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Last Update: 12-31-1969

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  • M&A Deals Helping Stock Market Valuations

    U.S. market indexes were higher Monday. For the day the Dow Jones Industrial Average closed at 18,223.03 for a gain of 77.32 points or 0.43%. The Standard & Poor's 500 closed at 2,151.33 for a gain of 10.17 points or 0.47%. The Nasdaq Composite closed at 5,309.83 for a gain of 52.42 points or 1.00%. The VIX Volatility Index was lower for the day at 12.99 for a loss of 0.35 points or 2.62%.

    In the Dow Jones Industrial Average, the following stocks led gains:


  • Even Buffett Can't Beat an ETF and Other Nonsense

    WSJ columnist Jason Zweig is a common target for my rebuttals. Ironically mostly because his writing is so amazing I religiously read his pieces. In the "The Incredible Shrinking Fund Manager"s he argues the Alpha delivered by star managers can be explained by them leaning on factors that have been identified to do better by academics. This culminates in the bottom line:


  • Stars Aligning for JPMorgan?

    As Wells Fargo (NYSE:WFC) continues to pick up the pieces after the debacle, JPMorgan’s (NYSE:JPM) Jamie Dimon was recently putting on his best Warren Buffett (Trades, Portfolio) impersonation at the Economic Club for a possible open position on the Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) portfolio. Yes, this interview and Buffett’s subsequent praise has been covered elsewhere, but companies aligning with Buffett’s operating philosophies have at times done so for the very reason of trying to get a spot on the team.


  • Park Electrochemical Corp (pke) Boaard Chairman and CEO Brian E Shore Bought $110,325 of Shares

  • First Eagle Investments Comments on Sanofi

    Sanofi (NYSE:SNY) is a French pharmaceutical company that experienced softness in its diabetes business in the United States. The company’s US patent for Lantus, its primary insulin drug, expired in 2015, and competition from less expensive biosimilars weighted on Sano-fi’s share price. At the same time, Sanofi’s vaccines business and the specialty care areas its acquired in the purchase of Genzyme did well during the quarter.

    From First Eagle Global Value Fund third-quarter 2016 commentary.


  • First Eagle Investments Comments on SMC Corp

    SMC Corporation (TSE:6273), a Japanese firm that is a leader in pneumatic controls for industrial automation, also added to returns. Sentiment on SMC had taken a particularly negative turn after Brexit, but the stock bounced back as concerns about the business cycle eased.

    From First Eagle Global Value Fund third-quarter 2016 commentary.


  • First Eagle Investments Comments on Microsoft Corp

    Microsoft Corporation (NASDAQ:MSFT) did well in the quarter, based on continued momentum for its cloud-distributed software business and its Office products, as well as promising signs for its customer relationship management business. Microsoft’s management has main­tained control over operating expenses while at the same time making sizable investments in many areas, such as cloud software, machine learning and artificial intelligence.

    From First Eagle Global Value Fund third-quarter 2016 commentary.


  • First Eagle Investments Comments on Linear Technology

    Linear Technology (NASDAQ:LLTC) is a California-based analog semiconductor company that has long product life cycles and high margins. The company is being acquired by Analog Devices at what we consider a full and fair price.

    From First Eagle Global Value Fund third-quarter 2016 commentary.


  • First Eagle Investments Comments on HeidelbergCement

    Leading contributors for the quarter represented a range of industries and included HeidelbergCement, Linear Technology, Micro­soft Corporation, SMC Corporation and Teradata Corporation. HeidelbergCement (BOM:500292) released results in July that showed a sound cyclical improvement in its fundamental profitability. The company’s operations in North America, Scandinavia, the Netherlands and Germany continued to perform well, but there was softness in its Canadian oil sands business and in parts of Asia. Overall, though, the company displayed admirable cost discipline. HeidelbergCement is among the world’s largest holders of aggregates, but this component of its business, buried inside a cement company, has not been awarded the kind of higher valuation that the market confers on stand-alone aggregates companies. This now appears to be changing.

    From First Eagle Global Value Fund third-quarter 2016 commentary.


  • First Eagle Investments Comments on EnQuest

    EnQuest (LSE:ENQ), a UK company that extracts hydrocarbons in the North Sea, was a very strong name for the portfolio for the year but declined in the quarter. Weakness in the bonds reflected concerns about funding for a large project that is expected to commence production in 2017. We believe that EnQuest is able to fully fund the final development of this project, which is expected to signifi-cantly reduce its cash cost per barrel.

    From First Eagle High Yield Fund third-quarter 2016 commentary.


  • First Eagle Investments Comments on Rex Energy Corp

    Rex Energy Corporation (NASDAQ:REXX), an oil and gas exploration company with properties concentrated in the Marcellus and Utica shale regions, also benefited from the rally in natural gas. Rex holds leases on good acreage, and it needed to begin production in order to maintain the leaseholds. Seeking to obtain liquidity from alternative sources of capital, it formed joint ventures with certain non-traditional credit investors willing to co-invest and pay a significant portion of the development costs. Rex also engaged in a debt swap that took out a significant portion of its debt and replaced it with an issue paying little cash interest. We believe this gives the company greater flexibility to manage liquidity.

    From First Eagle High Yield Fund third-quarter 2016 commentary.


  • Keeley Asset Management Comments on Superior Energy Services

    Superior Energy Services, Inc. (NYSE:SPN) was down a little over 3% for the quarter, but due to the Fund’s average weight in the stock, it ended up detracting 15 basis points in performance. The company continues to struggle with lower activity in oil field services despite the rally in crude oil prices.

    From Keeley Mid-Cap Dividend Value Fund third-quarter 2016 commentary.


  • Keeley Asset Management Comments on System Services

    Of the Fund’s Technology holdings this quarter, only one had negative performance. Total System Services, Inc. (NYSE:TSS), which provides services to credit card issuers, was down over 10% and cost the Fund 20 basis points in performance. With growth slowing as the company anniversaries some large new business conversions and worries about the impact of new Consumer Financial Protection Bureau rules regarding prepaid debit cards, investors did not see much reason to step up and buy this stock despite a good second-quarter earnings report.

    From Keeley Mid-Cap Dividend Value Fund third-quarter 2016 commentary.


  • Keeley Asset Management Comments on NRG Energy Inc.

    Utility company NRG Energy, Inc. (NYSE:NRG) was the Fund’s leading detractor this quarter, dropping more than 25% and costing the Fund 38 basis points in performance. Weaker than expected power pricing and debt concerns at one of the company’s operating subsidiaries caused investors to worry about long-term earnings potential.

    From Keeley Mid-Cap Dividend Value Fund third-quarter 2016 commentary.


  • Keeley Asset Management Comments on Linear Technology Corp

    Linear Technology Corporation (NASDAQ:LLTC) also had a strong lift in late July following the announcement that Analog Devices would be acquiring the company. For the quarter, the stock gained 27% and contributed 32 basis points to the Fund’s performance. We elected to sell the position after it exceeded our price target.

    From Keeley Mid-Cap Dividend Value Fund third-quarter 2016 commentary.


  • Keeley Asset Management Comments on Lincoln National Corp

    Lincoln National Corporation (NYSE:LNC) was also a top performer this quarter, returning nearly 22% and contributing 32 basis points to the Fund’s performance. The company reported second quarter earnings that were in-line with expectations. More importantly, some issues that management claimed were transient that hurt first quarter results did not recur. In addition, the company bought back a significant amount of stock and showed good progress on the issues that led to last quarter’s disappointing results.

    From Keeley Mid-Cap Dividend Value Fund third-quarter 2016 commentary.


  • Keeley Asset Management Comments on Foot Locker Inc.

    For the third quarter, Foot Locker, Inc. (NYSE:FL) was the Fund’s leading performer, returning over 24% and contributing 36 basis points in performance. The company reported a strong second quarter, with both earnings per share and same-store sales beating consensus estimates. This came after a slight same-store sales growth disappointment in the first quarter and seemed to reverse what had been deteriorating sentiment about Foot Locker. In our view, this is a positive change from the first quarter, when same-store sales growth fell short, prompting a selloff. Foot Locker also bought back over 3 million shares, taking advantage of its relatively low share price. The company also benefited from a number of recent basketball shoe launches (Air Jordan, Stephen Curry, Kevin Durant, LeBron James models).

    From Keeley Mid-Cap Dividend Value Fund third-quarter 2016 commentary.


  • Bill Gates' Largest Investments of the Year

    Bill Gates (Trades, Portfolio) is one of the smartest businessmen in the world. He founded Microsoft (MSFT) and grew it to the world's largest software maker and monopolized the PC world. Gates was the world's richest man for 15 consecutive years. The following are the best performers of his most recent investments.

    Caterpillar Inc. (CAT) with a market cap of $50.61 billion has gained 31.6% year to date. The guru's stake represents 1.93% of the company's outstanding shares and 5.08% of his total assets.


  • Under Armour's Future Growth Looks Promising

    Although Under Armour (NYSE:UA) is a rapidly growing company, it is still far away from the likes of Nike (NYSE:NKE) and can’t be compared to it due to the wide difference in size. However, unlike Nike, Under Armour is growing at a healthy clip.

    Over the last few years, the athletic apparel industry has been growing exponentially on the back of increasing fitness awareness. The products offered by Under Armour have become an alternative for consumers that industry forerunner Nike has had for many years.


  • Here's Why Disney Is a Long-Term Winner

    Disney (NYSE:DIS) has been struggling to perform ever since the "Star Wars" hype died. The company’s Media segment has been struggling as well, and that has been reflected in the stock price. While Disney may have a few problems, all are currently factored in the share price, and investors can consider buying Disney now that it has a good margin of safety.

    Disney’s ESPN is not dead, yet


  • Growing Yields, Steady Assets: Starbucks, Texas Instruments

    Thanks to GuruFocus’ All-In-One Screener, we highlight stocks that have a five-year growing dividend yield with strong profitability and a long-term track record of solid returns and growing asset values.

    Tractor Supply Co. (TSCO) has a dividend yield that during the last five years has grown by 40.50%. The yield is now 1.36% with a payout ratio of 27%. The company has a 10-years’ asset growth rate of 10%, supported by a current ROA of 16.89% that during the last 10 years has had an average value of 13.42%.


  • Kimberly-Clark Reports 3rd-Quarter Results

    Kimberly-Clark Corp. (NYSE:KMB) released third-quarter results and updated its full-year outlook on Monday.

    The company is known for its portfolio of personal care brands that include Kleenex, Scott and Huggies. Founded in 1872 as a paper mill operator, the company has a long history and a presence in over 175 countries. The company, which is headquartered in Irving, Texas, went public in 1928. The company has three business segments, Personal Care, Consumer Tissue and K-C Professional.


  • KEELEY Mid-Cap Dividend Value Fund 2nd Quarter Commentary

    The third quarter began with equities in full, bull-market mode owing to a rebound from post-Brexit declines – declines that notably occurred because so few investors actually expected the Brexit vote to pass. Then, in July and August, generally positive earnings and strong, risk-on appetites produced nice gains.

    In September, however, the appetite for risk lessened amid volatility from steeper valuations, weaker economic data and the inherent uncertainty in a presidential race that has been the very definition of the unexpected, with no shortage of surprises. Also weighing on equities in September was the prospect of an interest-rate hike, which investors previously had discounted. Although the Fed left rates unchanged in September, the likelihood of a December rate hike rose sharply, dampening investors’ moods. Another unexpected turn came at month’s end, when oil prices surged after OPEC leaders agreed to cut production.


  • Analysts Forecast Huge Increase in Goldcorp's EPS

    Goldcorp Inc. (NYSE:GG) will release its second-quarter results after the market closes on Oct. 26.

    For the third quarter, analysts estimate an average EPS of 12 cents, up 16 cents from the same quarter of one year ago. Analysts' estimates on EPS range between 20 cents (high) and 5 cents (low).


  • First Eagle High Yield Fund 3rd Quarter Commentary

    Market Overview


  • A Few Reasons to Buy Qualcomm

    Qualcomm (NASDAQ:QCOM) is the largest system on a chip (SoC) manufacturer across the globe with offerings like application processors, baseband modems, GPUs as well as other features on a single chip. The stock has turned around impressively this year after facing several headwinds in 2015. Going forward, Qualcomm is focusing on a lot of high growth markets, which is why I expect the company to perform even better.

    Presently, the company produces a majority of its top line from its SoC business, but trivial players such as MediaTek (TPE:2454) and first-party chip manufacturers such as Huawei (SZSE:002502) have already gained market share at Qualcomm’s expense over the last few quarters.


  • 2 Reasons to Bet Big on Take-Two

    Take-Two Interactive (NASDAQ:TTWO), like other gaming stocks, has been in an uptrend this year thanks to several factors. The company’s future prospects look bright, and investors can expect it to continue performing well going forward.

    Digital sales


  • Navistar Bonds Yield More Than 8%

    Navistar (NYSE:NAV) has a series of bonds that yield more than 8%. The troubled truck manufacturer has had a lot of good news this year, and the bonds look interesting.

    The balance sheet shows $687 million in cash and $1.711 billion in accounts receivables. The liability side shows $1.389 billion in short-term debt, $1.003 billion in accounts payables, $3.676 billion in debt and a pension obligation of $2.907 billion. The debt load is no doubt high but not unbearable. According to Morningstar, free cash flow is negative $200 million for the last four quarters.


  • First Eagle Global Value Team 3rd Quarter Commentary

    Market Overview

    In the third quarter of 2016, the MSCI World Index rose 4.87%, while in the United States the S&P 500 Index increased 3.85%. In Europe, the German DAX Index was up 9.79% and the French CAC 40 Index rose 6.19%. In Japan, the Nikkei 225 Index rose 6.99% over the period. Brent crude oil increased 1.24% to $48.24 a barrel, and the price of gold fell -1.75% to $1313.30 an ounce. The US dollar weakened -1.36% against the yen and fell -0.94% against the euro.


  • Euro/Dollar: Strong Selling Interest Persists

    Majors pairs traded mixed Monday, although not far from Friday's closing levels. The euro/dollar pair advanced up to 1.0899 during the European morning after retesting 1.0859, past week's low at the beginning of the day.

    Data coming from Europe showed that growth accelerated in the region according to the preliminary October PMIs, with the EU Markit composite printing 53.7. Despite the good news, the ECB is largely expected to extend its QE program next December, enough to maintain the upside limited in the pair.


  • Cree CEO Acquires Shares in Company

    Cree Inc. (CREE) CEO, President and Chairman Charles Swoboda (Insider Trades) acquired 10,000 shares on Oct. 20. The price per share was $22.22, for a total transaction of $222,200.

    Cree, a manufacturer of lighting products and semiconductor products for power and radio frequency (RF) applications, has a market cap of $2.21 billion.


  • How Low-Yield Companies Can Deliver Great Returns

    This is a guest contribution written by Kay Ng who writes on Motley Fool Canada and also writes on Seeking Alpha under the alias Canadian Dividend Growth Investor. She also maintains a blog at Passive Income Earner with a focus on dividend investing as a Canadian investor in Canada and the U.S.

    Many investors new to dividend investing would focus on companies with big dividends. There’s nothing wrong with buying companies such as AT&T Inc. (NYSE:T) for safe, big dividends.


  • Is AT&T’s Time Warner Acquisition Beneficial for Shareholders?

    AT&T (NYSE:T) completed the acquisition of DirecTV in July of 2015 for $63 billion. The company recently announced an even larger acquisition.

    AT&T now plans to acquire Time Warner (NYSE:TWX) for $106.4 billion. AT&T is going ‘all in’ on media.


  • Novo Nordisk: Jim Simons' Largest Holding

    Novo (NYSE:NVO) is a pioneer in diabetes care with more than 28% of the $50 billion market, and roughly 30% of the $30 billion portion of the market for insulin therapy. It has been in the business for more than 85 years and over the last 10 years has seen very high growth, especially for a company of its size.



  • Barrick Gold to Release 3rd-Quarter Report

    Barrick Gold Corp. (NYSE:ABX) will release its third quarter results after market close on Oct. 26.

    For the third quarter of 2016, analysts estimate an average earnings per share of 21 cents, approximately up 91% from the same quarter a year ago. Analysts estimate an EPS range between 25 cents (high) and 14 cents (low).


  • What’s Happening With Visa?

    Visa Inc. (NYSE:V) is coming out with their fourth quarter and fiscal year of 2016 results today. The consensus earnings per share forecast for the third quarter of 2016 is 73 cents, according to Nasdaq. Visa generated returns of over 3.7% since its third quarter results.

    visa inc


  • Contact Roadrunner Support Number | 1-844-659-1035

    Roadrunner Support Number 1-844-659-1035 online contact roadrunner tech support, you will have to dial the helpline number email services support all the modern features of mailing system many times users may face some technical problems in the roadrunner support emails and might create some several circumstances in front of them while using other services roadrunner technical support number to obtain online technical resolutions for the issues. Log in issues, Account recovery Password, Mail box configuration, Password recovery support, our team available 24*7 contact roadrunner support number call now 1-844-659-1035 Toll free and more information visit my site

  • Nike’s Weakness Is a Buying Chance

    Nike (NYSE:NKE) has been struggling for quite a few months as the stock has pulled back considerably from its 52-week highs. However, the recent weakness has opened up a buying opportunity, especially heading into the earnings season.

    Nike is aggressively focusing to achieve its goal


  • Pound/Dollar Forecast: Ascending Trend-Channel Limiting Further Downside

    On the first day of a fresh trading week, both the British Pound and the shared currency traded with negative bias against a broadly stronger greenback. The overall U.S. Dollar Index, which measures greenback performance against its key counterparts, extended its near-term bullish trajectory to the highest level in more than eight months. Intense selling pressure around the Euro led by the European Central Bank has been the primary driver of the greenback and the spillover effect has been weighing on the British Pound as well. The majors, however, remained within Friday's trading range, with the pound/dollar pair hovering around 1.2200 handle, while the euro/dollar pair maintained its offered tone near its lowest level since mid-March.

    Today's release of the flash version of eurozone PMI will be in focus during the European session while later during the North American trading session, Fed rhetoric might provide fresh impetus to the greenback's near-term momentum, especially as markets building on expectations that the central bank would eventually move towards raising interest rates in 2016. Federal Reserve Bank of New York President William Dudley and Federal Reserve Bank of St. Louis President James Bullard are scheduled to speak at various appearances and their comments will be scrutinized to gauge the timing of next Fed rate hike action.


  • Dealing With the Sting of Missed Gains

    I bought Time Warner (NYSE:TWX) stock in 2014. At its core, Time Warner is in one of the most enduring industries around, the storytelling business. The company operates Turner Broadcasting, Home Box Office and film studio Warner Bros.

    Turner Broadcasting has a variety of networks including CNN, TBS, TNT, the Cartoon Network and more. My rationale was that Time Warner’s operating segments just completed an extremely profitable year and that the company has a media library second only to Disney with such recognizable names such as DC comics (Superman, Batman, etc.), Harry Potter, the Lord of the Rings, Game of Thrones, etc.


  • Del Taco Posts Impressive Quarter

    Founded in 1964, Del Taco (NASDAQ:TACO) serves more than 3 million guests each week at its nearly 550 restaurants across 16 states.

    It offers a unique variety of Mexican and American favorites such as burritos and fries, prepared fresh in every restaurant’s working kitchen with the value and convenience of a drive-through. All menu items are made with quality ingredients like freshly grated cheddar, hand-chopped pico de gallo, sliced avocado, slow-cooked beans made from scratch and fresh-grilled marinated chicken and steak. The brand’s UnFreshing Believable campaign further communicates Del Taco’s pledge to provide guests with the best quality and value for their money.


  • Weekly CEO Buys Highlights

    According to GuruFocus’ Insider Data, these are the largest CEO buys during the past week. The overall trend of purchases is illustrated in the chart below:

    Akamai Technologies CEO bought 18,276 shares


  • Apple's Stock Is Still Worth Retaining

    Apple (NASDAQ:AAPL) continues to be one of the most interesting and challenging companies to analyze. Right now is no exception given the recent flop of the Samsung (XKRX:005930) 7 phone, the surprise success of the Google Pixel phone and what this means for future sales and earnings.

    Professional analyst reports and commentary continue to highlight uncertainty around whether the company is charged for more growth or it has reached a point of satiation and is inevitably headed to become a mature boring tech company like IBM (NYSE:IBM) or Intel (NASDAQ:INTC).


  • PayPal Breaks Through

    PayPal (NASDAQ:PYPL) reported its third quarter results after market hours on Thursday. The $53 billion online payment processor delivered 17.47% sales growth to $7.86 billion and 17.42% profit growth to $1.01 billion three quarters into the fiscal year, compared to the same period last year. PayPal closed +10.13% the following day while the broader market, Standard & Poor's 500, closed -0.01%.

    Market performance


  • Dividend Aristocrats in Focus Part 13: Cincinnati Financial

    Cincinnati Financial (NASDAQ:CINF) is a legendary dividend growth stock. It has increased its dividend for 56 years in a row.

    The Dividend Aristocrats series covers all 50 Dividend Aristocrats – stocks with 25 or more years of rising dividends in the S&P 500. Cincinnati Financial meets this qualification, twice.


  • Why McDonald’s Turnaround Will Spur It Higher

    Throughout the past few years, McDonald’s (NYSE:MCD) has struggled mainly due to food safety incidents in Asia and escalating competition. The stock remained almost flat during these troubles, whereas the company’s bottom-line moved downward successively from 2013 to 2015.

    However, the arrival of new CEO Steve Easterbrook in 2015 changed McDonald’s prospects completely. The company improved considerably under the tenure of Easterbrook and it may continue improving due to several reasons.


  • Alere's Shareholders Approve Merger With Abbott

    Last Friday, 77% of Alere Inc. (NYSE:ALR)'s shareholders approved a merger with Abbott Laboratories (NYSE:ABT).


  • Dividend Aristocrats in Focus Part 12: Aflac

    Aflac (NYSE:AFL) has a long operating history and is a giant in the insurance industry. Today, it provides insurance products to more than 50 million people worldwide.

    But it wasn’t always so big…


  • IBM Is Nearing the End of the 'Return to Growth' Journey

    IBM Corp. (NYSE:IBM) reported its third-quarter earnings this week, which showed that the company’s painful transition period may be coming to an end. IBM’s revenues have steadily declined over the years, which resulted in it regularly reporting sales declines quarter after quarter. For the third quarter, Revenues were $19.23 billion, compared to $19.28 billion in the same quarter last year.

    One of the key reasons for IBM’s transition was to wean itself away from low-margin legacy business lines. To that end, IBM created a group called strategic imperatives, which included Analytics, Cloud, Mobile, Social and Security. The last segment, clearly a forward-looking one, was growing fast while other parts of the businesses were declining. But until now, the growing parts of IBM were not good enough to compensate for the losing parts of its business, resulting in revenue declines.


  • Intel’s Client Computing Group Getting Firmer Support From Other Segments in 3rd Quarter

    Intel Corp. (NASDAQ:INTC) reported stronger than expected third quarter results with revenues growing by 9% year over year. All the three important segments, Client Computing Group, Data Center Group and Internet of Things Group reported strong numbers, helping Intel’s third quarter top-line numbers.

    The big surprise this quarter was the growth in the Client Computing Group. An even bigger surprise was its expansion of operating margins. Client Computing Group’s fortune is directly tied to the PC market, which has been declining for the last few years. The expectation was therefore low for this segment. But Intel’s move to put its weight behind improving processes and reducing costs seems to have helped the group immensely.


  • Of Milk Cows and Moats

    It’s become fashionable to talk about moats in investing as an analogy for sustainable competitive advantages. Buffett popularized it, and many use it in investment analysis today. Morningstar has made a lot out of it.

    I’d like to talk about the concept from a broader societal angle. This may look like a divergence from talk on investing, but it does have a significant influence on some investing.


  • Increasing Competition Weighs on Verizon’s 3rd-Quarter Earnings

    Verizon (NYSE:VZ) released its third quarter earnings on Thursday, which beat analysts’ estimates. The national telecom player reported earnings per share of $1.01, compared with a median estimate of 99 cents. The telecom company disappointed investors with operating revenue of $30.94 billion, however, which fell below expectations of $31.1 billion.

    The result is also a reflection of the intensifying competition in the wireless and telecommunication industry from rivals such as T-Mobile (NASDAQ:TMUS) and Sprint (NYSE:S). Verizon’s shares trended lower in pre-market trading following the announcement of the results. 


  • Charles Schwab Corp (SCHW) President and CEO Walter W Bettinger Sold $19.4 million of Shares

  • Netflix Inc (NFLX) CEO Reed Hastings Sold $9.7 million of Shares

  • Vantiv Inc (VNTV) President & CEO Charles Drucker Sold $5.7 million of Shares

  • Papa John's International Inc (PZZA) CEO John H Schnatter Sold $6.9 million of Shares

  • Dynagas LNG Partners LP Declares Cash Distribution on Its Series A Preferred Units

  • Openserve and Huawei Join Forces for Seven-Fold Increase in Fibre Network Provision across South Africa

  • Telefonica and Huawei Win Best Innovation in Virtualization Award at Broadband World Forum 2016

  • Weekly Top Insider Buys Highlight for Week of Oct. 21

    According to GuruFocus’ insider data, these are the largest Insider buys during the past week.

    Genuine Parts Co. (NYSE:GPC): Chairman Thomas Gallagher Bought 3,000 Shares


  • Could Troubled Auto Maker Peugeot Be Turning a Corner?

    Troubled auto maker Peugeot (PUGOY) has had many problems over the last few years. A share offering pretty much killed the stock price, but the company seems to be doing better.

    Shares trade at 13.19 euros ($14.36), there are 857.86 million shares, and the market cap is 11.315 billion euros. Earnings per share were 1.04 euros last year and the stock trades at a price to earnings ratio of 12.68. The stock does not pay a dividend. Sales shrank from 58.51 billion euros in 2011 to 54.68 billion euros in 2015.


  • Regional US Banks Offer Strong Predictable Value

    Three regional banks, Bank of the Ozarks Inc. (NASDAQ:OZRK), Prosperity Bancshares Inc. (NYSE:PB)  and Signature Bank (NASDAQ:SBNY), have high predictability and trade below their 10-year median price-earnings ratio. With high profitability and strong upside potential, these companies offer strong value potential in the short term.

    Regional US banks have high number of undervalued companies based on P/E (ttm)


  • Keeley Asset Management Comments on Vista Outdoor

    Vista Outdoor (NYSE:VSTO), which designs, manufactures and markets outdoor sports and recreation products, also was a detractor this quarter. The stock declined over 17% and cost the Fund 23 basis points in performance following weak first quarter earnings. Customers shifted their spending to handguns and away from Vista’s core shooting accessories given fears of increased gun control laws. The company expects these delayed purchases to occur later this year and did not lower full-year guidance.


  • Keeley Asset Management Comments on Tribune Media Co.

    Tribune Media Co. (NYSE:TRCO) was also a leading detractor this quarter, dropping over 6% and costing the Fund 26 basis points in performance. The market is overly concerned with potentially weaker election advertising spending and cord-cutting customers, but we believe the large discount to net asset value will close as management executes on its plan to monetize non-core assets.


  • Keeley Asset Management Comments on NRG Energy

    NRG Energy (NYSE:NRG) was the Fund’s leading detractor this quarter, dropping over 25% and costing 82 basis points in performance. The stock was strong in the first half of this year and was the Fund’s leading contributor last quarter, but the price has been in decline despite beating second quarter estimates and maintaining guidance. Its peers lowered guidance due to a warmer 2015 winter, thus lowering power pricing, yet NRG is hedged for the year and continues to execute its turnaround plan.


  • Keeley Asset Management Comments on Kennedy-Wilson Holdings

    Kennedy-Wilson Holdings (NYSE:KW) was another leading contributor this quarter, rising over 19% and contributing 72 basis points in performance. This real estate investment company, which focuses primarily on multi-family and commercial properties, also sold off late in the second quarter post-Brexit given its U.K. exposure through its 17% stake in Kennedy-Wilson Europe. The company’s stock has since rebounded as the management team took advantage of the price weakness to purchase more stock in Kennedy-Wilson Europe.


  • Keeley Asset Management Comments on Nexstar Broadcasting Group

    Another strong performer this quarter was Nexstar Broadcasting Group (NASDAQ:NXST), a television broadcasting and digital company that focuses on acquiring, developing and operating television stations and social media websites. The company reported second quarter earnings that were in-line with expectations. Management noted that they are on pace to meet or exceed guidance and are optimistic the FCC will allow them to close the acquisition of Media General this year. The stock rose over 21% and contributed 81 basis points of performance in the third quarter.


  • Keeley Asset Management Comments on Wright Medical Group

    One of the Fund’s main drivers this quarter was Wright Medical Group (NASDAQ:WMGI), which gained nearly 40% and contributed 141 basis points in performance. The company provides surgical solutions for the foot and ankle market and its products include joint implants for hip and knee replacements. The company reported a strong second quarter and raised guidance, proving the benefit of the Tornier acquisition.

    From Keeley All Cap Value Fund third-quarter 2016 commentary.


  • The Moat Stays Strong, Even if the Listing Is Gone

    In mid-September, Cerner Corp. (NASDAQ:CERN) was removed from a prestigious list: The Morningstar Wide Moat Focus IndexSM.

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  • David Rolfe Comments on TreeHouse Foods Inc.

    We initiated positions in TreeHouse Foods, Inc. (NYSE:THS) during the third quarter. TreeHouse is the largest private label food manufacturer and distributor in North America. An aphorism in the private label industry is that “a grocer is only as good as their private label.” As such, private label food has been growing its share of the North American food industry over the past several years, as consumers have sought value in comparison with branded food, and as grocery retailers and other food vendors have pursued the greater profitability to themselves of private label products. This trend primarily began in national-brand equivalents, in which TreeHouse and other private label manufacturers offer products of comparable quality to brand names but at better prices. However, much of TreeHouse’s growth in recent years has come from premium products, which often might be natural/organic/healthy choices and possibly of even greater quality or featuring greater innovation (flavors/recipes) than competing branded products. Having evolved from simply offering retail customers a "good/better/best" option of national brand equivalents, the Company has begun to offer deeper category segmentation and insights, while developing and manufacturing multi-tiered pricing assortments, so their retail customers can better compete under the pricing umbrella typically created by higher priced national brands. Many of TreeHouse’s best customers, including large, growing retailers such as Trader Joe’s, Aldi’s, Amazon, and Kroger, have embraced this more complete portfolio strategy of private label products, which offers the retailers not only improved profitability but also better sales opportunities, as well. In addition, TreeHouse’s scale and presence in over 20 food categories, enhances its value proposition, which is to help grocery customers hone in on this secular trend towards customized store brands.

    The Company has been growing successfully through acquisition since its formation in 2005. TreeHouse has driven value in its acquired businesses by bringing to bear greater operational capabilities and expertise, greater resources behind innovation and customer research, much greater scale and buying power, and an extensive existing customer list into which the acquired businesses could sell. In early 2016, TreeHouse completed the transformational acquisition of the Private Brands business of ConAgra Foods, effectively doubling TreeHouse’s revenue base and operating footprint while removing its only private label competitor of any meaningful size, all at what we view as an attractive purchase price. The acquired business had struggled under the ownership of ConAgra, which historically had been a branded player and which had not understood the different skill set required to operate a private label business. We believe that TreeHouse comprehensively understands these operational issues and already has begun to remedy them. Better execution at the acquired business, which will drive improving revenue growth and margins, combined with significant cost savings opportunities as a result of the combined companies’ greatly enhanced scale, will allow TreeHouse to deliver roughly 70% earnings growth from the time of the acquisition to the completion of its integration in 2018. During this integration, we likely will see smaller tuck-in acquisitions, as the company’s capital structure still allows it to be active in consolidating the industry. We estimate that the company has less than 10% market share in North America, with plenty of room to expand organically and through acquisition, both within its current 20+ product categories and in adjacent and new categories.


  • David Rolfe Comments on Cognizant

    Cognizant (NASDAQ:CTSH) also detracted from overall performance during the quarter, due to management’s cautious commentary related to the demand environment in two of their core customer verticals. Management’s caution about IT spend in Cognizant’s BFS (Banking and Financial Services) segment trace back to the prolonged low interest rate environment along with increased uncertainty in the macro environment—particularly attributed to the “Brexit” vote, which was relatively fresh news at the time of management’s comments. We do not think this weakness has materialized in the near-term, at least to the extent that management was implying. In addition, but not necessarily new, Cognizant has four clients in the HMO (health-maintenance organization) industry, all attempting to merge with or acquire the other. Though the extended timeline of these M&A deals likely pushes out the timing of expected work for Cognizant at each of these four clients, we think Cognizant’s longer-term positioning as a key partner at all four HMOs will continue to allow them to capture wallet share, regardless of M&A outcomes. Near-term, we expect investors to remain skittish around the shares, if only because the investor base has been skittish for years, with the NTM P/E multiple of Cognizant typically vacillating 20%-30% per year. Despite these recent headwinds to topline growth, we think Cognizant maintains a long- term runway for generating attractive organic growth, as the company benefits from the secular shift of IT spend towards digital solutions. The Company maintains excellent financial strength, with nearly $8 billion in borrowing capacity before reaching the average net debt to operating income leverage of the S&P 500—close to 25% of the current market cap.

    From David Rolfe (Trades, Portfolio)'s Wedgewood Partners third-quarter 2016 shareholder letter.   

  • David Rolfe Comments on Core Labs

    Core Labs (NYSE:CLB) was the third largest detractor from our relative performance during the third quarter. While “energy” continues to be a four-letter word at this point in the cycle of U.S. growth investing,5 we continue to think that Core Labs’ value proposition is worthy of multi-cycle consideration. We estimate that roughly 85% of the Company’s revenues are generated by providing equipment and services for the upkeep of their customers’ existing carbon producing fields. As such, the majority of the value that Core Labs provides its customers is not directly predicated on the activity of drillings rigs, or even on the short-term price of oil. For instance, the Company’s Reservoir Description business generated over 60% of consolidated revenues during the trailing 12 months. Reservoir Description revenues have declined just -16% from their trailing 12-month peak (set during late 2013 through mid 2014 – when oil traded at twice today’s levels). A significant portion of Core Labs’ revenues are generated outside the United States, so we estimate revenues in Reservoir Description have probably fallen by a high single digit percent, constant currency – despite the E&P industry (Core Labs’ customers) drastically cutting budgets by between - 30% and -75% during that timeframe. Thus, a significant portion of Core Labs’ business is very well insulated from the vagaries of short-term oil price fluctuations. Although the margins of this segment have suffered more than revenues, we expect that margins have bottomed and should rapidly rebound with E&P spending budgets, as Core Labs’ management has prudently balanced costs without sacrificing personnel capacity.

    From David Rolfe (Trades, Portfolio)'s Wedgewood Partners third-quarter 2016 shareholder letter.   

  • David Rolfe Comments on Stericycle

    Stericycle (NASDAQ:SRCL) underperformed during the quarter as headwinds related to their core, regulated medical waste (RMW) segment began to emerge. Prior headwinds to the Company were limited to non-core businesses or are short-term issues that should be remedied over the next few quarters. While the stock has become cheap, historically and relatively, we did not add to positions during the quarter, as we continue to evaluate the extent of the pressure the Company is seeing in its RMW business.

    From David Rolfe (Trades, Portfolio)'s Wedgewood Partners third-quarter 2016 shareholder letter.   

  • David Rolfe Comments on Qualcomm

    Qualcomm (NASDAQ:QCOM) was also a top contributor to performance over the past three months. We saw Qualcomm make meaningful progress on its technology licensing (QTL) front after several quarters of patiently waiting for the Company to capture unpaid royalties in China. Although Qualcomm’s chipset franchise (QCT) usually garners most of the attention for the Company, its high-margin QTL segment actually generates two-thirds to three-quarters of consolidated profitability. So while revenues at Qualcomm grew 4%, operating income grew almost 30%, year-over-year. Although it has taken several quarters to eventually materialize, we think that the “lumpy” nature of QTL revenues does not make Qualcomm’s long-term prospects for monetizing its prolific research and development spend (cumulative $16 billion over the past three years), any less attractive. In our opinion, Qualcomm shares remain underappreciated by the market, trading at just 14X next 12 month earnings. In addition, the Company maintains a fortress-like balance sheet with about $20 billion in net cash. As a valuation thought-experiment, if Qualcomm levered its balance sheet to be at parity with the average S&P 500 company's (excluding financials) net debt-to-operating earnings ratio4, the Company would have close to 35% of its market cap available for redeployment. We continue to expect that the long-term growth of the business will drive the stock higher and help close that gap, but our conviction in the stock is reinforced by the Company’s excellent financial health, which is a byproduct of their superior profitability.

    From David Rolfe (Trades, Portfolio)'s Wedgewood Partners third-quarter 2016 shareholder letter.   

  • David Rolfe Comments on Priceline

    Priceline (NASDAQ:PCLN) was another top contributor to performance during the quarter. Despite its strong performance, in our view, Priceline’s stock has underperformed its corporate fundamentals. Over the past three years, earnings per share are up a cumulative +60%, while the P/E multiple has contracted about 15%, to around 19X the next 12-month earnings. Further, if we assume that all stocks receive some kind of multiple expansion benefits due to currently low interest rates, 3 then Priceline’s multiple contraction looks all the more stark. Thus, although Priceline has executed torrid value creation relative to the benchmark, the stock has posted a fraction of the outperformance. We continue to think Priceline’s competitive advantage consists of scale on both the supply and demand side of the hospitality industry. With over 90% of the Company’s profitability coming from non-US markets, particularly from Europe, we believe their strategy of foregoing low-margin US bookings in favor of bookings in higher-margin, fragmented markets is a sensible one.


  • David Rolfe Comments on Apple

    During the quarter, Apple (NASDAQ:AAPL) was a top contributor to relative performance. Apple has been in portfolios for nearly a decade. Even though Apple is one of the most visible and widely followed businesses in our investment universe, we believe it has long suffered from the incorrect market perception that its customer relationships are largely transactional in nature. We see evidence of these "hit-driven" fears embedded in the systematic contraction of Apple's forward price-to-earnings (P/E) multiple. Apple's P/E multiple peaked in the fall of 2007 at about 38X (not long after the iPhone launched and the S&P 500 P/E peaked for that cycle) and has contracted to around 12.7X, albeit up from the 9X and 10x multiples seen earlier this year and in 2013. We earnestly admit that Apple probably does not deserve to trade at the 38X forward earnings2, yet we believe that Apple’s iOS franchise and “annuity-like” ecosystem has demonstrated an exceptional ability to retain and obtain repeat customers, while commanding over 90% of the profitability generated by smartphone manufacturers—qualities we think should help the stock generate extremely attractive returns at the current multiple.


  • John Rogers Comments on Contango Oil & Gas Co.

    In addition, natural resources firm Contango Oil & Gas Co. (MCF) dropped -16.50% due to a significant earnings miss. Analysts were expecting the company to lose $0.33 per share, but Contango lost $0.67. Revenues were down significantly versus the previous year, largely due to the slide in the price of oil. Despite the miss, the company has managed to reduce its debt balance to $111 million—a 4% decrease—this year. We think the company is better positioned than most of its peers, and as such believe the stock is positioned to outperform going forward.


  • John Rogers Comments on J.M. Smucker Co.

    Other holdings fell back a bit. Jam, peanut butter and coffee company J.M. Smucker Co. (NYSE:SJM) retreated -10.64% due to a recent acquisition that has not met expectations. In 2015, the company moved into pet food as a part of its “center of the store” strategy with the purchase of Big Heart Pet Brands. That unit did not deliver the revenues or profits analysts expected. We believe the shortfall is mainly due to pet food cost deflation and a price war from its chief competitors. We think the management team will get things moving in the right direction and are content to own the stock at a cheaper multiple in the meantime.


  • John Rogers Comments on Zebra Technologies Corp

    Also, thermal printer maker Zebra Technologies Corp. (NASDAQ:ZBRA) rose +38.94% due to a strong quarter. After adjusting for a tax benefit, its earnings per share were $1.34, crushing the $1.05 expectation. The company held its flat full year guidance. Wall Street had not previously believed in the company’s turnaround, but is clearly waking up. We think these numbers are just the beginning of the company’s good news.


  • John Rogers Comments on Kennametal Inc.

    Some of our holdings rose nicely during the quarter. Cutting tools maker Kennametal Inc. (NYSE:KMT) jumped +32.19% as its modernization efforts started to gain traction. To a large extent this means more automation, which increases efficiency and slashes costs. The company is also focusing on its more profitable, large customers and shedding smaller ones. We see these moves as an essential part of making its moat wider and better; we think the financial benefits will be significant and long lasting.


  • John Rogers Comments on BOK Financial Corp.

    In the third quarter, we added new firm-wide holding BOK Financial Corp. (NASDAQ:BOKF) to Ariel Appreciation Fund. BOK Financial is a leading bank holding company that provides services to businesses and individuals located in the middle-south. Skilled underwriting capabilities and an experienced management differentiate BOK Financial from its competitors. Recent macroeconomic headwinds in the energy industry caused by depressed oil and natural gas prices have created significant pressure on the stock price. As a result, we see this as an opportunity to own a conservatively managed bank with a geographic niche.


  • John Rogers Comments on Viacom Inc.

    In addition, media firm Viacom, Inc. (NASDAQ:VIAB) declined -7.61% amidst its management shuffle. As you may know, the company ousted CEO Philippe Dauman in August and temporarily replaced him with Chief Operations Officer Tom Dooley. In late September, Dooley announced he was resigning, effective mid-November. Amidst the turbulence, the company declared a 50% cut in its quarterly dividend—a move we felt was prudent. Clearly in the short term the news from Viacom is unsettling, but we continue to believe in the company’s assets and competitive positioning long term.


  • John Rogers Comments on J.M. Smucker Co.

    Other holdings fell back a bit. Jam, peanut butter and coffee company J.M. Smucker Co. (NYSE:SJM) retreated -10.64% due to a recent acquisition that has not met expectations. In 2015, the company moved into pet food as a part of its “center of the store” strategy with the purchase of Big Heart Pet Brands. That unit did not deliver the revenues or profits analysts expected. We believe the shortfall is mainly due to pet food cost deflation and a price war from its chief competitors. We think the management team will get things moving in the right direction and are content to own the stock at a cheaper multiple in the meantime.


  • Baron Funds Comments on Rollins Inc.

    Rollins, Inc. (NYSE:ROL) is a leading provider of pest and termite control services for more than two million residential and commercial customers, primarily located in North America. We believe that Rollins operates in an industry with high barriers to entry and a fragmented competitive landscape, and we believe Rollins should be able to consistently increase its market share over time. In North America, Rollins is the number one player in commercial and residential pest control and wildlife control, and the number two player in termite control. Developing a well-regarded national brand requires meaningful investment in sales, marketing, employee training and technology, which smaller players simply cannot afford.

    Pests are a major headache for residential customers, and they can lead to meaningful business issues for commercial customers, like restaurants and hotels. Thus, customers are typically willing to pay for these services, regardless of how the economy is performing. As a result, Rollins has demonstrated impressive operating performance across all market conditions, including positive revenue growth during the 2008 and 2009 recession. Furthermore, Rollins has focused significant effort to improve its retention of employees and customers, which has led recurring revenues to represent approximately 80% of the company’s total.


  • Baron Funds Comments on Inovalon Holdings Inc.

    Shares of health care data and analytics vendor, Inovalon Holdings, Inc. (NASDAQ:INOV), detracted from performance, as its financial results fell short of investor expectations and the company reduced its guidance for the remainder of 2016. Management attributed the shortfall to two issues: price reductions in its retrospective risk adjustment unit, and a margin shortfall stemming from investments designed to drive long-term growth. We are hopeful that the company’s latent earnings power will soon become apparent.


  • Baron Funds Comments on Henry Schein Inc.

    Shares of Henry Schein, Inc. (NASDAQ:HSIC), a global distributor of dental, medical, and animal health products, declined after reporting an unexpected slowdown in its North American dental and equipment sales. No specific reasons for the slowdown have emerged, and we believe that it is too early to extrapolate a trend. While performance in other divisions was solid, Schein’s earnings guidance was revised downward for the first time in several years. We are monitoring events but remain positive given, in our opinion, the company’s strong management, consistent performance, and large market opportunities.


  • Baron Funds Comments on Verisign Inc.

    Shares of internet infrastructure services provider Verisign, Inc. (NASDAQ:VRSN) fell over concerns that it might face difficulties extending its contract to administer the ‘.com’ domain registry with the National Telecommunications and Information Administration (NTIA) as the result of some U.S. senators’ objections. We believe this concern has been overblown and that Verisign will successfully extend this contract on favorable terms.


  • Baron Funds Comments on Tractor Supply Co.

    Tractor Supply Co. (NASDAQ:TSCO) is a chain of more than 1,500 stores that sell equipment, tools, feed, and clothing to a largely rural customer base of farmers and ranchers. The company’s shares declined after it reported weak results, partly influenced by depressed farm incomes due to unusually low crop prices and some stores’ exposure to deflated energy-related markets. Although we reduced our position, we believe these factors will prove largely transitory. We believe Tractor Supply offers the potential for ongoing earnings growth based on its ability to meaningfully expand its store base, while also growing its assortment of higher-margin private label goods and increasing its sales mix of consumable goods.


  • Baron Funds Comments on Gartner Inc.

    Shares of Gartner, Inc. (NYSE:IT), a provider of syndicated information technology research, fell after reporting results that were challenged by tougher annual comparisons and slightly more challenging macroeconomic conditions. We believe that Gartner’s key revenue metrics remain solid. The company has significant financial flexibility, and we believe it will aggressively deploy capital for ongoing share repurchases or accretive acquisitions. We believe that over time Gartner will demonstrate accelerating revenue growth, faster growth in its earnings and free cash flow, and persistent returns of capital to shareholders.

    From Baron Funds' Barron Asset Fund third-quarter 2016 commentary.


  • Baron Funds Comments on Vail Resorts

    Shares of Vail Resorts, Inc. (NYSE:MTN), the largest operator of ski resorts, increased principally on news that Vail had entered into an agreement to acquire Whistler Blackcomb, a major Canadian ski resort operator. After this transaction closes, Vail will own several of the leading ski resorts in North America, including, of course, Vail, Beaver Creek, Park City, and now Whistler. The acquisition affords Vail not only greater scale to leverage its corporate infrastructure, but also the chance to expand its successful Epic Pass season ticket offering (which allows ticket holders to ski at all of the company’s resorts) to a larger group of skiers.

    From Baron Funds' Barron Asset Fund third-quarter 2016 commentary.


  • Baron Funds Comments on FleetCor Technologies

    FleetCor Technologies, Inc. (NYSE:FLT) issues commercial charge cards that allow the employees of primarily small- and mid-sized businesses to buy fuel and maintenance at participating gasoline retailers. Fleetcor also manages commercial fleet card programs for major oil companies (such as BP, Arco, Chevron, and Citgo), which themselves maintain a great many end-customer relationships. Its shares performed well after the company reported good quarterly results and raised its full-year earnings guidance. FleetCor also benefited from its recent acquisition of STP, the leading electronic toll company in Brazil. We believe that improved results at its Comdata division, the likelihood of further acquisitions, rising fuel prices, and stabilizing foreign exchange rates could lead to an ongoing acceleration in FleetCor’s earnings.

    From Baron Funds' Barron Asset Fund third-quarter 2016 commentary.


  • Baron Funds Comments on The Charles Schwab Corp

    Shares of brokerage firm The Charles Schwab Corp. (NYSE:SCHW) appreciated as rising equity markets led to growth in its client assets and the revenue streams stemming from those assets. The firm also continued to grow its percentage of assets that charge for fee-based advice, a move that we believe creates greater revenue visibility and the potential for increased profitability. In addition, ongoing speculation of an interest rate hike by the U.S. Federal Reserve was a positive for Schwab, which we believe would experience significant, rapid profit growth should interest rates increase to higher historical levels.

    From Baron Funds' Barron Asset Fund third-quarter 2016 commentary.


  • Baron Funds Comments on Illumina

    Shares of Illumina, Inc. (NASDAQ:ILMN), the leading provider of DNA sequencing technology to academic and commercial laboratories, gained after the company reported financial results that exceeded Wall Street’s expectations. The results confirmed strong demand both for the company’s sequencing instruments in the Americas and China, as well as for its products in clinical applications, such as oncology screening and diagnosis. Management also demonstrated its ability to rein in expenses, which helped lead to accelerating EPS growth. We continue to believe Illumina has a long runway for growth, driven by increasing adoption of DNA sequencing technologies, particularly in clinical markets.

    From Baron Funds' Barron Asset Fund third-quarter 2016 commentary.


  • Baron Funds Comments on IDEXX Laboratories Inc.

    Shares of veterinary diagnostics leader IDEXX Laboratories, Inc. (NASDAQ:IDXX) increased after the company reported impressive financial results, which led to a meaningful expansion in its trading multiple. We believe the company’s competitive position is strong and improving, as evidenced by its accelerating organic revenue growth, the robust placements of its diagnostic instruments into veterinary clinics, and the higher prices it is capturing across its product portfolio. In addition, IDEXX’s results demonstrated operating margin expansion, which is finally being recognized after several years of intensive investment into its business. Looking forward, we expect to witness sustained double-digit organic revenue growth during the next several years, driven by productivity benefits from its move to a direct sales model in the U.S., the company’s persistent innovation pipeline, and returns on its intensive investment into international markets.


  • Ray Dalio's Best-Performing Investments of the Year

    Ray Dalio (Trades, Portfolio) founded Greenwich, Connecticut-based hedge fund Bridgewater Associates in 1975. Now it has more than $165 billion under management. The firm claims 13% annual returns after fees.

    Dalio owns 341 stocks with a total value of $7.977 billion. The following are his best-performing investments of the year.


  • Royce Funds: The Strong Small-Cap Rally Will Keep Rolling

    In a recent Royce Funds webcast, small-cap pioneer Chuck Royce, Portfolio Manager Charlie Dreifus, Co-CIO Francis Gannon, and Senior Investment Strategist Steve Lipper discussed their outlook for small-cap stocks and offered their thoughts on what's driving the current rally, market leadership for value, and the prospects for active management.


  • Insiders Sell Netflix, Facebook, Papa John's

    The All-in-One Screener can be used to find insider buys and sells over the last week by clicking on the Insiders tab and changing the settings for All Insider Buying to “$200,000+” duration to " October 2016” and “October 2016” and All Insider Sales to “$5,000,000+”.

    According to the above filters, the following are recent buys and sells from company insiders in the past week.


  • Cree Inc (CREE) CHAIRMAN, PRESIDENT AND CEO Charles M Swoboda Bought $222,200 of Shares

  • Buffett’s 3 Categories of Returns on Capital

    “A truly great business must have an enduring 'moat' that protects excellent returns on invested capital.”

    Warren Buffett (Trades, Portfolio), 2007 Shareholder Letter


  • Barrick: Pierina (Peru) Is Shutting Down

    After 18 years of production, Pierina (Peru) is shutting down. As a part of the process that is leading the Peruvian mine to halt operations, Barrick Gold Corp. (NYSE:ABX) is building two new water treatment plants and a cyanide detoxification plant to destroy cyanide contained in the site’s heap leach pad.

    The two water treatment plants will collect the water that comes from the mine; before giving it back to the environment surrounding Pierina, where it may be used for irrigation by some communities, the water will be treated through a reverse osmosis technology so various metals, salts and the acidity level will be contained within the limits required by the new Peruvian regulations.


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