Category Archive for "Industrials/Basic Materials"

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After The Storm Clouds Clear – What to Buy On A Dip

We expect many of the companies in our coverage universe to miss first quarter estimates – either choosing to guide down proactively over the next few weeks or simply coming up short when they announce.  This will provide some incremental

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European Chemicals – The Saber Rattling Starts – At Last

INEOS CEO sees the European chemical industry at risk of failure within 10 years The issue is relative energy costs – something we have written about and a conclusion that we share Non-US companies are investing in the US to

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14 for 14 Portfolio Update – February and YTD Performance

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

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Commodity Chemicals – Setting Up For Disappointment

26 of the 30 companies in our Chemicals index have announced Q4 earnings thus far, with only ROC, ECL, AXLL, and WLK left to report. On average, revenue growth has been positive, and all subsectors save Ag Chem show year

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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

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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

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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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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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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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Activism and Chemicals – A Fad or an Opportunity?

Activism in the Chemical space has targeted the right companies – where returns on capital have been lackluster at best and declining at worst, and where there are examples of better business models at different companies. However the pillars driving

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