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  • Staples: Why Lousy Companies With Great Managements Are Still Lousy [View article]
    paper obsolete? as I look round my desk I cannot help but laugh at my apparent obsolescence.
    Apr 3 04:30 PM | 6 Likes Like |Link to Comment
  • A Random Walk Through Staples [View article]
    On-line = 50% of SPLS sales. With recent changes, this percentage will only increase. Facetiously, I ask anyone to compare SPLS stores to AMZN's.
    Mar 13 09:51 AM | 1 Like Like |Link to Comment
  • Carl Icahn has taken a 6% stake in Dell (DELL +0.9%), CNBC reports. Shares have jumped to $14.25 on the news, putting them 4.4% above Dell's $13.65/share LBO price. If the report is true, Southeastern Asset and other shareholders fighting for a higher bid just got themselves a big ally. (earlier[View news story]
    just the kind of necessary ally to make the insiders pay, but also the kind to make them potentially walk away
    Mar 6 02:42 PM | Likes Like |Link to Comment
  • Michael Dell's Buyout Drama: Possibly Scripted [View article]
    very well thought out article. a couple comments I would add are that index managers are more inclined not to rock the corporate boat than to worry about index reconstitution. also weak hands, public and policies are fickle. therefore, their votes against the buyout are less secure if the sentiment weakens for a higher price.
    Mar 6 11:00 AM | 1 Like Like |Link to Comment
  • Dell LBO Deal Structure - Like Buying A Rental House With Cashback And No Money Down [View article]
    this deal is all about the Michael and Wall Street's inability to look beyond a healthy, but shrinking, component of the business. cash is still king and at least the Michael has figured that out. this is only a good (great) deal for the CEO and the PE folks.
    Feb 7 11:13 AM | Likes Like |Link to Comment
  • Nokia (NOK) proposes paying no dividend for the first time in 143 years. It's not a great surprise given that the company's been slashing costs amid cratering revenues and major losses. One might ask, what took them so long? Shares +1.9% premarket. [View news story]
    Regarding the dividend cut, you ask "what took them so long?" Now that operations appeared to be improving, I and it looks like the market are asking, "why now?"
    Jan 24 09:43 AM | Likes Like |Link to Comment
  • Dell Buyout: Why The Deal Is Likely To Get Done [View article]
    Even at +22% DELL is back to where it was all the way back in ... May (2012). The premium is modest at best. Long term holders who recognize DELL's intrinsic value will be reluctant to sign on. Michael Dell might have founded the company, but he does not control it. Investors are not in this for his enrichment. If this deal gets done, it has to be more than a straight take out.
    Jan 16 09:08 AM | 1 Like Like |Link to Comment
  • Dell's (DELL +7%) LBO price is in a range of $13.50-$14/share, David Faber reports. Interestingly, he adds Silver Lake and other investors are only putting in ~$2B apiece. For that to be true, Dell (current market cap of $22.9B) would be relying on quite a few investors, even after accounting for Michael Dell's 15.7% stake. Shares -0.6% AH. Update: Faber clarifies the equity component of the deal is $2B. He also claims Dell's offshore cash will be repatriated. (Reuters[View news story]
    SE Asset owns ~7% at an average cost of something likely north of the $13.5-14 range. They have to factor in here somewhere.
    Jan 15 05:29 PM | Likes Like |Link to Comment
  • AstraZeneca: New Bonds Sign Of Times [View article]
    Currently callable bonds are always problematic because of their low or even negative convexity (if you don't know what convexity is, don't buy any bond directly - especially ones with embedded options). In the event of credit detereoration or rising rates, you're stuck with an underyielding security, relative to similar 30 yr bonds. In the event of falling rates (unlikely) or improving credit (at AA2 already, credit upside is limited), the company will replace them with bonds more advantageous to them. Therefore, the price upside is zero and the potential downside is VERY material. The only environment these bonds perform well is one where interest rates are stable for a very long time and the coupon can be clipped.
    Sep 17 04:25 PM | 3 Likes Like |Link to Comment
  • Natural Gas Storage Still On Sustainable Path [View article]
    would love to see a longer term version of the 5 yr average graph. thank you.
    May 11 09:50 AM | Likes Like |Link to Comment
  • Natural Gas Price Spike Will Be Bigger And Come Sooner Than Expected [View article]
    not sure how recommending GAZ at a 100% premium to NAV makes a lot of sense, even if nat gas prices are to rise for once
    Apr 25 05:32 PM | 2 Likes Like |Link to Comment