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The World's Paper

Quarter 4, 2010
Bringing You the News Before it Happens The Boss Archives
 

 

World NewsThe EconomyStock ReportFirm NewsPeacock Industries
US-IRANIAN TENSIONS INCREASE; POSSIBLE ROLE OF RUSSIA SEEN

EU AND NAFTA ECONOMIES STRONG

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World News

US-IRANIAN TENSIONS INCREASE; POSSIBLE ROLE OF RUSSIA SEEN

            New York, New York (ipu)- US-Iranian relations continued to deteriorate this week as officials from both countries exchanged accusations at the United Nations.  US officials charge that an upswing in violence in Iraq in recent months is the result of Iranian interference in Iraqi affairs, including tacit support given by the Iranian regime to insurgents and extremists fighting the Iraqi government.  American leaders, including President Barack Obama, accuse Iran of allowing groups opposed to the Iraqi government to move freely across the Iran-Iraq border, a charge the Iranians emphatically deny.  While the US has made these accusations a central part of its strategy to isolate Iran, Iranian leaders have been ratcheting up their own anti-American rhetoric.  Iranian President Mahmoud Ahmadinejad blasted the US in several speeches this week, calling the American military forces in Iraq “the new Christian crusaders determined to defile Islamic lands,” and calling President Barack Obama “a puppet of American imperialism, no better than his predecessors…(and) an enemy of Islam.”  Other leaders in the hardline Iranian clerical regime also voiced outrage at the claims of Iranian interference in Iraq. More ominously, Iran’s Revolutionary Guards, a militarized force which is a central pillar of the clerical regime, recently began conducting maneuvers on the Iran-Iraq border.  These actions were taken to demonstrate Iranian defiance of the US presence across the border and that “Iranians are not afraid of America and that we will not bow before it,” according to one Iranian leader.  As the rhetoric on both sides heats up, one international expert who is following the situation closely warns that Russia has been tacitly taking Iran’s side and giving it diplomatic support in the United Nations in this conflict, something which would greatly complicate any future American efforts to impose further sanctions through the United Nations on the Iranian regime.

DONALD TUSK INAUGURATED AS POLISH PRESIDENT

            Warsaw, Poland (geuters)- Donald Tusk was inaugurated this week as Poland’s fourth president in the post-Communist era.  Tusk, leader of the center-right political party Civic Platform (PO) and Poland’s prime minister since November 2007, defeated incumbent President Lech Kaczynski in the second round of voting in Poland’s presidential elections.  Tusk garnered more votes in the first round than Kaczynski, winning 45% of the total vote to Kaczynski’s 32%, but because no candidate won a majority (50% + 1) of the votes, a second round was held in which only the top two finishers from the first round competed.  Tusk defeated Kaczynski in this round by a margin of 57% to 43%.  As many experts predicted, the Democratic Left Alliance (SLD), as well as the PSL, the PO’s partner in the national governing coalition, endorsed Tusk in the second round and encouraged their supporters and other moderate and left-leaning Poles to vote for Tusk over his more conservative opponent. 
Now that Tusk holds the presidency, relations between the president and the governing coalition of the PO-PSL are expected to improve as a period of “shared control,” in which politicians from the same or allied parties control both the office of the prime minister and the governing cabinet and the office of the presidency, will replace a period of “cohabitation,” in which the prime minister and his or her government and the presidency are controlled by political adversaries.  For Tusk the election victory in the second ballot was a personal and political vindication of sorts as well, as Kaczynski had defeated him five years earlier in the second round of presidential voting in 2005.  But Tusk, ever the statesman, has resigned his PO party membership, as is the custom in Poland for a new president, and said he will seek to oversee Polish politics as the president of all the Poles and not just those who voted him into office.  “Now is the time for healing and for all political parties to come together and work for the national interests of our common Polish home,” Tusk said in his inaugural address.

 

 

 

 

 

 


Economic News
Both the EU and NAFTA posted robust economic reports for the quarter.  The forecast for 2011 show both markets continuing strong but sustainable growth.  Money supplies are adequate and the T-Bill rate remained unchanged.

The stock market continued to surge moving highly profitable firms to new highs and dragging even the weak firms into new territory.  Exchange rates remained stable.

The excellent economic results posted for Q4 and all of 2010 seem destined to be repeated in 2011.  The political news out of Europe and the United States has disquieted some investors.  Oil futures rose sharply as tensions increased in the Middle East (see political news above).  Most economic forecasters, given a major US military presence still remains (temporarily) in the area, do not see real risks to Middle East oil supplies.  The attitude of economic forecasters did not dampen speculative trading in the oil markets as prices on future deliveries increased sharply.


 

 

 


Firm and Industry News

Raw material prices continued their downward trend.  Demand in the EU for both product lines was consistent with Q3 demand (seasonally adjusted).  P2 demand in the EU is at an all time high and is expected to remain in that area for all four 2011 quarters.

Demand for both P1 and P2 are at historic highs and are expected to remain at or near those levels throughout 2011.

The above 2011 forecasts are based on current retail price levels.  Should the “GREEN” proposition pass demand might remain stable.  However, should a substantial portion of the increased costs association with going “GREEN” end up in the retail price end of the supply chain, demand could be dampened.

Aside from the “GREEN” effect, forecasters seem fairly confident about 2011 demand projections even given the mounting political tensions in the Middle East.  An expansion of the ground conflict in that area or short term political turmoil in either Iran or Iraq or both, is expected to have little direct impact on demand for scents in the EU or NAFTA markets.  Sustained unrest leading to higher oil prices, not in speculative markets but at the pump and in the home, could start to erode demand.

Instructions for voting follows:

Send an email to: kristi@globalview.org no later than the Q2, 2011 decision time.  Provide the following information.

1. Firm number
2. I am (insert your name) and have been authorized by my team to cast this vote.
3. Our firm votes (insert YES OR NO) on the Green Initiative.


Administrative Notes and Reminders to Firms:

DUE to the number of advertisements from firms, the Boss is becoming time consuming to download for many students and professors. Therefore, firms are now limited to posting 2 ADVERTISEMENTS IN THE BOSS PER YEAR.

1. Firm 153 opened a subsidiary (Firm 168) in Quarter 4, 2010.

2. Firms 165 and 168 will be fined in Quarter 1, 2011 for illegal dividends issued in Quarter 4, 2010.

3. Firm 142 will be fined in quarter 1, 2011 for an illegal contract entered in Quarter 3, 2010.

4. At present, 7 new teams will begin operations in Quarter 1, 2011. This number may increase during the week. The 7 known firms to open in Quarter 1, 2011 are Firms 57, 136, 146, 156 166, 176, 177.

5. Special Reports are available from your simulation administrator. The Special Report contains additional reporting information about ROE, ROI, Engineering Efficiencies gained through Engineering Budget expenditures, as well as average compensation for sales staff for all firms in a market group. If your firm would like to receive a Special Report you must order one from your simulation administrator, Kristi: globalview@earthlink.net Reports are updated after each quarter and historical copies of reports are not archived so if you would like to receive a copy of a Special Report for a given quarter you must order it in advance of the following quarter's deadline. The fee for the report is $2000.

6. Remember to set Capacity and Stock Issue decisions to zero! Many firms forgot to reset these change variables in their Quarter 3, 2010 decisions, which resulted in their original decisions being duplicated for a second quarter.

7. If your firm has an excessive special loan (in excess of 2 million dollars) please contact your simulation administrator for special refinancing options.


 

 

 

 

 

 

\


Peacock Industries (Firm 18)

Advanced Firms 87, 93, 127, 177, 57, 136, 146, 156, 166, 176 can all buy from Peacock at the following prices this week: P1 = $56 per unit P2 = $99 per unit . Any other Advanced firms that enter contracts with Peacock will have their contracts cancelled.

Intro Firms in Market Groups 2 and 18 can buy from Peacock at the following Prices:
P1 = $85 per unit
P2 = $120 per unit

 

FIRM TO FIRM CONTRACTS

 Industry  2 
          Accepter  Buyer  Seller    Item               Quantity       
              25      25    144   Finished Goods   P1A1     1976    
              25      25    144   Finished Goods   P1A2     3777    
              25      25    144   Finished Goods   P2A1     5445    
              25      25    144   Finished Goods   P2A2     8000    

          Industry  3 
          Accepter  Buyer  Seller    Item               Quantity    
              33      48     33   Finished Goods   P1A1     2345    
              33      48     33   Finished Goods   P2A1     1500    
              33      48     33   Finished Goods   P2A1     4610    
              33      48     33   Finished Goods   P1A1      553    
              33      48     33   Finished Goods   P2A2     4888    
              33      48     33   Finished Goods   P2A1     3000    



          Industry  4 
          Accepter  Buyer  Seller    Item               Quantity    
              47      47     37   Finished Goods   P1A1     3375    
              47      47     37   Finished Goods   P1A2     1177    
              47      47     37   Finished Goods   P2A2      191    
              47      47     46   Finished Goods   P1A1      600    
              47      47     46   Finished Goods   P2A1     1676    
              47      47     46   Finished Goods   P1A2     2137    
              47      45     47   Finished Goods   P1A1     5027    
              47      45     47   Finished Goods   P2A1     3495    
              47      45     47   Finished Goods   P1A2     5687    
              47      45     47   Finished Goods   P2A2      191    
              42     151     42   Finished Goods   P1A2     5000    
              42     131     42   Finished Goods   P1A1      500    
              42     131     42   Finished Goods   P1A2     1000    
              44      44     42   Finished Goods   P2A1    10000    

          Industry  5 
          Accepter  Buyer  Seller    Item               Quantity    
              55      55    144   Finished Goods   P1A2     2000    
              56      56     42   Finished Goods   P2A2     4000    
              56      56    161   Finished Goods   P2A2     7000    

          Industry  6 
          Accepter  Buyer  Seller    Item               Quantity    
              61      61    183   Finished Goods   P2A2     5000    
              65      65     42   Finished Goods   P2A2     7000    
              66      66    123   Finished Goods   P2A2     2000    
              65      65     42   Finished Goods   P2A1     1000    
              65      65     42   Finished Goods   P2A1     2000    
              61     111     61   Finished Goods   P1A2     7000    


          Industry  7 
          Accepter  Buyer  Seller    Item               Quantity    
              71      71    183   Finished Goods   P1A1    13000    
              71      71    183   Finished Goods   P2A1     8100    
              71      71    183   Finished Goods   P1A2      900    
              71      71    183   Finished Goods   P2A2    20000    
              73      73    114   Finished Goods   P1A2     8000    
              73      73    114   Finished Goods   P2A1    17000    
              73      73    114   Finished Goods   P2A2    12500    
              73      73    114   Finished Goods   P1A1    20000    

          Industry  8 
          Accepter  Buyer  Seller    Item               Quantity    
              81      81    121   Finished Goods   P2A1     4500    
 

          Industry  9 
          Accepter  Buyer  Seller    Item               Quantity    
              96     187     96   Finished Goods   P2A1    12000    
              96     187     96   Finished Goods   P1A2    10000    
              96     187     96   Finished Goods   P1A1     6000    
              96     187     96   Finished Goods   P2A2     2000    
              96     184     96   Finished Goods   P1A1      800    
              96     184     96   Finished Goods   P1A2     1000    
              96      84     96   Finished Goods   P1A1     8000    
              91      91     42   Finished Goods   P2A2     3000    
              91      91     42   Finished Goods   P2A1     2500    

         Industry  10 
          Accepter  Buyer  Seller    Item               Quantity    
             106      65    106   Finished Goods   P1A1     3000    
             106      65    106   Finished Goods   P1A1     1000    
             106      65    106   Finished Goods   P1A1     1450    
             106      65    106   Finished Goods   P2A1     3250    
             106      65    106   Finished Goods   P2A2     3950    
             106      65    106   Finished Goods   P1A2     2000    
             101      61    101   Finished Goods   P2A2    10000    


          Industry  11 
          Accepter  Buyer  Seller    Item               Quantity    
             111     111    187   Finished Goods   P2A2     4000    
             113     113     42   Finished Goods   P2A1     3500    
             113     113     42   Finished Goods   P2A2     6500    
             111     111     51   Finished Goods   P2A2     5000    


          Industry  12 
          Accepter  Buyer  Seller    Item               Quantity    
             121     185    121   Finished Goods   P2A2     5500    
             121     131    121   Finished Goods   P1A1     1000    
             121     131    121   Finished Goods   P1A2     1000    
 
          Industry  13 
          Accepter  Buyer  Seller    Item               Quantity    
             133     133     66   Finished Goods   P2A2    15000    
             135     134    135   Finished Goods   P2A1     7750    
             131     131    101   Finished Goods   P1A2     1000    
             143     143    123   Finished Goods   P2A2      200    
             143     143    144   Finished Goods   P2A2     6300    
             143     143    147   Finished Goods   P2A1     3000    
             144      84    144   Finished Goods   P1A1    19000    
             145      95    145   Finished Goods   P1A2     4000    
             143     143    103   Finished Goods   P2A1     1200    
             147     153    147   Finished Goods   P2A1     5500    


          Industry  14 
          Accepter  Buyer  Seller    Item               Quantity    
             141     183    141   Finished Goods   P1A2      516    


          Industry  15 
          Accepter  Buyer  Seller    Item               Quantity    
             151     151    187   Finished Goods   P1A2     5000    
             151     151    187   Finished Goods   P2A2     2000 
             153     168    153   Finished Goods   P2A2     5800    
             153     168    153   Finished Goods   P1A2     2583    
             153     153    161   Finished Goods   P1A1     4000    
             153     153    137   Finished Goods   P2A2     3200    
             153     168    153   Finished Goods   P1A1     5454    


         Industry  16 
          Accepter  Buyer  Seller    Item               Quantity    
             161      81    161   Finished Goods   P1A1     5000    
             161     151    161   Finished Goods   P2A2    10000    
             161     133    161   Finished Goods   P1A1     5000    
             161     133    161   Finished Goods   P1A1     2000    
             161      65    161   Finished Goods   P1A1     4000    
             161      65    161   Finished Goods   P1A1     4000    


          Industry  18 
          Accepter  Buyer  Seller    Item               Quantity     
             187     162    187   Finished Goods   P1A1     6000    
             187     162    187   Finished Goods   P2A1    10000    
             187      66    187   Finished Goods   P2A2    15000      
             187      45    187   Finished Goods   P2A1     5000    
             187      45    187   Finished Goods   P2A2    10000        
             187      48    187   Finished Goods   P2A2     5000    
             187      48    187   Finished Goods   P1A2     1500    
             187      33    187   Finished Goods   P1A2     3175    
             187     187     42   Finished Goods   P1A1     1000    
             183     104    183   Finished Goods   P2A2    14000    
             187      45    187   Finished Goods   P1A2     5000    
             187     187    141   Finished Goods   P2A2    15000    
     










	

The Stock Report

Advanced Firm NPV Rankings
Intro Firm NPV Rankings

Advanced Firm NPV Rankings

 List of firms in order of net present value 

             Stock No.    NPV    Index  
                71        6.01      1   
               147        5.41      2   
                55        5.24      3   
                65        4.76      4   
               131        4.09      5   
               154        3.90      6   
               111        3.79      7   
               104        3.03      8   
               174        3.00      9   
                56        2.92     10   
                66        2.90     11   
               132        2.74     12   
               115        2.69     13   
               145        2.32     14   
               123        2.25     15   
               155        2.08     16   
               143        1.97     17   
               101        1.94     18   
                64        1.90     19   
               172        1.90     20   
               157        1.80     21   
               122        1.72     22   
                54        1.67     23   
               116        1.65     24   
                91        1.61     25   
               135        1.50     26   
               113        1.45     27   
               162        1.42     28   
               106        1.27     29   
               105        1.25     30   
               133        1.10     31   
                62        1.09     32   
                86        1.01     33   
                61        1.00     34   
               112        0.98     35   
               153        0.98     36   
               103        0.84     37   
               163        0.75     38   
               141        0.70     39   
                95        0.54     40   
                51        0.45     41   
               134        0.45     42   
                82        0.37     43   
               173        0.35     44   
               171        0.32     45   
               151        0.31     46   
                94        0.26     47   
               126        0.23     48   
               127        0.15     49   
               168       -0.01     50   
               102       -0.04     51   
                93       -0.05     52   
                83       -0.10     53   
               144       -0.10     54   
               125       -0.12     55   
                81       -0.12     56   
               121       -0.17     57   
                72       -0.22     58   
               175       -0.24     59   
               167       -0.24     60   
               114       -0.27     61   
                87       -0.29     62   
                73       -0.36     63   
                92       -0.46     64   
                53       -0.65     65   
               124       -0.79     66   
               137       -0.89     67   
                74       -1.04     68   
                76       -1.21     69   
                96       -1.26     70   
               161       -1.27     71   
                75       -1.51     72   
               152       -1.60     73   
               164       -1.64     74   
               142       -1.81     75   
                84       -1.86     76   
                52       -1.98     77   
                63       -2.07     78   
               165       -2.13     79   
                85       -2.92     80   


Stock  
Number           D  a  t  e  s
        20094  20101  20102  20103  20104 
=====  =====  =====  =====  =====  =====  
   51    3.17   3.36   3.66   3.93   4.40 
   52    2.93   2.33   1.16   0.83   1.15 
   53    2.96   3.36   2.44   2.06   2.81 
   54    3.20   3.62   4.10   4.49   5.92 
   55    3.39   4.51   5.73   7.07   8.96 
   56    4.16   5.80   7.21   6.96   8.60 
   61    3.95   4.44   4.69   5.01   6.02 
   62    2.97   2.76   2.79   3.13   4.93 
   63    2.98   1.45   0.88   0.38   1.11 
   64    2.81   3.43   3.89   4.36   5.26 
   65    4.46   5.97   7.59   9.25   9.25 
   66    3.84   5.63   6.92   8.01   8.19 
   71    3.44   4.05   5.01   6.27  11.49 
   72    2.80   3.00   2.40   2.32   3.14 
   73    3.03   3.13   2.33   2.86   3.25 
   74    3.23   2.69   2.65   2.23   2.66 
   75    3.45   3.23   3.29   3.72   2.36 
   76    3.76   2.70   2.75   2.88   3.10 
   81    3.67   3.41   3.83   4.05   4.31 
   82    3.18   3.68   3.48   2.94   4.32 
   83    3.28   3.61   4.07   3.86   3.87 
   84    2.99   2.40   2.01   1.60   1.37 
   85    0.00   0.00   3.71   1.50   0.35 
   86    2.78   2.94   3.30   3.59   4.41 
   87    0.00   0.00   0.00   3.75   3.63 
   91    4.11   4.60   5.07   5.39   6.95 
   92    2.83   2.51   1.78   2.02   2.88 
   93    0.00   0.00   0.00   3.00   3.10 
   94    2.70   2.37   2.66   2.87   3.60 
   95    3.08   3.15   2.96   3.07   4.34 
   96    0.00   3.09   3.03   1.91   2.01 
  101    2.71   4.52   5.09   5.26   5.65 
  102    3.93   4.02   3.14   3.52   4.73 
  103    2.87   2.92   2.83   3.04   3.79 
  104    3.03   2.37   2.22   3.50   6.53 
  105    2.83   2.31   3.05   3.38   4.96 
  106    3.18   3.86   4.37   4.53   4.89 
  111    3.63   4.71   5.24   5.70   9.02 
  112    2.99   2.21   3.01   3.32   4.83 
  113    3.95   5.68   5.20   5.19   4.99 
  114    2.98   3.21   3.72   2.91   3.20 
  115    3.40   4.03   4.67   4.72   6.11 
  116    3.16   3.62   3.96   4.31   5.85 
  121    3.00   2.96   2.93   2.45   3.44 
  122    2.55   2.61   2.98   3.03   3.89 
  123    3.57   5.93   3.93   4.41   6.67 
  124    4.36   1.69   0.87   0.74   4.34 
  125    3.11   2.79   3.00   3.09   3.64 
  126    2.79   2.68   2.78   2.95   3.67 
  127    0.00   0.00   0.00   2.57   2.86 
  131    3.50   6.83   7.85   8.91   9.22 
  132    2.91   3.06   3.73   4.42   6.45 
  133    3.52   3.50   4.19   3.83   5.61 
  134    2.87   3.66   4.10   3.70   4.03 
  135    2.93   2.73   3.26   3.52   5.33 
  137    3.14   2.99   3.02   2.29   2.74 
  141    2.63   3.25   3.00   2.87   3.89 
  142    2.83   2.44   1.41   1.25   1.24 
  143    3.16   3.25   3.80   4.56   6.24 
  144    2.69   3.03   2.21   2.29   3.15 
  145    3.03   3.68   4.35   4.63   6.23 
  147    3.31   4.99   5.38   6.30   8.52 
  151    3.05   2.80   2.85   3.10   4.08 
  152    2.80   2.38   1.29   1.17   1.46 
  153    3.84   4.52   3.46   3.80   4.33 
  154    4.10   3.85   3.87   4.74   9.22 
  155    4.30   4.70   4.18   4.46   7.75 
  157    2.49   2.56   2.99   3.39   5.01 
  161    3.42   3.28   3.38   2.39   2.61 
  162    3.07   3.23   3.88   4.48   5.46 
  163    3.03   2.53   2.80   2.62   3.52 
  164    3.01   2.64   2.21   1.58   1.67 
  165    3.67   2.22   1.65   2.18   1.67 
  167    2.49   2.07   2.27   2.31   2.73 
  168    0.00   0.00   0.00   4.02   3.71 
  171    2.85   2.62   2.92   2.59   3.85 
  172    3.04   6.11   4.34   5.07   6.01 
  173    2.84   2.72   2.04   2.43   3.88 
  174    4.22   1.96   1.34   0.99   8.77 
  175    3.49   2.78   2.18   3.08   3.95 


  Mkt    3.24   3.38   3.41   3.59   4.66 
TBill  0.0200 0.0175 0.0175 0.0175 0.0175 


          Stock        Shares        Closing                 
         Number        Traded         Price           Change 
         ======      ========        =======         ========
            51              0          4.40            0.47  
            52              0          1.15            0.32  
            53              0          2.81            0.75  
            54              0          5.92            1.43  
            55              0          8.96            1.89  
            56              0          8.60            1.64  
            61              0          6.02            1.01  
            62              0          4.93            1.80  
            63              0          1.11            0.73  
            64              0          5.26            0.90  
            65              0          9.25            0.00  
            66              0          8.19            0.18  
            71              0         11.49            5.22  
            72              0          3.14            0.82  
            73              0          3.25            0.39  
            74              0          2.66            0.43  
            75              0          2.36           -1.36  
            76              0          3.10            0.22  
            81              0          4.31            0.26  
            82              0          4.32            1.38  
            83              0          3.87            0.01  
            84              0          1.37           -0.23  
            85              0          0.35           -1.15  
            86              0          4.41            0.82  
            87              0          3.63           -0.12  
            91              0          6.95            1.56  
            92              0          2.88            0.86  
            93              0          3.10            0.10  
            94              0          3.60            0.73  
            95              0          4.34            1.27  
            96              0          2.01            0.10  
           101              0          5.65            0.39  
           102              0          4.73            1.21  
           103              0          3.79            0.75  
           104              0          6.53            3.03  
           105              0          4.96            1.58  
           106              0          4.89            0.36  
           111              0          9.02            3.32  
           112              0          4.83            1.51  
           113              0          4.99           -0.20  
           114              0          3.20            0.29  
           115              0          6.11            1.39  
           116              0          5.85            1.54  
           121              0          3.44            0.99  
           122              0          3.89            0.86  
           123              0          6.67            2.26  
           124              0          4.34            3.60  
           125              0          3.64            0.55  
           126              0          3.67            0.72  
           127              0          2.86            0.29  
           131              0          9.22            0.31  
           132              0          6.45            2.03  
           133              0          5.61            1.78  
           134              0          4.03            0.33  
           135              0          5.33            1.81  
           137              0          2.74            0.45  
           141              0          3.89            1.02  
           142              0          1.24           -0.01  
           143              0          6.24            1.68  
           144              0          3.15            0.86  
           145              0          6.23            1.60  
           147              0          8.52            2.22  
           151              0          4.08            0.98  
           152              0          1.46            0.29  
           153              0          4.33            0.53  
           154              0          9.22            4.48  
           155              0          7.75            3.29  
           157              0          5.01            1.62  
           161              0          2.61            0.22  
           162              0          5.46            0.98  
           163              0          3.52            0.90  
           164              0          1.67            0.09  
           165              0          1.67           -0.51  
           167              0          2.73            0.42  
           168              0          3.71           -0.31  
           171              0          3.85            1.26  
           172              0          6.01            0.94  
           173              0          3.88            1.45  
           174              0          8.77            7.78  
           175              0          3.95            0.87  


           Mkt              0          4.66            1.07  


Intro Firm NPV Rankings
   List of firms in order of net present value 

             Stock No.    NPV    Index  
                71        6.01      1   
               147        5.41      2   
                55        5.24      3   
                65        4.76      4   
               131        4.09      5   
               154        3.90      6   
               111        3.79      7   
               104        3.03      8   
               174        3.00      9   
                56        2.92     10   
                66        2.90     11   
               132        2.74     12   
               115        2.69     13   
               145        2.32     14   
               123        2.25     15   
               155        2.08     16   
               143        1.97     17   
               101        1.94     18   
                64        1.90     19   
               172        1.90     20   
               157        1.80     21   
               122        1.72     22   
                54        1.67     23   
               116        1.65     24   
                91        1.61     25   
               135        1.50     26   
               113        1.45     27   
               162        1.42     28   
               106        1.27     29   
               105        1.25     30   
               133        1.10     31   
                62        1.09     32   
                86        1.01     33   
                61        1.00     34   
               112        0.98     35   
               153        0.98     36   
               103        0.84     37   
               163        0.75     38   
               141        0.70     39   
                95        0.54     40   
                51        0.45     41   
               134        0.45     42   
                82        0.37     43   
               173        0.35     44   
               171        0.32     45   
               151        0.31     46   
                94        0.26     47   
               126        0.23     48   
               127        0.15     49   
               168       -0.01     50   
               102       -0.04     51   
                93       -0.05     52   
                83       -0.10     53   
               144       -0.10     54   
               125       -0.12     55   
                81       -0.12     56   
               121       -0.17     57   
                72       -0.22     58   
               175       -0.24     59   
               167       -0.24     60   
               114       -0.27     61   
                87       -0.29     62   
                73       -0.36     63   
                92       -0.46     64   
                53       -0.65     65   
               124       -0.79     66   
               137       -0.89     67   
                74       -1.04     68   
                76       -1.21     69   
                96       -1.26     70   
               161       -1.27     71   
                75       -1.51     72   
               152       -1.60     73   
               164       -1.64     74   
               142       -1.81     75   
                84       -1.86     76   
                52       -1.98     77   
                63       -2.07     78   
               165       -2.13     79   
                85       -2.92     80   


Stock  
Number           D  a  t  e  s
        20094  20101  20102  20103  20104 
=====  =====  =====  =====  =====  =====  
   51    3.17   3.36   3.66   3.93   4.40 
   52    2.93   2.33   1.16   0.83   1.15 
   53    2.96   3.36   2.44   2.06   2.81 
   54    3.20   3.62   4.10   4.49   5.92 
   55    3.39   4.51   5.73   7.07   8.96 
   56    4.16   5.80   7.21   6.96   8.60 
   61    3.95   4.44   4.69   5.01   6.02 
   62    2.97   2.76   2.79   3.13   4.93 
   63    2.98   1.45   0.88   0.38   1.11 
   64    2.81   3.43   3.89   4.36   5.26 
   65    4.46   5.97   7.59   9.25   9.25 
   66    3.84   5.63   6.92   8.01   8.19 
   71    3.44   4.05   5.01   6.27  11.49 
   72    2.80   3.00   2.40   2.32   3.14 
   73    3.03   3.13   2.33   2.86   3.25 
   74    3.23   2.69   2.65   2.23   2.66 
   75    3.45   3.23   3.29   3.72   2.36 
   76    3.76   2.70   2.75   2.88   3.10 
   81    3.67   3.41   3.83   4.05   4.31 
   82    3.18   3.68   3.48   2.94   4.32 
   83    3.28   3.61   4.07   3.86   3.87 
   84    2.99   2.40   2.01   1.60   1.37 
   85    0.00   0.00   3.71   1.50   0.35 
   86    2.78   2.94   3.30   3.59   4.41 
   87    0.00   0.00   0.00   3.75   3.63 
   91    4.11   4.60   5.07   5.39   6.95 
   92    2.83   2.51   1.78   2.02   2.88 
   93    0.00   0.00   0.00   3.00   3.10 
   94    2.70   2.37   2.66   2.87   3.60 
   95    3.08   3.15   2.96   3.07   4.34 
   96    0.00   3.09   3.03   1.91   2.01 
  101    2.71   4.52   5.09   5.26   5.65 
  102    3.93   4.02   3.14   3.52   4.73 
  103    2.87   2.92   2.83   3.04   3.79 
  104    3.03   2.37   2.22   3.50   6.53 
  105    2.83   2.31   3.05   3.38   4.96 
  106    3.18   3.86   4.37   4.53   4.89 
  111    3.63   4.71   5.24   5.70   9.02 
  112    2.99   2.21   3.01   3.32   4.83 
  113    3.95   5.68   5.20   5.19   4.99 
  114    2.98   3.21   3.72   2.91   3.20 
  115    3.40   4.03   4.67   4.72   6.11 
  116    3.16   3.62   3.96   4.31   5.85 
  121    3.00   2.96   2.93   2.45   3.44 
  122    2.55   2.61   2.98   3.03   3.89 
  123    3.57   5.93   3.93   4.41   6.67 
  124    4.36   1.69   0.87   0.74   4.34 
  125    3.11   2.79   3.00   3.09   3.64 
  126    2.79   2.68   2.78   2.95   3.67 
  127    0.00   0.00   0.00   2.57   2.86 
  131    3.50   6.83   7.85   8.91   9.22 
  132    2.91   3.06   3.73   4.42   6.45 
  133    3.52   3.50   4.19   3.83   5.61 
  134    2.87   3.66   4.10   3.70   4.03 
  135    2.93   2.73   3.26   3.52   5.33 
  137    3.14   2.99   3.02   2.29   2.74 
  141    2.63   3.25   3.00   2.87   3.89 
  142    2.83   2.44   1.41   1.25   1.24 
  143    3.16   3.25   3.80   4.56   6.24 
  144    2.69   3.03   2.21   2.29   3.15 
  145    3.03   3.68   4.35   4.63   6.23 
  147    3.31   4.99   5.38   6.30   8.52 
  151    3.05   2.80   2.85   3.10   4.08 
  152    2.80   2.38   1.29   1.17   1.46 
  153    3.84   4.52   3.46   3.80   4.33 
  154    4.10   3.85   3.87   4.74   9.22 
  155    4.30   4.70   4.18   4.46   7.75 
  157    2.49   2.56   2.99   3.39   5.01 
  161    3.42   3.28   3.38   2.39   2.61 
  162    3.07   3.23   3.88   4.48   5.46 
  163    3.03   2.53   2.80   2.62   3.52 
  164    3.01   2.64   2.21   1.58   1.67 
  165    3.67   2.22   1.65   2.18   1.67 
  167    2.49   2.07   2.27   2.31   2.73 
  168    0.00   0.00   0.00   4.02   3.71 
  171    2.85   2.62   2.92   2.59   3.85 
  172    3.04   6.11   4.34   5.07   6.01 
  173    2.84   2.72   2.04   2.43   3.88 
  174    4.22   1.96   1.34   0.99   8.77 
  175    3.49   2.78   2.18   3.08   3.95 


  Mkt    3.24   3.38   3.41   3.59   4.66 
TBill  0.0200 0.0175 0.0175 0.0175 0.0175 


          Stock        Shares        Closing                 
         Number        Traded         Price           Change 
         ======      ========        =======         ========
            51              0          4.40            0.47  
            52              0          1.15            0.32  
            53              0          2.81            0.75  
            54              0          5.92            1.43  
            55              0          8.96            1.89  
            56              0          8.60            1.64  
            61              0          6.02            1.01  
            62              0          4.93            1.80  
            63              0          1.11            0.73  
            64              0          5.26            0.90  
            65              0          9.25            0.00  
            66              0          8.19            0.18  
            71              0         11.49            5.22  
            72              0          3.14            0.82  
            73              0          3.25            0.39  
            74              0          2.66            0.43  
            75              0          2.36           -1.36  
            76              0          3.10            0.22  
            81              0          4.31            0.26  
            82              0          4.32            1.38  
            83              0          3.87            0.01  
            84              0          1.37           -0.23  
            85              0          0.35           -1.15  
            86              0          4.41            0.82  
            87              0          3.63           -0.12  
            91              0          6.95            1.56  
            92              0          2.88            0.86  
            93              0          3.10            0.10  
            94              0          3.60            0.73  
            95              0          4.34            1.27  
            96              0          2.01            0.10  
           101              0          5.65            0.39  
           102              0          4.73            1.21  
           103              0          3.79            0.75  
           104              0          6.53            3.03  
           105              0          4.96            1.58  
           106              0          4.89            0.36  
           111              0          9.02            3.32  
           112              0          4.83            1.51  
           113              0          4.99           -0.20  
           114              0          3.20            0.29  
           115              0          6.11            1.39  
           116              0          5.85            1.54  
           121              0          3.44            0.99  
           122              0          3.89            0.86  
           123              0          6.67            2.26  
           124              0          4.34            3.60  
           125              0          3.64            0.55  
           126              0          3.67            0.72  
           127              0          2.86            0.29  
           131              0          9.22            0.31  
           132              0          6.45            2.03  
           133              0          5.61            1.78  
           134              0          4.03            0.33  
           135              0          5.33            1.81  
           137              0          2.74            0.45  
           141              0          3.89            1.02  
           142              0          1.24           -0.01  
           143              0          6.24            1.68  
           144              0          3.15            0.86  
           145              0          6.23            1.60  
           147              0          8.52            2.22  
           151              0          4.08            0.98  
           152              0          1.46            0.29  
           153              0          4.33            0.53  
           154              0          9.22            4.48  
           155              0          7.75            3.29  
           157              0          5.01            1.62  
           161              0          2.61            0.22  
           162              0          5.46            0.98  
           163              0          3.52            0.90  
           164              0          1.67            0.09  
           165              0          1.67           -0.51  
           167              0          2.73            0.42  
           168              0          3.71           -0.31  
           171              0          3.85            1.26  
           172              0          6.01            0.94  
           173              0          3.88            1.45  
           174              0          8.77            7.78  
           175              0          3.95            0.87  


           Mkt              0          4.66            1.07