Taking Profit on SNC

1. SNC has come under pressure due to revised earnings guidance. We bought SNC at $36.81 about one month ago, aware that earnings would be impacted in the near future. Today, earnings were released and the magnitude of the drop in earnings causes us to question whether the upward trend in earnings has been broken. For this reason, we believe it would be prudent to exit SNC with our profit and wait for more stable times.

2. [sub]

3. Exit at USD 41.00 (SNC-T, $41.25).

4. 

   [/sub]