last year: First American took an $8 million charge in the June quarter for its exposure to WorldCom Inc. bonds.
What’s ahead: While it still trails Fidelity National in size, it’s worth remembering that First American is the second-biggest title insurer in the country. So it could be in for tougher times if interest rates spike and the housing market takes a dive. Any retreat in the housing market still has to be seen, though. First American noted in its year-end earnings release that, “order counts in our real estate-related businesses remain at elevated levels, which should bode well for the company’s results during the first half of 2003.” But if the economy puts together a long-awaited rebound later in the year,and interest rates rise as a consequence,First American will have to count on its non-real estate businesses to pick up the sales slack. A key for the company: getting its screening business First Advantage off the ground as a public company.
Wall Street’s take: First American shares have rebounded nicely off their 52-week low last summer, when writeoffs took a hit on the company’s profits. Since July 23, investors have bid shares 54% higher to 25.43 at recent check. Shares have gained another 14% this year. Many analysts expect the housing picture to cool off this year. Three of six analysts have a “hold” rating on First American shares, with one rating it a “sell.” One has a “buy” and other has a “strong buy” rating. Meanwhile, analysts are looking for earnings of $2.69 a share this year, down from $2.92 in 2002.
,Mike Mason
6) Western Digital Corp.
Headquarters: 20511 Lake Forest Drive, Lake Forest
Employees: 10,000; 750 in OC
Business: Disk drive maker
Market value, as of April 7: $1.8 billion
12-month revenue: $2.5 billion, up 24%
12-month net income: $128.8 million, vs. $34 million net loss
Year in review: Chief Matt Massengill has proved the doubters wrong, coming up with a terrific 2002 after taking measures to stop the losses a year earlier. Net income jumped to $128.8 million, vs. a loss of $34 million a year earlier while sales soared 24% to $2.5 billion. It was enough to earn Massengill an honorable mention for the Business Journal’s businessperson of the year award. Western Digital reaped the fruits of cost cutting and restructuring Massengill started after taking over as chief executive in 2000. Western Digital’s drive business now has run profitably for 10 straight quarters. The company as a whole has been in the black for five.
Massengill did it mainly through 2001’s restructuring of its manufacturing plants. But he also cut several non-disk drive units in 2002. Among the non-core dabblings: SageTree, which makes supply chain management software, and Keen Personal Media, which made set-top box products. Neither Keen nor SageTree flourished. In July, the company shuttered Keen and laid off about 30 people. Meanwhile, the company sold off its interest in SageTree to NCR Corp. Investors have bought the comeback story, with shares recently shooting past a 52-week high to 9.01 at recent check.
What’s ahead: Last year, Western Digital’s fortunes,at least among investors,waxed and waned with sales reports on Microsoft Corp.’s Xbox gaming console, which have the company’s drives. But its profits are tied more closely to the computer market. The company said its average selling price in the December quarter rose to $73, from $68 in the September quarter, reflecting favorable supply and demand conditions in the drive business. It also reflects Western Digital’s richer mix of profitable multiplatter hard drives.
A big hope for Western Digital this year: a new 200-gigabyte drive dubbed “Drivezilla.” The company expects Dell Computer Corp., Hewlett-Packard Co. and others to buy Drivezilla for their personal computers. Another big move for Western Digital is its “Raptor” line of hard drives, which were launched early this year. In the past, Western Digital mainly targeted the desktop computer market, but is gambling on the business market with the Raptor, which is geared to business servers and storage systems.
Wall Street’s take: It’s been a steady, impressive climb for shares of Western Digital since mid-2002. The stock has tripled to 9.01 as the disk drive maker posts quarter after quarter of gains. Four of seven analysts covering the stock have “buy” or “strong buy” recommendations. Days after initiating coverage of the stock early this year, Thomas Weisel Partners upgraded Western Digital from “market perform” to “attractive.” J.P. Morgan & Chase Co. downgraded the stock to “neutral” from “overweight” last week. Analysts expect the company to earn 84 cents a share this year, up from 19 cents a share last year.
,Mike Mason
7) BECKMAN COULTER INC.
Headquarters: 4300 N. Harbor Blvd., Fullerton
Employees: 10,013; 2,225 in OC
Business: Medical diagnostic and laboratory products
Market value, as of April 7: $2.1 billion
12-month revenue: $2.1 billion, up 4%
12-month net income: $135.5 million, down 2%
Year in review: After steady growth for much of 2002, divisions making up about a third of Beckman’s sales started slowing in the third quarter. Drug companies and biotechnology researchers put off buying of Beckman centrifuges, cell analysis machines and other products, crimping the company’s profits and sales growth. In the fourth quarter, so-called life science research sales were off by nearly 10%. In June, Beckman filled a key position by naming Scott Garrett president of its clinical diagnostics business, which makes up 70% of sales and provides gear to medical laboratories running tests for doctors. Garrett replaced longtime division head Albert Ziegler, who retired in April. Also in June, Beckman said it signed a $173 million supply pact with San Diego’s Premier Inc., a buying group for hospitals. In October, Beckman renewed a $125 million supply pact with Mid-Atlantic Group Network of Shared Services Inc., an equipment buying group for hospitals and doctors.
In December, Beckman settled a patent lawsuit brought by rival Streck Laboratories Inc. of Omaha, Neb. Streck alleged control products used in Coulter blood testing gear infringed on the company’s patents. The settlement led to a $39 million fourth-quarter charge, which is partially offset by a $29 million credit expected for the first quarter from money recovered from an escrow account set up in 1997 when Beckman bought Miami-based Coulter Corp. Beckman inherited the suit as part of the acquisition.
What’s ahead: Beckman is looking to growth in its core clinical diagnostics business and a rebound in its other businesses to drive sales growth of up to 7% this year. New products that combine tasks and automate testing are seen driving sales in clinical diagnostics. Clinical researchers working on AIDS, hepatitis, diabetes and other diseases are seen reviving biomedical division sales by 5%. Earnings are projected to grow 11% to $177 million.
“Earnings should accelerate throughout the year as the benefits of our restructuring plan take effect,” Chief Executive John Wareham said in January. That same month, Beckman combined its life sciences division with its specialty testing business to form its new biomedical research unit. The change, as well as global restructuring and some 300 job cuts, is expected to result in a $10 million charge after taxes for the first quarter. Results are due April 25.
Wall Street’s take: Cautiously optimistic. Analysts are bullish about Beckman’s clinical diagnostics business and new products. Sales to drug companies and researchers at universities and other institutions remain a worry. “Clearly, the company is suffering from the same pullback in pharma and biotech spending that has plagued the entire tools group,” wrote Steve Hamill, medical technology analyst for RBC Capital Markets in Minneapolis. For 2003, analysts project Beckman to earn $2.70 a share, up from $2.45 last year. Three brokers rate Beckman’s shares a “buy,” while two rate them a “hold.” Three have the company at “sell” with one at “strong sell.”
,Michael Lyster
8) STANDARD PACIFIC CORP.
Headquarters: 15326 Alton Parkway, Irvine
Employees: 1,505; 235 in OC
Business: Homebuilder
Market value, as of April 7: $888.9 million
12-month revenue: $1.9 billion, up 36%
12-month net income: $118.7 million, up 7%
Year in review: Standard Pacific, Orange County’s largest homebuilder, had a year to remember in 2002. Fueled by the hot housing market in Southern California and elsewhere, Standard Pacific saw record sales, profits and homes built. For the year, the company put up 6,265 homes, up 45% from 2001. The company builds homes at an average price of about $360,000 primarily for exiting homeowners looking for a new, bigger house.
Standard Pacific bought three smaller homebuilders last year, giving the company operations in Florida and the Carolinas. The buys proved fortuitous, as the new markets helped offset slowing in Arizona, Colorado, Texas and California. In August, Standard Pacific quit the Houston market, leading to a $2.9 million third-quarter charge before taxes. In OC, Standard Pacific held 12% of the market for new homes last year. The company sold 702 homes here last year, up 25% from 2001. In November, the company tapped Todd J. Palmaer, former president of Standard Pacific’s San Diego arm, as president of its OC division.
What’s ahead: A possible sea change. Nearly no one believes the region’s,and the nation’s,hot housing market can keep going. Runaway home prices, war and the prospect of higher interest rates by year’s end all could spoil the party. Already, Standard Pacific is seeing signs of cracking. For the first quarter, Standard Pacific saw a 41% rise in new home orders to 2,293 vs. a year earlier.
But orders for Southern California, the company’s largest market, fell 5%, joining Northern California, Arizona, Texas and Colorado in the negative column. Without Standard Pacific’s acquisitions last year, the company’s overall new home orders would have been off 13%. This year, the company projects to build some 8,000 new homes, with Florida and the Carolinas making up a third.
Wall Street’s take: After a heady runup in early 2002, Standard Pacific’s shares pulled back in the latter half of the year and have been trading in a steady range near 25 since the fall. The company’s shares are trading in line with industry leaders Centex Corp. and Lennar Corp. Despite concerns about the continued strength of the housing market, analysts still recommend Standard Pacific’s shares. Two call it a “stong buy,” two a “buy” and two have it at “hold.” For the year, Wall Street expects the homebuilder to earn $4.54 a share, vs. $3.84 in 2002.
,Michael Lyster
9) ALLERGAN INC.
Headquarters: 2525 Dupont Drive, Irvine
Employees: 4,900; 2,200 in OC
Business: Specialty drug maker
Market value, as of April 7: $8.8 billion
12-month revenue: $1.4 billion, down 18%
12-month net income: $75.2 million, down 67%
Year in review: Allergan became a household name in 2002,or at least its Botox did. In April, federal regulators cleared Botox for use as a wrinkle reducer. The move was little more than a formality as doctors already widely used the drug to smooth wrinkles. But the approval helped fuel a media obsession with Botox, complete with stories about parties with wine, cheese and injections of the drug. In July, Allergen spun off its contact lens and eye surgical products business as Santa Ana-based Advanced Medical Optics Inc. The company didn’t raise any money but broke off AMO as part of a bid to focus on its faster growing drug business. For the year, Allergan saw sales from its continuing operations rise 21% to $1.4 billion. Botox’s cosmetic OK provided a boost, with sales of the drug rising 43% to $440 million. Therapeutic uses of the drug,for serious muscle disorders,still account for 60% of sales. But cosmetic uses grew at a 60% clip last year. By August, Allergan gave up a fight against generic rivals to an earlier version of its Alphagan glaucoma drug. At first, Allergan went to court to stop Alcon Laboratories Inc. and Bausch & Lomb Inc. from selling generic versions. But after losing out in court, Allergan borrowed a page from other drug makers and came out with a new version of the drug. Fourth quarter sales of Alphagan products were $64.7 million.
What’s ahead: Allergan is starting its first full year as just a drug maker. The company is looking for new uses of Botox, including for treating cerebral palsy and strokes. It’s even seeking to broaden the drug’s cosmetic usage: in March, the company touted a study showing men need twice the amount of Botox than women to get the same results. Men make up only 15% of Botox users. Botox and Alphagan stand to drive Allergan’s business, though there are new offerings.
In March, regulators approved Zymar for bacterial eye infections. Also last month, Allergan entered a marketing pact with Schering AG’s Berlex Laboratories Inc. to market a rosacea drug. Earlier this year, Allergan finished a third phase of trials for a psoriasis treatment. In December, Allergan got approval for Restasis for dry eye disease. Allergan plans to invest up to $160 million this year for a research and development facility under construction at its Irvine campus and other projects. Capital expenditures last year were $79 million. Sales for the year could rise 22% to about $1.7 billion. Earnings per share growth should be about 20%, the company projects.
Wall Street’s Take: After holding steady for much of last year, Allergan’s shares are up 20% so far this year. Analysts are looking for rapid Botox growth and steady expansion for Alphagan and other key drugs. For the most part, brokers are high on the company. Four call its stock a “strong buy,” two a “buy” and five have it at “hold.” For the year, analysts project Allergan to earn $2.31 a share, up from $1.88 last year.
,Michael Lyster
10) Apria Healthcare
Group Inc.
Headquarters: 26220 Enterprise Court, Lake Forest
Employees: 9,462; 516 in OC
Business: Home healthcare services, equipment
Market value, as of April 7: $1.3 billion
12-month revenue: $1.3 billion, up 11%
12-month net income: $115.6 million, up 61%
Year in Review: Apria continued on its improvement track despite a change at the top early in the year. Following a two-year restructuring, the company’s former chief operating officer, Larry Higby, took over as chief in February, replacing turnaround specialist Philip Carter. Apria, which provides home respiratory therapy, home infusion therapy and home medical equipment such as hospital beds and wheelchairs, said net income jumped 61% to $115.6 million on an 11% rise in sales to $1.3 billion. It was another big year of acquisitions: Apria bought 17 home healthcare businesses for slightly more than $74 million. Meanwhile, Apria got praise for its board of directors, with BusinessWeek magazine naming it among the top 10 corporate boards in America. “A favorite among governance experts, the board includes three top shareholder activists and features a separate chairman (Ralph Whitworth) and CEO (Larry Higby), a rarity,” the report said.
What’s ahead: The Lake Forest-based home healthcare company said this year’s growth strategy is to mix internal gains with acquisitions. “The industry remains more than 50% unconsolidated, so we feel like we’ve got a major opportunity to continue adding good acquisitions,” Higby said. Apria’s balance sheet counted some $26.4 million in cash at the end of the year, up from $9.4 million a year earlier.
Higby said the company is ready if Medicare reform moves patients to managed healthcare service plans. “Over 70% of our business is already managed care,” he said. “We’re heavily into managed care and certainly understand, probably better than anybody else in our space, how to bill, collect and service that particular market segment.” The remainder of Apria’s business comes from government payers.
Wall Street’s take: Apria’s impressive operating gains last year were good for the company,but so-so for investors. Shares of Apria traded in a tight band in 2002, ending the year down 11%, which, at least, was better than the overall market declines. This year shares are where they started,23.31 at recent check. As with most turnaround stories, stock gains were made early in the restructuring (2001 in Apria’s case). Analysts expect the company to post net income of $2.12 a share this year, up 14% vs. last year. Five of seven analysts covering Apria have a “buy” or “strong buy” rating on the stock.
,Mike Mason
