Seeking Alpha
View as an RSS Feed

Stephen Rosenman  

View Stephen Rosenman's Comments BY TICKER:
Latest  |  Highest rated
  • Five Apple Predictions for 2009 [View article]
    To who: With so much cash why is it not put to good use?
    Answer: Would Apple have been wiser to have used its cash to buy back its shares when it reached $200? Last year lots of companies bought themselves when their stocks were far higher, leaving themselves a whole lot poorer and starved for cash.
    Would Apple have put their cash to good use by buying another company? Should they have taken a cue from Manitowec's purchase of Enodis. How about Macy's buying Mays? Think how BHP would have looked if it had succeeded in its quest of RTP?
    Or, what if Apple had handed out their cash in big dividends? Apple would be facing the mother of all recessions with a far weaker hand. It's nice to have more cash on hand than any bank out there.
    I'd say Apple has used its cash more wisely than most other companies out there.
    ( And, after all, they did launch the iPhone, iPod, iMac using a fraction of their money.)
    Jan 4, 2009. 07:33 PM | 1 Like Like |Link to Comment
  • Macy's' Goodwill Is a Red Flag [View article]
    Macy's' hope currently rests on its EBITDA: its reworked credit facility is testament to that. But that hope is quickly becoming dashed. To kevinm, EV/EBITDA will rise end of Q4 2008 (unless market cap continues to plunge). EBITDA was $3.5 billion 2006, $3.4 billion 2007, $3.1 billion TTM. Q4 2007 wasn't a bad quarter for EBITDA. That will be replaced by what is working out to be a far weaker Q4 tol be reported 2008. To date, for last 3 quarters, EBITDA is $1.3 billion. Q4 2007 EBITDA was about $1.4. Q4 2008 will be far lower, probably $1.1. If M makes the same as last year Q4 (doubtful), EV/EBITDA is over 5.
    More likely, EV/EBITDA goes to $13.24/$2.4 = 5.5 (dismal compared to current 4.2).
    Dec 25, 2008. 10:03 AM | 1 Like Like |Link to Comment
  • What's Happening at Apple: Trade Shows [View article]
    Apple is a smart phone company now. It is no longer about selling computers to geeks. It is about selling to the "in" and "wealthy".
    Dec 22, 2008. 01:04 PM | Likes Like |Link to Comment
  • Nordstrom's Lost Weekend: Bitter Weather to Kibosh Christmas Shopping [View article]
    My thoughts exactly. Don't forget the Northeast which lost power to over a million homes.
    Dec 14, 2008. 06:35 AM | Likes Like |Link to Comment
  • Auto Industry Watch: You Can't Get Different Results Doing the Same Thing [View article]
    A bail out without any change in cost structure will only postpone the pain. We will also be committed to putting more lost money out there and in the end either GM and Chrysler or the U.S. will go under.
    Dec 13, 2008. 03:05 PM | 5 Likes Like |Link to Comment
  • DryShips Cancels Acquisition of Four Carriers - What Does it Mean for the Stock? [View article]
    when the shipping industry is doing well, George gives himself and his privately owned Cardiff sweet heart deals on the back of Dryships' shareholders. When the industry collapses, he unloads his mistakes onto Dryships. As you alluded to, shareholders have no recourse with a company based in the Marshall Islands. George is the 21st century pirate and I would not suggest doing business with him.
    Dec 12, 2008. 09:52 AM | 1 Like Like |Link to Comment
  • Great Shorting Opportunity, Care of Obama [View article]
    Yeah, guys. Admit the article is short. But the guy has been shorting stuff for a year now and has been very right.
    Dec 10, 2008. 08:37 PM | Likes Like |Link to Comment
  • iPhone at Wal-Mart? Steve, Say it Aint So! [View article]
    Please don't be so elitest. Walmart is a fine venue for Apple products. Apple has rolled out the iPhone all over the globe. Now they enter the country of Walmart.
    Dec 9, 2008. 11:51 AM | Likes Like |Link to Comment
  • The Good News About Retail [View article]
    ANF same store sales down 28%; JWN down 12%. Sales and fundamentals are not good for JWN.
    WMT was the bright spot with same store sales.

    Dec 8, 2008. 12:29 PM | Likes Like |Link to Comment
  • Thompson Creek Faces Possible Writedowns as Moly Prices Continue to Fall [View article]
    Don't think write downs mean much here. Only 120 million in goodwill but will have 244 million in cash and virtually no debt. The key will be to cut costs and ride out this downturn until moly comes back. It will. At that time the stock with quadruple.
    Dec 7, 2008. 03:49 PM | Likes Like |Link to Comment
  • Will Detroit's Loss Be Japan's Gain? [View article]
    A bad market for cars and trucks sink everybody. TM has had atrocious sales and profits. If no one buys cars, the whole industry goes down whether you are Japanese, American or German.
    Dec 7, 2008. 12:35 PM | Likes Like |Link to Comment
  • Precision Castparts: Why I'm Buying In [View article]
    PCP has managed to maintain wonderful operating margins through it all. BA's strike is over (4 years assured), the 787 'eventually' will fly, and PCP just bought a couple of little private companies (because they see opportunity and have a very good business still). I concur with your article.
    Dec 7, 2008. 12:32 PM | Likes Like |Link to Comment
  • Retail Getting Slammed [View article]
    And the trash has been all going up. Go figure. Lousy companies with lousy sales being bought that the worst is over. Wrong!
    Dec 4, 2008. 06:53 PM | Likes Like |Link to Comment
  • Nordstrom's Shopping Spree Ends [View article]
    Net profit margin has dropped by over 400 basis points.
    Will Nordstrom keep its dividend with lower earnings and bigger debt obligations?
    Nov 25, 2008. 01:14 PM | Likes Like |Link to Comment
  • Joy Global's Ludicrous Valuations [View article]
    Also the one thing you don't want to do is buy back shares. JOYG has already overpaid for its shares. They need to preserve cash for a very long down turn.
    Nov 21, 2008. 12:51 PM | Likes Like |Link to Comment