Radvision (RVSN) – We believe that Radvision’s 3G mobile video and video-to-the-desktop offerings are positioned for strong growth; mobile video should benefit from the rollout of upgraded EV-DO cellular technology in 2H06 and the company is working on several large enterprise-wide deals for video-to-the-desktop. In the meantime, investors benefit from the company’s relatively stable business and the shares’ 10% free cash flow yield.

We anticipate that RADVISION’s growth will accelerate as video-to-thedesktop and 3G mobile video take hold. RADVISION is a leader in these emerging video markets, which accounted for 31% of the company's revenue in 1Q06. We estimate that these markets are growing at approximately 60%-80% per year.

CollaGenex (CGPI) – CollaGenex is poised to undergo a transformational event with the July launch of Oracea (approved by the FDA on May 30), a modified-release formulation of doxycycline for the treatment of rosacea. Our proprietary survey work indicates excellent early awareness on the part of clinicians, robust efficacy, and comfortable safety margins, factors which, combined with the company's strong and well-regarded sales force, will likely drive sales beyond $100 million by the fifth year after launch. Recent market weakness and a patent delay provide a compelling entry point for investors, in our view.

Launch of Oracea, a modified-release 40-mg doxycycline for the treatment of rosacea, set

Deckers Outdoor (DECK) - We are buyers of DECK shares ahead of its F2Q (July) earnings release. We believe Deckers can exceed our 2Q EPS estimate of $0.07 (consensus is $0.05), representing the third consecutive quarterly upside surprise. Given current trends, we think Street numbers for 2006 and 2007 are too low. Teva is in the early stages of a recovery, channel checks indicate positive spring UGG sell-throughs, and Simple is generating strong double-digit growth, with its environmentally correct Green Toe line likely a major future driver.

Strong spring sales and fall bookings. According to our checks, UGG brand’s spring assortment, featuring driving mocs and its “Layback” and

THQ Inc. (THQI) – We expect solid revenue and earnings growth this year in a down market, driven by a strong product release schedule. We also see opportunity for upside to current Street estimates when the company reports 1Q (June) results and updates full-year guidance. In addition, strong consumer reaction to new Nintendo platforms bodes well for THQ.

Cars driving strong start to F2007. Fiscal 2007 is shaping up to be a solid growth year for THQ in a down industry, beginning with the recent successful launch of Cars, the video game based on the Pixar animated film. THQ should also benefit from the August release of