01-11-2018: Oclaro, Inc. (OCLR): A High-Tech Company with Extremely Strong Fundamentals

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Oclaro, Inc.

Oclaro, Inc. (OCLR) is a San Jose, Calfornia - based company providing optical components for fiber optic systems. As such, it is one of the largest providers to telecommunications companies for both metropolitan and long-haul network applications. The company has many patents in its core technology area. It also provides photonic material for other diversified industries including defense, industrial, life sciences, and semiconductor areas. The company has chip fabrication facilities in Britain, Switzerland, and Italy and manufacturing facilities in the U.S., Thailand, and China. A large part of its business comes from China, which is why its stock valuation seems higher than normal for tech companies, taking account of the risks in doing business in Communist China.

The first thing to jump out at us regarding this company is that it has one of the highest Zenith Indices we have ever seen. That suggests extreme fundamental strength with little or no debt. Also it has one of the highest average/current p/e ratios of any stock making its financials very special. Earnings have been erratic. The stock was over $1,000/share before the "tech wreck" of 2000. From that it is still recovering to this day. Investor confidence in the telecommunications industries fell sharply after 2000 and hit this company particularly hard, forcing a 50% cash burn and 38% layoffs, as well as facing stiff competition from JDS Uniphase. The company had relations with Fabrinet including a manufacturing facility in Thailand that got flooded.

After such a tumble, investors are reluctant to retake positions in such a risky company, but analyses by Standard & Poor's and Market Grader indicate better times ahead and analysts are highly favorable, while slower researchers hang back.

The company's website was a mixture of good and bad, with no CEO Letter to Shareholders nor any glitzy annual report.

News for this company is generally peppered with announcements of new product improvements, but starts out in 2010 with a series of class action lawsuits for the company's rosy guidance and earnings estimates proclamations which actually fell way short of what management was telling shareholders.

Until recently, this stock appeared to be a trading stock in a channel trading range, but recently broke out to the downside in November. The CEO, seeing earlier problems with too rosy guidance forecasts, gave a downbeat forward estimate in the face of a strong quarterly earnings report citing excess optical-component inventories in the China pipelines where most of its business comes from. However, the selloff was in the face of extremely strong financials enabling the company to weather any downturns. 



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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

Oclaro, Inc. (OCLR)                                       Exchange: Nasdaq
225 Charcot Avenue
San Jose, CA 95131               Sector: Technology
United States                    Industry:Semiconductor Equipment & Materi

Oclaro, Inc. designs, manufactures, and markets optical components,
modules, and subsystems for the long-haul, metro, and data center
markets worldwide. The company??s products generate, detect, combine,
and separate light signals in optical communications networks. It offers
client side transceivers, including pluggable transceivers; line side
transceivers; tunable laser transmitters, such as discrete lasers and
co-packaged laser modulators; lithium niobate modulators to manipulate
the phase or the amplitude of an optical signal; transponder modules for
transmitter and receiver functions; and discrete lasers and receivers
for metro and long-haul applications. The company markets its products
through direct sales force, as well as through sales representatives and
resellers. It serves network equipment manufacturers of
telecommunications and datacom systems, and hyperscale data center
operators. The company was formerly known as Bookham, Inc. and changed
its name to Oclaro, Inc. in April 2009. Oclaro, Inc. was founded in 1988
and is headquartered in San Jose, California.

Last Trade:   7.17                           52-Week Range:  11.30 -   5.87
Employees: 1,876                             Avg.Volume:   5,529,340 Shares

Corporate Governance:
Pllar scores are Audit: 1; Board: 1; Shareholder Rights: 5; Compensation: 2.
         (A lower number means less governance risk.)

EPS:  0.87    Dividend Amount: $%239.00          Yield:  0.00%
             Ex-Dividend Date: N/A             Payout Ratio:   0.00

Key Statistics:

    Trailing P/E:   8.26              Forward P/E (est.):  11.63
                                           Target Price:   9.58

Qrtly Stock Price Growth (yoy): -13.30%               Beta:   1.28
Qrtly S&P Index   Growth (yoy):  14.80%        Short Ratio:   5.03%
    Qrtly Revenue Growth (yoy):  20.06%         Shares Out:  168780000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:   3.22                    Debt/Equity:   0.66%
    Price/Book Value:   2.24        Operating Profit Margin:  21.24%
         Price/Sales:   1.96                  Profit Margin:  24.31%
         Market Cap:   1,217,000,000       Return on Equity:  32.74%
    Enterprise Value:     929,170,000      Return on Assets:  13.53%

    Operating Cash Flow:    120,920,000
         Free Cash Flow:      4,540,000



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             07/1/2017     7/2/2016   6/27/2015

  Total Revenue                                600,968     407,914     341,276
  Cost of Revenue                              365,729     291,496     284,528
  Gross Profit                                 235,239     116,418      56,748

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative             58,461      53,457      56,256
  Non-Recurring Expenses                            60          25      -1,516
  Other Operating Expenses                         786         995       1,133
  Total Operating Expenses                     116,401     100,544     102,292

Operating Income or Loss                       118,968      15,842     -45,461

Income from Continuing Operations:
  Total Other Income/Expenses Net               -2,712      -1,459        -311
  Earnings Before Interest & Taxes             102,813       9,429     -47,906
  Interest Expense                                   0           0           0
  Income Before Taxes                          102,813       9,429     -47,906
  Income Tax Expense                           -25,046         849         328
  Minority Interest                                  0           0           0

Net Income from Continuing Op.s                127,859       8,580     -48,234

Non-recurring Events:
  Discontinued Operations                            0           0      -8,458
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                   127,859       8,580     -56,692
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares              127,859       8,580     -56,692



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         07/1/2017       7/2/2016     6/27/2015

  Net Income                               127,859         8,580       -48,234

Operating Activities:
  Depreciation                              20,903        16,725        18,004
  Adjustments to Net Income                 -6,152         8,233         5,577
  Changes in Accounts Recv'bls             -28,811       -23,409           138
  Changes in Liabilities                    18,771         9,431       -15,701
  Changes in Investories                   -26,997       -11,008        -5,308
  Changes in other Oper'g Acts             -18,195        -2,285         7,729

Total Cash Flow f Operations                87,378         6,267       -46,253

Investing Activities:
  Capital Exenditures                      -61,893       -27,750       -18,084
  Investments                              -37,415       -37,415           141
  Other Cash Flows fr Investing                230         2,418        18,790

Total Cash Flows from Investing            -99,078       -25,332           847

Financing Activities:
  Dividends Paid                                 0             0             0
  Sale of Purchase of Stock                135,600        -1,355            42
  Net Borrowings                            -2,183        -3,151        56,788
  Other Cash Flows fr Financing                  0             0        18,790

Total Cash Flows from Financing            133,417        -4,506        56,830

  Effect of Exchange Rate Chg                1,624         7,660         1,443

Change in Cash & Cash Equiv.               123,341       -15,911        12,867



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          07/1/2017       7/2/2016     6/27/2015
Current Assets:
  Cash & Cash Equivalents                   219,986        96,644       115,115
  Short Term Investments                     37,559             0             0
  Net Receivables                           122,287        93,571        74,815
  Inventory                                 101,068        76,369        66,342
  Other Current Assets                       40,870        23,591        22,746
  Total Current Assets                      596,888       290,175       279,018

  Long-Term Investments                           0             0             0
  Property, Plant & Equipt                  114,333        65,045        41,766
  Goodwill                                        0             0             0
  Intangible Assets                             699         1,498         2,579
  Accumulated Amortization                        0             0             0
  Other Assets                                2,573         2,237         2,521
  Deferred LT Asset Charges                  25,774            94             0

Total Assets                                665,149       359,049       325,884

Current Liabilities:
  Accounts Payable                          130,815       106,019        88,781
  Current Portion LT Debt                     2,368         3,753         3,580
  Other Current Liabilities                       0             0             0
  Total Current Liabilities                 133,183       109,772         92,361

  Long Term Debt                            130,815       106,019        88,781
  Other Liabilities                           2,368         3,753         3,580
  Deferred LT Liab. Charges                       0             0             0
  Minority Interest                               0             0             0
  Negative Goodwill                               0             0             0

Total Liabilities                           152,390       185,629       172,884

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                                1,676         1,122         1,099
  Retained Earnings                      -1,217,753    -1,345,612    -1,354,192
  Treasury Stock                                  0             0             0
  Capital Surplus                         1,688,777     1,471,280     1,464,567
  Other Stockhohlder Equity                  40,973        39,821        41,526
  Total Stockholder Equity                  513,673       166,611       153,000

Net Tangible Assets                         512,974       165,113       150,421


Oclaro, Inc. (OCLR)                         [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            3.0000          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    2.4076
Price/Sales Ratio < 2.3?   1.1735          Inventory/Sales < 5%?      0.2973
Sales < $1 Billion?        1.6640          Operating Margin < 7.5%?   0.3531

Balance Sheet Tests:
Debt/Equity < 0.40?        3.0000          Long-Term Debt Service:    3.0000
LTD Being Reduced?         3.0000          Short-Term Debt Service:   3.0000
Current Ratio > 2?         2.2409          Working Capital >= 1.5?    0.3392
Leverage Ratio < 20%?      3.0000          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    1.7041
Share Equity Increase:     3.0000          Market Cap.< 1.5 Billion?  1.2325
                                           Intangibles < 3% Assets?   3.0000
Income Tests:
Profit Margin < 7.5%?      3.0000          EPS Annual Growth > 10%?   0.0067
Dividend Yield > 2.0%?     0.0000          EPS 3-yr Growth > 15?     -0.0665
Enterprise Value/Revenue   2.0247          EPS Growth Consistent?     2.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      0.6059
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%?  3.0000
Stock Performance Tests:
Volatility > 25%?          1.9221          % Held by Insiders < 5%?   2.6316
Beta > 1.25?               1.0240          % Held by Institut. < 50?  0.6996
50 Da MA > 200 Da MA?     -0.5063          % Held by Institut. > 30?  2.3823
52-Wk Change vs. S&P 500: -0.6630          Short Ratio > 5?           1.0060
Price/Book Value < 3?      1.3473          Short % of Float > 20?     1.1300
Return on Assets > 17%?    0.7959          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  3.0000          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  3.0000
                                           Cash Flow / Assets > 10%?  3.0000

OCLR   Oclaro, Inc.                        Overall Zenith Index:      1.8115


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Financial Statements

OCLARO INC  (OCLR)                          INCOME STATEMENT

Fiscal year ends in June.                            2013-06         2014-06         2015-06         2016-06         2017-06             TTM           

Revenue                                          586,028,032     390,871,008     341,276,000     407,913,984     600,968,000     621,073,984
Cost of revenue                                  521,625,984     338,424,000     284,528,000     291,496,000     365,728,992     369,487,008
Gross profit                                      64,402,000      52,447,000      56,748,000     116,418,000     235,239,008     251,587,008


Operating expenses
Research and development                         100,820,000      64,218,000      46,419,000      46,067,000      57,094,000      60,422,000
Sales, General and administrative                 91,363,000      70,937,000      56,256,000      53,457,000      58,461,000      58,535,000
Restructuring, merger and acquisition                      0               0      -1,516,000          25,000          60,000        -251,000
Other operating expenses                          -3,025,000      19,623,000       1,050,000       1,027,000         656,000         623,000
Total operating expenses                         189,158,000     154,778,000     102,209,000     100,576,000     116,271,000     119,329,000

Operating income                                -124,756,000    -102,331,000     -45,461,000      15,842,000     118,968,000     132,258,000
Other income (expense)                             3,530,000      -9,159,000      -2,445,000      -6,413,000     -16,155,000        -476,000
Income before taxes                             -121,226,000    -111,490,000     -47,906,000       9,429,000     102,813,000     131,782,000
Provision for income taxes                         1,519,000      -9,365,000         328,000         849,000     -25,046,000     -19,215,000
Net income from continuing operations           -122,745,000    -102,125,000     -48,234,000       8,580,000     127,859,000     150,996,992
Net income from discontinuing ops                          0     119,944,000      -8,458,000               0               0               0
Net income                                      -122,745,000      17,819,000     -56,692,000       8,580,000     127,859,000     150,996,992
Net income available to common shareholders     -122,745,000      17,819,000     -56,692,000       8,580,000     127,859,000     150,996,992

Earnings per share
Basic                                                  -1.40            0.18           -0.52            0.08            0.81            0.94 
Diluted                                                -1.40            0.18           -0.52            0.08            0.77            0.91 

Weighted average shares outstanding
Basic                                             87,770,000      98,986,000     108,144,000     110,599,000     158,115,008     167,029,248
Diluted                                           87,770,000      98,986,000     108,144,000     113,228,000     165,031,008     173,860,992

____________________________________________________________________________________________________________________________________________


OCLARO INC  (OCLR)                          BALANCE SHEET

Fiscal year ends in June.                            2013-06         2014-06         2015-06         2016-06         2017-06             

Assets

Current assets

Cash

Short-term investments                               200,000          95,000               0               0      37,559,000
Total cash                                        84,835,000      99,068,000     111,840,000      95,929,000     256,828,992

Receivables                                      100,853,000      82,872,000      74,106,000      92,635,000     122,287,000
Inventories                                      118,099,000      71,099,000      66,342,000      76,369,000     101,068,000
Prepaid expenses                                  35,095,000      45,275,000      22,746,000      23,591,000      40,870,000
Other current assets                               2,719,000       5,055,000       3,984,000       1,651,000         716,000
Total current assets                             341,600,992     303,368,992     279,017,984     290,175,008     521,769,984

Non-current assets

Property, plant and equipment
Gross property, plant and equipment              156,674,000      83,660,000      62,626,000      82,936,000     129,127,000
Accumulated Depreciation                         -65,342,000     -32,892,000     -20,860,000     -17,891,000     -14,794,000
Net property, plant and equipment                 91,332,000      50,768,000      41,766,000      65,045,000     114,333,000

Intangible assets                                 10,233,000       8,536,000       2,579,000       1,498,000         699,000
Deferred income taxes                                      0               0               0               0      25,774,000
Other long-term assets                             6,728,000       3,012,000       2,521,000       2,331,000       2,573,000
Total non-current assets                         108,293,000      62,316,000      46,866,000      68,874,000     143,379,008

Total assets                                     449,894,016     365,684,992     325,884,000     359,048,992     665,148,992 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                   64,611,000               0               0               0               0
Capital leases                                     8,281,000       5,387,000       3,580,000       3,753,000       2,368,000
Accounts payable                                 104,617,000      85,412,000      53,552,000      73,012,000      96,121,000
Taxes payable                                      2,779,000               0               0               0               0
Accrued liabilities                               45,628,000      32,880,000      27,236,000      28,389,000      34,694,000
Other current liabilities                          2,246,000       4,483,000       7,993,000       4,618,000               0
Total current liabilities                        228,162,000     128,162,000      92,361,000     109,772,000     133,183,000

Non-current liabilities
Long-term debt                                    22,990,000               0      61,246,000      62,058,000               0
Capital leases                                     9,914,000       4,539,000       1,167,000       2,105,000       1,379,000
Deferred revenues                                 10,477,000      10,711,000       8,978,000       6,809,000       5,895,000
Other long-term liabilities                       24,219,000      14,345,000       9,132,000      11,694,000      11,019,000
Total non-current liabilities                     67,600,000      29,595,000      80,523,000      82,666,000      18,293,000

Total liabilities                                295,761,984     157,756,992     172,884,000     192,438,000     151,476,000 

Stockholders' equity

Common stock                                         928,000       1,077,000       1,099,000       1,122,000       1,676,000
Additional paid-in capital                     1,429,154,944   1,458,487,040   1,464,567,040   1,471,280,000   1,688,776,960
Retained earnings                             -1,315,319,040  -1,297,500,032  -1,354,192,000  -1,345,612,032  -1,217,752,960
Accumulated other comprehensive income            39,368,000      45,864,000      41,526,000      39,821,000      40,973,000
Total stockholders' equity                       154,132,000     207,928,000     153,000,000     166,611,008     513,672,992
Total liabilities and stockholders' equity       449,894,016     365,684,992     325,884,000     359,048,992     665,148,992

____________________________________________________________________________________________________________________________________________


OCLARO INC  (OCLR)                          Statement of CASH FLOW

Fiscal year ends in June. USD.                       2013-06         2014-06         2015-06         2016-06         2017-06             TTM           

Cash Flows From Operating Activities
Net income                                      -122,745,000      17,819,000     -56,692,000       8,580,000     127,859,000     150,996,992
Depreciation & amortization                       42,177,000      26,383,000      18,613,000      16,755,000      21,544,000      22,899,000
Amortization of debt discount/premium and is      -1,535,000       2,159,000        -609,000         -30,000        -641,000        -749,000
Investment/asset impairment charges               26,015,000         584,000               0               0               0               0
Stock based compensation                           7,212,000       6,243,000       6,164,000       8,201,000      11,195,000      11,951,000
Accounts receivable                               33,862,000      26,547,000         138,000     -23,409,000     -28,811,000     -24,141,000
Inventory                                         14,449,000      15,517,000      -5,308,000     -11,008,000     -26,997,000     -24,973,000
Prepaid expenses                                 -15,008,000      -6,987,000       7,996,000      -2,383,000     -17,940,000     -17,694,000
Accounts payable                                 -23,393,000     -27,179,000      -4,873,000       9,455,000       9,643,000      18,593,000
Accrued liabilities                                        0               0     -10,828,000         -24,000       9,128,000       4,909,000
Other working capital                             -3,046,000     -13,148,000        -267,000          98,000        -255,000        -870,000
Other non-cash items                             -45,486,000    -129,122,000        -587,000          32,000     -17,347,000     -20,006,000
Net cash provided by operating activities        -87,498,000     -81,184,000     -46,253,000       6,267,000      87,378,000     120,916,000

Cash Flows From Investing Activities
Investments in property, plant, and equipmen     -17,202,000      -8,756,000     -18,084,000     -27,750,000     -61,893,000     -67,567,000
Property, plant, and equipment reductions             80,000               0               0               0         231,000               0
Acquisitions, net                                 36,123,000     178,144,992      16,997,000               0               0               0
Purchases of investments                                   0               0               0               0     -69,415,000    -144,286,000
Sales/Maturities of investments                    3,861,000               0         141,000               0      32,000,000      57,500,000
Other investing activities                        43,893,000        -189,000       1,793,000       2,418,000          -1,000         679,000
Net cash used for investing activities            66,755,000     169,200,000         847,000     -25,332,000     -99,078,000    -153,674,000

Cash Flows From Financing Activities
Debt issued                                       60,479,000               0      60,941,000               0               0               0
Debt repayment                                   -22,716,000     -72,037,000      -4,153,000      -3,151,000      -2,183,000      -1,672,000
Common stock issued                                1,646,000         -46,000               0               0     135,152,992               0
Common stock repurchased                                   0               0               0      -1,641,000      -4,426,000      -4,427,000
Other financing activities                        -8,628,000               0          42,000         286,000       4,873,000       3,938,000
Net cash provided by (used for) financing         30,781,000     -72,083,000      56,830,000      -4,506,000     133,417,000      -2,161,000

Effect of exchange rate changes                   12,837,000      -1,595,000       1,443,000       7,660,000       1,624,000      -1,241,000
Net change in cash                                22,875,000      14,338,000      12,867,000     -15,911,000     123,341,000     -36,160,000
Cash at beginning of period                       61,760,000      84,635,000      98,973,000     111,840,000      95,929,000     228,580,000
Cash at end of period                             84,635,000      98,973,000     111,840,000      95,929,000     219,270,000     192,420,000

Free Cash Flow
Operating cash flow                              -87,498,000     -81,184,000     -46,253,000       6,267,000      87,378,000     120,916,000
Capital expenditure                              -17,202,000      -8,756,000     -18,084,000     -27,750,000     -61,893,000     -67,567,000
Free cash flow                                  -104,700,000     -89,940,000     -64,337,000     -21,483,000      25,485,000      53,349,000
____________________________________________________________________________________________________________________________________________





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Average to Current P/E Ratios
              (OCLR)       Oclaro Inc.

                               2013    2014    2015    2016    2017

          Annual Earnings:    -1.40    0.18   -0.52    0.08    0.77
Average Price During Year:     1.49    2.26    2.25    5.86    8.85

                P/E Ratio:     1.06   12.53    4.32   73.24   11.49

 Average 5-Year P/E Ratio  =  20.53
             Current Price =  7.21

Previous 5 Quarter Earnings:   0.02    0.18    0.22    0.33    0.16

           Current Annualized (Last Four Quarters) Earnings =  .71
                                                           ________
                                 Average PE / Current PE =     2.02
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . Lowest to Highest, Compared to Industry



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Market Grader

900
901 902 903 904 905 906 907 908 909 910



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Book Value

Tangible Book Value:

Book Value



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Projected Earnings

Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for OCLARO INC.:
Symbol? OCLR
Total Months Available: 117
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
  11.30    6.92     10.93    7.95      9.44    5.87

RANGE   =  11.30  TO    5.87            Close =   7.17
CHANNEL =   9.44  TO    7.95           Degree =   3
Volatility =  20.78%                    Index =   6
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

3 out of 8 favorable, (negative opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant


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Point & Figure Chart

P & F Chart


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Wall Street Analyzer




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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

2 out of 3 of the ultimate systems favor a downmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News + 1
Comparison + 1
Industry - 1
Bond Issue 0
Zenith Index + 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow - 1
Average to Current P/E + 1
Ratios + 1
Market Grader + 1
Intrinsic Value DCF - 1
Tangible Book Value - 1
Projected Earnings + 1
Research Reports - 1
Analysts + 1
Executive Perquisites - 1
Insider Activity - 1
Institutional Activity - 1
Management Reporting + 1
Short Interest + 1
Sentiment + 1
Standard & Poor's + 1
MACD Histogram Divergence + 1
Val Idea - 1
Stock Consultant - 1
Point & Figure - 1
Wall Street Analyzer + 1
Marketspace Chart + 1
Time Series Chart + 1
Neural Network + 1
Stock Options + 1
Ultimate Trading Systems - 1
Total + 5
Place 4,280 shares of Oclaro, Inc.(OCLR) on the Active List.