Last Update: 12-31-1969

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  • What Are The Rumors On Apple’s New iPhone Yet To Be Released?

    As per the original tradition, Apple (AAPL) has always brought in a “S” edition of the existing iPhone version as seen for the iPhone 5 model which was succeeded by the iPhone 5S model. But this time, analysts are speculating that the technology giant might change the trend by releasing the iPhone 7 with remodeled features in September this year, instead of the iPhone 6S. With the iPhone 6 and iPhone 6 Plus going strong after their formal launch, all eyes are now eager to know the extra features that would be eminent in the upcoming flagship smartphone of the tech giant. Let’s quickly find out what upgradations are being expected with regard to the next smartphone expected to be announced in September this year.


    The design would remain unchanged

      


  • Breeze-Eastern: Be Ready To Invest

    Company Profile


    Breeze-Eastern Corporation is the only company dedicated to the design, manufacture and sale of rescue hoists and cargo winches for the majority of helicopters, as well as several military cargo aircraft. BZC's products are mainly used in the military, law enforcement, and a few civilian operations (involving lifting cargo, etc.). On top of the production and distribution pipeline, BZC is handling the services required, following the sale of its products such as overhauls, maintenance and repairs, thereby catering to all possible aspects of this niche industry.

      


  • Is Verizon Right By Focusing Only On Wireless Business Amid Tough Competition?

    Verizon Communications Inc. (VZ) looks focused to dominate the U.S. wireless industry. In addition to investing huge amount of money to improve its network infrastructure, the company has of late been trying to bring budget customers on board, a clear move to diversify revenue sources.


    Verizon still stands out as the best U.S. wireless carrier, despite red-hot competition in the industry. The company retained its top ranking in 2014, in the categories of network reliability, speed, data and voice performance. Verizon only bulged in the texting category where archrival AT&T Inc. (T) took the lead, but SMS is not a key battle zone for wireless carriers.

      


  • NOV Overlooked In Cyclical Oil Recovery

    - After a brutal downturn of oil prices, there is a cyclical recovery since January 2015 as seen in Brent Crude Oil prices.


    - NOV rode through this period with increasing profitability due to strong backlog of superior products and services.

      


  • Citi Post 8 Year Record Breaking Q1 Profits

    The American multinational banking and financial services corporation announced a massive increase in its Q1 profits which is supposedly the highest in the last 8 years. The profits have been attributed to legal and restructuring cost plunge and Citi’s (C) strategically done streamlining of its business model. Shares rose on the upbeat news by 2.3% to close at $54.45.


    The profits so far

      


  • Taiwan Semiconductor Announces Cut-Down For Its Q2 Sales Forecast

    World’s largest dedicated independent semiconductor foundry Taiwan Semiconductor Manufacturing Company (TSM) is expecting revenues loss in the second quarter. The news came in line with Qualcomm (QCOM), one of the chief clients of TSMC, losing business from Samsung (SSNLF) for the latter’s upcoming smartphone model.


    Clientele

      


  • Avon To Selloff Business In North America

    Posting losses since over a year, the America based international manufacturer Avon Products Inc. (AVP) plans to exit its North America business and sell it off in order to recover from its ever worsening market position. The company had been looking for alternatives since long and the announcement came in line with their tryst. The news made a positive impact with the company’s stock gaining 18.1% to reach $9.46.


    Avon’s falling numbers

      


  • Alibaba Join Hands With GM To Introduce Ecommerce In Automotive Sector In China

    Continuing with the expansion mode, one of China’s biggest e-commerce companies Alibaba Group Holding Ltd. (BABA) signed a deal with Shanghai General Motors (GM) to offer online sales and financing for GM cars and paved its way into automotive industry. In addition, Alibaba has partnered with 50 car brands like BMW (BAMXY), Jaguar Land Rover (TTM), Volkswagen (VLKAY), Buick, Chevrolet and Toyota (TM) and 10,000 dealerships in China.


    Alibaba’s expansion plans

      


  • Honeywell Posts A Positive Q1 Report, But Topline Guidance Remains Weak

    The New Jersey based Fortune 100 company, Honeywell International Inc. (HON) reported its first quarter earnings for the fiscal year 2015 on April 17 and the earnings number surpassed the Street estimates though the revenue fell short of their expectations. The company attributed the fall of revenue for the quarter to the major currency woes which slowed down the growth in its topline for the first three months of the fiscal year. Let’s dig a bit deeper to find out the major highlights of the first quarter earnings report of Honeywell.


    The quarter recap

      


  • Fortinet (FTNT) Key Metrics Top Expectations, Lam Research (LRCX) Extends Outperformance Trajectory

    http://finance.crwe-pr.com/wp-content/uploads/2015/04/ftnt.jpgFortinet Inc. (FTNT)


    Shares of FTNT touched a new lifetime high in extended trading Monday as the company exceeded its expectations across all key metrics in its quarterly financial report, also surpassing analysts' forecasts.

      


  • Data I/O Announces New PSV5000 Automated Programming System


  • Analyzing David Einhorn's Top Holdings

    David Einhorn (Trades, Portfolio) is president of Greenlight Capital – a value-oriented investment adviser. He believes an investment approach emphasizing intrinsic value will achieve consistent absolute investment returns and safeguard capital regardless of market conditions. He is a noted activist investor, taking positions in companies and then pushing management to implement changes.


    Time Warner (TWX) is one of his top ten holdings. As of Dec 31, 2014 his fund was holdings 3,795,700 shares of the company.Time Warner Inc. is a leading media and entertainment company. The company classifies its businesses into the following reportable segments:

      


  • Joel Greenblatt: Conversation With Whaton

    Joel Greenblatt (Trades, Portfolio) reasonly sat down and had a conversation with Whaton which the moderated by legendary distree debt investor Howard Marks (Trades, Portfolio) of Oaktree Capital. Throughout the interview Joel Greenblatt (Trades, Portfolio) discuss a variety of topics ranging from diversification to capital allocation.

      


  • Richard Electronics: A Graham & Schloss Play

    Richard Electronics (RELL)


    Price: $8.70/share

      


  • CISCO SYSTEMS LOOKS GOOD AT FIRST GLANCE; BUT A SECOND LOOK MAKES IT LOOK GREAT!

    What if you turned on your computer or smart phone to check an important piece of data…such as your last bank deposit or brokerage account balance…and found that you are unable to access any information? Then imagine your reaction if you switched to another device and experienced the same result. Just ask yourself this question: “What would I do if the Internet didn’t work?”


    Fortunately, this is a very unlikely outcome as there are multiple businesses that develop the technology and manufacture reliable equipment to make sure the Internet does work. And we have structured our lives around the assumption that it always will. Today, we have the opportunity to own one of these businesses and, at first glance, it appears we can buy it cheap as well.

      


  • Digging Into Charlie Munger’s Comments From The 2015 DJCO Annual Meetings Part 3

    On part 3 of the Forbes series on Charlie Munger (Trades, Portfolio)’s comments on the DJCO Annual Meeting, we find an interesting answer on technology and Charlie’s system to attain wealth. I reproduce verbatim and comment on the answer at the bottom of the article.

    Q. All right. What advice would you give for early entrepreneurs, young game changers, in the old way of thinking?   


  • Peter Lynch Portfolio 29 - Option Trade Alert

    We added a new option sale late today.



    A conservative play on a quality name

      


  • A Further Peek Into Ted Weschler’s Thought Process

    A while ago someone posted an article on Ted Weschler’s thought process. The link to the article can be found here. Based on a short video about why Weschler invested in DaVita HealthCare Partner (DVA), the author came up with the following conclusions:


      


  • A Niche Bank With A Stable 6% Dividend

    New York Community Bancorp (NYCB) is one of the largest 25 bank holdings companies in the U.S. While the stock has appreciated in recent years, its dividend yield still nears 6%, making it an intriguing potential investment opportunity in a low-yield environment.


      


  • A Look Into Piper Jaffray's Recent Upgrade of Lowe's

    Piper Jaffray's analyst Peter Keith recently upgraded shares of Lowe's (LOW) to Overweight citing a "confluence" of favorable tailwinds. Keith's recent survey showed 58% of U.S. households plan to spend more in 2015 versus a year ago with a "healthy" increase in spending per home project. The analyst sees various tailwinds that should drive comp growth of 5% for Lowe's over the next two years.


    Piper Jaffray's analyst is not alone in terms of his positive take on the company. Analyst sentiments remain overwhelmingly positive on the company. Out of 29 analysts covering the company, 17 have buy ratings, 11 have hold ratings, and only one has a sell rating. Recently, another analyst – Oppenheimer's Brian Nagel – released a research report recommending investors to "keep buying" shares of the company despite a recent run up. He wrote,

      


  • Halvorsen Acquires Stake in Envision Healthcare

    Healthcare stocks are, far and away, guru Andreas Halvorsen (Trades, Portfolio)’s preference. The healthcare sector has a 32.5% weighting in his portfolio, and Halvorsen – the founding partner and chief executive officer of Viking Global Investors – holds several stakes that are linked, directly or indirectly, to healthcare.


    But, until recently, none of his healthcare positions were in the top 10 in his portfolio, and he hadn’t added to his existing holdings in a healthcare-related stock since the fourth quarter of 2014.

      


  • 20 Questions Newsletter Featuring Tom Russo is Ready for Downlaod

    We have recently added "20 Questions with the Gurus" to our website for subscribers to enjoy. Each month, we will interview a new guru, using the questions you submit. Premium members will have higher priority when we choose which questions to submit.


    In addition to reading the interview, subscribers will also have the ability to download the exclusive 20 Questions newsletter. Below is a sample of what the newsletters will look like. This month's features global investor, Tom Russo (Trades, Portfolio).

      


  • Pacific Crest's Channel Checks Indicate Solid Outlook for Baidu

    In a recent report, Pacific Crest analyst Cheng Cheng described key takewaway from his recent China Internet trip. In particular he was very positive on Baidu (BIDU). Cheng's channel checks indicate that existing key account customers' search advertising budgets are expected to see significant momentum and increase 40% yoy in the current year. This indicates solid outlook for Baidu.


    Earlier, a recent estimates released from eMarketer also indicated solid growth and market share gain prospects for Baidu. Baidu is a Chinese-language Internet search provider. The company offers a Chinese-language search platform on its website, Baidu.com, to enable users to find relevant information online, including Web pages, news, images, documents and multimedia files, through links provided on its websites.

      


  • Sprouts Farmers Market's Robust Merchandise Will Help It Improve Long-Term Performance

    Sprouts Farmers Market (SFM) continued to be focused on offering natural and organic, fresh, supreme-quality products at extremely competitive and affordable prices. In addition, Sprouts has become a store in demand for health-conscious customers and, thus, driving significant revenue growth for the company.


    Adding customers with smart moves

      


  • RS Investment Management's Growing Stocks trading at low P/E

    RS Investment Management (Trades, Portfolio) invests in public equity and fixed income markets across the world, as well as both growth and value stocks. In March, the firm launched an emerging markets small-cap fund for both retail and institutional share classes.


    The privately held San Francisco-based investment firm provides services for pension and profit-sharing plans, pooled investment vehicles, corporations, and banks. Matthew H. Scanlon, a graduate of Northwestern’s Kellog School of Management, is the firm’s CEO. RS Investment’s total assets are almost $27 billion.

      


  • Rosetta Resources' Operational Improvements Will Lead to Better Times Ahead

    Rosetta Resources (ROSE) recorded significant volume production in each of its product components particularly natural gas liquids, natural gas and oil. It also completed the operations at seven Permian horizontal wells in Reeves County. It successfully completed six operated Wolfcamp A wells grossly producing on an average approximately seven-day IP rates of over 1,300 barrels of oil equivalent per day per well.


    Smart operational moves

      


  • Chesapeake Energy's Smart Asset Management Makes It a Good Buy

    Chesapeake Energy (CHK) expanded its net oil and natural gas equivalent production by approximately 9%, regulating for sale of assets in 2014, a solid achievement when considering the lowering of its net capital spending compared to the last year.


    During the middle of December, Chesapeake achieved a record production of 770,000 barrels of oil equivalent per day and recording the maximum production in the company's history. Moreover, Chesapeake is running 64 rigs on an average, which is below half the number of rigs it operated in 2012.

      


  • Platinum Group Metals Reports Second Waterberg Extension Intercept, 3.4 kilometers beyond the Resource


  • Simavita Limited: Results of Government SIM(R) Trial in Denmark


  • Occidental Petroleum: This Struggling Petroleum Player Is a Risky Investment

    Occidental Petroleum (OXY) reported some disappointing numbers for the fourth quarter driven by lower crude oil and natural gas prices. Its earnings dropped significantly from last year but managed to beat the consensus estimate. As a result of falling prices, the stock touched its 52-week low a few days back. The company has strong fundamentals, but the macroeconomic factors will play a decisive role in shaping its future course of action. Let's see in detail how Occidental looks from a long-term perspective.


    Trying to get better

      


  • Looking Into Home Depot's Latest Results

    Home Depot (HD) is truly making it count as reflected in its fourth-quarterly results for fiscal 2014. Its net income for the quarter amplified 36%, while sales improved 8.3% over the same period a year earlier.


    Its sales for the full year rose 6% to $83.17 billion against $78.81 billion a year ago. Also, its net income increased 18% to $6.34 billion or earnings of $5.34 per share.

      


  • AK Steel's Strong Long-Term Prospects Make It a Good Buy

    AK Steel (AKS) recently reported its fourth quarter results that topped the analysts’ consensus. Year over year revenue improved, but earnings declined considerably on account of higher operating cost and lower steel prices. Also, as it reaps around half of its income from the auto sector, the company benefitted from the gaining strength of automotive products. Apart from this, there are other tailwinds that indicate a better road for the steel maker in days to come.


    A closer look

      


  • Why Gold Fields Is a Good Long-Term Buy

    Gold Fields (GFI) had put up a solid performance on the stock market since November 2014 until recently when the company reported its fourth quarter results. After rising to its 52-week high in February, the stock plunged significantly, which disappointed the street. Falling commodity prices along with the delayed plans for its south deep mine in South Africa were some of the key factors that weighed on its performance. Having a brief look at its numbers, let’s see in detail what can we expect from this company in the days ahead.


    Progressing in the right direction

      


  • A Few Reasons to Avoid EXCO Resources

    With the crude oil prices falling continuously, EXCO Resources (SCO) shares the fate of some its worst hit peers. The company had been sailing through troubled waters for quite some and with mixed numbers for the third quarter, it is still far from a turnaround. Led by its dismal performance, the stock has tanked to all time lows and it won’t be until some time that we could see some relief for the oil producer. Moreover, the U.S crude inventories do not show any signs of slowdown, which will continue to drag the prices down.


    Quarterly performance

      


  • Take-Two Interactive: This Stock Is Positioned for Long-Term Gains

    Take-Two Interactive (TTWO) reported solid numbers last quarter, beating analysts' expectations. It was driven by strong sales data of games such as Grand Theft Auto series, NBA 2K15, the Borderlands and Sid Meier’s Civilization: Beyond Earth franchise. The company performed quite well throughout the year and consequently, the stock touched its 52-week high few days back. Let’s see in detail whether it will be able to continue this momentum in the days ahead.


    What next?

      


  • Thornburg Value Fund Q1 2015 Investor Letter



  • Crystal Cove Capital Q1 2015 Investor Letter



  • Hedge Fund Shah Capital Management Continues With High Exposure in Chinese Companies

    Over the past few days, hedge funds have been filing their form 13-F, which is a quarterly report of equity holdings by filed institutional investment managers with at least $100 million in equity assets under management, as required by the United States Securities and Exchange Commission (SEC). In this article, let´s concentrate in one particular hedge fund and try to see the principal holdings in its portfolio. I will look into Shah Capital Management LLC.


    Recently the fund reported its equity portfolio, as of the end of March. The total value of the portfolio amounted to $114.61 million, down from $116.05 million disclosed at the end of the previous quarter. The filing revealed that at the end of March, the fund has not added any new position to its equity portfolio, but sold out 6 positions. The top ten portfolio holdings as of the end of the quarter represented 100%. The largest changes from previous 13-F´s fillings are in the industrials and material sectors.

      


  • Profit Margins: Is The Ladder Starting To Snap? – John Hussman

    Since mid-2014, the broad market as measured by the NYSE Composite has been in a broad sideways distribution pattern, with an increasing tendency in recent months for advances to occur on weaker volume and declines to follow on a pickup in volume. While capitalization-weighted indices have done somewhat better since mid-2014, the S&P 500 Index is unchanged since late-December. On the basis of broad market action across individual stocks, industries, sectors and security types, as well as a general widening of credit spreads and other risk-sensitive measures, we continue to infer a shift toward increasing risk aversion among investors.


    On the valuation front, we should begin by emphasizing that the most historically reliable valuation measures – those most closely related to actual subsequent market returns over full-cycle horizons of about seven years or more – are those that adjust for the cyclical variation of profit margins (see Margins, Multiples and the Iron Law of Valuation). Indeed, on a 10-year horizon, these measures are generally about 90% correlated with actual subsequent total returns in the S&P 500, and this relationship has persisted even in recent market cycles.

      


  • Philip Morris is a Stock to Look For

    Tobacco companies have long been known for their legacy of offering rich dividends. Philip Morris International (PM) is one such company. It is the leading international tobacco company, with six of the world's top 15 international brands, including Marlboro, the number one cigarette brand worldwide. PM's products are sold in more than 180 markets. In 2014, the company held an estimated 15.6% share of the total international cigarette market outside of the U.S., or 28.6% excluding the People's Republic of China and the U.S.


    First Quarter 2015

      


  • Brian Rogers Adds Three New Positions to Portfolio

    Brian Rogers (Trades, Portfolio) of value-based T. Rowe Price Equity Income Fund has been focusing on investing in companies over $2 billion and undervalued since 1994, when the fund was created. At the end of last month, Rogers added three new positions to his portfolio.


    Rogers currently has 116 positions in his portfolio that has a total value of ~$27.2 billion and a 2% quarter over quarter turnover.

      


  • Seth Klarman's Trades During Q1 2015

    Seth Klarman (Trades, Portfolio) is a value investor and portfolio manager of the investment partnership The Baupost Group. Founded in 1983, The Baupost Group now manages $7 billion, and has averaged returns of nearly 20% annually since their inception. Seth Klarman (Trades, Portfolio) is the author of the book "Margin of Safety" which sells for over $1,000. Klarman attended Cornell University where he received a degree in economics, and later attended Harvard University where he earned an M.B.A.


    Web Page: http://www.baupost.com/

      


  • How Is Toyota Progressing in the U.S. and Chinese Auto Market?

    The world’s largest automaker Toyota Motor (TM) expects to sell 10.15 million vehicles in 2015, which is 1% lower than 2014. The expected volume is lower compared with last year as the company forecasts demand to weaken in some of its key markets such as China, Japan, and Indonesia. However, Toyota estimates the U.S. to remain a strong market. Recently the company reported March sales in two of its key markets -- China and the U.S. Let’s take a look at whether the performance of the automaker is in line with its own expectations.


    A sneak peek into the number
      



  • Weitz Value Fund First Quarter 2015 Commentary

    Endo International (ENDP) is a specialty healthcare company engaged in developing, manufacturing, marketing and distributing branded pharmaceutical and generic products as well as medical devices. In late January, management completed its previously announced $2.6 billion acquisition of Auxilium Pharmaceuticals. Auxilium strengthens Endo’s branded pharmaceutical platform, provides immediate scale in an attractive niche market (urology), and is roughly 10% accretive to our base case estimate of intrinsic value. Roughly a month later, the company agreed to sell the men’s health portion of its integrated medical systems surgical business to Boston Scientific for $1.6 billion. We anticipate the proceeds supporting future business development initiatives.


    Martin Marietta Materials (MLM) is a producer of granite, limestone, sand, gravel and aggregates products for the construction industry. In February, management reported strong aggregates volume growth and price increases across each of its geographic markets and issued robust 2015 guidance. In addition, Martin increased its synergy target for the Texas Industries acquisition from $70 million to $100 million annually and announced a new share buyback plan. If the plan is completed it would represent approximately 30% of the company’s outstanding shares.

      


  • Weitz Funds Analyst Corner - A Perspective on Range Resources

    By Dave Perkins, CFA


    Range Resources (RRC) is a domestic producer of natural gas and natural gas liquids (NGLs) based in Fort Worth, Texas. Range is the 14th largest natural gas producer in the continental United States, with average daily production of approximately 1.3 billion cubic feet of gas equivalent (BCFE). The company drilled its first discovery well in southwest Pennsylvania just over 10 years ago, discovering what is today North America’s most prolific natural gas field – the Marcellus shale. Range controls roughly 1.6 million acres in the Appalachian basin which include both the northeast and southwest portions of the Marcellus as well as the Upper Devonian and Utica shales in southwestern PA.

      


  • GoPro CEO Becomes Highest Paid Executive in the US

    By Sarah Roden


    GoPro (GPRO), usually recognized for its rambunctious and boyish executives, will now be known for another title: having the highest compensated CEO in the United States. CEO Nick Woodman, the 39 year-old billionaire and founder of the company, will receive compensation of 4.5 million restricted stock units, valued at $284.5 million, according to Bloomberg.

      


  • Stevia Corp Welcomes Biochemist and Former MD Anderson Cancer Researcher Dennis Hill to Its Newly Formed Advisory Panel


  • PaperNuts Corporation Engages Salesforce.com as Customer Relationship Management (CRM) Platform


  • Solvista Gold Corporation and Rockcliff Resources Inc. Sign Amalgamation Agreement


  • Royal Road Minerals Limited Announces Commencement of Trading


  • Cineplex Inc. Announces Its April 2015 Dividend


  • Wally Weitz's Q1 Shareholder Commentary Letter

    Wall Street has been obsessed with the actions of the Federal Reserve for at least as long as the older of us has been investing. On Thursday afternoons in the 1970’s, everyone watched the Dow Jones news wire for the money supply report that might hold clues about the Fed’s next policy move. More recently, the Fed has been extraordinarily “accommodative” in the six years since the financial crisis, and there is considerable investor anxiety about how stocks will react to a return to “normal” interest rates. It is almost comical to watch the stock market rally or swoon in response to every small bit of economic data. The logic seems to be that a sign of economic strength (good news) is “bad” because it might encourage the Fed to abandon its “zero interest rate policy” (ZIRP). Conversely, a sign of economic weakness often triggers a rally since it may discourage the Fed from tightening.

    The Fed’s (and the Treasury’s) actions immediately after the Lehman failure were important and effective. In succeeding years, though, the creation of trillions of new dollars and their use to pump up asset prices (via “quantitative easing” or “QE”) may prove to have been counter-productive. It seems likely that we have “borrowed” investment gains from the future via QE. More importantly, to the extent speculators have used cheap, short-term credit to buy (riskier) higher yielding assets (“carry trades”), they face potential trading losses if rates rise suddenly. Their scramble to exit these trades could trigger market liquidity issues.

    Another interesting result of aggressive central bank activity, in Europe and Japan as well as the U.S., is that a significant amount of sovereign debt (bonds issued by countries rather than companies) now carries negative interest rates. This is unprecedented. One might call it surreal. Berkshire Hathaway Vice Chairman Charlie Munger (Trades, Portfolio) admits to being “flabbergasted” by the negative yields. He says, “…of course I’m confused. Anybody who is intelligent who is not confused doesn’t understand the situation very well. If you find it puzzling, your brain is working correctly.” (Forbes, 3/26/2015) Charlie has a way with words.

      


  • A Closer Look at Toy Maker Hasbro

    In this article, let's take a look at Hasbro Inc. (HAS), a $8.78 billion market cap company, which is a company with a broad portfolio of toys, games and entertainment offerings including brands such as Transformers, Playskool, Monopoly and My Little Pony.


    Beating the Market

      


  • Cigna Offers Growth, Value, And A Track Record Of Crushing Analyst Estimates

    A) Introduction



    Cigna Corporation (CI) is one of the largest health insurance companies in the United States, with a market cap near $34 billion. We think that Cigna presents a great opportunity for investors because of the company's strong growth profile, its reasonable valuation, its history of crushing analyst estimates, and the presence of potential near-term catalysts. Before we begin, investors should know that we tend to have a very quantitative style of analysis and only look at metrics that have been academically verified to predict stock returns. All of our analysis is from a comparables basis, as the majority of financial academic research has been done in this way. We will provide the links to the academic papers that we rely on as we analyze Cigna, or investors can get a summary of the papers here.

      


  • Nintai to Sell Manhattan Research

    Today (April 20, 2015), we sold off our remaining position of Manhattan Research (MANH). We first purchased the stock in May 2008 for $4.40/share. We are selling it today at $45.18/share. Since inception, the stock has produced a return of roughly 1,115%, or a 35.5% annual return compared to the S&P 500’s 8.8% annual return over the same period.


    We are doing this solely because of the stock's valuation. Using a DCF model assuming a WACC of 9.5% and FCF growth of 17% over the next 10 years (the same as the previous 10 years), we believe the stock is now roughly 45% over its estimated fair value. We believe these growth estimates are high - but doable - for MANH's management team. We estimate free cash flow to increase from $84M in 2015 to $275M in 2024.

      


  • Morgan Stanley's Q1 Results Beat Wall Street Estimates

    In this article, let's take a look at Morgan Stanley (MS), a $72.64 billion market cap company, which is a financial holding company that provides various financial products and services to corporations, governments, financial institutions, and individuals worldwide.


    Beating Consensus Estimates

      


  • Ballard Power Systems Is A Strong Sell

    A) Introduction



    Ballard Power Systems (BLDP) is engaged in the design, manufacturing, and sale of fuel cell products for a variety of different applications. We think Ballard offers a great shorting opportunity for investors due to the company's extremely weak growth profile, expensive valuation, history of missing analyst estimates, high level of external financing, and the bearish sentiment of "smart money". Our quantitative models are quite bearish on a number of other names in the fuel cell industry, such as Fuelcell Energy (FCEL), but we chose Ballard because of what we feel is an attractive entry point.

      


  • The Importance Of Thinking Backwards, And 5 Inverted Questions That Will Flip Your Thinking Upside Down

    What You’ll Learn




  • Book Review: Racing Towards Excellence

    I wish I had read something like Racing Towards Excellence when I was much younger. Instead of getting the inside story on a number of things I just didn't know, I had to learn from my own mistakes. I highly recommend the book to anyone in their 20s or younger.

    The authors discuss a number of topics geared towards increasing the happiness of the reader. Some of their views are rather contrarian and not in line with the conventional wisdom, and this is where the book is the most useful in my opinion. Generally, a young person will not know whether the conventional wisdom is right or wrong, or they may have an inkling that the conventional wisdom is questionable, but don't have the confidence to go against it because they know so little.

    But because the book covers so many topics, it really doesn't go into a lot of depth into any one. For someone who has already read a lot about some of these topics, the book is likely not that useful, which is why I wouldn't recommend it to people who already read.

      


  • Risk and Reward in Carl Icahn's Bargain Stock Transocean

    I like Carl Icahn (Trades, Portfolio). I like him more than Warren Buffett even, because I don’t think he’s trying hard to impress you. And, let’s face it, he’s been an investor his whole life with no underlying profit generator to fall back on. Every decision he makes is binary - win or lose - and he’s been on the right side most of the time. That’s why he's worth $22 billion.


    A bargain stock that Carl has been interested in for a while is Transocean (RIG).

      


  • Wall Street’s Week Ahead: Chipotle, Facebook, Microsoft, and Google

    By Sarah Roden


    Wall Street is in the throes of earnings season as several major companies are scheduled to release reports this week. What should investors look for in those reports?

      


  • Boeing And Airbus’ Competition To Soar Once Again In 2015

    This month, airline manufacturer Boeing (BA) sold sixty-one 737 commercial airliners to a single buyer for a massive deal worth $6.6 billion at list prices. While the company revealed details of the order – 51 aircrafts were ordered in 2015, while 10 were ordered last year – few other details of the buyer were publicised by the American multinational corporation. Speculation about who was behind 77% of Boeing’s 2015 net sales of single-aisle 737 commercial plane was laid to rest last week, when the company revealed that it had sold to Panama’s Copa Airlines (CPA). With the deal, Copa earned the distinction of being the first airline to operate Boeing’s 737 MAX 9 aircraft on deep South American routes. Let’s take a peek into the order book of both the rivals in the aircraft industry to decipher how the competitive ground is gradually heating up after the first quarter.


    Sales and competition on the rise

      


  • Google Facing Troubled Waters In Europe

    Recently, the Chief of the European Commission’s Anti-trust division, Margrethe Vestager, issued a Statement of Objections against Google Inc. (GOOG) for abusing its dominant position in the online search and Android OS phone market. Google’s bundling of partner and in-house applications within its Android operating software for smartphones has come under scrutiny by European officials.


    Earlier in 2012, the EU had urged Google to alter search engine services such that Google’s first-party sites and applications aren’t promoted in its Internet search results and advertisers weren’t forced into restrictive deals. Google was also accused of removing content of rival websites from search results without consent or warning. Last year, Google responded by offering to make concessions, but the EU rejected its proposal. French and German ministers and powerful consortium of tech companies reportedly stalled Google’s attempt to settle the case without charges.

      


  • Ford Plans to Expand Operations in Mexico

    Mexico presents a unique business environment to international automobile manufacturers. The country offers the ease of doing business afforded by several free trade agreements, cheap labour and an easy access to the market in the United States. It is no wonder then that leading car manufacturers, from around the world, such as General Motors Company (GM), Volkswagen AG (VLKAY), and Japan’s Nissan Motors (NSANY) have invested billions of dollars in the country. Recently, Toyota Motor Corp. (TM) announced its billion dollar factory for manufacturing 200,000 Corollas in the country, to be exported to the U.S.


    The latest announcement

      


  • Netflix: Bulls Should Be Ready To Buy After Price Dip

    Netflix (NFLX) is the world’s leading Internet television network with over 57 million streaming members in nearly 50 countries. Netflix is a pioneer in the Internet delivery of TV shows and movies, launching the streaming service in 2007. Prior to July 2011, in the U.S., the streaming and DVD-by-mail operations were combined and members could receive both streaming content and DVDs under a single “hybrid” plan. In July 2011, the company separated the combined plans, making it necessary for members who wish to receive both DVDs-by-mail and streaming content to have two separate membership plans.


    Business Revenue Segment:

      


  • Can Apple Become The World’s First Corporation Valued At $1 Trillion?

    With commendable sales figures expected for the iPhone 6 and iPhone 6 Plus and a pioneering foray into wearable technology with the Apple Watch, Apple Inc. (AAPL) seems to justify investment bank FBR & Co.’s potential valuation of the tech giant at $1 trillion in a year. But analysts have released financial research and reports over the last week, and the results are not entirely unanimous about Apple’s future.


    Speculation is rife

      


  • Will The US Dollar Stay On Track For 2016?

    The U.S. dollar has been soaring for some time now against the six major global currencies. The U.S. Dollar Index (DXY) recorded a 25% increase in the past 9 months and is still rising. It outperformed all estimates and, at the moment, seems unrelenting. It is expected not to yield in determination in the near future. The question that bewilders many investors is how far will the U.S. dollar rise before the trend reverses. Given the volatility and unpredictably of the Forex market, saying anything with utmost certainty seems to be an impossible task. We can still make an educated guess in the light of historical data, prevailing economic conditions and forecasts and the global economic environment.


    The current market price of the U.S. dollar against the six major currencies of the world is: USD/JPY 118.78, EUR/USD 1.07, GBP/USD 1.49, USD/CHF 0.95, USD/CAD 1.22, and USD/KRW 1083. Scotia Bank has forecasted the exchange rate of US Dollar in 2016 to be: USD/JPY 131, EUR/USD 1, GBP/USD 1.52, USD/CHF 1.160, USD/CAD 1.30, and USD/KRW 1150.

      


  • Looking beyond Costco’s Impressive Quarter

    Consumer spending in the U.S. has been pretty slow. However, it did show signs of improvement when it inched up by 0.1% in February, as compared to a drop of 0.2% in January. Thus, higher income and lower gasoline prices have shown results. This is expected to get better in the months to come.


    Therefore, big box retailers and grocers are benefiting from the growing demand. Even the warehouse retailers witnessed rising sales since customers are willing to spend on their necessities and make the most of their bulk purchases. Costco Wholesale Corporation (COST) reported an impressive second quarter very recently. The numbers were ahead of the Street’s estimates, sending its shares higher.

      


  • Why Is Best Buy Looking So Attractive?

    U.S. consumer electronics chain Best Buy (BBY) reported its fourth quarter results last month. The numbers were pretty impressive, resulting in a sharp rise in its share price. Moreover, the company’s great performance in the last year resulted in an increase of 48.6% in its share price. Further, the holiday season is the peak season for such products since customers are willing to splurge on discretionary items and are not restricted to necessities only.


    Digging into the details

      


  • Can Tesla Continue to Grow Financially in the Midst of Strong Competition?

    Operating in the U.S., China, Norway and many other countries internationally, Tesla Motors Inc. (TSLA) is a publicly traded company dealing in electrically run vehicles, powertrain components and energy storage systems. The company is also into providing development services to other car manufacturers. It aids them in developing powertrain components. Founded in 2003, the company is headquartered in Palo Alto, California.


    In a report lately published by Kelly Blue Book, Tesla Model S is included in the list of top 10 green cars. Tesla sold 37,000 Model S Sedan in the U.S. last year and since January 2015 has so far sold 4,900 cars. The manufacturer’s suggested retail price of the Model S Sedan is $71,070. Other cars on the list of KBB’s best green cars were Volkswagen (VOW) Jetta TDI, Ford (F) C-Max Hybrid, Toyota (TM) Camry Hybrid, Chevrolet Volt, Honda (HMC) Accord Hybrid, Toyota Prius, Nissan (NSANY) Leaf, Volkswagen e-Gold, and BMW (BMW) i3.

      


  • Will Consumer Confidence Remain Strong with a Weakened U.S. Dollar?

    In the U.S. these days, everybody seems to be on a spending spree. Optimism as regards the future economic growth has given a welcome fillip to the consumer confidence and bolstered sales of local corporations dealing in discretionary goods and services. The impacts of the financial crisis of 2007-2008, seem to be fast disappearing. Lately, the U.S. consumer confidence index hit its 8 year’s zenith 47.9. Consumer confidence is at its highest level following the recession of 2008.


    Corporations supported by nonessential goods and services are availing themselves to the fullest of the high consumer confidence. Their revenues have, consequently, increased manifold and are expected to grow further. As a result of the recent increase in consumer demand and spending, speculation regarding record sales growth during the current financial year are rife. With optimism all around, how can the stock market not become affected?

      


  • Is the Stock Market Helping the U.S. Economy Grow?

    The study of a country’s stock market can help one assess the state of economic development and growth of that country. Both financial development and economic growth are inextricably interlinked with each other. It is very rarely observed that a country with poorly performing financial institutions achieves an impressive rate of economic growth. There is a strong positive causal relationship between the two.


    Technological advancement is the cardinal factor that enables corporations expands their operations and grows beyond a geographical location. Usually corporations require huge amounts of capital to finance their growth and expansion projects. No project can be financed using only the amount of cash that a company has in its bank accounts, cash reserves or invested in short-term securities. The primary sources of finance available to any company are debt and equity. Finance from the latter source is raised by offering stocks for sale on the stock market. The stock market is an important source of finance for publicly traded corporations. Companies operating in countries with well-developed and established financial markets do not find expansion and growth as difficult as operating in countries with unsophisticated and under-developed financial markets.

      


  • GE’s First-Quarter Earnings Reflect The Strategic Shift To The Industrial Segment

    In the first quarter of 2015, earnings reported by General Electric Co. (GE) reflect a 1% drop in its industrial revenue which stood at $24.4 billion. Three of the company’s seven industrial segments – oil and gas machinery manufacturing, jet engine manufacturing and medical devices manufacturing – saw a drop in revenues, while its power-turbine manufacturing business is the only one of the industrial segments that reported a sales increase.


    Operating profits in the industrial sector, however, grew by 9% to $3.6 billion and margins were seen to be on an upswing by 26.2%. CEO Jeff Immelt is confident that the company will be able to fulfill the forecasted $1.10 - $1.20 earnings per share promise from industrial shares in the course of the year.

      


  • Amgen Inc.’s First Quarter Earnings Preview – What Could Be In Store?

    The largest biotechnology company based in the U.S., Amgen Inc. (AMGN), is expected to release its first quarter numbers on April 21 after the market closes and investors are hoping to see a better performance after the news of U.S. FDA approval for its first cardiovascular drug, Corlanor, just flew in a few days back. The Street analysts are also holding an optimistic stand on the company earnings though there are headwinds linked to expiry of patents on its drugs, in the pharmaceutical market which has several biosimilar drugs competing with patents all the time. Let’s quickly get into the financial playbook of Amgen Inc. and find out what analysts are opining regarding its first quarter earnings to be released this Tuesday.


    What are the analysts saying

      


  • Strong Partnerships Will Allow FuelCell Energy to Get Better

    FuelCell Energy (FCEL) reported some decent numbers for the fourth quarter as its losses narrowed considerably. It was driven by new order wins from its clients, especially a 15-megawatt fuel cell park from one of the largest utilities in the U.S. The company had been sailing through troubled waters for quite some time on account of its year-over-year losses. Although its present result cannot be called a turnaround, there was a minor improvement from last year as losses reduced. The stock, however, continued its dismal performance touching its 52-week low a few days back. Let’s see in detail what can we expect from FuelCell in the days ahead.


    A closer look

      


  • Why Sierra Wireless Is a Good Long-Term Investment

    Sierra Wireless (SWIR) continued its winning spree in the fourth quarter as well with significant growth in both the top and bottom lines. The company attributes its strong performance to a combination of robust organic growth coupled with solid contribution from acquired businesses. However, the street was not pleased with its first-quarter earnings estimate, which lagged behind the analysts’ expectations. After having a good rally and touching its 52-week high, the stock was consolidating for the past month.


    And now, as the first quarter earnings estimate fell short of the consensus, it will be further affected by the street’s negative sentiments. But this dip could be used as an investment opportunity as the company has strong fundamentals. During the quarter, its revenue rose 25.7% to $149 million year over year, while earnings increased to 29 cents a share compared to 10 cents last year . The numbers are encouraging, and its initiatives will reap even better results ahead.

      


  • MDC Holdings: This Stock Is Capable of Delivering Long-Term Gains

    MDC Holdings (MDC) recently disclosed its financial results. Its results missed the analyst estimates on both the top as well as bottom lines for the quarter. The homebuilder posted revenue of $418.4 million, while its earnings came at $0.38 per share. The analyst had been modelling earnings of $0.50 per share on the revenue of $501.2 million for the quarter.


    A strong operational performance

      


  • Investing in NetEase Can Be Profitable in the Long Run

    NetEase (NTES) illustrated significant progression and offered an immersive gaming experience to the gamers through the launch of innovative current games coupled with their unique expansion packs.


    Making good moves

      


  • What Were The Major Highlights Of Bank Of America’s Q1 Earnings?

    The second-largest bank in terms of assets in the U.S., Bank of America (BAC), reported its first-quarter fiscal earnings on April 15 and left investors confused upon their immediate reaction to the results which portrayed a mixed performance by the bank having diversified operations. While the first quarter earnings surpassed the Street expectations, the revenue fell short of meeting the analysts’ expectations. Let’s quickly take a glance at the earnings report and decipher the major highlights from the first quarter report of the fiscal year 2015.


    The quarter at a glance

      


  • Weekly 3-Year Low Highlight: VSI, UTIW, AIXG, VRA

    According to GuruFocus list of 3-year lows, Vitamin Shoppe Inc (VSI), UTi Worldwide Inc (UTIW), Aixtron SE (AIXG) and Vera Bradley Inc. (VRA) have all reached their 3-year lows.


    Vitamin Shoppe Inc (VSI) reached $38.58

      


  • Weekly Insider Sells Highlight: TWTR, HCA, BBBY, KMX

    According to GuruFocus Insider Data, the largest insider sells during the past week were: Twitter Inc (TWTR), HCA Holdings Inc (HCA), Bed Bath & Beyond Inc (BBBY) and CarMax Inc  (KMX).


    The overall trend of insiders is illustrated in the chart below:

      


  • T. Rowe Price Equity Income Fund Selects 3 New Stocks in Quarter 1


  • Weekly 52-Week Highs Highlight: KMR, ALV, AMG, DCM

    According to GuruFocus list of 52-week highs, Kinder Morgan Management LLC, Autoliv Inc, Affiliated Managers Group Inc, and NTT DoCoMo Inc have all reached their 52-week highs.


    Kinder Morgan Management LLC (KMR) reached the 52-week high of $104.71

      


  • Weekly CFO Buys Highlight: Coty Inc, York Water Co, Martin Midstream Partners LP

    According to GuruFocus Insider Data, the recent CFO buys were: Coty Inc. (COTY), York Water Co (YORW) and Martin Midstream Partners LP (MMLP).


    Coty Inc. (COTY): CFO Talhouet Patrice De bought 17,569 shares

      


  • Weekly CFO Sells Highlight: Gilead Sciences Inc, CarMax Inc, Anthem Inc.

    According to GuruFocus Insider Data, the recent CFO sales were: Gilead Sciences Inc. (GILD), CarMax Inc. (KMX), and Anthem Inc. (ANTM).


    Gilead Sciences Inc. (GILD): EVP, CFO Robin L. Washington sold 33,192 shares

      


  • CSC Jumps Into Top 10 in Jana Partners' Portfolio

    Computer Sciences Corp (CSC) was new to Jana Partners (Trades, Portfolio)’ portfolio in the fourth quarter of 2014, but that acquisition did not indicate a shift in its investing emphasis.


    Technology stocks are favored by Jana Partners (Trades, Portfolio), and Computer Sciences, which was launched in April 1959, is a worldwide information technology services company based in Falls Church, Virginia. It has nearly 75,000 employees in more than 70 countries.

      


  • Bank of America: Following Mohnish Pabrai's Recommendation on Banks

    Bank of America Corporation (BAC) does not require a great introduction. The bank provides banking and financial products and services for individual consumers, small and middle market businesses, institutional investors, large corporations, and governments worldwide.


    One of the largest shareholders of Bank of America is Mohnish Pabrai (Trades, Portfolio), who was selling off one-third of his stake (31%) on the fourth quarter to 3.15 million shares held as of the end of 2014. Buffett Disciple tells Barron's last year “that, if a bank has proper reserves and it’s trading well below tangible book value, that is an undervalued bank".

      


  • 5-year lows: Extreme Networks Inc, Dynamic Materials Corp, Electro Scientific Industries, and LMI Aerospace Inc.

    According to GuruFocus list of 5-year lows, these Guru stocks have reached their 5-year lows: Extreme Networks Inc, Dynamic Materials Corp, Electro Scientific Industries, and LMI Aerospace Inc.


    Extreme Networks Inc (EXTR) reached $2.42

      


  • Weekly CEO Sells Highlight: Yahoo!, AAR Corp, Heritage Insurance Holdings, and Mentor Graphics Corp.

    According to GuruFocus Insider Data, these are the largest CEO sales during the past week: Yahoo! Inc, AAR Corp, Heritage Insurance Holdings Inc, and Mentor Graphics Corp.


    Yahoo! Inc (YHOO): CEO Marissa A Mayer sold 200,000 Shares

      


  • stocknote

    1.5%
    Fv 211  


  • stocknote

    Fv 369 no div  


  • stocknote

    Fv 70
    Qb bought
    3.4 %  


  • April Buffett-Munger Bargain Newsletter is Ready for Download

    The Buffett-Munger Bargain newsletter is about a company that is easy to understand. Current management has been able to grow the business at double-digit rates since it became publicly traded in 1988. The company is from Omaha and has close ties to Berkshire Hathaway. The company has a rock-solid balance sheet and a clear opportunity to grow more than tenfold.

    “It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price….when buying companies or common stocks, we look for first-class businesses accompanied by first-class managements.”

    - Warren Buffett (Trades, Portfolio) (1989)

      


  • In Europe Really Recovering?

    Contributing editor Gavin Graham is with us today with some thoughts about the strong performance of the European stock market this year. Gavin has had a long and successful career in money management and is a specialist in international securities. He held senior positions in financial organizations in London, Hong Kong, and Toronto. He currently is chief strategy officer at Integris Pension Management, a provider of personal pension plans for incorporated individuals. He divides his time between Toronto and the U.K. Here is his report.


    Gavin Graham writes:

      


  • Fink & Capitalism: Need 4 Kitchens in Your House?

    Do you need four kitchens in your house? Apparently financial industry titan Larry Fink does. If Mr. Fink were a designer for millionaire homeowners, he would advise them to use their millions to build more kitchens in their house (reinvest) rather than distribute those monies to family members (dividends) or use that money to pay back an equity loan from mom and dad for the down payment (share buybacks). Essentially that is exactly what is happening in the stock market. Companies that are generating record profits and margins (millionaires) are increasingly choosing to pay out larger percentages of profits to stockholders (family members) in the form of rising dividends and share buybacks. Contrary to Mr. Fink’s belief, corporate America is actually doing plenty with room additions, landscaping, and roof replacements – I will describe more later.


    As a consequence of corporate America’s increasingly shareholder friendly practices of returning cash, Fink believes this trend will stifle innovation and long-term growth in American companies. Here’s a snapshot of the supposed dividend/buyback problem Mr. Fink describes:

      


  • Interested in Online Travel Stocks? Here’s Where You Should Put Your Money

    It is very normal for investors to get confused when they wish to invest in a travel and related services company. They can’t make out which company deserves their hard earned money. While there are several players in the market, the primary players in the sector are Priceline Group (PCLN), Expedia (EXPE), Orbitz Worldwide (OWW) and Sabre Corporation (SABR). Let’s compare these four players to decide which should be a part of an investor’s portfolio. In order to analyse this, we will be evaluating the four companies based on financial ratios, market expectations, analyst opinions, and intrinsic value and margin of safety.


    Financials and ratios
      



  • Time To Call In The Shorts On Lumber Liquidators

    Here’s an interesting company that some consider the Walmart of flooring, selling really low quality (and cheap) hardwood floors. The company has a network of around 318 Lumber Liquidators stores located throughout the United States and Canada.


      


  • Analysts Offer Differing Ratings Following Advanced Micro Devices’ First Quarter Losses

    By Sarah Roden


    Advanced Micro Devices (AMD) announced weak first quarter results on April 16. Shares of the semiconductor company dropped 8% in after-hours trading following the earnings release. The company reported losses primarily due to the weakening PC market and lower SOC sales.

      


  • BlackRock’s Earnings On The Rise In Q1 Despite Currency Headwinds

    The world’s largest money manager, BlackRock Inc. (BLK), announced its top and bottom line figures for the first quarter of the fiscal year 2015 that surpassed analyst expectations with respect to earnings, but fell short of their expectations in terms of revenue. In fact, investors sent shares of BlackRock down 1.2% to $372.18 soon after the earnings release. The strength of the dollar cut short the growth of revenue during the quarter. 


    Revenue falls short, but earnings outshine

      


  • Apple Pledges To Go Green

    After having a brilliant run in the market for past some quarters, Apple (AAPL) now looks toward expanding its environmental efforts by investing in a new Chinese solar power project and preserving 36,000 acres of "sustainable" timberland in Maine and North Carolina.


    The tech giant had set a goal earlier last year of powering all its U.S. operations with renewable energy to reduce carbon emissions. Last week, Apple announced a new focus on using paper from trees harvested under environmentally sound conditions.

      


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