03-12-2017: Ultra Clean Holdings, Inc. (UCTT): Joining the Wafer Fab Mania

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Recommendation

Ultra Clean Holdings, Inc.

The electronic tools industry related to semiconductor manufacture is booming of late. Company "hi-tech" stocks in that group are moving by mere association with the industry. Ultra Clean Holdings, Inc. (UCTT) is engaged in that industry of wafer design, manufacture, and testing even though the name sounds like a manufacturer of household cleansers. Perhaps the name stems from "clean rooms" necessary for production of wafers. So the stock of UCTT is a strong performer in a strong industry group.

The company was a spinoff from Mitsubishi, even though based in Calfornia, and Mitsubishi was a manufacturer of high-quality electronics, so by association one might think this company's products maintain the standard. That would be understood more by professionals in the industry rather than us.

What we see in this company, we tend not to like. Starting with the company's corporate webpages, we see a lot of "blurb" but not much to give a clear understanding of exactly what products and services the company actually offers. This type of presentation is more typical of software manufacturers than hardware ones. There is no CEO Letter to Shareholders, but executives seem relatively modestly compensated for this industry group, suggesting good corporate responsibility. Actually though, we think the financial picture is somewhat "marginal," not bad, but not outstanding.

Institutions are net acquirers, scrambling to buy the stock, and Dimensional Fund Advisors (DFA) is principal among them, which we regard as a very good sign. DFA follow our own preferred method of evaluating companies, placing emphasis on fundamentals.

Analysts and researchers alike are generally favorable toward this stock, but the two most significant among the ones we follow are neutral to negative, namely Market Grader and Standard & Poor's.

The stock chart pattern suggests this is a "buy and hold" stock, not one very good for trading in and out.

This company does not use a public relations staff to release a continual barage of items related to new product discoveries, and the news is entirely static, with earnings reports only rarely punctuated with any signficant news. Perhaps one might say, "No news is good news," but in this case, some researchers like New Constructs regard the company as "dangerous" because of some erratic earnings reports. This is less obvious on an annual basis, but the last five quarters have gone from two losses, two very small amounts, and one positive report in the last quarter beating Wall Street "expectations."

Another anomaly is a variation in reporting from various sources on what the company's actual book value is. It is very small, but one report suggests "negative tangible asset value," and another a small "tangible asset value." Perhaps the transition from one to the other is responsible for a recent one-day 12% gap opening jump in share price within the last month.

We are suggesting that there is nothing in the news to suggest to us that this stock is going "to the moon" any time soon. It looks instead to us like possibly a very risky investment. But many analysts and institutional managers, sharper minds, disagree. 



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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.

Ultra Clean Holdings, Inc. (UCTT)                         Exchange: Nasdaq
26462 Corporate Avenue
Hayward, CA 94545                Sector: Technology
United States                    Industry:Semiconductor - Specialized

Ultra Clean Holdings, Inc. designs, develops, prototypes, engineers,
manufactures, and tests production tools, modules, and subsystems for
the semiconductor capital equipment and equipment industry segments
primarily in North America, Asia, and Europe. It offers precision
robotic systems that are used when accurate controlled motion is
required; robotic surgery products; gas delivery systems, which include
one or more gas lines consisting of small diameter internally polished
stainless steel tubing products, filters, mass flow controllers,
regulators, pressure transducers and valves, component heaters, and an
integrated electronic and/or pneumatic control system; and various
industrial and automation production equipment products. The company
also provides subsystems, such as wafer cleaning sub-systems; chemical
delivery modules that deliver gases and reactive chemicals in a liquid
or gaseous form from a centralized subsystem to the reaction chamber;
frame assemblies, which are support structures fabricated from steel
tubing or folded sheet metal; and top-plate assemblies. In addition, it
offers liquid delivery systems; process modules, which are the
subsystems of semiconductor manufacturing tools that process integrated
circuits onto wafers; and other high level assemblies. The company
primarily serves original equipment manufacturers in the semiconductor
capital equipment, consumer, medical, energy, industrial, flat panel,
and research industries. Ultra Clean Holding, Inc. was founded in 1991
and is headquartered in Hayward, California.


Last Trade:  13.88                           52-Week Range:  14.95 -   4.95
Employees:                                   Avg.Volume:     488,233 Shares

Corporate Governance:
Pillar scores are Audit: 1; Board: 6; Shareholder Rights: 2; Compensation: 6.
         (A lower number means less governance risk.)

EPS:  0.30    Dividend Amount: $ 0.00          Yield:  0.00%
             Ex-Dividend Date: N/A             Payout Ratio:   0.00


Key Statistics:

    Trailing P/E:  45.50              Forward P/E (est.):  10.26
                                           Target Price:  16.75

Qrtly Stock Price Growth (yoy): 167.44%               Beta:   0.77
Qrtly S&P Index   Growth (yoy):  68.80%        Short Ratio:   1.89%
    Qrtly Revenue Growth (yoy):  18.77%         Shares Out:  32880000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:   6.57                    Debt/Equity:  31.35%
    Price/Book Value:   2.08        Operating Profit Margin:   0.00%
         Price/Sales:   0.80                  Profit Margin:   1.79%
         Market Cap:     448,800,000       Return on Equity:   4.82%
    Enterprise Value:     465,040,000      Return on Assets:   4.01%

    Operating Cash Flow:            926
         Free Cash Flow:        -79,689



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             12/25/2015  12/26/2014  12/27/2013

  Total Revenue                                469,103     513,957     444,022
  Cost of Revenue                              398,073     440,824     376,693
  Gross Profit                                  71,030      73,133      67,329

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative             55,611      47,882      45,878
  Non-Recurring Expenses                             0           0           0
  Other Operating Expenses                           0           0           0
  Total Operating Expenses                           0           0           0

Operating Income or Loss                         5,841      18,184      15,908

Income from Continuing Operations:
  Total Other Income/Expenses Net                    0           0           0
  Earnings Before Interest & Taxes               3,607      16,330      12,599
  Interest Expense                                   0           0           0
  Income Before Taxes                            3,607      16,330      12,599
  Income Tax Expense                            14,339       4,973       2,175
  Minority Interest                                  0           0           0

Net Income from Continuing Op.s                -10,732      11,357      10,424

Non-recurring Events:
  Discontinued Operations                            0           0           0
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                   -10,732      11,357      10,424
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares              -10,732      11,357      10,424



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         12/25/2015    12/26/2014    12/27/2013

  Net Income                               -10,732        11,357        10,424

Operating Activities:
  Depreciation                              11,769         8,417         9,600
  Adjustments to Net Income                  3,288         4,116         5,154
  Changes in Accounts Recv'bls               5,818         5,633       -17,376
  Changes in Liabilities                   -10,268        -5,937        31,905
  Changes in Investories                    -8,329         7,092        -9,133
  Changes in other Oper'g Acts               9,380          -319          -643

Total Cash Flow f Operations                   926        30,359        29,931

Investing Activities:
  Capital Exenditures                      -10,152        -5,334        -2,963
  Investments                                    0             0             0
  Other Cash Flows fr Investing            -45,064           191            96

Total Cash Flows from Investing            -55,216        -5,143        -2,867

Financing Activities:
  Dividends Paid                                 0             0             0
  Sale of Purchase of Stock                  2,411         1,940           774
  Net Borrowings                            24,007        -7,500       -21,000
  Other Cash Flows fr Financing               -331        -1,358            96

Total Cash Flows from Financing             25,399        -6,634       -20,960

  Effect of Exchange Rate Chg                   -3            -3            -3

Change in Cash & Cash Equiv.               -28,894        18,582         6,104



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          12/25/2015    12/26/2014    12/27/2013
Current Assets:
  Cash & Cash Equivalents                    50,103        78,997        60,415
  Short Term Investments                          0             0             0
  Net Receivables                            59,148        65,594        71,521
  Inventory                                  72,716        56,850        63,942
  Other Current Assets                        8,172         7,006         4,581
  Total Current Assets                      190,139       208,447       200,459

  Long-Term Investments                           0             0             0
  Property, Plant & Equipt                   17,267        10,841         8,534
  Goodwill                                   85,248        55,918        55,918
  Intangible Assets                          42,782        16,824        21,708
  Accumulated Amortization                        0             0             0
  Other Assets                                  717           667           583
  Deferred LT Asset Charges                       0         3,445         5,341

Total Assets                                336,153       296,142       292,543

Current Liabilities:
  Accounts Payable                           46,196        54,252        59,692
  Current Portion LT Debt                    12,744         9,541        37,705
  Other Current Liabilities                   5,771         2,375         2,647
  Total Current Liabilities                  64,711        66,168        100,044

  Long Term Debt                             46,196        54,252        59,692
  Other Liabilities                          12,744         9,541        37,705
  Deferred LT Liab. Charges                   5,771         2,375         2,647
  Minority Interest                               0             0             0  
  Negative Goodwill                               0             0             0

Total Liabilities                           130,314       104,782       120,614

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                                   32            30            29
  Retained Earnings                          27,986        38,718        27,361
  Treasury Stock                             -3,337        -3,337        -3,337
  Capital Surplus                           176,280       153,141       147,876
  Other Stockhohlder Equity                     -18           -18           -18
  Total Stockholder Equity                  200,943       188,552       171,929

Net Tangible Assets                          72,913       115,810        94,303



Ultra Clean Holdings, Inc. (UCTT)           [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            0.6154          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    2.7290
Price/Sales Ratio < 2.3?   2.8750          Inventory/Sales < 5%?      0.3226
Sales < $1 Billion?        2.1317          Operating Margin < 7.5%?   0.0000

Balance Sheet Tests:
Debt/Equity < 0.40?        1.2759          Long-Term Debt Service:    3.0000
LTD Being Reduced?        -3.0000          Short-Term Debt Service:   3.0000
Current Ratio > 2?         1.4691          Working Capital >= 1.5?    0.5173
Leverage Ratio < 20%?      0.6056          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    1.3076
Share Equity Increase:     2.1624          Market Cap.< 1.5 Billion?  3.0000
                                           Intangibles < 3% Assets?   0.0788
Income Tests:
Profit Margin < 7.5%?      0.2387          EPS Annual Growth > 10%?  -0.1058
Dividend Yield > 2.0%?     0.0000          EPS 3-yr Growth > 15?     -0.1457
Enterprise Value/Revenue   0.9567          EPS Growth Consistent?     0.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      0.9778
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%?  3.0000
Stock Performance Tests:
Volatility > 25%?          2.6756          % Held by Insiders < 5%?   0.3754
Beta > 1.25?               0.6160          % Held by Institut. < 50?  0.7310
50 Da MA > 200 Da MA?      0.6722          % Held by Institut. > 30?  2.2800
52-Wk Change vs. S&P 500:  3.0000          Short Ratio > 5?           0.3780
Price/Book Value < 3?      1.4200          Short % of Float > 20?     0.1435
Return on Assets > 17%?    0.2359          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F: -0.0116          Positive Free Cash Flow?  -1.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  2.5436
                                           Cash Flow / Assets > 10%?  2.4257

UCTT   Ultra Clean Holdings, Inc.          Overall Zenith Index:      1.2755


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Financial Statements

ULTRA CLEAN HOLDINGS INC  (UCTT)            INCOME STATEMENT

Fiscal year ends in December.                        2011-12         2012-12         2013-12         2014-12         2015-12             TTM           

Revenue                                          452,639,008     403,430,016     444,022,016     513,956,992     469,103,008     491,633,984
Cost of revenue                                  393,647,008     347,641,984     376,692,992     440,824,000     398,072,992     421,211,008
Gross profit                                      58,992,000      55,788,000      67,329,000      73,133,000      71,030,000      70,423,000


Operating expenses
Research and development                           5,556,000       5,121,000       5,543,000       7,067,000       9,578,000       9,341,000
Sales, General and administrative                 29,890,000      39,891,000      45,878,000      47,882,000      55,611,000      54,675,000
Other operating expenses                                   0       2,431,000               0               0               0               0
Total operating expenses                          35,446,000      47,443,000      51,421,000      54,949,000      65,189,000      64,016,000

Operating income                                  23,546,000       8,345,000      15,908,000      18,184,000       5,841,000       6,407,000
Interest Expense                                   1,106,000       1,648,000               0               0               0               0
Other income (expense)                                     0               0      -3,309,000      -1,854,000      -2,234,000      -3,426,000
Income before taxes                               22,440,000       6,697,000      12,599,000      16,330,000       3,607,000       2,981,000
Provision for income taxes                        -1,294,000       1,544,000       2,175,000       4,973,000      14,339,000      18,671,000
Net income from continuing operations             23,734,000       5,153,000      10,424,000      11,357,000     -10,732,000     -15,690,000
Net income                                        23,734,000       5,153,000      10,424,000      11,357,000     -10,732,000     -15,690,000
Net income available to common shareholders       23,734,000       5,153,000      10,424,000      11,357,000     -10,732,000     -15,690,000

Earnings per share
Basic                                                   1.05            0.20            0.37            0.39           -0.34           -0.49 
Diluted                                                 1.01            0.20            0.36            0.38           -0.34           -0.50 

Weighted average shares outstanding
Basic                                             22,689,000      25,698,000      28,346,000      29,301,000      31,564,000      32,452,750
Diluted                                           23,437,000      26,261,000      29,037,000      29,936,000      31,564,000      32,489,500

____________________________________________________________________________________________________________________________________________


ULTRA CLEAN HOLDINGS INC  (UCTT)            BALANCE SHEET

Fiscal year ends in December.                        2011-12         2012-12         2013-12         2014-12         2015-12             

Assets

Current assets

Cash

Total cash                                        52,155,000      54,311,000      60,415,000      78,997,000      50,103,000

Receivables                                       41,051,000      50,074,000      67,450,000      61,817,000      59,148,000
Inventories                                       55,473,000      53,965,000      63,942,000      56,850,000      72,716,000
Deferred income taxes                              1,992,000       2,856,000       4,071,000       3,777,000               0
Prepaid expenses                                   3,449,000       3,913,000       4,581,000       7,006,000       8,172,000
Total current assets                             154,120,000     165,119,008     200,459,008     208,447,008     190,139,008

Non-current assets

Property, plant and equipment
Gross property, plant and equipment               28,992,000      28,519,000      30,523,000      35,502,000      45,881,000
Accumulated Depreciation                         -18,983,000     -19,237,000     -21,989,000     -24,661,000     -28,614,000
Net property, plant and equipment                 10,009,000       9,282,000       8,534,000      10,841,000      17,267,000

Goodwill                                                   0      56,662,000      55,918,000      55,918,000      85,248,000
Intangible assets                                  8,987,000      27,702,000      21,708,000      16,824,000      42,782,000
Deferred income taxes                              4,766,000       6,634,000       5,341,000       3,445,000               0
Other long-term assets                               417,000         530,000         583,000         667,000         717,000
Total non-current assets                          24,179,000     100,810,000      92,084,000      87,695,000     146,014,000

Total assets                                     178,299,008     265,928,992     292,543,008     296,142,016     336,152,992 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                    2,931,000      48,706,000      37,705,000       9,541,000      12,744,000
Accounts payable                                  29,451,000      23,485,000      53,962,000      48,944,000      39,660,000
Accrued liabilities                                2,803,000       4,611,000       5,730,000       5,308,000       6,536,000
Deferred revenues                                    895,000               0               0         245,000               0
Other current liabilities                            662,000       2,434,000       2,647,000       2,130,000       5,771,000
Total current liabilities                         36,742,000      79,236,000     100,044,000      66,168,000      64,711,000

Non-current liabilities
Long-term debt                                    21,802,000      26,934,000      17,421,000      38,614,000      62,795,000
Deferred taxes liabilities                                 0               0               0               0       4,519,000
Deferred revenues                                  2,470,000               0               0       2,808,000               0
Other long-term liabilities                                0       2,979,000       3,149,000               0       3,185,000
Total non-current liabilities                     24,272,000      29,913,000      20,570,000      41,422,000      70,499,000

Total liabilities                                 61,014,000     109,149,000     120,614,000     107,590,000     135,210,000 

Stockholders' equity

Common stock                                     108,838,000     143,180,000          29,000          30,000          32,000
Additional paid-in capital                                 0               0     147,876,000     153,140,992     176,280,000
Retained earnings                                 11,784,000      16,937,000      27,361,000      38,718,000      27,986,000
Treasury stock                                    -3,337,000      -3,337,000      -3,337,000      -3,337,000      -3,337,000
Accumulated other comprehensive income                     0               0               0               0         -18,000
Total stockholders' equity                       117,285,000     156,780,000     171,928,992     188,552,000     200,943,008
Total liabilities and stockholders' equity       178,299,008     265,928,992     292,543,008     296,142,016     336,152,992

____________________________________________________________________________________________________________________________________________


ULTRA CLEAN HOLDINGS INC  (UCTT)            Statement of CASH FLOW

Fiscal year ends in December. USD.                   2011-12         2012-12         2013-12         2014-12         2015-12             TTM           

Cash Flows From Operating Activities
Net income                                        23,734,000       5,153,000      10,424,000      11,357,000     -10,732,000     -15,690,000
Depreciation & amortization                        2,945,000       6,981,000       9,113,000       7,888,000      10,940,000      12,011,000
Amortization of debt discount/premium and is               0         236,000         487,000         529,000         829,000         153,000
Deferred income taxes                             -6,278,000      -2,731,000               0               0               0               0
Stock based compensation                           4,359,000       5,069,000       4,685,000       4,400,000       3,660,000       5,093,000
Accounts receivable                               13,538,000       8,047,000     -17,376,000       5,633,000       5,818,000      -8,165,000
Inventory                                          3,815,000      24,282,000      -9,133,000       7,092,000      -8,329,000     -13,443,000
Prepaid expenses                                    -408,000        -175,000        -668,000      -2,425,000        -948,000       1,601,000
Accounts payable                                 -16,506,000     -19,498,000      30,644,000      -5,186,000     -12,593,000       7,929,000
Accrued liabilities                                 -886,000      -1,055,000       1,119,000        -422,000               0               0
Income taxes payable                                 672,000          63,000        -141,000         284,000         -77,000       1,182,000
Other working capital                               -589,000       1,029,000         308,000       1,493,000      12,730,000      14,199,000
Other non-cash items                                -672,000         -62,000         469,000        -284,000        -372,000         995,000
Net cash provided by operating activities         23,724,000      27,339,000      29,931,000      30,359,000         926,000       5,865,000

Cash Flows From Investing Activities
Investments in property, plant, and equipmen      -3,983,000        -609,000      -2,963,000      -5,334,000     -10,152,000     -10,416,000
Property, plant, and equipment reductions                  0               0          96,000         191,000               0               0
Acquisitions, net                                          0     -74,945,000               0               0     -45,064,000        -569,000
Other investing activities                                 0               0               0               0               0          34,000
Net cash used for investing activities            -3,983,000     -75,554,000      -2,867,000      -5,143,000     -55,216,000     -10,951,000

Cash Flows From Financing Activities
Debt issued                                       16,000,000     136,824,000      63,000,000      48,500,000      79,212,000       6,754,000
Debt repayment                                   -19,923,000     -84,220,000     -84,000,000     -56,000,000     -55,205,000     -14,712,000
Common stock issued                                1,011,000         327,000         774,000       1,940,000       2,411,000         604,000
Excess tax benefit from stock based compe            672,000          62,000        -140,000         284,000         -77,000         -39,000
Other financing activities                                 0      -2,622,000        -594,000      -1,358,000        -942,000               0
Net cash provided by (used for) financing         -2,240,000      50,371,000     -20,960,000      -6,634,000      25,399,000      -7,393,000

Effect of exchange rate changes                            0               0               0               0          -3,000         -34,000
Net change in cash                                17,501,000       2,156,000       6,104,000      18,582,000     -28,894,000     -12,513,000
Cash at beginning of period                       34,654,000      52,155,000      54,311,000      60,415,000      78,997,000      59,783,000
Cash at end of period                             52,155,000      54,311,000      60,415,000      78,997,000      50,103,000      47,270,000

Free Cash Flow
Operating cash flow                               23,724,000      27,339,000      29,931,000      30,359,000         926,000       5,865,000
Capital expenditure                               -3,983,000        -609,000      -2,963,000      -5,334,000     -10,152,000     -10,416,000
Free cash flow                                    19,741,000      26,730,000      26,968,000      25,025,000      -9,226,000      -4,551,000
____________________________________________________________________________________________________________________________________________



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Average to Current P/E Ratios
              (UCTT)     Ultra Clean Holdings Inc.

                               2012    2013    2014    2015    2016

          Annual Earnings:     0.20    0.36    0.38   -0.34    0.30
Average Price During Year:     6.42    6.53    9.90    6.91    6.26

                P/E Ratio:    32.12   18.13   26.04   20.33   20.88

 Average 5-Year P/E Ratio  =  23.50
             Current Price =  13.83

Previous 5 Quarter Earnings:  -0.49   -0.10    0.02    0.08    0.30

           Current Annualized (Last Four Quarters) Earnings =  .4
                                                           ________
                                 Average PE / Current PE =     0.68
                                                           --------

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


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Financial Ratios

. . . . . . . . . . . . 1 = Highest , 10 = Lowest



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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

Book Value:

Book Value



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Projected Earnings

Earnings Estimates
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 2
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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Moving Average Chart



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Right Time Study



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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 ULTRA CLEAN HOLDINGS:
Symbol? UCTT
Total Months Available: 134
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
   6.07    4.95      8.84    5.40     14.95    8.48

RANGE   =  14.95  TO    4.95            Close =  13.65
CHANNEL =   8.48  TO    6.07           Degree =   2
Volatility =  17.66%                    Index =   3
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

4 out of 8 favorable, (neutral 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 an upmove.


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
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
Moving Average - 1
Right Time Study + 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 + 1
Place 2,200 shares of Ultra Clean Holdings, Inc. (UCTT) on the Active List.