Category Archive for "Published"

Home »

Quick Thoughts – BAC: A Capital Tsunami

Since the Fed released guidelines for the 2014 CCAR process on November 1st, investors have expressed concern that the stress tests have been stiffened and that more capital than previously expected will be trapped in the banks in general and

Read More

US Payments: Winners and Losers in Mobile

On Thursday, Google announced Android support for “host card emulation” which places payments credentials in the cloud and allows them to be securely accessed by mobile applications including digital wallets; in particular, NFC-enabled wallets no longer need to access the

Read More

November 3, 2013 – Twitter: Out of the Nest, Into the Sky

  TWTR sales growth will be driven by 5 factors: number of users, engagement by users, ad density, ad pricing and additional monetization vehicles. Monthly active users were up 39% YoY in 3Q13, with considerable further room for growth, given

Read More

Real Q4 Pessimism – From Those That Should Know Best

There is a growing expectation that Q4 2013 industrial production in the US has stagnated completely, in part because of the government shutdown, but also in part because of the business uncertainty caused by the political jockeying in Washington and

Read More

DuPont – Now the Real Story Can Unfold

Last night DD took the logical, what we had referred to as default, route to separate the company in two.  Shareholders will see a stock split sometime in the next 18 months and will hold shares in the new Performance

Read More

LLY: Whether High R&D/Sales is Defensible – an Empiric Dissent

Over the last 20 years, LLY accounts for roughly 5pct of peer group R&D spending, but only about 2pct of peer group innovation. This disconnect is worsening: LLY’s share of peer group R&D spending recently exceeded 5pct of the peer

Read More

October 23, 2013 – Twitter: There’s Gold in Them Thar Tweets

TWTR is losing money today, but not for long. Stripping out stock compensation, TWTR’s COGS (35.5% of sales), R&D spending (34.5%), and SG&A (40.7%) currently yield (-9.7%) non-GAAP operating margins, compared to FB at 41%, GOOG at 32% and LNKD

Read More

CAT-astrophic? Not In Our View

When we wrote about CAT in June of this year, we were clear that we were making a bottom of the cycle valuation call, and we also highlighted the risk that negative revisions might not be over.  To be fair,

Read More

SSR Index of Current-Quarter Healthcare Demand Growth: Inputs Delayed by Shutdown; Early Read Indicates Strong Flu Season

Among the “not exempt” services that were on hiatus during the 16 day federal government shutdown were data publications from the Bureau of Labor Statistics (BLS), Bureau of Economic Analysis (BEA) and the Centers for Disease Control (CDC) BLS did

Read More

Grangemouth –A Taste Of What Is To Come for European Chemicals

Today, INEOS announced that it would close the Grangemouth petrochemical complex in Scotland with the loss of around 800 jobs.  This comes at the end of a lengthy dispute with unions around pay, flexible working agreements and a change in

Read More
test