Kendle International Inc. (KNDL)

(A Top Pick Nov 8/12. Down 10%.) Contract research. Lost confidence in management.

(A Top Pick May 14/08. Down 74%.)

Contract research organization. They basically take outsourced trials from pharmaceutical companies and do the phase 1 through 4 trials. Fits well into the time we are in where everyone wants to save money in health care. Trading at about 7.5X earnings. Recent earnings were very good.

Clinical research organization that does drug trials phase 1 through 4. They manage the regulatory side of the trial. Has been a very successful company. Stumbled a little bit on one-time costs and is trading below its peer group and its own historical multiples.