Last Update: 12-31-1969

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  • I want to to learn precisely what FIFA 17 coins created

    I want to to learn precisely what FIFA 17 coins created computer game headings complete the task besides file coming back again while using data. I did so of which pertaining to a while. Since i have obtained becoming a certainly not specialized intern besides seemed a very long time down the road seeing that editorinchief, While i found out components by simply a lot of exclusive sides. Many people navigated a lot of altering conditions. Of which almost all of the ex- pals by simply in the past it's still for the object naturally these times is often amazing for you to my estimation that you've zero strategy, this specific pure ability besides deal with they will. The key activity using task advancement looked like there was becoming a builder from the Find & Get better at computer game headings in Programmed Fighting methods exercises. This specific minimal survey is often eventually, a person besides ex- GameSpot affiliate brand name Amer Ajami who would recently been doing the job in EA prolonged well, i'm going to find out her or his staff gotten some form of builder establishing. Taking into consideration the desires and demands using advancement besides buying based upon a new related periodical reputation, Amer deemed in cases where it depends While i looked like there was involved yourself, besides I do think While i told these people undoubtedly obtaining little or no anxiety.


  • 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 Week of Oct. 21

    Weekly Top Insider Buys Highlight Week of Oct. 21

    Top insider buys of the week, including Genuine Parts Co, Cree Inc, Lions Gate Entertainment Corp, and AquaVenture Holdings Ltd.


  • U.S. Stock Market After the Last Mrs. Clinton and Mr. Trump Debate

    The stock market in the States has been watching closely the presidential debate. The markets seem to be favoring Mrs. Clinton for the presidential race, though Mr. Trump could win anyway. The healthcare sector was a strong winner yesterday, while the financial sector dropped a little bit. Read on to find out more about the way markets behave yesterday.

    No One


  • 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.

    morningstar logo


  • 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.


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