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	<title>Gridstone Research</title>
	<link>http://www.gridstoneresearch.com/notes</link>
	<description></description>
	<pubDate>Tue, 22 Jul 2008 12:58:33 +0000</pubDate>
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			<item>
		<title>IBM: Software Biggie To Reckon With</title>
		<link>http://www.gridstoneresearch.com/notes/ibm-software-biggie-to-reckon-with/</link>
		<comments>http://www.gridstoneresearch.com/notes/ibm-software-biggie-to-reckon-with/#comments</comments>
		<pubDate>Mon, 21 Jul 2008 15:29:28 +0000</pubDate>
		<dc:creator>Naveen Selvaraj</dc:creator>
		
		<category><![CDATA[Software]]></category>

		<category><![CDATA[IBM MSFT ORCL Software]]></category>

		<guid isPermaLink="false">http://www.gridstoneresearch.com/notes/ibm-software-biggie-to-reckon-with/</guid>
		<description><![CDATA[IBM Corp. has announced better than expected results for 2Q08. While Business and Technology Services continue to dominate IBM’s revenue streams, Software revenue has also shown impressive growth.
]]></description>
		<wfw:commentRss>http://www.gridstoneresearch.com/notes/ibm-software-biggie-to-reckon-with/feed/</wfw:commentRss>
		</item>
		<item>
		<title>Wells Fargo: Standing ahead with prudence</title>
		<link>http://www.gridstoneresearch.com/notes/wells-fargo-standing-ahead-with-prudence/</link>
		<comments>http://www.gridstoneresearch.com/notes/wells-fargo-standing-ahead-with-prudence/#comments</comments>
		<pubDate>Mon, 21 Jul 2008 12:36:45 +0000</pubDate>
		<dc:creator>Pankaj Kumar</dc:creator>
		
		<category><![CDATA[Banking and Financial Services]]></category>

		<category><![CDATA[WB]]></category>

		<category><![CDATA[WFC]]></category>

		<category><![CDATA[WM]]></category>

		<guid isPermaLink="false">http://www.gridstoneresearch.com/notes/wells-fargo-standing-ahead-with-prudence/</guid>
		<description><![CDATA[Wells Fargo &#38; Co’s (WFC) better-than-expected 2Q FY08 results show that WFC is better positioned than its peers to withstand the rigors of real-estate asset write downs. WFC soothed worried bank-stock investors by increasing dividend even as peers are cutting dividend.
We looked up some key real estate loans (REL) data of WFC and its peers [...]]]></description>
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		</item>
		<item>
		<title>Microsoft: More (X)box, Less Profits!</title>
		<link>http://www.gridstoneresearch.com/notes/microsoft-more-xbox-less-profits/</link>
		<comments>http://www.gridstoneresearch.com/notes/microsoft-more-xbox-less-profits/#comments</comments>
		<pubDate>Fri, 18 Jul 2008 13:51:04 +0000</pubDate>
		<dc:creator>Naveen Selvaraj</dc:creator>
		
		<category><![CDATA[Software]]></category>

		<category><![CDATA[MSFT]]></category>

		<category><![CDATA[Xbox]]></category>

		<guid isPermaLink="false">http://www.gridstoneresearch.com/notes/microsoft-more-xbox-less-profits/</guid>
		<description><![CDATA[Microsoft Corp.(MSFT) reported 4Q08 Operating income growth of 42% Yoy. Excluding the $1.1 billion charge in 4Q07 related to the expansion of Xbox 360 warranty coverage, Operating income has increased only 12% Yoy. Xbox had some part in this poor earnings growth.
]]></description>
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		</item>
		<item>
		<title>Fannie Mae - It was a crisis in the making</title>
		<link>http://www.gridstoneresearch.com/notes/fannie-mae-it-was-a-crisis-in-the-making/</link>
		<comments>http://www.gridstoneresearch.com/notes/fannie-mae-it-was-a-crisis-in-the-making/#comments</comments>
		<pubDate>Thu, 17 Jul 2008 05:02:18 +0000</pubDate>
		<dc:creator>Pankaj Kumar</dc:creator>
		
		<category><![CDATA[Banking and Financial Services]]></category>

		<category><![CDATA[FNM]]></category>

		<category><![CDATA[FRE]]></category>

		<guid isPermaLink="false">http://www.gridstoneresearch.com/notes/fannie-mae-it-was-a-crisis-in-the-making/</guid>
		<description><![CDATA[Mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE) are suddenly in the news for all the wrong reasons, from issuing large doses of fresh capital and the Fed backstopping short term debt issuance to talks about receivership/ nationalization. As the largest credit guarantors in the troubled mortgage markets, these companies are bearing the brunt [...]]]></description>
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		</item>
		<item>
		<title>U.S. Vehicle Sales – Jun 08</title>
		<link>http://www.gridstoneresearch.com/notes/us-vehicle-sales-%e2%80%93-jun-08/</link>
		<comments>http://www.gridstoneresearch.com/notes/us-vehicle-sales-%e2%80%93-jun-08/#comments</comments>
		<pubDate>Fri, 04 Jul 2008 12:29:28 +0000</pubDate>
		<dc:creator>Sunil Rajak</dc:creator>
		
		<category><![CDATA[Auto Manufacturers]]></category>

		<category><![CDATA[Notes]]></category>

		<category><![CDATA[DAI]]></category>

		<category><![CDATA[F]]></category>

		<category><![CDATA[GM]]></category>

		<category><![CDATA[HMC]]></category>

		<category><![CDATA[NSANY]]></category>

		<category><![CDATA[TM]]></category>

		<guid isPermaLink="false">http://www.gridstoneresearch.com/notes/us-vehicle-sales-%e2%80%93-jun-08/</guid>
		<description><![CDATA[Sandeep Mukherjee and Abdulqadir Navsariwala also contributed to this note.
Fuel Efficient Vehicles supply Constraint Plays Spoilsport
Jun08 monthly auto sales turned out to be much worse with most of US automakers sales declining in double digit. In addition to negative macroeconomic environment of record high crude oil price, weakened housing industry, and lower consumer sentiment, supply [...]]]></description>
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		</item>
		<item>
		<title>Retail Comparable Store Sales - May 08</title>
		<link>http://www.gridstoneresearch.com/notes/retail-comparable-store-sales-may-08/</link>
		<comments>http://www.gridstoneresearch.com/notes/retail-comparable-store-sales-may-08/#comments</comments>
		<pubDate>Tue, 10 Jun 2008 08:50:30 +0000</pubDate>
		<dc:creator>Samir Diwan</dc:creator>
		
		<category><![CDATA[Retail]]></category>

		<category><![CDATA[AEO]]></category>

		<category><![CDATA[ANF]]></category>

		<category><![CDATA[ARO]]></category>

		<category><![CDATA[BJ]]></category>

		<category><![CDATA[BKE]]></category>

		<category><![CDATA[CHS]]></category>

		<category><![CDATA[COST]]></category>

		<category><![CDATA[DDS]]></category>

		<category><![CDATA[FDO]]></category>

		<category><![CDATA[GPS]]></category>

		<category><![CDATA[JCP]]></category>

		<category><![CDATA[JWN]]></category>

		<category><![CDATA[KSS]]></category>

		<category><![CDATA[LDG]]></category>

		<category><![CDATA[LTD]]></category>

		<category><![CDATA[PSMT]]></category>

		<category><![CDATA[PSUN]]></category>

		<category><![CDATA[RAD]]></category>

		<category><![CDATA[ROST]]></category>

		<category><![CDATA[SKS]]></category>

		<category><![CDATA[SSI]]></category>

		<category><![CDATA[TGT]]></category>

		<category><![CDATA[TJX]]></category>

		<category><![CDATA[WAG]]></category>

		<category><![CDATA[WMT]]></category>

		<category><![CDATA[ZUMZ]]></category>

		<guid isPermaLink="false">http://www.gridstoneresearch.com/notes/retail-comparable-store-sales-may-08/</guid>
		<description><![CDATA[Vishal Kapse, Amit Sureka and Hemina Mehta also contributed to this note.
All discounters posted strong y/y comparable store sales growth in May08 supported by growth in traffic and average transaction size. Unlike discounters, department stores displayed a reverse trend as they posted negative y/y comp-store sales growth. Clothing and accessories retailers reported mixed results.
]]></description>
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		</item>
		<item>
		<title>Verizon–Alltel Combine: Subscriber, ARPU Analysis</title>
		<link>http://www.gridstoneresearch.com/notes/verizon%e2%80%93alltel-combine-subscriber-arpu-analysis/</link>
		<comments>http://www.gridstoneresearch.com/notes/verizon%e2%80%93alltel-combine-subscriber-arpu-analysis/#comments</comments>
		<pubDate>Fri, 06 Jun 2008 14:30:28 +0000</pubDate>
		<dc:creator>Nilanjan Das</dc:creator>
		
		<category><![CDATA[Wireless &amp; Mobile Communications Services]]></category>

		<category><![CDATA[AT]]></category>

		<category><![CDATA[T]]></category>

		<category><![CDATA[VZ]]></category>

		<guid isPermaLink="false">http://www.gridstoneresearch.com/notes/verizon%e2%80%93alltel-combine-subscriber-arpu-analysis/</guid>
		<description><![CDATA[Rahul Kenkre, Prashant Padelkar and Nisha Parmani contributed to this note
Verizon Wireless (VZ) has announced its plan to acquire Alltel Corp. (AT) which would make it the largest cellular carrier in the U.S. This acquisition should not only push Verizon past AT&#38;T Inc. (T) in terms of number of subscribers, but also put additional pressure on [...]]]></description>
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		</item>
		<item>
		<title>Trend and Growth in Earnings of Gridstone Covered S&#038;P500</title>
		<link>http://www.gridstoneresearch.com/notes/trend-and-growth-in-earnings-of-gridstone-covered-sp500/</link>
		<comments>http://www.gridstoneresearch.com/notes/trend-and-growth-in-earnings-of-gridstone-covered-sp500/#comments</comments>
		<pubDate>Thu, 05 Jun 2008 05:38:39 +0000</pubDate>
		<dc:creator>Nilanjan Das</dc:creator>
		
		<category><![CDATA[Auto Manufacturers]]></category>

		<category><![CDATA[Oil and Gas]]></category>

		<category><![CDATA[Retail]]></category>

		<category><![CDATA[Technology]]></category>

		<guid isPermaLink="false">http://www.gridstoneresearch.com/notes/trend-and-growth-in-earnings-of-gridstone-covered-sp500/</guid>
		<description><![CDATA[Of the S&#38;P500 stocks, Gridstone covers 370 companies. We offer full coverage overlap in the Consumer Services and Nondurables (CSND), Consumer Durables, Technology, Telecom, Energy and Utilities sectors and majority overlap in Financial Services and Industrials sectors. We are not yet covering any stocks in the Materials and Health Care sectors. This note looks at [...]]]></description>
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		</item>
		<item>
		<title>DELL: Retail Impact Begins To Show</title>
		<link>http://www.gridstoneresearch.com/notes/dell-retail-impact-begins-to-show/</link>
		<comments>http://www.gridstoneresearch.com/notes/dell-retail-impact-begins-to-show/#comments</comments>
		<pubDate>Mon, 26 May 2008 07:09:00 +0000</pubDate>
		<dc:creator>Naveen Selvaraj</dc:creator>
		
		<category><![CDATA[Computer Systems]]></category>

		<category><![CDATA[DELL HPQ]]></category>

		<guid isPermaLink="false">http://www.gridstoneresearch.com/notes/dell-retail-impact-begins-to-show/</guid>
		<description><![CDATA[Rahul Sonthalia and Chetan Solanki co-authored the note.
DELL Inc. (NASDAQ:DELL), which prided itself on its direct-only channel, has ramped up its retail channel sales in the past 2-3 quarters after losing out significantly to its arch-rival Hewlett Packard Company (HPQ) since 3QCY06(See Earlier Note on HPQ Vs Dell). The impact of the adoption of this [...]]]></description>
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		</item>
		<item>
		<title>Retail Comparable Store Sales - April 08</title>
		<link>http://www.gridstoneresearch.com/notes/retail-comparable-store-sales-april-08/</link>
		<comments>http://www.gridstoneresearch.com/notes/retail-comparable-store-sales-april-08/#comments</comments>
		<pubDate>Mon, 12 May 2008 13:27:44 +0000</pubDate>
		<dc:creator>Samir Diwan</dc:creator>
		
		<category><![CDATA[Retail]]></category>

		<category><![CDATA[AEO]]></category>

		<category><![CDATA[ANF]]></category>

		<category><![CDATA[ARO]]></category>

		<category><![CDATA[BJ]]></category>

		<category><![CDATA[BKE]]></category>

		<category><![CDATA[CHS]]></category>

		<category><![CDATA[COST]]></category>

		<category><![CDATA[DDS]]></category>

		<category><![CDATA[FDO]]></category>

		<category><![CDATA[GPS]]></category>

		<category><![CDATA[JCP]]></category>

		<category><![CDATA[JWN]]></category>

		<category><![CDATA[KSS]]></category>

		<category><![CDATA[LDG]]></category>

		<category><![CDATA[LTD]]></category>

		<category><![CDATA[PLCE]]></category>

		<category><![CDATA[PSMT]]></category>

		<category><![CDATA[PSUN]]></category>

		<category><![CDATA[RAD]]></category>

		<category><![CDATA[ROST]]></category>

		<category><![CDATA[SKS]]></category>

		<category><![CDATA[SSI]]></category>

		<category><![CDATA[TGT]]></category>

		<category><![CDATA[TJX]]></category>

		<category><![CDATA[WAG]]></category>

		<category><![CDATA[WMT]]></category>

		<category><![CDATA[ZUMZ]]></category>

		<guid isPermaLink="false">http://www.gridstoneresearch.com/notes/retail-comparable-store-sales-april-08/</guid>
		<description><![CDATA[Gayatri Hardikar, Rima Shah, Vaibhavi Tavare and Hemina Mehta have also contributed to this note
In April-08, Discounters benefited from the shift in the timing of Easter. On the other hand, department stores and clothing and accessories retailers did not perform as well in spite of some benefit from the calendar shift. The strongest segments for [...]]]></description>
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