As of March 25 th , 2019- Subject to change.

1. April 2019 Stock Picks As of March 25th, 2019- Subject to change.

2. April 2019 Growth Stock Picks As of March 25th, 2019. Subject to change.

3. April 2019 Growth Stock Picks As of March 25th, 2019. Subject to change.

4. April 2019 Growth Stock Picks As of March 25th, 2019- Subject to change.

5. April 2019 Growth Stock Picks As of March 25th, 2019- Subject to change.

6. April 2019 Growth Stock Picks As of March 25th, 2019- Subject to change.

7. Apple Inc. (AAPL) Apple Inc. designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems. It also provides iTunes Store, an app store that allows customers to purchase and download, or stream music and TV shows; rent or purchase movies; and download free podcasts, as well as iCloud, a cloud service, which stores music, photos, contacts, calendars, mail, documents, and others. In addition, the company offers AppleCare support services; Apple Pay, a cashless payment service; Apple TV that connects to consumers' TVs and enables them to access digital content directly for streaming video, playing music and games, and viewing photos; and Apple Watch, a personal electronic device, as well as AirPods, Beats products, HomePod, iPod touch, and other Apple-branded and third-party accessories. The company serves consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. It sells and delivers digital content and applications through the iTunes Store, App Store, Mac App Store, TV App Store, Book Store, and Apple Music. The company also sells its products through its retail and online stores, and direct sales force; and third-party cellular network carriers, wholesalers, retailers, and resellers. Apple Inc. was founded in 1977 and is headquartered in Cupertino, California. Source: FinViz.com, March 2019

8. Apple Inc. (AAPL) POSITIVES: Apple’s non-iPhone businesses, particularly Services and Wearables, are expected to drive top-line growth in fiscal 2019 and beyond. The Services portfolio has emerged as the company’s new cash cow. Apple’s endeavors to open up its ecosystem, through partnerships with the likes of Samsung and Amazon, are positive for the Services segment. Apple currently has more than 360 million paid subscribers across its Services portfolio. The App Store continues to draw the attention of prominent developers from around the world, helping the company offer appealing new apps that drive App Store traffic. pple has some revolutionary offerings when it comes to Apple Pay and Apple Music. Apple Pay, designed on the basis of a contactless payment (NFC) technology, has been expanded to more than 27 markets. Further, Apple Music currently has more than 50 million paid subscribers. Apple Music’s availability on Amazon Echo devices is expected to expand the iPhone maker’s footprint against Spotify, which is currently the dominant player in the paid, premium music streaming market. The latest partnership with Verizon is also noteworthy in this regard. Apple is encouraging developers to use artificial intelligence (AI) and machine learning in their apps. The company’s Core ML 2 API helps developers recognize faces or animals in photos, and parse the meaning of text. Further, the company is offering Create ML for simple and efficient machine learning training on the Mac, which is built on top of Swift programming language. Apple’s focus on autonomous vehicles and augmented reality/virtual reality (AR/VR) technologies presents growth opportunity in the long haul. Possible concerns:Apple’s excessive dependence on iPhone is a risk to overall growth. China is an important market for Apple, given the growing number of middle-class customers. However, the waning macroeconomic environment in China and the intensifying competition have dented shipment growth. Competition has negatively impacted iPad’s growth, with Amazon, HTC, Microsoft, Hewlett-Packard and others flooding the tablet market. Source: Zacks Research, March 2019

9. Amazon.com Inc. (AMZN) Amazon.com, Inc. engages in the retail sale of consumer products and subscriptions in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services (AWS) segments. It sells merchandise and content purchased for resale from third-party sellers through physical stores and online stores. The company also manufactures and sells electronic devices, including Kindle e-readers, Fire tablets, Fire TVs, and Echo devices; provides Kindle Direct Publishing, an online service that allows independent authors and publishers to make their books available in the Kindle Store; and develops and produces media content. In addition, it offers programs that enable sellers to sell their products on its Websites, as well as their own branded Websites; and programs that allow authors, musicians, filmmakers, skill and app developers, and others to publish and sell content. Further, the company provides compute, storage, database, and other AWS services, as well as compute, storage, database offerings, fulfillment, publishing, digital content subscriptions, advertising, and co-branded credit card agreement services. Additionally, it offers Amazon Prime, a membership program, which provides free shipping of various items; access to streaming of movies and TV episodes; and other services. It serves consumers, sellers, developers, enterprises, and content creators. The company was founded in 1994 and is headquartered in Seattle, Washington. Source: FinViz.com, March 2019

10. Amazon.com Inc. (AMZN) POSITIVES: Amazon.com is one of the largest e-commerce companies in the world. Amazon keeps its retail business very hard to beat on price, choice, and convenience with the help of a solid loyalty system in Prime and its FBA strategy. The company continues to push advantages exclusively to Prime members, thus encouraging them to spend more on Amazon. The current focus is on building video content, primarily for Prime subscribers because the growth prospects in the market are considerable. Prime members are much more loyal and spend double the amount spent by non-Prime members. Amazon’s strategy of gradually merging online and offline retail looks promising. It will not only reshape the retail landscape but also help it fend off competition, if it could manage a first mover advantage. Amazon is the leading provider of cloud infrastructure as a service to enterprise customers. The expanding customer base of Amazon Web Services (AWS) driven by its strengthening cloud offerings will continue to aid Amazon's dominance in the global cloud space. Amazon is pushing well with its devices strategy. Alexa powered Echo devices are going great guns and help the company sell products and services. Artificial intelligence (AI) driven Alexa has already been integrated into a host of everyday devices for the digital home, which has converted the nascent smart home market into a potential area of growth in a very short time. Amazon.com generates strong cash flows. The nature of the retail business does not leave too much room for differentiation, so price competition is intense. Amazon has accelerated its push in the logistics business. The company is reportedly working on a new delivery service called “Seller Flex”, where it itself will pick up packages from third-party merchant warehouses and deliver them to customers, a function currently handled by its long-time partners United Parcel Service and FedEx. Possible concerns: There is a downside to a growing international business in the current economic environment. While expansion opportunities automatically increase, currency also starts playing a bigger role. Prime’s saturation in the U.S. market is apparent, because Amazon has very high penetration rates in the country. The competition in online retail is heating up. Traditional retailers have always provided the strongest competition and a number of them are running e-commerce sites as well. Additionally, the increased use of the Internet in both developed and developing economies is attracting other players into the space. Source: Zacks Research, March 2019

11. Bank of America Corporation (BAC) Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets. The Consumer Banking segment offers traditional and money market savings accounts, CDs and IRAs, noninterest- and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans. This segment provides its products and services through approximately 4,500 financial centers; 16,000 ATMs; call centers; and digital banking platforms. The GWIM segment offers investment management, brokerage, banking, and trust and retirement products; and wealth management solutions targeted to high net worth and ultra high net worth clients, as well as customized solutions to meet clients' wealth structuring, investment management, and trust and banking needs, including specialty asset management services. The Global Banking segment provides lending products and services, including commercial loans, leases, commitment facilities, trade finance, and real estate and asset-based lending; treasury solutions, such as treasury management, foreign exchange, and short-term investing options; working capital management solutions; and debt and equity underwriting and distribution, and merger-related and other advisory services. The Global Markets segment offers market-making, financing, securities clearing, settlement, and custody services, as well as risk management, foreign exchange, fixed-income, and mortgage-related products. Bank of America Corporation was founded in 1874 and is based in Charlotte, North Carolina. Source: FinViz.com, March 2019

12. Bank of America Corporation (BAC) POSITIVES: Higher interest rates and loan growth continue to support Bank of America’s revenues. Net interest yield increased from 2.19% in 2015 to 2.25% in 2016, 2.37% in 2017 and 2.42% in 2018. Further, declining expenses continue to support Bank of America’s financials. Its expense-saving plan – Project New BAC (launched in 2011) – helped improve overall efficiency and save as much as $8.0 billion in operating expenses annually till the end of 2014. Further, the expenses declined at a three-year CAGR of 1.6% (till 2018 end), as the company achieved its operating expense target in 2018. Bank of America continues to align its banking center network according to the customer needs. Further, by 2022, it intends to expand to new cities, open nearly 500 new centers and redesign more than 1,200 centers with technology upgrades. The company is opening fully automated branches that will feature ATMs and video conferencing facility, allowing customers to communicate with off-site bankers. Bank of America’s sturdy capital deployment activities look impressive. In February, the company announced an additional $2.5 billion share buyback authorization to be completed by Jun 30, 2019. Notably, the bank had received the Fed’s approval for its 2018 capital plan that include 25% dividend hike and $20.6 billion share repurchase authorization. Further, Bank of America seems undervalued when compared with the broader industry as its current price/book and price/earnings (F1) ratios are lower than the respective industry averages. Possible concerns:Bank of America’s significant dependence of capital markets revenues is a matter of concern. The company’s investment banking operation is getting hurt by fears of global economic slowdown and trade war concerns. Though Bank of America has resolved quite a many litigation issues, it still faces investigations from several federal agencies for its business conducts in the pre-crisis period. Legal expenses are expected to continue weighing marginally on the company’s bottom line in the near future. Source: Zacks Research, March 2019

13. Berkshire Hathaway Inc. (BRK-B) Berkshire Hathaway Inc., through its subsidiaries engages in insurance, freight rail transportation, and utility businesses. It provides property and casualty insurance and reinsurance, as well as life, accident, and health reinsurance; and operates railroad systems in North America. The company also generates, transmits, and distributes electricity primarily from solar, wind, geothermal, and hydro sources; operates natural gas distribution and storage facilities, interstate pipelines, and compressor and meter stations; and holds interest in coal mining assets. In addition, it offers real estate brokerage services; invests in fixed-income and equity instruments; and engages in manufactured housing and finance business, leasing of transportation equipment, and furniture leasing activities. Further, the company manufactures boxed chocolates and other confectionery products; specialty chemicals and metal cutting tools; flooring, insulation, roofing and engineered, building and engineered components, paints and coatings, and bricks and masonry products; recreational vehicles, apparel products, jewelry, and custom picture framing products; and alkaline batteries. Additionally, it manufactures castings and forged components, machined airframe components, and engineered critical fasteners; airfoil castings; titanium and nickel; and seamless pipes, fittings, and forgings. The company distributes newspapers, televisions, and information; franchises and services quick service restaurants; distributes electronic components; and offers steel and logistics services, professional aviation training programs, and fractional aircraft ownership programs. In addition, it retails automobiles; furniture, bedding, and accessories; household appliances, electronics, and computers; jewelry, watches, crystal, china, stemware, flatware, gifts, and collectibles; kitchenware; and motorcycle accessories. The company was founded in 1889 and is headquartered in Omaha, Nebraska. Source: FinViz.com, March 2019

14. Berkshire Hathaway Inc. (BRK-B) POSITIVES: Shares of Berkshire Hathaway have lost 1.8% in a year’s time, against the industry’s decrease of 2.4%. Sustained operational performance and strategic buyouts are anticipated to drive the shares higher in the near term. Berkshire Hathaway is a conglomerate with more than 90 subsidiaries engaged in businesses ranging from ice-cream to insurance. Nonetheless, its property and casualty insurance business generate maximum return on equity. Given its continued superior performance, the insurance companies enjoy capital strength. Berkshire Hathaway’s economically sensitive non-insurance businesses — utilities and energy, and manufacturing, service and retail — are performing favorably after suffering substantial earnings decline in the recent past due to economic weakness. Berkshire Hathaway’s inorganic growth story seems impressive and is expected to be accretive to earnings going forward. Its acquisitions history boasts with stakes at Apple, in the four biggest U.S. airlines, Precision Castparts, Kraft Heinz Co., pipeline operator Kinder Morgan, Visa and Bank of New York Mellon among others. Warren Buffett’s unique skills have created a tremendous value for shareholders over the last 53 years (since the present management took over), book value (Class A share), having exhibited a significant improvement (from $19 to $211,750 at a 54-year CAGR of about 19%). Book value growth, which has been significant, is expected to get a pretty solid boost with the turn of the economy, further gains from the value of the derivatives positions and a continued positive contribution from earnings growth in the insurance operations. Possible concerns:Berkshire’s earnings are subject to volatility, given its exposure to catastrophes. The company’s insurance underwriting results have often suffered from high cat loss. The remarkable success of Berkshire Hathaway is attributable to Warren Buffett and Charles Munger. Though Buffett has duly put in place a succession plan and chosen a successor, the name of the would-be CEO has been kept under wraps. Therefore, there is an air of uncertainty regarding the performance of the company under a new CEO. In our view, it is unlikely that any new management of this conglomerate will be able to sustain Buffett and Munger’s long-term market outperformance. Source: Zacks Research, March 2019

15. Citigroup Inc. (C) Citigroup Inc., a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG). The GCB segment offers traditional banking services to retail customers through retail banking, commercial banking, Citi-branded cards, and Citi retail services. It also provides various banking, credit card lending, and investment services through a network of local branches, offices, and electronic delivery systems. The ICG segment provides wholesale banking products and services, including fixed income and equity sales and trading, foreign exchange, prime brokerage, derivative services, equity and fixed income research, corporate lending, investment banking and advisory services, private banking, cash management, trade finance, and securities services to corporate, institutional, public sector, and high-net-worth clients. The company operates in North America, Latin America, Asia, Europe, the Middle East, and Africa. Citigroup Inc. was founded in 1812 and is based in New York, New York. Source: FinViz.com, March 2019

16. Citigroup Inc. (C) POSITIVES: Over the past several years, Citigroup’s net interest revenues had been under pressure amid a low interest-rate environment. However, with improvement in the interest rates scenario following the rate hikes and steady loan growth, strain on NIR continues to ease. In 2018, uptrend in NIR was witnessed, after years of declining trend. Notably, management continues to expect the net interest revenue percentage to improve in 2019. As the mix of interest-earning balances continues to improve, underlying growth will likely accelerate in 2019, resulting in reported growth. Citigroup's long-term strategy to shrink its non-core assets and increase fee-based business mix would improve valuation over time. The rundown of Citi Holdings – its legacy problem assets portfolio – is largely complete. These runoffs ultimately reduce the company's risk profile and free up capital for investment in core businesses. Operating expenses witnessed a negative CAGR of 6.6% over a five-year period (2014-2018). Expenses dipped as the impact of higher volume-related expenses, and ongoing investments were more than offset by efficiency savings and the wind-down of legacy assets. Therefore, persistent downtrend in expenses will aid bottom-line expansion. Citigroup has been emphasizing on growth in core businesses through expense management and streamlining operations internationally. Further, the company continues to optimize its branch network, with focus on core urban markets, improving digital channels and reducing branches. Driven by a solid capital position, Citigroup remains committed towards enhancing its shareholders’ value with steady capital deployment activities. Possible concerns:Shares of Citigroup have lost around nearly 11.5% in the past six months compared with the 7.8% decline recorded by the industry. Citigroup is burdened with numerous investigations and lawsuits escalating legal costs and limiting the company’s business growth. Moreover, muted fee income is a concern. Source: Zacks Research, March 2019

17. Costco Wholesale Corporation (COST) Costco Wholesale Corporation, together with its subsidiaries, operates membership warehouses. It offers branded and private-label products in a range of merchandise categories. The company provides dry and packaged foods, and groceries; snack foods, candies, alcoholic and nonalcoholic beverages, and cleaning supplies; appliances, electronics, health and beauty aids, hardware, and garden and patio products; meat, bakery, deli, and produces; and apparel and small appliances. It also operates gas stations, pharmacies, optical dispensing centers, food courts, and hearing-aid centers; and engages in the travel business. In addition, the company provides gold star individual and business membership services. As of September 2, 2018, it operated 762 membership warehouses, including 527 warehouses in the United States, 100 in Canada, 39 in Mexico, 28 in the United Kingdom, 26 in Japan, 15 in Korea, 13 in Taiwan, 10 in Australia, 2 in Spain, 1 in Iceland, and 1 in France. Further, the company sells its products through online. The company was formerly known as Costco Companies, Inc. Costco Wholesale Corporation was founded in 1976 and is based in Issaquah, Washington. Source: FinViz.com, March 2019

18. Costco Wholesale Corporation (COST) POSITIVES: In the evolving retail ecosystem, Costco has been able to create a niche for itself on the back of growth strategies, better price management, strong membership trends and increasing penetration of e-commerce business. Certainly, these helped the company to continue with its decent comparable sales run. Definitely, improving job prospects, rising disposable income and upsurge in consumer confidence have also aided the performance. We believe that Costco continues to be one of the dominant retail wholesalers based on the breadth and quality of merchandise offered. The company’s strategy to sell products at heavily discounted prices has helped it to remain on a growth track as cash-strapped customers continue to reckon Costco as a viable option for low-cost necessities. The company is also gradually expanding its e-commerce capabilities in the U.S., Canada, U.K., Mexico, Korea and Taiwan. Costco continues to make prudent use of its cash flow through share repurchases and dividend payments. During the second quarter of fiscal 2019, the company bought back shares worth of $117 million. We are also encouraged by the company’s expansion strategy. Costco has one of the highest square footage growth in the industry, and remains committed to opening new clubs in the domestic and international markets. In our view, the company’s diversification strategy is a natural hedge against risks that may arise in specific markets. The company opened 23, 29, 26 and 21 net new outlets in fiscal 2015, 2016, 2017 and 2018, respectively, and plans to open roughly 22 net new units. The majority of these openings will be carried out in the United States. The company also plans to relocate five units. Possible concerns:Considering price-to-earnings (P/E) ratio, Costco looks pretty overvalued when compared with the industry as well as the S&P 500. Costco faces stiff competition from BJ’s Wholesale Club and Sam’s Club, a division of Wal-Mart Stores. These two rivals follow similar business models as they market high volumes of merchandise at low prices in a membership-only warehouse clubs. Source: Zacks Research, March 2019

19. CVS Health Corporation (CVS) CVS Health Corporation, together with its subsidiaries, provides integrated pharmacy health care services. It operates through Pharmacy Services and Retail/LTC segments. The Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, Medicare Part D services, mail order, specialty pharmacy and infusion services, retail pharmacy network management services, prescription management systems, clinical services, disease management programs, and medical pharmacy management services. This segment serves employers, insurance companies, unions, government employee groups, health plans, Medicare Part D plans, managed Medicaid plans, plans offered on public and private exchanges, other sponsors of health benefit plans, and individuals under the CVS Caremark Pharmacy Services, Caremark, CVS Specialty, AccordantCare, SilverScript, Wellpartner, NovoLogix, Coram, Navarro Health Services, and ACS Pharmacy names. As of December 31, 2017, it had 23 retail specialty pharmacy stores, 18 specialty mail order pharmacies and 4 mail order dispensing pharmacies, and 83 branches for infusion and enteral services. The Retail/LTC segment sells prescription drugs, over-the-counter drugs, beauty products and cosmetics, personal care products, convenience foods, seasonal merchandise, and greeting cards, as well as offers photo finishing services. It has 9,803 retail stores in 49 states, the District of Columbia, Puerto Rico, and Brazil primarily under the CVS Pharmacy, CVS, CVS Pharmacy y mas, Longs Drugs, Navarro Discount Pharmacy, and Drogaria Onofre names; online retail pharmacy Websites; and 37 onsite pharmacy stores, long-term care pharmacy operations, and retail health care clinics. The company was formerly known as CVS Caremark Corporation and changed its name to CVS Health Corporation in September 2014. CVS Health Corporation was founded in 1892 and is headquartered in Woonsocket, Rhode Island. Source: FinViz.com, March 2019

20. CVS Health Corporation (CVS) POSITIVES: A momentous healthcare consolidation has taken place with CVS Health's purchase of the U.S. health insurance giant Aetna for a colossal sum of $70 billion. Economists have termed this as one valuable deal that could reshape the landscape of American health care. CVS Health is highly optimistic about this merger, that has combined the analytics of Aetna with its ‘touch of humanity’ on the health care turf and helps create a robust platform to serve individuals better. With regard to its 2019 PBM selling season, CVS Health has noted that the net benefits from the 2019 selling season are expected to be modest. The retention rate is 98% currently, higher than the rates it has seen over the last few years. Adjusted claims increased 6.1% over full-year 2017, driven by net new business wins and continued adoption of maintenance choice. The soaring demand for specialty pharmacy, especially in the on-going decade, is likely to accelerate growth for the company. This time the company encouragingly noted that despite a slowdown in revenue growth compared to prior years on lower levels of inflation on specialty drugs and increase in generic dispensing, the company registered strong performance overall. The year-over-year growth was driven largely by increases in the pharmacy network claims, brand inflation, and growth in specialty pharmacy. CVS Health exited 2018 with cash and cash equivalents and short-term investments of $4.06 billion compared with $1.67 billion at the end of 2017. Full-year net cash provided by operating activities was $8.87 billion, as compared to $8 billion a year ago. Accordingly, the company generated $6.83 billion of free cash in this period. This remains perfectly on track with the company's free cash expectations for the year. Possible concerns:CVS Health has been observed to underperform its industry in the past three months. The stock has slipped 17.1% over this period, in comparison to the 12.9% decline of the industry. Despite significant new client wins in the course of a strong selling season, intense competition and tough industry conditions act as major impediments. Major competitors such as Walgreens, Target and Wal-Mart are expanding their pharmacy businesses. Although prescriptions and related health care service providers like CVS stay out of general macro-economic turmoil, the recent debt crisis and sluggish economic conditions in U.S. could impact consumer purchasing power. Source: Zacks Research, March 2019

21. The Walt Disney Company (DIS) The Walt Disney Company, together with its subsidiaries, operates as an entertainment company worldwide. The company's Media Networks segment operates cable programming businesses under the ESPN, Disney, and Freeform brands; broadcast businesses, including ABC TV Network and eight owned television stations; and radio businesses. It also produces original live-action and animated television programming to first-run syndication and television markets; and subscription video-on-demand services and in home entertainment formats, as well as operates ESPN+, a direct-to-consumer streaming service providing multi-sports content. Its Parks and Resorts segment owns and operates the Walt Disney World Resort in Florida and the Disneyland Resort in California. This segment also operates Disney Resort & Spa in Hawaii, Disney Vacation Club, Disneyland Paris, Disney Cruise Line, and Adventures by Disney; and manages Hong Kong Disneyland Resort and Shanghai Disney Resort, as well as licenses its intellectual property to a third party for the operations of the Tokyo Disney Resort in Japan. The company's Studio Entertainment segment produces and acquires live-action and animated motion pictures for distribution in the theatrical, home entertainment, and television markets primarily under the Walt Disney Pictures, Pixar, Marvel, Lucasfilm, and Touchstone banners. This segment also produces stage plays and musical recordings; licenses and produces live entertainment events; and provides visual and audio effects, and other post-production services. Its Consumer Products & Interactive Media segment licenses its trade names, characters, and visual and literary properties; develops and publishes mobile games, books, magazines, and comic books; distributes branded merchandise directly through retail, online, and wholesale businesses; offers Website management and design; and develops and distributes online video content. The company was founded in 1923 and is based in Burbank, California. Source: FinViz.com, March 2019

22. The Walt Disney Company (DIS) POSITIVES: Disney’s planned acquisition of the majority of Twenty-First Century Fox’s assets will significantly expand its content portfolio. The company has already received approvals from the European Commission and the U.S. Justice Department and expects to close the deal in the first half of calendar year 2019. Fox’s television business is expected to help the company strengthen its TV slate globally, which has been facing some issues in terms of distribution or subscribers. Disney’s Studio Entertainment segment has an impressive line-up of big budget movies slated to be released over the next 18 months. Movies expected to release in second-quarter fiscal 2019 include Captain Marvel and Dumbo. Additionally, future releases include Avengers 4, Aladdin, Toy Story 4, The Lion King, Frozen 2, and Star Wars: Episode IX. Disney plans to launch its own direct-to-consumer service by the end of this calendar year in the United States. The service, which is likely to be called Disney+, is expected to be launched in European markets in the near future. On Apr 11, 2019 Disney will provide a detail insight about Disney+ including its strategy, demonstration of the platform and original content lineup. Disney already launched ESPN+ that is offering tournaments like Major League Baseball, National Hockey League, Major League Soccer, Grand Slam tennis, Italy's Serie A soccer and thousands of college sports for $4.99 per month. Parks & Resorts are primarily benefiting from the company’s strategy of better-load balancing of attendance throughout the year, which is driving up attendance rate. Moreover, the company’s continuing investment is reaping benefits. The segment continues to show robust performances domestically owing to rise in customer spending, higher ticket prices and average daily hotel room rates. Moreover, with Star Wars Lands in Disneyland expected to be open in 2019 we believe this new addition will continue to boost attendance rate over the long term. Possible concerns:Higher programming costs at ESPN is a major concern for the company’s profitability. Continued heavy investments in ESPN+ and upcoming streaming service Disney+ is likely to hurt Direct-to-Consumer & International segment’s profitability. Source: Zacks Research, March 2019

23. DXC Technology Company (DXC) DXC Technology Company, together with its subsidiaries, provides information technology services and solutions primarily in North America, Europe, Asia, and Australia. It operates through three segments: Global Business Services (GBS), Global Infrastructure Services (GIS), and United States Public Sector (USPS). The GBS segment offers technology solutions comprising enterprise, cloud application, and consulting services; application services; analytics services; business process services; and industry software and solutions. The GIS segment offers cloud and platform services; workplace, mobility, and Internet of Things services; and security solutions. The USPS segment delivers IT services and business solutions to all levels of government in the United States. This segment offers cloud, platform, and IT outsourcing services; enterprise and cloud application services; enterprise security solutions; mobile enterprise, virtual desktop and application, and workplace device services; and analytics services, such as analytics platforms, information governance, artificial intelligence, and advisory services. The company was formerly known as Computer Sciences Corporation and changed its name to DXC Technology Company in April 2017 as a result of its merger with the Enterprise Services business of Hewlett Packard Enterprise Company. DXC Technology Company was founded in 1959 and is headquartered in Tysons, Virginia. Source: FinViz.com, March 2019

24. DXC Technology Company (DXC) POSITIVES: Following the merger of Computer Sciences and HPE’s Enterprise Services business, the combined company generated revenues of more than $24 billion in fiscal 2018. Also, the merger led to cost savings of $1.1 billion in fiscal 2018 as well as recorded a run rate of $1.6 billion at the end of the same. We believe that the merger will strengthen DXC Technology’s capabilities, allowing it to become a leading player in the IT services domain. DXC Technology is focusing on the cyber business, cloud computing market and Big Data business. A significant portion of the company’s cyber business is contributed by the federal government and, to an extent, the commercial sector. Clients increasingly prefer to rely on cloud-based services as it makes the IT system more agile and productive, which leads to considerable cost savings. DXC Technology recently completed the spin-off of its USPS business, subsequently merging it with Vencore Holdings and KeyPoint Government Solutions. Upon completion of the deal, shareholders of DXC Technology received 86% of the combined company’s shares, and the company received $1.05 billion of cash from USPS. DXC Technology recently completed the spin-off of its USPS business, subsequently merging it with Vencore Holdings and KeyPoint Government Solutions. Upon completion of the deal, shareholders of DXC Technology received 86% of the combined company’s shares, and the company received $1.05 billion of cash from USPS. DXC Technology, following the footsteps of CSC, is focusing on acquisitions to expedite growth, which is helping it gain access to newer markets and technologies. We believe the acquisitions will further strengthen DXC Technology’s position as one of the leading IT services provider in the world. Possible concerns:CSC, prior to the completion of merger with HPE’s Enterprise Services business, took additional debt. This has amplified DXC Technology’s total long-term liability thereby increasing its interest cost burden. A substantial portion of the company’s sales is derived from outside the United States. This exposes the company to exchange rate fluctuations and counterparty default risk. The company operates in the IT and professional services markets, which are dominated by a large number of companies offering similar services. Some of the major competitors are Accenture plc and IBM Global Services. Source: Zacks Research, March 2019

25. DowDuPont Inc. (DWDP) DowDuPont Inc., through its subsidiaries, engages in agriculture, materials science, and specialty products businesses in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. The company's Agriculture segment produces, and sells hybrid corn seed and soybean seed varieties; sunflowers, wheat, alfalfa, canola, cotton, rice, and sorghum; silage inoculants; and crop protection products that include weed control, disease control, and insect control. Its Performance Materials & Coatings segment manufactures and sells architectural paints and coatings, and industrial coatings; performance monomers and silicones; standalone silicones; and home and personal care solutions. The company's Industrial Intermediates & Infrastructure segment offers ethylene oxides, propylene oxide derivatives, cellulose ethers, redispersible latex powders, and acrylic emulsions; sustainable solutions; and chlorine and caustic soda. Its Packaging & Specialty Plastics segment provides ethylene, and propylene and aromatic products; and polyolefin elastomers and ethylene propylene diene monomer rubbers. The company's Electronics & Imaging segment offers materials and systems for mobile devices, television monitors, personal computers, and electronics. Its Nutrition & Biosciences segment provides specialty ingredients, as well as cellulosic- and alginates-based pharma excipients; and enzymes, biomaterials, biocides, and antimicrobial solutions and process technologies. The company's Transportation & Advanced Polymers segment offers engineering resins, adhesives, lubricants, and parts for transportation, electronics, healthcare, industrial, and consumer end-markets. Its Safety & Construction segment provides engineered products and integrated systems for construction, worker safety, energy, oil and gas, transportation, medical device, and water purification and separation industries. The company was founded in 1897 and is headquartered in Midland, Michigan. Source: FinViz.com, March 2019

26. DowDuPont Inc. (DWDP) POSITIVES:DowDuPont's revenue reached $86 billion in 2018, crushing 2017 totals by $79.5 billion (pro forma figures). Earnings per share for DowDuPont were up 40%, from $1.18 per share (pro forma) to $1.66, from 2017 to 2018. In the last quarter of 2018, cash flow from operations showed almost a 25% growth from the last quarter of 2017, a preview of expectations for 2019. Throughout 2019 DowDuPont will split itself into three pieces – an agricultural chemicals business (“Corteva”), a materials science business (new “DuPont”). Each business will be a global industry leader or formidable competitor in each of their many niches. Highly competent and increasingly focused management teams have been formed for each business and we expect increasing cost savings and synergies to continue to be wrung out of them to the benefit of shareholders. Furthermore, the newly formed DuPont is comprised of four separate businesses, each of sufficient size and scope to other further ongoing resource conversion opportunities should the value of those businesses not be fully appreciated by the investment community. We purchased shares of DowDuPont at a meaningful discount to our estimate of today’s business value, giving little credit for its array of opportunities to create shareholder value. Possible concerns:Merger continues. Sources: Seeking Alpha, March 2019 Third Avenue Value Fund Q4 Letter, January 2019

27. The Estee Lauder Companies Inc. (EL) The Estee Lauder Companies Inc. manufactures and markets skin care, makeup, fragrance, and hair care products. The company offers a range of skin care products, such as moisturizers, serums, cleansers, toners, body care products, exfoliators, acne care products, facial masks, cleansing devices, and sun care products; and makeup products, including lipsticks, lip glosses, mascaras, foundations, eyeshadows, nail polishes, and powders, as well as related items, including compacts, brushes, and other makeup tools. It also provides fragrance products in various forms comprising eau de parfum sprays and colognes, lotions, powders, creams, candles, and soaps; and hair care products consisting of shampoos, conditioners, styling products, treatment, finishing sprays, and hair color products, as well as sells ancillary products and services. The company offers its products under the brand names of Estee Lauder, Aramis, Clinique, Prescriptives, Lab Series, Origins, MAC, Bobbi Brown, La Mer, Aveda, Jo Malone London, Bumble and bumble, Darphin, Ojon, Smashbox, RODIN olio lusso, FLIRT!, Le Labo, Editions de Parfums Frederic Malle, GLAMGLOW, By Kilian, BECCA, and Too Faced. In addition, it operates as a licensee for fragrances and/or cosmetics sold under the Tommy Hilfiger, Donna Karan New York, DKNY, Kiton, Michael Kors, Tom Ford, Dr. Andrew Weil, Ermenegildo Zegna, AERIN, and Tory Burch brand names. The company sells its products through department stores, specialty multi-brand retailers, upscale perfumeries, pharmacies, and salons and spas; freestanding stores; e-commerce Websites; stores in airports and on cruise ships; in-flight and duty-free shops; and self-select outlets. It has operations in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The Estee Lauder Companies Inc. was founded in 1946 and is based in New York, New York. Source: FinViz.com, March 2019

28. The Estee Lauder Companies Inc. (EL) POSITIVES: Estee Lauder’s shares have increased 9% in a year’s time against the industry’s decline of 3%. The company has been riding on the solid surprise history, which continued in second-quarter fiscal 2019. Notably, Estee Lauder marked the 18th consecutive quarter of earnings beat while kept its positive sales surprise trend alive for the eighth straight time. Estee Lauder has made several strategic acquisitions to enhance its portfolio. The acquisitions of BECCA and Too Faced (during first-quarter fiscal 2017) have strengthened its fastest growing prestige portfolio. Prospects From China Look Strong: Estee Lauder has strong presence in emerging markets which insulates it from the macroeconomic headwinds in the matured markets. The company derives significant revenues from emerging markets like China, India, Turkey, Russia and Brazil, which keeps it encouraged about making distributional, digital and marketing investments in these countries. Estee Lauder has a strong online business and the company expects it to be a major growth engine for the upcoming few years. Estee Lauder has been strongly focused on enhancing its travel retail business, which remains a major sales driver for the company. Travel retail sales remained sturdy in the second quarter of fiscal 2019, with 13 brands depicting solid growth. Many countries like the U.K. and China witnessed solid growth. Possible concerns:During the second quarter of fiscal 2019, the company witnessed a difficult macro environment. It remains cautious about factors like impacts of tariff in China, Brexit-related concerns, and the shutdown of a few department stores such as Bon-Ton (in the United States) and House of Fraser (in the U.K.). As Estee Lauder operates in a consumer centric market, its ability to garner profits depends largely on how well it can predict changes in consumer preferences and spending patterns for beauty products and respond in a timely manner to fulfill the same. Hence, failure to stay up to date on product mix by continually searching for new products and anchoring new supplier agreements may result in becoming obsolete. Sources: Zacks Research, March 2019

29. Google Inc. (GOOGL) Alphabet Inc. provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It offers performance and brand advertising services. The company operates through Google and Other Bets segments. The Google segment offers products, such as Ads, Android, Chrome, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure. This segment also offers digital content, cloud services, hardware devices, and other miscellaneous products and services. The Other Bets segment includes businesses, including Access, Calico, CapitalG, GV, Verily, Waymo, and X, as well as Internet and television services. Alphabet Inc. was founded in 1998 and is headquartered in Mountain View, California. Source: FinViz.com, March 2019

30. Google Inc. (GOOGL) POSITIVES: Alphabet is showing increased appetite in the Home Assistant space. The company made its foray into this market in 2016 with the launch of Google Home. Google Home performs an array of tasks such as playing music, reading books, managing calendars, answering queries, searching places, calling over cabs, controlling smart home devices and so on. It runs on Google’s new voice assistant. Alphabet focuses on innovation, launching products and services for multiple industries. The development and enhancements of its search technology over time has created win-win situations wherein buyers, sellers and the public at large were benefited. Google has been growing rapidly in this fast-growing highly-competitive cloud market. The company has signed many partnerships and has been opening data centers to extend its cloud footprint worldwide. Alphabet and Cisco announced a partnership per which the duo will deliver an open hybrid cloud solution. The solution will enable usage and management of applications and services across on-premises setups and the Google Cloud Platform. The Google search engine is advanced, simple and adaptable, all at once. This is the main reason for its leading search market share. A Jul 2016 global desktop search market share report from netmarketshare.com says that Google had 72.5% of market share, followed by Bing’s 10.4%, Yahoo’s 7.8% and Baidu’s 7.2%. In mobile, Google was even more dominant with a 94.9% share of the search market globally, compared to Yahoo’s 3.0% and Bing’s 1.1%. Possible concerns: Alphabet faces significant litigation all over the world as a result of its dominant position in search. Regulatory scrutiny continues to worsen with the competition commission issuing several statements of objections (which precedes judicial proceedings unless settled). The company is likely to see an increased amount of competition from Facebook for digital advertising dollars. Source: Zacks Research, March 2019

31. Goldman Sachs Group Inc. (GS) The Goldman Sachs Group, Inc. operates as an investment banking, securities, and investment management company worldwide. It operates through four segments: Investment Banking, Institutional Client Services, Investing & Lending, and Investment Management. The Investment Banking segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, spin-offs, and risk management; and underwriting services, such as debt and equity underwriting of public offerings and private placements of various securities and other financial instruments, as well as derivative transactions with public and private sector clients. The Institutional Client Services segment is involved in client execution activities related to making markets in cash and derivative instruments for interest rate products, credit products, mortgages, currencies, commodities, and equities; and provision of securities services comprising financing, securities lending, and other prime brokerage services, as well as markets in and clears client transactions on primary stock, options, and futures exchanges. The Investing & Lending segment invests in and originates longer-term loans to provide financing to clients; and makes investments in debt securities and loans, public and private equity securities, and infrastructure and real estate entities, as well as provides unsecured and secured loans to retail clients through its digital platforms. The Investment Management segment offers investment management products and services; and wealth advisory services consisting of portfolio management, financial planning and counseling, and brokerage and other transaction services. The company serves corporations, financial institutions, governments, and individuals. The Goldman Sachs Group, Inc. was founded in 1869 and is headquartered in New York, New York. Source: FinViz.com, March 2019

32. Goldman Sachs Group Inc. (GS) POSITIVES: The key source of Goldman’s earnings stability is its business diversification. Within traditional banking, a diversified product portfolio has better chances of sustaining growth than many other banks, which have exited some of these areas. Notably, Goldman has been undertaking initiatives to boost the GS Bank’s business with its acquisition of the online deposit platform of GE Capital Bank in April 2016. It also launched a digital consumer lending platform — Marcus by Goldman Sachs. Increase in investment banking revenues at a three-year (2016-2018) CAGR of 12% provided a decent support to Goldman’s top-line growth despite lower industry-wide transactions in 2016. Nevertheless, M&A activities were strong in 2018, with the execution of many large transactions. Steady economic growth and low interest rates in the emerging economies, along with growth in corporate earnings on tax reforms, are likely to keep the momentum alive in the quarters ahead. Goldman has benefited for the past few years from its successful expense-reduction initiatives. Though expenses have been volatile for the past few years, the figure declined significantly in 2016, but increased 3% in 2017, and 12% in 2018, due to higher compensation and market development expenses. Possible concerns: The company has high dependence on overseas revenues as reflected in the last few years. A number of risks stemming from the regulatory and political environment, foreign exchange fluctuations and performance of regional economy may hurt its top line. Goldman continues to face many investigations and lawsuits from investors and regulators. Though the company resolved certain litigations related to the sale of risky mortgage-backed securities, many of the cases are yet to be resolved. Source: Zacks Research, March 2019

33. The Home Depot, Inc. (HD) The Home Depot, Inc. operates as a home improvement retailer. It operates The Home Depot stores that sell various building materials, home improvement products, lawn and garden products, and decor products, as well as provide installation, home maintenance, and professional service programs to do-it-yourself and professional customers. The company also offers installation programs that include flooring, cabinets, countertops, water heaters, and sheds; and professional installation in various categories sold through its in-home sales programs, such as roofing, siding, windows, cabinet refacing, furnaces, and central air systems, as well as acts as a contractor to provide installation services to its do-it-for-me customers through third-party installers. In addition, it provides tool and equipment rental services. The company primarily serves home owners; and professional renovators/remodelers, general contractors, handymen, property managers, building service contractors, and specialty tradesmen, such as installers. It also sells its products through online. As of January 28, 2018, the company operated 2,284 stores, including 1,980 in the United States, including the Commonwealth of Puerto Rico, and the territories of the U.S. Virgin Islands and Guam; 182 in Canada; and 122 in Mexico. The Home Depot, Inc. was founded in 1978 and is based in Atlanta, Georgia. Source: FinViz.com, March 2019

34. The Home Depot, Inc. (HD) POSITIVES:Home Depot has been reporting strong financial figures since 2008, with steady improvement in revenues and earnings per share. The company reported earnings beat in fourth-quarter fiscal 2018, while sales lagged estimates. Home Depot is on track with the “one Home Depot” investment plans that were outlined in December 2017. It is benefiting from efforts to provide an interconnected shopping experience to customers, with localized and innovative products, and improved productivity. Home Depot’s integrated retail strategy that connects offline and online channels has been well received by customers. The company is witnessing improved customer satisfaction scores and conversion rates through investments in interconnected capabilities that encompass both digital properties and physical store assets. Home Depot’s Pro segment is a key growth driver, with Pro sales outpacing DIY (do-it-yourself) sales for the past several quarters. The Pro segment is benefiting from the company’s efforts to enhance service capabilities for the Pros. The fiscal fourth quarter was marked by the rollout of a consolidated go-to-market approach for Pro customers under the Home Depot Pro banner. Possible concerns: Though shares of Home Depot improved 11.7% in the past three months, it underperformed the sector’s growth of 15.8%. Heavy job losses and reduced access to credit have led to a sharp fall in consumer discretionary spending on big-ticket items. With the global economic environment still struggling to recover, we believe that spending on big remodeling projects will remain under pressure until the housing market stabilizes and consumer-spending fully rebounds. In the home improvement retailing business, Home Depot faces stiff competition from Lowe’s, Sherwin-Williams Company and other home supply retailers on aspects such as location, price and quality of merchandise, in-stock consistency, merchandise assortments and customer service. Additionally, the company faces intense competition from online retailers. This may weigh upon the company’s results. Source: Zacks Research, March 2019

35. Honeywell International Inc. (HON) Honeywell International Inc. operates as a diversified technology and manufacturing company worldwide. Its Aerospace segment supplies products, software, and services for aircrafts and vehicles. This segment offers auxiliary power units, propulsion engines, integrated avionics, environmental control and electric power systems, engine controls, flight safety, communications, navigation hardware, data and software applications, radar and surveillance systems, aircraft lighting, advanced systems and instruments, satellite and space components, and aircraft wheels and brakes; spare parts; repair, overhaul, and maintenance services; and connected solutions and data services for the aftermarket, as well as provides wireless connectivity and management and technical services. The company's Honeywell Building Technologies segment offers products, software, solutions, and technologies, such as sensors, switches, control systems and instruments for energy management; access control; video surveillance; fire products; remote patient monitoring systems; advanced software applications; and installation, maintenance and upgrades of systems. Its Performance Materials and Technologies segment develops and manufactures process technology products, including catalysts and adsorbents, equipment, and consulting services. The company's Safety and Productivity Solutions segment provides products, software, and connected solutions. Its safety products comprise personal protection equipment, apparel, gear, and footwear; gas detection technology; and cloud-based notification and emergency messaging. This segment's productivity solutions products and services include mobile devices and software; supply chain and warehouse automation equipment, software and solutions; custom-engineered sensors, switches, and controls; and software-based data and asset management productivity solutions. Honeywell International Inc. was incorporated in 1985 and is based in Morris Plains, New Jersey. Source: FinViz.com, March 2019

36. Honeywell International Inc. (HON) POSITIVES:Honeywell delivered an average positive surprise of 3.06% over the trailing four quarters. In the fourth quarter, the company’s top-line performance surpassed the Zacks Consensus Estimate by 0.4%. Notably, on an organic basis, the top line improved 6% on the back of strength in its long-cycle businesses in U.S. defense, commercial aerospace as well as warehouse automation. Sturdier global demand for sensors, guidance systems, original equipment shipment volumes as well as higher spares volumes are likely to continue strengthening Honeywell’s revenues in the quarters ahead. Strength in licensing and engineering sales are likely to keep driving revenues of the company's Performance Materials and Technology business. Honeywell reported better-than-expected earnings in the December-end quarter. The bottom-line results beat the Zacks Consensus Estimate by 1.6% and also improved 3.2% year over year. The company noted that this upswing was backed by investments made over commercial excellence, higher sales volumes and stronger productivity. Honeywell has been steadily improving its liquidity on the back of increased operational efficacy. In 2018, the company generated more than $6 billion free cash flow, up 22% year over year. Honeywell noted that this was primarily backed by profitable growth, higher net income and continued efforts to free up working capital. Free cash flow generation for 2019 is also predicted to be strong at $5.4-$6 billion. Possible concerns: Over the past three months, Honeywell's shares have returned 10.3%, underperforming 12.8% gain recorded by the industry. Also, analysts have become increasingly bearish on the company over the past couple of months. Escalating costs might dent Honeywell's profitability in the quarters ahead. Source: Zacks Research, March 2019

37. Intuit Inc. (INTU) Intuit Inc. provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States, Canada, and internationally. The company's Small Business & Self-Employed segment provides QuickBooks online services and desktop software solutions comprising QuickBooks Enterprise, a hosted or server-based solution and QuickBooks Advanced, an online enterprise solution; QuickBooks Self-Employed solution; and QuickBooks Online Accountant and QuickBooks Accountant Desktop Plus solutions; payroll solutions, such as online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms. This segment also offers payment processing solutions, including credit card, debit card, electronic benefits, and gift card processing services; check verification, check guarantee, and electronic check conversion services; e-invoicing services; and Web-based transaction processing services for online merchants, as well as provides financial supplies and financing for small businesses. Its Consumer segment provides TurboTax Online tax return preparation services and electronic tax filing services. The company's Strategic Partner segment offers Lacerte, ProSeries, and ProFile desktop tax preparation software products; and ProConnect Tax Online tax return preparation services, bank products, and related services. It sells products and services through various sales and distribution channels, including Websites, promotions, call centers, retail display, and online and mobile application stores, as well as through selected alliance partners and accountants. Intuit Inc. was founded in 1983 and is headquartered in Mountain View, California. Source: FinViz.com, March 2019

38. Intuit Inc. (INTU) POSITIVES:ntuit has two main products – QuickBooks, which offers financial and business management online services and desktop software to small businesses, and TurboTax, which offers income tax preparation products and services. The space in which Intuit operates has huge growth opportunity. There are over 29 million small and medium businesses in the U.S. alone. Moreover, the company with its QuickBooks Online Advanced solution is now targeting the midmarket. Furthermore, the number of individuals preferring to file their income tax themselves is increasing rapidly, thereby increasing the scope for Intuit’s TurboTax software. For the last few years, Intuit is trying to shift its business model from selling software to cloud-based subscription providers. Cloud-based solutions, as against software-based ones, have gained popularity as they offer anywhere, anytime access. Cloud is a flourishing part of the technology space and has been gaining momentum in recent years. In a move to focus more on its core tax and accounting businesses, Intuit divested its three businesses last year, namely Quicken, QuickBase and Demandforce. We believe that Intuit’s initiatives have provided it the much needed funds to invest in and focus more on the fast-growing online businesses. Over the past few years, Intuit is trying to expand its international operations. The company has expanded in France, Brazil and India. With its market leading product portfolio that includes QuickBooks and TurboTax, we believe the company is well poised to penetrate in new regions and increase its international contribution to the total revenue. Intuit has a strong balance sheet. As of Jan 31, 2019, the company had cash and investments of $1.081 billion and long-term debt of just $363 million. Moreover, cash provided by operational activities during fiscal 2018 was $2.112 billion. This enables the company to invest in growth initiatives and enhance shareholders wealth through share repurchases and regular dividend payments. Share repurchases and dividend payments are a good way of returning cash to investors while boosting the company’s earnings. During the full fiscal 2018, the company repurchased shares worth more than $270 million. Possible concerns: Intuit’s high costs and expenses remain a major concern. The company has increased investments in engineering and marketing to grab the growing opportunity globally, making us cautious about the company’s bottom-line results. Source: Zacks Research, March 2019

39. Intuitive Surgical, Inc. (ISRG) Intuitive Surgical, Inc. designs, manufactures, and markets da Vinci surgical systems, and related instruments and accessories. Its da Vinci Surgical System transforms the surgeon's natural hand movements outside the body into corresponding micro-movements inside the patient's body. The company's da Vinci Surgical System include surgeon's consoles, patient-side carts, 3-D vision systems, da Vinci skills simulators, da Vinci Xi integrated table motions, and Firefly fluorescence imaging products that enable surgeons to perform various surgical procedures, including gynecologic, urologic, general, cardiothoracic, and head and neck surgical procedures. It also manufactures EndoWrist instruments, such as forceps, scissors, electrocautery tools, scalpels, and other surgical tools, which incorporate wrist joints for natural dexterity for various surgical procedures. In addition, the company offers EndoWrist Stapler, a wristed stapling instrument for resection, transection, and creation of anastomoses; and EndoWrist One Vessel Sealers that are wristed single-use instruments for bipolar coagulation and mechanical transection of vessels up to 7mm in diameter and tissue bundles that fit in the jaws of the instrument. Further, it provides da Vinci Single-Site, a set of non-wristed and wristed instruments and accessories that allow da Vinci Surgical Systems to work through a single incision. Additionally, the company sells various accessories comprising sterile drapes for ensuring sterile field during surgery; and vision products that include replacement 3D stereo endoscopes, camera heads, light guides, and other items that facilitate use of the da Vinci Surgical System. It markets its products directly and through distributors in the United States, Europe, Asia, and internationally. The company was founded in 1995 and is headquartered in Sunnyvale, California. Source: FinViz.com, March 2019

40. Intuitive Surgical, Inc. (ISRG) POSITIVES: Intuitive Surgical outperformed its industry in a year’s time. The company represented a solid return of 23.7%, comparing favorably with the industry’s return of 2.7%. The current level is also higher than the S&P 500's decline of 1.3% over the same time frame. Intuitive Surgical’s robot-based da Vinci surgical system enables minimally-invasive surgery that reduces the trauma associated with open surgery. The da Vinci System is powered by robotic technology which has provided the company with a solid exposure to medical mechatronics, robotics and Artificial Intelligence for healthcare. The company launched an upgrade to its flagship Vinci Xi technology – da Vinci X. Notably, the Xi suite is designed to seamlessly integrate future innovations, such as advanced instrumentation, surgical skills simulation, software upgrades, and other advancements into one dynamic platform. The da Vinci Surgical System has been observed to cure patients diagnosed with inguinal hernia. FDA clearance of da Vinci SP surgical system for neurologic surgical procedures is a major development in the platform. By the end of the fourth quarter of 2018, Intuitive Surgical announced that it is making progress on its flexible robotics platform, which targeted to address the acute need in diagnosis of lung cancer, one of the most commonly diagnosed forms of cancer in the world. The company has also initiated the early launch of SureForm 60-millimeter stapler for use with our fourth-generation systems. Per management, the rise of medical mechatronics, powerful computing, improved sensing, microfabrication and molecular imaging has enabled new approaches to old problems for Intuitive Surgical. Artificial Intelligence (AI) has been enhancing Intuitive Surgical’s product portfolio with clinical applications, diagnostic support, operational efficiency, Electronic Health Record systems, practice workflows and supply chain management. Possible concerns: Intuitive Surgical used to enjoy a monopoly stature in the market for robots used in abdominal surgery since the launch of its flagship device called da Vinci back in 2000. But after the regulatory approval of Transenterix's surgical robot for abdominal surgery in 2017, competition for Intuitive Surgical intensified. Reports suggest that he news weighed on Intuitive Surgical's stock price, even though the device was not expected to compete directly with da Vinci. Intuitive Surgical faces the risk of adoption of its procedures. Source: Zacks Research, March 2019

41. Cheniere Energy, Inc. (LNG) Cheniere Energy, Inc., an energy company, engages in the liquefied natural gas (LNG) related businesses in the United States. The company operates in two segments, LNG Terminal Business, and LNG and Natural Gas Marketing. It owns and operates Sabine Pass LNG terminal in Cameron Parish, Louisiana; and Corpus Christi LNG terminal near Corpus Christi, Texas. The company also owns Creole Trail pipeline, a 94-mile pipeline interconnecting the Sabine Pass LNG terminal with various interstate pipelines. In addition, it is involved in the LNG and natural gas marketing business. The company was founded in 1983 and is based in Houston, Texas. Source: FinViz.com, March 2019

42. Cheniere Energy, Inc. (LNG) POSITIVES:Cheniere Energy foresees the fundamentals of LNG to be favorable in the long run, considering the secular shift to the cleaner burning fuel for power generation worldwide and in the Asia-Pacific region in particular. With domestic prices remaining constrained on the back of abundant supplies, the company sees a big opportunity in selling U.S. natural gas production at higher prices overseas. The expected improvement of the Sino-U.S. relationship should also act as a major tailwind for the LNG market as China is the second biggest importer of LNG behind Japan. In particular, Cheniere Energy the U.S.’s only listed LNG export pure play, will reportedly supply about $18 billion of natural gas chilled to liquid form as part of a long-term contract with China’s state-owned Sinopec. The company, being one of the few LNG exporters of U.S., shipped 273 LNG vessels in 2018. Cheniere Energy exports natural gas to more than 30 countries. Apart from helping the company protect its future income and lowering exposure to commodity price fluctuations, these factors will help to generate excellent cash flow visibility for investors. Possible concerns: Exporting natural gas – by setting up large liquefication plants – is a very capital-intensive undertaking, with each unit running up multi-billion-dollar bills. This has translated into a huge debt load for Cheniere Energy - currently at $28.2 billion, with a debt-to capital ratio of 93.6%. This remains the key concern of the company, restricting its financial freedom. Moreover, Cheniere Energy is still at the expansion stage, which means high capital spending and cash outflow for the foreseeable future as the company looks to conclude building remaining units at Sabine Pass and Corpus Christi projects. This is expected to place a substantial burden on the group’s leverage and credit metrics. Notably, the overall costs and expenses in the recent quarter rose 43% to $1.9 billion from the same quarter last year. Source: Zacks Research, March 2019

43. Microsoft Corporation (MSFT) Microsoft Corporation develops, licenses, and supports software, services, devices, and solutions worldwide. Its company's Productivity and Business Processes segment offers Office 365 commercial products and services for businesses, such as Office, Exchange, SharePoint, Skype for Business, Microsoft Teams, and related Client Access Licenses (CALs); Office 365 consumer services, including Skype, Outlook.com, and OneDrive; LinkedIn online professional network; and Dynamics business solutions comprising financial management, enterprise resource planning, customer relationship management, supply chain management, and analytics applications for small and medium businesses, large organizations, and divisions of enterprises. The company's Intelligent Cloud segment licenses server products and cloud services, such as SQL Server, Windows Server, Visual Studio, System Center, and related CALs, as well as Azure, a cloud platform; and enterprise services, including premier support and Microsoft consulting services to assist customers in developing, deploying, and managing Microsoft server and desktop solutions, as well as provides training and certification to developers and IT professionals on Microsoft products. Its More Personal Computing segment offers Windows OEM, volume, and other non-volume licensing of the Windows operating system; patent licensing, Windows Internet of Things, and MSN display advertising; devices comprising Surface, PC accessories, and other intelligent devices; Xbox hardware and software and services; and Bing and Bing Ads search advertising. The company markets its products through original equipment manufacturers, distributors, and resellers; and online and Microsoft retail stores. Microsoft Corporation has collaboration with E.ON; strategic alliance with Nielsen Holdings plc and PAREXEL International Corp.; and a strategic collaboration with Mastercard Incorporated. The company was founded in 1975 and is headquartered in Redmond, Washington. Source: FinViz.com, March 2019

44. Microsoft Corporation (MSFT) POSITIVES:Microsoft has a dominant position in the desktop PC market, with its operating systems being used in the majority of PCs worldwide. This is particularly true of the enterprise where the company generates much of its revenue and profits. But enterprise computing is undergoing changes with companies increasingly opting for the BYOD (bring-your-own-device) model. This has allowed competing platforms from Apple and Google with their very strong mobile ecosystems to increase penetration at the enterprise. So Microsoft is introducing new and improved Surface devices that could encourage enterprises to stick with Windows as they move toward BYOD and cloud computing. Microsoft has doubled down on the cloud computing opportunity. In the cloud computing era, information and applications are increasingly stored, managed and protected in the cloud, from where only necessary amounts are accessed by devices of varying shapes, sizes, weights, functions and portability. Microsoft is one of the three largest providers of gaming hardware. Its Xbox console was one of the first gaming devices of its kind. Microsoft supplemented the hardware with a number of popular video game titles. It also introduced the Xbox Live online gaming service, which enabled subscribers to play online Xbox games with each other and download new games directly onto the device. Microsoft’s Bing search engine is taking market share largelyfrom smaller rivals and benefiting from its agreement with Yahoo. Strategic actions, such as the agreement with HP to put Bing as the default search engine on its PCs have also helped. Also, Apple and Google are increasingly competing with each other in the mobile segment, which is proving to be of strategic importance to Microsoft. Possible concerns: Our immediate concern about Microsoft is regarding the softness in the core computing market. The company is dependent on this market for the largest chunk of its revenue. Microsoft continues to be impacted by the tablet and mobile cannibalization of computers. This is a secular negative for the company and the future growth of Windows is greatly dependent on its ability to build position in mobile devices, particularly tablets. Microsoft is the dominant provider of operating systems into the PC market. So any new player, or any technology advancement in the space, unless by Microsoft itself, results in market share erosion. While Google Chromebooks/ Android tablets and Apple Macintosh/iPad are splitting the market, Microsoft’s opportunity lies in its ability to transition rapidly to a cloud and mobile focus. Source: Zacks Research, March 2019

45. NVIDIA Corporation (NVDA) NVIDIA Corporation operates as a visual computing company worldwide. It operates through two segments, GPU and Tegra Processor. The GPU segment offers processors, which include GeForce for PC gaming and mainstream PCs; GeForce NOW for cloud-based game-streaming service; Quadro for design professionals working in computer-aided design, video editing, special effects, and other creative applications; Tesla for AI utilizing deep learning, accelerated computing, and general purpose computing; GRID provides power of NVIDIA graphics through the cloud and datacenters; DGX for AI scientists, researchers, and developers; and cryptocurrency-specific graphics processing units. The Tegra Processor segment provides processors designed to enable branded platforms - DRIVE and SHIELD; DRIVE automotive computers and software stacks, which offer self-driving capabilities; SHIELD devices and services designed for mobile-cloud in home entertainment, AI, and gaming applications; and Jetson TX 2, an AI computing platform for embedded use. The company's products are used in gaming, professional visualization, datacenter, and automotive markets. NVIDIA Corporation sells its products to original equipment manufacturers, original device manufacturers, system builders, add-in board manufacturers, retailers/distributors, Internet and cloud service providers, automotive manufacturers and tier-1 automotive suppliers, mapping companies, start-ups, and other ecosystem participants. The company has a strategic partnership with XPENG Motors to develop Level 3 autonomous driving technology for the driving environment in China. NVIDIA Corporation was founded in 1993 and is headquartered in Santa Clara, California. Source: FinViz.com, March 2019

46. NVIDIA Corporation (NVDA) POSITIVES:NVIDIA is gaining market share among gaming service providers, which is strengthening its position in workstation-based gaming services in supercomputing segments. The strong lineup of advanced graphics cards has made it a favorite graphics card provider among PC makers. The company has always generated substantial revenues from its cards because of the significantly higher functionality. At GTC 2019, the company emphasised on the growing uptake of its ray-tracing technology, which has been adopted by “the world’s top 3D application providers”, per the respective upcoming product releases. Further, to boost wider adoption, NVIDIA is enabling the ray tracing support to several GeForce GTX GPUs. This is likely to provide developers with an enormous installed base of gamers. Although gaming is the key to NVIDIA’s growth, computing is becoming increasingly more visual, given the new-age tablets that are seeing tremendous demand. According to NVIDIA, its High Performance Computing (HPC) and data centers are expected to witness tremendous growth over the long run. Management mentioned four new growth catalysts for its Datacenter business, such as inference, data science and machine learning enabled by RAPIDS, rendering driven by Turing and the sale of pre-configured systems containing the company’s GPUs to enterprises. NVIDIA's consistent launch of products is helping it expand its customer base and in turn, drive additional revenues. The company is engaged with a number of organizations, including the top cloud server companies like Amazon, Baidu and Facebook, which are infusing AI in various applications. The company has also partnered with industry leaders, namely IBM, Microsoft and SAP in order to bring AI to the enterprise users’ table. Moreover, a steady ramp-up of new products is helping it gain a competitive edge over the likes of AMD and Intel plus widen its market share. We believe, with growth in AI-related investments by cloud giants, demand is likely to pick up and the Mellanox integration is a key catalyst in this regard. NVIDIA’s focus on GRID platforms is increasing GPU adoption in data centers, giving it an advantage against its competitors. NVIDIA GRID is a powerful GPU-based platform that supports corporate virtualized desktops in data centers, cloud gaming services and design software-as-a-service. GRID provides a visually rewarding graphics experience that a company may otherwise derive from an expensive, dedicated PC. NVIDIA and VMware had entered into a strategic alliance to run NVIDIA GRID technology on VMware Horizon Desktop-as-a-Service (DaaS) Platform. Possible concerns: The competition between NVIDIA and AMD has taken a meaningful turn. Previously, NVIDIA and ATI made graphics chips for the PC market. Later AMD acquired ATI and combined the CPU and parallel graphics chip into a single component. AMD is now making an effort to strengthen its position in the commodity graphics segment and CPUs for console gaming systems. Source: Zacks Research, March 2019

47. Palo Alto Networks, Inc. (PANW) Palo Alto Networks, Inc. provides security platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances deployed on an end-customer's network as a virtual or a physical appliance; and Virtual System Upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances. It also offers subscription services covering the areas of threat prevention, uniform resource locator filtering, malware and persistent threat, laptop and mobile device protection, and firewall, as well as cyber-attack, threat intelligence, and content control. In addition, the company provides support services; and professional services, including application traffic management, solution design and planning, configuration, and firewall migration, as well as online and classroom-style education training services. Palo Alto Networks, Inc. sells its products and services through its channel partners, as well as directly to medium to large enterprises, service providers, and government entities operating in various industries, including education, energy, financial services, government entities, healthcare, Internet and media, manufacturing, public sector, and telecommunications. The company was founded in 2005 and is headquartered in Santa Clara, California. Source: FinViz.com, March 2019

48. Palo Alto Networks, Inc. (PANW) POSITIVES:Cyber security has become a mission-critical, high-profile requirement as financial well being, brands and reputation of enterprises are exposed to sophisticated cyber threats. Palo Alto is growing rapidly in this space on the back of its innovative next-generation security platforms. The company’s security platforms have innovative traffic classification engine that helps it in identifying network traffic by application, user and content. As a result, organizations have in-depth visibility into all traffic and applications which help them to control usage, content, risks and cyber threats at the user level. Therefore, Palo Alto’s security platforms simplify security infrastructure for organizations by eliminating the need for multiple, stand-alone security appliances and software products. This reduces the total cost of ownership thereby giving the organization a competitive edge. Palo Alto has made strategic acquisitions to boost growth. The buyout of LightCyber expanded the company’s Next-Generation Security Platform. Over the last few years, the company also completed three important buyouts to broaden its portfolio and global reach. Buyouts of Morta Security and Cyvera expanded its product portfolio as well as the customer base. With the advancement in technology, more organizations are adopting the bring-your-own-device (BYOD) policy, which has enhanced employee productivity with anytime, anywhere access. On the flipside, however, it has become all the more necessary for organizations to enforce data security measures. To capitalize on this particular emerging opportunity, Palo Alto launched GlobalProtect, a next-generation network firewall security product which helps enterprises protect iOS and Android-based mobile devices. Palo Alto has made strategic partnerships to expedite growth. The company formed the NextWave Technology Partner Program under which an organization can join as strategic or integration partner. Palo Alto is currently focusing on cloud-based protection services. The company currently offers a subscription-based cloud protection service — WildFire — which helps end-customers in identifying malware on any network and takes preventive measures automatically. Palo Alto has a strong balance sheet with ample liquidity. Possible concerns: Palo Alto faces stiff competition from several big and small players in the security application market. Further, over the past few years, the demand for IT security has been on the rise driven by increasing awareness and cyber attacks, making the market more attractive for new players. Source: Zacks Research, March 2019

49. Constellation Brands, Inc. (STZ) Constellation Brands, Inc., together with its subsidiaries, produces, imports, and markets beer, wine, and spirits in the United States, Canada, Mexico, New Zealand, and Italy. The company sells wine across various categories, including table wine, sparkling wine, and dessert wine. It provides beer primarily under the Corona Extra, Corona Light, Modelo Especial, Modelo Negra, ModeloChelada, Pacifico, and Victoria brands, as well as Funky Buddha, Obregon Brewery, and Ballast Point brands. The company offers wine under the 7 Moons, Black Box, Clos du Bois, Estancia, Mount Veeder, The Dreaming Tree, Franciscan Estate, Nobilo, The Prisoner, Kim Crawford, Ravage, The Velvet Devil, Kung Fu Girl, Mark West, Meiomi, Robert Mondavi, Ruffino, and Simi brands, as well as Schrader Cellars and Charles Smith brands; and spirits under the Casa Noble, High West, SVEDKA Vodka, Black Velvet Canadian Whisky, Casa Noble Tequila, and High West Whiskey brands. It provides its products to wholesale distributors, retailers, on-premise locations, and state alcohol beverage control agencies. The company was founded in 1945 and is headquartered in Victor, New York. Source: FinViz.com, March 2019

50. Constellation Brands, Inc. (STZ) POSITIVES: Constellation Brands boasts a solid surprise history. In the fiscal third quarter, both earnings and sales beat estimates and improved year over year. With this, the company has reported positive earnings surprise in 15 of the last 16 quarters, with sales beat in the last the four quarters. Results were driven by strong sales at the beer segment driven by rise in shipment volume and depletions. Management remains encouraged with the superb results, which was marked by significant market share gains, operating margin expansion, strong free cash flow and solid execution. Constellation Brands has been significantly gaining from strength in beer business over the years. In third-quarter fiscal 2019, sales for the beer business improved 16%, driven by 14.1% increase in shipment volumes and depletions growth of 7.8%. Solid portfolio depletions and market share gains mainly stemmed from strength in Modelo and Corona brand families. These brands were aided by superb distribution gains and strong innovations. Constellation Brands’ consistent focus on brand building and its initiatives to include new products are the key revenue drivers for the stock. Owing to its strategic endeavors, the company is witnessing increasing market share, especially in the U.S. beer category. Additionally, Constellation Brands is poised to gain from its investment in Canopy Growth, which provides it a single platform for growth in the cannabis market. The company sees strong consumer demand in the Canadian recreational cannabis market. Further, the company notes that the recently passed U.S. Farm Bill has legalized production of industrial hemp, including CBD, a non-psychoactive cannabis compound with significant medical benefits. This provides further growth opportunity for the company. Constellation Brands has been consistently generating strong cash flows from its beer as well as wine and spirits businesses, which is evident from the $2 billion operating cash flow and $1.4 billion free cash flow generated in the first nine months of fiscal 2019. Possible concerns: Shares of Constellation Brands have lost 20.5% in the past six months, wider than the industry’s 4.4% fall. This is mainly due to the company's lowered adjusted and GAAP earnings view for fiscal 2019, despite strong fiscal third quarter results. In November 2018, Constellation Brands completed a $4 billion investment in Canopy Growth, which was financed using debt. Consequently, the company is likely to incur additional interest expense of nearly $55 million, which should lower earnings per share by nearly 25 cents in fiscal 2019. Overall, the company estimates interest expense of $380-$390 million for fiscal 2019, compared with $335-$345 million guided earlier. Source: Zacks Research, March 2019