Just a reminder that JIG meets Monday at my house. 6:30 p.m.
Betsy
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Betsy Kremser Betsy.Kremser(a)co.anoka.mn.us
Health Planner/Policy Analyst
Anoka County Community Health & Environmental Services
763.323.6096 (voice) 763.422.6988 (Fax)
The article below from NYTimes.com
has been sent to you by jellings(a)me.umn.edu.
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Symbol Technologies Buys Matrics, Accelerating Its Move Into Radio Tags
July 28, 2004
By BARNABY J. FEDER
Symbol Technologies, which has been burdened by the fallout
from a long-running accounting fraud under previous
management, tested the patience of its investors yesterday
by announcing an acquisition that is likely to cut into
earnings for the next two years at least.
Symbol, the nation's leading producer of bar-code systems,
said it would pay $230 million to acquire Matrics, a
developer of electronic identification tags and wireless
devices that read them. Analysts said that the deal should
sharply accelerate Symbol's push into the promising field
of radio-frequency identification, or RFID, but that
Matrics and many other RFID pioneers still faced
significant hurdles to becoming profitable.
Radio-frequency identification has long been used to allow
drivers to pay tolls wirelessly, and to track valuable
assets like missiles, rail cars and cattle. Matrics is in
the vanguard of a new form of the technology that is
expected to sharply cut the costs of using it. As the newer
technology matures, analysts expect billions of the tags to
be attached to - or embedded in - goods that retailers,
manufacturers and institutions like hospitals want to
track. Purchasers of the technology will also need readers
to collect the data, software to analyze it and in many
cases consultants to put it all together.
Symbol, which is based in Holtsville, N.Y., said it struck
its deal with Matrics after 18 months of exploring
radio-frequency identification and experiencing growing
pressure from customers to expand its capabilities.
"It's a huge step for Symbol," said Michael J. Liard, an
analyst who follows RFID for the Venture Development
Corporation, a market research company in Natick, Mass.
"They're definitely a contender now."
But in announcing the deal yesterday morning before trading
began, Symbol, which had more than $1.5 billion in revenue
last year, warned that the deal would slice 5 to 6 cents a
share off its earnings this year and that accounting
charges had not yet been determined. Symbol said that it
expected a smaller dilution next year but that the drag on
earnings would be depend on how fast the demand for RFID
hardware, software and integration services grew.
Investors sent Symbol's shares down more than 15 percent in
heavy trading during the day before rallying to close down
10.5 percent at $12.48. William R. Nuti, Symbol's chairman
and chief executive, brushed aside that reaction, citing
the generally supportive assessment of analysts.
"If you take a long-term view, you'd be very bullish," Mr.
Nuti said.
Matrics, a privately held company based in Rockville, Md.,
with 64 employees, was founded five years ago by William
Bandy and Michael Arneson, former wireless computing
researchers at the National Security Agency. It is a
leading designer of wireless tag and reader systems in
which the reader's scanning signal provides the power
needed for the tag to send a return signal identifying
itself.
The technology, which is known as passive RFID, has been
embraced by Wal-Mart Stores and the Pentagon to track a
wide range of goods they receive from suppliers. That in
turn is forcing nearly every major manufacturer to get
involved and raising alarm among privacy advocates.
Passive RFID has the potential to be substantially cheaper
and more compact than active RFID systems like those used
in automatic toll collection because the tags do not need
batteries. But, like active RFID, it can provide far more
data than bar codes and much faster data gathering.
The deal, which is expected to close by the end of
September, would be Symbol's largest acquisition under Mr.
Nuti, who was recruited two years ago from Cisco Systems to
help the company recover from an accounting scandal that
turned out to be much deeper than he had anticipated. Last
month, Symbol agreed to pay $138 million in penalties and
compensation to settle both private class-action lawsuits
and a complaint brought by the Securities and Exchange
Commission.
http://www.nytimes.com/2004/07/28/technology/28scan.html?ex=1092045711&ei=1…
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JIG meets at my house on Monday. Usual time.
See you there.
Betsy
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Betsy Kremser Betsy.Kremser(a)co.anoka.mn.us
Health Planner/Policy Analyst
Anoka County Community Health & Environmental Services
763.323.6096 (voice) 763.422.6988 (Fax)
The article below from NYTimes.com
has been sent to you by jellings(a)me.umn.edu.
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Wells Fargo Buying Strong Assets
May 26, 2004
By THE ASSOCIATED PRESS
Filed at 10:25 a.m. ET
MENOMONEE FALLS, Wis. (AP) -- Wells Fargo & Co. is buying
all the assets of Strong Financial, whose founder and
principal owner was banned from the industry because of his
personal involvement in a trading scandal.
Terms for the sale of Strong's $34 billion in assets under
management, announced Wednesday morning, were not
disclosed. The Wall Street Journal reported Wednesday that
the transaction could be worth as much as $700 million.
The move came six days after Strong Financial and founder
and former CEO Richard Strong agreed to a combined $175
million penalty to settle regulators' allegations of
improper trading at the expense of other shareholders.
Wells Fargo and Strong Financial had been rumored to be in
talks for months, and the settlement had cleared the way
for a sale.
The settlement did not prohibit Richard Strong, who owns 85
percent of the privately-held company, from benefiting from
the sale.
The deal announced Wednesday does not include any legal
entities of Strong Financial, which is based in the
Milwaukee suburb of Menomonee Falls, the companies said.
Wells Fargo will gain $27 billion in assets in 70 mutual
funds. San Francisco-based Wells Fargo's total assets under
management would grow to $217 billion. Mutual fund assets
would climb to $103 billion, ranking among the top 20
mutual fund companies in the U.S., Wells Fargo said.
``This is a great strategic fit of investment talent,
resources, well-established investment management products
and new distribution channels,'' said Mike Niedermeyer,
head of Wells Fargo's investment management business. ``The
purchase will provide significant benefits for both
companies and their clients.''
The agreement calls for the key investment teams of Strong
Financial to join Wells Capital Management, a Wells Fargo
subsidiary, but it was unclear if that meant all 1,125 of
Strong Financial's employees would keep their jobs.
Wells Fargo, which also provides banking, insurance,
investments, mortgage and consumer finance services and has
$397 billion in total assets, has 143,000 employees.
``We're excited about joining a highly respected partner
who understands and shares our commitment to an autonomous
investment culture,'' said Richard Weiss, Strong's director
and head of its investment department.
In morning trading Wednesday, Wells Fargo shares fell 15
cents to $58.60 on the New York Stock Exchange.
Richard Strong is the highest level executive so far to
admit his role in what has become an industrywide scandal
for the mutual fund business. The company he founded, which
was fined $115 million for allowing the improper trades,
put itself up for sale shortly after regulators went public
last year with allegations against Richard Strong.
The acquisition is expected to be completed by the first
quarter of next year. It is subject to approval by the
Strong Funds Board of Directors, its fund shareholders,
shareholders of Strong Financial Corp. and Wells Fargo
Funds Board of Trustees.
http://www.nytimes.com/aponline/business/AP-Wells-Fargo-Strong.html?ex=1086…
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Copyright 2004 The New York Times Company
This article from the Star Tribune has been sent to you by J.
BYLINE:
CREDITLINE:
HEADLINE: Wells Fargo will buy back up to $1.4 billion of its shares
Wells Fargo & Co., the fifth-biggest U.S. bank, said it will buy back as many as 25 million shares of its common stock.
The San Francisco-based bank will buy the shares, valued at about $1.4 billion, "from time to time," Wells Fargo said in a prepared statement. The bank last bought back stock in 1991, when its board authorized the purchase of up to 30 million shares.
Companies typically buy back shares to drive up the stock price by reducing the supply of shares in the market. Wells Fargo profits rose 18 percent to $1.78 billion in the first quarter as the company opened more accounts and loaned money more to customers.
The banks shares rose 70 cents to $57.09. The stock is down 3 percent so far this year.
Bloomberg News
Here is the home page for the Turtle Trader web site:
http://www.turtletrader.com/
The web site is quite large (somewhere over 400 pages) and can it take considerable time to wade through all of the info. So if you want a brief overview, you can check out the following 7 links.
Trend following ("trading like a Turtle") isn't a guarantee of quick and easy riches:
http://www.turtletrader.com/holygrail.html
But they do offer a guarantee for the course itself:
http://www.turtletrader.com/nd.html
Definition and introduction to trend following:
http://www.turtletrader.com/it.html
Introduction to volatility and risk:
http://www.turtletrader.com/risk-v-volatility.html
Introduction to money management - this is an essential part - the key, really - of successful trend following:
http://www.turtletrader.com/money.html
Why the number of winning trades vs. number of losing trades isn't important:
http://www.turtletrader.com/babe-ruth.html
Quite a bit of importance is placed on trading psychology:
http://www.turtletrader.com/know.html
Enjoy!
Dennis Johnson - Infrastructure Architect
GMAC-RFC
8400 Normandale Lake Blvd. - Suite 250
Minneapolis, MN 55437
Ph: 952-857-6953
Cell: 612-819-0376
email: dennis.johnson(a)gmacrfc.com