Doubters
Investment Club
May 10, 2003
Meeting
Called to order at 9:10 by the Senior Partner.
In attendance were: David, David, Michael, Keith, John, Bob, Scott (proxy) and Clarke (proxy).
The Financial Partner’s report as well as the minutes from the last meeting were approved.
Stock Reports:
Aflac – closed at $32.37. Analyst rating 2.86 (hold) Schwab rated A.
Cisco – closed at $15.95. Earnings up but project flat earnings for next quarter. Schwab rated B.
Equity – closed at $27.50, three months ago was at $23.80. Steady climb. Many multi-family complexes not full. Cash flow down but optimistic. Not rated by Schwab.
GE – closed at $28.47.
Heinz – closed at $30.83. Not a lot of news. Schwab rated B.
Intel – closed at $19.58, slowly climbing. Analyst rated 2.23 (hold). Schwab rated B.
IPG – has a new President.
LabCorp – In the three months ending March 31, 2003, net income increased 12%. Reflects higher prices and volumes. Now trading above $30. Analyst rating 2.5.
Lincoln National – no report. Schwab rated D.
McGraw Hill – closed at $56.98. P/E Ration 19.53. Net income up compared to a year ago. Dividend of $.20/share. Focus is on educational side of business. Morningstar rated B- for growth and A+ for profitability and financial health.
MDC Holdings – closed at $44.99. Increased 1st quarter dividend to 9 cents and a 10% stock dividend. Schwab rated C.
Nokia – Net sales fell 3% for quarter ending March 31st, but net income rose 13% prior to GAAP adjustments. Stock is now trading above $16. Analyst rating of 2.2.
Target – closed at $35.27. Sales increased 11.3% for the month, mainly from the credit card division. Sales are on plan. Schwab rated F.
Future of the Club:
There have been missed opportunities in the past due to a lack of participation by some members, but many of those members are gone. The remaining members are a core group of active participants. The club will continue to operate.
Meeting adjourned at 11:10.
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