The company has been in the penalty box this past quarter because everyone is worried about declining revenues in their online services division. However, this quarter my guess is their content division (including social network Classmates.com and Mypoints.com) will surpass the online services division in paying cusomters. I think UNTD will get "re-valued" as a media company before long and begin trading at 10x cash flows instead of 5x. Starting, I hope, with this earnings report. earnings may 1 - trades for 5x cash flows - $162mm cash in the bank, no debt - Renaissance Technologies - Royce Total Return Fund - Analysts expect 1.08 in 2007, 1.05 in 2008 - They've beaten estimates 4 qtrs in a row - Last qtr, content and media surged 67% to $43mm. online services went from 104mm to 87mm paying accts increased by 91,000 to 2.3mm in content. Online drecreased 149,000 to 2.6mm.

An office of the company, John Scanlon, bought 10k shares at $9.97 in March. Stock is currently at $9.85 - Royce Value Fund and Heartland Value in the stock - Renaissance - Stock is in the penalty box because they missed last quarter when analysts estimated 14 cents and they came in at 4 cents. Analysts brought their estimates way down for this quarter at 9 cents and brought down their 07 from 74 cents to 62 cents in the past 90 days - Forward P/E of 12 - Trades for 6x cash flows - Earnings April 30

- moves on average 8.3% up or down on earnings day. - earnings 5/3 - Exceeded analyst estimates for the past four quarters. - Analysts expecting 48 cents. 90 days ago they expected 44 cents. 2.16 on the year, 90 days ago they expected 2.05 on the year

- stock near lows as people worry about consumer spending -

- stock fell on missed earnings - snapback stock - Renaissance owns 6.02% of ZOLL

- 5/1 earnings - stock near lows due to housing industry collapsing - $76mm net cash, enterprise value of $44mm. - cash flows of $11mm - snapback potential when earnings don't come in as bad as people think.

- Revenue up, income came in at a penny per share below analyst estimates. - stock sold off 10%. snapback potential

- stock sold off 20% on no news. probably profit taking - company swung to a profit in last quarter of 8 cents. Annualizing that gives us a P/E around 10. - snapback potential for next week