Category Archive for "Research"

Home »

The Power Of Positive Thinking – APD and the DD read-through

If the previous management of Air Products had delivered a quarter that included the following, the stock would have been down meaningfully on the day: A year on year decline in operating income from its core gases business A write

Read More

TMT: Portfolio Update – Dreams, Comebacks, Skeptics and the Death Watch Redux

  TMT: Portfolio Update – Dreams, Comebacks, Skeptics and the Death Watch Redux Last quarter, we created a framework to assess TMT stocks, juxtaposing near-term cash flow expectations (5-year consensus cash flows) with long term expectations (post 5 year cash

Read More

Quick Thoughts: FB 3Q14 – “A Significant Investment Year” or Zuckerberg’s Bezos Envy

–        FB delivered $0.43 in 3Q14 EPS on $3.20B in sales, topping consensus ($0.40 on $3.14B) on 59% sales growth, but spooked investors with guidance for decelerating sales and high expenses –        User metrics were impressive for a base the

Read More

Quick Thoughts: TWTR 3Q14 – It’s Always Something

–        TWTR posted 3Q14 results that either met or beat consensus for every reported metric, including 23% growth in users, 14% growth in timeline views, and 114% growth in revenue –        Nonetheless, shares traded off 10%+ after hours, leading reporters

Read More

Quick Thoughts: MSFT – Not Your Father’s Microsoft

–          MSFT’s 1QFY15 were stellar – 11% YoY organic sales growth, strength in both devices/consumer and commercial businesses, and a solid EPS beat. –          MSFT is killing it in the cloud – commercial sales up 128% YoY, likely to a

Read More

Sensors: What’s in YOUR Smartphone?

Sensors: What’s in YOUR Smartphone? In the growing functionality of high end devices, the spread of basic smartphones, and the emergence of new device types – wearables, etc. – sensors are a $60.4B market that is growing at a 9.2%

Read More

The Most Important Question to Ask on Earnings Calls – Q4 Demand!

We have touched on the subject of inventory drawdown in Q4 in a couple of recent reports, but the more we think about the subject and refer back to history, the more we believe that this could be the most

Read More

Quick Thoughts: AAPL – SURPRISE! AAPL beats! (actually, not a surprise)

–          AAPL delivered 4QFY14 EPS of $1.42 on sales of $42.1B, handily beating the published consensus, on very strong sales of the iPhone 6 and 6 Plus that had been widely anticipated –          Sales growth of 12.4% was the best

Read More

SSR Health New Product Approval Portfolios & Supporting Data Update

Drug, biotech, and research-based spec pharma stocks tend to outperform their peers in the year or so before and after regulatory actions (‘PDUFA’ dates) on major new products, with a large portion of total risks being concentrated in the days

Read More

Quick Thoughts – Initially Apple Pay More Disruptive Online than at Point-of-Sale

Apple’s new iPads (iPad Air 2 and iPad Mini 3) announced today will have TouchID and hence allow for Apple Pay purchases within apps supporting the Apple Pay API (albeit not at point-of-sale since the iPads do not have NFC

Read More
test