Market Monitor

In Monday’s Goldman Guide we suggested that everyone enjoy the holiday season and take a collective chill from the hot and heavy political season. After all, people have more in common with each other regardless of political affiliation. We also hypothesized that we have strong conviction that NASDAQ stocks in the tech sector could finally start catching up in the ‘Trump’ rally.

Below is the one year performance for Energous Corporation (NASDAQ – WATT - $17.22) which illustrates the stock has had a great climb of 270% since a bottom in the $4 range in February of this year. Additionally, the chart demonstrates that the stock is well above the technical metric of the 200-day EMA of $13.31 on this momentum run.

WATT, 1-Year 200-Day EMA

(Source: www.otcmarkets.com)

Energous is a Silicon Valley firm and has serious potential for growth with its product pipeline. Energous Corporation engages in the development of a wire-free charging system. Its technology could enable wire-free charging of electronic devices at a distance. The Company is developing WattUp, a wire-free charging technology that charges electronic devices by surrounding them with a contained three-dimensional radio frequency energy pocket. Energous Corporation was founded in 2012 and is headquartered in San Jose, California.

Energous is still in the development stages which means many of its fundamental metrics like EPS are still in the red. On a positive note the Company has $25 million cash on hand at the end of the 3Q16 and a book value per share of 1.26. The strength of WATT is the technology potential that could transform the way consumers and industries charge and power electronic devices at home, in the office, in the car and beyond. The lead product, WattUp, is a radio frequency (RF) based charging solution that delivers intelligent, scalable power via radio bands, similar to a Wi-Fi router. This would truly be revolutionary and could pay off in a huge way.

We believe WATT is a strong play on the lagging NASDAQ and an innovative Company for 2017. We like the $20 level by mid 2Q next year.

Have a great day! Yesterday was the 75^th anniversary of the Japanese surprise attack on Pearl Harbor in Hawaii. Thank a WWII vet for being ‘the greatest generation’ while you still can as they are sadly almost all gone.

Goldman Small Cap Research is not affiliated in any way with Goldman Sachs & Co.

It is important to note that while we may track performance separately, we utilize the same coverage criteria in determining coverage of all stocks in both research formats. Please view the company’s individual disclosures for each engagement, which can be found in each company-specific report. All information contained in this blog, newsletter and in our reports were provided by the Companies or generated from our own due diligence. Our analysts are responsible only to the public, and are paid in advance to eliminate pecuniary interests, retain editorial control, and ensure independence. Analysts are compensated on a per report basis and not on the basis of his/her recommendations.

The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Goldman Small Cap Research did not make an independent investigation or inquiry as to the accuracy of any information provided by the Company, or other firms. Goldman Small Cap Research relied solely upon information provided by the Company through its filings, press releases, presentations, and through its own internal due diligence for accuracy and completeness. Such information and the opinions expressed are subject to change without notice. A Goldman Small Cap Research blog, report, note, or newsletter is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed.

This blog does not take into account the investment objectives, financial situation, or particular needs of any particular person. This blog does not provide all information material to an investor’s decision about whether or not to make any investment. Any discussion of risks in this presentation is not a disclosure of all risks or a complete discussion of the risks mentioned. Neither Goldman Small Cap Research, nor its parent, is registered as a securities broker-dealer or an investment adviser with FINRA or with any state securities regulatory authority.

ALL INFORMATION IN THIS BLOG, REPORT OR NEWSLETTER IS PROVIDED “AS IS” WITHOUT WARRANTIES, EXPRESSED OR IMPLIED, OR REPRESENTATIONS OF ANY KIND. TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE FOR THE QUALITY, ACCURACY, COMPLETENESS, RELIABILITY OR TIMELINESS OF THIS INFORMATION, OR FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES THAT MAY ARISE OUT OF THE USE OF THIS INFORMATION BY YOU OR ANYONE ELSE (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS, LOSS OF OPPORTUNITIES, TRADING LOSSES, AND DAMAGES THAT MAY RESULT FROM ANY INACCURACY OR INCOMPLETENESS OF THIS INFORMATION). TO THE FULLEST EXTENT PERMITTED BY LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE TO YOU OR ANYONE ELSE UNDER ANY TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY, PRODUCTS LIABILITY, OR OTHER THEORY WITH RESPECT TO THIS PRESENTATION OF INFORMATION.

For more information, visit our Disclaimer: www.goldmanresearch.com

The Cleveland Cavaliers. The Chicago Cubs. Donald Trump. 2016 has no doubt become the year of the underdog. Not matter what your feelings are about Trump, the fact is that this presidential election is probably the biggest upset since ‘Dewey Defeats Truman’. President Trump still does not roll off the tongue all that easily. Even we had serious doubts about the victory and had an article all set for yesterday related to Smith & Wesson Holding Corporation (NASDAQ – SWHC) and what we perceived as at least four more years of attacks on guns from President Clinton. The stock dropped 15% yesterday. We had to look elsewhere.

“We are going to put the coal industry out of business” is one of those quotes Ms. Clinton probably wishes she could take back. Along that line, a reversal of President Obama’s assault on coal is at the top of Trump’s campaign promises. There are many candidates here but we believe Westmoreland Coal Company (NASDAQ – WLB - $15.12). The stock popped 18% yesterday! The one year chart is shown below which illustrates the stock is now trading well above the 50-day EMA.

WLB 1-Year, 50-day EMA

(Source: www.otcmarkets.com)

Westmoreland Coal Company, through its subsidiaries, operates as an energy company. The Company operates through four segments: Coal - U.S., Coal - Canada, Coal - WMLP, and Power. It produces and sells sub-bituminous coal and lignite to power plants. The Company owns and operates coal mines in Montana, North Dakota, Texas, and Ohio, the United States; and Alberta and Saskatchewan, Canada. As of December 31, 2015, it had total proven or probable coal reserves of approximately 1,222 million tons. The Company is also involved in the production of electricity. It operates two coal-fired power generating units with a total capacity of approximately 230 megawatts in Weldon, North Carolina. Westmoreland Coal Company was founded in 1854 and is headquartered in Englewood, Colorado.

Wall Street consensus estimates for revenue and corresponding EPS and P/E are all moot at this point so we must look at some other measurements. On the technical side, the short float is currently at 6%, which is a tad high normally, but given the fact that the entire coal industry has been clobbered this number actually looks positive. An operating margin of 3.6% is another major factor in giving us faith that the Company is running at a relatively high efficiency and can meet or exceed future EPS estimates. A metric that is more important than ever. Finally, and this may be a little bit of a stretch, but M&A activity could pick up next year as large energy companies look to possibly add coal back to their portfolios. The all-important Enterprise Value to EBITDA ratio is a low 6.2.

The energy underdog coal is back en vogue under new leadership. WLB is set to capitalize. We think a target of $20 is possible even as soon as the end of 1Q 2017.

Special thanks for all our Veterans on for your special honorary day tomorrow. You are appreciated more than you know.

Goldman Small Cap Research is not affiliated in any way with Goldman Sachs & Co.

It is important to note that while we may track performance separately, we utilize the same coverage criteria in determining coverage of all stocks in both research formats. Please view the company’s individual disclosures for each engagement, which can be found in each company-specific report. All information contained in this blog, newsletter and in our reports were provided by the Companies or generated from our own due diligence. Our analysts are responsible only to the public, and are paid in advance to eliminate pecuniary interests, retain editorial control, and ensure independence. Analysts are compensated on a per report basis and not on the basis of his/her recommendations.

The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Goldman Small Cap Research did not make an independent investigation or inquiry as to the accuracy of any information provided by the Company, or other firms. Goldman Small Cap Research relied solely upon information provided by the Company through its filings, press releases, presentations, and through its own internal due diligence for accuracy and completeness. Such information and the opinions expressed are subject to change without notice. A Goldman Small Cap Research blog, report, note, or newsletter is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed.

This blog does not take into account the investment objectives, financial situation, or particular needs of any particular person. This blog does not provide all information material to an investor’s decision about whether or not to make any investment. Any discussion of risks in this presentation is not a disclosure of all risks or a complete discussion of the risks mentioned. Neither Goldman Small Cap Research, nor its parent, is registered as a securities broker-dealer or an investment adviser with FINRA or with any state securities regulatory authority.

ALL INFORMATION IN THIS BLOG, REPORT OR NEWSLETTER IS PROVIDED “AS IS” WITHOUT WARRANTIES, EXPRESSED OR IMPLIED, OR REPRESENTATIONS OF ANY KIND. TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE FOR THE QUALITY, ACCURACY, COMPLETENESS, RELIABILITY OR TIMELINESS OF THIS INFORMATION, OR FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES THAT MAY ARISE OUT OF THE USE OF THIS INFORMATION BY YOU OR ANYONE ELSE (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS, LOSS OF OPPORTUNITIES, TRADING LOSSES, AND DAMAGES THAT MAY RESULT FROM ANY INACCURACY OR INCOMPLETENESS OF THIS INFORMATION). TO THE FULLEST EXTENT PERMITTED BY LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE TO YOU OR ANYONE ELSE UNDER ANY TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY, PRODUCTS LIABILITY, OR OTHER THEORY WITH RESPECT TO THIS PRESENTATION OF INFORMATION.

For more information, visit our Disclaimer: www.goldmanresearch.com

In Monday’s Guide, we alluded to a sleepy sideways stock market with a great image of Sleepy dwarf. We think things will pick up, particularly since political certainty is less than a week away. On a lighter note, this World Series has been the most exciting in recent memories, if not merely for the two franchises in it, both of whom have suffered decades of futility. While we are talking about sleep, coincidentally, the Indians’ first baseman, Mike Napoli, underwent surgery to correct sleep apnea a year ago. A common problem that many people ignore, but we digress…

Speaking of rest and relaxation, La-Z-Boy Incorporated (NYSE – LZB - $22.75) is a stock we began to cover nearly two years ago in the Market Monitor. Below is the one year chart that illustrates that LZB may be reaching a buying point in a trough per a head-and-shoulders technical measure.

LZB 1-Year

(Source: www.otcmarkets.com)

La-Z-Boy is a household name, particularly when it comes to making recliners custom unwind and watch great sporting events like the World Series. The Company manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products in the United States, Canada, and internationally. The Company also produces reclining chairs; and manufactures and distributes residential furniture in the United States. It operates through Upholstery, Casegoods, and Retail segments. The Upholstery segment manufactures or imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas. This segment sells its products directly to La-Z-Boy Furniture Galleries stores, operators of Comfort Studios and England custom comfort center locations, dealers, and other independent retailers. The Casegoods segment manufactures, imports, markets, and distributes casegoods furniture, including bedroom sets, dining room sets, entertainment centers and occasional pieces, and upholstered furniture. This segment sells its products to dealers, La-Z-Boy Furniture Galleries stores, and other independent retailers under the American Drew, Hammary, and Kincaid brand names. The Retail segment sells upholstered furniture, casegoods, and other accessories to the end consumer through its retail network.

EPS performance has been even more paramount in pops over the last several quarters. La-Z-Boy has hit or surpassed estimates two of the last four quarters. On the technical front a short float of 4% indicates strong conviction for the longs. Additionally, the Company has $132 million cash on hand with only $714 thousand in debt as of the end of 2Q16. Finally, profit margin of 5% and operating margin of 8% are both 1% higher than the industry averages respectively.

LZB remains a strong long term buy and hold. Wall Street Analysts’ consensus forecast 4.5% revenue growth for 2017. We like a $26 target in 2Q17.

Have a great day!

Goldman Small Cap Research is not affiliated in any way with Goldman Sachs & Co.

It is important to note that while we may track performance separately, we utilize the same coverage criteria in determining coverage of all stocks in both research formats. Please view the company’s individual disclosures for each engagement, which can be found in each company-specific report. All information contained in this blog, newsletter and in our reports were provided by the Companies or generated from our own due diligence. Our analysts are responsible only to the public, and are paid in advance to eliminate pecuniary interests, retain editorial control, and ensure independence. Analysts are compensated on a per report basis and not on the basis of his/her recommendations.

The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Goldman Small Cap Research did not make an independent investigation or inquiry as to the accuracy of any information provided by the Company, or other firms. Goldman Small Cap Research relied solely upon information provided by the Company through its filings, press releases, presentations, and through its own internal due diligence for accuracy and completeness. Such information and the opinions expressed are subject to change without notice. A Goldman Small Cap Research blog, report, note, or newsletter is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed.

This blog does not take into account the investment objectives, financial situation, or particular needs of any particular person. This blog does not provide all information material to an investor’s decision about whether or not to make any investment. Any discussion of risks in this presentation is not a disclosure of all risks or a complete discussion of the risks mentioned. Neither Goldman Small Cap Research, nor its parent, is registered as a securities broker-dealer or an investment adviser with FINRA or with any state securities regulatory authority.

ALL INFORMATION IN THIS BLOG, REPORT OR NEWSLETTER IS PROVIDED “AS IS” WITHOUT WARRANTIES, EXPRESSED OR IMPLIED, OR REPRESENTATIONS OF ANY KIND. TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE FOR THE QUALITY, ACCURACY, COMPLETENESS, RELIABILITY OR TIMELINESS OF THIS INFORMATION, OR FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES THAT MAY ARISE OUT OF THE USE OF THIS INFORMATION BY YOU OR ANYONE ELSE (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS, LOSS OF OPPORTUNITIES, TRADING LOSSES, AND DAMAGES THAT MAY RESULT FROM ANY INACCURACY OR INCOMPLETENESS OF THIS INFORMATION). TO THE FULLEST EXTENT PERMITTED BY LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE TO YOU OR ANYONE ELSE UNDER ANY TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY, PRODUCTS LIABILITY, OR OTHER THEORY WITH RESPECT TO THIS PRESENTATION OF INFORMATION.

For more information, visit our Disclaimer: www.goldmanresearch.com

In Monday’s Guide, we discussed the coming deal with Time Warner (NYSE—TMX) and AT&T (NYSE—ATT) and how it could be a catalyst for coming media deals. The presidential election is now 12 days away and this week it was announced that 2017 premiums for Obamacare will more than double. This has been political fodder for the GOP, especially candidate Trump. We have decided to look in the healthcare space for a potential deal in 2017. Why? There is no doubt if Trump gets elected and the Republicans maintain control of Congress, repeal and replace will be at the top of the 100-day agenda. We also believe a President Clinton will try and work out something in the way of a compromise on this area, at least to start out the administration on solid footing.

WebMD Health Corporation (NASDAQ – WBMD - $51.82) is a little out of our normal price and market cap range, but we believe could be a solid play on the healthcare front. Below, the chart illustrates the one year performance of the stock which indicates it is now trading over the 25-day EMA and appears to be gaining momentum for another accumulation run.

WBMD 1-Year, 25-Day EMA

(Source: www.otcmarkets.com)

WebMD is a solidly innovative Company merging technology and healthcare providing health information services to consumers, physicians and other healthcare professionals, employers, and health plans through its public and private online portals, mobile platforms, and health-focused publications in the United States. Its primary public portal is WebMD.com, which enables consumers to obtain information on health and wellness topics or on a disease or condition; assess personal health status; use online trackers, tools, and quizzes; locate physicians; receive periodic e-mailed newsletters and alerts on topics of individual interest; and participate in online communities with peers and experts. The Company’s public portal, Medscape.com also enables physicians and healthcare professionals to access clinical reference sources; stay abreast of the latest clinical information; learn about new treatment options; earn continuing medical education credit; and communicate with peers. It also offers private portals and related services under the WebMD Health Services brand.

This first statistic we like, particularly when it comes to M&A is EBITDA versus Enterprise Value. WebMD currently has a low value of 12. Back on the technical side, the short float is under 5%. Additionally, margins are impressive as well. A profit margin of 11% and operating margin of 21% are well above industry averages. Finally, we have been stressing performance lately, and the Company has hit or surpassed EPS estimates four straight quarters.

In summary, we believe WBMD is a solid stock with a great chance to take off in 2017 given healthcare reform will be another top priority. Set target of $65 for next year.

Have a great day!

Goldman Small Cap Research is not affiliated in any way with Goldman Sachs & Co.

It is important to note that while we may track performance separately, we utilize the same coverage criteria in determining coverage of all stocks in both research formats. Please view the company’s individual disclosures for each engagement, which can be found in each company-specific report. All information contained in this blog, newsletter and in our reports were provided by the Companies or generated from our own due diligence. Our analysts are responsible only to the public, and are paid in advance to eliminate pecuniary interests, retain editorial control, and ensure independence. Analysts are compensated on a per report basis and not on the basis of his/her recommendations.

The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Goldman Small Cap Research did not make an independent investigation or inquiry as to the accuracy of any information provided by the Company, or other firms. Goldman Small Cap Research relied solely upon information provided by the Company through its filings, press releases, presentations, and through its own internal due diligence for accuracy and completeness. Such information and the opinions expressed are subject to change without notice. A Goldman Small Cap Research blog, report, note, or newsletter is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed.

This blog does not take into account the investment objectives, financial situation, or particular needs of any particular person. This blog does not provide all information material to an investor’s decision about whether or not to make any investment. Any discussion of risks in this presentation is not a disclosure of all risks or a complete discussion of the risks mentioned. Neither Goldman Small Cap Research, nor its parent, is registered as a securities broker-dealer or an investment adviser with FINRA or with any state securities regulatory authority.

ALL INFORMATION IN THIS BLOG, REPORT OR NEWSLETTER IS PROVIDED “AS IS” WITHOUT WARRANTIES, EXPRESSED OR IMPLIED, OR REPRESENTATIONS OF ANY KIND. TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE FOR THE QUALITY, ACCURACY, COMPLETENESS, RELIABILITY OR TIMELINESS OF THIS INFORMATION, OR FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES THAT MAY ARISE OUT OF THE USE OF THIS INFORMATION BY YOU OR ANYONE ELSE (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS, LOSS OF OPPORTUNITIES, TRADING LOSSES, AND DAMAGES THAT MAY RESULT FROM ANY INACCURACY OR INCOMPLETENESS OF THIS INFORMATION). TO THE FULLEST EXTENT PERMITTED BY LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE TO YOU OR ANYONE ELSE UNDER ANY TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY, PRODUCTS LIABILITY, OR OTHER THEORY WITH RESPECT TO THIS PRESENTATION OF INFORMATION.

For more information, visit our Disclaimer: www.goldmanresearch.com

Unless you are drinking the Kool-Aid you are probably a lot like us and cannot wait until Wednesday November 9^th, the day after the Presidential Election. Let’s face it. Our choices are ‘deplorable’. In all the mud-slinging what is really getting lost is that Trump, who is really not a conservative, and Hillary agree on more issues than what is typical for the top job in the land. One of them is the need to rebuild our infrastructure. We think there is a chance to capitalize in the small cap space.

Below is the one-year chart for Tutor Perini Corporation (NYSE – TPC - $19.05) which illustrates a great run from May to August this year with roughly a 75% rise in price over that time. The stock has taken a hit over the last couple of months but we believe it is time to get back in.

PTC 1-Year

(Source: www.otcmarkets.com)

Tutor Perini Corporation provides diversified general contracting, construction management, and design-build services to private customers and public agencies worldwide. It operates through three segments: Civil, Building, and Specialty Contractors. The Civil segment engages in the public works construction and repair, replacement, and reconstruction of infrastructure, including highways, bridges, mass transit systems, and water management and wastewater treatment facilities. This segment also provides drilling, foundation, and excavation support for shoring, bridges, piers, roads, and highway projects. The Building segment offers services in various specialized building markets, including hospitality and gaming, transportation, healthcare, corporate and municipal offices, sports and entertainment, educational, correctional facilities, biotech, pharmaceutical, industrial, and high-tech. The Specialty Contractors segment provides electrical, mechanical, plumbing, fire protection systems, and pneumatically placed concrete services, as well as heating, ventilation, and air conditioning for the industrial, commercial, hospitality and gaming, and mass transit end markets.

Obviously our main thesis here for a buy is the overall macroeconomic factor that predicts that infrastructure projects will be on the top of the priority list no matter who is elected President. Tutor Perini’s diverse product line and vast market should solidly position the Company to benefit from this government spending.

The Company has performed well when it comes to EPS, having hit or beat the number three straight quarters. The trailing P/E of 14 is double the forward P/E of 7 on Wall Street revenue growth estimates of 6% this year and next for a predicted top line number of $5.5 billion in 2017. Finally, an Enterprise Value to EBITDA at a low 8.7 is a good sign if there happens to be some M&A activity in the sector next year.

TPC is a solid long-term play if you believe, as we do, that infrastructure projects will be a nationwide priority in 2017 and beyond. We like a target of $25 over the next year.

Have a great day!

Goldman Small Cap Research is not affiliated in any way with Goldman Sachs & Co.

It is important to note that while we may track performance separately, we utilize the same coverage criteria in determining coverage of all stocks in both research formats. Please view the company’s individual disclosures for each engagement, which can be found in each company-specific report. All information contained in this blog, newsletter and in our reports were provided by the Companies or generated from our own due diligence. Our analysts are responsible only to the public, and are paid in advance to eliminate pecuniary interests, retain editorial control, and ensure independence. Analysts are compensated on a per report basis and not on the basis of his/her recommendations.

The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Goldman Small Cap Research did not make an independent investigation or inquiry as to the accuracy of any information provided by the Company, or other firms. Goldman Small Cap Research relied solely upon information provided by the Company through its filings, press releases, presentations, and through its own internal due diligence for accuracy and completeness. Such information and the opinions expressed are subject to change without notice. A Goldman Small Cap Research blog, report, note, or newsletter is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed.

This blog does not take into account the investment objectives, financial situation, or particular needs of any particular person. This blog does not provide all information material to an investor’s decision about whether or not to make any investment. Any discussion of risks in this presentation is not a disclosure of all risks or a complete discussion of the risks mentioned. Neither Goldman Small Cap Research, nor its parent, is registered as a securities broker-dealer or an investment adviser with FINRA or with any state securities regulatory authority.

ALL INFORMATION IN THIS BLOG, REPORT OR NEWSLETTER IS PROVIDED “AS IS” WITHOUT WARRANTIES, EXPRESSED OR IMPLIED, OR REPRESENTATIONS OF ANY KIND. TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE FOR THE QUALITY, ACCURACY, COMPLETENESS, RELIABILITY OR TIMELINESS OF THIS INFORMATION, OR FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES THAT MAY ARISE OUT OF THE USE OF THIS INFORMATION BY YOU OR ANYONE ELSE (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS, LOSS OF OPPORTUNITIES, TRADING LOSSES, AND DAMAGES THAT MAY RESULT FROM ANY INACCURACY OR INCOMPLETENESS OF THIS INFORMATION). TO THE FULLEST EXTENT PERMITTED BY LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE TO YOU OR ANYONE ELSE UNDER ANY TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY, PRODUCTS LIABILITY, OR OTHER THEORY WITH RESPECT TO THIS PRESENTATION OF INFORMATION.

For more information, visit our Disclaimer: www.goldmanresearch.com

In Monday’s Goldman Guide we discussed the presidential debate that occurred that night. The pundits have already declared the winners, basically along party lines. Call us cynical, but the debate was not exactly the famous Lincoln-Douglas debates, probably closer to the Palin-Biden affair. It is hard to get excited for the election when these are the candidates we have. No wonder people look to sports and entertainment for ‘heroes’.

The world of golf takes center stage this week with the biennial Ryder Cup in Minnesota pitting Europe versus USA. On a sad note, one of the game’s greatest, Arnold Palmer, passed away this week. He is clearly on the Mount Rushmore of golf, and from a character perspective, clobbers the two clowns we have running for president. But we digress.

With the attention the game has it is time to look for a solid play. Three years ago we featured Callaway Golf Company (NYSE – ELY - $11.78) at $6.80. The stock is up 74% since then and has a good run over the last year as illustrated by the chart below along with the 100-day EMA signal, which the ELY is trading well above.

ELY 1-Year, 100 Day EMA

(Source: www.otcmarkets.com)

Callaway Golf Company, together with its subsidiaries, designs, manufactures, and sells golf clubs, golf balls, golf bags, and other golf-related accessories. It offers drivers, fairway woods, hybrids, irons, wedges, and putters. The Company also designs and sells golf accessories, such as packaged sets, golf bags, golf gloves, golf footwear, golf apparel, travel gear, headwear, towels, umbrellas, eyewear, and other accessories under the Callaway Golf, Odyssey, and Strata brand names. In addition, it licenses its trademarks and service marks for use on golf related accessories, such as golf apparel and footwear, golf gloves, prescription eyewear, and practice aids. The Company sells its products directly to golf retailers, sporting goods retailers, and mass merchants; and to third-party distributors in the United States, as well as in approximately 100 countries.

For those who do not follow golf, Nike, Inc. (NYSE – NKE) is getting out of the game. This presents a great opportunity for Callaway to poach some of the big stars of the game for sponsorship. This is a key factor in driving sales. At the stock analytical level, the Company has performed extremely well when it comes to EPS, meeting or exceeding expectations four quarters in a row. On the technical side our favorite short float metric is a low 2.1%. Additionally, the Company had $67.6 million cash on with only $5.8 million in debt as of the end of 2Q 2016. Finally, the operating and profit margins are both at 4.5%, well above the approximate 2.5% averages for similar market cap consumer stocks.

Consensus Wall Street estimates for revenue growth are over 3% for 2016 and 2017. We believe ELY is a solid hold or buy on the golf industry and see the stock climbing to $15 sometime in 2015.

Have a great day!

Goldman Small Cap Research is not affiliated in any way with Goldman Sachs & Co.

It is important to note that while we may track performance separately, we utilize the same coverage criteria in determining coverage of all stocks in both research formats. Please view the company’s individual disclosures for each engagement, which can be found in each company-specific report. All information contained in this blog, newsletter and in our reports were provided by the Companies or generated from our own due diligence. Our analysts are responsible only to the public, and are paid in advance to eliminate pecuniary interests, retain editorial control, and ensure independence. Analysts are compensated on a per report basis and not on the basis of his/her recommendations.

The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Goldman Small Cap Research did not make an independent investigation or inquiry as to the accuracy of any information provided by the Company, or other firms. Goldman Small Cap Research relied solely upon information provided by the Company through its filings, press releases, presentations, and through its own internal due diligence for accuracy and completeness. Such information and the opinions expressed are subject to change without notice. A Goldman Small Cap Research blog, report, note, or newsletter is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed.

This blog does not take into account the investment objectives, financial situation, or particular needs of any particular person. This blog does not provide all information material to an investor’s decision about whether or not to make any investment. Any discussion of risks in this presentation is not a disclosure of all risks or a complete discussion of the risks mentioned. Neither Goldman Small Cap Research, nor its parent, is registered as a securities broker-dealer or an investment adviser with FINRA or with any state securities regulatory authority.

ALL INFORMATION IN THIS BLOG, REPORT OR NEWSLETTER IS PROVIDED “AS IS” WITHOUT WARRANTIES, EXPRESSED OR IMPLIED, OR REPRESENTATIONS OF ANY KIND. TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE FOR THE QUALITY, ACCURACY, COMPLETENESS, RELIABILITY OR TIMELINESS OF THIS INFORMATION, OR FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES THAT MAY ARISE OUT OF THE USE OF THIS INFORMATION BY YOU OR ANYONE ELSE (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS, LOSS OF OPPORTUNITIES, TRADING LOSSES, AND DAMAGES THAT MAY RESULT FROM ANY INACCURACY OR INCOMPLETENESS OF THIS INFORMATION). TO THE FULLEST EXTENT PERMITTED BY LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE TO YOU OR ANYONE ELSE UNDER ANY TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY, PRODUCTS LIABILITY, OR OTHER THEORY WITH RESPECT TO THIS PRESENTATION OF INFORMATION.

For more information, visit our Disclaimer: www.goldmanresearch.com

In Monday’s Goldman Guide we pointed out we are about 6 weeks away from Halloween and that we liked Rocky Mountain Chocolate Factory, Inc. (NASDAQ—RMCF) as a seasonal play. Also in scary news, the presidential election is less than 50 days away, and one of these ghouls will be president elect then! On the flip side that does mean some certainty as far as the market and the economy is concerned. Like the Guide, we will stick with food for our pick today, but on the fine dining side.

The one-year chart for J. Alexander’s Holdings, Inc. (NYSE – JAX - $10.02) is illustrated below along with the indication that the stock is currently trading above the 50-day EMA.

JAX 1-Year, 50 Day EMA

(Source: www.otcmarkets.com)

J. Alexander’s Holdings, Inc. owns and operates casual dining restaurants in the United States. It operates three complementary upscale dining restaurant concepts, including J. Alexander’s, Redlands Grill, and Stoney River Steakhouse and Grill (Stoney River). The Company’s restaurants offer American menu. As of March 9, 2016, it operated 42 restaurants in 14 states. J. Alexander’s Holdings, Inc. was founded in 1970 and is headquartered in Nashville, Tennessee.

How is the election and this stock tied together? We believe that no matter who wins it will bring some calm to the markets and a continued up-tick in the economy. Our thesis is that this is great news for stocks like JAX. There are a few metrics that stand out. Sticking to the technical figures, the stock has a low short float of just 1.5%. Our forward vs. trailing P/E check is also a nice check in the box, 17 vs 48 on consensus revenue growth estimates of 7% over the rest of this year and 2017. Finally, EPS performance is solid with three straight quarters of beating Wall Street estimates.

JAX is a great undervalued consumer discretionary stock that is set to pop with continued economic improvement and certainty from the presidential election. We think the stock climbs back to $13 over the next three months.

Have a great day!

Goldman Small Cap Research is not affiliated in any way with Goldman Sachs & Co.

It is important to note that while we may track performance separately, we utilize the same coverage criteria in determining coverage of all stocks in both research formats. Please view the company’s individual disclosures for each engagement, which can be found in each company-specific report. All information contained in this blog, newsletter and in our reports were provided by the Companies or generated from our own due diligence. Our analysts are responsible only to the public, and are paid in advance to eliminate pecuniary interests, retain editorial control, and ensure independence. Analysts are compensated on a per report basis and not on the basis of his/her recommendations.

The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Goldman Small Cap Research did not make an independent investigation or inquiry as to the accuracy of any information provided by the Company, or other firms. Goldman Small Cap Research relied solely upon information provided by the Company through its filings, press releases, presentations, and through its own internal due diligence for accuracy and completeness. Such information and the opinions expressed are subject to change without notice. A Goldman Small Cap Research blog, report, note, or newsletter is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed.

This blog does not take into account the investment objectives, financial situation, or particular needs of any particular person. This blog does not provide all information material to an investor’s decision about whether or not to make any investment. Any discussion of risks in this presentation is not a disclosure of all risks or a complete discussion of the risks mentioned. Neither Goldman Small Cap Research, nor its parent, is registered as a securities broker-dealer or an investment adviser with FINRA or with any state securities regulatory authority.

ALL INFORMATION IN THIS BLOG, REPORT OR NEWSLETTER IS PROVIDED “AS IS” WITHOUT WARRANTIES, EXPRESSED OR IMPLIED, OR REPRESENTATIONS OF ANY KIND. TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE FOR THE QUALITY, ACCURACY, COMPLETENESS, RELIABILITY OR TIMELINESS OF THIS INFORMATION, OR FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES THAT MAY ARISE OUT OF THE USE OF THIS INFORMATION BY YOU OR ANYONE ELSE (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS, LOSS OF OPPORTUNITIES, TRADING LOSSES, AND DAMAGES THAT MAY RESULT FROM ANY INACCURACY OR INCOMPLETENESS OF THIS INFORMATION). TO THE FULLEST EXTENT PERMITTED BY LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE TO YOU OR ANYONE ELSE UNDER ANY TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY, PRODUCTS LIABILITY, OR OTHER THEORY WITH RESPECT TO THIS PRESENTATION OF INFORMATION.

For more information, visit our Disclaimer: www.goldmanresearch.com

In Monday’s Goldman Guide we discussed one of our older picks, Craft Brew Alliance, Inc. (NASDAQ – BREW), and how we still thought the party was on for the stock. Today we will look again to one of our older picks that has had a huge rise recently. This Company is the 180-degree opposite of BREW as far as products and services. It is definitely out to ‘get’ the beer belly.

Nautilus, Inc. (NYSE – NLS - $23.29) was a stock we featured in the 30-30 in May of 2013 at $7.58. The stock has had some peaks and valleys but is up 212%! Below is the one-year chart which illustrates the stock is trading well above the 200-day EMA technical indicator.

NLS 1-Year, 200 Day EMA

(Source: www.otcmarkets.com)

Nautilus, Inc., a consumer fitness products company, designs, develops, sources, and markets cardio and strength fitness products, and related accessories for consumer use in the United States, Canada, and internationally. The Company operates in two segments, Direct and Retail. It offers specialized cardio, treadmills, ellipticals, and bike products under the Nautilus brand; fitness equipment comprising cardio and strength products, including TreadClimber and Max Trainer specialized cardio machines, PowerRod and Revolution home gyms, and SelectTech dumbbells under the Bowflex brand; cardio products, including elliptical machine under Octane Fitness brand; and recumbent elliptical under xRide and LateralX brand names. The Company also provides exercise bikes, including the Airdyne, treadmills, and ellipticals under Schwinn brand; and various kettlebell weights and weight benches under Universal brand. In addition, it engages in licensing its brands and intellectual properties.

We think NLS is worth holding on to for several reasons. On the technical side, the short float is a low 2.5%. Additionally, the operating margin of 13.6% is well above the sub-sector average of about 8.5%. It illustrates the Company is operating extremely efficiently. Also, the trailing P/E of 25 versus the forward P/E of 17 on consensus analysts’ forecast of 20% average growth over the next two years is another positive sign. Finally, the Company has performed exceptionally well related to EPS by beating or exceeding the forecast four consecutive quarters.

NLS is a solid stock and solid Company. Product innovation remains at the forefront making it a definite buy and hold candidate. However, we believe the stock will run to $25 by the end of the year.

Have a great day!

Goldman Small Cap Research is not affiliated in any way with Goldman Sachs & Co.

It is important to note that while we may track performance separately, we utilize the same coverage criteria in determining coverage of all stocks in both research formats. Please view the company’s individual disclosures for each engagement, which can be found in each company-specific report. All information contained in this blog, newsletter and in our reports were provided by the Companies or generated from our own due diligence. Our analysts are responsible only to the public, and are paid in advance to eliminate pecuniary interests, retain editorial control, and ensure independence. Analysts are compensated on a per report basis and not on the basis of his/her recommendations.

The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Goldman Small Cap Research did not make an independent investigation or inquiry as to the accuracy of any information provided by the Company, or other firms. Goldman Small Cap Research relied solely upon information provided by the Company through its filings, press releases, presentations, and through its own internal due diligence for accuracy and completeness. Such information and the opinions expressed are subject to change without notice. A Goldman Small Cap Research blog, report, note, or newsletter is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed.

This blog does not take into account the investment objectives, financial situation, or particular needs of any particular person. This blog does not provide all information material to an investor’s decision about whether or not to make any investment. Any discussion of risks in this presentation is not a disclosure of all risks or a complete discussion of the risks mentioned. Neither Goldman Small Cap Research, nor its parent, is registered as a securities broker-dealer or an investment adviser with FINRA or with any state securities regulatory authority.

ALL INFORMATION IN THIS BLOG, REPORT OR NEWSLETTER IS PROVIDED “AS IS” WITHOUT WARRANTIES, EXPRESSED OR IMPLIED, OR REPRESENTATIONS OF ANY KIND. TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE FOR THE QUALITY, ACCURACY, COMPLETENESS, RELIABILITY OR TIMELINESS OF THIS   INFORMATION, OR FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES THAT MAY ARISE OUT OF THE USE OF THIS INFORMATION BY YOU OR ANYONE ELSE (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS, LOSS OF OPPORTUNITIES, TRADING LOSSES, AND DAMAGES THAT MAY RESULT FROM ANY INACCURACY OR INCOMPLETENESS OF THIS INFORMATION). TO THE FULLEST EXTENT PERMITTED BY LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE TO YOU OR ANYONE ELSE UNDER ANY TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY, PRODUCTS LIABILITY, OR OTHER THEORY WITH RESPECT TO THIS PRESENTATION OF INFORMATION.

For more information, visit our Disclaimer: www.goldmanresearch.com

In Monday’s Goldman Guide we discussed our opinion on Uber and we did not paint a pretty picture. We thought we would look for an ethical play for the Market Monitor today.

The Ethisphere Institute has been publishing a list of the world’s most ethical companies for 10 years. Here is a link below to the 2016 edition.

http://worldsmostethicalcompanies.ethisphere.com/honorees/

On this list is today’s stock, ON Semiconductor Corporation (NASDAQ – ON - $10.61). Below is the one-year chart for ON with the 200-day EMA illustrated. The stock is trading well above that metric.

ON 1-Year, 200 Day EMA

(Source: www.otcmarkets.com)

ON Semiconductor Corporation manufactures and sells semiconductor components for various electronic devices worldwide. Its Application Products Group segment provides analog, mixed-signal, and advanced logic application specific integrated circuit and application specific standard product solutions; and solutions for voltage and current options, as well as foundry and manufacturing services, including integrated passive devices technology, integrated circuit (IC) design, packaging, and silicon technology offerings. The Company’s Image Sensor Group segment offers complementary metal oxide semiconductor and charge-coupled device image sensors, proximity sensors, and image signal processors. Its Standard Products Group segment provides discrete and integrated semiconductor products that perform application functions, such as power switching, signal conditioning, circuit protection, signal amplification, and voltage reference; and develops lower capacitance protection and integrated signal conditioning products to support data transmission rates, micro packages, and switching and rectification technologies. The Company’s System Solutions Group segment supplies analog and mixed signal ICs, digital signal processors, analog and digital tuners, intelligent power modules, and memory and discrete semiconductors. ON Semiconductor Corporation’s devices are used in various end-products, such as automotive electronics, smartphones, media tablets, wearable electronics, computers, servers, industrial building and home automation systems, consumer white goods, imaging systems, LED lighting, power supplies, networking and telecom equipment, medical diagnostics, imaging and hearing health, and sensor networks, as well as the Internet-of-Things.

First, another technical metric that looks great is a short float of a low 2.74%. EPS performance has been more critical than ever for small cap stocks. The Company has met or exceed estimates for EPS four consecutive quarters. Consensus Wall Street analysts’ growth for revenue is for a flat 2016 and a 4.5% increase in 2017. This puts the forward P/E at 10.6 versus the trailing figure of 27.2. This puts the 5-year PEG at 0.2.

Ethical companies do not always equal good stock. This is an overstatement. However, we think ON illuminates itself well in Q4 this year and climbs back up to $12 very early in 2017.

Have a great day!

Goldman Small Cap Research is not affiliated in any way with Goldman Sachs & Co.

It is important to note that while we may track performance separately, we utilize the same coverage criteria in determining coverage of all stocks in both research formats. Please view the company’s individual disclosures for each engagement, which can be found in each company-specific report. All information contained in this blog, newsletter and in our reports were provided by the Companies or generated from our own due diligence. Our analysts are responsible only to the public, and are paid in advance to eliminate pecuniary interests, retain editorial control, and ensure independence. Analysts are compensated on a per report basis and not on the basis of his/her recommendations.

The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Goldman Small Cap Research did not make an independent investigation or inquiry as to the accuracy of any information provided by the Company, or other firms. Goldman Small Cap Research relied solely upon information provided by the Company through its filings, press releases, presentations, and through its own internal due diligence for accuracy and completeness. Such information and the opinions expressed are subject to change without notice. A Goldman Small Cap Research blog, report, note, or newsletter is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed.

This blog does not take into account the investment objectives, financial situation, or particular needs of any particular person. This blog does not provide all information material to an investor’s decision about whether or not to make any investment. Any discussion of risks in this presentation is not a disclosure of all risks or a complete discussion of the risks mentioned. Neither Goldman Small Cap Research, nor its parent, is registered as a securities broker-dealer or an investment adviser with FINRA or with any state securities regulatory authority.

ALL INFORMATION IN THIS BLOG, REPORT OR NEWSLETTER IS PROVIDED “AS IS” WITHOUT WARRANTIES, EXPRESSED OR IMPLIED, OR REPRESENTATIONS OF ANY KIND. TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE FOR THE QUALITY, ACCURACY, COMPLETENESS, RELIABILITY OR TIMELINESS OF THIS   INFORMATION, OR FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES THAT MAY ARISE OUT OF THE USE OF THIS INFORMATION BY YOU OR ANYONE ELSE (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS, LOSS OF OPPORTUNITIES, TRADING LOSSES, AND DAMAGES THAT MAY RESULT FROM ANY INACCURACY OR INCOMPLETENESS OF THIS INFORMATION). TO THE FULLEST EXTENT PERMITTED BY LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE TO YOU OR ANYONE ELSE UNDER ANY TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY, PRODUCTS LIABILITY, OR OTHER THEORY WITH RESPECT TO THIS PRESENTATION OF INFORMATION.

For more information, visit our Disclaimer: www.goldmanresearch.com

In Monday’s Goldman Guide we referenced the fact that it looks like there is an 88% chance Hillary Clinton will win the presidency as of this moment. We reviewed the big generic pharma, Teva Pharmaceutical (NASDAQ—TEVA). We thought we would examine a pick for a Donald victory in November.

One of the major promises or gaffes, depending on your political persuasion and opinion of Trump, are his comments that he would build a wall between Mexico and the United States and he would get the Mexican government to pay for it. No doubt this will take millions of yards of concrete!

CEMEX, S.A.B. de C.V. (NYSE – CX- $8.81) is an ADR from Mexico’s largest concrete and construction Company, which is also one of the world’s largest producers. No doubt this will be huge if Trump builds his wall! The chart below illustrates the stock is on an accumulation run and now trading well above its 100-day EMA.

CX 2-Year, 100 Day EMA

(Source: www.otcmarkets.com)

Anyone who is objective understands that more than likely this wall will never exist. Trump shoots from the hip and this was really just to fire up the base. However, we still believe the stock is worth buying for a few reasons.

First off, the Company has met or exceeded EPS expectations three consecutive quarters. These days, this is critical to get noticed and get some ‘pops’ from. Wall Street projections for revenue growth of 5.5% over the next two years take the price earnings trailing metric of 400x to a forward metric of 22x! This puts the 5-year PEG at 0.3. Finally, the operating margin of 12.3% is extremely impressive for any material company.

CX is a solid growth Company and should be set to boom again in 2017. Look for an accumulation run up to the $10 level sometime in Q4 2016.

Have a great day!

Goldman Small Cap Research is not affiliated in any way with Goldman Sachs & Co.

It is important to note that while we may track performance separately, we utilize the same coverage criteria in determining coverage of all stocks in both research formats. Please view the company’s individual disclosures for each engagement, which can be found in each company-specific report. All information contained in this blog, newsletter and in our reports were provided by the Companies or generated from our own due diligence. Our analysts are responsible only to the public, and are paid in advance to eliminate pecuniary interests, retain editorial control, and ensure independence. Analysts are compensated on a per report basis and not on the basis of his/her recommendations.

The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Goldman Small Cap Research did not make an independent investigation or inquiry as to the accuracy of any information provided by the Company, or other firms. Goldman Small Cap Research relied solely upon information provided by the Company through its filings, press releases, presentations, and through its own internal due diligence for accuracy and completeness. Such information and the opinions expressed are subject to change without notice. A Goldman Small Cap Research blog, report, note, or newsletter is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed.

This blog does not take into account the investment objectives, financial situation, or particular needs of any particular person. This blog does not provide all information material to an investor’s decision about whether or not to make any investment. Any discussion of risks in this presentation is not a disclosure of all risks or a complete discussion of the risks mentioned. Neither Goldman Small Cap Research, nor its parent, is registered as a securities broker-dealer or an investment adviser with FINRA or with any state securities regulatory authority.

ALL INFORMATION IN THIS BLOG, REPORT OR NEWSLETTER IS PROVIDED “AS IS” WITHOUT WARRANTIES, EXPRESSED OR IMPLIED, OR REPRESENTATIONS OF ANY KIND. TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE FOR THE QUALITY, ACCURACY, COMPLETENESS, RELIABILITY OR TIMELINESS OF THIS   INFORMATION, OR FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES THAT MAY ARISE OUT OF THE USE OF THIS INFORMATION BY YOU OR ANYONE ELSE (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS, LOSS OF OPPORTUNITIES, TRADING LOSSES, AND DAMAGES THAT MAY RESULT FROM ANY INACCURACY OR INCOMPLETENESS OF THIS INFORMATION). TO THE FULLEST EXTENT PERMITTED BY LAW, TWO TRIANGLE CONSULTING GROUP, LLC WILL NOT BE LIABLE TO YOU OR ANYONE ELSE UNDER ANY TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY, PRODUCTS LIABILITY, OR OTHER THEORY WITH RESPECT TO THIS PRESENTATION OF INFORMATION.

For more information, visit our Disclaimer: www.goldmanresearch.com