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Unilever Sales Update

Unilever provided an update today (via Yahoo): Unilever PLC, the maker of consumer products such as Dove soaps and Magnum ice cream, says sales rose 7.8 percent to €12.6 billion ($16.8 billion) in the...

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Apple Earnings

Apple reported earnings after the close. It appears they beat on the bottom line but missed on revenue (via MarketWatch): Apple Inc. posted flat earnings for its first fiscal quarter on Wednesday...

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Amgen Earnings

Amgen reported earnings after the close that were better than expected (via Bloomberg): Amgen Inc. (AMGN), the world’s largest biotechnology company, reported fourth-quarter profit that beat analyst...

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Amerisource Bergen Earnings

Amerisource Bergen, part of our Global Opportunities portfolio, reported earnings this morning of $0.69/share, a couple of pennies better than expected. AmerisourceBergen Corporation (ABC) today...

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Celgene

Celgene, part of our Global Opportunities portfolio, reported earnings this morning slightly better than expected, although it appears revenue was a slight miss: Celgene Corporation (CELG) reported net...

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Google Earnings, Q4 FY’12

The main take away from this quarter’s earnings release is the following: Torrid top line growth. 32.5 yoy% 24.8 5yr CAGR% But, the growth has been expensive, lower margins (25.43% down from 32.22%):...

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Altria Earnings

Altria, part of our Global Opportunities portfolio, reported earnings this morning in line with the consensus (via Bloomberg): Altria Group Inc. (MO), the largest seller of tobacco in the U.S., said...

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Tactical Update

Here are a few good lessons.  Perhaps describing his oracle, from Warren Buffett in 1979, “The future is never clear,” and ”You pay a very high price for a cheery consensus.”  And from Frank...

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Aflac Earnings, Q4 FY’12

Aflac’s earnings this week beat consensus estimates by a penny, $1.48 v 1.47, which equates to 2.1% growth .  The commentary centered around positive operating execution, small write-offs in the...

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What’s up with Apple Q1, FY13

What has the street so spooked?  The earnings report didn’t look too bad, at least on the surface. Sales and earnings both topped estimates.  But there may appear to be issues, operating income shrunk...

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Tactical Update

The 21st century, global, economic saga continues to provide plenty of nuance.  The past few weeks, we’ve been introduced to a few new characters, Cyprus and Russia.  There is a bit of a rogue element...

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Tactical Update

The great thing about leverage is that, while it works, it is very profitable and it feels really good.  The bad thing about leverage is that, when it doesn’t work, it can bankrupt you quickly and it...

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Tactical Update

This “recovery” is in its 4th year.  Unfortunately, we have yet to see robust growth in employment or incomes.  The recovery continues to be about low interest rates and abundant liquidity.  Cheap...

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Tactical Update

Here is a list of things that concern us. Fed incentivized risk seeking  A recent surge in risk asset prices Continued global rebalancing Continued global deleveraging Bail-ins as much or more than...

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Tactical Update

One of the top story lines of the past 6 months has been the BOJ, Abenomics, and the dramatic repricing of the Yen.  To date, we are looking at about a 25% drop in the value of the Yen.  This is a...

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Tactical Update

The Nikkei moved down over 7% in one day this week.  The S&P put out a potentially bearish technical sign, A Key Reversal.  The market experienced flash crashes toward the end of the week. Despite...

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Tactical Update

As we’ve been reporting, the economic data has been showing weak performance.  But, the market hasn’t seemed to mind.  QE is in high gear.  It is supporting asset prices as the over-leveraged sectors...

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Tactical Update

As reported last week, we added some companies from our watch list.  The expectation is that these buys will eventually be offset with sales of companies which we don’t feel offer the upside...

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Tactical Update

Easy money, especially quantitative easing, presents unique challenges for investors. The FED has lowered the cost of credit, therefore lenders make less.  The other side of the accounting ledger is...

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Tactical Update

The recent weak economic trends have, to date, not equated to stock market weakness. The rise in interest rates is being, reportedly, caused by talks of tapering. Perhaps, but the negative feedback...

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