Category Archive for "Research"

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Quick Thoughts – Crop Progress (April 28th)

The USDA is set to release the weekly crop progress report later today, and we expect substantial improvement in the amount of corn that has been put in the ground versus last week’s total of 6%. As we mentioned last

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Quick Thoughts: BAC – Capital Restatement is a Bitter Pill, but Expect $15bn Stock Buyback in 2015

BAC is resubmitting its 2014 (“CCAR”) capital plan to the Fed after discovering an accounting error (related to structured notes acquired with Merrill in 2009) which reduces Tier 1 common capital at December 2013 by $3.7bn and the common-equity (“CET1”)

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US Natural Gas – Not Out of the Woods Yet!

US natural gas pricing remains fairly close to its 52 week high (Exhibit 1), as the very low inventories created by the cold winter are showing limited signs of rebuild (Exhibit 2).  This is happening at a time in the

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SSR Health New Product Approval Portfolios & Supporting Data

Please see the SSR Health YouTube channel for podcasts of recent research 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,

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Quick Thoughts: AMZN – Are Investors Breaking their Covenant with Jeff Bezos, and Does He Care?

–          For years, investors have allowed AMZN to invest potential profits into new product development, new geographies, infrastructure deployment, and now content acquisition. –          This freedom has been an enormous competitive advantage, enabling AMZN’s relentless innovation and expansion in areas

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Quick Thoughts: V – Cuts 2014 Revenue Guidance and Reorganizes for Merchant “Outreach”

V traded down over 4% in extended hours after delivering in-line results but lowering growth guidance for 2014 to single-digits (10-11% in constant currency with a 2% currency headwind); the firm cited weakness in cross-border volumes and a downshift in

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Quick Thoughts: AMZN and MSFT – Seattle Takes its Turn Beating Consensus

–          AMZN beat on the top line with 23%+ sales growth, with in line EPS muted by increased technology and content expenses. Investors were spooked by guidance for a 2Q loss. –          As usual, AMZN divulged little detail, but Bezos

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Quick Thoughts – HSY

Hershey’s Q1 results this morning struck a familiar note within staples and the broader market this earnings season – miss on revenues, meet or beat on EPS.   HSY constant currency organic sales increased 3.2% (2.4% reported, shy of consensus by

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Quick Thoughts: Barclays – Moment of Truth

The market took in its stride Barclays pre-announcement that 20143Q1 profits would be lower than last year’s GPB1.79bn because of weak FICC revenues; the stock is up over 1% today at GPB2.52 and well above the GBP2.36 of March 11th

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Quick Thoughts: AAPL Quiets its Critics, FB Revs Up Growth, and QCOM Stumbles a Bit

–          AAPL’s 4.6% YoY sales growth came as a shock, as Chinese demand for the iPhone blew past even the most optimistic forecasts, and drove an unexpected GM pop to 39.3%. –          FB delivered 71% sales growth to crush consensus

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