Archive for July, 2015

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DuPont – Investor Exodus

DuPont management may still have the faith that the science based strategy is right, but everyone else seems to disagree. Trian criticized the company for bloated costs and lack of returns on its R&D spend and we have echoed that

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Eastman – The Silver Lining of the Propane Cloud

Placing the wrong bet on propane prices may have been the best thing that could have happened to Eastman! Eastman is a roll up story and the thesis is that as the company adds complimentary and sometimes overlapping product/technology platforms

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LyondellBasell – Hard To Fault

First half oil prices were almost half the levels seen in 1H 2014, yet LYB has managed to produce 17% more net income than in the prior year. EPS growth is greater because of the significant share buyback, which looks

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Quick Thoughts: Everybody Hates Twitter

The monomaniacal focus on MAUs does TWTR a disservice – it is a lot more like YouTube than Facebook, and no one cares about Google’s MAUs. Project Lightning and an aggressive marketing campaign to educate consumers should stimulate engagement and keep the

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Dow Chemical – Neither Fish nor Fowl

  Dow Chemical’s second quarter demonstrated a problem that has concerned investors – both passive and active – for some time. In the face of apparently very strong US and European basic plastics margins, the company did not do that

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Quick Thoughts: The Emperor’s New Watch

The Apple Watch – Everybody has an opinion. Here is mine. So how is the new Apple Watch doing after its first three months? Two weeks ago, market research firm Slice Intelligence roiled the waters with a report which, based

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EBAY & PYPL: The Divorce is Final

After a strong 2Q15, PYPL heads to its Monday spin with significant business momentum. Given the near term trajectory of e-commerce, and competitive moat of its small business focus, 2015 estimates look easily achievable and 2016’s are plausible, likely a

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TMT: 2Q 2015 Earnings Preview

1Q15 shook things up with unexpectedly weak digital ad spending and an unexpectedly strong shift to the enterprise cloud. This quarter, we expect digital ads to get back on track in the US against somewhat muted expectations, with the cloud

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Test Import

SEE LAST PAGE OF THIS REPORT Graham Copley / Nick Lipinski FOR IMPORTANT DISCLOSURES 203.901.1629/203.883.1927 gcopley@/nlipinski@ssrllc.com February 2nd, 2015 SSR Industrials & Materials Monthly Review, January 2015 Tone of Earnings More Pessimistic than Expected – Cue the Negative Revisions The

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TMUS: Wireless Ain’t What it Used to Be

We believe that TMUS is worth $55-60 based on projected future market share gains and margin improvements. It is winning a zero-sum game in the increasingly stagnant US wireless market, as consumer priorities shift from voice coverage to data service,

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