Seeking Alpha

Syndicate content
© Use of this feed is limited to personal, non-commercial use and is governed by Seeking Alpha's Terms of Use ( Publishing this feed for public or commercial use and/or misrepresentation by a third party is prohibited.

Statoil ASA (NYSE:STO)

Q2 2014 Earnings Conference Call

July 25, 2014 7:30 AM ET


Morten Sven Johannessen – VP, IR

Torgrim Reitan – CFO

Svein Skeie – SVP, Performance Management and Risk


Mehdi Ennebati – Societe Generale

Michael Alsford – Citigroup

Haythem Rashed – Morgan Stanley

Guy Baber – Simmons & Co.

Oswald Clint – Sanford C. Bernstein & Co

Gordon Gray – HSBC Securities

Theepan Jothilingam – Nomura Securities

Michele Della Vigna – Goldman Sachs

Peter Hutton – RBC Capital Markets

Nitin Sharma – JP Morgan

Anish Kapadia – Tudor, Pickering, Holt & Co.

Joshua Stone – Barclays

Jon Rigby – UBS

John Olaisen – ABG Sundal Collier

Morten Sven Johannessen


Morten Sven Johannessen

Here in Oslo and to our audio and webcast participants. My name is Morten Sven Johannessen, Vice President, Statoil, Investor Relations.

This morning at 7:00 AM CET, Statoil announced the result for

Complete Story »

Berkshire Hills Bancorp, Inc. (NYSE:BHLB)

Q2 2014 Results Earnings Conference Call

July 24, 2014 10:00 AM ET


Ally O'Rourke - Investor Relations Officer

Mike Daly - President and CEO

Josephine Iannelli - Chief Financial Officer

George Bacigalupo - EVP Commercial Banking

Sean Gray - EVP Retail Banking




Good morning and welcome to the Berkshire Hills Bancorp's Second Quarter Earnings Conference Call. All participants will be in a listen-only mode. (Operator Instructions). After today's presentation, there will be an opportunity to ask questions. (Operator Instructions). Please note this event is being recorded.

And I would now like to turn the conference over to Ally O'Rourke, Investor Relations Officer. Please go ahead.

Ally O'Rourke

Good morning and welcome to America's most exciting bank. Thank you for joining us in this discussion of our second quarter results. Our news release is available on the Investor Relations section of our

Complete Story »

Magellan Health Services, Inc. (NASDAQ:MGLN)

Q2 2014 Results Earnings Conference Call

July 25, 2014, 11:00 AM ET


Renie Shapiro - Senior Vice President, Corporate Finance

Barry Smith - Chairman and CEO

Jon Rubin - CFO


Joshua Raskin – Barclays

Dave Styblo – Jefferies

Scott Fidel - Deutsche Bank

Carl McDonald - Citigroup

Ana Gupte - Leerink Partners



Welcome and thank you for standing by for the Second Quarter 2014 Earnings Call. At this time, all participants are in a listen-only mode. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

Now I will turn the meeting over to Renie Shapiro Silver. You may begin.

Renie Shapiro

Good morning and thank you for joining us today. This is Renie Shapiro Silver, Senior Vice President of Corporate Finance for Magellan Health. With me today are Magellan’s Chairman and CEO,

Complete Story »

Aon Plc (NYSE:AON)

Q2 2014 Earnings Conference Call

July 25, 2014 8:30 AM ET


Greg Case – President and CEO

Christa Davies – EVP and CFO


Elyse Greenspan – Wells Fargo

Jay Cohen – Bank of America

Vinay Misquith – Evercore

Brian Meredith – UBS

Ryan Barnes – Jamie

Meyer Shields – KBW

Adam Klauber – William Blair

Paul Newsome – Sandler O’Neill

Michael Nannizzi – Goldman Sachs

Kai Pan – Morgan Stanley



Good morning and thank you for holding. Welcome to Aon Plc’s Second Quarter Earnings Conference Call. [Operator Instructions]. I would like to remind all parties that this call is being recorded and that it is important to note that some of the comments in today’s call may constitute certain statements that are forward-looking in nature as defined in the Private Securities Reform Act of 1995. Such statements are subject of certain risks and

Complete Story »

Canfor Corporation (OTCPK:CFPZF)

Q2 2014 Earnings Conference Call

July 24, 2014 11:00 am ET


Don Kayne - President, Chief Executive Officer

Alan Nicholl - Chief Financial Officer, Senior Vice President - Finance

Sean Curran - Vice President, Marketing and Sales, Pulp Group

Brett Robinson - President, Canfor Pulp

Wayne Guthrie - Senior Vice President - Sales & Marketing


Mark Kennedy - CIBC

David Quezada - Raymond James

Paul Quinn - RBC Capital Markets



Good Morning, ladies and gentlemen. Welcome to the Q2 Analyst Call. I would now like to turn the meeting over to Mr. Don Kayne. Please go ahead Mr. Kayne.

Don Kayne

Thanks, operator. Good morning everybody. Thanks for joining Canfor and Canfor Pulp's second quarter results conference call. I will speak briefly to the result of both companies before I turn things over to Alan Nicholl, who is our Chief Financial Officer for

Complete Story »

Avery Dennison Corp (NYSE:AVY)

Q2 2014 Earnings Conference Call

July 25, 2014 12:00 PM ET


Eric Leeds - Head of IR

Dean Scarborough - Chairman, President and CEO

Mitch Butier - SVP and CFO


George Staphos - Bank of America Merrill Lynch

Ghansham Panjabi - Robert W. Baird

Anthony Pettinari – Citigroup

Rosemarie Morbelli - Gabelli & Company

Scott Gaffner - Barclays Capital

Jeff Zekauskas - JPMorgan



Ladies and gentlemen, thank you for standing by and welcome to Avery Dennison’s Earnings Conference Call for the Second Quarter ended June 28, 2014.

During the presentation, all participants will be in listen-only mode. Afterwards, we will conduct a question-and-answer session. (Operator Instructions).

This call is being recorded and will be available for replay from 12:00 pm Pacific Time today through midnight Pacific Time, June 29th. To access the replay, please dial 1800-633-8284 or 402-977-9140 for international callers. The

Complete Story »

OceanFirst Financial Corporation (NASDAQ:OCFC)

Q2 2014 Earnings Conference Call

July 25, 2014 11:00 AM ET


Jill Hewitt – IR

John Garbarino – CEO

Chris Maher – President and COO

Joe Lebel – EVP and Chief Lending Officer


Frank Schiraldi – Sandler O’Neill Partners

Matthew Breese – Sterne, Agee & Leach

Travis Lan – Keefe Bruyette & Woods

Larry Seaman – Seaman & Associates



Good day, everyone, and welcome to the OceanFirst Financial Corp earnings conference call. All participants will be in a listen-only mode. (Operator Instructions) After today’s presentation there will be an opportunity to ask questions. (Operator Instructions) Please also note that this event is being recorded.

At this time, I’d like to turn the conference call over to Ms. Jill Hewitt. Ma’am please go ahead.

Jill Hewitt

Thank you, Jamie. Good morning and thank you all for joining us. I’m Jill Hewitt, Senior Vice

Complete Story »

Glacier Bancorp, Inc. (NASDAQ:GBCI)

Q2 2014 Earnings Conference Call

July 24, 2014 11:00 AM ET


Michael J. Blodnick – President and Chief Executive Officer

Barry Johnston – Chief Credit Administrator


Brad Milsaps – Sandler O'Neill & Partners LP

Jeffrey Rulis – D.A. Davidson & Co.

Michael Young - SunTrust Robinson Humphrey, Inc.

Daniel Edward Cardenas – Raymond James & Associates, Inc.

Jacquelynne L. Chimera – Keefe, Bruyette & Woods, Inc.

Joseph K. Morford III – RBC Capital Markets LLC



Good day, ladies and gentlemen, and welcome to the Glacier Bancorp Investor Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer section and instruction will follow at this time. (Operator Instructions) As a reminder, this conference call is being recorded.

I would now like to introduce the host for today’s conference, Mr. Mick Blodnick, President and CEO. Sir, you

Complete Story »

Principal Financial Group (NYSE:PFG)

Q2 2014 Earnings Call

July 25, 2014 10:00 AM ET


John Egan - Vice President of Investor Relations

Larry Donald Zimpleman - Chairman, Chief Executive Officer, President, Chairman of Executive Committee, Chairman of Principal Life, Chief Executive Officer of the Principal Life and President of Principal Life

Terrance Lillis - Chief Financial Officer, Chief Accounting Officer and Senior Vice President

Luis Valdez - Chairman of Principal International Inc., Chief Executive Officer of Principal International Inc. and President of Principal International Inc.

Daniel Houston - President of Retirement, Insurance & Financial Services

James Patrick McCaughan - President of Global Asset Management


Yaron Kinar – Deutsche Bank

Ryan Krueger - Keefe, Bruyette & Woods

Erik Bass - Citigroup

Shawn Dargan - MacQuarie

Seth Weiss - Bank of America Merrill Lynch

Randy Benner - FBR Capital Markets

Chris Giovanni - Goldman Sachs



Good morning and

Complete Story »

IntriCon Corporation (NASDAQ:IIN)

Q2 2014 Earnings Conference Call

July 23, 2014 12:00 PM ET


Scott Longval - Chief Financial Officer

Mark Gorder - Chief Executive Officer



Good day and welcome to the IntriCon Second Quarter Results Conference Call. Today’s conference is being recorded. At this time I’d like to turn the conference over to Scott Longval, Chief Financial Officer, please go ahead sir.

Scott Longval

Thank you, operator. Joining me on today’s call is Mark Gorder, IntriCon’s CEO. Before we begin I’d like to preface our remarks with the customary Safe Harbor statement. Today’s conference call contains certain forward looking statements. These statements are based on the current estimates and assumptions of IntriCon’s management and are subject to uncertainty and changes in circumstances. Given these uncertainties you should not place undue reliance on these forward looking statements. Actual results may vary materially from the expectations contained in

Complete Story » By George Acs:

It seems that almost every week over the past few months has both begun and ended with a quandary of which path to take.

Talk about indecision. For the previous seven weeks, the market closed in the an alternating direction to the previous week. This past week was the equivalent of landing on the "green" as the S&P 500 was 0.12 higher for the week, but ending the streak.

Like the biology experiment that shows how a frog immersed in water that is slowly brought to a boil never perceives the impending danger to its life, the market has continued to set new closing record high after record high in a slow and methodical fashion.

With all the talk continuing about how money remains on the sidelines from 2008-9, you do have to wonder how getting into the market now is any different from that frog thinking about climbing into

Complete Story » By Joe Eqcome:

If you are at all paying attention to the markets then you are aware that earnings season is well underway for the second quarter. And so far… so good. Over the past three weeks, according to data provided by, 678 companies have reported earnings. Of these 678 companies, 527 have either met or beat expectations. That's close to 78%. Below is a pie chart showing the distribution of these 678 companies by sector.

Sector Breakdown: As can be seen by Chart 1, about 25% of the recent earnings reports have come from Financials, a sector that has changed dramatically since the "housing crisis" and is still dealing with regulations and settlements. Technology and Industrials have also been strongly represented during the past three weeks.

Weighted Deviation: Since the current bull market seems to have no end in sight, we decided to break down the recent earnings reports to see

Complete Story » By Markos Kaminis (Wall St. Greek):

Facebook (NYSE: FB) blew out expectations in the second quarter, reporting non-GAAP EPS of $0.42 before share-based compensation and related payroll tax expense and income tax adjustment. The result compared against the analysts' consensus expectation for $0.32 a share. The earnings beat was by 31%, and the stock took off as investors realized how spectacular the quarterly performance was. The traction in revenue and the operating leverage we had all once only dreamed of is actually playing out, and the opportunity for exponentially greater benefit to the bottom line is exciting to contemplate.

Revenue increased 61% in Q2 year-to-year, to $2.91 billion. To put that accomplishment into perspective, the company made $3.27 billion in the first two quarters of 2013, so it has halved its time spent to make as much money, and it has done so in just a year's time. Overall revenue growth is astounding, but its sources

Complete Story »

Washington Real Estate Investment Trust (NYSE:WRE)

Q2 2014 Results Earnings Conference Call

July 25, 2014, 11:00 AM ET


Paul McDermott - President & CEO

Bill Camp - EVP & CFO

Laura Franklin - EVP & Chief Accounting & Administrative Officer

Kelly Shiflett - Director of Finance

Tom Bakke – EVP & COO


Anthony Pallone - JPMorgan

John Bejjani - Green Street Advisors

Dave Rodgers - Robert W. Baird & Co.

Brendan Maiorana - Wells Fargo Securities

John Guinee - Stifel



Welcome to the Washington Real Estate Investment Trust Second Quarter 2014 Earnings Conference Call. As a reminder, today's call is being recorded.

Before we turn the call over to the company's President and Chief Executive Officer, Paul McDermott, Kelly Shiflett, Director of Finance, will provide some introductory information. Ms. Shiflett, please go ahead.

Kelly Shiflett

Thank you and good morning everyone. After the market closed yesterday,

Complete Story » By Keith Springer:

There is much talk about inflation rearing its ugly head any day now, which will destroy our recovering economy as well as stocks. There's even more fear that the Federal Reserve is behind the 8-ball, and will have to scramble and raise rates higher and faster because they will be playing catch-up. That's just not in the cards for a long time to come.

Those that fear inflation sooner rather than later clearly don't understand the current economic reality in the immediate term and the power of demographics for the longer term. Wages are essentially flat (and have been since the mid 90s); CPI and PPI continue to come in at or below 2% annually and the biggest indicator, the bond market, is sending the message that deflation is more likely than inflation. The reality is that bond rates may actually go lower.

A big concern for the Fed, myself

Complete Story »

Investors Bancorp, Inc (NASDAQ:ISBC)

Q2 2014 Earnings Conference Call

July 25, 2014, 11:00 AM ET


Thomas Splaine - Senior Vice President and Chief Financial Officer

Kevin Cummings - President and Chief Executive Officer

Domenick Cama - Senior Executive Vice President and Chief Operating Officer


Matthew Kelley - Sterne, Agee

Rick Weiss - Boenning & Scattergood

Mark Fitzgibbon - Sandler O'Neill

Collyn Gilbert - KBW

Christopher Marinac - FIG Partners LLC

Laurie Hunsicker - Compass Point

David Darst - Guggenheim Securities



Good morning, and welcome to the Investors Bancorp second quarter earnings conference call. (Operator Instructions) I would now like to turn the conference over to Thomas Splaine Jr., Senior Vice President and CFO. Please go ahead.

Thomas Splaine

Thanks Andrew. And good morning, everyone, and thanks for calling in today. I'm Thomas Splaine, Senior Vice President and Chief Financial Officer. And we'll begin this morning's phone

Complete Story » By Stephen Simpson, CFA:

iStar Financial (NYSE:STAR) is not a stock for beginners or casual investors. Its combination of real estate lending, net leasing, operating properties, and land development makes it a complex hybrid that incorporates aspects of companies like Cheung Kong (OTCPK:CHEUY), Forest City (FCE-A), and Lexington Realty Trust (NYSE:LXP). What's more, it's also a credit recovery and residential housing recovery story as the company continues to clean up legacy non-performing loans and underperforming assets while deploying new capital into projects.

To value iStar, I believe you have to be able to estimate the value of the real estate finance portfolio (loans and mortgages to real estate companies), the value of the net lease portfolio, the value of the operated portfolio, and the development potential of the land portfolio. This is, at best, a big headache for most investors. I believe the underlying potential is still worthwhile, with a fair value of around

Complete Story »

Moody’s Corporation (NYSE:MCO)

Q2 2014 Results Earnings Conference Call

July 25, 2014 11:30 AM ET


Salli Schwartz - Global Head of IR

Ray McDaniel - President and CEO

Linda Huber - Chief Financial Officer

Michel Madelain - President and COO of Moody’s Investor Service

Mark Almeida - President of Moody’s Analytics


Tim McHugh - William Blair & Company

Joseph Foresi - Janney Montgomery Scott

Andre Benjamin - Goldman Sachs

William Bird - FBR

Manav Patnaik - Barclays

Peter Appert - Piper Jaffrey

Craig Huber - Huber Research Partners

Doug Arthur - Evercore

Patrick O'Shaughnessy - Raymond James

Edward Atorino - Benchmark

Bill Warmington - Wells Fargo



Good day, and welcome, ladies and gentlemen, to the Moody’s Corporation Second Quarter 2014 Earnings Conference Call. At this time, I would like to inform you that this conference is being recorded, and that all participants are in a listen-only

Complete Story »

Moog Inc. (NYSE:MOG.A)

Q3 2014 Earnings Conference Call

July 25, 2014 10:00 am ET


Ann Marie Luhr - IR

John R. Scannell - CEO

Donald R. Fishback - VP and CFO


Cai von Rumohr - Cowen and Company

Tyler Hojo - Sidoti and Company

Steven Cahall - RBC Capital Markets

Julie Yates Stewart - Credit Suisse Securities

Kristine Tan Liwag - Merrill Lynch, Pierce, Fenner & Smith,

Mike Ciarmoli - KeyBanc Capital Markets



Good day and welcome to the Moog Third Quarter Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Investor Relations Manager, Ms. Ann Luhr. Please go ahead, ma'am.

Ann Marie Luhr

Good morning. Before we begin, we call your attention to the fact that we may make forward-looking statements during the course of this conference call. These forward-looking statements are not guarantees

Complete Story »

DTE Energy Co (NYSE:DTE)

Q2 2014 Results Conference Call

July 25, 2014 / 9:00 A.M. E.T.


Anastasia Minor – Executive Director, IR

Peter Oleksiak – SVP and CFO

Jeff Jewell – VP and Controller

Mark Rolling – VP and Treasurer


Matt Tucker – KeyBanc Capital Markets

Steven Fleishman – Wolfe Research

Matt Davis – Credit Suisse

Andy Weisel – Macquarie Capital Securities

Julien Dumoulin-Smith – UBS

Mark Barnett – MorningStar

Andy Levi – Avon Capital



Good morning, ladies and gentlemen. This is the DTE Energy hosted second-quarter 2014 earnings release. All lines have been muted to prevent any background noise, and this call is being recorded. (Operator Instructions)

For opening remarks and introductions, I will now turn the call over to Anastasia Minor. Please go ahead.

Anastasia Minor

Thank you, Doug. Good morning, everyone, and welcome to our second-quarter 2014 earnings call. Before we get started,

Complete Story » By Ralph Shell:

The downing of the Malaysian jet over the Ukraine last week resulted in safe haven seekers, causing the JPY to appreciate to 101.14. After the one day flurry, the yen then weakened to about 101.90. Quickly the conditioned reflex buying by the mob turned unprofitable.

There were some weaker numbers that helped the yen bears. The Japanese trade balance for the first half of 2014 was slightly better than anticipated -1.08T¥, but still bigger than the -0.86T¥ in the previous half. This is the largest six-month Japanese debt on record. Despite the weaker yen, exports have fallen short in part because so much of Japanese manufacturing production has been moved offshore. The trade balance also suffered because imported goods surged upward by 10%. Energy requirements to replace downed nuclear plants increased the import bill for oil and liquid natural gas.

Early next week we get numbers which will test the

Complete Story »

LyondellBasell Industries NV (NYSE:LYB)

Q2 2014 Earnings Conference Call

July 25, 2014 11:00 AM ET


Doug Pike - VP - Investor Relations

Jim Gallogly - CEO

Karyn Ovelmen - CFO

Sergey Vasnetsov - SVP - Strategic Planning and Transactions


Bob Koort - Goldman Sachs

Duffy Fischer - Barclays Capital

John McNulty - Credit Suisse

Kevin McCarthy - Bank of America Merrill Lynch

P.J. Juvekar - Citigroup

Jeff Zekauskas - JPMorgan

Evelyn Rodriguez - UBS

Frank Mitsch - Wells Fargo Securities

Don Carson - Susquehanna

Nils Wallin - CLSA

Ram Sivalingam - Deutsche Bank

Vincent Andrews - Morgan Stanley

Arun Viswanathan - RBC Capital Markets

Laurence Alexander - Jefferies

Hassan Ahmed - Alembic Global

Charles Nievert - Cowen and Company



Hello, and welcome to the LyondellBasell teleconference. At the request of LyondellBasell, this conference is being recorded for instant replay purposes. Following today’s presentation, we will conduct

Complete Story » By Robert Allan Schwartz:

A commenter on my most recent article wrote:

"(NYSE:BDX) will likely provide more dividend income that (NYSE:T) will in 15 years and then forever after that."

Which led me to wonder - exactly how long can high dividend growth last? Can it last forever?

The following chart shows the maximum dividend compound average growth rate ("CAGR") achieved by any company from 1980 to 2013:

Year Max. CAGR 1980 23.139 1981 22.912 1982 22.493 1983 24.25 1984 21.374 1985 21.295 1986 28.601 1987 30.51 1988 29.14 1989 26.598 1990 35.709 1991 37.606 1992 39.714 1993 37.234 1994 35.472 1995 37.776 1996 40.398 1997 43.408 1998 46.896 1999 49.579 2000 61.292 2001 51.483 2002 57.311 2003 64.602 2004 62.725 2005 70.124 2006 74.868 2007
Complete Story »

Pebblebrook Hotel Trust (NYSE:PEB)

Q2 2014 Earnings Conference Call

July 25, 2014 9:00 AM ET


Jon E. Bortz – Chairman, President and Chief Executive Officer

Raymond D. Martz – Executive Vice President, Secretary, Treasurer and Chief Financial Officer


Richard Hightower – ISI Group

David Loeb – Robert W. Baird and Co.

Jeffrey Donnelly – Wells Fargo & Company

Wes Golladay – RBC Capital Markets

Bill A. Crow – Raymond James & Associates, Inc.

James W. Sullivan – Cowen & Co. LLC

Lukas Hartwich – Green Street Advisors



Good day and welcome to the Pebblebrook Hotel Trust Second Quarter Earnings Call. Today’s conference is being recorded.

At this time, I would like to turn the conference over to Mr. Raymond Martz, Chief Financial Officer. Please go ahead.

Raymond D. Martz

Thank you, Teena. Good morning, everyone. Welcome to our second quarter 2014 earnings call and webcast. Joining

Complete Story » By Trefis:

Broadcom (NASDAQ:BRCM) reported its Q2 2014 earnings on July 22, as we noted in our recent post view. Today we are going to take a deeper look at future trends. At $2.04 billion, revenue was near the midpoint of company guidance, and increased 2.9% annually but declined 2.3% sequentially on account of diminishing revenue from the baseband business. Non-GAAP EPS came in at $0.65, above first call estimate of $0.61.

Last month, Broadcom announced its decision to exit the cellular baseband business on account of intense competition in the market. (Read: Rising Competition Forces Broadcom To Exit The Baseband Market) The company intends to instead increase its focus and competitiveness in the broadband, infrastructure and connectivity businesses. Broadcom performed well in all the three segments in Q2 2014 and expects to see strong growth from these markets in the future as well. It believes that its decision to

Complete Story »

Swift Transportation Company (NYSE:SWFT)

Q2 2014 Results Earnings Conference Call

July 25, 2014 11:00 AM ET


Jason Bates - Vice President, Finance and Investor Relations Officer

Jerry Moyes - Founder and CEO

Richard Stocking - President and COO

Ginnie Henkels - Executive Vice President and CFO




Good morning. My name is Lisa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Swift Transportation Second Quarter 2014 Question-and-Answer Session. All lines have been placed on mute to prevent any background noise. (Operator Instructions)

Thank you. Mr. Jason Bates, you may begin your conference.

Jason Bates

Thank you, Lisa. We would like to thank you all for joining us here this morning. As a reminder, we have posted a comprehensive letter to stockholders, which summarizes our results and it’s found on the front page of our Investor Relations

Complete Story »

Everest Re Group, Ltd (NYSE:RE)

Q2 2014 Earnings Conference Call

July 24, 2014 10:30 AM ET


Elizabeth B. Farrell – Vice President, Investor Relations

Dominic J. Addesso – President and Chief Executive Officer

John P. Doucette – Chief Underwriting Officer

Craig W. Howie – Chief Financial Officer


Amit J. Kumar – Macquarie Research Equities

Joshua D. Shanker – Deutsche Bank Securities Inc.

Jay H. Gelb – Barclays Capital Inc.

Kai Pan – Morgan Stanley & Co. LLC

Michael S. Nannizzi – Goldman Sachs & Company, Inc.

Meyer Shields – Keefe, Bruyette & Woods Inc.

Brian R. Meredith – UBS Securities LLC

Vinay Misquith – Evercore Partners Inc.

Ian Gutterman – Balyasny Asset Management LP



Good day, everyone and welcome to the Second Quarter 2014 Earnings Call for Everest Re Group. Today’s conference is being recorded. At this time, for opening remarks and introductions, I would like

Complete Story »

Arctic Cat Inc (NASDAQ:ACAT)

Q2 2014 Earnings Conference Call

July 25, 2014 11:00 AM ET


Shawn Brumbaugh – Investor Relations

Christopher A. Twomey – Chairman and Chief Executive Officer

Timothy C. Delmore – Chief Financial Officer


Scott Hamann – KeyBanc Capital Markets Inc

James Hardiman – Longbow Research LLC

Derrick Johnson – BMO Capital Markets

Rommel T. Dionisio – Wedbush Securities Inc

Craig Kennison - Robert W. Baird & Company, Inc.

Mark E Smith– Feltl & Company

Joseph D. Hovorka – Raymond James & Associates, Inc.



Good day and welcome to Arctic Cat’s Fiscal 2015 First Quarter Earnings Call. Today’s presentation is being recorded.

At this time, I would like to turn the conference over to Shawn Brumbaugh. Please go ahead ma’am.

Shawn Brumbaugh

Thank you, thank you for joining us this morning. I’m Shawn Brumbaugh with PadillaCRT. Before the market opened this morning Arctic Cat

Complete Story »

Gulf Island Fabrication, Inc. (NASDAQ:GIFI)

Q2 2014 Earnings Call

July 25, 2014 10:00 am ET


Cindy Cook - Accounting Manager

Kirk Meche - President & CEO

Jeffrey Favret - VP - Finance, CFO

Todd Ladd - COO


Will Gabrielski - Stephens

Martin Malloy - Johnson Rice



Good morning and welcome, ladies and gentlemen, to the Gulf Island Fabrication, Inc. Q2 2014 Earnings Conference Call. All participants will be in a listen-only for the duration of the presentation. After the presentation, we will conduct a question and answer session. Instructions will be given at that time. Today's call is being recorded.

At this time, I'd like to turn the conference over to Ms. Cindy Cook for opening remarks and introductions. Ms. Cook, please go ahead.

Cindy Cook

Thank you, Anna. I would like to welcome everyone to Gulf Island Fabrication's 2014 second quarter teleconference.

Please keep in

Complete Story »

First Niagara Financial Group, Inc. (NASDAQ:FNFG)

Q2 2014 Earnings Conference Call

July 25, 2014 10:00 AM ET


Ram Shankar - IR

Gary Crosby - President and CEO

Greg Norwood - SVP and CFO


Dave Rochester - Deutsche Bank

Bob Ramsey - FBR Capital Markets

Casey Haire - Jefferies

David Darse - Googeenheim

Matthew Kelly - Sterne Agee

Collyn Gilbert - Keefe, Bruyette & Woods

John Pancari - Evercore

David Polson - Axa



Good morning and welcome to the First Niagara Financial Group’s Second Quarter Earnings Call. Your lines have been placed in listen-only until the question-and-answer session of today’s call. (Operator Instructions) This conference is being recorded and if you have any objections please disconnect at this point.

I would now like to turn the call over to Mr. Ram Shankar, Director of Investor Relations. You may begin.

Ram Shankar

Thank you, Wendy and good morning

Complete Story »
Updated: 9 min 3 sec ago

Can Facebook Be Your Preferred Investment Choice In Online Advertising?

29 Jun ’14

Undeniably, this is the age of social media and it is hard to imagine anyone with access to the Internet without a social profile. In the recent past, the birth of various social media platforms led analysts to believe that Facebook (FB) was losing its presence among people especially teenagers. However, it might have been a tad bit early to have written off Facebook's presence among teenagers as this report based on a survey conducted in the US establishes that Facebook is still teens' favorite social networking website.

A long shot with Slingshot

Recently, the social network giant launched a photo messaging app that directly competes with Snapchat, called the Slingshot. This is a definite indication of the fact that Facebook is in no mood to leave any stone unturned in engaging the adolescent population. Initially, the company launched Slingshot only for the US

Turbulence In Indonesia Is Manageable For Freeport-McMoRan

29 Jun ’14

For all of the attention paid to Freeport-McMoRan's (FCX) issues and challenges with the Indonesian government, it hasn't hurt the stock all that much recently. The shares are up close to 30% over the past year, trailing First Quantum (OTCPK:FQVLF), but otherwise surpassing mining equities with big copper exposure like BHP Billiton (BHP), Antofagasta (OTCPK:ANFGY), Southern Copper (SCCO), and Glencore PLC. That strikes me as a pretty rational response, as although Indonesia is still important to Freeport, that importance declines pretty sharply within a decade and Freeport still has some valuable cards of its own to play.

My basic bullishness on Freeport is predicated on a few factors. First, I think Freeport has a strong collection of copper-producing properties around the world that have offset the political/operating risks in any one location. Second, I think copper is a good place to be in the

Beware The Hand Of Government

29 Jun ’14

There wasn't much going on last week, but for what there was, you can be certain that there was a role played by some branch of government.

By no means I am a libertarian and I certainly understand the need for a beneficent government to protect those things that we hold dear, from assets to zoning, but this past week government seemed to be the singular driver of news during a week that was otherwise devoid of news.

For starters, we received yet another revision to the first quarter GDP, indicating a 2.9% decrease. That's not the sort of growth that engenders much confidence in the economy, but it's also the sort of report that doesn't engender much confidence in the reporter.

Certainly for a market that is said to discount the future, learning that what you believed to have been true was patently false has to also shake confidence,

Review Of 'Risky Business' - A Report From Bloomberg

29 Jun ’14

This 56-page report, "Risky Business: The Economic Risks of Climate Change in the United States", is sponsored by the Risky Business Project, co-chaired by Michael Bloomberg, founder of Bloomberg L.P.; Henry M Paulson Jr., former US Secretary of the Treasury and Thomas F. Steyer, founder (retired) Farallon Capital Management, LLC. Members include Robert E. Rubin, former US Treasury Secretary; George P. Shultz, former US Secretary of State; Henry Cisneros, chair, CityView Capital, former US Secretary of Housing and Urban Development; Gregory Page, executive chair of Cargill, Inc.; Dr. Alfred Sommer, dean emeritus of Bloomberg School of Public Health, John Hopkins University, and two women: Donna Shalala, president, University of Miami, former US Secretary of Health and Human Services; and Olympia Snowe, former US Senator representing Maine.

This elite group commissioned the Rodium Group, an economics and risk assessment firm, to analyze the investment risks and those to land,

Review Of 'The Systems View Of Life: A Unifying Vision' By Capra And Luisi

29 Jun ’14

The Systems View Of Life: A Unifying Vision by Fritjof Capra and Pier Luigi Luisi, Cambridge University Press, UK 2014

This hefty volume, The Systems View of Life: A Unifying Vision, is a tour de force and will be a perennial textbook for decades for multi-disciplinary researchers worldwide. Authors Fritjof Capra, a physicist, and Pier Luigi Luisi, a biochemist, transcend their original scientific pursuits, arriving at systemic overviews of life on Earth, synthesizing research from complexity and chaos theories, cybernetics, thermodynamics, geology, fractal geometry, biology, ecology, genetics, epigenetics to sociology, anthropology, psychology, economics and finance. Their damning critique of economics and global finance make it must reading for investors and asset managers - since Fritjof Capra's books are international bestsellers. This almost 500 page treatise is firmly grounded in the history of science and the evolution of industrialism and far more satisfying than Thomas Piketty's critique in Capitalism

Why Ending The USA Export Import Bank Is Bad For The Economy

29 Jun ’14

I have been entertained this past week by a series of posts on trade - but frightened by unenlightened thoughts expressed by a new Congressional leader.

Before looking at any of these posts, we should look at the REAL trade statistics - and how important exports are to the USA economy. The graph below shows the FRACTION (not percentage) of exports to GDP. Note that exports are growing and becoming a significant portion of the economy (almost 13% of GDP).

(click to enlarge)

You might be surprised that exports are such a large component of the economy. This is because most analyze the trade deficit - and therefore lose sight of the movements of imports and exports. Now let us read four posts:

Base Resources - What Is Kwale County Thinking?

29 Jun ’14


In this article I'll have a closer look at Base Resources (OTC:BSRUF) which is currently producing from its Kwale mineral sands project in Kenya, Africa. Even though the company is profitable, its profitability is currently being threatened by some short-sighted not-so brilliant ideas from the Kwale County. In this article I will discuss the influence of the proposed new taxes on the profitability of the Kwale project.

Source: company website

As Base Resources isn't trading with a lot of volume on the US exchanges, I'd recommend to trade in shares of the company through the facilities of the Australian Stock Exchange or the London Stock Exchange where the company is listed with BSE as ticker symbol. As the liquidity is the highest on the Australian Stock Exchange with in excess of 400,000 shares being traded daily, I'd recommend to choose the ASX as your preferred trading place.

Hetty Green: The Grandmother Of Value Investing

29 Jun ’14

By Tim Melvin

Everybody knows that Benjamin Graham was the father of value investing.

He was the first to set down for the public the idea of buying stocks and bonds when they traded at a discount to their real value. His writings are still used as the primary text for value investors around the world, and his classroom at Columbia University has produced some of the greatest investors in the history of the markets.

Investors who were taught the craft by Graham's students have also done very well over the years, and some of the top-performing investment managers today can trace their heritage back to Graham's classroom.

But most investors today are not aware that the idea of value investing also has a cantankerous grandmother figure.

Hetty Green will never be mistaken for the warm, cuddly grandmother of fairy tales. By most accounts, she was extremely litigious and was

Gaming Partners International: A Company With A Strong Balance Sheet Putting Cash To Work In A Hot Sector

29 Jun ’14

Playing Your Cards Right

If you have been following my articles you will notice that I am attracted to companies that occupy an advantageous position in the supply chain. A perfect example of my "Bottle Neck Theory" is Corning's Gorilla Glass, a product which is utilized on smartphones produced by different companies. Instead of speculating about what company is going to win the smartphone wars, all one need do is purchase a company that profits from selling to all of them. It is much easier to arrive at the conclusion that there will be more smartphones using Gorilla Glass than attempting to pick the phone that will ultimately dominate the market. I believe that investors are well served to search for these "Bottle Neck" companies that occupy an advantageous position as this type of hyper-specialization, if recognized, is something that can lead to significant profits.

A sector that I believe

DXP Enterprises: The Acquisition Of B27 Turns Into A B52-Like Hangover

29 Jun ’14

Company background

DXP Enterprises, Inc. (DXPE) has more than 100 years of history in the professional pumps solutions industry and is currently engaged in the business of distributing maintenance, repair and operating products, equipment and service to industrial customers primarily in the U.S. but also overseas. The oil and gas industry accounts for 32% of revenue, driven by the hydraulic fracking boom. DXPE is one of the very few true "multi-bagger" stocks, being actually a "100-bagger" over the past decade.

Investment thesis

The stock spiked twice from the $65 mark, when I called it undervalued exactly a year ago, to a roughly $115 mark, surpassing even my most optimistic target price, and delivering a ~77% return. This is so far, so good.

But as I mentioned in my original analysis a year ago, "investors must expect a much lower double-digit (10-25%) average annual price growth rather than a

Comstock Resources: The First El Halcón Well Is A Home Run

29 Jun ’14

With the announcement of Comstock's first well in the East Texas Eagle Ford play, it may be timely to review the company's "new ventures" portfolio which includes the recently acquired acreage positions in El Halcon and TMS.

The First Well In The East Texas Eagle Ford Play Is A Success

Yesterday after the market's close, Comstock Resources (CRK) announced results of its first well drilled in the East Texas Eagle Ford play. The Henry A #1H well tested with a peak 24-hour rate of ~1,267 boe/d (1,023 barrels of oil and 1.5 MMcf of natural gas). The well had a 6,841 foot completed lateral which was stimulated with 17 stages and 10.2 million pounds of proppant.

(click to enlarge)

(Source: Comstock Resources; June 2014)

On a lateral length-adjusted basis, the well's initial oil production rate (1,023 bo/d) is within the top quartile of the wells drilled to date by

Marathon Oil: Focusing More On Unconventional Plays

29 Jun ’14

Divesting overseas activities

Marathon Oil (MRO) is selling its Norwegian business for more than $2 billion in cash to Det Norske. The deal is expected to be completed by this year-end. This step is latest in a string of divestments for Marathon, which has shed $6.2 billion in assets since 2011 to refocus on its domestic business. The cash from the Norway deal will be used to promote organic growth of the company and to fund its share buybacks. Earlier, the company completed the $1 billion share buyback tied to the Angola Block 31 sale along with an additional $500 million share repurchase. There is the possibility of a further $1 billion or $2 billion share buyback following the disposal of the North Sea assets. Seeing in context with Marathon's current $26.66 billion market cap, these buybacks are attractive.

According to Marathon Chief Executive Lee M. Tillman:


An Economy Of Historical Cycles

29 Jun ’14

I love history for its depth and insight, particularly of our economy - it was one of my favorite subjects in college.

I once breezed through a 20-book, encyclopedia-like series called The History of Western Civilization. It took me a few weeks. And I loved every minute of it.

Did I read the whole 10,000 pages? Of course not. I was young and hyper-motivated to make my mark on the world. But I did skim each page carefully. And when I found sections detailing the important changes in our economy - the crashes and declines, the inflation and deflation over 5,000 years - I read those pages in great detail because that's what really fascinates me.

It's all about economic cycles.

Most people suggest I find a girlfriend when I start talking about cycles! But you know what? Everyone has their own genius and focus. Well… at

Lipstick On A Pig: Why Elizabeth Arden Is A High-Conviction Short Even After The Big Move Down

29 Jun ’14

Elizabeth Arden (RDEN), the New York based cosmetics company, is in the news, with the stock dropping ~17% yesterday on the news Korean company LG Household is no longer interested in acquiring the company. Despite move down to ~$22.50, I think the stock has considerable more downside; I could envision the stock trading as low as $11 in the next year or so (~45% downside) for the reasons outlined below.


RDEN has had a pretty interesting recent stock market history: in the last five years, the stock has rocketed from ~$7 to the mid-$40s, before beginning its descent back to earth, and currently trades at $22.5. As you might expect, during the ascent, you saw decent revenue growth (from $1.07bn in FY09 to $1.34bn in FY13), but much more impressive margin expansion (gross margin 40%->47%, adjusted EBITDA margin 6.3%->11.5%).

Then, merely three quarters ago in 1Q of FY14 (RDEN

Today In SA PRO: Friday, June 27

29 Jun ’14

Top Idea: RDEN - Elizabeth Arden by Jeremy Raper: Short / Consumer Goods / Small-Cap / Momentum / Secular Decline / Broken Model / 45% Downside

Top Idea playing out: PRCP (Perceptron) by Christopher Owens, June 17, 2014. +19.3%

Top Idea playing out: GNKOQ (Genco Shipping & Trading) by Black Fish, December 20, 2013. -54.5%

New PRO Research: Allianz SE, Auspex Pharmaceuticals, Aviva PLC, Cabot Oil & Gas, C&J Energy Services, Command Security, Euromax Resources, Everyday Health, Fortuna Silver Mines, Hecla Mining, iShares MSCI Qatar Capped ETF, Kaminak Gold, Merchants Financial Group, Mistras Group, Neurocrine

Microsoft: The Nokia X2 Is A Bigger Knife To Defend Against Google

29 Jun ’14

Microsoft (MSFT) is using the Android Open Source Project (ASOP) platform to defend itself from Google (GOOG). Nadella might not be too happy about Microsoft's entire purchase of Nokia's phone business, but he knows the Nokia X platform was a sharp knife against Google. Shipping out the Nokia X2 confirms Nadella is committed to this tactic of using modified Android OS in the fight to contain Google's growth.

Microsoft's foray into becoming more Apple-like (hardware/software firm), calls for Microsoft to be more creative in its approach. Relying on Windows Phone alone is no longer enough to slow down the Android OS behemoth. Despite putting out $100 Windows 8 handsets, Microsoft is still a dwarf among giants.

(click to enlarge)

The chart above shows how grim the situation is for Microsoft's mobile campaign. Google enjoys over 80% market share in smartphones. Microsoft's lucrative cloud computing business is under threat

Intel: Basic Reasons For Increasing Earnings

29 Jun ’14

This article is a fairly basic primer on Intel (INTC) stock written mostly for those new to Intel. I don't use a lot of technical jargon and most of the article is not new information. Now that I have set the expectations low let's jump in.

Intel divides revenue into three groups:

  • Data Center Group 22%
  • PC Group 70%
  • Other 8%

Let's start with the Data Center Group. This is where the exciting news is generated. For example, the next generation of Intel's Xeon Phi processor is planned for Intel's "Knights Landing." This processor includes the company's modern Silvermont cores stacked using Hybrid Memory Cube (HMC) technology with up to 16GB of on-package memory also in HMC format. Having these stacked processors and memory on the same package dramatically increases speed, reduces energy use, reduces heat generation and is much smaller.

The National Energy Research Scientific Computing Center

Why Amazon Is Becoming A Growth Trap

29 Jun ’14

As the Dow Jones and S&P 500 continue to push new highs, the threat of a market correction or pullback remains in the front of many investors' minds. Stocks with high multiples are almost always the hardest hit during a pullback, because investors flock to safer assets and aren't willing to pay for companies with high multiples. Stocks that have high multiples with large market caps can become victim of their own success in the stock market as the P/E ratio and EPS growth begin to converge. There comes a point in a stock's growth pattern where it becomes increasingly difficult to expand at the same growth rate due to size, competition, logistics, and a number of other factors. This slowing EPS growth results in investors not willing to pay for high multiples and share prices decline to a level that more accurately values the company. Amazon (AMZN) may be

Coca-Cola: Change In Focus Required To Excel

29 Jun ’14

Coca-Cola (KO) has undergone significant changes over the years in terms of its product portfolio and geographical footprint. The company has been making efforts to realize its available growth potential in fast growing emerging markets, and has been focusing on innovation. Also, the company has plans to accelerate its marketing spending to support sales volume as it continues to face challenges in the carbonated soft drink [CSD] category, which are likely to prevail in the long term. In the near term, the stock is likely to benefit and perform well because of an easier quarterly comparison. Also, despite making reinvestment in its business, the company continues to return cash to shareholders through share buybacks and dividends.

Coca-Cola is a beverage-focused company. The company is facing challenges as the consumption of CSD in developed markets is declining because of increasing health awareness and obesity concerns. CSDs' annual per capita consumption has

Lowe's Is Yet Another Overvalued Home Improvement Retailer

29 Jun ’14

Lowe's (LOW) has outpaced the growth of the S&P 500 (see chart below) over the last five years, particularly since 2013.

SPY data by YCharts

Over the past four years, the company has grown its sales at an annualized rate of 3.1% per year, from $47.2B in FY09 to $53.4B in FY13. Operating income and net income have grown faster at annualized rates of 7.5% and 6.45%, respectively, driven primarily by a slight increase in gross margins as well as by increased operating leverage. SG&A expenses declined from 24.8% to 24.0% over the same period.

Business overview

Lowe's is the second largest home improvement retailer in the US, with 1832 stores at the end of FY13. Store count increased last year with the acquisition of Orchard Supply Hardware, and has grown from 1710 to 1832 over the last four years with the acquisition accounting for the majority of the