NEW POSITIONS We initiated a new position in internet postage solutions company Stamps.com, Inc. Stamps.com (STMP) is in the early stages of providing an internet driven postage solution to ecommerce companies to make mailing operations more efficient and cost effective. At the company's current penetration rate of 1.5% of USPS postage revenues, Stamps. com has a major opportunity to increase its market share. We believe the higher barriers to entry in this business will enable Stamps.com to fend off competition and grow its market share.
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