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Andrew Shapiro

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  • Amazon reveals Bezos unloaded a million shares in Q3 [View news story]
    look at the form 4 http://1.usa.gov/Hy0gB2 Bezo sales weren't last quarter but in the few days
    Nov 6 04:14 PM | Likes Like |Link to Comment
  • Sparton beats by $0.07, beats on revenues [View news story]
    not surprised
    Nov 6 09:46 AM | Likes Like |Link to Comment
  • Good-Yielding Stocks With A Low Payout Ratio And A Low Debt [View article]
    You are correct on your metrics and assessment of Equal Energy undervaluation and low-ball nature of Montclair's bid (see my article at
    http://seekingalpha.co... . However the company no longer has any assets or operations in Canada. The company's sole focus is in the Hunton formation of Oklahoma. In fact, if the company were to reincorporate from Canada to US, the dividend stream, now subject to Canadian withholding taxes, would increase without any incremental cost to the company's cash flow.
    Nov 5 01:44 AM | 1 Like Like |Link to Comment
  • Panama Canal Expansion: Hugely Significant For U.S. Trade, Ports, Railways, Many Businesses And Your Portfolio [View article]
    While I think west coast volume gets reduced, I am not sure that natural beneficiary is texas or central us point vs. East coast. Why come around and then go to texas rather than a point further east and reduce trucking/rail cost to east coast even further. Texas can be serviced from east or west coast with equal distance and cost.
    Nov 3 10:28 PM | 1 Like Like |Link to Comment
  • Premier Exhibitions: How Much Farther Can We Sink? [View article]
    Unfortunately for many - well written and reasoned article.
    Oct 30 12:45 PM | Likes Like |Link to Comment
  • Q2 2013 Disclosures Affirm Reading International Remains On Track Yet Undervalued [View article]
    Here is some more detail on the buyer and plans for the site.

    Reading Int'l car park to be turned into 16 storey site at Moonee Ponds http://bit.ly/1gVZCh5

    Reading consistently does not develop residential so when/if Residential is the optimal use, one can assume greater likelihood that parcel will be sold or JV'ed vs a site like Union Sq, which will be retail/comm'l and developed directly by Reading.
    Oct 28 03:42 PM | Likes Like |Link to Comment
  • Listen To Carl Icahn, Or Watch His Feet? [View article]
    When you have over $1 billion gain there is SOME benefit to letting that gain qualify for lower rate LT cap gains treatment.
    Oct 28 02:31 PM | 2 Likes Like |Link to Comment
  • Civil War At Equal Energy [View article]
    The proxy for the May Annual meeting was filed on SEC EDGAR as well as Canadian SEDAR systems. In addition they were sent to shareholders of record on the record date. In the event you hold the shares directly in your name the transfer agent would send to you directly. In the event you hold your shares in 'street name' (electronic via your brokers) your brokers were sent the proxy. You either, didn't own shares on the april record date or threw out your info you were sent or have an issue with your broker. I would look into this matter now as next year's annual meeting is coming up quickly.
    Oct 26 01:15 PM | 1 Like Like |Link to Comment
  • Amazon catches upgrade as Street cheers Q3 growth pickup [View news story]
    Let's roll back the onion on the reported strong growth in revs and stop highlighting apples vs oranges

    1) "Accelerating growth - Q3 rev. growth of 24% topped Q2's 22%" is SEQUENTIAL analysis

    2) "Q3 GM rose 240 bps Y/Y to 27.7% " is ANNUAL analysis - are getting plenty of attention.

    Why no mention of the oddity of SEQUENTIAL gross margin dropping on this sizable SEQUENTIAL revenue growth.

    Now lets peel the onion. Sequential revenue growth is quite a bit due to Amazon's disclosed acctg policy/classification change moving some 3P to 1P. This has the effect of replacing 100% gross mgn NET revs with GROSS revs (with lower gross margins)

    Note also, that AMZN operating costs below what THEY define as cost of goods sold grew at much higher rate than sales and thus all the extra gross profit on higher sales was spent and the company remained unprofitable.

    Shouldn't diligent analysts be asking - Don't others like Netflix at least consider streaming content costs COGS?? If these content costs and fulfillment costs went away would revenues remain?

    If the market wants to ignore apples/apples comparison SA Market Currents editors don't need to do what CNBC 'Bubblevision' reporters often do - echo and multiply the cacophony.

    Just saying ...
    Oct 25 12:11 PM | 7 Likes Like |Link to Comment
  • Is It Time To Abandon Ship On Premier? [View article]
    check the press release or this cursory transcript. If its available, probably not for too long.
    Oct 14 10:48 AM | Likes Like |Link to Comment
  • Is It Time To Abandon Ship On Premier? [View article]
    check the press release or this cursory transcript. If its available, probably not for too long.
    Oct 14 10:48 AM | Likes Like |Link to Comment
  • Is It Time To Abandon Ship On Premier? [View article]
    the transcripts are imperfect what I said was

    "Now, you have on the board, the board that I am also joining IN being so much critical of the compensation arrangements..."
    Oct 14 12:49 AM | Likes Like |Link to Comment
  • Is It Time To Abandon Ship On Premier? [View article]
    Steve, - I don't remember ever being invited. :>)
    Oct 13 08:48 AM | Likes Like |Link to Comment
  • Is It Time To Abandon Ship On Premier? [View article]
    Sparton Corp. (SPA) is far larger than PRXI.

    The company returned well more than 250% (a figure cited in this Crains article of best Chicago boards http://bit.ly/19IiITX) for its shareholders over the past three years while paying its directors an average of $45,205. This compensation is ONE-HALF of what PRXI directors pull down.

    Great example of Corporate Board pay versus performance.
    Oct 12 05:15 PM | Likes Like |Link to Comment
  • Is It Time To Abandon Ship On Premier? [View article]
    Sparton Corp. (SPA) far larger than PRXI and the company returned 243 percent for its shareholders over the past three years while paying its directors an average of $45,205. ONE-HALF of what PRXI directors pull down. Great example of Corporate Board pay versus performance.
    Oct 12 05:15 PM | Likes Like |Link to Comment
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