Morning Coffee - Daily Market Warm Up

Starting this Monday, October 2, 2006, we will begin the publishing of our "Morning Coffee, Your Market Warm Up", to prepare our readers for the trading day ahead. This will be available and fresh every morning before the market open to help you prepare for your day.

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Gold, the New Old Money

Coming soon, our view on why we feel the recent dip in gold prices is not reflective of the trend we see playing out over the coming few years. This is the kind of report we would offer as premium material for subscribers only...

Time to Buy Martek?

Well readers, you have had some time now to get over your stomach upset following Martek's(NASDAQ: MATK) earnings guidance adjustment lower. You may have finally resigned yourself to the losses of the day and may now have an open ear to hear about why we believe now may be the best opportunity to buy the shares for years to come.

Management told the investment public the cause of the miscue was a combination of matters, and that clouded the picture a bit, adding to the depth of decline on that miserable day. I believe my take on the cause was helpful. Also, for more detail on the Martek story in general, please refer to my first story on the stock.

I suggested previously that Martek consider flexing its muscle, as it is the sole source of vegetarian DHA. I stated that its patent protection, first-mover advantage and contracted relationships with the infant formula industry should afford it more power with its customers and possibly its suppliers. So much so, that I thought they should not have to accept higher prices for buying less ARA, or they should be able to do the same to their own customers should those manufacturers decide to buy in a non-fluid manner impacting quarterly results and the MATK share price.

Those points are important. What I am communicating now is further reasoning why this quarter's event should not be a continuing problem, or at least be one to a lesser degree with time. Even if Martek stands pat, and continues to experience these types of buying patterns, its revenue flow does not necessarily have to be impacted this significantly nor does it have to surprise the investment community. First, it's clear, and has been so since the build up of inventory at its customers incident, that Martek should employ a customer liaison so as to better evaluate customer activity. However, even if they do not, Martek should be fine in the future. Currently, Martek is dependent upon a handful of customers for its revenues, but in the near future that situation will change. Revenue streams will be born throughout the food industry, and this should dilute the impact of any one customer's plant maintenance from time to time. I am of course speaking of the recent food deals signed with the likes of Kellogg's, General Mills, Coca Cola's Odwalla, Hains Celestial and others.

There are some other very good reasons why investors should be considering MATK these days. Insider purchases are intensifying, and nobody knows better than insiders what the near future looks like. Besides the insider purchases, you have one of the stock's loudest naysayers now coming aboard, or at least not jumping ship. Merrill Lynch upgraded the stock to neutral from sell. So, maybe many of Merrill's clients are now considering reversing their short positions. And, that's not all.... The company is scheduled to present at a conference next week. Now, because of securities regulation, if Martek has important information about its current quarter, say perhaps evidence that its bad news was a bit overstated, than it might just report that at or before the conference. Besides that possibility, it's also commonplace for companies to make important announcements at conferences. In this case, the best case scenario would be news about the date of a product launch, but that would require a food partner's cooperation. We could also see another food partnership announced or international expansion of its infant formula component.

The stock currently trades at 30X the $0.73 consensus EPS estimate for fiscal 2007 (Oct.), but this estimate, down from $0.97 previously is probably underestimated in our view considering the likelihood of food product launches in '07 and the potentially short-term nature of the cause of this quarter's pending and anticipated EPS weakness. It's true that the high cost ARA will take 6-9 months to work through the income statement, but production efficiency as capacity is used in increasing DHA production in FY 07 should help offset that some. Also, we believe revenues should recover quickly.

We feel the main question investors should be asking is, when will food products begin to sell, at what degree and at what rate will those sales grow. Management indicated in the conference call for FY Q3 that we could see food products on shelves anytime from the end of October through 12-18 months. This should not be misinterpreted. We anticipate several food products to roll out at varying times, the first of which can be expected anytime after the end of the FY. Long-term growth is estimated by analysts measured by Yahoo! to rise 25% on average over the next five years. When a company has disappointed, this estimate is likely to be understated if that company's prospects are truly feasible. I believe they are. So, if these numbers are correct, we can estimate the PEG ratio at 1.2, still modest in our view for a high growth company. I expect growth is understated and that the news of product launches will lead to P/E expansion. As revenues exceed expectations over the next three years, in my view, I believe short interest will leave the stock further aiding the shares to rise. If EPS estimates rise to $0.85 for FY 07 and the P/E expands to 40 with improved expectations in foods, the stock should be valued at approximately $34.

We think there are two important catalysts that must happen for our forecast to be realized, excluding all other possible events. First, this quarter's weakness should be short-lived, and not extend to a significant extent into FY 07. We will get a better idea of this over the coming few months, as Martek's management fills us in on progress. We will closely monitor revenue and margin trends, but we expect revenue to recover quickly, aiding margins some. Secondly, we must have our first significant product launch within cereal or yogurt or another item. This will aid P/E expansion and reduce short interest some. I believe my estimate is more likely to prove conservative than it is to prove aggressive, but that's just my opinion. I am very familiar with the company and the stock, after having followed it as an analyst at Standard & Poor's. I should note that my pen name is different than my given name. I also currently have a long interest in derivative investments related to Martek shares.

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September 11th Still Jitters The Market But Not The American Spirit

They said it was the return of traders, taking back the profits gained in late August on light volume. They theorized it was fear related to Wall Street's concerns for the housing market after a couple warnings from home builders. They were wrong... What caused the decline in the market Friday was the painful memory of 9/11.

I feel there is no better way to share my thoughts with you on 9/11 than through my own eyes and an email written to friends just after the event. I remember sitting in my apartment on Thursday September 13th, thinking I had forgotten something, that I needed to be somewhere. And as I recalled that I was late for a meeting, that I had registered for a conference taking place that morning in the Twin Towers, I broke into tears, as those beautiful symbols of American capitalism and opportunity were no longer there. As I realized that my life's path was possibly altered by a mere 48 hours and as I thought of those whose fate was also determined within that time-span, I wept uncontrollably.

We all witnessed it, but for those of us who smelled the fuel of the fire, whose eyes filled with smoke and hair filled with soot, for us, it was life altering. Before 9/11, I consistently worked until 10 pm on weeknights, and never left the office earlier than 9 PM. I worked most Saturdays from 12 pm through 12 am and many Sundays through the winter. My friends would telephone me from bars on Saturday night and call me crazy, but they knew why I was so crazy. You see, I was living my dream, working on "Wall Street", but I was not earning enough yet to cover my educational debt expenses and cost of living. I was determined to succeed in the endeavor I set forth on from childhood. What seemed like a mountain to climb, just making it to downtown NYC, was just one step in the mountain range that lay before me to attain my long-term goals.

All that hard work eventually paid off, as I was promoted into a special role within my firm, and I achieved success as evidenced by my performance. I was proud to say that I achieved that success without a moral or ethical sacrifice. I followed 40 companies as a sell-side analyst, without an assistant, when most of my peers on the street followed 12-15 with one or two junior analysts providing help. To do that properly, you either make personal sacrifice, as I did, or you make a poor ethical and moral decision to take shortcuts like many of my colleagues did and all of my supervisors. I was unwilling to violate the fiduciary responsibility I owed to our clients. You see I was raised right, and I turned out to be an honest guy with strong ethical values. I was viewed as a threat to many of my supervisors because of my high moral standards. I would call them on the error of their ways and refused to be a "yes-man", and that led to a degree of dislike and mistrust from some of them. However, I would not change a thing.

I remember walking from my office on Broadway one late evening, tired and frustrated with the slow rate of my own personal financial progress, and at that moment, as if designed by God, I looked up. Before me was a street sign and it read "Wall Street". I became overjoyed, so much so that I screamed "I work on Wall Street!" Nobody heard me but a homeless man and a couple of other fools who probably needed to hear it anyway. Sometimes we become so enthralled within our daily struggles that we forget about how far we have come. It was an epiphany for me.

After 9/11, I rarely worked a Saturday again and never on a Sunday. I still had my all-nighters before leaving for vacation and an occasional late night, but regularly left by 7:45 to catch the last Mario's Van Shuttle up the East Side. Although I was one of maybe five hard-working, good analysts in the office when I left, I still felt like it was early. I needed balance in my life, and I found it. Soon after, I met a great girl who I married, and have since altered my thinking quite a bit. Before 9/11, I would have considered getting my first Wall Street job the greatest accomplishment of my life, whereas now, I'm sure it will be the birth of my first child, however basic a human event that may be. It is still a miracle beyond any other.

For a good while after 9/11, many of my friends and colleagues used alcohol as a crutch, but I'm happy to say, they all seemed to make it through that tough period. We made it through together. Our friendships strengthened and our priorities changed. Now I will conclude this post with the unedited email I wrote to my friends and family after that horrible day. I wish the families of those lost my deepest sympathies and an assurance that they shall never be forgotten. They were my peers. They were regular people who got up to go to work one morning and were targeted by barbarians blinded by their cause. As I told people on that long walk home that morning, they have awakened a sleeping giant and they will regret the war they so naively sought.

The email I sent to friends after 9/11:

I'm ok. I was in a cab with 3 other people on the highway staring at the smoke coming out of the first tower, wondering if it was really happening and what had happened, when we saw the second airplane hit the South Tower. The ball of flame that came out was just unbelievable. I wandered around,watching the buildings burn. talked to people that were inside and got out, even one guy from 99th floor. talked to a guy who was covered in soot, who was alive only because he was inside his car when debris hit it. I was breathing dust and there was a coating all over everything. a woman was crying cause her son worked inside one of the buildings. I hugged her and told her I would pray. I was gathered around a car radio with a bunch of people when someone screamed the tower is falling!!!! I heard a rumble and looked over the building in front of me waiting for the building to come and crush me. My building is about a 5-10 minute walk to the WTC. I decided to walk north along the river. as I walked I saw people running toward me with a dust cloud chasing them. they were panicked. we were too far from the building, but if it was falling sideways, it could knock others down toward us. I kept going through the dust with others, north, not toward the building. I reached an open area and waited to see what was left of the WTC. as I stared up there into the dust, I noticed an American flag waving; I could have rewritten the Star Spangled Banner right there and then.... and before my eyes, the second tower fell into nothingness. my eyes still have dust in them. I felt very angry that someone was rejoicing somewhere about the murder of innocent civilians. I expect major and severe retaliation against the responsible cowardly enemy. I am more than ready to enlist against that enemy, or any that would do something like this. No question, this is the first attack on American soil since Pearl Harbor, and now, I understand war. I walked 90 blocks home and got here at 2pm. only now do I cry, as I think about the people I saw jumping to their deaths, exchanging burning for a quicker, less painful end. I always thought this was possible, but today, it still felt surreal. God help us get through it. We will I'm sure, just as that American flag did.

God Bless America

Coming Soon, The Greek's Top Ten Portfolio

Wall Street Greek's Top Ten Portfolio

We are working on a list of our ten favorite ideas that we plan to offer to premium subscribers at a modest price in its inaugural issue. In the future we plan to offer this portfolio and ongoing commentary and changes at a substantially higher cost. Subscribers to the portfolio, who so choose, can also receive premium content, not otherwise offered on the site. This content will include in-depth reports on specific stocks we like and other premium material. Check in frequently, as we will soon announce the launch date of the Wall Street Greek's Top Ten Portfolio.

A Suggestion to Martek - A Cure for What Ails Them

I'm not a consultant, but here's some free advice to Martek's management. The reason the stock is down so much today is basically because of two issues.

1 They failed to communicate that this predisclosed and anticipated customer maintenance issue had not gone away or was not mitigated by strong growth. They needed to elaborate, and perhaps comprehend that their customer(s) (an important one) had not forestalled the planned maintenance, but was in fact preparing for it. Investors were told the impact of this maintenance would be felt in Q3, and then a few weeks later, management raised guidance for Q3. The investment community assumed the issue had passed. What in fact occurred was that the customer was stockpiling supply of DHA in preparation for its maintenance shutdown. The maintenance shutdown and then lack of ordering by customers having ordered already in a compensatory manner, led to anticipated lighter ordering. So we will feel the impact a little in Q3, but mostly in Q4. After that, it should go away.

2 They need to mitigate the impact of this kind of activity, which is likely to reoccur in the future. Because of this blip in ordering, Martek will not need as much ARA as usual and will order less. But, due to a lack of purchasing power, Martek will have to pay a higher price for that ARA, which will not work its way out of margins until a few months later. I have to ask, why does not Martek, the only supplier of patent protected DHA, not have the same kind of pricing power with its customers. What Martek needs to do today, is call up its customers, have them look at its stock price, and tell them that they will need some kind of pricing protection for these kinds of shutdowns in the future. When a customer purchases in bulk and then purchases lightly in the quarter to follow, not reaching a certain threshold, that customer must pay a compensatory higher price to mitigate the impact to revenues for Martek. Margin must make up for revenue shortfall, just as Martek's ARA supplier expects.

Martek's management team should have spelled this out more clearly to the investment community last night both in its press release and during its conference call. I believe the stock would not be down nearly as much if it had. We would simply say, oh, this is what they told us would happen, but it happened a little late. They also needed to elaborate a little better on what Q1 would look like. Simply saying revenues would grow and margins would begin expanding is not enough. We needed to hear that a level of normalcy would return to the operations. This is an operational execution issue, and Martek should also look to its operations department and expect more from them.

That said, to make an analogy here, this is really like squeezing only half the juice out of an orange. Because of the margin impact of these events, Martek is not getting as much juice out of the orange as it might have. This does not have to be an ongoing problem, if Martek would consider my proposals above. Also, this does not mean Martek will not get enough juice out of the orange to fill us up. But, when you can improve operational efficiency, you owe it to your shareholders to do so.

I certainly recommend purchase of the shares at these levels. The move reflects the kind of drop that would occur from a serious problem, and one does not exist. The product is still in high demand and operational trends will continue to improve with economies of scale. I believe we should only be down temporarily and it should only be $1 or $2. Long term cash flow forecasts do not need to be significantly altered and the cash flow potential of this firm remains super. Its current operational status is still strong, as it earns a significant profit and generates positive cash flow. I believe it will only take the announcement of a product launch to take the stock back above the $30 level. So, I recommend patience. I would take a Tums, a walk and buy some more. I hope this helps. Sometimes in the face of fire, we need to consider the fuel. There's not enough fuel here to burn this fire more furiously. It will infact burn out quickly. I would buy. You can dollar cost average your entry price lower by adding shares today.

What I would like to see from Martek now is an effort and results in mitigating this problem in the future. Also, I would like to see a product launch date announcement from an important food partner. As an interested investor, I believe I am owed this much.

The Frustration that is Martek Biosciences (Nadaq: MATK)

Let's get right to it shall we? Over the past few weeks, I watched MATK, a stock I followed as an analyst, rise on shorts closing out their positions ahead of the EPS report (shorts close positions by buying shares they have already sold). This drove the shares from a level of around $28 to near $31. During this time period, I noticed market conditions would not be friendly for high beta shares due to several factors. During this period, I parked capital in a gold stock Yamana Gold (AUY) and an oil services stock Oceaneering International (OII). Having made some capital in those and seeing near term risk in the oil sector and some profit taking pending in gold, I positioned some capital in Martek Biosciences ahead of their EPS report.

This is a high beta stock, and those are the kind that exaggerate market moves; the market was down Wednesday on negative news out of some corporate giants like Ford etc. Ford hired a new CEO, signaling that things are worse than they expected at the company.

I first discovered Martek at the Emerald Ground Hog Day Conference in Philadelphia in February of 2003. I went to the conference to see another company present, and because I love returning to my home town of Philly. I needed to phil my time for the rest of the day, and Martek looked the most interesting within its time slot. That's when Henry "Pete" Linsert, the then CEO, captured my attention. He announced that Martek's product, a vegetarian source of DHA, "could be the next calcium". He said we could someday find DHA in everything from baby formula to orange juice. I was more impressed with the company's progress in the period up to the conference. They had spent quite a long time developing their product, and well-protecting it and the production process with a series of patents. More importantly, they had signed on all the major baby formula producers, outside of Nestle', which came along later. These companies had decided to offer a premium formula including DHA/ARA combination found in mothers' milk. Scientific studies had shown that this combination was important in the early development of the brain and eyes. Infants who had taken the nutrients had gained a higher IQ and better eye acuity later in their childhood. This clearly was an easy sell to parents seeking to provide their children with every advantage in a competitive world. It provided the formula makers an opportunity to expand margins through differentiation. The company went from relatively no revenues to over $200 million in a very short period. The stock price appreciation in '03 reflected the product's potential in formula as well as within a much larger market, the larger food products market. I foresaw some pending issues however, and I wrote about them in my reports as I downgraded the stock from a "strong buy" to a "buy". I noted that a company with little experience manufacturing product and with a talented, but relatively speaking, inexperienced management team, was likely to run into "growing pains". And they did... A blackout in Italy spoiled the only source of ARA, which Martek outsources. It lead to supply delays, angry customers and revenue and profit shortfalls. Then, a fire at a plant in the US, at the time a key to its production, again led to supply shortfalls. Then, due to customer frustration, the formula makers built up a safety stock of supply without notifying Martek, and this led to a revenue shortfall, again a negative surprise for investors. Finally, the company's efforts to gain new revenue streams were not moving as swiftly as the analyst community had forecast. The stock languished as investor sentiment turned sharply negative. So what's changed?Martek has insured its supply of ARA will not run short by contracting to produce if necessary on its own, while also convincing the supplier to produce domestically. Martek has built a new plant at a second location, insuring its own supply of DHA in the event of a production facility issue. More importantly, management is better overseeing its communication with the investment community, expressing its expectations in a more reserved manner. Thus, it has beaten EPS estimates on four consecutive occasions (I believe 5). This is effectively helping to again turn investor sentiment, but this time in a positive direction. Also aiding sentiment, is the flow of new food and infant formula product deals and partnerships being signed. The company has agreed with the likes of General Mills, Kellogg's, Coca Cola, Hains Celestial, and others to provide its DHA as an ingredient within their cereals, yogurt, soy milk and other products. Revenues from the food product segment are expected to "dwarf" the formula market. Also, the company expects its domestic formula customers to soon begin transitioning to a DHA inclusive product completely, which should help to take market penetration within the US from the 80s% up to near 100% in one quick swoop. International growth is accelerating as well within the formula market. Last quarter, the company exceeded estimates by 19% on the EPS line. All indications were that the company would exceed estimates and raise guidance again. I was somewhat concerned when the company did not raise guidance when they presented at a conference a few weeks ago, but I thought it was possible that the company's accounting department was not ready to state anything with confidence; this is likely with such a small company. Briefly, I believe valuation is greatly understated, as I expect a good deal of revenue and EPS contribution from food products in 2007. Even if estimates are correct, this stock is priced at a P/E of 23 FY 07 (Oct.) estimates while sporting a forecasted long term growth rate of 26%. So, at a PEG of 1 or lower, with growth I see above 35%, I love this stock more than any other long-term. Short term it continues to fluctuate with other high beta shares. In this regard, this is because it is a small company and revenues are low and highly dependent on a handful of customers. However, it is not a biotech stock in reality, but a food company. Yes, it is small, but over time I expect the stock's beta ratio to gravitate toward 1 or lower. It's a high growth food company, and those tend to perform well. It should also benefit from the pivot point turn in sentiment, moving from greatly under-appreciated to properly and eventually over-appreciated. These are the best kinds of investments, ones benefiting from growth potential, and greatly undervalued at the same time.

So that's the story, and here's why I view the disappointment in the management's guidance for FY Q4 October, and the resulting price drop, as possibly the last great buying opportunity for the shares. The shares were down a good $4 plus after hours and now more than $6, as the company provided revenue guidance 10% below Q3 and EPS guidance 25% short. The market saw this as a huge let down, and just another failure when Martek had us believing in it once again. However, we must devoid ourselves of these emotions that can influence our logical decision making. The CFO pointed out last quarter that this quarter might be impacted by customers' plant shutdowns for maintenance. Well, it seems he was off a quarter. Unfortunately, when it became clear there was not going to be a problem this quarter, the market assumed growth was so strong that there was not a problem at all. However, growth was strong because, I believe, a few important customers (or just one- Mead) acquired DHA/ARA inventory stockpiles ahead of their planned shutdowns, boosting the quarter's performance while impacting Q4. You see, they will not be buying in Q4 as they have already purchased supply. We need to understand that this is a very limited time issue, but it will happen the next time the customer does this, and the Martek management team needs to better manage the situation. However, it does not really affect the long term cash flow projections for Martek, and therefore, does not affect our valuation. Another thing of concern, was that Martek will reduce purchases of ARA from its supplier, as it does not need the inventory now. However, reduced purchases means higher pricing that will impact margins for a few quarters. My only question is this, why doesn't Martek have this same kind of pricing power with its own inconsistent purchasing clients. And why does it not have power with its supplier? Poor execution. But this does not dilute the revenue and earnings potential Martek still has in the food products segment, and should not dilute the stock price as much as it has today. So, I view this disappointing news as a driver for a bargain purchase of Martek shares. This is a long-term investment. Over the near-term, I cannot properly predict where the shares will go at this point. It could be a wild ride on Thursday and it could last through the week. But when it settles, I think it will be a bargain for the taking. It's only one product launch announcement away from a similar move, but up! That's the best buy, and its why you drive to the outlet mall. Why should your stock investment be any different than your clothing purchase. Buffet says buy when everyone else is heading for the hills. Well, that will be the case today. Good shopping to you.

Let Me Outline the Rules & the Vision

Welcome! Although I have thought about doing this for some time, I have finally gotten around to it. The goal of this blog is to provide current market views and stock ideas that I hope will be value added to your own investment decision making, should you choose to use them. At the same time, I may chronicle my own investment activity here, although I may decide that this is too personal at a later date.

I feel that I can leverage my years of investing and stock selection experience and provide you the reader with some tools and ideas. Besides the lessons I hope to provide you, I know we will learn lessons together along the way. He who believes he knows it all, is doomed to live within the walls of his limited knowledge. My greatest asset is my understanding that I have much to learn. But, I have come a long way down the investment trail, so maybe I can clear the path for you a little.

At a minimum, I believe my writing style will prove interesting to you even if I do not make you a dime. I must say here that any decision you make is yours alone, and you must bear the responsibility for those decisions. My ideas are just ideas. I am not your financial advisor, and I have not reviewed your individual circumstances so cannot provide you with a tailored strategy for your own specific situation. You have specific objectives and constraints that I will never be aware of, and so, I separate myself from your decisions. The securities I invest in and speak about may not be appropriate for your individual situation, and I hope you realize this and consult your financial advisor if tempted to invest in something I invest in or speak of. Enjoy.

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As such, we recognize that people sometimes post messages or make statements in our chat rooms that are misleading, deceptive, or downright wrong. They may do this unintentionally or, sad to say, intentionally. The U.S. Securities and Exchange Commission recognizes this and has published information on various Cyberfraud that they have seen. The NASDR has provided its own insights into how to invest carefully in this new, electronic world and NASAA also provides tips on how not to fall prey to online investment schemes. The SEC, NASDR and the NASAA maintain outstanding Web sites at http://www.sec.gov and http://www.nasdr.com, and http://www.nasaa.org respectively.

Content

Content is defined as any information, communications, software, photos, video, graphics, music, sounds, and other material and services found on/through WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM ’s Web site. This includes, but is in no way limited to message boards, chat, and other original Content. By accepting this agreement, you agree that all Content located at WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM ’s Web sites are the sole property of WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM and may not be reproduced without prior written consent of WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM . All Content herein is protected under US and international copyright laws and is intended for the personal use only of the registered member. You may not: modify, publish, retransmit, participate in the transfer or sale of, further copy, create derivative works from, distribute, perform, or display, any of the Content in any way, except that you may make one copy for your personal use.

WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM provides information, commentary, and entertainment on a broad range of topics. You agree that under no circumstances, and in no event, shall WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM be liable for direct, indirect, or incidental damages resulting from your use of that information, commentary, or entertainment. You agree to indemnify WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM and all its employees and hold it harmless from any actions, claims, proceedings, or liabilities arising from your use of the Content.

You agree that WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM shall have an unlimited license to republish anything that you post anywhere on our Web site. WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM shall only republish such posts in context.

Conduct

You agree to use WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM ’s Web site, Content and services for lawful purposes only.

You may not:

• Transmit any Content that is abusive, vulgar, obscene, hateful, fraudulent, unlawful, threatening, harassing, or defamatory;
• Post or transmit any matter that you do not have a right to transmit under law (such as copyright) or under contractual or fiduciary relationships (as in nondisclosure agreements);
• Harass or threaten any member of WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM or other entity, or any individual;
• Post, transmit, promote, link to, or facilitate the distribution of sexually explicit Content;
• Impersonate any person or entity, or falsely state or otherwise misrepresent your affiliation with a person or entity;
• Post, transmit, or facilitate the transmission of statements that are intentionally false or misleading, or use such statements to manipulate the market for any security;
• Post or transmit, or cause to be posted or transmitted, chain letters or pyramid schemes;
• Post or transmit, or cause to be posted or transmitted, any unsolicited advertising, promotional materials, or other forms of solicitation;
• Offer, sell, or purchase any registered or unregistered security;
• Intentionally violate any applicable local, state, national, international or foreign law, including regulations promulgated by such governmental entities as the U.S. Securities and Exchange Commission.

Intentionally violate the applicable rules of any national or other securities exchange, including, without limitation, the New York Stock Exchange, the American Stock Exchange, or the NASDAQ.

Privacy

It is WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM ’s policy to take reasonable measures to respect the privacy of our users. WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM will take reasonable measures not to disclose information about you or the contents of your communications, other than Content that is publicly available or accessible via our Web site, Content and/or services. However, WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM reserves the right to disclose any/all information it may possess about any user (including identifying information) if such action is reasonably necessary: (a) to comply with the law; (b) to comply with a legal process; (c) to enforce the terms and conditions described herein; (d) to respond to claims that any Content violates the rights of third parties; or (e) to protect the interests of our users or others.

You agree that you will be held responsible for any and all statements made and acts or omissions that occur through the use of your membership and password. Please don’t ever disclose your password. You agree that WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM may at any time, and at its sole discretion, terminate your membership without prior notice to you for violating the above provisions - and that in such an event you will not be entitled to receive a refund for any unused portion of your subscription.
While WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM review all transmissions by users in the forum, you acknowledge that WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM reserves the right to, and may from time to time, monitor any and all information transmitted or received through WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM ’s Web site, Content or services.

http://www.wallstreetgreek.blogspot.com/, WWW.WALLSTREETGREEK.COM, at its sole discretion and without further notice to you, may review, remove or prohibit the transmission or receipt of any information (including posts to chat rooms or message boards) which WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM deems inappropriate or that violates any term or condition of this agreement. You agree to indemnify, defend and hold harmless WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM from and against any claim, liability, cost, damage or loss it may incur (including, without limitation, attorneys fees) as a result of any violation by you of your obligations under this agreement.

Disclaimer of Warranties and Liability

WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM cannot and does not warrant the completeness, reliability, availability, usefulness, or content of the information, products or services, and warranties of title, non-infringement, merchantability or fitness for a particular purpose. Further, you agree that WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM shall not be held liable to anyone for any loss or injury resulting from the direct or indirect use of WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM ’s Web site, Content or services. This includes, but is not limited to, loss or injury caused in whole or in part by its negligence or by contingencies beyond its control in procuring, compiling, interpreting, reporting or delivering any portion of WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM ’s Web site, Content or services.

All Content and/or services are provided “as is” without warranty of any kind, either express or implied, including, without limitation, any warranty for information, data, services, uninterrupted access, or products or services provided through or in connection with WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM ’s Web site. This disclaimer of liability applies to any damages or injury caused by any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communication line failure, theft or destruction or unauthorized access to, or use of record, whether for breach of contract, tort, negligence, or under any other cause of action.

You agree that you bear responsibility for your own investment research and investment decisions, and that WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM shall not be liable for any decision made or action taken by you or others based upon reliance on news, information, or any material published by WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM. All information provided on WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM ’s Web site, Content and services is to be used on an “as is, with all faults” basis. WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM relies on various sources of information that we believe to be accurate and reliable. However, WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM makes no claims or representations with regard to the accuracy, completeness, or truth of any material contained herein.

Neither any of the information, nor any opinion expressed anywhere in WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM ’s Web site, Content or services constitutes a solicitation or recommendation to purchase or sell a security, or an option on a security, or to provide investment/financial advice. Always verify information with your stockbroker or financial advisor before making a trade or acting on such information. We will not be liable for any errors or delays in the Content or any action taken based thereon.

Neither WWW.WALLSTREETGREEK.BLOGSPOT.COM, WWW.WALLSTREETGREEK.COM nor any of its employees, agents, successors, assigns, affiliates, or Content or service providers shall be liable to you or other third parties for any direct, indirect, incidental, special, or consequential damages arising out of the use of Content or services or the inability to gain access to or use the Content or services.

If any provision in this Agreement is invalid or unenforceable under applicable law, the remaining provisions will continue in full force and effect. This Agreement, your rights and obligations, and all actions contemplated by this Agreement shall be governed by the laws of the United States of America and the state of business organization (except with respect to choice of law), as if the Agreement were a contract wholly entered into and wholly performed within the state of business organization.