Is It The Perfect Time To Buy Intel? [View article]
I for one want an ultrabook.. But I'm waiting for haswell before buying one. I need the reliability and speed of an SSD harddrive (currently found only in ultrabooks and macbooks I think, as far as laptops go), combined with the fact I can plug in the ultrabook to any monitor and keyboard and mouse at home and use it like a powerful desktop PC. Then when I want to go to a coffee shop or on a vacation, I just unplug all that and take just the ultrabook with me. I don't necessarily need the tablet mode however, but it's cool in case I want to take it to my bed and read an ebook or watch a video.
As far as ARM being DOA for server space.. Yes it will have tough competition but you can in fact put a lot of ARM cores on a web server and the web server software would be able to use all those cores if the web server is busy enough (and if it's not it doesn't need a high performance CPU in general). This is why Intel will have to supply similar, cheap low power server chips to be more certain to keep their market share. Disclosure: I am long INTC. Short ARMH. I am a programmer and a linux server admin.
FriendFinder Networks, Undervalued And A Private Equity Dream With $90 Million Of Adjusted EBITDA [View article]
By restructured I meant it would go bankrupt and all equity would be wiped out. AFAIK about bankruptcy and restructuring, normally why would bondholders agree to restructuring without letting the equity go to 0 first? In this case the majority equity holders and the debt holders are the same people however so I'm not sure how this will play out at all.
Yes, why wouldn't manwin wait until the enterprise value is lower? But in order for it to go significantly lower the company needs to go bankrupt first probably. So there goes your equity as well. Also, if you wait too long the website traffic would probably deteriorate too unless the management can pull off a comeback.
Just the fact that the company is like a private one where the few people in control don't have to care about the returns of the others and can use some accounting tricks makes me a little weary about investing in it. This is just my personal fear. Not saying they are doing any accounting tricks.
ARM (ARMH -2.2%) slips after receiving yet another downgrade: Benchmark has slashed its rating to Hold from Buy, citing overly optimistic expectations. Morgan Stanley, Piper, and UBS all downgraded ARM last week, largely on valuation grounds - shares of the world's dominant CPU core licensing firm currently trade at 46x 2013E EPS. Q4 results arrive on Feb. 5. [View news story]
Funny after every downgrade sell-off the stock goes right back up to where it was before the downgrade..
Opinions on Intel's (INTC) S1200 Atom server CPUs are split between those who praise their head start on ARM-based alternatives, and those who worry the chips won't be competitive with future ARM products. Wells Fargo argues the S1200 gives Intel a 1-2 year lead over 64-bit ARM solutions. But Oppenheimer calls the dual-core parts "completely disadvantaged." "In the new web-tier landscape, the more cores, the better," it asserts. AppliedMicro's X-Gene ARM CPUs will support up to 128 cores at 2W/core, and Nvidia's upcoming Project Boulder could yield 8-16 core chips. [View news story]
Web-servers like the popular apache httpd can support any number of cores to be efficiently used simultaneously.
FriendFinder Networks, Undervalued And A Private Equity Dream With $90 Million Of Adjusted EBITDA [View article]
If their reported annual revenue of over $300m is true and contains no remarkable accounting gimmicks and the $500m debt is callable right now without a premium, it would make a good buy for a private company experienced in managing such websites as they can easily cut a lot of costs.
Assuming they get at least 40% of their customers through word of mouth rather than having to advertise or pay affiliates to find them, then their free cash flow with 0 debt could even be 50% of revenue.
I certainly don't want to buy this stock before the debt is restructured. if Manwin wanted it before the debt is restructured, it would have bought the company already rather than letting it deteriorate.
The Uncertainty In Annaly Could Now Be Faced By Non-Agency REITs [View article]
Many of the non-agencies are still below par value. And thus any refinancing would only help non-agencies, assuming the principal gets fully paid back to the MREIT. I don't trust however that they wouldn't screw the investors/non-agency paper holders in some way about the principal. I'd love to hear more details about the plan or how they'd probably implement it. For now I am out of all MREITs and will stay out until I hear more about this.
Smart Investors Should Ignore The Gimmick Of Intel Share Buybacks [View article]
If they are funding share buybacks with debt, they are leveraging up. Less equity, more debt. If their debt interest is cheaper than their return on equity, it is a good move.
And a corporation buying its stock using cash makes that cash to be invested in what their shareholders are already invested in, instead of laying around earning nearly nothing or instead of being invested into some other asset.
So both of them have a real effect and aren't completely just a gimmick. I agree that the share price shouldn't change however.
They're calling it the "DeMarco Trade," and it's nailing mortgage REITs (at least those who focus on Agency paper) already stung by vanishing interest spreads. Agency MBS paper has been falling in price since the election, as Ed DeMarco's days as FHFA chief seem numbered, paving the way for principal forgiveness, "the mother of all pre-payment waves." [View news story]
so since MREITS are levered, let's say a doomsday scenario of 40% of agency portfolio getting prepaid back at par, if the companies weren't levered this would amount to 7 - 9% decline in bookvalue * 0.4 (40%) = 3.2% down in total bookvalue. But they are levered so I wonder just how big the bookvalue change would be.. levered at 8 times would mean 8 * 8 * 0.4 = -25.6% in bookvalue? This is a lot of assumptions and I'm not even sure if the leverage would multiply the problem like this or not.
Why Will Agency Mortgage REITs Get Hit The Most From QE3? [View article]
"At the end of the third quarter, MFA Financials reported a surge in the weight of their non-agency MBS holdings to 15.4% of the entire assets portfolio from 14.8% at the end of the second quarter." This is incorrect. Actually MFA holds $5,246,033,000 of non-agency paper vs. $7,476,848,000 agency in market value as written on the Q3 report.
Billed as a private equity ETF, the newly listed PEX owns no Blackstone, KKR, or Fortress. The top U.S. holdings - ARCC, ACAS, PSEC, AINV, FSC - will be well-known to fans of BDCs though. [View news story]
Is It The Perfect Time To Buy Intel? [View article]
I don't necessarily need the tablet mode however, but it's cool in case I want to take it to my bed and read an ebook or watch a video.
ARM Proven Wrong, Intel Vindicated [View article]
Disclosure: I am long INTC. Short ARMH. I am a programmer and a linux server admin.
FriendFinder Networks, Undervalued And A Private Equity Dream With $90 Million Of Adjusted EBITDA [View article]
Yes, why wouldn't manwin wait until the enterprise value is lower? But in order for it to go significantly lower the company needs to go bankrupt first probably. So there goes your equity as well. Also, if you wait too long the website traffic would probably deteriorate too unless the management can pull off a comeback.
Just the fact that the company is like a private one where the few people in control don't have to care about the returns of the others and can use some accounting tricks makes me a little weary about investing in it. This is just my personal fear. Not saying they are doing any accounting tricks.
ARM (ARMH -2.2%) slips after receiving yet another downgrade: Benchmark has slashed its rating to Hold from Buy, citing overly optimistic expectations. Morgan Stanley, Piper, and UBS all downgraded ARM last week, largely on valuation grounds - shares of the world's dominant CPU core licensing firm currently trade at 46x 2013E EPS. Q4 results arrive on Feb. 5. [View news story]
There Is More Risk Ahead For Nvidia - Should You Buy Now Or Wait? [View article]
Opinions on Intel's (INTC) S1200 Atom server CPUs are split between those who praise their head start on ARM-based alternatives, and those who worry the chips won't be competitive with future ARM products. Wells Fargo argues the S1200 gives Intel a 1-2 year lead over 64-bit ARM solutions. But Oppenheimer calls the dual-core parts "completely disadvantaged." "In the new web-tier landscape, the more cores, the better," it asserts. AppliedMicro's X-Gene ARM CPUs will support up to 128 cores at 2W/core, and Nvidia's upcoming Project Boulder could yield 8-16 core chips. [View news story]
FriendFinder Networks, Undervalued And A Private Equity Dream With $90 Million Of Adjusted EBITDA [View article]
Assuming they get at least 40% of their customers through word of mouth rather than having to advertise or pay affiliates to find them, then their free cash flow with 0 debt could even be 50% of revenue.
I certainly don't want to buy this stock before the debt is restructured. if Manwin wanted it before the debt is restructured, it would have bought the company already rather than letting it deteriorate.
The Uncertainty In Annaly Could Now Be Faced By Non-Agency REITs [View article]
Smart Investors Should Ignore The Gimmick Of Intel Share Buybacks [View article]
And a corporation buying its stock using cash makes that cash to be invested in what their shareholders are already invested in, instead of laying around earning nearly nothing or instead of being invested into some other asset.
So both of them have a real effect and aren't completely just a gimmick. I agree that the share price shouldn't change however.
Is There Still Hope For Teva Investors? [View article]
10 New Preferred Stocks Bring 6.55% Average Dividend Yield To Savvy Buyers [View article]
They're calling it the "DeMarco Trade," and it's nailing mortgage REITs (at least those who focus on Agency paper) already stung by vanishing interest spreads. Agency MBS paper has been falling in price since the election, as Ed DeMarco's days as FHFA chief seem numbered, paving the way for principal forgiveness, "the mother of all pre-payment waves." [View news story]
Why Will Agency Mortgage REITs Get Hit The Most From QE3? [View article]
Are The Companies In Prospect Capital's Portfolio Healthy? [View article]
Borga 621 0.20
H&M Oil & Gas 35312 0.55
Wind River Resources 1539
For sure H&M Oil & Gas is not 35312 million.
Thanks for the analysis.