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	<title>in search of Value</title>
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	<description>Companies with stock prices below their &#34;fundamental&#34; values</description>
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		<title>in search of Value</title>
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		<title>Jamba Inc.: Q1 First Impressions</title>
		<link>http://johnappel.com/2009/05/29/jamba-inc-q1-first-impressions/</link>
		<comments>http://johnappel.com/2009/05/29/jamba-inc-q1-first-impressions/#comments</comments>
		<pubDate>Fri, 29 May 2009 17:34:30 +0000</pubDate>
		<dc:creator>John Appel</dc:creator>
				<category><![CDATA[Consumer]]></category>
		<category><![CDATA[Food & Beverage]]></category>
		<category><![CDATA[Restaurants]]></category>
		<category><![CDATA[Retail]]></category>
		<category><![CDATA[Small-Micro Cap]]></category>
		<category><![CDATA[Beverage]]></category>
		<category><![CDATA[business]]></category>
		<category><![CDATA[franchise]]></category>
		<category><![CDATA[healthy lifestyle]]></category>
		<category><![CDATA[jamba]]></category>
		<category><![CDATA[Jamba Juice]]></category>
		<category><![CDATA[lohas]]></category>
		<category><![CDATA[refranchising]]></category>
		<category><![CDATA[SBUX]]></category>
		<category><![CDATA[smoothie]]></category>
		<category><![CDATA[starbucks]]></category>
		<category><![CDATA[turnaround]]></category>

		<guid isPermaLink="false">http://johnappel.com/?p=1100</guid>
		<description><![CDATA[Jamba Inc. (JMBA) announced its first quarter 2009 results, and issued its 10-Q, after the market’s close yesterday. Management has made solid progress on its &#8220;BLEND&#8221; plan to reduce costs, expand its in-store food offerings, license the brand for packaged food items, and shift its mix of company-owned versus franchised stores. Sales were in-line with [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=johnappel.com&amp;blog=4912511&amp;post=1100&amp;subd=johnappel&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>1</slash:comments>
	
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		<title>XL Capital: UBS Still Bullish After Recent Run-up</title>
		<link>http://johnappel.com/2009/05/14/xl-capital-ubs-still-bullish-after-recent-run-up/</link>
		<comments>http://johnappel.com/2009/05/14/xl-capital-ubs-still-bullish-after-recent-run-up/#comments</comments>
		<pubDate>Thu, 14 May 2009 16:46:40 +0000</pubDate>
		<dc:creator>John Appel</dc:creator>
				<category><![CDATA[Financial Services]]></category>
		<category><![CDATA[Insurance]]></category>
		<category><![CDATA[Mid-Large Cap]]></category>
		<category><![CDATA[business]]></category>
		<category><![CDATA[CMBS]]></category>
		<category><![CDATA[long ideas]]></category>
		<category><![CDATA[Reinsurance]]></category>
		<category><![CDATA[value stocks]]></category>
		<category><![CDATA[XL Capital]]></category>

		<guid isPermaLink="false">http://johnappel.com/?p=1090</guid>
		<description><![CDATA[I was planning to write an update on XL Capital (XL) after the company filed its first quarter 10-Q on May 8th, but decided not to when I realized that UBS P&#38;C insurance analyst Brian Meredith had already stated very well what I wanted to say (and more) in his May 4th report on XL [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=johnappel.com&amp;blog=4912511&amp;post=1090&amp;subd=johnappel&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>1</slash:comments>
	
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		<title>Featured Articles</title>
		<link>http://johnappel.com/2009/04/24/featured-articles/</link>
		<comments>http://johnappel.com/2009/04/24/featured-articles/#comments</comments>
		<pubDate>Sat, 25 Apr 2009 04:59:30 +0000</pubDate>
		<dc:creator>John Appel</dc:creator>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[AIG]]></category>
		<category><![CDATA[Bailout]]></category>
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		<category><![CDATA[food]]></category>
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		<category><![CDATA[PepsiCo]]></category>
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		<category><![CDATA[Software]]></category>
		<category><![CDATA[Subprime]]></category>
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		<guid isPermaLink="false">http://johnappel.com/?p=1032</guid>
		<description><![CDATA[Financial Services XL Capital: Short Interest Poised to Drop – Will the Stock Pop? About: XL XL Capital is a company that the market loves to hate. Its stock price has plummeted by 94% over the last twelve months, mainly over concerns about its investment portfolio. The stock could tick up a bit in connection [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=johnappel.com&amp;blog=4912511&amp;post=1032&amp;subd=johnappel&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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		<title>JDA Software: Outlook Improves as Pipeline Grows</title>
		<link>http://johnappel.com/2009/04/24/jda-software-outlook-improves-as-pipeline-grows/</link>
		<comments>http://johnappel.com/2009/04/24/jda-software-outlook-improves-as-pipeline-grows/#comments</comments>
		<pubDate>Fri, 24 Apr 2009 22:16:12 +0000</pubDate>
		<dc:creator>John Appel</dc:creator>
				<category><![CDATA[Small-Micro Cap]]></category>
		<category><![CDATA[Software]]></category>
		<category><![CDATA[Technology]]></category>
		<category><![CDATA[supply chain]]></category>

		<guid isPermaLink="false">http://johnappel.com/?p=1056</guid>
		<description><![CDATA[JDA Software Group, Inc. (JDAS) reported its first quarter earnings on April 20th.  Particularly notable on the earnings call was management’s renewed confidence in the company’s sales pipeline.  I am keeping my 12-month price target at $18.00, but I have more confidence in this figure now, and believe there is more upside than downside. This [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=johnappel.com&amp;blog=4912511&amp;post=1056&amp;subd=johnappel&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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		<title>Jamba Inc. &#8211; New CEO Gives Company a Boost</title>
		<link>http://johnappel.com/2009/03/27/jamba-inc-new-ceo-gives-company-a-boost/</link>
		<comments>http://johnappel.com/2009/03/27/jamba-inc-new-ceo-gives-company-a-boost/#comments</comments>
		<pubDate>Fri, 27 Mar 2009 17:54:25 +0000</pubDate>
		<dc:creator>John Appel</dc:creator>
				<category><![CDATA[Consumer]]></category>
		<category><![CDATA[Food & Beverage]]></category>
		<category><![CDATA[Restaurants]]></category>
		<category><![CDATA[Retail]]></category>
		<category><![CDATA[Small-Micro Cap]]></category>
		<category><![CDATA[Beverage]]></category>
		<category><![CDATA[business]]></category>
		<category><![CDATA[healthy lifestyle]]></category>
		<category><![CDATA[jamba]]></category>
		<category><![CDATA[Jamba Juice]]></category>
		<category><![CDATA[long ideas]]></category>
		<category><![CDATA[SBUX]]></category>
		<category><![CDATA[smoothie]]></category>
		<category><![CDATA[starbucks]]></category>
		<category><![CDATA[turnaround]]></category>
		<category><![CDATA[value stocks]]></category>

		<guid isPermaLink="false">http://johnappel.com/?p=1001</guid>
		<description><![CDATA[The market’s valuation of Jamba Inc. (JMBA) seems to reflect a consensus view that this chain of 729 smoothie stores will not survive.  After a review of JMBA’s fourth quarter and full-year 2008 results, and several calls with management, I disagree. I predict that this company will not only survive but thrive. The company still [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=johnappel.com&amp;blog=4912511&amp;post=1001&amp;subd=johnappel&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>11</slash:comments>
	
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		<title>XL Capital: Short Interest Poised to Drop – Will the Stock Pop?</title>
		<link>http://johnappel.com/2009/02/05/xl-capital-short-interest-poised-to-drop-%e2%80%93-will-the-stock-pop/</link>
		<comments>http://johnappel.com/2009/02/05/xl-capital-short-interest-poised-to-drop-%e2%80%93-will-the-stock-pop/#comments</comments>
		<pubDate>Thu, 05 Feb 2009 05:15:59 +0000</pubDate>
		<dc:creator>John Appel</dc:creator>
				<category><![CDATA[Financial Services]]></category>
		<category><![CDATA[Insurance]]></category>
		<category><![CDATA[Mid-Large Cap]]></category>
		<category><![CDATA[Small-Micro Cap]]></category>
		<category><![CDATA[Special Situation]]></category>
		<category><![CDATA[business]]></category>
		<category><![CDATA[CDO]]></category>
		<category><![CDATA[CMBS]]></category>
		<category><![CDATA[long ideas]]></category>
		<category><![CDATA[Reinsurance]]></category>
		<category><![CDATA[Subprime]]></category>
		<category><![CDATA[turnaround]]></category>
		<category><![CDATA[value stocks]]></category>
		<category><![CDATA[XL Capital]]></category>

		<guid isPermaLink="false">http://johnappel.com/?p=770</guid>
		<description><![CDATA[XL Capital (XL) is a company that the market loves to hate. Its stock price has plummeted by 94% over the last twelve months, mainly over concerns about its investment portfolio.  (For a more in-depth discussion of XL&#8217;s past troubles, please see my article from November 25th, &#8220;Reinsurer Stocks: A Fear-Driven Market Creates Opportunity.&#8221;)  The [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=johnappel.com&amp;blog=4912511&amp;post=770&amp;subd=johnappel&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>3</slash:comments>
	
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		<title>Cott Corp. to Lose Wal-Mart Exclusive</title>
		<link>http://johnappel.com/2009/01/27/cott-corp-to-lose-wal-mart-exclusive/</link>
		<comments>http://johnappel.com/2009/01/27/cott-corp-to-lose-wal-mart-exclusive/#comments</comments>
		<pubDate>Tue, 27 Jan 2009 19:41:29 +0000</pubDate>
		<dc:creator>John Appel</dc:creator>
				<category><![CDATA[Consumer]]></category>
		<category><![CDATA[Food & Beverage]]></category>
		<category><![CDATA[Small-Micro Cap]]></category>
		<category><![CDATA[Special Situation]]></category>
		<category><![CDATA[activist investor]]></category>
		<category><![CDATA[Beverage]]></category>
		<category><![CDATA[business]]></category>
		<category><![CDATA[Coca-Cola]]></category>
		<category><![CDATA[Cott]]></category>
		<category><![CDATA[PepsiCo]]></category>
		<category><![CDATA[private label]]></category>
		<category><![CDATA[restructuring]]></category>
		<category><![CDATA[short ideas]]></category>
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		<guid isPermaLink="false">http://johnappel.com/?p=728</guid>
		<description><![CDATA[Cott Corporation (COT) announced that Wal-Mart (WMT) has decided to terminate its existing 10-year old exclusive supply agreement for carbonated soft drinks.  This action gives Wal-Mart the option to transition to other suppliers over time: up to one third of its requirements can be moved this year and up to two thirds can be moved [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=johnappel.com&amp;blog=4912511&amp;post=728&amp;subd=johnappel&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>1</slash:comments>
	
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		<title>Mysterious Silence from Cott Corporation</title>
		<link>http://johnappel.com/2009/01/15/mysterious-silence-from-cott-corporation/</link>
		<comments>http://johnappel.com/2009/01/15/mysterious-silence-from-cott-corporation/#comments</comments>
		<pubDate>Thu, 15 Jan 2009 17:25:44 +0000</pubDate>
		<dc:creator>John Appel</dc:creator>
				<category><![CDATA[Consumer]]></category>
		<category><![CDATA[Food & Beverage]]></category>
		<category><![CDATA[Small-Micro Cap]]></category>
		<category><![CDATA[Special Situation]]></category>
		<category><![CDATA[activist investor]]></category>
		<category><![CDATA[Beverage]]></category>
		<category><![CDATA[business]]></category>
		<category><![CDATA[Coca-Cola]]></category>
		<category><![CDATA[Cott]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[PepsiCo]]></category>
		<category><![CDATA[private label]]></category>
		<category><![CDATA[restructuring]]></category>

		<guid isPermaLink="false">http://johnappel.wordpress.com/?p=672</guid>
		<description><![CDATA[Cott Corp. (COT) should be in crisis-mode: it is overleveraged, underperforming, and lacking both a permanent CEO and a compelling growth strategy.  With an activist investor and some seasoned executives on the Board to shake things up, one would expect dramatic action, but it seems like little has been accomplished to date.  Have they really [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=johnappel.com&amp;blog=4912511&amp;post=672&amp;subd=johnappel&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>3</slash:comments>
	
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			<media:title type="html">COT 12 Mo. Stock Prices</media:title>
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			<media:title type="html">COT Leverage Ratios</media:title>
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			<media:title type="html">COT Projections (JGA)</media:title>
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		<title>Private Equity Group Takes Stake in Jamba</title>
		<link>http://johnappel.com/2009/01/13/private-equity-group-takes-stake-in-jamba/</link>
		<comments>http://johnappel.com/2009/01/13/private-equity-group-takes-stake-in-jamba/#comments</comments>
		<pubDate>Wed, 14 Jan 2009 01:55:14 +0000</pubDate>
		<dc:creator>John Appel</dc:creator>
				<category><![CDATA[Consumer]]></category>
		<category><![CDATA[Food & Beverage]]></category>
		<category><![CDATA[Restaurants]]></category>
		<category><![CDATA[Retail]]></category>
		<category><![CDATA[Small-Micro Cap]]></category>
		<category><![CDATA[Special Situation]]></category>
		<category><![CDATA[Antioco]]></category>
		<category><![CDATA[business]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[Enrico]]></category>
		<category><![CDATA[jamba]]></category>
		<category><![CDATA[PepsiCo]]></category>
		<category><![CDATA[Red Mango]]></category>
		<category><![CDATA[smoothie]]></category>

		<guid isPermaLink="false">http://johnappel.wordpress.com/?p=646</guid>
		<description><![CDATA[CIC Advantage Holdings LLC, an affiliate of Dallas-based CIC Partners, has acquired a 5.6% stake in Jamba, Inc. (JMBA) according to a recent 13D filing. CIC Advantage paid an average price of $0.86 per share for its 3,077,900 shares. This is CIC Advantage’s second investment to date. The first was a $12 million growth capital [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=johnappel.com&amp;blog=4912511&amp;post=646&amp;subd=johnappel&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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		<title>Jamba Juice Should Bear Fruit by Mid-2009</title>
		<link>http://johnappel.com/2008/12/18/2009-will-be-jamba%e2%80%99s-comeback-year/</link>
		<comments>http://johnappel.com/2008/12/18/2009-will-be-jamba%e2%80%99s-comeback-year/#comments</comments>
		<pubDate>Thu, 18 Dec 2008 22:11:31 +0000</pubDate>
		<dc:creator>John Appel</dc:creator>
				<category><![CDATA[Food & Beverage]]></category>
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		<description><![CDATA[Smoothie chain Jamba, Inc. (JMBA) lost $113 million in 2007 and an amazing $258 million for the twelve months ended October 7th, driving its market cap down to $36 million from over $500 million. Institutional investors have taken their losses and moved on.  Insiders and individual investors now own nearly 90% of the shares.  Mainstream [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=johnappel.com&amp;blog=4912511&amp;post=610&amp;subd=johnappel&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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