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  • Is it time to invest in the airline industry?

    As the stock price and common valuation ratios reach one-year lows, many investors are increasing their positions in stocks in the airline industry.


    American Airlines Inc. (NASDAQ:AAL), one of the biggest companies in the airline industry, currently has stock prices near the 52-week low and thus 21 gurus own the stock. Gurus increased their positions in American Airlines as the stock has valuation ratios near 2 to 3 year lows, as well as dividend yields close to 2 year highs. On March 31, 2016, Jim Simons of Renaissance Technologies LLC bought 298,532 shares of American Airlines.

      


  • Stocks like TEVA and CI near 52-week lows, Gurus own them in Portfolios

    According to the GuroFocus list of 52-week lows, Teva Pharmaceutical Industries Inc. (NYSE:TEVA) and Cigna Corp (NYSE:CI) are two stocks that are within 5 percent of 52-week lows and are owned by 21 gurus.


    Most stocks that are near 52-week lows present great opportunities for investors. Gurus own these stocks in their portfolios due to the following positive signs: low P/B and P/S ratios, expanding operating margins and consistent per share revenue growth.

      


  • Market Indexes Higher With Volatility Lower

    U.S. market indexes were higher Wednesday. The Dow Jones Industrial Average was higher at 17,851.51 for a gain of 145.46 points or 0.82%. The Standard & Poor's 500 was also higher at 2,090.54 for a gain of 14.48 points or 0.70%. The Nasdaq Composite was higher for the day at 4,894.89 for a gain of 33.84 points or 0.70%.


    In the Dow Jones Industrial Average, the following stocks led the index higher:

      


  • Wilbur Ross Holding Becomes Nexeo Solutions, Steven Romick Firm Takes 20% Stake

    Many changes are afoot at distressed investor Wilbur Ross (Trades, Portfolio) Jr.’s firm as its holding corporation merges with a chemicals company and draws big investors.


    Ross, chairman of WL Ross Holding Corp. (WLHR), announced March 21 that it agreed to acquire Nexeo Solutions, the No. 1 plastics distributor and No. 3 chemicals distributor by revenue in North America, from a private equity firm. As part of the transaction, WL Ross Holding will change its name to Nexeo Solutions, the company will commence trading on the NASDAQ and Wilbur Ross (Trades, Portfolio) will become chairman of the board.

      


  • A Few Stocks to Weed Out of Your Portfolio

    Last year, the U.S. stock market would have been down but for the gains in four hot stocks that go by the moniker of FANG -- Facebook (FB), Amazon (NASDAQ:AMZN), Netflix (NFLX) and Google (GOOG).


    If you were fortunate enough to own some of those stocks, you might want to take some profits now.

      


  • The Big Sale: Insiders Sell Company Stock in Millions of Dollars

    During the past week, six insiders have sold their companies' shares valuing more than $1 million. Due to similar warning signs, the insiders decided to reduce their positions in the companies' stocks.


    One CEO, Joseph L. Jackson of WageWorks Inc. (NYSE:WAGE), sold 96,801 shares May 24 at a price of $55.53, which totaled $5,335,378. Jackson reduced his position in WageWorks as the company had declining per-share values during the past five years. Additionally, the company’s stock price and P/S ratio is near the one-year high.

      


  • Yahoo! Sale: Is It Hawking or Auctioning for Bids?

    When Yahoo! (NASDAQ:YHOO) announced in February that it is putting its core business for sale, the company’s stock traded at about $27 per share. Since then, its market price has rallied to trade at about $37 per share thereby representing a 37% increase in value.


    The company has been the subject of several bids from suitors who want to acquire its struggling search business and accessories, and according to the latest reports current bids are below its expectations. In fact, some bidders are believed to be readying to submit half the expected amount.

      


  • Asking the Right Questions


    The battleground is no longer having access to information. That was yesteryear’s investing. Today’s investing in the 21st century is about asking the right question. You’re no longer going to be a good database. You’re going to be a good search engine. The answers are there to be found. It’s the right questions to ask. That’s how we differentiate ourselves as well. We’re not looking for information. We’re looking for insights. “ – Rupal Bhansali[1], CIO, Ariel Investment International Equities

      


  • Companies With Strong 10-Year Performances

    According to GuruFocus' All-in-One Screener, the following stocks have had strong performances over the last 10 years with high and steady returns as well as profitability. EPS has also grown steadily with the companies' revenue. Most of these companies have a great cash-to-debt ratio.


    Apple Inc. (AAPL)

      


  • 2 CEOs Make Big Buys of Their Companies’ Stocks

    One of the biggest insider buys of the week occurred yesterday when Flex Pharma Inc. (NASDAQ:FLKS) president and CEO Christoph H. Westphal bought 30,334 shares at an average price of $12.42, a move that may signal a positive outlook for the company.


    During the 2008-2009 financial crisis, when prices dropped dramatically, many insiders bought more stocks than sold stocks. According to the chart below, the insider buy/sell ratio was 2.21 during this period.

      


  • Steve Mandel Buys Allergan, Baxalta, PayPal

    Steve Mandel (Trades, Portfolio), the founder of Lone Pine Capital, a long/short equity money manager, bought shares in the following stocks in the first quarter.


    The investor acquired 1,789,239 shares in Allergan PLC (AGN) with an impact of 2.39% on the portfolio.

      


  • Unlike SunEdison, Canadian Solar Can Manage Its Debt

    Stocks in the solar industry are volatile, and it’s difficult for investors to pick a great company. Since just a few companies in the sector are profitable, investors should ignore the loss-making firms.


    Canadian Solar (NASDAQ:CSIQ) is one such company; although its debt is a little too high, the risk/reward ratio is attractive.

      


  • Baron Growth Fund First Quarter Letter

    Dear Baron Growth Fund Shareholder:


    U.S. stock markets experienced heightened volatility to start the year. The Russell 2000 Growth Index recorded 21 days during the first quarter of 2016 when markets changed more than 2.5% in a day. This compares to a total of just 16 days when markets changed more than 2.5% during all of 2015!

      


  • Netflix: What the Numbers Say Versus What Investors Think

    Netflix (NASDAQ:NFLX) appears to be expensively priced when looking at the key valuation multiples like the P/E and P/S ratios compared to industry averages. However, its stock price continues to rise. This indicates a contradicting view from investors. So what are they looking at?


    It looks as if investors are fully convinced that Netflix's growth level compared to its potential is still in its infancy, which means that there is more upside to come in the near future. Investors are looking at the company's newly added revenue sources (following the geographical expansion) alongside key improvements in Europe and North America.

      


  • Watchlist Wednesday: Contrarian Approach

    In this edition of Watchlist Wednesday, we highlight five of the top stocks qualifying for the Contrarian Approach screen.


    The Contrarian Approach is inspired by David Dreman (Trades, Portfolio)’s contrarian investment philosophy, which he describes in the book "Contrarian Investment Strategies."

      


  • Alan Fournier Acquires Stake in PayPal Holdings

    Guru Alan Fournier (Trades, Portfolio) purchased a 3,203,686-share stake in PayPal Holdings (NASDAQ:PYPL) in the first quarter.


    PayPal Holdings was originally founded in 1998, with the name Confinity. Max Levchin, Peter Thiel, Luke Nosek and Ken Howery were the founders. In March 2000, Confinity merged with X.com, an online banking company founded by Elon Musk. Musk was optimistic about the future success of the money transfer business Confinity was developing. Musk and then-President and CEO of X.com Bill Harris disagreed on this point, and Harris left the company in May 2000.

      


  • GernsteinFisher - Globalization: Past, Present, and Future

    As workers, consumers, citizens, and investors, we are all increasingly feeling the winds of globalization. This blog series seeks to identify, analyze and interpret major global economic themes of interest to investors that are missed, misunderstood, or inadequately analyzed by the media. This inaugural entry places today’s phase of globalization on a continuum that has spanned centuries and contemplates the path forward.


    Exactly 75 years ago, in 1941, Henry Luce proclaimed “The American Century” in a famous essay he penned for Time magazine. The Time publisher and co-founder declared: “The 20th Century is the American Century.” Now observers such as Rawi Abdelal, a professor at Harvard Business School and expert on the politics and economics of globalization, are declaring a close to the American Century. Prof. Abdelal, who is also an Academic Advisor to Gerstein Fisher, spoke at an event we hosted in April entitled “Disordered World or New World Order? How Investors Can Make Sense of the World Today.”

      


  • Third Avenue Management Q2 2016 International Value Letter

    Fund Performance



    Our previous Third Avenue International Value Fund letter described our inability to predict the timing of favorable performance, which we expected to result from the appreciation of our deeply out of favor positions. We are pleased to report some small measure of reconciliation of price to value has occurred producing strong performance during the quarter. For the three months ending April 30th 2016, the Fund returned 20.21%¹ as compared to MSCI AC World ex US Index, which returned 9.91%. We use the expression “small measure” here to emphasize our view that, recent performance notwithstanding, our positions have not remotely been reconciled to their respective long-term values and that, in aggregate, the portfolio’s undervaluation has barely been dented. Positive performance this year has in large part been driven by our holdings that performed most poorly in 2015 and were among the most out of favor sectors globally until roughly mid-February of this year. For the year to date period through April 30th, four of our top ten performance contributions came from companies with a majority of their businesses located in Latin America while two of our top ten contributors were copper mining companies. The Fund also benefited from the appreciation of two European industrial companies as well as from our holding in Weyerhaeuser (NYSE:WY), which we added to materially in February as the stock declined, we believe for technical reasons related to its merger with Plum Creek. Following the February closing of that merger the stock appreciated strongly.

      


  • Third Avenue Management Comments on Weyerhaeuser

    An example of one of our portfolio holdings which has, and continues to have, opportunities for self-help is Weyerhaeuser (NYSE:WY). Weyerhaeuser is one of the Fund’s largest holdings and, as stated above, was our most significant contributor to performance, with a total return of 26.8%, during the quarter. We added to the position during the quarter on weakness. We believe the company remains attractively priced given its high-quality assets and additional opportunities for longer-term growth.

    Weyerhaeuser is a well-capitalized U.S.-based forest products company with timberland holdings, wood products used in homebuilding, and cellulose fibers used in absorbency products such as paper towels. The company had been negatively impacted by macro-related headwinds from a decline in demand from China and continued weak U.S. housing markets. CEO Doyle Simons, hired in 2013, responded with numerous measures. The company streamlined its operations by selling off its homebuilding business, bolstered its timberlands portfolio with the acquisition of Longview Timber, enacted cost cutting measures throughout the company, and initiated a significant, $1.5 billion share buyback program, which at the time accounted for nearly 10% of shares outstanding. During the quarter, the company completed its merger with Plum Creek Timber Company in a stock-for-stock transaction. Management estimates at least $100 million of annual savings from cost synergies. The merger increases Weyerhaeuser’s exposure to the U.S. South, a region which should benefit when the residential market recovers. In addition, Plum Creek brings with it a team that historically had been able to unlock higher-and-better-use values from its timberlands; we believe that additional opportunities to do so lie in Weyerhaeuser’s timberlands portfolio. Also, post-quarter end, Weyerhaeuser announced an agreement to sell its cellulose fibers pulp mills for $2.2 billion in cash. They plan on using a substantial portion of the after-tax proceeds from the sale to pay down debt.

      


  • Third Avenue Management Comments on Johnson Controls

    Johnson Controls, Inc. (NYSE:JCI) As mentioned above, we used the market volatility in the quarter to establish a new position in Johnson Controls (NYSE:JCI) common stock. We are impressed with management and with the opportunities for growth as the company focuses attention on its core businesses in building systems products and services and power solutions. During the quarter, the company continued to make progress with its plans to spin-off its automotive business (seating and interiors) and announced a merger with Tyco, a leader in commercial fire and security solutions, which is complementary to JCI’s operations in HVAC and building automation systems. The building products and services business has tailwinds driven by improvements in non-residential construction as well as opportunities for growth as JCI increases its presence in the residential market. As the global leader in non-residential HVAC and industrial refrigeration, JCI benefits from a 90%+ renewal rate once a relationship with a building has been established. The merger with Tyco will add fire and security solutions to the overall offering. Over the longer-term, demand for signifcant energy savings should drive adoption of “smart buildings” that can automatically adjust and monitor the temperature, security and lighting of a building. JCI also recently established a joint venture with Hitachi, which is one of the largest players in variable refrigerant flow (VRF) technology and has a strong presence in Asia, including China. The joint venture also provides JCI additional opportunity to expand its residential exposure in North America. Through its Power Systems segment, JCI is the leader in automotive batteries, largely for the aftermarket. Aftermarket battery sales have attractive recurring revenue characteristics as they are not discretionary items – when your car’s battery dies, unless you want to be stranded, you typically have it replaced as soon as possible! The power systems segment is also benefiting from environmental regulations to reduce CO2 emissions, which is driving adoption of start-stop technology. Start-stop vehicles automatically shut off when the vehicle is idling, then restart when the driver releases the brake pedal. The battery is used to restart the engine after every stopping event. JCI could see other operational improvements as well. Assuming the merger with Tyco is completed as planned, the companies expect around $1 billion of productivty and deal synergies over the next three years. JCI also has potential for further resource conversion as the remaining industrial businesses are separable and saleable. The fundamentals of building systems solutions and batteries are solid and driven by demands for energy efficiency. As the company moves to transform itself into a multi-line industrial company, one result could be a higher market value simply as a result of being reclassified into the multi-line industrial sector. Because of its historical exposure in automotive, JCI is often considered – and valued – as an automotive supplier. Auto suppliers are valued lower than industrials because of their attendant lower margins compared to industrial companies. Having said that, the automotive business, recently renamed Adient, has value. It is the market leading provider of automotive seating in North America, Europe and China, with longstanding relationships with all of the major global Original Equipment Manufacturers. The business also has an equity joint venture with Yanfeng Automotive in China for interior trim systems such as door panels, instrument panels and consoles. Once the automotive seating business is spun off, there is the potential for a beneficial re-rating of JCI to the multi-industrial sector. We have seen companies that undergo a sizeable transformation, whether a spin-off or sale of a substantial part of their business, fall into an investment “purgatory” where they no longer fall into a clear industry and therefore are no longer part of the sector weighting or covered by the same analysts. This is the situation that Visteon, which we discuss in the Small Cap letter, found itself–misunderstood by the market as a statistically expensive auto parts company yet was transforming its business into a standalone automotive electronics company with solid growth prospects and a cash-rich balance sheet. In summary, we find much to like about JCI and look forward to positive results from its addition to the portfolio.

      


  • Third Avenue Management Comments on Apache

    Apache (NYSE:APA) surprised many investors by reporting decent quarterly earnings. Most importantly, additional funding was not needed given its solid financial position. As most energy peers are battling stressed balance sheets, we were pleased (but not surprised) Apache avoided raising capital at a disadvantageous time.

      


  • Third Avenue Management Comments on Comerica

    Comerica (NYSE:CMA) also benefitted from company-specific factors. Shareholder activists are leaning on Comerica management to boost returns or sell to a larger peer. We have always believed that one of the core contributors over the long-term is not just business fundamentals, but also a dedicated and open management team that pursues opportunities that can accelerate the creation of shareholder value. Comerica management took control of the situation and announced that it hired Boston Consulting Group in April to advise on strategic intiatives. We are eager to hear the recommendations and we are encouraged that management is open to a wide variety of options.

      


  • How McDonald’s Generated a 15.6% CAGR Over 2.1 Years

    McDonald’s (NYSE:MCD) has been a great investment for a very long time.


    One dollar invested in McDonald’s stock in 2014 would be worth $606.67 by the end of 2015 (including dividends). That’s an annualized return of 14.9% a year.

      


  • Third Avenue Management Q2 2016 Value Fund Letter

    During the fiscal second quarter, oil prices rallied, credit markets improved and stock prices rebounded as macro fears were replaced by optimism. That trend followed a period when oil prices fell, credit markets deteriorated and stock prices sagged. And that followed a period when…well, you get the idea. There’s been no shortage of market volatility.


    Some may delight in trying to ride this bucking bronco of a market. But we have never been momentum jockeys. We are value investors, which means we care deeply about company fundamentals. We look for companies with strong management that can deliver long-term shareholder value regardless of macro trends or market movements. We buy securities of quality companies at attractive prices. We hold onto them. For a long time. And we don’t pay much attention to what markets may do in the interim, as long as our investment thesis remains intact.

      


  • Stanley Druckenmiller's Latest Moves Reveal Bearish Outlook

    Stanley Druckenmiller (Trades, Portfolio)'s recent portfolio changes, as tracked by GuruFocus, offer an interesting peek into the world views of the prolific macro trader.


    druckenmiller.jpg

      


  • Whole Foods Market Trying to Survive Despite Challenges

    Whole Foods Market (NASDAQ:WFM) is one of America’s healthiest grocery stores. Its mission is to be a grocery store featuring good, wholesome food, not a "health food" store filled with pills and potions. Much of the company's growth has been accomplished through mergers and acquisitions. Today, it is among the world's leaders with around 433 stores in North America and the U.K.


    The company reported its second-quarter results recently. It witnessed record sales and operating cash flow. Despite challenging sales environment, it delivered strong EBITDA.

      


  • Good Monsoon Can Take ICICI Bank Higher

    ICICI Bank (NYSE:IBN), India’s largest private sector bank, has seen subdued stock performance year to date with the stock declining by 14.0%. However, the worst is over for India’s private banking sector. ICICI Bank is likely to be a performer, and current levels are attractive for fresh exposure to the stock.


    India’s public sector banks are struggling with rising NPAs, and bad times will continue for public sector banks. This also implies that investors bullish on the banking sector will reallocate funds from public sector banks to private sector banks where the NPA crisis is not so pronounced.

      


  • Kyle Bass Purchases Stake in Clovis Oncology

    During the first quarter guru Kyle Bass (Trades, Portfolio) purchased 100,000 shares of Clovis Oncology Inc. (NASDAQ:CLVS).


    Clovis Oncology is a biopharmaceutical company that is headquartered in Boulder, Colorado. The company focuses on acquiring, developing and commercializing cancer treatments in the U.S., Europe and other international markets. The company's development programs are targeted at specific subsets of cancer, combining personalized medicine with companion diagnostics to direct therapeutics to those patients who are the most likely to benefit from them.

      


  • Kandi Technologies Looks Decent

    Kandi Technologies Group Inc. (NASDAQ:KNDI), headquartered in Jinhua, Zhejiang Province, China, is engaged in the research and development, manufacturing and sales of various vehicle products.


    Kandi has established itself as one of China's leading manufacturers of pure electric vehicle (EV) products (through its joint venture), EV parts and off-road vehicles. It is involved in designing, developing, manufacturing and commercializing EV, go-karts, all-terrain vehicles (ATVs) and specialized automobile-related products for the People’s Republic of China and global markets.

      


  • Hain Celestial Looks Good

    Headquartered in Lake Success, New York, Hain Celestial Group (NASDAQ:HAIN), with 6,500 employees worldwide, is a leading organic and natural products company with operations in North America, Europe and India. Hain Celestial participates in many natural categories with well-known brands that include Celestial Seasonings, Earth's Best, Ella's Kitchen, Terra, Garden of Eatin', etc. It is one of the marketers, manufacturers and sellers of organic and natural, better-for-you products.


    The company had a decent third-quarter net sales and earnings growth. It continued to be at the forefront of the evolution in changing consumer trends in consumer packaged goods with a strong global brand portfolio in key growth categories. It is uniquely positioned to satisfy the health and wellness needs of consumers with its leading natural and organic products. The company benefited from the diversification of business across branded organic and natural product categories, sales channels and geographies.

      


  • Remain Bullish on Nordic American Tankers

    The crude oil tanker industry had a strong 2015, but the initial few months of 2016 have been challenging for the industry with spot rates softening as compared to 2015. All oil tanker stocks have declined year to date, but there are a few names that have outperformed.


    Nordic American Tankers (NYSE:NAT) has declined by 7% year to date, and the stock performance has been strong considering that companies like Teekay Tankers (NYSE:TNK) have declined by 52% for the same period. Nordic American Tankers also gives investors a healthy dividend payout of $1.72 per share.

      


  • Bombardier Business Aircraft Launches New Cabin Management System on Global 5000 and Global 6000 Aircraft


  • Dominovas Energy Welcomes Project Finance Team


  • OnDeck Expands Lending Options for Small Businesses in Canada


  • SpectraScience Announces First Use of WavSTAT4 Optical Biopsy System in Spain


  • Fronsac REIT Announces an Increase to Its Annual Distribution and Results for Q1 2016


  • Blue Line Protection Group Extends Its Financial Compliance Platform


  • KGIC Inc. Announces Positive First Quarter 2016 Financial Results


  • DEAC Completes Corporate Restructuring and Signs Definitive (Acquisition) Agreement


  • Alset Energy Resolves Land Tenure Discrepancies on Lithium Concessions in Mexico


  • JLL Income Property Trust Expands Industrial Portfolio With Fully Leased Warehouse Acquisition in Chicago


  • Redhawk Clarifies Technical Disclosure


  • CU Inc. Announces Conversion Results for its Series 4 Preferred Shares


  • Veresen Announces Sale of Glen Park Merchant Power Facility for US$61 Million


  • Freddie Mac Prices $608 Million Multifamily K-Deal, K-W01 Supporting Workforce Housing


  • Graphite One Announces Conference Call to Discuss Spherical Graphite Coin Cell Test Results


  • Innovus Pharma Joins AbbVie Inc. and Eli Lilly & Co. in the Race for the $3 Billion Testosterone Replacement Market


  • Pilot Gold - RC/Core Drill Results, Goldstrike Oxide Gold Project - Utah


  • Abeona Therapeutics Announces FDA Allowance of Investigational New Drug (IND) for Phase 1/2 Clinical Study With ABO-101 Gene Therapy for Patients With Sanfilippo Syndrome Type B (MPS IIIB)


  • Letter to Shareholders: CEO Announces Great 1st Quarter


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