!equity analysis industry analysis part ii

8/2/2019 !Equity Analysis Industry Analysis Part II

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Vonnie HerMid-Term Part II

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Since I work United Bankers Bank (UBB), their prime customers are small

community banks; these banks have a smaller capital than the bigger banks such as WellsFargo, US Bank, I wanted to get a different angel as to how it would affect the outlyingcommunity banks, since investing with a personal broker is for yourself and how you caninvest to save money for retirement. I wanted to see how other banks used these

investments to help with the financing of capital for their banks and how they can stayafloat among the bigger banks out there. Since working in the loans department I seedifferent side as to how loans are vmade and how it differs from consumer loans.

The broker that I interview with is Brian Clark. . He has been with the bank forfour years, his role us investment securities sales to UBB customers; he also sells debtsecurities to community banks as well. Brian has had his series 7 license since 1993, itallows him to make a variety of investment securities recommendations and he receivescompensations on these. He also has to perform a continuous educations class every

two years to keep his license current.

A series 7 is an exam that one must pass to become a registered representativewith the FINRA (Financial Industry Regulatory Authority) which authorizes one to tradefor the brokerage firm for which they work in. They can sell any securities expect forcommodity futures contracts, it is also a prerequisite for most FINRA exams (Series 7).

The test is six hours and is tested on the knowledge of specific securities, conceptof suitability, securities markets, various aspects of maintaining customer accounts,stocks, bonds, options, mutual funds, direct participation programs, variable annuities,and is not tested on commodities or futures contracts.

1. Identify the financial rank of your selected company in their industry and notethe source.

2. What is the typical length of the market demand cycle in this industry? The typical length of the market is seasonal, since the different

weather temperatures changes from day to day, month to month.3. Is the industry cycle currently trending up or down?

Its a seasonal trend, since the winters, the heating goes up.4. How do your selected companys results correlate with the market cycle?

It was about right on target, the prices went up during the coldermonths while it was lower in the hotter months.


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II. Reference the internet and/or any other resources to describe the followingLEVERAGE tools:

5. Warrant - A warrant is like an option. It gives the holder the right but not theobligation to buy an underlying security at a certain price, quantity and future

time. It is unlike an option in that a warrant is issued by a company, whereasan option is an instrument of the stock exchange. The security represented inthe warrant (usually share equity) is delivered by the issuing company insteadof by an investor holding the shares. Companies will often include warrants aspart of a new-issue offering to entice investors into buying the new security. Awarrant can also increase a shareholder's confidence in a stock, provided theunderlying value of the security actually does increase over time. (Warrantsare just one type of equity derivative.)

6. Calls - The period of time between the opening and closing of some futuremarkets wherein the prices are established through an auction process. An

option contract giving the owner the right (but not the obligation) to buy aspecified amount of an underlying security at a specified price within aspecified time. In some exchanges, the call period is an important time inwhich to match and execute a large number of orders before opening andclosing. A call becomes more valuable as the price of the underlying asset(stock) appreciates.

7. Puts - A warrant that gives the holder the right to sell the underlying share foran agreed price on or before a specified date. Basically, it's a warrant thatgives the right to sell

8. Financial Futures - Futures contracts based on financial instruments, such asTreasury Bonds, CDs, currencies or indexes9. Margin Requirements - The amount that an investor must deposit in a margin

account before buying on margin or selling short, as required by the FederalReserve Board's Regulation T

III. Reference the internet and/or any other resources to describe the following Earningsand Ratio measurements:

10.Earnings per Share: The portion of a company's profit allocated to eachoutstanding share of common stock. Earnings per share serves as an indicatorof a company's profitability

Calculated as:
http://www.investopedia.com/terms/w/warrant.asphttp://www.investopedia.com/terms/o/option.asphttp://www.investopedia.com/terms/u/underlying.asphttp://www.investopedia.com/terms/i/ipo.asphttp://www.investopedia.com/terms/c/call.asphttp://www.investopedia.com/terms/p/putwarrant.asphttp://www.investorwords.com/205/amount.htmlhttp://www.investorwords.com/2630/investor.htmlhttp://www.investorwords.com/1411/deposit.htmlhttp://www.investorwords.com/2946/margin_account.htmlhttp://www.investorwords.com/2946/margin_account.htmlhttp://www.investorwords.com/645/buying_on_margin.htmlhttp://www.investorwords.com/4476/selling_short.htmlhttp://www.investorwords.com/1910/Federal_Reserve_Board.htmlhttp://www.investorwords.com/1910/Federal_Reserve_Board.htmlhttp://www.investorwords.com/4146/Regulation_T.htmlhttp://www.investorwords.com/4146/Regulation_T.htmlhttp://www.investorwords.com/1910/Federal_Reserve_Board.htmlhttp://www.investorwords.com/1910/Federal_Reserve_Board.htmlhttp://www.investorwords.com/4476/selling_short.htmlhttp://www.investorwords.com/645/buying_on_margin.htmlhttp://www.investorwords.com/2946/margin_account.htmlhttp://www.investorwords.com/2946/margin_account.htmlhttp://www.investorwords.com/1411/deposit.htmlhttp://www.investorwords.com/2630/investor.htmlhttp://www.investorwords.com/205/amount.htmlhttp://www.investopedia.com/terms/p/putwarrant.asphttp://www.investopedia.com/terms/c/call.asphttp://www.investopedia.com/terms/i/ipo.asphttp://www.investopedia.com/terms/u/underlying.asphttp://www.investopedia.com/terms/o/option.asphttp://www.investopedia.com/terms/w/warrant.asp


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When calculating, it is more accurate to use a weighted average number ofshares outstanding over the reporting term, because the number of sharesoutstanding can change over time.

11. Interim Earnings - A measure of earnings calculated at a specified time,shorter than or before the end of year calculations. Interim earnings per share(EPS) can be calculated at any time, given the knowledge of number ofoutstanding shares and net income less any preferred dividends outstandingjust as EPS is calculated at the time of reporting. A typical interim frequencyis quarterly, and sometimes monthly.

12. Price Earnings Ratio - A valuation ratio of a company's current share pricecompared to its per-share earnings

Calculated as:Market Value per Share

Earnings per Share (EPS)

EPS is usually from the last four quarters (trailing P/E), but sometimes it canbe taken from the estimates of earnings expected in the next four quarters(projected or forward P/E). A third variation uses the sum of the last twoactual quarters and the estimates of the next two quarters. Also sometimesknown as "price multiple" or "earnings multiple".

13. Price Equity Ratio - The P/E ratio (price-to-earnings ratio) of a stock(alsocalled its "P/E", or simply "multiple") is a measure of the price paid for ashare relative to the annual net income or profit earned by the firm per share.

The P/E ratio can therefore be calculated aggregately by dividing thecompany's market capitalization by its total annual earnings

14. Payout Ratio- The amount of earnings paid out in dividends to shareholders.Investors can use the payout ratio to determine what companies are doing withtheir earnings.

Calculated as:

The payout ratio also indicates how well earnings support the dividendpayments: the lower the ratio, the more secure the dividend because smallerdividends are easier to pay out than larger dividends

15. Current RatioA liquidity ratio that measures a company's ability to payshort-term obligations.

The Current Ratio formula is:
http://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Share_(finance)http://en.wikipedia.org/wiki/Net_incomehttp://en.wikipedia.org/wiki/Profit_(accounting)http://en.wikipedia.org/wiki/Market_capitalizationhttp://en.wikipedia.org/wiki/Market_capitalizationhttp://en.wikipedia.org/wiki/Profit_(accounting)http://en.wikipedia.org/wiki/Net_incomehttp://en.wikipedia.org/wiki/Share_(finance)http://en.wikipedia.org/wiki/Stock


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Also known as "liquidity ratio", "cash asset ratio" and "cash ratio".

The ratio is mainly used to give an idea of the company's ability to payback its short-term liabilities (debt and payables) with its short-term assets(cash, inventory, receivables). The higher the current ratio, the more capablethe company is of paying its obligations. A ratio under 1 suggests that thecompany would be unable to pay off its obligations if they came due at thatpoint. While this shows the company is not in good financial health, it doesnot necessarily mean that it will go bankrupt - as there are many ways toaccess financing - but it is definitely not a good sign.

IV. Reference the internet and/or any other resources to describe the following Markets,Market Descriptors, and Technical Indicators:

16. Big Board - The oldest and largest stock exchange in the U.S., located onWall Street in New YorkCity. The Big Board is responsible for setting policy,supervising member activities, listing securities, overseeing the transfer ofmember seats, and evaluating applicants. It traces its origins backto 1792,when a group ofbrokers met under a tree at the tip of Manhattan and signedan agreement to trade securities. Unlike some of the newer exchanges, the BigBoard still uses a large trading floor in order to conduct its transactions. It ishere that the representatives ofbuyers and sellers, professionals known asbrokers, meet and shout out prices at one another in order to strike a deal. Thisis called the open outcry system and it usually produces fair market pricing. In

order to facilitate the exchange ofstocks, the Big Board employs individualscalled specialists who are assigned to manage the buying and selling ofspecific stocks and to buy those stocks when no one else will. Of theexchanges, the Big Board has the most stringent set of requirements in placefor the companies whose stocks it lists, and even meeting these requirementsis not a guarantee that the Big Board will list the company. also called NewYork Stock Exchange (NYSE).

17. Curb Market-a stock market for trading in securities not listed on the NewYork Stock Exchange securities market, stock exchange, stock market - anexchange where security trading is conducted by professional stockbrokers

18. Over the Counter-A security traded in some context other than on aformal exchange such as the NYSE, TSX, AMEX, etc. The phrase "over-the-counter" can be used to refer to stocks that trade via a dealer network asopposed to on a centralized exchange. It also refers to debt securities and otherfinancial instruments such as derivatives, which are traded through a dealernetwork.
http://www.investorwords.com/4733/stock_exchange.htmlhttp://www.investorwords.com/5280/Wall_Street.htmlhttp://www.investorwords.com/9181/City.htmlhttp://www.investorwords.com/3728/policy.htmlhttp://www.investorwords.com/92/activity.htmlhttp://www.investorwords.com/2845/listing.htmlhttp://www.investorwords.com/5954/securities.htmlhttp://www.investorwords.com/5048/transfer.htmlhttp://www.investorwords.com/4416/seat.htmlhttp://www.investorwords.com/8906/back.htmlhttp://www.investorwords.com/584/broker.htmlhttp://www.investorwords.com/4990/tip.htmlhttp://www.investorwords.com/5014/trade.htmlhttp://www.investorwords.com/4446/security.htmlhttp://www.investorwords.com/1797/exchange.htmlhttp://www.investorwords.com/5828/trading_floor.htmlhttp://www.investorwords.com/3495/order.htmlhttp://www.investorwords.com/5046/transaction.htmlhttp://www.investorwords.com/4189/representative.htmlhttp://www.investorwords.com/12803/buyer.htmlhttp://www.investorwords.com/13835/seller.htmlhttp://www.investorwords.com/10302/meet.htmlhttp://www.investorwords.com/5807/strike.htmlhttp://www.investorwords.com/1299/deal.htmlhttp://www.investorwords.com/10475/open_outcry_system.htmlhttp://www.investorwords.com/9658/fair.htmlhttp://www.investorwords.com/2962/market.htmlhttp://www.investorwords.com/16704/pricing.htmlhttp://www.investorwords.com/1797/exchange.htmlhttp://www.investorwords.com/4725/stock.htmlhttp://www.investorwords.com/4634/specialist.htmlhttp://www.investorwords.com/636/buy.htmlhttp://www.investorwords.com/992/company.htmlhttp://www.investorwords.com/10198/list.htmlhttp://www.investorwords.com/2264/guarantee.htmlhttp://www.investorwords.com/10198/list.htmlhttp://www.investorwords.com/992/company.htmlhttp://www.investorwords.com/3277/New_York_Stock_Exchange.htmlhttp://www.investorwords.com/3277/New_York_Stock_Exchange.htmlhttp://www.investorwords.com/3370/NYSE.htmlhttp://www.thefreedictionary.com/securities+markethttp://www.thefreedictionary.com/stock+exchangehttp://www.thefreedictionary.com/stock+markethttp://www.thefreedictionary.com/stock+markethttp://www.thefreedictionary.com/stock+exchangehttp://www.thefreedictionary.com/securities+markethttp://www.investorwords.com/3370/NYSE.htmlhttp://www.investorwords.com/3277/New_York_Stock_Exchange.htmlhttp://www.investorwords.com/3277/New_York_Stock_Exchange.htmlhttp://www.investorwords.com/992/company.htmlhttp://www.investorwords.com/10198/list.htmlhttp://www.investorwords.com/2264/guarantee.htmlhttp://www.investorwords.com/10198/list.htmlhttp://www.investorwords.com/992/company.htmlhttp://www.investorwords.com/636/buy.htmlhttp://www.investorwords.com/4634/specialist.htmlhttp://www.investorwords.com/4725/stock.htmlhttp://www.investorwords.com/1797/exchange.htmlhttp://www.investorwords.com/16704/pricing.htmlhttp://www.investorwords.com/2962/market.htmlhttp://www.investorwords.com/9658/fair.htmlhttp://www.investorwords.com/10475/open_outcry_system.htmlhttp://www.investorwords.com/1299/deal.htmlhttp://www.investorwords.com/5807/strike.htmlhttp://www.investorwords.com/10302/meet.htmlhttp://www.investorwords.com/13835/seller.htmlhttp://www.investorwords.com/12803/buyer.htmlhttp://www.investorwords.com/4189/representative.htmlhttp://www.investorwords.com/5046/transaction.htmlhttp://www.investorwords.com/3495/order.htmlhttp://www.investorwords.com/5828/trading_floor.htmlhttp://www.investorwords.com/1797/exchange.htmlhttp://www.investorwords.com/4446/security.htmlhttp://www.investorwords.com/5014/trade.htmlhttp://www.investorwords.com/4990/tip.htmlhttp://www.investorwords.com/584/broker.htmlhttp://www.investorwords.com/8906/back.htmlhttp://www.investorwords.com/4416/seat.htmlhttp://www.investorwords.com/5048/transfer.htmlhttp://www.investorwords.com/5954/securities.htmlhttp://www.investorwords.com/2845/listing.htmlhttp://www.investorwords.com/92/activity.htmlhttp://www.investorwords.com/3728/policy.htmlhttp://www.investorwords.com/9181/City.htmlhttp://www.investorwords.com/5280/Wall_Street.htmlhttp://www.investorwords.com/4733/stock_exchange.html


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19. Bulls and Bears-The BullsA bull market is when everything in the economy is great, people are findingjobs, gross domestic product (GDP) is growing, and stocks are rising. Things

are just plain rosy! Picking stocks during a bull market is easier becauseeverything is going up. Bull markets cannot last forever though, andsometimes they can lead to dangerous situations if stocks become overvalued.If a person is optimistic and believes that stocks will go up, he or she is calleda "bull" and is said to have a "bullish outlook".

The BearsA bear market is when the economy is bad, recession is looming and stockprices are falling. Bear markets make it tough for investors to pick profitablestocks. One solution to this is to make money when stocks are falling using atechnique called short selling. Another strategy is to wait on the sidelines until

you feel that the bear market is nearing its end, only starting to buy inanticipation of a bull market. If a person is pessimistic, believing that stocksare going to drop, he or she is called a "bear" and said to have a "bearishoutlook".

20. Limit Orders- A limit order is an order to buy or sell a stock at a specificprice or better. A buy limit order can only be executed at the limit price orlower, and a sell limit order can only be executed at the limit price orhigher. A limit order is not guaranteed to execute. A limit order can only befilled if the stocks market price reaches the limit price. While limit orders donot guarantee execution, they help ensure that an investor does not pay more

than a pre-determined price for a stock (Limit Orders).

21. Odd Lots- An order amount for a security that is less than the normal unit oftrading for that particular asset. Odd lots are considered to be anything lessthan the standard 100 shares for stocks. Trading commissions for odd lots aregenerally higher on a percentage basis than those for standard lots, since mostbrokerage firms have a fixed minimum commission level for undertaking suchtransactions. Odd lots may inadvertently arise in an investor's portfoliothrough reverse splits or dividend reinvestment plans. For example, a 1-for-8reverse split of a security, of which the investor holds 200 shares, will result in

a post-split amount of 25 shares.

22. Selling Short- The selling of a security that the seller does not own, or anysale that is completed by the delivery of a security borrowed by the seller.Short sellers assume that they will be able to buy the stock at a lower amountthan the price at which they sold shortSelling short is the opposite of going long. That is, short sellers make moneyif the stock goes down in price.
http://www.investopedia.com/terms/b/bullmarket.asphttp://www.investopedia.com/terms/g/gdp.asphttp://www.investopedia.com/terms/b/bearmarket.asphttp://www.investopedia.com/terms/s/shortselling.asphttp://www.investopedia.com/terms/s/shortselling.asphttp://www.investopedia.com/terms/b/bearmarket.asphttp://www.investopedia.com/terms/g/gdp.asphttp://www.investopedia.com/terms/b/bullmarket.asp


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23. Averaging Down- The process of buying additional shares in a company atlower prices than you originally purchased. This brings the average priceyou've paid for all your shares down

24.Daily, Weekly, and Monthly Bar Charts-Bar Chart: A method of displaying the open, high, low and close prices for afinancial instrument for a specific period. Bar charts use single, vertical barsto illustrate a stock's price range and opening/closing prices for a designatedtime period. The bars may illustrate daily, weekly, or monthly periods. Forexample on a weekly chart, each bar represents one week and on a daily chart,each bar represents one day. The top of the bar indicates the stock's highestprice of the period. The bottom of the bar represents the stock's lowest pricefor that period. The small perpendicular bar on the left designates the stock'sopening price. The one on the right shows the stock's closing price. (Technical

Analysis Glossary)

25. Dow Jones Industrial Average-The Dow Jones Industrial Average, also called the Industrial Average, theDow Jones, the Dow 30, or simply the Dow, is a stock market index, and oneof several indices created by Wall Street Journal editor and Dow Jones &Company co-founder Charles Dow. It was founded on May 26, 1896, and isnow owned by Dow Jones Indexes, which is majority owned by the CMEGroup. The average is named after Dow and one of his business associates,statistician Edward Jones. It is an index that shows how 30 large, publiclyowned companies based in the United States have traded during a standard

trading session in the stock market.[1]

It is the second oldest U.S. market indexafter the Dow Jones Transportation Average, which was also created by Dow

TheIndustrial portion of the name is largely historical, as many of the modern30 components have little or nothing to do with traditional heavy industry.The average is price-weighted, and to compensate for the effects of stocksplits and other adjustments, it is currently a scaled average. The value of theDow is not the actual average of the prices of its component stocks, but ratherthe sum of the component prices divided by a divisor, which changeswhenever one of the component stocks has a stock split or stock dividend, soas to generate a consistent value for the index (Dow Jones Industrial Average)

26. Head and Shoulder Formulation-A technical analysis term used to describe achart formation in which a stock's price:

1. Rises to a peak and subsequently declines.2. Then, the price rises above the former peak and again declines.3. And finally, rises again, but not to the second peak, and declines once more
http://en.wikipedia.org/wiki/Stock_market_indexhttp://en.wikipedia.org/wiki/The_Wall_Street_Journalhttp://en.wikipedia.org/wiki/Dow_Jones_%26_Companyhttp://en.wikipedia.org/wiki/Dow_Jones_%26_Companyhttp://en.wikipedia.org/wiki/Charles_Dowhttp://en.wikipedia.org/wiki/Dow_Jones_Indexeshttp://en.wikipedia.org/wiki/CME_Grouphttp://en.wikipedia.org/wiki/CME_Grouphttp://en.wikipedia.org/wiki/Statisticianhttp://en.wikipedia.org/wiki/Edward_Jones_(statistician)http://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Dow_Jones_Industrial_Average#cite_note-0http://en.wikipedia.org/wiki/Dow_Jones_Industrial_Average#cite_note-0http://en.wikipedia.org/wiki/Dow_Jones_Industrial_Average#cite_note-0http://en.wikipedia.org/wiki/Dow_Jones_Transportation_Averagehttp://en.wikipedia.org/wiki/Heavy_industryhttp://en.wikipedia.org/wiki/Price-weighted_indexhttp://en.wikipedia.org/wiki/Weighted_meanhttp://en.wikipedia.org/wiki/Arithmetic_meanhttp://en.wikipedia.org/wiki/DJIA_divisorhttp://en.wikipedia.org/wiki/DJIA_divisorhttp://en.wikipedia.org/wiki/Arithmetic_meanhttp://en.wikipedia.org/wiki/Weighted_meanhttp://en.wikipedia.org/wiki/Price-weighted_indexhttp://en.wikipedia.org/wiki/Heavy_industryhttp://en.wikipedia.org/wiki/Dow_Jones_Transportation_Averagehttp://en.wikipedia.org/wiki/Dow_Jones_Industrial_Average#cite_note-0http://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Edward_Jones_(statistician)http://en.wikipedia.org/wiki/Statisticianhttp://en.wikipedia.org/wiki/CME_Grouphttp://en.wikipedia.org/wiki/CME_Grouphttp://en.wikipedia.org/wiki/Dow_Jones_Indexeshttp://en.wikipedia.org/wiki/Charles_Dowhttp://en.wikipedia.org/wiki/Dow_Jones_%26_Companyhttp://en.wikipedia.org/wiki/Dow_Jones_%26_Companyhttp://en.wikipedia.org/wiki/The_Wall_Street_Journalhttp://en.wikipedia.org/wiki/Stock_market_index


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The first and third peaks are shoulders, and the second peak forms the head.The "head-and-shoulders" pattern is believed to be one of the most reliabletrend-reversal patterns

27. Beta- A measure of the volatility, or systematic risk, of a security or aportfolio in comparison to the market as a whole. Beta is used in the capitalasset pricing model (CAPM), a model that calculates the expected return of anasset based on its beta and expected market returns. Also known as "betacoefficient". Beta is calculated using regression analysis, and you can think ofbeta as the tendency of a security's returns to respond to swings in themarket. A beta of 1 indicates that the security's price will move with themarket. A beta of less than 1 means that the security will be less volatile thanthe market. A beta of greater than 1 indicates that the security's price will bemore volatile than the market. For example, if a stock's beta is 1.2, it'stheoretically 20% more volatile than the market. Many utilities stocks have a

beta of less than 1. Conversely, most high-tech Nasdaq-based stocks have abeta of greater than 1, offering the possibility of a higher rate of return,but also posing more risk.

28. Upside and Downside Volume- A technical indicator that shows therelationship between the volumes of advancing and declining issues on anexchange - in particular, the New York Stock Exchange. The upside/downsideratio is used to determine the momentum of the market at any particular time

The ratio is calculated as follows:Advancing Issues / Declining issues

Where: Advancing Issues = Total volume traded of securities that closedabove their opening price Declining Issues = Total volume traded of securitiesthat closed below their opening price

29. Moving Average- An indicator frequently used in technical analysis showingthe average value of a security's price over a set period. Moving averages aregenerally used to measure momentum and define areas of possible supportand resistance. Moving averages are used to emphasize the direction of a trendand to smooth out price and volume fluctuations, or "noise", that can confuse

interpretation. Typically, upward momentum is confirmed when a short-termaverage (e.g.15-day) crosses above a longer-term average (e.g. 50-day).Downward momentum is confirmed when a short-term average crosses belowa long-term average


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Stock Analysis Worksheet (4 Points)

Use the attached electronic worksheet to analyze the stock for your company. Yourgrade will be determined by your resourcefulness (finding the most currentdocumentation), thoroughness (completing all blanks), and accuracy.

Volatility and Value Grade Guidelines - Your evaluation (grade) of Volatility (A-G) andValue (1-23) should be a COMPOSITE of your evaluations (i. e., High, Medium, or Low)of each statistic should be based upon the following criteria:

Item High Medium Low Item High Medium Low

A 40 20 10 E 80,000 40,000 20,000

B 80% 40% 20% F 2.0 1.0 0.5

C 1.4 1.0 0.8 G 50 25 10

D 50 mil 20 mil 10mil

1 15 30 50 6 10% 6% 3%2 50 250 500 7 1.5 1.2 0.9

3 20% 10% 5% 8 2.5 2.0 1.5

4 A B+ B- 9 1.3 1.0 0.7

5 0% 25% 50%

Item B (% price change) = 200 (P1P2) /(P1 + P2), where P1 equals the HighPrice and P2 equals the Low Price.

If FLOAT (Item D) is not available, use shares outstanding For Items 10, 12, and 14, 20% - 40% is High, 10% - 20% is Medium, and less

than 10% is Low

When and INDUSTRY GROUP statistic is used (as in items 7 and 9), the grade isfound by taking a ratio of the firm statistic to the Group Statistic. For items 11,13, and 15, 1.6 is High, 1.3 is Medium, and 1.0 is Low.

For item 16, 5% is High, 20% is Medium, 40% is Low For Item 17, a positive number >4 is High, 0 is Medium, and a negative number is

Low. For Items 18 and 19, a rank of 20 is High, 45 is Medium, and 70 is Low.


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Works Cited

(n.d.). Retrieved from Dow Jones Industrial Average:

http://en.wikipedia.org/wiki/Dow_Jones_Industrial_Average#cite_note-0(n.d.). Retrieved from Technical Analysis Glossary:http://example.recognia.com/demo/serve.shtml?page=technical_analysis_glossary&ref=index&sid=131874665(n.d.). Retrieved 27 2012, 2, from Series 7: http://financial-dictionary.thefreedictionary.com/Series+7(n.d.). Retrieved 27 2012, 2, from Limit Orders: http://www.sec.gov/answers/limit.htm(n.d.). Retrieved 27 2012, 2, from Technical Analysis Glossary:http://example.recognia.com/demo/serve.shtml?page=technical_analysis_glossary&ref=index&sid=131874665(n.d.). Retrieved 27 2012, 2, from Dow Jones Industrial Average:

http://en.wikipedia.org/wiki/Dow_Jones_Industrial_Average#cite_note-0(n.d.). Retrieved from Investopedia: http://www.investopedia.com/articles(n.d.). Retrieved 3 16, 2012, from Yahoo! Finance: http://finance.yahoo.com/q?s=d&ql=1Bloomberg. (2012, 3 16). Bloomberg. Computer Terminal.Investors. (n.d.). Retrieved 3 16, 2012, from Dominino Resources:http://investors.dom.com/phoenix.zhtml?c=110481&p=irol-estimates

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