• Look at the two most recent quarterly earnings reports and 10-Q filings to see whether anything has changed recently. Look for signs that business is getting better—or worse—as well as for anything major that has changed since the last 10-K. If it’s still available, listen to the most recent quarterly conference call. (Companies often archive these on their Web sites for some time after the quarter is over.) Does management get defensive or evasive when analysts ask tough questions, or does it respond with straightforward answers?
