Stryker Corporation to Acquire Patient Safety Technologies for $120M (SYK)

Biotech giant Stryker Corporation (SYK) announced on Tuesday that it has signed a definitive agreement to purchase Patient Safety Technologies, Inc. (PSTX) for a total of $120 million.

SYK will acquire PSTX for $2.22 per share, or $120 million. Patient Safety Technologies is a subsidiary of SurgiCount Medical and is the owner of the Safety-Sponge System and SurgiCount 360. These technologies help prevent Retained Foreign Objects (RFOs) in the operating room, which lowers costs and improves patient safety.

The acquisition is subject to customary closing conditions and approval by the shareholders of Patient Safety Technologies. The deal is expected to close in the first quarter of 2014.

Stryker shares were mostly flat during premarket trading Tuesday. The stock is up 37% YTD.

Can you retire worry-free on $1 million?

Q: Is it true that you need $1 million saved to live through your 80s? If you withdraw 5% a year, that's just $50,000 a year.

A: A $1 million retirement kitty may work for some, but not for others. It all hinges on how much your expenses are, and how much you withdraw each year.

The only way to figure out your expenses is, well, to figure out your expenses. If you can live on $50,000 a year after taxes and Social Security, then $1 million is a good amount.

Figuring out how much to withdraw is tricky as well. You're using the 5% rule of thumb. Like most rules of thumb, the 5% rule has many, many exceptions. Let's take a closer look.

INVESTING: 3%? 4%? 5%? How much to take for retirement

The basic premise is that if you take a 5% initial withdrawal from your portfolio, you can increase that withdrawal by the amount of inflation each year without running out of money. It's an extremely conservative rule of thumb, because if you run out of money at 80, you have precious few ways to get more money.

How conservative is it? Suppose you started with $1 million, took out $50,000 at the beginning of each period, and earned 5% a year on your savings. Each year, you increased your withdrawal by 3% to offset inflation.

At the end of 20 years, you'd have about $430,000 left in your account, and your last withdrawal would have been $87,675 — which gives you some idea of how much inflation erodes your income.

Much of the calculation hinges on how much you earn, of course. You can't get a 5% return from bank CDs or money funds these days. In fact, if you earned just 1% a year on your portfolio — about what CDs pay now — you'd run out of money by year 17.

RETIREMENT: Get all the latest news, tips on planing and living in retirement

For that reason, you need a mix of stocks, bonds and cash in your retirement portfolio. It's the only hope of getting a return of 5% or more over the long run. At current savings rates, your portfolio isn't going to outlive you.

You can also tweak your withdrawal rates, forgoing an inflation increase when your portfolio is down for the year –- or even a pay cut. But there's no single formula that will keep you from running out of money. In today's world, you have to manage your money just as carefully in retirement as you did while you were working.

Test Drive: Toyota Corolla a refined fuel sipper

Toyota left little recognizable when it overhauled the Corolla compact.

The 2014 model, on sale since September, now is made in Tupelo, Miss., instead of Canada.

It has a new menu of transmissions and a new high-mpg Eco version of the carryover four-cylinder engine with increased horsepower (140 vs. 132 for other models) and a laudable 35 mpg government rating in combined city/highway driving.

The wheelbase is 3.9 inches longer, and it mostly went to extending rear seat legroom. Trunk got a bit bigger, too. Overall, the car's 2.6 inches longer and half-an-inch wider. Still solidly compact, but feels bigger than that inside.

Not sporty, though. The TV ads portray some growl from the engine and a bit of agility that could make you believe Toyota's made a little BMW, but not so.

In real life, the engine growls because the new continuously-variable-ratio automatic transmission (CVT) forces it to rev high and struggle to accelerate. In fact, it's pretty much dead under full throttle from a full stop. Once underway, the setup's more responsive.

Corolla S models have manual-shift mode that makes it more fun, and a "sport" mode that changes the transmission to create seven ratios as in a normal transmission instead of the continuously changing ratio of a CVT. That setting does improve response, as well as driver satisfaction.

"Sport" holds the transmission in each gear long enough for the engine to really stretch its legs under full throttle. It's still closer to dead than alive when you floor the gas from a dead stop, though.

It'd make you nervous jumping from a side road onto a main road with fast-moving traffic and little space between cars.

Those references to dead-in-the-water initial response from a standstill might provoke an argument from Toyota engineers, who tried to make this CVT responsive. Toyota's hybrids all have had CVTs, but those have used gears. The Corolla CVT is Toyota's first use of the more common belt-drive CVT in the U.S.

Two ot! her transmissions are offered, a four-speed automatic, as in the previous model and only on the base L, and a six-speed manual replacing last year's five-speed.

The suspension type and layout remain the same as in the old version, which means the 2014 leans in sharp corners, with enough understeer to get the driver's attention. Dramatic, tire-squealing understeer in some cases.

If you like tossing the car around a little, Corolla's not the compact sedan for you. You're better off with a Honda Civic or, most particularly, a Ford Focus. The Ford, while perhaps not the best overall value among compacts, has a terrific chassis.

The new Corolla shines inside. New dashboard is a broad horizontal sweep that gives the illusion of greater width inside. And it's festooned with enough of the cheap but acceptable plastic trim items, such as a thin faux wood strip in the LE Eco test car and thin blue line in the S test car, to have a pleasing overall feel.

Toyota did not make the mistake that Honda did on the redesigned 2012 Civic, with its underwhelming interior that required a fast makeover for the 2013 Civic.

Nor did Toyota make the Civic 2012 misstep in refinement. The Corolla is quiet and serene inside, at least compared with others of its ilk. So's the Civic — now.

Seats are comfortable both front and rear, and the expanded leg and knee room in back will be welcomed by those who ride there.

Fuel economy will be a selling point. Not only are the published ratings alluring — as much as 42 mpg on the highway in the Eco version — but they are surprisingly realistic. Test Drive tends to drive 'em like we stole 'em, so usually registers fuel economy numbers well below the window-sticker ratings. Not so in the Corolla test cars.

The Eco model, pushed briskly through hilly terrain, was good for 39 mpg. The S, keeping the transmission in the fuel-using but fun enhancing "sport" mode and using any excuse to floor the gas, was good for 35 mpg in hilly terrain.

M! ost of th! e newest-generation compacts can get 30 mpg or better driven normally, but to exceed 30 by so much, without trying, is impressive.

If the Corolla as a package wows you, but you enjoy spirited driving, try the S model with "sport" and manual-shift capability. And don't demand too much when you happen on the right street at the wrong moment and have to make a sudden 90-degree turn.

If you're smitten by the new features, roomier interior and good mpg, and don't drive hard, especially around corners, the redone 2014 Corolla seems an excellent choice.

TOYOTA COROLLA DETAILS

What? Redesign of four-door front-drive compact sedan that's one of the best-selling cars in the world, passing 40 million lifetime sales in July.

When? On sale since September

Where? Made at Tupelo, Miss.

How much? Starts at $17,610 for base L with six-speed manual transmission, including $810 shipping; $20,910 for test LE Eco Premium with CVT (continuously variable-ratio automatic transmission); $23,570 for S Premium.

What makes it go? 1.8-liter four-cylinder gasoline engine rated 132 horsepower at 6,000 rpm, 128 pounds-feet of torque at 4,400 is carried over from 2013. New Eco fuel-economy model uses same engine, new valve technology and is rated 140 hp at 6,100 rpm, 126 lbs.-ft. at 4,000 rpm.

Three transmissions are available, depending on model: four-speed automatic (base L only), six-speed manual, CVT continuously variable automatic.

How big? About 3 in. longer than a Honda Civic. Slightly longer, wider than previous Corolla, about 6% more passenger space. Trunk is 13 cubic feet, up from 12.3 cu. ft.

Weighs 2,800 to 2,865 lbs.

Turning circle diameter, 35.6 ft.

How thirsty? Depending on transmission, models are rated 27 to 30 mpg in the city, 36 to 42 highway, 31 to 35 combined city/highway. Eco model has highest rating in each.

Eco test car with CVT driven briskly in hilly terrain registered 39 mpg (2.5! 6 gallons! per 100 miles). S test car with CVT mostly in "sport" mode and using lots of wide-open throttle bursts in hilly terrain delivered 35 mpg (2.86 gal./100 mi.). The mpg numbers aren't rounded, they just happened to come out even.

Burns regular, holds 13.2 gallons.

Overall: Nicer, more fuel-efficient, roomier than predecessor.

Square Allows You to Send Money by Email, but Is It Safe?

squareup.com In this era of e-commerce and instant digital transactions, it really hasn't gotten any quicker or easier to send cash directly to another person. Sure, there are solutions, but they are complicated, require several steps and usually involve moving the money from a program to a bank account. Square Inc., a San Francisco company that specializes in mobile payments, hopes to change all of this with Square Cash. The idea is to make sending money as simple as sending an email, and it could end up being a major disruptor in an industry currently dominated by companies like PayPal and Venmo. All users need to use Square Cash is an email account and a debit card. It is a free service and doesn't even require setting up an account with Square. "Square Cash makes it convenient to send money to anyone -- without making them jump through hoops to retrieve it," Brian Grassadonia, the leader of the Square Cash team, said in a press release. "Now it's easier than ever to split a bill, send a birthday gift or settle up with a friend, not matter where you are." Here's how Square Cash works: Using any email client, a user simply composes an email to the desired recipient, CC's the email to cash@square.com, puts the amount of cash in the subject line and clicks send. The first time one composes or receives a Square Cash email, Square replies with an email prompting the user to enter his debit card information to link it with Square Cash. The transfer is made instantly, and the debit card information is stored with Square Cash to be used automatically in future transactions. It's about as convenient as it could be without just tapping two debit cards together, but is it safe? Square doesn't make any mention in its press release of how it keeps debit card information safe, and it also assumes that users' email accounts are secure. The only mention of privacy is on the Square Cash website, which reads, "You're safe with us. The privacy and security of your financial information is our top priority." It's doubtful that statement will be enough to convert people who aren't ready to send out their debit card information in an email. What about hackers, or spoofing programs that can allow someone to send money from accounts that aren't theirs? Or if someone just leaves their email open? There is also a big question of how Square Cash benefits Square. The company assures that Square Cash is completely free, but how will it make money? Square hasn't yet responded to questions about Square Cash, but IBTimes will update this article if and when a statement is received. If Square can assure users that Square Cash is safe, it's not hard to see how cool it would be. It would make it much easier for people with roommates to pay rent, or for parents to send money to their kids away at college. It could also help avoid ATM fees. Square also released a Square Cash app, but it really isn't much more than a shortcut for composing an email.

Gundlach says Fed making mistake in way it's ending asset buying

Jeffrey Gundlach, manager of the $36 billion DoubleLine Total Return Bond Fund, said the U.S. Federal Reserve is making a “big mistake” in the way it ends its unprecedented asset-purchase program.

“We thought the Fed wouldn't walk away from QE,” or quantitative easing, and would buy securities until targeted yields were reached like in Japan and Europe, Gundlach said Tuesday during a webcast for DoubleLine Capital LP's investors. Instead, the central bank is opting for a “seat of the pants” way of handling policy, said the manager, whose firm is based in Los Angeles.

Top bond managers from Gundlach to Bill Gross have seen their funds shrink after Fed Reserve Chairman Ben S. Bernanke raised the possibility in May that the central bank would begin scaling back its bond purchases. The comment sent bond prices lower and yields higher, prompting clients to pull money out of their funds. While both investors in June predicted that bonds would rebound, they continued to fall.

“I have never liked QE, and think it is a poor replacement for sound fiscal policy,” Gundlach said in an e-mail. “Having embarked on QE, the Fed ushered in a new regime of dealing with the fiscal problems underlying the U.S. economy. Ending QE would allow the fiscal problems to reemerge.”

The yield on 10-year Treasuries has surged 1.33 percentage points to about 2.96 percent since the beginning of May, pushing up borrowing costs for homeowners and consumers and fueling a flight of capital from emerging markets. The yield won't fall below 2.7 percent any time soon, Gundlach said yesterday, unless there's a catalyst that drives up bond prices, such as a crisis in emerging markets.Crisis Potential

Gundlach, citing comments by Ray Dalio, founder of $145 billion hedge-fund firm Bridgewater Associates LP, that the next major financial crisis may come from an emerging-market

The Deal: Auto Resurgence Running Out of Gas

NEW YORK (The Deal) -- The North American auto industry has engineered an impressive recovery since the dark days of the Great Recession. But its rally-fueled expansion -- the fastest since a post-World War II boom -- could cause issues for investors as automakers chase increased sales.

Auto sales are headed toward an annualized rate of 17 million units, a remarkable turnaround from 10.4 million units sold in 2009. Automakers who cut aggressively during the downturn have responded by adding shifts and expanding plants, spending billions in the process.

Investors have noticed. Shares of Wall Street darling Ford Motor (F), for example, have almost doubled since the beginning of 2010.

There's an adage in the highly cyclical auto business that when manufacturers start adding third shifts, it is time to sell. Though it can be argued that streamlined automakers are better-positioned to handle a speed bump now than they were in years past, increased capacity tends to put pressure on pricing. It might be time to adjust expectations accordingly. Morgan Stanley analyst Adam Jonas says that while there are a lot of good things happening in the U.S. industry, "there are just too many car companies chasing too few consumers." Jonas stresses he is not trying to call a top to the rally, but says it is time to reconsider "too-optimistic 2014 forecasts" to allow for expected competitive price pressure and other potential issues. A 1% cut in U.S. pricing translates to a 10% to 15% cut in North American profits, the analyst says. Industry bulls will counter that much of the growth this time around is smart growth, and can more easily be pulled back should sales slow or prices come under pressure. A significant portion of the additional capacity is in Mexico, where costs are lower and labor is more flexible, and even in the U.S. and Canada manufacturers are taking advantage of reworked labor deals that allow for more liberal use of so-called Tier 2 lower-cost employees. Bulls also note that automakers have been careful to limit infrastructure investment, instead increasing output at existing facilities, and point to Europe as a potential offset to any slowdown in the U.S.

But adding shifts is still expensive. Jonas says Ford spent about $9 billion from 2010 to May 2012 on retooling, revamping and adding capacity in the U.S. and Canada despite not breaking ground on a new facility. And skeptics say that even if automakers succeed in pushing billions in European losses into the rear view mirror, there are no guarantees buyers in the mass transit-friendly region will return to showrooms en masse.

The auto industry has come a long way in a short amount of time, and no one is expecting a repeat of the 2009 crash and subsequent bailouts. But at some point the growth will inevitably stall. That day could be right around the corner.

-- Written by Lou Whiteman in New York

Why Acacia Research Is Ready to Rebound

Based on the aggregated intelligence of 180,000-plus investors participating in Motley Fool CAPS, the Fool's free investing community, Acacia Research (NASDAQ: ACTG  ) , which acquires, develops, licenses, and enforces patented technologies, has earned a respected four-star ranking.

With that in mind, let's take a closer look at Acacia and see what CAPS investors are saying about the stock right now.

Acacia facts

Headquarters (founded)	Newport Beach, Calif. (1992)
Market Cap	$1.1 billion
Industry	Research and consulting services
Trailing-12-Month Revenue	$201.2 million
Management	CEO Matthew Vella (since August 2013) CFO Clayton Haynes (since November 2001)
Return on Equity (average, past 3 years)	10.7%
Cash/Debt	$320.1 million / $0
Dividend Yield	2.3%
Competitors	RPX Safeguard Scientifics

Sources: S&P Capital IQ and Motley Fool CAPS.

On CAPS, 87% of the 151 members who have rated Acacia believe the stock will outperform the S&P 500 going forward.  

Just last week, one of those Fools, kurtdabear, succinctly summed up the Acacia bull case for our community:

This company frequently gets sold off because its quarterly results can vary widely, depending on whether it's leaning more toward investing in new patent portfolios or reaping the royalties of old ones. As a result, "traders" run in and out of it and increase volatility. For "investors," ACTG represents a well-run company with a good business model. Management takes a long-term view, has recently begun paying regular quarterly dividends, and has a buy-back plan in effect. Currently trading toward the bottom of its 52-week range, it represents good value for the patient investor.

The tech world has been thrown into chaos as the biggest titans invade one another's turf. At stake is the future of a trillion-dollar revolution: mobile. To find out which of these giants is set to dominate the next decade, we've created a free report called "Who Will Win the War Between the 5 Biggest Tech Stocks?" Inside, you'll find out which companies are set to dominate and give in-the-know investors an edge. To grab a copy of this report, simply click here -- it's free!

BlueFire Drilling Technology Poised for Gains (OTCMKTS:BLFR, OTCMKTS:CLNO)

BlueFire Equipment Corporation (BLFR)

Today, BLFR has surged (+5.08%) up +0.030 at $.620 with 208,022 shares in play thus far (ref. google finance Delayed: 11:01AM EDT July 19, 2013).

BlueFire Equipment Corporation previously reported field testing of its proprietary polycrystalline diamond cutter (PDC) drill bits has exceeded company expectations.

BlueFire's exclusive technology provides the potential for higher rates of penetration (ROP) and longer bit runs in hard rock formations and shales.

BlueFire Equipment Corporation Chairman and CEO William A. Blackwell said, "U.S. drilling companies continue to seek out and employ new technologies to improve performance and effectiveness. Culminating years of research and development, BlueFire has taken a ground up approach to redesigning the PDC bit to help meet these needs."

BlueFire Equipment Corporation (BLFR) 5 day chart:

Cleantech Transit, Inc. (CLNO)

Cleantech Transit, Inc. (OTCMKTS:CLNO) (www.cleantechtransit.net ) through its Discovery Carbon subsidiary, develops emissions offset strategies for companies, municipalities, and countries. Today, CLNO has shed (-8.08%) down -0.021 at $.239 with 221,075 shares in play thus far (ref. google finance Delayed: 11:32AM EDT July 19, 2013), but don't let this get you down.

CLNO's daily range is at ($.26 – $.22) thus far and currently at $.239 would be considered a (+21627.27%) gain above the 52 wk low of $.0011. The stock is up +0.23 ( +10354.55%) since the concerning dates of January 22, 2013 – July 19, 2013. +10354.55% is the 6 month high and rightly so.

Cleantech Transit, Inc. (CLNO ) 5 day chart:

Regeneron Jumps 4% as Analysts See Drug Potential

Shares of Regeneron Pharmaceuticals (REGN) have jumped today as two investment banks released positive comments on the drug maker over the weekend following the release of optimistic data about of one of its drugs on Friday.

EPA

RBC Capital Markets analysts Adnan Butt and Michael Yee explain:

Detailed 1-year Phase III DME data for Eylea demonstrated statistically significant vision improvement, comparable efficacy between the every 4 and 8 week Eylea arms, and a clean safety profile. Three positive things relative to the Lucentis Phase III program include: 1) efficacy in a more treatment experienced and tougher patient population, 2) potential for safety differences, especially when it comes to APTC and death events, and 3) every two month dosing that could be on the label. Since REGN will file an sBLA for Eylea by YE:13, potential approval in 2014 could reaccelerate Eylea sales growth, especially once two-year data is available. We believe there could be a pool of hard to treat Lucentis  and Avastin patients with [diabetic macular edema], as roughly one-third of patients on Lucentis still had leakage in the Phase III studies.

Butt and Yee raised their price target for Regeneron to $323 from $293.

Cowen’s David Ferreiro, meanwhile, notes that the amount of medicine patients need to take will make a big difference. He writes:

Our diligence suggests that less frequent dosing with Eylea will be key, given the generally low compliance rates among diabetic patients. Currently, we assume only minor market expansion; however, some of our consults suggest Eylea dosing convenience could meaningfully expand the market.

Ferreiro raised his price target to $310 from $300.

Shares of Regeneron have jumped 3.5% to $316.39–and the S&P 500′s best performer today. Novartis (NVS), which makes Lucentis, has dipped 0.5% to $76.73, while Roche (RHHBY), which makes Avastin, has gained 0.2% to $67.54. Vertex Pharmaceuticals (VRTX), meanwhile, has gained 0.9% to $76.77, making it the 10th best perform in the S&P 500.

The Nasdaq's 5 Most Hated Stocks

The tech-heavy Nasdaq Composite (NASDAQINDEX: ^IXIC  ) might be the only of the U.S.'s three primary indexes not to reach all-time highs in 2013, but it's by far the best performer among the group, up 18.3% year to date.

We're seeing a number of factors helping out the Nasdaq's largest companies, but historically low lending rates in particular have allowed enterprises to refinance existing debt and/or use that debt to finance business expansion. So long as the Federal Reserve continues its favorable monetary policy, the sky could be the limit for the Nasdaq.

On the other side of the coin are the skeptics licking their chops and waiting to pounce on multiple Nasdaq companies that could be slammed if the Fed scales back its monetary easing, known as QE3, before the year is out. As we've done in previous months, I propose we examine the five most hated Nasdaq stocks (i.e., the stocks with the highest short interest), determine what it is about them that makes them universally disliked by pessimists, and decide whether these short-sellers are justified in their pessimism.

Company

Short Interest as a % of Shares Outstanding

GT Advanced Technologies (NASDAQ: GTAT  )	43.63%
Outerwall   (NASDAQ: OUTR  )	40.23%
Uni-Pixel (NASDAQ: UNXL  )	35.41%
NII Holdings	34.83%
Dendreon (NASDAQ: DNDN  )	33.17%

Source: S&P Capital IQ.

Source: Fernando Tomas, Flickr.

GT Advanced Technologies
Why are investors shorting GT Advanced Technologies?

Solar panel equipment provider GT Advanced Technologies, a.k.a. GTAT, climbed the mountain in June to become the most disliked stock within the Nasdaq Composite. The reason short-sellers have dog-piled GTAT has to do with its ties in providing solar equipment to the Chinese solar-panel industry. Chinese solar producers are in cash-conservation mode, which means little research and development is being conducted. That means instead turning to GTAT to supply components for solar panels. With U.S. solar companies crushing Chinese panel-makers in recent months, pessimists are betting on a slowdown in orders for GTAT.

Is this short interest deserved?

There are reasons to be a bit skeptical of GTAT's growth if Chinese solar companies begin to fold under the pressure of debt. However, until we see that happen, GTAT's products should remain in high demand. Chinese solar-panel manufacturers have little regard for margin, so their answer to simply produce as much as possible in many cases works in GTAT's favor. At roughly 11 times next year's earnings, I feel GTAT could surprise short-sellers in a bad way.

Outerwall
Why are investors shorting Outerwall?

Don't let the name fool you -- Outerwall is merely the new name for Coinstar, the company best known for its Redbox DVD rental kiosks. The pessimism building around Outerwall has to do with the declining number of consumers that use DVD rental services, opting instead for the convenience and speed of streaming content. Although Outerwall's revenue held up in its latest quarter, that was only after the addition of new DVD kiosks. In other words, same-kiosk sales are falling. 

Is this short interest deserved?

Some investors see Outerwall as the ultimate value play. As for me, it's nothing more than a glorified value trap. Its DVD rental business accounts for nearly 90% of total revenue, and on a per-kiosk basis it's declining. Saturating the market will only further exacerbate costs. Unless Outerwall devotes its efforts to a streaming transition, it will likely be cash-flow negative within five years by my best "guestimate." Without so much as a dividend to tickle value investors' fancy, I'd strongly encourage passing on Outerwall.

Uni-Pixel
Why are investors shorting Uni-Pixel?

Occasionally the "coolness" of a new product gets the better of investors. That seems to be the case with shareholders in Uni-Pixel, who have been on an unforgettable ride over the past 52-weeks from a low of $5 to as high as $41, then back to a current price around $12. The company's flexible electronic film and a partnership opportunity with Eastman Kodak are what set investors off, but the potential for competition from Apple is what put hope-filled investors back in their place. Now, Uni-Pixel has a more pressing worry: a handful of shareholder-based lawsuits directed at the company.

Is this short interest deserved?

I stated in March that short-sellers should take a hard look at Uni-Pixel, and if they had taken a position, they would be up more than 50%. For a company that made just $76,000 in the entirety of fiscal 2012, there were far too many questions about expanding its UniBoss line. There were even greater concerns, given these higher expenses, that it would be able to turn a profit. Until we see demonstrable results from Uni-Pixel and a settlement to its countless lawsuits, I'd suggest looking elsewhere.

NII Holdings
Why are investors shorting NII Holdings?

It's not hard to see why the pessimism in South American wireless service provider NII Holdings has been building if you examine its last four quarterly reports, which reveal EPS misses of 1,100%, 60%, 185%, and 86% -- yuck! Blame it on increased competition and oversaturation in Brazil, as well as the higher costs of deploying a 3G network, but NII Holdings has delivered only increasing losses to shareholders over the past year. Its most recent quarter highlighted a 13.5% decrease in revenue as churn rates increased and average revenue per user decreased.

Is this short interest deserved?

I don't see how this growing pessimism isn't deserved. The company has reversed profits into huge losses, its churn rates are rising, and it's generating less money from its users compared to last year. Expanding its 3G network is a necessary step for its evolution in Brazil, but that's already a crowded wireless market. Until you see definitive improvement in NII's bottom line, I feel you need to steer clear of this stock.

Dendreon
Why are investors shorting Dendreon?

Short-sellers have been piling into biotechnology firm Dendreon because the sale of Provenge, its only treatment approved by the Food and Drug Administration, hasn't gone well. Provenge, at $93,000 annually, is priced considerably higher than many of the competing treatments for advanced prostate cancer, which has made physicians reluctant to prescribe the therapy for fear of not being reimbursed. In response, Dendreon cut jobs and reduced expenses in order to make its cash stretch further.

Is this short interest deserved?

Skepticism had, until recently, been well-deserved. However, Dendreon shareholders received exciting news just two weeks ago that the Committee for Medicinal Products for Human Use -- Europe's equivalent to our FDA panel -- recommended the approval of Provenge in Europe. Although the European Medicines Agency isn't required to follow the opinion of its panel, it often does. An approval in the EU, combined with its domestic cost-cutting efforts, could go a long way in getting Dendreon closer to profitability and could once again reignite the takeover chatter than once surrounded the company. I would advise short-sellers to start looking elsewhere.

Which of the Nasdaq's most hated companies do you think has the best chance to burn short-sellers? Share your thoughts in the comments section below.

With the American markets reaching new highs, investors and pundits alike are skeptical about future growth -- you only need to look at these five companies as testament to this fact. But never fear: Many global regions are still stuck in neutral, and their resurgence could result in windfall profits for select companies. A recent Motley Fool report, "3 Strong Buys for a Global Economic Recovery," outlines three companies that could take off when the global economy gains steam. Click here to read the full report!

When Comparing Apple to Samsung Is Misleading

In recent months, investor perception has largely been that Apple (NASDAQ: AAPL  ) is stumbling while Samsung is having the time of its life. That belief is being perpetuated by negative associations surrounding Apple while Samsung is being shown in a positive light, although in absolute terms Apple still earns more than Samsung by a long shot.

This discrepancy is underscored by looking at investor reaction to sales milestones for each company's latest flagship smartphones: the iPhone 5 and Galaxy S4.

What did you expect?
The day that Apple announced that it sold 5 million iPhone 5 units during launch weekend was the day that Apple began its prolonged plunge that would end up slicing off 45% of the company's value over the subsequent seven months (the stock has since rebounded from its lows). That was 5 million units sold in a matter of three days, yet investors were disappointed because they were expecting the iPhone maker to sell anywhere from 6 million to 10 million units based on pre-order activity.

In contrast, Samsung said earlier this month that it was approaching 10 million in channel unit sales for the Galaxy S4, a threshold that the South Korean company proceeded to cross the following week. Samsung actually sold off following the Galaxy S4 unveiling while Apple rallied, as investors weren't impressed with the Galaxy S4's iterative update and gimmicky features.

Samsung shares have mostly recovered since, and remain near its highs, while Apple remains near its lows.

Source: Google Finance. Samsung Electronics (shown in blue) trades under symbol 005930 on the Korea Stock Exchange.

Simply put: investors were disappointed with Apple selling 5 million iPhone 5 units in three days, but are impressed with Samsung selling 10 million Galaxy S4 units in a month. Also, don't forget that Samsung's figures are channel sales reported on a sell-in basis. Since Samsung relies heavily on third-party distribution, adjusting for sell-through has more meaningful (and negative) impact than for Apple.

There are other examples of lofty expectations and tough comparisons weighing on the Mac maker. For instance, headlines that Apple's second quarter profit was down 18% weren't as impressive sounding as Samsung's bottom line soaring 42%. Combining those two year-over-year comparisons led to sensational headlines like "Samsung Profit Hits Record High As Apple Collapses," among others. However, in absolute terms, Apple's net income still beats Samsung's by a long shot.

Sources: SEC filings and Samsung Investor Relations. Samsung figures translated from South Korean won at current exchange rates.

Will investor sentiment about Apple ever turn around?

There's no doubt that Apple is at the center of technology's largest revolution ever, and that longtime shareholders have been handsomely rewarded with over 1,000% gains. However, there is a debate raging as to whether Apple remains a buy. The Motley Fool's senior technology analyst and managing bureau chief, Eric Bleeker, is prepared to fill you in on reasons to buy and reasons to sell Apple, and what opportunities are left for the company (and your portfolio) going forward. To get instant access to his latest thinking on Apple, simply click here now.

4 Hobbies That Could Downgrade Your Credit Score

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If you're not careful, your favorite diversion could hurt your credit score. Below are four popular pastimes that could put your score in jeopardy if you make the wrong moves. 1. Traveling Plotting where to go, finding the best deal on a flight and learning about the local culture of the destination you're headed to are all great ways to while away the hours after work. When it's finally time to take off on an adventure, the temptation to forget about life back home is hard to overcome. This is why a case of wanderlust can potentially hurt your credit score: It's easy to neglect a bill payment when you're out of your usual routine. Since payment history makes up 35 percent of your FICO credit score (the score most widely used in the United States), failing to pay your bills on time could cause it to drop substantially. To avoid this fate, it's wise to set up email or text reminders for your billing due dates so that you'll know when it's time to pay, no matter where you are in the world. You could also opt into automatic payments. 2. Shopping Fashionistas agree: Shopping for a funky new outfit and then scoring a great deal on it provides a lot of satisfaction. And with online shopping, it's easy to engage with this hobby whenever the urge strikes. But this can be a blessing and a curse when it comes to your credit. Thirty percent of your FICO score is determined by amounts owed, and your credit utilization heavily influences this category. Your utilization is calculated by dividing the outstanding balance on your cards by the total amount of credit you have available. Most personal finance experts recommend keeping it below 30 percent. If you're doing so much shopping with your credit cards that your credit utilization ratio meets or exceeds this threshold at any point during the month, your credit score could take a hit. Your best bet is to monitor your balance carefully and make a payment if it's getting too high. Another option is to spread your monthly spending between a few cards so that your utilization on each one stays low. Pay them all off in full by their billing due dates to avoid interest charges. 3. Reading Getting lost in a good book is a popular pastime for many. And if you're in the habit of borrowing your weekly read from the local library, good for you – you're saving a bundle on book purchases. Just be sure to return your books on time. It has become common for libraries to turn large, unpaid overdue fees over to collections agencies. If this happens, there's a good chance that the collector will report your lack of payment to the credit bureaus. (Most credit scoring models ignore collections accounts less than $10.) This will put a black mark on your credit report that could affect your credit score for up to seven years. 4. Gardening and Home Improvement If working on your home or garden is your favorite way to relax, you're probably making frequent trips to major home improvement warehouse stores. If so, you might have considered applying for the retail credit cards offered by these big-box merchants. While in some cases it might make sense to do so, it's a bad idea to finance a big project by opening several cards at once – this could spell trouble for your credit. Ten percent of your FICO score comes from new credit applications. Too many in the span of a few months is problematic because it's perceived as a signal you're in financial trouble. Waiting about six months between credit card applications is wise for most people. If your score isn't in good shape to begin with, you might be better off putting as much as a year between new requests. Follow this guideline to keep a kitchen remodel or a backyard overhaul from demolishing your credit.

Why pSivida (PSDV) Stock Is Soaring in After-Hours Trading Today

NEW YORK (TheStreet) -- Shares of pSivida  (PSDV)  soared 10.26% to $4.73 in after-hours trading Friday after the FDA approved the company's eye implant Iluvien.

The FDA approved Iluvien to treat diabetic macular edema (DME), a swelling on the back of the retina that can cause blindness should the condition become severe enough. Iluvien is an injectable implant, and its use involves placing a small cylindrical tube filled with a drug on the back of the eye where DME usually forms.

pSivida announced the FDA approval entitles it to receive a milestone payment of $25 million from Alimera Sciences (ALIM) , to which pSivida licensed Iluvien in February 2005. pSivida is also entitled to 20% of net profits from U.S. sales of Iluvien, which the company said should debut in early 2015.

Must Read: Warren Buffett's 25 Favorite Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. Iluvien is already approved in 10 European countries, including the U.K., France and Germany. Alimera also surged 18.78% to $5.85 in after-hours trading. PSDV data by YCharts
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

3 Big-Volume Stocks to Trade for Gains

DELAFIELD, Wis. (Stockpickr) -- Professional traders running mutual funds and hedge funds don't just look at a stock's price moves; they also track big changes in volume activity. Often when above-average volume moves into an equity, it precedes a large spike in volatility.

Read More: 5 Stocks With Big Insider Buying

Major moves in volume can signal unusual activity, such as insider buying or selling -- or buying or selling by "superinvestors."

Unusual volume can also be a major signal that hedge funds and momentum traders are piling into a stock ahead of a catalyst. These types of traders like to get in well before a large spike, so it's always a smart move to monitor unusual volume. That said, remember to combine trend and price action with unusual volume. Put them all together to help you decipher the next big trend for any stock.

With that in mind, let's take a look at several stocks rising on unusual volume recently.

Read More: Warren Buffett's Top 10 Dividend Stocks

Vitamin Shoppe

Vitamin Shoppe (VSI), through its subsidiaries, operates as a specialty retailer and direct marketer of nutritional products in the U.S. This stock closed up 6.7% at $11.84 in Wednesday's trading session.

Wednesday's Volume: 724,000

Three-Month Average Volume: 469,098

Volume % Change: 65%

From a technical perspective, VSI jumped higher here right above some near-term support at $37.75 with above-average volume. This uptick higher on Wednesday is quickly pushing shares of VSI within range of triggering a near-term breakout trade. That trade will hit if VSI manages to take out some key near-term overhead resistance at $40.14 with high volume.

Traders should now look for long-biased trades in VSI as long as it's trending above Wednesday's intraday low of $38.41 or above more near-term support at $37.75 and then once it sustains a move or close above $40.14 with volume that's near or above 469,098 shares. If that breakout begins soon, then VSI will set up to re-test or possibly take out its next major overhead resistance levels at its 50-day moving average of $41.76 to $43.95.

Read More: 7 Stocks Warren Buffett Is Selling in 2014

Rocket Fuel

Rocket Fuel (FUEL), a technology company, provides artificial-intelligence digital advertising solutions. This stock closed up 2.1% at $15.57 in Wednesday's trading session.

Wednesday's Volume: 1.30 million

Three-Month Average Volume: 756,048

Volume % Change: 70%

From a technical perspective, FUEL trended modestly higher here right above some near-term support at $15 with above-average volume. This stock recently gapped down sharply lower from $26.84 to well below $20 with monster downside volume. Following that move, shares of FUEL continued to trend lower with the stock tagging a new low of $14.29. Shares of FUEL have now started to rebound off that $14.29 low and it flirted with a breakout on Wednesday above some near-term overhead resistance at $15.95. Market players should now look for a continuation move to the upside in the short-term if FUEL manages to clear Wednesday's intraday high of $16.08 to some more near-term overhead resistance at $17 with high volume.

Traders should now look for long-biased trades in FUEL as long as it's trending above $15 or above that recent low of $14.29 and then once it sustains a move or close above $16.08 to $17 with volume that's near or above 756,048 shares. If that move kicks off soon, then FUEL will set up to re-test or possibly take out its next major overhead resistance levels at $18 to its gap-down-day high of $19.24. Any high-volume move above $19.24 will then give FUEL a chance to re-fill some of its previous gap-down-day zone that started at $26.84.

Read More: 10 Stocks George Soros Is Buying

Manitex International

Manitex International (MNTX) provides engineered lifting solutions. This stock closed up 5.7% at $12.88 in Wednesday's trading session.

Wednesday's Volume: 282,000

Three-Month Average Volume: 104,432

Volume % Change: 149%

From a technical perspective, MNTX ripped sharply higher here right above some near-term support at $12 with above-average volume. This notable spike to the upside on Wednesday also pushed shares of MNTX into breakout territory, since the stock took out some near-term overhead resistance at $12.40. This move also pushed shares of MNTX into its recent gap-down-day zone that started at $14.78. Market players should now look for a continuation move to the upside in the short-term if MNTX manages to clear Wednesday's intraday high of $13.20 with high volume.

Traders should now look for long-biased trades in MNTX as long as it's trending above Wednesday's intraday low of $12.37 or above more near-term support at $12 and then once it sustains a move or close above $13.20 with volume that's near or above 104,432 shares. If that move materializes soon, then MNTX will set up to re-fill some of its previous gap-down-day zone that started at $14.78.

To see more stocks rising on unusual volume, check out the Stocks Rising on Unusual Volume portfolio on Stockpickr.

-- Written by Roberto Pedone in Delafield, Wis.

RELATED LINKS:

>>3 Stocks Under $10 Making Big Moves

>>5 Tech Stocks to Trade for Gains This Week

>>These 5 Toxic Stocks Could Be Poisoning Your Portfolio

Follow Stockpickr on Twitter and become a fan on Facebook.

At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Delafield, Wis., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including

CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.

Pending Home Sales Rise in April but Miss Forecasts

Matthew Staver/Bloomberg via Getty Images WASHINGTON -- More Americans signed contracts to purchase homes in April than the prior month. But the pace of buying is still weaker than last year, as higher prices and relatively tight supplies have limited sales. The National Association of Realtors said Thursday that its seasonally adjusted pending home sales index rose 0.4 percent to 97.8 last month. The index remains 9.2 percent below its level a year ago. Pending sales are a barometer of future purchases. A one- to two-month lag usually exists between a signed contract and a completed sale. The index indicates that home buying has barely increased in May. The gain in signed contracts partly reflects the slight decline in mortgage rates and the economic rebound from the brutal winter. But prices have risen by 12.4 percent year-over-year, according to Standard & Poor's/Case-Shiller 20-city home price index. That has put home ownership out of reach for a growing share of Americans who are stuck with stagnant incomes in the aftermath of the Great Recession. The number of signed contracts increased in the Northeast and Midwest month-to-month, suggesting that a modest weather-based rebound has occurred. However, pending sales dropped last month in the West and South, a sign to many economists that the price increases have muted buying activity more than nasty weather. "The end of the severe winter weather will not bring with it a sustained revival in the housing market," said Ian Shepherdson, chief economist at Pantheon Macroeconomics. "The real problem is last year's massive deterioration in affordability." Would-be buyers have gotten some help in recent weeks from falling mortgage rates. Average rates for 30-year, fixed mortgages declined for the fifth straight week to 4.12 percent, according to mortgage buyer Freddie Mac. Still, rates remain above their lows of 3.51 percent a year ago. The rising rates in the second half of 2013 and higher home prices appear to have reduced the pool of potential homebuyers. The Realtors said last week that sales rose 1.3 percent in April from March to a seasonally adjusted annual rate of 4.65 million. Purchases of homes over the past 12 months have dropped 6.8 percent.

Terrorism and Utilities: No Longer a Black Swan

It used to be considered highly unlikely that a terrorist attack, either electronic or physical, could come close to disrupting the nation’s energy utilities infrastructure on the scale of Mother Nature, with her floods, freezing temperatures, and high-speed winds. One need only recall the devastation in 2012 that was wrought on the Mid-Atlantic states by Hurricane Sandy, where 8 million lost power, some for weeks.

The fact that US utilities have shown great resilience in restoring power under the most dire circumstances has contributed to the belief that this is one of the most reliable power systems on the planet.

Over the past few months, however, a series of disturbing news reports detailing a professional-style attack on a power station last year, as well as persistent cyber attacks against the industry, have raised concerns that the nation’s utilities are increasingly vulnerable.

The potential threat has already moved beyond the realm of the Black Swan, the term used to describe extremely rare, but highly consequential events that are difficult to anticipate and can result in truly catastrophic outcomes. Instead, a coordinated attack on utilities that destroys expensive infrastructure and results in widespread blackouts could very well be a high-probability event, given the industry’s lack of preparedness.

Indeed, unless it was the prelude for a Hollywood-style heist gone awry, a dry run for such an attack may have already occurred. But we're only just now hearing the full details almost a year after it happened.

On April 16, 2013, around 1:30 a.m., snipers opened fire for about 20 minutes on PG&E Corp’s (NYSE: PCG) Silicon Valley transmission substation, causing 17 transformers to overheat and crash.

As evidenced by The Wall Street Journal's thorough chronology of the attack, the operation was very different from the sort of vandalism that occurs ! against industry infrastructure on a semi-regular basis. About a half-hour prior to the shooting, the perpetrators cut telecommunications cables in two separate underground vaults, which knocked out nearby phone and Internet service.

Then they set up at a distance from the facility, near small piles of rocks left by an advance scout to signify the best vantage points from which to shoot. After a signal with a waved flashlight, which was caught on camera, the snipers began firing at the transformers' oil-filled cooling systems, discharging about 100 rounds. Another wave of a flashlight signaled the end of the attack, and the gunmen disappeared into the night about a minute before police arrived.

Fortunately, quick-acting officials who oversee the grid were able to avert a blackout by quickly rerouting power around the site, while other local power generators increased output to offset the loss. Nevertheless, the damage was extensive: It took utility workers 27 days to bring the substation back on line.

In an interview with CNN, Jon Wellinghoff, the former chairman of the Federal Energy Regulatory Commission (FERC), described the operation as a "very well planned, coordinated and executed attack on a major piece of our electric grid infrastructure." He believes the attack may have been a test run for a larger strike, possibly by terrorists. He also told the WSJ that this was "the most significant incident of domestic terrorism involving the grid that has ever occurred."

Furthermore, the attack has shown a major weakness that the industry has known about for years but has yet to address comprehensively. The transformers that the snipers destroyed are expensive pieces of equipment, often costing millions of dollars each, and are difficult to replace. Each is custom-made and weighs up to 500,000 pounds. A 2009 Energy Department report said that “physical damage of certain system components (e.g., extra-high-voltage transformers) on a large scale … could result in pro! longed ou! tages, as procurement cycles for these components range from months to years.”

Mr. Wellinghoff told the WSJ that a FERC analysis found that if a surprisingly small number of US substations were knocked out at once, then that could be enough to destabilize the system and cause a blackout that could encompass most of the US. Given what's at stake, he's argued that security at electrical grid facilities is insufficient, and he's urging Congress to give federal agencies the authority to demand improved security around electrical substations. "We need to have a national coordinated plan, and we have to have a federal agency that is in charge," Mr. Wellinghoff said.

Hackers, EMPs and Bureaucracy

Meanwhile, in the area of cybersecurity, a similar level of unpreparedness seems to be prevalent. Over an eight-month period through May 2013, the Industrial Control Systems Cyber Emergency Response Team (ICS-CERT) registered more attacks on internet-enabled SCADA systems, which monitor and control industrial and infrastructure processes, than in the previous twelve months.

According to its latest quarterly report, a total of 200 attempted intrusions were detected. The ICS-CERT said that more than half of the incidents affected the energy sector, while 17 percent targeted the manufacturing industry and 10 percent were aimed at critical telecommunications networks.

Moreover, in a 2013 Congressional report, more than a dozen utilities reported daily, constant, or frequent attempted cyber-attacks, ranging from phishing to malware infection to unfriendly probes. One utility reported that it was the target of approximately 10,000 attempted cyber-attacks each month.

The Department of Homeland Security (DHS) confirmed that hackers pose an increasing risk to electrical utilities because some control systems may be connected to the internet. A government report pointed out that "cyber-attacks are unlikely to cause extended outages, but if well-coordinated they could magni! fy the da! mage of a physical attack." A hacker attack on the power system "could deny large regions of the country access to bulk system power for weeks or even months," which would generate "turmoil, widespread public fear and an image of helplessness that would play directly into the hands of the terrorists."

Additionally, utilities' electronic systems are also ill-prepared for threats from an electromagnetic pulse (EMP) attack. EMPs can be generated intentionally by utilizing portable equipment to produce high-power radio frequency, microwave or other electromagnetic pulses that destroy or disable electronic equipment. Such weapons can vary in size from a handheld device to a large vehicle-borne device, can be used at a distance from a target, and can penetrate walls or other obstacles–making detection and attribution of an attack to a specific source difficult.

After reading this litany of risks, one might wonder why the industry has not taken action to protect critical infrastructure, especially in the wake of the 9/11 attacks or the 2003 Northeast Blackout.

In fact, utilities were focused on hardening the nation’s energy infrastructure against terrorism, as well as human and equipment error. And the Energy Policy Act of 2005 gave federal regulators authority to oversee energy infrastructure reliability and approve mandatory cybersecurity reliability standards.

The North American Electric Reliability Corporation (NERC), a non-governmental organization comprised of industry experts, was certified by federal regulators to develop reliability standards that include physical infrastructure. But since then, the organization has been criticized for being too slow to develop and implement physical and security standards, according to the FERC and a Congressional report.

Joseph McClelland, director of the FERC Office of Electric Reliability, told Congress last year that the procedures used by NERC, while “appropriate for developing and approving routine rel! iability ! standards … can be an impediment when measures or actions need to be taken to address threats to national security quickly, effectively and in a manner that protects against the disclosure of security-sensitive information.”

Nevertheless, NERC has been directed to propose reliability standards within 90 days that “address physical security risks and vulnerabilities related to the reliable operation of the bulk-power system.”

For its part, the Edison Electric Institute (EEI), the association representing investor-owned utilities, says the industry has already taken several steps to boost physical security, and companies are making additional investments in security. In a recent statement, EEI noted, “Electric companies are partnering closely with each other and with senior officials from all relevant federal and law enforcement agencies to protect the grid's most critical assets. In the past year, the industry has partnered with DOE and DHS on a series of briefings in 10 cities around the US to bring together utility operators with local law enforcement.”

Investing in Preparedness

In the weeks following the WSJ's detailed report on the attacks against PG&E's substation, we heard from several subscribers who wondered what this might portend for utility stocks. One subscriber, a 90-year old, World War II veteran and survivor of the Great Depression, summarized it best: In light of these risks, what's the best way to invest in the utilities space, and how do we determine which firms are most prepared for the possibility of a physical or cyber-attack?

Finding the answer has proved elusive and challenging, as utilities do not make their specific security initiatives available to the public, in part because such a disclosure itself would presumably compromise security, and that makes it difficult to evaluate firms' efforts in this context.

Even last year, when Congress submitted questions to the nation’s utilities on th! eir level! of preparedness against cyber, physical and EMP assaults, shockingly, some of the biggest, well-run utilities chose not to respond, though some did. Nevertheless, a Congressional report based on the questionnaire found utilities were significantly unprepared. The May 2013 report entitled, “Electric Grid Vulnerability: Industry Response Reveals Security Gaps,” by Reps. Edward J. Markey and Henry A. Waxman, says it all.

In early March, your correspondent attended a dinner hosted by Standard & Poor’s that brought together infrastructure industry experts and players, including analysts, as well as company and private-equity executives. Though the focus of the dinner was creating public-private partnerships with the private-equity industry to fund roads, bridges and utility infrastructure, I also took the opportunity to engage with fellow attendees about how to assess utility preparedness for physical and cyber-attacks.

One lobbyist at the dinner who represents real estate investment trusts (REIT) had also worked on developing the original language for the Terrorism Risk Insurance Act (TRIA), which “provides for a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism.” He reminded me that utilities are covered under the act.

Of course, I challenged him. “If there was a scenario where a utility lost billions due to a terrorist act, would that utility be made whole under TRIA?” I asked. He confirmed that utilities would be able to recover losses that result from a physical attack, assuming the government certifies it was due to an act of terrorism. However, he did note that there is concern that TRIA won’t be renewed, as it's set to expire at the end of this year.

The RAND Corporation, the well-known think tank, recently published a report entitled, “National Security Perspectives on Terrorism Risk Insurance in the United States,” which calls for TRIA’s ren! ewal. At ! present, no insurance exists for cybersecurity threats against utilities, though there is an industry effort to create a backstop similar to TRIA.

The lobbyist added that risk insurance goes a long way toward removing the need for investors to evaluate each utility's preparedness plan. He said it would be counterproductive to do so anyway. “Just after 9/11, there were several parking garage REITs that told investors they were better prepared than hotels against a terrorist act, which was impossible to evaluate,” he said, adding there were few investors who were going to go out and count security cameras and guards. The REIT industry's response was to develop a set of high standards of preparedness to which property owners would adhere.

Naturally, risk insurance and standard setting won’t put all investors at ease. The subscriber mentioned earlier said he still wants to see more concrete emergency-preparedness plans. Perhaps one way in which utilities can demonstrate they've made a good-faith effort, without compromising security by offering too many specifics, would be to periodically provide an accounting of their overall spending in this area. While throwing money at something doesn’t always prevent a problem from occurring, this is the one metric that would allow for easy comparison among industry peers.

Subscribers to Utility Forecaster get to read the full update, in which we detail the utility stocks that are likely best prepared for the possibility of a physical or cyber-attack.

Medivation: First Look At Xtandi Pre-Chemo Prostate Cancer Survival Curves

You're getting the first look at the Kaplan-Meier overall survival curves from the phase III "PREVAIL" study of Medivation (MDVN) and Astellas' Xtandi (enzalutamide) in pre-chemo prostate cancer patients. An update from the PREVAIL study was released tonight in advance of a formal presentation on Thursday at a medical conference.

Investors have been eager to see the Xtandi overall survival curves ever since Medivation and Astellas announced positive results and an early stop to the phase III study last November. As you can clearly see, a survival benefit favoring Xtandi (the green line) over placebo (blue line) starts early in the study at about four months and continues until the very end when the curves finally cross with only four patients remaining alive. 

As previously disclosed, the overall survival hazard ratio is 0.706, translating into a 29% reduction in the risk of death favoring Xtandi over placebo. Highly statistically significant. At the median, the overall survival benefit favoring Xtandi is 2.2 months over placebo.

Xtandi is competing against Johnson & Johnson's (JNJ) Zytiga in the pre-chemo prostate cancer treatment market. The two drugs have not been studied directly against each other but J&J did conduct its own phase III study of Zytiga plus prednisone versus prednisone alone. Data from this study have been presented at various medical meetings already.

For comparison purposes, here's what the Zytiga overall survival curves look like from its respective phase III study:

Notice: The Zytiga survival curve doesn't start to separate from the control arm until 18 months into the study. The hazard ratio for overall survival from the Zytiga study is 0.79, or a 21% reduction in the risk of death, favoring Zytiga over control. This survival result was not statistically significant because the study was stopped too early. 

The full presentation of the Xtandi PREVAIL data on Thursday will be made by Dr. Tomasz Beer of the Knight Cancer Institute at Oregon Health and Science University. Beer previewed his Xtandi presentation with the media earlier today, which is where these slides come from (with the exception of the abiraterone slide, which was shared with me by an investor who keeps better notes than I do.)

Medivation and Astellas did not comment on the new Xtandi data ahead of Thursday's presentation.

The co-primary endpoint of the Xtandi PREVAIL study was radiographic progression-free survival (rPFS.) Here's what those data look like:

This is the first look at the rPFS curves although the rPFS hazard ratio of 0.186 favoring Xtandi was previously disclosed. Obviously, the separation here is early, wide and very statistically significant. 

For the first time, Xtandi tumor response rate data are being shown.

Also for the first time, data showing treatment with Xtandi led to a significant delay in the median time to chemotherapy:


Here's a slide on Xtandi safety from the PREVAIL study:


Not noted on this slide is disclosure of two patients experiencing a seizure during the trial. According to Dr. Beer, one patient in each arm of the study reported a seizure (1 in the Xtandi arm, 1 in the placebo arm) and both patients entered the study with a history of seizures not known to investigators at that time. 

Beer characterized the seizure rate seen in the PREVAIL study as "extremely low" and "very reassuring."

Lastly, here is the conclusion slide from Beer's presentation of the Xtandi data earlier today:

The Xtandi data are being presented Thursday at the 2014 Genitourinary Cancers Symposium, sponsored by the American Society of Clinical Oncology, the American Society for Radiation Oncology and the Society of Urologic Oncology. 

Based on the data from the PREVAIL study, Medivation and Astellas will be seeking regulatory approval to expand the Xtandi label to include treatment of prostate cancer patients who have not been treated with chemotherapy. [The drug is already approved in the post-chemo prostate cancer setting.]

Astellas reports results from its most recent quarter on Feb. 2. The current consensus for U.S. Xtandi sales in the fourth quarter is $111 million. Astellas and/or Medivation are also expected to provide Xtandi sales guidance for 2014. Current consensus stands at $636 million, according to J.P. Morgan. 

-- Reported by Adam Feuerstein in Boston.   Follow Adam Feuerstein on Twitter.

Stock quotes in this article: MDVN, JNJ 

Would you pay 8% in fees for an illiquid alternatives fund?

Bloomberg News

If the thought of paying the classic “two and 20” to a hedge fund makes you queasy, you may want to look away.

Private-equity giant Blackstone Group is soliciting new shares for its $300 million Blackstone Alternative Alpha Fund, which carries a price tag that makes 2% in annual fees and 20% of profits look like a clearance sale. The nontraded fund of hedge funds has all-in annual costs of 8.28%, according to a filing with the Securities and Exchange Commission.

That includes Blackstone's 1.25% management fee, 2.18% of “other” expenses such as investor servicing and custody fees, an ongoing 0.85% distribution fee, and 5.83% of underlying fund fees. That all adds up to more than 10% in fees, but Blackstone has agreed to waive 1.83 percentage points of them.

The average liquid multialternatives fund charges 1.56%, according to Morningstar Inc.

On top of the Alternative Alpha Fund's expense ratio, there is also a 3% sales load and a 2% redemption fee if shares are sold within 12 months of purchase. The fund could therefore cost upwards of 13%, if the shares are sold before one year ended.

It's not that easy to sell shares though. The fund only repurchases shares periodically.

So what do you get for 8% of assets annually and limited liquidity?

A fund of 19 different hedge funds chosen by Blackstone, including 12 long/short equity managers, two global macro managers, two multimanager managers, one managed-futures fund, one credit-driven fund and one event-driven fund. Of course, that mix is subject to change at any time.

The fund has manage to outperform despite its expense-laden head winds. From its launch in April 2012 to the end of last September, the fund gained more than 11%, according to its most recent semiannual report. The Morningstar MSCI Composite AW Hedge Fund Index, an asset-weighted composite of nearly 1,000 hedge funds, had a return of just 5.35% over the same time period.

Still, that doesn't answer the question of whether you get what you pay for.

How to Save Money on Your Thanksgiving Meal

This year, Americans can be thankful that the cost of preparing a Thanksgiving meal will take a smaller bite out of their wallets. The average price of a feast for ten will be $49.04 this year versus $49.48 in 2012, according to the American Farm Bureau Federation's informal price survey of items typically served for Thanksgiving dinner.

SEE ALSO: Best Buys at Warehouse Clubs, Grocers and Big-Box Stores

Admittedly, the price drop is small -- but if you pair it with other money-saving strategies, you can significanlty lower the cost of a Thanksgiving meal. Here's how:

Look for special turkey sales and promotions. The turkey is the priciest item, by far, on the table at Thanksgiving. The American Farm Bureau Federation found that a 16-pound turkey costs $21.76, on average, this year. But there are ways to get one for less. Some grocery stores, such as ShopRite, are running promotions that allow customers with the store's club or rewards card to get a free turkey after spending a certain amount during the weeks before Thanksgiving. Waiting until the last minute to buy a turkey also might help you get it at a bargain price, according to AFBF.

Save on all the fixings. Manufacturers often release coupons for Thanksgiving-related food items and grocery stores often have sales on popular feast ingredients. To make sure you're getting the best deal, you can use a free mobile app such as Favado app (iPhone, Android). It lets you compare deals at local stores, find coupons and search for the lowest prices on the items you need. For more tips to keep costs down, see 10 Ways to Save on Groceries Without Coupons.

Don't go overboard. Leftovers are common at many Thanksgiving gatherings. So unless you really enjoy scouring cookbooks or recipe sites to find creative ways to use all that turkey and stuffing that wasn't consumed, you'll save money by buying only enough to feed each guest with just a little left over for seconds. Butterball has a portion calculator to help you figure out what size turkey to buy based on the number of adults and kids you'll be serving, whether they're big or light eaters and whether you want leftovers.

Make it potluck. Rather than foot the entire bill for your feast, ask guests to bring a side dish or dessert. Based on the AFBF figures, you'll cut your costs by more than 50% if you just spring for the turkey.

Don't let wine bust your budget. You don't have to spend a fortune to serve good wine with your Thanksgiving meal. For example, you can find good prices on wine at warehouse clubs such as Costco. If you buy several bottles at a wine or liquor store, ask about a discount for buying in bulk. Usually you can get up to 15% off the price on purchases of six or 12 bottles. For more tips, see How to Save Money on Wine.

'Attaboys' for websites that ran Mohammed cartoons

  #JeSuisCharlie floods social media NEW YORK (CNNMoney) Many news organizations stayed away from the Charlie Hebdo cartoons depicting the Prophet Mohammed following this week's attack on the French satirical magazine.

But a number popular news websites eagerly republished the controversial images.

The Daily Beast's executive editor, Noah Shachtman, said his site hasn't drawn any negative reaction for its slideshow of Charlie Hebdo's most "shocking" covers, which included a 2011 image of the prophet.

"All I've heard is attaboys," Shachtman said.

The Huffington Post's Washington bureau chief, Ryan Grim, said he believes the site's massive readership expected to see the cartoons.

"I haven't seen any serious negative reaction, and my sense is our readers were equally unsurprised and gratified that we published them," Grim said. "There was really never any question that we would, but it's still important to make the statement that terror won't chill free speech -- in fact quite the opposite."

Gawker editor-in-chief Max Read said the reaction to his site's republication of the Mohammed cartoons has been muted. According to Read, Gawker took far more grief for a memorable 2013 article.

"Unlike our piece publishing the results of a public-records request for the names of New York gun owners, which garnered us almost non-stop threatening phone calls to our tips line, the Charlie Hebdo images have resulted in silence," Read said.

Lachlan Markay of the Washington Free Beacon said his tribute to Charlie Hebdo, which included the magazine's Mohammed cartoons, generated a considerable response.

"I've received more emails on this than on any story I've ever written," Markay said. "With a single exception, they've been entirely positive. One person even offered to send me a check to help with office security and legal expenses. I said I didn't think that would be necessary."

He added, "The one negative reaction I received was actually from a self-described Christian who objected to offensive religious imagery in general."

All four journalists said their publicati! ons haven't received any threats for publishing the images.

The depiction of Mohammed is a serious affront to some Muslims that's led to violence in the past.

Two other high-profile outlets, The Washington Post and BBC, declined to comment when asked about the response to their use of the images.

Taken: Stocks Drop in Year’s First Full Week of Trading

This is not what anyone expected. Taken 3 was supposed to follow a simple formula. Bad guys kidnap someone Liam Neeson cares about, shuffle her (and it’s always a her) off to a some exotic locale, and then Neeson kicks butt to get her back. Not this time around. There is no kidnapping. The movie is set in Los Angeles. The only thing that remains is Neeson kicking butt. And that doesn’t seem to be enough for most critics. The Los Angeles Times’ Betsy Sharkey calls Taken 3 “unintentionally hilarious,” Vulture.com’s Bilge Ebiri says “the concept is lame,” and Rolling Stones’ Peter Travers simply warns: “This thing sucks!” Still, BoxOfficeMojo predicts Taken 3 will take in about $28 million, good enough to top the box office.

After last year’s 11% rise in the S&P 500, which followed 2013′s 32% return, investors might have been expecting a solid start to the year. Now quite. The S&P 500 dropped 0.7% to 2,044.81 this week, with no single-day move smaller than 0.8%. The Dow Jones Industrial Average, meanwhile, fell 0.5% to 17,737.37, the Nasdaq Composite declined 0.5% to 4,704.07, and the small-company Russell 2000 finished off 1.1% at 1,185.68.

About what you would expect from a week that saw the eurozone sink into deflation, the Federal Reserve turn a blind eye towards the lack of inflation in the U.S., and a jobs report that was strong across the board except for the lack of wage growth. Oh, and oil dropped below $50. Cirrus Research’s Satya Pradhuman and Mitchell Hew consider the impact of falling oil prices on the market:

The fallout in crude, while generally positive, indirectly pressures Europe as the Russian economy and the Rubble contracts. A more direct impact of the decline in crude relates to a fallout in demand for energy related projects and capital. A closer look at the High Yield market indicates that quality spreads (the difference between High Yield market and the corresponding Treasury level) have widened out in the past six months. This is partly due to the rally in the Treasury market as global investors have flocked to the US. Importantly, Energy related funding has slowed to a trickle as credit spreads have doubled, from 346 to 753 basis points, between June and December. Ultimately, a tightening of investment capital limits growth and eventually caps valuation levels. Until we can witness a stabilization of the recent back-up in quality spreads, the focus on higher quality will likely be beneficial.

Credit Suisse strategists Lori Calvasina and think stocks look increasingly risky:

Although small caps no longer look overvalued vs. large cap, the two size segments have something very important in common. Both, as well as mid-caps, look extremely expensive in absolute terms. While expensive valuations up and down the market cap spectrum are no guarantee that US equities will fall in the year ahead, the extreme readings that we see on our absolute valuation models do indicate to us that downside risks in all size segments of US equities have risen, and that US stocks have become much more vulnerable to negative catalysts.

Sounds like a bad sequel.

Building a Better Immunotherapy Mousetrap (GILD, TNIB, RHHBY)

Look out Roche Holding Ltd. (OTCMKTS:RHHBY). And Gilead Sciences, Inc. (NASDAQ:GILD)? You might want to look over your shoulder too. There's a new contender on the immunotherapy front, and its name is TNI Biotech Inc. (OTCMKTS:TNIB). No, it isn't a household name... at least not yet. But, TNIB could become a household name in the foreseeable future, by chipping away at the dominance currently enjoyed by the likes of GILD and RHHBY.

The idea of immunotherapy isn't exactly a new one. Indeed, at its basic form, penicillin and even more modern antibiotics are immunotherapies, designed to induce a body's natural disease-fighting response in order to more effectively fight an infection. However, immunology has advanced tremendously in recent years - admittedly led by the likes of Roche Holding and Gilead Sciences - and is now taking aim (effectively, to boot) at the biggies like cancer, autoimmune diseases, and HIV/AIDS.

The foundation for that proverbial quantum leap is a better understanding of how the human body's immune system works. Gone are the days where a high disease-fighting white blood cell count was the end-goal. Now we know the immune system is an incredibly complex science, with a lot of moving parts, and working interdependently with the body in a lot of different ways. That complexity, however, is also what's allowed a smaller player like TNI Biotech to begin building what could be a real threat to industry giants Gilead and Roche Holding. One small tweak in one of the immune system's many parts, and its ability to fight an illness could be turned on in a way it's never been turned on before.

TNI Biotech's key to building this better mousetrap are LDN (Low Dose Naltrexone) and MENK (methionine-enkephalin). These two compounds can boost and even restore an immune system simply by increasing the T and NK cell count, which prompts a person's own natural defenses... the best way to fight any ailment, assuming that immune system is still functioning property. That, however, has been the impasse with many medicines - all too often that patient's immune systems has already been damaged by the very disease it's trying to fight (which is the case with Human Immunodeficiency Virus, or HIV), or the diseased cells can effectively "hide" from that person's immune system, failing to trigger an immune response at all (which is the case with many cancers and tumors). The research from TNIB to date shows that a slight tweak in MENK and LDN could induce a major, positive response to illnesses. [See the company's explanation for more details.]

What's so compelling about the biotechnology isn't the premise, however - there are lots of immunotherapy companies out there. What's so impressive is how universal and adaptable the MENK and LDN-based approaches are.

This idea could be just as effective as a treatment for AIDS as it could be as treatment for cancer. In fact, the company believes this treatment approach could even help fight autoimmune diseases such as Crohn's or multiple sclerosis; LDN and MENK are very foundational parts of an entire immune system. That's why it wasn't hyperbole to say Roche Holding Ltd. and Gilead Sciences, Inc. may want to take notice. Roche is the world's biggest supplier of cancer drugs, while Gilead is the dominant name in HIV/AIDS therapies. Both companies deserve their current spots in the revenue hierarchy, but if a better medicine comes along....

It will still be years before TNI Biotech Inc. gets anything on the market; that's just the nature of biotech, or more specifically, the nature of the FDA's approval process. That does not mean TNIB isn't investment-worthy right now, though. The market prices in a drug's potential from the get-go, and the market also rewards a stock when its underlying company reaches key milestones. That's why investors looking for a ground floor opportunity - or perhaps looking for the next GILD or RHHBY - may want to consider TNIB now. This one small twist on how to induce an immune response could end up being a game-changer.

For more information on TNI Biotech, visit the SCN research page here.

Don't wait till 30; start investing now: Roongta Sec

Roongta said, "Since you have a longer time horizon, you can allocate more towards your high-risk, high-reward assets such as equities. As you grow older, the equities allocation will start reducing over a period of time."

Also Read: Investing for tax saving? Choose your options wisely

Below is the verbatim transcript of the interview

Q: A lot of people delay their investments in the hope that there is enough time or maybe they do not have sufficient surplus to invest early in their careers. How beneficial is it to begin investing early or can it be delayed by a few years?

A: To answer first question, let me use an example to explain how it is beneficial to start investing early. If you take a case of a 30-year-old person who sets aside Rs 1,000 a month, this is just for calculation purposes for a period of 30 years and has anticipated retirement age of 60 years. If you generate a long-term return of equity 14 percent annualized return, the corpus that this person will accumulate would be about 54 lakhs with Rs 1,000 over 30 year period. If he delays this by just five years, he says that I have enough time for retirement; I can probably start investing at 35. If he starts making the investment from 35 years of age, so he has another 25 years left, if he invests the same Rs 1,000, the corpus that he will accumulate will not be 54 lakhs but it would be about 26.5 lakhs.

So, it is about half of what he would have accumulated otherwise by just a five years period that he has delayed. That is the price that he would pay. Suppose, if he needs to accumulate the same amount of 54 lakhs by starting at 35, he has to now start investing Rs 2,000 a month for the next 25 years. This is the cost that you would pay to delay every year of your investment. So, there is a huge cost that you are paying not only in terms of losing time but even otherwise. There are other benefits too. If you start early, there are usually less liabilities in the early years. So, there is less burden on your finances if you are setting aside some money for investments.

Besides, since you have a longer time horizon, you can allocate more towards your high-risk, high-reward assets such as equities. As you grow older, the equities allocation will start reducing over a period of time. So, these are couple of benefits. What I would normally recommend or suggest is that why even wait for 30 years of age. If the first time you get your pay cheque, ideally an investor should start investing immediately, set aside a portion of it for his long-term requirement.

Q: How will you priorities? What if the investor wants to go for a house, would that be the priority and not think of putting some money aside for retirement?

A: Buying a house is a very tricky question. If you are buying a house early in your life for your self occupancy purposes then it maybe right to allocate all your investments for EMI purposes for your house purchase. But if the purpose of buying the house is again only for an investment purposes, then you need to stick to your asset allocation plan, which is that you need to have some bit on equities, into debt, you need to have precious metals into your portfolio and then real estate.

So, it depends on what is the purpose of buying the houses. If it's for self occupancy that you can allocate your entire fund for a moment and as your income increases going by you can start having equities and debt into your portfolio. But if it's for investments then it is better to stick to asset allocation plan.

GM's Latest Overhaul Moves Forward

General Motors (NYSE: GM  ) unveiled a brand-new $130 million "enterprise data center" in Michigan this week. That may not sound like a big deal, but it's one key part of a massive change in the way GM does business -- one that could result in better cars and bigger profits.

In this video, Fool contributor John Rosevear explains the big story behind this new data center -- and why it's a huge step into the future for GM.

Few companies lead to such strong feelings as General Motors. But while many have shunned GM out of anger over its bailout, new management is quietly turning the battered old General into a gleaming global powerhouse. The Fool's premium GM research service has all the details of GM's post-bankruptcy transformation -- and advice on how best to profit from the General's ongoing overhaul. Just click here to get started now.

Why NII Holdings Shares Soared Again

Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Following a 25% jump on Wednesday, shares of NII Holdings (NASDAQ: NIHD  ) are soaring again today after the rumored sale has been made official.

So what: The company, which offers wireless service through its Nextel subsidiary, was reportedly exploring a sale of its Peru business to Chilean phone company Entel. NII officially announced the deal today, selling the division for $400 million. That's less than the $500 million figure that was originally speculated.

Now what: NII said the deal will contribute to its goal of focusing on its largest markets in Mexico and Brazil, adding that the proceeds will boost its liquidity position and ability to expand its next-generation networks in those regions. The company will also continue selling other assets to raise capital, with analysts expecting pending tower sales to be completed within the next few months. NII may be able to generate positive free cash flow by the end of next year.

Interested in more info on NII Holdings? Add it to your watchlist by clicking here.

It's incredible to think just how much of our digital and technological lives are almost entirely shaped and molded by just a handful of companies. Find out "Who Will Win the War Between the 5 Biggest Tech Stocks?" in The Motley Fool's latest free report, which details the knock-down, drag-out battle being waged by the five kings of tech. Click here to keep reading.

Should You Hire a New CPA to Prepare Your Taxes?

Getty Images As tax season draws near, it's time to think about whether or not the person who does your taxes deserves to be on your team this year. It doesn't matter if that person is a CPA or not (and in this post I'll use CPA and tax preparer interchangeably). Here are eight questions to help determine if you have the right tax professional -- or not. 1. Are All Your Questions Answered in a Timely Manner? Sometimes professionals forget who the boss is –- you. If you are working with someone who isn't able to directly respond to you in a way that you understand, it's time to look around. There are plenty of CPA fish in the sea -- and you deserve to be treated with respect. 2. Does Your Tax Preparer Also Sell Investments? Tax work is a full-time job. If your tax person spends time selling life insurance or investments, that means he isn't focused on taxes. A jack of all trades is a master of none. And when it comes to taxation, you need a master in your corner. The last thing you want is a return prepared by someone distracted by investments. 3. Do You Like Your Tax Preparer? Like I said, it's important to feel comfortable with your tax professional. You don't want to think twice before picking up the phone to ask a question. You need a CPA who cares about you, who is empathetic and pleasant to deal with. Now let me be clear. Just because you like your CPA doesn't mean she's the right person for you. But if you don't like her, she's definitely the wrong one. 4. Are You Paying Too Much? Tax preparation is a highly individualized service. Sometimes it's OK to overpay if the person is extremely good, easy to work with and really understands you and your situation. But you still need to know if you are being clipped. The only way to know is to shop around. Take your last two tax returns to three other tax pros. Sit down, let them review your documents and listen to what they have to say. Besides asking them to provide a quote, ask if they have any suggestions. Do they see any overlooked opportunities? Of course these people will try to sell you -- but if all three point to a problem, it may be time to hire a new tax guru. 5. Is Your Work Handled Accurately? Everybody makes mistakes, and it's OK if there is an occasional error. Don't forget that tax people are under extreme time pressure. But if errors are numerous or get repeated year after year, dump your CPA before she has a chance to flub up your return this year, too. 6. Is She Proactive? The federal tax code is thicker than a stack of phone books. There are almost 74,000 pages in it. Somewhere in there are rules that can help you reduce your tax liability. The difference between good CPAs and mediocre CPAs is that good ones aggressively look for opportunities while the others act like glorified clerks and simply fill out the forms without even thinking about it. I admit that not everyone can put the tax law to full use. If you are an employee and have a very basic situation, it may be difficult for your tax preparer to find ways to reduce your tax liability. But at the very least she should be talking about itemized deductions and retirement plan contributions. And if you are self-employed, there are a host of areas that a good CPA can draw on to reduce your tax liabilities. Make sure you work with someone who is really earning his keep by bringing ideas to the table and doing some out-of-the-box thinking. 7. Is Your CPA Actually Doing the Work? Just because you pay your CPA to prepare your tax return doesn't mean she is actually doing the work. In many cases tax professionals outsource the work and simply check the final return. That isn't necessarily a problem as long as the person who does the work is qualified and knows what they are doing. It's very possible that your CPA will hire another CPA to prepare your return. But there are still a few worries I have when this happens. The first issue that comes to mind is competence, of course. If you don't know who is doing the work, you have no idea how well trained they are. But there are other concerns too, such as security. You certainly don't want your private data floating all over the Internet. And this is a huge problem if your tax person outsources their work overseas, which some do. Ask your tax preparer who will prepare your return and get the answer in writing. This keeps everyone honest. 8. Do You Even Need a Tax Preparer? If you have a complicated financial situation, you are well advised to hire a pro to prepare your taxes. But if your situation is straightforward, consider doing your own taxes. It's very possible that you could buy software and do a better job yourself. How do you know if you should do your own taxes? First, if your CPA is outsourcing your return, it's a pretty good indication that your situation isn't too difficult. Next, if you are an employee, you don't itemize and have a very straightforward investment portfolio, you could very easily prepare your own return. Even if your situation is more complex, you should check out the better tax prep programs Most are very good at walking you though the process of completing your return. This is true even for people with almost no tax background or understanding. More from Neal Frankle
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