CHIPOTLE MEXICAN GRILL $78.04 (New York symbol CMG.B; SI Rating: Speculative) (303-595-4000; www.chipotle.com; Shares outstanding: 32.8 million; Market cap: $2.6 billion) is a Denver-based chain of Mexican restaurants. Founded in 1993, Chipotle (pronounced chi- POAT-lay) operates in the fast/casual dining segment, offering higher quality food and better decor and service than fast food chains, at slightly higher prices. In the three months ended March 31, 2007, Chipotle’s revenues rose 26.2%, to $236.1 million from $187 million a year earlier. Most of the revenue growth came from new restaurant openings, although comparable same store revenues were up 8.3% as well. Same-store growth resulted from an increase in customer visits. The company opened 28 restaurants in the latest quarter. It currently has 605 restaurants....

LIQUIDATION WORLD $4.47 (Toronto symbol LQW; SI Rating: Speculative) (1-877- 728-3289; www.liquidationworld.com; Shares outstanding: 8.2 million; Market cap: $36.9 million) reports revenues in the three months ended July 1, 2007 were $46.5 million, down 5.6% from a record $49.2 million a year earlier. The company hasn’t reported its earnings yet. However, it buys most of its products in the United States, so the high Canadian dollar will cut the cost of those goods. During the quarter the company opened new stores in Mississauga and Belleville, Ontario. It now expects to end 2007 with approximately 119, stores instead of 125 as previously forecast. Liquidation World is still a hold.

FAIR ISAAC CORPORATION $39.47 (New York symbol FIC; SI Rating: Average) (415- 472-2211; www.fairisaac.com; Shares outstanding: 57.4 million; Market cap: $2.3 billion) faces increased pressure to put in place changes to boost its sales and profits, now that hedge fund Sandell Asset Management has acquired 5% of the company. Sandell has asked Fair Isaac to explore alternatives to enhance its shareholder value, including a possible sale of the company in whole or in part. Fair Isaac is already selling off unprofitable parts of its mortgage application operations, expanding into China and spending more money on research....

ARIAN SILVER $0.57 (Toronto symbol AGQ; SI Rating: Start up) (1-800-917-4102; www.ariansilver.com; Shares outstanding: 105.4 million; Market cap: $60.1 million) is active in silver exploration and development in Mexico. The company is headquartered in the UK. Arian’s current focus is on the Calicanto and San Celso projects in Zacatecas state, the Tepal project in Michoacan State and the San José silver-base metal property in Zacatecas State. Arian has experienced management, and its properties are in regions with producing mines. All of its concessions have already undergone significant exploration work, and most have workings from former mines....

PRT FOREST REGENERATION INCOME FUND $8.79 (Toronto symbol PRT.UN; SI Rating: Speculative) (250-381-1404; www.prtgroup.com; Shares outstanding: 9.6 million; Market cap: $84.4 million) will continue to focus on internal growth and targeted acquisitions within the forest seedling industry. That’s after unitholders voted 59% in favor of supporting the current trustees and board in a dispute over the future direction of the trust. PRT is the largest producer of container grown forest seedlings in North America. It operates 15 nurseries, and expects to manage over 200 million seedlings in 2007. PRT Forest is now a buy.

REITMANS (CANADA) LTD. $24.39 (Toronto symbol RET.A; SI Rating: Extra Risk) (514-384-1140; www.reitmans.com; Shares outstanding: 71.3 million; Market cap: $1.7 billion) is Canada’s largest specialty women’s wear retailer. The company now has 929 stores in operation, consisting of 357 Reitmans, 158 Smart Set/Dalmys, 158 Penningtons, 46 RW & Co., 126 Addition Elle, 72 Thyme Maternity and 12 Cassis stores. In the three months ended May 5, 2007, Reitmans’ revenues rose 3.5%, to $230.7 million from $223 million. However the sales increase was due to the net addition of 42 stores from a year earlier. Comparable store sales fell 6.5% due to unseasonable weather in the latest quarter. This reduced customer traffic and hurt demand for apparel....

Readers sometimes ask why we don’t advise you to sell more often. But you aren’t in the stock market to buy or sell – you’re in it to make money. Over the years, I’ve found that the market’s big winners are investors who don’t do a lot of trading. These investors follow the essence of an old real-estate saying: “You make your profit when you buy.” You’re bound to have some losers in your portfolio, especially if you delve into junior issues. But a single big winner — a stock that rises 1000% (the proverbial ’10-bagger’), say — can make up for lots of losses and still leave you with huge profits....

ATLANTIC TELE-NETWORK $27.41 (Nasdaq symbol ATNI; SI Rating: Speculative) (340-777-8000; www.atni.com; Shares outstanding: 15.2 million; Market cap: $416.4 million) gets about 60% of its revenue from its 80% interest in Guyana Telephone and Telegraph Company (GT&T). The rest comes from its wireless interests in the Caribbean and its expanding telecom interests in the United States. GT&T is the sole local, long distance and international telephone service provider in Guyana, which covers 83,000 square miles on the northeast coast of South America. Atlantic also owns Choice Communications, which provides wireless television and wireless broadband services, as well as dial-up Internet services in the U.S. Virgin Islands. Atlantic’s other interest in the Caribbean is 43% of Bermuda Digital Communications, which is the largest provider of cellular voice and data services in Bermuda. Atlantic has also expanded into the U.S. with the purchase in 2005 of Commnet Wireless, which provides voice and data wireless roaming services for U.S. and international carriers in rural areas in the United States, principally in Arizona, Colorado, Illinois, Missouri and New Mexico. Early last year, it acquired SoVerNet, Inc., which provides wireline voice and data services to businesses and homes across Vermont. SoVerNet also provides services in New Hampshire and is expanding in neighboring states....

We pride ourselves on giving our clients well-researched investment advice, plus a rational, conservative investment philosophy that has served investors well for many years, through good and bad markets. However, I always have an opinion on the market outlook and I’m happy to share it with you. My view is that the market downturn that got going this week could carry on till October and knock another 5% to as much as 15% off the market indexes. My guess is that the damage will be greater in speculative areas. Risk is always higher in speculative stocks, and prices of many speculatives have risen out of proportion to value. Of course, I could be dead wrong – nobody can consistently predict market trends. If I’m wrong, my best guess is that I’ll err on the negative side – that is, the market downturn will fall in the lower end of that 5% to 15% range....

DOW JONES & CO. INC. $55.00, New York symbol DJ, moved a step closer to selling itself to News Corp. after its directors advised stockholders to accept News Corp.’s $60-a-share cash offer. However, the deal requires the approval of the Bancroft family, which controls 64% of Dow Jones’ voting power through class B shares that carry 10 votes each. The family will probably make a final decision next week. So far, no other bidder for Dow Jones has emerged. If the family turns down the News Corp. offer, the stock will probably drop back to its pre-bid level of about $35. That would increase the likelihood of a class-action lawsuit, but that would probably be more an annoyance than an economic threat. The family isn’t obliged to sell simply because an offer came in above the market. We feel investors should hold....