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Buy List Thoughts For Aug 14, 2016

Things have been a little hectic lately, so I'm going to keep this shorter than I would otherwise. I've got a list of close to 20 stocks that I do not own, but I think are worth a closer look today. I'll probably be adding a couple of names a week to the list as I get caught up on my work, but I expect (and hope) a few will fall off the list as appreciation takes them out of that buy range.

Celldex (NASDAQ:CLDX) and Pacific Biosciences (NASDAQ:PACB) are on the list as "Hail Mary" picks. Celldex looks meaningfully undervalued (as does PacBio), but the problem with biotechs is that huge chunks of the potential value can disappear in one bad trial outcome. Likewise with PacBio. If the Sequel's performance doesn't improve and the adoption doesn't accelerate, it's not worth much.

Names like Novadaq (NASDAQ:NVDQ), PAX Global, Cavium (CAVM), and IPG Photonics (NASDAQ:IPGP) are more straight-up risky growth stories. Macquarie (NYSE:MIC) is a high-yield infrastructure play with plenty of capital left to deploy. Check Point (NASDAQ:CHKP) and Old Dominion (NASDAQ:ODFL) are both exceptionally well-run, but neither is shockingly cheap and both have execution/market risk. Lincoln Electric (NASDAQ:LECO) is barely on my list in terms of undervaluation, though getting a decent total annual return from a well-run company is hardly the worst thing in the world.

My buy/watch list for now is: CAVM, CHKP, CLDX, HOLI, IPGP, KEX, LECO, MIC, MOCO, NVDQ, ODFL, ORBK, PACB, PAX Global, TIS, and XPO.

In terms of my own holdings, I think ALNY, BRFS, HURC, LNVGY, LXRX, MTNOY, NBIX, PRAA, and WMGI are worth closer looks. I might put SNMX on that list too, though it's very much a high-risk binary outcome type of story. I'd also note that my conviction on PRAA is pointing down, not up, as the company really needs to start improving its collection metrics.

Sorry this isn't as verbose as the last go-around. Hopefully I'll have more time next week.

Disclosure: I am/we are long ALNY, BRFS, HURC, LNVGY, LXRX, MTNOY, NBIX, PRAA, WMGI, SNMX.