Aug. 23, 2014, 7:58 AM
- Joel Greenblatt made investors fortunes at his hedge fund 30 years ago by holding a highly concentrated basket - six to eight names - of deep-value stocks, but his approach today is somewhat different: Buy more than 300 high-quality stocks trading at cheap prices and short more than 300 expensive, lower-quality names. Stocks are weighted in the portfolio depending on where they rank along that spectrum.
- Greenblatt: "[My partner] and I would wake up some days and lose 15% or 20% of our net worth ... now it's more like 15 or 20 basis points."
- The strategy is also available in a trio of mutual funds Greenblatt's Gotham Asset Management offers, and they now account for more than half of Gotham's $7B in AUM.
- A top position last year remaining a large holding after a big run higher is Apple, thanks to "huge returns on capital" and 11% earnings yield. As for Apple's future, Greenblatt will leave that for others to debate: "I don't own just Apple. I own a bucket of companies like Apple, and over time, I know my bucket is going to work."
- Top 5 long holdings now: ENR, SAFM, BG, AXE, CAT.
- Top 5 short holdings now: SUSS, THC, BOBE, KMT, TMO.
Jul. 23, 2014, 6:57 AM
- Thermo Fisher (NYSE:TMO) Q2 Results: Revenues: $4,321.9M (+33.4%), Life Sciences: $1,103.1M (+509%), Analytical Instruments: $793.4M (+43%), Specialty Diagostics: $855.1M (+7.7%), Laboratory Products & Services: $1,699.4 (+6.5%); COGS: $2,361.0M (+29.7%); SG&A Expense: $1,024.6M (+39.5%); R&D Expense: $183.7M (+90.0%); Operating Income: $348.1M (-7.2%); Net Income: $278.5M (0.4%); EPS: $0.69 (-9.2%); Quick Assets: $605.9M (-89.6%); CF Ops (1H): $989.9M (+27.4%).
- 2014 Guidance: Revenues: $16.86B - 16.98B from $16.84B - $17.00B; EPS: $6.85 - 6.97 from $6.80 - 6.95.
Jul. 23, 2014, 6:01 AM
Jul. 22, 2014, 5:30 PM
Jul. 10, 2014, 4:35 PM
May 29, 2014, 2:06 PM
May 21, 2014, 8:16 AM
Apr. 23, 2014, 6:03 AM
Apr. 23, 2014, 12:05 AM| Apr. 23, 2014, 12:05 AM | Comment!
Apr. 22, 2014, 5:30 PM| Apr. 22, 2014, 5:30 PM | Comment!
Feb. 27, 2014, 8:43 AM
Jan. 30, 2014, 6:05 AM
Jan. 16, 2014, 5:23 PM
Jan. 16, 2014, 8:45 AM
- China's Commerce Ministry has conditionally approved Thermo Fisher Scientific (TMO) $13.6B acquisition of Life Technologies (LIFE).
- Thermo Fisher will have to reduce the prices of two types of its products it sells in the country, and divest its cell culture and gene adjustment businesses. Thermo Fisher will also have to sell its 51% holding in China's Lanzhou National Hyclone Bio-engineering.
Jan. 10, 2014, 2:31 PM
- UBS lifts its price targets on Thermo Fisher (TMO +0.3%) and Agilent (A +0.5%) to $127 (from $107) and to $65 (from $57), respectively.
- Analyst Daniel Arias likes the "financial merits of [the TMO] LIFE deal (est 20% accretion in 2014) and TMO's competitive position going forward." New target is 18X forward estimates.
- As for A, the company "should benefit from the gradual macro improvement [while] enthusiasm for the spinoff of EMG appears high, as units comprising the new A performed well in Q4 and appear to be taking share."
Jan. 6, 2014, 7:24 AM
- GE Healthcare (GE) has agreed to acquire various businesses from Thermo Fisher (TMO) for $1.06B in a deal that will allow the conglomerate to expand its offering of technologies for cell biology research and cell therapy, and for the manufacture of medicines and vaccines.
- The operations that GE is buying are Thermo's HyClone cell culture, gene modulation and magnetic beads businesses.
- Thermo Fisher is selling the operations in order to assuage EU antitrust concerns about the company's acquisition of Life Technologies (LIFE). (PR)
TMO vs. ETF Alternatives
Thermo Fisher Scientific Inc offers analytical instruments, laboratory equipment, software, services, consumables, reagents, chemicals, and supplies to pharmaceutical and biotech companies, hospitals and clinical diagnostic labs.
Other News & PR