Noble Financial Analysts

Director of Research

Michael Kupinski – Director of Research; Senior Research Analyst, Media and Entertainment
mkupinski@noblefinancialgroup.com

Michael Kupinski joined Noble Financial in 2007 as director of research and Media & Entertainment senior research analyst. Before joining the company, he was the vice president and Media & Entertainment analyst for A.G. Edwards for twenty-three years. He is a member of the National Cable Television Society Foundation and the National Association of Broadcasters. He was a columnist for the Pulse of Radio, a broadcast radio trade publication, and a trustee of the National Television Academy. The Wall Street Journal selected Mr. Kupinski as a “Best on the Street” All-Star Analyst in 1996, 1997, 1999, 2001, 2003, and in 2004 for his stock picking skills. Mr. Kupinski is widely quoted in national publications such as USA Today, The Wall Street Journal, and The New York Times, and is a frequent guest on cable news networks CNBC, CNN, and Bloomberg TV.

Biotechnology

Raghuram Selvaraju, Ph.D. – Senior Research Analyst, Biotechnology
rselvaraju@noblefinancialgroup.com

Raghuram “Ram” Selvaraju is Noble’s senior Biotechnology analyst with ten years’ experience in the Biotechnology and Pharmaceutical industries. He started his career in 2000 at the Serono Pharmaceutical Research Institute in Geneva, Switzerland – the applied research arm of Serono, then Europe’s largest biopharmaceutical firm – first as a technician, and then as a pharmaceutical researcher. He began his sell-side research analyst career at Rodman & Renshaw in 2005 and, most recently, was senior vice president, head of Healthcare Equity research at Hapoalim Securities, covering biotechnology, specialty pharmaceuticals, molecular analytics, and diagnostics. Dr. Selvaraju is widely quoted in national publications such as Barron’s and The Wall Street Journal, as well as healthcare industry publications such as The Pink Sheet, BioWorld Today, and BioCentury, and has also been a frequent guest on Bloomberg TV. He holds a Bachelor of Science in Biological Sciences and Technical Writing from Carnegie Mellon University, a Doctorate in Cell Biology and Neuroscience from the University of Geneva and an M.B.A. from Cornell University’s accelerated one-year program for scientists and engineers. Dr. Selvaraju has also published articles in leading peer-reviewed journals, presented research at various scientific conferences, and is a co-inventor on several drug development patents.

Nathan Cali – Research Analyst – Biotechnology and Specialty Pharmaceuticals
ncali@noblefinancialgroup.com

Nathan Cali joined Noble in 2008 as a research associate for Dr. Brian McCarthy. Prior to joining Noble, Mr. Cali was an account analyst/manager at Franklin Templeton and an analyst at the residential real estate development firm, Integrity Development. Previously, he was a manager on the legal team dealing in finance, taxation, patents, and business development for the biotechnology firm, Andrx, which was purchased by Watson Pharmaceuticals in 2006. Mr. Cali holds a B.S. in Finance from The Florida State University and an M.B.A. in Finance from Nova Southeastern University. Nathan also currently holds series 7, 86, and 87 FINRA designations.

Business Services and Software

Vincent A. Colicchio, CFA – Senior Research Analyst
vcolicchio@noblefinaancialgroup.com

Mr. Colicchio brings to Noble Financial fifteen years of experience in equity research, both as a sell-side analyst and as a buy-side analyst/portfolio manager. Prior to joining Noble in 2006, he was Sterling Financial’s senior research analyst covering business services companies. From January 2002 to December 2003, Mr. Colicchio worked as an analyst and portfolio manager at U.S. Global Investors, an asset management firm providing specialized mutual funds. During his tenure at U.S. Global Investors, Mr. Colicchio co-managed a large capitalization equity fund and a China region equity fund, both of which outperformed the respective peer groups. At Southwest Securities, a regional firm based in Dallas, Texas, from 1997 to 2001, he was the senior research analyst covering business services. He has an M.B.A. from New York University’s Stern School of Business, a B.A. in Economics from Rutgers University, and holds the Chartered Financial Analyst designation.

Cleantech Energy

Matthew Crews – Research Analyst
mcrews@noblefinancialgroup.com

Matthew Crews is a research analyst following the Cleantech sector with a focus on Advanced Batteries and Energy Storage Systems. Prior to joining Noble Financial in 2008, he was an associate analyst at A.G. Edwards in the Defense and Communication industries. Mr. Crews received his B.A. from Hendrix College and has completed all three Chartered Financial Analyst examinations and is charter pending work experience.

Defense / Communications / Technology

Mark Jordan, CFA – Senior Research Analyst
mjordan@noblefinancialgroup.com

Mark C. Jordan, CFA joined Noble Financial Group as a senior research analyst following the Electronics, Communications Hardware, and Defense industries. With over thirty years of investment analysis experience, he has received four annual “Best of the Street” stock selection designations in the Wall Street Journal and recognition by Forbes/StarMine as a Top Analyst and holds a Chartered Financial Analyst designation.

Enterprise Hardware

Mark Miller – Senior Research Analyst
mmiller@noblefinancialgroup.com

Mark Miller joined Noble as its senior research analyst in the Technology sector covering Enterprise Hardware. With more than thirty years experience, he offers a unique industry perspective with past positions at 3M, NASA, Seagate, Control Data, and Read-Rite Corp. In addition, Mr. Miller is an accomplished analyst, recognized by Forbes/StarMine as an All-Star Analyst for the accuracy of his earnings estimations in 2006, and by the Wall Street Journal’s “Best on the Street” in 2005 and 2006. His coverage areas include data storage, semiconductor equipment, lasers, photonics, and test equipment. Mr. Miller has received his Bachelor in Physics from Johns Hopkins University, was a graduate instructor at Johns Hopkins University, holds an M.S., and was a Ph.D. Candidate in Physics at the University of Maryland. Mr. Miller also earned an M.B.A. in Finance & Marketing from the University of Minnesota, Carlson School of Management.

Enterprise and Infrastructure Software

Gary Spivak – Senior Research Analyst

gspivak@noblefinancialgroup.com

Gary Spivak joined Noble Financial in April 2010 as a senior research analyst in the Technology sector covering Enterprise Software. Prior to joining Wall Street, Gary had extensive industry experience in the IT department at MetLife as a computer programmer and project manager where he evaluated, installed, and supported a number of software products used in the IT Operations Centers. As a sell-side analyst, Gary has covered the Enterprise Software sector for over twelve years, having started his Wall Street career at SoundView Technology Group, a technology-focused boutique investment bank and broker/dealer. He joined Kaufman Bros. in 2003 as a vice president covering the software sector. Mr. Spivak was recruited in 2004 to be the first software analyst at Stanford Group and was promoted to be the director of equity research in 2005. Gary holds the Series 7, 24, 63, 86, and 87 licenses. He has an M.B.A. from Columbia University and a Bachelor’s degree from Binghamton University.

Francisco Penafiel - Supervisory Research Analyst
fpenafiel@noblefinancialgroup.com

Francisco Penafiel joined Noble Financial in 2002 after earning his Master of Science in Economics, with concentrations in Finance and International Economics from Florida Atlantic University. He obtained his undergraduate degree from Escuela Superior Politécnica in Ecuador, where he double-majored in Statistics and Computing Science. At Noble, Francisco is responsible for the Research Department’s computer modeling analysis and statistical review, as well as report issuance and compliance. He is also a member of the Company’s Investment Policy Committee. Although Mr. Penafiel is a generalist in his capacity of research analyst, he is gaining specialization in the communications and retail industries. Francisco holds various NASD licenses and is a candidate in the CFA program.

Healthcare Services

Michael Petusky, CFA - Senior Research Analyst
mpetusky@noblefinancialgroup.com

Michael Petusky is Noble Financial's senior research analyst covering the Healthcare Services sector. Prior to joining the company, Michael covered healthcare stocks for Thompson Davis & Co. (2002-2007), Branch Cabell, and its successor firms (1995-2002). His areas of professional interest include disease management, pharmacy, surgery centers, and rehabilitation. Michael has been quoted in national publications such as Business Week, Investor’s Business Daily, Smart Money Magazine, and The Washington Post. In 2010, he received a StarMine analyst award for his stock picking ability among analysts covering Healthcare Services. Michael has a B.B.A. (Finance-concentration) from University of Richmond and also holds a Chartered Financial Analyst designation.

Media and Entertainment

Michael Kupinski – Director of Research; Senior Research Analyst, Media and Entertainment
mkupinski@noblefinancialgroup.com

Siarhei Kiklevich – Associate Analyst
skiklevich@noblefinancialgroup.com

Siarhei Kiklevich is an associate analyst covering the Media & Entertainment industries. Mr. Kiklevich attended LCC International University in Klaipeda, Lithuania and received his Bachelor of Business Administration from Florida Atlantic University. He previously was a Corporate Finance Associate at Finasta Investment Bank in Lithuania. Mr. Kiklevich currently holds Series 7, 86, and 87 FINRA designations.

Medical Devices and Technology

Jan D. Wald, Ph.D. – Senior Research Analyst
jwald@noblefinancialgroup.com

Joining Noble Financial in 2009, Jan Wald brings more than eighteen years of progressively senior experience in the healthcare field, including senior analyst positions at Stanford Group, George K. Baum, and as Healthcare Group Leader at A.G. Edwards. Prior to becoming an analyst, he spent over seven years at Guidant, Inc. where he held management and staff positions in its Clinical and Research & Development Departments and was responsible for tachyarrhythmia clinical submissions, as well as implantable defibrillator design and development. Prior to that, Dr. Wald held management and research scientist positions at Honeywell, Inc., focused on image recognition and robotic applications. He received his M.B.A. from the University of St. Thomas, his Ph.D. from Brandeis University, and his B.A. from Northeastern University. He was also a Post-Doctoral Fellow at the University of Minnesota’s Center for Research Human Learning and has taught at Middlebury College, Brandeis University, and The University of St. Thomas.

Erica Layon – Research Analyst
eselin@noblefinancialgroup.com

Erica Layon (formerly Erica Selin) is a research analyst covering the Medical Devices/Technology industry with Dr. Jan Wald. Prior to joining Noble Financial, she was an associate analyst with Dr. Wald at both Stanford Financial and A.G. Edwards in the Medical Technology industry. Previously, Mrs. Layon held a number of positions at Susquehanna Financial, starting her career as a floor-based options market maker in San Francisco, moving to the equity sales desk in Boston, and then found her niche as an associate analyst in equity research covering Medical Devices. Mrs. Layon graduated from MIT with a degree in Economics and spent a year dissecting a cadaver in high school.

Xiaoye "Charlie" Wang – Research Analyst
cwang@noblefinancialgroup.com

Charlie Wang is an associate analyst covering the Medical Technology industry. Prior to joining Noble Financial, he was an associate analyst at A.G. Edwards and Rodman & Renshaw. Charlie also worked at Scientia Advisors, a consulting company focusing on life science, where he advised a Fortune 50 company on strategic opportunities with healthcare companies in China. Previously, he was a research fellow at Massachusetts General Hospital and has published several scientific papers. Charlie has a B.S. in Genetics, a graduate degree in Biochemistry, and an M.B.A. in Finance from Cornell University.

Semiconductor / Technology

Suji De Silva, CFA - Senior Research Analyst
sdesilva@noblefinancialgroup.com

Suji De Silva joined Noble Financial as its senior semiconductor research analyst in May 2010. Mr. De Silva has over ten years of industry experience, including sell-side experience with such firms as Credit Suisse, where he was vice president of semiconductor equity research, Fulcrum, and, most recently, Kaufman Brothers. Prior to Credit Suisse, he worked as both a valuation consultant at Stern Stewart & Co. and as a systems integration consultant at Accenture. His accreditations include being ranked by StarMine among the top Semiconductor analysts. Mr. De Silva has a Bachelor of Science in Computer Science/Engineering from Cornell University and an M.B.A. in Finance from Columbia Business School.

Updated July 6, 2010. These analyst profiles are for informative purposes only. Under no circumstances are they to be construed as an offer to sell or a solicitation to buy any security.


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RESEARCH MAIN
Director of Research Michael Kupinski – Director of Research; Senior Research Analyst, Media and Entertainment mkupinski@noblefinancialgroup.com Michael Kupinski joined Noble Financial in 2007 as director of research and Media & Entertainment senior research analyst. Before joining the company, he was the vice president and Media & Entertainment analyst for A.G. Edwards for twenty-three years. He is a member of the National Cable Television Society Foundation and the National Association of Broadcasters. He was a columnist for the Pulse of Radio, a broadcast radio trade publication, and a trustee of the National Television Academy. The Wall Street Journal selected Mr. Kupinski as a “Best on the Street” All-Star Analyst in 1996, 1997, 1999, 2001, 2003, and in 2004 for his stock picking skills. Mr. Kupinski is widely quoted in national publications such as USA Today, The Wall Street Journal, and The New York Times, and is a frequent guest on cable news networks CNBC, CNN, and Bloomberg TV. Biotechnology Raghuram Selvaraju, Ph.D. – Senior Research Analyst, Biotechnology rselvaraju@noblefinancialgroup.com Raghuram “Ram” Selvaraju is Noble’s senior Biotechnology analyst with ten years’ experience in the Biotechnology and Pharmaceutical industries. He started his career in 2000 at the Serono Pharmaceutical Research Institute in Geneva, Switzerland – the applied research arm of Serono, then Europe’s largest biopharmaceutical firm – first as a technician, and then as a pharmaceutical researcher. He began his sell-side research analyst career at Rodman & Renshaw in 2005 and, most recently, was senior vice president, head of Healthcare Equity research at Hapoalim Securities, covering biotechnology, specialty pharmaceuticals, molecular analytics, and diagnostics. Dr. Selvaraju is widely quoted in national publications such as Barron’s and The Wall Street Journal, as well as healthcare industry publications such as The Pink Sheet, BioWorld Today, and BioCentury, and has also been a frequent guest on Bloomberg TV. He holds a Bachelor of Science in Biological Sciences and Technical Writing from Carnegie Mellon University, a Doctorate in Cell Biology and Neuroscience from the University of Geneva and an M.B.A. from Cornell University’s accelerated one-year program for scientists and engineers. Dr. Selvaraju has also published articles in leading peer-reviewed journals, presented research at various scientific conferences, and is a co-inventor on several drug development patents. Nathan Cali – Research Analyst – Biotechnology and Specialty Pharmaceuticals ncali@noblefinancialgroup.com Nathan Cali joined Noble in 2008 as a research associate for Dr. Brian McCarthy. Prior to joining Noble, Mr. Cali was an account analyst/manager at Franklin Templeton and an analyst at the residential real estate development firm, Integrity Development. Previously, he was a manager on the legal team dealing in finance, taxation, patents, and business development for the biotechnology firm, Andrx, which was purchased by Watson Pharmaceuticals in 2006. Mr. Cali holds a B.S. in Finance from The Florida State University and an M.B.A. in Finance from Nova Southeastern University. Nathan also currently holds series 7, 86, and 87 FINRA designations. Business Services and Software Vincent A. Colicchio, CFA – Senior Research Analyst vcolicchio@noblefinaancialgroup.com Mr. Colicchio brings to Noble Financial fifteen years of experience in equity research, both as a sell-side analyst and as a buy-side analyst/portfolio manager. Prior to joining Noble in 2006, he was Sterling Financial’s senior research analyst covering business services companies. From January 2002 to December 2003, Mr. Colicchio worked as an analyst and portfolio manager at U.S. Global Investors, an asset management firm providing specialized mutual funds. During his tenure at U.S. Global Investors, Mr. Colicchio co-managed a large capitalization equity fund and a China region equity fund, both of which outperformed the respective peer groups. At Southwest Securities, a regional firm based in Dallas, Texas, from 1997 to 2001, he was the senior research analyst covering business services. He has an M.B.A. from New York University’s Stern School of Business, a B.A. in Economics from Rutgers University, and holds the Chartered Financial Analyst designation. Cleantech Energy Matthew Crews – Research Analyst mcrews@noblefinancialgroup.com Matthew Crews is a research analyst following the Cleantech sector with a focus on Advanced Batteries and Energy Storage Systems. Prior to joining Noble Financial in 2008, he was an associate analyst at A.G. Edwards in the Defense and Communication industries. Mr. Crews received his B.A. from Hendrix College and has completed all three Chartered Financial Analyst examinations and is charter pending work experience. Defense / Communications / Technology Mark Jordan, CFA – Senior Research Analyst mjordan@noblefinancialgroup.com Mark C. Jordan, CFA joined Noble Financial Group as a senior research analyst following the Electronics, Communications Hardware, and Defense industries. With over thirty years of investment analysis experience, he has received four annual “Best of the Street” stock selection designations in the Wall Street Journal and recognition by Forbes/StarMine as a Top Analyst and holds a Chartered Financial Analyst designation. Enterprise Hardware Mark Miller – Senior Research Analyst mmiller@noblefinancialgroup.com Mark Miller joined Noble as its senior research analyst in the Technology sector covering Enterprise Hardware. With more than thirty years experience, he offers a unique industry perspective with past positions at 3M, NASA, Seagate, Control Data, and Read-Rite Corp. In addition, Mr. Miller is an accomplished analyst, recognized by Forbes/StarMine as an All-Star Analyst for the accuracy of his earnings estimations in 2006, and by the Wall Street Journal’s “Best on the Street” in 2005 and 2006. His coverage areas include data storage, semiconductor equipment, lasers, photonics, and test equipment. Mr. Miller has received his Bachelor in Physics from Johns Hopkins University, was a graduate instructor at Johns Hopkins University, holds an M.S., and was a Ph.D. Candidate in Physics at the University of Maryland. Mr. Miller also earned an M.B.A. in Finance & Marketing from the University of Minnesota, Carlson School of Management. Enterprise and Infrastructure Software Gary Spivak – Senior Research Analyst gspivak@noblefinancialgroup.com Gary Spivak joined Noble Financial in April 2010 as a senior research analyst in the Technology sector covering Enterprise Software. Prior to joining Wall Street, Gary had extensive industry experience in the IT department at MetLife as a computer programmer and project manager where he evaluated, installed, and supported a number of software products used in the IT Operations Centers. As a sell-side analyst, Gary has covered the Enterprise Software sector for over twelve years, having started his Wall Street career at SoundView Technology Group, a technology-focused boutique investment bank and broker/dealer. He joined Kaufman Bros. in 2003 as a vice president covering the software sector. Mr. Spivak was recruited in 2004 to be the first software analyst at Stanford Group and was promoted to be the director of equity research in 2005. Gary holds the Series 7, 24, 63, 86, and 87 licenses. He has an M.B.A. from Columbia University and a Bachelor’s degree from Binghamton University. Francisco Penafiel - Supervisory Research Analyst fpenafiel@noblefinancialgroup.com Francisco Penafiel joined Noble Financial in 2002 after earning his Master of Science in Economics, with concentrations in Finance and International Economics from Florida Atlantic University. He obtained his undergraduate degree from Escuela Superior Politécnica in Ecuador, where he double-majored in Statistics and Computing Science. At Noble, Francisco is responsible for the Research Department’s computer modeling analysis and statistical review, as well as report issuance and compliance. He is also a member of the Company’s Investment Policy Committee. Although Mr. Penafiel is a generalist in his capacity of research analyst, he is gaining specialization in the communications and retail industries. Francisco holds various NASD licenses and is a candidate in the CFA program. Healthcare Services Michael Petusky, CFA - Senior Research Analyst mpetusky@noblefinancialgroup.com Michael Petusky is Noble Financial's senior research analyst covering the Healthcare Services sector. Prior to joining the company, Michael covered healthcare stocks for Thompson Davis & Co. (2002-2007), Branch Cabell, and its successor firms (1995-2002). His areas of professional interest include disease management, pharmacy, surgery centers, and rehabilitation. Michael has been quoted in national publications such as Business Week, Investor’s Business Daily, Smart Money Magazine, and The Washington Post. In 2010, he received a StarMine analyst award for his stock picking ability among analysts covering Healthcare Services. Michael has a B.B.A. (Finance-concentration) from University of Richmond and also holds a Chartered Financial Analyst designation. Media and Entertainment Michael Kupinski – Director of Research; Senior Research Analyst, Media and Entertainment mkupinski@noblefinancialgroup.com Siarhei Kiklevich – Associate Analyst skiklevich@noblefinancialgroup.com Siarhei Kiklevich is an associate analyst covering the Media & Entertainment industries. Mr. Kiklevich attended LCC International University in Klaipeda, Lithuania and received his Bachelor of Business Administration from Florida Atlantic University. He previously was a Corporate Finance Associate at Finasta Investment Bank in Lithuania. Mr. Kiklevich currently holds Series 7, 86, and 87 FINRA designations. Medical Devices and Technology Jan D. Wald, Ph.D. – Senior Research Analyst jwald@noblefinancialgroup.com Joining Noble Financial in 2009, Jan Wald brings more than eighteen years of progressively senior experience in the healthcare field, including senior analyst positions at Stanford Group, George K. Baum, and as Healthcare Group Leader at A.G. Edwards. Prior to becoming an analyst, he spent over seven years at Guidant, Inc. where he held management and staff positions in its Clinical and Research & Development Departments and was responsible for tachyarrhythmia clinical submissions, as well as implantable defibrillator design and development. Prior to that, Dr. Wald held management and research scientist positions at Honeywell, Inc., focused on image recognition and robotic applications. He received his M.B.A. from the University of St. Thomas, his Ph.D. from Brandeis University, and his B.A. from Northeastern University. He was also a Post-Doctoral Fellow at the University of Minnesota’s Center for Research Human Learning and has taught at Middlebury College, Brandeis University, and The University of St. Thomas. Erica Layon – Research Analyst eselin@noblefinancialgroup.com Erica Layon (formerly Erica Selin) is a research analyst covering the Medical Devices/Technology industry with Dr. Jan Wald. Prior to joining Noble Financial, she was an associate analyst with Dr. Wald at both Stanford Financial and A.G. Edwards in the Medical Technology industry. Previously, Mrs. Layon held a number of positions at Susquehanna Financial, starting her career as a floor-based options market maker in San Francisco, moving to the equity sales desk in Boston, and then found her niche as an associate analyst in equity research covering Medical Devices. Mrs. Layon graduated from MIT with a degree in Economics and spent a year dissecting a cadaver in high school. Xiaoye "Charlie" Wang – Research Analyst cwang@noblefinancialgroup.com Charlie Wang is an associate analyst covering the Medical Technology industry. Prior to joining Noble Financial, he was an associate analyst at A.G. Edwards and Rodman & Renshaw. Charlie also worked at Scientia Advisors, a consulting company focusing on life science, where he advised a Fortune 50 company on strategic opportunities with healthcare companies in China. Previously, he was a research fellow at Massachusetts General Hospital and has published several scientific papers. Charlie has a B.S. in Genetics, a graduate degree in Biochemistry, and an M.B.A. in Finance from Cornell University. Semiconductor / Technology Suji De Silva, CFA - Senior Research Analyst sdesilva@noblefinancialgroup.com Suji De Silva joined Noble Financial as its senior semiconductor research analyst in May 2010. Mr. De Silva has over ten years of industry experience, including sell-side experience with such firms as Credit Suisse, where he was vice president of semiconductor equity research, Fulcrum, and, most recently, Kaufman Brothers. Prior to Credit Suisse, he worked as both a valuation consultant at Stern Stewart & Co. and as a systems integration consultant at Accenture. His accreditations include being ranked by StarMine among the top Semiconductor analysts. Mr. De Silva has a Bachelor of Science in Computer Science/Engineering from Cornell University and an M.B.A. in Finance from Columbia Business School. Updated July 6, 2010. These analyst profiles are for informative purposes only. Under no circumstances are they to be construed as an offer to sell or a solicitation to buy any security.



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