Teen stores Buckle and Zumiez battered expectations, while Gap and Wet Seal both missed expectations badly.

Data from CNBC.

Some stores that will, though, are reporting October same-store sales today, including Costco Wholesale Corp. (NASDAQ: COST), Target Corp. (NYSE: TGT), Macy’s Inc. (NYSE: M), Nordstrom Inc. (NYSE: JWN), J.C. Penney Co. (NYSE: JCP), Kohl’s Corp. (NYSE: KSS), Limited Brands, Inc. (NYSE: LTD), American Eagle Outfitters, Inc. (NYSE: AEO), Zumiez Inc. (NASDAQ: ZUMZ), The Buckle, Inc. (NYSE: BKE), and Wet Seal Inc. (NASDAQ: WTSLA).

Costco reported an October same-store sales jump of 9%, and a total sales increase of 11%. For the first two months of its current quarter, Costco same-store sales have risen 10% and total sales are up 13%. In September, the company saw a same-store sales jump of 12%, indicating that October sales were, in fact, a bit slower. Analysts were expecting October sales to rise 9.2%.

Target’s same-store sales rose 3.3% in the month, nearly double the 1.7% increase the company posted in October 2010. That probably won’t be good enough, as analysts were expecting a rise of 4.2%.

Macy’s posted a 2.2% gain in October same-store sales, considerably below expectations of 3.6%. The company reports third-quarter earnings next week and said that it expects quarterly sales to rise 4%-4.5%, within its previous guidance.

Nordstrom posted a same-store sales gain in October of 5.4%, which did not meet analysts’ expectation of a 6.4% boost. The company reports third-quarter earnings next week, and is expected to post EPS of $0.58 on revenue of $2.36 billion.

J.C. Penney was expected to post a 1% gain in October same-store sales. Instead the company put up a -2.6% decline. Shares are down nearly -3% in the pre-market following the announcement.

Kohl’s reported a same-store sales jump of 3.9%, better than the expected 3.7%. The company also noted that it expected third-quarter EPS to be at the high end of previous guidance of $0./73-$0.79. The consensus analyst EPS estimate is $0.78.

Limited reported same-store sales up 6% in October, compared with an 11% rise in September. Analysts had been looking for a 6.2% rise in October sales. Despite the slight miss, the company raised its EPS guidance from $0.17-$0.22 to $0.22-$0-.24 for its third fiscal quarter, which ended in October. Limited reports third-quarter earnings on November 16th, and the consensus EPS estimate was $0.24, even before the company raised guidance.

American Eagle Outfitters reported third-quarter sales after markets closed yesterday. Same-store sales for the quarter rose 5%, compared with a rise of just 1% in the same period a year ago. Including the company’s online store, same-store sales rose 7% in the quarter. The company also narrowed its EPS guidance from a $0.22-$0.27 to $0.26-$0.27, well above the consensus estimate of $0.23. American Eagle will report third-quarter earnings on November 30th.

Zumiez reported same-store sales increased 3.3% in October and 6% for the quarter ended in October. For the month, analyst’s were expecting an increase of 2.8% in same-store sales. The company raised EPS guidance last month, and the consensus estimate is now $0.42.

The Buckle reported a same-store sales gain of 8.7% in October, and for the quarter, same-store sales are up 9.1%. The company smashed the Thomson Reuters estimate of a 6.3% October gain.

Wet Seal saw its sales in October drop -9.7%, distressingly far below the estimated drop of -1%. The company also lowered third-quarter EPS guidance from $0.05-$0.06 to $0.04. Shares are down more than -7% in the pre-market.

Paul Ausick

Costco led the pack, reporting an August same-store sales gain of 11%, including sales in its joint venture in Mexico. Analysts had been expecting a gain of 9.3%. Excluding gasoline sales and the effects of currency exchanges, sales rose 7% in August. Costco also announced that its CEO would step down effective January 1st and be replaced by the company’s current president and COO.

Target’s same-store sales rose 4.1% in August, beating a consensus estimate of 3.5%. The company said that back-to-school and back-to-college sales were in line with expectations. Total sales rose 5.4% in the month.

Macy’s posted a year-over-year gain in August of 5%, beating expectations of a 4.5% increase. The company also noted that it would have added an additional 1.5% in sales if not for store closings and lower customer traffic due to the hurricane.

Saks posted a gain of 6.1% in same-store sales, lower than an expected rise of 7%. Like Macy’s, the company said the effects of Hurricane Irene lowered sales by 1.5%.

Nordstrom’s same-store sales rose 6.7% compared with the same period last year. Analysts were expecting a gain of 4.8%.

J.C. Penney reported a -1.9% drop in same-store sales in August and a total sales drop of -4.5%. Penney’s also blamed Hurricane Irene for poor sales in the last week of August.

Kohl’s also reported a same-store sales drop of -1.9% for the month. Analysts were expecting an increase of 1.6%. The company said that customer traffic was lower in August. It’s counting on new Jennifer Lopez and Marc Anthony brands for a pick-up for the rest of this year. Perhaps the company missed the news of the couple’s pending split.

Gap stores reported same-store sales down by -6% in August, worse even than expectations of a -3.8% drop. Deep discounts and higher production costs have been plaguing the company.

The Wet Seal posted an same-stores sales increase of 5.5%, higher than the consensus expectation of 4.2%. The company also noted higher margins on its back-to-school offerings.

The Buckle, another teen-oriented retailer, posted a jump of 8.3% in same-store sales in the month of August. Analysts were expecting a rise of 4.5%. Total sales for the company rose 11.9%.

Zumiez reported same-store sales growth of 4.3% for August, just missing expectations. But the company reported second quarter earnings at the same time the beat consensus estimates. Unfortunately the company lowered its forecast for the third quarter, and that is hurting the stock in the first hour of trading this morning.

Zumiez’s shares are off nearly -2%, at $18.15, in a 52-week range of $15.00-$33.13. Other losers this morning include Gap stores, off -3% at $16.01, in a 52-week range of $15.26-$23.73, and J.C. Penney, down about -1.5%, at $26.24 in a 52-week range of $20.20-$41.00.

Costco shares are up almost 2%, at $80.05 in a 52-week range of $57.65-$83.95. Macy’s stock is up more than 2.5%, to $26.63 in a 52-week range of $19.66-$30.62. The SPDR S&P Retail ETF (NYSE: XRT) is down about -0.4%, at $49.39 in a 52-week range of $37.49-$56.44. The Retail HOLDRs (NYSE: RTH) is up about 0.15%, to $104.34, in a 52-week range of $89.99-$114.38.

Paul Ausick

Now that the holiday numbers are in for US retailers, it’s time again for the annual ritual of shuttering some under-performing stores. One of the first is J.C. Penney Co. (NYSE: JCP), which has announced the appointments of two new directors to its board. Another company that can expect to see some changes soon is Radio Shack Corp. (NYSE: RSH), which has announced the retirement of its CEO in May. And other changes are sure to follow.
At Penney’s, the new directors, activist investor William Ackerman and Vornado Realty Trust chairman Steve Roth, have already had an impact even though they won’t be officially seated until the board meeting on February 22. The retailer plans to close six department stores and 19 outlet stores, as well as consolidate its call center operations. Radio Shack’s earnings have suffered, and the store has been a takeover target for the last year, but there hasn’t been a lot of interest.

Some other retailers having earnings difficulties and that may be in for some changes include American Eagle Outfitters, Inc. (NYSE: AEO), Hot Topic, Inc. (NASDAQ: HOTT), Aeropostale, Inc. (NYSE: ARO), and The Wet Seal, Inc. (NASDAQ: WTSLA).

American Eagle’s December same-store sales fell -11%, and sales fell by -6% across all stores. Whether the chain will have to close stores could be a decision for a new owner. Morningstar has listed American Eagle as its most likely retail takeover target for 2011. A buyer, presumably from among the private equity funds, would almost certainly reduce the number of stores.

Hot Topic has probably overbuilt and its poor showing in same-store sales for both November and December underscore the issue. For some reason company management has not reduced the number of stores and it continues to invest in an online music business that hasn’t got a chance of being successful.

Aeropostale posted weaker same-store sales in December, down 5% from a year ago. The company operates more than 900 stores, but if sales continue to decline, the company may have no choice but to close some stores. On the upside, the company has no long-term debt. Aeropostale’s stock trades about 10% higher than it did a year ago, but a poor same-store sales report for January could turn that around in a hurry.

Wet Seal has just named a new CEO, the former president and chief merchandising officer for American Eagle. Wet Seal’s P/E ratio for the trailing twelve months is just 4.31. The company has failed to grow sales and its operating margins are low. This company may have no other choice but to close stores to increase profitability. If it does that, however, its sales will suffer. The new CEO has her hands full with this one.

Rising prices for cotton will put a lot of pressure on profitability in the retail clothing sector. These companies have to hope that consumers are getting back into a buying mood again if the retailers expect to see growth in sales. Otherwise, store closings could become the path to profitability, sales be damned.

Paul Ausick

Teen specialty retailers also saw some handsome sales boosts. Abercrombie & Fitch Co. (NYSE: ANF) reported that November same-store sales rose 22%, blasting through analysts’ expectations of a 6.8% rise. Net sales rose 32%, to $319 million for the month. Aeropostale Inc. (NYSE: ARO) posted a net sales jump of 7% in November, but a drop of -1% in same-store sales. Aeropostale’s Black Friday sales rose in the mid-single digits, but sales for the rest of the holiday weekend “decelerated significantly.” American Eagle Outfitters, Inc. (NYSE: AEO) posted flat same-store sales figures in November and total sales up just 2%. The Wet Seal, Inc. (NASDAQ: WTSLA) reported same-store sales up 8.3%, and net sales up 16.7% compared with a November 2009. Gap Inc. (NYSE: GPS) posted a same-store sales gain of 4%, well above analysts’ expectations of 2.6%. Net sales rose 6% to $1.51 billion. Limited Brands Inc. (NYSE: LTD) reported a jump of 10% in same-store sales, much better than expectations of a 4% gain. Net sales rose 14%, to $893 million at Limited stores.

Department stores and fashion specialty stores also posted nice gains in November. Nordstrom Inc. (NYSE: JWN) posted a same-store sales boost of 5.1%, compared with expectations of a 3.8% gain. Total sales rose 8.8%, to $815 million for the month. Macy’s Inc. (NYSE: M) reported sales growth of 6.1%, compared with expectations of a 5% gain. Net sales for November totaled $2.34 billion, a rise of 7.8%. Saks Inc. (NYSE: SKS) reported a same-store sales gain of 5.3%, well below analysts’ estimates of a 9.5% gain. Revenue for the month totaled $255 million, up 4% from November 2009.

Before the market opened this morning, Aeropostale shares were off about -9% on the negative growth, while Abercrombie and Fitch shares had posted a gain of nearly 8%.

Paul Ausick

We have compiled data and analysis here using Thomson Reuters consensus estimates, recent metrics offered by the companies, relative performance, and more.  As with what we have seen at most retail and apparel earnings this week and last, many of these are richly valued and probably cannot just hope to please the bulls by meeting estimates on cost cutting and inventory management and then giving cautious guidance.

Dick’s Sporting Goods Inc. (NYSE: DKS) estimates are $0.09 EPS and $961.5 million, both higher than last week’s estimates; estimates for the holiday quarter are $0.57 EPS and $1.27 billion in revenues, both also higher than last week.  With shares at $24.60, its 52-week trading range is $9.21 to $26.00.  A look at forward annual earnings estimates of $1.13 EPS for Jan-2010 and $1.29 for Jan-2011 will bring up some of the same valuation concerns we have seen elsewhere in retail.

Foot Locker Inc. (NYSE: FL) estimates are $0.13 EPS on $1.19 billion in revenues.  For the holiday quarter ahead estimates are $0.28 EPS and $1.29 billion in revenues.  The stock is probably not overly expensive at $11 at almost 18-times the $0.60 EPS target for FY Jan-2010 and 14.5-times the $0.73 EPS target for FY Jan-2011.  They are not exactly cheap either.  The 52-week trading range is $3.65 to $12.95.

Gap Inc. (NYSE: GPS) is in a totally new light as the new CEO has really gotten this longstanding turnaround candidate turned around and heading in the right direction.  Things are good enough and not-bad enough that we aren’t calling Old Navy a dead brand thanks to the new efforts.  Estimates are $0.44 EPS and $3.57 billion in revenues.  Next quarter estimates are $0.43 EPS and $4.15 billion in revenues.  The CEO deserves praise, but the question here is one of how to value Gap shares in looking ahead now that it is mature, has managed to get much of a turnaround under its belt considering the economy and peers, and since it is no longer the great growth story it once was.  Estimates are $1.50 EPS for FY Jan-2010 and $1.65 EPS for FY Jan-2011.  With a $22.20 price, Gap trades at 14.8-times this year’s earnings and trades at 13.5-times next year’s expected earnings.  That is not expensive in the current climate, particularly when you consider that it has provided an upside surprise for the last four quarters.  We don’t expect it to come any time soon, but we have always had Gap as a break-up candidate where it could break the three major brands apart.  The company also noted how October same-store sales were up 4% and the total sales rose 5% after seeing gains over at Banana Republic and Old Navy.  The Gap brand continues to drag the ship now.

Ross Stores, Inc. (NASDAQ: ROST) $0.84 EPS and $1.73 billion in revenues.  For the holiday quarter those estimates are $0.99 EPS and $1.92 billion in revenues.  With shares at $45.65 and with a 52-week trading range of $21.70 to $50.50, this doesn’t sound that expensive or like it has to blow numbers away to keep the bulls happy.  The off-price and home accessories retailer trades at 13.5-times expected Jan-2010 earnings estimates of $3.37 EPS and 12.5-times the expected Jan-2011 earnings estimates of $3.67 EPS.

The Buckle (NYSE: BKE) estimates are $0.70 EPS and $231.07 million in revenues; and estimates are $0.81 EPS and $269.94 million in revenues.  At $28.96, the retailer of casual apparel, footwear, and accessories for young men and women has a 52-week range of $13.57 to $39.09 and it trades at 11-times both the Jan-2010 estimates of $2.62 and Jan-2011 estimates of $2.63.  That sounds cheap, but the lack of growth is probably part of the reason when you consider about 6% top-line revenue growth from fiscal years Jan-2010 to Jan-2011.

Sears Holdings Corporation (NASDAQ: SHLD) estimates are -$1.09 EPS on $9.92 billion in revenues.  For the ever-important holiday quarter the estimates are $2.64 EPS and $12.61 billion in revenues.  This has a huge premium close to 70-times this year’s expected earnings and about 50-times FY Jan-2011 estimates.  The premium is due to the old belief of the value of the dirt underneath the shops and because of brands and trademarks which can be sold or licensed.  At $76.00, the 52-week trading range is $26.80 to $79.35.  Calling the history here spotty is an understatement, yet shares continue to rally after selling off on bad news.

The Children’s Place Retail Stores, Inc. (NASDAQ: PLCE) still has a discrepancy from source to source on its earnings estimates so that is about all we will add: $1.38 EPS on $461.18 million in revenues; next quarter estimates are $1.05 EPS on $463.78 million in revenues. The largest unquantifiable risk here is what happens in flu season and how protective Mommy is over Junior. With shares around $34.65, and the 52-week trading range is $16.45 to $37.68.

Wet Seal Inc. (NASDAQ: WTSLA) is a young women’s apparel retailer.  Normally, we might not cover this one, but it is a retailer that has been very range-bound because of a turnaround and because of its mixed performance metrics.  Estimates are $0.03 EPS and $139.79 million in revenues for the past quarter, yet the coming holiday quarter-end estimates are $0.08 EPS and $155.19 million in revenues, yet the company gave guidance of $0.04.  We will hold off on forward valuation multiples because each penny in an EPS scenario for a $3.36 stock will skew the ratios.  October same-store sales were down 1.3%.

Williams-Sonoma Inc. (NYSE: WSM) is not just in the apparel market, but steadfast in the retail market for middle and upper-middle class spending for the kitchen and house. Its estimates are $0.05 EPS and $686.1 million in revenues. For the important Christmas quarter the estimates are much higher at $0.38 EPS and $949.9 million in revenues.  At $20.66 and with a $4.35 to $22.25 52-week trading range, this company absolutely has to knock the cover off the ball here.  Otherwise, this trades at 62-times Jan-2010 fiscal estimates and 38-times Jan-2011 fiscal earnings estimates.  Meeting estimates and maintaining guidance won’t likely be enough here.

Zumiez, Inc. (NASDAQ: ZUMZ) is the last of the retailers out on Thursday Estimates for the action sports equipment and apparel retailer are $0.15 EPS and $112.01 million in revenues for the last quarter, which is higher than estimates last week.  For the important holiday quarter-end ahead the estimates are $0.25 EPS and $131.17 million in revenues, also higher than last week. Unfortunately, its same store sales in October were off by -8.9% and that may erase its habit of beating estimates.

JON C. OGG
NOVEMBER 17, 2009

We have provided estimates from Thomson Reuters, recent sale store sales data, share performance, and added color on what else to consider where applicable.

Saks Incorporated (NASDAQ: SKS) reports on Tuesday.  This is still deemed the troubled and challenged of the higher-end retailers, and it is after the sell-off seen so far in Nordstrom.  Earnings are expected to be -$0.12 EPS and $621.95 million in revenues.  The problem is that analysts still see a loss for the ever-important Q4 period of -$0.04 EPS and $792.7 million in revenues.  Investors are not exactly keen on retail plays that lose money in the holiday quarter.  That being said, it may take a “we should be profitable in Q4″ statement to garner much excitement.  Another issue is that Saks is expected to lose money not just for fiscal Jan-2010 but also for Jan-2011.  The good news is that Carlos Slim invested in it and it recently showed October same-store sales were up 0.7%.  At $6.00+ today, its 52-week range is $1.50 to $7.45.

BJ’s Wholesale Club Inc. (NYSE: BJ) is on deck next Wednesday, and we have already seen Wal-Mart and Costco data.  Estimates for the big box-club retailer are $0.45 EPS and $2.48 billion.  For the Q4 period the estimates are $0.97 EPS on $2.76 billion in revenues.  A significant problem for many investors is that BJ’s stock has been range-bound for some time despite some gains it has made.  The company’s same-store sales were -1.1%, but that included gasoline. At $36.50, the 52-week trading range is $27.26 to $40.77.

Gymboree Corp. (NASDAQ: GYMB) is also on deck for earnings on Wednesday.  The special situation and turnaround kid’s retail destination is 20% off of a recent 52-week high, but is still up about 200% from its 52-week low.  Earnings estimates are $1.10 EPS and $270.8 million in revenues.  For the holiday quarter those estimates are $1.12 EPS and $302.2 million in revenues.  While this is not quantifiable without seeing it, the notion that this is for kids does put its swine flu risks higher than most companies elsewhere in the retail stocks reporting next week.  Same-store sales were also down 4% for October.

Dick’s Sporting Goods Inc. (NYSE: DKS) is on deck next Thursday, Nov. 19.  Estimates are $0.08 EPS and $957.6 million; estimates for the holiday quarter are $0.56 EPS and $1.26 billion in revenues.  With shares at $24.00, its 52-week trading range is $9.21 to $26.00.  A look at forward annual earnings estimates of $1.11 EPS for Jan-2010 and $1.26 for Jan-2011 will bring up some of the same valuation concerns we have seen elsewhere in retail.

Foot Locker Inc. (NYSE: FL) is reporting next Thursday and estimates are $0.13 EPS on $1.19 billion in revenues.  For the holiday quarter ahead estimates are $0.28 EPS and $1.29 billion in revenues.  The stock is probably not overly expensive at $10.80 at 17.7-times the $0.61 EPS target for FY Jan-2010 and 14.5-times the $0.74 EPS target for FY Jan-2011.  They are not exactly cheap either.  The 52-week trading range is $3.65 to $12.95.

Gap Inc. (NYSE: GPS) is also on deck next Thursday.  The new CEO has really gotten this longstanding turnaround candidate turned around and heading in the right direction.  We are not even calling Old Navy by the name of ‘Old Lamie’ any longer.  Estimates are $0.44 EPS and $3.57 billion in revenues.  Next quarter estimates are $0.43 EPS and $4.15 billion in revenues die to higher inventory costs.  The CEO deserves praise, but the question here is one of how to value Gap shares.  It is mature and no longer the great growth story.  Estimates are $1.50 EPS for FY Jan-2010 and $1.65 EPS for FY Jan-2011.  With a $22.20 price, Gap trades at 14.8-times this year’s earnings and trades at 13.5-times next year’s expected earnings.  That is not expensive in the current climate, particularly when you consider that it has provided an upside surprise for each of the last four quarters.  We don’t expect it to come any time soon, but we have always had Gap as a break-up candidate where it could break the three major brands apart.  October same-store sales rose by 4% and the total sales rose 5% led by gains at Banana Republic and Old Navy, and dragged by Gap.

Sears Holdings Corporation (NASDAQ: SHLD) is due next Thursday from Eddie Lampert and friends.  The shares are up massively, yet Eddie’s minions at the retail giant keep showing dull earnings.  Estimates are for another loss at -$1.09 EPS on $9.89 billion in revenues.  For the ever-important holiday quarter the estimates are $2.64 EPS and $12.6 billion in revenues.  This has a huge premium at over 70-times this year’s expected earnings of $0.85 EPS and about 50-times FY Jan-2011 estimates.  The premium is because there is a huge asset play here for Lampert’s real estate under the stores.  Investors are probably betting that Lampert traded well in investments too.  So the traditional P/E ratio here doesn’t matter.  At $72.40, the 52-week trading range is $26.80 to $79.35.  Sears has a history of very spotty earnings, yet shares are up significantly from lows and went well above our “stocks to double” price target.

The Children’s Place Retail Stores, Inc. (NASDAQ: PLCE) is also on deck next Thursday.  We had a severe discrepancy in estimates here when we were looking them up, so we are not going to provide that data on this stock.  Sorry.  We recently saw October sales metrics down 2%, but online sales were up 36% in October.  Again, the unquantifiable risk here is what happens in flu season because of the kid factor.  With shares around $35.00, and the 52-week trading range is $16.45 to $37.68.

Wet Seal Inc. (NASDAQ: WTSLA) is on deck as a young women’s apparel retailer.  Normally, we might not cover this one, but it is a retailer that has been very range-bound because of a turnaround and because of its mixed performance metrics.  Estimates are $0.03 EPS and $139.79 million in revenues for the past quarter, yet the coming holiday quarter-end estimates are $0.08 EPS and $155.19 million in revenues, yet the company gave guidance of $0.04.  We will hold off on forward valuation multiples because each penny in an EPS scenario for a $3.36 stock will skew the ratios.  October same-store sales were down 1.3%.

Zumiez, Inc. (NASDAQ: ZUMZ) is the last of the retailers we track for next Thursday.  As much as you have seen “Thursday” you may have figured that was never-ending.  Estimates for the action sports equipment and apparel retailer are $0.14 EPS and $111.89 million in revenues for the last quarter.  For the important holiday quarter-end ahead the estimates are $0.24 EPS and $130.97 million in revenues.  Before last quarter, Zumiez had a habit of beating estimates handily. Unfortunately, its same store sales in October were off by -8.9%.

Ann Taylor Stores Corp. (NYSE: ANN) is on deck next Friday morning.  Estimates are $0.06 EPS and $476.2 million in revenues.  Shares are just under $13.00 and the 52-week trading range is $2.41 to $17.50.  While shares have recovered handily from 2008 lows, this one has never recaptured its mojo from when it lost its growth trajectory from 2000 to 2007.

Again, these estimates are likely to change slightly ahead of the actual earnings report next week.  This is also not every single company in the retail and apparel sector with earnings on deck and it follows a sloppy reaction from the retail and apparel reports from many peers this week.  The notion that many CEOs and CFOs this week have not been very clear on what to expect for the holiday season leaves us with even more pause after the significant stock runs we have seen.

Target Corp. (NYSE: TGT) is also on deck next Tuesday.  That one is large enough compared to the rest of the crowd that we are holding to give a very detailed analysis and preview on Monday.

JON C. OGG
NOVEMBER 13, 2009

• Abercrombie & Fitch (ANF) Cut to Neutral at Banc of America.
• Affymax (AFFY) Cut to Hold at Deutsche Bank.
• AT&T (T) Cut to Neutral at JPMorgan.
• Cepheid (CPHD) Cut to Underperform at Jefferies.
• Daimler (DAI) Cut to Neutral at HSBC.
• Regions Financial (RF) Cut to Neutral at Banc of America.
• St. Jude Medical (STJ) Started as Neutral at Piper Jaffray.
• TASER (TASR) Cut to Neutral at Merriman Curhan Ford.
• The9 Ltd. (NCTY) Cut to Sell at Goldman Sachs.
• Tiffany (TIF) Cut to Sell at Banc of America.
• Wet Seal (WTSLA) Cut to Neutral at Piper Jaffray.

Jon C. Ogg
July 25, 2008

Jon C. Ogg
July 17, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.