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Stephen Rosenman  

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  • Altera: The Intel Buyout [View article]
    Altera has not demonstrated consistent revenue growth. It did 1,954 in 2010 and 2,064 in 2011 but only 1,932 in 2014. Average annual revenue growth over the last 3 years was a disappointing -2%.

    Earnings declined 39% and 35% from 2010 and 2011. Understandably, the stock price has flatlined for years, sitting out the tech rally.

    Unless INTC can raise operating margins, not sure the attraction.
    Mar 29, 2015. 12:18 PM | 3 Likes Like |Link to Comment
  • The Incremental Contribution Of BinOptics To M/A-COM [View article]
    The timing of the ebullient earnings call was impeccable. Notice how Mr. Croteau's optimistic comments seem to have smoothed the way for the 3.8 million share sale unleashed by his boss Ocampo and his director Chung. Nicely done - and I am sure well-received by the BOD.
    Mar 13, 2015. 01:43 PM | Likes Like |Link to Comment
  • Buy Trashed US Ecology And Consolidate A Niche Market [View article]
    Mar 12, 2015. 09:25 AM | Likes Like |Link to Comment
  • Simmons First National Corporation Completes Its Acquisition Quartet, Remains Undervalued [View article]
    Thank you, loonsong, for your kind words.
    Mar 4, 2015. 09:55 AM | Likes Like |Link to Comment
  • Square 1 Financial Is Offering PacWest Bancorp Shares At A Discount [View article]
    The deal is a stock swap. PACW is down so the value of the deal is less.
    Mar 3, 2015. 02:11 PM | 1 Like Like |Link to Comment
  • Bank Of The Ozarks: Growth That Directly Benefits Shareholders [View article]
    But the banks you mention don't have Ozarks' CEO. Not too many CEOs take a two-branch bank and grow it into a 165 office regional with strong growth during the worst banking crisis in 80 years. Ozarks even doubled TBV/share from January 1, 2007 through January 1, 2011 when most banks were barely surviving. Ozarks is no average bank.
    Feb 10, 2015. 10:23 PM | 4 Likes Like |Link to Comment
  • Which is rising fastest: Gold, Copper, Corn, Tankers? [View instapost]
    Sorry. I have not owned NAT for years and no longer follow it.

    Best of luck.
    Feb 9, 2015. 01:44 PM | Likes Like |Link to Comment
  • Constant Contact: Acceleration In ARPU Growth, Upward Revision In EPS Estimates To Drive Further Upside [View article]
    Remember that analyst estimates are for nonGAAP EPS. GAAP earnings are quite a bit lower so that real PE is 100. Forward GAAP PE is probably 60 to 70 range.

    Don't think investors focus on earnings as much as revenue. If CTCT delivers accelerated revenue growth, stock goes higher. If sales underperform, so will the shares.
    Jan 7, 2015. 09:19 PM | Likes Like |Link to Comment
  • Opus Bank: Can History Repeat Itself? [View article]
    Thanks, Praveen. It's easy to see why Abrams and Singer were drawn to Opus. The bank is rapidly growing and is run by a CEO who has successfully built banks before. However, I'd stay on the side-line for now. My concern: In its race to grow, Opus has taken on too much credit and interest rate risk.
    Jan 3, 2015. 10:20 AM | Likes Like |Link to Comment
  • Buy Trashed US Ecology And Consolidate A Niche Market [View article]
    Thanks, Matt, for your question. You bring up a very good point. ECOL is required to carry environmental impairment insurance as well as a slew of other liability insurance. The company actually got into trouble in the 1970s and 1980s because of leaking landfills. Their record has been excellent since. Hazardous waste management has come a long way over the last 30 years.

    So what could else could adversely affect the stock? A failure to integrate EQ or a marked industrial slowdown.
    Jan 2, 2015. 09:41 AM | Likes Like |Link to Comment
  • Buy Trashed US Ecology And Consolidate A Niche Market [View article]
    Thank you for your kind words. Much appreciated.
    Jan 1, 2015. 02:46 PM | 1 Like Like |Link to Comment
  • CVS Health: Uninspiring Yields [View article]
    The $10 billion is a big deal - equal to a tenth of CVS's market cap.

    As for your thought the company will only spend $6 billion of the $10 billion: During CVS's last analyst forum in 2013, the company announced a $6 billion share repurchase to also be completed over a "multi-year period" and said it expected to spend $4 billion in 2014 buybacks. Instead, CVS exhausted the whole $6 billion in 2014.

    I expect the same pattern in 2015: CVS takes back $10 billion of stock, a very nice tailwind for shareholders.
    Dec 18, 2014. 11:03 AM | Likes Like |Link to Comment
  • Can Banc Of California's Rapid Growth Overcome Its Sky-High Overhead? [View article]
    Management is considering offering senior debt in 2015, presumably to improve the costs of its existing debt. BANC has rather burdensome debt and reducing that will give them breathing room. So yes, expect to have BOCA called away.
    Nov 18, 2014. 02:28 PM | Likes Like |Link to Comment
  • Update: Valley Financial Corporation Q3 Earnings [View article]
    Nice call.
    Nov 17, 2014. 01:34 PM | Likes Like |Link to Comment
  • BofI Holding: Powerball, Legal Settlements, Costco, MultiFamily, And Soon H&R Block's Bank [View article]
    Nicely said.
    Nov 2, 2014. 01:43 PM | 1 Like Like |Link to Comment