QADI and PDLI

Qadi announced earnings this afternoon. Looks like they were right around analysts (the few that follow them)estimates for sales and may have missed earinngs by $.01. Non-event in our opinion. Sales were up year-over-year by 11% and margins held at 60%. Cash per share fell to $1.03 and our valuation dropped $.04 to $13.69. As we said a non-event in our book. Still way undervalued.

PDLI announced that Roche ended another drug development deal on daclizumab for organ transplants. Stock dropped to $21.75 down $.92 afterhours. Presumably not good news, but really doesn't affect our opinion on the stock.

DWCH earnings are now scheduled for 11/28--postponed due to their CFO leaving in January. Have to wait till then to see whether this will remain our biggest dog of the year.