Technology Opportunity - media.angelnexus.commedia.angelnexus.com/pdf/tao/tao-november2014-2o1.pdf · October is well over, ... In advertising, ... companies taking advantage of these

November 2014

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November 2014 IssueTechnology

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In this month’s issue:

• Silver bells and a silver lining

• Monster at the gates

• Company updates

• Portfolio news and position updates

Silver Bells and a Silver LiningPhew! October is well over, which means it’s safe to come out from hiding now.

I don’t mean from things that go bump in the night, either. I’m talking about the dreaded “October effect” so many seasoned analysts are keen to point out.

See, October has quite the notorious reputation. The month has become nearly synonymous with stock mayhem, as it’s hosted some of the worst crashes in market history. The Panic of 1907, Black Tuesday (1929), Black Monday (1987), and the global meltdown of 2008 all occurred during the month of October.

This has put a bad taste in the mouths of many traders, but October is actually bit misunderstood. On average, it performs just fine in the market when compared to other months. In fact, October represents the beginning of a new up cycle in the calendar year if you take historical patterns seriously:

The reason for this cycle is pretty straightforward. In the summer, traders and analysts are spending less time at their desks and more time at the beach. In turn, trading volume falls off. And as volume falls, volatility rises, because transactions end up having a larger impact on the price of a stock. The end result is an incredibly fickle market.

Come holiday season, though, things start to swing back into full gear. The kids are back in school. The weather is getting colder. And the promise of miracles is in the air.


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In other words, we’re back in buying season, and, barring any unforeseen events, the market should be in high spirits over the next three months. For tech stocks, this is especially good news because growth stocks tend to outperform in bull markets.

Over the next few issues, we’ll be seeking out companies with high growth potential. We’ll also be closing out a few positions between now and January for tax purposes.

Monster at the Gates“Are we in a social media bubble?”

A lot of people have been asking this question lately, and for fair reason, too.

The dot-com crash of ‘99 remains fresh in our memory, so it’s natural to wonder whether or not we’ll see a repeat in history.

After all, the “Big Four” social media sites (Facebook, Yelp, Twitter, and LinkedIn) are all trading at sky-high valuations and are heavily based in the World Wide Web. It’s not much of a stretch, at first glance, to frame these companies as the modern equivalents of Ask Jeeves or Pets.com.

But the truth is this isn’t 1999, and social media isn’t quite as fickle as a simple URL domain. During the dot-com bubble, investors were buying websites; today, they’re buying marketable user bases and viewership.

There’s a huge difference.

Of course, I’m not going to sit here and tell you no social media site is speculative or overvalued right now. In fact, I consider Yelp and LinkedIn to be two of the most mispriced stocks on the market.

However, a few overpriced securities don’t take away from the overarching bull case for social media — people are social beings and will always be looking to connect with each other.

Whether it be for entertainment, leisure, or professional reasons, interpersonal networking will always be in demand, and those that can leverage technology to connect people together efficiently will be the ones who come out on top.

An International Phenomenon

Social media companies will come and go, but it’s obvious by now that social media itself is not a passing trend.

I could spout off bullish statistics highlighting growth trends for pages, but I’ll simply leave you with a few infographics to illustrate how powerful social media has become.

First and foremost is social media visitor growth. In a single decade, the registered social media user base has transformed from virtually nothing to billions strong. Between Google, Facebook, and Twitter alone, there are over 2.5 billion who have signed up, as seen in the chart on the right.


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And these accounts aren’t sitting idle, either. On average, users are spending up to 16 minutes of every hour on social media.

Which is why businesses and marketers are dedicating an enormous amount of resources to developing their social media presences:

In advertising, there’s an old saying: “Time spent is the timeless currency.” It means, quite simply, that the most valuable real estate in media is wherever people reside. Here are a few more facts to support the case that social media is officially where consumers now live:

• Americans spend more time on social media than any other Internet activity (including email).

• Americans spend 23 hours per week on the Internet.

• 72% of all Internet users are now on social media.

• The average person spends 3.6 hours a day on social networking sites.

• Cumulative time for all social media users amounts to ~250,00 years every month.

Over the last half decade, social media has grown from a curious novelty to an international cultural phenomenon.


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With billions of users now on social media, commerce and advertising have become deeply entrenched inside it.

This is why when we find a company that can leverage social media to its advantage, it immediately sparks our interest.

We aren’t necessarily interested in buying equity in the “Big Four” because these companies are large enough already that growth potential is limited. Everyone knows about Facebook, Twitter, etc. by now, so there’s no real upside here.

Instead, we’re interested in smaller companies working alongside the “Big Four.” Specifically, we want to see companies taking advantage of these pre-established user bases in new and exciting ways.

Most of the time, these are young companies without much history on the market. Occasionally, though, we come across an older and overlooked company with a new bag of tricks.

Old Dog, New Tricks

No doubt you’re familiar with Monster Worldwide, Inc. (NYSE: MWW) and its job-search website, Monster.com.

Monster is one of the great examples of the boom-and-bust Internet market. The company began trading at $6.25 a share in 1996 and ran up to $80.50 by August 2000 — that’s a 1,163% gain in four years. Of course, the stock came crashing down in the early 2000s with the rest of the dot-com industry, so depending on when you bought in, Monster was either an incredible multi-bagger or a massive disappointment.

All said and done, Monster is now trading down 32% from its opening price two decades ago. You could have made a killing on this play if you timed it right, but chances are if you bought into Monster Worldwide, you would have ended up getting burned.

Of course, the fate of a stock is not determined by its prior performance, nor what a company used to be. It’s determined by where the company is now and how it will proceed in the future.

For nearly 20 years, Monster was in a state of hibernation. It wasn’t innovating, and it sat by idly as LinkedIn leveraged social media to its advantage. The market was in clear favor of this new model for professional networking, and the performance of both stocks was an obvious reflection of that sentiment:


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Today, however, the story is setting up to be quite the opposite. As of this month, Monster is under new management, and the company is rolling out a new strategy and two new social media products that could put it right back in the game.

Social Media Monster

Historically, Monster has earned the bulk of its revenue by selling a space for employers to post jobs. Standard job ads cost between $210 and $395 per post, and skilled and hourly job ads start at $119. Monster also charges employers to search through its resume database for talent acquisition.

In other words, Monster’s core business benefits most when businesses are hiring, which means the company will be competing in a healthy industry over the next decade.

According to the most recent data from the U.S. Bureau of Labor Statistics (BLS), employment is projected to increase 10.8%, or 15.6 million, through 2022. In October, the U.S. added 214,000 jobs, while unemployment sank to 5.8% — the lowest rate in six years.

In the short term, Monster plans to increase the number of job postings on its website from both conventional and social sources.

The company grew its number of job postings on its network in the U.S. from 250,000 at the start of 2014 to over 1.5 million by mid-May. Monster plans to have more than 4 million job listings across its global network by early 2015.

Over the long term, the company is shifting its strategy to social media marketing and aggregation.

TalentBin

One of the reasons Monster has been such a laggard for the past three years is that LinkedIn simply changed the rules of job search. LinkedIn’s data-centric approach allowed employers to better target talent, which in turn lowered the demand for posting jobs on sites like Monster.com.

Monster’s response to this change in landscape has been to acquire several start-up recruiting companies that use data to better identify talent, with the most notable being TalentBin and Gozaik.

TalentBin is a search engine that crawls social networks such as Facebook, Twitter, and LinkedIn to match potential talent with employers.

TalentBin’s technology is based on an algorithm that separates personal posts such as photos of your family from information that it deems professional. This information might include industry events you’ve attended, blog posts you’ve written, or keywords and connections in your LinkedIn profile.

Employers can search TalentBin’s database for candidates based on their social profiles and activity. TalentBin also integrates native messaging, which means employers have a way to contact talent through either email or social media messaging such as a Twitter direct message or Facebook message.

Monster is offering TalentBin through an SaaS (software as a service) model, meaning it licenses the product on a


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subscription basis. We prefer this model for software products because it allows for recurring revenue and offers attractive price points for first-time customers. TalentBin’s pricing for non-enterprise customers is $500 a month, or $6,000 annually.

According to recent a report by Jobvite, 94% of recruiters are now using or plan to use social media in their recruitment efforts, while 78% said they have already made a hire through social media. This makes TalentBin a high-value resource in the modern world of talent acquisition.

Perhaps the most important thing to consider, though, is that TalentBin is already the world’s largest talent database, with over 300 million potential candidates. And thanks to its ability to leverage public social media data, TalentBin’s candidate pool will grow in tandem with sites like Facebook, Twitter, and LinkedIn.

Twitter Cards

Monster’s second attempt at leveraging social media is to aggregate information streaming across Twitter to create a reliable social job search.

Hashtags such as #JobListing or #JobOpening have become quite popular on the site, so Monster has devised a plan to organize these “Tweets” to better connect job-seekers and employers.

Monster acquired startup company Gozaik back in February for just this purpose. Gozaik’s technology crawls Twitter profiles and activity and allows employers to post targeted job ads on something called a Twitter Card.

These Twitter Cards are essentially just large ad spaces that show up on a user’s Twitter feed but are connected to popular recruiting hashtags like #career, #jobs, #hiring, and so forth. The ads are scheduled to send throughout the day and provide direct links to open positions listed on Monster.com.

In short, Twitter Cards are a way for companies to gain additional exposure through social media. The beauty of this strategy is that the ads require a company to have listings on Monster.com to work. This both feeds into Monster’s core revenue model and adds an additional vertical.

Search Engine Rank

To top things off, in May 2014, Google released an algorithm update for its search engine named Panda 4.0, changing the hierarchy of websites that appear in search results.

Since the update, Monster’s search engine optimization (“SEO”) ranking has improved from #259 to #185, according to Searchmetrics.

Further, Monster.com comes up as a top result for terms such as “job search,” “resume example,” “jobs,” “resume,” “interview questions,” and so forth.

About 18% of Monster’s site traffic comes from search engines, so getting more visibility from organic search is definitely a plus.


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Valuation

As we mentioned earlier, Monster Worldwide has been getting its butt kicked on the market since 2000. For anyone who got in over the last 15 years, that’s quite unfortunate. For those of us taking a fresh look at the company, it means discount pricing.

First, Monster trades at an attractive 50% of its book value. Essentially, this means if Monster were to liquidate all of its net assets today, the stock would theoretically be worth twice what you paid for it.

One of the reasons Monster is trading well below its book value is a trend in falling revenue over the last decade. At quick glance, it looks like the top line gets way closer to zero every year, but revenues have only seen a slight decline over the last four quarters, and we’re expecting a rebound when Monster’s social media verticals start to kick in.

Though unprofitable in its most recent quarter, Monster’s recent performance can largely be attributed to its focus on new revenue streams. Transitional periods are always going to have a negative effect on margins, and the company’s recently departed CEO cited the realigned product line for its performance in 2014.

Monster’s management has laid out a 30% to 35% EBITDA margin target to be achieved within the next two years. This is compared to a 14% margin in 2013.

Further, Monster is trading at a forward P/E of 13.26, while LinkedIn is trading at a forward P/E of 81.75. Monster’s PEG also sits at a 1.42, while LinkedIn’s is at 2.94. Monster is without a doubt the better buy by standard value metrics.

Recommendation

We’re buying MWW below $5.00. Our one-year price target is $7.50. Put your stop-losses at $3.60.


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Portfolio Snapshot and Updates

Alliance Fiber Optics (NASDAQ: AFOP) Snapshot:

Alliance Fiber Optics provides a broad range of fiber-optic components and modules essential to the communications industry.

Fiber optics are hair-thin wires made of glass or plastic that send digital information by transmitting light signals. These fibers are bundled together to form miles of optical cables. The majority of AFOP’s revenue comes from fiber-optic connectors used to link these strands of fiber together.

Updates:

Here are some updates from the company’s latest earnings report:

• Alliance expects Q4 revenue of $19M-$20M, below a $23.7M consensus.• Top-line pressures due to “a weakening in general market conditions.”• $15M buyback has been authorized. Good for repurchasing 7% of shares at current levels.• Gross margin was 39.5% in Q3 vs. 38.4% a year ago.

A $3 million miss is enough to raise some eyebrows here, but if we’re to trust management there’s not much to be concerned about. According to Alliance CEO Peter Chang, the company “experienced a slowdown in orders from [its] number one customer in the last month of the second quarter. This resulted in a dragged shortfall of revenue from [its]earlier expectations and the guidance given in the previous conference call. [Management’s] understanding is that this slowing was temporary and [they] have seen a return to a more regular older pattern from the customer recently.”

We’re up about 20% in the last month and we think we still have a way to go, but just to be safe, we’re raising our stop-loss on AFOP to $13.20.

Anika Therapeutics (NASDAQ: ANIK) Snapshot:

Anika develops products for tissue protection, healing, and repair. The company’s products are based on a naturally occurring polymer called hyaluronic acid (HA). Our bodies use HA to enhance joint function, protect soft tissues, and support skin elasticity.

Anika’s viscosupplementation products are used to treat osteoarthritis, correct facial wrinkles, aid in ocular surgery, and prevent post-operative internal adhesions. Anika receives marketing support from major drug manufacturer Johnson & Johnson (NYSE: JNJ).

Updates:

Third quarter earnings came in on Sunday, November 9, here are a few highlights:

• Total revenue at $22.1 million (up 24% from same period last year).• Orthobiologics (largest vertical) up 47% in same time frame.• Growth driven by Orthovisc and Monovisc U.S. launch.• Net income up 24% from same period in 2013.


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• EPS up 21% year-over-year.• $28 million cash increase to reach a total of $91.8 million.

The numbers truly speak for themselves here: Top and bottom line growth. Margins moving in tandem with earnings. Huge growth in largest vertical. Increased cash position. There’s simply nothing not to like about the results for this quarter.

Corning Inc. (NYSE: GLW) Snapshot:

Corning Inc. manufactures high-quality ceramic and glass material for consumer and industrial applications. The company is best known for its incredibly durable Gorilla Glass, commonly found in consumer devices such as smartphones and tablets.

Updates:

Solid third quarter earnings in from Corning late last month. Here are the highlights:

• Revenue hit $2.54 billion (up 22.9% from the same period last year).• Display technology accounted for 40% of total revenue — up 50% year-over-year.• Environmental technologies accounted for 11% of revenue — up 25.3% year-over-year.• “Gorilla Glass is receiving interest from the automotive industry for solutions that may reduce overall

vehicle weight, improve gas mileage, and provide additional safety benefits. These new technologies may serve as the foundation for Corning’s next growth surge”

• Board of directors is evaluating a share repurchase.

We’re seeing some healthy growth here as expected. If Corning begins supplying the automotive industry, that would be a major win (think of how much glass your car uses compared to your phone). Definitely a good idea to hang on here.

Fanuc Corporation (OTC: FANUY) Snapshot:

Fanuc Corporation is a leader in industrial robotics, with a product lineup that includes factory automation systems, laser cutting, motion control, and compact motors. Fanuc serves a wide range of industries including aerospace, agriculture, construction, metal forming, and automotive manufacturing.

Updates:

No new updates this issue.

Foundation Medicine, Inc. (NASDAQ: FMI)Snapshot:

FMI uses DNA sequencers to generate genomic and molecular data used to inform pharmaceutical companies in drug development and physicians in clinical practice, specifically in regards to cancer research and treatment.

Foundation’s leading products are the FoundationOne and FoundationOne Heme genomic platforms. These platforms

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provide advanced sequencing that matches DNA mutations within a tumor to targeted therapies either on the market or in development. By identifying these mutations and matching them with available therapies, FMI enables researchers and clinicians to pick the best option for defeating cancer.

Updates:

FMI beat analyst revenue estimates this quarter, hitting $16.4 million in revenue compared to an expected $15.5 million. Full-year guidance is expected in the range of $58 million to $60 million.

In bigger news, Google has announced it will begin covering the cost of FMI DNA tests for its employees and their family members. This is a welcome piece of information considering Google has been scooping up an astonishing amount of real estate in South Bay California. It’s expected that Google will be hiring as many as 30,000 new employees in California.

Hanger, Inc. (NYSE: HGR)Snapshot:

Hanger provides orthotic and prosthetic services by distributing and fitting components such as artificial limbs. The company operates through its Patient Care, Distribution, and Therapeutic Solutions segments. Hanger is working to consolidate the industry and is beginning to commercialize robotic solutions such as bionic limbs.

Updates:

Here’s all we really need to know about Hanger from its latest earnings call:

“We are clearly disappointed with our second quarter results and are revising our outlook for the year. The continuing pressure on authorizations, collections and patient flow has had a significant impact on our top and bottom line to date, and will continue to pressure our earnings growth at least through the remainder of this year. “

Hanger was by far our worst performing stock of the year. The company isn’t truly a technology company, so perhaps we were simply out of our depth here. We’re closing out and taking capital losses to cut taxes before year end.

Inovio Pharmaceuticals, Inc (AMEX: INO)Snapshot:

Inovio is a biotechnology company that develops synthetic DNA vaccines to treat cancers and infectious diseases. The company has multiple vaccines in its product pipeline with its current leading product being a phase-II therapeutic against HPV-caused cancers. Phase I programs include products that target prostate, lung, and breast cancers, as well as HIV, influenza, malaria, and hepatitis.

Updates:


InTEST Corp. (NASDAQ: INTT) Snapshot:

INTT is a semiconductor capital equipment company, which means it manufactures machines used in the production of electronic components.

The semiconductor capital equipment industry can be divided into two classes: front-end and back-end. The front-end 10


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involves silicon wafer and computer chip fabrication. The back-end involves assembly, packaging, and testing.

inTEST works on the back-end of this cycle, providing automatic test equipment (ATE) used by semiconductor manufacturers to test their integrated circuits and wafer products.

Updates:


InvenSense Inc. (NASDAQ: INVN) Snapshot:

InvenSense, Inc. is a small-cap technology company that falls into the niche umbrella of semiconductors and integrated circuits. Specifically, InvenSense develops incredibly small machines called micro-electro-mechanical systems (MEMS), which are used in a variety of electronic products. In Japan, MEMS are often referred to simply as “micromachines.”

Updates:

Invense hit our stop-loss of $18.50 after an earnings miss and weak margins. Regardless, our long-term bull case still remains strong on micro machines. The company hit record revenue of $90.2 million, barely missing analyst estimates. The sell-off is overdone, so we can get shares for cheap here.

We’re entering back in below $16.00. Stop-losses are set at $14.25

Intuitive Surgical, Inc. (NASDAQ: ISRG)Snapshot:

Likely the biggest name in robot-assisted surgery, Intuitive Surgical develops a line of its FDA-approved da Vinci robots. These systems allow for ample range of motion, natural control, and fine tissue manipulation through the use of 3D imaging and multiple robotic arms that can be outfitted with virtually any surgical instrument.

Updates:

ISRG is riding high off positive third quarter results. Here are a few highlights:

• Revenue at $534 million, up 7% from last year.• Instrument and accessory revenue was $272 million, up 14% over Q3 of 2013.• Recurring revenue grew to $380 million, up 12% from prior year and comprising 71% of total revenue.• Procedure growth for Q3 was up approximately 10%.• 111 systems placed in Q3 (up from 101 last year).

Despite the strong quarter, we no longer feel ISRG’s growth is enough to justify its heavy valuation. Long term, perhaps, but we’d rather take a 24% gain off the table. We’re selling at ISRG at current market price — around $510.88.

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Iridium Communications Inc. (NASDAQ: IRDM)Snapshot:

Iridium is a global communications provider. The company offers the world’s most extensive voice and data service through a fleet of next-generation low-orbit satellites.

Updates:


iRobot Corporation (NASDAQ: IRBT)Snapshot:

iRobot is an American robotics company that serves the consumer, medical, enterprise, and military industries. iRobot’s product functions range from home cleaning, to telecommunication, to various military operations. iRobot currently generates the vast majority of its revenue from its Home Robotics division.

Updates:


Neostem, Inc. (NASDAQ: NBS)Snapshot:

Neostem, Inc. develops cell-based therapeutics. The company’s revenue-generating arm provides product development, distribution and delivery, and consulting services for development-stage biotechnology companies. It also offers contract development and manufacturing services to clients advancing in the regenerative medicine industry. The company is developing AMR-001, an autologous adult stem cell product to treat damaged heart muscle following an acute myocardial infarction.

Updates:


Oceaneering International, Inc. (NYSE: OII)Snapshot:

Oceaneering International provides engineering services and hardware primarily to customers operating in marine environments. The company’s services are marketed to oil and gas companies as well as the aerospace and construction industries. The company receives the bulk of its revenue from ROVs and Subsea Products.

Updates:

Oceaneering reported record earnings of $973.1 million for the third quarter 2014. The company generated net income of $124.3 million, or $1.16 per share.

For the third quarter of 2013, it reported $853.3 million in revenue and $104.4 million in net income, or $0.96 per share.

As one of our “Robot Revolution” stocks, we’ve been watching OII for quite some time. The stock performed poorly in 2014, but the company has continued to post record results throughout the year. Over the last month, though, the

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market’s sentiment has shifted.

We’ve broken resistance at $68.70 formed back in September and shares climbed 17.5% in October. We’re buying into OII below $72.50. Our stop-losses are at $65.40. Expect some short-term volatility on this one.

OmniVision Technologies, Inc. (NASDAQ: OVTI) Snapshot:

OmniVision develops semiconductors for image sensing. The company’s products have applications in photography, entertainment, medicine, mobile phones, surveillance, and automotive technologies. The company produces sensors for the iPhone and was recently identified as the provider of sensors for Google’s (NASDAQ: GOOG) new flagship smartphone, the MotoX. In the automotive market, OmniVision provides what are called CMOS sensors for safety systems and driver assistance.

Updates:

No news here, but we’re securing some gains on Omnivision. We’re selling half of our position for an 82.46% gain. Raise your stop-loss to $25.00.

OPKO Health, Inc. (NYSE: OPK)Snapshot:

OPKO Health is a mid-stage biotechnology development and medical diagnostics company. OPK has a deep drug candidate pipeline spanning from kidney disease to cancer treatments. It also provides a revolutionary diagnostic test known as the 4Kscore, used in prostate cancer screening. The company’s proprietary diagnostic technologies allow doctors to keep blood-based tests in house rather than outsourcing to outside laboratories.

Updates:


Pixelworks, Inc. (NASDAQ: PXLW)Snapshot:

Pixelworks develops semiconductors used for processing multiple forms of video input into high-quality display. The company can alter low-resolution content into full HD or convert a slow frame rate into a high refresh rate. Pixelworks also offers 3D technology, noise reduction, and image ratio scaling.

With display technology entering a new innovation cycle and companies like Apple and Amazon entering TV, we expect a rebound from Pixelworks through the outsourcing of image processing.

Updates:


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Prana Biotechnology Limited (NASDAQ: PRAN) Snapshot:

Prana Biotechnology researches and develops therapeutic drugs for various neurodegenerative diseases. The company offers a Phase II-a clinical trial product for the treatment of Alzheimer’s disease. The drug, labeled PBT2, treats underlying causes of brain and eye degeneration related to aging.

Updates:


Rocket Fuel Inc. (NASDAQ: FUEL) Snapshot:

Rocket Fuel Inc is a technology company that has developed an Artificial Intelligence and Big Data-driven predictive modeling and automated decision-making platform.

Updates:

With growth slowing, we see little reason to continue holding Rocket Fuel. It was a nice run, but we’re closing our position for a 32.7% gain. Shares trade at $19.30 as I write.

Synaptics Inc. (NASDAQ: SYNA) Snapshot:

Synaptics develops and manufactures touchpad and touchscreen technology for PCs, tablets, and smartphones. Synaptics competes with Atmel (NASDAQ: ATML) and Cypress Semiconductor (NASDAQ: CY) in the mobile industry.

Updates:

Synaptics posted first quarter revenues of $282.7 million, a 27% increase versus the year earlier. It was a slight miss from analyst expectations of $287.9 million, but the real sell-off occurred because of decreased gross margins resulting in lower earnings

Net profits were $26.6 million, down by 24% compared to last year. We’re still up 36% on this play and would like to keep it that way. We’re closing out at the current market price of $62.11.

Universal Display Corp. (NASDAQ: OLED) Universal Display provides materials and licensing for a new form of electronic display known as organic light-emitting diode (OLED), which is thinner, lighter, and more responsive than traditional displays. OLED displays also offer better visual properties such as higher contrast ratios and increased viewing angles.

Updates:


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Vivint Solar, Inc. (NASDAQ: VSLR) Snapshot:

Vivint installs residential solar systems for customers through long-term (20-year) contracts at relatively lower rates than their average utility bills. Unlike SolarCity, which expands to business and government customers, Vivint is solely focused on the residential market. The company uses old-fashioned door-to-door tactics for sales.

Updates:


Technology and Opportunity Copyright © 2013, 111 Market Place, Suite 720, Baltimore, MD 21202. All rights reserved. No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned. While we believe the sources of information to be reliable, we in no way represent or guarantee the accuracy of the statements made herein. Technology and Opportunity does not provide individual investment counseling, act as an investment advisor, or individually advocate the purchase or sale of any security or investment. Neither the publisher nor the editors are registered investment advisors. Subscribers should not view this publication as offering personalized legal or investment counseling. Investments recommended in this publication should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company in question. Unauthorized reproduction of this newsletter or its contents by Xerography, facsimile, or any other means is illegal and punishable by law.

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Technology Opportunity - media.angelnexus.commedia.angelnexus.com/pdf/tao/tao-november2014-2o1.pdf · October is well over, ... In advertising, ... companies taking advantage of these