While Home Depot has made some moves towards improving customer service, announcing greater staff training and its expansion into latest bathroom fixtures and rugs. Many analysts are too quick to judge these shifts in business tactics. HD's move into bathroom fixtures and rugs is aimed right at " Mrs. I want a better looking home." Its not men who have concern over bathrooms, except that toilet will flush properly and few mean really care about rugs that go in them.

But Mr. Nardelli's not Home Depot. Nardelli's assembled a small army of key management while quietly managing to combine new thinking with old. His tactic is not a new one but it's a task few would undertake if given that opportunity.

Axcess Business News believes market pundits and institutional investors are too quick to judge this company's future and added Home Depot's stock to its Stock Guide's "best picks column" last week of Dec 2002 with a "very positive" view towards stock. Axcess Business News is holding that view in an even stronger light in lieu of its share's recent downturn this Friday.

The company blamed weaker-than-expected sales of hardware and power tools over holidays for its latest troubles, as stock fell 14 percent to its lowest level in nearly five years on Friday, a day after it warned that fiscal 2002 earnings would fall short of earlier estimates and that sales at stores open at least a year could drop as much as 10 percent in fourth quarter.

Home Depot is not alone in lower retail sales for 4th quarter. The entire retail sector lagged through Christmas season with few exceptions, like JC Penny's (NYSE: JCP), which had also been one of companies Axcess Business News had selected for its "best picks column", ahead of Bear Stearns' recent applaud by nearly two months. Axcess Business News dropped coverage of JCP last week as Stearn's released its views as stated above, supporting "best picks column's" 18th week of advancing market picks successfully.

This reporter is for Home Depot, as is Axcess Business News. I expect market to rise in its favor in coming period as Nardelli's "fix-it team" quietly moves forward with its repairs.

Axcess Business News will continue to report on fix of home improvement industry and these companies activities for our readers. Watch your in-box for any news alerts on this and other late breaking business news. If your not a member, consider subscribing now and you can get these great market alerts too!

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High performance computers and telecom switching equipment require more advanced circuit boards with improved signal integrity, lower weight, lower temperature and superior impedance control. These types of boards, DWT, are a more expensive process to manufacture but carries many distinct advantages, as described above.

Analysts expect that niche market to expand in proportion to increases in computing speeds. Currently, worldwide DWT revenue is estimated at $40 million with domestic sales accounting for 35% of that market. The two domestic suppliers are Integrated Performance Systems (OTCBB: IPFS) and Advanced Interconnect Technology. Advanced leads that market with sales of $10 million while IPFS sales were only $3.7 million. IPFS estimates it will surpass Advanced in sales through innovative design and high quality workmanship.

Advanced, a privately held company focuses most of its efforts in custom wafer bumping to semiconductor industry in Hong Kong while still procuring R&D funding. Advanced Interconnect Technology's market share is therefore only an assumption given company's foreign operations and R&D status.

Integrated Performance Systems RF circuit boards have strong potential as well and internationally provide company with multi-market opportunities for a specialty niche circuit board manufacturer.

Jabil Circuit (NYSE: JBL) designs and manufactures electronic circuit board assemblies and systems for original equipment manufacturers in communications, computer peripherals, personal computers, and consumer product industries. For fiscal year ended 8/31/02, revenues fell 18% to $3.55 billion. Net income fell 71% to $34.7 million. Revenues reflect decreased production of computing and storage products. Net income also reflects an increase in restructuring charge.

Axcess Business News believes that both JBL and IPFS are growth companies. Although JBL's faced down markets for its products and shrinking margins while IPFS has had opposite happen.

Based on S&P's sub-industry outlook as of Dec 14, JBL shares may be overpriced at $18.30 with lowest pretax margin (1.8%) of all those companies shown in that S&P Sub-Industry Outlook. Axcess Business News noted that for Peer Groups with more than 15 companies or stocks, S&P's selection is based on market capitalization. IPFS's market capitalization is less than $10 million. However, IPFS manufactures products with significantly higher profit margins and less competition, and has shown as much growth as JBL has shown shrinkage.

It appears to Axcess Business News that IPFS is undervalued, even at its prior 52 week high of $2.25 its shares would still be undervalued against its Industry Group's Peers based on operating margin.

One of lowest priced stocks in that S&P Industry Group is SigmaTron International (NasdaqSC: SGMA), which closed Friday at $3.87. SGMA had pretax profit margins of only 2.9% and had climbed and fell on same curve as IPFS from its 52 week high of $5.09 to as low as $1.39 before recovering.

IPFS shows signs of exceeding both JBL and SGMA's pretax margins in 2003 and is showing no signs of slow growth, supporting Axcess Business News views toward its share price being significantly undervalued at its current level. The Company may see its value climb to between $4 and $5.00 by mid-2003 assuming it continues its fast paced growth in sales and earnings.

Axcess Business News will continue to report on electronic equipment and instruments segment of Information Technology Sector, and these companies activities, for our readers. Watch your in-box for any news alerts on this and other late breaking business news. If you're not a member, consider subscribing now and you can get these great market alerts too!

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