Archive for January, 2014

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Quick Thoughts: Google and Amazon – Advertising? Good. Retail? Not So Much

–          GOOG satisfied investors with a top-line beat, despite its MOT-driven EPS miss. AMZN tripped on both sales and earnings, evidence of a weak environment and delivery partner problems –          GOOG ex MOT was strong – sales up 22% YoY,

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Painting By Numbers – Still Too High

SHW missed estimate and guided lower today, taking a stock which has already underperformed for the last 12 months down further.  The paint industry in general and SHW in particular was identified by us this time last year as a

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Quick Thoughts: Facebook, Qualcomm and Google – Today Was a Good Day

–          FB and QCOM answered critics with strong 4Q earnings. FB showed outstanding execution in a frothy digital ad market and QCOM showed a low-end mix shift won’t scuttle profitability. –          Mobile, social and video drove big on-line ad spending

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Dow – Better Earnings – But Probably Only Adds Fuel To The Debate

Dow reported better than expected earnings and in the accompanying conference call CEO Andrew Liveris went to great lengths to explain the stagey, implicit in which were the reasons why Dow sees benefit in keeping its portfolio together. Not to

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COF: Guidance Conservative; Reiterate 2015 EPS of $7.70 and $90 Price Target

We view COF’s guidance for 2014 pre-provision earnings (PPE) of $9.8bn as conservative and reiterate our 2015 EPS estimate of $7.70 (versus consensus of $7.33) and our price target of $90. Consensus appears to discount a flat net interest margin

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CAT – By Some Measures Still a Long Way to Go

Our position on CAT is unchanged from the company specific research we wrote in June of last year, we still have an out of favor stock at the bottom of an earnings cycle – but perhaps on the path to

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Quick Thoughts: Apple – A Frightening Glimpse of the Future

Quick Thoughts: Apple – A Frightening Glimpse of the Future –        While AAPL delivered an EPS beat and in line revenues, poor iPhone unit volumes, weakness outside of Japan/China, and cautious March guidance fuel serious questions of long term growth

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Quick Thoughts: AAPL, FB, QCOM, GOOG, and AMZN – 5 Beats This Week?

–          AAPL’s Monday report should easily top consensus of $14.09 EPS and $57.5B revenues on Japan fueled iPhone sales, but may just meet the rising whisper numbers. –          Expect a big top-line beat out of FB – strong market shift

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Mobile Wallets: Structural Advantage of MCX over Apple, Google, PayPal, and Square

Mobile wallets are on the cusp of mass adoption: the WSJ reports that AAPL is looking to allow consumers to use iOS mobile devices to pay for physical goods outside Apple stores with their iTunes accounts; Google Wallet will by-pass

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KMB and PG – Better Than Feared and Better Than the Rest

Both KMB and PG reported earnings this morning and both stocks are enjoying significant, positive reactions on both a relative and absolute basis. The strength of the reactions likely is rooted in several factors that extend beyond the quality of

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