Yesterday, 118 companies' share price reached a new 52-week low. Of these companies, these are the ones that may present an opportunity at the current price based on my initial research:
Bank of America (BAC)
Bank of America is the nation's largest consumer and small-business bank. The bank has offices in 32 states, Washington, D.C., and more than 30 countries. Along with its complete product offerings for the retail client, B of A also has a sizable middle-market and large corporate lending business, asset-management unit, and investment banking business.
Bank of New York Mellon (BK)
Bank of New York Mellon was created by the July 2007 merger between Mellon Financial and Bank of New York. The resulting entity is one of the world's largest financial services companies. Through its custody operations, BNY Mellon is a leader in providing back-office services to other financial firms. The bank's asset-management and private banking operations serve institutional and high-net-worth individuals globally.
BB&T (BBT)
Operating more than 1,800 branches in Southeastern states and Washington, D.C., BB&T offers commercial and retail banking, residential mortgages, trust, insurance, specialty finance, investment banking, and brokerage. BB&T is primarily focused on retail consumers and small to midsize businesses.
Beneficial Mutual Bancorp (BNCL)
Serving Philadelphia and surrounding areas, Beneficial Mutual Bancorp provides traditional banking products to individuals and business including checking, savings, and money market accounts; IRAs; CDs; merchant card services and payroll services. The firm also has commercial, consumer and real estate lending, insurance and brokerage offerings.
Cal Dive (DVR)
Cal Dive is a marine contractor company, provides underwater services to offshore natural gas and oil firms. These services include manned diving, pipe lay and pipe burial services. It also constructs, inspects, maintains, repairs and decommissions offshore pipeline infrastructure in the Gulf of Mexico, Middle East, Southeast Asia, and Australia.
Cowen Group (COWN)
Cowen Group is an investment banking firm whose history can be traced back to 1918. In 2009, the company merged its investment banking business with asset-management firm Ramius. Cowen primarily provides investment banking and brokerage services to small- and mid-cap companies in seven industries: health care, technology, telecommunications, alternative energy, consumer, financials, and aerospace and defense.
Dolan (DM)
Dolan is a business services company with two main segments. The business information enterprise owns 64 print and 104 websites in 21 markets. The professional services division comprises three businesses: NDeX, DiscoverReady and Counsel Press. NDeX processes residential mortgage default filings, while DiscoverReady and Counsel Press offer litigation support services.
Hancock Holding (HBHC)
Hancock Holding is a holding comapny for Hancock Bank, Hancock Bank Louisiana, Hancock Bank Alabama, and Hancock Bank Florida, which together operate more than 150 banking offices. The banks provide savings, checking, money market, and individual retirement accounts, as well as certificates of deposit. The company's banks also originate real estate, business, and consumer loans. Hancock Holding's subsidiaries offer insurance, discount brokerage services, and mutual funds.
Knight Capital (KCG)
Knight Capital Group provides electronic and voice financial security trade execution services to buy-side, sell-side, and corporate clients as a market maker, agent, and electronic execution provider.
Northwest Pipe (NWPX)
Northwest Pipe manufactures pipes and tubes. The company's water transmission segment manufactures and markets large diameter, high pressure welded steel pipes used primarily for water transmission and treatment in North America. The tubular products segment manufactures electric resistant welded steel pipes for use in construction, agricultural, and industrial applications. The company also manufactures traffic signpost products and propane tanks. The company has not been able to file its two most recent required reports due to an ongoing internal investigation of certain accounting matters, including certain revenue recognition practices. The last report it filed was on August 7, 2009. Northwest's CEO resigned on April 2, 2010 and the company’s President has assumed the role.
This is all evidence that points to serious mistakes, real fraud, negligence, ineffectiveness, or all of the above. Given all the above, the current share price may represent an excellent opportunity for purchase given the potential for forced or irrational selling due to the company’s inability to timely file its required reports.
Since investors have not seen a balance sheet or income statement for slightly over nine months, there is a large amount of uncertainty surrounding the value and the company and therefore the company should be valued by tangible book value or on a liquidation value. From their balance sheet as of June 30, 2009, the tangible book value per share is $29.4
Tejon Ranch (TRC)
Tejon Ranch is a diversified real estate development and agribusiness company. The Company’s operations consist of land planning and entitlement, land development, commercial sales and leasing, leasing of land for mineral royalties, grazing leases, income portfolio management, and farming. Its prime asset is approximately 270,000 acres of contiguous, largely undeveloped land that, at its most southerly border, is 60 miles north of Los Angeles and, at its most northerly border, is 15 miles east of Bakersfield.
Toyota Motor (TM, Financial)
Toyota Motor Corporation has grown to become the world's largest automaker. Its brands include Toyota, Lexus, Scion, and Hino, and market share in Japan is more than 45% while U.S. share is about 15%. The firm also owns nearly 23% of Denso, a parts supplier. Toyota sold 7.2 million vehicles in fiscal 2010; automotive sales were JPY 17.7 trillion. Toyota also has a financing arm, holds ownership in telecommunications firm KDDI, and manufactures homes.
U.S. Bancorp (USB)
U.S. Bancorp is a multi-state financial services holding company. The Company provides a range of financial services, including lending and depository services, cash management, foreign exchange and trust and investment management services. It also engages in credit card services, merchant and automated teller machine (ATM) processing, mortgage banking, insurance, brokerage and leasing. U.S. Bancorp’s banking subsidiaries are engaged in the general banking business, principally in domestic markets. The subsidiaries provide a range of products and services to individuals, businesses, institutional organizations, governmental entities and other financial institutions. On October 30, 2009, the Company acquired the banking operations of First Bank of Oak Park Corporation (FBOP).
Disclosure: The author has a position in Cowen Group (COWN, Financial) and Cal Dive (DVR, Financial).
Bank of America (BAC)
Bank of America is the nation's largest consumer and small-business bank. The bank has offices in 32 states, Washington, D.C., and more than 30 countries. Along with its complete product offerings for the retail client, B of A also has a sizable middle-market and large corporate lending business, asset-management unit, and investment banking business.
Bank of New York Mellon (BK)
Bank of New York Mellon was created by the July 2007 merger between Mellon Financial and Bank of New York. The resulting entity is one of the world's largest financial services companies. Through its custody operations, BNY Mellon is a leader in providing back-office services to other financial firms. The bank's asset-management and private banking operations serve institutional and high-net-worth individuals globally.
BB&T (BBT)
Operating more than 1,800 branches in Southeastern states and Washington, D.C., BB&T offers commercial and retail banking, residential mortgages, trust, insurance, specialty finance, investment banking, and brokerage. BB&T is primarily focused on retail consumers and small to midsize businesses.
Beneficial Mutual Bancorp (BNCL)
Serving Philadelphia and surrounding areas, Beneficial Mutual Bancorp provides traditional banking products to individuals and business including checking, savings, and money market accounts; IRAs; CDs; merchant card services and payroll services. The firm also has commercial, consumer and real estate lending, insurance and brokerage offerings.
Cal Dive (DVR)
Cal Dive is a marine contractor company, provides underwater services to offshore natural gas and oil firms. These services include manned diving, pipe lay and pipe burial services. It also constructs, inspects, maintains, repairs and decommissions offshore pipeline infrastructure in the Gulf of Mexico, Middle East, Southeast Asia, and Australia.
Cowen Group (COWN)
Cowen Group is an investment banking firm whose history can be traced back to 1918. In 2009, the company merged its investment banking business with asset-management firm Ramius. Cowen primarily provides investment banking and brokerage services to small- and mid-cap companies in seven industries: health care, technology, telecommunications, alternative energy, consumer, financials, and aerospace and defense.
Dolan (DM)
Dolan is a business services company with two main segments. The business information enterprise owns 64 print and 104 websites in 21 markets. The professional services division comprises three businesses: NDeX, DiscoverReady and Counsel Press. NDeX processes residential mortgage default filings, while DiscoverReady and Counsel Press offer litigation support services.
Hancock Holding (HBHC)
Hancock Holding is a holding comapny for Hancock Bank, Hancock Bank Louisiana, Hancock Bank Alabama, and Hancock Bank Florida, which together operate more than 150 banking offices. The banks provide savings, checking, money market, and individual retirement accounts, as well as certificates of deposit. The company's banks also originate real estate, business, and consumer loans. Hancock Holding's subsidiaries offer insurance, discount brokerage services, and mutual funds.
Knight Capital (KCG)
Knight Capital Group provides electronic and voice financial security trade execution services to buy-side, sell-side, and corporate clients as a market maker, agent, and electronic execution provider.
Northwest Pipe (NWPX)
Northwest Pipe manufactures pipes and tubes. The company's water transmission segment manufactures and markets large diameter, high pressure welded steel pipes used primarily for water transmission and treatment in North America. The tubular products segment manufactures electric resistant welded steel pipes for use in construction, agricultural, and industrial applications. The company also manufactures traffic signpost products and propane tanks. The company has not been able to file its two most recent required reports due to an ongoing internal investigation of certain accounting matters, including certain revenue recognition practices. The last report it filed was on August 7, 2009. Northwest's CEO resigned on April 2, 2010 and the company’s President has assumed the role.
This is all evidence that points to serious mistakes, real fraud, negligence, ineffectiveness, or all of the above. Given all the above, the current share price may represent an excellent opportunity for purchase given the potential for forced or irrational selling due to the company’s inability to timely file its required reports.
Since investors have not seen a balance sheet or income statement for slightly over nine months, there is a large amount of uncertainty surrounding the value and the company and therefore the company should be valued by tangible book value or on a liquidation value. From their balance sheet as of June 30, 2009, the tangible book value per share is $29.4
Tejon Ranch (TRC)
Tejon Ranch is a diversified real estate development and agribusiness company. The Company’s operations consist of land planning and entitlement, land development, commercial sales and leasing, leasing of land for mineral royalties, grazing leases, income portfolio management, and farming. Its prime asset is approximately 270,000 acres of contiguous, largely undeveloped land that, at its most southerly border, is 60 miles north of Los Angeles and, at its most northerly border, is 15 miles east of Bakersfield.
Toyota Motor (TM, Financial)
Toyota Motor Corporation has grown to become the world's largest automaker. Its brands include Toyota, Lexus, Scion, and Hino, and market share in Japan is more than 45% while U.S. share is about 15%. The firm also owns nearly 23% of Denso, a parts supplier. Toyota sold 7.2 million vehicles in fiscal 2010; automotive sales were JPY 17.7 trillion. Toyota also has a financing arm, holds ownership in telecommunications firm KDDI, and manufactures homes.
U.S. Bancorp (USB)
U.S. Bancorp is a multi-state financial services holding company. The Company provides a range of financial services, including lending and depository services, cash management, foreign exchange and trust and investment management services. It also engages in credit card services, merchant and automated teller machine (ATM) processing, mortgage banking, insurance, brokerage and leasing. U.S. Bancorp’s banking subsidiaries are engaged in the general banking business, principally in domestic markets. The subsidiaries provide a range of products and services to individuals, businesses, institutional organizations, governmental entities and other financial institutions. On October 30, 2009, the Company acquired the banking operations of First Bank of Oak Park Corporation (FBOP).
Disclosure: The author has a position in Cowen Group (COWN, Financial) and Cal Dive (DVR, Financial).
