Interesting story on whats under the hood of SRI ETF’s:

Buyer Beware: What’s Really in Your Socially Responsible ETF?

Summer doldrums markets as participants are waiting for the FOMC message later today.  While few expect any real change, the tone reflected in the post meeting communique tends to move markets.

NDR continues to predict that no Double Dip recession is on the horizon.   Their Recession Probability Model remains at 0%.  Economic activity advanced in 47 states in May and over the past three months.

Industrial Goods manufacturer Hawk Corporation (which we have a position in for clients) makes fuel cell components has raised their 2010 guidance based on an improving economy.  The stock is responding nicely up $2 to $23.

Chinese Health Club owner Soko Fitness and Spa SOKF may be finally coming to life on news of two new facilities in the Harbin area.   Soko is an example of a company where the valuation is hard to ignore with earnings capable of .50 cents a share in 2010 and .80 or more for 2011.   While the stock has done little in light of the weakness in the Chinese stock market it has held up reasonably well.   Should present growth rates continue for another year the valuation would be very compressed.  Selling at just 2x book value and 7x present earnings with no long term debt, .70 in cash along with +50% revenue growth and 80% member retention rate this has some serious potential.   But beware SOKF can be volatile and isn’t heavily traded with a big spread between bid and offer.

From the Carbon Disclosure Project: Corporate Clean Energy Investment Trends in Brazil, China, India and South Africa  pdf

Long HWK, SOKF (client and personal accounts)