Archive for April, 2014

Home »

DuPont – Sifting Through The Noise We Saw What We Wanted to See

Our positive stance on DuPont has been driven by two factors; valuation, and the belief that there is a real growth story in the core business.  Valuation support remains but it is much less of a factor today than it

Read More

SSR Index of Current-Quarter Healthcare Demand Growth: Final 1Q14 Estimates

We expect 3.5% (nominal) y/y growth in US health services demand during 1Q14, the product of 2.5% growth in demand intensity and 1.0% growth in price. Intensity growth reflects a 20bp improvement over actual 4Q13 growth of 2.3%, and a

Read More

Quick Thoughts – CMG Q1 EPS

There is very little not to like in CMG’s earnings release this morning (unless you care about margins or EPS results) – but we recognize that it is a growth stock and that top line growth is pretty much all

Read More

Quick Thoughts – PM Q1 EPS

This morning, PM reported Q1 ’14 EPS of $1.19 per share, besting consensus estimates by $0.03 – we would characterize the quality as somewhat mixed (certainly not as strong as Q4 ‘13), but our view on PM is unchanged given

Read More

Quick Thoughts: Another Annoying Google Quarter

–          While GOOG’s 1Q14 miss is disappointing, it is not particularly unusual in its history of focusing on the long term. To that end, 19% sales growth is a healthy indicator for the future. –          Network ad sales grew just

Read More

Medicaid HMOs: Growth Prospects Undervalued

The outlook for commercial premium growth is sluggish; modest enrollment gains from the Affordable Care Act (ACA) and rising employment are offset by the rising tendency of beneficiaries to either buy cheaper policies, or forego coverage altogether On top of

Read More

April 15, 2014 – TMT: Don’t Rain on My IPO

TMT: Don’t Rain on My IPO 2013 was the biggest year for TMT IPOs since 2007, with 54 companies hitting the market, led by TWTR, but otherwise dominated by enterprise cloud software. 2014 began with a big backlog of 590

Read More

Quick Thoughts – Corn, Inflation and the Consumer

According to yesterday’s Crop Progress Report from the U.S. Department of Agriculture, 2% of the nation’s corn crop has been planted thus far, compared to 3% at the same time last year and 6% historically – small numbers, to be

Read More

Quick Thoughts – KO

KO this morning reported Q1 EPS of $0.44 per share, consistent with consensus estimates, a result that we expect will be sufficient to move the shares higher given just how bad we see the sentiment on the name currently. Global

Read More

ACA Enrollment Round-Up – How Many Have Paid Premiums; How Many Were Already Insured Last Year; How Their Health Compares to Employer-Sponsored Beneficiaries’

As of Thursday April 10th roughly 7.5 million persons have selected plans on the health insurance exchanges (HIEs); of these roughly 86 percent have paid (or are likely to pay) premiums; this points to a total of 6.5 million HIE

Read More
test