Corporate Webpages Sybase, Inc.
Sybase Inc. is an odd mixture of both a low-profile and a
high-profile company. Its corporate website gives very little
indication of the personalities and strategies behind
management, but rather is filled with technical papers and
manuals related to the kind of software restricted to
information technology professionals. Yet its "PR" department
issues such a steady stream of news articles about this or that
minor alteration or improvement to one of its products, that it
is difficult to get at the really significant news such as
patent infringements, borrowings, etc., through the maze of PR releases.
Sybase is strictly a computer programming company. It has an amazingly
long list of competitors in this highly competitive field.
Sybase contributes aspects of other manufacturer's programs and
operating systems by working with various partners. It does
this in a primarily consulting way, although it does have some
branded products strictly of its own. A lot of effort has gone
into programming related to the cellular phone industry. Most revenue
comes from database management software, but mobile internet system
programming is getting an increasing share of its overall revenue.
It started out concentrating upon server system programming. It
also develops reliable systems for banks and financial
institution transaction processing. The company does a lot of
business overseas, particularily in China.
The balance sheet is strong, and it gets a high rating by some
for corporate governance as determined by who is on the Board of
Directors, however we feel management is over-compensated,
particularly with the ubiquitous stock options that hurt all
other shareholders when they are quickly exercised dumping
shares on the market.
This is one of the companies we picked because it was had a
"buy" rating on both Street.Com and Market Grader systems, which
use markedly different evaluation techniques (research methodology).
Institutions are dumping this stock overall, in contrast to
recent trends when capital is being repatriated into funds.
The company once billed itself as the largest "independent"
producer of software in the U.S. Our question would be,
"Independent of what or whom?"
10-04-2009: Sybase, Inc. (SY): System Programming Giant
(WAIT FOR PAGE TO LOAD COMPLETELY BEFORE LINKS WORK.)
Company Profile
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News
Comparison with Peers
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Research Reports
Analysts' Opinions
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Sentiment
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Stock Report
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Moving Average Chart
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Company Profile |
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Comparison |
Similar Companies Performance:
Bond Issue |
Zenith Index |
Sybase, Inc. (SY ) Sector: Technology
One Sybase Drive Industry: Application Software
Dublin, CA 94568 Exchange: NYSE
Sybase, Inc. provides enterprise and mobile software solutions for
information management, development, and integration worldwide. The
company operates in thee segments: Infrastructure Platform Group
(IPG), iAnywhere Solutions (iAS), and Sybase 365. Its IPG segment
offers Adaptive Server Enterprise, a relational data management
platform for mission-critical transactions; Sybase IQ, an analytics
server for business intelligence applications; Replication Server
that provides bi-directional, heterogeneous distribution, and
consolidation and synchronization of data across the enterprise;
Mirror Activator that improves the economics of storage replication
systems; and PowerDesigner, a data-modeling and application design
tool for enterprises. This segment also provides PowerBuilder, a
rapid application development tool; and Financial Fusion that offers
banking solutions. The company-Ęs iAS segment provides SQL Anywhere,
a data management and data synchronization solution; AvantGo, an
ad-supported service that delivers personalized mobile Web sites;
RemoteWare that supports a range of frontline systems and networking
options; and standards-based software development kits for
implementing protocol stack technologies. Its Sybase 365 segment
provides mobile messaging interoperability, the delivery and
settlement of SMS and MMS content, mobile commerce, and GPRS Roaming
Exchange mobile messaging interoperability. The company licenses its
products for use in connection with customer applications on the
Internet. Sybase was founded in 1984 and is headquartered in Dublin,
California.
Last Trade: 38.33 52-Week Range: 39.15 - 22.20
Trade Date: 10-04 Avg. Volume: 1,450,030 Shares
Index Membership: S&P 400 MidCap Employees: 3,995
Corporate Governance:
Sybase, Inc.'s Corporate Governance Quotient (CGQ-«) as of 1-Oct-09
is better than 88.4% of S&P 400 companies and 96.2% of Software &
Services companies.
EPS: 1.85 Dividend Amount: $ 0.00 Yield: 0.00%
Ex-Dividend Date: N/A Mkt Cap: $ 3,100,000K
Payout Ratio: 0.00%
Last Split Factor (new for old): 2:1 Split Date: 22-Nov-93
Key Statistics:
Enterprise Value: $ 2,770,000K Revenue (ttm) : $ 1,130,000K
Gross Profit: $ 796,230K
Earnings before Income Tax, Depreciation and Amortization: $ 308,090K
Enterprise Value/Revenue (ttm): 2.44 Revenue per Share: $ 14.21
Enterprise Value/EBITDA (ttm): 8.98 Qtrly Rev Growth (y to y): -1.70%
P/E Ratio (fwd projected): 14.80 P/E Ratio (current): 20.74
P/E Growth Ratio (5 yr expected): 1.04 Operating Margin: 21.82%
Price/Sales Ratio: 2.71 Profit Margin: 13.47%
Price/Book Value: 3.27 Book Value: $ 11.61/sh.
Return on Assets: 8.39% Net Income Avl to Common: $ 152,460K
Return on Equity: 18.04% Diluted Earnings/Share: $ 1.85
Qrtly Earnings Growth (yoy): 26.20%
Balance Sheet Items : Cash Flow Items (ttm):
(most recent qrtr) (trailing 12 mo.)
Total Cash: $ 784,100K Operating Cash Flow:$ 303,910K
Total Debt: $ 447,560K Lvgd Free Cash Flow:$ 172,660K
Total Debt/Equity: 0.00
Total Cash/Share: $ 9.69
Current Ratio: 1.24
Share Statistics: Stock Price History:
Shares Outstanding: 80,940K Stk 52-Week Change: 33.28%
Float: 79,900K S&P 500 52-Wk Chng: -6.73%
Sh. Short % of Float: 11.70% 50-Day Moving Avg: 36.02
Short Ratio: 9.10 200-Day Moving Avg: 33.39
% Held by Institutions: 109.70% Beta: 0.73
% Held by Insiders: 0.33%
Analysts' Estimates: Cur. Qtr Next Qtr Cur. Year Next Year
___________________________ Sep-09 Dec-09 Dec-09 Dec-10
Average Earnings Estimate 0.57 0.65 2.27 2.57
Average Revenue Estimate 280M 299M 1,130M 1,210M
Factors Comparing This Company to Its Industry Leader (1.0 = Average):
Long Term EPS Growth Rate (5 yr): 0.521 EPS Growth (Qrtly YoY): 0.117
PEG Ratio (ttm, 5 yr expected): 0.093 P/E Ratio (ttm): 0.262
Revenue Growth (Qrtly YoY): -.020
Annual Income Statements: All numbers in thousands)
Period Ending 31-Dec-08 31-Dec-07 31-Dec-06
Total Revenue 1,131,930 1,025,530 876,163
Cost of Revenue 335,703 293,502 214,599
Gross Profit 796,227 732,028 661,564
Operating Expenses:
Research & Development 146,932 152,571 149,510
Selling, General & Administrative 424,356 396,314 369,306
Non-Recurring Expenses 167 797 1,653
Other Operating Expenses 14,716 13,783 7,331
Total Operating Expenses 586,171 563,465 527,800
Operating Income or Loss 210,056 168,563 133,764
Income from Continuing Operations:
Total Other Income/Expenses Net 23,813 33,521 38,662
Earnings Before Interest & Taxes 233,920 202,096 172,345
Interest Expense 26,768 12,144 11,028
Income Before Taxes 207,152 189,952 161,317
Income Tax Expense 68,581 41,102 66,253
Minority Interest 51 12 -81
Net Income from Continuing Op.s 138,571 148,850 95,064
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 138,571 148,850 95,064
Preferred Stock & Other Adjustmnts 0 0 0
Net Income Avail To Common Shares 138,571 148,850 95,064
Quarterly Income Statements: All numbers in thousands)
Period Ending 30-Jun-09 31-Mar-09 31-Dec-08 30-Sep-08
Total Revenue 277,957 267,513 305,091 283,978
Cost of Revenue 80,632 76,083 85,082 86,484
Gross Profit 197,325 191,430 220,009 197,494
Operating Expenses:
Research & Development 35,935 34,744 37,873 37,451
Selling, General & Adminis. 94,370 96,076 108,475 103,178
Non-Recurring Expenses 11 -10 109 39
Other Operating Expenses 3,756 3,723 3,707 3,920
Total Operating Expenses 134,072 134,533 150,164 144,588
Operating Income or Loss 63,253 56,897 69,845 52,906
Income from Continuing Operations:
Total Other Income/Expenses Net -208 2,176 3,957 5,779
Earnings Before Int. & Taxes 63,045 59,073 73,846 58,664
Interest Expense 3,865 11,077 9,266 6,064
Income Before Taxes 59,180 47,996 64,580 52,600
Income Tax Expense 21,548 19,895 17,290 17,864
Minority Interest -56 0 44 -21
Net Income from Continuing Op.s 37,576 28,101 47,290 34,736
Non-recurring Events:
Discontinued Operations 0 0 0 0
Extraordinary Items 0 0 0 0
Effect of Accounting Changes 0 0 0 0
Other Items 0 0 0 0
Net Income 37,576 28,101 47,290 34,736
Preferred Stock & Other Adj.s 16 -16 0 0
Net Income Avail To Common Shs 37,592 28,085 47,290 34,736
Annual Balance Sheets: All Numbers in Thousands
Period Ending 31-Dec-08 31-Dec-07 31-Dec-06
Current Assets:
Cash & Cash Equivalents 614,137 608,232 361,317
Short Term Investments 8,689 93,462 269,612
Net Receivables 315,924 283,246 224,240
Inventory 0 0 0
Other Current Assets 39,140 42,786 16,392
Total Current Assets 977,890 1,027,726 871,561
Long-Term Investments 15,554 36,637 12,781
Property, Plant & Equipt 62,263 64,841 66,458
Goodwill 527,151 533,339 540,303
Intangible Assets 196,370 204,886 220,827
Accumulated Amortization 0 0 0
Other Assets 29,715 36,016 39,551
Deferred Long Term Asset Charges 26,474 10,038 36,069
Total Assets 1,835,417 1,913,483 1,787,550
Current Liabilities:
Accounts Payable 247,943 219,264 222,987
Short/Current Long Term Debt 0 0 0
Other Current Liabilities 211,903 203,734 193,431
Total Current Liabilities 459,846 422,998 416,418
Long Term Debt 460,000 460,000 460,000
Other Liabilities 76,870 75,476 44,428
Deferred LT Liability Charges 16,433 19,052 18,413
Minority Interest 5,095 5,147 5,160
Negative Goodwill 0 0 0
Total Liabilities 1,018,244 982,673 944,419
Stockholder Equity:
Misc. Stocks Options Warrants 0 0 0
Redeemable Perferred Stock 0 0 0
Preferred Stock 0 0 0
Common Stock 105 105 105
Retained Earnings 367,286 241,329 92,817
Treasury Stock -641,647 -397,508 -268,313
Capital Surplus 1,054,517 1,019,930 977,672
Other Stockholder Equity 36,912 66,954 40,850
Total Stockholder Equity 817,173 930,810 843,131
Net Tangible Assets 93,652 192,585 82,001
Quarterly Balance Sheets: All Numbers in Thousands
Period Ending 30-Jun-09 31-Mar-09 31-Dec-08 30-Sep-08
Current Assets:
Cash & Cash Equivalents 680,200 678,596 614,137 562,040
Short Term Investments 121,910 16,148 8,689 2,537
Net Receivables 276,676 269,366 315,924 276,076
Inventory 0 0 0 0
Other Current Assets 23,818 42,689 39,140 33,061
Total Current Assets 1,102,604 1,006,799 977,890 873,714
Long-Term Investments 14,711 13,753 15,554 19,348
Property, Plant & Equipt 58,834 58,910 62,263 67,123
Goodwill 528,433 525,478 527,151 541,548
Intangible Assets 185,879 190,945 196,370 202,076
Accumulated Amortization 0 0 0 0
Other Assets 28,952 27,859 29,715 33,638
Deferred LT Asset Charges 226,830 240,375 211,903 199,051
Total Assets 1,931,712 1,843,917 1,835,417 1,740,005
Current Liabilities:
Accounts Payable 214,003 206,850 247,943 223,249
Current Portion LT Debt 447,556 442,818 0 0
Other Current Liabilities 0 0 0 0
Total Current Liabilities 888,389 890,043 459,846 422,300
Long Term Debt 0 0 460,000 460,000
Other Liabilities 82,572 80,111 76,870 76,313
Deferred LT Liab. Charges 14,290 15,719 16,433 15,207
Minority Interest 5,151 5,111 5,095 5,140
Negative Goodwill 0 0 0 0
Total Liabilities 990,402 990,984 1,018,244 978,960
Stockholder Equity:
Misc. Options, WarrantS 0 0 0 0
Redeemable Perferred Stock 0 0 0 0
Preferred Stock 0 0 0 0
Common Stock 105 105 105 105
Retained Earnings 399,388 355,096 367,286 320,082
Treasury Stock -618,053 -636,222 -641,647 -638,600
Capital Surplus 1,121,766 1,111,803 1,054,517 1,037,368
Other Stockholder Equity 38,104 22,151 36,912 42,090
Total Stockholder Equity 941,310 852,933 817,173 761,045
Net Tangible Assets 226,998 136,510 93,652 17,421
Annual Cash Flow: All Numbers in Thousands
Period Ending 31-Dec-08 31-Dec-07 31-Dec-06
Net Income 138,571 28,101 95,064
Operating Activites:
Depreciation 107,884 89,892 74,772
Adjustments to Net Income 33,042 9,805 26,880
Changes in Accounts Recv'bls -25,985 -23,232 6,005
Changes in Liabilities 34,075 43,729 10,743
Changes in Inventories 0 0 0
Changes in Other Op'ing Actv's 0 -15,030 1,146
Total Cash Flow fr Operations 295,514 254,014 214,610
Investing Activities:
Capital Expenditures -32,320 -23,883 -18,356
Investments 103,006 151,438 179,847
Other Cash Flows fr Investing -85,326 -40,833 -437,826
Total Cash Flows fr Investing -14,640 86,722 0
Financing Acitivies:
Dividends Paid 0 0 0
Sale or Purchase of Stock -256,158 -125,548 -9,245
Net Borrowings -910 -1,582 -403
Other Cash Flows fr Financing 11,182 14,485 9,569
Total Cash Flows fr Financing -245,886 -112,645 -79
Effect of Exchange Rate Change -28,432 21,414 18,366
Change in Cash & Cash Equiv.s 6,556 249,505 0
Quarterly Cash Flow: All Numbers in Thousands
Period Ending 30-Jun-09 31-Mar-09 31-Dec-08 30-Sep-08
Net Income 37,576 28,101 47,290 34,736
Operating Activites:
Depreciation 24,291 22,887 29,066 28,974
Adjustments to Net Income 17,606 14,589 14,188 7,496
Changes in Accounts Recv'bls -6,877 41,832 -36,988 4,688
Changes in Liabilities -6,635 -7,528 37,636 -26,803
Changes in Inventories 0 0 0 0
Changes in Other Oper'g Acts 2,246 0 -2,500 0
Total Cash Flow f Operations 68,263 97,381 84,524 53,738
Investing Activities:
Capital Expenditures -5,476 -4,436 -6,307 -9,890
Investments -105,846 -7,466 2,486 2,278
Other Cash Flows fr Investing -9,774 -12,709 -19,265 -38,615
Total Cash Flows fr Investing -121,096 -24,611 -23,086 -46,227
Financing Acitivies:
Dividends Paid 0 0 0 0
Sale or Purchase of Stock 18,340 1,712 -3,132 14,296
Net Borrowings -160 -696 -119 -193
Other Cash Flows fr Financing 2,957 2,453 2,212 2,737
Total Cash Flows fr Financing 21,137 3,469 -1,039 16,840
Effect of Exchange Rate Chg 17,943 0 800 0
Change in Cash & Cash Equiv. -13,753 64,575 52,665 -16,449
SY Sybase, Inc. [Indices near +3.0 or near zero,
or < zero bear special attention.]
P/E Ratio Tests:
Current P/E Ratio < 28? 1.3500 P/E Ratio > 5? 1.0000
P/E Ratio Vs Growth Rate: 1.1200 Forward P/E Ratio < 28? 1.8919
Sales Tests:
Price/Sales Ratio < 2.3? 0.8487 Inventory/Sales < 5%? 1.0000
Sales < $1 billion? 0.8834 Operating Margin < 7.5%? 0.3437
Balance Sheet Tests:
Debt/Equity < 0.40? 1.0000 Long-Term Debt Service: 1.7765
LTD Being Reduced? 1.0000 Short-Term Debt Service: 3.0000
Current Ratio > 2? 0.6205 Working Capital >= 1.5? 1.6114
Leverage Ratio < 20%? 3.0000 Debt / Assets < 1? 3.0000
Quick Ratio > 1? 1.0771 Inventory Turnover > 1? 1.0000
Shares Out Decreasing? 1.8000 Market Cap.> 1.5 Billion? 0.4839
Profit Margin > 7.5%? 1.7960
Income Tests:
Dividend Yield > 2.0%? 0.0000 EPS Annual Growth > 10%? 0.0000
Enterprise Value/Revenue: 1.6267 EPS 5-yr Growth > 20%? 0.0000
Enterprise Value/EBITDA: 1.2826 EPS Growth Consistent? 1.8000
EPS Qrtly Growth > 10%? 2.6200 Collection < 45 days? 0.4417
Rev. Qtrly Growth > 15%? -0.2550 Gross Pft/Cur. LTD < 1? 3.0000
EPS Annual Growth > 10%? 0.0000 Borrowing Int. Rate< 6%? 0.9010
Stock Performance Tests:
Volatility > 25%? 2.2103 % Held by Insiders < 5%? 3.0000
Beta > 1.25? 0.5840 % Held by Institut. < 50? 0.4558
50 Da MA > 200 Da MA? 0.2058 % Held by Institut. > 30? 3.0000
52-Wk Change vs. S&P 500: -0.4487 Short Ratio > 5? 1.8200
Price/Book Value < 3? 0.7300 Short % of Float > 20? 0.5850
Return on Assets > 17%? 0.4935 Average Volume > 100,000? 3.0000
Cash Flow Tests:
Oper. C.F. > Lever'd C.F: 1.7602 Positive Free Cash Flow? 1.0000
Positive Oper. Cash Flow? 1.0000 Price to C.F./sh. Ratio: 1.2825
Cash Flow / Assets >.10? 0.8938
SY Sybase, Inc. Overall Zenith Index: 1.2789
Financial Statements |
Financial Ratios |
. . . . . . . . . . . . 1 = Highest , 10 = Lowest
Market Grader |
Intrinsic Value |
Intrinsic Value by Discounted Cash Flow Method:
Intrinsic Value |
Intrinsic Value by Projected Earnings Growth Method:
Stock Scout |
We find "Scout" to be a bit biased toward the high end, so anything under a 6 is considered a negative, 6 and above, positive.
Projected Earnings |
Research Reports |
Analysts' Opinions |
Insider Activity |
Institutional Activity |
Institutional Orders to Buy or Sell:
Sentiment |
Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.
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.
Stock Report |
Management's Discussion of Results of Operations Excerpts |
Moving Average Chart |
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 Sybase Inc.:
Symbol? SY
Total Months Available: 100
Months in Cycle? 4
Months Covered by Periods: 12
Period 1 Period 2 Period 3
H1 L1 H2 L2 H3 L3
30.82 22.20 34.79 25.90 39.15 29.60
RANGE = 39.15 TO 22.20 Close = 37.98
CHANNEL = 30.82 TO 29.60 Degree = 1
Volatility = 3.21% Index = 0
Intraday Chart |
20 Days:
1 Day:
The following table details which MACD signals on the preceding chart are best taken. Originally, this was set up for a two-day span, but ten days gives a better sample. Unfortunately, with the 10-day span, the colored lines on the histogram are much harder to read. Both spans are shown above. Red turning into green on the histogram is a buy and green turning into red is a sell, but with the following conditions. The share price must have moved at least 0.2% away from the previous signal price in order to avoid whipsawing. More importantly, the +/- magnitude of the MACD (the blue line, which crosses the red line at signal time) must be greater than the minimum required magnitude indicated below. Otherwise, the signal is ignored. SY Minimum Magnitude MACD for Action = ± 0.0350 Ticker Day Time Hist. MACD Sig Line Act Price Profit SY 21 12:40 0.0002 -0.0356 -0.0358 B 37.20 0.00 SY 22 06:30 0.0110 0.0082 -0.0028 37.24 2.05 SY 23 06:53 -0.0016 -0.0650 -0.0635 S 36.41 2.05 SY 23 07:49 0.0001 -0.0504 -0.0505 B 36.21 2.60 SY 23 09:36 -0.0001 0.0371 0.0371 S 36.49 3.37 SY 24 06:30 0.0050 -0.0049 -0.0099 36.42 3.95 SY 24 08:26 0.0018 0.0593 0.0575 B 36.76 3.95 SY 24 12:56 -0.0007 0.0529 0.0536 S 37.01 4.63 SY 25 06:30 -0.0316 -0.0318 -0.0002 36.65 4.33 SY 28 07:31 0.0018 0.0385 0.0367 B 37.44 4.33 SY 28 07:45 -0.0000 0.0473 0.0473 S 37.52 4.55 SY 28 08:57 0.0004 0.0493 0.0489 B 37.77 3.88 SY 28 13:23 -0.0432 -0.0619 -0.0187 S 37.05 1.98 SY 29 06:30 -0.0063 -0.0332 -0.0269 37.55 1.39 SY 29 07:05 0.0018 0.0616 0.0598 B 38.30 1.39 SY 29 07:35 -0.0020 0.0754 0.0774 S 38.50 1.92 SY 29 07:41 0.0002 0.0678 0.0676 B 38.60 1.65 SY 30 09:44 -0.0003 0.0601 0.0605 S 39.09 2.49 SY 30 12:21 0.0009 -0.0400 -0.0409 B 38.83 3.15 SY 01 06:30 -0.0145 0.0018 0.0163 38.63 4.33 SY 01 07:01 -0.0038 -0.0568 -0.0530 S 38.34 4.33 SY 01 08:41 0.0008 -0.0537 -0.0545 B 38.26 4.54 SY 02 06:28 -0.0203 -0.0482 -0.0278 37.73 6.13 SY 02 07:00 -0.0016 0.0573 0.0589 S 38.27 6.13 SY 02 07:04 0.0007 0.0560 0.0553 B 38.40 5.79 SY 02 07:28 -0.0017 0.0441 0.0458 S 38.50 6.05 SY 02 07:59 0.0014 -0.0449 -0.0463 B 38.27 6.65 SY 02 09:21 -0.0020 0.0359 0.0379 S 38.49 7.22 SY 02 13:00 -0.0050 -0.0273 -0.0223 38.34 7.61
Stock Fetcher |
Point & Figure Chart |
Wall Street Analyzer |
Marketspace Chart |
Time Series Forecast |
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."
Ultimate Trading Systems |
The corresponding trades for the above chart are shown in tabular form below.
Recommendation |
| Factors | Weighted Points |
|---|---|
| News | + 1 |
| Comparison | - 1 |
| Industry | + 1 |
| Bond Issue | + 1 |
| Zenith Index | + 1 |
| GAAP vs. non-GAAP Earnings < 1% | + 1 |
| Cash Flow | + 1 |
| Ratios | + 1 |
| Market Grader | + 1 |
| Intrinsic Value DCF | + 1 |
| Intrinsic Value DDM | 0 |
| Stock Scout | + 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 | 0 |
| Moving Average | + 1 |
| Stock Fetcher | - 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 | + 11 |
Place 780 shares of Sybase, Inc. (SY) on the Active List.
