In the battle for control of Sprint (S), rather than getting into a bidding war with Dish Network (DISH), SoftBank (SFTBF.PK) instead opted to make a logistical attack. Dish was happy to fight fire with fire. Sprint is clearly taking both bids seriously, as on May 20, it reported receiving a waiver from Softbank that permits Sprint to have discussions with Dish, including providing non-public information and engaging in negotiations.

With the knowledge that Dish's rival bid for Sprint requires a substantial amount of financing, Softbank has implied that providing Dish with backing might affect the ability to participate in the public offering of Alibaba Group Holding Ltd, a substantial Chinese e-commerce business in which Softbank owns a 33 percent stake. Dish responded by writing a letter to the FCC that states "If SoftBank has the power to influence crucial financing decisions of a Chinese company and enlist

On Tuesday, May 14, David Tepper was a guest on CNBC and commented that equities should continue to appreciate as the U.S. Federal Reserve's policies continue, and also after the Fed's buying slows down. Subsequently, Appaloosa Management LP, the hedge fund run by Mr. Tepper, filed its 13F, which reports the fund's equity positions at the end of the first quarter of 2013. According to the filing, the fund scaled back on some of its largest and most high profile positions.

One notable reduction for Appaloosa would be to Apple (AAPL), where the hedge fund significantly scaled back its exposure to the technology powerhouse. The hedge fund shed 41 percent of the Apple holdings it previously reported having at the end of 2012. Apple declined by about 21 percent during the quarter, following losing about 20 percent in Q4 of 3012.

It is unclear at what price Appaloosa trimmed

Last week, American Capital Agency Corp. (AGNC), the second-largest mortgage real estate investment trust, or mREIT, declined after reporting first quarter earnings that included an 8.6 percent drop in its book value at the end of Q1 of 2012 compared to the end Q4 of 2012. The mREIT's book value declined by $2.71 to $28.93 per share. This is the second consecutive quarter where AGNC's book value declined after increasing substantially in mid-2012. See a recent book value performance chart for AGNC (source: AGNC): (click to enlarge)

AGNC's President and Chief Investment Officer, Gary Kain, noted during the company's conference call that the securities that it acquired in order to protect itself from refinancing and prepayment risk performed "considerably worse than we anticipated."

In the second quarter of 2012, Kain noted that AGNC had "repositioned the portfolio during the quarter into lower coupon MBS and lower loan balance

Yet another chapter has begun in the quest to own Sprint (S). The wireless carrier, which was wholly unloved this time last year, appreciated by about 163 percent over the last twelve months. Now, the company appears to be the belle of the ball, with new entrants to the domestic wireless data business competing for ownership of the carrier.

On Monday, Dish Network Corp. (DISH), the second largest U.S. satellite television provider, offered to buy Sprint for $25.5 billion in cash and stock. The offer is attempting to better SoftBank's (SFTBF.PK) October 2012 proposal to buy 70 percent of Sprint for $20.1 billion. SoftBank is the third largest wireless carrier in Japan.

Dish has been opposed to the Sprint-SoftBank deal for a while, including Sprint's subsequent attempt to acquire Clearwire (CLWR). If allowed to wholly acquire Clearwire, Sprint would become the nation's largest holder of spectrum. In January, Dish made

Last week, Annaly Capital Management Inc. (NLY) filed a proposal with the Securities and Exchange Commission regarding a potential modification to its structure so that it would be managed by a new entity composed of the same people that presently run the mortgage REIT. This new proposed entity would be named Annaly Management Company. The decision on whether to make the change will be put to a shareholder vote at Annaly's annual meeting on May 23.

Annaly, the largest mortgage REIT, has made some trailblazing moves within the agency mREIT industry, but this is not one of them. This structural change would make the REIT more like many of its competitors, such as American Capital Agency Corp. (AGNC), the second largest mortgage REIT, and Invesco Mortgage Capital Inc. (IVR), a large hybrid mortgage REIT.

One of the more notable changes that this structure will put in place is that

On March 15, Japan, the biggest global importer of liquefied natural gas ("LNG") indicated an interest in joining negotiations regarding the Trans-Pacific Partnership Trade Agreement. The free-trade agreement is expected to involve a substantially growing amount of LNG that, provided shale fracking continues, appears poised for export from the U.S. in the coming years. The agreement is part of President Obama's initiative to dramatically increase exports, and the U.S. government will likely fully welcome and appreciate the addition of Japan to the agreement, as it shall make Japan a consumer of U.S. natural gas.

Though Japan has been a long-time adopter of natural gas and various other alternative energy sources, Japanese demand for LNG significantly increased in the past few years. The cause of this increase is largely due to the nation's temporary suspension of nuclear power after the meltdowns at Tokyo Electric Power's Fukushima station in March of

At the start of the month, I noted that Intuitive Surgical Inc. (ISRG) and its "da Vinci" robotic surgical system might face headwinds from both peer reviewed research data that questions the broad usage of robotic assisted surgery and government scrutiny. Since then, ISRG shares have declined by about 15 percent, and are now down about 20 percent from their 2013 high. Shares of ISRG were up on Monday by around four percent and appear likely to remain volatile in the coming weeks and months as more opinions regarding robotic assisted surgery are made public. See a recent performance chart for ISRG:
(Click to enlarge)

Last week, more headwinds finally arrived. Intuitive Surgical declined last week after Dr. James T. Breeden, President of the American Congress of OB/GYN ("ACOG") released a statement regarding robotic assisted hysterectomies. Dr. Breeden, whose name appears quite apt for

Last week, at a time when most companies had already reported their 2012 results, or were about to do so, Chimera Investment Corp. (CIM) filed its 2011 10-K annual report. The mortgage REIT had not filed any reports in several quarters, and in February, the New York Stock Exchange (NYSE) gave the company a third and final extension for continued listing and trading of the company's stock on its exchange. Chimera is yet to file any results for 2012, but is expected to do so within the next two months.

In many ways, Chimera could not do much more harm to itself with even a terrible result for 2011 than it had already caused through its failure to report. At this point, stating anything was better than the continued silence, as the mere action of filing a 10-K for 2011 will allow Chimera to stay listed on the NYSE.

Pengrowth Energy Corporation (PGH) has performed well through the first half of March. Since reporting results for the fourth quarter of 2012, and its year-end reserve rates, the Canadian oil and gas exploration and production company's shares are up about 30 percent. Despite this recent move, longer-term investors are still likely at a loss here, with shares down about 46 percent in the last year and 60 percent in the last two. See recent performance charts for PGH: (click to enlarge)

5-month: 2-year:

This recent strength was based upon decent results, a 55 percent reserve increase and a reasonably well-delineated plan for 2013. The company has since followed-up on its plan and commitments. On March 11, the company reported completing the previously-announced sale of its non-core Weyburn asset, netting approximately $316.0 million. The company also commented that the "Proceeds will be used to repay all outstanding bank debt

Last week, Pengrowth Energy Corporation (PGH) reported its results for the fourth quarter and its year-end reserve rates. Shares of Pengrowth have been in a state of continued decline for several months, but spiked up after reporting a strong increase in reserves and a continued commitment to maintain its dividend. Recent declines may have marked a bottom for the company and a strong long-term buying opportunity. See a recent performance chart for PGH: (click to enlarge)

During 2012, Pengrowth increased its proved and probable reserves by approximately 55 percent or 213 million barrels of oil equivalent. Pengrowth also added that this growth in reserves was equal to 672 percent of its 2012 production. Fourth quarter 2012 production averaged 94,039 barrels of oil equivalent per day, which is a 23 percent increase from the average production during the fourth quarter of 2011 (76,691 boe/d). Full-year average production volumes were 85,748 boe/d,

Last week, American Capital Agency Corp. (AGNC) announced and priced a secondary stock offering of 50 million shares. The offering should raise about $1.58 billion, before expenses. Additionally, the Company granted the underwriters an option for 30 days to acquire up to an additional 7.5 millions shares, which they will likely do. The offering is expected to close on March 5, 2013.

American Capital Agency is a mortgage REIT that exclusively buys residential mortgage-backed securities that are backed by federal agencies. Mortgage REITs like AGNC generally pay out substantial dividends that are taxed as income and not at the lower corporate dividend rate. REITs must distribute at least 90 percent of their income in order to avoid being taxed at the corporate level. Because of this, many REITs and especially mortgage REITs tend to issue equity through secondary offerings like this one.

Last year, AGNC had two secondary stock

The "da Vinci" robotic surgical system has become a popular device with patients and surgeons, and a necessity at hospitals that want to attract both. The robots and their maker, Intuitive Surgical Inc. (ISRG), have also recently attracted the scrutiny of U.S. regulators, who are probing the company. The da Vinci surgical system and related products generated about $2.2 billion revenue for Intuitive Surgical in 2012, with the staring price of each machine costing about $1.5 million.

The current issue began after the Food and Drug Administration ("FDA") asked surgeons at numerous hospitals to identify complications with the da Vinci machines. The responses are bringing a discussion regarding whether the robotic surgeries are really worth the extra cost up front, though the topic has existed amongst hospital administrators for many years.

Last month, the Journal of the American Medical Association may have added fuel to the fire when it published

On February 28, SandRidge Energy Inc. (SD), a domestic energy producer that has been facing shareholder demands to oust its chief executive officer and other board members, reported a loss for the fourth-quarter of 2012. SandRidge's loss narrowed to $302 million or $0.63 per share, from a loss of $389 million or $0.97 a year earlier. Further excluding one-time costs, including asset impairments and losses from hedging contracts, the company beat Wall Street estimates by about $0.03.

SandRidge's revenue increased to $1.4 billion from $373.8 million a year earlier. Sales of oil and gas increased by 51 percent, to $500 million, due to increased output from its Mississippi Lime formation assets in Oklahoma and Kansas. Production increased 61 percent to 9.8 million barrels of oil equivalent. The company lowered its 2013 production forecast 13 percent to 34.3 million barrels of oil equivalent due to previously announced Permian Basin asset

Crest Financial, which owns 8 percent of Clearwire's (CLWR) Class A shares, has continued its opposition to the announced acquisition of the company by Sprint (S). On February 25, Crest filed a reply (pdf) in support of its petition to deny the application by Sprint for consent to transfer control of licenses, authorizations, and spectrum leases. Crest included in its reply a study that it commissioned from Information Age Economics, which it submitted as evidence that Sprint's $2.97 per share offer undervalues Clearwire's assets.

Crest is adamantly opposed to this merger, at least at this price, arguing that the merger contradicts the FCC's objective to maximize spectrum availability for public use. Crest also argues that, by past example, it believes Sprint's management is not a proper custodian of the spectrum in keeping with the goal to serve the best interests of the United States and its wireless consumers, as

On Friday, February 22, Greenlight Capital, the hedge fund founded and run by David Einhorn, won an order preventing Apple Inc. (AAPL) from moving forward with a shareholder vote on certain provisions, including one designed to limit Apple's ability to issue preferred stock. The move may be seen as a minor victory for the activist shareholder. David Einhorn's Greenlight has urged Apple to issue high-yielding preferred stock in order to transfer some of the value of its $137 billion cash hoard to shareholders. Apple is opposed to Greenlight's proposal, but the pressure from it, as well as Apple's growing cash position makes a pending dividend increase of greater likelihood.

Greenlight, which held 1,582,006 shares Apple as of the end of 2012, filed a suit that claimed Apple's grouping of the provisions violated U.S. Securities and Exchange Commission rules (the lawsuit is captioned Greenlight Capital LP v. Apple Inc.,

Last week, Warren Buffett's Berkshire Hathaway (BRK.A) (BRK.B) disclosed it had initiated a position in Archer Daniels Midland (ADM) during the fourth quarter of 2012. ADM had a poor 2012, largely due to the draught that caused corn and other commodity prices to spike in the second and third quarters (ADM is the world's largest corn processor), but it reported strong Q4 results and increased its dividend this quarter, which has helped it appreciate over 17 percent since the start of 2013. Berkshire's disclosure of its approximately one percent stake in the company also certainly participated in ADM's recent share strength. See a recent performance chart for ADM: (click to enlarge)

This investment is an especially interesting one because in 2011, Warren Buffett indicated that ADM "is the kind of company we look at," when providing examples of companies Berkshire may find attractive as potential investment and/or outright

Soros Fund Management LLC is one of the most successful and high-profile hedge funds. George Soros, the fund's well-known and politically influential founder, is considered one of the best living investors in both equities and currencies, with a net worth estimated at $20 billion.

Funds like Soros Fund Management are required to provide quarterly filings that state what U.S. traded equity positions the fund was holding at the end of the prior quarter, and last week the hedge fund filed its 13F-HR. By looking at these filings, we can ascertain what investments, if any, acclaimed investors like Soros may have initiated in the recent past, as well as what investments they might have dropped. This filing does not include all investments made by the fund, as the 13F filing only includes positions in U.S. equities.

This is a review of the new positions taken by Soros Fund Management during the

On Tuesday, February 19, Sealed Air (SEE) reported better than expected results for the fourth quarter of 2012, causing shares in the packaging products maker to appreciate by more than 20 percent intraday, before closing up around nine percent. The gain brought Sealed Air's market valuation to over $4 billion and its intraday spike took shares to a new 52-week high. Below is a recent performance chart for SEE:
(Click to enlarge)

Sealed Air reported adjusted Q4 earnings of $0.34 per share, beating average Wall Street estimates by five cents. The company's revenue also beat expectations, coming in at $1.98 billion for the quarter. Sealed Air also provided 2013 guidance, indicating that it anticipates annual revenue to fall between $7.7 billion and $7.9 billion and adjusted EPS of between $1.10 and $1.20. Despite the strong upward move by SEE shares, this full-year earnings guidance is actually slightly

Last week, Chimera Investment Corporation (CIM) announced that the New York Stock Exchange (NYSE) has given the company a final 30-day extension for continued listing and trading of the company's stock on the exchange. This final extension provides the company until March 15, 2013, to file its 2011 annual report with the Securities and Exchange Commission. This is the third recent extension that Chimera has received. In September of 2012, the company obtained a four-month extension, until January 15, 2013, and a subsequent one-month extension to February 15, 2013.

Chimera is a hybrid non-agency mortgage REIT. Mortgage REITs (mREITs) buy mortgage paper as an investment, or in order to re-securitize them and sell them to another mREIT or some other entity that is investing in real estate loans. Non-agency and/or hybrid mREITs like Chimera hold mortgage paper without government agency backing, but Chimera also holds agency-backed paper. Chimera

Warren Buffett is considered one of the best living long-term investors. His company, Berkshire Hathaway (BRK.A) (BRK.B), wholly owns several large businesses, such as Geico and Dairy Queen, while also holding substantial positions in many publicly-traded equities. This is a review of the purchases made by the Buffett's company last quarter.

According to Berkshire's recently filed 13F for the fourth quarter of 2012, Berkshire's U.S. equity holdings totaled $75.3B at the end of last year. The company really only added two new positions, but other new equities are listed on the filing due to the splitting of a prior holding, Kraft, into two businesses, Kraft Foods Group Inc. (KRFT) and Mondelez International (MDLZ). The company held a position in Kraft for several years, and has actually sold shares in the recent past, including selling some of its new spin-off shares last quarter. Therefore, Berkshire's positions in them do not