IG, COF), 8 Tech (AAPL, IBM, HPO, CSCO, MU, QCOM, INTC, ORCL), 2 Airlines (AAL, DAL), 2 Telecom (VZ, T), 2 Autos (GM, F), 1 Health Care (GILD), and 1 Energy (VLO). The aggregate PE on 2015 EPS of these 25 stocks is 12 vs. 20x for the S&P excluding them. We see value at Telecom, but return it to EW from