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  • M&A Deals Helping Stock Market Valuations

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

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


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

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


  • Stars Aligning for JPMorgan?

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


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

  • First Eagle Investments Comments on Sanofi

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

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


  • First Eagle Investments Comments on SMC Corp

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

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


  • First Eagle Investments Comments on Microsoft Corp

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

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


  • First Eagle Investments Comments on Linear Technology

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

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


  • First Eagle Investments Comments on HeidelbergCement

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

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


  • First Eagle Investments Comments on EnQuest

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

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


  • First Eagle Investments Comments on Rex Energy Corp

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

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


  • Keeley Asset Management Comments on Superior Energy Services

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

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


  • Keeley Asset Management Comments on System Services

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

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


  • Keeley Asset Management Comments on NRG Energy Inc.

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

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


  • Keeley Asset Management Comments on Linear Technology Corp

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

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


  • Keeley Asset Management Comments on Lincoln National Corp

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

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


  • Keeley Asset Management Comments on Foot Locker Inc.

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

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


  • Bill Gates' Largest Investments of the Year

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

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


  • Under Armour's Future Growth Looks Promising

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

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


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

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

    Disney’s ESPN is not dead, yet


  • Growing Yields, Steady Assets: Starbucks, Texas Instruments

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

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


  • Kimberly-Clark Reports 3rd-Quarter Results

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

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


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

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

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


  • Analysts Forecast Huge Increase in Goldcorp's EPS

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

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


  • First Eagle High Yield Fund 3rd Quarter Commentary

    Market Overview


  • A Few Reasons to Buy Qualcomm

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

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


  • 2 Reasons to Bet Big on Take-Two

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

    Digital sales


  • Navistar Bonds Yield More Than 8%

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

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


  • First Eagle Global Value Team 3rd Quarter Commentary

    Market Overview

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


  • Euro/Dollar: Strong Selling Interest Persists

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

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


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