Johnson & Johnson (JNJ)

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  • commenter
    PJ568
    Jul 04 10:38 PM
    Boston Scientific Bundles Stents with Defibrillators and Ultrasound [view article]
    I find it surprising that BSX is still regarded as a viable economic force. Their two primary business lines, CRM and Stents, continue to decline in a weak economy. Their balance sheet appears grossly distorted and unrealistic following the Guidant acquisition. They report 31B in assets with 15B in equity while the economic reality may be closer to a zero equity position. The failed overpriced acquisition plus decreasing sales from existing lines leaves them highly exposed to any misstep managing their existing working capital which probably can't be replaced without incurring highly expensive and dilutive events.

    A simple indicator of an overpriced balance sheet value is that prior to the acquisition each dollar of net long term assets generated 1.10 in sales, post acquisition that number has fallen to 32 cents without any signs of recovery.

    It seems incomprehensible that an impairment has not been recorded at anytime in the two years subsequent to acquisition. I wonder why markdowns in other sectors have yet to be realized here.     Reply
  • commenter
    Ernest
    Jun 29 02:04 PM
    Boston Scientific Bundles Stents with Defibrillators and Ultrasound [view article]
    Hey Mike,
    I love watching you, your team and the research you do is stellar! Consultant in this industry as well, and was curious about the legality of "bundling"? If this is actually true, it show's us the huge profits in this idustry doesn't it...from $2,700 to $1,200! wow...Not sure Abbott will withstand the Cardiology history of a BSX, Cordis or MDT though.. Interested in your thoughts as always...Have an email address Mike?     Reply
  • commenter
    JIMLESTAX
    Jun 27 11:25 PM
    My Website
    New Lows For the Dow [view article]
    Excellent listing thoughtfully presented reveals the bones in the entire body index. Who knows if it is bad cold or terminal cancer? Reply
  • commenter
    SivBum
    Jun 27 10:41 AM
    New Lows For the Dow [view article]
    Thanks for the listing...it has been a wiped out for big caps...what's not shown are similar bloodletting for mid & small caps as well. Only shining stars are oil/services and TIPs. Reply
  • commenter
    fxtrader07
    Jun 27 08:14 AM
    Dow: An Undervalued 5-Star Market [view article]
    sorry, but i don't understand the author's obsession with moriningstar ratings. their ain't no shortcuts to avoid your own due diligence. these ratings might be some starting point but nothing more.
    Reply
  • commenter
    Ronmci
    Jun 18 05:04 PM
    Wall Street Breakfast: Must-Know News [view article]
    Re: BCE - it was the Supreme Court of Canada. The top court in Canada not "Quebec courts". Reply
  • commenter
    TRUCKER
    BLUES
    Jun 18 12:03 PM
    Wall Street Breakfast: Must-Know News [view article]
    Mr. Hoffmann, if I may ask you a question, what do you think of YRCW
    2nd-qtr guidance report, do you think Bill Zollars is on the money when he says the economy has stabalized? Thank you.     Reply
  • commenter
    RightinSanFr
    ancisco
    Jun 18 11:31 AM
    My Website
    Wall Street Breakfast: Must-Know News [view article]
    "Slack in factory utilization can be a signal of building inflationary pressures." ? I would expect that lower utilization rates for labor or industrial capacity would reduce inflationary pressure. Unfortunately, our current inflationary pressure comes from the weakness of the dollar (due to our consuming more than we produce as a country), and from commodities, given growth in Asia. Reply
  • commenter
    SA Editor
    Eli Hoffmann
    Jun 18 10:54 AM
    Wall Street Breakfast: Must-Know News [view article]
    Thanks Paul. Fixed. Reply
  • commenter
    Paul
    Rodrigues
    Jun 18 08:59 AM
    My Website
    Wall Street Breakfast: Must-Know News [view article]
    Typo: LinkedIn's raise was $53M, not $53B as mentioned in the title. Reply
  • commenter
    fodi MD.
    Jun 12 02:31 AM
    My Website
    Wall Street Breakfast: Must-Know News [view article]
    This is the best short read article I have ever read .thank you ELI Reply
  • commenter
    Jake2
    Jun 11 06:47 PM
    My Website
    Wall Street Breakfast: Must-Know News [view article]
    Collateralized Bond Obligations (CBOs) are investment-grade bonds backed by a collection of junk bonds with different levels of risk, called tiers, that are determined by the quality of the junk bond involved. CBOs backed by highly risky junk bonds receive higher interest rates than other CBOs. What the the S.F. writer is saying apparently, is "Buyer beware!"

    Ok, that's fine. But if the CBO contains junk bonds based on sub-prime mortgages deceptively sold to unsophisticated buyers, it seems to me that the seller has some reponsibility here, both the original seller of the sub-prime mortgage and the seller of the CBO. Otherwise what you are saying is that it is ok to sell defective goods to unsophisticated (and unknowing) buyers. It is ok to sell a dead pig in a poke, in other words (no peekee, please), or a defective automobile. There are laws against such practices, of course, especially with regard to new cars that don't work right . They are called "lemon laws."     Reply
  • commenter
    RightinSanFr
    ancisco
    Jun 11 11:26 AM
    My Website
    Wall Street Breakfast: Must-Know News [view article]
    For jjason: While it may be possible to teach something about ethics in business school, what is more actionable is a healthy dose of scepticism and a requirement that the referees do their job. In this whole subprime mess, I do not blame the folks who invented and sold CDOs, the fault lies with the folks who bought them, and the rating agencies who have little other purpose than to evaluate what is being bought and sold, yet were AWOL.
    As for Eli - I find your daily summary to be of great value. It provides the flavor of what is going on on Wall Street, kind of like an extended version of David Faber of CNBC. In selecting what to talk about and what not, you give us a background against which to do further analysis, or to discard the flim flam stuff. Thanks so much.
    RightinSanFrancisco.co...     Reply
  • commenter
    jjason
    Jun 11 10:26 AM
    Wall Street Breakfast: Must-Know News [view article]
    Eli, In 1974 I did my MBA at the University of Western Ontario in London, Ontario, Canada. In finance classes, we did not study Index Funds, Funds of Funds, CDO's, derivatives, futures trading, etc. etc. Some of these "products" didn't even exist in 1974.

    Now, we have had salesmen selling stuff that has caused a horrible mess in the world financial structure and as Warren Buffet recently said " It has to take time to work itself out" In the meantime, shareholders and foolish investors around the world are suffering.

    How terrible that there is no responsibility in all of the Corporate offices around the world. Even the CEO of Countrywide has not owned up to the fact that CFC's business model was deficient.

    Ethics are part of the problem.

    We did not have to learn ethics in 1974. Everyone was honest in my class. No one was able to B/S their way through the two year, case study, program. Neither the students or the professors or the dean would allow B/S or a breech of ethics.

    Although I enjoy SeekingAlpha for the good information, I too often find terrible articles ( and worse comments ) regarding "products" and behavior that is misleading and downright wrong as well.

    You and Judy give us good information. Thanks.

    I hope others will follow your good example.     Reply
  • commenter
    TheEndIsNear
    Jun 11 08:10 AM
    Wall Street Breakfast: Must-Know News [view article]
    "Funds-of-hedge-f... funds ... "
    There's a great fundy sentence:)
    Reply

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