{"id":2429,"date":"2011-05-27T16:36:05","date_gmt":"2011-05-27T20:36:05","guid":{"rendered":"http:\/\/www.credittrends.com\/blog\/?p=2429"},"modified":"2011-05-27T16:36:05","modified_gmt":"2011-05-27T20:36:05","slug":"large-share-buybacks-again-prove-they-are-misguided","status":"publish","type":"post","link":"https:\/\/www.credittrends.com\/blog\/2011\/05\/27\/large-share-buybacks-again-prove-they-are-misguided\/","title":{"rendered":"Large Share Buybacks Again Prove They Are Misguided"},"content":{"rendered":"

 <\/p>\n

Large Share Buybacks Again Prove They Are Misguided<\/p>\n

 <\/p>\n

As if we needed additional evidence large share buybacks are almost always a waste of corporate resources , I present a list of all companies having current market values of greater than $500MM that have repurchased at least 15% of their current market values and placed into treasury. As seen, the list includes many well known firms, including several that have bought back over 50% of their current market values. The average of these large firms have repurchased an astounding 36% of their current market value – yet, as opposed to their helping their shareholders-they have done the opposite-as their stocks have underperformed the return on the S&P 500!<\/p>\n

As seen, stock buybacks have proved no refuge in a flat and falling equity market. The latest example is the current year, as the current quarter to date, with the S&P slipping 36 basis points thru last night\u2019s close, the average of these firms has seen its stock fall by 52 basis points. Care for a longer time horizon?<\/p>\n

For the past 5 years, the names on the list have returned 2.4% versus a return on the S&P 500 of 3.77%. To make matters worse, the list excludes those bankrupt or merged firms which repurchased large amounts of their own shares prior to their demise such as Bear Stearns, Lehman, and many, many others.<\/p>\n

For the current quarter, Big Lots, Brunswick, Ferro,, Lamar Advertising, , Lenox Int\u2019l, , Lexmark, Terex, Timberland have each fallen by greater than 20% this quarter.<\/p>\n

I am not implying these firms will meet the same fate as Lehman, but rather time has proven again and again share repurchases, other than to perhaps offset stock based compensation, do not improve the lots of shareholders or bondholders. And for sound economic reason.<\/p>\n

Share buybacks, like dividends must be rubber-stamped by Boards of Directors. They should understand that share repurchases, despite improving GAAP-based metrics do nothing to improve cash based return on invested capital.\u00a0 On the contrary, by altering the financial structure, it often raises risk and hence, the cost of capital to the firm whose value they are entrusted to enhance. Value is created by adding to the capital base, joint ventures, increasing revenues, and by running the firm more efficiently-not by shrinking the equity cushion.<\/p>\n

One lot whose fortunes share buybacks does improve are high paid executives whose bonuses and stock options are often based on GAAP accounting.<\/strong><\/p>\n

Warren Buffet recognizes this, and has never bought back a share of Berkshire. Adding to the capital base assets whose cash based return is safely and consistently<\/em> above ROIC is a proven method for share outperformance over the long-term.<\/p>\n

While part of the problem lies with shareholders themselves, as they continue to believe share buybacks \u201csupport the stock\u201d, history has again clearly shown otherwise.<\/p>\n

For a detailed example on why share buybacks do not increase ROIC, please contact CT Capital LLC and see \u201cSecurity Valuation and Risk Analysis.\u201d<\/p>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Company Name<\/strong><\/td>\nTicker Symbol<\/strong><\/td>\nTreasury Stock ($M)<\/strong><\/td>\nCurrent Market Value ($M)<\/strong><\/td>\n% of Current Market Value in Treasury<\/strong><\/td>\nTotal Return-Year to Date<\/strong><\/td>\nTotal Return-Qtr to Date<\/strong><\/td>\n5-Year Total Return<\/strong><\/td>\n<\/td>\n<\/tr>\n
3M CO<\/td>\nMMM<\/td>\n10,266<\/td>\n65,721<\/td>\n15.6%<\/td>\n8.4<\/td>\n(0.5)<\/td>\n5.4<\/td>\n<\/td>\n<\/tr>\n
ACI WORLDWIDE INC<\/td>\nACIW<\/td>\n172<\/td>\n1,031<\/td>\n16.6%<\/td>\n14.8<\/td>\n(5.9)<\/td>\n(3.7)<\/td>\n<\/td>\n<\/tr>\n
ACTIVISION BLIZZARD INC<\/td>\nATVI<\/td>\n2,194<\/td>\n13,124<\/td>\n16.7%<\/td>\n(6.4)<\/td>\n4.6<\/td>\n <\/td>\n<\/td>\n<\/tr>\n
ADOBE SYSTEMS INC<\/td>\nADBE<\/td>\n3,264<\/td>\n17,369<\/td>\n18.8%<\/td>\n11.9<\/td>\n3.8<\/td>\n(3.1)<\/td>\n<\/td>\n<\/tr>\n
ADVANCE AUTO PARTS INC<\/td>\nAAP<\/td>\n1,029<\/td>\n4,904<\/td>\n21.0%<\/td>\n(4.7)<\/td>\n(4.0)<\/td>\n10.9<\/td>\n<\/td>\n<\/tr>\n
AFLAC INC<\/td>\nAFL<\/td>\n5,386<\/td>\n22,833<\/td>\n23.6%<\/td>\n(12.5)<\/td>\n(7.0)<\/td>\n5.6<\/td>\n<\/td>\n<\/tr>\n
AGILENT TECHNOLOGIES INC<\/td>\nA<\/td>\n8,038<\/td>\n16,945<\/td>\n47.4%<\/td>\n18.5<\/td>\n9.6<\/td>\n6.7<\/td>\n<\/td>\n<\/tr>\n
ALCATEL-LUCENT -ADR<\/td>\nALU<\/td>\n2,078<\/td>\n13,029<\/td>\n15.9%<\/td>\n89.9<\/td>\n(3.3)<\/td>\n(14.1)<\/td>\n<\/td>\n<\/tr>\n
ALCOA INC<\/td>\nAA<\/td>\n4,146<\/td>\n16,964<\/td>\n24.4%<\/td>\n4.2<\/td>\n(9.4)<\/td>\n(10.9)<\/td>\n<\/td>\n<\/tr>\n
ALLIANCE DATA SYSTEMS CORP<\/td>\nADS<\/td>\n2,080<\/td>\n4,529<\/td>\n45.9%<\/td>\n25.0<\/td>\n3.4<\/td>\n11.6<\/td>\n<\/td>\n<\/tr>\n
ALLSTATE CORP<\/td>\nALL<\/td>\n15,910<\/td>\n16,409<\/td>\n97.0%<\/td>\n(0.8)<\/td>\n(1.1)<\/td>\n(7.0)<\/td>\n<\/td>\n<\/tr>\n
ALTRIA GROUP INC<\/td>\nMO<\/td>\n23,469<\/td>\n58,301<\/td>\n40.3%<\/td>\n14.8<\/td>\n7.0<\/td>\n16.7<\/td>\n<\/td>\n<\/tr>\n
AMDOCS LTD<\/td>\nDOX<\/td>\n1,309<\/td>\n5,570<\/td>\n23.5%<\/td>\n9.2<\/td>\n4.0<\/td>\n(3.7)<\/td>\n<\/td>\n<\/tr>\n
AMERCO<\/td>\nUHAL<\/td>\n526<\/td>\n1,694<\/td>\n31.0%<\/td>\n(10.0)<\/td>\n(10.9)<\/td>\n(0.5)<\/td>\n<\/td>\n<\/tr>\n
AMERICAN TOWER CORP<\/td>\nAMT<\/td>\n3,382<\/td>\n21,081<\/td>\n16.0%<\/td>\n2.9<\/td>\n2.6<\/td>\n8.9<\/td>\n<\/td>\n<\/tr>\n
AMERIPRISE FINANCIAL INC<\/td>\nAMP<\/td>\n2,620<\/td>\n14,782<\/td>\n17.7%<\/td>\n6.7<\/td>\n0.3<\/td>\n6.6<\/td>\n<\/td>\n<\/tr>\n
AMERISOURCEBERGEN CORP<\/td>\nABC<\/td>\n4,373<\/td>\n11,328<\/td>\n38.6%<\/td>\n21.9<\/td>\n4.8<\/td>\n15.1<\/td>\n<\/td>\n<\/tr>\n
AMERN EAGLE OUTFITTERS INC<\/td>\nAEO<\/td>\n938<\/td>\n2,635<\/td>\n35.6%<\/td>\n(6.9)<\/td>\n(14.9)<\/td>\n(3.5)<\/td>\n<\/td>\n<\/tr>\n
AMR CORP\/DE<\/td>\nAMR<\/td>\n367<\/td>\n2,184<\/td>\n16.8%<\/td>\n(15.9)<\/td>\n1.4<\/td>\n(24.9)<\/td>\n<\/td>\n<\/tr>\n
AMTRUST FINANCIAL SERVICES<\/td>\nAFSI<\/td>\n300<\/td>\n1,259<\/td>\n23.9%<\/td>\n21.1<\/td>\n10.7<\/td>\n <\/td>\n<\/td>\n<\/tr>\n
ANN INC<\/td>\nANN<\/td>\n864<\/td>\n1,472<\/td>\n58.7%<\/td>\n3.7<\/td>\n(2.4)<\/td>\n(3.5)<\/td>\n<\/td>\n<\/tr>\n
APOLLO GROUP INC\u00a0 -CL A<\/td>\nAPOL<\/td>\n2,408<\/td>\n5,649<\/td>\n42.6%<\/td>\n1.4<\/td>\n(4.0)<\/td>\n(6.0)<\/td>\n<\/td>\n<\/tr>\n
APPLIED MATERIALS INC<\/td>\nAMAT<\/td>\n9,396<\/td>\n18,195<\/td>\n51.6%<\/td>\n(1.4)<\/td>\n(11.7)<\/td>\n(1.0)<\/td>\n<\/td>\n<\/tr>\n
ASSURANT INC<\/td>\nAIZ<\/td>\n1,764<\/td>\n3,620<\/td>\n48.7%<\/td>\n(1.8)<\/td>\n(2.1)<\/td>\n(2.4)<\/td>\n<\/td>\n<\/tr>\n
ASTORIA FINANCIAL CORP<\/td>\nAF<\/td>\n1,431<\/td>\n1,391<\/td>\n102.8%<\/td>\n3.4<\/td>\n(0.8)<\/td>\n(10.5)<\/td>\n<\/td>\n<\/tr>\n
AUTOMATIC DATA PROCESSING<\/td>\nADP<\/td>\n6,540<\/td>\n26,694<\/td>\n24.5%<\/td>\n16.2<\/td>\n4.1<\/td>\n9.4<\/td>\n<\/td>\n<\/tr>\n
AVERY DENNISON CORP<\/td>\nAVY<\/td>\n831<\/td>\n4,380<\/td>\n19.0%<\/td>\n(2.6)<\/td>\n(2.3)<\/td>\n(4.8)<\/td>\n<\/td>\n<\/tr>\n
AVIS BUDGET GROUP INC<\/td>\nCAR<\/td>\n5,874<\/td>\n1,765<\/td>\n332.8%<\/td>\n8.0<\/td>\n(6.1)<\/td>\n(3.4)<\/td>\n<\/td>\n<\/tr>\n
AVON PRODUCTS<\/td>\nAVP<\/td>\n4,559<\/td>\n12,785<\/td>\n35.7%<\/td>\n3.9<\/td>\n10.7<\/td>\n0.6<\/td>\n<\/td>\n<\/tr>\n
AXIS CAPITAL HOLDINGS LTD<\/td>\nAXS<\/td>\n1,381<\/td>\n4,207<\/td>\n32.8%<\/td>\n(8.8)<\/td>\n(6.9)<\/td>\n6.0<\/td>\n<\/td>\n<\/tr>\n
BALL CORP<\/td>\nBLL<\/td>\n2,123<\/td>\n6,492<\/td>\n32.7%<\/td>\n13.8<\/td>\n7.8<\/td>\n14.3<\/td>\n<\/td>\n<\/tr>\n
BANK OF HAWAII CORP<\/td>\nBOH<\/td>\n450<\/td>\n2,263<\/td>\n19.9%<\/td>\n1.5<\/td>\n(0.8)<\/td>\n1.6<\/td>\n<\/td>\n<\/tr>\n
BAXTER INTERNATIONAL INC<\/td>\nBAX<\/td>\n5,655<\/td>\n33,681<\/td>\n16.8%<\/td>\n17.3<\/td>\n9.8<\/td>\n10.6<\/td>\n<\/td>\n<\/tr>\n
BECTON DICKINSON & CO<\/td>\nBDX<\/td>\n4,806<\/td>\n19,134<\/td>\n25.1%<\/td>\n4.0<\/td>\n9.9<\/td>\n8.2<\/td>\n<\/td>\n<\/tr>\n
BED BATH & BEYOND INC<\/td>\nBBBY<\/td>\n2,814<\/td>\n13,426<\/td>\n21.0%<\/td>\n9.2<\/td>\n11.2<\/td>\n7.9<\/td>\n<\/td>\n<\/tr>\n
BEMIS CO INC<\/td>\nBMS<\/td>\n544<\/td>\n3,448<\/td>\n15.8%<\/td>\n1.7<\/td>\n0.5<\/td>\n3.0<\/td>\n<\/td>\n<\/tr>\n
BERKLEY (W R) CORP<\/td>\nWRB<\/td>\n1,750<\/td>\n4,616<\/td>\n37.9%<\/td>\n19.3<\/td>\n1.2<\/td>\n(1.9)<\/td>\n<\/td>\n<\/tr>\n
BIG LOTS INC<\/td>\nBIG<\/td>\n1,079<\/td>\n2,534<\/td>\n42.6%<\/td>\n10.6<\/td>\n(22.4)<\/td>\n23.3<\/td>\n<\/td>\n<\/tr>\n
BJ’S WHOLESALE CLUB INC<\/td>\nBJ<\/td>\n636<\/td>\n2,725<\/td>\n23.3%<\/td>\n6.0<\/td>\n4.0<\/td>\n10.9<\/td>\n<\/td>\n<\/tr>\n
BLOCK H & R INC<\/td>\nHRB<\/td>\n2,057<\/td>\n4,963<\/td>\n41.4%<\/td>\n37.9<\/td>\n(2.9)<\/td>\n(2.5)<\/td>\n<\/td>\n<\/tr>\n
BMC SOFTWARE INC<\/td>\nBMC<\/td>\n2,294<\/td>\n9,580<\/td>\n23.9%<\/td>\n14.9<\/td>\n8.9<\/td>\n18.5<\/td>\n<\/td>\n<\/tr>\n
BOEING CO<\/td>\nBA<\/td>\n17,187<\/td>\n56,316<\/td>\n30.5%<\/td>\n18.2<\/td>\n3.7<\/td>\n1.6<\/td>\n<\/td>\n<\/tr>\n
BP PLC\u00a0 -ADR<\/td>\nBP<\/td>\n21,085<\/td>\n137,666<\/td>\n15.3%<\/td>\n1.6<\/td>\n0.7<\/td>\n(4.6)<\/td>\n<\/td>\n<\/tr>\n
BRIGGS & STRATTON<\/td>\nBGG<\/td>\n202<\/td>\n1,022<\/td>\n19.8%<\/td>\n3.5<\/td>\n(10.6)<\/td>\n(3.5)<\/td>\n<\/td>\n<\/tr>\n
BRINKER INTL INC<\/td>\nEAT<\/td>\n1,678<\/td>\n2,187<\/td>\n76.7%<\/td>\n24.2<\/td>\n1.9<\/td>\n0.7<\/td>\n<\/td>\n<\/tr>\n
BRISTOL-MYERS SQUIBB CO<\/td>\nBMY<\/td>\n17,454<\/td>\n48,109<\/td>\n36.3%<\/td>\n9.2<\/td>\n6.7<\/td>\n7.3<\/td>\n<\/td>\n<\/tr>\n
BRUNSWICK CORP<\/td>\nBC<\/td>\n406<\/td>\n1,802<\/td>\n22.5%<\/td>\n8.0<\/td>\n(20.4)<\/td>\n(8.5)<\/td>\n<\/td>\n<\/tr>\n
CA INC<\/td>\nCA<\/td>\n2,095<\/td>\n11,529<\/td>\n18.2%<\/td>\n(6.4)<\/td>\n(5.6)<\/td>\n0.1<\/td>\n<\/td>\n<\/tr>\n
CAMPBELL SOUP CO<\/td>\nCPB<\/td>\n7,459<\/td>\n11,192<\/td>\n66.6%<\/td>\n1.4<\/td>\n6.5<\/td>\n3.7<\/td>\n<\/td>\n<\/tr>\n
CAPITOL FEDERAL FINL INC<\/td>\nCFFN<\/td>\n330<\/td>\n1,966<\/td>\n16.8%<\/td>\n4.9<\/td>\n4.9<\/td>\n1.7<\/td>\n<\/td>\n<\/tr>\n
CARPENTER TECHNOLOGY CORP<\/td>\nCRS<\/td>\n535<\/td>\n2,201<\/td>\n24.3%<\/td>\n25.2<\/td>\n17.5<\/td>\n(1.0)<\/td>\n<\/td>\n<\/tr>\n
CATERPILLAR INC<\/td>\nCAT<\/td>\n10,397<\/td>\n65,688<\/td>\n15.8%<\/td>\n9.7<\/td>\n(8.1)<\/td>\n11.7<\/td>\n<\/td>\n<\/tr>\n
CBS CORP<\/td>\nCBS<\/td>\n3,689<\/td>\n17,868<\/td>\n20.6%<\/td>\n41.2<\/td>\n6.7<\/td>\n3.3<\/td>\n<\/td>\n<\/tr>\n
CBS CORP<\/td>\nCBS<\/td>\n3,689<\/td>\n17,868<\/td>\n20.6%<\/td>\n40.5<\/td>\n6.7<\/td>\n3.3<\/td>\n<\/td>\n<\/tr>\n
CHARLES RIVER LABS INTL INC<\/td>\nCRL<\/td>\n769<\/td>\n1,968<\/td>\n39.1%<\/td>\n7.2<\/td>\n(0.7)<\/td>\n(2.2)<\/td>\n<\/td>\n<\/tr>\n
CHEESECAKE FACTORY INC<\/td>\nCAKE<\/td>\n558<\/td>\n1,789<\/td>\n31.2%<\/td>\n1.0<\/td>\n3.0<\/td>\n(1.4)<\/td>\n<\/td>\n<\/tr>\n
CHEMED CORP<\/td>\nCHE<\/td>\n409<\/td>\n1,420<\/td>\n28.8%<\/td>\n5.3<\/td>\n0.2<\/td>\n5.7<\/td>\n<\/td>\n<\/tr>\n
CHOICE HOTELS INTL INC<\/td>\nCHH<\/td>\n872<\/td>\n2,104<\/td>\n41.5%<\/td>\n(7.6)<\/td>\n(9.4)<\/td>\n(5.0)<\/td>\n<\/td>\n<\/tr>\n
CHUBB CORP<\/td>\nCB<\/td>\n3,783<\/td>\n18,957<\/td>\n20.0%<\/td>\n9.4<\/td>\n5.7<\/td>\n7.5<\/td>\n<\/td>\n<\/tr>\n
CIGNA CORP<\/td>\nCI<\/td>\n5,242<\/td>\n13,120<\/td>\n40.0%<\/td>\n32.4<\/td>\n9.5<\/td>\n5.7<\/td>\n<\/td>\n<\/tr>\n
CINCINNATI FINANCIAL CORP<\/td>\nCINF<\/td>\n1,201<\/td>\n4,921<\/td>\n24.4%<\/td>\n(3.6)<\/td>\n(7.9)<\/td>\n(1.2)<\/td>\n<\/td>\n<\/tr>\n
CINTAS CORP<\/td>\nCTAS<\/td>\n799<\/td>\n4,602<\/td>\n17.4%<\/td>\n13.3<\/td>\n4.6<\/td>\n(4.2)<\/td>\n<\/td>\n<\/tr>\n
CITRIX SYSTEMS INC<\/td>\nCTXS<\/td>\n2,417<\/td>\n15,434<\/td>\n15.7%<\/td>\n20.0<\/td>\n11.8<\/td>\n16.1<\/td>\n<\/td>\n<\/tr>\n
COCA-COLA CO<\/td>\nKO<\/td>\n27,762<\/td>\n154,502<\/td>\n18.0%<\/td>\n3.4<\/td>\n1.7<\/td>\n13.2<\/td>\n<\/td>\n<\/tr>\n
COLGATE-PALMOLIVE CO<\/td>\nCL<\/td>\n11,305<\/td>\n42,079<\/td>\n26.9%<\/td>\n8.6<\/td>\n7.3<\/td>\n9.9<\/td>\n<\/td>\n<\/tr>\n
COMERICA INC<\/td>\nCMA<\/td>\n1,565<\/td>\n6,328<\/td>\n24.7%<\/td>\n(15.0)<\/td>\n(2.5)<\/td>\n(4.4)<\/td>\n<\/td>\n<\/tr>\n
COMMERCIAL METALS<\/td>\nCMC<\/td>\n290<\/td>\n1,689<\/td>\n17.2%<\/td>\n(11.2)<\/td>\n(15.3)<\/td>\n(7.0)<\/td>\n<\/td>\n<\/tr>\n
CON-WAY INC<\/td>\nCNW<\/td>\n341<\/td>\n2,094<\/td>\n16.3%<\/td>\n3.9<\/td>\n(3.6)<\/td>\n(5.9)<\/td>\n<\/td>\n<\/tr>\n
CONAGRA FOODS INC<\/td>\nCAG<\/td>\n2,945<\/td>\n10,374<\/td>\n28.4%<\/td>\n14.6<\/td>\n7.8<\/td>\n5.2<\/td>\n<\/td>\n<\/tr>\n
CONOCOPHILLIPS<\/td>\nCOP<\/td>\n20,710<\/td>\n100,825<\/td>\n20.5%<\/td>\n6.6<\/td>\n(9.9)<\/td>\n6.6<\/td>\n<\/td>\n<\/tr>\n
CONSTELLATION BRANDS\u00a0 -CL A<\/td>\nSTZ<\/td>\n904<\/td>\n4,642<\/td>\n19.5%<\/td>\n(1.9)<\/td>\n7.4<\/td>\n(1.9)<\/td>\n<\/td>\n<\/tr>\n
CONSTELLATION BRANDS\u00a0 -CL A<\/td>\nSTZ<\/td>\n904<\/td>\n4,642<\/td>\n19.5%<\/td>\n(1.6)<\/td>\n7.5<\/td>\n(1.9)<\/td>\n<\/td>\n<\/tr>\n
CONVERGYS CORP<\/td>\nCVG<\/td>\n1,060<\/td>\n1,571<\/td>\n67.5%<\/td>\n(1.7)<\/td>\n(9.8)<\/td>\n(5.7)<\/td>\n<\/td>\n<\/tr>\n
COOPER TIRE & RUBBER CO<\/td>\nCTB<\/td>\n468<\/td>\n1,461<\/td>\n32.0%<\/td>\n0.2<\/td>\n(8.7)<\/td>\n20.4<\/td>\n<\/td>\n<\/tr>\n
CORPORATE EXECUTIVE BRD CO<\/td>\nEXBD<\/td>\n629<\/td>\n1,413<\/td>\n44.5%<\/td>\n9.5<\/td>\n1.4<\/td>\n(15.5)<\/td>\n<\/td>\n<\/tr>\n
COVANCE INC<\/td>\nCVD<\/td>\n734<\/td>\n3,526<\/td>\n20.8%<\/td>\n13.1<\/td>\n6.2<\/td>\n1.4<\/td>\n<\/td>\n<\/tr>\n
COVENTRY HEALTH CARE INC<\/td>\nCVH<\/td>\n1,268<\/td>\n5,007<\/td>\n25.3%<\/td>\n28.0<\/td>\n6.0<\/td>\n(8.3)<\/td>\n<\/td>\n<\/tr>\n
CVS CAREMARK CORP<\/td>\nCVS<\/td>\n9,086<\/td>\n51,485<\/td>\n17.6%<\/td>\n10.0<\/td>\n11.0<\/td>\n4.9<\/td>\n<\/td>\n<\/tr>\n
CYMER INC<\/td>\nCYMI<\/td>\n493<\/td>\n1,428<\/td>\n34.5%<\/td>\n3.8<\/td>\n(17.3)<\/td>\n(1.4)<\/td>\n<\/td>\n<\/tr>\n
CYPRESS SEMICONDUCTOR CORP<\/td>\nCY<\/td>\n1,203<\/td>\n3,599<\/td>\n33.4%<\/td>\n15.3<\/td>\n10.5<\/td>\n38.7<\/td>\n<\/td>\n<\/tr>\n
DARDEN RESTAURANTS INC<\/td>\nDRI<\/td>\n2,944<\/td>\n7,022<\/td>\n41.9%<\/td>\n12.3<\/td>\n5.5<\/td>\n5.9<\/td>\n<\/td>\n<\/tr>\n
DAVITA INC<\/td>\nDVA<\/td>\n1,361<\/td>\n8,069<\/td>\n16.9%<\/td>\n21.6<\/td>\n(1.2)<\/td>\n9.4<\/td>\n<\/td>\n<\/tr>\n
DEERE & CO<\/td>\nDE<\/td>\n5,790<\/td>\n34,972<\/td>\n16.6%<\/td>\n0.4<\/td>\n(14.3)<\/td>\n19.6<\/td>\n<\/td>\n<\/tr>\n
DELL INC<\/td>\nDELL<\/td>\n28,704<\/td>\n29,536<\/td>\n97.2%<\/td>\n14.3<\/td>\n6.8<\/td>\n(10.0)<\/td>\n<\/td>\n<\/tr>\n
DIEBOLD INC<\/td>\nDBD<\/td>\n436<\/td>\n2,089<\/td>\n20.9%<\/td>\n1.5<\/td>\n(9.0)<\/td>\n(1.5)<\/td>\n<\/td>\n<\/tr>\n
DIGITAL RIVER INC<\/td>\nDRIV<\/td>\n255<\/td>\n1,208<\/td>\n21.1%<\/td>\n(11.5)<\/td>\n(18.6)<\/td>\n(5.7)<\/td>\n<\/td>\n<\/tr>\n
DILLARDS INC\u00a0 -CL A<\/td>\nDDS<\/td>\n1,356<\/td>\n2,759<\/td>\n49.1%<\/td>\n39.7<\/td>\n32.0<\/td>\n14.2<\/td>\n<\/td>\n<\/tr>\n
DISH NETWORK CORP<\/td>\nDISH<\/td>\n1,569<\/td>\n6,070<\/td>\n25.9%<\/td>\n49.6<\/td>\n20.8<\/td>\n2.1<\/td>\n<\/td>\n<\/tr>\n
DISNEY (WALT) CO<\/td>\nDIS<\/td>\n23,663<\/td>\n77,799<\/td>\n30.4%<\/td>\n9.7<\/td>\n(4.5)<\/td>\n10.6<\/td>\n<\/td>\n<\/tr>\n
DONNELLEY (R R) & SONS CO<\/td>\nRRD<\/td>\n1,166<\/td>\n4,256<\/td>\n27.4%<\/td>\n20.7<\/td>\n9.9<\/td>\n(6.2)<\/td>\n<\/td>\n<\/tr>\n
DOVER CORP<\/td>\nDOV<\/td>\n2,322<\/td>\n11,708<\/td>\n19.8%<\/td>\n7.8<\/td>\n(4.5)<\/td>\n8.8<\/td>\n<\/td>\n<\/tr>\n
DREAMWORKS ANIMATION INC<\/td>\nDWA<\/td>\n688<\/td>\n1,798<\/td>\n38.3%<\/td>\n(16.0)<\/td>\n(11.4)<\/td>\n(0.5)<\/td>\n<\/td>\n<\/tr>\n
DST SYSTEMS INC<\/td>\nDST<\/td>\n2,815<\/td>\n2,176<\/td>\n129.4%<\/td>\n6.4<\/td>\n(11.3)<\/td>\n(3.9)<\/td>\n<\/td>\n<\/tr>\n
DUN & BRADSTREET CORP<\/td>\nDNB<\/td>\n2,214<\/td>\n3,965<\/td>\n55.8%<\/td>\n(1.8)<\/td>\n0.0<\/td>\n2.6<\/td>\n<\/td>\n<\/tr>\n
EASTMAN CHEMICAL CO<\/td>\nEMN<\/td>\n1,615<\/td>\n7,105<\/td>\n22.7%<\/td>\n19.5<\/td>\n0.7<\/td>\n18.3<\/td>\n<\/td>\n<\/tr>\n
ECOLAB INC<\/td>\nECL<\/td>\n2,521<\/td>\n12,219<\/td>\n20.6%<\/td>\n4.8<\/td>\n3.2<\/td>\n8.2<\/td>\n<\/td>\n<\/tr>\n
EL PASO ELECTRIC CO<\/td>\nEE<\/td>\n338<\/td>\n1,269<\/td>\n26.6%<\/td>\n9.4<\/td>\n(0.9)<\/td>\n9.4<\/td>\n<\/td>\n<\/tr>\n
EMERSON ELECTRIC CO<\/td>\nEMR<\/td>\n6,320<\/td>\n40,515<\/td>\n15.6%<\/td>\n(4.6)<\/td>\n(7.2)<\/td>\n10.4<\/td>\n<\/td>\n<\/tr>\n
ENERGIZER HOLDINGS INC<\/td>\nENR<\/td>\n1,668<\/td>\n5,314<\/td>\n31.4%<\/td>\n4.6<\/td>\n7.2<\/td>\n8.1<\/td>\n<\/td>\n<\/tr>\n
ENSTAR GROUP LTD<\/td>\nESGR<\/td>\n422<\/td>\n1,351<\/td>\n31.2%<\/td>\n16.6<\/td>\n(1.3)<\/td>\n <\/td>\n<\/td>\n<\/tr>\n
ENTERGY CORP<\/td>\nETR<\/td>\n5,525<\/td>\n12,013<\/td>\n46.0%<\/td>\n(2.5)<\/td>\n1.6<\/td>\n3.4<\/td>\n<\/td>\n<\/tr>\n
EQUIFAX INC<\/td>\nEFX<\/td>\n2,032<\/td>\n4,559<\/td>\n44.6%<\/td>\n5.0<\/td>\n(4.2)<\/td>\n0.1<\/td>\n<\/td>\n<\/tr>\n
ERIE INDEMNITY CO\u00a0 -CL A<\/td>\nERIE<\/td>\n872<\/td>\n3,514<\/td>\n24.8%<\/td>\n10.3<\/td>\n0.8<\/td>\n11.4<\/td>\n<\/td>\n<\/tr>\n
EVEREST RE GROUP LTD<\/td>\nRE<\/td>\n981<\/td>\n4,803<\/td>\n20.4%<\/td>\n4.9<\/td>\n0.3<\/td>\n2.1<\/td>\n<\/td>\n<\/tr>\n
EXPEDIA INC<\/td>\nEXPE<\/td>\n2,241<\/td>\n6,826<\/td>\n32.8%<\/td>\n10.2<\/td>\n21.6<\/td>\n6.4<\/td>\n<\/td>\n<\/tr>\n
EXTERRAN HOLDINGS INC<\/td>\nEXH<\/td>\n204<\/td>\n1,273<\/td>\n16.0%<\/td>\n(16.9)<\/td>\n(16.1)<\/td>\n(18.9)<\/td>\n<\/td>\n<\/tr>\n
EXXON MOBIL CORP<\/td>\nXOM<\/td>\n156,608<\/td>\n397,387<\/td>\n39.4%<\/td>\n11.6<\/td>\n(3.6)<\/td>\n9.2<\/td>\n<\/td>\n<\/tr>\n
FAIR ISAAC CORP<\/td>\nFICO<\/td>\n1,556<\/td>\n1,145<\/td>\n135.9%<\/td>\n23.2<\/td>\n(9.0)<\/td>\n(3.9)<\/td>\n<\/td>\n<\/tr>\n
FEDERATED INVESTORS INC<\/td>\nFII<\/td>\n779<\/td>\n2,655<\/td>\n29.3%<\/td>\n(1.2)<\/td>\n(4.2)<\/td>\n(0.2)<\/td>\n<\/td>\n<\/tr>\n
FERRO CORP<\/td>\nFOE<\/td>\n164<\/td>\n1,021<\/td>\n16.1%<\/td>\n(18.9)<\/td>\n(28.5)<\/td>\n(2.9)<\/td>\n<\/td>\n<\/tr>\n
FIDELITY NATIONAL INFO SVCS<\/td>\nFIS<\/td>\n2,359<\/td>\n9,629<\/td>\n24.5%<\/td>\n15.2<\/td>\n(3.7)<\/td>\n11.1<\/td>\n<\/td>\n<\/tr>\n
FISERV INC<\/td>\nFISV<\/td>\n2,340<\/td>\n8,980<\/td>\n26.1%<\/td>\n6.8<\/td>\n(0.3)<\/td>\n6.3<\/td>\n<\/td>\n<\/tr>\n
FOREST LABORATORIES\u00a0 -CL A<\/td>\nFRX<\/td>\n3,783<\/td>\n9,967<\/td>\n38.0%<\/td>\n8.9<\/td>\n7.9<\/td>\n(3.9)<\/td>\n<\/td>\n<\/tr>\n
FORTUNE BRANDS INC<\/td>\nFO<\/td>\n3,215<\/td>\n9,680<\/td>\n33.2%<\/td>\n4.9<\/td>\n1.8<\/td>\n(1.8)<\/td>\n<\/td>\n<\/tr>\n
GANNETT CO<\/td>\nGCI<\/td>\n5,300<\/td>\n3,417<\/td>\n155.1%<\/td>\n(5.6)<\/td>\n(6.7)<\/td>\n(19.7)<\/td>\n<\/td>\n<\/tr>\n
GAP INC<\/td>\nGPS<\/td>\n10,866<\/td>\n11,234<\/td>\n96.7%<\/td>\n(12.1)<\/td>\n(14.5)<\/td>\n7.2<\/td>\n<\/td>\n<\/tr>\n
GARTNER INC<\/td>\nIT<\/td>\n1,045<\/td>\n3,627<\/td>\n28.8%<\/td>\n12.3<\/td>\n(10.5)<\/td>\n25.1<\/td>\n<\/td>\n<\/tr>\n
GATX CORP<\/td>\nGMT<\/td>\n560<\/td>\n1,778<\/td>\n31.5%<\/td>\n9.5<\/td>\n(0.9)<\/td>\n1.1<\/td>\n<\/td>\n<\/tr>\n
GENERAL DYNAMICS CORP<\/td>\nGD<\/td>\n4,535<\/td>\n26,557<\/td>\n17.1%<\/td>\n1.8<\/td>\n(6.2)<\/td>\n4.2<\/td>\n<\/td>\n<\/tr>\n
GENERAL ELECTRIC CO<\/td>\nGE<\/td>\n31,938<\/td>\n205,893<\/td>\n15.5%<\/td>\n6.7<\/td>\n(3.3)<\/td>\n(6.4)<\/td>\n<\/td>\n<\/tr>\n
GENWORTH FINANCIAL INC<\/td>\nGNW<\/td>\n2,700<\/td>\n5,372<\/td>\n50.3%<\/td>\n(16.7)<\/td>\n(18.6)<\/td>\n(17.3)<\/td>\n<\/td>\n<\/tr>\n
GOLDMAN SACHS GROUP INC<\/td>\nGS<\/td>\n36,295<\/td>\n70,329<\/td>\n51.6%<\/td>\n(19.0)<\/td>\n(14.4)<\/td>\n(0.3)<\/td>\n<\/td>\n<\/tr>\n
GRAINGER (W W) INC<\/td>\nGWW<\/td>\n2,857<\/td>\n10,314<\/td>\n27.7%<\/td>\n8.7<\/td>\n8.6<\/td>\n16.7<\/td>\n<\/td>\n<\/tr>\n
GREENHILL & CO INC<\/td>\nGHL<\/td>\n331<\/td>\n1,624<\/td>\n20.4%<\/td>\n(32.6)<\/td>\n(16.8)<\/td>\n(1.5)<\/td>\n<\/td>\n<\/tr>\n
HANOVER INSURANCE GROUP INC<\/td>\nTHG<\/td>\n720<\/td>\n1,880<\/td>\n38.3%<\/td>\n(10.9)<\/td>\n(8.6)<\/td>\n(3.0)<\/td>\n<\/td>\n<\/tr>\n
HARLEY-DAVIDSON INC<\/td>\nHOG<\/td>\n4,674<\/td>\n8,591<\/td>\n54.4%<\/td>\n5.1<\/td>\n(14.4)<\/td>\n(3.8)<\/td>\n<\/td>\n<\/tr>\n
HARMAN INTERNATIONAL INDS<\/td>\nHAR<\/td>\n1,048<\/td>\n3,252<\/td>\n32.2%<\/td>\n0.6<\/td>\n(0.6)<\/td>\n(11.1)<\/td>\n<\/td>\n<\/tr>\n
HARSCO CORP<\/td>\nHSC<\/td>\n737<\/td>\n2,595<\/td>\n28.4%<\/td>\n15.0<\/td>\n(8.3)<\/td>\n(0.9)<\/td>\n<\/td>\n<\/tr>\n
HASBRO INC<\/td>\nHAS<\/td>\n2,102<\/td>\n6,459<\/td>\n32.5%<\/td>\n1.7<\/td>\n1.9<\/td>\n21.8<\/td>\n<\/td>\n<\/tr>\n
HEALTH NET INC<\/td>\nHNT<\/td>\n1,627<\/td>\n2,825<\/td>\n57.6%<\/td>\n14.4<\/td>\n(4.5)<\/td>\n(3.9)<\/td>\n<\/td>\n<\/tr>\n
HEINZ (H J) CO<\/td>\nHNZ<\/td>\n4,751<\/td>\n17,169<\/td>\n27.7%<\/td>\n8.9<\/td>\n9.3<\/td>\n8.2<\/td>\n<\/td>\n<\/tr>\n
HERSHEY CO<\/td>\nHSY<\/td>\n4,052<\/td>\n9,091<\/td>\n44.6%<\/td>\n18.5<\/td>\n2.1<\/td>\n4.4<\/td>\n<\/td>\n<\/tr>\n
HIBBETT SPORTS INC<\/td>\nHIBB<\/td>\n205<\/td>\n1,083<\/td>\n18.9%<\/td>\n7.1<\/td>\n10.3<\/td>\n4.5<\/td>\n<\/td>\n<\/tr>\n
HILL-ROM HOLDINGS INC<\/td>\nHRC<\/td>\n558<\/td>\n2,856<\/td>\n19.5%<\/td>\n15.2<\/td>\n19.0<\/td>\n12.5<\/td>\n<\/td>\n<\/tr>\n
HOLLY CORP<\/td>\nHOC<\/td>\n678<\/td>\n3,229<\/td>\n21.0%<\/td>\n49.0<\/td>\n(0.3)<\/td>\n10.3<\/td>\n<\/td>\n<\/tr>\n
HONEYWELL INTERNATIONAL INC<\/td>\nHON<\/td>\n8,299<\/td>\n46,024<\/td>\n18.0%<\/td>\n11.3<\/td>\n(1.5)<\/td>\n10.4<\/td>\n<\/td>\n<\/tr>\n
HUDSON CITY BANCORP INC<\/td>\nHCBK<\/td>\n1,726<\/td>\n4,761<\/td>\n36.2%<\/td>\n(27.5)<\/td>\n(5.8)<\/td>\n(3.3)<\/td>\n<\/td>\n<\/tr>\n
HUNT (JB) TRANSPRT SVCS INC<\/td>\nJBHT<\/td>\n1,173<\/td>\n5,443<\/td>\n21.6%<\/td>\n11.6<\/td>\n(0.1)<\/td>\n16.4<\/td>\n<\/td>\n<\/tr>\n
IAC\/INTERACTIVECORP<\/td>\nIACI<\/td>\n8,364<\/td>\n3,007<\/td>\n278.2%<\/td>\n22.8<\/td>\n14.0<\/td>\n5.5<\/td>\n<\/td>\n<\/tr>\n
IDEXX LABS INC<\/td>\nIDXX<\/td>\n1,061<\/td>\n4,473<\/td>\n23.7%<\/td>\n12.7<\/td>\n1.0<\/td>\n14.4<\/td>\n<\/td>\n<\/tr>\n
INTEGRA LIFESCIENCES HLDGS<\/td>\nIART<\/td>\n284<\/td>\n1,422<\/td>\n19.9%<\/td>\n5.3<\/td>\n5.0<\/td>\n4.5<\/td>\n<\/td>\n<\/tr>\n
INTERDIGITAL INC<\/td>\nIDCC<\/td>\n569<\/td>\n1,904<\/td>\n29.9%<\/td>\n1.2<\/td>\n(11.8)<\/td>\n12.9<\/td>\n<\/td>\n<\/tr>\n
INTL BANCSHARES CORP<\/td>\nIBOC<\/td>\n250<\/td>\n1,108<\/td>\n22.6%<\/td>\n(17.4)<\/td>\n(10.8)<\/td>\n(5.3)<\/td>\n<\/td>\n<\/tr>\n
INTL BUSINESS MACHINES CORP<\/td>\nIBM<\/td>\n96,161<\/td>\n203,797<\/td>\n47.2%<\/td>\n15.6<\/td>\n3.6<\/td>\n17.7<\/td>\n<\/td>\n<\/tr>\n
INTL FLAVORS & FRAGRANCES<\/td>\nIFF<\/td>\n1,383<\/td>\n5,043<\/td>\n27.4%<\/td>\n13.4<\/td>\n0.7<\/td>\n15.0<\/td>\n<\/td>\n<\/tr>\n
INTUIT INC<\/td>\nINTU<\/td>\n3,315<\/td>\n16,016<\/td>\n20.7%<\/td>\n7.4<\/td>\n(0.3)<\/td>\n15.5<\/td>\n<\/td>\n<\/tr>\n
ITT EDUCATIONAL SERVICES INC<\/td>\nESI<\/td>\n566<\/td>\n1,879<\/td>\n30.1%<\/td>\n5.1<\/td>\n(7.2)<\/td>\n2.5<\/td>\n<\/td>\n<\/tr>\n
JACK IN THE BOX INC<\/td>\nJACK<\/td>\n571<\/td>\n1,082<\/td>\n52.8%<\/td>\n0.9<\/td>\n(6.0)<\/td>\n(0.2)<\/td>\n<\/td>\n<\/tr>\n
KEYCORP<\/td>\nKEY<\/td>\n1,904<\/td>\n7,863<\/td>\n24.2%<\/td>\n(6.5)<\/td>\n(6.9)<\/td>\n(23.4)<\/td>\n<\/td>\n<\/tr>\n
KIMBERLY-CLARK CORP<\/td>\nKMB<\/td>\n4,726<\/td>\n26,692<\/td>\n17.7%<\/td>\n8.9<\/td>\n4.1<\/td>\n6.4<\/td>\n<\/td>\n<\/tr>\n
KNIGHT CAPITAL GROUP INC<\/td>\nKCG<\/td>\n766<\/td>\n1,222<\/td>\n62.7%<\/td>\n(11.7)<\/td>\n(9.1)<\/td>\n(3.9)<\/td>\n<\/td>\n<\/tr>\n
KOHL’S CORP<\/td>\nKSS<\/td>\n3,643<\/td>\n15,967<\/td>\n22.8%<\/td>\n1.7<\/td>\n3.7<\/td>\n(1.1)<\/td>\n<\/td>\n<\/tr>\n
KROGER CO<\/td>\nKR<\/td>\n6,732<\/td>\n14,907<\/td>\n45.2%<\/td>\n10.9<\/td>\n3.0<\/td>\n5.2<\/td>\n<\/td>\n<\/tr>\n
L-3 COMMUNICATIONS HLDGS INC<\/td>\nLLL<\/td>\n2,658<\/td>\n8,783<\/td>\n30.3%<\/td>\n18.7<\/td>\n6.3<\/td>\n1.2<\/td>\n<\/td>\n<\/tr>\n
LAM RESEARCH CORP<\/td>\nLRCX<\/td>\n1,581<\/td>\n5,760<\/td>\n27.5%<\/td>\n(10.6)<\/td>\n(18.3)<\/td>\n(0.2)<\/td>\n<\/td>\n<\/tr>\n
LAMAR ADVERTISING CO\u00a0 -CL A<\/td>\nLAMR<\/td>\n885<\/td>\n2,258<\/td>\n39.2%<\/td>\n(27.1)<\/td>\n(21.3)<\/td>\n(9.1)<\/td>\n<\/td>\n<\/tr>\n
LANCASTER COLONY CORP<\/td>\nLANC<\/td>\n680<\/td>\n1,667<\/td>\n40.8%<\/td>\n6.8<\/td>\n0.3<\/td>\n11.1<\/td>\n<\/td>\n<\/tr>\n
LANDSTAR SYSTEM INC<\/td>\nLSTR<\/td>\n763<\/td>\n2,196<\/td>\n34.8%<\/td>\n12.3<\/td>\n0.5<\/td>\n2.6<\/td>\n<\/td>\n<\/tr>\n
LAUDER (ESTEE) COS INC -CL A<\/td>\nEL<\/td>\n2,850<\/td>\n11,831<\/td>\n24.1%<\/td>\n21.8<\/td>\n2.0<\/td>\n22.8<\/td>\n<\/td>\n<\/tr>\n
LAWSON SOFTWARE INC<\/td>\nLWSN<\/td>\n327<\/td>\n1,823<\/td>\n17.9%<\/td>\n19.9<\/td>\n(8.3)<\/td>\n7.6<\/td>\n<\/td>\n<\/tr>\n
LEGGETT & PLATT INC<\/td>\nLEG<\/td>\n1,093<\/td>\n3,641<\/td>\n30.0%<\/td>\n13.3<\/td>\n4.0<\/td>\n4.7<\/td>\n<\/td>\n<\/tr>\n
LENNAR CORP<\/td>\nLEN<\/td>\n615<\/td>\n3,228<\/td>\n19.1%<\/td>\n(7.2)<\/td>\n(1.8)<\/td>\n(17.5)<\/td>\n<\/td>\n<\/tr>\n
LENNOX INTERNATIONAL INC<\/td>\nLII<\/td>\n947<\/td>\n2,456<\/td>\n38.6%<\/td>\n(2.3)<\/td>\n(12.4)<\/td>\n10.0<\/td>\n<\/td>\n<\/tr>\n
LEXMARK INTL INC\u00a0 -CL A<\/td>\nLXK<\/td>\n404<\/td>\n2,303<\/td>\n17.6%<\/td>\n(16.5)<\/td>\n(21.5)<\/td>\n(7.9)<\/td>\n<\/td>\n<\/tr>\n
LOUISIANA-PACIFIC CORP<\/td>\nLPX<\/td>\n280<\/td>\n1,045<\/td>\n26.8%<\/td>\n(16.4)<\/td>\n(24.7)<\/td>\n(18.3)<\/td>\n<\/td>\n<\/tr>\n
MACY’S INC<\/td>\nM<\/td>\n2,431<\/td>\n12,170<\/td>\n20.0%<\/td>\n13.2<\/td>\n17.8<\/td>\n(7.7)<\/td>\n<\/td>\n<\/tr>\n
MAGELLAN HEALTH SERVICES INC<\/td>\nMGLN<\/td>\n382<\/td>\n1,643<\/td>\n23.2%<\/td>\n8.7<\/td>\n4.7<\/td>\n5.1<\/td>\n<\/td>\n<\/tr>\n
MANPOWERGROUP<\/td>\nMAN<\/td>\n1,258<\/td>\n4,942<\/td>\n25.4%<\/td>\n(4.2)<\/td>\n(4.4)<\/td>\n1.6<\/td>\n<\/td>\n<\/tr>\n
MARRIOTT INTL INC<\/td>\nMAR<\/td>\n5,348<\/td>\n13,045<\/td>\n41.0%<\/td>\n(12.2)<\/td>\n2.3<\/td>\n0.3<\/td>\n<\/td>\n<\/tr>\n
MATTEL INC<\/td>\nMAT<\/td>\n1,881<\/td>\n9,149<\/td>\n20.6%<\/td>\n5.4<\/td>\n6.5<\/td>\n14.9<\/td>\n<\/td>\n<\/tr>\n
MATTHEWS INTL CORP\u00a0 -CL A<\/td>\nMATW<\/td>\n207<\/td>\n1,082<\/td>\n19.2%<\/td>\n5.2<\/td>\n(4.7)<\/td>\n3.6<\/td>\n<\/td>\n<\/tr>\n
MAXIMUS INC<\/td>\nMMS<\/td>\n359<\/td>\n1,406<\/td>\n25.6%<\/td>\n24.0<\/td>\n0.0<\/td>\n19.4<\/td>\n<\/td>\n<\/tr>\n
MBIA INC<\/td>\nMBI<\/td>\n2,225<\/td>\n1,756<\/td>\n126.7%<\/td>\n(26.7)<\/td>\n(12.5)<\/td>\n(28.9)<\/td>\n<\/td>\n<\/tr>\n
MCDONALD’S CORP<\/td>\nMCD<\/td>\n25,143<\/td>\n85,600<\/td>\n29.4%<\/td>\n8.4<\/td>\n8.4<\/td>\n21.4<\/td>\n<\/td>\n<\/tr>\n
MCGRAW-HILL COMPANIES<\/td>\nMHP<\/td>\n4,958<\/td>\n12,901<\/td>\n38.4%<\/td>\n17.1<\/td>\n7.5<\/td>\n(3.9)<\/td>\n<\/td>\n<\/tr>\n
MCKESSON CORP<\/td>\nMCK<\/td>\n6,470<\/td>\n21,221<\/td>\n30.5%<\/td>\n19.9<\/td>\n6.5<\/td>\n12.2<\/td>\n<\/td>\n<\/tr>\n
MEDCO HEALTH SOLUTIONS INC<\/td>\nMHS<\/td>\n11,066<\/td>\n25,451<\/td>\n43.5%<\/td>\n3.9<\/td>\n13.4<\/td>\n17.4<\/td>\n<\/td>\n<\/tr>\n
MEDICIS PHARMACEUT CP\u00a0 -CL A<\/td>\nMRX<\/td>\n348<\/td>\n2,266<\/td>\n15.3%<\/td>\n37.3<\/td>\n14.5<\/td>\n2.3<\/td>\n<\/td>\n<\/tr>\n
MEMC ELECTRONIC MATRIALS INC<\/td>\nWFR<\/td>\n456<\/td>\n2,343<\/td>\n19.5%<\/td>\n(9.7)<\/td>\n(21.5)<\/td>\n(21.9)<\/td>\n<\/td>\n<\/tr>\n
MENS WEARHOUSE INC<\/td>\nMW<\/td>\n413<\/td>\n1,706<\/td>\n24.2%<\/td>\n33.2<\/td>\n22.5<\/td>\n(3.5)<\/td>\n<\/td>\n<\/tr>\n
MERCK & CO<\/td>\nMRK<\/td>\n22,433<\/td>\n113,895<\/td>\n19.7%<\/td>\n3.6<\/td>\n11.8<\/td>\n5.1<\/td>\n<\/td>\n<\/tr>\n
METTLER-TOLEDO INTL INC<\/td>\nMTD<\/td>\n1,057<\/td>\n5,298<\/td>\n20.0%<\/td>\n9.0<\/td>\n(4.2)<\/td>\n23.7<\/td>\n<\/td>\n<\/tr>\n
MICROSTRATEGY INC<\/td>\nMSTR<\/td>\n475<\/td>\n1,085<\/td>\n43.8%<\/td>\n58.4<\/td>\n0.7<\/td>\n8.6<\/td>\n<\/td>\n<\/tr>\n
MINE SAFETY APPLIANCES CO<\/td>\nMSA<\/td>\n271<\/td>\n1,310<\/td>\n20.7%<\/td>\n16.6<\/td>\n(1.8)<\/td>\n1.9<\/td>\n<\/td>\n<\/tr>\n
MINERALS TECHNOLOGIES INC<\/td>\nMTX<\/td>\n466<\/td>\n1,172<\/td>\n39.8%<\/td>\n(1.8)<\/td>\n(6.4)<\/td>\n3.9<\/td>\n<\/td>\n<\/tr>\n
MOLEX INC<\/td>\nMOLX<\/td>\n1,098<\/td>\n4,338<\/td>\n25.3%<\/td>\n18.1<\/td>\n6.1<\/td>\n(3.9)<\/td>\n<\/td>\n<\/tr>\n
MOLEX INC<\/td>\nMOLX<\/td>\n1,098<\/td>\n4,338<\/td>\n25.3%<\/td>\n18.9<\/td>\n7.5<\/td>\n(3.9)<\/td>\n<\/td>\n<\/tr>\n
MOODY’S CORP<\/td>\nMCO<\/td>\n4,407<\/td>\n8,634<\/td>\n51.0%<\/td>\n43.9<\/td>\n12.2<\/td>\n(7.7)<\/td>\n<\/td>\n<\/tr>\n
NASDAQ OMX GROUP INC<\/td>\nNDAQ<\/td>\n796<\/td>\n4,406<\/td>\n18.1%<\/td>\n5.1<\/td>\n(3.5)<\/td>\n(6.2)<\/td>\n<\/td>\n<\/tr>\n
NRG ENERGY INC<\/td>\nNRG<\/td>\n1,503<\/td>\n5,955<\/td>\n25.2%<\/td>\n26.4<\/td>\n14.7<\/td>\n0.3<\/td>\n<\/td>\n<\/tr>\n
NU SKIN ENTERPRISES\u00a0 -CL A<\/td>\nNUS<\/td>\n477<\/td>\n2,272<\/td>\n21.0%<\/td>\n22.6<\/td>\n28.5<\/td>\n17.1<\/td>\n<\/td>\n<\/tr>\n
NVR INC<\/td>\nNVR<\/td>\n3,240<\/td>\n4,303<\/td>\n75.3%<\/td>\n5.8<\/td>\n(3.3)<\/td>\n(0.4)<\/td>\n<\/td>\n<\/tr>\n
OMNICOM GROUP<\/td>\nOMC<\/td>\n4,697<\/td>\n13,140<\/td>\n35.7%<\/td>\n2.6<\/td>\n(4.7)<\/td>\n3.4<\/td>\n<\/td>\n<\/tr>\n
PARTNERRE LTD<\/td>\nPRE<\/td>\n1,083<\/td>\n5,141<\/td>\n21.1%<\/td>\n(3.9)<\/td>\n(3.2)<\/td>\n7.9<\/td>\n<\/td>\n<\/tr>\n
PETSMART INC<\/td>\nPETM<\/td>\n1,335<\/td>\n5,094<\/td>\n26.2%<\/td>\n13.5<\/td>\n10.1<\/td>\n9.8<\/td>\n<\/td>\n<\/tr>\n
PITNEY BOWES INC<\/td>\nPBI<\/td>\n4,480<\/td>\n4,958<\/td>\n90.4%<\/td>\n3.6<\/td>\n(3.9)<\/td>\n(5.6)<\/td>\n<\/td>\n<\/tr>\n
POLYONE CORP<\/td>\nPOL<\/td>\n306<\/td>\n1,304<\/td>\n23.4%<\/td>\n12.1<\/td>\n(1.8)<\/td>\n10.3<\/td>\n<\/td>\n<\/tr>\n
PPG INDUSTRIES INC<\/td>\nPPG<\/td>\n4,708<\/td>\n13,705<\/td>\n34.4%<\/td>\n4.4<\/td>\n(8.4)<\/td>\n10.9<\/td>\n<\/td>\n<\/tr>\n
PRINCIPAL FINANCIAL GRP INC<\/td>\nPFG<\/td>\n4,725<\/td>\n10,022<\/td>\n47.1%<\/td>\n(4.2)<\/td>\n(2.9)<\/td>\n(6.2)<\/td>\n<\/td>\n<\/tr>\n
PROCTER & GAMBLE CO<\/td>\nPG<\/td>\n61,309<\/td>\n187,156<\/td>\n32.8%<\/td>\n5.9<\/td>\n9.7<\/td>\n4.9<\/td>\n<\/td>\n<\/tr>\n
PRUDENTIAL FINANCIAL INC<\/td>\nPRU<\/td>\n11,173<\/td>\n30,322<\/td>\n36.8%<\/td>\n6.3<\/td>\n1.3<\/td>\n(2.4)<\/td>\n<\/td>\n<\/tr>\n
QUAD\/GRAPHICS INC<\/td>\nQUAD<\/td>\n296<\/td>\n1,343<\/td>\n22.0%<\/td>\n(0.6)<\/td>\n(3.6)<\/td>\n <\/td>\n<\/td>\n<\/tr>\n
QUEST DIAGNOSTICS INC<\/td>\nDGX<\/td>\n2,158<\/td>\n9,085<\/td>\n23.8%<\/td>\n7.4<\/td>\n0.2<\/td>\n1.0<\/td>\n<\/td>\n<\/tr>\n
RADIOSHACK CORP<\/td>\nRSH<\/td>\n949<\/td>\n1,643<\/td>\n57.8%<\/td>\n(16.2)<\/td>\n3.2<\/td>\n0.1<\/td>\n<\/td>\n<\/tr>\n
RAYTHEON CO<\/td>\nRTN<\/td>\n6,900<\/td>\n17,599<\/td>\n39.2%<\/td>\n8.4<\/td>\n(2.0)<\/td>\n4.3<\/td>\n<\/td>\n<\/tr>\n
REGIONS FINANCIAL CORP<\/td>\nRF<\/td>\n1,402<\/td>\n8,582<\/td>\n16.3%<\/td>\n(2.3)<\/td>\n(5.9)<\/td>\n(24.6)<\/td>\n<\/td>\n<\/tr>\n
RENT-A-CENTER INC<\/td>\nRCII<\/td>\n904<\/td>\n1,991<\/td>\n45.4%<\/td>\n(2.7)<\/td>\n(10.2)<\/td>\n2.2<\/td>\n<\/td>\n<\/tr>\n
RLI CORP<\/td>\nRLI<\/td>\n393<\/td>\n1,261<\/td>\n31.1%<\/td>\n14.5<\/td>\n3.9<\/td>\n5.5<\/td>\n<\/td>\n<\/tr>\n
ROCKWELL AUTOMATION<\/td>\nROK<\/td>\n2,136<\/td>\n11,748<\/td>\n18.2%<\/td>\n14.5<\/td>\n(13.6)<\/td>\n6.2<\/td>\n<\/td>\n<\/tr>\n
ROCKWELL COLLINS INC<\/td>\nCOL<\/td>\n1,497<\/td>\n9,309<\/td>\n16.1%<\/td>\n4.5<\/td>\n(6.4)<\/td>\n3.6<\/td>\n<\/td>\n<\/tr>\n
SAFEWAY INC<\/td>\nSWY<\/td>\n6,284<\/td>\n8,821<\/td>\n71.2%<\/td>\n11.4<\/td>\n5.8<\/td>\n0.8<\/td>\n<\/td>\n<\/tr>\n
SCHWAB (CHARLES) CORP<\/td>\nSCHW<\/td>\n4,247<\/td>\n20,744<\/td>\n20.5%<\/td>\n1.1<\/td>\n(4.3)<\/td>\n2.7<\/td>\n<\/td>\n<\/tr>\n
SEACOR HOLDINGS INC<\/td>\nCKH<\/td>\n903<\/td>\n2,081<\/td>\n43.4%<\/td>\n(4.9)<\/td>\n3.9<\/td>\n5.1<\/td>\n<\/td>\n<\/tr>\n
SEARS HOLDINGS CORP<\/td>\nSHLD<\/td>\n5,826<\/td>\n7,737<\/td>\n75.3%<\/td>\n(2.6)<\/td>\n(13.1)<\/td>\n(9.8)<\/td>\n<\/td>\n<\/tr>\n
SHERWIN-WILLIAMS CO<\/td>\nSHW<\/td>\n4,391<\/td>\n9,084<\/td>\n48.3%<\/td>\n2.8<\/td>\n2.0<\/td>\n12.5<\/td>\n<\/td>\n<\/tr>\n
SIGMA-ALDRICH CORP<\/td>\nSIAL<\/td>\n2,051<\/td>\n8,314<\/td>\n24.7%<\/td>\n2.8<\/td>\n7.3<\/td>\n16.8<\/td>\n<\/td>\n<\/tr>\n
SLM CORP<\/td>\nSLM<\/td>\n1,876<\/td>\n8,433<\/td>\n22.3%<\/td>\n27.0<\/td>\n4.5<\/td>\n(20.4)<\/td>\n<\/td>\n<\/tr>\n
SPX CORP<\/td>\nSPW<\/td>\n2,516<\/td>\n4,020<\/td>\n62.6%<\/td>\n10.6<\/td>\n(0.7)<\/td>\n11.3<\/td>\n<\/td>\n<\/tr>\n
ST JOE CO<\/td>\nJOE<\/td>\n931<\/td>\n2,038<\/td>\n45.7%<\/td>\n1.1<\/td>\n(11.9)<\/td>\n(13.8)<\/td>\n<\/td>\n<\/tr>\n
STAPLES INC<\/td>\nSPLS<\/td>\n3,787<\/td>\n11,917<\/td>\n31.8%<\/td>\n(26.2)<\/td>\n(14.0)<\/td>\n(3.1)<\/td>\n<\/td>\n<\/tr>\n
STEEL DYNAMICS INC<\/td>\nSTLD<\/td>\n728<\/td>\n3,625<\/td>\n20.1%<\/td>\n(8.8)<\/td>\n(11.6)<\/td>\n5.1<\/td>\n<\/td>\n<\/tr>\n
SUNOCO INC<\/td>\nSUN<\/td>\n4,387<\/td>\n4,753<\/td>\n92.3%<\/td>\n(1.9)<\/td>\n(13.6)<\/td>\n(10.0)<\/td>\n<\/td>\n<\/tr>\n
SUPERVALU INC<\/td>\nSVU<\/td>\n521<\/td>\n2,155<\/td>\n24.2%<\/td>\n6.6<\/td>\n13.8<\/td>\n(14.7)<\/td>\n<\/td>\n<\/tr>\n
SYNAPTICS INC<\/td>\nSYNA<\/td>\n282<\/td>\n972<\/td>\n29.0%<\/td>\n(3.4)<\/td>\n5.0<\/td>\n10.2<\/td>\n<\/td>\n<\/tr>\n
SYSCO CORP<\/td>\nSYY<\/td>\n4,408<\/td>\n18,858<\/td>\n23.4%<\/td>\n11.9<\/td>\n16.7<\/td>\n2.5<\/td>\n<\/td>\n<\/tr>\n
TECH DATA CORP<\/td>\nTECD<\/td>\n467<\/td>\n2,188<\/td>\n21.3%<\/td>\n6.7<\/td>\n(7.6)<\/td>\n7.7<\/td>\n<\/td>\n<\/tr>\n
TECHNICOLOR\u00a0 -ADR<\/td>\nTCLRY<\/td>\n207<\/td>\n1,172<\/td>\n17.7%<\/td>\n40.8<\/td>\n(7.7)<\/td>\n(45.5)<\/td>\n<\/td>\n<\/tr>\n
TELEPHONE & DATA SYSTEMS INC<\/td>\nTDS<\/td>\n739<\/td>\n2,943<\/td>\n25.1%<\/td>\n(12.1)<\/td>\n(5.0)<\/td>\n(2.0)<\/td>\n<\/td>\n<\/tr>\n
TELEPHONE & DATA SYSTEMS INC<\/td>\nTDS<\/td>\n739<\/td>\n2,943<\/td>\n25.1%<\/td>\n(10.8)<\/td>\n(5.1)<\/td>\n(2.0)<\/td>\n<\/td>\n<\/tr>\n
TELETECH HOLDINGS INC<\/td>\nTTEC<\/td>\n323<\/td>\n1,009<\/td>\n32.0%<\/td>\n(13.6)<\/td>\n(8.2)<\/td>\n9.1<\/td>\n<\/td>\n<\/tr>\n
TELLABS INC<\/td>\nTLAB<\/td>\n1,222<\/td>\n1,664<\/td>\n73.4%<\/td>\n(31.9)<\/td>\n(12.2)<\/td>\n(20.7)<\/td>\n<\/td>\n<\/tr>\n
TEMPLE-INLAND INC<\/td>\nTIN<\/td>\n584<\/td>\n2,419<\/td>\n24.1%<\/td>\n5.7<\/td>\n(4.6)<\/td>\n4.3<\/td>\n<\/td>\n<\/tr>\n
TEMPUR PEDIC INTL INC<\/td>\nTPX<\/td>\n713<\/td>\n4,291<\/td>\n16.6%<\/td>\n56.5<\/td>\n23.7<\/td>\n32.6<\/td>\n<\/td>\n<\/tr>\n
TENET HEALTHCARE CORP<\/td>\nTHC<\/td>\n1,479<\/td>\n3,074<\/td>\n48.1%<\/td>\n(6.1)<\/td>\n(15.7)<\/td>\n(3.6)<\/td>\n<\/td>\n<\/tr>\n
TEREX CORP<\/td>\nTEX<\/td>\n599<\/td>\n3,094<\/td>\n19.4%<\/td>\n(9.1)<\/td>\n(23.8)<\/td>\n(4.3)<\/td>\n<\/td>\n<\/tr>\n
TEXAS INSTRUMENTS INC<\/td>\nTXN<\/td>\n16,411<\/td>\n39,770<\/td>\n41.3%<\/td>\n6.2<\/td>\n(0.5)<\/td>\n2.0<\/td>\n<\/td>\n<\/tr>\n
TIMBERLAND CO\u00a0 -CL A<\/td>\nTBL<\/td>\n747<\/td>\n1,313<\/td>\n56.9%<\/td>\n29.6<\/td>\n(22.8)<\/td>\n5.8<\/td>\n<\/td>\n<\/tr>\n
TIME WARNER INC<\/td>\nTWX<\/td>\n29,033<\/td>\n38,710<\/td>\n75.0%<\/td>\n13.1<\/td>\n1.3<\/td>\n2.8<\/td>\n<\/td>\n<\/tr>\n
TRAVELERS COS INC<\/td>\nTRV<\/td>\n14,857<\/td>\n25,735<\/td>\n57.7%<\/td>\n11.0<\/td>\n3.3<\/td>\n10.2<\/td>\n<\/td>\n<\/tr>\n
UMB FINANCIAL CORP<\/td>\nUMBF<\/td>\n361<\/td>\n1,696<\/td>\n21.3%<\/td>\n1.5<\/td>\n12.0<\/td>\n6.1<\/td>\n<\/td>\n<\/tr>\n
UNITED STATIONERS INC<\/td>\nUSTR<\/td>\n773<\/td>\n1,625<\/td>\n47.5%<\/td>\n11.2<\/td>\n(0.5)<\/td>\n6.2<\/td>\n<\/td>\n<\/tr>\n
UNITED TECHNOLOGIES CORP<\/td>\nUTX<\/td>\n17,468<\/td>\n78,795<\/td>\n22.2%<\/td>\n10.5<\/td>\n2.3<\/td>\n9.7<\/td>\n<\/td>\n<\/tr>\n
VALASSIS COMMUNICATIONS INC<\/td>\nVCI<\/td>\n508<\/td>\n1,380<\/td>\n36.8%<\/td>\n(13.2)<\/td>\n(3.6)<\/td>\n(0.3)<\/td>\n<\/td>\n<\/tr>\n
VALERO ENERGY CORP<\/td>\nVLO<\/td>\n6,462<\/td>\n14,787<\/td>\n43.7%<\/td>\n12.6<\/td>\n(12.9)<\/td>\n(14.0)<\/td>\n<\/td>\n<\/tr>\n
VARIAN SEMICONDUCTOR EQUIPMT<\/td>\nVSEA<\/td>\n733<\/td>\n4,615<\/td>\n15.9%<\/td>\n65.5<\/td>\n25.7<\/td>\n13.9<\/td>\n<\/td>\n<\/tr>\n
VERISK ANALYTICS INC<\/td>\nVRSK<\/td>\n1,106<\/td>\n5,179<\/td>\n21.4%<\/td>\n(0.4)<\/td>\n3.6<\/td>\n <\/td>\n<\/td>\n<\/tr>\n
VIACOM INC<\/td>\nVIA.B<\/td>\n5,725<\/td>\n29,895<\/td>\n19.2%<\/td>\n30.3<\/td>\n11.8<\/td>\n5.5<\/td>\n<\/td>\n<\/tr>\n
VIACOM INC<\/td>\nVIA.B<\/td>\n5,725<\/td>\n29,895<\/td>\n19.2%<\/td>\n26.6<\/td>\n7.5<\/td>\n5.5<\/td>\n<\/td>\n<\/tr>\n
WASHINGTON POST\u00a0 -CL B<\/td>\nWPO<\/td>\n2,158<\/td>\n2,770<\/td>\n77.9%<\/td>\n(4.9)<\/td>\n(5.0)<\/td>\n(9.2)<\/td>\n<\/td>\n<\/tr>\n
WASTE MANAGEMENT INC<\/td>\nWM<\/td>\n4,904<\/td>\n18,224<\/td>\n26.9%<\/td>\n5.2<\/td>\n2.9<\/td>\n4.4<\/td>\n<\/td>\n<\/tr>\n
WATERS CORP<\/td>\nWAT<\/td>\n2,509<\/td>\n8,913<\/td>\n28.2%<\/td>\n25.2<\/td>\n11.9<\/td>\n16.7<\/td>\n<\/td>\n<\/tr>\n
WEIGHT WATCHERS INTL INC<\/td>\nWTW<\/td>\n1,794<\/td>\n6,140<\/td>\n29.2%<\/td>\n124.8<\/td>\n19.9<\/td>\n11.7<\/td>\n<\/td>\n<\/tr>\n
WESCO INTL INC<\/td>\nWCC<\/td>\n591<\/td>\n2,259<\/td>\n26.2%<\/td>\n(0.7)<\/td>\n(16.1)<\/td>\n(3.8)<\/td>\n<\/td>\n<\/tr>\n
WHIRLPOOL CORP<\/td>\nWHR<\/td>\n1,823<\/td>\n6,139<\/td>\n29.7%<\/td>\n(8.3)<\/td>\n(5.1)<\/td>\n1.8<\/td>\n<\/td>\n<\/tr>\n
WOLVERINE WORLD WIDE<\/td>\nWWW<\/td>\n377<\/td>\n1,890<\/td>\n19.9%<\/td>\n19.8<\/td>\n2.1<\/td>\n11.5<\/td>\n<\/td>\n<\/tr>\n
WYNDHAM WORLDWIDE CORP<\/td>\nWYN<\/td>\n1,107<\/td>\n5,745<\/td>\n19.3%<\/td>\n13.4<\/td>\n6.3<\/td>\n <\/td>\n<\/td>\n<\/tr>\n
ZEBRA TECHNOLOGIES CP\u00a0 -CL A<\/td>\nZBRA<\/td>\n462<\/td>\n2,275<\/td>\n20.3%<\/td>\n9.6<\/td>\n6.1<\/td>\n(0.2)<\/td>\n<\/td>\n<\/tr>\n
ZIMMER HOLDINGS INC<\/td>\nZMH<\/td>\n3,545<\/td>\n12,861<\/td>\n27.6%<\/td>\n24.8<\/td>\n10.7<\/td>\n0.7<\/td>\n<\/td>\n<\/tr>\n
 <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/td>\n<\/tr>\n
AVERAGE<\/strong><\/td>\n <\/td>\n4,876<\/td>\n15,661<\/td>\n35.9%<\/td>\n7.8<\/td>\n(0.5)<\/td>\n2.4<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Kenneth Hackel, CFA<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

Share on Facebook<\/a><\/p>

\"Post

  Large Share Buybacks Again Prove They Are Misguided   As if we needed additional evidence large share buybacks are almost always a waste of corporate resources , I present a list of all companies having current market values of greater than $500MM that have repurchased at least 15% of their current market values and […]<\/p>\n

Share on Facebook<\/a><\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2429","post","type-post","status-publish","format-standard","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.credittrends.com\/blog\/wp-json\/wp\/v2\/posts\/2429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.credittrends.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.credittrends.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.credittrends.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.credittrends.com\/blog\/wp-json\/wp\/v2\/comments?post=2429"}],"version-history":[{"count":1,"href":"https:\/\/www.credittrends.com\/blog\/wp-json\/wp\/v2\/posts\/2429\/revisions"}],"predecessor-version":[{"id":2430,"href":"https:\/\/www.credittrends.com\/blog\/wp-json\/wp\/v2\/posts\/2429\/revisions\/2430"}],"wp:attachment":[{"href":"https:\/\/www.credittrends.com\/blog\/wp-json\/wp\/v2\/media?parent=2429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.credittrends.com\/blog\/wp-json\/wp\/v2\/categories?post=2429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.credittrends.com\/blog\/wp-json\/wp\/v2\/tags?post=2429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}