France Telecom: A 12.9% Dividend Opportunity [View article]
According to private correspondence with the conseiller at FT, the withholding rate for the ADR is 30%, since Jan-2012, regardless whether held in IRA or non-retirement account. I am just reporting what Mme V. Bouleau told me, and am myself waiting to see how much of the 0.8 * 1.32 = $1.056 is actually withheld.
Antares Delivers Then Hits A Hard Bump In The Road [View article]
tappy - all most interesting, but what is TEVA 4/5? Unable to find any ref on antarespharma.com in either pipeline or products, and a regular google mostly thinks it's a shoe-size.
Why Bank Of America's Earnings Are Good Enough [View article]
Following the above link to ZeroHedge, I got straightened out on DVAs. Look for the 1st post by TooRichtoCare. As he shows, the chump (Tyler Durden?), that writes a lot of the posts there, got the sign bass-ackwards for the present earnings.
Of course, there are other one-time items, but if even 0.31 were sustainable, then that's annual 1.24, and a PPS of 12.40 with only a 10x multiple.
Why Bank Of America's Earnings Are Good Enough [View article]
llallbeeharry - this sounds very interesting. If you feel like sharing a little more (ie. providing some evidence for each of your 2 assertions), I think the readers here would appreciate it a whole lot. I certainly would.
Why? I am long BAC with average cost of 7.64, and it was damn hard disciplining myself not to sell any at 10 recently. Not being an accountant, I just cannot evaluate the true significance of the DVAs, that are said to have made a 0.31 difference to the latest EPS. Some argue that since revenues fell 17%, then BofA results were not up to snuff in any case. To me, it's EPS and PEG that most matter, not whether they get rid of marginal businesses to make the balance sheet better and the regulators happy.
Avoiding Expensive Mistakes Made By Rookie IRA Investors - How To Open A Long Position Cheaply [View article]
mrmcmath - thanks to you and the author for your replies.
I am somewhere between surprised and astounded to hear that "assignment rarely occurs prior to expiration date". If I had bought AAPL at 610, and then, as insurance against a rapid loss, bought the kind of put you sold, then, when AAPL fell so far below 600, I would be very eager to get rid of my stock at only a $14.60 loss (610 -600 + 4.60), and have the immediate opportunity to rebuy at (say) 580 or even 573 (close on Friday). If it had so happened that the stock closed at 600 on Friday, as the put expired, I would be kicking myself all round the building for losing an opportunity because of greed for AAPL to fall even farther.
Actually, I personally would never buy such puts, but there must be people who do, and I am surprised they do not jump on their chance when they get it.
Avoiding Expensive Mistakes Made By Rookie IRA Investors - How To Open A Long Position Cheaply [View article]
mrmcmath - when AAPL fell to 580, why were the shares not put to you at 600? Was this just a matter of luck and timing? Forgive the naivete of my question but, although I well understand the material in the article, I have never traded an option, and am unfamiliar with the mechanics of "what actually happens". Thanks for sharing, by the way. (And, alas, AAPL has again slipped well below 600 as I write after the Thursday close).
5 French Stocks On Sale For A Limited Time Only [View article]
Some corrections regarding FTE dividend: "0.80 euros per share will be paid in cash in June 2012" and: "France Telecom-Orange will propose to the Board of Directors the payment in September 2012 of an interim dividend of 0.60 euros per share for the fiscal year 2012" subject to "the 2012 dividend will fall in a range of 40% to 45% of operating cash flow generated". [Quotes sourced from private email correspondence with Investor Relations].
Also, as Stefan already pointed out, above, "the withholding tax is 30 % since January 1st, 2012 whatever...the type of account".
It was new on me that AGNC differentiated itself by seeking to minimize CPR by taking on low-value loans, and high loan-to-value situations. So this particular article _was_ valuable to me.
Besides that, I think this particular writer has more to say (useful material) than most of the others.
I think NLY, at PPS ~= $15.70, is currently selling under book value (slightly over $16).
My Favorite Stock Idea For The Next Decade [View article]
webmind - the beginnings of an answer may lie at http://bit.ly/I2bQkJ. Now, whether it is propietary knowledge of the specifics of the process ("the appropriate UVA light or pH change"), or research economics that protects Cerus from the big boys, I do not know.
Of course, it could just be that they see there is currently little demand for the product among the big-money health players, and hence not worth their time to attempt to duplicate the research.
My Favorite Stock Idea For The Next Decade [View article]
Steven - thanks. After I wrote my naive question, it occurred to me to find and read through the company's website (http://www.cerus.com). They just announced a little deal with a Saudi hospital.
It seems, too, that there has been an annual tradition for some years on SA now, of an article somewhat like yours, being written early in the year. You have, knowingly or not, assumed the mantle of Michael Shulman.
None of this is to say that the thesis is wrong, but it gave me pause to see how long Cerus has been knocking on doors now ("a solution without a problem," etc.).
For God's sake, you'd think China would be the #1 customer for these products with all the tainted blood there, but I guess they have no effective legal liability system in this area. Germany also has been uninterested - for years now. I wonder why.
It seems debatable whether there would even be much interest in the USA until there is a blood-scare and/or the mysterious opposition on the FDA is cleaned up. The company does not seem to be at all aggressive about pursuing its campaign in the USA.
My Favorite Stock Idea For The Next Decade [View article]
Steven B - Do you have an answer for napoleon IV's question? Does Ceres have a patent, or are there currently 3 other companies with similar processes/products that also have a jump in the FDA-approval process? Do you have any insight into the probability of approvals for the red-blood process in the various jurisdictions? What are the costs of rolling out the processes into production?
I'm grateful that you brought all this to our attentions on SA, but the thesis perhaps needs fleshing out a little more.
Today, Cramer devoted a whole segment to $SBAC, and the usual AH spike is ensuing as I write. While the general thesis is doubtless compelling, the first thing that strikes one, flush in the eye, is that this company has had no earnings at least for 2009-2011.
I see no guidance in the above earnings call, about when, if ever, EPS might be going to be positive. All they seem to say is that revenues are increasing at fairly pedestrian rates, and CAPEX is growing as fast as they can finance it.
This company seems to have had an IPO in the late 90s, then exploded in the dot.com boom, and plummetted with everything else in 2001-2. Since then, it's gradually chugged back up to year 2000 levels.
Can anyone comment constructively, please? This is no penny stock, it has a market cap of approx $5.8B - how? Is there something more to this than blind speculation?
American International Group: Huge Upside ... Once The Government Leaves [View article]
So, Abigsoxfan 2 Apr, 04:25 PM, do you feel, or even have evidence, that reserves for the P&C business are still grossly under-stated? If "yes", why did the regulator not enforce reserve-increases in 2011?
In addition, if you would please state, or provide links to discussion of, the concerns about AIG's P&C business relevant to book value, then that would be most useful. Thanks in advance...
Apple's Big Mystery Buyer In Q1 2012 [View article]
Good on yer, buffalo. I was just reading through the posts to see if anyone had made this FUNDAMENTAL point - before writing it up myself.
Why doesn't this author follow on from the data, and ask himself WHY the demand to buy calls has PERSISTENTLY been so relatively high? One would think these market makers (like Vegas sports books) would know how to set the line so that action evens out! In this case, it APPEARS they have been consistently surprised by the strength of demand to buy calls at the premiums set, and cannot keep up.
And no one answers you, let alone the author, but prefer to chatter on with irrelevancies.
Hatteras Announces A Secondary After Going Ex-Dividend [View article]
The feeling is understandable, but there is the counter-argument that you should be pleased, because the secondary price is actually above current announced book value. Therefore the new buyers are providing you an accretion in the value of your shares.
Of course, it all depends on whether the proceeds are invested to realize an actual accretion to book value. If so, the PPS itself will follow along, and it generally seems to, as you yourself note.
As regards legality, how else are they to get a big block of shares sold without a discount to market price? This is just the obverse of why a takeover bid has to be at a premium, to induce (almost) everyone to sell their shares.
If mREITs were always diluting their shareholders, everyone would feel as you do, and no one would stand for it. But this does not seem to be the case, as most secondaries work out accretive to BV and (eventually) PPS.
France Telecom: A 12.9% Dividend Opportunity [View article]
Antares Delivers Then Hits A Hard Bump In The Road [View article]
Why Bank Of America's Earnings Are Good Enough [View article]
Of course, there are other one-time items, but if even 0.31 were sustainable, then that's annual 1.24, and a PPS of 12.40 with only a 10x multiple.
Why Bank Of America's Earnings Are Good Enough [View article]
Why? I am long BAC with average cost of 7.64, and it was damn hard disciplining myself not to sell any at 10 recently. Not being an accountant, I just cannot evaluate the true significance of the DVAs, that are said to have made a 0.31 difference to the latest EPS. Some argue that since revenues fell 17%, then BofA results were not up to snuff in any case. To me, it's EPS and PEG that most matter, not whether they get rid of marginal businesses to make the balance sheet better and the regulators happy.
Can you contribute anything on these topics?
Avoiding Expensive Mistakes Made By Rookie IRA Investors - How To Open A Long Position Cheaply [View article]
I am somewhere between surprised and astounded to hear that "assignment rarely occurs prior to expiration date". If I had bought AAPL at 610, and then, as insurance against a rapid loss, bought the kind of put you sold, then, when AAPL fell so far below 600, I would be very eager to get rid of my stock at only a $14.60 loss (610 -600 + 4.60), and have the immediate opportunity to rebuy at (say) 580 or even 573 (close on Friday). If it had so happened that the stock closed at 600 on Friday, as the put expired, I would be kicking myself all round the building for losing an opportunity because of greed for AAPL to fall even farther.
Actually, I personally would never buy such puts, but there must be people who do, and I am surprised they do not jump on their chance when they get it.
Avoiding Expensive Mistakes Made By Rookie IRA Investors - How To Open A Long Position Cheaply [View article]
5 French Stocks On Sale For A Limited Time Only [View article]
Also, as Stefan already pointed out, above, "the withholding tax is 30 % since January 1st, 2012 whatever...the type of account".
What Makes AGNC Different? [View article]
Besides that, I think this particular writer has more to say (useful material) than most of the others.
I think NLY, at PPS ~= $15.70, is currently selling under book value (slightly over $16).
My Favorite Stock Idea For The Next Decade [View article]
Of course, it could just be that they see there is currently little demand for the product among the big-money health players, and hence not worth their time to attempt to duplicate the research.
My Favorite Stock Idea For The Next Decade [View article]
It seems, too, that there has been an annual tradition for some years on SA now, of an article somewhat like yours, being written early in the year. You have, knowingly or not, assumed the mantle of Michael Shulman.
None of this is to say that the thesis is wrong, but it gave me pause to see how long Cerus has been knocking on doors now ("a solution without a problem," etc.).
For God's sake, you'd think China would be the #1 customer for these products with all the tainted blood there, but I guess they have no effective legal liability system in this area. Germany also has been uninterested - for years now. I wonder why.
It seems debatable whether there would even be much interest in the USA until there is a blood-scare and/or the mysterious opposition on the FDA is cleaned up. The company does not seem to be at all aggressive about pursuing its campaign in the USA.
My Favorite Stock Idea For The Next Decade [View article]
I'm grateful that you brought all this to our attentions on SA, but the thesis perhaps needs fleshing out a little more.
SBA Communications' CEO Discusses Q4 2011 Results - Earnings Call Transcript [View article]
I see no guidance in the above earnings call, about when, if ever, EPS might be going to be positive. All they seem to say is that revenues are increasing at fairly pedestrian rates, and CAPEX is growing as fast as they can finance it.
This company seems to have had an IPO in the late 90s, then exploded in the dot.com boom, and plummetted with everything else in 2001-2. Since then, it's gradually chugged back up to year 2000 levels.
Can anyone comment constructively, please? This is no penny stock, it has a market cap of approx $5.8B - how? Is there something more to this than blind speculation?
American International Group: Huge Upside ... Once The Government Leaves [View article]
In addition, if you would please state, or provide links to discussion of, the concerns about AIG's P&C business relevant to book value, then that would be most useful. Thanks in advance...
Apple's Big Mystery Buyer In Q1 2012 [View article]
Why doesn't this author follow on from the data, and ask himself WHY the demand to buy calls has PERSISTENTLY been so relatively high? One would think these market makers (like Vegas sports books) would know how to set the line so that action evens out! In this case, it APPEARS they have been consistently surprised by the strength of demand to buy calls at the premiums set, and cannot keep up.
And no one answers you, let alone the author, but prefer to chatter on with irrelevancies.
Hatteras Announces A Secondary After Going Ex-Dividend [View article]
Of course, it all depends on whether the proceeds are invested to realize an actual accretion to book value. If so, the PPS itself will follow along, and it generally seems to, as you yourself note.
As regards legality, how else are they to get a big block of shares sold without a discount to market price? This is just the obverse of why a takeover bid has to be at a premium, to induce (almost) everyone to sell their shares.
If mREITs were always diluting their shareholders, everyone would feel as you do, and no one would stand for it. But this does not seem to be the case, as most secondaries work out accretive to BV and (eventually) PPS.