11.13.06 | Look over your shoulder, you Genslers and HOKs and other American design giants: There’s another competitor gunning for the plum jobs. Toronto-based IBI Group has 1,300 staff in 17 offices in Canada, 16 in the U.S. and nine internationally. The aggressive powerhouse is on the acquisition trail south as well as north of the 49^th Parallel. Its rapid growth is being fueled not by the slow and painful, traditional route of the owners patiently deferring their own compensation, or by a big line of credit at the bank, but by the deep pockets of happy, independent, outside investors.

10.16.06 | Design talent can do things that dazzle our minds and brighten our days, as talent in any field can do to those not similarly blessed. It makes the world a better, and often much healthier place to live.

7.31.06 | We reaffirm our Market Perform rating on HNI. Although HNI trades at 15+ times our NTM EPS estimate of $2.69, below its 18.5 historical median forward P/E, there are a number of headwinds facing these shares. Those forces include higher material costs, decreasing housing activity (affecting hearth products), and likely moderating office furniture growth. Accordingly, HNI has been under pressure, which is likely to persist until some of those headwinds have passed.

7.31.06 | We reaffirm our Market Perform rating on Knoll following its after-market close 2Qtr.06 earnings release. Frankly, the shares of Knoll are now near our threshold valuation. Several issues, however, including a significant secondary stock offering, continue to keep us on the sidelines now.