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The Fortescue Metals Group Limited (ASX: FMG) share price underperformed on Thursday following the release of its third quarter update.

The iron ore producer’s shares fell 0.2% to $22.58.

What happened in the third quarter?

For the three months ended 31 March, Fortescue shipped 42.3 million tonnes of iron ore. While this was flat on the prior corresponding period, it remains on track to achieve its shipments guidance in FY 2021.

The mining giant averaged US$143 per dry metric tonne, which was up 17% on the second quarter of FY 2021. It also represents revenue realisation of 86% of the average Platts 62% CFR Index.

And although its C1 costs increase quarter on quarter by 16% to US$14.90 per wet metric tonne, the company remains on track to achieve its costs guidance.

Though, one thing that is not on target is its capital expenditure. Fortescue has lifted it by up to US$300 million for the year.

Is the Fortescue share price in the buy zone?

According to a note out of Goldman Sachs, its analysts don’t see value in the Fortescue share price at the current level.

It commented: “FMG delivered a weaker than expected March Q with; (1) iron ore price realisations drifting down 5% QoQ to 86% vs. the Index (below GSe at 88%), despite some modest provisional pricing tailwinds and generally low and supportive steel mill margins for low grade Fe up until late Feb, and (2) FY21 capex guidance lifted by c. 10% to US$3.5-3.7bn due to further escalation on the Iron Bridge project during the project review, spend of renewables projects and FX strength. We model US$3.7bn of capex for Iron Bridge vs. last company guidance of up to US$3bn (100% basis). Unit costs increased 16% QoQ to US$14.9/wmt (the highest in around 5-yrs), and shipments of 42.3Mt of iron ore were down 8% QoQ but flat YoY.”

Valuation concerns

Goldman also has concerns over its valuation, noting that the Fortescue share price is trading at 1.6x net asset value (NAV).

This compares to a much more reasonable 1x NAV for both BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO)

In light of this, the broker has retained its sell rating and cut its price target to $18.30. Based on the current Fortescue share price, this implies potential downside of 19% over the next 12 months.

More reading

• ASX 200 rises, Woolworths falls, Fortescue was flat
• NRW (ASX:NWH) share price rises on Fortescue deal
• ASX 200 up 0.3%: Woolworths and Fortescue lower on updates, Newcrest impresses
• Fortescue (ASX:FMG) share price lower on Q3 update
• 2 ASX dividend shares with big yields

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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More reading

• Top broker slaps sell rating on Fortescue (ASX:FMG) share price
• ResMed (ASX:RMD) share price on watch following Q3 results
• 5 things to watch on the ASX 200 on Friday
• ASX 200 rises, Woolworths falls, Fortescue was flat
• 2 outstanding ASX growth shares that could be great buy and hold options

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Kate O’Brien owns shares of Apple and Rio Tinto Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Alphabet (A shares), Alphabet (C shares), and Apple. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), and Apple. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The ResMed Inc. (ASX: RMD) share price will be one to watch closely this morning.

This follows the release of the sleep treatment focused medical device company’s third quarter results.

How did ResMed perform in the third quarter?

For the three months ended 31 March, ResMed posted revenue of US$768.8 million.

While this is down 0.1% from US$769.5 million in the prior corresponding period, it is worth noting that the prior corresponding period was boosted significantly by strong demand for ventilators at the height of the pandemic.

Positively, a reduction in selling, general, and administrative expenses offset this and underpinned a 3% increase in operating profit to US$223.4 million.

On the bottom line, earnings per share came in 1% higher than the prior corresponding period at US$1.30.

ResMed’s CEO, Mick Farrell, said: “Our March 2021 quarter results reflect the ongoing recovery of core patient flow across our business, while we anniversary the $35 million of incremental COVID-19 revenue in the same quarter last year. Excluding the COVID19 revenue from the March 2020 quarter, we achieved positive revenue growth on both a headline and constant currency basis.”

How did ResMed’s businesses perform?

Revenue in the U.S., Canada, and Latin America region (excluding Software as a Service) grew by 2% during the quarter. This was driven by strong sales across mask products, partially offset by lower device sales, including decreased demand for ventilators.

Revenue in Europe, Asia, and other markets declined by 13% on a constant currency basis, primarily driven by lower device sales. This includes decreased demand for ventilators due to COVID-19, and flat sales in its mask product portfolio.

Software as a Service revenue increased by 5% due to continued growth in resupply service offerings and stabilising patient flow in out-of-hospital care settings.

ATO dispute

Mr Farrell also revealed that progress has been made with its long-running dispute with the Australian Tax Office.

He explained: “During the quarter we also made substantial progress toward resolving our long-running dispute with the Australian Tax Office. Although we do not have a final agreement, we have taken a reserve of US$255 million, reflecting our estimate of the net impact of a potential settlement. Our next steps are to agree on the final terms of a resolution giving us clarity for the future.”

Outlook

No guidance was given for the remainder of the year. However, management appears confident in its growth trajectory.

“Going forward, we see accelerated awareness of the importance of respiratory health, growing adoption of digital health, and an increased focus on the importance of healthcare delivered at home. We are confident in accelerated growth in patient flow, and ongoing progress toward our goal of improving 250 million lives in out-of-hospital healthcare in 2025,” concluded Mr Farrell.

The ResMed share price is up 17% over the last 12 months.

More reading

• 5 things to watch on the ASX 200 on Friday
• Could the Resmed (ASX:RMD) share price face a similar selloff to Kogan?
• 2 buy-rated ASX healthcare shares
• 2 brilliant blue chip ASX 200 shares brokers love
• The latest 3 ASX shares leading brokers are urging you to buy now

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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On Thursday the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark index rose 0.25% to 7,082.3 points.

Will the market be able to build on this on Friday? Here are five things to watch:

ASX 200 expected to fall

The Australian share market looks set to end the week on a disappointing note. According to the latest SPI futures, the ASX 200 is expected to open the day 15 points or 0.2% lower this morning. This is despite it being a positive night of trade on Wall Street, which saw the Dow Jones and S&P 500 jump 0.7%, and the Nasdaq rise 0.2%. Strong results from Facebook and Apple were behind these gains.

Oil prices storm higher

Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could finish the week on a high after oil prices rose again. According to Bloomberg, the WTI crude oil price is up 1.7% to US$64.94 a barrel and the Brent crude oil price is up 1.85% to US$68.52 a barrel. A bullish demand outlook offset concerns about rising COVID-19 cases in India.

ResMed Q3 results

The ResMed Inc. (ASX: RMD) share price will be in focus today following the release of its third quarter results. For the three months ended 31 March, ResMed reported revenue of US$768.8 million and an operating profit of US$241.8 million. This represents a 0.1% decline and 2% increase, respectively, over the prior corresponding period.

Gold price flat

Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) will be on watch after a flat night for the gold price. According to CNBC, the spot gold price is steady at US$1,774.10 an ounce. A rise in US bond yields weighed on the precious metal.

Janus Henderson Q1 update

The Janus Henderson Group CDI (ASX: JHG) share price could push higher today following the release of its first quarter update. For the three months ended 31 March, the fund manager reported an operating profit of US$192.5 million. This compares to a US$332.4 million loss in the prior corresponding period. The company’s US listed shares rose 1.5% overnight.

More reading

• ASX 200 rises, Woolworths falls, Fortescue was flat
• Why ASX 200 oil shares are eyeing US$80 per barrel Brent crude prices
• Why ASX bank shares may be facing a big sell-off in the next few weeks
• Are Woolworths (ASX:WOW) shares too expensive?
• QBE Insurance (ASX:QBE) set to face AGM shareholder revolt

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) rose by 0.25% to 7,082 points.

Here are some of the highlights from the ASX today:

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price dropped around 4% after giving its third quarter update to investors.

Woolworths reported that the total group sales was up 0.4% for the 13-week period. The Australian supermarkets division saw sales decline 0.7% to $11 billion because it’s now cycling against high levels of sales in the prior corresponding period due to COVID-19.

New Zealand supermarkets saw a decrease of sales by 10.2% to $1.67 billion. Big W sales jumped 18.3% to $1 billion. Endeavour Drinks sales rose by 6.3% to $2.39 billion. Hotels saw sales go up 11.5% to $390 million.

In terms of a trading update for April, Woolworths said that total sales were broadly flat because of prior year growth rates. Endeavour Drinks saw sales in April remain above last year, but are expected to slow when it cycles against growth of 30% over May and June. New Zealand sales were materially negative, cycling against growth of 20% over the prior year. Big W sales growth has also slowed in April because it’s cycling against growth in April 2020.

Woolworths said that the Endeavour Group demerger remains on target for late June. Key milestones during the quarter include securing financing commitments for Endeavour Group’s proposed debt facilities and finalising board and management appointments.

Woolworths was one of the worst performers in the ASX 200.

Fortescue Metals Group Limited (ASX: FMG)

Iron ore miner Fortescue revealed its FY21 third quarter today. It said that iron ore shipments of 42.3 million tonnes (mt). This was in line with the record third quarter shipments last year. Year to date shipments of 132.9mt were 2% higher than the comparable period in FY20.

Average revenue of US$143 per dry metric tonne (dmt) was up 17% compared to the previous quarter with revenue realisation at 86% of the average Platts 62% CFR Index.

The C1 cost of US$14.90 per wet metric tonne (wmt) increased 16% compared to the second quarter due to seasonally lowered volumes and the strength of the Australian dollar, with year to date C1 cost of US$13.45 per wmt.

The ASX 200 miner said that its net debt of US$1 billion at 31 March 2021 after the payment of the FY21 interim dividend of US$3.5 billion and capital expenditure of US$909 million in the quarter.

Guidance for FY21 shipments and C1 costs remained unchanged. However, the capital expenditure guidance increased to a range of US$3.5 billion to US$3.7 billion.

Fortescue also said that the commissioning of the Eliwana mine has contributed to an increase in both ore mined and processed during the quarter, despite the impact of rainfall.

Sezzle Inc (ASX: SZL)

The Sezzle share price went up more than 3% today after the buy now, pay later business announced a partnership with Market America Worldwide to partner with SHOP.COM.

Sezzle will be providing the global independent distributors, their customers and all online shoppers with the option of buy now, pay later.

For now, this deal is just about SHOP.com. But future plans include making the buy now, pay later platform available to online shoppers on Market America Worldwide’s additional e-commerce websites over time.

More reading

• Why ASX 200 oil shares are eyeing US$80 per barrel Brent crude prices
• Why ASX bank shares may be facing a big sell-off in the next few weeks
• Are Woolworths (ASX:WOW) shares too expensive?
• Woolworths (ASX:WOW) fails the pub test with Darwin Dan Murphy’s
• Why Airtasker, Ecofibre, Nuix, & Woolworths shares are sinking

Tristan Harrison owns shares of Fortescue Metals Group Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Sezzle Inc. The Motley Fool Australia owns shares of Woolworths Limited. The Motley Fool Australia has recommended Sezzle Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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If you’re looking to invest in a growth share or two, then you might want to consider the ones listed below.

Here’s why these ASX shares could be top options for growth investors looking at long term buy and hold options:

Afterpay Ltd (ASX: APT)

The first option to look at is Afterpay. This buy now pay later (BNPL) provider could be a great buy and hold option due to its extremely positive long term growth outlook.

This is thanks to its leadership position in the rapidly growing BNPL industry and its expansion into other financial products and geographies.

In respect to the latter, the company recently expanded into mainland Europe and Canada and is now looking closely at the Asian market, where tech giant Tencent is supporting it.

As for the expansion of its product offering, the company plans to launch the Afterpay Money app in the coming months. This will provide savings accounts and cash flow tools, but may not stop there. There is speculation the company could eventually offer personal loans and even mortgages.

One broker that is positive on the company is Bell Potter. It currently has a buy rating and $168.50 price target on its shares.

Xero Limited (ASX: XRO)

Another ASX growth share that could be a top buy and hold option is Xero. It was an accounting platform provider which over the last few years has evolved into a full service cloud-based business and accounting solution to small and medium sized businesses globally.

This evolution has been a huge success and underpinned very strong customer and revenue growth. 

Looking ahead, the company looks well-placed to continue its strong growth thanks to its international expansion, the shift to the cloud, and the monetisation of its app ecosystem.

It is the latter that Goldman Sachs is particularly positive on. It believes Xero could have a multi-decade runway for strong growth if management can successfully monetise its app ecosystem. 

Goldman has a buy rating and $153.00 price target on its shares.

More reading

• Novatti (ASX:NOV) share price rockets 27% on Afterpay deal
• The Sezzle (ASX:SZL) share price is rising on new partnership
• The Tyro Payments (ASX:TYR) share price has gained 30% in 12 months
• Openpay (ASX:OPY) share price slides despite positive quarterly update
• Affirm shares are surging, why is the Afterpay (ASX:APT) share price left behind?

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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It has been a difficult week for JB Hi-Fi Limited (ASX: JBH) shareholders. Mostly due to losing its illustrious CEO, Mr Richard Murray, to Premier Investments Ltd (ASX: PMV), but also the decline in the JB Hi-Fi share price.

In the last week of trading, shares in the Australian retailer have fallen over 12%. Although, industry experts are pointing towards the suspicious 10% fall that occurred prior to Murray’s departure announcement.

Something more insidious in the JB Hi-Fi share price?

Given the abnormal slip in an otherwise quiet week for the company, some eyebrows have been raised following the subsequent announcement. As such, industry expert, Paul Rickard, has called for the corporate watchdog to investigate claims of insider trading in JB Hi-Fi shares.

Rickard’s perspective is the downward move in the retailer’s share price was completely understandable. In Richard’s words:

It is a huge coup for Solomon Lew (chairman of Premier Investments) because he has just hired Australia’s best retail executive… Murray’s exit is a huge loss for JB Hi-Fi.

The events leading up to this news are what have drawn calls for action. Mr Rickard laid out circumstantial evidence, mostly pertaining to the lack of news leading up to the big event while the share price collapsed.

Additionally, volume reportedly spiked to 1,085,000 shares across the 3 days prior to the news. This is compared to an average of 436,000 shares over the preceding 10 trading sessions.

Other cases of insider trading

The ASX is no stranger to cases of insider trading. It is likely there is plenty of insider trading that goes undetected. However, over the years there have been occurrences that have been uncovered.

We covered two such cases previously. These included a director of the company now called Weebit Nano Ltd (ASX: WBT) who was sentenced for illegally manipulating the company’s share price. The other incident involved a former director of the company now known as Nova Minerals Ltd (ASX NVA).

Who stands to benefit? 

In the case of JB Hi-Fi’s share price, Rickard gives an estimation of 50 people could have had inside knowledge. This list extended from both JB and Premier Investments’ directors down to investor relations teams and lawyers. In addition to those who had to work with sensitive information, other colleagues could have been privy to the move ahead of time.

Closing out, Rickard stated:

I am not pointing the finger at any Director, family member, work colleague or individual. But the recent trading in JB Hi-Fi shares stinks, and prima-facie, “insiders” were acting. Over to ASIC to investigate.

More reading

• Top brokers name 3 ASX shares to sell today
• Is there still upside to the JB Hi-Fi (ASX:JBH) share price?
• What’s triggered the 7% Kogan (ASX:KGN) share price surge?
• Here’s why the JB Hi-Fi (ASX:JBH) share price is tumbling lower today
• Why JB Hi-Fi, Link, Ramelius, & St Barbara shares are tumbling lower

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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On Wednesday I looked at three ASX shares that brokers have given buy ratings to this week.

Unfortunately, not all shares are in favour with them right now. Three ASX shares that have just been given sell ratings by brokers are listed below. Here’s why these brokers are bearish on them:

JB Hi-Fi Limited (ASX: JBH)

According to a note out of Morgan Stanley, its analysts have retained their underperform rating and $46.00 price target on this retail giant’s shares. While JB Hi-Fi’s quarterly update was in line with expectations, it isn’t enough for a change of rating. Particularly given the recent update from Kogan.com Ltd (ASX: KGN), which noted excess inventory and increasing promotional activity. The JB Hi-Fi share price is currently fetching $46.22.

Macquarie Group Ltd (ASX: MQG)

A note out of Citi reveals that its analysts have retained their sell rating and $125.00 price target on this investment bank’s shares ahead of its full year results. According to the note, the broker is expecting a solid result from Macquarie and has lifted its dividend forecast for the full year to reflect this. However, due to one-offs boosting its result this year, it suspects that the company’s guidance for FY 2022 could be for a decline in earnings. As a result, it doesn’t see value in its shares at the current level. The Macquarie share price ended the day at $160.52.

Virtus Health Ltd (ASX: VRT)

Another note out of Morgan Stanley reveals that its analysts have retained their underweight rating and $5.05 price target on this fertility treatment company’s shares. The broker has been looking into industry data, which reveals strong growth in fresh IVF cycles so far in 2021. This bodes well for Virtus Health in the second half of FY 2021. However, it isn’t enough for a change of rating on valuation grounds. Instead, the broker sees more value in rival Monash IVF Group Ltd (ASX: MVF). The Virtus Health share price is trading at $6.04.

More reading

• Is there still upside to the JB Hi-Fi (ASX:JBH) share price?
• What is Macquarie’s (ASX:MQG) dividend outlook for 2021?
• What’s triggered the 7% Kogan (ASX:KGN) share price surge?
• Here’s why the JB Hi-Fi (ASX:JBH) share price is tumbling lower today
• Why JB Hi-Fi, Link, Ramelius, & St Barbara shares are tumbling lower

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Kogan.com ltd. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended Kogan.com ltd and Virtus Health Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Quarterly reporting season is drawing tough comparisons for ASX e-commerce shares following supercharged COVID-19 earnings in 2020. This has dragged the JB Hi-Fi Ltd (ASX: JBH) share price down 10% in the last five trading sessions.

There appears to be a diverging performance between e-commerce shares such as Redbubble Ltd (ASX: RBL) and Kogan.com Ltd (ASX: KGN) that have suffered sharp declines in recent weeks. And more traditional brick and mortar businesses such as Adairs Ltd (ASX: ADH) and Dusk Group Ltd (ASX: DSK) have soared to record territory. 

So where does JB Hi-Fi stand amidst this volatility and could this be a buying opportunity for discounted shares? 

Brokers mixed on what’s next for the JB Hi-Fi share price 

Brokers are divided as to whether or not a recent weakness in the JB Hi-Fi share price is a buying opportunity.  

On the bullish side, Credit Suisse upgraded its JB Hi-Fi share price target to $57.39 with an outperform rating. The broker was surprised by the strong March quarter results and believes the CEO transition will be smooth as could be. 

Credit Suisse believes the market is underestimating the momentum that still exists in the household goods market. Rather than seeing more volatility and downside risk ahead, the broker says that risks are now sufficiently to the upside. 

Conversely, Morgan Stanley is cautious on the business’ margins following Kogan’s update that flagged excess inventory and increased marketing costs. Despite meeting expectations, the broker was underweight on JB Hi-Fi shares with a $46 target price. 

Macquarie meets the bulls and bears in the middle with a neutral rating with a $50.40 target price. The broker observes strong momentum within home electronics but suspects a slowdown might take shape as consumer behaviour normalises. The broker expects flat like-for-like sales growth in the second half as the company cycles the peak panic buying from mid-March. 

Foolish Takeaway

It’s a tough call on the JB Hi-Fi share price as the business cycles through sky-high sales from last year. The market is clearly aware that a slowdown in sales is approaching in the near term. The million-dollar question is whether or not today’s prices reflect the slow-down, or is there more pain for the JB Hi-Fi share price in the coming months? 

More reading

• ASX 200 rises, Kogan jumps, gold miners sold off
• Downer (ASX:DOW) share price may only be at start of a capital return cycle
• What’s triggered the 7% Kogan (ASX:KGN) share price surge?
• Here’s why the JB Hi-Fi (ASX:JBH) share price is tumbling lower today
• Why JB Hi-Fi, Link, Ramelius, & St Barbara shares are tumbling lower

Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Kogan.com ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends ADAIRS FPO. The Motley Fool Australia has recommended ADAIRS FPO and Kogan.com ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Cann Group Ltd (ASX: CAN) share price is holding its ground today despite announcing a product recall from one of its customers.

During late afternoon trade, the cannabis company’s shares are fetching for 48.5 cents, up 1%. At one point, Cann shares reached an intraday high of 51 cents, before heading lower.

What happened?

Investors appear unfazed by the company’s latest announcement, keeping Cann shares in the green today.

Cann advised that one of its customers has commenced a class III recall for its 50ml medicinal cannabis oil products.

According to the Australian Therapeutic Goods Administration, a class III product recall is defined as follows:

Class III – Lowest risk – recall action occurs when the use of, or exposure to, the deficient therapeutic good(s) is not likely to cause adverse health consequences and they are therefore not safety-related.

Cann stated that 250 units of the recalled products were recently released to the Australian market. It noted that 11 units have been given to patients, with the remaining units being held by the customer’s distributor.

The products were manufactured and released by an approved third-party GMP licenced manufacturer, using ingredients from another third-party. Cann explained that the recall follows a similar batch of the product in which was notified by the manufacturer.

The sponsor of the product in Australia (the customer’s distributor) is currently in discussions with the TGA to coordinate the recall. Cann said that it’s working with the affected supply chain, and the customer to identify the cause of the issue.

About the Cann share price

Over the last 12 months, the Cann share price has almost halved in value, dragging down shareholder gains. Year-to-date has fared no better with the company’s shares down close to 20%.

On valuation grounds, Cann presides a market capitalisation of around $134 million, with roughly 277.8 million shares outstanding.

More reading

• Here’s why ASX cannabis shares are lighting up today

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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