NEW YORK (TheStreet) -- In times of volatility, stocks that have an abundance of cash on their balance sheets, such as those within the health care, technology and financial services sectors, present buying opportunities, according to UBS (UBS - Get Report) .

"While we do not expect the bull [market] to have finished, we do expect markets to become more volatile for an extended period of time," UBS strategist Julian Emanuel wrote in a note to clients this week. "Greater volatility increases the value of cash."

In addition to stocks having hefty cash cushions, UBS analysts came up with a list of 22 stocks that are buying opportunities because they conform to the "Rule of 15."

Companies that fall within the so-called Rule of 15 are stocks UBS rates as "buy," that have: more than 15% of assets in cash; have declined 15% or more from their 2015 highs (as of Aug. 25); and have 15% or more upside to [UBS] analysts' price targets, according to the note. 

"Cash enables canny corporate managers to be convex to volatility, raising the value of that cash, particularly should the Fed begin raising rates," the note said. "Nowhere is this effect more noticeable than in the Health Care, Technology and Financial sectors, which have hefty war chests."

Check out UBS' top stock picks, with ratings from TheStreet Ratings for added perspective.

TheStreet Ratings uses a quantitative approach to rating over 4,300 stocks to predict return potential for the next year. The model is both objective, using elements such as volatility of past operating revenues, financial strength, and company cash flows, and subjective, including expected equities market returns, future interest rates, implied industry outlook and forecasted company earnings.

Buying an S&P 500 stock that TheStreet Ratings rated a "buy" yielded a 16.56% return in 2014 beating the S&P 500 Total Return Index by 304 basis points. Buying a Russell 2000 stock that TheStreet Ratings rated a "buy" yielded a 9.5% return in 2014, beating the Russell 2000 index, including dividends reinvested, by 460 basis points last year.

Note: UBS calculated stock declines as of Aug. 25 market close.

ADSK Chart ADSK data by YCharts

1. Autodesk Inc. (ADSK - Get Report)
Sector: Technology/Application Software
Cash Percentage of Assets: 41.2%
Decline from YTD High: -25%
Upside to UBS Price Target: 34.9%

TheStreet Rating: Hold, C
TheStreet Said: 
TheStreet Ratings team rates AUTODESK INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate AUTODESK INC (ADSK) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and a generally disappointing performance in the stock itself."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The revenue growth came in higher than the industry average of 11.9%. Since the same quarter one year prior, revenues slightly increased by 9.1%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.
  • The current debt-to-equity ratio, 0.34, is low and is below the industry average, implying that there has been successful management of debt levels. To add to this, ADSK has a quick ratio of 1.69, which demonstrates the ability of the company to cover short-term liquidity needs.
  • The gross profit margin for AUTODESK INC is currently very high, coming in at 90.27%. Regardless of ADSK's high profit margin, it has managed to decrease from the same period last year.
  • Current return on equity is lower than its ROE from the same quarter one year prior. This is a clear sign of weakness within the company. Compared to other companies in the Software industry and the overall market on the basis of return on equity, AUTODESK INC underperformed against that of the industry average and is significantly less than that of the S&P 500.
  • Net operating cash flow has significantly decreased to $86.50 million or 60.44% when compared to the same quarter last year. In addition, when comparing the cash generation rate to the industry average, the firm's growth is significantly lower.

2. Akami Technologies Inc. (AKAM - Get Report)
Sector: Technology/Internet Software & Services
Cash Percentage of Assets: 18.9%
Decline from YTD High: -16.2%
Upside to UBS Price Target: 21.9%

TheStreet Rating: Buy, B+
TheStreet Said: 
TheStreet Ratings team rates AKAMAI TECHNOLOGIES INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate AKAMAI TECHNOLOGIES INC (AKAM) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations and expanding profit margins. We feel its strengths outweigh the fact that the company has had sub par growth in net income."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • AKAM's revenue growth has slightly outpaced the industry average of 6.8%. Since the same quarter one year prior, revenues rose by 13.6%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.
  • Although AKAM's debt-to-equity ratio of 0.20 is very low, it is currently higher than that of the industry average. Along with this, the company maintains a quick ratio of 2.83, which clearly demonstrates the ability to cover short-term cash needs.
  • Net operating cash flow has increased to $264.02 million or 31.86% when compared to the same quarter last year. The firm also exceeded the industry average cash flow growth rate of 19.45%.
  • AKAMAI TECHNOLOGIES INC's earnings per share declined by 7.5% in the most recent quarter compared to the same quarter a year ago. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, AKAMAI TECHNOLOGIES INC increased its bottom line by earning $1.84 versus $1.61 in the prior year. This year, the market expects an improvement in earnings ($2.40 versus $1.84).

 

3. Alexion Pharmaceuticals Inc. (ALXN - Get Report)
Sector: Health Care/Biotech
Cash Percentage of Assets: 46.7%
Decline from YTD High: -20.4%
Upside to UBS Price Target: 34.8%

TheStreet Rating: Buy, B+
TheStreet Said: 
TheStreet Ratings team rates ALEXION PHARMACEUTICALS INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate ALEXION PHARMACEUTICALS INC (ALXN) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations and increase in net income. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The revenue growth came in higher than the industry average of 8.4%. Since the same quarter one year prior, revenues rose by 24.1%. This growth in revenue does not appear to have trickled down to the company's bottom line, displaying stagnant earnings per share.
  • The current debt-to-equity ratio, 0.42, is low and is below the industry average, implying that there has been successful management of debt levels. Along with this, the company maintains a quick ratio of 2.64, which clearly demonstrates the ability to cover short-term cash needs.
  • Net operating cash flow has significantly increased by 124.42% to $238.22 million when compared to the same quarter last year. In addition, ALEXION PHARMACEUTICALS INC has also vastly surpassed the industry average cash flow growth rate of 14.28%.
  • ALEXION PHARMACEUTICALS INC reported flat earnings per share in the most recent quarter. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, ALEXION PHARMACEUTICALS INC increased its bottom line by earning $3.26 versus $1.26 in the prior year. This year, the market expects an improvement in earnings ($4.81 versus $3.26).

 

AVGO Chart AVGO data by YCharts

4. Avago Technologies Ltd. (AVGO - Get Report)
Sector: Technology/Semiconductors
Cash Percentage of Assets: 15.5%
Decline from YTD High: -226.7%
Upside to UBS Price Target: 56.7%

TheStreet Rating: Buy, A
TheStreet Said: 
TheStreet Ratings team rates AVAGO TECHNOLOGIES LTD as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate AVAGO TECHNOLOGIES LTD (AVGO) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, notable return on equity, compelling growth in net income, good cash flow from operations and expanding profit margins. We feel its strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The revenue growth greatly exceeded the industry average of 11.3%. Since the same quarter one year prior, revenues rose by 36.7%. Growth in the company's revenue appears to have helped boost the earnings per share.
  • The company's current return on equity greatly increased when compared to its ROE from the same quarter one year prior. This is a signal of significant strength within the corporation. When compared to other companies in the Semiconductors & Semiconductor Equipment industry and the overall market, AVAGO TECHNOLOGIES LTD's return on equity exceeds that of the industry average and significantly exceeds that of the S&P 500.
  • The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Semiconductors & Semiconductor Equipment industry. The net income increased by 246.3% when compared to the same quarter one year prior, rising from -$164.00 million to $240.00 million.
  • Net operating cash flow has significantly increased by 88.53% to $592.00 million when compared to the same quarter last year. In addition, AVAGO TECHNOLOGIES LTD has also vastly surpassed the industry average cash flow growth rate of -42.97%.
  • The gross profit margin for AVAGO TECHNOLOGIES LTD is rather high; currently it is at 63.40%. It has increased from the same quarter the previous year. Regardless of the strong results of the gross profit margin, the net profit margin of 13.83% trails the industry average.
BK Chart BK data by YCharts

5. Bank of New York Mellon Corp. (BK - Get Report)
Sector: Financial Services/Asset Management & Custody Banks
Cash Percentage of Assets: 37.2%
Decline from YTD High: -16.5%
Upside to UBS Price Target: 32.3%

TheStreet Rating: Buy, A+
TheStreet Said: 
TheStreet Ratings team rates BANK OF NEW YORK MELLON CORP as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:

"We rate BANK OF NEW YORK MELLON CORP (BK) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, revenue growth and expanding profit margins. We feel its strengths outweigh the fact that the company shows weak operating cash flow."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • Looking at where the stock is today compared to one year ago, we find that it is not only higher, but it has also clearly outperformed the rise in the S&P 500 over the same period. Although other factors naturally played a role, the company's strong earnings growth was key. Turning our attention to the future direction of the stock, it goes without saying that even the best stocks can fall in an overall down market. However, in any other environment, this stock still has good upside potential despite the fact that it has already risen in the past year.
  • BANK OF NEW YORK MELLON CORP reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, BANK OF NEW YORK MELLON CORP increased its bottom line by earning $2.16 versus $1.74 in the prior year. This year, the market expects an improvement in earnings ($2.82 versus $2.16).
  • The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Capital Markets industry. The net income increased by 47.8% when compared to the same quarter one year prior, rising from $577.00 million to $853.00 million.
  • Despite its growing revenue, the company underperformed as compared with the industry average of 6.9%. Since the same quarter one year prior, revenues slightly increased by 3.0%. Growth in the company's revenue appears to have helped boost the earnings per share.
  • The gross profit margin for BANK OF NEW YORK MELLON CORP is currently very high, coming in at 98.43%. It has increased from the same quarter the previous year. Along with this, the net profit margin of 21.57% is above that of the industry average.

Must Read: RBC's 25 'Darling' Stocks to Buy After Market Pullback

CELG Chart CELG data by YCharts

6. Celgene Corp. (CELG - Get Report)
Sector: Health Care/Biotech
Cash Percentage of Assets: 43.5%
Decline from YTD High: -18.9%
Upside to UBS Price Target: 38.4%

TheStreet Rating: Buy, A-
TheStreet Said: 
TheStreet Ratings team rates CELGENE CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate CELGENE CORP (CELG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, notable return on equity, reasonable valuation levels, solid stock price performance and expanding profit margins. We feel its strengths outweigh the fact that the company has had sub par growth in net income."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The revenue growth came in higher than the industry average of 8.4%. Since the same quarter one year prior, revenues rose by 21.6%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.
  • Compared to its closing price of one year ago, CELG's share price has jumped by 35.82%, exceeding the performance of the broader market during that same time frame. Turning to the future, naturally, any stock can fall in a major bear market. However, in almost any other environment, the stock should continue to move higher despite the fact that it has already enjoyed nice gains in the past year.
  • The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. Compared to other companies in the Biotechnology industry and the overall market, CELGENE CORP's return on equity significantly exceeds that of both the industry average and the S&P 500.
  • The gross profit margin for CELGENE CORP is currently very high, coming in at 96.94%. It has increased from the same quarter the previous year. Despite the strong results of the gross profit margin, CELG's net profit margin of 15.63% significantly trails the industry average.
CERN Chart CERN data by YCharts

7Cerner Corp. (CERN - Get Report)
Sector: Health Care/Biotech
Cash Percentage of Assets: 31.4%
Decline from YTD High: -19.7%
Upside to UBS Price Target: 32.8%

TheStreet Rating: Buy, B
TheStreet Said: 
TheStreet Ratings team rates CERNER CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate CERNER CORP (CERN) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, notable return on equity and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • Despite its growing revenue, the company underperformed as compared with the industry average of 35.3%. Since the same quarter one year prior, revenues rose by 32.2%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.
  • CERN's debt-to-equity ratio is very low at 0.16 and is currently below that of the industry average, implying that there has been very successful management of debt levels. To add to this, CERN has a quick ratio of 2.01, which demonstrates the ability of the company to cover short-term liquidity needs.
  • 47.00% is the gross profit margin for CERNER CORP which we consider to be strong. It has increased from the same quarter the previous year. Along with this, the net profit margin of 10.21% is above that of the industry average.
  • The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. Compared to other companies in the Health Care Technology industry and the overall market on the basis of return on equity, CERNER CORP has outperformed in comparison with the industry average, but has underperformed when compared to that of the S&P 500.
  • Looking at where the stock is today compared to one year ago, we find that it is not only higher, but it has also clearly outperformed the rise in the S&P 500 over the same period, despite the company's weak earnings results. Turning our attention to the future direction of the stock, it goes without saying that even the best stocks can fall in an overall down market. However, in any other environment, this stock still has good upside potential despite the fact that it has already risen in the past year.
CSCO Chart CSCO data by YCharts

8. Cisco Systems Inc. (CSCO - Get Report)
Sector: Technology/Communications Equipment
Cash Percentage of Assets: 53.2%
Decline from YTD High: -18.4%
Upside to UBS Price Target: 34%

TheStreet Rating: Buy, A
TheStreet Said: 
TheStreet Ratings team rates CISCO SYSTEMS INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate CISCO SYSTEMS INC (CSCO) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, notable return on equity, attractive valuation levels and increase in net income. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results. "

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The revenue growth came in higher than the industry average of 9.5%. Since the same quarter one year prior, revenues slightly increased by 3.9%. This growth in revenue appears to have trickled down to the company's bottom line, improving the earnings per share.
  • The stock has not only risen over the past year, it has done so at a faster pace than the S&P 500, reflecting the earnings growth and other positive factors similar to those we have cited here. Turning our attention to the future direction of the stock, it goes without saying that even the best stocks can fall in an overall down market. However, in any other environment, this stock still has good upside potential despite the fact that it has already risen in the past year.
  • The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. Compared to other companies in the Communications Equipment industry and the overall market, CISCO SYSTEMS INC's return on equity exceeds that of both the industry average and the S&P 500.
  • The net income growth from the same quarter one year ago has exceeded that of the S&P 500 and greatly outperformed compared to the Communications Equipment industry average. The net income increased by 3.1% when compared to the same quarter one year prior, going from $2,249.00 million to $2,319.00 million.
EA Chart EA data by YCharts

9. Electronic Arts Inc. (EA - Get Report)
Sector: Technology/Home Entertainment Software
Cash Percentage of Assets: 49.1%
Decline from YTD High: -15.5%
Upside to UBS Price Target: 25.9%

TheStreet Rating: Buy, A
TheStreet Said: 
TheStreet Ratings team rates ELECTRONIC ARTS INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate ELECTRONIC ARTS INC (EA) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel its strengths outweigh the fact that the company shows weak operating cash flow."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • Powered by its strong earnings growth of 26.92% and other important driving factors, this stock has surged by 80.31% over the past year, outperforming the rise in the S&P 500 Index during the same period. Turning to the future, naturally, any stock can fall in a major bear market. However, in almost any other environment, the stock should continue to move higher despite the fact that it has already enjoyed nice gains in the past year.
  • ELECTRONIC ARTS INC has improved earnings per share by 26.9% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, ELECTRONIC ARTS INC turned its bottom line around by earning $2.68 versus -$0.03 in the prior year. This year, the market expects an improvement in earnings ($2.90 versus $2.68).
  • The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Software industry. The net income increased by 31.9% when compared to the same quarter one year prior, rising from $335.00 million to $442.00 million.
  • EA's debt-to-equity ratio is very low at 0.19 and is currently below that of the industry average, implying that there has been very successful management of debt levels. Along with the favorable debt-to-equity ratio, the company maintains an adequate quick ratio of 1.49, which illustrates the ability to avoid short-term cash problems.
  • The company's current return on equity greatly increased when compared to its ROE from the same quarter one year prior. This is a signal of significant strength within the corporation. Compared to other companies in the Software industry and the overall market, ELECTRONIC ARTS INC's return on equity significantly exceeds that of both the industry average and the S&P 500.

 

EMC Chart EMC data by YCharts

10. EMC Corp. (EMC)
Sector: Technology
Cash Percentage of Assets: 18.1%
Decline from YTD High: -24%
Upside to UBS Price Target: 36.7%

TheStreet Rating: Buy, B
TheStreet Said: 
TheStreet Ratings team rates EMC CORP/MA as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate EMC CORP/MA (EMC) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The revenue growth significantly trails the industry average of 36.8%. Since the same quarter one year prior, revenues slightly increased by 3.3%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.
  • Despite currently having a low debt-to-equity ratio of 0.37, 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 0.89 is weak.
  • EMC CORP/MA's earnings per share declined by 10.7% in the most recent quarter compared to the same quarter a year ago. The company has suffered a declining pattern of earnings per share over the past year. However, we anticipate this trend reversing over the coming year. During the past fiscal year, EMC CORP/MA reported lower earnings of $1.31 versus $1.33 in the prior year. This year, the market expects an improvement in earnings ($1.87 versus $1.31).
  • The gross profit margin for EMC CORP/MA is rather high; currently it is at 67.46%. Regardless of EMC's high profit margin, it has managed to decrease from the same period last year. Despite the mixed results of the gross profit margin, EMC's net profit margin of 8.01% is significantly lower than the industry average.
  • The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. In comparison to the other companies in the Computers & Peripherals industry and the overall market, EMC CORP/MA's return on equity is significantly below that of the industry average and is below that of the S&P 500.
FB Chart FB data by YCharts

11. Facebook Inc. (FB - Get Report)
Sector: Technology/Internet Software & Services
Cash Percentage of Assets: 27.9%
Decline from YTD High: -15.6%
Upside to UBS Price Target: 32.5%

TheStreet Rating: Buy, B
TheStreet Said: 
TheStreet Ratings team rates FACEBOOK INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate FACEBOOK INC (FB) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, expanding profit margins and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The revenue growth greatly exceeded the industry average of 6.8%. Since the same quarter one year prior, revenues rose by 38.9%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.
  • FB's debt-to-equity ratio is very low at 0.00 and is currently below that of the industry average, implying that there has been very successful management of debt levels. Along with this, the company maintains a quick ratio of 8.47, which clearly demonstrates the ability to cover short-term cash needs.
  • Net operating cash flow has increased to $1,880.00 million or 40.19% when compared to the same quarter last year. The firm also exceeded the industry average cash flow growth rate of 19.45%.
  • The gross profit margin for FACEBOOK INC is currently very high, coming in at 94.81%. It has increased from the same quarter the previous year. Regardless of the strong results of the gross profit margin, the net profit margin of 17.78% trails the industry average.
  • FACEBOOK INC's earnings per share declined by 16.7% in the most recent quarter compared to the same quarter a year ago. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, FACEBOOK INC increased its bottom line by earning $1.10 versus $0.59 in the prior year. This year, the market expects an improvement in earnings ($2.07 versus $1.10).

 

GILD Chart GILD data by YCharts

12. Gilead Sciences Inc. (GILD - Get Report)
Sector: Health Care/Biotech
Cash Percentage of Assets: 29.2%
Decline from YTD High: -16.1%
Upside to UBS Price Target: 34.6%

TheStreet Rating: Buy, A+
TheStreet Said: 
TheStreet Ratings team rates GILEAD SCIENCES INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:

"We rate GILEAD SCIENCES INC (GILD) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and notable return on equity. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook. "

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The revenue growth came in higher than the industry average of 8.4%. Since the same quarter one year prior, revenues rose by 26.1%. Growth in the company's revenue appears to have helped boost the earnings per share.
  • Looking at where the stock is today compared to one year ago, we find that it is not only higher, but it has also clearly outperformed the rise in the S&P 500 over the same period. Although other factors naturally played a role, the company's strong earnings growth was key. Turning our attention to the future direction of the stock, it goes without saying that even the best stocks can fall in an overall down market. However, in any other environment, this stock still has good upside potential despite the fact that it has already risen in the past year.
  • GILEAD SCIENCES INC has improved earnings per share by 32.7% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, GILEAD SCIENCES INC increased its bottom line by earning $7.38 versus $1.83 in the prior year. This year, the market expects an improvement in earnings ($11.63 versus $7.38).
  • The company, on the basis of net income growth from the same quarter one year ago, has significantly outperformed against the S&P 500 and exceeded that of the Biotechnology industry average. The net income increased by 22.9% when compared to the same quarter one year prior, going from $3,655.59 million to $4,492.00 million.
  • The company's current return on equity greatly increased when compared to its ROE from the same quarter one year prior. This is a signal of significant strength within the corporation. Compared to other companies in the Biotechnology industry and the overall market, GILEAD SCIENCES INC's return on equity significantly exceeds that of both the industry average and the S&P 500.

 

INTU Chart INTU data by YCharts

13. Intuit Inc. (INTU - Get Report)
Sector: Technology/Application Software
Cash Percentage of Assets: 34.2%
Decline from YTD High: -26.1%
Upside to UBS Price Target: 46.5%

TheStreet Rating: Hold, C
TheStreet Said: 
TheStreet Ratings team rates INTUIT INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate INTUIT INC (INTU) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in net income, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including premium valuation, weak operating cash flow and feeble growth in the company's earnings per share."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Software industry. The net income increased by 148.3% when compared to the same quarter one year prior, rising from -$29.00 million to $14.00 million.
  • INTU's debt-to-equity ratio is very low at 0.21 and is currently below that of the industry average, implying that there has been very successful management of debt levels. Along with the favorable debt-to-equity ratio, the company maintains an adequate quick ratio of 1.07, which illustrates the ability to avoid short-term cash problems.
  • Regardless of the drop in revenue, the company managed to outperform against the industry average of 11.9%. Since the same quarter one year prior, revenues slightly dropped by 2.5%. Weakness in the company's revenue seems to have hurt the bottom line, decreasing earnings per share.
  • Net operating cash flow has significantly decreased to -$218.00 million or 159.52% when compared to the same quarter last year. In addition, when comparing to the industry average, the firm's growth rate is much lower.

 

KLAC Chart KLAC data by YCharts

14. KLA-Tencor Corp. (KLAC - Get Report)
Sector: Technology/Semiconductor Equipment
Cash Percentage of Assets: 49.5%
Decline from YTD High: -34.7%
Upside to UBS Price Target: 31.7%

TheStreet Rating: Hold, C
TheStreet Said: 
TheStreet Ratings team rates KLA-TENCOR CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate KLA-TENCOR CORP (KLAC) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity and increase in net income. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and generally higher debt management risk."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The revenue growth came in higher than the industry average of 10.5%. Since the same quarter one year prior, revenues slightly increased by 3.0%. Growth in the company's revenue appears to have helped boost the earnings per share.
  • The company's current return on equity greatly increased when compared to its ROE from the same quarter one year prior. This is a signal of significant strength within the corporation. Compared to other companies in the Semiconductors & Semiconductor Equipment industry and the overall market, KLA-TENCOR CORP's return on equity significantly exceeds that of both the industry average and the S&P 500.
  • KLA-TENCOR CORP has improved earnings per share by 15.6% in the most recent quarter compared to the same quarter a year ago. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, KLA-TENCOR CORP reported lower earnings of $2.25 versus $3.47 in the prior year. This year, the market expects an improvement in earnings ($3.40 versus $2.25).
  • KLAC's stock share price has done very poorly compared to where it was a year ago: Despite any rallies, the net result is that it is down by 35.16%, which is also worse that the performance of the S&P 500 Index. Investors have so far failed to pay much attention to the earnings improvements the company has managed to achieve over the last quarter. Naturally, the overall market trend is bound to be a significant factor. However, in one sense, the stock's sharp decline last year is a positive for future investors, making it cheaper (in proportion to its earnings over the past year) than most other stocks in its industry. But due to other concerns, we feel the stock is still not a good buy right now.
  • The debt-to-equity ratio is very high at 7.57 and currently higher than the industry average, implying increased risk associated with the management of debt levels within the company. Despite the company's weak debt-to-equity ratio, the company has managed to keep a very strong quick ratio of 3.00, which shows the ability to cover short-term cash needs.

 

LRCX Chart LRCX data by YCharts

15. Lam Research Corp. (LRCX - Get Report)
Sector: Technology/Semiconductor Equipment
Cash Percentage of Assets: 43.5%
Decline from YTD High: -20.2%
Upside to UBS Price Target: 46.9%

TheStreet Rating: Buy, A-
TheStreet Said: 
TheStreet Ratings team rates LAM RESEARCH CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate LAM RESEARCH CORP (LRCX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations and expanding profit margins. We feel its strengths outweigh the fact that the company has had sub par growth in net income."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The revenue growth came in higher than the industry average of 10.5%. Since the same quarter one year prior, revenues rose by 18.6%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.
  • The current debt-to-equity ratio, 0.44, is low and is below the industry average, implying that there has been successful management of debt levels. To add to this, LRCX has a quick ratio of 1.96, which demonstrates the ability of the company to cover short-term liquidity needs.
  • Net operating cash flow has increased to $292.07 million or 18.77% when compared to the same quarter last year. In addition, LAM RESEARCH CORP has also vastly surpassed the industry average cash flow growth rate of -42.41%.
  • LAM RESEARCH CORP's earnings per share declined by 45.2% in the most recent quarter compared to the same quarter a year ago. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, LAM RESEARCH CORP increased its bottom line by earning $3.70 versus $3.68 in the prior year. This year, the market expects an improvement in earnings ($6.15 versus $3.70).

 

MRK Chart MRK data by YCharts

16. Merck & Co. (MRK - Get Report)
Sector: Health Care/Pharmaceuticals
Cash Percentage of Assets: 16%
Decline from YTD High: -18.8%
Upside to UBS Price Target: 32.9%

TheStreet Rating: Buy, B+
TheStreet Said: 
TheStreet Ratings team rates MERCK & CO as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate MERCK & CO (MRK) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity, reasonable valuation levels, good cash flow from operations and expanding profit margins. We feel its strengths outweigh the fact that the company has had sub par growth in net income."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The current debt-to-equity ratio, 0.57, is low and is below the industry average, implying that there has been successful management of debt levels. Along with the favorable debt-to-equity ratio, the company maintains an adequate quick ratio of 1.02, which illustrates the ability to avoid short-term cash problems.
  • Current return on equity exceeded its ROE from the same quarter one year prior. This is a clear sign of strength within the company. Compared to other companies in the Pharmaceuticals industry and the overall market, MERCK & CO's return on equity exceeds that of both the industry average and the S&P 500.
  • Net operating cash flow has increased to $2,585.00 million or 11.66% when compared to the same quarter last year. The firm also exceeded the industry average cash flow growth rate of -10.37%.
  • The gross profit margin for MERCK & CO is currently very high, coming in at 79.15%. It has increased from the same quarter the previous year. Regardless of the strong results of the gross profit margin, the net profit margin of 7.01% trails the industry average.

 

MSFT Chart MSFT data by YCharts
17. Microsoft Corp. (MSFT - Get Report)
Sector: Technology/System Software
Cash Percentage of Assets: 54.8%
Decline from YTD High: -17.7%
Upside to UBS Price Target: 28.5%

TheStreet Rating: Buy, B-
TheStreet Said: 
TheStreet Ratings team rates MICROSOFT CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:

"We rate MICROSOFT CORP (MSFT) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, expanding profit margins, increase in stock price during the past year, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The gross profit margin for MICROSOFT CORP is currently very high, coming in at 73.06%. Regardless of MSFT's high profit margin, it has managed to decrease from the same period last year.
  • After a year of stock price fluctuations, the net result is that MSFT's price has not changed very much. Although its weak earnings growth may have played a role in this flat result, don't lose sight of the fact that the performance of the overall market, as measured by the S&P 500 Index, was essentially similar. Turning our attention to the future direction of the stock, it goes without saying that even the best stocks can fall in an overall down market. However, in any other environment, this stock still has good upside potential despite the fact that it has already risen in the past year.
  • Despite currently having a low debt-to-equity ratio of 0.44, it is higher than that of the industry average, inferring that management of debt levels may need to be evaluated further. Despite the fact that MSFT's debt-to-equity ratio is mixed in its results, the company's quick ratio of 2.30 is high and demonstrates strong liquidity.
  • Regardless of the drop in revenue, the company managed to outperform against the industry average of 11.9%. Since the same quarter one year prior, revenues slightly dropped by 3.6%. Weakness in the company's revenue seems to have hurt the bottom line, decreasing earnings per share.

 

MU Chart MU data by YCharts

18. Micron Technology Inc. (MU - Get Report)
Sector: Technology/Semiconductors
Cash Percentage of Assets: 20.2%
Decline from YTD High: -58.9%
Upside to UBS Price Target: 75.2%

TheStreet Rating: Hold, C+
TheStreet Said: 
TheStreet Ratings team rates MICRON TECHNOLOGY INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate MICRON TECHNOLOGY INC (MU) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and a generally disappointing performance in the stock itself."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The debt-to-equity ratio is somewhat low, currently at 0.60, and is less than that of the industry average, implying that there has been a relatively successful effort in the management of debt levels. To add to this, MU has a quick ratio of 1.62, which demonstrates the ability of the company to cover short-term liquidity needs.
  • MICRON TECHNOLOGY INC's earnings per share declined by 38.2% in the most recent quarter compared to the same quarter a year ago. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, MICRON TECHNOLOGY INC increased its bottom line by earning $2.55 versus $1.00 in the prior year. This year, the market expects an improvement in earnings ($2.67 versus $2.55).
  • Despite any intermediate fluctuations, we have only bad news to report on this stock's performance over the last year: it has tumbled by 55.74%, worse than the S&P 500's performance. Consistent with the plunge in the stock price, the company's earnings per share are down 38.23% compared to the year-earlier quarter. Naturally, the overall market trend is bound to be a significant factor. However, in one sense, the stock's sharp decline last year is a positive for future investors, making it cheaper (in proportion to its earnings over the past year) than most other stocks in its industry. But due to other concerns, we feel the stock is still not a good buy right now.
  • The company, on the basis of change in net income from the same quarter one year ago, has significantly underperformed when compared to that of the S&P 500 and the Semiconductors & Semiconductor Equipment industry. The net income has significantly decreased by 39.1% when compared to the same quarter one year ago, falling from $806.00 million to $491.00 million.

 

ORCL Chart ORCL data by YCharts

19. Oracle Corp. (ORCL - Get Report)
Sector: Technology/Systems Software
Cash Percentage of Assets: 49%
Decline from YTD High: -21.1%
Upside to UBS Price Target: 29.8%

TheStreet Rating: Buy, B
TheStreet Said: 
TheStreet Ratings team rates ORACLE CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate ORACLE CORP (ORCL) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, expanding profit margins, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The gross profit margin for ORACLE CORP is currently very high, coming in at 82.79%. Regardless of ORCL's high profit margin, it has managed to decrease from the same period last year.
  • ORCL's debt-to-equity ratio of 0.86 is somewhat low overall, but it is high when compared to the industry average, implying that the management of the debt levels should be evaluated further. Even though the debt-to-equity ratio shows mixed results, the company's quick ratio of 3.98 is very high and demonstrates very strong liquidity.
  • Regardless of the drop in revenue, the company managed to outperform against the industry average of 11.9%. Since the same quarter one year prior, revenues slightly dropped by 5.4%. Weakness in the company's revenue seems to have hurt the bottom line, decreasing earnings per share.
  • ORACLE CORP's earnings per share declined by 22.5% in the most recent quarter compared to the same quarter a year ago. The company has suffered a declining pattern of earnings per share over the past two years. However, we anticipate this trend to reverse over the coming year. During the past fiscal year, ORACLE CORP reported lower earnings of $2.22 versus $2.39 in the prior year. This year, the market expects an improvement in earnings ($2.70 versus $2.22).

Must Read: Deutsche Bank's 5 Transportation Stocks to Buy Now

 

SNDK Chart SNDK data by YCharts

20. SanDisk Corp. (SNDK)
Sector: Technology
Cash Percentage of Assets: 22%
Decline from YTD High: -52.9%
Upside to UBS Price Target: 47.5%

TheStreet Rating: Hold, C+
TheStreet Said: 
TheStreet Ratings team rates SANDISK CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate SANDISK CORP (SNDK) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The revenue fell significantly faster than the industry average of 36.8%. Since the same quarter one year prior, revenues fell by 24.3%. 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 0.37, 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 1.31 is sturdy.
  • SANDISK CORP has experienced a steep decline in earnings per share in the most recent quarter in comparison to its performance from the same quarter a year ago. Earnings per share have declined over the last year. We anticipate that this should continue in the coming year. During the past fiscal year, SANDISK CORP reported lower earnings of $4.23 versus $4.37 in the prior year. For the next year, the market is expecting a contraction of 25.5% in earnings ($3.15 versus $4.23).
  • The company, on the basis of change in net income from the same quarter one year ago, has significantly underperformed when compared to that of the S&P 500 and the Computers & Peripherals industry. The net income has significantly decreased by 70.4% when compared to the same quarter one year ago, falling from $273.95 million to $80.97 million.

 

TROW Chart TROW data by YCharts

21. T. Rowe Price Group Inc. (TROW - Get Report)
Sector: Financial Services/Asset Management & Custody Banks
Cash Percentage of Assets: 26.7%
Decline from YTD High: -20.3%
Upside to UBS Price Target: 25.9%

TheStreet Rating: Buy, B
TheStreet Said: 
TheStreet Ratings team rates PRICE (T. ROWE) GROUP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate PRICE (T. ROWE) GROUP (TROW) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, growth in earnings per share, increase in net income and good cash flow from operations. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • TROW's revenue growth has slightly outpaced the industry average of 6.9%. Since the same quarter one year prior, revenues slightly increased by 8.9%. Growth in the company's revenue appears to have helped boost the earnings per share.
  • The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. Compared to other companies in the Capital Markets industry and the overall market, PRICE (T. ROWE) GROUP's return on equity significantly exceeds that of both the industry average and the S&P 500.
  • PRICE (T. ROWE) GROUP has improved earnings per share by 9.7% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, PRICE (T. ROWE) GROUP increased its bottom line by earning $4.55 versus $3.89 in the prior year. This year, the market expects an improvement in earnings ($4.85 versus $4.55).
  • The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Capital Markets industry. The net income increased by 9.0% when compared to the same quarter one year prior, going from $305.80 million to $333.20 million.
  • Net operating cash flow has increased to $342.90 million or 43.77% when compared to the same quarter last year. In addition, PRICE (T. ROWE) GROUP has also vastly surpassed the industry average cash flow growth rate of -433.20%.

 

TXN Chart TXN data by YCharts

22. Texas Instruments Inc. (TXN - Get Report)
Sector: Technology/Semiconductors
Cash Percentage of Assets: 20%
Decline from YTD High: -27.4%
Upside to UBS Price Target: 26.4%

TheStreet Rating: Buy, A-
TheStreet Said: 
TheStreet Ratings team rates TEXAS INSTRUMENTS INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate TEXAS INSTRUMENTS INC (TXN) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its increase in net income, largely solid financial position with reasonable debt levels by most measures, notable return on equity, good cash flow from operations and expanding profit margins. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook. "

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The net income growth from the same quarter one year ago has exceeded that of the S&P 500 and the Semiconductors & Semiconductor Equipment industry average. The net income increased by 1.9% when compared to the same quarter one year prior, going from $683.00 million to $696.00 million.
  • The current debt-to-equity ratio, 0.48, is low and is below the industry average, implying that there has been successful management of debt levels. Along with the favorable debt-to-equity ratio, the company maintains an adequate quick ratio of 1.48, which illustrates the ability to avoid short-term cash problems.
  • Current return on equity exceeded its ROE from the same quarter one year prior. This is a clear sign of strength within the company. Compared to other companies in the Semiconductors & Semiconductor Equipment industry and the overall market, TEXAS INSTRUMENTS INC's return on equity significantly exceeds that of both the industry average and the S&P 500.
  • Net operating cash flow has slightly increased to $820.00 million or 5.80% when compared to the same quarter last year. The firm also exceeded the industry average cash flow growth rate of -42.41%.
  • The gross profit margin for TEXAS INSTRUMENTS INC is rather high; currently it is at 64.73%. It has increased from the same quarter the previous year. Regardless of the strong results of the gross profit margin, the net profit margin of 21.53% trails the industry average.