Posted on 7/3/19
Bristol-Myers: Otezla Divestiture Highlights Compelling Opportunity
Summary Bristol-Myers reported that it will divest Celgene’s psoriasis product Otezla to ease FTC’s anti-trust concerns. The divestiture will result in BMY pushing the BMY/CELG deal . . .
Posted on 7/3/19
Bristol-Myers: Otezla Divestiture Highlights Compelling Opportunity
SummaryBristol-Myers reported that it will divest Celgene’s psoriasis product Otezla to ease FTC’s anti-trust concerns.The divestiture will result in BMY pushing the BMY/CELG deal close to . . .
Posted on 6/25/19
Pfizer: Array Deal Makes Sense
Summary Pfizer will strengthen its oncology portfolio through the Array acquisition, expected to be completed in H2-2019. At $48/share, the all-cash deal will be financed by . . .
Posted on 6/25/19
Pfizer: Array Deal Makes Sense
SummaryPfizer will strengthen its oncology portfolio through the Array acquisition, expected to be completed in H2-2019.At $48/share, the all-cash deal will be financed by debt and . . .
Posted on 6/21/19
Hertz: Priced To Perfection
SummaryHertz announced $750mn rights offering at $12.95, a 20% discount to the closing price.Deleveraging, substantial interest savings, and cash flow improvement are the main triggers that . . .
Posted on 6/21/19
Campbell Soup: Investor Day In Focus
Summary The company management has identified a period in the mid-2000s when its underperforming soup business did very well indeed. Replicating what worked then across a . . .
Posted on 6/21/19
Campbell Soup: Investor Day In Focus
SummaryThe company management has identified a period in the mid-2000s when its underperforming soup business did very well indeed.Replicating what worked then across a rediscovered core . . .
Posted on 6/14/19
CVS: Setting The Stage For The Long Term
SummaryCVS's Analyst Day highlighted its three strategic initiatives on Aetna Integration, Enterprise Modernization, and Business Transformation.The company has an aggressive plan to realize $3.5B EBIT savings . . .
Posted on 5/6/19
Kraft Heinz: New CEO Does Not Change The Narrative
SummaryKraft Heinz announced the appointment of Miguel Patricio as incoming CEO effective July 2019.Kraft and Heinz’s merger did not turn out as planned, as investors worry . . .
Posted on 3/8/19
Celgene-Bristol: Deal Or No Deal?
Summary Large BMY shareholders are starting to oppose its acquisition of CELG. The uncertainty of whether the deal will go through or not is driving the . . .
Posted on 3/8/19
Celgene-Bristol: Deal Or No Deal?
Summary Large BMY shareholders are starting to oppose its acquisition of CELG. The uncertainty of whether the deal will go through or not is driving the . . .
Posted on 3/8/19
Celgene-Bristol: Deal Or No Deal?
SummaryLarge BMY shareholders are starting to oppose its acquisition of CELG.The uncertainty of whether the deal will go through or not is driving the fall in . . .
Posted on 2/19/19
BB&T And SunTrust - Merger On
Summary The planned merger of BB&T Corporation and SunTrust will create the 6th largest bank in the US, with a dominant position in the South-Eastern United . . .
Posted on 2/19/19
BB&T And SunTrust - Merger On
Summary The planned merger of BB&T Corporation and SunTrust will create the 6th largest bank in the US, with a dominant position in the South-Eastern United . . .
Posted on 2/19/19
BB&T And SunTrust - Merger On
Summary The planned merger of BB&T Corporation and SunTrust will create the 6th largest bank in the US, with a dominant position in the South-Eastern United . . .
Posted on 2/19/19
BB&T And SunTrust - Merger On
SummaryThe planned merger of BB&T Corporation and SunTrust will create the 6th largest bank in the US, with a dominant position in the South-Eastern United States.Massive . . .
Posted on 2/4/19
Comcast: Good 4Q But Challenges Remain
Summary Comcast’s earnings results mostly beat across its segments. Comcast completed its previous share repurchase program and is suspending further buybacks for 2019, although it increased . . .
Posted on 2/4/19
Comcast: Good 4Q But Challenges Remain
SummaryComcast’s earnings results mostly beat across its segments.Comcast completed its previous share repurchase program and is suspending further buybacks for 2019, although it increased its dividend . . .
Posted on 2/4/19
Comcast: Good 4Q But Challenges Remain
Post-Sky acquisition, the Comcast (CMCSA) thesis has evolved from a US-centric story to a more complex one which has led investors to question management discipline. We . . .
Posted on 2/4/19
Comcast: Good 4Q But Challenges Remain
Post-Sky acquisition, the Comcast (CMCSA) thesis has evolved from a US-centric story to a more complex one which has led investors to question management discipline. We . . .
Posted on 1/14/19
Bristol-Myers: Fattening Up The Pipeline With Celgene
Summary Bristol-Myers' $74bn deal for Celgene should be a net positive. Deal creates the #1 oncology franchise. Management is guiding to some lofty post-deal, synergy targets. . . .
Posted on 1/14/19
Bristol-Myers: Fattening Up The Pipeline With Celgene
SummaryBristol-Myers' $74bn deal for Celgene should be a net positive.Deal creates the #1 oncology franchise.Management is guiding to some lofty post-deal, synergy targets.We think BMY is . . .
Posted on 12/7/18
Is TJX Companies Retail Royalty?
SummaryThe company is opening new stores and experiencing strong overall sales growth, in a retail environment that has seen closures and bankruptcies.Comparable store sales have been . . .
Posted on 12/3/18
PennantPark Still Coming In Strong
SummaryPennantPark posted another strong quarter, beating estimates across the board.It continued to utilize its share buyback program this quarter, and will continue to do so in . . .
Posted on 11/27/18
Martin Marietta: A Play On Construction Sector Tailwinds, Despite One-Off Dampeners
SummaryMLM sees a strong Q3, despite being impacted by weather related issues.Segment performance remain strong owing to presence in markets with high demand and pricing power, . . .
Posted on 10/12/18
Under Armour - You Cannot Fool All Of The People All Of The Time
SummaryI discuss UA's latest update to a restructuring program which has now ballooned to $200-220m.As well as UA's delayed response to a recent SEC query.I also . . .
Posted on 10/3/18
Sirius XM And Pandora - What To Do When You've Been Lowballed
SummaryI discuss why Pandora shareholders might be getting lowballed.Market now believes the deal will go through as proposed by SiriusXM.Opportunity to purchase a free call option . . .
Posted on 8/16/18
The Latest Ticking Time Bomb(S) Hiding Within Under Armour
SummaryASC 606 has thrown up some interesting questions around UA's inventory-demand mismatch.I examine the $303m question on UA's balance sheet.UA may be resorting to channel stuffing . . .
Posted on 8/12/18
Reviewing Q2 - More Earnings Management At Under Armour
Beyond the customary brief of the Under Armour (NYSE:UAA) (NYSE:UA) 2Q results, I wanted to also dive into some of the earnings management "initiatives" I believe . . .
Posted on 7/31/18
Reviewing Sirius XM's Q2 Results
SummaryAnother nice Q2 beat from SIRI.Churn surprised at record lows.Buybacks have slowed.Margins boosted by low churn, acquisition costs and higher ARPU.Consider exposure through the Liberty tracker.If . . .
Posted on 7/18/18
Under Armour: 6 Findings From Under The Hood In Q1
SummaryMore governance issues at Under Armour.I list six curious findings that surfaced post Q1 review.Valuations remain lofty.Still a prime short candidate.Of all the stocks I’ve covered . . .
Posted on 1/29/18
Kevin Plank's 4 Deadly Sins Have Left Under Armour On The Verge Of Capitulation
CEO Plank's mismanagement of the company is now coming back to bite shareholders.Massively inflated revenue, costs and PPE will put pressure on already deteriorating financials.Meanwhile, Plank . . .
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