DFS has been rated a sell since July 15, 2008. Granite Construction ( GVA) has been upgraded from sell to hold. Granite Construction, together with its subsidiaries, operates as a heavy civil contractor and a construction materials producer for public and private sector clients in the U.S. The company operates through two segments: Granite West and Granite East. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, notable return on equity and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income. The return on equity has improved slightly when compared with the same quarter one year prior. This can be construed as a modest strength in the organization. Compared with other companies in the construction & engineering industry and the overall market on the basis of return on equity, GVA has underperformed in comparison with the industry average, but has exceeded that of the S&P 500. The revenue fell significantly faster than the industry average of 54.3%. Since the same quarter one year prior, revenue has slightly dropped by 9.9%. Weakness in the company's revenue seems to have hurt the bottom line, decreasing earnings per share. Despite currently having a low debt-to-equity ratio of 0.41, it is higher than that of the industry average, inferring that management of debt levels may need to be evaluated further. Regardless of the somewhat mixed results with the debt-to-equity ratio, the company's quick ratio of 1.12 is sturdy.