Last Update: 12-31-1969

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Total Value: $0 Mil
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Countries: USA
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  • How The Fed Affects Risk Premia

    “The Fed is manipulating markets…”


    “Central Banks are destroying capitalism…”

      


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  • Want to Shop at Macy’s?

    A recent Forbes article entitled, “Seven Signs Of Life At Macy's" highlighted that the company may be set up for a turn around. Here are the seven signs the article identified:




  • Key Metrics: Price to Sales

    Key Metrics: Price to Sales



    Today I want to take an in-depth look at what James O'Shaughnessy, author of What Works on Wall Street, found to be the best historical value metric... the price to sales ratio. I'll discuss how to calculate it, what it tells us, and how you can incorporate the metric in your investing approach.

      


  • Companies Hit 52 Week Highs

    According to GuruFocus list of 52-week highs, these Guru stocks have reached their 52-Week Highs.


    Applied Materials Inc (AMAT) Reached the 52-Week High of $26.37

      


  • Netflix: High pricing isn’t the only concern

    Netflix (NASDAQ: NFLX) lost around 15% of its market cap when it missed the net addition expectations during Q2, 2016. Price increase was the most cited reason for the missed expectations. However, this isn’t the only problem Netflix has right now. On the surface, it looked like a pricing problem but the company is facing several challenges including a tricky business model, poor expansion strategy and strong competition.


    About the net additions

      


  • Netflix Inc (NFLX) CEO Reed Hastings Sold $10.1 million of Stocks


  • Yum Brands Inc (YUM) CEO China Muktesh Pant Sold $8.2 million of Stocks


  • Notes on Credit Acceptance Corp

    I recently made a list of a few shareholder letters I want to read, and one that I completed a few days ago was Credit Acceptance Corp (NASDAQ:CACC). This post is not a comprehensive review of the business, as I just started reading about the company. But I thought some readers might be interested in some initial notes.


    (I am thinking about putting more of these “scratch notes” up as posts. If this is interesting to readers, please let me know. Often times, I read about a company and don’t end up coming to a solid conclusion. I have many pages of notes on companies that I don’t ever discuss, simply because the information might not be actionable currently. But if these types of notes are worth reading, then I’ll begin putting up more of them.)

      


  • Arnold Van Den Berg 2nd Quarter: Cuts Back on Gold Miners, Gets More Bullish on Oil

    During the second quarter, founder of Austin-based Century Management Arnold Van Den Berg (Trades, Portfolio) cut back on his sizable positioning in gold miners while increasing holdings in health care and oil.


    Overall, Century Management bought six new stocks and sold 36. It had 47 stock investments in total at quarter-end, valued at $597 million. Basic materials stocks as a portion of the portfolio had decreased to 7.9% from 12.2% one year ago. Health care stock representation also grew to 6.5% from 1.9%.

      


  • 5 Rules to Buy Low and Sell High in the Stock Market

    Every investor claims to buy low and sell high in the stock market. No one can argue against this being a good approach. In reality, what most investors are doing is buying high and expecting to sell higher.


    This practice is dangerous because it increases the level of risk while simultaneously decreasing the probability of a high return. By definition, value investors actually do buy low and sell high.

      


  • GE: A Strong Dividend Growth Investment Through 2018

    It’s hard for a dividend investor to pass up an opportunity like General Electric (NYSE:GE). The company has the right ingredients in the right measure to make it attractive enough for any type of investor.


    The company itself is nothing short of a textbook conglomerate diverse business units flung out over the largest geography possible. Most companies would have either begun to spin off units or simply sell them off to manage their core business, but GE has managed to keep the flock together decade over decade.

      


  • Verizon Seeks to Improve AOL Business With Yahoo! Acquisition

    Verizon Communications Inc. (NYSE:VZ) announced a near $5 billion acquisition of Yahoo! Inc. (NASDAQ:YHOO) on July 25. With declining financials, the pioneer Internet company is likely to face bankruptcy in the short term. By acquiring Yahoo!, the management team at Verizon can produce synergies that benefit both companies in the short term.


    The acquisition deal and its background

      


  • Swedish Holding Company Investor AB Is a Textbook Value Stock

    Investor AB (IVSBY, IVSBF) is a Swedish holding company that has been in operation for over 100 years. The stock trades at a small discount to NAV and has grown NAV nicely over the last 20 years.


    The company has 767 million shares and trades at a market cap of SEK229 billion ($26.5 billion). It takes 8.64 krona to buy one dollar. The dividend is SEK7 and the dividend yield is 2.3%. The net asset value per shares as of the end of June was SEK339, thus trading at a 13.7% discount. NAV plus the dividend has grown at 9% over the last 20 years. The A shares offer one vote and B shares offer 1/10 of one vote.

      


  • FPA Capital Fund Sells Apollo Education, Helmerich & Payne

    FPA Capital Fund (Trades, Portfolio) has a concentrated portfolio and invests primarily in undervalued small-to-mid cap companies. During the first quarter, the firm sold shares in the following stocks:


    The fund reduced its stake in Apollo Education Group Inc. Class A. (APOL) by 32.18%, with an impact of -1.77% on the portfolio.

      


  • Chuck Royce's Largest 2nd-Quarter Trades

    Chuck Royce (Trades, Portfolio), portfolio manager for Royce Pennsylvania Mutual Fund since 1972, is one of the pioneers in small-cap investing and enjoys one of the longest tenures of any active mutual fund manager. During the second quarter he traded the following stocks:


    The guru reduced his stake in UniFirst Corp. (UNF) by 21.25% with an impact of -0.26% on the portfolio.

      


  • Yacktman Fund Invests in Samsung Electronics

    The Yacktman Fund (Trades, Portfolio) boosted its position in South Korean electronics company Samsung Electronics Co. Ltd. (XKRX:005935) by more than 50% with the purchase of 111,283 shares in the second quarter.

    The fund paid an average price of ₩1,086,610 ($955.02 in U.S. currency) per share in a deal that had a 1.63% impact on the fund’s portfolio.  


  • Matthews Japan Fund Comments on Relo Group

    Stock selection accounted for the majority of the Fund’s outperformance. During the second quarter, the financials sector was again the leading source of relative performance. Our strategy to focus on unique and growing financial services firms, while avoiding more traditional names in banking and real estate, has been a significant driver of outperformance for the Fund. Corporate welfare and real estate management company Relo Group (TSE:8876), credit guarantee company eGuarantee and M&A advisory firm Nihon M&A Center all contributed positively to Fund performance. Additionally, our core holdings in the internet sector such as health care information service company M3 and fashion e-commerce company Start Today continue to deliver impressive returns. However, we have turned a bit more cautious on these names as strong performance has resulted in elevated valuation levels.

    From Matthews Japan Fund (Trades, Portfolio) second quarter 2016 commentary.   


  • Matthews Japan Fund Comments on Nitori Holdings

    During the quarter, we tilted the portfolio further towards companies that are strong yen beneficiaries while not compromising on medium-term growth potential and franchise quality. Nitori Holdings (TSE:9843) is one such example. As the leading furniture retailer in Japan, Nitori has been consolidating market share in the country by expanding further into urban areas and delivering innovative products that have stimulated consumer demand. Nitori also plans to steadily increase its presence in China where, we believe, they have an advantage in terms of product offering, perception of quality and price in a very fragmented Chinese furniture retail industry. As a major importer, Nitori stands to benefit from a stronger yen over time.

    From Matthews Japan Fund (Trades, Portfolio) second quarter 2016 commentary.   


  • Matthews Japan Fund 2nd Quarter Commentary

    For the first half of 2016, the Matthews Japan Fund (Trades, Portfolio) returned 6.27% (Investor Class), while its benchmark, the MSCI Japan Index, returned -5.41%. For the quarter ending June 30, 2016, the Matthews Japan Fund (Trades, Portfolio) returned 6.05% (Investor Class), while its benchmark, the MSCI Japan Index, returned 1.03%.

    Market Environment:

      


  • First Eagle Investments Comments on Liberty Global

    Liberty Global (NASDAQ:LBTYA), which owns the dominant cable-TV network in Europe, declined along with other companies that have leverage in their capital structure. We have been comfortable with the level of leverage and we also believe the company has opportunities for long-term earnings, but we have concerns about short-term volatility in its generation of free cash flow.


    From First Eagle Global Value Fund second quarter 2016 commentary.

      


  • First Eagle Investments Comments on Microsoft

    Microsoft (NASDAQ:MSFT) also declined at the end of the quarter in reaction to the company’s acquisition of LinkedIn. The price Microsoft paid may have looked expensive on an enterprise value/EBITDA basis, but we think LinkedIn’s EBITDA margins could potentially move up meaningfully over time.


    From First Eagle Global Value Fund second quarter 2016 commentary.

      


  • First Eagle Global Value Team 2nd Quarter Commentary

    Market Overview

      


  • Ford, General Motors and the Myth of Peak Auto Sales

    Automakers around the world are going through a terrible time at the hands of investors. Market sentiment is so bearish on the industry that not even Toyota (NYSE:TM), the largest company by market capitalization, and Tesla (NASDAQ:TSLA), the best disruptor in the industry, are being spared.


    Of the top four companies  Toyota, Ford (NYSE:F), Honda (NYSE:HMC) and General Motors (NYSE:GM) – only Honda is trading with a double-digit PE ratio while the other three are well below 10, indicating the bearishness in the market. The stocks of all four companies are down this year with the exception of Ford, which shows a measly 2.66% increase thanks to the best quarterly results the company has ever posted.

      


  • The Battle of the Billionaire Gurus – and the Future of Herbalife

    Two of the great investing names of our times, Carl Icahn (Trades, Portfolio) of Icahn Capital Management LP and Bill Ackman (Trades, Portfolio) of Pershing Square Capital Management, L.P. are both friends and bitter rivals. That rivalry arises out of their diametrically opposed views about Herbalife, the nutritional supplements company. And more specifically, about the compensation of independent distributors who sell those products to consumers.


    Bill Ackman and Carl Icahn

      


  • Should You Expect More Upside From NVIDIA?

    NVIDIA’s (NVDA) valuation may be a bit stretched right now, but given the company’s prospects, I think the stock deserves to trade at a premium. NVIDIA has its presence in many high growth markets, and since I have covered most of those markets in my previous articles, I’ll be focusing on a new one in this article.


    Artificial Intelligence

      


  • Return Obsession

    How often do you hear about investing returns?


    Mutual funds, investment newsletters (mine included), hedge funds, and even individual investors compare their returns to each other and the market.

      


  • Akre Focus Fund Commentary 2nd Quarter 2016

    Akre Focus Fund Commentary


    Second Quarter 2016

      


  • Mario Gabelli Comments on Xylem Inc.

    Xylem Inc. (NYSE:XYL) (1.2%) (XYL – $44.65 – NYSE) is a global leader in the design, manufacturing, and application of highly engineered technologies for the transportation, treatment, and testing of water. The company is expected to benefit from favorable long term fundamentals in the water industry, driven by scarcity, population growth, aging of the infrastructure, and the need to improve water quality. Further, with a large installed base of pumps and systems, the company is well positioned to increase aftermarket revenue, which currently represents roughly 40% of total revenues. Xylem’s attractive business mix also generates strong cash flow, which is expected to support acquisitions across geographies and end markets and increase returns to shareholders. XYL is expected to generate 8%-12% earnings per share growth through 2020 as it accelerates its capital deployment strategy globally.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Waste Management Inc.

    Waste Management Inc. (NYSE:WM) (1.0%) (WM – $66.27 – NYSE) is the largest non-hazardous waste collection and disposal company in the United States. The company collects waste for commercial, industrial, municipal, and residential customers throughout the United States, and operates 249 landfills, 297 transfer stations, 104 recycling facilities, and 122 landfill gas-to-energy facilities. WM has focused on improving profitability by increasing return on capital and cash flow at each of its operations, through cost cutting and price increases. In addition, the company is looking for new environmentally friendly ways to increase returns from garbage, such as landfill gas. The company has a history of returning its strong cash flow to shareholders, both through dividends and its large share repurchase program.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Twenty-First Century Fox Inc.

    Twenty-First Century Fox Inc. (NASDAQ:FOXA) (2.1%) (FOXA – $27.05 – NASDAQ), (0.1%) (FOX – $27.25 – NASDAQ) is a diversified media company with operations in cable network television, television broadcasting, filmed entertainment, and direct broadcast satellite television. Cable networks account for 70% of the company’s EBITDA, and benefit from contractually recurring affiliate fees and exposure to the fast growing global pay television market. We also expect the company to benefit from rising demand for premium content, driven by emerging distribution platforms such as Netflix, retransmission revenue, and aggressive share repurchases.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Sony Corp

    Sony Corp. (NYSE:SNE) (1.0%) (SNE – $29.35 – NYSE) is a diversified electronics and entertainment company based in Tokyo, Japan. The company manufactures televisions, PlayStation game consoles, mobile phone handsets, and cameras. It also operates the Columbia film studio and Sony Music entertainment group. We expect the new PlayStation launch and operational improvements in consumer electronics and entertainment to generate EBITDA growth through 2017. We also think the spinoff of the entertainment assets could be a catalyst.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Ryman Hospitality Properties Inc.

    Ryman Hospitality Properties Inc. (NYSE:RHP) (0.2%) (RHP – $50.65 – NYSE) is a Nashville, Tennessee based REIT that owns convention hotels in Nashville, Tennessee; Orlando, Florida; Dallas, Texas; and Washington, D.C. Other assets include the iconic Opryland, the famous Ryman Auditorium, the General Jackson Showboat, and Nashville based radio station WSM-AM. With property manager Marriot’s operational issues resolved, the team is focused on taking advantage of strong convention bookings trends, seeking to drive margin expansion by increasing occupancy and room rates. Finally, as the leading country music entertainment brand, the potential monetization and spin-off of the Entertainment assets, including the Grand Ole Opry, also remains a significant catalyst for RHP shares.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Rollins Inc.

    Rollins Inc. (NYSE:ROL) (1.0%) (ROL – $29.27 – NYSE) provides pest control services to nearly two million residential and commercial customers throughout North America primarily under the Orkin and Western Pest brand names. Its services are critical to homeowners and commercial establishments alike, in both expansionary and recessionary times. The company has benefited from growth in the commercial service area and mosquito and bed bug treatments. At the same time, the company has controlled costs through more efficient scheduling and routing. Rollins has been taking advantage of its strong balance sheet to make tuck-in acquisitions. It has also begun franchising more operations outside the U.S. Founded in 1901, Rollins is majority owned by members of the Rollins family.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on McKesson Corp

    McKesson Corp. (NYSE:MCK) (0.1%) (MCK – $186.65 – NYSE) is one of the three largest drug wholesalers in the world and has been expanding aggressively outside the U.S. through the acquisition of Celesio and several other European companies. McKesson recently announced an innovative divestiture of its information technology businesses; it will merge it with privately owned Change Healthcare and the combined company will go public next year. In its core wholesaling business, the company has stabilized its performance after several contract losses, recently signing a large new contract with Walmart. McKesson retains a balanced capital return policy that invests first in its core business but then returns a significant amount of cash to shareholders via dividends and share repurchases, which has helped the company post superior long term growth and returns.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Madison Square Garden Co.

    Madison Square Garden Co. (NYSE:MSG) (0.9%) (MSG – $$172.51 – NYSE) is an integrated sports and entertainment company that owns the New York Knicks, the New York Rangers, the Radio City Christmas Spectacular, The Forum, and that iconic New York venue, Madison Square Garden. These evergreen content and venue assets benefit from sustainable barriers to entry and long term secular growth. MSG completed the separation of its associated regional sports networks in September 2015, leaving a reliable cash flow stream for MSG to reinvest and repurchase shares.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Flowserve Corp

    Flowserve Corp. (NYSE:FLS) (1.0%) (FLS – $45.17 – NYSE) is one of the largest global pump companies, serving the petroleum, chemical, and power industries. The company’s products include engineered and industrial pumps, automated and control valves, actuators, and seals. About 40% of FLS revenues are derived from the oil and gas industry, and should benefit from the refurbishment of the aging refineries in developed countries and the first time build out of the infrastructure in developing nations around the world. Further, oil companies are bringing up dirtier, heavier, and harder to access crude from thousands of feet below ground, as the cleaner, lighter, and easier to obtain crude that is closer to the surface is depleted. This demands more highly engineered pumps, valves, and seals that can work under very high pressure, high temperature, or underwater, boding well for FLS products.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Edgewell Personal Care Co.

    Edgewell Personal Care Co. (NYSE:EPC) (1.4%) (EPC – $84.41 – NYSE) based in St. Louis, Missouri, is the personal care division of Energizer Holdings, which split its personal care and household products divisions on July 1, 2015. Edgewell generates approximately $2.3 billion of revenue through its principal businesses: wet shaving, including Schick-branded razors and blades, Edge and Skintimate shaving preparation and private label shaving products; sun care, including the Banana Boat and Hawaiian Tropic brands; feminine care, including Playtex and o.b. tampons and Carefree and Stayfree liners and pads; and infant care, utilizing the Playtex and Diaper Genie brands. As a pure-play personal care company, Edgewell competes in high-margin, attractive categories with leading brands. We expect management to focus on improving margins through product mix, restructuring savings and operating leverage, which should afford it flexibility to reinvest in growth opportunities. The company has approximately $1.2 billion of net debt providing management with sufficient flexibility to invest in internal growth, make acquisitions and/or repurchase shares. EPC is a likely acquisition target as a multinational competitor with a strong international infrastructure would benefit from scale, cost synergies, and the opportunity to accelerate international expansion.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Brown-Forman Corp

    Brown-Forman Corp. (NYSE:BF.A)(2.4%) (BF/A – $108.03 – NYSE; BF/B – $99.76 – NYSE) is a leading global distilled spirits producer. Spirits is an advantaged category that enjoys high margins, low capital requirements, strong free cash flow generation and good pricing power. The company’s global brands include Jack Daniel’s Tennessee whiskey, Finlandia vodka, Woodford Reserve bourbon, and el Jimador and Herradura tequilas. Jack Daniel’s is one of the world’s most valuable spirits brands, enjoying strong growth both in the U.S. and internationally as consumers increasingly choose to drink American whiskies. The company has also successfully expanded the brand into the fast growing flavored whiskey category. While Brown-Forman does face some near term headwinds from negative foreign currency exposure (over half of sales come from outside the U.S.), the company is positioned to grow revenues and profits substantially over the next several years, and has significant balance sheet flexibility. While the company is family controlled, we believe that if it ever became available for sale it would be highly coveted by other large global spirits players.


    From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.

      


  • Mario Gabelli Comments on Bank of New York Mellon Corp

    Bank of New York Mellon Corp. (NYSE:BK) (1.0% of net assets as of June 30, 2016) (BK – $38.85 – NYSE) is a global leader in providing financial services to institutions and individuals. The company operates in more than one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of March 31, 2016, the firm had $29.1 trillion in assets under custody and $1.6 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.

      


  • The Gabelli ABC Fund Merger and Arbitrage – 'The Deal Fund' 2nd Quarter Shareholder Commentary

    To Our Shareholders,

      


  • Baron Funds Comments on Teleflex Inc.

    We initiated a position in Teleflex, Inc. (NYSE:TFX), a medical device company that over the past five years has been transformed, under CEO Benson Smith’s leadership, from a diversified industrial company into a pure-play medical device company through a series of divestitures and acquisitions. Today, the company sells products used by hospitals and health care providers for critical care applications and surgical procedures. The company’s products include, among others, catheters that provide vascular access for delivery of intravenous medications, laryngeal masks for delivery of anesthesia, and surgical instruments used for minimally invasive surgery. The company’s products are used in procedures for treatment of acute or life-threatening illnesses and are therefore less susceptible to being cut during an economic downturn.


    We think the company has a solid base business that should be able to grow in the mid-single digits on an organic basis driven by volume growth, new product introductions, and to a lesser extent pricing. In addition, we think the company has the potential to accelerate its organic growth through several interesting new product opportunities, including, among others, the Percuvance Surgical System, a surgical instrument for use in minimally invasive procedures. Percuvance requires a smaller incision site than traditional laparoscopic surgery, while maintaining the equivalent rigidity and strength of laparoscopic instruments. Percuvance has the potential to reduce patient trauma and minimize scarring. The company plans to pursue a full market release of the product in the third quarter of 2016. We think the product has widespread application and well over $100 million of revenue potential over the long term.

      


  • Brian Rogers on Corporate Practices

    In an interview with CNBC’s “Squawk Box,” Brian Rogers, chairman and CIO of the T. Rowe Price Group (TROW), discussed meetings between business leaders to develop guidelines for effective corporate guidance.


    Rogers emphasized common sense, independence, rigor, alignment, engagement, transparency, validation and long-term focus were some of the key principles they agreed on.

      


  • Baron Funds Comments on Westinghouse Air Brake Technologies Corp

    Westinghouse Air Brake Technologies Corporation (“Wabtec”) (NYSE:WAB) is the leading manufacturer of safety and productivity products for railroads. Its shares fell because of uncertainty around the strength of its rail customers, as the global industrial economy slowed, coupled with the potential impact of Brexit. Wabtec generates about half its revenues outside the U.S., resulting in stiff foreign currency headwinds. We believe the company should be able to grow its mass transit business even in this tougher environment. In addition, we are excited about the potential benefits of its pending acquisition of its largest European competitor.


    Baron Asset Fund second quarter shareholder letter.

      


  • Baron Funds Comments on CBRE Group

    CBRE Group, Inc. (NYSE:CBG) is a commercial real estate services firm with leading market positions in all of its major businesses – leasing, investment sales, outsourcing, and real estate investment management. The company’s shares fell on concerns that the commercial real estate cycle might be nearing its peak. These fears were exacerbated in the aftermath of the Brexit vote. In addition, CBRE has a significant presence in the United Kingdom and, by extension, exposure to the depreciating British Pound. We believe the outlook for commercial real estate remains attractive, and we also believe that CBRE’s increased reliance on recurring revenue businesses should make the company less susceptible to shifts in the real estate market.


    Baron Asset Fund second quarter shareholder letter.

      


  • Baron Funds Comments on SS&C Technologies Holdings

    Shares of SS&C Technologies Holdings, Inc. (NASDAQ:SSNC), a vendor of various financial technologies, detracted from performance. We attribute the decline to concerns that lackluster hedge fund performance will impact SS&C’s growth. We believe a low single-digit percentage of the company’s revenue is directly correlated to equity markets, far less than investors fear. We believe the company will continue to generate attractive revenue growth through market share gains, cross-sales of its expanded services portfolio into the installed customer base of Advent (a company it recently acquired), and new product introductions.


    Baron Asset Fund second quarter shareholder letter.

      


  • IBM 2Q16 Earnings From a Growth Cycle Perspective

    IBM’s (NYSE:IBM) painful transition back to revenue growth seems to be closer than ever if the second quarter results are anything to go by. IBM’s second quarter 2016 revenues came in at $20.24 billion, down by 2.76% compared to the $20.81 billion posted last year. Last year, however, IBM’s quarterly revenues were declining at double-digit rates, but that pace has been slowing down since the third quarter of 2015 thanks to some of the new product lines such as analytics and cloud service reporting steady growth over that period.


    HSB22pwR4Ao_BpIlzsxUGXi5SmT-ZXzFRagUKfvR

      


  • Speculative Extremes and Historically Informed Optimism- John Hussman

    There’s a field in one of our data sets that rarely sees much play, being driven primarily by only the most extreme combination of overvaluation, overbullish sentiment, and overbought conditions we’ve identified across history. It’s one of a variety of such syndromes we track, and I’ve simply labeled it “Bubble,” because with a single exception, this extreme variant has only emerged just before the worst market collapses in the past century. Prior to the advance of recent years, the list of these instances was: August 1929, the week of the market peak; August 1972, after which the S&P 500 would advance about 7% by year-end, and then drop by half; August 1987, the week of the market peak; March 2000, the week of the market peak; and July 2007, within a few points of the final peak in the S&P 500, with a secondary signal in October 2007, the week of that final market peak.


    The advancing segment of the current market cycle was different in its response to historic speculative extremes. Air-pockets, panics and crashes had regularly followed these and lesser “overvalued, overbought, overbullish” extremes in every previous market cycle, and our reliance on that fact became our Achilles Heel during the advancing half of this one. In an experiment that will ultimately have disastrous consequences, the Federal Reserve’s policy of quantitative easing intentionally encouraged yield-seeking speculation in this cycle far beyond the point where these warning signals emerged.

      


  • Baron Funds Comments on Guidewire Software

    Shares of property and casualty insurance software vendor Guidewire Software, Inc. (NYSE:GWRE) increased as the company continued to capture an increasing share of its target market. Guidewire enjoys near-perfect client retention rates, a growing installed base of users, and accelerating adoption of its product offerings. We believe that insurers are in the early stages of replacing the core software systems needed to run their businesses, and Guidewire continues to expand its addressable market through persistent product innovation. In addition, in April, Accenture plc sold a majority stake in Duck Creek, the largest direct Guidewire competitor, and extended its relationship with Guidewire. We believe this will lead to improved pricing and better client win rates for Guidewire.


    Baron Asset Fund second quarter shareholder letter.

      


  • Baron Funds Comments on Equinix Inc.

    Shares of Equinix, Inc. (NASDAQ:EQIX), a REIT that owns and operates a global network of data centers, increased on continued strong demand for its outsourcing services, largely driven by its clients’ accelerating adoption of cloud-based computing solutions. In addition, the data center industry has continued to consolidate, and new supply has been kept in check. Together, these trends have created a strong growth and pricing environment that has benefited all players. In addition, Equinix completed its acquisition of European data center company Telecity on terms we believe to be favorable. Finally, the continued low interest rate environment benefited dividend paying REITs.


    Baron Asset Fund second quarter shareholder letter.

      


  • Baron Funds Comments on Zillow Group

    Zillow Group, Inc. (NASDAQ:ZG) is the leading Internet-based company focused on the residential real estate market. Zillow owns various websites, including Trulia, that contain information about homes for sale, and real estate brokerages and agents advertise on these sites to attract potential clients. We believe that an increasing number of home buyers will begin their home searches online, and Zillow will be an important beneficiary of this trend. The company’s shares gained meaningfully after it reported sharply improved results and offered encouraging guidance for the remainder of the year. In addition, the company reached a favorable legal settlement with its largest competitor, which removed an overhang on its shares.


    Baron Asset Fund second quarter shareholder letter.

      


  • Baron Funds Comments on Gartner Inc.

    Shares of Gartner, Inc. (NYSE:IT), the largest provider of syndicated research and analysis on the IT sector, gained after the company reported financial results significantly ahead of expectations. Revenues were impressive across the company’s three divisions, and there was notable growth in its core research subscriptions. We believe that various forward-looking metrics in this highly-recurring business continue to look strong. Contract value growth and sales productivity trends are approaching levels sufficient to drive margin expansion, customer retention rates are at all-time highs, and the company has significant financial flexibility. We continue to believe that Gartner will generate accelerating top-line growth, significant growth in earnings and free cash flow, and persistent return of capital.


    Baron Asset Fund second quarter shareholder letter.

      


  • Baron Funds Comments on IDEXX Laboratories Inc.

    Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX), the leading provider of testing and diagnostics to veterinarians, gained after the company reported another quarter of strong financial results. We continue to believe that IDEXX’s business trends are improving and that its competitive position is becoming increasingly unassailable. The company’s placements of new diagnostic instruments in veterinary hospitals grew by almost 25% in its recent quarter. We expect this to be a key driver of future growth because these instruments require the ongoing purchase of high-margin consumables to perform in-clinic tests. In addition, the company’s network of domestic testing laboratories continued to grow at more than twice the rate of its main competitor. We believe that these trends, coupled with the revenue contributions from its new proprietary tests, has potential for better revenue and earnings growth during the next few years.


    Baron Asset Fund second quarter shareholder letter.

      


  • Agnico Eagle's Additional Investment

    Today, Agnico Eagle announced additional investment in Belo Sun Mining Corp. (TSX:BSX). The miner will add 14,922,760 common shares of Belo Sun to its current stake of 74,180,000 common shares resulting in a total of 89,102,760 common shares, representing approximately 23.3% of the issued and outstanding common shares of Belo Sun on a non-diluted basis.


    Belo Sun Mining Corp. is a Canadian mineral exploration and development company that is focused on advancing the Volta Grande Gold Project located in Pará State, Brazil. It is estimated to be an economically robust project with average annual gold production of 205,000 ounces of gold for 17 years with a cash operating cost of $618 per ounce, according to the company’s 43-101 compliant Feasibility Study.

      


  • Baron Asset Fund 2nd Quarter Letter

    DEAR BARON ASSET FUND SHAREHOLDER:

      


  • Nintendo Takes a Nosedive After Revealing it Doesn't Actually Own Pokémon GO

    Shares in Nintendo (TSE:7974) have tumbled by almost 18% after the company issued a statement indicating the wild success of Pokémon Go would have virtually no impact on earnings.


    Since its release at the start of July, Pokémon Go has rapidly exploded into one of the most popular smartphone games of all time. The augmented reality app has already been downloaded more than 50 million times on Google Play, and is now said to boast more active users than Twitter.

      


  • Intel Reports Slowdown in 2nd Quarter

    Intel (NASDAQ:INTC) reported second quarter earnings on July 20.


    The technology company reported revenue of $13.5 billion, missing analysts’ average estimate by $40 million. Earnings per share for the quarter were 59 cents, down 5% from the comparable quarter. Earnings per share beat analysts’ average estimate of 53 cents.

      


  • AngloGold Ashanti Expects Positive H1 2016 Headline Earnings

    On August 15,  AngloGold Ashanti Limited (ADR) (NYSE:AU) will provide the public with its H1 2016 results.


    On June 30, the gold producer published its trading statement which disclosed they are positive the H1 2016 results will be at least 20% different from those of H1 2015, according to the listing requirements of JSE Ltd.

      


  • Oil Prices Lower With Stocks Continuing to Gain

    Oil prices were lower for the July 22 week. For the week, WTI oil ended at $44.21 after starting the week at $45.23.


    The week’s two leading oil reports had the greatest impact on trading for the week. Wednesday’s Energy Information Administration Petroleum Status Report showed crude oil inventories remaining basically unchanged with a decrease of 2.3 million barrels. The week’s report followed a decrease of 2.5 million barrels in the previous week. Despite two weekly decreases, oil inventories still remain at high seasonal levels. The current oil inventories are 12% higher than a year ago.

      


  • Sanderson Farms Looks Fundamentally Strong

    Sanderson Farms (NASDAQ:SAFM) has grown from a small general feed and seed business in 1947 to one of the nation's leading food corporations in fiscal 2015 with sales of more than $2.80 billion. It is currently the third-largest poultry producer in the U.S. with plans to process over 3.6 billion pounds of meat in fiscal 2016.


    The company currently operates 11 poultry plants with a recent complex opened in Palestine, Texas, in February. At full capacity, the Palestine facility will provide an additional 1.25 million head of chicken per week for the big bird deboning market. It is engaged in production, processing, marketing and distribution of fresh, frozen, further processed and partially cooked chicken. The company sells its products to retailers, distributors and casual dining operators located principally in the Southeastern, Northeastern and Western U.S.

      


  • Panera Bread Is Worth Holding

    The Panera Bread (NASDAQ:PNRA) legacy began in 1981 as Au Bon Pain Co. Inc. Founded by Louis Kane and Ron Shaich, the company prospered along the East Coast of the U.S. and internationally through the 1980s and 1990s and became the dominant operator within the bakery-cafe category.


    As of March 29, there were 1,997 bakery-cafes in 46 states and Ontario, Canada operating under the Panera Bread, Saint Louis Bread Co. or Paradise Bakery & Café names.

      


  • Is Ensco Worth Considering at Current Levels?

    For the offshore drilling industry, challenges are far from over, and there are more stocks worth avoiding than buying in the industry.


    However, along with challenges, there are opportunities, and several offshore drillers have provided robust returns in the medium term after being beaten down to deep-value levels. This article will focus on Ensco (NYSE:ESV) with the stock having declined by 41% year to date, focusing on the backlog and the company’s credit health to determine whether Ensco is worth considering after the big correction.

      


  • Hormel Foods Makes for a Good Investment

    Hormel Foods (NYSE:HRL) is primarily engaged in the production of a variety of meat and food products, many of which are among the best known and trusted in the food industry, and the marketing of those products throughout the U.S. and internationally.


    Hormel is a multinational manufacturer and marketer of consumer-branded food and meat products, many of which are among the best known and trusted in the food industry. The company leverages its extensive expertise, innovation and high competencies in pork and turkey processing and marketing to bring branded, value-added products to the global marketplace.

      


  • Bullish Momentum Will Continue for Antero Resources

    There has been some recovery in the energy industry in the recent past, but even when conditions were challenging, there were few stocks that stood apart from peers.


    Antero Resources (NYSE:AR) is one stock that has continued to perform exceedingly well even in difficult times. Positive momentum will sustain for the stock in the coming quarters; in line with this view, fresh exposure to this quality energy name can be considered at current levels.

      


  • Strong Upside Potential for Microsoft Despite Negative Growth

    Microsoft (NASDAQ:MSFT) surprised many analysts with its fourth-quarter earnings, which came out on July 19. Microsoft reported non-GAAP revenues of $22.6 billion and non-GAAP per share profit of 69 cents beating analyst estimates of $22.14 billion and 58 cents. With stock movement after earnings results of late being extremely reliant on the deviation from analyst consensus estimates, Microsoft’s stock saw a nice jump to the $56 level.


    It would be a bit of an understatement to say that Microsoft fired on all cylinders, as the company posted some solid growth numbers on several products including search advertising and Windows OEM revenues.

      


  • One of the Best Dividend Aristocrats for Long-Term Investors

    With more than four consecutive decades of dividend increases, Automatic Data Processing (NASDAQ:ADP) is one of my favorite dividend aristocrats.


    The company’s excellent dividend growth track record is the result of its reliable business model.

      


  • Skechers' Insiders Sold Stock Before Disappointing Quarterly Results

    Skechers (NYSE:SKX), the maker of fashion and casual footwear, fell 22% to $24.99 per share Friday after releasing second-quarter results.


    Skechers’ earnings missed the Zacks’ estimate of 61 cents per share coming in at 48 cents per diluted share. Second quarter revenue came in at $877.8 million. The stock has fallen 17% year to date. Investors were especially disappointed with the company’s domestic sales which accounts for roughly 37% of overall revenue. Domestic wholesale net sales fell 5.4% in the second quarter versus the same quarter last year. In contrast, international sales showed strength as they increased by 25.5% or $61.6 million in the second quarter or 37.2% and $196 million for the first six months of 2016.

      


  • Phillips 66: Time to Bail Out?

    Bloomberg recently released figures that are possibly ominous to oil refiners. According to the news agency, earnings in the oil industry this second quarter will turn out to be brighter. This is possible because of the lower oil prices in the quarter that led to better margins for the oil-refining business. This better margin attracted much production in the refinery products that eventually led to a glut. Specifically, global refining margins were at $13.80 a barrel in the second quarter and at $11.40 in July.


      


  • JPMorgan Chase Is Significantly Undervalued

    Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic values and inherent risks.


    This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Companies Benjamin Graham Would Invest In Today - July 2016. By using the ModernGraham method one can review a company's historical accomplishments and determine an intrinsic value that can be compared across industries. What follows is a stock analysis showing a specific look at how JPMorgan Chase & Co. (NYSE:JPM) fares in the ModernGraham valuation model.

      


  • Van Den Berg Made 6 New Buys in 2nd Quarter

    Arnold Van Den Berg (Trades, Portfolio), who founded Century Management more than 40 years ago, invested in half a dozen new buys in the second quarter. Most of Van Den Berg’s new buys were in health care-related companies, but his largest was not.


    The largest was Van Den Berg’s purchase of a 323,733-share stake in Liberty Media Corp. (NASDAQ:LSXMK), a Colorado-based mass media company. Van Den Berg paid an average price of $31.35 per share in a deal that had a 1.67% impact on the guru’s portfolio.

      


  • Dividend Investors Should Research These 10 Stocks - July

    There are a number of great companies in the market today. By using the ModernGraham Valuation Model, I've selected 10 undervalued companies for the Enterprising dividend stock investor. These companies have the highest dividend yields among the undervalued companies reviewed by ModernGraham, which are suitable for Enterprising Investor according to the ModernGraham approach.


    Defensive Investors are defined as investors who are not able or willing to do substantial research into individual investments, and therefore need to select only the companies that present the least amount of risk. Enterprising Investors, on the other hand, are able to do substantial research and can select companies that present a moderate (though still low) amount of risk. Each company suitable for the Defensive Investor is also suitable for Enterprising Investors.

      


  • Simple Stock Valuations Using the Enterprise Multiple

    Ever wonder how you can value a stock quickly and easily? You can by using the enterprise multiple to get an approximate value for a stock. More precision does not always equate to the best decisions. Sometimes simple solutions are all you need. As Warren Buffett (Trades, Portfolio) says, “It is better to be approximately right than precisely wrong.”


    What is the enterprise multiple?

      


  • Bristol-Myers a Strong Biopharma Pick

    Bristol-Myers Squibb (NYSE:BMY) is a global biopharma company firmly focused to discover, develop and deliver innovative medicines to patients with serious diseases. Around the world, their medicines help millions of people in their fight against such diseases as cancer, cardiovascular disease, hepatitis B and hepatitis C, HIV/AIDS and rheumatoid arthritis. 


    The company’s first quarter results witnessed strong sales growth. There was a significant progress in bringing the promise of Immuno-Oncology across multiple types of cancer to patients. The company increased its GAAP EPS guidance.

      


  • Union Pacific Is a Long-Term Stock

    Union Pacific Corporation (NYSE:UNP) is one of America's leading transportation companies. Its principal operating company, Union Pacific Railroad, is North America's premiere railroad franchise, covering 23 states across the western two-thirds of the U.S. The railroad’s diversified business mix includes Agricultural Products, Automotive, Chemicals, Coal, Industrial Products and Intermodal.


    Founded in 1862, Union Pacific provides value to its roughly 10,000 customers by delivering products in a safe, reliable, fuel efficient and environmentally responsible manner.

      


  • Amazon 2nd Quarter Preview: Will AWS Keep Its Lead in Cloud?

    Amazon will be reporting its second quarter earnings on July 28. The first quarter earnings results was so good that the stock popped from $600 to $683 in a few days after the results came out, and it has continued its upward momentum since then, trading near $750 in the last few days.


    Net income and free cash flow

      


  • Can Twitter Dig Itself Out of the Hole?

    Twitter (NYSE:TWTR) has lost a lot of shine in social media circles, especially from an investor’s point of view. There was a time when Twitter and Facebook (NASDAQ:FB) used to be in the same sentence when investors discussed social media. Then Facebook started moving at breakneck speed, increasing its product portfolio, revenues, user base - and most importantly, its bottom line profitability.


    Twitter’s revenue grew as well, from $28 million in 2010 to $2.2 billion in 2015, but its losses widened, too, from $67 million to $521 million during the same period. Facebook on the other hand reported $17.92 billion in revenues in 2015 with nearly $3.7 billion in profits.

      


  • Home Depot and Lowe’s: The Home Improvement Dividend Play

    Home Depot (NYSE: HDand Lowe’s (NYSE: LOW) are two companies that are sitting on top of the home improvement world. Together, these companies netted annual combined revenues of $147 billion last year and command a market capitalization of $240 billion. More importantly, these companies control the home improvement market in the U.S., creating a duopoly that will stay in control for a long time.


    Let’s take a look at various aspects of these businesses to see how strong and resilient they really are.

      


  • Visa and MasterCard: Ideal Long-Term Dividend Plays

    Sitting pretty at the top of the general purpose payment card industry are two of the most “weather-proof” companies in the world - Visa (V) and MasterCard (MA). Together, they control more than 80% of the industry and although they’ve lost some market share over the past year or so, they remain the two largest players in this space.


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  • GE Improves Sales, Beats Estimates

    General Electric (NYSE:GE) reported its second quarter earnings on July 23. The firm’s earnings report beat both revenue and earnings estimates for the quarter, while also significantly improving sales and EPS.


    Revenue for the second quarter was $33.5 billion, beating analysts’ average earnings estimate by $1.74 billion. Sales revenue for the quarter was up 14.6% from the comparable quarter. EPS for the quarter was 51 cents, beating analysts’ average estimate by 5 cents and increasing 65% from the comparable quarter.

      


  • UnitedHealth Reports 28% Sales Growth in 2nd Quarter

    UnitedHealth (NYSE:UNH) reported its second quarter earnings this week along with healthcare company Johnson & Johnson (NYSE:JNJ). The two Dow Jones Industrial Average healthcare companies have been gaining significantly in 2016. Both companies are up more than 20% year-to-date.


    On July 19, UnitedHealth’s earnings beat both revenue and EPS expectations. For the second quarter the company reported revenue of $46.49 billion, beating analysts’ average estimate by $1.44 billion. Revenue for the quarter was up 28.2% from the comparable quarter. Earnings per share for the second quarter were $1.96, beating analysts’ average estimate by 7 cents.

      


  • Weekly CEO Buys: Akamai, Restoration Hardware

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


    Akamai Technologies Inc.: CEO F. Thomson Leighton bought 17,456 shares

      


  • 10 Companies Ben Graham Would Love Today

    Out of the multitude of companies, which ones would legendary value investor Benjamin Graham buy today? I've compiled 10 great companies that fit the ModernGraham criteria, based on Benjamin Graham's methods. The companies in this list pass the rigorous requirements of either the Defensive Investor or the Enterprising Investor and are undervalued by the market.


    Bank of America Corp. (NYSE:BAC)

      


  • Greenblatt Sparkles in Growing Retail Industry

    Among consumer cyclical companies that trade on the New York Stock Exchange and the Nasdaq, three retail companies, Bed Bath & Beyond Inc. (NASDAQ:BBBY), Winmark Corp. (NASDAQ:WINA) and Hibbett Sports Inc. (NASDAQ:HIBB) have high Greenblatt earnings yield and return on capital. This suggests that these companies have high value potential based on Greenblatt’s magic formula.


    Greenblatt and His “Magic Formula”

      


  • New Highs as U.S. Market Indexes Finish Up for the Week

    U.S. market indexes were higher on Friday and finished the week with gains. For the day the Dow Jones Industrial Average closed at 18570.85 for a gain of 53.62 points or 0.29%. The S&P 500 was also higher, closing at 2175.03 for a gain of 9.86 points or 0.46%. The Nasdaq Composite closed higher at 5100.16 for a gain of 26.26 points or 0.52%. Both the S&P 500 and Nasdaq reported new highs. The VIX Volatility Index was lower at 11.99 for a loss of -0.75 points or -5.89%.


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

      


  • T. Rowe Price Ditches Domestic, Buys Foreign

    The T. Rowe Price Equity Income Fund gained four new holdings over the second quarter. Shares of Diageo PLC (NYSE:DEO), Apple (NASDAQ:AAPL), Medtronic PLC (NYSE:MDT) and PrairieSky Royalty Ltd (TSX:PSK) were purchased.


    T. Rowe Price purchased 4.875 million shares in Diageo for an average price of 19 pounds ($25) per share. The British alcoholic beverages company headquartered in London has a market cap of 58 billion pounds with an enterprise value of 68.7 billion pounds. It has a P/E of 21.5 and a forward P/E of 21.7. It has a P/B of 7.1 and a P/S of 4.9. GuruFocus ranked its financial strength 5 of 10 and its profitability and growth 7 of 10. The transaction had an impact of 0.65% on their portfolio.

      


  • Newmont: Strong 2nd Quarter Results

    Newmont Mining Corp. (NEM) closed the second quarter of 2016 generating an adjusted net income 44 cents, 29.4% higher than its first quarter 2016 of 34 cents and 69.2% higher than second quarter 2015 at 26 cents. Newmont’s second-quarter EPS exceeded analysts' expectations with a 46.7% surprise.


    Higher production and lower costs produced a difference of 14 cents between expected and actual EPS.

      


  • Warren Buffett on Corporate Guidance

    In an interview with CNBC’s “Squawk Box”, Warren Buffet of Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) gave insight to meetings between business leaders whose goal is to develop what they are calling a “road map for fixing what is broken in the boardrooms of corporate America,” which are being referred to as the Commonsense Principles. Buffett explains how these meetings came to be, the discussions held and the goal of encouraging companies hesitant about giving guidance.


    To view his comments on corporate guidance, refer to the video below.

      


  • Sectors With High Rates of Return Result in Increased Growth Opportunities

    Among stocks that trade on the New York Stock Exchange and the Nasdaq, consumer cyclical companies generally have the highest Yacktman forward rate of returns. Since higher rates of return generally imply good investments, the consumer cyclical sector has increased growth opportunities compared to the consumer defensive and industrial sectors.


    A note on the sectors and a brief introduction

      


  • Can Google Fend Off the Other FANGs in the Video Space?

    Many have tried to figure out what kind of company Alphabet (NASDAQ:GOOG)(NASDAQ:GOOGL) is, and failed. Most say it’s a search engine developer; some say it’s an advertising company; a few even say it’s an artificial intelligence company.


    OmNNeePbNekV0_dH3Xvy40DWfy767Kp9x6sQHI9g

      


  • What I Learned About Jack Ma From the Book 'Alibaba' by Liu Shiying and Martha Avery

    Jack Ma’s life story on the trials and tribulations that he faced on his way to founding ecommerce giant Alibaba (NYSE:BABA) is truly inspirational. Much can be learned from his attitude, philosophies and ability to think differently. The book "Alibaba" by Liu Shiying and Martha Avery tells the story of Ma's life and his relentless pursuit to create one of the largest ecommerce sites in the world today.


    Dealing with failure

      


  • Siegfried Holdings, Held by Tweedy Browne, Way Undervalued

    Siegfried Holdings (XSWX:SFZN) is a small-cap Swiss pharmaceutical company that is undervalued compared to its peers. The company flies under Wall Street's radar because it is thinly traded on the pink sheets in the U.S. Siegfried purchased BASF's pharmaceutical ingredient division last year, which should greatly increase financials. Also, Tweedy Browne (Trades, Portfolio) is a major holder.


    There are 4.17 million shares and the company trades at a market cap of 850 million Swiss francs ($850 million). The Swiss franc trades at almost parity with the dollar. The dividend is $1.80 and the dividend yield is 0.88%.

      


  • Netflix's Latest Quarter Shows Days as Disruptor May Be Done

    Netflix (NASDAQ:NFLX)’s latest results appear to point to its days as a disrupter in the media landscape being numbered and its place in the value chain slowly descending. As such its eventual path to profitability appears to be severely hampered.


    The old Netflix was able to significantly disrupt the media landscape by exploiting a unique spot in the value chain. The diagram below shows how Netflix fit into the media universe.

      


  • How Much Do Interest Rates Affect the Market’s P/E Ratio?

    The 10-Year T-Bonds hit all time yield lows in July 2016. Interest rates are not just low, they are near all time lows.




  • Insiders' Week: MasterCard, Facebook

    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 "July 2016” and “July 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.

      


  • Yacktman Fund Sells Pepsi, Coca-Cola, Microsoft

    Yacktman Fund (Trades, Portfolio) manages a portfolio composed of 36% with total value of $7.04 billion. During the second quarter it sold shares in the following stocks:


    The fund reduced its stake in PepsiCo Inc. (PEP) by 15.91% and with an impact of -1.48% on the portfolio.

      


  • Long-Term Upside With Jones Lang LaSalle

    With roots dating back to 1783, Jones Lang LaSalle (NYSE:JLL) has become one of the world’s largest commercial real estate companies. Headquartered in Chicago, the former London auctioneer’s business now spans the world. Down 33% year to date, the stock presents a very interesting long-term buying opportunity in a really great business.


      


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