Archive for February, 2013

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SSR Index of Current-Quarter Healthcare Demand Growth, Initial 1Q13 Estimate

We expect 3.6% (nominal) y/y growth in US health services demand during 1Q13, the product of 1.7% growth in unit demand, and 1.8% price growth; this marks a slight deceleration from the 3.7% actual growth rate in 4Q12. Unit demand

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M&A – If It Is Really Heating Up, Beware the Overconfident

In work that we published in 2012 we took a deep dive into the world of M&A in the Industrials and Basics space and concluded that while the average deal did create shareholder value, the mistakes were more memorable than

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February 14, 2013 – Microsoft: No More Mister Softy!

Microsoft: No More Mister Softy! After a decade of bumbling, MSFT may be getting its act together. While investors have focused on the underwhelming consumer reception for its portable devices and the risk to the Windows franchise, MSFT has positioned

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Quick Thoughts: You are What You Wear

–          The “next big thing” du jour seems to be wearable computing, with separate lines of rumor linking both Apple and Google to electronic wristwatches as smartphone adjunct accessories. –          It’s hard to imagine a “smartwatch” as a big opportunity

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Investment Recommendations Across Healthcare, by Sub-Sector

Key themes are new product flow, rising per-capita unit demand, direct and indirect effects of the Affordable Care Act (ACA), and mid-term pressures on US (small molecule) drug pricing Overweight recommendations: Select Specialty Pharmaceutical and Biotech names with pending new

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Optimism Everywhere – A Look at the S&P 500

Last week, on the suggestion of several clients, we followed up on our research on the underperformance of Industrials and Basics companies where managements are too optimistic about earnings growth, by extending the analysis (at a 30,000ft level) to the

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Quick Thoughts: WHAT IF – Jeff Bezos ran Apple?

–          Apple beat consensus and fell to under 11x trailing EPS, while Amazon missed, rose and trades at an imaginary multiple vs. its TTM losses – clearly future glory beats past glory. –          Jeff Bezos invests his potential profits and

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