- Automatic Data Processing (NASDAQ: ADP) - Analysis and Update
- BP (NYSE: BP) - Analysis
- Broadridge Financial (NYSE: BR) - Analysis
- ConocoPhillips (NYSE: COP) - Analysis and Update
- Cisco Systems (NASDAQ: CSCO) - Analysis and Update
- Edison International (NYSE: EIX) - Analysis
- Home Depot (NYSE: HD) - Analysis
- Intel (NASDAQ: INTC) - Analysis and Update
- King Pharmaceuticals (NYSE: KG) - Analysis
- Microsoft (NASDAQ: MSFT) - Analysis
- Nokia (NYSE: NOK) - Analysis
- Nortel Networks (OTC: NRTLQ) - Analysis
- NVIDIA (NASDAQ: NVDA) - Analysis and Update
- Paragon Shipping (NASDAQ: PRGN) - Analysis
- PepsiCo (NYSE: PEP) - Analysis and Update
- Tidewater (NYSE: TDW) - Analysis
- Wal-Mart (NYSE: WMT) - Analysis
- Watson Pharmaceuticals (NYSE: WPI) - Analysis
When HD and WMT file their 10-Q reports, we will close out the quarter for good.
The following table summarizes the gauges and the changes to the scores during the first quarter:
| Company | Overall_Gauge and change (100 = max) | Strongest Gauge and score (25=max) | Weakest Gauge and score (25=max) | Gauge Rising the Most | Gauge Falling the Most |
| ADP | 59(-4) | Value(17) | Cash Mgt (10) | Value(+1) | Growth(-4) |
| BP | 53(-12) | Value(20) | Profitability(7) | None | Growth(-10) |
| Broadridge | 32(-28) | Profitability(15) | Value(1) | Growth(+3) | Value(-16) |
| Cisco | 54(-17) | Value(15) | Growth(0) | None | Value(-8) |
| ConocoPhillips | 45(-1.5) | Value(12) | Profitability(9) | Value(+1) | Growth(-2.5) |
| Edison Int'l | 34(+3) | Value(17) | Growth(2) | Value(+1) | Growth(-1) |
| Home Depot | 23 (-11) | Cash Mgt (7) | Growth(0) | Cash Mgt(+2) | Value(-6) |
| Intel | 29(-24) | Cash Mgt (10) | Growth(0) | None | Value(-9) |
| King Pharma | 26(+3) | Value(9) | Growth(0) | Value(+4) | Profitability(-5) |
| Microsoft | 69(-2) | Value(25) | Growth(3) | Cash Mgt(+1) | Growth(-7) |
| Nokia | 42(-1) | Value(17) | Growth(0) | Cash Mgt(+1) | Profitability(-1) |
| Nortel | N/A | N/A | N/A | N/A | N/A |
| NVIDIA | 20(-11) | Cash Mgt (7) | Growth(0) | None | Value(-6) |
| PepsiCo | 49(-3) | Value(16) | Growth(0) | Cash Mgt(+2) | Profitability(-6) |
| Paragon | N/A | N/A | N/A | N/A | N/A |
| Tidewater | 64(+6) | Value(25) | Profitability(5) | Cash Mgt(+6) | None |
| Wal-Mart | 38(-6) | Growth(11) | Cash Mgt(9) | Cash Mgt(+2) | Value(-3.5) |
| Watson Pharma | 42(-14) | Profitability(11) | Growth(10) | None | Value(-8) |
Before we make a few observations about this table, two cautions (in addition to our normal caveats) need to be emphasized. This group of companies is not, by a long shot, a representative sample of the market or any segment of the market. Also, the Value gauge scores were based on share prices at the quarter's end date, which was nearly two months ago in many cases.
Microsoft and Tidewater achieved the highest Overall Gauge scores when the first-quarter results were considered, and both had perfect, rarely seen 25-point Value Gauge scores. The share prices, by this measure, appear to have fallen disproportionately relative to business fundamentals.
We see a mixed Value story when looking at the other companies on the list. The Value gauge had the highest score of the individual gauges for a majority of the firms. In a few cases, this gauge was the one that gained the most in the first quarter. However, we also have many cases where the Value gauge fell significantly during the first quarter. Some share-price rebounds off the late 2008 lows could have been a little too robust.
The Growth Gauge was the laggard for many companies, and zero-point scores were all-too common. Cash Management improved at firms that took steps to raise cash, refinance debt, reduce inventories, or become more efficient in some other way.
Full disclosure: Long all companies mentioned above, with two exceptions. No position in NRTLQ and WPI at time of writing.
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