Updated 3-Month FDA Decision Calendar
[web link to updated 3-Month FDA Decision Calendar] [more]
A Grim Diagnosis for HealthShares ETFs
In an abrupt departure from just over one month ago, XShares announced today that it will liquidate the four remaining HealthShares exchange-traded funds [ETFs] with a last day of trading on December 23 and dissolve the associated health fund management company by year-end. In late August, XShares announced that it would shutter 15 of the 19 HealthShares ETFs while lowering the expense ratios for the four remaining funds while making other changes such as increasing the number of holdings in each fund in an effort to attract more investors.
Below are the four ETFs in the HealthShares line-up, along with the net assets, number of securities in each fund, and the trailing 12-month [ttm] performance:
HealthShares Cancer (HHK) – $7.1M net assets, 32 holdings, -25% ttm
HealthShares European Drugs (HRJ) – $1.5M net assets, 29 holdings, -35% ttm
HealthShares Diagnostics (HHD) – $12M net assets, 35 holdings, -38% ttm
HealthShares Drug Discovery Tools (HHV) – $6.4M net assets, 30 holdings, -32% ttm
Healthcare Select Sector SPDR ETF (XLV) -30% over $2B net assets over 50 holdings
At the time of the initial HealthShares overhaul in late summer, XShares said it was committed to bringing new health ETFs to the market in the coming months such as Asian Health and others already registered with the SEC. However, interim CEO Joseph Schocken stated that tough market conditions have made it difficult for the funds to attract investor assets so XShares will now focus on bringing new funds related to the environment and infrastructure to the market in 2009 – such as its AirShares commodity pool fund in registration to compete with the iShares Global Carbon ETN (GRN).
XShares is now down to one remaining family of ETFs, which are target-date funds under the TDX Independence name. The target-date funds have proven to be the most successful in terms of attracting net assets, but the space has attracted competition from the likes of iShares, Dow Jones, and Standard & Poor's.
TDX Independence 2010 ETF (TDD) - $18M net assets, -13.5% ttm
TDX Independence 2020 ETF (TDH) - $33M net assets, -29% ttm
TDX Independence 2030 ETF (TDN) - $26M net assets, -37% ttm
TDX Independence 2040 ETF (TDV) - $26M net assets, -39% ttm
TDX Independence In-Target ETF (TDX) - $24M net assets, -4% ttm
S&P 500 SPDR ETF (SPY): -37% ttm
The accompanying table includes the new global equity indexes and ETF ideas for ETF Innovators, LLP, [ETFI] which is my business venture with the former Chairman of HealthShares. I believe the healthcare sector and ETF industry still has room for new product ideas, although it is clear that a narrow or niche based approach is doomed to fail, especially during challenging market and economic conditions such as now. [more]
An Etelos Restricted Stock Offering at Craigslist I came across an interesting offer on Craigslist today to sell 144 restricted stock for Etelos Inc. (OTCBB: ETLO), representing about 10% of the 23.05 million total shares outstanding. Since the stock is thinly traded with an average volume of less than 2,000 shares per day, the seller is looking to negotiate a block trade on his own and the ask price is generous at a 69% discount of the closing price today. Below is a summary and links for the listing, followed by a summary of the company.
Web Link to Listing: http://sfbay.craigslist.org/pen/for/933363938.html
Date: 2008-11-25, 4:16AM PST
SF bay area craigslist > peninsula > general
This is 2.383 million shares of restricted 144 stock of Etelos, Inc. (OTCBB:ETLO) at a price of $0.12 per share. All restrictions will be lifted and the stock freely tradable after a six (6) month holding period by the new buyer. The buyer will need to complete an Accredited Investor Questionaire and sign a Stock Purchase Agreement. Please write if you have interest in this opportunity to own approximately 10% of a Software as a Service Web 2.0 company.
it's NOT ok to contact this poster with services or other commercial interests
Etelos is a provider of a Software as a Service [SaaS] ecosystem for the creation, distribution, and use of Web applications, which also offers a marketplace for the deployment and support of these services. The Company offers open standards-based tools for Web developers, businesses, and individual users, such as the Etelos Application Server and the Etelos Development Environment that supports various common programming languages; and the English Application Scripting Engine, a scripting language developed by the Company. The Etelos Marketplace supports and encourages communities of developers, distributors, and consumers to expand their offerings, collaborate on new ideas and improvements, and provide scalable solutions using Web applications.
Total worldwide revenue for SaaS within the enterprise software markets is projected to surpass $5.1 billion in 2007, a 21% increase from 2006 revenue, according to Gartner, Inc . The market is poised for strong growth through 2011, when worldwide revenue will surpass $19 billion, based on Gartner’s estimates. Goldman Sachs predicts the market will capture $21.4 billion of a $114 billion total market by the end of 2011. IDC has similar expectations, pegging annual compound growth of roughly 32% for the next four years and a total SaaS market of roughly $15 billion by 2011.
In the past year, SaaS companies such as VMware (VMW) (-75.6%), salesforce.com (CRM) (-52.9%), and NetSuite (N) (-77.1%) are down sharply compared to a decline of 42.7% for the Technology SPDR (XLK). [more]
Abbott Labs (ABT) is a consistent performer with diversified healthcare operations, including pharmaceuticals, diagnostics, medical nutrition products, and medical devices/stents. ABT is back to the lower end of its trading range near 50 bucks, presenting an excellent entry point with a 2.8% dividend yield and forward PE of about 14X. [more]
Achillion Pharma: Funding in Place to Advance HCV Pipeline Achillion Pharma (ACHN) is a promising micro-cap biotech, specializing in the development of new treatments for infectious diseases, such as the multi-billion dollar market for the chronic treatment of hepatitis C. As I recently wrote, several companies in this space have been bought out at huge premiums over the past year – including an astounding premium of over 400% for a $57M buyout by GlaxoSmithKline (GSK) of hepatitis C virus [HCV] developer Genelabs (GNLB).
Since completing a $41.5M private placement in mid-August (of which $31.1M was already received), Achillion has sufficient liquidity through most of 2010 and is focused on the development of its two pre-clinical HCV compounds, ACH-1095 and ACH-1625. ACH-1095 is part of a 2004 research collaboration with Gilead Sciences (GILD) for which Achillion received $10M upfront and may receive an additional $157M in potential milestone payments from the time of an IND filing to begin clinical studies through commercialization.
Achillion expects to file INDs with the FDA to begin clinical studies for ACH-1095 before year-end and ACH-1625 during 1Q09, starting with Phase 1 pharmacokinetic [PK] + safety studies during 1H09 and progressing to Phase 1b proof-of-concept studies during 2H09. The Company also has an antibiotic drug candidate (ACH-702) which is expected to commence clinical studies in the near-term and it possesses a novel mechanism of action that may be useful against resistant pathogens such as MRSA.
Achillion has a total of 26.4M shares outstanding with a low float of just 12.2M shares and a negligible short interest of less than 0.2M shares. The market cap stands at $26.4M at the close today with $44.3M in cash, $7.7M in debt, and an enterprise value of negative $10.2M.
Thanks to net proceeds of nearly $30M from the private placement in mid-August, Achillion has no concerns over trying to raise cash during the difficult market conditions and can focus on moving its two lead HCV product candidates into the clinic by early next year – with promising results so far for fully-owned ACH-1625 with high potency (for lower dosage requirements), potential once-daily dosing, and possible synergistic effects with other HCV medications.
Below are some recent articles on other companies included in the ETF Innovators [ETFI] Emerging Bio-Pharma Index and smaller companies in the micro-cap range:
Emerging Biotech & Pharma Index: 36 More Cos.
A New Index of Emerging Biotech & Pharma Companies
Navigating the Minefield of Micro-Cap Biotechs [more]
A New Global Healthcare Composite Index
[web link to index stats & Top 50 Rated Cos.] [more]
YTD Analysis of Lumber Prices Vs. Timber ETFs
[web link to YTD chart of Lumber, CUT, WOOD, and SPY] [more]
Updated FDA Calendar of 75 Decision Dates
[web link to calendar of 75 FDA decision dates] [more]
The fear and pessimism behind major selling pressure and stock market losses can be summarized by the late Jim Morrison in a song by The Doors called 'Roadhouse Blues' – "The future's uncertain, and the end is always near." Some stocks that I follow which are trading at less than half of the 20% decline for the S&P 500 ETF (SPY) below its 50-day moving average are highlighted below. [more]
Defensive Stock Opportunities Outside of Healthcare As a follow-up to the top rated companies highlighted from the ETF Innovators [ETFI] healthcare and transport indexes, below are some top rated companies from other sectors and industry groups.
From the Global Tobacco Index, Altria Group (MO) is a top rated stock with a dividend yield near 8% which is set to acquire smokeless tobacco maker UST Inc. (UST) early next year and is poised to capitalize on a strong U.S. Dollar (UUP) compared to the international operations of Philip Morris (PM).
In the Nordic Region, Nokia (NOK) is yielding around 6% since losing about two-thirds of its market value over the past year and is trading at a forward PE below 10 as a turnaround, large-cap ($48B) value play. Scandinavia also offers a leading wind energy company in Vestas Wind Systems (VWDRY), which is down sharply from its peak and is a major holding in Wind Energy ETFs such as those from First Trust (FAN) and PowerShares (PWND). StatoilHydro (STO) is an oil & gas company from Norway which recently signed a deal with Chesapeake Energy (CHK) for the development of unconventional gas reserves in the Marcellus Shale in the Appalachian region of the U.S.
The Global Telecom Services Index offers U.S. giants Verizon (VZ) and AT&T (T), which are both yielding around 6%, while many foreign large-cap telcos are yielding even more such as France Telecom (FTE), Deutsche Telekom (DT), Swisscom (SCMWY), and Telstra (TLSYY).
From the defensive indexes, Wal-Mart (WMT) offers a play on the trade-down effect and all-in-one discount retailer of choice for an increasing number of people while McDonalds (MCD) offers a similar option in the area of fast food and coffee as a trade-down from Starbucks (SBUX) and higher priced restaurants. Defensive high-yielding stocks to consider include utilities such as Duke (DUK) and Progress Energy (PGN) as well as large cap integrated energy companies such as Eni (E), Sasol (SSL), and British Petroleum (BP).
Some consumer staples and food companies to consider include Kraft (KFT), Nestle (NSRGY), and Procter & Gamble (PG) while Monsanto (MON) is attractive as an agri-biotech growth play which is down by more than 50% from its highs since momentum trade ended for fertilizer stocks such as Potash (POT). For diversification and exposure to gold, Barrick Gold (ABX) provides a low-risk, large-cap option trading at a forward PE around 10. [more]
Former Wall Street Favorites Sink to Single Digits The following includes a growing list of companies whose stock are trading in single digits despite a market cap exceeding $5B as investors no longer need to venture into the minefield of micro-cap stocks for tremendous volatility and trading opportunities. It is not meant to be a complete list, but represents well-known companies across a variety of sectors which offer the potential for high returns once the current market pessimism passes and economic growth returns.
The best approach for investing or trading in these stocks is to select a basket of at least five of the companies to balance the inherent risks of the current bear market with the potential for reward in the form of major upside on sharp market rallies or through long-term recoveries. The stock prices, 10-year returns, market caps, and dividend yields are listed for each company.
S&P 500 SPDR ETF (SPY) -28% (10-year return)
Citigroup (C) $6.40, -70%, $35B, 7.7%
Taiwan Semiconductor (TSM) $6.13, -58%, $31B, 6.1%
Time Warner (TWX) $8.14, -53%, $29B, 3%
EMC Corp (EMC) $9.80, -41.5%, $20B, 0%
News Corp (NWS) $6.55, -51%, $16.5B, 1.8%
Corning (GLW) $8.43, -37%, $13B, 2.4%
Yahoo! (YHOO) $9.14, -56.5%, $12.7B, 0%
Applied Materials (AMAT) $8.42, -12%, $11.3B, 2.5%
Boston Scientific (BSX) $6.55, -45%, $9.8B, 0%
Motorola (MOT) $3.44, -81%, $7.8B, 5.1%
Alcoa (AA) $8.16, -59%, $6.5B, 7.2%
Southwest Airlines (LUV) $8.67, -9%, $6.4B, 0.2%
Sara Lee (SLE) $8.82, -71%, $6.2B, 4.7%
Citigroup has lost over two-thirds of its market value over the past 10 years and is down about 33% in just the last five days, trading at a market cap of $35B – despite a $25B equity stake by the U.S. government as part of the $700B rescue package and below the $41B market cap of U.S. Bancorp (USB).
The departure of Jerry Yang as CEO of Yahoo! resulted in a short-lived bounce earlier this week which ended abruptly yesterday as Microsoft (MSFT) CEO Steve Ballmer reiterated that buyout talks are finished, but a deal for web search is still possible. This morning, Bloomberg is reporting that talks continue between Yahoo! and Time Warner (TWX) for the latter to sell its AOL stake. Such a deal may be valued at around $6B and would boost Yahoo's display advertising business and add subscribers through email and IM. Yahoo! has seen its market cap dwindle to below $13B since rejecting Microsoft's bid of $47.5B earlier this year.
The list also features some high-yielding tech stocks such as Motorola and Taiwan Semi, with dividend yields of 5.1% and 6.1%, respectively, which are largely the result of share price declines to single digits. Traditional safe have sectors also make the list with consumer staple products maker Sara Lee and medical devices and stent maker Boston Scientific. [more]
Regenerative Medicine: The Next Frontier for Big Pharma
An article last week at the WSJ Health Blog outlined plans by Pfizer (PFE) to begin putting its billions of dollars in cash to use in the emerging field of regenerative medicine and stem cell therapies. Also, an article on Bloomberg identifies GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Novartis (NVS), and Roche (RHHBY) as other healthcare giants as active in regenerative medicine through investments and partnerships.
The move by these healthcare mega-caps comes at a time when credit and funding are scarce for the development-stage and early stage companies which need cash and partnerships to fund their R&D efforts. The ETF Innovators [ETFI] Index of Cosmetic & Reconstructive Medicine [CRM] of 53 companies includes several which are poised to benefit from the move of Pfizer and its peers into the space in an effort to bolster their pipelines and product offerings.
Osiris Therapeutics (OSIR) is a leading CRM company which recently signed a blockbuster deal worth up to $1.4B with a more established company in the index, Genzyme (GENZ), aimed at achieving regulatory approval for two late-stage products called Prochymal and Chondrogen. The deal included two upfront payments with $75M paid out immediately and another $55M due in July 2009 plus the potential for $1.25B in additional milestone payments. With a gain of about 38% in the past year, Osiris is valued at about $500M, which means Genzyme could end up just buying its smaller partner if the clinical development proceeds as planned.
Some other companies in the CRM Index to watch for deals and partnerships in the coming months include companies with products already on the market such as Cytori Therapeutics (CYTX), RTI Biologics (RTIX), and CryoLife (CRY) in addition to development-stage companies such as StemCells (STEM), BioMimetic Therapeutics (BMTI), Geron (GERN), Mesoblast (MBLTY), and Aastrom Biosciences (ASTM). [more]
An Index of Top Rated Global Transport Companies
[web link to index stats & table of the Top 50 Rated Cos.] [more]
A Global Small & Mid-Cap Health IT Index
[web link to index stats & Top 5 Rated Cos.] [more]
BioSante Back at Key Support Levels
Earlier this week BioSante Pharma (BPAX) reported 3Q08 results which included a net loss of $6.6M or ($0.24) per share and a loss of $16.3M or ($0.60) per share for the first nine months of the year. The primary focus at the company is the development of LibiGel, which is currently being evaluated for both effectiveness and safety in three Phase 3 clinical trials for the treatment of female sexual dysfunction [FSD]. The Company ended 3Q08 with $17.5M in cash, compared to $2.8M at the end of 2Q08.
As illustrated on the accompanying all-data stock price chart for BPAX, the stock is now trading at a strong support level around 2 bucks – from which the stock has rebounded sharply on previous occasions and strong insider buying has occurred this year. A summary of 2008 insider buying includes:
- option exercise buys at $2.15 per share for purchase of over 147,000 shares
- open market buys at $3.59-$3.73 per share for purchase of 80,000 shares
The underlying story at BioSante and the potential for LibiGel to become a blockbuster drug as the Viagra for women has not changed since my previous articles, with links provided below. Also, Procter & Gamble (PG) signed a deal with Noven Pharma (NOVN) this summer to develop a skin patch for FSD, with an expected FDA filing in 2010 or 2011 an estimated market size of $1B (compared to about $4B for male erectile dysfunction drugs). PG already markets such a product in Europe (Intrinsa), which failed to gain FDA approval due to the lack of long-term safety data.
BPAX Reacquires Elestrin – 8/10/08
Insiders Are Bullish on BPAX – 1/14/08
With BPAX currently trading under 2 bucks, investors have a chance to buy (as I did today) at levels below recent option strike prices for insiders at a level which has proven to be a long-term support for the stock as indicated on the chart by the three arrows. [more]
Outlook Rising for Airlines in '09
[web link to index stats & Top 5 Rated Cos.] [more]
A Canadian Solar Eclipse
Despite a trio of downgrades since Halloween, shares of Canadian Solar (CSIQ) offer an excellent opportunity as a high beta buy if you believe the late-day market rally will continue. I bought some shares today at $5.35 and for a while it looked poised to plunge much lower with the overall market until the massive, late-day rally led to double digit gains and saw the stock briefly trade over 7 bucks from an intra-day low around 5 bucks.
A summary of the downgrades includes:
1.) Piper cuts to neutral from buy – price target to $11 from $30 – 2008 EPS estimate cut to $1.97 from $2.51 and 2009 EPS cut to $1.34 from $2.84
2.) Deutsche Bank cuts to hold from buy – price target to $12 from $36
3.) Canaccord Adams cuts to hold from buy – price target to $10 from $21
The analysts cite several common issues plaguing the industry, including the weakening Euro versus the U.S. Dollar, difficult credit markets (increased cost + decreased availability of credit), and a decline in the average selling prices for solar modules. However, with CSIQ touching an all-time low today at $5.05 compared to a closing price of $9.68 on Halloween when the downgrades began; the stock more than reflects the concerns cited in the analyst notes.
Even with today's late-day rally, CSIQ is still down by nearly 50% from its 50-day moving average and about 75% off its 200-day moving average while today's closing price of $6.62 only values the company at about 5X the significantly lowered 2009 earning estimate by Piper and less than half the IPO price of about two years ago around 15 bucks. With about 10% of the shares outstanding held short, $65M in cash, $142M in debt, a market cap of $186M, and upcoming earnings; CSIQ is also a candidate for a short squeeze rally if the company posts strong results and issues guidance above the significantly reduced estimates from the past two weeks. [more]
Full Calendar on Tap for FDA through Year-End
[web link to calendar of 30 FDA decision dates through year-end or previously delayed] [more]
Cytori Therapeutics: Set for a Sale to Olympus?
Earlier this week, regenerative medicine innovator Cytori Therapeutics (CYTX) reported 3Q08 results, which included sales of Celution System related products of $2.3M, up nicely from $1.4M last quarter, in addition to $0.4M in deferred revenue that will be recognized in the next quarter. Gross margins were up 20% sequentially to 72% during 3Q08 thanks to cost-cutting in the form of reduced R&D + G&A expense, offset by higher marketing costs since the 1Q08 launch of the Celution System.
Cytori ended 3Q08 with $15.6M in cash + accounts receivable and announced a $15M credit line last month led by GE Healthcare, of which $7.5M has already been funded with the remaining half set for funding by mid-December, subject to meeting financial parameters pre-set by the lender. The Company views the significant opportunity in breast reconstruction alone as $800M, which does not even include the market for cosmetic medicine in the form of breast augmentation procedures. The Company also confirmed its first StemSource Cell Bank sale in Japan with partner Green Hospital Supply [GHS] (Tokyo: 3360), with another sale possible before year-end.
Cytori closed today at $2.55 per share, resulting in a market cap of just $67M despite the fact that strategic partners Olympus Corp. (OCPNY) and GHS were willing to pay $6 per share in private placements less than two months ago. In addition, Olympus Corp. is a major shareholder with over 4M shares and has a long history of buying equity stakes in Cytori at stock prices, which occurred at levels about 2X higher than the current print. I own shares of Cytori and have been adding to my position at current levels, which offers investors an entry point at all-time lows since the stock debuted on the Nasdaq despite its success at launching the Celution System in both Europe and Asia earlier this year for cell banking and regenerative medicine applications.
Given this history, the sharp sell-off in Cytori, challenging market conditions for stocks + credit, and the two companies joint venture to product the Celution System; Olympus Corp. should consider a buyout of its smaller partner instead of funding it through equity investments and private placements. Such an acquisition would provide Olympus with an R&D division to complement its expertise in manufacturing and Cytori could focus solely on expanding the use of the Celution System through clinical trials to gain wider use and insurance reimbursement instead of concerns over funding and the financial markets. [more]
Updated FDA Calendar of Decision Dates
[web link to calendar of FDA decision dates] [more]
While the fate of General Motors (GM) as a company is being debated by legislators and others, investors would agree that GM will be removed from the Dow Jones Industrial Average as the common stock faces the likely prospect of heading to zero despite efforts for a bailout of workers and suppliers. Some companies to consider as a replacement for GMK include:
Abbott Labs (ABT) is a consistent performer with diversified healthcare operations included pharmaceuticals, diagnostics, medical nutrition products, and medical devices/stents. Over the past decade, ABT has consistently raised its dividend and posted a stock price gain of about 17% while the Dow is down 1% and the S&P 500 is down 19%.
Amgen (AMGN) would be an ideal candidate for the initial biotech component in the Dow since its larger rival Genentech (DNA) is majority-owned by Roche (RHHBY), which is looking to buy the remaining stake it does not already own.
Apple (AAPL) has emerged as the technology bellwether and stock market leader, soaring over 900% in the past 10 years and its iPhone is outselling Motorola (MOT) and Research In Motion (RIMM) while its Mac and iPod brands continue to gain market share.
Cisco Systems (CSCO) is closely followed for its guidance on technology spending as the global leader in networking and internet infrastructure. [more]
Roche (RHHBY) has affirmed its intentions of buying the remaining 44% of Genentech (DNA) that it does not already own for $43.7B or $89 per share, which DNA rejected earlier this summer as undervaluing the company.
A Paradigm Shift for Statin Drugs
AstraZeneca reported results from a large-scale clinical trial dubbed JUPITER, demonstrating that its cholesterol-lowering statin drug Crestor caused a significant decrease in the incidence of cardiovascular events (e.g. heart attacks, strokes, angioplasty procedures) and total mortality rates among individuals with low to normal cholesterol levels. Researchers identified elevated levels of high-sensitivity C-reactive protein (hsCRP) in these patients, which is a marker of inflammation that can be easily detected in blood tests by lab service companies such as Quest Diagnostics (DGX).
The results of the JUPITER trial provide evidence supporting much wider use of statin drugs, but it remains to be seen how much brand versions such as Crestor and Pfizer's (PFE) Lipitor benefit as several generic statin drugs are already on the market (simvastatin, pravastatin, and lovastatin). AstraZeneca plans to file with the FDA in 1H09 to expand the label of Crestor to include the prevention of cardiovascular events.
Analysts Expect Search Deal Between Yahoo! & Microsoft
Most analysts view the late week sell-off in Yahoo! (YHOO) as overdone, based on comments by Microsoft (MSFT) CEO Steve Ballmer that an acquisition of the web portal was off the table in response to comments by YHOO CEO Jerry Yang suggesting the software giant should buy his company. Analysts are projecting a deal for web search only will eventually take place, which would add about $6-$8 to Yahoo's current stock price of around 12 bucks. [more]
ETFI Global Healthcare Sector PerformIdex
[web link to table of 48 Cos. and index stats] [more]
Discovery Labs (DSCO) received word from the FDA today after the market close that its complete response for Surfaxin was accepted, but the Class II review designation means that the decision date is pushed out to 4/17/09. Shares of DSCO are trading down sharply in after hours action by about 27%, around the same price ($1.30) they hit when the FDA issued an approvable ruling earlier this year in May. While a Class I review was widely expected, the sharp sell-off today could be a good opportunity to buy at a steep discount to the prices insiders have been accumulating shares in anticipation of Surfaxin approval. [more]
Teva Beats on Profits: A Biogeneric Boon in '09?
[web link to ETFI Global Generic Drug Index & Top 5 Rated Cos.] [more]
Airlines Ascend on Relief from High Fuel Costs
[web link to Airline Index stats & 5 lowest rated cos.] [more]
Wal-Mart Expanding into Pet Services
[web link to AnimalBiz Index stats & Top 5 Rated Cos.] [more]
A Bullish Outlook for Generic Drugs After Election
[web link to Generic Drug Index Stats & Top 5 Rated Cos.] [more]
Culp Poised To Rebound On Cost Cutting & Debt Reduction
[web link to stock chart of Culp Vs. Russell 2000 Index, 1989-present] [more]
Auto Makers Are Out Of Gas
[web link to index stats and top/bottom 3 companies by stock price change] [more]
Health Benefit Providers Need a Check-Up
[web link to index stats and top 7 companies by market cap] [more]