Various Media Citations - Ryan Renicker, CFA

Stock Sell-Off Causes VIX To Spike 5

UPDATE 1-Volatility index soars as US investors seek safety 6

Ticonderoga Securities; Ticonderoga Securities Further Expands Equity Derivatives Group with Four New Hires 8

Ticonderoga Securities Further Expands Equity Derivatives Group with Four New... 9

Option players brace for volatility on Exxon results 10

Ticonderoga Snags Four From Newedge 12

CRWENews Highlights: Ticonderoga Securities Further Expands Equity Derivatives Group with Four New Hires 13

Ticonderoga Bulks Up Equity Desk 15

Intel Outlook Spurs Chip Activity --- Bulls Place Their Bets on Advanced Micro Devices, SanDisk and Nvidia and 16

OPTIONS REPORT: Intel Forecasts Power Trades in Chip Sector 18

Intel Outlook Spurs Chip Activity; Bulls Place Their Bets on Advanced Micro Devices, SanDisk and Nvidia and 20

The Best Analysts of the Year 22

Ahead of Nvidia's Profit Report, Volatility Expectations Climb 56

OPTIONS REPORT: Volatility Views Rise In Nvidia Options 57

Trading in Symantec Takes Off 58

OPTIONS REPORT:Symantec, Boston Sci. Busy Before Earnings 59

Dollar's Drop May Move Stocks 60

OPTIONS REPORT: Dollar's Drop May Move Some Stocks 61

Options --- The Striking Price: Messy Manana for Miners 63

Barron's(5/29) The Striking Price: Messy Manana For Miners 65

Ahead of the Tape 67

HURRICANE OUTLOOK GENERATES AN ADVISORY FOR P&C INSURERS 69

OPTIONS BEAT-Hurricane headwinds could stir up insurers 70

Hurricane Outlook Generates An Advisory for P&C Insurers 72

UPDATE: OPTIONS REPORT: A Hurricane Season Related Trade 73

OPTIONS REPORT: Hurricane Season-Related Opportunities 75

Options --- The Striking Price: Oil, Oil Everywhere 77

Barron's(5/1) The Striking Price: Oil, Oil Everywhere 79

Sleepy Outlook for Chip Stocks Might Offer Opportunity in ETF 81

OPTIONS REPORT: Chipmakers Could See Volatility Ahead 82

CBOE to Start Trading Options On Volatility Index Next Month 83

OPTIONS REPORT: CBOE To Trade Options On VIX In Feb. 84

Newmont Shines on Gold's Rise 85

WSJ(12/9) Options Report: Newmont Shines On Gold's Rise Thu 86

= OPTIONS REPORT: Newmont Mining Active As Gold Gains 87

OPTIONS REPORT: Newmont Mining Active As Gold Gains 88

Options --- The Striking Price: Better Covered Calls 89

Options --- The Striking Price: Good Bye, Wild Child? 91

OPTIONS REPORT: Fifth Third Options Busy Amid M&A Rumors 93

OPTIONS REPORT: Albertson's Volatility Expected To Rise 94

Google Volatility Is Pushed Higher Ahead of Earnings 96

Options Report: Traders Gird For Google 97

Options --- The Striking Price: London Shock Fails To Jolt Volatility 98

Barron's(7/11) Market Week -- Options The Striking Price: No Fear: Bombs Fail To Raise Vix 100

AMR Isn't Following Oil's Lead 102

Options Report: AMR Volatility Low Despite Record Oil 103

Options --- The Striking Price: Ringing Up Verizon Calls --- By Kopin Tan 104

Options Report: Risk Worry Approaches Two-Month Low 106

Options --- The Striking Price: Options Forecast Somnolent Stocks 107

Options --- The Striking Price -- Flat-Lined Forever? Low VIX raises questions about its meaning 109

Options --- The Striking Price -- Steady as Gold: XAU's implied volatility lowest in four years 111

DJ MARKET WEEK -- Options --- The Striking Price -- Steady as Gold: XAU's implied volatility lowest 113

DJ Barron's(2/7) Steady As Gold: Xau's Implied Volatility Lowest In Four Years 114

Options --- The Striking Price -- Buck Up, Stock Owners: A strategy for retaking lost ground 115

Trading Is Mixed Amid Doubt, As Metals, Mines Get Defensive 117

DJ WSJ(10/19) Options Report: Metals, Mines Get Defensive 118

DJ Options Report: Trading Defensive in Industrials, Metals 119

Options Report: Trading Defensive in Industrials, Metals 120

Options --- The Striking Price -- Adding Some Fizz: Options can boost returns on Coke and Pepsi 122

DJ Barron's(10/11) The Striking Price: Adding Some Fizz: Options Can Boost Returns On Coke And Pepsi 124

Options Report: Trading Guarded, Some See Capped Upside 126

Options --- The Striking Price -- Surviving a Thin Harvest: Premium seekers might pluck Apple, or Kodak 128

Warnings Can Be Opportunities 130

Options Report: Profit Warnings Spur Trades; VIX Rises 131

Traders Focus More on the Risks Of Specific Stocks Than on Indexes 133

Options --- The Striking Price -- Calls of the Mild: Options stay in the summer doldrums 134

Options Report: Traders Turn To Stock-Specific Risks 136

Options Report: Traders Turn To Stock-Specific Risks 138

Options --- The Striking Price -- Oil Ennui: Crude prices soar, but oil stock options trade fitfully 140

As Dow Industrials Change, A Surprise Might Ensue --- Shares Dumped From Key Index Today Stand Chance to

Outpace Their Replacements, Trend... 142

IPO Outlook: Market Finds Itself A Victim Of Success 144

IPO Outlook: Hefty Price Tag May Accompany Growth in IPOs --- Increase in Share Offerings Might Contribute to

Dips In Overall Stock Market 146


Microsoft's Bulletin: Software giant's move sets traders scrambling 149

Cruising in Convertibles: For many, they're the vehicle of choice 151

Retailing, Software Poised For M&A Activity -CSFB Study 153


Building Your Portfolio 155

Rediscovering Taxes: Investors feel their impact more in the face of declining returns 157

Another Gunslinger Gone: John Muresianu retires as his famed Fidelity Fifty's outperformance seems most

outstanding 162

Investors get new tool to make decisions 167

Letters to the Editor - All victims of tragedy 169

Stock Sell-Off Causes VIX To Spike

Stock Sell-Off Causes VIX To Spike

91 words
5 February 2010
Derivatives Week
DERW
English
Copyright 2010 Euromoney Institutional Investor plc.

The Chicago Board Options Exchange Volatility Index jumped 21% to 26.08% Thursday after the worst sell-
off in U.S. stocks since last May. “Investors are clamoring for protection,” according to Ryan Renicker, an
equity derivatives strategist at broker-dealer Ticonderoga Securities. Renicker added that risks associated
with sovereign debt contributed to investors’ desire to hedge their stock positions by buying put options on
the S&P500 and VIX call options.

Click here to read the story from Reuters

Document DERW000020100223e6250000a

Page 5 of 169 2010 Factiva, Inc. All rights reserved.

UPDATE 1-Volatility index soars as US investors seek safety

UPDATE 1-Volatility index soars as US investors seek safety

642 words
4 February 2010
17:10
Reuters News
LBA
English
(c) 2010 Reuters Limited

* S&P 500 historical volatility rising

* VIX futures trade in 25 range for 2010

* Traders seek ETF put options as likely protection (Recasts lead, Adds details on ETF option volume in
paragraph l3)

By Doris Frankel

CHICAGO, Feb 4 (Reuters) - Volatility has vaulted out of its slumber.

The worst sell-off in U.S. stocks in more than nine months on Thursday sent Wall Street's favorite measure
of investor anxiety, the Chicago Board Options Exchange Volatility Index <.VIX>, sharply higher as investors
scrambled to buy portfolio protection.

The index, known as the VIX, jumped nearly 21 percent to 26.08 as U.S. stocks sank amid persistent fears
over European sovereign debt problems and an unexpected increase in U.S. jobless claims a day ahead of
crucial payrolls data.

"Investors are clamoring for protection," said Ryan Renicker, equity derivatives strategist at broker-dealer
Ticonderoga Securities.

"The risks associated with sovereign debt and the uncertainty coming into Friday's jobs report have
prompted investors to hedge their stock positions by buying put options on the S&P 500 and VIX call
options."

Since topping out at a 28 reading on Jan. 22, the VIX had been trending lower over the past two weeks. But
it reversed course violently on Thursday, indicating expectations for future daily moves of 1.5 percent in the
S&P 500.

The VIX is a 30-day risk forecast priced off of Standard & Poor's index <.SPX> option prices and often
moves higher when the S&P benchmark falls sharply as investors bid up options to manage their stock
market risk.

Investors are concerned that stocks will keep falling in the near term. "Even in the exchange-traded funds
that track major stock benchmarks and sectors, investors are aggressively buying insurance," said
optionMonster analyst Chris McKhann.

Another big driver is the actual volatility in the market, which has been rising. S&P 500 historical volatility
over the past 22 trading days stood at 18.71 percent up from 16.5 percent the previous day, Renicker said.

Over the last 16 trading days, the S&P 500 has moved more than 1 percent on 10 of those days, according
to Bespoke Investment Group, an investment firm in Harrison, New York.

VIX futures are trading in the 25 range, also suggesting that traders are looking for wider stock market
swings at least for the next six months, McKhann said.

BUSY ACTION IN ETF PUTS

Many traders expecting downside movement turned to exchange-traded funds tracking the major

benchmarks and sectors to hedge risk.

In the ETFs, about 3.40 million puts and 2.19 million calls traded, or 130 percent the recent average daily
turnover. By contrast 609,000 puts and 559,000 calls changed hands across all the cash indexes, which
represents approximate typical levels, according to option analytics firm Trade Alert.

The action shows that increasing numbers of investors are turning to ETF puts rather than index puts when
hedging bets on volatility days, said WhatsTrading.com options strategist Fred Ruffy.

Volume leaders were the SPDR S&P 500 ETF Trust , Powershares QQQ Trust Series 1 fund , the iShares
Russell 2000 Index , the iShares MSCI Emerging Markets Index . and the Select Sector SPDR Financial
fund .

Put-to-call ratios in the QQQQs, IWM, XLF and EEM are twice their recent average, said McKhann.

Some traders have already employed their hedging and risk strategies. Options bets initiated last month in
several ETFS suggested traders were positioning for a substantial pullback in the consumer, basic materials,
banks and retail sectors by March expiration. For details, please see [nN22145195]. (Editing by Diane Craft
and Leslie Adler)

VIX-VOLATILITY/PROTECTION (UPDATE 1)|LANGEN|ABN|D|E|RBN|M|U|RNP|DNP
Document LBA0000020100204e624001z0


Ticonderoga Securities; Ticonderoga Securities Further Expands Equity Derivatives Group with Four New Hires

Ticonderoga Securities; Ticonderoga Securities Further Expands Equity Derivatives Group with Four
New Hires

358 words
30 January 2010
Marketing Weekly News
MRKWN
148
English
© Copyright 2010 Marketing Weekly News via NewsRx.com

2010 JAN 30 - (VerticalNews.com) -- Ticonderoga Securities, an institutional broker dealer, announced the
expansion of its Equity Derivatives Group with the addition of four new hires. John Martin, former Head of
Listed Equity Derivatives at Newedge, will run the marketing effort for the firm's listed options and OTC
products.

Joining Martin in this effort are Ernest Brooks, Matthew McNulty and Ryan Renicker, all also formerly of
Newedge. This expansion is the first step in the firm's effort to fully build out its equity derivatives platform,
launched in November by Vuk Bulajic, Head of Equity Derivatives for Ticonderoga.

"It is important to recognize and adjust to the ongoing changes in the market environment. With the addition
of John and his team, Ticonderoga will be positioned to better serve clients' specific needs," said Bulajic.

With the expansion of the Equity Derivatives Group, Ticonderoga continues to position itself as a leading
broker dealer, concentrating on domestic and international equities with a focus on high-quality order
execution alongside its differentiated research. Martin and his team will further diversify Ticonderoga's
product offerings by focusing on market intelligence and idea generation, incorporating strategies on both
cash and derivatives to create a more comprehensive product for a diversified customer base.

Said Martin, "We are looking forward to the enormous opportunities the expanded group will present. We will
be able to occupy a unique presence in the market by exploiting synergies and optimizing our expertise
across all equity products at Ticonderoga."

Prior to Ticonderoga, Brooks served as a VP of Equity Derivatives at Newedge for four years. McNulty also
served as a VP of Equity Derivatives at Newedge after six years on the American Stock Exchange, where he
started his career. Renicker joins Ticonderoga after serving as the Derivatives Strategist at Newedge. Before
that he was Head of US Equity Option Strategy at Lehman Brothers and has been with three top-ranked
teams in Equity Derivatives research.

This article was prepared by Marketing Weekly News editors from staff and other reports. Copyright 2010,
Marketing Weekly News via VerticalNews.com.

Document MRKWN00020100122e61u0004a


Ticonderoga Securities Further Expands Equity Derivatives Group with Four New...

Ticonderoga Securities Further Expands Equity Derivatives Group with Four New Hires; New team to
help grow firm's set of offerings

473 words
11 January 2010
09:47
PR Newswire (U.S.)
PRN
English
Copyright © 2010 PR Newswire Association LLC. All Rights Reserved.

NEW YORK, Jan. 11 /PRNewswire/ -- Ticonderoga Securities, an institutional broker dealer, today
announced the expansion of its Equity Derivatives Group with the addition of four new hires. John Martin,
former Head of Listed Equity Derivatives at Newedge, will run the marketing effort for the firm's listed options
and OTC products.




across all equity products at Ticonderoga."

Prior to Ticonderoga, Brooks served as a VP of Equity Derivatives at Newedge for four years. McNulty also
served as a VP of Equity Derivatives at Newedge after six years on the American Stock Exchange, where he
started his career. Renicker joins Ticonderoga after serving as the Derivatives Strategist at Newedge. Before
that he was Head of US Equity Option Strategy at Lehman Brothers and has been with three top-ranked
teams in Equity Derivatives research.

About Ticonderoga Securities

In May 2009, Ticonderoga Securities LLC acquired Reynders, Gray & Co. Inc. a respected firm with more
than 30-years experience and an enviable track record. Ticonderoga Securities operates a dual capability
with a New York Stock Exchange floor based team providing direct access as well as the desk based
models. The firm concentrates on domestic and international equities and focuses on high quality, conflict
free order execution, as well as a differentiated research offering to support its first class execution
capabilities.

SOURCE Ticonderoga Securities

201001110947PR_NEWS_USPR_____NY35337.xml

Document PRN0000020100111e61b004jy


Option players brace for volatility on Exxon results

Option players brace for volatility on Exxon results

599 words
29 January 2010
17:21
Reuters News
LBA
English
(c) 2010 Reuters Limited

*Exxon option projected volatility rises into earnings

*Exxon shares briefly notch 10-month lows

*Exxon breaks key support at $64.46 a share

By Doris Frankel

CHICAGO, Jan 29 (Reuters) - Option activity in Exxon Mobil Corp picked up on Friday as investors brace for
potential share price movement after the oil company reports quarterly results on Monday.

Exxon Mobil shares briefly touched lows not hit since March 2009 after earnings from Chevron Corp which
missed Wall Street expectations. For details, please see [nN29120138].

In the options market, about 90,000 calls changed hands in Exxon, double their average daily volume and
more than three times the number of put options.

"We are seeing signs from the options market that risk expectations for Exxon Mobil are relatively high
ahead of next week's earnings report," said Ryan Renicker, equity derivatives strategist at Ticonderoga
Securities, an institutional broker-dealer in New York.

Option implied volatility, a key component of an options price, measures the expected magnitude of share
price movement and often moves up ahead of an event such as earnings that could potentially jolt the stock.

"The stock's average implied volatility is up two percent to 25 percent as investors look for potential volatility
around the earnings release," said WhatsTrading.com option strategist Frederic Ruffy.

Exxon's at-the-money option implied volatility stood at 21 percent compared to historical volatility of 13.4
percent on the stock over the past 22 trading days, Renicker said.

In a research note on Friday, Renicker recommended that investors should consider a covered call strategy
to cushion their existing positions heading into the earnings report after Chevron reported a decline in
quarterly profits.

Chevron, the second-largest U.S. oil company, on Friday posted a 37 percent drop in quarterly profit as
refining margins have suffered with pricier oil lifting costs even as the weak economy has shrunk fuel
demand.

"I believe these same factors could weigh on Exxon when the company reports next week," Renicker said.

Wall Street analysts expect Exxon Mobil to report a profit of $1.19 per share, according to Thomson Reuters
I/B/E/S.

Exxon shares fell 53 cents to $64.43 on the New York Stock Exchange.

"Traders looking at technical levels would consider Exxon shares to be vulnerable if they break key support
at $64.46 a level established on July 13, 2009," Renicker said.

Renicker suggests that investors hedge their long exposure to Exxon by selling near-term February $65 call
strikes for a premium of about $1.08 in a so-called overwrite, a strategy that combines stock ownership and

options trading.

"These calls are trading relatively rich when compared to Exxon's shares recent historical volatility," he said.

The strategy would allow investors a partial hedge against a downside move in Exxon shares while at the
same time giving them upside exposure up to $66.08 -- the break-even point of the call trade as of Feb. 20
expiration.

"There has been quite bit of sellers of the Feb $65 calls today," said TD Ameritrade chief derivatives
strategist Joe Kinahan.

There are two reasons for it, he said. The earnings are next week and Exxon is due to go ex-dividend on Feb
8, "which if you are long the stock would be a nice addition to that return as well as premium received from
the call sale."

(Reporting by Doris Frankel; Editing by Diane Craft)

EXXON-EARNINGS/HEDGE|LANGEN|ABN|E|RBN|U|O|OIL|RNP|DNP|PCO|PEN

Document LBA0000020100129e61t002a2


Ticonderoga Snags Four From Newedge

Ticonderoga Snags Four From Newedge

107 words
15 January 2010
Wall Street Letter
WLET
English
© 2010 Euromoney Institutional Investor PLC.

Ticonderoga Securities has added four staffers to its equity derivatives group, all from Newedge, in an effort
to further position itself. John Martin, formerly head of listed equity derivatives at Newedge, has joined the
firm to run marketing for its listed options and over-the-counter derivatives offerings. Ernest Brooks and
Matthew McNulty, both formerly v.p.'s for equity derivatives at Newedge, will support Martin. Ryan
Renicker, who will also work on marketing for the listed options and OTC contracts, was formerly the
derivatives strategist at Newedge and before that the head of U.S. equity option strategy at Lehman
Brothers.

Document WLET000020100202e61f00009


CRWENews Highlights: Ticonderoga Securities Further Expands Equity Derivatives Group with Four New Hires

CRWENews Highlights: Ticonderoga Securities Further Expands Equity Derivatives Group with Four
New Hires

777 words
11 January 2010
M2 Presswire
MTPW
English
© 2010, M2 Communications. All rights reserved.

Las Vegas CRWENews.com is pleased to announce a stock highlight on Ticonderoga Securities, an
institutional broker dealer, today announced the expansion of its Equity Derivatives Group with the addition
of four new hires. John Martin, former Head of Listed Equity Derivatives at Newedge, will run the marketing
effort for the firm's listed options and OTC products.




across all equity products at Ticonderoga." Prior to Ticonderoga, Brooks served as a VP of Equity
Derivatives at Newedge for four years. McNulty also served as a VP of Equity Derivatives at Newedge after
six years on the American Stock Exchange, where he started his career. Renicker joins Ticonderoga after
serving as the Derivatives Strategist at Newedge. Before that he was Head of US Equity Option Strategy at
Lehman Brothers and has been with three top-ranked teams in Equity Derivatives research.

About Ticonderoga Securities In May 2009, Ticonderoga Securities LLC acquired Reynders, Gray & Co. Inc.
a respected firm with more than 30-years experience and an enviable track record. Ticonderoga Securities
operates a dual capability with a New York Stock Exchange floor based team providing direct access as well
as the desk based models. The firm concentrates on domestic and international equities and focuses on
high quality, conflict free order execution, as well as a differentiated research offering to support its first class
execution capabilities.

Sign up to receive FREE Stock-PR alerts from CRWENewswire.com at http://www.crwenewswire.com/

About CRWENews.com

CRWENews.com is an independent electronic informative online financial news publication company
dedicated in providing company associates, business and financial professionals with economic and
investment information, as well as stock highlights. CRWENews.com is a division of Crown Equity Holdings,
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CRWENews.com is not a registered investment advisor or broker-dealer. CRWENews.com and Crown
Equity Holdings, Inc., (CRWE) affiliates, officers, directors, contractors and employees, including may buy
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http://www.crwenewswire.com/ and view our full disclaimer.

Forward-Looking Statement: This release may contain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of

1934, as amended. All forward-looking statements and/or Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995 are inherently uncertain as they are based on current expectations
and assumptions concerning future events or future performance of the company. Readers are cautioned
not to place undue reliance on these forward-looking statements, which are only predictions and speak only
as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the
company's actual results to differ materially from those indicated in any forward-looking statements.

M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data prepared by
named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on
the world wide web. Inquiries to info@m2.com.

Document MTPW000020100111e61b0053j


Ticonderoga Bulks Up Equity Desk

Ticonderoga Bulks Up Equity Desk

126 words
8 January 2010
Derivatives Week
DERW
English

--Zeke Faux

Institutional broker-dealer Ticonderoga Securities has hired four Newedge staffers, including John Martin,
the former head of listed equity derivatives, for its new equity derivatives desk.

Martin, who started last week, heads sales for over-the-counter and listed options. Ticonderoga has been
expanding since hiring Vuk Bulajic, the former head of equity derivatives at Natixis, in November (DW, 11/2).
Bulajic confirmed the hires and told Derivatives Week that he is looking to add more equity derivatives
traders and salespeople.

The other hires from Newedge are Ernest Brooks, v.p., Matthew McNulty, v.p., and Ryan Renicker,
derivatives strategist. Prior to joining Newedge last year, Renicker was head of equity option strategy at
Lehman Brothers.

Document DERW000020100126e6180000j


Intel Outlook Spurs Chip Activity --- Bulls Place Their Bets on Advanced Micro Devices, SanDisk and Nvidia and

Options Report
Intel Outlook Spurs Chip Activity --- Bulls Place Their Bets on Advanced Micro Devices, SanDisk and
Nvidia and

By Tennille Tracy
637 words
31 August 2009
The Wall Street Journal
J
C9
English
(Copyright (c) 2009, Dow Jones & Company, Inc.)

NEW YORK -- The options market played host to robust activity in chip makers on Friday after Intel raised its
forecast on third-quarter sales and Marvell Technology Group reported quarterly results that beat
expectations.

With a string of upbeat news coming out of the sector, chip stocks enjoyed some gains and options traders
emerged to speculate on future moves.

Among the companies that attracted bullish attention was Advanced Micro Devices. Trading in the
Sunnyvale, Calif., company jumped to seven times the normal level, with investors picking up 61,000 calls
that allow them to buy the company's stock and 27,000 puts that allow them to sell it, according to Trade
Alert.

A bulk of the action took place in September $5 calls and October $5 calls. The latter are priced at 25 cents
and show a profit if Advanced Micro's stock climbs above $5.25 before mid-October -- about 17% above the
Friday close of $4.47, up 5.7% on the New York Stock Exchange.

Similar activity took place in SanDisk and Nvidia.

In SanDisk, traders gravitated toward October calls that convey the right to buy the Milpitas, Calif.,
company's stock for $19. Priced at $1, the contracts show a profit if SanDisk rises above $20. It closed at
18.03 Friday, up 1.7% on the Naqsdaq Stock Market.

In Nvidia, whose stock hit a 52-week high on Friday, traders focused on September $15 calls. Some traders,
however, appeared to be selling long-dated calls in what could have been part of "covered call" strategies. If
that was the case, traders who owned shares in Nvidia sold January $20 calls that expire in 2011. The
traders collected about $1.75 by selling the calls, establishing positions that work best if the Santa Clara,
Calif., company's shares rise to $21.75 in the next several months but not above that point.

Nvidia's stock ended Friday at $14.73, up 5.1% on the Nasdaq.

Meanwhile, in the Semiconductor Holdrs Trust, an exchange-traded fund that tracks several chip stocks, one
trader elected to "roll out" a short position in the fund's put options.

Anticipating stability in the ETF's shares, this trader bought September $25 puts that had been sold in
previous sessions, thereby closing a short position in those contracts, and then sold longer-dated October
$26 puts. The latter contracts generate $1.30 in premiums, so the position shows a profit as long as the
semiconductor fund stays above $24.70. It closed Friday at $25.69, up 1.9%.

Fueling at least some of the day's action was Intel, which surprised investors by raising its third-quarter
revenue forecast to $9 billion, citing stronger-than-expected demand for its microprocessors.

The trading also followed Marvell's second-quarter results, which topped estimates, and a better-than-
expected third-quarter outlook.

Still, some options strategists say it could be time to unwind out of chip stocks, particularly those that have
rallied near their 52-week highs or even surpassed them, and to buy call options in the companies instead.

This so-called stock-replacement strategy enables investors to lock in recent advances in the stocks, while
maintaining exposure to future upside moves.

"The implied volatility has declined in line with this strong performance, so you can take advantage of this
environment and sell the shares while still having exposure to the upside by buying calls," said Ryan
Renicker, derivatives strategist with Newedge USA.

Among the companies that Mr. Renicker highlighted as potential candidates of the stock replacement
strategy are Marvell, Nvidia, Texas Instruments and Broadcom.

License this article from Dow Jones Reprint Service

Document J000000020090831e58v00006


OPTIONS REPORT: Intel Forecasts Power Trades in Chip Sector

OPTIONS REPORT: Intel Forecasts Power Trades in Chip Sector

By Tennille Tracy
Of DOW JONES NEWSWIRES
718 words
28 August 2009
15:30
Dow Jones News Service
DJ
English
(c) 2009 Dow Jones & Company, Inc.

NEW YORK (Dow Jones)--The options market played host to robust activity in semiconductor companies
Friday, after Intel Corp. raised its forecast on third-quarter sales and Marvell Technology Group Ltd. beat
expectations with its most recent quarterly report.


Among the companies that attracted some bullish attention was Advanced Micro Devices Inc. Trading in the
California-based company jumped to six times the normal level, with investors picking up 58,000 calls that
allow them to buy the company's stock and 22,000 puts that allow them to sell it, according to Trade Alert.

A bulk of the action took place in October $5 calls as well as longer-dated January $5 calls. The former
contracts are priced at 25 cents and make money if Advanced Micro's stock climbs above $5.25 before mid-
October - about 17% above the recent price of $4.48, up 5.9%.

Similar activity took place in SanDisk Corp. and Nvidia Corp.

In SanDisk, traders gravitated toward October calls that convey the right to buy the stock for $19. Priced at
$1, the contracts make money if SanDisk shares rise above $20. They recently traded for $18.11, gaining
2.1%.

In Nvidia, whose stock hit a new 52-week high on Friday, traders focused on September $15 calls. Those
contracts are priced at 45 cents and make money if Nvidia shares jump above $15.45 before Sept. 18. They
recently traded for $14.77, up 5.4%, after retreating somewhat from a year-long high at $15.03.

Other traders, meanwhile, appeared to be selling long-dated calls in Nvidia in what probably qualified as
"covered call" strategies. If that were the case, traders who own shares in Nvidia sold batches of January
$20 calls that expire in 2011. They collected $1.75 by doing so, establishing positions that work best if Nvidia
rises to $21.75 but not above that point.

Meanwhile, in the Semiconductor HOLDRS Trust, an exchange-traded fund that tracks several chip stocks,
one trader elected to "roll out" a short position in the fund's put options.

Anticipating stability in the ETF's shares, this trader bought September $25 puts that the trader had formerly
sold, and then sold October $26 puts. The latter contracts generate premiums worth $1.30 and stand to
make money as long as the semiconductor fund stays above $24.70.

The fund recently traded for $25.75, up 2.2%.

Fueling at least some of the day's action was Intel, which surprised some Wall Street analysts by raising its
third-quarter revenue forecast to $9 billion, citing stronger-than-expected demand for its microprocessors.

The trading also followed Marvell's second-quarter results, which topped estimates, and better-than-
expected third-quarter outlooks.

Interestingly, some options strategists say it could be time to unwind out of chip stocks, particularly those
that have rallied near their 52-week high points or even surpassed them, and to buy call options in the
companies instead.

This so-called stock-replacement strategy allows investors to lock in recent gains in the stocks, while


environment and sell the shares while still having exposure to upside by buying calls," said Ryan Renicker,
derivatives strategist with Newedge USA.

Among the companies that Renicker highlighted as potential candidates of the stock replacement strategy
are Marvell, Nvidia, Texas Instruments Inc. and Broadcom Corp.

Back in the options market, there was also noteworthy trading in Novellus Systems Inc., but the activity
appeared to reflect more mixed expectations for the stock.

Traders picked up 7,000 calls and 6,000 puts in the California company, showing interest in both September
$20 calls and September $17.50 puts. That company's stock recently traded for $19.57, up 3.4%.

-By Tennille Tracy, Dow Jones Newswires; 212-416-2183; tennille.tracy@dowjones.com

(Jerry A. DiColo contributed to this report.) [ 08-28-09 1530ET ]

70699
Document DJ00000020090828e58s000ew


Intel Outlook Spurs Chip Activity; Bulls Place Their Bets on Advanced Micro Devices, SanDisk and Nvidia and

Markets
Intel Outlook Spurs Chip Activity; Bulls Place Their Bets on Advanced Micro Devices, SanDisk and
Nvidia and

By Tennille Tracy
638 words
31 August 2009
The Wall Street Journal (Online and Print)
WSJO
Markets; C9
English
Copyright 2009 Dow Jones & Company, Inc. All Rights Reserved.

NEW YORK -- The options market played host to robust activity in chip makers on Friday after Intel raised its
forecast on third-quarter sales and Marvell Technology Group reported quarterly results that beat
expectations.


Among the companies that attracted bullish attention was Advanced Micro Devices. Trading in the
Sunnyvale, Calif., company jumped to seven times the normal level, with investors picking up 61,000 calls
that allow them to buy the company's stock and 27,000 puts that allow them to sell it, according to Trade
Alert.

A bulk of the action took place in September $5 calls and October $5 calls. The latter are priced at 25 cents
and show a profit if Advanced Micro's stock climbs above $5.25 before mid-October -- about 17% above the
Friday close of $4.47, up 5.7% on the New York Stock Exchange.

Similar activity took place in SanDisk and Nvidia.

In SanDisk, traders gravitated toward October calls that convey the right to buy the Milpitas, Calif.,
company's stock for $19. Priced at $1, the contracts show a profit if SanDisk rises above $20. It closed at
18.03 Friday, up 1.7% on the Naqsdaq Stock Market.

In Nvidia, whose stock hit a 52-week high on Friday, traders focused on September $15 calls. Some traders,
however, appeared to be selling long-dated calls in what could have been part of "covered call" strategies. If
that was the case, traders who owned shares in Nvidia sold January $20 calls that expire in 2011. The
traders collected about $1.75 by selling the calls, establishing positions that work best if the Santa Clara,
Calif., company's shares rise to $21.75 in the next several months but not above that point.

Nvidia's stock ended Friday at $14.73, up 5.1% on the Nasdaq.

Meanwhile, in the Semiconductor Holdrs Trust, an exchange-traded fund that tracks several chip stocks, one
trader elected to "roll out" a short position in the fund's put options.

Anticipating stability in the ETF's shares, this trader bought September $25 puts that had been sold in
previous sessions, thereby closing a short position in those contracts, and then sold longer-dated October
$26 puts. The latter contracts generate $1.30 in premiums, so the position shows a profit as long as the
semiconductor fund stays above $24.70. It closed Friday at $25.69, up 1.9%.

Fueling at least some of the day's action was Intel, which surprised investors by raising its third-quarter
revenue forecast to $9 billion, citing stronger-than-expected demand for its microprocessors.

The trading also followed Marvell's second-quarter results, which topped estimates, and a better-than-
expected third-quarter outlook.

Still, some options strategists say it could be time to unwind out of chip stocks, particularly those that have
rallied near their 52-week highs or even surpassed them, and to buy call options in the companies instead.

This so-called stock-replacement strategy enables investors to lock in recent advances in the stocks, while


environment and sell the shares while still having exposure to the upside by buying calls," said Ryan
Renicker, derivatives strategist with Newedge USA.

Among the companies that Mr. Renicker highlighted as potential candidates of the stock replacement
strategy are Marvell, Nvidia, Texas Instruments and Broadcom.

Write to Tennille Tracy at tennille.tracy@dowjones.com

Document WSJO000020091006e58v001b5


The Best Analysts of the Year

The Best Analysts of the Year

24,736 words
17 October 2006
Institutional Investor - Americas
INVS
English

Click here to view the Rankings.

Chemicals/Commodity

Donald Carson

Merrill Lynch

Second Team: Sergey Vasnetsov Lehman

Third Team: P.J. Juvekar Citigroup

Runners-up: Robert Koort Goldman Sachs; Kevin McCarthy BofA; William Young Credit Suisse

Keeping a good thing going, Donald Carson, 52, appears on the first team for a fourth year in a row as
investors continue to praise his long support of Monsanto Co. The Merrill analyst upgraded the St. Louis-
based seed and herbicide giant to buy in August 2003, at a split-adjusted price of $10.90, on the basis of its
rich agricultural-biotechnology pipeline. By year-end 2005, Monsanto shares had jumped to $38.49 (split-
adjusted), outstripping the MSCI chemicals index last year by 43.7 percentage points. Carson kept raising
his price targets, most recently in August, primarily owing to Monsanto's forthcoming drought-tolerant corn
and other potential blockbusters. Shares rose to $44.24 through mid-September. "He has the courage of his
convictions and helps us make money," explains one client. A bearish outlook cements a third consecutive
second-place finish for Lehman's Sergey Vasnetsov. Last December he declared 2005 the peak year in the
ethylene cycle and downgraded to market weight Midland, Michigan-based Dow Chemical Co., the
diversified goliath, at $43.84, and Olin Corp., a Clayton, Missouri-based chemicals and metal-products
producer, at $19.21, among others. Through mid-September the shares had fallen 12.0 and 18.2 percent,
respectively. "He was the first to reduce Dow, which is a barometer for the entire sector, and it was a wise
decision," observes one investor. Advancing from Runner-up: to third place, which he has occupied twice in
the past five years (2002 and 2004), P.J. Juvekar of Citigroup impresses clients with his "vast knowledge"
and "deep thinking." Sponsors fondly recall a May report about ethanol, the corn-based alternative fuel,
which "explained the science in the context of specific stocks," as one grateful customer puts it. Partly
because of Monsanto's involvement in corn production, Juvekar, who also ranks third in
Chemicals/Specialty, upgraded the stock to buy in August 2005, at a split-adjusted $33.11. Through mid-
September the shares were up 33.6 percent.

Chemicals/Specialty

Robert Koort

Goldman Sachs

Second Team: David Begleiter Deutsche

Third Team: P.J. Juvekar Citigroup

Runners-up: Donald Carson Merrill Lynch; Jeffrey Cianci UBS; Kevin McCarthy BofA; John McNulty Credit
Suisse; Sergey Vasnetsov Lehman; Jeffrey Zekauskas J.P. Morgan

In his fourth consecutive appearance on the first team, Robert Koort earns high marks for "keeping a sharp

eye on valuations," says one portfolio manager. Clients were especially grateful to the Goldman analyst for
steering them to Ecolab, a St. Paul, Minnesota-based supplier of institutional cleaning products. In October
2005, Koort, 38, upgraded the stock to outperform, as a bargain at $31.49; by mid-September the shares
had risen to $41.98, an increase of 33.3 percent, compared with a 12.0 percent gain for the sector. Providing
unrivaled access to senior managements is one way that repeat second-teamer David Begleiter of Deutsche
endears himself to clients. "Dave brings corporates around to meet us, rather than having us go on field
trips, which is a nice time-saver," asserts one money manager. Another highlights his "unique perspective,"
especially on Cytec Industries, a West Paterson, New Jersey, midcap manufacturer of adhesives and other
specialized engineering materials. Begleiter upgraded Cytec to buy back in March 2004, at $32.29. In the 12
months ended mid-September 2006, the stock rose 26.7 percent, to $54.63. P.J. Juvekar of Citigroup, who
also ranks third in Chemicals/Commodity, debuts on the Third Team:. Dubbed "a storehouse of knowledge"
by one client, Juvekar made a November counterconsensus upgrade to buy on Engelhard Corp., at $27.43,
on the assumption that new diesel emissions standards for trucks would drive demand for the Iselin, New
Jersey-based company's catalytic converters. The stock shot up to $38.00 in January after German
chemicals giant BASF made a tender offer, and Juvekar downgraded it to hold, on valuation; when the deal
closed in June, Engelhard shares had settled at $38.98. "P.J. helps us make money," explains one happy
buy-sider.

Metals & Mining

Peter Ward

Lehman

Second Team: Anthony Rizzuto Jr. Bear Stearns

Third Team: Michael Gambardella J.P. Morgan

Runner-up: John Hill Citigroup

Repeating on the first-place team, Peter Ward impresses clients with his dedication and perseverance. The
Lehman analyst has been bullish on copper since mid-2004, reasoning that because there have been few
significant new discoveries of copper mines, supplies will remain tight and prices will rise. During the 12
months ended mid-September, prices almost doubled, from $16.78 per pound to $33.17, helped by strong
demand from China. Ward, 39, stuck with a June 2004 overweight on Phelps Dodge Corp., pegged at a split-
adjusted price of $34.50, and added it to Lehman's short list of "Uncommon Values" in June 2005, at $45.46,
and June 2006, at $77.58. Through mid-September the Phoenix-based copper producer had risen to $83.73,
advancing 62.5 percent in the preceding 12 months and surpassing the sector average by 41.1 percentage
points. Anthony Rizzuto Jr. finishes in second place for a fifth year running. The Bear Stearns analyst is
hailed for "stock-picking dexterity," in the words of one investor, especially a May 2005 upgrade of Allegheny
Technologies to outperform. Rizzuto believed that the Pittsburgh company, having just been freed from fixed-
price contracts signed in 2001, was undervalued at $21.00. The specialty-metals and alloys producer soared
to $72.98 in April, at which point Rizzuto downgraded it, on valuation. By mid-September the shares had
fallen to $62.99. A bullish view of steel helps Michael Gambardella repeat in third. Since mid-2005 the J.P.
Morgan analyst has stressed ever-rising steel prices. Clients applaud his March 2005 upgrades of Nucor
Corp., a Charlotte, North Carolina-based steel-mill operator, at a split-adjusted $30.88, and scrap-steel
supplier Steel Dynamics of Fort Wayne, Indiana, at $35.93. By mid-September the stocks had risen to
$46.76 and $50.93, respectively. "No one knows more than Mike about the minutiae of steel," affirms one
supporter.

Paper & Forest Products

Chip Dillon

Citigroup

Second Team: Mark Connelly Credit Suisse

Third Team: Peter Ruschmeier Lehman

Runners-up: Richard Schneider UBS; George Staphos BofA; Mark Wilde Deutsche

For the seventh time in ten years, Chip Dillon, 48, appears on the first team. The Citigroup analyst "makes
paper interesting," says one investor. Dillon also makes it profitable. He upgraded Georgia-Pacific Corp. in
January 2002, at $25.66, and remained bullish on the stock even when its price slipped in the first half of last
year, from $37.04 in January to $31.80 in June. In November shares soared to $47.28, after privately held
Koch Industries announced it would acquire the Atlanta-based wood producer for $13.2 billion. Dillon also

wins praise for not being afraid to issue sell ratings. Case in point: Louisiana-Pacific Corp. In March, Dillon
downgraded the Nashville-based lumber supplier to sell, at $27.83, on pricing pressure. By July the stock
had fallen to $20.39, cheap enough that he upgraded to hold. In mid-September it was still hovering at about
$20. Clients highly regard repeat second-teamer Mark Connelly for his knowledge and perspective. "No one
has a deeper or broader view of the sector," says one money manager. The Credit Suisse analyst earns
points for his April 2005 upgrade of Rock-Tenn Co., a Norcross, Georgia-based paperboard manufacturer,
judged a bargain at $9.85. As of mid-September 2006 the stock had more than doubled, to $20.18,
advancing 33.9 percent in the preceding 12 months, while the sector was up 21.1 percent in the same
period. Peter Ruschmeier, who moves up a notch to third, "keeps his finger on the pulse of the industry,"
says one buy-sider. Investors praise the Lehman analyst's ongoing bearish stand on Smurfit-Stone
Container Corp. He downgraded the Chicago-based containerboard producer to underweight in August
2002, deeming it overpriced at $13.27; Smurfit's shares fell to $10.27 in July, and Ruschmeier upgraded
them to equal weight, on valuation. By mid-September they had edged up to $11.02.

Aerospace & Defense Electronics

Steven Binder

Bear Stearns

Second Team: Robert Stallard BofA

Third Team: George Shapiro Citigroup

Runners-up: Joseph Campbell Jr. Lehman; Douglas Harned Sanford C. Bernstein; David Strauss UBS; Heidi
Wood Morgan Stanley

"It's amazing how well he understands the dynamics of these industries," asserts an enthusiast of Bear
Stearns' Steven Binder, who outshines the competition for his eighth consecutive first-place finish. Investors
point to the analyst's long-standing endorsement of Lockheed Martin Corp. Binder, 48, has recommended
the Bethesda, Maryland-based defense contractor since July 1998 as undervalued at a split-adjusted $45.55.
Through mid-September 2006 the shares reached $83.00, gaining a stunning 35.3 percent in the preceding
12 months, when the sector as a whole rose 19.0 percent. Clients also mention an early June alert about
possible delays in Airbus Industrie's new A380 superjumbo plane, which came just days before the company
announced a six-month delay. "He's got information sources like no one else," sums up one money
manager. Newcomer Robert Stallard of BofA wows investors with the breadth of his coverage. "He picks up
some of the smaller names that are otherwise off our radar screens," says one client. The second-teamer
has favored Precision Castparts Corp., a Portland, Oregon-based midcap supplier to the aerospace industry,
since August 2004, at a split-adjusted $27.13, because of its exposure to the improving aerospace sector.
Through mid-September 2006 the stock had flown to $57.41. In third after four years at No. 2 is Citigroup's
George Shapiro, who is "that rare analyst you can easily chat with and always learn something new," relates
one buy-sider. Shapiro, who has placed on the All-America Research Team for 23 straight years, continues
to win praise for his July 2004 buy recommendation of United Technologies Corp., at a split-adjusted $44.39,
on its changing, diverse business mix. Through mid-September 2006 the Hartford, Connecticut-based
aircraft-engine maker had skyrocketed to $64.61, up 29.6 percent over the previous 12 months.

Airfreight & Surface Transportation

Edward Wolfe

Bear Stearns

Second Team: Kenneth Hoexter Merrill Lynch

Third Team: Thomas Wadewitz J.P. Morgan

Runners-up: John Larkin Stifel Nicolaus; Rick Paterson UBS

It's four in a row for Edward Wolfe, who wins the top spot in a landslide. Investors praise what one deems
the Bear Stearns analyst's "broad purview" and single out an August 2005 upgrade to outperform on small-
cap freight railroad Genesee & Wyoming, at a split-adjusted $19.20, partly on its booming business in
Australia. In February the "independent thinker," as one supporter describes Wolfe, 40, downgraded the
Greenwich, Connecticut-based G&W to peer perform, at $28.77, after the company announced a $941
million gain from selling some routes in southern Australia, which prompted an abrupt hike in the share price.
As of mid-September the stock had corrected to $23.55. Kenneth Hoexter leapfrogs two spots to the Second
Team:. The Merrill analyst endears himself to clients with frequent, brief telephone conversations. Says one
grateful buy-sider, "Ken doesn't send out reams of paper or leave long, impersonal voice mails, as so many

other analysts do. He actually talks -- and answers questions off-the-cuff -- which is rare." Advocates also
applaud his recent emphasis on select railroad companies such as CSX Corp. Hoexter upgraded the
Jacksonville, Florida-based company to buy in September 2004, at $16.27 (split-adjusted), on its plans to
implement a new scheduling system. By mid-September 2006, CSX had charged to $31.61, advancing 43.9
percent in the preceding 12 months. Newcomer Thomas Wadewitz joined J.P. Morgan from Bear Stearns in
June 2005 and hit the ground running. In July 2005 the third-teamer launched coverage of CSX with an
overweight rating, at a split-adjusted $21.74, enabling clients to capture an eye-popping 45.4 percent gain
through mid-September 2006. "Tom does rigorous modeling and consequently has the best earnings
estimates of anyone covering the space," declares one money manager.

Business & Professional Services

Andrew Steinerman

Bear Stearns

Second Team: Kelly Flynn UBS

Third Team: Gregory Cappelli Credit Suisse

Runner-up: Christopher Gutek Morgan Stanley

Returning first-teamer Andrew Steinerman of Bear Stearns earns praise for an ongoing series of staffing
reports. Steinerman, 38, has been stressing revenue growth and margin expansion at select companies with
international exposure. "He pointed out that in some countries, industries were being deregulated and there
was high demand for skilled staffing services," recalls one investor. Last October, Steinerman highlighted
Manpower as undervalued, at $43.87; by mid-September shares of the Milwaukee-based international
outsourcer had climbed to $60.90. Other investors single out Steinerman's long-standing cautious stance on
Spherion Corp., a temp agency headquartered in Fort Lauderdale, Florida, because of its lack of
international exposure. Year-to-date through mid-September, Spherion fell from $10.01 to $7.11, and the
sector as a whole was flat. Moving up one rung to second is Kelly Flynn of UBS, who "really gets inside her
companies," declares one investor. Flynn was especially astute in her coverage of Career Education Corp.,
a Hoffman Estates, Illinois-based provider of postsecondary courses. Flynn issued a sell recommendation in
September 2004, at $30.50, largely because of federal investigations into allegations that the company
submitted false claims to the Department of Education about costs and job placement of its students. The
stock seesawed until April 2006, when a Securities and Exchange Commission investigation ended with no
enforcement action, and the price shot up to $41.70. Flynn stood her ground, insisting the company's
accreditation, and consequently its revenue, were still in danger from other, ongoing investigations. She was
right. The company missed its second-quarter earnings, and shares had plunged to $20.52 by mid-
September. Though he slips one notch to third, Gregory Cappelli of Credit Suisse is "able to juggle a lot of
balls at once and never lose sight of what's important," says one investor. In September 2005, Capelli
upgraded SkillSoft, at $3.85, believing the Dublin, Ireland-based developer of electronic-learning programs
would benefit from the economic stability buoying its potential market. A year later the shares were up 72.7
percent, to $6.65.

Electrical Equipment & Multi-Industry

Jeffrey Sprague

Citigroup

Second Team: Robert Cornell Lehman

Third Team: John Inch Merrill Lynch

Runner-up: Scott Davis Morgan Stanley

Jeffrey Sprague, 45, wins the top spot for a seventh year in a row, impressing clients with what one calls his
"Midas touch." Investors cite the Citigroup analyst's April 2005 buy recommendation on Washington-based
toolmaker Danaher Corp., as a bargain at $49.82. Though a tad early -- the stock didn't gain lasting
momentum until November -- the recommendation proved wise when Danaher rocketed to $66.70 in mid-
September. "He was ahead of the curve and stuck to his guns," observes one money manager. Clients
continue to be pleased with Sprague's July 2004 buy on Textron, at $56.29, partly based on a big order for
the Providence, Rhode Island, company's Cessna business jets. By mid-September 2006 the shares had
soared to $83.83, an increase of 20.8 percent over the preceding 12 months, while electrical equipment
shares were up 15.9 percent during the same period. Returning to the Second Team: for a seventh
consecutive year, Robert Cornell of Lehman is an analyst who one supporter says "never ceases to amaze";

recommendations from years past, such as Emerson Electric Co., continue to bear fruit. Cornell upgraded
Emerson to buy in September 2002, at $39.35, based on the St. Louis company's impending transformation
from a components builder to a diversified technology-based solutions provider; in the 12 months ended mid-
September 2006, Emerson surged 27.1 percent, to $82.68. "No one has more knowledge or better instincts,"
declares a satisfied client. No. 3 for a fourth year running, Merrill's John Inch earns praise for having "an
agile mind," as one portfolio manager puts it. Last October, Inch issued a sell recommendation on ITT Corp.,
a White Plains, New York-based supplier of electronic components, believing it was overpriced at a split-
adjusted $55.08. A month later, when it had fallen to $49.27, he upgraded it to neutral, again on valuation;
then in July, believing ITT was reasonably priced at $49.50, he upgraded it to buy. The shares were trading
at $49.18 in September.

Environmental Services

Leone Young

Citigroup

Second Team: Amanda Tepper J.P. Morgan

Third Team: Lorraine Maikis Merrill Lynch

Claiming victory for a sixth consecutive year, Citigroup's Leone Young is "always ahead of the curve," says
one money manager. Clients especially appreciate her ongoing coverage of Waste Management. Young, 45,
upgraded the Houston-based, national sanitation giant back in August 2002, at $23.72, partly on
management's cost-cutting discipline. In August 2005, at $27.65, she believed it had new pricing power; in
January she dubbed it one of her top picks for 2006. By mid-September it had risen to $35.37, up 18.8
percent year-to-date, while industrial conglomerates were down 1.7 percent during the same period. Amanda
Tepper, in second place for a fourth year running, garners accolades for the November 2005 installment of
her biannual survey of waste haulers, which indicated that companies could sustain sufficiently high price
increases to offset rising energy costs. Tepper, who's also No. 3 in Packaging, favored Republic Services,
first endorsed in November 2004, at $30.65, partly on its stock-repurchase program. Shares of the Fort
Lauderdale, Florida-based nonhazardous-solid-waste remover jumped to $43.86 in April 2006 before slipping
to $37.89 in mid-September. "She said it would be a good year for waste companies, and so far it looks to be
true," comments one investor. (Tepper left J.P. Morgan to join BofA in September as associate director of
equity research.) Merrill's Lorraine Maikis moves up a notch to third place. Backers single out her "in-depth
approach to corporate accounting," as one puts it, citing an April 2005 report, "Comparing Apples to
Oranges," which examined how industry accounting practices affect earnings. It explained, for instance, that
a decline in Waste Management's free cash flow was the result of land purchases essential to expanding
capacity. She has backed the company since August 2003, at $22.14, on its strong pricing momentum.

Machinery

David Raso

Citigroup

Second Team: Joel Tiss Lehman

Third Team: Ann Duignan Bear Stearns

Runner-up: David Bleustein UBS

Citigroup's David Raso stands victorious again with his sixth consecutive appearance on the first team, and
wins praise for his coverage of Caterpillar. Raso, 36, downgraded the Peoria, Illinois-based engine builder to
hold in September 2005, at $57.92, on pricing pressure from hurricane-induced interruptions in its supply
chain. One month later, after Caterpillar announced disappointing third-quarter results and lowered
expectations for the fourth quarter, the stock plunged 12.2 percent in three days. Raso upgraded it to buy in
January, at $62.24, after his construction-equipment dealers survey indicated higher demand for Cat
products. By mid-September, Cat shares had climbed to $65.43. "He's got channels of information that make
him seem prescient," confides one advocate. Lehman's Joel Tiss jumps to the Second Team: from Runner-
up:, earning accolades for having what one money manager calls the "broadest coverage universe on the
Street." Especially noteworthy was an October 2005 overweight on Manitowoc Co., a small-cap crane
provider based in Manitowoc, Wisconsin, in part on its booming business from rebuilding hurricane-ravaged
areas, at a split-adjusted $23.96. By mid-September the shares had risen a whopping 86.7 percent, to
$44.74, well outpacing the sector's 15.7 percent rise. "He's terrific at uncovering moneymaking ideas,"
cheers one grateful client. Repeat third-teamer Ann Duignan -- known as "Ethyl Ann" for frequent TV
appearances in which she discusses the prospects for ethanol -- shows it is possible to do well by doing

good. Customers applaud the Bear Stearns analyst's monthly "Green Machine Renewable Energy Update"
as "concise" and "comprehensive." Backers especially praise Duignan's July 2005 upgrade of Deere & Co.,
the agricultural-equipment goliath headquartered in Moline, Illinois, at $64.76, on rising demand because of
higher corn prices. By mid-September 2006, Deere had jumped to $80.87.

Packaging

George Staphos

BofA

Second Team: Ghansham Panjabi Wachovia

Third Team: Amanda Tepper J.P. Morgan

George Staphos easily takes first for a third straight year (and the seventh time in eight years). The BofA
analyst impressed clients last fall with reports about hurricane-related interruptions in the supply of resins
used by flexible packagers such as Sealed Air Corp. of Elmwood Park, New Jersey, and Pactiv Corp. of
Lake Forest, Illinois. Staphos, 41, downgraded Sealed Air to neutral in September 2005, at $49.41, on rising
resin prices; one year later it had edged up only to $52.95. He stuck with his longstanding buy on Pactiv,
though it had dropped 25.3 percent from the start of 2005, to $18.90. Largely betting on improving margins in
the company's Hefty-brand household-bags business, Staphos reiterated his endorsement; by mid-
September 2006 the stock had rallied to $27.83, a gain of 47.2 percent; the sector was up just 2.6 percent.
"Why would I need to go to anyone else?" asks a satisfied buy-sider. Ghansham Panjabi, who returns to
second place after a year in third, helps clients comprehend "true underlying value, which can be hard to
calculate given recent volatility in component costs," says one investor. Case in point: Crown Holdings. In
August 2005, shortly after joining Wachovia, Panjabi backed the Philadelphia-based container maker as
undervalued at $16.30, a position he reiterated strongly in May, when the stock slipped to $15.64. He
stressed Crown's true worth and resilience, given its wide penetration of the food and beverage industries.
By mid-September the stock had climbed to $18.47. Trading places with Panjabi is No. 3 Amanda Tepper
(who also ranks in Environmental Services). Though she ceased coverage for J.P. Morgan in June to
prepare for her September move to BofA, followers prize her nod last November to Sonoco Products Co., a
Hartsville, South Carolina, supplier of paperboard cans and tubes, for its recent cost-cutting efforts. Sonoco
rose from $27.48 at the time of the call to $33.90 in mid-September.

Airlines

David Strine

Bear Stearns

Second Team: Michael Linenberg Merrill Lynch

Third Team: Jamie Baker J.P. Morgan

Runner-up: Garrett Chase Lehman

David Strine of Bear Stearns jets into the top spot among airlines analysts, up from No. 2 last year. Strine,
37, is a 1990 University of Vermont graduate and former corporate lawyer who says a fascination with
business and an early internship in finance lured him back to Wall Street, where his bullish calls have helped
clients make money over the past year -- at least those who paid attention. Most airlines analysts turned
bearish on USAirways Group after it merged with America West Airlines, but Strine saw value and rated the
stock an outperform in September 2005, at $20.21, reasoning that competitors' route cutbacks in East Coast
markets and Southwest Airlines' fare raises would help the carrier. He was right. By mid-September 2006,
USAirways' stock had soared 128.7 percent, to $46.23, while the sector was up 13.7 percent over that
period. "He's a good stock picker," says one buy-sider. Adds another: "He doesn't get rattled by day-to-day
events." Though he drops from the first team to the second, Michael Linenberg continues to impress
investors with the timeliness of his calls. In July the Merrill analyst downgraded USAirways, AMR Corp.
(parent of American Airlines) and Continental Airlines, to neutral, believing they were "getting ahead of
themselves," he says. By mid-September the stocks had slipped 13.5, 12.9 and 6.3 percent, respectively,
since the time of Linenberg's downgrade. "There's Michael, and there's everybody else," says one portfolio
manager. "He is as good as it gets." Repeating on the Third Team:, Jamie Baker earns praise for being "very
early in seeing through the effects of high oil prices and hurricanes," says one client. The J.P. Morgan
analyst was bullish on not only USAirways but also American and Continental. Last October, Baker
recommended overweighting the latter two. By mid-September, American's shares had jumped 86.5 percent,
and Continental had skyrocketed 145.9 percent, since Baker's recommendation.


Apparel, Footwear & Textiles

Robert Ohmes

BofA

Second Team: Robert Drbul Lehman

Third Team: Jeffrey Edelman UBS

Runners-up: Lizabeth Dunn Prudential; Virginia Genereux Merrill Lynch;

Margaret Mager Goldman Sachs

Robert Ohmes, 37, of BofA steps up from Second Team: last year to this year's top spot with what one
pleased buy-sider calls "great perspective in a space where it's easy to struggle." A micro approach -- using
channel checks and detailed financial models -- helps Ohmes determine which companies can gain market
share and provide earnings surprises. Clients especially appreciated Ohmes's buy rating on activewear
maker Under Armour of Baltimore, inaugurated in mid-March at $27.42. "Others focused on the stock's high
multiple," observes one investor. "He saw how the company was taking market share and how it would
translate into higher earnings." As of mid-September, Under Armour had risen to $39.60. Ohmes, who holds
a B.A. from Vanderbilt University and an MBA from the University of Maryland University College, worked
previously as a Retailing/Softlines analyst for Morgan Stanley. Losing his four-year foothold in first place,
Robert Drbul slips to No. 2, but backers say he is still "a reliable gut-check when the Street is overly positive
or negative." The Lehman researcher, who ranks third in Retailing/Broadlines & Department Stores, issued
an overweight rating on a beat-up Phillips-Van Heusen Corp. of New York in October 2005, at $27.73,
because he believed that, with the Calvin Klein brand on track, the company had some of the best growth
prospects in apparels. The stock had risen to $41.83 by mid-September. Holding steady in third place,
Jeffrey Edelman has what one investor calls the "exceedingly rare qualities of experience and judgment."
That judgment led the UBS analyst to downgrade Kellwood Co. of St. Louis and Columbia Sportswear of
Portland, Oregon. He placed a reduce rating on Kellwood in June at $30.88 and a neutral rating on Columbia
in April at $55.01. The stocks were trading at $28.29 and $53.80, respectively, in mid-September.

Autos & Auto Parts

Ronald Tadross

BofA

Second Team: Rod Lache Deutsche

Third Team: Himanshu Patel J.P. Morgan

Runners-up: Darren Kimball Lehman; Jon Rogers Citigroup

"An all-around solid analyst who's not afraid to get down in the muck" is how one money manager describes
Ronald Tadross, who zooms from Runner-up: to the first team. The BofA analyst says he has been
enamored of Wall Street ever since he commuted to Prudential Securities in New York, where he worked
part-time while earning a degree in finance at Connecticut's Fairfield University in 1993. Tadross, 35, is one
of the few U.S. analysts to follow Toyota Motor Corp. He pinned a buy on the stock in October 2005, at
$91.87, largely on the strength of the new-product pipeline at its North American operations, and
downgraded to neutral in May, at $116.67, after the stock gained 27.0 percent and overtook Tadross' target
price of $104. By mid-September the shares had slipped back to $106.16. Rod Lache, who repeats on the
Second Team:, wins accolades as much for his "good work on the fundamentals" as for his "phenomenal list
of industry contacts," says one portfolio manager. Investors praise the Deutsche analyst for his series of
calls on Johnson Controls, beginning with a buy recommendation last November. At the time the Milwaukee
parts manufacturer's shares were trading at $68.94; in June, when the share price hit $89.35, Lache
downgraded to hold. By mid-September the stock had slipped to $71.86. Advancing from Runner-up: to third
is J.P. Morgan's Himanshu Patel, who is "an independent thinker in an industry where there's a herd
mentality," says one client. Patel believed that fears of a General Motors Corp. bankruptcy were overblown
and recommended overweighting the stock in January, at $18.36, after the company launched its T900
platform for SUVs. In August he downgraded to neutral, at $30.99. Investors who listened locked in gains of
68.8 percent.

Beverages


William Pecoriello

Morgan Stanley

Second Team: John Faucher J.P. Morgan

Third Team: Robert van Brugge Sanford C. Bernstein

Runners-up: Michael Branca Lehman; Carlos Laboy Bear Stearns; Bryan Spillane BofA

"He has some of the best industry data, is incredibly accessible and is extremely valuable in giving you a
sense of what the consensus is thinking," says one money manager of William Pecoriello, 41, who finishes
on the first team for a fourth consecutive year. The Morgan Stanley analyst upgraded Atlanta-based Coca-
Cola Enterprises in June, at $19.16, owing to several factors, among them new CEO John Brock's
willingness to leverage Coke's assets (including distributing non-Coke products, if necessary) and the
introduction of several new tea beverages. By mid-September the shares had risen 8.2 percent, to $20.74,
versus gains of 6.6 percent for the sector and 6.4 percent for the Standard & Poor's 500 index. John
Faucher, who repeats in the No. 2 spot, is "a great sounding-board and voice of reason," according to one
money manager. The J.P. Morgan analyst was bullish on PepsiCo, urging investors to overweight it in
September 2005, at $54.42, largely on stronger-than-expected sales of Gatorade. "They enabled PepsiCo to
significantly exceed expectations and outperform the market, the beverage group and consumer staples,"
says Faucher. By mid-September 2006, Pepsi's share price had risen 19.5 percent, to $65.03, since
Faucher's call, while beverages were up 9.0 percent over that period. Another satisfied client notes that
Faucher "gives straightforward, honest assessments of businesses and management teams, irrespective of
his ratings. I also like his somewhat holistic approach in understanding the whole consumer staples
universe." A willingness to take a contrarian stand helps Robert van Brugge rise from Runner-up: to third.
The Sanford C. Bernstein analyst initiated coverage of Fairport, New York-based Constellation Brands in
April 2005, at a split-adjusted $29.10, breaking from consensus to put an underperform rating on the shares.
That October, when the shares had fallen to $22.25, van Brugge upgraded to market perform. Through mid-
September the shares had risen 25.0 percent, to $27.81, since his upgrade.

Cosmetics, Household & Personal Care Products

Wendy Nicholson

Citigroup

Second Team: Lauren Lieberman Lehman

Third Team: Amy Low Chasen Goldman Sachs

Runners-up: John Faucher J.P. Morgan; William Pecoriello Morgan Stanley; William Schmitz Deutsche

Capturing first place for the first time, Wendy Nicholson "knows the short term, but she doesn't lose sight of
the big picture," says one supporter. The Citigroup analyst, ranked third for the past two years, is a 1990
University of Pennsylvania graduate who worked in Citi's investment banking department for eight years
before transferring to research in 1998. Nicholson, 38, wins accolades for her call on Avon Products of New
York, which she upgraded in October 2005, at $24.12, on the company's restructuring and cost-cutting
initiatives. By mid-September the shares had risen 22.5 percent, to $29.54. "I was particularly impressed by
her willingness to go against the grain when Avon sold off last year," explains one investor. "It was a gutsy
move on her part." Another consensus-breaker, Lauren Lieberman, debuts on the Second Team:. The
Lehman analyst was not as enthusiastic as her peers about Procter & Gamble Co.'s $57 billion acquisition of
the Gillette Co. last year, believing that investors were already paying for all of the promised cost synergies
and step-up in long-term revenue growth from the acquisition. After peaking in March at $61.56, P&G shares
sank to $52.94 by early June. Two weeks later, Lieberman upgraded the stock to market perform. By mid-
September the shares were up 11.6 percent since Lieberman's upgrade; the personal products subsector
was flat over that period. Amy Low Chasen, who slips one notch to third after five straight years at No. 2,
continues to win praise for her coverage of longtime favorite Colgate-Palmolive Co. of New York. The
Goldman analyst first upgraded the stock in December 2004, at $48.21, on the belief that company
restructuring would eventually pay off for investors -- and she has maintained that stance despite
disappointing results. The past year proved her right: For the 12-month period ended mid-September,
Colgate's stock rose 19.8 percent.

Food

Andrew Lazar

Lehman

Second Team: Terry Bivens Bear Stearns

Third Team: David Nelson Credit Suisse

Runner-up: Eric Katzman Deutsche

On the first team for a fourth year in a row, Andrew Lazar “is one of the few sell-side analysts who can
differentiate between management teams that are taking the correct actions to build longer-term franchise
value versus those that are just out to make short-term profits,” says one money manager. The Lehman
analyst did just that with his coverage of Kellogg Co., which he upgraded in September 2005, at $43.01, on
expectations of more-aggressive share repurchases going forward and the sustainability of earnings-per-
share growth. By mid-September 2006 shares of the Battle Creek, Michigan–based breakfast cereal
manufacturer had risen 15.6 percent, to $49.71, compared with 12.4 percent for the sector and 8.6 percent
for the S&P 500. Lazar, 40, understood Kellogg’s “dedication to sustaining superior topline growth while
reinvesting in the business,” says one buy-sider. Terry Bivens catapults from Runner-up: to second place on
the strength of calls “that continue to be money-making for his constituents,” according to one investor. Case
in point: H.J. Heinz Co. The Bear Stearns analyst highlighted his outperform call last December, at $33.28,
citing the Pittsburgh-based company’s strong cash position and appealing price-earnings ratio. As of mid-
September the shares were up 23.1 percent, to $40.98. “Bivens couples his business acumen with great
communication skills to deliver a unique research product,” says one longtime client. David Nelson, who
slips to third place after two years at No. 2, “has a very deep understanding and knowledge of all the
players,” says one investor. These qualities prompted the Credit Suisse analyst to upgrade Tyson Foods in
April, at $12.85, on the belief that fears of avian flu were overstated. By mid-September shares of the
Springdale, Arkansas–based poultry processor had risen 24.1 percent, to $15.95.

Gaming & Lodging

Joseph Greff

Bear Stearns

Second Team: David Anders Merrill Lynch

Third Team: Harry Curtis J.P. Morgan

Money managers say they hit the jackpot with Joseph Greff, who leaps from Runner-up: to first team for
delivering “very thorough work and timely research calls” in an industry prone to gambling fever. The Bear
Stearns analyst, who earned an MBA from New York University’s Stern School of Business in 1999,
impressed clients with his coverage of Shuffle Master. Greff, 36, upgraded the Las Vegas–based game
manufacturer to outperform in March, at $26.23, then downgraded six weeks later, at $39.59, asserting that
the stock had reached its peak. By mid-September, Shuffle shares had fallen to $26.79, a 32.3 percent drop
from the time of Greff’s downgrade. “That was a gutsy call,” says one buy-sider, noting that many of Greff’s
peers were betting for more upside. “Joe is an independent thinker who’s willing to break from the pack.”
David Anders of Merrill, who repeats in second place, wins praise for being “logical — he doesn’t just come
out with an opinion and try to justify it,” says one satisfied client. The San Francisco–based analyst has been
urging investors to shun gaming stocks and stick with hotels because demand is outstripping supply. Shares
of Beverly Hills, California–based Hilton Hotels Corp., Washington-based Marriott International and White
Plains, New York–based Starwood Hotels & Resorts Worldwide were up 16.9, 16.1 and 16.0 percent,
respectively, year-to-date through mid-September. Returning to third place after two years as Runner-up:,
Harry Curtis “puts on the best gaming conference in the industry,” says one European investor, who treks to
Las Vegas every March to attend. Among the J.P. Morgan analyst’s favorite stocks is Wynn Resorts, which
Curtis has rated overweight since 2003. Shares of the Las Vegas–based casino operator were up 50.5
percent for the year ended mid-September.

Homebuilders & Building Products

Ivy Zelman

Credit Suisse

Second Team: Margaret Whelan UBS

Third Team: Stephen Kim Citigroup

Ivy Zelman is back on top. Investors especially praise the Credit Suisse analyst, who scored six straight first-

team finishes before slipping to third last year, for her July 2005 report warning that “excessive speculation”
and gimmicky mortgage instruments such as interest-only loans were creating artificially inflated housing
prices, resulting in “alarming” risk in the sector. Zelman, 40, urged investors to sell. Among her most
prescient downgrades: M.D.C. Holdings of Denver, down 42.0 percent since Zelman’s call; KB Home of Los
Angeles, down 37.9 percent; and Beazer Homes USA of Atlanta, down 31.3 percent. “While others were
trying to justify why earnings could go down slowly,” says one portfolio manager, “Ivy said they would
plummet.” Margaret Whelan, who slips a notch to second place, is “knowledgeable and good at identifying
trends,” says one client. The UBS analyst acknowledges she was blindsided by the size and starkness of the
housing slump. “Everybody was anticipating the downturn,” she says. “I just thought it would be softer.”
Despite staying bullish too long on some stocks, Whelan gets credit for her timely call on Furniture Brands
International, a St. Louis–based manufacturer she downgraded in July 2005, at $21.25, because of stiff
competition from low-cost Asian rivals. Share prices started to slip the following month, and by mid-
September were down 10.2 percent, to $19.09. Though he drops from second place to third, Stephen Kim of
Citigroup still earns clients’ praise for his “detailed work” on the land inventory held by bigger builders. Kim
noted that property acquired in 2002 is more valuable and less costly to have on the books than land
acquired in 2005. “It’s very important because companies that have the oldest land are the safest,” says one
investor.

Leisure

Robin Farley

UBS

Second Team: David Anders Merrill Lynch

Third Team: Felicia Kantor Hendrix Lehman

Runners-up: Scott Barry Credit Suisse; Timothy Conder A.G. Edwards; Dean Gianoukos J.P. Morgan

It’s five in a row for Robin Farley, who is “the first person I go to for knowledge,” as one money manager puts
it. The UBS analyst keeps her eye not only on stocks but also on the weather: In March she downgraded
Royal Caribbean Cruises and lowered earnings estimates for Carnival Corp., both of Miami, on the belief
that fear of hurricanes would prevent travelers from booking. Through mid-September, Royal Caribbean’s
shares were down 15.5 percent since Farley’s call. Although she maintained a buy on Carnival, “her
earnings estimates were lower than everybody’s before the stock fell,” explains one client. Carnival’s stock
was down 14.9 percent over the same period. In August she impressed investors with her assessment of the
impact of Alaska’s new, $50-per-person tax on cruise ship passengers. Farley, 36, reasoned that costs
would not be passed along to consumers and would hit earnings by only several pennies a share. Advancing
from Runner-up: to second place, David Anders wins praise for his April report, “Jumping Ship to Neutral
Territory,” in which he too downgraded Royal Caribbean and Carnival, at $41.07 and $47.03, respectively.
The Merrill analyst, who is also on the Second Team: in Gaming & Lodging, upgraded both in June, at
$37.83 and $39.84, believing that the lower prices accurately reflected fears of a weather-related downturn in
business. As of mid-September, Royal Caribbean stock was holding steady, but Carnival’s had climbed back
to $43.81. It was “a damn good call,” says one investor. Dropping to No. 3 after four years in second, Felicia
Kantor Hendrix is “thorough and balanced,” says one buy-sider. Customers especially appreciated the
Lehman analyst’s bullishness on Vail Resorts of Avon, Colorado, which she upgraded to buy in January.
Year-to-date through mid-September, the stock was up 21.5 percent. “That was a stellar recommendation,”
says one supporter.

Restaurants

Joseph Buckley

Bear Stearns

Second Team: John Glass CIBC

Third Team: Andrew Barish BofA

Runners-up: John Ivankoe J.P. Morgan; David Palmer UBS

On the first team for a sixth year in a row — and in a landslide — Joseph Buckley, 52, is “easy to work with
and has a good nose for the stocks,” says one investor. In September 2005 the Bear Stearns analyst sniffed
out opportunities sectorwide, urging clients to overweight because “restaurant stocks had overreacted to
concerns about Hurricane Katrina and the related run-up in gasoline prices,” Buckley explains, adding that
he thought the earnings performance of the industry would be better than what the market seemed to be

expecting at that time. Buckley called on McDonald’s Corp. to outperform, and it did, rising 15.1 percent for
the 12 months ended mid-September, compared with 7.5 percent for the S&P 500. Vaulting from Runner-up:
to second place, John Glass “is one of the few analysts who does actual research rather than taking what
the companies say and inserting the data into his models,” observes one buy-sider. “He’s also not afraid to
make negative calls.” The CIBC researcher made a negative call on casual-dining restaurants last
December, concluding that in 2006 supply growth would outpace demand for the first time in a decade. “We
arrived at this conclusion by doing a thorough, bottom-up analysis of public and private chains within casual
dining,” says Glass. Year-to-date through mid-September, the median casual-dining restaurant was down
18.0 percent. Andrew Barish, who falls from second place to third, “has a lot of perspective on the industry,”
says one money manager. In May that perspective prompted the San Francisco–based BofA analyst to urge
clients not to increase their exposure to casual-dining restaurants, which were losing business to quick-
service establishments. “We steered people away from turnaround situations like Applebee’s [International]
and OSI Restaurant Partners, which are still trying to turn around,” explains Barish.

Retailing/Broadlines & Department Stores

Deborah Weinswig

Citigroup

Second Team: Christine Augustine Bear Stearns

Third Team: Robert Drbul Lehman

Runners-up: Dana Cohen BofA; Michael Exstein Credit Suisse

Deborah Weinswig claims the top spot for a third consecutive year on the basis of her “wide-ranging
perspective on companies,” according to one money manager, and her “overarching view of the sector,”
according to another. The Citigroup analyst’s insightful reporting earns raves from clients at a time when her
coverage universe has been down; it lost 6.6 percent year-to-date through mid-September, compared with
the S&P 500’s 5.7 percent gain. Weinswig, 36, issued a report in April stating that, with department store
consolidations thinning the “overcrowded middle,” Kohl’s Corp. of Menomonee Falls, Wisconsin, and J. C.
Penney Corp. of Plano, Texas, could not only survive but thrive; she recommended buying both. From the
time of her report through mid-September, the stocks had risen 26.1 and 1.8 percent, respectively. Investors
also value Weinswig’s conference calls, which “provide access to informative industry contacts,” in the words
of one buy-sider. Advancing one place to second, Christine Augustine gets high marks from customers for
“excellent model work” and “great stock picking.” Case in point: Dollar General Corp., which the Bear
Stearns researcher downgraded from outperform to underperform in January, at $17.82, as rising gas and
home-heating prices were putting pressure on low-income consumers. In August she upgraded to peer
perform, at $13.39, after a change in top management at the Goodlettsville, Tennessee–

based retailer. By mid-September the share price had inched up to $14.42. Robert Drbul, who debuts in third
place, wins praise for keeping “a long-term focus,” says one backer. In February the Lehman analyst, who’s
on the Second Team: in Apparel, Footwear & Textiles, highlighted his buy call on Kohl’s, first recommended
in November 2002. In mid-September the stock was up 42.8 percent, to $66.85, since Drbul’s most recent
recommendation. “He made me nice money,” says one client who heeded Drbul’s advice.

Retailing/Food & Drug Chains

Meredith Adler

Lehman

Second Team: Stephen Chick J.P. Morgan

Third Team: John Heinbockel Goldman Sachs

Runner-up: Neil Currie UBS

Finishing on the first team for a fifth straight time — and by a wide margin, at that — Meredith Adler “is
clearly confident in her knowledge and brings gravitas to the job,” observes one money manager. The
Lehman analyst earns particular praise for her work on quantifying the impact of drug-industry changes such
as the mass movement of seniors to the Medicare Part D plan and the $11 billion to $23 billion worth of
prescription brands facing generic competition in 2006 alone. With company forecasts that look out ten years
— estimating future demands for and costs of capital, and taking into account off-balance-sheet financing of
such items as leases, real estate and tax credits — Adler, 52, makes “solid investment cases” and offers a
“uniquely thorough understanding of how companies can create value,” says one supporter. Adler’s

overweight recommendation on longtime favorite CVS Corp. of Woonsocket, Rhode Island, “continues to
work well for our portfolios,” says another. The stock was up 32.0 percent year-to-date as of the middle of
September, compared with a 5.7 percent rise in the S&P 500. Stephen Chick, in second place for a third
year in a row, “is not afraid to tell you he’s negative about a company or to avoid a stock.” The J.P. Morgan
analyst did just that in January, reiterating his underweight ratings on Whole Foods Market of Austin, Texas,
and Supervalu of Eden Prairie, Minnesota; the shares fell by 29.2 and 16.5 percent, respectively, through
mid-August, at which point Chick upgraded both to neutral. Clients say returning third-teamer John
Heinbockel offers a “good veteran perspective of the industry” and a “good sense of current market
sentiment.” In January the Goldman analyst was bullish on Walgreen Co. of Deerfield, Illinois, among others,
on the belief that the sharp increase in generics sales would be a growth catalyst. He was right. Year-to-date
through the middle of September, Walgreen’s stock had risen 13.4 percent.

Retailing/Hardlines

Alan Rifkin

Lehman

Second Team: Colin McGranahan Sanford C. Bernstein

Third Team: Gary Balter Credit Suisse

Runner-up: Matthew Fassler Goldman Sachs

Alan Rifkin, who takes top honors for the first time, is “by far the most thoughtful analyst in retail,” according
to one money manager. Rifkin, 42, second last year, earned an MBA from Syracuse University in 1987 and
worked at Thomas Weisel Partners before joining Lehman in 2000. Clients say he makes “excellent sell
calls,” such as the ones he made on RadioShack Corp. in June 2005, at $24.84, and Pier 1 Imports in July
2005, at $13.60. By mid-September shares of the Fort Worth, Texas–based retailers had fallen 22.3 and
49.9 percent, respectively. Investors also appreciate his buy calls, such as an early January overweight
recommendation on top pick Best Buy Co. Year-to-date through mid-September, shares of the Minneapolis-
based electronics retailer had risen 24.2 percent. Though he slips to second, Colin McGranahan thrilled
customers with his call on Office Depot. “We made a lot of money because of Colin,” says one buy-sider,
and the sentiment is echoed by many others. The Sanford C. Bernstein analyst issued an outperform rating
on the Delray Beach, Florida–based retailer in early February, at $32.83, on his belief that cost reductions
and gains in efficiency would boost margins. By mid-September the shares had risen 20.9 percent, to
$39.70. McGranahan “has done a phenomenal job of navigating a treacherous sector and avoiding value
traps,” says one portfolio manager. Advancing from Runner-up: to third, Gary Balter is “in a league of his
own,” says one client, for his ability to spot turnaround opportunities. Case in point: OfficeMax, which the
Credit Suisse analyst upgraded to outperform in August 2005, at $26.92, when he believed that the Itasca,
Illinois–based retailer would be rife for margin improvement under new management. By mid-September the
stock had risen 49.0 percent, to $40.11.

Retailing/Specialty Stores

Brian Tunick

J.P. Morgan

Second Team: Stacy Pak Prudential

Third Team: Dana Cohen BofA

Runner-up: Kimberly Greenberger Citigroup

It’s a first-time first-team finish for Brian Tunick, last year’s No. 2. The J.P. Morgan analyst is a “breath of
fresh air,” says one portfolio manager. Tunick, 32, is a 1995 graduate of American University with a degree
in finance who covered the sector for Bear Stearns before moving to J.P. Morgan in 2002. Clients praise him
for continuing to find value in Men’s Wearhouse; shares of the Houston-based retailer were up 24.0 percent
year-to-date through mid-September. Tunick also wins praise for standing firm on Abercrombie & Fitch Co.
“A lot of analysts wavered when the stock became volatile, but he didn’t,” says one investor. The New
Albany, Ohio–based retailer’s stock began the year at $66.00 and went as low as $50.80 in July before
rebounding to $68.00 in mid-September. Stacy Pak returns to the Second Team: after a year as Runner-up:,
with clients lauding the analyst’s “great insights into the fashion business,” her “eye for spotting trends pretty
early” and her “conviction in a space where most competitors’ calls are filled with caveats.” Investors were
especially impressed with the Prudential analyst’s coverage of Pacific Sunwear of California, which Pak
downgraded in May. She suspected something was amiss when the Anaheim, California–based company

Various Media Citations - Ryan Renicker, CFA

Various Media Citations - Ryan Renicker, CFA

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