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	<title>Investing to Wealth &#187; Ockham</title>
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	<link>http://blog.macroaxis.com</link>
	<description>Macroaxis Blog</description>
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		<title>Acme Packet Was Priced for Unattainable Perfection</title>
		<link>http://blog.macroaxis.com/2010/07/30/acme-packet-was-priced-for-unattainable-perfection/</link>
		<comments>http://blog.macroaxis.com/2010/07/30/acme-packet-was-priced-for-unattainable-perfection/#comments</comments>
		<pubDate>Fri, 30 Jul 2010 19:47:31 +0000</pubDate>
		<dc:creator>Ockham Research Staff</dc:creator>
				<category><![CDATA[All]]></category>
		<category><![CDATA[APKT]]></category>
		<category><![CDATA[Company Research]]></category>
		<category><![CDATA[earnings]]></category>
		<category><![CDATA[equipment maker]]></category>
		<category><![CDATA[guidance]]></category>
		<category><![CDATA[Ockham]]></category>
		<category><![CDATA[telecommunication]]></category>

		<guid isPermaLink="false">http://blog.ockhamresearch.com/?p=4100</guid>
		<description><![CDATA[Based on the current valuation, we had an Overvalued stance on the shares this week and will likely maintain that in next week’s report. It is not that the fundamentals are not growing solidly enough, rather as we saw today when the market has award such a great premium, great results may not be enough. We expect Acme to continue to grow as their business seems to be hitting its stride, but we will need to see the price decline into the low $20’s before we start to look more favorably towards the valuation.]]></description>
		<wfw:commentRss>http://blog.macroaxis.com/2010/07/30/acme-packet-was-priced-for-unattainable-perfection/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>East West Bancorp Dinged for Dull Outlook</title>
		<link>http://blog.macroaxis.com/2010/07/28/east-west-bancorp-dinged-for-dull-outlook/</link>
		<comments>http://blog.macroaxis.com/2010/07/28/east-west-bancorp-dinged-for-dull-outlook/#comments</comments>
		<pubDate>Wed, 28 Jul 2010 21:08:33 +0000</pubDate>
		<dc:creator>Ockham Research Staff</dc:creator>
				<category><![CDATA[All]]></category>
		<category><![CDATA[Company Research]]></category>
		<category><![CDATA[credit quality]]></category>
		<category><![CDATA[earnings]]></category>
		<category><![CDATA[East West Bancorp]]></category>
		<category><![CDATA[EWBC]]></category>
		<category><![CDATA[FDIC]]></category>
		<category><![CDATA[loan loss provision]]></category>
		<category><![CDATA[Ockham]]></category>
		<category><![CDATA[United Commercial Bank]]></category>
		<category><![CDATA[Washington First International]]></category>

		<guid isPermaLink="false">http://blog.ockhamresearch.com/?p=4096</guid>
		<description><![CDATA[With the latest quarter in the books and showing some serious improvements, we would have expected East West to be more aggressive towards the third quarter.  At this point it seems to us that the market has awarded EWBC a growth premium that their management is not ready to pursue just yet.  With that said after the stock’s sell-off today we may consider an upgrade to Fairly Valued, as it has fallen down into our expected price range of $12 to $16.]]></description>
		<wfw:commentRss>http://blog.macroaxis.com/2010/07/28/east-west-bancorp-dinged-for-dull-outlook/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Checking Up on Sprint’s Catalysts for Growth</title>
		<link>http://blog.macroaxis.com/2010/07/28/checking-up-on-sprint%e2%80%99s-catalysts-for-growth/</link>
		<comments>http://blog.macroaxis.com/2010/07/28/checking-up-on-sprint%e2%80%99s-catalysts-for-growth/#comments</comments>
		<pubDate>Wed, 28 Jul 2010 14:59:18 +0000</pubDate>
		<dc:creator>Ockham Research Staff</dc:creator>
				<category><![CDATA[All]]></category>
		<category><![CDATA[churn]]></category>
		<category><![CDATA[Clearwire]]></category>
		<category><![CDATA[CLWR]]></category>
		<category><![CDATA[Company Research]]></category>
		<category><![CDATA[earnings]]></category>
		<category><![CDATA[growth]]></category>
		<category><![CDATA[Ockham]]></category>
		<category><![CDATA[postpaid]]></category>
		<category><![CDATA[pre-paid]]></category>
		<category><![CDATA[S]]></category>
		<category><![CDATA[Sprint]]></category>
		<category><![CDATA[Sprint Nextel]]></category>
		<category><![CDATA[Telecom]]></category>
		<category><![CDATA[wireless]]></category>

		<guid isPermaLink="false">http://blog.ockhamresearch.com/?p=4093</guid>
		<description><![CDATA[So far on Wednesday morning, Sprint is trading about 2% higher and was the second most actively traded stock by volume.  The four catalysts we wrote about a month ago all appear to be intact and poised to drive improvement at Sprint.  Of course, we will continue to monitor Sprint going forward, but we would advocate buying as the long awaited turnaround appears to be well underway.]]></description>
		<wfw:commentRss>http://blog.macroaxis.com/2010/07/28/checking-up-on-sprint%e2%80%99s-catalysts-for-growth/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Don’t Sleep Through Cephalon’s Growth</title>
		<link>http://blog.macroaxis.com/2010/07/27/don%e2%80%99t-sleep-through-cephalon%e2%80%99s-growth/</link>
		<comments>http://blog.macroaxis.com/2010/07/27/don%e2%80%99t-sleep-through-cephalon%e2%80%99s-growth/#comments</comments>
		<pubDate>Tue, 27 Jul 2010 21:31:29 +0000</pubDate>
		<dc:creator>Ockham Research Staff</dc:creator>
				<category><![CDATA[All]]></category>
		<category><![CDATA[CEPH]]></category>
		<category><![CDATA[Cephalon]]></category>
		<category><![CDATA[Company Research]]></category>
		<category><![CDATA[drugs]]></category>
		<category><![CDATA[earnings]]></category>
		<category><![CDATA[guidance]]></category>
		<category><![CDATA[health care]]></category>
		<category><![CDATA[Ockham]]></category>
		<category><![CDATA[pharmaceuticals]]></category>
		<category><![CDATA[upside surprise]]></category>

		<guid isPermaLink="false">http://blog.ockhamresearch.com/?p=4090</guid>
		<description><![CDATA[We think Cephalon is a growth stock that even a value investor can appreciate, and investors with a long term focus ought to take a serious look.  With its established drugs as well as its promising pipeline, we think it may be a takeover target with many of the mega-drug companies facing serious patent cliffs.]]></description>
		<wfw:commentRss>http://blog.macroaxis.com/2010/07/27/don%e2%80%99t-sleep-through-cephalon%e2%80%99s-growth/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Ockham Recognized for Second Quarter Performance</title>
		<link>http://blog.macroaxis.com/2010/07/27/ockham-recognized-for-second-quarter-performance/</link>
		<comments>http://blog.macroaxis.com/2010/07/27/ockham-recognized-for-second-quarter-performance/#comments</comments>
		<pubDate>Tue, 27 Jul 2010 16:27:04 +0000</pubDate>
		<dc:creator>Ockham Research Staff</dc:creator>
				<category><![CDATA[All]]></category>
		<category><![CDATA[Award]]></category>
		<category><![CDATA[Bank of New York]]></category>
		<category><![CDATA[BNY]]></category>
		<category><![CDATA[Bullish stock picks]]></category>
		<category><![CDATA[Company Research]]></category>
		<category><![CDATA[ConvergEx]]></category>
		<category><![CDATA[Jaywalk]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[Ockham]]></category>
		<category><![CDATA[Ockham in the News]]></category>
		<category><![CDATA[Research]]></category>
		<category><![CDATA[Research Trends]]></category>

		<guid isPermaLink="false">http://blog.ockhamresearch.com/?p=4087</guid>
		<description><![CDATA[We are pleased to announce the Bank of New York’s ConvergEx has selected Ockham Research to receive its Best Bullish Stock Selection Award for the second quarter 2010.  BNY’s Jaywalk platform is the best measuring stick for independent research shops, and we are very pleased to be recognized for our work over the last quarter.  We are grateful for this award and will strive to win more in the future.]]></description>
		<wfw:commentRss>http://blog.macroaxis.com/2010/07/27/ockham-recognized-for-second-quarter-performance/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The Enterprising Investor’s Guide 7-27-2010</title>
		<link>http://blog.macroaxis.com/2010/07/27/the-enterprising-investor%e2%80%99s-guide-7-27-2010/</link>
		<comments>http://blog.macroaxis.com/2010/07/27/the-enterprising-investor%e2%80%99s-guide-7-27-2010/#comments</comments>
		<pubDate>Tue, 27 Jul 2010 12:37:00 +0000</pubDate>
		<dc:creator>Ockham Research Staff</dc:creator>
				<category><![CDATA[All]]></category>
		<category><![CDATA[Asset Allocation]]></category>
		<category><![CDATA[Company Research]]></category>
		<category><![CDATA[Newsletter]]></category>
		<category><![CDATA[Ockham]]></category>

		<guid isPermaLink="false">http://blog.ockhamresearch.com/?p=4068</guid>
		<description><![CDATA[The Enterprising Investor's Guide weekly market commentary newsletter for 7-27-2010]]></description>
		<wfw:commentRss>http://blog.macroaxis.com/2010/07/27/the-enterprising-investor%e2%80%99s-guide-7-27-2010/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>eBay: We’re Still Buying What They’re Selling</title>
		<link>http://blog.macroaxis.com/2010/07/22/ebay-we%e2%80%99re-still-buying-what-they%e2%80%99re-selling/</link>
		<comments>http://blog.macroaxis.com/2010/07/22/ebay-we%e2%80%99re-still-buying-what-they%e2%80%99re-selling/#comments</comments>
		<pubDate>Thu, 22 Jul 2010 16:08:04 +0000</pubDate>
		<dc:creator>Ockham Research Staff</dc:creator>
				<category><![CDATA[All]]></category>
		<category><![CDATA[Company Research]]></category>
		<category><![CDATA[currency exchanges]]></category>
		<category><![CDATA[earnings]]></category>
		<category><![CDATA[ebay]]></category>
		<category><![CDATA[guidance]]></category>
		<category><![CDATA[marketplace]]></category>
		<category><![CDATA[Ockham]]></category>
		<category><![CDATA[payment processing]]></category>
		<category><![CDATA[Paypal]]></category>

		<guid isPermaLink="false">http://blog.ockhamresearch.com/?p=4063</guid>
		<description><![CDATA[There are few stocks that are as polarizing as is eBay (EBAY); message boards and forums are choked full of vitriol aimed at the online bazaar of things both old and new.  When I first wrote about their stock in June of 2008, I was taken aback by the negative response and it seemed to outpace any other stock I had written on by a wide margin.  It made me wonder if there is something fatally flawed about the company, or otherwise there could be an unloved stock that presents investors an opportunity.]]></description>
		<wfw:commentRss>http://blog.macroaxis.com/2010/07/22/ebay-we%e2%80%99re-still-buying-what-they%e2%80%99re-selling/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>More Americans Sipping Coke Leads to a Strong Quarter</title>
		<link>http://blog.macroaxis.com/2010/07/21/more-americans-sipping-coke-leads-to-a-strong-quarter/</link>
		<comments>http://blog.macroaxis.com/2010/07/21/more-americans-sipping-coke-leads-to-a-strong-quarter/#comments</comments>
		<pubDate>Wed, 21 Jul 2010 20:10:45 +0000</pubDate>
		<dc:creator>Ockham Research Staff</dc:creator>
				<category><![CDATA[All]]></category>
		<category><![CDATA[Coca-Cola]]></category>
		<category><![CDATA[coke]]></category>
		<category><![CDATA[Company Research]]></category>
		<category><![CDATA[earnings]]></category>
		<category><![CDATA[international sales]]></category>
		<category><![CDATA[KO]]></category>
		<category><![CDATA[Muhtar Kent]]></category>
		<category><![CDATA[North America]]></category>
		<category><![CDATA[Ockham]]></category>
		<category><![CDATA[Pepsi]]></category>
		<category><![CDATA[soft drinks]]></category>

		<guid isPermaLink="false">http://blog.ockhamresearch.com/?p=4059</guid>
		<description><![CDATA[Coca-Cola Company (KO) displayed very solid performance as they reported second quarter results on Wednesday morning.  Importantly, Coke’s beverage sales volumes in North America rose for the first time since the fourth quarter 2007, as shoppers were lured in by discounts and new packaging.  CEO Muhtar Kent sounded a cautious tone for the rest of the year but the North American market was one that he singled out in a positive light.]]></description>
		<wfw:commentRss>http://blog.macroaxis.com/2010/07/21/more-americans-sipping-coke-leads-to-a-strong-quarter/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Beware: Analyst Bulls Continue to Run Over Wall Street</title>
		<link>http://blog.macroaxis.com/2010/07/21/beware-analyst-bulls-continue-to-run-over-wall-street/</link>
		<comments>http://blog.macroaxis.com/2010/07/21/beware-analyst-bulls-continue-to-run-over-wall-street/#comments</comments>
		<pubDate>Wed, 21 Jul 2010 16:05:56 +0000</pubDate>
		<dc:creator>Ockham Research Staff</dc:creator>
				<category><![CDATA[All]]></category>
		<category><![CDATA[analysts]]></category>
		<category><![CDATA[bullish]]></category>
		<category><![CDATA[Company Research]]></category>
		<category><![CDATA[contrarian]]></category>
		<category><![CDATA[Estimates]]></category>
		<category><![CDATA[forward earnings]]></category>
		<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Newsletter]]></category>
		<category><![CDATA[Ockham]]></category>
		<category><![CDATA[S&P 500]]></category>

		<guid isPermaLink="false">http://blog.ockhamresearch.com/?p=4055</guid>
		<description><![CDATA[At Ockham, we often like to check in on the prevailing school of thought among Wall Street analysts.  Study after study has shown the analyst community to be woefully inaccurate at predicting corporate profits.  However we found it fitting that the analyst bulls on Wall Street seem to have taken firm control yet again and expectations for the coming years are extremely aggressive.]]></description>
		<wfw:commentRss>http://blog.macroaxis.com/2010/07/21/beware-analyst-bulls-continue-to-run-over-wall-street/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Harley-Davidson: Easy Riding on Less Bad Results</title>
		<link>http://blog.macroaxis.com/2010/07/20/harley-davidson-easy-riding-on-less-bad-results/</link>
		<comments>http://blog.macroaxis.com/2010/07/20/harley-davidson-easy-riding-on-less-bad-results/#comments</comments>
		<pubDate>Tue, 20 Jul 2010 15:30:34 +0000</pubDate>
		<dc:creator>Ockham Research Staff</dc:creator>
				<category><![CDATA[All]]></category>
		<category><![CDATA[Buell]]></category>
		<category><![CDATA[Company Research]]></category>
		<category><![CDATA[cost cutting]]></category>
		<category><![CDATA[earnings]]></category>
		<category><![CDATA[Financial Services]]></category>
		<category><![CDATA[growth]]></category>
		<category><![CDATA[Harley-Davidson]]></category>
		<category><![CDATA[HDFS]]></category>
		<category><![CDATA[HOG]]></category>
		<category><![CDATA[Keith Wandell]]></category>
		<category><![CDATA[MV Agusta]]></category>
		<category><![CDATA[Newsletter]]></category>
		<category><![CDATA[Ockham]]></category>
		<category><![CDATA[sales declines]]></category>

		<guid isPermaLink="false">http://blog.ockhamresearch.com/?p=4053</guid>
		<description><![CDATA[We have serious questions over Harley's shrinking domestic market for relatively expensive motorcycles.  Cost cutting and financial services have kept HOG’s head above water for now, but at some point they need to start showing growth again before the stock starts to look more attractive to us.]]></description>
		<wfw:commentRss>http://blog.macroaxis.com/2010/07/20/harley-davidson-easy-riding-on-less-bad-results/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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