In today's edition, Isaac and Brendan discuss European industrial giant Siemens, which kicked off the first quarter with mediocre earnings results. The company noted another write-down, this time primarily due to wind turbine grid connection delays. The 200-million-euro charge hit Siemens' profits and share price, but overall Siemens' order backlog is robust and will continue to grow. Perhaps this is a stock that could be significantly undervalued when the shadow hanging over Europe disappears.