Attendees: 

Earl Cory, Sandra Dellafiora, Jim Hickey, David Nakamura, Ruby Taylor, Jeanne Cherbeneau, John Florence, and Robert Weeks.  In addition, one guest, Wyland.

Absent:

Dick O’Brien - Sick

Location/Time:

7165 Cutting Blvd., El Cerrito CA

Minutes Corrections:

Minutes for January were reviewed and accepted as corrected; ADT should be ADCT and Jim is really Jeanne on the last page.

Treasurer's Report: 

Club membership sent in.  Lucent is continuing to go down.

Attendance:

Dick has missed two months out of two.

Contact information

No Changes

Member News

Robert saw his folks in Ft. Brag.

John has a new granddaughter.

New Business

Assignments and reporting schedule passed out. Sandra said that she would continue to maintain them.

            Rubee will take Intel.

            Jeanne will “Stand” for President

Election of Officers:

Jim – V.P.

John – Treasurer

Earl – Secretary

Jeanne – President

All elected unanimously by secret ballot.

March Assignments

Earl and David will do utilities next month.  Earl, during his search for stocks, found COPART.  Jim will look into it.

David and Sandra are going to Alaska next month to view Northern Lights, therefore, the meeting will be at Earl’s.

Financial Report

Rubee talked about earnings report and ratings.  All is not what it appears:

            Rating:                         Merrill Lynch             Lehman Brothers

Strong Buy                  Buy                            Buy

Buy                             Accumulate                Outperform

Hold                            Neutral                       Neutral

Sell                               Reduce                      Reduce

Strong Sell                    Sell                             Sell

Analysts don’t want to say bad things about their customers, so very rarely recommend anything below a hold.

Sandra was going to talk about Balance Sheets, but ran out of time.

Portfolio Review:

ADCT – Sandra

Took a hard hit in sell off, going strong, buying up other companies at a great rate. Have lots of money. Expanding their markets.  Sandra moved to buy 20 shares, Earl seconded.  Vote table until after reports.

EMC – Rubee

Rubee forgot, promised to do better next month.

MRK – Sandra

Totally the same. No pipeline. 30% of revenue on things that will go generic in 2002.  They are copay for several insurance companies.  Hold range, keep it until it starts to go down.

LOWES – David

Just moved into hold range.  Keep it, still looks good.

Stock Study

The Mac’s and the May’s Jeanne and Sandra.

            They couldn’t figure out how to put them on a SSG.

IndyMac --- Web based loans and house searching.  At 25-26 now.  They own their own bank, so they can do everything for people when they buy a house.  Put on watch list?  Jeanne will keep watch and bring them back up when she gets a new report.

FannyMae – John told us the difference between Preferred and Common Stock.  Fixed dividend, no vote, income, get paid first if the company goes belly up.

Price high right now, good company.

Vote on tabled motion, passed.

Assignments:

Stock Study – Earl and David will do utilities

Financial Report – Dick

Stock Selection: Jim and John

BMET, KLAC – John

CAH – Robert

ORCL – Earl

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