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G C Mays is a equity, grains, and economic analyst that for the last 5 years has covered the agricultural chemicals industry as well as the grains markets. He is currently expanding his coverage universe to include the entire food value chain from seed to supermarket. For intraday updates on... More
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  • Iraq Buys Wheat Over the Weekend, Reports of Brown Plants in Oklahoma

    Over the weekend Iraq purchased 350,000 metric tonnes (12.8 million bushels) of wheat, 200, 000 metric tonnes (7.35 million bushels) came from the US and 150,000 tonnes (5.51 million bushels) from Australia. The report did not specify what class of wheat the Iraqis purchased. Drought in China and possible winter kill in the Western Plains of the U.S. There have been reports of brown plants in Oklahoma.

    Tags: Commodities
    Feb 14 1:05 PM | Link | Comment!
  • Tuesday Morning Earnings Preview
    By G C Mays

    Tuesday Morning announced second quarter sales of $279.3 million versus $289.6 million for the year ago quarter ended December 31, 2009. This was a year on year decline of 3.6%.  Based on these sales results, the company estimates that diluted EPS for the quarter will be in the range of $0.39 to $0.41. In the same quarter a year ago diluted EPS was $0.43.

    President and Chief Executive Officer Kathleen Mason, said, "Although we did not achieve a comparable sales increase for the quarter, against last year's strong 5.1% increase, we are in good inventory position heading into the 3 rd quarter. We will continue to focus on our product offerings, real estate portfolio, and profitability."

    This result is not by any means a surprise, given the continued high rate of unemployment and new home sales still hovering at historic lows. The Mays Report expects constrained sales and earnings due to high unemployment and a slack housing market as long as the company's primary business driver is home furnishings.

    The official second quarter conference call will be on January 24, 2011 at 5:00PM EST.  Prior to the call quarterly earnings will be released.

    Today Tuesday Morning presented at the Cowen and Company 9 th Annual Consumer Conference in New York City at the Westin New York in Times Square on Tuesday, January 11, 2011 at 9:30 a.m. Eastern Time. A replay will be available online through the Company's website through January 25, 2011.

    The Company will present at the 13 th Annual ICR XChange Conference in Dana Point, California, at the St. Regis Monarch Beach Resort & Spa on Wednesday, January 12, 2011 at 4:10 p.m. Pacific Time. The audio part of the presentation will be webcast live at the company's website under the Investor Relations section. A replay will also be available online through the Company's website through January 26, 2011.

    Tags: TUES
    Jan 11 12:36 PM | Link | Comment!
  • KMG Chemicals Chairman enters Stock Trading Plan

    On January 5, 2011 KMG Chemicals filed an 8-K which stated that David L. Hatcher, Chairman of the Board of Directors of KMG Chemicals, Inc. (the “Company”), entered into a stock trading plan under Rule 10b5-1 of the Securities and Exchange Act. Under his 10b5-1 plan, Mr. Hatcher may sell up to 1,000,000 shares of the Company’s common stock on the open market at prevailing market prices over a period commencing on January 6, 2011 and ending December 31, 2011.

    Notably, Mr. Hatcher purchased 1,000,000 shares of KMG Chemical stock in the open market on April 26, 2010.  A stock purchase price of $17.50 was listed on the form S-4.  Under Rule 10b5-1, directors, officers and other employees who do not have  material non-public information may adopt a pre-arranged plan or contract for the sale of Company securities under specified conditions and at specified times.

    In my experience I would rather see a sale such as this occur under a 10b5-1 plan than outside of one. Mr. Hatcher will still own 3,12M of the 11.46 million outstanding shares assuming that he sells the full one million shares. One could interpret these actions in either a positive or negative way. The purpose of this post is to tell the readers who follow the Mays Report because of our coverage of KMG Chemicals of an action that we to be consider material.

    Tags: KMG
    Jan 06 10:36 AM | Link | Comment!
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