May

10

We previously looked at the performance of five Bloomberg indexes of companies located in low tax states up until February 10, 2006.

We have now updated the study:

Bloomberg company indexes for low tax states (performance update)

   SPX
State     PrevDate   PrevPrice  CurDate   CurPrice    PrcChg    PrcChg
——— ———- ———  ——–  ——–    ——    ——
Arizona    2/10/2006  529.92    5/7/2006  566.90       6.98%    19.14%
Nevada        N/A
North Caro 2/10/2006  127.56    5/7/2006  147.73      15.81%    19.14%
South Caro 2/10/2006  148.30    5/7/2006  162.23       9.39%    19.14%
Florida    2/10/2006  135.16    5/7/2006  144.51       6.92%    19.14%
Texas      2/10/2006  395.19    5/7/2006  465.81      17.87%    19.14%

The out performance we noted earlier has not continued in this most recent period. A result probably not inconsistent with natural variation. 

Steve Ellison adds:

Might I suggest the following ten stocks to represent Nevada?

        Market    Price     Price
       cap ($B) 2/10/2006 5/7/2007
MGM         18.3    38.58     63.71
HET         15.9    72.41     85.21
IGT         13.4    36.84     40.08
WYNN        10.1    59.50    101.85
STN          5.0    67.94     87.57
SRP          4.1    13.56     18.77
BYD          4.0    44.72     45.76
MDG          2.6    23.74     26.01
PNK          1.8    27.98     27.82
CDL          1.0    11.61      9.05

Price-weighted
average             39.69     50.58

Change                        27.5%


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