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SECONDARIES TRACK RECORD DETAIL
2010 Secondaries that carried an IPO Boutique BUY recommendation

2010
BUY rated
Secondary
Symbol Issued Issue Price First Day Open First Day High % Gain Issue vs. Open % Gain Issue vs. High
Riverview Bancorp RVSB 7/30 1.80 2.00 2.24 11.1% 24.4%
Glimcher Realty Trust GRT 7/27 6.25 6.50 6.72 4% 7.5%
Vantage Drilling VTG 7/27 1.10 1.24 1.34 12.7% 21.8%
Apache Corp APA 7/23 88.00 89.22 93.43 1.4% 6.2%
CenterState Banks CSFL 7/22 8.50 8.85 8.89 4.1% 4.6%
Uroplasty UPI 7/22 3.50 3.74 4.00 6.9% 14.3%
BioMemetic Therapeutics BMYI 7/15 8.50 8.90 9.04 4.7% 6.4%
First of Long Island FLIC 7/15 24.00 24.94 25.32 3.9% 5.5%
CNinsure CISG 7/9 25.00 25.84 26.09 3.4% 4.4%
Colonial Financial COBK 7/8 10.00 10.37 10.37 3.7% 3.7%
Viewpoint Financial VPFGD 6/30 10.00 10.22 10.50 2.2% 5%
Mela Sciences MELA 6/30 7.50 7.70 7.73 2.7% 3.1%
Fox Chase FXCB 6/25 10.00 10.59 10.64 5.9% 6.4%
Synutra SYUT 6/25 19.00 19.35 19.37 1.8% 1.9%
PPL Corp PPL 6/23 24.00 24.42 25.02 1.8% 4.3%
Royal Gold, Inc. RGLD 6/23 48.50 48.98 49.18 1% 1.4%
Oritani Financial ORITD 6/22 10.00 10.54 10.59 5.4% 5.9%
Republic First Bancorp FRBK 6/22 2.00 1.98 2.00 -1% 0%
Uranium Resources URRE 6/22 .42 .47 .48 11.9% 14.3%
HCP, Inc. HCP 6/18 33.00 32.97 33.05 -0.1% 0.2%
Duke Realty DRE 6/17 11.75 11.95 12.29 1.7% 4.6%
Felcor Lodging FCH 6/17 5.50 5.65 5.70 2.7% 3.6%
Hopfed HFBC 6/16 9.00 9.80 9.86 8.9% 9.6%
Boston Private Financial BPFH 6/16 6.10 6.40 6.92 4.9% 13.4%
Polo Ralph Lauren RL 6/16 81.00 80.14 80.81 -1.1% -0.2%
Rubicon Technology RBCN 6/16 30.00 30.77 31.50 2.6% 5%
Universal Travel Group UTA 6/16 7.00 7.27 7.34 3.9% 4.9%
CNB Financial CCNE 6/15 10.25 10.70 11.40 4.4% 11.2%
Lincoln National Corporation LNC 6/15 27.25 27.61 28.10 1.3% 3.1%
Ulta Salon ULTA 6/11 22.25 22.67 24.87 1.9% 11.8%
Kid Brands KID 6/10 7.25 7.31 7.93 0.8% 9.4%
Clinical Data CLDA 6/9 14.30 14.88 15.04 4.1% 5.2%
FSI International FSII 6/9 3.05 3.58 3.80 17.4% 24.6%
Heritage-Crystal Clean HCCI 6/9 8.00 8.40 8.65 5% 8.1%
Artio Global Investors ART 6/4 17.33 16.78 17.30 -3.2% -0.2%
Bank of New York Mellon BK 6/4 27.00 26.38 26.69 -2.3% -1.1%
Bottomline Technologies EPAY 6/4 14.50 14.55 14.79 0.3% 2.0%
Nu Skin Enterprises NUS 6/4 27.00 26.84 27.27 -0.6% 1%
Digital Realty Trust DLR 6/3 57.00 58.62 60.37 2.8% 5.9%
National American University NAUH 5/27 7.50 10.00 10.00 33.3% 33.3%
Ziopharm ZIOP 5/27 5.00 5.00 5.02 0% 0.4%
PFSweb, Inc. PFSW 5/25 3.50 3.74 3.80 7% 8.6%
Wabash National Corp WNC 5/25 6.50 6.31 6.75 -3% 3.8%
Vitamin Shoppe VSI 5/20 23.50 23.27 23.94 -1% 1.9%
FirstMerit FMER 5/18 19.00 19.48 19.75 2.5% 3.9%
Con-Way CNW 5/14 35.00 35.07 35.40 0.2% 1.1%
Getty Realty Group GTY 5/14 22.00 21.48 21.50 -2.4% -2.3%
Gulfport Energy GPOR 5/14 13.50 13.57 13.70 0.5% 1.5%
Pharmasset VRUS 5/14 29.00 29.27 29.98 0.9% 3.4%
Strategic Hotels BEE 5/14 4.60 4.85 4.99 5.4% 8.5%
Cogdell Spencer CSA 5/13 7.00 7.04 7.17 0.6% 2.4%
Dupont Fabros DFT 5/13 23.00 24.17 24.97 5.1% 8.6%
Ramco-Gershenson RPT 5/13 11.50 11.65 11.85 1.3% 3.0%
Scana SCG 5/12 37.00 37.15 37.73 0.4% 2.0%
Evans Bancorp EVBN 5/11 12.00 12.25 12.54 2.1% 4.5%
Jazz Pharmaceuticals JAZZ 5/11 8.35 8.29 8.50 -0.7% 1.8%
Beazer Homes BZH 5/5 5.81 5.61 5.87 -3.4% 1.0%
Pennsylvania Reit PEI 5/4 16.25 16.44 16.75 1.2% 3.1%
Columbia Banking COLB 4/30 21.75 23.24 23.33 6.9% 7.3%
Fulton Financial FULT 4/30 10.55 10.58 10.68 0.3% 1.2%
China Agritech CAGC 4/29 16.10 16.86 17.96 4.7% 11.6%
Kansas City Southern KSU 4/29 39.00 39.93 41.87 2.4% 7.4%
Synovus SNV 4/29 2.75 3.05 3.24 10.9% 17.8%
PMI Group PMI 4/27 6.15 6.27 6.42 2% 4.4%
Southwest Bancorp OKSB 4/27 12.50 14.05 14.99 12.4% 19.9%
Winner Medical WWIN 4/27 6.10 6.41 6.7 5.1% 9.8%
City Telecom CTEL 4/23 13.00 14.01 15.56 7.8% 19.7%
Philips-Van Heusen PVH 4/23 66.50 67.88 68.18 2.1% 2.5%
MGIC Investment MTG 4/21 10.75 11.01 11.77 2.4% 9.5%
iGate Corp. IGTE 4/21 11.25 12.10 12.64 7.6% 12.4%
Alphatec ATEC 4/16 5.00 5.48 5.80 9.6% 16%
CF Industries CF 4/16 89.00 90.40 91.95 1.6% 3.3%
Hansen Medical HNSN 4/16 2.00 2.18 2.25 9% 12.5%
Image Sensing ISNS 4/16 12.25 13.39 13.41 9.3% 9.5%
NPS Pharmaceuticals NPSP 4/16 5.50 5.66 6.24 2.9% 13.5%
STR Holdings STRI 4/16 18.75 19.52 21.03 4.1% 12.2%
The Princeton Review REVU 4/15 3.00 3.48 4.00 16% 33.3%
Tri-Tech TRIT 4/15 14.00 14.77 14.85 5.5% 6.1%
Ameris Bancorp ABCB 4/15 9.50 10.47 10.73 10.2% 12.9%
Dollar General DG 4/15 27.00 27.50 27.63 1.9% 2.3%
Kilroy Realty KRC 4/15 34.00 34.60 34.98 1.8% 2.9%
The Macerich Company MAC 4/15 41.00 40.93 40.98 -0.2% 0%
Medical Properties Trust MPW 4/15 9.75 9.98 10.05 2.4% 3.1%
Northern Oil & Gas NOG 4/15 15.00 15.40 17.10 2.7% 14%
The Princeton Review REVU 4/15 3.00 3.48 4.00 16% 33.3%
Tri-Tech TRIT 4/15 14.00 14.77 14.85 5.5% 6.1%
BioMed Realty Trust BMR 4/14 17.25 17.85 18.61 3.5% 7.9%
Exact Sciences EXAS 4/14 4.50 4.55 4.61 1.1% 2.4%
Popular BPOP 4/14 3.00 3.50 4.06 16.7% 35.3%
Agree Realty ADC 4/13 22.00 23.50 24.22 6.8% 10.1%
Carrizo Oil CRZO 4/09 23.50 24.45 24.75 4.0% 5.3%
Lihua LIWA 4/09 8.05 8.88 9.24 10.3% 14.8%
Brigham Exploration BEXP 4/08 18.00 18.12 18.98 0.7% 5.4%
AMB Property AMB 4/07 27.50 28.26 28.26 2.8% 2.8%
Ardea Biosciences RDEA 4/06 20.00 20.99 22.20 4.9% 11%
Sanderson Farms SAFM 4/01 53.00 53.70 54.15 1.3% 2.2%
Orient Paper ONP 3/31 8.25 8.26 8.44 0.1% 2.3%
BoFI Holdings BOFI 3/30 13.00 13.50 14.00 3.8% 7.7%
Somaxon Pharmaceuticals SOMX 3/26 8.25 9.39 9.76 13.8% 18.3%
ViaSat VSAT 3/26 33.50 34.25 35.13 2.2% 4.9%
Consol Energy CNX 3/26 42.50 42.43 43.04 -0.2% 1.3%
Flagstar Bancorp FBC 3/26 0.50 .54 .58 8.0% 16.0%
Lexington Realty Trust LXP 3/26 6.60 6.62 7.01 0.3% 6.2%
NetLogic NETL 3/26 28.85 29.71 30.31 3.0% 5.1%
Dyax DYAX 3/25 3.25 3.48 3.55 7.1% 9.2%
Bank of Commerce BOCH 3/24 4.25 4.45 4.75 4.7% 11.8%
Gafisa GFA 3/24 14.03 14.40 14.73 2.6% 5.0%
Linn Energy LINE 3/24 25.00 24.94 25.14 -0.2% 0.6%
Massey Energy MEE 3/24 49.75 50.40 53.50 1.3% 7.5%
Commercial Vehicle Group CVGI 3/19 6.25 6.50 7.08 4.0% 13.3%
Copa Holdings CPA 3/19 56.00 56.76 57.20 1.4% 2.1%
First California Financial FCAL 3/19 2.50 2.65 2.71 6.0% 8.4%
Genpact G 3/19 15.00 15.34 15.51 2.3% 3.4%
Hersha Hospitality HT 3/19 4.25 4.36 4.83 2.6% 13.6%
HRPT Properties HRP 3/19 7.25 7.35 7.37 1.4% 1.7%
Netlist NLST 3/19 3.85 4.00 4.00 3.9% 3.9%
Theravance THRX 3/19 11.50 11.75 12.48 2.2% 8.5%
Finisar FNSR 3/18 14.00 14.56 15.44 4.0% 10.3%
Hartford Financial Services HIG 3/18 27.75 28.66 28.75 3.3% 3.6%
Sandy Spring Bancorp SASR 3/18 13.50 13.70 14.24 1.5% 5.5%
First Potomac Realty Trust FPO 3/17 14.50 14.70 14.91 1.4% 2.8%
Glacier Bancorp GBCI 3/17 14.75 15.17 15.92 2.8% 7.9%
LodgeNet Interactive LNET 3/17 6.00 6.38 6.50 6.3% 8.3%
Lexicon Pharmaceuticals LXRX 3/16 1.15 1.22 1.33 6.1% 15.7%
Oriental Financial Group OFG 3/16 11.40 12.15 12.48 6.6% 9.5%
Sterling Bancorp STL 3/16 8.00 8.55 8.65 6.9% 8.1%
Micromet MITI 3/12 7.00 7.59 7.60 8.4% 8.6%
Equitable Corp. EQT 3/11 44.00 44.00 44.26 0% 0.6%
International Coal Group ICO 3/11 4.47 4.47 4.49 0% 0.4%
Maidenform Brands MFB 3/11 21.00 20.95 21.24 -0.2% 1.1%
Assured Guaranty AGO 3/11 22.66 22.48 22.85 -0.8% 0.8%
Equity One EQY 3/10 18.40 18.57 18.75 .9% 1.9%
GT Solar SOLR 3/10 4.85 5.02 5.28 3.5% 8.9%
Susquehanna Bancshares SUSQ 3/10 8.00 8.35 8.45 4.4% 5.6%
Transatlantic Holdings TRH 3/10 53.35 54.20 54.25 1.6% 1.7%
Comerica CMA 3/9 35.00 35.55 35.90 1.6% 2.6%
Neurocrine Biosciences NBIX 3/5 2.20 2.24 2.35 1.8% 6.8%
Overseas Shipbuilding Group Block OSG 3/5 44.50 44.96 45.19 1.2% 0.7%
Conexant Systems CNXT 3/5 4.00 4.17 4.24 4.3% 6.0%
Diamond Foods DMND 3/5 37.00 37.90 40.25 2.4% 8.8%
Great Plains Renewable GPRE 3/5 13.50 13.90 14.49 3.0% 7.3%
Mindspeed MSPD 3/4 7.25 7.50 8.00 3.4% 10.3%
Wintrust Financial WTFC 3/4 33.25 33.50 33.55 0.8% 0.9%
Ctrip.com CTRP 3/4 36.00 36.99 38.03 2.8% 5.8%
Iberia Bank IBKC 3/3 57.75 58.67 58.92 1.6% 2.0%
LTX Credence LTXC 3/3 2.85 3.00 3.20 5.3% 12.3%
LaSalle Hotel Properties LHO 3/2 18.50 18.93 19.33 2.3% 4.5%
TRW Automotive Holdings SPOT TRW 3/2 26.50 26.27 27.02 -0.9% 2%
ArvinMeritor ARM 2/26 10.50 11.18 11.73 6.5% 11.7%
PMFG, Inc. PMFG 2/26 11.50 12.10 14.07 5.2% 22.3%
rue21 RUE 2/26 28.50 29.01 29.49 1.8% 3.5%
Sterling Bancshares SBIB 2/25 4.60 4.84 4.87 5.2% 5.9%
Owens Corning OC 2/25 23.75 23.43 23.74 -1.3% 0%
Wilmington Trust WL 2/24 13.25 14.23 14.55 7.4% 9.8%
Treehouse Foods THS 2/24 43.00 44.05 44.29 2.4% 3.0%
TCF Financial TCB 2/23 14.00 14.74 14.80 5.3% 5.7%
Portfolio Recovery Associates PRAA 2/18 52.50 52.81 54.26 0.6% 3.4%
GSI Commerce GSIC 2/17 24.20 24.53 24.60 1.4% 1.7%
Labopharm DDSS 2/12 1.70 1.57 1.62 -7.6% -4.7%
Puda Coal PUDA 2/12 4.75 5.01 5.12 5.5% 7.8%
Senomyx SNMX 2/12 2.80 2.78 2.80 -0.7% 0%
Silver Standard Resources SSRI 2/12 17.00 17.13 17.69 0.8% 4.1%
Developers Diversified Realty DDR 2/9 8.16 8.99 9.40 10.2% 15.2%
Art Technology Group ARTG 2/5 3.50 3.78 3.97 8% 13.4%
Nova Measuring Instruments NVMI 2/4 4.15 4.30 4.89 3.6% 17.8%
Penske Automotive PAG 2/4 14.50 14.86 15.17 2.5% 4.6%
Umpqua Holdings UMPQ 2/4 11.00 11.34 11.68 3.1% 6.2%
PNC Financial PNC 2/3 54.00 54.17 54.60 0.3% 1.1%
Cathay General CATY 2/2 8.80 9.68 9.74 10% 10.7%
Avago AVGO 1/28 17.41 17.55 17.74 0.8% 1.9%
Duoyan Global Water DGW 1/28 29.5 30.33 30.43 2.8% 3.2%
First Financial Bancorp FFBC 1/28 15.14 15.55 16.24 2.7% 7.3%
Heartware HTWR 1/28 35.50 36.65 38.71 3.2% 9.0%
Sinovac Biotech SVA 1/28 5.75 6.00 6.29 4.3% 9.4%
Concho Resources CXO 1/27 42.75 43.74 45.22 2.3% 5.8%
Fushi Copperweld FSIN 1/27 8.00 8.31 8.99 3.9% 12.4%
Centene Corp. CNC 1/22 19.25 19.55 20.24 1.5% 5.1%
Aegean Marine ANW 1/22 32.75 32.97 34.90 0.7% 6.6%
Achillion Pharma ACHN 1/22 2.08 2.44 2.44 17.3% 17.3%
AMAG Pharmaceuticals AMAG 1/21 48.25 49.01 49.05 1.6% 1.7%
Charles Schwab SCHW 1/21 19.00 19.04 19.31 0.2% 1.6%
InterMune ITMN 1/21 14.10 14.50 14.65 2.8% 3.9%
Berry Petroleum BRY 1/15 29.25 29.41 29.65 0.5% 1.4%
Dexcom DXCM 1/15 8.75 9.49 9.89 8.5% 13.0%
Hersha Hospitality HT 1/15 3.00 3.42 3.55 14.0% 18.3%
Rex Energy REXX 1/15 12.25 12.70 13.40 3.7% 9.4%
First Midwest Bank FMBI 1/14 11.00 11.83 12.60 7.5% 14.5%
Orient Express OEH 1/13 10.00 10.50 11.04 5.0% 10.4%
Associated Banc-Corp ASBC 1/12 11.15 11.81 12.25 5.9% 9.9%
Synta Pharmaceuticals SNTA 1/8 4.50 4.59 4.60 2.0% 2.2%
Beazer Homes BZH 1/7 4.60 5.22 5.27 13.5% 14.6%
ZymoGenetics ZGEN 1/7 6.00 6.22 6.49 3.7% 8.2%

      We rate Secondaries as BUY - NEUTRAL - AVOID.

      The above chart includes only our BUY recommendations.


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