MINUTES OF INVESTMENT CLUB MEETING

Sunday, September 28, 2003

MEMBERS PRESENT: Gay Chestnut, Ike Chestnut, Gretchen DuRant, Janice Hackney, Deborah Hauges, Elsie Jones, Greg Joseph, Renee Patterson, Nancy Pierre Toni Pinckney, Sallie Williams and Tabatha Williams
MEMBERS ABSENT: Lee Hollie and Preston Younger
VISITORS: Mr. Powell (aka Mr. Cox!)

MEETING COMMENCED: 4:05 p.m.

  1. MOTIVATIONAL READING: Done by Toni. "When It's Time For A New Beginning", by Douglas Pagels.

  2. MINUTES: July 27th and September 7th minutes were read by Gretchen. Necessary changes were made.

  3. FINANACIAL STATEMENT: Valuation statement discussed and reviewed by Elsie. Clarification of Johnson and Johnson discussed. Identification of a section on the report for dividends (cash).

  4. ECONOMIC REPORT: NYSE personnel resigned, may have impact on overall investments and/or consumer confidence.

  5. STOCK UPDATES: Check Valuation Statement for prices.
    STOCK NAME STOCK S
    SYMBOL     		WATCHER/
    REPORTED
    BY     		# OF
    SHARES     		ADJUSTED
    PURCHASE
    PRICE*    		 STOCK
    CURRENT
    PRICE     		PERFORM-ANCE
    Apollo Group, Inc.
    - Univ. of Phoenix to offer post -secondary education in N.J.     		APOL Greg/
    Same
    25
    		 $39.13 $65.90
    Advanced Neuromod
    - No news    		 ANSI Elsie/
    Same
    20
    		 $55.90 $38.73

    Bed Bath & Beyond
    - New store opening on Central Avenue near Yonkers. Earnings were $0.25 now $0.32 per share

    		 BBBY
    		 Tabatha/
    Same
    25
    		$27.22
    		 $38.81
    Cheesecake Factory
    - 1 new opening, White Plains, NY (Yeah). CEO resigned.    		 CAKE
    		 Deborah/
    Same
    75
    		$32.17
    		 $35.91
    FactSet Research
    - Downgraded by Analysts, need follow-up to ascertain why.    		 FDS
    		 Gaye/
    Deborah
    50
    		 $32.09
    		$43.75
    FTI Consulting
    - No update available
    		 FCN
    		 Nancy/
    Same
    75
    		 $24.17 $17.55
    General Electric
    - Showing some effects from War.
    		GE
    		 Ike/
    Deborah
    80
    		 $29.88 $29.87
    Johnson & Johnson
     - Medications discussed for FDA approval.
    		JNJ
    		Janice/
    Same
    97
    		 $52.33 $49.18
    Lowe's
    - $2.28 per share, new organizational structure. 300 new stores planned in next 2 years. 2004 expected 14%-15% increase. 25%-26% expected for 2005
    		 LOW
    		 Renee/
    Same
    50
    		 $43.46 $52.64
    Nokia
    - No update available
    		 NOK
    		 Lee/
    Deborah
    50
    		 $21.77 $15.26
    Pfizer
    - Acquisition of Pharmacia. Dividend of .3% was generated.
    		 PFE
    		 Sally/
    Same
    50
    		 $39.29 $30.56

  6. EDUCATION: Continuation of Small Mid-Size Stock Study. Clarified criteria for project:
    1. Small - Mid-size Companies (*See notes at end).
    2. Companies can be any price (Including those less than $10, but no OTC - over the counter).
    3. Companies can be in same sector as what we already have as long as it is not a large cap.
    4. Renee proposed starting a "Stockwatcher Committee". A list needs to be formulated. It was agreed that stocks to watch will be posted on the website. Submitted entries thus far:

    COMPANY SYMBOL SUGGESTED BY
    Engineered Support System EASI Greg
    Alderwoods Group, Inc. AWGI Sally
    Career Education CECO Ike
    Hot Topic HOTT Deborah
    Coach COH Tabatha

  7. FUND-RAISING PROJECT: Tickets forthcoming. Bus schedule information discussed. Game is Friday, Jan 2nd, 2004. $1,600 was used to purchase tickets. Monies realized from this venture will not be seen until 2004. Members are encouraged to pay for at least two (2) of their tickets at the asking price before the end of the year.

  8. COMMITTEE UPDATES: (*Chairperson of the committee listed first)
    1. By-Laws (Renee, Greg, Gretchen and Lee): Partnership Agreement to be worked on.
    2. Candidate Screening (Toni, Gretchen, Nancy & Preston): None
    3. Education (Renee & Greg): Postponed till Late September
    4. Real Estate (Gretchen, Janice & Greg): None.
    5. Scholarship and Fund-Raising (Ike, Greg, Zandra, Tabitha, Gay & Sallie): See comments under "FUND RAISING PROJECT" listed above.
    6. Portfolio (Elsie, Deborah, Janice & Sallie): None
    7. Stock Purchasing (Lee & Janice - shared): None.
    8. Audit(Lee): Not needed at present.

  9. B.I UPDATE: Postponed til October meeting

  10. TECHNOLOGY UPDATE:Postponed

  11. MISC.:
    1. Review of September's homework - Discussed by Greg and Renee
    2. Annual class or report - Reminder that all members are expected to do a report or take an investment related class. Completion expected by January meeting.
    3. (NOMINATIONS: Please see attached sheet)

      Meeting adjourned at 7:00PM

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