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Quick Thoughts: NFLX 2Q14 – In Line is the New Upside Surprise

–          Media reports can’t seem to decide whether NFLX’s 2Q14 beat consensus or not, but it counts as an upside surprise anyway, because new subscriptions beat forecasts handily –          US net sub adds were 570K, and Int’l was up 1.1M,

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The Durbin-Related Threat of Direct-Routing to Visa and Opportunity for FIS, ACIW, VNTV

“Rewards cards could crater tomorrow … and [the volumes] move over to the debit or charge card side”, Phil Heasley, Chairman of Visa 1996-2003 and current CEO ACIW, June 2014 In 2015, we expect large issuers (with the top-5 controlling

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Quick Thoughts: GOOG 2Q14 – In the Right Place at the Right Time

–          The paradigmatic shift of ad dollars drove 22% topline growth for digital advertising leader GOOG. The sales beat overshadowed an EPS miss that was largely due to a higher tax rate. –          GOOG sites revenue was up 23% and

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Quick Thoughts: MSFT – Satya Nadella is no Steve Ballmer

–          MSFT will cut 18K jobs, most from the former Nokia device business, a repudiation of Ballmer’s “Devices and Services” strategy and a bold move toward a cloud future –          Device operations will be pragmatic, targeting the low end and

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Worst Kept Secret on Wall Street – RAI Buys LO

In a deal that is likely not a surprise to anyone, Reynolds American (RAI) this morning announced that it would be acquiring Lorillard (LO) for ~$69 per share in cash and RAI stock; The complexity of the deal shows us

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Aluminum – A Short Term Bubble or the Real Thing

Aluminum pricing has continued on the upward trend begun in late 2013 and frankly has moved further than we had anticipated.  While we are quite bullish on the space and have written positively in both the metal and Alcoa, we

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Apple and Google: On Your Wrist and In Your Car

Apple and Google: On Your Wrist and In Your Car Despite slight recent design shifts toward each other, AAPL and GOOG still have very different world views – a contrast that is clear in their strategies to extend their platforms

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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

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The Collateral Plays on EMV – FIS, VNTV, NCR, NXPI

“It is very clear that card issuers like Capital One need to have our US customer base by the latter part of 2015 on a chip basis ….. but I have a feeling by the time we have all invested

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Maybe It Wasn’t Just the Weather?

Earlier in the week, Wal-Mart US President and CEO, Bill Simon, suggested that the U.S. economy had “reached a point where it’s not getting any better but it’s not getting any worse – at least for the middle (class) and

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