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Lou Gray  

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  • EnteroMedics May Get Approval, But Will It Get Sales? [View article]
    Thanks, Stephen, great in-depth analysis. Would they be able to segment the patients based on the gathered information from the completed study? They probably would have done it by now if it were possible. Commissioning a new study seems too much.
    Feb 12, 2013. 05:43 PM | Likes Like |Link to Comment
  • EnteroMedics May Get Approval, But Will It Get Sales? [View article]
    Stephen, is there any chance the company can improve on its current system? The benefit seems rather marginal to be worth marketing the product. "No adverse effects but almost no weight loss either" would not be a strong marketing message.
    Feb 12, 2013. 05:20 PM | Likes Like |Link to Comment
  • High-Quality Glaxo Could Still Have Something Left [View article]
    Thanks for your thoughts on the pipeline, Stephen. Seems stronger than at peers in the short run.
    Feb 9, 2013. 08:00 PM | 1 Like Like |Link to Comment
  • General Electric: The Real Strength Investors Overlook [View article]
    Clayton, what margins do you refer to? Net profit or operating profit or some other? Thanks.

    Other useful backlog ratios are backlog/revenue and book/bill, that is, new backlog to revenue).
    Feb 9, 2013. 02:56 PM | Likes Like |Link to Comment
  • Headline Risk Increasing For JPMorgan [View article]
    These big banks have so many issues that researching them properly requires much more time than other stocks. And in the end you end up with unquantifiable risk, as you say Paulo. Thanks for the update.
    Feb 9, 2013. 10:20 AM | 1 Like Like |Link to Comment
  • Microsoft's Surface Pro: Yay Or Nay? [View article]
    WinRT would be useful if ARM dramatically outpaces Intel in low-power CPUs. Well worth the hedge from MSFT's point of view. This optionality also puts some further pressure on Intel to develop better Atoms lest Microsoft switches investment to RT.
    Feb 8, 2013. 04:34 PM | Likes Like |Link to Comment
  • Microsoft's Surface Pro: Yay Or Nay? [View article]

    I agree with your conclusion: Yay At Prospects, Nay At Today's Implementation.

    Microsoft invested heavily in a platform, XBOX, which is now an important and acceptably successful part of their portfolio. Losses were high during the first years of XBOX but that did not stop Microsoft who had a clear strategy of moving into that space (and looked determined, at least externally). Whether the overall move was profitable is another matter. However, with Windows, Microsoft have no choice and have to protect their platform. Investing in Surface Pro is not a standalone project.
    Feb 8, 2013. 03:03 PM | Likes Like |Link to Comment
  • GE: A Fundamentally Sound Time To Add It To Your Portfolio [View article]
    Hey Ed, thanks for the overview. I just want to point out that GE's important financial services business, GE Capital, distorts many of the metrics (from profit margins to Z-score) so the comparison is Diversified Machinery is not that straightforward.
    Feb 7, 2013. 06:08 PM | 2 Likes Like |Link to Comment
  • Copy And Paste Research Reporting [View article]
    Great catch, Paulo. Looking forward to your article tomorrow.

    I bet there will be some embarrassment at both Citi and RBC when this article reaches them. Who do you think will change the text in their next report? :)
    Feb 5, 2013. 04:52 PM | Likes Like |Link to Comment
  • Here Is How BlackBerry Can Dominate The Smartphone And Tablet Markets [View article]
    Thanks for the clear explanation, Gregory. Does what you are explaining have anything to do with the ability of BB10 to run converted Android apps? I cannot find good information on BB10+Android apps, which I think is a rather critical issue. Apparently, a large proportion of BB10 apps are converted Android ones but there are no reviews yet on speed and stability of these.
    Feb 5, 2013. 04:39 PM | 1 Like Like |Link to Comment
  • Stock Up On Whole Foods During Dips And Corrections [View article]
    I agree that WFM is successfully carving a new, profitable segment of the market while other retailers are playing catch-up on the organic theme. However, is this segment large enough to sustain the same margins and comparable sales growth as the stores triple and competition intensifies? Possibly, but far from certain or conservative assessment.
    Feb 5, 2013. 12:28 AM | Likes Like |Link to Comment
  • Merck's Discount Comes At A Price [View article]
    Thanks for the grudging case for Merck, Stephen. Patent expiration is nothing new but the unkept promises on the pipeline are rather disappointing when the key issue is exactly the pipeline.
    Feb 4, 2013. 11:19 PM | 1 Like Like |Link to Comment
  • GE's Dividend And A 4.8% Yielding Alternative [View article]
    Clayton, great article and thanks for discussing bonds - we rarely see any bonds mentioned around here.

    I would agree with Yair. The duration (sensitivity with respect to interest rate changes) of a 40-year bond is very high and that’s clear even without doing a formal calculation. But the redemption option means that the bonds will probably not last until their maturity dates.

    I wonder, is there a redemption premium on any of the bonds or they are callable at par?
    Feb 4, 2013. 03:46 PM | Likes Like |Link to Comment
  • Kabini Gives AMD Hope [View article]
    Tom and Ashraf, thinking beyond the current crop of technologies, do you think AMD’s dismal recent track record would be a major headwind for the company in convincing clients to buy? If I were choosing a platform (AMD, Intel, or ARM), I would want to know that the next generation and the one after would be strong too. In the case of AMD, it’s plausible that you might get into a situation where there is no next generation of your platform...
    Feb 4, 2013. 02:30 PM | Likes Like |Link to Comment