Article Excerpt

INVACARE CORP. $27 (New York symbol IVC; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 32.4 million; Market cap: $874.8 million; Price-to-sales ratio: 0.5; Dividend yield: 0.2%; TSINetwork Rating: Average; www.invacare.com) makes wheelchairs, motorized scooters and other mobility and home-care products. The company is using a new $400-million line of credit to buy back $146 million of 9.75% notes. This will significantly lower its annual interest expense of roughly $23 million. Meanwhile, Invacare continues to benefit from a restructuring, which involved shifting production to low-cost countries and simplifying its product line. In the three months ended September 30, 2010, earnings before one-time items rose 9.0%, to $18.2 million from $16.7 million a year earlier. Earnings per share rose 7.7%, to $0.56 from $0.52, on more shares outstanding. Sales rose 0.8%, to $437.5 million from $434.0 million. If you exclude the impact of foreign-exchange rates, sales would have risen 2.4%. Invacare is a buy. MICROSOFT CORP. $25 (Nasdaq symbol MSFT; Aggressive Growth Portfolio, Manufacturing & Industry…

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