Explanation of Notes
Approaching Size Limit: Stocks are sold if their market capitalization goes above three times the initial maximum criterion. $400 million is the current market capitalization maximum for initial screening. Stocks are marked "approaching size limit" if their current market cap exceeds 2½ times the initial criterion—$1,000 million.

Approaching Value Limit: Stocks are sold once their price-to-book-value ratio goes above three times the initial criterion. The current initial price-to-book ceiling is 1.00. Stocks are marked "approaching value limit" if their current price-to-book ratio exceeds 2½ times the initial criterion—2.50.

Currently Qualifies: Stock still qualifies as a buy when the screen was run with the latest end-of-day data. Screens for Chinese firms and pseudo-financial firms are done manually. Stocks that don't currently qualify as a buy are held until they meet one of the sell rules.

Earnings Probation: If last 12 months' adjusted earnings from continuing operations are negative, the stock is put on probation; if a subsequent quarter has negative adjusted earnings prior to 12-month adjusted earnings becoming positive, the stock is sold. The date within the parentheses lists the fiscal quarter during which the company first reported negative trailing 12-month adjusted earnings.

Exceeds Size Limit: Stocks are sold (assuming there are passing stocks to replace them) if their market capitalization goes above three times the initial maximum criterion. $400 million is the current market capitalization maximum for initial screening. Stocks are marked "exceeds size limit" if their current market cap is equal to or exceeds 3 times the initial criterion—$1,200 million.

Exceeds Value Limit: Stocks are sold (assuming there are passing stocks to replace them) once their price-to-book-value ratio goes above three times the initial criterion. The current initial price-to-book ceiling is 1.00. Stocks are marked "exceeds value limit" if their current price-to-book ratio is equal to or exceeds 3 times the initial criterion—3.

No Longer Exchange Listed: Company has chosen to deregister its shares to avoid following SEC filing and reporting requirements. Its reported statements may be out of date.

TTM Adjusted Earnings Positive: Trailing four-quarter GAAP earnings are negative, resulting in no meaningful figure for the price-earnings ratio. However, adjusted earnings for the period are positive.

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