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October 21, 2008 Stock Pick: ENGlobal Corporation (ENG)

Stock Price: $7.48

ENGlobal provides engineering, construction, automation, land and regulatory services principally to the energy sector throughout the United States and internationally. ENGlobal has been named one of the fastest growing engineering firms in the United States and Canada by ZweigWhite in each of the last five years.

ENG has grown revenue the last three quarters from $95.1 million to $98.1 million to $136 million. Net income has grown over the same period from $1.42 million to $4.00 million to $6.70 million.

ENG is undervalued at this time trading at a market cap of only around $204 million. ENG should correct to the upside after being oversold.

ENG's float is 8% float, we expect short covering to add fuel to a bounce as the energy sector rebounds.

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