Industry & Services >> Sector Roundtables >> April 19, 2004


ROBERT E. FRIEDMAN is a senior investment officer and analyst in Standard & Poor's Equity Research department. Since mid-1998, he has been covering the aerospace and defense industry, as well as industrial conglomerates with large aerospace-related operations. From mid-1996 to mid-1998, he covered the environmental and auto retail industries. He is also S&P Equity's senior accounting analyst. In this capacity, one of his most recent assignments was the creation of the definitional framework behind Standard & Poor's new Core Earnings project. Mr. Friedman received a BA in Business Administration from Muhlenberg College in Allentown, Pennsylvania. He also received an MBA in Accounting and an MS in Taxation and Advanced Certificate in Finance from the Fordham University Graduate School of Business in New York. In addition, Mr. Friedman is a Certified Public Accountant. He is a member of the Financial Accounting Standards Board's User Advisory Council, the Financial Accounting Standards Advisory Council, the American Institute of Certified Public Accountants, the New Jersey Society of CPAs, as well as the American Institute of Aeronautics and Astronautics. Mr. Friedman has appeared on CNBC, CNN, Bloomberg TV and The Nightly Business Report. He has also been widely quoted in the financial press, including The Wall Street Journal, New York Times, BusinessWeek, Fortune, Financial Times, Institutional Investor and The Economist. Profile
PETER ARMENT, a Vice President of JSA Research, Inc., has been with the company as an equity analyst for 10 years. He was named the top aerospace stock picker in The Wall Street Journal's All-Star Analyst Survey in 2001 and placed fourth among 15 aerospace analysts in 2000. He placed third among 16 aerospace analysts for the accuracy of his earnings estimates in the 1999 Wall Street Journal's All-Star Analyst Survey. He earned his Bachelor's degree in Economics from the University of Rhode Island. Profile
PATRICK MCCARTHY joined Friedman, Billings, Ramsey Group, Inc., in October 2002 as a Vice President in equity research. Mr. McCarthy is a member of the diversified industrials group, with primary responsibility for the defense industry. Prior to joining FBR, he spent five and a half years with Credit Suisse First Boston, most recently as an Analyst in the global consumer products equity research group. At CSFB, he was responsible for analyzing the impact of emerging trends across the global consumer products universe and quantifying the market's expectations for the companies and sub-sectors within the group. Prior to CSFB, he was an Assistant Treasurer at The Bankers Trust Company. Mr. McCarthy graduated from Fordham University in New York with a degree in Finance and Economics. He is also a Chartered Financial Analyst and a member of the New York Society of Security Analysts. Profile
TWST: Peter, what's gone on year to date with the aerospace group from a

market perspective?

Mr. Arment: The group has lagged in terms of stock performance, while

the fundamentals of defense