Monthly highlights

Oppenheimer & Co Inc. 300 Madison Avenue 4th Floor New York, NY 10017 Tel: 800-221-5588 Fax: 212-667-8229
MonthlyHighlights EQUITY RESEARCH
November 2010
Monthly Highlights
FEATURED ARTICLES
Complete Production Services OUTPERFORM 2
Fifth Third Bancorp OUTPERFORM 4
Key Energy Services, Inc. OUTPERFORM 6
US Bancorp OUTPERFORM 8
Coverage Universe (as of 10/29/10) 10
Outperform Rated Stocks 25-26
Perform Rated Stocks 27-28
Underperform Rated Stocks 29
Not Rated Stocks 29
Initiation of Coverage 30
Rating Changes 30
Oppenheimer & Co. Inc. does and seeks to do business with companies covered in its research
reports. As a result, investors should be aware that the firm may have a conflict of interest that could
affect the objectivity of this report. Investors should consider this report as only a single factor in
making their investment decision. See "Important Disclosures and Certifications" section at the end
of this report for important disclosures, including potential conflicts of interest.
See "Price Target Calculation" and "Key Risks to Price Target" sections at the end of this report, or
at the end of each section hereof, where applicable.

Monthly Highlights
2
November 1, 2010
ENERGY/OIL SERVICES & EQUIPMENT
Complete Production Services
Initiated Coverage; Ride the Pressure Pumping Wave
SUMMARY
On October 5, 2010, we initiated coverage of Complete Production Services (CPX) with an
Outperform rating. The stock is the best performer in the oil services sector since the oil
service bottom in March 2009, year-to-date and in the last month. We think pressure
pumping tightness could continue for another 6-12 months as new capacity gets absorbed
by a completion backlog and increased horizontal fracturing. Investors desiring momentum
and near-term catalysts would do well to buy CPX, in our opinion. Complete recently
reported 3Q10 results, exceeding all expectations: EPS were $0.42 vs. consensus of $0.31
and our $0.28 estimate. Strong pressure pumping (PP) growth was only part of the story,
with other product lines contributing with better utilization. Mgmt laid out expectations for a
likely 71% increase in capex budget to $300M. Higher margins add significantly to our prior
EPS estimates, leading us to increase our price target on October 20 from $29 to $35
based on 4.9x 2012E EBITDA (mid-cycle average). High demand should absorb new PP
capacity through 2011, with the strength in other product lines implying a more balanced
growth profile that could support EPS beyond a PP peak.
KEY POINTS
Pressure Pumping Contribution. At 28% of revenue, PP contributed only 100bp more
than it did in 2Q, although we suspect the margin contribution was larger. Some of this
was due to new capacity (43K horsepower) not coming online until late in the quarter,
though it also indicates revenue gains are not confined to PP.
Ex-Pumping. Well Servicing contributed 14% of revs, implying ~16% sequential growth
for that segment. Coiled Tubing is the other hot service line currently given it is similarly
levered to the rapid growth in unconventional drilling. Positive results in both segments
provide read-through for Outperform-rated KEG.
Rising Capex. The company will spend $175M in 2010 to add over 125K HP in PP
capacity (previously budgeted $165M for ~110K HP). 2011 capex could exceed $300M,
with the company adding an incremental 100K+ HP in frac equipment, CPX will add to
coiled tubing (30 units currently) and other completion tools.
Margin Upside. Our EPS forecast goes to $0.52 in 4Q, $2.42 in 2011 and $2.78 in
2012 with only a modest rise in margins from current levels (19.1% up to 22%). We
think there is some upside potential given the prior peak of 26% in 1Q07 and HAL's
26.8% this past quarter.
Stock Price Performance Company Description
Complete Production Services offers completion
and production services used in onshore oil & gas
drilling throughout North America. It also has a
small fleet of contract drilling rigs and sells new
and reconditioned equipment. The company is
headquartered in Houston, TX.
Stock Rating:
Outperform
12-18 mo. Price Target $35.00
CPX-NYSE (10/29/10) $23.26
3-5 Yr. EPS Gr. Rate NM
52-week Range $22.75-$8.85
Shares Outstanding 77.8M
Float 67.2M
Avg. Daily Trading Vol. 1,614,130
Market Capitalization $1,809.6M
Dividend/Yield NA/NM
Fiscal Year Ends Dec
Book Value $9.45
2010E ROE 8.8%
LT Debt $650.0M
Preferred NA
Common Equity $719M
Convertible Available No
EPS Q1 Q2 Q3 Q4 FY Mult
2008A 0.60 0.54 0.70 0.50 2.33 10.0x
2009A 0.04 (0.32) (0.32) (0.17) (0.77) NM
2010E (0.04)A 0.20A 0.42A 0.52 1.12 20.8x
2011E -- -- -- -- 2.42 9.6x
2012E -- -- -- -- 2.78 8.4x
EBITDA Q1 Q2 Q3 Q4 FY Mult
2008A 125 118 144 125 511 4.6x
2009A 71 31 27 34 163 14.3x
2010E 56A 85A 113A 125 379 6.1x
2011E -- -- -- -- 559 4.2x
2012E -- -- -- -- 615 3.8x
G. Scott Burk, CFA
212-667-7402
Scott.Burk@opco.com
Robert Du Boff, CFA
212-667-8148
Robert.DuBoff@opco.com

Monthly Highlights
3
Price Target Calculation
Our 12-18 month target price of $35/share implies 4.9x 2012E EV/EBITDA, in line with the stock's
historical average. It also implies a ~12.5x 2012E P/E multiple, a discount to the group's ten-year
average of 15.5x reflecting its relatively small size and high leverage. For the record our prior $29 price
target was based on 4.5x our prior 2012 EBITDA estimate.
Key Risks to Price Target
Risks include a high degree of leverage to the rate of natural gas development in North America, a high
level of net debt, the potential for overcapacity in the pressure pumping industry and the related hit to
margins, cost inflation and the possibility of unfavorable regulatory changes.
(For more detail, please see our reports “Initiating Coverage; Ride the Pressure Pumping Wave,”
published on 10/5/10 and “Exceeding All Expectations; Increasing Target to $35,” published on
10/20/10)

Monthly Highlights
4
November 1, 2010
FINANCIAL INSTITUTIONS/REGIONAL BANKS
Fifth Third Bancorp
Momentum Building; Initiated Coverage with an
Outperform Rating and a $16 PT
SUMMARY
On October 6, 2010, we initiated coverage of Fifth Third Bancorp with an Outperform rating
and $16 price target. While Fifth Third may never return to the glorious profits of the '90s,
we believe momentum is building across the company, as evidenced by the improvement in
pre-provision profitability and credit trends in recent quarters. Reserve and capital levels are
some of the highest in the industry. Our estimates imply further progress in Fifth Third's
fundamentals, which combined with the company's ability to grow market share due to the
resurgence in the company's sales culture, should result in an upward move in the stock's
valuation. Our price target of $16 assumes an 11x multiple on our '12E EPS.
KEY POINTS
Fifth Third's balance sheet strength compares favorably to the industry’s, with reserves plus
Tier 1 capital at 17.1% of risk adjusted assets vs. 14.6% for peers. This strength enables the
company to absorb remaining credit losses and support future loan growth. After increasing
in 3Q10, we expect net charge-offs to decline in 4Q10 and into FY11.
Profitability is improving at Fifth Third, with core pre-tax, pre-provision earnings over 2%
of average assets last quarter. Expansion in the net interest margin, higher loan
balances and stronger mortgage-related revenue are expected to improve core
profitability in the near term.
C&I loan originations have strengthened recently, and auto lending is providing another
area of growth for Fifth Third. These two areas represent about 45% of total loans.
Shorter-term residential mortgages are being added to the portfolio. This suggests to us
that Fifth Third could be one of a few regional banks to grow loans in 2H10. While Fifth
Third spent much of the '90s buying banks, we feel over the near- to mid-term investors
will view the company as a potential target, as upper management ranks have
undergone a fair amount of turnover in recent years. The $10B market cap would limit
the pool of buyers.
Fifth Third reported 3Q10 EPS of $0.22 compared to $0.16 in 2Q10 and ($0.20) in the
year ago quarter. This was above our estimate of $0.16 and the consensus of $0.17.
The earnings beat resulted from strong residential mortgage income and a $127M pre-
tax gain related to a litigation settlement. We raised our 4Q10E EPS by $0.03 to $0.23.
Additionally, we increased our FY11E EPS to $1.30 reflecting stronger fee income,
while our FY12E EPS remains at $1.45.
Fifth Third Bancorp is a diversified financial
services company headquartered in Cincinnati,
Ohio with roots dating back to 1858. At June 30,
2010, the Bancorp had $112B in assets, operated
16 affiliates with 1,309 full-service branches in 12
states through the Midwestern and Southeastern
U.S. Fifth Third offers a full range of consumer and
commercial banking products.
Stock Rating:
Outperform
FITB-NASDAQ (10/29/10) $12.56
3-5 Yr. EPS Gr. Rate 4%
52-week Range $15.95-$8.76
Float 794.8M
Dividend/Yield $0.04/0.32%
Book Value $12.65
2010E ROE 2.5%
LT Debt $10,989.0M
Preferred NA
Common Equity $10,070M
Convertible Available Yes
EPS Q1 Q2 Q3 Q4 FY Mult
2009A (0.04) 1.15 (0.20) (0.20) 0.71 17.7x
2010E (0.09)A 0.16A 0.22A 0.23 0.52 24.2x
2011E -- -- -- -- 1.30 13.5x
2012E -- -- -- -- 1.45 8.7x
Terry J. McEvoy, CFA
207-775-4926
Terry.McEvoy@opco.com
Erik Zwick, CFA
215-656-2835
Erik.Zwick@opco.com

Monthly Highlights
5
Our earnings estimates imply further progress in Fifth Third's fundamentals, which combined with the
company's ability to grow market share due to the resurgence in the company's sales culture, should
result in an upward move in the stock's valuation. Our price target of $16 assumes an 11x multiple on
our '12E EPS and a 1.7x multiple of tangible book value, a justified premium to peers, in our view.
We believe the largest risks to Fifth Third reaching our price target would be having to raise a larger
than expected amount of common equity in conjunction with TARP redemption, additional management
turnover, paying too much or encountering integration difficulties with any future acquisitions, increased
regulatory oversight and costs, and the potential for a double-dip recession.
(For more detail, please see our reports “Momentum Building; Initiating Coverage with an Outperform
Rating and a $16 PT,” published on 10/6/10 and “3Q10 Results Reinforce Our Thesis,” published on
10/21/10)

Monthly Highlights
6
November 1, 2010
ENERGY/OIL SERVICES & EQUIPMENT
Key Energy Services, Inc.
Initiated Coverage: Oil Leverage Drives Outperform Rating
SUMMARY
On October 5, 2010, we initiated coverage of Key Energy Services with an Outperform
rating and a 12- to 18-month price target of $13/share, based on a 2012E EV/EBITDA
multiple of 5.5x, in line with the onshore driller five-year average. We like Key's efforts to tap
into long-term secular growth themes (horizontal wells, international) that could provide
growth throughout the cycle. We think Key's oil-focused services could avoid potential gas
market weakness.
KEY POINTS
3Q10 Results. Key recently reported a clean 3Q10 loss of $0.01/sh, below the
consensus estimate of $0.02 and our estimate of $0.04. This excludes earnings of
$0.06/share from its pressure pumping and wireline segments, which were sold to
PTEN on October 1st (our model also excluded those assets). Mexico was the primary
driver of the miss, with revenues down 29% from 2Q10 due to temporary work
stoppages, reducing total Well Servicing revenue growth to only 5% (we had modeled
16% growth).
Oil Exposure. Key generates roughly 70% of its revenue from oil-related well service
activities, so is not as exposed to a potential decline in natural gas drilling as some
peers. Oil prices remain significantly higher than gas prices on an energy equivalent
basis, leading E&P companies to shift more resources toward oil/liquids production.
Increased Horizontal Drilling. More than half of the wells drilled in the US today are
horizontal, and another 20% are directional. Horizontal wells can require more servicing
and workovers, which could benefit Key's dominant workover rig business, and
increase demand for its coiled tubing units.
No Pressure Pumping Exposure. Key decided to exit the pressure pumping business
this year to focus more on coiled tubing, eliminating a potential positive catalyst for the
next several quarters. Pressure pumping is currently the hottest service in the sector,
contributing to higher margins and earnings for those companies with exposure.
Relatively Cheap Valuation. Compared with our covered workover/driller names, Key
has a P/E multiple of 19.3x (group average is 13.5x) and EV/EBITDA multiple of 6.0x
2011E (group average, 4.8x). However, the stock is trading at a discount to its ten-year
average EV/EBITDA multiple of ~6.5x.
Key Energy Services is the world's largest
provider of land-based service rigs, with a fleet of
~800 workover rigs. It also offers coiled tubing,
fluid management, fishing & rental and other
oilfield production services. Key is headquartered
in Houston, TX.
Stock Rating:
Outperform
KEG-NYSE (10/29/10) $9.85
3-5 Yr. EPS Gr. Rate NM
52-week Range $11.54-$7.07
Float 121.3M
Dividend/Yield NA/NM
Book Value $5.89
2010E ROE 1.1%
LT Debt $517.5M
Preferred NA
Common Equity $738M
EPS Adj Q1 Q2 Q3 Q4 FY Mult
2008A 0.27 0.35 0.39 0.29 1.29 7.6x
2009A 0.01 (0.15) (0.20) (0.11) (0.46) NM
2010E (0.06)A (0.02)A (0.01)A 0.03 (0.06) NM
2011E -- -- -- -- 0.51 19.3x
2012E -- -- -- -- 0.95 10.4x
G. Scott Burk, CFA
212-667-7402
Scott.Burk@opco.com
Robert Du Boff, CFA
212-667-8148
Robert.DuBoff@opco.com

Monthly Highlights
7
Our 12- to 18-month price target of $13/share is based on an EV/EBITDA multiple of ~5.5x and a P/E
multiple of ~13.5x our 2012 estimates of $396M and $0.95, respectively. The target EV/EBITDA
multiple is essentially in-line with the group's five-year average multiple.
Risks include dependence on E&P company capital spending, potential for an excess capacity
overhang, and regulatory risk (Clean Water Act).
(For more detail, please see our reports “Initiating Coverage: Oil Leverage Drives Outperform Rating,”
published on 10/5/10 and “Waiting on the Upturn,” published on 10/28/10)

Monthly Highlights
8
November 1, 2010
FINANCIAL INSTITUTIONS/COMMERCIAL & INVESTMENT BANKING
U.S. Bancorp
The “G” Word: Growth! Upgraded to Outperform
SUMMARY
The word "growth" appears eight times on the front page of USB's 3Q10 earnings release.
The word "record" appears twice, and it relates to revenues. We have been saying since we
launched in March 2009 (see Sequencing the Recovery, March 16, 2009) that loan growth
would be the last step of the recovery that would occur only after the credit recovery had
run its course for a while. Thus, we think it is fitting that USB, which had among the best
credit quality in the group, should be the first to return to growth mode. Perversely, the
stock, which has lagged the BKX YTD, traded down on the report date. We upgraded USB
to Outperform from Perform on October 22, 2010 and established a $29 price target.
KEY POINTS
Total average loans were up 0.7% linked quarter, and period-end loans were were up
1.1% over the average. That implies another quarter of growth in 4Q. The numbers are
1.5% and 1.4% respectively if we exclude FDIC "covered" assets that are in run-off
mode―all very impressive.
Total revenues were up 1.5% linked quarter to a record $4.5B, and both net interest
income and fees contributed to the beat, which amounted to $150M in dollar terms.
Thus, the much feared yield curve pressure and Dodd-Frank revenue contraction are
manageable in the overall context of the business.
Total pre-provision earnings (PPE) were up 2.8% linked quarter and exactly in line with
our expectations as expenses exceeded by a similar amount. We almost like to see this
because we suspect the company of "investment spending" for future growth.
Asset quality trends continued to improve with both NPAs and NCOs declining. The
rate of net new problem loan inflows is now below the NCO rate, and since losses are
rarely equal to the total problem asset inflow, further declines in NPAs and NCOs are
pretty much baked into the cake.
We made minor changes to our model following earnings to take into account the new
base levels of revenues and loans. We are tweaking our estimates accordingly.
U.S. Bancorp is one of the country's leading
consumer and commercial banking franchises,
with $266 billion in assets primarily in the Midwest
and West.
Stock Rating:
Outperform
USB-NYSE (10/29/10) $24.20
3-5 Yr. EPS Gr. Rate NA
52-week Range $28.43-$20.44
Shares Outstanding 1,917.2M
Float 1,753.0M
Dividend/Yield $0.20/0.83%
Book Value $14.19
2010E ROE 12.0%
LT Debt $30,353.0M
Preferred $1,930.0M
Common Equity $28,013M
EPS Dil. Q1 Q2 Q3 Q4 FY Mult
2008A 0.62 0.53 0.32 0.15 1.61 15.0x
2009A 0.24 0.12 0.30 0.30 0.97 25.0x
2010E 0.34A 0.40A 0.47A 0.48 1.69 14.3x
2011E -- -- -- -- 2.34 10.3x
2012E -- -- -- -- 3.00 8.1x
Chris Kotowski
212-667-6699
Chris.Kotowski@opco.com
Benjamin Chittenden
212-667-6697
Benjamin.Chittenden@opco.com
Kaimon Chung, CFA
212-667-5366
Kaimon.Chung@opco.com

Monthly Highlights
9
Our 12- to 18-month price target valuation is based on our 2012 earnings estimate multiplied by what
we view as a "normal" multiple for a financial institution, which we believe is 70% of the multiple of the
S&P. As the target multiple for the S&P we are using 14x because this is roughly where the market is in
relation to trendline earnings for 2011. This implies a 9.8x multiple for USB and that the stock would be
fairly valued at $29 one year from now.
As with all banks, we believe that the biggest risk in USB shares is that there is a turnaround of the
currently favorable trend in asset quality. For this to happen, we believe that there would have to be
another major round of job losses. A high but stable unemployment rate would probably not disrupt the
trends we are seeing.
(For more detail, please see our report “The “G” Word: Growth! Upgrading to Outperform,” published on
10/22/10)

Monthly Highlights
10
O = Outperform
P = Perform
U = Underperform
NR= Not Rated
See pages 31-33 for Disclosure Key
CHINA : China: Consumer
Paul Keung
Paul.Keung@opco.com
212-667-7789
Price Curr. Qtr Shares Mkt. Cap
Rtg 10/29/10 High Low FY 2009A 2010E 2011E Est. 2010E 2011E (Mil) ($ Mil) Discl.
SVN 7 Days Group Holdings Limited O 20.07 20.97 9.10 Dec -- -- -- -- -- -- 50.3 1009.1 [ 2 3 4 5]
ATV Acorn International, Inc. P 5.00 7.30 3.04 Dec 0.42 0.00 -- 0.08 -- -- 29.6 148.1
CYOU Changyou.com Ltd. P 33.97 36.40 24.85 Dec 2.81 3.25 3.77 0.86 10.5 9.0 8.9 1751.8 [ 1]
HTHT China Lodging Group O 24.31 27.50 12.25 Dec -- -- -- -- -- -- 60.3 1464.8 [ 1 2 3 4 5 9]
CTRP Ctrip.com International Ltd. O 52.06 52.90 26.52 Dec 0.68 0.90 1.17 0.24 57.8 44.5 147.9 7697.6 [ 1]
GA Giant Interactive Group, Inc. P 7.10 8.25 6.03 Dec 0.54 0.51 0.57 0.13 13.9 12.5 226.4 1607.7 [ 2 3 4 5]
HMIN Home Inns & Hotels Management O 51.16 54.25 25.68 Dec 0.79 1.58 1.51 0.56 32.4 33.9 40.2 2054.2 [ 1 5]
NTES Netease.com Inc. O 41.82 43.44 26.16 Dec 2.08 2.26 2.59 0.59 18.5 16.2 129.5 5416.6 [ 1]
PWRD Perfect World Co., Ltd. O 32.40 50.40 20.75 Dec 2.82 2.47 3.10 0.49 13.1 10.5 41.7 1637.8 [ 1 5]
SNDA Shanda Interactive O 40.41 59.92 36.33 Dec 3.36 1.79 1.99 0.50 22.6 20.3 66.8 2698.1 [ 1 5]
NCTY The9 Limited P 5.57 8.66 3.70 Dec (2.34) (1.49) -- (0.33) NM -- 25.1 139.9 [ 1 5 7]
Katherine Lu
Katherine.Lu@opco.com
212-667-7194
BORN China New Borun O 14.63 20.50 4.77 Dec 1.22 1.61 1.85 0.35 9.1 7.9 25.7 376.4 [ 1 2 3 4 5]
ADY Feihe International, Inc. P 10.16 36.16 6.31 Dec 1.18 (0.69) 0.62 (0.93) NM 16.4 22.3 226.5 [ 5]
SYUT Synutra International Inc. O 11.08 24.99 8.97 Mar (1.86) (0.46) 0.22 (0.01) NM 50.4 57.3 634.9 [ 1 2 3 4 5]
CHINA : China: Education
Ella Ji, CFA
Ella.Ji@opco.com
212-667-6037
ATAI ATA, Inc. O 3.28 5.60 2.72 Mar 0.19 (0.23) (0.03) (0.15) NM NM 22.4 73.5 [ 1 5]
DL China Distance Education Holdings Ltd P 4.95 7.96 3.04 Sep 0.03 0.06 0.08 0.06 82.5 61.9 34.5 170.7 [ 5 6 7]
CEDU ChinaEdu Corp. P 7.10 8.40 6.20 Dec 0.29 0.36 0.44 0.07 19.7 16.1 16.3 115.7 [ 1 5]
EDU New Oriental Education & Technology Group O 107.37 116.29 65.92 May 1.59 2.01 2.26 (0.01) 53.4 47.5 37.7 4044.7 [ 5]
NED Noah Education Holdings Ltd. P 1.97 6.16 1.73 Jun 0.39 0.02 (0.36) (0.09) 98.5 NM 39.6 78.0 [ 6 7]
CHINA : China: Industrials & Applied Technologies
Andy Yeung, CFA
Andy.Yeung@opco.com
212-667-8130
APWR A-Power Energy Generation O 7.14 21.04 5.72 Dec (0.49) 1.63 1.30 0.08 4.4 5.5 45.4 323.9 [ 1 2 4 5]
AMAP AutoNavi Holdings Limited O 20.94 21.08 12.50 Dec 0.44 0.49 0.61 0.09 42.7 34.3 46.9 981.4 [ 1 2 3 4 5]
CAAS China Automotive Systems Inc. O 15.62 27.17 10.24 Dec 0.76 1.04 1.19 0.22 15.0 13.1 27.1 423.5 [ 1]
CBEH China Integrated Energy, Inc. O 8.30 12.31 5.60 Dec 1.04 1.21 1.37 0.31 6.9 6.1 33.8 280.8 [ 1 2 3 4 5]
CSR China Security & Surveillance Technology O 5.40 9.04 4.09 Dec 1.01 1.12 1.13 0.47 4.8 4.8 89.3 482.2 [ 2 3 4 5]
CXDC China XD Plastics Co. Ltd. P 5.39 15.00 5.00 Dec (0.36) 0.44 0.72 0.14 12.3 7.5 44.2 238.2
SORL SORL Auto Parts, Inc. O 9.30 12.89 5.07 Dec 0.70 0.86 1.02 0.21 10.8 9.1 19.3 179.5 [ 1]
WATG Wonder Auto Technology Inc. O 9.64 14.12 6.58 Dec 0.79 0.87 1.41 0.24 11.1 6.8 33.9 326.4 [ 1 2 3 4 5]
WH WSP Holdings, Inc. P 1.38 4.46 1.02 Dec 0.04 (0.47) 0.08 (0.10) NM 17.3 102.9 141.6 [ 1 5]
52-Week Earnings Per Share Price/Earnings

Monthly Highlights
11
CHINA : China: Media & Internet
Paul Keung
Paul.Keung@opco.com
212-667-7789
AMCN AirMedia Group Inc. O 6.90 8.90 2.83 Dec (0.44) 0.10 0.52 0.12 69.0 13.3 65.6 452.6 [ 1 5]
BIDU Baidu.com, Inc. P 110.01 113.78 36.91 Dec 0.66 1.51 2.39 0.48 72.9 46.0 266.2 38748.7 [ 1]
CHRM Charm Communications Inc. O 9.74 10.20 6.12 Dec 0.60 1.06 1.17 0.28 9.2 8.3 7.8 380.5 [ 1 2 3 4 5]
CMM China Mass Media Corp. O 2.42 3.85 1.13 Dec 0.45E 0.73 -- 0.01E 3.3 -- 26.3 63.6 [ 5]
FMCN Focus Media Holding Ltd. P 24.73 25.54 11.99 Dec 0.36 1.16 1.48 0.33 21.3 16.7 143.2 3540.8 [ 1 5]
GAME Shanda Games Limited O 6.68 11.49 4.99 Dec 0.76 0.64 0.74 0.18 10.4 9.0 80.5 1904.1 [ 1 5]
SINA Sina Corporation P 56.30 58.32 32.00 Dec 1.18 1.65 2.09 0.45 34.1 26.9 60.9 3429.7 [ 1]
SOHU Sohu.com Inc. P 74.50 76.91 40.05 Dec 3.98 4.12 4.94 1.14 18.1 15.1 37.8 2818.6 [ 1]
VISN VisionChina Media Inc. P 4.17 12.27 2.51 Dec 0.46 (0.08) 0.05 0.03 NM 83.4 72.1 300.8 [ 1 5]
CHINA : China: Real Estate Services
Ella Ji, CFA
Ella.Ji@opco.com
212-667-6037
CRIC China Real Estate Information O 9.92 15.85 7.47 Dec 0.50 0.38 0.52 0.09 26.1 19.1 143.4 1422.4 [ 1]
EJ E-House (China) Holdings Limited O 16.71 22.15 13.01 Dec 1.27 0.70 1.04 0.08 23.9 16.1 80.2 1340.6 [ 5]
CTC IFM Investments Ltd. O 5.44 8.20 4.50 Dec 0.43 (0.54) 0.25 (0.20) NM 21.8 45.7 248.8 [ 2 3 4 5]
CHINA : China: Specialty Chemicals
Katherine Lu
212-667-7194
CPC Chemspec International Limited O 6.43 9.05 5.20 Dec 0.76 0.83 0.88 0.22 7.8 7.3 36.3 233.6 [ 5]
DGW Duoyuan Global Water P 12.51 44.00 10.38 Dec 0.90 1.43 1.56 0.45 8.8 8.0 24.6 307.9 [ 5]
GFRE Gulf Resources, Inc. O 8.40 14.94 6.28 Dec 1.03 1.39 1.52 0.23 6.0 5.5 34.6 291.0 [ 1 5]
SDTH ShengdaTech, Inc. O 6.33 7.66 4.17 Dec 0.37 0.48 0.52 0.11 13.2 12.2 54.2 343.1 [ 1 5]
YONG Yongye International Inc. O 8.02 10.19 5.57 Dec 0.63 0.99 1.19 0.34 8.1 6.7 48.2 386.5 [ 1 2 3 4 5]
CHINA : China: Technology & Telecom
Paul Keung
Paul.Keung@opco.com
212-667-7789
STV China Digital TV P 6.58 8.14 5.21 Dec 0.46 0.48 -- 0.12 13.7 -- 58.0 381.9
CHINA : Healthcare
Katherine Lu
212-667-7194
SSRX 3SBio Inc. O 15.05 15.30 9.84 Dec 0.56 0.62 0.73 0.19 24.3 20.6 21.5 323.7 [ 1 5]
AOB American Oriental Bioengineering O 2.72 4.92 2.14 Dec 0.56 0.40 0.48 0.09 6.8 5.7 78.6 213.7 [ 5]
BJGP BMP Sunstone Corp. NR 9.84 9.88 3.38 Dec 0.12 0.20 0.25 0.03 49.2 39.4 42.1 414.7 [ 1 5]
NKBP China Nuokang Bio-Pharmaceutical Inc. O 4.66 9.30 4.25 Dec 0.61 0.55 0.63 0.11 8.5 7.4 19.7 91.7 [ 1 2 3 4 5]
MR Mindray Medical Int'l Ltd. P 28.98 40.35 25.52 Dec 1.21 1.44 1.69 0.37 20.1 17.2 84.5 3306.6 [ 5]
SCR Simcere Pharmaceutical Group P 9.15 10.44 6.77 Dec 0.32 0.22 0.40 0.06 41.6 22.9 60.3 551.9
TCM Tongjitang Chinese Medicine NR 3.95 4.48 3.03 Dec (0.05) (0.07) 0.05 (0.03) NM 79.0 33.8 133.7
WX WuXi PharmaTech Inc. O 16.48 20.13 12.05 Dec 0.75 0.76 0.90 0.16 21.7 18.3 69.5 1145.7 [ 5]

Monthly Highlights
12
CONSUMER & BUSINESS SERVICES : Business Services
Glenn Greene, CFA
Glenn.Greene@opco.com
312 360-5942
ADP Automatic Data Processing P 44.49 45.74 26.46 Jun 2.39 2.37 2.48 0.62 18.8 17.9 492.5 21910.5 [ 1]
CIS Camelot Information Systems Inc. O 16.03 19.62 10.10 Dec 0.55 0.71 0.87 0.20 22.6 18.4 46.4 744.6 [ 2 3 4 5]
CTSH Cognizant Technology Solutions O 65.19 68.87 38.37 Dec 1.78 2.27 2.67 0.60 28.7 24.4 300.9 19615.1 [ 1]
FDS FactSet Research Systems Inc. P 87.78 89.87 61.15 Aug 2.90 3.10 3.52 0.85 28.3 24.9 46.3 4066.5
FIS Fidelity National Information Services O 27.10 30.78 21.62 Dec 1.53 1.97 2.44 0.62 13.8 11.1 299.6 8119.7
FISV Fiserv, Inc. P 54.52 55.90 44.80 Dec 3.66 4.04 4.42 1.05 13.5 12.3 150.1 8183.7 [ 1]
GPN Global Payments Inc. P 38.96 54.52 34.61 May 2.10 2.55 2.67 0.67 15.3 14.6 79.7 3104.2
INFY Infosys Technologies Limited P 67.44 71.28 44.80 Mar 2.21 2.28 2.60 0.68 29.6 25.9 574.0 38712.9 [ 1]
JKHY Jack Henry P 27.16 27.25 21.01 Jun 1.22 1.38 1.44 0.34 19.7 18.9 85.9 2333.9 [ 1]
LPS Lender Processing Services P 28.84 43.47 25.50 Dec 3.12 3.48 3.70 0.91 8.3 7.8 93.1 2684.3
LFT Longtop Financial Technologies O 36.34 41.77 25.66 Mar 0.98 1.34 1.71 0.42 27.1 21.3 56.2 2043.4 [ 5]
MA MasterCard Incorporated O 240.06 269.88 191.00 Dec 11.19 13.37 16.05 3.45 18.0 15.0 118.8 31527.5
MWW Monster Worldwide, Inc. O 18.06 19.10 10.01 Dec 0.05 (0.06) 0.45 0.07 NM 40.1 130.0 2348.4
ORCC Online Resources Corp. O 5.18 6.00 3.58 Dec 0.34 0.21 0.24 0.03 24.7 21.6 31.2 161.4 [ 1]
PAYX Paychex, Inc. P 27.74 32.88 24.65 May 1.48 1.35 1.37 0.35 20.6 20.3 361.7 10032.8 [ 1]
SEIC SEI Investments Company O 22.15 24.43 16.76 Dec 0.99 1.07 1.25 0.28 20.7 17.7 188.5 4175.0 [ 1]
TSS Total System Services Inc. P 15.61 17.75 13.41 Dec 1.12 0.99 1.04 0.24 15.8 15.0 197.4 3081.6
VIT VanceInfo Technologies O 36.37 37.10 14.50 Dec 0.60 0.80 1.00 0.20 45.5 36.4 39.9 1449.7 [ 11 5]
V Visa Inc. O 78.16 97.19 64.90 Sep 2.79 3.91 4.77 1.20 20.0 16.4 496.7 57101.4
WU Western Union P 17.59 20.26 14.65 Dec 1.30 1.39 1.53 0.36 12.7 11.5 660.1 11611.5
Scott Schneeberger, CFA
Scott.Schneeberger@opco.com
212-667-8114
ARP American Reprographics P 7.12 11.31 5.11 Dec 0.38 0.06 0.20 0.01 118.7 35.6 45.7 325.5 [ 5]
APOL Apollo Group Inc. P 37.48 66.69 35.50 Aug 4.22 5.35 3.55 1.32 7.0 10.6 147.3 5539.8 [ 1]
CPLA Capella Education Co. O 54.89 98.01 51.66 Dec 2.51 3.64 4.12 1.09 15.1 13.3 16.5 907.7
CTAS Cintas Corporation P 27.47 30.00 23.10 May 1.83 1.49 1.60 0.40 18.4 17.2 145.3 3991.3 [ 1]
DV DeVry Inc. O 47.86 74.36 36.34 Jun 2.36 3.87 4.60 1.16 12.4 10.4 70.7 3385.5
ESSX Essex Rental Corp. O 4.39 7.65 4.19 Dec 0.08 (0.41) 0.07 (0.08) NM 62.7 17.2 75.4 [ 1 5]
FCN FTI Consulting, Inc. P 35.46 48.35 30.78 Dec 2.70 2.62 2.95 0.68 13.5 12.0 46.8 1660.0
HRB H&R Block, Inc. P 11.78 23.23 10.13 Apr 1.53 1.47 1.57 (0.39) 8.0 7.5 308.5 3634.3
HURN Huron Consulting Group, Inc. P 19.91 27.12 17.30 Dec (1.63) 1.56 1.77 0.12 12.8 11.3 22.1 439.1 [ 1]
INTU Intuit, Inc. O 47.98 48.31 28.79 Jul 1.82 2.11 2.42 (0.10) 22.7 19.8 317.5 15235.4 [ 1]
IRM Iron Mountain Incorporated P 21.79 28.49 19.93 Dec 0.97 1.14 1.23 0.28 19.1 17.7 201.5 4390.9
ESI ITT Educational Services Inc. P 64.53 121.98 50.00 Dec 7.91 11.13 11.55 3.10 5.8 5.6 31.9 2059.6
JTX Jackson Hewitt Tax Service, Inc. P 0.99 5.85 0.75 Apr 1.02 0.26 0.08 (0.72) 3.8 12.4 29.0 28.7
LINC Lincoln Educational Services O 12.46 28.21 9.73 Dec 1.82 2.45 2.60 0.62 5.1 4.8 26.1 325.0 [ 1 5]
MGRC McGrath RentCorp P 25.31 27.41 19.27 Dec 1.40E 1.36 1.52 0.37E 18.6 16.7 23.9 605.7 [ 1 5 6]
MINI Mobile Mini, Inc. O 17.43 18.21 12.95 Dec 0.82 0.56 1.00 0.15 31.1 17.4 36.4 634.2 [ 1 5]
NCI Navigant Consulting Inc. P 9.15 15.59 8.67 Dec 0.68 0.63 0.82 0.17 14.5 11.2 50.0 457.5
RECN Resources Connection Inc. P 16.20 21.89 11.00 May 0.51 (0.02) 0.30 0.08 NM 54.0 46.0 745.9 [ 1]
RBA Ritchie Bros. Auctioneers P 21.18 25.69 17.17 Dec 0.88 0.63 0.72 0.07 33.6 29.4 105.6 2236.0
RRR RSC Holdings P 8.08 9.65 5.90 Dec (0.66) (0.72) (0.30) (0.12) NM NM 103.5 836.5 [ 5]
SRCL Stericycle, Inc. O 71.74 73.45 50.62 Dec 2.08 2.47 2.74 0.64 29.0 26.2 85.3 6119.4 [ 1]
STRA Strayer Education Inc. P 139.96 262.44 124.01 Dec 7.60 9.64 11.35 2.66 14.5 12.3 13.6 1896.6
URI United Rentals, Inc. O 18.79 19.14 6.87 Dec (0.76) 0.24 0.54 0.08 78.3 34.8 60.5 1137.4 [ 5]

Monthly Highlights
13
CONSUMER & BUSINESS SERVICES : Consumer, Household & Personal Care Products
Joseph Altobello, CFA
Joseph.Altobello@opco.com
212-667-8085
CENT Central Garden & Pet P 10.35 11.85 8.28 Sep 0.94 1.00 1.10 0.16 10.4 9.4 16.8 661.9 [ 1 2 3 4 5 6 7]
CHD Church & Dwight O 65.85 70.14 54.57 Dec 3.48 3.98 4.40 0.92 16.6 15.0 71.0 4676.1
CLX Clorox O 66.55 69.00 58.01 Jun 3.81 4.24 4.65 1.15 15.7 14.3 138.9 9245.9
CL Colgate-Palmolive P 77.12 87.39 73.12 Dec 4.37 4.82 5.10 1.23 16.0 15.1 482.7 37224.6
RDEN Elizabeth Arden O 20.43 21.44 10.29 Jun 0.47 0.87 1.20 0.13 23.5 17.0 27.8 568.0 [ 1]
EL Estee Lauder U 71.17 74.31 40.13 Jun 1.49 2.75 3.00 0.78 25.9 23.7 119.8 14008.6
IPAR Inter Parfums, Inc. O 17.49 19.00 10.47 Dec 0.74 0.84 0.98 0.22 20.8 17.9 30.4 532.5 [ 1]
JAH Jarden Corporation O 32.06 35.11 25.50 Dec 2.60 2.84 3.25 0.80 11.3 9.9 91.9 2945.5 [ 5]
NWL Newell Rubbermaid P 17.65 18.48 13.11 Dec 1.31 1.48 1.68 0.41 11.9 10.5 316.0 5577.9
PBH Prestige Brands Holdings P 10.75 11.13 6.69 Mar 0.65 0.73 0.86 0.22 14.7 12.5 50.0 538.0
PG Procter & Gamble O 63.57 64.58 39.37 Jun 4.26 4.11 3.95 1.10 15.5 16.1 2799.2 177944.7
SBH Sally Beauty Holdings P 12.17 12.75 6.60 Sep 0.54 0.76 0.85 0.20 16.0 14.3 182.4 2219.7
SMG Scotts Miracle-Gro P 53.40 54.99 37.50 Sep 2.62 3.35 3.70 (0.37) 15.9 14.4 67.0 3575.6
TPX Tempur-Pedic International P 34.50 36.36 18.84 Dec 1.12 2.08 2.40 0.57 16.6 14.4 68.2 2351.7
ULTA Ulta O 30.69 32.68 14.62 Jan 0.66 1.03 1.35 0.20 29.8 22.7 59.0 1810.0 [ 1]
VITC Vitacost.com, Inc. P 6.12 13.45 5.42 Dec 0.52 0.20 0.45 0.05 30.6 13.6 27.8 169.9 [ 1 5]
WDFC WD-40 Company P 36.89 40.99 29.30 Aug 1.58 2.15 2.35 0.62 17.2 15.7 16.7 617.3 [ 1]
CONSUMER & BUSINESS SERVICES : Hardlines Retailing
Brian Nagel, CFA
Brian.Nagel@opco.com
212 667-8381
AAP Advance Auto Parts, Inc. U 64.98 65.01 36.41 Dec 3.00 3.80 4.10 0.88 17.1 15.9 84.3 5475.6
AZO AutoZone, Inc. P 237.63 237.93 135.13 Aug 11.73 14.93 17.70 3.39 15.9 13.4 44.6 10604.4
BBBY Bed Bath & Beyond Inc. O 43.90 48.52 26.50 Feb 2.30 2.80 3.20 0.68 15.7 13.7 259.1 11375.0 [ 1]
BBY Best Buy Co. Inc. O 42.98 48.83 30.90 Feb 3.15 3.55 3.65 0.61 12.1 11.8 397.8 17099.2
KMX CarMax P 30.99 31.09 18.62 Feb 1.24 1.50 1.60 0.28 20.7 19.4 224.9 6968.2
GME GameStop Corp. P 19.65 26.05 17.12 Jan 2.27 2.60 2.75 0.37 7.6 7.2 150.4 2954.4
HGG hhgregg Inc. O 23.04 31.14 16.47 Mar 1.03 1.46 2.00 0.19 15.8 11.5 39.4 908.1
HD Home Depot Inc. O 30.90 37.03 24.47 Jan 1.63 1.90 2.15 0.47 16.3 14.4 1665.3 51457.8
LTM Life Time Fitness O 36.13 42.99 21.29 Dec 1.81 2.08 2.70 -- 17.4 13.4 41.9 1513.4
LOW Lowe's Cos. O 21.34 28.54 19.15 Jan 1.24 1.42 1.65 0.31 15.0 12.9 1403.3 29945.9
ORLY O'Reilly Automotive, Inc. P 58.50 58.60 35.94 Dec 2.25 3.00 3.45 0.62 19.5 17.0 138.8 8117.5 [ 1]
ODP Office Depot, Inc. P 4.49 9.19 3.36 Dec (0.26) (0.03) 0.10 (0.03) NM 44.9 277.1 1244.0 []
OMX OfficeMax Incorporated O 17.70 19.79 9.58 Dec 0.24 0.84 1.05 0.10 21.1 16.9 85.0 1505.0
PETM PetSmart, Inc. P 37.43 37.74 23.07 Jan 1.59 2.00 2.25 0.39 18.7 16.6 118.6 4437.6 [ 1]
PIR Pier 1 Imports O 8.68 9.81 3.20 Feb 0.01 0.66 0.70 0.09 13.2 12.4 117.2 1017.4
RSH RadioShack Corp. P 20.12 24.00 16.39 Dec 1.63 1.89 2.25 0.72 10.7 8.9 113.8 2290.2
SPLS Staples, Inc. O 20.52 26.00 17.45 Jan 1.14 1.29 1.60 0.41 15.9 12.8 730.1 14981.9 [ 1]
TSCO Tractor Supply Company P 39.58 40.53 22.16 Dec 1.58 2.15 2.45 0.57 18.4 16.2 72.6 2873.5 [ 1]
WSM Williams-Sonoma O 32.37 34.61 18.42 Jan 0.94 1.85 2.20 0.32 17.5 14.7 106.2 3436.2
CONSUMER & BUSINESS SERVICES : Restaurants
Matthew DiFrisco
matthew.difrisco@opco.com
212 667-7127
BJRI BJ's Restaurants Inc. P 33.15 35.58 15.38 Dec 0.54 0.80 0.98 0.22 41.4 33.8 27.1 897.9 [ 1 5]
BWLD Buffalo Wild Wings, Inc. P 47.03 52.99 34.33 Dec 1.69 2.05 2.45 0.50 22.9 19.2 18.2 855.5 [ 1]
CPKI California Pizza Kitchen Inc. P 16.51 24.00 12.29 Dec 0.77 0.62 0.72 0.18 26.6 22.9 24.6 405.8 [ 1]
CAKE Cheesecake Factory Inc. P 29.12 30.75 17.61 Dec 1.07 1.42 1.65 0.35 20.5 17.7 59.5 1732.4 [ 1]
CMG Chipotle Mexican Grill, Inc. P 210.21 215.38 80.47 Dec 3.95 5.50 6.50 1.30 38.2 32.3 30.9 6505.0
DRI Darden Restaurants Inc. O 45.71 49.01 29.94 May 2.65 2.96 3.35 0.53 15.4 13.6 138.4 6326.9
DPZ Domino's Pizza, Inc. P 14.84 16.32 7.09 Dec 0.92 1.35 1.44 0.40 11.0 10.3 60.0 891.0
BAGL Einstein Noah Restaurant Group O 11.06 13.47 8.57 Dec 0.93 0.72 0.91 0.17 15.4 12.2 16.6 183.2 [ 1]
JACK Jack in the Box, Inc. P 23.16 26.37 17.84 Sep 2.29 1.57 2.12 0.35 14.8 10.9 55.1 1276.0 [ 1]
MSSR McCormick & Schmick's Seafood Restaurant Inc.O 8.93 11.98 5.46 Dec 0.32 0.36 0.51 0.10 24.8 17.5 14.9 132.8 [ 1 5]
MCD McDonald's Corporation P 77.77 79.90 58.56 Dec 3.98 4.63 5.09 1.29 16.8 15.3 1064.3 82773.6
MRT Morton's Restaurant Group Inc. P 5.60 8.09 2.55 Dec 0.10 0.34 0.45 (0.10) 16.5 12.4 16.7 93.7
PFCB P.F. Chang's China Bistro, Inc. U 45.92 50.86 29.18 Dec 1.87 1.95 2.20 0.57 23.6 20.9 23.0 1054.6 [ 1]
PNRA Panera Bread Co. P 89.51 95.41 58.95 Dec 2.78 3.58 4.40 1.18 25.0 20.3 29.7 2785.2 [ 1]
PEET Peet's Coffee & Tea Inc. P 38.25 42.48 30.65 Dec 1.09 1.28 1.50 0.23 29.9 25.5 12.9 491.8 [ 1]
RRGB Red Robin Gourmet Burgers Inc. P 20.30 29.10 14.39 Dec 1.35 0.80 1.00 0.20 25.4 20.3 15.6 317.1 [ 1]
SONC Sonic Corp. O 8.89 13.11 7.28 Aug 0.72 0.53 0.66 -- 16.8 13.5 61.6 548.0 [ 1]
SBUX Starbucks Corporation O 28.56 28.80 18.85 Sep 0.80 1.23 1.44 0.32 23.2 19.8 740.1 21137.3 [ 1]
TXRH Texas Roadhouse, Inc. O 15.39 16.20 9.27 Dec 0.69 0.84 0.96 0.18 18.3 16.0 71.6 1183.2 [ 1]
WEN Wendy's/Arby's Group, Inc. O 4.60 5.55 3.83 Dec 0.18 0.12 0.19 0.04 38.3 24.2 418.3 1924.1 [ 5]

Monthly Highlights
14
CONSUMER & BUSINESS SERVICES : Specialty Retailing
Brian Nagel, CFA
Brian.Nagel@opco.com
212 667-8381
DKS Dick's Sporting Goods P 28.82 30.83 20.50 Jan 1.20 1.46 1.65 0.16 19.7 17.5 90.8 3339.7
TIF Tiffany & Co. P 53.00 53.00 35.81 Jan 2.03 2.60 2.90 0.37 20.4 18.3 126.3 6692.1
Pamela Quintiliano
Pamela.Quintiliano@opco.com
212 667-7945
ANF Abercrombie & Fitch Co. O 42.86 51.12 29.88 Jan 1.12 1.76 2.70 0.22 24.4 15.9 88.3 3783.5 [ 5]
ARO Aeropostale Inc. O 24.40 32.24 19.10 Jan 2.27 2.67 2.95 0.61 9.1 8.3 92.5 2256.1
AEO American Eagle Outfitters O 16.02 19.64 11.35 Jan 0.93 1.02 1.19 0.28 15.7 13.5 195.5 3132.6
CTRN Citi Trends, Inc. P 20.98 37.57 20.76 Jan 1.36 1.60 2.11 (0.02) 13.1 9.9 14.8 311.3 [ 1 5]
GPS Gap Inc. P 19.01 26.34 16.62 Jan 1.58 1.80 2.01 0.46 10.6 9.5 618.9 11765.0
GYMB Gymboree Corp. NR 65.06 65.18 37.26 Jan 3.41 3.97 4.34 0.44 16.4 15.0 27.3 1778.9 [ 1]
JCG J. Crew Group, Inc. O 31.99 50.96 30.06 Jan 1.91 2.26 2.70 0.56 14.2 11.9 63.7 2039.1
LULU Lululemon Athletica Inc. P 44.32 48.45 24.21 Jan 0.82 1.19 1.43 0.30 37.2 31.0 51.8 3158.4 [ 1 5]
PSUN Pacific Sunwear O 5.96 6.42 2.92 Jan (0.78) (0.64) (0.30) (0.22) NM NM 66.0 393.6 [ 1]
ROST Ross Stores Inc. P 58.99 59.24 42.30 Jan 3.54 4.35 4.70 0.96 13.6 12.6 120.5 7105.8 [ 1]
TJX TJX Companies, Inc. P 45.89 48.50 35.75 Jan 2.01 2.84 3.43 0.92 16.2 13.4 400.7 18386.3
UA Under Armour, Inc. P 46.68 48.59 23.72 Dec 0.92 1.24 1.55 0.07 37.7 30.1 38.4 2376.2 [ 5]
URBN Urban Outfitters Inc. O 30.79 40.84 29.03 Jan 1.28 1.71 2.01 0.45 18.0 15.3 165.1 5082.9 [ 1 7 8]
ZUMZ Zumiez, Inc. O 26.22 26.45 10.68 Jan 0.38 0.60 0.82 0.30 43.7 32.0 30.6 802.3 [ 1]
ENERGY : Alternative Energy
Jairo Chung
Jairo.Chung@opco.com
212 667-5302
COMV Comverge, Inc. P 7.65 13.25 5.88 Dec (1.46) (0.63) 0.01 0.02 NM NM 25.3 193.3 [ 1]
ENOC EnerNOC, Inc. P 30.07 37.00 24.10 Dec (0.32) 0.50 0.91 1.58 60.1 33.0 24.8 746.6 [ 1]
ENERGY : Electric Utilities
Jairo Chung
Jairo.Chung@opco.com
212 667-5302
CMS CMS Energy O 18.38 19.07 13.00 Dec 1.26 1.36 1.45 0.19 13.5 12.7 244.6 4495.3
GXP Great Plains Energy P 19.03 20.29 16.63 Dec 1.13 1.46 1.52 0.77 13.0 12.5 135.6 2581.4
NVE NV Energy P 13.67 13.76 10.94 Dec 0.82 0.96 0.99 0.04 14.2 13.8 235.1 3214.0
POM Pepco Holdings, Inc. P 19.26 19.80 14.34 Dec 0.91 1.06 1.20 0.43 18.2 16.1 224.5 4323.9
PNW Pinnacle West Capital Corp. P 41.16 42.68 31.08 Dec 2.33 3.05 3.05 2.08 13.5 13.5 108.7 4474.6
SCG SCANA Corporation P 40.84 41.97 33.59 Dec 2.74 3.00 3.20 0.72 13.6 12.8 126.6 5171.2
UTL Unitil Corporation P 21.72 24.40 19.28 Dec 1.57 1.00 1.51 0.61 21.7 14.4 10.9 236.3 [ 5]
WR Westar Energy P 25.30 25.79 18.91 Dec 1.32 1.83 1.82 0.96 13.8 13.9 111.4 2818.2
Shelby Tucker, CFA
Shelby.Tucker@opco.com
212 667-5264
AEP American Electric Power Co. P 37.44 37.55 28.17 Dec 2.98 3.07 3.15 0.42 12.2 11.9 479.4 17950.1
ED Consolidated Edison, Inc. P 49.72 49.95 40.55 Dec 3.12 3.42 3.48 1.25 14.5 14.3 290.1 14422.7
D Dominion Resources, Inc. P 43.46 45.12 34.00 Dec 3.27 3.36 3.24 1.05 12.9 13.4 589.1 25603.6
DUK Duke Energy P 18.21 18.32 15.47 Dec 1.22 1.43 1.31 0.22 12.7 13.9 1318.7 24013.5
EIX Edison International O 36.90 37.05 30.37 Dec 3.26 3.30 2.71 1.22 11.2 13.6 325.8 12022.4
ETR Entergy Corp. P 74.53 84.44 70.35 Dec 6.66 7.08 6.53 1.27 10.5 11.4 186.8 13923.4
EXC Exelon Corp. P 40.82 51.98 37.24 Dec 4.12 4.00 3.97 0.90 10.2 10.3 661.4 26998.9
NEE NextEra Energy, Inc. O 55.04 56.57 45.29 Dec 4.05 4.44 4.51 1.49 12.4 12.2 415.8 22887.9
PCG PG&E Corporation O 47.82 48.34 34.95 Dec 3.21 3.43 3.70 0.96 13.9 12.9 390.8 18685.8
PGN Progress Energy Inc. P 45.00 45.61 36.91 Dec 3.03 3.07 3.10 1.25 14.7 14.5 292.6 13166.1 [ 11]
PEG Public Service Enterprise Group Inc. O 32.34 34.93 29.01 Dec 3.12 3.17 2.92 0.61 10.2 11.1 505.9 16361.9
SO Southern Company P 37.87 38.62 30.85 Dec 2.29 2.36 2.52 0.17 16.1 15.0 830.7 31458.8
XEL Xcel Energy Inc. O 23.86 24.08 18.53 Dec 1.50 1.64 1.72 0.31 14.6 13.9 462.8 11043.3

Monthly Highlights
15
ENERGY : Independent Power Producers
Shelby Tucker, CFA
Shelby.Tucker@opco.com
212 667-5264
NRG NRG Energy, Inc. P 19.91 26.15 19.61 Dec -- -- -- -- -- -- 253.2 5040.9
ENERGY : Master Limited Partnerships
Bernard Colson, CFA
Bernard.Colson@opco.com
816-932-8022
BWP Boardwalk Pipeline Partners P 32.56 34.23 14.49 Dec 0.88 1.49 1.63 0.29 21.9 20.0 169.7 6270.7
ECT ECA Marcellus Trust I O 23.24 23.65 19.00 Dec -- -- -- -- -- -- 13.2 409.1 [ 1 2 3 4 5]
EPB El Paso Pipeline Partners O 33.70 33.84 20.20 Dec 1.60 1.97 2.95 0.47 17.1 11.4 134.3 5461.4
EEP Enbridge Energy Partners P 61.49 63.39 38.02 Dec 2.72 4.10 3.87 0.79 15.0 15.9 98.6 7209.0 [ 5]
ETP Energy Transfer Partners P 51.00 51.95 40.06 Dec -- -- -- -- -- -- 189.8 10133.3 [ 2 3 4 5]
EPD Enterprise Products Partners O 42.85 42.99 27.54 Dec 2.11 2.31 2.01 0.46 18.6 21.3 636.7 27477.2 [ 2 3 4 5]
MMP Magellan Midstream Partners O 53.99 54.00 37.81 Dec 2.81 2.51 2.62 0.59 21.5 20.6 112.5 6072.9
OKS ONEOK Partners O 78.33 79.76 25.57 Dec -- -- -- -- -- -- 65.4 7982.4 [ 2 3 4 5]
PAA Plains All American Pipeline O 63.10 64.85 44.12 Dec -- -- -- -- -- -- 136.4 8608.0 [ 5]
RGNC Regency Energy Partners O 25.33 26.58 18.56 Dec -- -- -- -- -- -- 134.9 3416.2 [ 3]
SEP Spectra Energy Partners P 34.27 36.31 22.58 Dec -- -- -- -- -- -- 58.7 2809.6
ENERGY : Oil & Gas
Fadel Gheit
fadel.gheit@opco.com
212-667-7405
APC Anadarko Petroleum P 61.57 75.07 34.54 Dec (1.13) 1.82 2.13 (0.11) 33.8 28.9 494.9 30472.8 []
APA Apache Corporation O 101.02 111.00 81.94 Dec 5.59 9.29 9.04 2.39 10.9 11.2 364.3 36799.4
BP BP plc O 40.80 62.38 26.75 Dec 4.67 6.53 6.87 1.54 6.3 5.9 3132.9 127821.3 [ 10 9]
COG Cabot Oil & Gas Corporation P 28.98 46.46 26.62 Dec 1.72 0.98 0.05 0.19 29.6 NM 104.0 3013.1
CHK Chesapeake Energy O 21.68 29.22 19.62 Dec 2.55 2.91 2.43 0.68 7.5 8.9 654.3 14185.9
CVX Chevron Corporation P 82.60 85.79 66.83 Dec 4.84 10.05 10.43 2.60 8.2 7.9 2010.6 166075.0 [ 10 9]
CRK Comstock Resources, Inc. P 22.35 44.52 19.54 Dec (0.80) (0.18) (0.04) (0.05) NM NM 47.3 1057.5
COP ConocoPhillips O 59.39 62.63 46.63 Dec 3.34 6.09 6.57 1.45 9.8 9.0 1483.4 88093.2 [ 10 9]
DVN Devon Energy Corporation O 65.02 76.79 58.58 Dec 4.06 6.15 4.88 1.39 10.6 13.3 435.0 28283.7 [ 10 9]
EOG EOG Resources, Inc. O 95.72 114.95 80.37 Dec 3.00 1.16 3.02 0.74 82.5 31.7 253.5 24262.0
XOM ExxonMobil Corporation P 66.49 76.54 55.94 Dec 4.01 5.88 6.48 1.49 11.3 10.3 5091.8 338554.1 [ 10 9]
FTO Frontier Oil Corporation P 13.25 15.70 11.03 Dec (0.80) 0.91 1.55 0.09 14.6 8.6 105.7 1400.2
HES Hess Corporation O 63.03 66.49 48.70 Dec 2.27 5.07 6.02 1.13 12.4 10.5 328.4 20700.3
MRO Marathon Oil Corporation O 35.57 36.43 27.64 Dec 1.63 3.47 4.67 0.94 10.3 7.6 709.7 25243.5
MUR Murphy Oil Corporation O 65.16 67.24 48.14 Dec 3.10 4.84 7.01 1.22 13.5 9.3 191.8 12497.2
NBL Noble Energy, Inc. P 81.48 81.72 56.23 Dec 3.36 3.59 4.17 0.88 22.7 19.5 175.1 14266.7
OXY Occidental Petroleum O 78.63 90.99 72.13 Dec 3.78 5.64 6.54 1.54 13.9 12.0 812.2 63866.7
HK Petrohawk Energy P 16.99 27.36 13.89 Dec 0.38 0.56 1.20 0.15 30.3 14.2 302.4 5137.1
PXD Pioneer Natural Resources O 69.80 74.49 39.13 Dec (0.10) 1.72 2.59 0.43 40.6 27.0 116.0 8096.4
RRC Range Resources P 37.39 54.65 32.25 Dec 1.04 0.50 0.76 0.14 74.8 49.2 160.1 5985.1
RDS/A Royal Dutch Shell plc P 64.93 65.07 49.16 Dec 3.69 5.88 7.52 1.63 11.0 8.6 1772.8 200725.8 [ 10 9]
SWN Southwestern Energy Co. P 33.84 52.82 30.61 Dec 1.52 1.75 2.04 0.43 19.3 16.6 346.8 11735.1
SUN Sunoco, Inc. P 37.47 40.63 24.25 Dec (0.32) 2.27 3.00 0.35 16.5 12.5 120.6 4517.8
TSO Tesoro Corporation P 12.96 15.33 10.40 Dec (0.71) 0.02 1.66 0.50 NM 7.8 142.7 1849.5
VLO Valero P 17.95 21.49 15.49 Dec (0.56) 1.66 2.53 0.39 10.8 7.1 566.3 10164.4 [ 5]
WLL Whiting Petroleum O 100.44 106.76 55.09 Dec 0.39 5.56 7.94 1.67 18.1 12.7 58.5 5880.6 [ 5]
ENERGY : Oil Services & Equipment
G. Scott Burk, CFA
Scott.Burk@opco.com
212 667-7402
ATW Atwood Oceanics, Inc. O 32.51 40.58 23.71 Sep 3.89 4.08 4.62 0.91 8.0 7.0 64.4 2094.6
BHI Baker Hughes Incorporated P 46.42 54.80 35.62 Dec 1.92 1.80 3.05 0.44 25.8 15.2 431.1 20011.1
CPX Complete Production Services O 23.43 25.97 8.85 Dec (0.77) 1.12 2.42 0.52 20.9 9.7 77.9 1825.2
DO Diamond Offshore Drilling O 66.16 100.81 53.43 Dec 10.05 6.77 7.38 1.27 9.8 9.0 139.0 9198.0
ESV Ensco plc O 46.34 52.32 33.33 Dec 5.45 3.51 4.60 0.64 13.2 10.1 143.0 6624.6
HAL Halliburton Company P 31.86 35.89 21.10 Dec 1.28 2.00 2.80 0.62 15.9 11.4 909.5 28977.8
KEG Key Energy Services, Inc. O 9.85 11.54 7.07 Dec (0.46) (0.06) 0.51 0.03 NM 19.3 141.5 1393.4
NBR Nabors Industries Ltd. P 20.90 27.05 15.54 Dec 1.29 1.00 1.73 0.30 20.9 12.1 285.3 5962.1
NE Noble Corporation P 34.53 44.66 25.75 Dec 6.45 3.24 4.61 0.59 10.7 7.5 255.9 8835.2
PTEN Patterson-UTI Energy, Inc. P 19.41 20.47 11.85 Dec (0.19) 0.68 1.48 0.33 28.5 13.1 154.1 2992.0 [ 1]
PDE Pride International, Inc. O 30.32 34.36 21.51 Dec 2.20 1.55 2.90 0.31 19.6 10.5 175.6 5325.6
SLB Schlumberger Limited O 69.89 73.99 51.67 Dec 2.78 2.76 3.73 0.76 25.3 18.7 1364.4 95356.5
RIG Transocean Ltd. P 63.36 94.88 41.88 Dec 11.39 6.10 7.18 1.09 10.4 8.8 319.0 20211.5
WFT Weatherford International Ltd. O 16.81 20.88 12.34 Dec 0.50 0.60 1.32 0.23 28.0 12.7 741.0 12456.7 [ 6]

Monthly Highlights
16
FINANCIAL INSTITUTIONS : Commercial & Investment Banking
Chris Kotowski
212 667-6699
BAC Bank of America P 11.45 19.86 11.03 Dec (0.28) (0.04) 1.32 0.16 NM 8.7 10033.8 114877.5
C Citigroup Inc. O 4.17 5.07 3.11 Dec (0.80) 0.39 0.41 0.06 10.7 10.2 28973.5 120819.6
GS Goldman Sachs Group O 161.13 186.41 129.50 Dec 22.13 13.39 18.53 4.00 12.0 8.7 515.6 87095.6 [ 9]
JEF Jefferies Group P 23.93 29.00 20.15 Nov 1.38 1.11 1.50 0.29 21.6 16.0 171.8 4111.9
JPM JPMorgan Chase & Co. O 37.63 48.20 35.16 Dec 2.24 3.69 4.35 0.85 10.2 8.7 3925.8 147727.9 [ 9]
LAZ Lazard Ltd. P 36.90 41.90 25.70 Dec 0.09 1.23 2.32 0.53 30.0 15.9 112.8 4674.7
MS Morgan Stanley O 24.87 34.55 22.40 Dec (0.76) 2.63 3.00 0.67 9.5 8.3 1397.0 34742.6 [ 9]
USB U.S. Bancorp O 24.20 28.43 20.44 Dec 0.97 1.69 2.34 0.48 14.3 10.3 1917.2 46395.3
WFC Wells Fargo O 26.06 34.25 23.02 Dec 1.75 2.16 3.42 0.59 12.1 7.6 5233.4 136383.0 []
FINANCIAL INSTITUTIONS : Exchanges
Chris Kotowski
212 667-6699
CBOE CBOE Holdings O 24.01 34.18 19.60 Dec 1.17 0.97 1.33 0.20 24.8 18.1 13.5 2451.5 [ 1 2 3 4 5]
FINANCIAL INSTITUTIONS : Merchant Banking/Private Equity
Chris Kotowski
212 667-6699
FIG Fortress Investment Group P 4.40 5.46 2.70 Dec 0.26 0.61 0.79 0.13 7.2 5.6 165.0 2047.4
KKR KKR & Co. O 12.68 12.97 8.64 Dec -- 2.66 2.20 0.58 4.8 5.8 204.9 8660.5 [ 9]
BX The Blackstone Group O 13.48 15.93 8.93 Dec 0.63 1.06 1.59 0.25 12.7 8.5 254.5 14917.0 [ 9]
FINANCIAL INSTITUTIONS : Regional Banks
Terry McEvoy, CFA
terry.mcevoy@opco.com
207-775-4926
ASBC Associated Banc-Corp. P 12.65 16.29 10.25 Dec (1.26) (0.16) 0.60 0.06 NM 21.1 173.0 2188.1 [ 1]
BBT BB&T Corporation P 23.41 35.72 21.72 Dec 1.18 1.15 1.95 0.28 20.4 12.0 693.6 16236.2
CRBC Citizens Republic Bancorp O 0.68 1.50 0.48 Dec (3.86) (0.58) 0.00 (0.08) NM -- 397.0 270.0 [ 1 5]
CMA Comerica Inc. O 35.78 45.84 26.49 Dec (0.77) 0.58 2.35 0.32 61.7 15.2 176.3 6308.7
CFR Cullen/Frost Bankers, Inc. P 52.44 60.78 45.67 Dec 3.00 3.40 3.45 0.84 15.4 15.2 60.9 3195.6
FITB Fifth Third Bancorp O 12.56 15.95 8.81 Dec 0.71 0.52 1.30 0.23 24.2 9.7 796.3 10001.3 [ 1]
FMER FirstMerit Corp. P 17.17 24.43 16.55 Dec 0.91 1.05 1.20 0.25 16.4 14.3 108.8 1867.9 [ 1]
FMBI First Midwest Bancorp P 10.71 17.95 9.09 Dec (0.71) 0.15 0.55 0.00 71.4 19.5 74.1 793.1 [ 1]
FBC Flagstar Bancorp, Inc. P 1.27 10.10 1.21 Dec (18.73) (1.86) 0.00 (0.15) NM -- 277.0 351.8 [ 5]
HBAN Huntington Bancshares Inc. O 5.66 7.40 3.50 Dec (8.08) 0.25 0.41 0.11 22.6 13.8 716.9 4057.4 [ 1]
KEY KeyCorp P 8.20 9.84 5.29 Dec (2.58) 0.29 0.50 0.15 28.3 16.4 880.3 7218.3
MI Marshall & Ilsley Corp. O 5.95 10.66 4.97 Dec (2.49) (1.08) 0.20 (0.16) NM 29.8 527.6 3138.0 [ 5]
MBWM Mercantile Bank Corp. P 4.16 6.66 3.00 Dec (5.05) (1.40) 0.30 (0.30) NM 13.9 8.6 35.8 [ 1]
PNC PNC Financial Services Group, Inc. O 53.90 70.45 48.83 Dec 4.36 5.48 5.45 1.25 9.8 9.9 525.4 28319.0
PVTB PrivateBancorp, Inc. O 11.79 17.96 8.33 Dec (0.78) (0.23) 0.55 0.07 NM 21.4 71.4 841.8 [ 1]
PRSP Prosperity Bancshares, Inc. P 31.09 43.66 28.27 Dec 2.40 2.70 2.70 0.68 11.5 11.5 46.6 1449.7 [ 1]
SBNY Signature Bank P 42.24 43.39 30.00 Dec 1.27 2.33 2.55 0.59 18.1 16.6 40.9 1727.4 [ 1 5]
SBIB Sterling Bancshares, Inc. O 5.38 6.33 4.34 Dec (0.26) (0.01) 0.20 0.01 NM 26.9 101.9 548.4 [ 1]
STI SunTrust Banks, Inc. P 25.01 32.02 18.90 Dec (4.30) (0.33) 0.84 0.07 NM 29.8 499.9 12503.4
TCB TCF Financial Corporation P 13.16 19.17 11.36 Dec 0.54 1.10 1.20 0.26 12.0 11.0 142.6 1877.2
WAL Western Alliance Bancorporation O 6.04 9.64 2.99 Dec (3.42) (0.05) 0.35 0.01 NM 17.3 80.4 485.8
FINANCIAL INSTITUTIONS : US Banks
Chris Kotowski
212 667-6699
COF Capital One Financial Corp. P 37.27 47.73 34.03 Dec 0.74 5.88 3.39 1.39 6.3 11.0 452.6 16868.4

Monthly Highlights
17
HEALTHCARE : Bio and Specialty Pharmaceuticals
John Newman
John.Newman@opco.com
212-667-7325
AGN Allergan Inc. P 72.41 73.00 53.32 Dec 2.78 3.16 3.63 0.78 22.9 20.0 307.5 22266.9
RDEA Ardea Biosciences, Inc. O 21.32 27.78 12.18 Dec (1.70) (1.95) (1.33) (0.49) NM NM 22.9 487.9 [ 1 2 3 4 5]
AUXL Auxilium Pharmaceuticals P 24.75 38.50 19.99 Dec (0.82) (0.76) (0.62) (0.25) NM NM 47.6 1178.9 [ 1]
BIOD Biodel P 3.63 6.25 3.22 Sep (1.44) (1.41) (1.04) (0.27) NM NM 26.4 95.8 [ 1 5]
BPAX BioSante Pharmaceuticals, Inc. O 1.50 2.50 1.29 Dec (1.40) (0.58) (0.36) (0.11) NM NM 70.8 106.2 [ 1 5]
CADX Cadence Pharmaceuticals U 8.88 10.91 6.29 Dec (0.75) (0.79) (0.86) (0.12) NM NM 50.6 448.9 [ 1]
CBST Cubist Pharmaceuticals, Inc. P 23.28 25.48 16.50 Dec 1.36 1.81 1.86 0.46 12.9 12.5 59.3 1380.5 [ 1 5]
CYPB Cypress Biosciences O 3.99 6.84 2.06 Dec (0.74) (1.40) (0.36) (0.82) NM NM 38.6 154.0 [ 1 2 3 4 5]
ENDP Endo Pharmaceuticals O 36.74 38.20 19.11 Dec 2.84 3.34 4.06 0.85 11.0 9.1 115.4 4240.3 [ 1]
EURX Eurand N.V. O 10.96 13.70 7.41 Dec (0.14) (0.05) 0.06 0.02 NM NM 47.9 524.5
FRX Forest Laboratories, Inc. P 33.05 34.14 24.17 Mar 3.46 3.52 3.88 0.99 9.4 8.5 285.5 9437.2
HALO Halozyme Therapeutics, Inc. O 7.33 9.11 5.22 Dec (0.67) (0.50) (0.48) (0.11) NM NM 92.0 674.5 [ 1]
KG King Pharmaceuticals NR 14.14 14.18 7.18 Dec 1.11 0.56 0.96 0.13 25.3 14.7 249.7 3530.2 []
MNKD MannKind Corp. U 6.38 11.12 4.76 Dec (2.07) (1.47) (0.95) (0.38) NM NM 131.9 841.4 [ 1 5]
MYL Mylan Inc. P 20.32 23.63 16.14 Dec 1.30 1.61 1.72 0.44 12.6 11.8 309.4 6284.7 [ 1 5]
OMPI Obagi Medical Products, Inc. P 11.41 14.28 9.58 Dec 0.59 0.51 0.65 0.11 22.4 17.6 22.0 251.3 [ 1 5]
OPTR Optimer Pharmaceuticals O 9.39 13.95 7.68 Dec (1.30) (1.22) (0.92) (0.27) NM NM 38.9 365.7 [ 1]
QCOR Questcor Pharmaceuticals O 12.28 12.59 3.33 Dec 0.40 0.60 0.87 0.18 20.5 14.1 62.1 762.7 [ 1]
SLXP Salix Pharmaceuticals, Ltd. O 37.83 45.00 18.18 Dec (0.88) (0.06) 1.10 (0.45) NM 34.4 57.8 2187.2 [ 1]
SVNT Savient Pharmaceuticals Inc P 12.43 23.46 10.43 Dec (1.05) (0.48) 0.44 (0.20) NM 28.3 67.6 840.3 [ 1]
SHPGY Shire plc O 70.10 72.41 50.14 Dec 3.49 3.96 4.52 0.95 17.7 15.5 187.4 13136.2 [ 1]
SOMX Somaxon Pharmaceuticals, Inc. O 2.79 10.60 0.90 Dec (0.74) (1.03) (0.19) (0.42) NM NM 35.1 98.0 [ 1 2 3 4 5]
TEVA Teva Pharmaceutical O 51.88 64.95 46.99 Dec 3.37 4.61 5.01 1.08 11.3 10.4 936.0 48562.0 [ 1 5]
VPHM ViroPharma O 16.36 16.80 7.28 Dec (0.14) 1.16 0.77 0.16 14.1 21.3 78.0 1275.8 [ 1]
WCRX Warner Chilcott plc O 23.98 25.32 15.09 Dec 3.36 3.28 3.49 0.75 7.3 6.9 252.2 6048.6 [ 1 5]
HEALTHCARE : Biotechnology
Bret Holley, Ph.D
Bret.Holley@opco.com
212-667-7289
ACHN Achillion Pharmaceuticals P 2.84 3.89 1.47 Dec (0.97) (0.59) (0.49) (0.15) NM NM 58.4 165.7 [ 1 5]
ALXN Alexion Pharmaceuticals O 68.30 72.45 43.00 Dec 1.18 1.75 2.28 0.49 39.0 30.0 90.1 6155.9 [ 1]
ALIM Alimera Sciences O 10.75 11.49 6.30 Dec (0.86) (1.00) 2.28 (0.28) NM 4.7 31.1 334.8 [ 1 2 3 4 5]
AMGN Amgen Inc. O 57.19 61.26 50.26 Dec 4.91 5.14 5.39 1.36 11.1 10.6 958.5 54815.2 [ 1]
ARNA Arena Pharmaceuticals, Inc. P 1.65 8.00 1.45 Dec (1.73) (0.97) (0.29) (0.17) NM NM 112.3 185.4 [ 1 5]
ARIA Ariad Pharmaceuticals, Inc. O 3.68 4.49 1.70 Dec (0.86) 1.01 (0.53) (0.08) 3.6 NM 128.9 474.3 [ 1 2 3 4 5]
ARQL ArQule, Inc. O 5.52 7.49 2.97 Dec (0.82) (0.76) (0.79) (0.18) NM NM 44.9 247.8 [ 1 5]
BCRX BioCryst Pharmaceuticals P 4.96 12.70 4.43 Dec (0.35) (0.45) (0.42) 0.07 NM NM 44.9 222.8 [ 1 2 3 4 5]
BIIB Biogen Idec Inc. U 62.71 64.92 41.75 Dec 4.15 4.94 5.07 1.20 12.7 12.4 238.3 14943.9 [ 1]
CRME Cardiome Pharma Corp. O 5.06 9.36 3.65 Dec 0.09 0.76 0.46 0.42 6.7 11.0 61.0 308.8 [ 1 5]
CELG Celgene Corporation O 62.03 65.79 48.02 Dec 2.08 2.86 3.22 0.79 21.7 19.3 459.5 28499.9 [ 1]
CEPH Cephalon, Inc. O 66.44 72.87 53.44 Dec 6.02 7.86 8.47 1.91 8.5 7.8 75.2 4998.5 [ 1]
GILD Gilead Sciences O 39.67 49.50 31.73 Dec 3.06 3.67 4.19 0.94 10.8 9.5 838.6 33268.6 [ 1]
IDIX Idenix Pharmaceuticals O 4.33 6.11 1.81 Dec (0.81) (0.85) (0.64) (0.22) NM NM 72.9 315.7 [ 1]
IMGN ImmunoGen, Inc. O 8.22 10.90 4.96 Jun (0.63) (0.87) (0.88) (0.22) NM NM 68.0 558.7 [ 1 2 3 4 5]
INCY Incyte O 16.66 17.48 5.67 Dec (1.58) (0.89) (1.02) (0.31) NM NM 122.0 2033.0 [ 1]
ITMN InterMune, Inc. P 13.16 49.46 8.34 Dec (2.62) (1.87) (0.72) (0.32) NM NM 56.0 737.3 [ 1 2 3 4 5]
MNTA Momenta Pharmaceuticals O 16.70 26.20 8.70 Dec (1.33) (0.77) 1.30 (0.14) NM 12.9 45.3 756.1 [ 1]
PLX Protalix BioTherapeutics O 9.66 12.50 5.63 Dec (0.33) (0.44) 0.51 (0.10) NM 18.9 80.9 781.3 [ 5]
RIGL Rigel Pharmaceuticals O 8.31 10.15 6.02 Dec (2.40) 1.03 (1.37) 1.04 8.1 NM 52.1 433.2 [ 1 5]
SGEN Seattle Genetics O 16.41 18.05 8.26 Dec (0.90) (0.70) (0.74) (0.08) NM NM 101.2 1661.0 [ 1 5]
TRGT Targacept, Inc. O 24.76 25.00 17.80 Dec (0.92) 0.30 0.24 0.03 82.5 NM 28.6 708.6 [ 1 5]
UTHR United Therapeutics O 60.00 61.97 41.00 Dec 0.35 2.14 3.11 0.54 28.0 19.3 56.9 3415.0 [ 1]

Monthly Highlights
18
HEALTHCARE : Healthcare Providers
Michael Wiederhorn
Michael.Wiederhorn@opco.com
212-667-8200
ADUS Addus HomeCare Corporation O 3.04 9.72 2.92 Dec 0.60 0.72 0.95 0.19 4.2 3.2 10.7 32.7 [ 1 2 3 4 5]
AIRM Air Methods Corporation O 40.90 44.23 25.99 Dec 2.33 2.40 2.84 1.03 17.0 14.4 12.5 509.9 [ 1 5 6 7]
AMED Amedisys, Inc. O 25.46 64.28 22.82 Dec 4.89 4.29 3.72 0.96 5.9 6.8 29.0 739.1 [ 1 5 6]
AMSG AmSurg Corporation U 18.13 23.33 16.35 Dec 1.71 1.71 1.83 0.43 10.6 9.9 30.9 560.6 [ 1 5]
CHE Chemed Corporation O 58.94 60.92 43.88 Dec 3.91 4.16 4.48 1.20 14.2 13.2 22.8 1343.1
CYH Community Health Systems, Inc. O 30.08 42.30 25.63 Dec 2.69 2.98 3.27 0.73 10.1 9.2 92.5 2783.8
CCRN Cross Country, Inc. P 7.30 11.03 6.63 Dec 0.26 0.17 0.28 0.03 42.9 26.1 31.1 226.9 [ 1 5]
EMS Emergency Medical Services O 54.38 61.83 41.50 Dec 2.56 3.26 3.60 0.84 16.7 15.1 30.3 2395.8 [ 2 3 4 5]
GTIV Gentiva Health Services, Inc. P 23.28 30.88 18.93 Dec 2.19 2.77 2.88 0.65 8.4 8.1 29.8 693.9 [ 1]
HMA Health Management Associates P 8.01 9.81 5.84 Dec 0.51 0.65 0.72 0.16 12.3 11.1 250.6 2007.5
HLS Healthsouth Corp. U 18.07 22.22 14.44 Dec 0.83E -- -- 0.23 -- -- 93.5 1688.8
LHCG LHC Group, Inc. O 26.90 37.49 19.61 Dec 2.44 2.79 2.77 0.71 9.6 9.7 18.7 501.9 [ 1]
LPNT LifePoint Hospitals, Inc. P 33.92 39.61 27.89 Dec 2.57 2.86 3.00 0.67 11.9 11.3 54.2 1839.3 [ 1 5]
LNCR Lincare Holdings, Inc. P 26.22 33.45 20.55 Dec 1.35 1.85 2.04 0.48 14.2 12.9 98.1 2571.8 [ 1]
SKH Skilled Healthcare Group O 3.75 8.43 1.43 Dec 1.03 0.90 0.91 0.21 4.2 4.1 20.8 141.7
SUNH Sun Healthcare Group, Inc. O 9.51 10.34 6.68 Dec 1.10 0.97 0.99 0.26 9.8 9.6 74.8 711.4 [ 1 5]
ENSG The Ensign Group O 18.79 18.98 13.50 Dec 1.60 1.83 1.97 0.46 10.3 9.5 20.8 390.5 [ 1]
HEALTHCARE : Healthcare Technology & Distribution
Charles Rhyee
Charles.Rhyee@opco.com
212 667-5518
MDRX Allscripts-Misys Healthcare Solutions, Inc. O 19.10 22.55 15.65 Dec 0.59 0.67 0.93 0.14 28.5 20.5 186.4 3559.8 [ 1 5]
ABC AmerisourceBergen Corp. O 32.83 33.83 22.07 Sep 1.72 2.15 2.34 0.48 15.3 14.0 278.8 9154.2
ATHN athenahealth, Inc. U 39.97 47.82 21.51 Dec 0.43 0.57 0.78 0.21 70.1 51.2 34.3 1369.6 [ 1]
CAH Cardinal Health, Inc. O 34.69 36.66 28.22 Jun 2.26 2.22 2.48 0.60 15.6 14.0 348.8 12100.5
CERN Cerner Corporation P 87.83 92.95 72.05 Dec 2.43 2.92 3.51 0.84 30.1 25.0 82.5 7244.4 [ 1]
EM Emdeon Inc. O 13.63 16.90 9.95 Dec 0.87 0.91 1.07 0.23 15.0 12.7 90.9 1575.0 [ 5]
ESRX Express Scripts, Inc. O 48.52 54.00 37.75 Dec 1.76 2.49 3.22 0.69 19.5 15.1 526.2 25531.8 [ 1]
MCK McKesson Corporation O 65.98 71.49 57.23 Mar 3.88 4.53 4.82 1.08 14.6 13.7 253.1 16697.1
MDAS MedAssets, Inc. O 18.59 25.08 18.10 Dec 0.82 0.88 1.08 0.27 21.1 17.2 58.1 1079.2 [ 1]
MHS Medco Health Solutions, Inc. O 52.53 66.94 43.45 Dec 2.83 3.35 3.87 0.83 15.7 13.6 433.7 22779.8 [ 5]
OCR Omnicare O 24.12 30.63 19.14 Dec 2.51 2.07 2.24 0.49 11.7 10.8 116.3 2804.7 [ 5]
PRXL PAREXEL International Corp. P 21.51 25.64 11.78 Jun 0.98 1.06 1.30 0.28 20.3 16.6 58.5 1258.0 [ 1]
PMC PharMerica Corp. P 10.04 20.95 6.88 Dec 1.30 0.89 0.84 0.19 11.3 12.0 30.6 307.7
QSII Quality Systems, Inc. P 64.26 68.89 51.30 Mar 1.63 1.68 2.00 0.48 38.3 32.1 28.9 1857.8 [ 1]
SXCI SXC Health Solutions, Inc. O 38.96 41.58 21.27 Dec 0.96 1.05 1.41 0.25 37.1 27.6 60.8 2369.7 [ 1 5]
VTAL Vital Images, Inc. O 13.30 16.92 11.35 Dec (0.24) (0.21) 0.23 (0.04) NM 57.8 14.4 191.0 [ 1]
HEALTHCARE : Medical Devices
Steven Lichtman
Steven.Lichtman@opco.com
212-667-8160
BSX Boston Scientific Corp. P 6.39 9.79 5.04 Dec 0.78 0.38 0.44 0.10 16.8 14.5 1516.9 9693.0
ILMN Illumina, Inc. P 54.31 57.19 25.59 Dec 0.80 1.10 1.40 0.34 49.4 38.8 124.3 6750.0 [ 1]
IART Integra LifeSciences Holdings O 43.02 46.73 29.69 Dec 2.65 2.74 2.98 0.72 15.7 14.4 28.3 1215.6 [ 1 2 4 5]
LIFE Life Technologies, Inc. O 50.18 56.19 41.10 Dec 3.07 3.50 3.80 0.86 14.3 13.2 183.3 9199.1 [ 1]
MDT Medtronic, Inc. O 35.23 46.66 30.80 Apr 2.92 3.22 3.43 0.81 10.9 10.3 1079.9 38044.4
STJ St. Jude Medical, Inc. P 38.30 42.87 33.92 Dec 2.44 3.00 3.26 0.74 12.8 11.8 327.4 12539.6
STXS Stereotaxis, Inc. O 3.95 6.02 3.00 Dec (0.64) (0.44) (0.27) (0.08) NM NM 50.4 199.0 [ 1 5]
SYK Stryker Corp. O 49.49 59.72 42.74 Dec 2.95 3.29 3.65 0.40 15.0 13.6 396.9 19644.6
WMGI Wright Medical Group P 13.35 19.61 13.03 Dec 0.64 0.69 0.81 0.22 19.4 16.5 39.2 523.2 [ 1]
ZMH Zimmer Holdings P 47.44 64.77 46.27 Dec 3.95 4.26 4.70 0.71 11.1 10.1 201.0 9533.6

Monthly Highlights
19
INDIA : Consumer
Manish Hemrajani
Manish.Hemrajani@opco.com
212 667-5407
MMYT MakeMyTrip Limited P 36.17 42.88 14.00 Mar (0.37) 0.05 0.18 0.01 NM NM 34.1 1234.6 [ 1 2 3 4 5]
INDUSTRIAL/CAPITAL GOODS : Aerospace/Defense
Ed Keller
Edwin.Keller@opco.com
617-556-3708
APSG Applied Signal Technology, Inc. P 33.56 34.01 17.08 Oct 1.11 0.97 1.17 0.22 34.6 28.7 13.4 449.6 [ 1]
BEAV BE Aerospace, Inc. O 36.76 37.43 17.47 Dec 1.43 1.47 1.95 0.36 25.0 18.9 102.3 3760.4 [ 1 5]
BA Boeing Company O 70.64 76.00 47.33 Dec 1.87 4.00 4.75 1.11 17.7 14.9 733.6 51820.1
CW Curtiss-Wright Corp. P 30.88 37.54 26.11 Dec 2.08 2.27 2.51 0.76 13.6 12.3 46.1 1422.7 [ 5]
GD General Dynamics Corporation O 68.12 79.00 55.46 Dec 6.20 6.75 7.15 1.84 10.1 9.5 380.4 25911.1
GR Goodrich Corporation P 82.07 82.98 53.85 Dec 4.43 4.40 5.25 1.05 18.7 15.6 125.4 10289.6
HRS Harris Corp. P 45.19 54.50 40.24 Jun 3.87 4.43 4.87 1.12 10.2 9.3 128.3 5796.9
LLL L-3 Communications Holdings P 72.18 97.81 66.11 Dec 7.61 8.09 8.21 2.20 8.9 8.8 114.5 8262.5
LMIA LMI Aerospace, Inc. O 16.33 19.50 10.53 Dec 1.08 1.36 1.50 0.32 12.0 10.9 11.8 192.4 [ 1 5]
LMT Lockheed Martin Corporation P 71.29 87.19 67.39 Dec 7.71 6.95 6.33 2.07 10.3 11.3 360.1 25673.5
NOC Northrop Grumman Corp. O 63.22 69.80 49.63 Dec 4.87 7.00 7.11 1.49 9.0 8.9 292.0 18459.5
RTN Raytheon Company P 46.08 60.10 42.65 Dec 4.89 5.01 4.77 1.32 9.2 9.7 364.5 16798.1
COL Rockwell Collins Inc. O 60.51 68.04 47.19 Sep 3.73 3.55 4.00 0.97 17.1 15.1 157.2 9512.1 [ 5]
TDG TransDigm Group, Inc. P 66.27 66.39 38.92 Sep 3.29 3.24 3.65 0.92 20.5 18.2 49.3 3269.8
TGI Triumph Group Inc. O 83.59 84.34 45.93 Mar 5.90 5.12 6.10 1.48 16.3 13.7 24.2 2022.2
UTX United Technologies Corp. O 74.77 77.09 61.42 Dec 4.12 4.75 5.30 1.32 15.7 14.1 923.4 69043.1
VSAT ViaSat, Inc. O 41.17 42.00 26.04 Mar 1.57 1.55 1.72 0.39 26.6 23.9 40.6 1670.9 [ 1 2 4 5]
INDUSTRIAL/CAPITAL GOODS : Chemicals
Edward Yang
Edward.Yang@opco.com
512-314-2619
ARG Airgas P 70.89 71.15 41.82 Mar 3.12 2.68 3.27 0.78 26.5 21.7 83.7 5931.1
APD Air Products and Chemicals P 84.97 86.50 64.13 Sep 4.06 5.02 5.50 1.31 16.9 15.5 212.5 18059.2
ALB Albemarle P 50.13 51.15 31.00 Dec 1.89 3.63 3.74 0.98 13.8 13.4 91.6 4590.4 [ 5]
CMP Compass Minerals P 78.87 82.65 60.71 Dec 5.01 4.64 5.56 1.96 17.0 14.2 32.8 2587.0
DD E.I. DuPont de Nemours P 47.28 48.00 31.02 Dec 2.03 3.10 3.16 0.30 15.3 15.0 912.9 43161.6
ECL Ecolab O 49.32 52.46 40.66 Dec 1.99 2.22 2.49 0.60 22.2 19.8 233.3 11506.5
IPHS Innophos Holdings O 36.72 36.88 17.35 Dec 2.98 2.83 3.40 0.83 13.0 10.8 21.4 786.5 [ 1 5]
IFF International Flavors & Fragrances P 50.16 51.77 37.84 Dec 2.69 3.26 3.39 0.89 15.4 14.8 79.9 4005.7
IPI Intrepid Potash P 34.33 35.14 19.08 Dec 0.74 0.30 0.48 0.05 NM 71.5 75.1 2578.2
KRA Kraton Performance Polymers O 32.46 34.85 12.76 Dec (0.41) 3.45 4.04 0.91 9.4 8.0 30.9 1002.0 [ 2 3 4 5]
OLN Olin O 19.99 22.39 14.35 Dec 1.69 0.70 1.65 0.03 28.6 12.1 79.6 1590.2 []
PX Praxair O 91.34 94.30 72.70 Dec 3.99 4.70 5.32 1.21 19.4 17.2 306.4 27984.7
RPM RPM International O 20.71 22.90 16.07 May 1.04 1.26 1.38 0.35 16.4 15.0 128.9 2669.5 [ 5]
SXT Sensient Technologies O 32.31 32.79 24.62 Dec 1.92 2.13 2.31 0.50 15.2 14.0 49.7 1604.6
TPCG TPC Group O 27.45 29.14 5.25 Jun (1.61) 1.09 2.25 0.59 25.2 12.2 18.3 501.1 [ 1 2 3 4 5]

Monthly Highlights
20
INDUSTRIAL/CAPITAL GOODS : Industrial Multi-Industry
Christopher Glynn
Christopher.Glynn@opco.com
617 556-3711
AYI Acuity Brands Inc. O 50.07 51.35 30.46 Aug 2.45 2.08 2.75 0.61 24.1 18.2 43.5 2180.3 [ 5]
AMRC Ameresco, Inc. O 13.12 14.17 9.34 Dec 0.61 0.68 0.80 0.16 19.3 16.4 22.7 534.5 [ 2 3 4 5]
AME AMETEK, Inc. O 54.05 54.20 34.59 Dec 1.91 2.59 3.05 0.70 20.9 17.7 106.5 5756.7
B Barnes Group O 18.19 22.40 14.95 Dec 0.76 1.05 1.55 0.30 17.3 11.7 54.7 995.2
CBE Cooper Industries Ltd. O 52.42 54.17 38.22 Dec 2.52 3.18 3.65 0.84 16.5 14.4 166.7 8740.7
PLOW Douglas Dynamics, Inc. O 14.42 15.00 10.20 Dec 0.67 0.80 1.20 0.25 18.0 12.0 21.4 308.7 [ 1 2 3 4 5]
ETN Eaton Corp. P 88.83 89.50 60.05 Dec 2.59 5.56 6.70 1.65 16.0 13.3 167.8 14905.7
EMR Emerson P 54.90 55.44 37.45 Sep 2.27 2.70 3.15 0.82 20.3 17.4 752.4 41307.2
GE General Electric O 16.02 19.70 13.75 Dec 1.03 1.12 1.25 0.32 14.3 12.8 10691.2 171273.3 [ 5 6 7]
HON Honeywell International Inc. O 47.11 48.63 35.60 Dec 2.85 2.52 2.85 0.78 18.7 16.5 780.2 36753.9
HUB/B Hubbell Inc. O 54.02 56.08 37.98 Dec 3.15 3.67 4.30 0.88 14.7 12.6 52.9 3221.2
IEX IDEX Corporation P 36.08 37.28 27.54 Dec 1.52 1.97 2.30 0.50 18.3 15.7 81.5 2939.2
MWA Mueller Water Products, Inc. P 3.02 5.99 2.21 Sep (0.30) (0.19) 0.10 (0.01) NM 30.2 154.6 466.8
PNR Pentair Inc. P 32.73 39.32 28.71 Dec 1.47 1.97 2.25 0.46 16.6 14.6 98.7 3230.1
RBC Regal-Beloit P 57.71 67.32 45.51 Dec 2.63 4.15 4.90 1.17 13.9 11.8 38.6 2225.6
ROP Roper Industries, Inc. O 69.43 72.91 49.53 Dec 2.67 3.25 3.85 0.99 21.4 18.0 94.2 6538.9
ST Sensata Technologies O 23.15 23.71 15.25 Dec 0.76 1.76 2.05 0.44 13.2 11.3 171.8 3978.1 [ 1 2 3 4 5]
TNB Thomas & Betts O 43.55 45.38 33.15 Dec 2.27 2.70 3.35 0.63 16.1 13.0 52.3 2276.2
GWW W.W. Grainger, Inc. O 124.03 126.05 92.87 Dec 5.37 6.70 7.75 1.68 18.5 16.0 69.1 8565.7
WTS Watts Water P 35.17 37.00 27.51 Dec 1.55 2.05 2.35 0.53 17.2 15.0 29.8 1297.3
WCC Wesco International, Inc. P 42.82 44.95 24.65 Dec 2.30 2.50 3.05 0.66 17.1 14.0 42.5 2003.7
INDUSTRIAL/CAPITAL GOODS : Marine Transportation
G. Scott Burk, CFA
Scott.Burk@opco.com
212 667-7402
CPLP Capital Product Partners L.P. O 8.85 10.06 5.31 Dec 1.16 0.58 0.30 0.10 15.3 29.5 37.8 334.4 [ 2 3 4 5]
CRU Crude Carriers Corp. O 17.62 19.00 15.00 Dec -- 0.34 0.65 0.00 51.8 27.1 16.6 328.7 [ 2 3 4 5]
DSX Diana Shipping O 13.65 18.24 10.75 Dec 1.56 1.59 1.53 0.41 8.6 8.9 80.7 1101.1
DRYS DryShips Inc. P 4.12 7.30 3.28 Dec 1.03 0.97 0.86 0.24 4.3 4.8 294.8 1213.2 [ 1]
EGLE Eagle Bulk Shipping P 5.13 6.75 3.91 Dec 0.72 0.41 0.44 0.09 12.5 11.7 62.2 319.2 [ 1]
ESEA Euroseas Ltd. P 4.02 5.02 3.02 Dec (0.08) (0.12) 0.11 (0.02) NM 36.6 30.9 124.0 [ 1 5]
EXM Excel Maritime Carriers Ltd. O 5.82 8.40 4.59 Dec (0.18) 0.41 0.72 0.11 14.2 8.1 79.7 464.6
FRO Frontline Ltd. P 28.75 38.85 22.53 Dec 1.20 1.90 2.70 0.26 15.1 10.7 77.9 2238.4
GNK Genco Shipping & Trading O 16.55 29.20 14.20 Dec 4.73 4.39 2.95 1.04 3.8 5.6 35.5 588.0
GMR General Maritime P 3.84 8.82 3.58 Dec 0.29 (1.08) (0.45) (0.33) NM NM 88.9 341.4
NAT Nordic American Tanker Shipping Ltd. P 26.03 34.19 25.27 Dec 0.09 0.30 0.71 (0.02) 86.8 36.7 46.9 1220.8
OSG Overseas Shipholding Group P 33.43 53.20 31.39 Dec (1.55) (2.78) (1.35) (1.24) NM NM 30.4 1017.1
SB Safe Bulkers O 8.45 9.64 6.50 Dec 2.11 1.66 1.54 0.41 5.1 5.5 65.9 556.6 [ 2 3 4 5]
TK Teekay Corp. O 31.80 32.11 19.19 Dec (1.49) (1.29) 0.19 (0.75) NM NM 73.0 2320.7
TNK Teekay Tankers Ltd. O 11.88 13.96 7.85 Dec 1.11 0.64 0.70 0.13 18.6 17.0 39.1 613.0 [ 2 3 4 5]
INSURANCE : Property & Casualty
Raymond Iardella
Raymond.Iardella@opco.com
212 667-6033
ALL Allstate Corp. P 30.49 35.51 26.86 Dec 1.58 2.13 3.55 0.96 14.3 8.6 538.2 16409.2
AMPH American Physicians Service NR 32.40 32.54 21.51 Dec 3.26 2.72 2.70 0.56 11.9 12.0 6.8 221.4 [ 1 5]
AMSF AMERISAFE Inc. P 19.09 19.50 15.50 Dec 2.22 2.07 1.66 0.49 9.2 11.5 18.6 355.9 [ 1]
CB Chubb Corp. O 58.02 59.18 47.10 Dec 6.18 6.35 6.15 1.57 9.1 9.4 314.5 18250.2
EIG Employers Holdings, Inc. P 16.19 17.27 12.31 Dec 1.80 1.48 1.62 0.33 10.9 10.0 41.1 664.6
FPIC FPIC Insurance Group, Inc. P 35.42 38.20 21.94 Dec 3.09 2.78 2.74 0.65 12.7 12.9 9.5 335.7 [ 1 6 7]
HCC HCC Insurance Holdings O 26.48 29.00 23.85 Dec 3.11 2.83 2.97 0.73 9.4 8.9 115.2 3050.5
MKL Markel Corp. U 335.02 392.55 317.21 Dec 20.52 13.49 12.64 3.13 24.8 26.5 9.8 3273.2
NAVG Navigators Group P 45.97 54.15 36.86 Dec 3.65 3.78 3.51 0.79 12.2 13.1 15.8 727.5
PRA ProAssurance Corp. O 57.49 62.53 48.78 Dec 6.70 5.69 5.42 1.51 10.1 10.6 31.8 1828.5
PGR Progressive Corp. P 21.16 21.59 15.90 Dec 1.58 1.56 1.49 0.41 13.6 14.2 667.6 14127.0
RLI RLI Corp. P 57.42 59.88 49.33 Dec 4.32 4.58 3.61 0.86 12.5 15.9 20.9 1202.8
SBX SeaBright Holdings P 8.37 11.90 6.53 Dec 0.63 (0.05) 0.35 0.07 NM 23.9 22.0 184.3
TRV Travelers Companies P 55.20 55.90 47.35 Dec 6.37 6.33 6.02 1.61 8.7 9.2 459.0 25339.2
WRB W.R. Berkley Corp. P 27.52 28.22 23.30 Dec 1.86 2.58 2.09 (0.13) 10.7 13.2 148.4 4084.8

Monthly Highlights
21
INTERNET : Internet
Jason Helfstein
Jason.Helfstein@opco.com
212-667-6433
AMZN Amazon.Com, Inc. O 165.23 171.99 105.80 Dec 2.04 2.37 4.79 0.45 69.7 34.5 448.8 74161.3 [ 1]
SCOR comScore, Inc. P 23.51 23.84 12.64 Dec 0.50 0.78 0.95 0.21 30.1 24.8 31.1 731.9 [ 1]
DGIT DG FastChannel Inc. O 23.55 44.19 15.02 Dec 1.25 1.84 2.15 0.37 12.8 11.0 28.4 669.8 [ 1 5]
EHTH eHealth, Inc. P 13.51 18.98 9.33 Dec 0.61 0.56 0.49 0.20 24.1 27.6 23.5 318.1 [ 1]
GOOG Google, Inc. O 613.70 629.51 433.63 Dec 23.22 29.02 32.84 8.17 21.2 18.7 246.5 195985.2 [ 1]
GSIC GSI Commerce, Inc. O 24.42 31.35 18.09 Dec (0.20) (0.37) 0.47 0.44 NM 52.0 66.3 1619.9 [ 1 5]
IACI IAC/InterActiveCorp O 27.90 28.30 18.77 Dec 0.51 0.86 1.60 0.32 32.4 17.4 87.6 2800.7 [ 1]
LQDT Liquidity Services, Inc. O 16.00 17.32 7.81 Sep 0.39 0.59 0.75 0.15 27.1 21.3 26.8 429.3 [ 1 5]
MOVE Move, Inc. O 2.36 2.47 1.45 Dec 0.06 0.03 0.10 0.01 78.7 23.6 156.5 369.4 [ 1]
NFLX Netflix, Inc. O 173.57 184.74 48.52 Dec 2.11 3.06 3.17 0.75 56.7 54.8 52.3 9070.3 [ 1]
RENT Rentrak Corporation P 27.15 29.46 14.26 Mar 0.51 0.34 0.47 0.12 79.9 57.8 10.9 295.6 [ 1]
KNOT The Knot Inc. P 9.04 11.09 6.90 Dec 0.07 0.05 0.07 0.02 NM NM 34.0 307.8 [ 1]
YHOO Yahoo! Inc. P 16.49 19.12 12.94 Dec 0.61 0.97 0.89 0.38 17.0 18.5 1348.3 22233.1 [ 1]
SPECIAL SITUATIONS : Special Situations
Ian Zaffino, CFA
ian.zaffino@opco.com
212-667-7413
ARJ Arch Chemicals O 35.51 37.66 25.95 Dec 1.85 2.39 2.59 0.35 14.9 13.7 25.1 892.1
BCO Brink's Company O 23.60 29.59 18.30 Dec 1.39 1.41 1.77 0.44 16.7 13.3 46.9 1107.3
BR Broadridge Financial Solutions O 22.00 24.02 18.51 Jun 1.51 1.56 1.60 0.11 14.1 13.8 125.0 2751.0 [ 5]
CCC Calgon Carbon Corporation O 15.01 18.35 11.75 Dec 0.60 0.77 0.90 0.22 19.5 16.7 55.8 838.0
CLW Clearwater Paper Corp. O 80.75 85.22 29.24 Dec 5.59 4.83 5.60 1.43 16.7 14.4 11.5 926.9
GNCMA General Communications, Inc. P 10.45 10.85 5.21 Dec 0.07 0.12 0.24 0.04 87.1 43.5 52.0 575.0 [ 1 2 4 5]
GSM Globe Specialty Metals, Inc. O 15.54 16.03 7.60 Jun 0.46 0.42 0.67 0.03 37.0 23.2 74.9 1163.4
GTI GrafTech International O 16.47 17.78 11.68 Dec 0.58 1.15 1.60 0.26 14.3 10.3 121.1 1994.0 [ 5]
GPK Graphic Packaging Holding Co. O 3.66 4.10 2.18 Dec -- -- -- -- -- -- 343.6 1257.7
HRC Hill-Rom Corp. P 38.75 40.42 19.29 Sep 1.18 1.76 2.12 0.48 22.0 18.3 63.5 2460.4
SJM J.M. Smucker Company O 64.28 64.55 51.19 Apr 3.76 4.30 4.56 1.26 15.0 14.1 119.5 7681.8
MIC Macquarie Infrastructure Co. O 18.08 18.42 7.00 Dec -- -- -- -- -- -- 45.7 826.5
NEU NewMarket Corp. P 118.52 126.89 81.80 Dec 11.11 11.48 12.29 2.62 10.3 9.6 14.3 1693.8
SWM Schweitzer-Mauduit Int'l P 64.18 83.63 42.39 Dec 4.25 4.29 4.79 1.09 15.0 13.4 18.4 1178.4 [ 2 3 4 5]
SIX Six Flags Entertainment Corp O 51.28 53.20 31.85 Dec -- -- -- -- -- -- 27.4 1404.5
SON Sonoco Products Company O 33.50 35.87 26.17 Dec 1.78 2.33 2.60 0.59 14.4 12.9 102.9 3447.2
TWI Titan International Inc. P 15.17 16.06 7.15 Dec (0.37) 0.33 0.50 0.03 46.0 30.3 35.4 536.3 [ 2 3 4 5]
WSO Watsco, Inc. O 55.97 65.59 47.34 Dec 1.45 2.43 3.12 0.28 23.0 17.9 28.1 1809.6
WWAY Westway Group, Inc. P 3.52 5.20 2.80 Dec 0.19E 0.23 0.27 0.08E 15.3 13.0 14.0 93.6 [ 1 5]
TECHNOLOGY : Applied Technology
Yair Reiner
Yair.Reiner@opco.com
212 667-5505
AAPL Apple Inc. O 300.98 319.00 185.57 Sep 9.08 15.15 19.01 5.42 19.9 15.8 917.3 276091.1 [ 1]
AUO AU Optronics Corp. P 10.03 13.30 8.38 Dec (0.58) 0.61 -- (0.05) 16.4 -- 882.7 8853.5
GLW Corning Inc. O 18.28 21.10 14.14 Dec 1.35 2.12 1.88 0.52 8.6 9.7 1561.6 28546.6
CREE Cree, Inc. O 51.29 83.38 40.50 Jun 0.67 1.71 2.37 0.58 30.0 21.6 108.5 5562.9 [ 1 5]
DSPG DSP Group, Inc. P 7.16 9.10 5.27 Dec 0.14 0.40 0.43 (0.17) 17.9 16.7 23.4 167.2 [ 1 6 7]
GRMN Garmin Ltd. P 32.84 40.47 26.11 Dec 3.53 3.16 3.06 0.82 10.4 10.7 194.6 6390.5 [ 1 6 7]
ITRN Ituran Location & Control Ltd. O 15.55 16.99 11.60 Dec 0.87 0.97 1.12 0.25 16.0 13.9 21.9 340.4 [ 1 6 7]
LOGI Logitech International SA P 18.80 19.98 13.17 Mar 0.69 0.40 0.93 0.41 47.0 20.2 191.6 3602.2 [ 1]
MVIS Microvision, Inc. P 2.05 4.17 1.92 Dec (0.54) (0.43) (0.30) (0.10) NM NM 88.9 182.2 [ 2 3 4 5]
OVTI OmniVision Technologies, Inc. O 27.13 27.43 11.70 Apr (0.08) 0.59 1.72 0.52 46.0 15.8 54.0 1463.8 [ 1]
RBCN Rubicon Technology, Inc. O 23.08 35.90 12.65 Dec (0.48) 1.02 1.95 0.32 22.6 11.8 22.9 529.4 [ 1 5]
SYNA Synaptics, Incorporated P 26.93 33.95 21.79 Jun 2.19 2.26 2.39 0.68 11.9 11.3 34.5 928.1 [ 1 6 7]
TRMB Trimble Navigation Ltd. O 35.84 36.50 20.87 Dec 1.04 1.45 1.84 0.36 24.7 19.5 119.2 4270.7 [ 1]
PANL Universal Display Corp. P 25.04 26.98 10.30 Dec (0.56) (0.43) -- (0.14) NM -- 38.2 956.3 [ 1]
ZRAN Zoran Corporation NR 7.08 12.32 5.98 Dec (0.25) -- -- -- -- -- 49.7 351.6 [ 1]

Monthly Highlights
22
TECHNOLOGY : Communication Software
Shaul Eyal
Shaul.Eyal@opco.com
212-667-8411
DOX Amdocs Ltd. O 30.68 32.44 24.10 Sep 2.11 2.28 2.39 0.59 13.5 12.8 205.7 6310.3
CMVT Comverse Technology, Inc. O 8.00 9.90 4.59 Jan 0.14E 0.31 -- 0.21 25.8 -- 204.3 1634.2 [ 1 5]
CVG Convergys Corp. O 11.34 13.78 9.50 Dec (0.63) 1.10 1.10 0.28 10.3 10.3 124.1 1407.0
CSGS CSG Systems International O 19.45 23.84 15.82 Dec 2.01 2.24 2.34 0.64 8.7 8.3 34.1 662.5 [ 1]
NSR NeuStar Inc. P 25.81 26.73 20.20 Dec 1.34 1.52 1.70 0.42 17.0 15.2 73.8 1904.1
NICE Nice Systems, Ltd. O 33.49 34.30 25.10 Dec 1.54 1.73 2.00 0.49 19.4 16.7 63.0 2108.3 [ 1 5]
NUAN Nuance Communications Inc. O 15.71 18.55 13.11 Sep 1.06 1.18 1.30 0.32 13.3 12.1 293.9 4617.1 [ 1]
SVR Syniverse Holdings, Inc. O 30.49 31.25 14.76 Dec 1.59 1.93 2.00 0.49 15.8 15.2 70.0 2135.7
TSYS TeleCommunication Systems P 5.42 10.55 2.96 Dec 0.53 0.29 0.36 0.07 18.7 15.1 47.0 288.0 [ 1 2 4 5]
VRNT Verint Systems O 32.91 32.93 14.75 Jan 3.09 2.00 2.21 0.73 16.5 14.9 34.7 1142.5 [ 1]
TECHNOLOGY : Communication Technology
Ittai Kidron
Ittai.Kidron@opco.com
212-667-6292
ALVR Alvarion Ltd. P 2.76 4.28 1.78 Dec 0.02 (0.24) (0.14) (0.05) NM NM 58.0 160.0 [ 1 6 7]
AUDC AudioCodes Ltd. P 4.99 5.03 2.27 Dec 0.08 0.32 0.46 0.11 15.6 10.9 40.5 202.1 [ 1 5 6 7]
CELL Brightpoint, Inc. O 7.51 8.46 5.71 Dec 0.52 0.66 0.72 0.15 11.4 10.4 69.9 525.0 [ 1]
BRCD Brocade Communications O 6.35 9.45 4.64 Oct 0.53 0.58 0.52 0.13 11.0 12.2 453.4 2879.1 [ 1]
CRNT Ceragon Networks Ltd. O 11.06 13.29 6.88 Dec 0.20 0.53 0.70 0.15 20.9 15.8 33.4 369.8 [ 1 5 6 7]
CSCO Cisco Systems P 22.86 27.74 19.82 Jul 1.35 1.61 1.70 0.39 14.2 13.5 5585.3 127679.3 [ 1]
EMC EMC Corporation P 21.02 21.83 16.12 Dec 0.90 1.25 1.50 0.41 16.8 14.0 2053.5 43164.9
FFIV F5 Networks P 117.70 119.88 43.50 Sep 1.68 2.51 3.65 0.83 46.9 32.3 80.5 9471.0 [ 1]
JNPR Juniper Networks, Inc. O 32.39 32.84 22.25 Dec 0.92 1.26 1.50 0.37 25.7 21.6 519.9 16840.1
MOT Motorola, Inc. O 8.16 9.36 6.04 Dec 0.19 0.41 0.47 0.14 19.9 17.4 2333.9 19044.5 [ 5]
NTAP NetApp, Inc. P 53.25 53.66 26.89 Apr 1.09 1.51 2.09 0.50 35.3 25.5 357.1 19014.6 [ 1]
NOK Nokia Corporation P 10.70 15.88 8.00 Dec 0.92 0.79 0.95 0.26 13.5 11.3 3745.0 40071.0
QCOM QUALCOMM Incorporated O 45.16 49.80 31.63 Sep 1.92 2.37 2.68 0.60 19.1 16.9 1605.2 72490.6 [ 1]
RDWR Radware Ltd. P 35.30 40.17 11.46 Dec 0.26 0.91 1.38 0.29 38.8 25.6 18.9 667.8 [ 1 5 6 7]
RIMM Research In Motion Limited P 56.92 76.95 42.53 Feb -- 4.37 6.15 1.64 13.0 9.3 524.5 29852.4 [ 1]
RFMD RF Micro Devices, Inc. O 7.29 7.45 3.65 Mar (0.05) 0.49 0.68 0.19 14.9 10.7 273.0 1989.9 [ 1]
RVBD Riverbed Technology P 57.59 59.20 19.62 Dec 0.68 1.17 1.67 0.38 49.2 34.5 73.5 4232.9 [ 1]
SWKS Skyworks Solutions, Inc. O 22.92 23.09 10.05 Sep 0.69 1.23 1.65 0.40 18.6 13.9 178.6 4094.4 [ 1]
TECHNOLOGY : Communication software
Shaul Eyal
Shaul.Eyal@opco.com
212-667-8411
BMC BMC Software Inc. O 45.46 46.95 34.24 Mar 2.26 2.66 2.99 0.79 17.1 15.2 177.7 8077.1
CA CA Inc. P 23.20 23.91 17.70 Mar 1.76 1.74 1.92 0.50 13.3 12.1 511.6 11869.6 [ 1]
VMW VMware, Inc. P 76.46 89.18 37.70 Dec 1.00 1.50 1.79 0.46 51.0 42.7 111.8 31487.3
TECHNOLOGY : Enterprise Software
Brad Reback, CFA
Brad.Reback@opco.com
404-364-8728
ADBE Adobe Systems P 28.15 38.20 25.45 Nov 1.54 1.90 2.14 0.52 14.8 13.2 508.7 14320.4 [ 1]
ANSS ANSYS, Inc. O 45.25 46.88 36.21 Dec 1.78 2.02 2.20 0.48 22.4 20.6 90.9 4113.0 [ 1]
ARBA Ariba P 18.78 20.00 10.40 Sep 0.63 0.77 0.88 0.20 24.4 21.3 90.4 1697.7 [ 1]
CNQR Concur Technologies O 51.62 52.47 34.99 Sep 0.86 0.76 0.90 0.19 67.9 57.4 51.9 2679.9 [ 1 5]
CTCT Constant Contact Inc. O 23.00 26.50 14.70 Dec 0.13 0.37 0.66 0.14 62.2 34.9 29.0 666.5 [ 1 5]
INFA Informatica O 40.69 40.95 21.02 Dec 0.91 1.10 1.33 0.37 37.0 30.6 92.5 3765.7 [ 1]
JDAS JDA Software P 25.32 31.72 19.57 Dec 1.57 1.88 2.21 0.54 13.5 11.5 41.8 1058.4 [ 1 6 7]
KNXA Kenexa O 18.29 19.72 9.58 Dec 0.62 0.56 0.73 0.13 32.7 25.1 22.6 413.9 [ 1 5]
MANH Manhattan Associates U 30.78 31.64 20.94 Dec 0.96 1.37 1.54 0.31 22.5 20.0 21.9 674.5 [ 1]
MSFT Microsoft Corporation O 26.66 31.58 22.73 Jun 1.70 2.11 2.52 0.71 12.6 10.6 8555.5 228133.0 [ 1]
MCRS Micros Systems Inc. O 45.39 46.16 25.68 Jun 1.39 1.56 1.75 0.41 29.1 25.9 80.1 3636.1 [ 1]
NZ Netezza Corporation O 26.96 28.94 8.49 Jan 0.32 0.19 0.28 0.06 NM 96.3 62.8 1692.0
ORCL Oracle Corporation P 29.38 29.71 20.65 May 1.44 1.67 1.98 0.45 17.6 14.8 5027.1 147696.6 [ 1]
RHT Red Hat O 42.26 42.73 25.45 Feb 0.86 0.71 0.76 0.19 59.5 55.6 190.6 8054.0
CRM Salesforce.com P 116.07 123.77 56.17 Jan 0.35 0.63 1.16 0.31 NM NM 129.9 15077.5
SAP SAP AG P 51.73 54.66 40.95 Dec 2.39 2.83 3.52 1.11 18.3 14.7 1226.7 63455.4
SFSF SuccessFactors O 27.12 27.72 14.19 Dec (0.04) 0.01 0.13 0.00 NM NM 73.7 1999.7 [ 1 5]
TLEO Taleo O 28.69 31.36 19.17 Dec 0.78 0.74 0.87 0.18 38.8 33.0 40.0 1148.0 [ 1 2 3 4 5]
TDC Teradata Corp. O 39.36 39.98 26.80 Dec 1.48 1.77 2.03 0.39 22.2 19.4 167.3 6584.9
ULTI Ultimate Software Group P 41.38 42.52 24.73 Dec 0.30 0.51 0.84 0.21 81.1 49.3 25.1 1038.5 [ 1]

Monthly Highlights
23
TECHNOLOGY : Infrastructure Software
Shaul Eyal
Shaul.Eyal@opco.com
212-667-8411
CHKP Check Point Software Technologies O 42.75 43.27 28.82 Dec 2.05 2.43 2.73 0.68 17.6 15.7 208.7 8923.2 [ 1]
CTXS Citrix Systems, Inc. P 64.13 71.93 36.75 Dec 1.68 2.01 2.18 0.60 31.9 29.4 186.9 11988.4 [ 1]
MFE McAfee Inc. P 47.30 47.44 29.53 Dec 2.42 2.54 2.80 0.64 18.6 16.9 151.9 7186.4
SYMC Symantec Corporation O 16.19 19.16 12.04 Mar 1.58 1.51 1.33 0.32 10.7 12.2 789.3 12779.4 [ 1]
VRSN VeriSign Inc. O 34.75 35.50 21.21 Dec 1.28 1.20 1.64 0.31 29.0 21.2 172.0 5976.6 [ 1]
TECHNOLOGY : Israeli Technology
Shaul Eyal
Shaul.Eyal@opco.com
212-667-8411
NSTC Ness Technologies Inc. O 4.82 7.30 4.12 Dec 0.35 0.43 0.55 0.14 11.2 8.8 38.0 183.2 [ 1 6 7]
TECHNOLOGY : Memory Components
Gary Hsueh, CFA
Gary.Hsueh@opco.com
415-399-5730
MU Micron Technology P 8.26 11.40 6.12 Aug (2.28) 1.39 1.37 0.40 5.9 6.0 996.2 8224.0
SNDK SanDisk Corp. P 37.63 50.55 19.18 Dec 1.82 4.42 4.00 1.09 8.5 9.4 233.1 8770.5 [ 1]
SMOD Smart Modular P 7.40 8.75 3.52 Aug 0.07 0.76 0.92 0.23 9.7 8.0 62.6 463.4 [ 1]
STEC STEC Inc. P 15.60 23.41 9.47 Dec 1.45 0.35 1.19 0.19 44.6 13.1 50.8 792.4 [ 1 5 6 7]
TECHNOLOGY : Semiconductor & Electronics Capital Equipment
Gary Hsueh, CFA
Gary.Hsueh@opco.com
415-399-5730
AMAT Applied Materials O 12.35 14.94 10.27 Oct (0.11) 0.95 1.31 0.31 13.0 9.4 1336.1 16500.4 [ 1]
FORM FormFactor, Inc. O 9.73 22.65 6.89 Dec (2.00) (2.31) (0.89) (0.44) NM NM 50.3 489.0 [ 1]
KLAC KLA-Tencor U 35.72 37.49 26.69 Jun (0.23) 1.45 4.55 1.08 24.6 7.9 167.1 5967.5 [ 1]
KLIC Kulicke & Soffa Industries U 6.22 9.58 4.03 Sep (1.01) 2.04 1.05 0.87 3.1 5.9 70.4 438.1 [ 1 5]
LRCX Lam Research P 45.79 46.53 32.07 Jun (1.00) 2.61 6.37 1.63 17.5 7.2 122.9 5626.4 [ 1]
MTSN Mattson Technology, Inc. O 2.55 5.52 1.89 Dec (1.46) (0.50) 0.45 0.01 NM 5.7 50.1 127.8 [ 1 5]
NANO Nanometrics P 13.47 15.80 6.60 Dec (0.73) 2.27 1.74 0.70 5.9 7.7 21.9 294.5 [ 1 2 3 4 5]
NVLS Novellus Systems P 29.22 29.31 19.42 Dec (0.51) 2.96 3.23 0.94 9.9 9.1 91.9 2685.7 [ 1]
RTEC Rudolph Technologies U 7.41 10.98 5.70 Dec (0.62) 0.80 0.37 0.25 9.3 20.0 31.3 232.2 [ 1]
TER Teradyne P 11.24 13.37 8.09 Dec (0.28) 1.72 1.10 0.20 6.5 10.2 181.3 2038.3
VRGY Verigy Ltd. U 9.17 13.75 7.48 Oct (1.50) 0.43 0.28 0.28 21.3 32.8 60.0 550.0 [ 1]
TECHNOLOGY : Semiconductors & Components
Rick Schafer
Rick.Schafer@opco.com
720-554-1119
AMD Advanced Micro Devices U 7.33 10.24 4.33 Dec (0.29) 0.37 0.11 0.04 19.8 66.6 674.6 4948.0
AMCC AppliedMicro O 10.07 12.48 6.69 Mar 0.16 0.16 0.43 0.16 62.9 23.4 66.6 670.4 [ 1 5]
ATHR Atheros Communications P 31.04 43.90 22.77 Dec 1.36 2.40 1.95 0.49 12.9 15.9 71.6 2221.9 [ 1]
BRCM Broadcom Corporation P 40.83 41.98 25.76 Dec 1.21 2.62 2.78 0.67 15.6 14.7 456.5 20892.7 [ 1]
CAVM Cavium Networks P 31.87 32.89 18.23 Dec 0.04 0.85 1.10 0.26 37.5 29.0 45.1 1437.4 [ 1]
CRUS Cirrus Logic P 12.86 21.20 4.51 Mar 0.26 0.44 1.26 0.30 29.2 10.2 69.1 889.0 [ 1]
CNXT Conexant Systems, Inc. P 1.50 5.17 1.38 Sep (0.15) 0.40 (0.11) -- 3.8 NM 81.3 121.9 [ 1 2 3 4 5]
INTC Intel Corp. P 20.05 24.37 17.60 Dec 1.18 1.95 1.61 0.49 10.3 12.5 5568.0 111638.4 [ 1]
ISIL Intersil O 13.09 16.97 9.80 Dec 0.42 0.81 0.75 0.15 16.2 17.5 123.8 1620.9 [ 1]
LLTC Linear Technology Corp. P 32.25 33.06 25.56 Jun 1.37 1.71 2.25 0.56 18.9 14.3 229.7 7407.8 [ 1]
MRVL Marvell Technology Group P 19.28 22.87 13.36 Jan 0.76 0.65 1.19 0.33 29.7 16.2 650.6 12543.6 [ 1]
MXIM Maxim Integrated Products P 21.66 22.27 15.67 Jun 0.51 1.01 1.43 0.36 21.5 15.2 298.3 6461.8 [ 1]
MSCC Microsemi Corp. P 19.99 20.52 12.85 Sep 0.99 1.16 1.52 0.34 17.2 13.2 83.1 1660.7 [ 1 2 4 5]
TUNE Microtune Inc. NR 2.89 3.05 1.66 Dec (0.11) -- -- -- -- -- 54.3 156.9 [ 1 2 4 5]
MPWR Monolithic Power Systems P 16.07 25.34 14.75 Dec 0.68 1.27 1.08 0.41 12.7 14.9 36.6 587.7 [ 1 11]
NETL NetLogic Microsystems, Inc. O 30.06 35.00 18.43 Dec 0.86 1.44 1.41 0.36 20.9 21.3 63.5 1908.8 [ 1]
NVDA NVIDIA Corp. O 12.02 18.96 8.65 Jan 0.59 0.41 0.52 0.14 29.3 23.1 574.0 6899.8 [ 1]
SMTC Semtech Corp. O 21.41 21.47 14.65 Jan 0.85 0.90 1.58 0.44 23.8 13.6 62.4 1335.2 [ 1]
TXN Texas Instruments O 29.57 29.75 22.28 Dec 1.23 2.46 2.36 0.60 12.0 12.5 1195.2 35341.9
VLTR Volterra Semiconductor P 20.46 29.93 12.92 Dec 0.64 1.39 1.08 0.24 14.7 18.9 26.9 549.8 [ 1]
Earnings Per Share Price/Earnings
52-Week

Monthly Highlights
24
TECHNOLOGY : Solar Technology
Gary Hsueh, CFA
Gary.Hsueh@opco.com
415-399-5730
CSIQ Canadian Solar Inc. P 13.97 33.68 8.99 Dec 0.60 1.19 2.02 0.55 11.7 6.9 42.7 596.7 [ 1 5]
FSLR First Solar, Inc. P 137.68 153.30 98.71 Dec 7.53 7.58 7.92 1.69 18.2 17.4 85.6 11779.2 [ 1]
JKS JinkoSolar Holding P 30.15 33.53 8.23 Dec (0.43) 3.66 3.90 0.91 8.2 7.7 21.7 655.2 [ 2 3 4 5]
WFR MEMC Electronic Materials, Inc. P 12.82 16.99 9.19 Dec (0.28) 0.47 -- 0.16 27.3 -- 227.4 2915.5
SOLF Solarfun Power Holdings Co. Ltd. O 10.21 13.48 4.48 Dec (0.16) 2.22 2.30 0.67 4.6 4.4 58.1 593.6 [ 1 5]
SPWRA SunPower Corporation P 13.60 27.72 9.61 Dec 0.93 1.50 2.00 0.12 9.1 6.8 55.7 1312.7 [ 1]
STP Suntech Power Holdings Co. P 8.49 18.78 7.53 Dec 0.53 0.62 0.97 0.22 13.7 8.8 180.1 1529.5 [ 5]
YGE Yingli Green Energy Holding P 11.66 19.11 8.31 Dec (0.35) 0.95 1.40 0.27 12.3 8.3 148.4 1730.5
TELECOMMUNICATION SERVICES : Communications Services
Timothy Horan, CFA
Tim.Horan@opco.com
212-667-8137
ALSK Alaska Communications P 10.03 10.62 6.53 Dec (0.01) 0.21 0.36 0.06 47.8 27.9 44.6 447.5 [ 1 5]
AMT American Tower Corp. O 51.61 52.34 36.15 Dec 0.59 0.92 1.25 0.21 56.1 41.3 401.1 20703.0
T AT&T, Inc. O 28.52 29.43 23.78 Dec 2.12 2.30 2.55 0.55 12.4 11.2 5909.0 168524.7
CBEY Cbeyond, Inc. P 13.55 18.05 10.71 Dec (0.08) 0.00 0.09 (0.02) -- NM 30.8 417.6 [ 1]
CTL CenturyLink P 41.38 41.54 14.16 Dec 3.50 3.43 3.15 0.83 12.1 13.1 301.4 12473.8
CTEL City Telecom O 12.92 17.74 6.37 Aug 0.82 0.76 0.97 0.34 17.0 13.3 38.3 494.3 [ 1 2 3 4 5]
CCOI Cogent Communications P 10.85 12.20 6.98 Dec (0.39) (0.08) (0.09) (0.02) NM NM 45.8 497.2 [ 1]
CMCSA Comcast O 20.63 20.95 13.95 Dec 1.10 1.31 1.59 0.34 15.8 13.0 2069.6 56981.2 [ 1 1 5]
CCI Crown Castle International Corp. O 43.12 44.46 29.47 Dec 0.31 0.43 0.87 0.15 NM 49.6 290.3 12517.3
LEAP Leap Wireless International, Inc. P 11.41 19.21 9.51 Dec (3.30) (2.49) (1.49) (0.68) NM NM 78.3 893.8 [ 1]
LVLT Level 3 Communications, Inc. U 0.97 1.77 0.83 Dec (0.38) (0.44) (0.37) (0.09) NM NM 1664.8 1611.0 [ 1 5]
PCS MetroPCS Communications Inc. P 10.40 11.24 5.52 Dec 0.50 0.63 0.83 0.18 16.5 12.5 353.9 3680.5
TNDM Neutral Tandem, Inc. P 14.62 24.40 9.87 Dec 1.21 1.05 1.16 0.26 13.9 12.6 33.0 483.1 [ 1 2 4 5 6 7]
OTT Otelco, Inc P 16.59 17.35 12.96 Dec -- -- -- -- -- -- 13.2 219.3 [ 1 5]
PAET PAETEC Holding Corp. P 4.22 5.30 2.93 Dec (0.13) (0.17) (0.03) (0.05) NM NM 145.1 612.5 [ 1 6 7]
Q Qwest Communications Int'l NR 6.61 6.64 3.46 Dec 0.37 0.40 0.45 0.10 16.5 14.7 1739.3 11496.5 [ 9]
RRST RRSat Global Communications Network, Ltd. O 9.11 12.50 7.02 Dec 0.83 0.70 0.85 0.18 13.0 10.7 17.3 157.8 [ 1 5]
S Sprint Nextel P 4.12 5.31 2.78 Dec (0.84)E (1.09) (0.98) (0.07) NM NM 2949.5 12414.3
TWTC tw telecom inc. P 18.40 19.62 11.51 Dec 0.18 0.38 0.50 0.10 48.4 36.8 151.6 2789.0 [ 1]
VZ Verizon P 32.48 33.68 24.75 Dec 2.40 2.25 2.20 0.55 14.4 14.8 2826.8 91813.9
WIN Windstream Corporation P 12.66 13.05 6.02 Dec 0.95 0.76 0.76 0.19 16.7 16.7 483.2 6116.9 [ 2 4 5]
TELECOMMUNICATION SERVICES : Internet Services
Srinivas Anantha, CFA
Srinivas.Anantha@opco.com
617 556-3709
AKAM Akamai Technologies O 51.67 53.64 21.65 Dec 1.67 1.68 1.17 0.41 30.8 44.2 181.6 9383.5 [ 1]
CSC Computer Sciences Corp. O 49.05 58.36 39.61 Mar 4.31 4.52 5.25 1.22 10.9 9.3 154.4 7572.6
DLR Digital Realty Trust P 59.73 64.17 43.80 Dec 2.93 3.28 3.75 0.81 18.2 15.9 87.3 5214.6
DRIV Digital River, Inc. P 37.26 39.10 21.83 Dec 1.79 0.89 1.33 0.31 41.9 28.0 39.6 1477.0 [ 1]
DFT DuPont Fabros Technology O 25.10 28.19 14.30 Dec 0.88 1.32 1.75 0.28 19.0 14.3 59.2 1486.8 [ 2 3 4 5]
ELNK EarthLink, Inc. P 8.99 9.35 7.85 Dec 1.44 1.05 0.91 0.23 8.6 9.9 108.1 972.2 [ 1 5]
EQIX Equinix Inc. P 84.24 110.57 69.42 Dec 2.61 2.00 2.40 0.44 42.1 35.1 46.0 3874.6 [ 1]
INAP Internap Network Services P 5.00 6.46 3.04 Dec (0.11) 0.07 (0.04) 0.02 71.4 NM 51.9 259.6 [ 1]
LLNW Limelight Networks P 6.79 7.26 3.22 Dec (0.09) 0.03 0.01 (0.01) NM NM 98.4 667.9 [ 1]
PGI Premiere Global Services O 6.83 10.34 4.87 Dec 0.87 0.66 0.62 0.10 10.4 11.0 60.5 413.1
RAX Rackspace Hosting, Inc. O 24.96 26.50 15.15 Dec 0.24 0.32 0.37 0.08 78.0 67.5 125.0 3119.4
SVVS SAVVIS, Inc. O 24.01 24.93 12.36 Dec 0.15 (0.49) (0.47) (0.24) NM NM 55.2 1326.2 [ 1]
SYNT Syntel Inc. P 48.86 49.72 30.79 Dec 2.85 2.69 2.86 0.68 18.2 17.1 41.7 2039.1 [ 1 5]
TTEC TeleTech Holdings O 15.18 20.95 12.17 Dec 1.36 1.13 1.15 0.28 13.4 13.2 60.2 913.5 [ 1]
TMRK Terremark Worldwide, Inc. O 9.99 10.72 6.00 Mar (0.17) (0.36) (0.36) (0.14) NM NM 65.7 656.5 [ 1]

Monthly Highlights
25
Outperform Rated Stocks
Company Symbol Company Symbol Company Symbol
3SBioInc. SSRX Charm CommunicationsInc. CHRM EOGResources, Inc. EOG
7Days Group HoldingsLimited SVN Check PointSoftware Technologies CHKP EssexRental Corp. ESSX
Abercrombie& Fitch Co. ANF Chemed Corporation CHE Eurand N.V. EURX
Acuity BrandsInc. AYI ChemspecInternational Limited CPC Excel MaritimeCarriersLtd. EXM
AddusHomeCareCorporation ADUS Chesapeake Energy CHK ExpressScripts,Inc. ESRX
AeropostaleInc. ARO China Automotive SystemsInc. CAAS Fidelity National InformationServices FIS
Aetna, Inc. AET China Integrated Energy,Inc. CBEH Fifth ThirdBancorp FITB
Air Methods Corporation AIRM China LodgingGroup HTHT FormFactor, Inc. FORM
AirMedia Group Inc. AMCN China MassMediaCorp. CMM Genco Shipping & Trading GNK
Akamai Technologies AKAM China NewBorun BORN General DynamicsCorporation GD
AlexionPharmaceuticals ALXN China Nuokang Bio-Pharmaceutical Inc. NKBP General Electric GE
AlimeraSciences ALIM China Real EstateInformation CRIC GileadSciences GILD
Allscripts-MisysHealthcare Solutions,Inc. MDRX China Security& Surveillance Technology CSR GlobeSpecialtyMetals,Inc. GSM
Amazon.Com, Inc. AMZN ChubbCorp. CB Goldman SachsGroup GS
AmdocsLtd. DOX Church &Dwight CHD Google,Inc. GOOG
Amedisys,Inc. AMED Citigroup Inc. C GrafTechInternational GTI
Ameresco,Inc. AMRC Citizens RepublicBancorp CRBC GraphicPackaging HoldingCo. GPK
American EagleOutfitters AEO CityTelecom CTEL GSICommerce, Inc. GSIC
American Oriental Bioengineering AOB Clearwater Paper Corp. CLW Gulf Resources, Inc. GFRE
American Tower Corp. AMT Clorox CLX Halozyme Therapeutics,Inc. HALO
AMERIGROUP Corp. AGP CMS Energy CMS HCCInsurance Holdings HCC
AmerisourceBergen Corp. ABC Cognizant TechnologySolutions CTSH HealthNet,Inc. HNT
AMETEK,Inc. AME Comcast CMCSA HessCorporation HES
AmgenInc. AMGN ComericaInc. CMA hhgreggInc. HGG
ANSYS,Inc. ANSS Community Health Systems,Inc. CYH HomeDepot Inc. HD
Apache Corporation APA Complete Production Services CPX HomeInns &HotelsManagement HMIN
A-Power EnergyGeneration APWR Computer SciencesCorp. CSC Honeywell International Inc. HON
AppleInc. AAPL ComverseTechnology,Inc. CMVT Hubbell Inc. HUB/B
AppliedMaterials AMAT Concur Technologies CNQR Humana,Inc. HUM
AppliedMicro AMCC ConocoPhillips COP Huntington BancsharesInc. HBAN
ArchChemicals ARJ Constant ContactInc. CTCT IAC/InterActiveCorp IACI
Ardea Biosciences,Inc. RDEA ConvergysCorp. CVG IdenixPharmaceuticals IDIX
Ariad Pharmaceuticals,Inc. ARIA Cooper IndustriesLtd. CBE IFMInvestmentsLtd. CTC
ArQule,Inc. ARQL Corning Inc. GLW ImmunoGen,Inc. IMGN
AT&T, Inc. T Cree,Inc. CREE Incyte INCY
ATA, Inc. ATAI Crown Castle International Corp. CCI Informatica INFA
AtwoodOceanics,Inc. ATW Crude CarriersCorp. CRU InnophosHoldings IPHS
AutoNavi Holdings Limited AMAP CSGSystems International CSGS Integra LifeSciences Holdings IART
BarnesGroup B Ctrip.comInternational Ltd. CTRP Inter Parfums,Inc. IPAR
BE Aerospace,Inc. BEAV CypressBiosciences CYPB Intersil ISIL
Bed Bath &BeyondInc. BBBY Darden RestaurantsInc. DRI Intuit, Inc. INTU
Best BuyCo.Inc. BBY Devon Energy Corporation DVN IturanLocation &Control Ltd. ITRN
BioSantePharmaceuticals,Inc. BPAX DeVry Inc. DV J.CrewGroup, Inc. JCG
BMCSoftwareInc. BMC DG FastChannel Inc. DGIT J.M.Smucker Company SJM
Boeing Company BA Diamond Offshore Drilling DO Jarden Corporation JAH
BP plc BP Diana Shipping DSX JPMorgan Chase & Co. JPM
Brightpoint,Inc. CELL DouglasDynamics,Inc. PLOW Juniper Networks,Inc. JNPR
Brink'sCompany BCO DuPontFabros Technology DFT Kenexa KNXA
Broadridge Financial Solutions BR ECAMarcellusTrust I ECT KeyEnergy Services,Inc. KEG
Brocade Communications BRCD Ecolab ECL KKR&Co. KKR
Calgon CarbonCorporation CCC EdisonInternational EIX Kraton Performance Polymers KRA
Camelot Information SystemsInc. CIS E-House (China)HoldingsLimited EJ LHCGroup, Inc. LHCG
Capella Education Co. CPLA Einstein Noah Restaurant Group BAGL Life Technologies,Inc. LIFE
Capital ProductPartnersL.P. CPLP El Paso PipelinePartners EPB Life TimeFitness LTM
Cardinal Health,Inc. CAH Elizabeth Arden RDEN Lincoln Educational Services LINC
CardiomePharma Corp. CRME Emdeon Inc. EM Liquidity Services,Inc. LQDT
CBOE Holdings CBOE Emergency Medical Services EMS LMI Aerospace,Inc. LMIA
CelgeneCorporation CELG Endo Pharmaceuticals ENDP Longtop Financial Technologies LFT
Cephalon,Inc. CEPH Enscoplc ESV Lowe's Cos. LOW
CeragonNetworks Ltd. CRNT EnterpriseProductsPartners EPD Macquarie Infrastructure Co. MIC

Monthly Highlights
26
Outperform Rated Stocks (Cont’d)
Company Symbol Company Symbol Company Symbol
MagellanHealthServices MGLN PrivateBancorp,Inc. PVTB SymantecCorporation SYMC
MagellanMidstreamPartners MMP ProAssuranceCorp. PRA Syniverse Holdings,Inc. SVR
MarathonOil Corporation MRO Procter &Gamble PG SynutraInternational Inc. SYUT
Marshall &IlsleyCorp. MI ProtalixBioTherapeutics PLX Taleo TLEO
MasterCard Incorporated MA PublicService Enterprise GroupInc. PEG Targacept,Inc. TRGT
MattsonTechnology, Inc. MTSN QUALCOMMIncorporated QCOM TeekayCorp. TK
McCormick& Schmick'sSeafoodRestaurantInc. MSSR Questcor Pharmaceuticals QCOR TeekayTankers Ltd. TNK
McKessonCorporation MCK Rackspace Hosting,Inc. RAX TeleTechHoldings TTEC
MedAssets, Inc. MDAS RedHat RHT TeradataCorp. TDC
MedcoHealthSolutions,Inc. MHS RegencyEnergyPartners RGNC TerremarkWorldwide,Inc. TMRK
Medtronic,Inc. MDT Rent-A-Center, Inc. RCII TevaPharmaceutical TEVA
Micros SystemsInc. MCRS RF MicroDevices, Inc. RFMD TexasInstruments TXN
MicrosoftCorporation MSFT Rigel Pharmaceuticals RIGL TexasRoadhouse,Inc. TXRH
MobileMini, Inc. MINI Rockwell CollinsInc. COL TheBlackstoneGroup BX
Momenta Pharmaceuticals MNTA Roper Industries, Inc. ROP TheEnsignGroup ENSG
Monster Worldwide,Inc. MWW RPMInternational RPM Thomas& Betts TNB
MorganStanley MS RRSatGlobal CommunicationsNetwork,Ltd. RRST TPCGroup TPCG
Motorola,Inc. MOT RubiconTechnology, Inc. RBCN Trimble NavigationLtd. TRMB
Move, Inc. MOVE SafeBulkers SB Triple-SManagementCorp. GTS
MurphyOil Corporation MUR Salix Pharmaceuticals,Ltd. SLXP TriumphGroupInc. TGI
NessTechnologiesInc. NSTC SAVVIS,Inc. SVVS U.S. Bancorp USB
Netease.comInc. NTES Schlumberger Limited SLB Ulta ULTA
Netezza Corporation NZ Seattle Genetics SGEN UnitedRentals, Inc. URI
Netflix,Inc. NFLX SEIInvestmentsCompany SEIC UnitedTechnologiesCorp. UTX
NetLogicMicrosystems,Inc. NETL SemtechCorp. SMTC UnitedTherapeutics UTHR
NewOriental Education &TechnologyGroup EDU SensataTechnologies ST Urban Outfitters Inc. URBN
NextEra Energy,Inc. NEE SensientTechnologies SXT VanceInfo Technologies VIT
Nice Systems,Ltd. NICE ShandaGamesLimited GAME VerintSystems VRNT
Northrop Grumman Corp. NOC ShandaInteractive SNDA VeriSignInc. VRSN
NuanceCommunicationsInc. NUAN ShengdaTech, Inc. SDTH ViaSat,Inc. VSAT
NVIDIACorp. NVDA Shireplc SHPGY ViroPharma VPHM
Occidental Petroleum OXY SixFlagsEntertainmentCorp SIX VisaInc. V
OfficeMaxIncorporated OMX Skilled Healthcare Group SKH Vital Images, Inc. VTAL
Olin OLN SkyworksSolutions, Inc. SWKS W.W. Grainger,Inc. GWW
Omnicare OCR SolarfunPower HoldingsCo.Ltd. SOLF Warner Chilcottplc WCRX
OmniVision Technologies,Inc. OVTI Somaxon Pharmaceuticals, Inc. SOMX Watsco,Inc. WSO
ONEOK Partners OKS SonicCorp. SONC WeatherfordInternational Ltd. WFT
OnlineResourcesCorp. ORCC Sonoco ProductsCompany SON WellPoint,Inc. WLP
Optimer Pharmaceuticals OPTR SORL AutoParts, Inc. SORL WellsFargo WFC
Pacific Sunwear PSUN Staples, Inc. SPLS Wendy's/Arby'sGroup, Inc. WEN
PerfectWorldCo.,Ltd. PWRD Starbucks Corporation SBUX WesternAllianceBancorporation WAL
PG&ECorporation PCG Stereotaxis,Inc. STXS Whiting Petroleum WLL
Pier 1 Imports PIR Stericycle,Inc. SRCL Williams-Sonoma WSM
Pioneer Natural Resources PXD SterlingBancshares, Inc. SBIB Wonder Auto TechnologyInc. WATG
Plains All AmericanPipeline PAA StrykerCorp. SYK WuXi PharmaTechInc. WX
PNCFinancial ServicesGroup, Inc. PNC SuccessFactors SFSF Xcel EnergyInc. XEL
Praxair PX SunHealthcareGroup,Inc. SUNH YongyeInternational Inc. YONG
PremiereGlobal Services PGI SXCHealthSolutions,Inc. SXCI Zumiez, Inc. ZUMZ
Pride International, Inc. PDE

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