Category Archive for "Published"

Home »

Quick Thoughts – MCX to Work with Paydiant on Tokenization to Improve Security

The Target data breach has probably pushed back the launch date for MCX pilots to the second half of 2014. It must be hard for merchants to stomach since, while consumers associate the breach with a failure of security at

Read More

News From Inside The Fridge – Beware Commodity Chemicals

Following up from our research piece earlier in the week, we have some further data appoints to support our view that natural gas prices are likely to be stronger for longer – negatively impacting the US chemical industry, as well

Read More

Quick Thoughts: Barclays – Numbers do not Support Negative View of the Investment Bank

I have rarely seen such a gap between strong management execution and negative market sentiment. Barclays stock is down nearly 7% after the full-year conference call in London this morning; the headline earnings number had come out yesterday and been

Read More

Barclays: Expect Improved Guidance for Profitability and Leverage

With 2013 results and cost-cutting measures on Feb 11th, we expect Barclays to announce: (i) a 5-year target for a low-to-mid-teens return-on-equity replacing the current anemic target for a return in excess of the cost-of-equity, estimated at 11.5%, by 2016;

Read More

February 5, 2014 – Google: King of the Kloud Krewe

GOOG dominates the booming digital ad market – we expect Search, YouTube, local, AdSense, and other initiatives to keep the company in front, even with the shift to mobile, social and video, and in the face of able challenges from

Read More

CVS to Tobacco – It’s You, Not Me

CVS has announced that it will cease to sell tobacco products in its stores by October 1st, believing that the sale of tobacco products is inconsistent with the company’s role as a healthcare provider. CEO Larry Merlo noted “We’ve come

Read More

14 for 14 Portfolio Update: January Performance – A Better Start than Denver – Just!

This year, for better or worse, we have decided to update our portfolio performance on a monthly basis.  As a reminder we began the year by recommending 14 larger cap long ideas and 14 names that we would be more

Read More

SYY – Profitable Sales Growth Remains Elusive

SYY reported Q2 earnings this morning, and the results provide a useful framework to reiterate some of our ongoing concerns that we have highlighted in our prior work. Sales increased 4.1% (consensus contemplated a 5.2% increase, so a revenue miss

Read More

V and MA: Quantifying Concentration and Disintermediation Risk

Conversion of the Chase consumer credit portfolio to V, which apparently had not begun in 2013, will represent a 2%+ headwind to global growth for MA in 2014 (and 6-7% headwind to US growth) assuming 80% of the portfolio migrates

Read More

Your (HIE-based) Plan Doesn’t Cover That: A Comparison of Drug Formularies On and Off the Health Insurance Exchanges

For a podcast of this and other research notes, please see the SSR Health YouTube channel Popular brand drugs are much more likely to face restrictions in health plans sold on the Affordable Care Act’s (ACA’s) health insurance exchanges (HIEs),

Read More
test