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Quarter 1, 2011
Bringing You the News Before it Happens The Boss Archives
 

 

World NewsThe EconomyStock ReportFirm NewsPeacock Industries
PRESIDENT OBAMA HALTS TROOP WITHDRAWAL FROM IRAQ:
NOT PRUDENT IN FACE OF IRANIAN PROVOCATIONS

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World News

 

PRESIDENT OBAMA HALTS TROOP WITHDRAWAL FROM IRAQ:
NOT PRUDENT IN FACE OF IRANIAN PROVOCATIONS

            Washington, DC (pa)- US President Barack Obama has ordered a halt to the withdrawal of US military forces from Iraq in the face of the recent surge in violence in that country that American officials charge is the result of Iranian actions, both formal and informal.  Some world leaders have expressed concern that the American president will order military strikes on Iran, but President Obama reassured the American public and those paying attention abroad that the US was not considering attacking Iran but that the US would take decisive actions against any militant Iranian forces operating inside Iraq and would stand behind the Iraqi government and people as they seek to confront the recent violence that many had thought was behind them. 
Within Iran, an “openness movement” has begun in urban areas among university students and other marginalized elements of Iran’s nascent civil society, including members of its business class and small merchants, urban workers, moderate Islamic clerics, and members of minority, i.e. non-Persian, ethnic groups.  The movement has been tolerated inside Iran so far because its demands have been very modest, it contains many members of Iran’s moderate clergy, and it has not presented a direct challenge to Iran’s theocratic political system.  The movement has also been tolerated as an outlet for the expression of dissatisfaction with Iran’s dismal economic performance in recent years, with officials in the Iranian regime hoping that the proper channeling of discontent in this manner will present a relatively harmless release for Iranians as opposed to a more organized and vehement anti-regime manifestation of popular frustration.  Recently, however, some top members of the regime have begun to suggest that the “movement” represents a threat to the Islamic Republic of Iran and that it should be dissolved.  Some within the openness movement worry that violent repression of their organization may be imminent, and have begun making contingency plans in the event that this occurs.  The arrest of a dozen prominent dissidents in recent days may be just the beginning of a massive action against the “movement,” some of its supporters fear.
According to analysts of the US-Iranian relationship, US President Obama has been careful not to threaten military attacks on Iran because this could help the clerical regime rally support to it and justify a crack down on dissenters, as happened during the Bush administration.  “Throughout the tenure of the last American president, the Iranian regime was able to use US pressure on it to repress internal opponents, claiming that they were provocateurs or in alliance with the United States.  The ‘average Iranian’ rallied to his nation’s defense as would many people in other countries threatened by powerful outside forces,” explained Professor Niko Mincic.  “But President Obama has been careful not to do this.  He has only asserted the US commitment to Iraqi security and stability rather than threatening Iran directly.  In this way, ferment is allowed to take place inside Iran without foreign instigation and thus with more legitimacy and more applicability to the local circumstances of the Iranian case.  The democratic movement that is developing there now is taking place organically, without involvement from outside sources, and thus appears much more legitimate and acceptable to the ‘average Iranian.’  This has allowed the movement to more credibly challenge the Iranian regime from within,” Dr. Mincic said. 
Iran’s recently improved relations with Russia may ironically be weakening the Islamic regime and strengthening its civil society opponents, some analysts note.  While the new alliance with Russia gives the regime in Iran more diplomatic support in its clash with the United States, this same factor appears to be weakening the regime internally with its own people.  The Iranian people are much more pro-Western than is their government and would prefer a stronger relationship with the United States and the West in general, according to experts on Iran.  In contrast, the Iranian people are less comfortable aligning themselves with Russia, which they see as interested in a partnership with Iran only for geo-strategic reasons, not out of any affinity for the Iranian people.  Russia’s growing support for the Iranian regime could have the unintended effect of isolating the regime even further from its own people, putting additional strains on state-society relations in Iran, expert observers say.

 


Economic News
Exchange rates showed little movement and the T-Bill rate held constant.  Quarterly profits reported for Q4, 2010 were above expectations and the stock market continued its bullish streak closing Q1 at an all time high of 142.

Concerns were expressed by stock analysts as they felt the stock market responded in a much ‘diminished’ manner to the exceptional quarterly and annual profit reports.  Some think the unease in the Middle East, especially with Russia forcing its way into the political scene, is making investors nervous.  (See political news Q4, 2010 and above.)

Given current political events, economic forecasters lowered their estimates for 2011.  While positive growth is expected, overall economic demand may trend down as business units, especially retail stores, reduce inventory levels.  They may do so as a precaution against major disruptions in oil or a spike in oil prices that would in turn dampen sales.  Through Q1, consumer demand has remained strong.  If the current political crisis is quickly and peacefully resolved, stores are expected to start rebuilding inventories in Q2 and/or Q3.

Some believe we have entered a new era in business risk analysis.  Given the tech crash in 2000 and the housing crash in 2008 and the global meltdown of financial markets following into 2009, management has become very risk adverse.  Bad news which might be followed by even more bad news sends firms into a risk adverse position, that is into a liquid position, meaning cash instead of inventories.  Firms are also likely to delay asset investments where possible.

Is the current political news ‘bad news’ that might be followed by more bad news?  Normally, when considering the last few decades, the answer is no.  But given the harsh lessons of the last decade, a ‘crash’ mentality is in place and the answer is yes.  Bad news in 2010 – 2011 causes firms to immediately seek a more ‘safe’ position.


 

 

 

 

 

 

 

 


Firm and Industry News

Q1, 2011 demand levels were (after seasonal adjustments) slightly lower than in Q4, 2010.  Demand analysis attempted to determine if consumer demand was down or if retail units were lowering inventory levels.  While not conclusive, it appears consumer demand was near normal.

Firms should take this into consideration in their marketing forecasts.  Unless some major event in Q2 or Q3 occurs to shake consumer confidence or lower incomes, wholesale demand should not only rebound, but temporarily increase as normal inventory levels are reestablished. 

Demand at the wholesale and distribution level fell more than 6 - 8% in all products in all areas in Q1 with declining inventories throughout the supply being the cause.

The ‘GREEN’ initiative voting deadline is nearing.  Heated discussions are taking place.  At this time there is no indication how the final vote will go.

Raw material prices of Type 1 reached a low not seen since Q1, 2008.  Firms should consider building inventories for Q4 production if they have sufficient cash on hand or access to inexpensive loans.  This runs contrary to the some who suggest that potential bad political news should have firms flee into a strong cash position.  A phone survey of raw material suppliers have all confirmed that the bottom in prices has been reached and that Q2 will see some slight increases. 


Administrative Notes and Reminders to Firms:

1. Firm 147 opened a subsidiary (Firm 67) in Quarter 1, 2011. Firm 147 and 55 opened a joint venture subsidiary (Firm 128) in Quarter 1, 2011. Firm 55 opened a subsidiary (Firm 97) in Quarter 1, 2011. Firm 65 opened a subsidiary (Firm 148) in Quarter 1, 2011. Firm 115 opened a subsidiary (Firm 88) in Quarter 1, 2011. Firm 147 opened a subsidiary (Firm 67) in Quarter 1, 2011.

2. Firm 121 had a product improvement breakthrough in Quarter 1, 2011. Sales reps reported that a New Feature on Product Type 2 was receiving favorable buyer response.

3. Firm 152 will be fined in Quarter 2, 2011 for illegal dividends issued in Quarter 1, 2011.

4. Firm 73 will be fined in quarter 2, 2011 for an illegal contract entered in Quarter 4, 2010.

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. NEW FIRMS: Remember to set Capacity and Stock Issue decisions to zero!

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 Advanced Firms 57, 136, 146, 156, 166, 176, 177 can all buy from Peacock at the following prices this week: P1 = $56 per unit P2 = $99 per unit

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   P2A2    18000    
              25     111     25   Finished Goods   P2A2    12000    
              22      22    106   Finished Goods   P1A1     1204    
              28      28    161   Finished Goods   P2A2     8000    
              28      28    106   Finished Goods   P2A2     4000    
              28      28    106   Finished Goods   P2A2     5500    
              21      21    144   Finished Goods   P2A2    13000    
              25      61     25   Finished Goods   P2A2     1000    
              21      21    144   Finished Goods   P2A2     2000    
              21      21    144   Finished Goods   P2A1     3500    
              25      25    144   Finished Goods   P1A1     5000    
              25      25    144   Finished Goods   P1A2     3000    
              25      25    144   Finished Goods   P2A1     1440    
              25      25    144   Finished Goods   P2A2    10000    
              28      28    161   Finished Goods   P1A1     1900    
              22      22    106   Finished Goods   P1A2      821    
              23      23     51   Finished Goods   P2A2     3958    
              23      23     51   Finished Goods   P2A2     4739    
              25      61     25   Finished Goods   P1A1     1000    
              21      21    144   Finished Goods   P1A1     3000    
              28      28    161   Finished Goods   P1A2     4500           

          Industry  5 
          Accepter  Buyer  Seller    Item               Quantity    
              55     105     55   Finished Goods   P2A2     2000    
              56      56    103   Finished Goods   P2A2     5000    
              55     186     55   Finished Goods   P1A1      940    
              53      53    122   Raw Mtls         T2A2    10000    

          Industry  6 
          Accepter  Buyer  Seller    Item               Quantity    
              61      61     51   Finished Goods   P2A2     1000    

          Industry  7 
          Accepter  Buyer  Seller    Item               Quantity    
              71      71    183   Finished Goods   P2A1     1000    
              71      71     25   Finished Goods   P2A2     6200    

          Industry  8 
          Accepter  Buyer  Seller    Item               Quantity    
              86      86     93   Finished Goods   P2A2     4000    
              81      81    144   Finished Goods   P1A1     4500    
              81      81    144   Finished Goods   P2A1     6000    

          Industry  9 
          Accepter  Buyer  Seller    Item               Quantity    
              96      71     96   Finished Goods   P1A2     1000    
              91      91     51   Finished Goods   P2A2     3000    
              96     111     96   Finished Goods   P2A2     4500    
              96     111     96   Finished Goods   P2A1     5000    
              96      71     96   Finished Goods   P1A1     1000    
              97      97     55   Finished Goods   P1A1     1880    
              97      97     55   Finished Goods   P1A2     1000    
              97      97     55   Finished Goods   P2A1     5000    
              97      97     55   Finished Goods   P2A2    11000  
              91      91    183   Finished Goods   P2A2     5000    
              91      91    183   Finished Goods   P2A1     3000    
  
          Industry  10 
          Accepter  Buyer  Seller    Item               Quantity    
             106     124    106   Finished Goods   P1A1     1500    
             106     124    106   Finished Goods   P2A1     3000    
             106     124    106   Finished Goods   P1A2     1000    
             106     124    106   Finished Goods   P2A2     5000    

          Industry  11 
          Accepter  Buyer  Seller    Item               Quantity    
             115      88    115   Finished Goods   P1A2     5000    
             115      88    115   Finished Goods   P2A2     9500   
             115     186    115   Finished Goods   P1A2      940    
             113     182    113   Finished Goods   P2A2    10000    
             113     182    113   Finished Goods   P2A2     8000    
 
          Industry  12 
          Accepter  Buyer  Seller    Item               Quantity    
             123     123    133   Raw Mtls         T2A2    94612    
             123     123    133   Raw Mtls         T1A1    23082    
             123     123    133   Raw Mtls         T2A1    46675    
             123     123    133   Raw Mtls         T1A2    44774    
             121     121    111   Finished Goods   P2A1     5000    
             128     128    147   Finished Goods   P2A1     1400    
             128     128    147   Finished Goods   P2A1      500    
             128     128    144   Finished Goods   P2A2     9100    
             128     128     55   Finished Goods   P1A1     1920    
             128     128     55   Finished Goods   P1A2     1041   
             121     121    183   Finished Goods   P2A2    10000    

          Industry  13 
          Accepter  Buyer  Seller    Item               Quantity    
             135     134    135   Finished Goods   P2A1     2000    

          Industry  14 
          Accepter  Buyer  Seller    Item               Quantity    
             148     148     65   Finished Goods   P1A1      850    
             148     148     65   Finished Goods   P1A1      650    
             148     148     65   Finished Goods   P2A2     5000    
             148     148     65   Finished Goods   P2A2    10000    
             144     144     93   Finished Goods   P1A1    14200    
             144     144     93   Finished Goods   P1A2     2600    
             144     144     93   Finished Goods   P2A1    24390    
             144     144     93   Finished Goods   P2A2   129650    
             147      67    147   Finished Goods   P1A1      724    
             147      67    147   Finished Goods   P2A1     3381    
             147      67    147   Finished Goods   P1A2      883    
             147      67    147   Finished Goods   P2A2     7058    
             147      67    147   Finished Goods   P2A1     4733    
             147     128    147   Finished Goods   P2A1     3750    
             143     143    103   Finished Goods   P2A1     4500    
             144     184    144   Finished Goods   P1A1     3000    
             144     184    144   Finished Goods   P1A2     3000    
             144     184    144   Finished Goods   P2A1     4000    
             144     184    144   Finished Goods   P2A2     6000    
             144     184    144   Finished Goods   P1A1     1000    
             144     184    144   Finished Goods   P1A2     1000    
             144     184    144   Finished Goods   P2A1     2000    
             144     184    144   Finished Goods   P2A2     2000    

          Industry  15 
          Accepter  Buyer  Seller    Item               Quantity    
             151     151     51   Finished Goods   P2A2     3000    
             153     153    133   Finished Goods   P2A2     2000    

          Industry  16 
          Accepter  Buyer  Seller    Item               Quantity    
             168     168    133   Finished Goods   P2A1     1500    
             161     182    161   Finished Goods   P1A1     2500    
             161     182    161   Finished Goods   P1A2     1000    
             161      24    161   Finished Goods   P1A1      970    
             161      24    161   Finished Goods   P1A2      730    
             161     181    161   Finished Goods   P1A1     1500    
             161     181    161   Finished Goods   P1A2     1500    
             161      27    161   Finished Goods   P1A1     3012    
             161      27    161   Finished Goods   P1A2     1550    
             161     186    161   Finished Goods   P2A2     8000    

          Industry  17 
          Accepter  Buyer  Seller    Item               Quantity    
             171     171     93   Finished Goods   P1A1     2600    
             171     171     93   Finished Goods   P1A2     1400    

          Industry  18 
          Accepter  Buyer  Seller    Item               Quantity    
             185     185    144   Finished Goods   P1A1     4000    
             185     185    144   Finished Goods   P2A1     7000    
             185     185    144   Finished Goods   P1A2     3000    
             185     185    144   Finished Goods   P2A2    25000    
             183     183    144   Finished Goods   P1A1     2000    
             183     183    144   Finished Goods   P2A1     1500    
             183     183    144   Finished Goods   P1A2     3000    
             183     183    144   Finished Goods   P2A2     9500    
             187     187    144   Finished Goods   P1A1     1000    
             187     187    144   Finished Goods   P1A2     2000    
             187     187    144   Finished Goods   P2A1     4000    
             187     187    144   Finished Goods   P2A2    18000    
             187     187    144   Finished Goods   P1A1      500    
             187     187    144   Finished Goods   P1A2      500    
             187     187    144   Finished Goods   P2A1     2000    
             187     187    144   Finished Goods   P2A2     4000    
             183     183    144   Finished Goods   P2A1     2000    
             183     183    144   Finished Goods   P2A2     9000    
             183     105    183   Finished Goods   P2A1     2000    
             183     105    183   Finished Goods   P2A2     9000    
             183     183    144   Finished Goods   P2A1     5500    
             183     183    144   Finished Goods   P2A2    14500    
             188     188    144   Finished Goods   P1A1     1200    
             188     188    144   Finished Goods   P2A1     5150    
             188     188    144   Finished Goods   P1A2     1100    
             188     188    144   Finished Goods   P2A2    14550    

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  
               147        6.16      1   
                65        5.97      2   
                55        5.62      3   
               131        3.98      4   
                71        3.63      5   
                66        3.11      6   
               154        2.99      7   
                56        2.93      8   
               115        2.92      9   
               128        2.80     10   
               111        2.62     11   
                67        2.42     12   
               145        2.36     13   
               132        2.35     14   
               123        2.24     15   
               113        2.20     16   
                97        2.11     17   
               104        2.05     18   
               101        1.96     19   
               122        1.93     20   
               106        1.87     21   
               157        1.80     22   
               172        1.80     23   
                64        1.65     24   
               103        1.57     25   
               143        1.57     26   
                54        1.54     27   
                91        1.39     28   
               116        1.36     29   
               135        1.32     30   
                86        1.22     31   
               155        1.15     32   
               162        1.01     33   
               127        0.97     34   
               153        0.84     35   
               177        0.76     36   
               163        0.72     37   
                61        0.70     38   
               114        0.67     39   
               112        0.60     40   
               134        0.59     41   
               141        0.47     42   
               105        0.43     43   
                51        0.41     44   
               168        0.40     45   
               173        0.40     46   
                62        0.39     47   
                87        0.37     48   
               176        0.24     49   
                94        0.17     50   
               133        0.17     51   
                83        0.15     52   
               171        0.15     53   
                82        0.13     54   
               174        0.11     55   
               151        0.08     56   
               126        0.05     57   
                57        0.02     58   
                95       -0.08     59   
               125       -0.11     60   
                93       -0.12     61   
                81       -0.17     62   
               102       -0.19     63   
               144       -0.20     64   
               167       -0.23     65   
               121       -0.25     66   
               166       -0.26     67   
               156       -0.28     68   
                72       -0.43     69   
               148       -0.48     70   
                73       -0.49     71   
               146       -0.54     72   
               175       -0.66     73   
               137       -0.72     74   
                53       -0.74     75   
                92       -0.79     76   
                75       -0.82     77   
                96       -0.91     78   
                74       -0.93     79   
               161       -0.96     80   
                88       -1.09     81   
                76       -1.23     82   
               136       -1.32     83   
               164       -1.33     84   
               152       -1.53     85   
                84       -1.64     86   
               142       -1.73     87   
                52       -1.95     88   
               165       -1.97     89   
               124       -2.00     90   
                63       -2.22     91   
                85       -3.04     92   

Stock  
Number                  D  a  t  e  s
        20094  20101  20102  20103  20104  20111 
=====  =====  =====  =====  =====  =====  =====  
   51    3.17   3.36   3.66   3.93   4.40   4.48 
   52    2.93   2.33   1.16   0.83   1.15   1.52 
   53    2.96   3.36   2.44   2.06   2.81   3.28 
   54    3.20   3.62   4.10   4.49   5.92   6.89 
   55    3.39   4.51   5.73   7.07   8.96   9.74 
   56    4.16   5.80   7.21   6.96   8.60   9.13 
   57    0.00   0.00   0.00   0.00   3.64   3.84 
   61    3.95   4.44   4.69   5.01   6.02   6.44 
   62    2.97   2.76   2.79   3.13   4.93   5.31 
   63    2.98   1.45   0.88   0.38   1.11   1.27 
   64    2.81   3.43   3.89   4.36   5.26   5.97 
   65    4.46   5.97   7.59   9.25   9.25  11.14 
   66    3.84   5.63   6.92   8.01   8.19   8.83 
   67    0.00   0.00   0.00   0.00   4.18   6.43 
   71    3.44   4.05   5.01   6.27  11.49  11.34 
   72    2.80   3.00   2.40   2.32   3.14   3.45 
   73    3.03   3.13   2.33   2.86   3.25   3.71 
   74    3.23   2.69   2.65   2.23   2.66   3.41 
   75    3.45   3.23   3.29   3.72   2.36   3.03 
   76    3.76   2.70   2.75   2.88   3.10   3.28 
   81    3.67   3.41   3.83   4.05   4.31   4.42 
   82    3.18   3.68   3.48   2.94   4.32   5.11 
   83    3.28   3.61   4.07   3.86   3.87   4.50 
   84    2.99   2.40   2.01   1.60   1.37   1.36 
   85    0.00   0.00   3.71   1.50   0.35   0.23 
   86    2.78   2.94   3.30   3.59   4.41   4.36 
   87    0.00   0.00   0.00   3.75   3.63   4.54 
   88    0.00   0.00   0.00   0.00   3.53   2.56 
   91    4.11   4.60   5.07   5.39   6.95   7.96 
   92    2.83   2.51   1.78   2.02   2.88   3.12 
   93    0.00   0.00   0.00   3.00   3.10   3.18 
   94    2.70   2.37   2.66   2.87   3.60   4.64 
   95    3.08   3.15   2.96   3.07   4.34   3.70 
   96    0.00   3.09   3.03   1.91   2.01   2.54 
   97    0.00   0.00   0.00   0.00   4.42   6.36 
  101    2.71   4.52   5.09   5.26   5.65   6.24 
  102    3.93   4.02   3.14   3.52   4.73   6.20 
  103    2.87   2.92   2.83   3.04   3.79   5.05 
  104    3.03   2.37   2.22   3.50   6.53   9.18 
  105    2.83   2.31   3.05   3.38   4.96   3.39 
  106    3.18   3.86   4.37   4.53   4.89   5.22 
  111    3.63   4.71   5.24   5.70   9.02   9.29 
  112    2.99   2.21   3.01   3.32   4.83   6.12 
  113    3.95   5.68   5.20   5.19   4.99   5.79 
  114    2.98   3.21   3.72   2.91   3.20   7.15 
  115    3.40   4.03   4.67   4.72   6.11   8.18 
  116    3.16   3.62   3.96   4.31   5.85   5.62 
  121    3.00   2.96   2.93   2.45   3.44   4.31 
  122    2.55   2.61   2.98   3.03   3.89   4.52 
  123    3.57   5.93   3.93   4.41   6.67   8.35 
  124    4.36   1.69   0.87   0.74   4.34   5.68 
  125    3.11   2.79   3.00   3.09   3.64   4.63 
  126    2.79   2.68   2.78   2.95   3.67   4.17 
  127    0.00   0.00   0.00   2.57   2.86   3.90 
  128    0.00   0.00   0.00   0.00   4.15   6.80 
  131    3.50   6.83   7.85   8.91   9.22   9.61 
  132    2.91   3.06   3.73   4.42   6.45   8.26 
  133    3.52   3.50   4.19   3.83   5.61   3.86 
  134    2.87   3.66   4.10   3.70   4.03   4.19 
  135    2.93   2.73   3.26   3.52   5.33   6.24 
  136    0.00   0.00   0.00   0.00   3.02   1.28 
  137    3.14   2.99   3.02   2.29   2.74   3.47 
  141    2.63   3.25   3.00   2.87   3.89   4.41 
  142    2.83   2.44   1.41   1.25   1.24   1.31 
  143    3.16   3.25   3.80   4.56   6.24   8.16 
  144    2.69   3.03   2.21   2.29   3.15   2.34 
  145    3.03   3.68   4.35   4.63   6.23   7.67 
  146    0.00   0.00   0.00   0.00   3.86   3.49 
  147    3.31   4.99   5.38   6.30   8.52  11.52 
  148    0.00   0.00   0.00   0.00   3.75   3.43 
  151    3.05   2.80   2.85   3.10   4.08   4.96 
  152    2.80   2.38   1.29   1.17   1.46   1.36 
  153    3.84   4.52   3.46   3.80   4.33   4.73 
  154    4.10   3.85   3.87   4.74   9.22  10.71 
  155    4.30   4.70   4.18   4.46   7.75   9.95 
  156    0.00   0.00   0.00   0.00   2.98   2.84 
  157    2.49   2.56   2.99   3.39   5.01   6.20 
  161    3.42   3.28   3.38   2.39   2.61   3.28 
  162    3.07   3.23   3.88   4.48   5.46   5.67 
  163    3.03   2.53   2.80   2.62   3.52   4.78 
  164    3.01   2.64   2.21   1.58   1.67   2.13 
  165    3.67   2.22   1.65   2.18   1.67   1.77 
  166    0.00   0.00   0.00   0.00   2.70   2.56 
  167    2.49   2.07   2.27   2.31   2.73   3.11 
  168    0.00   0.00   0.00   4.02   3.71   4.25 
  171    2.85   2.62   2.92   2.59   3.85   5.04 
  172    3.04   6.11   4.34   5.07   6.01   6.59 
  173    2.84   2.72   2.04   2.43   3.88   5.41 
  174    4.22   1.96   1.34   0.99   8.77  10.25 
  175    3.49   2.78   2.18   3.08   3.95   4.40 
  176    0.00   0.00   0.00   0.00   3.42   3.84 
  177    0.00   0.00   0.00   0.00   3.20   4.16 


  Mkt    3.24   3.38   3.41   3.59   4.52   5.20 
TBill  0.0200 0.0175 0.0175 0.0175 0.0175 0.0175 


          Stock        Shares        Closing                 
         Number        Traded         Price           Change 
         ======      ========        =======         ========
            51              0          4.48            0.08  
            52              0          1.52            0.37  
            53              0          3.28            0.47  
            54              0          6.89            0.97  
            55              0          9.74            0.78  
            56              0          9.13            0.53  
            57              0          3.84            0.20  
            61              0          6.44            0.42  
            62              0          5.31            0.38  
            63              0          1.27            0.16  
            64              0          5.97            0.71  
            65              0         11.14            1.89  
            66              0          8.83            0.64  
            67              0          6.43            2.25  
            71              0         11.34           -0.15  
            72              0          3.45            0.31  
            73              0          3.71            0.46  
            74              0          3.41            0.75  
            75              0          3.03            0.67  
            76              0          3.28            0.18  
            81              0          4.42            0.11  
            82              0          5.11            0.79  
            83              0          4.50            0.63  
            84              0          1.36           -0.01  
            85              0          0.23           -0.12  
            86              0          4.36           -0.05  
            87              0          4.54            0.91  
            88              0          2.56           -0.97  
            91              0          7.96            1.01  
            92              0          3.12            0.24  
            93              0          3.18            0.08  
            94              0          4.64            1.04  
            95              0          3.70           -0.64  
            96              0          2.54            0.53  
            97              0          6.36            1.94  
           101              0          6.24            0.59  
           102              0          6.20            1.47  
           103              0          5.05            1.26  
           104              0          9.18            2.65  
           105              0          3.39           -1.57  
           106              0          5.22            0.33  
           111              0          9.29            0.27  
           112              0          6.12            1.29  
           113              0          5.79            0.80  
           114              0          7.15            3.95  
           115              0          8.18            2.07  
           116              0          5.62           -0.23  
           121              0          4.31            0.87  
           122              0          4.52            0.63  
           123              0          8.35            1.68  
           124              0          5.68            1.34  
           125              0          4.63            0.99  
           126              0          4.17            0.50  
           127              0          3.90            1.04  
           128              0          6.80            2.65  
           131              0          9.61            0.39  
           132              0          8.26            1.81  
           133              0          3.86           -1.75  
           134              0          4.19            0.16  
           135              0          6.24            0.91  
           136              0          1.28           -1.74  
           137              0          3.47            0.73  
           141              0          4.41            0.52  
           142              0          1.31            0.07  
           143              0          8.16            1.92  
           144              0          2.34           -0.81  
           145              0          7.67            1.44  
           146              0          3.49           -0.37  
           147              0         11.52            3.00  
           148              0          3.43           -0.32  
           151              0          4.96            0.88  
           152              0          1.36           -0.10  
           153              0          4.73            0.40  
           154              0         10.71            1.49  
           155              0          9.95            2.20  
           156              0          2.84           -0.14  
           157              0          6.20            1.19  
           161              0          3.28            0.67  
           162              0          5.67            0.21  
           163              0          4.78            1.26  
           164              0          2.13            0.46  
           165              0          1.77            0.10  
           166              0          2.56           -0.14  
           167              0          3.11            0.38  
           168              0          4.25            0.54  
           171              0          5.04            1.19  
           172              0          6.59            0.58  
           173              0          5.41            1.53  
           174              0         10.25            1.48  
           175              0          4.40            0.45  
           176              0          3.84            0.42  
           177              0          4.16            0.96  


           Mkt              0          5.20            0.68  


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

             Stock No.    NPV    Index  
               187       13.66      1   
               188        7.78      2   
               185        6.78      3   
                28        5.58      4   
                24        5.50      5   
                27        5.00      6   
                26        4.99      7   
                22        4.87      8   
               184        4.69      9   
               182        4.47     10   
               181        3.93     11   
                25        3.72     12   
                23        3.55     13   
                21        3.51     14   
               186        2.14     15   
               183        2.04     16   
Stock  
Number              D  a  t  e  s
        20101  20102  20103  20104  20111 
=====  =====  =====  =====  =====  =====  
   21    3.65   3.90   3.58   5.78   8.40 
   22    3.32   3.47   4.71   6.84   9.66 
   23    3.32   3.52   4.32   5.74   8.15 
   24    3.45   4.03   4.57   7.78  10.47 
   25    3.31   3.51   4.54   8.39   8.04 
   26    3.45   3.60   4.39   9.43  10.26 
   27    3.74   4.19   3.45   7.08   9.83 
   28    3.09   3.27   3.90   7.90   9.57 
  181    4.22   4.64   5.55   8.99   9.91 
  182    2.93   3.12   4.14   7.29   8.60 
  183    3.35   3.48   4.04   5.12   6.05 
  184    3.65   4.05   4.91   8.34   9.84 
  185    3.42   3.69   4.51   9.11  10.87 
  186    2.89   3.10   2.86   4.68   6.12 
  187    3.92   4.28   6.19  13.05  19.84 
  188    3.94   5.05   5.11   9.89  13.94 


  Mkt    3.48   3.81   4.42   7.84   9.97 
TBill  0.0200 0.0175 0.0175 0.0175 0.0175  


          Stock        Shares        Closing                 
         Number        Traded         Price           Change 
         ======      ========        =======         ========
            21              0          8.40            2.62  
            22              0          9.66            2.82  
            23              0          8.15            2.41  
            24              0         10.47            2.69  
            25              0          8.04           -0.35  
            26              0         10.26            0.83  
            27              0          9.83            2.75  
            28              0          9.57            1.67  
           181              0          9.91            0.92  
           182              0          8.60            1.31  
           183              0          6.05            0.93  
           184              0          9.84            1.50  
           185              0         10.87            1.76  
           186              0          6.12            1.44  
           187              0         19.84            6.79  
           188              0         13.94            4.05  


           Mkt              0          9.97            2.13