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Investors in Nimble Storage (NYSE:NMBL) were not impressed at all with the company's second quarter results which indicates that the flash storage business continues to grow at an impressive pace.

Amidst the rapid growth are expanding GAAP losses which actually deter me from making an investment. It could take years before the company might reports its first GAAP earnings as dilution will most likely continue to occur along the way with employees being paid significant amounts of compensation in stock.

While expectations have come off a long way, I refrain from contemplating a potential investment in the company at current levels amidst the continued anticipated losses and dilution. This is despite anticipated aggressive topline sales growth, as I believe that the current risk-reward is not appealing enough.

Highlights For The Quarter

Nimble Storage posted second quarter sales of $53.8 million which represents a 89% growth rate on an annual basis.


Complete Story » By SA Transcripts:

Exelixis, Inc. (NASDAQ:EXEL)

COMET-1 Results Conference Call

September 2, 2014 8:30 AM ET

Executives

Susan Hubbard – Investor Relations and Corporate Communications

Michael M. Morrissey – President and Chief Executive Officer

Gisela M. Schwab – Executive Vice President and Chief Medical Officer

Peter Lamb, PhD – Executive Vice President, Discovery Research and Chief Scientific Officer

J. Scott Garland – Executive Vice President and Chief Commercial Officer

Deborah Burke – Vice President & Interim Chief Financial Officer

Analysts

Brian Klein – Stifel, Nicolaus & Company, Inc.

Whitney G. Ijem – JPMorgan

Biren Amin – Jefferies & Company, Inc.

Jonathan Chang – Leerink Partners LLC

Presentation

Operator

Good day ladies and gentlemen and welcome to the Exelixis’ COMET-1 PT Results Conference Call. My name is Alex and I’ll be your operator for today. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session towards the end


Complete Story » By Matthew Sauer, Esq.:

There are three broad technology ETFs that dominate the competition. These are the $14 billion in assets SPDR Technology Select Sector Fund (NYSEARCA:XLK); the nearly $6 billion Vanguard Information Technology Index Fund (NYSEARCA:VGT) and the $4 billion iShares U.S. Technology Sector Index Fund (NYSEARCA:IYW). All three of these funds are popular with investors, but the funds have some important differences between them.

Expenses

VGT is slightly cheaper, at 0.14 percent, than XLK, at 0.16 percent. IYW is relatively expensive at 0.46 percent.

VGT can be traded commission free at Vanguard.

Indexes

VGT tracks the MSCI US Investable Market Information Technology 25/50 Index

XLK tracks the S&P Technology Select Sector Index

IYW tracks the Dow Jones U.S. Technology Index

Of these three indexes, XLK has the greatest difference because its index includes telecommunications services. Verizon (NYSE:VZ) and AT&T (NYSE:T) combine for 10 percent of XLK's assets, and other small holdings lift


Complete Story » By John Leonard, CFA:

Company overview

Asure Software (NASDAQ:ASUR) provides time/labor and workspace management solutions.

Recent pullback is opportunity, not cause for concern

The steady downtrend since the spring of this year should not cause investors to question the long-term bullish outlook, which is driven by multiple growth drivers that would make for an impressive word cloud. The SaaS solutions provided by ASUR can generate significant cost savings and improve productivity by reducing the three largest expenses (labor, technology and real estate) by leveraging big data and the cloud.

As the "easy" cost cuts have largely been made across corporate America, any incremental savings will have to come from less obvious sources such as increasing workspace utilization, which can drop below 50% due to travel, off-site meetings, vacations and telecommuting. Companies can reduce real estate costs by up to 30% by increasing the use of shared space (hot desking) as the annual cost of


Complete Story » By Ben Kramer-Miller:

About Input Capital

Input Capital (OTC:INPCF) is a relatively new company based on the streaming model that has become a popular investment vehicle in the precious metals space, led by Silver Wheaton (NYSE:SLW). Silver Wheaton, which has gained nearly 700% in value since going public, buys streaming agreements on mines that entitle it to buy an agreed upon percentage of the silver (or gold) produced at a given mine for a fixed price. The company has been so successful that it has outperformed the price of silver, gold, most precious metals miners, and most global stocks.

Thus it is no wonder that other companies, such as Input Capital, are attempting to emulate Silver Wheaton's success. Input Capital has a novel idea of applying the streaming model to agriculture. It gives farmers money in exchange for the right to buy an agreed upon amount of their canola crop at an agreed


Complete Story » By Ashleigh Rogers:

Uncertainty is part of the daily life of a US bank investor these days, but nowhere is that more true than at M&T Bank (NYSE:MTB). The east-coast company has a major presence in New York and Maryland as well as other eastern states. On the surface then, the company seemed like it would be a good fit with Hudson City Bancorp (NASDAQ:HCBK). But that once seemingly positive merger has become a nightmare for investors with regulatory hurdle after hurdle thrown up in its path. Add to this the rather disconcerting results from MTB's second quarter, and you have a recipe for a stock that is likely to struggle for a while compared with peers.

In some respects as a long-term investor this is exactly the type of situation I like: MTB has been held back by the HCBK merger. One way or another that situation will get straightened out, probably


Complete Story » By Ashleigh Rogers:

Insurance and financial company Principal Financial Group (NYSE:PFG) keeps a pretty low profile for a fairly large company. That makes the company something of a well-kept secret in my book as PFG has done a good job of weathering the financial crisis over the last few years. The stock is reasonably attractive at today's levels (though not as great a value as it was around February) and it does offer investors exposure to a company with a growing focus on fee income plus significant potential upside as interest rates begin to rise. This exposure is not all that unusual in a financial firm, but at least with PFG you get a history of reasonably good stewardship, which is certainly not always the case.

Additionally, I like PFG's international growth and the firm seems to be focused on building up a presence in developing nations if its recent acquisitions are any


Complete Story » By The Investment Doctor:

Introduction

I thought it was time to revisit MAG Silver (NYSEMKT:MVG) which owns 44% of the very interesting Juanicipio silver project in Mexico with Fresnillo (OTCPK:FNLPF) as its joint venture partner (Fresnillo also owns in excess of 14% of MAG Silver). The project is quite high-grade and should be viable at a silver price of $20/oz and I will prove this later on.

Source: technical report

Even though MAG Silver is essentially a Canadian company, its US listing on the NYSE MKT exchange provides plenty of liquidity so there's no need to go up north to trade in the company's shares. The average daily dollar volume is $325,000.

As always, the calculations in this article are my own and should only be seen as a starting point to do your own due diligence as they are in no way official company projections. Additionally, all images were directly taken from the


Complete Story » By David Hernandez:

Fortinet, Inc. (NASDAQ:FTNT) is a cyber security solutions provider specializing in threat detection. They produce firewall and advance threat detection systems. Fortinet recently reported second-quarter results which were better than expected. Revenue was $184 million and EPS was $0.11. EPS beat analysts' estimates by $0.01 and revenue beat by $12.52 million. The second-quarter results are a continuation of the company's solid financial performance. From 2009-2013, revenue grew at a CAGR of 25.0%. The company's double digit growth rate has coincided with solid operating income growth. From 2009-2013, operating income grew at a CAGR of 29.9%. However, operating income has declined in 2014. The decline is the result of a rapid rise in sales and marketing expense. The company increased sales and marketing expenses 34% in 2014 and increased it as a percent of revenue to 40.3%, up from 37.4% in 2013. Management is trying to bolster their sales infrastructure and


Complete Story » By Michael Fitzsimmons:

Peyto Exploration & Development (OTCPK:PEYUF) is a shareholder friendly energy company that focuses on tight gas production from the deep basin located in Alberta, Canada. The company consistently returns the majority of net profits to shareholders via a monthly dividend. The dividend yield is currently 3.2% and US investors holding the stock in qualified retirement accounts are exempt from Canadian foreign taxes. It pays to own Peyto Exploration - but not just for the dividend. The company also has an excellent long-term production growth profile that drives share price appreciation. A pull-back in the stock from June highs combined with expectations for a strong second half should lead to share price appreciation in the neighborhood of 18% by year-end.

The following overview of Peyto Exploration was taken from a recent company presentation:

(click to enlarge)

Key takeaways from this slide is the relatively large insider ownership, the very small


Complete Story » By Matthew Smith:

Today we want to focus less on the companies behind the commodities and more upon recent factors which have been driving commodity prices. The strength in the US Dollar has been gaining steam, and attention, but that paired with the strength in US treasuries and US equities had us scratching our head recently. The only explanation for the trifecta was that outside capital was flowing into the US as geopolitical concerns were causing investors to once again seek a safe harbor.

While it does appear that outside capital has been behind the move, the speculation in recent days that the ECB is in some way behind the move adds intrigue to this situation. It could also lead to further headwinds for commodity prices and short-term pain for those betting that the ECB moves to implement some sort of quantitative easing program(s) come Thursday.

Looking to the commodity market, we want


Complete Story » By Ashleigh Rogers:

One of the toughest things about being a stock investor is being disciplined about not overpaying for companies that are doing everything right. PNC Financial Services (NYSE:PNC) falls into this category. The bank is in that sweet spot of regional firms that I like - it's big enough to have clout and cost advantages, but not so big that it attracts undue regulatory attention. The ~$45B market cap company operates in 19 states with the greatest focus on PA, OH, and NJ. PA and OH in particular both have good economic outlooks in my view due to the positive side-effects of natural gas, and reasonable demographic profiles. PNC has a history of profitability and the firm has done a good job of maintaining its financial performance through what has been a tough time in the financial world.

All of this is good and current shareholders should be pleased. Unfortunately for


Complete Story » By The Investment Doctor:

Introduction

In this article I'd like to have a look at WorleyParsons (OTCPK:WYGPF) is an Australian company mainly focused on engineering and project services subdivided in three large divisions; Hydrocarbon, Metals, Mining and Chemicals and Infrastructure.

(click to enlarge)

Source: company presentation

As this is an Australian company, I'd strongly recommend to trade in shares of WorleyParsons through the facilities of the Australian Stock Exchange, where the company is trading with WOR as its ticker symbol. The average daily dollar volume is in excess of $12.5M, so there's plenty of volume. The company's market cap is currently approximately $3.92B.

As it's an Australian company, I recalculated Australian Dollars into US Dollars using an USD/AUD exchange ratio of 1.07. As always, the images in this article were directly taken from the company's public material and are not my own.

So what does WorleyParsons do? A closer look at its three


Complete Story » By Ben Kramer-Miller:

Things Are Looking Up For Claude Resources

Claude Resources (OTCQB:CLGRF) has been one of the best performing gold miners year to date, with shares rising over 80%. But this follows a relentless decline from a peak of $2.50/share near the peak of the market in 2011 to a low of just $0.11/share.

This relentless decline was the result of the company's high production costs and its restrictive debt load. As the gold price began to rise this year it would make sense that Claude Resources would outperform on the way up in much the same way that it underperformed on the way down. But there's more to the story than that, and we can see this in the company's second quarter financial results. The company is producing more, gold at a lower cost. In fact in the second quarter the company generated $0.02/share in net income and $0.05/share in operating


Complete Story » By Albert Alfonso:

I will admit that CVR Partners' (NYSE:UAN) performance has been perplexing. The company has been operating well, with production inline with expectations. However, the stock has been a cellar dweller all year, recently hitting its all time low last week. The following article will take a look at this laggard and see if any upside is visible.

Overview

Since it has been over a year since I last discussed this stock, a brief company overview is warranted.

CVR Partners manufactures ammonia and urea ammonium nitrate, also known as UAN, hence the ticker symbol for the stock. UAN, the chemical, and ammonia are both key components for certain types of fertilizer. CVR Partners' nitrogen fertilizer manufacturing facility is located in Coffeyville, Kansas, right in the heart of the US corn belt. As a result, CVR Partners is often subject to the ebbs and flows of this commodity.

(click to enlarge)

Back


Complete Story » By George Wan:

When you type in Pacific Ethanol's (NASDAQ:PEIX) stock ticker in Google right now, you will see that it has a trailing P/E ratio of something like 169. Doing a little further research, you will find that PEIX posted quarterly diluted EPS of ($0.40), $0.54, ($0.69), and $0.68 for Q3 2013, Q4 2013, Q1 2014, and Q2 2014 respectively, for a (LTM) EPS of $0.13; and at its current share price of $23.11, the P/E of 169 is indeed not inaccurate. While this may seem like a reason to avoid this stock, let me tell you why it is exactly the reason why you should dig deeper. In this article, I will try to convince you that PEIX is an especially attractive short/mid-term play right now.

Before we get started, however, it would be useful if you read my ethanol primer in which I talk about the key drivers in the


Complete Story » By David Hernandez:

F5 Networks, Inc. (NASDAQ:FFIV) is a provider of application delivery controllers or ADCs. An application delivery controller distributes workloads throughout a computer network. They manage and direct where data will be processed in order to optimize network usage. F5 Networks has been able to grow rapidly in the ADC market. Management has been able to achieve this growth through a combination of market share gains and industry growth. From 2009-2013, revenue grew at a CAGR of 22.7%. Yet over the last few years, the ADC market has slowed. As a result, the company's revenue growth rate has also slowed. In 2010, revenue grew 35.0% but in 2013 revenue only grew 7.6%. Although revenue growth has slowed, F5 Networks' gross margin has actually increased. Gross margin was 78.1% in 2009 but by 2013 it was 82.9%. The rise in gross margin has produced a significant rise in operating and net income.


Complete Story » By Casey Hoerth:

The Eagle Ford Shale has matured and come a long way, and so have the companies whose fortunes are most tied to the Eagle Ford. Take a look at two smaller companies heavily weighted toward the Eagle Ford: Sanchez Energy Corp. (NYSE:SN) and Carrizo Oil and Gas (NASDAQ:CRZO).

(click to enlarge)

Yahoo Finance

Both of these companies have done very well since just the beginning of 2013. Sanchez, represented by the blue line, has gone from a company with a market cap of $500 million to $1.9 billion in just three years. (As you can see, this hasn't all been capital gains. There have been several share offerings, too.) This article will explain why Sanchez should no longer be looked at as a small "start-up" company. This article will also compare Sanchez to its new peers and will go over the company's catalysts and risks going forward.

A quick look


Complete Story » By Adam Aloisi:

While establishment and maintenance of a portfolio of income producing securities may seem like a fairly simple undertaking, for many it may entail much more thought than first meets the eye. As I explained in my recent article, The Dividend Growth Devoid Portfolio, retired investors with elevated income needs but limited capital to work with may need to make difficult choices. Those choices may include investment in elevated yield vehicles that may engender sleepless nights from time to time.

The overall income strategy that a DIY investor embarks upon consists of several main components. The way I see it, one must consider the following aspects of an individual situation as security selection is contemplated:

  • General risk tolerance.
  • Knowledge and understanding of various investment sectors, securities, and strategies.
  • Amount of capital to work with.
  • Amount of income needed on a periodic basis.

And lastly, but perhaps the most important variable


Complete Story » By James Bjorkman:

How Big a Buy is Big Lots?

Big Lots (NYSE: BIG) reported its second quarter earnings for fiscal year 2014 on Friday, 29 August 2014, and it was a tepid picture. The company beat earnings estimates by a penny and reported in-line revenues, but for the day the stock fell 1.8% on several times normal volume.

Clearly, the market did not love the report, though the stock recovered some ground as the day went on. But, then again, traders also did not strongly hate the report, else the stock price would have dropped much more. That kind of mixed response invites a look at the fundamentals to see just what is going on with Big Lots.

Big Lots Fundamentals

Let's start by taking a look at the company's performance since before the recession and through the last fiscal year and see what that tells us.

Big Lots Fiscal Year Financials
Complete Story » By Jeroen Jongbloed:

Shares in Dunkin Brands Group (NASDAQ:DNKN) are down 9.67% year to date and are now trading at $43.54, close to the 52 week low of $40.50. At these levels, the company has a dividend yield of 2.11%. Is now the time to buy DNKN, or should investors stay on the sidelines and wait for lower prices?

DNKN Revenue (NYSE:TTM) data by YCharts

Looking at the graph above we can see DNKN has rapidly rising revenues, along with a growing profit margin. Analysts expect the company's revenue to reach $754.7 million in the current fiscal year, with a further 7.6% increase to $811.9 million expected for next year. Dunkin' is rapidly increasing its number of stores. In the most recent fiscal quarter, 151 new stores were opened, 75 of which were located in the United States. The company's market cap stands at $4.56 billion, meaning Dunkin' Brands is now trading


Complete Story » By Middat Yildiz:

While the West hesitated to call Russian incursions into Ukraine an "invasion", Putin is half way through in grabbing Eastern Ukraine and winning the war. There is not likely to be a negotiated peace in this long war.

Let's look for investable ideas for US investors as a result of the war:

Putin's speech on March 18, 2014 lays the groundwork for long term Russian ideology. He does not want NATO troops on Russia's border. He is determined to unite all Russians living "near abroad." He said, "With Ukraine, our western partners have crossed the line, playing the bear and acting irresponsibly and unprofessionally. Russian nation is the biggest ethnic group divided by borders." The prevailing theme in the speech is Putin will take part of Ukraine and reunite with the motherland. The West wants Russia to pay a price for its invasion of Ukraine and this creates implications for


Complete Story » By Richard Zeits:

For many North American E&P companies, unconventional resource plays have been a once in a lifetime fortune-making opportunity. For many Oil Majors, on the other hand, the same shale plays have been an opportunity missed and, in few cases, a source of significant financial losses and frustration.

Arriving late in the game and lacking flexible organizational culture focused on unconventional plays may be among the fundamental causes of the Oil Majors' mixed track record in the shales. In some cases, Majors attempted to mitigate the lack of adequate in-house capability by acquiring shale expertise and operational platforms in large corporate transactions. ExxonMobil's (NYSE:XOM) $41 billion acquisition of XTO Energy in December 2009 and BHP Billiton's (NYSE:BHP) $15 billion acquisition of Petrohawk in 2011 are examples of such strategy. As one can see from the aftermath of the XTO acquisition, the risk of this approach is that it may be very


Complete Story » By Investing Doc:

As a relatively freshly minted physician only a few years out of residency, I often think about the next stage of my professional life. Will I establish a private practice? Work as a hospitalist? (Or maybe, as is often the case these days for primary care physicians, leave the profession entirely?)

Whatever I end up doing-- and I haven't decided yet-- it's impossible not to note how drastically the landscape for healthcare providers has changed in the decade since I first donned my short white coat (the type that medical students wear). There's Obamacare, of course (hereafter referred to as PPACA), but the landscape was already changing even before the PPACA was enacted. Medicare policies have changed drastically over the years, profoundly affecting physician reimbursement rates and, consequently, affecting patient mix and practices. The number of primary care providers has been in a long term decline. Patients


Complete Story » By Ashleigh Rogers:

It may sound strange to say that Prudential Financial (NYSE:PRU) has a relatively high multiple with the stock trading at 14.3X ttm EPS, but the ~$40B firm is large enough so that its days of consistent double-digit growth are well behind it. Given that, it should not be much of a surprise then that Prudential generally trades for a multiple between 8-14X with notable exceptions in unusual periods. In light of that, PRU may look richly priced today or at least fairly valued. But that view fails to consider the positive factors, both company-specific and macro-level, that Prudential has going for it. I believe that these factors will drive EPS of $10.30 next year (FY 2015), leading to a fair value for Prudential of perhaps $105. With the stock trading around $90, Prudential may not be an investment where your money will double, but it has enough upside and a


Complete Story » By Joseph Duncan:

Overview

Federated National Holding Company (NASDAQ:FNHC) is a personal residential homeowners insurer operating primarily in Florida. Florida accounts for 96% of its revenues. As of 3/31/2014 its market share in Florida was 2.6% with $216 million of insurance in force. Homeowner's insurance accounts for 90% of premiums, general commercial for 4%, flood for 2%, and automobile is 3%.

In recent years the industry has greatly benefited from the restructuring of Citizens Insurance. In 2013 Citizens had 1.5 million policies in force. It has dramatically reduced its policy count to 0.9 million today with a publicly stated goal of reaching 0.5 million in the future, although it is uncertain whether Citizens will attain this count. Today, Citizens has a market share of 17% compared to the number two-ranked company's market share of 7.5%. The top 20 Florida companies with their market share are provided in Table 1.

Table 1

(click to


Complete Story » By James Sands:

Alibaba Group (Pending:BABA) is consistently touted as being the largest e-commerce company in the world for good reason. When considering gross merchandise volume, or GMV, this statement is entirely true.

However, JD.com Inc. (NASDAQ:JD) has appeared on the scene as an anomaly. The company generates about a tenth of Alibaba's GMV yet is on pace to produce roughly 64% more total revenue by 2015.

For investors considering an investment in either company, the tradeoff seems quite simple, revenue growth for profits with Alibaba being a profit generating monster. However, net income may not be the best way to measure profits, as certain line items are murky and free cash flow gets at each company's operating "profitability" more clearly.

Alibaba recently provided Amendment No. 5 to Form F-1 to the Securities and Exchange Commission, or SEC. This amendment included Alibaba's updated information for the June 30, 2014 second quarter.

This information


Complete Story » By Elite Wealth Management:

For institutional investors, keeping secrets for long is an impossible task. The Securities and Exchange Commission requires these entities to file a 13F, a quarterly filing required of investment managers of assets of $100 million or more, which contains information regarding the asset manager’s investment style and potentially even a list of equities owned.

It’s a good gauge of what an investment company did in the last quarter. Taking a look back at prior quarters can paint a fairly accurate picture of what direction they’re assuming the market will take and how they’re positioning themselves to prepare – long, short, equities, derivatives, and so on.

When an investor like George Soros suddenly increases a bearish position by 605% in a quarter, it raises more than a few eyebrows.

For the quarter ending on June 30th, Soros Fund Management reported a large investment in puts, options that give an


Complete Story » By Dieter Plas:

(Editor's Note: Investors should be mindful of the risks of transacting in illiquid securities such as NUTCF. Nutreco's share listings in Europe, including NUI.AS, may offer stronger liquidity.)

Hi everyone in today's article I'll explain why Nutreco (NUTCF) should be in your portfolio as a great long-term investment and why it offers massive returns for patient investors.

DISCLAIMER: Nutreco is a European, Dutch company quoting on the Amsterdam Stock Exchange. So all the figures in this article are in EURO. There is no point whatsoever for American investors not to buy this stock from its original exchange. The company's ISIN is: NL0010395208 and its ticker is: NUO. So again; don't buy this company from the gray American market.

The business

Umicore is a true global player that operates in the fish feed and animal nutrition industry. Currently the company produces feed for a diversified portfolio of more


Complete Story » By Seth Golden:

Since its IPO this past July, shares of El Pollo Loco (NASDAQ:LOCO) have been all over the map, enduring euphoric and denigrating moments along the way. The stock price hit a high of $41.20 on August 1st and it's pretty much been downhill from there. Some stabilization in the share price has recently been met as the company disseminated some favorable news and after the stock price hit a recent low of $29.87 a share.

On August 22nd, El Pollo Loco announced it had signed AA Pollo Inc. to a 20 restaurant franchise development agreement as the first step in a multi-year franchising initiative designed to expand the nation's leading fire-grilled chicken restaurant chain's presence in the greater Southwest. As part of their agreement, AA Pollo Inc. will develop 20 new El Pollo Loco restaurants in Houston, a new development market, and San Antonio. It should be recognized that AA


Complete Story »
Updated: 43 min 12 sec ago

Gold Resource Corp's (GORO) CEO Jason Reid on Q2 2014 Results - Earnings Call Transcript

8 Aug ’14

Gold Resource Corp (NYSEMKT:GORO)

Q2 2014 Earnings Call

August 08, 2014 11:00 am ET

Executives

Jason D. Reid - Chief Executive Officer, President and Director

Joe A. Rodriguez - Chief Financial Officer

Presentation

Operator

Thank you for joining Gold Resource Corporation's Second Quarter Conference Call. Mr. Jason Reid, CEO, will be hosting today's call. Following Mr. Reid's opening remarks, there will be a question-and-answer period. As a reminder, today's call is being recorded. Please go ahead, Mr. Reid.

Jason D. Reid

Thank you. Good morning, and thank you for joining Gold Resource Corporation's 2014 Second Quarter Conference Call. I am pleased to report that during the second quarter of 2014, we delivered results in line with our company objectives. We had an excellent operating performance of production of precious metals. Just as important as production ounces, those ounces were at low cost, helping us to substantially increase our cash position

BPZ Resources' (BPZ) CEO Manuel Zúñiga-Pflücker on Q2 2014 Results - Earnings Call Transcript

8 Aug ’14

BPZ Resources (NYSE:BPZ)

Q2 2014 Earnings Call

August 08, 2014 11:00 am ET

Executives

A. Pierre Dubois - Head of Investor Relations and Corporate Communications

Manuel Pablo Zúñiga-Pflücker - Chief Executive Officer, President and Director

Richard S. Menniti - Chief Financial Officer and Principal Accounting Officer

Analysts

John Freeman - Raymond James & Associates, Inc., Research Division

Neal Dingmann - SunTrust Robinson Humphrey, Inc., Research Division

Adam R. Michael - Miller Tabak + Co., LLC, Research Division

Presentation

Operator

Good day, everyone, and welcome to the BPZ Energy Second Quarter 2014 Call to review financial and operational results. This call is being recorded. At this time, for opening remarks and introduction, I would like to turn the call over to Mr. Pierre Dubois, Investor Relations, BPZ Energy. Mr. Dubois, please go ahead.

A. Pierre Dubois

Thank you, Stephanie, and good morning, everyone. Today joining me on the call, we have

Earnings Preview: Cisco Systems Q4 2014

8 Aug ’14

By Craig Bowles

Overview

Cisco Systems, Inc. (NASDAQ:CSCO) is slated to report 4Q 2014 earnings after the bell on Wednesday, August 13th. The earnings release is expected at approximately 4:05 p.m. EST with a 4:30 p.m. conference call webcast available through Cisco Investor Relations. The company represents the networking equipment industry on the S&P 500 Index.

Outliers & Strategy

Key measures:

  • Non-GAAP Earnings Per Share: The current Street estimate is $0.53 (range $0.51 to $0.54). (Source: Yahoo! Finance).
  • Revenues: Analysts expected a decline of 2.2% y/y to $12.14 bln (range $11.80 bln to $12.25 bln).
  • Cisco's trailing P/E of 16.9 compares to a five-year average of 16 and industry average of 25.5. The Price/Book is 2.3 versus a five-year average of 2.4 and industry average of 2.6. The dividend yield is 2.9% vs. an industry average 1.9%.
  • Insiders have sold 5,239,843 shares over the past year

Sotheby's (BID) CEO Bill Ruprecht on Q2 2014 Results - Earnings Call Transcript

8 Aug ’14

Sotheby's (NYSE:BID)

Q2 2014 Earnings Conference Call

August 8, 2014 09:00 ET

Executives

Bill Ruprecht - Chairman, President & CEO

Patrick McClymont - CFO

Analysts

Taposh Bari - Goldman Sachs

Oliver Chen - Citigroup

George Sutton - Craig-Hallum

Kristine Koerber - Barrington Research Associates

Presentation

Operator

Welcome to Sotheby's Second Quarter 2014 Earnings Conference Call. (Operator Instructions). GAAP refers to generally accepted accounting principles in the United States of America. In this earnings call financial measures are presented in accordance with GAAP and also on a non-GAAP basis. A reconciliation of the non-GAAP financial measures used in this earnings call to the comparable GAAP amount is provided an appendix to the outline of the call which can be found on the investor relation section of the company’s website. Also during the course of this call the company may make projections or other forward-looking statements regarding future events or the future

Barrick Gold: Future Looking Brighter Recently

8 Aug ’14

One of the leading laggards of the market over the past two years, miner Barrick Gold (NYSE:ABX), is starting to behave better over the past month. There are myriad reasons for this recent improvement in sentiment on this huge gold miner. If sentiment continues to improve, the stock seems poised to reward contrarian investors.

(click to enlarge)

The company just fired its CEO. This removes an obstacle to seeing a long awaiting merger between Barrick Gold and Newmont Mining (NYSE:NEM) from occurring. This makes too much sense not to have a likely probability of happening at some point in the future. Both companies get ~40% of their total gold production from Nevada, so the synergies and cost savings would be significant in any merger. This week Newmont's CEO stated announced that he was "open" to resuming discussions.

The company is starting to pick substantial analyst support. Goldman Sachs just

Tourmaline Oil's (TRMLF) CEO Mike Rose on Q2 2014 Results - Earnings Call Transcript

8 Aug ’14

Tourmaline Oil Corp. (OTC:TRMLF)

Q2 2014 Results Earnings Conference Call

August 07, 2014, 11:00 am ET

Executives

Scott Kirker - Secretary and General Counsel

Mike Rose - Chairman of the Board, President, Chief Executive Officer

Brian Robinson - Chief Financial Officer, Vice President - Finance, Director

Analysts

Robert Bellinski - Morningstar

Travis Wood - TD Securities

Presentation

Operator

Good morning, ladies and gentlemen. Welcome to the Tourmaline Oil Corp 2014 second quarter results call.

I would now like to turn the meeting over to Mr. Scott Kirker. Please go ahead, Mr. Kirker.

Scott Kirker

Thank you, Mary, and welcome everyone to our discussion of Tourmaline's second quarter results. My name is Scott Kirker and I am the General Counsel at Tourmaline.

Before we get started, I would refer you to the advisory on forward-looking statements contained in the news release as well as the advisories contained in the Tourmaline annual

AuRico Gold's (AUQ) CEO Scott Perry on Q2 2014 Results - Earnings Call Transcript

8 Aug ’14

AuRico Gold Inc. (NYSE:AUQ)

Q2 2014 Earnings Conference Call

August 8, 2014 8:30 AM ET

Executives

Anne Day – VP, IR

Scott Perry – President and CEO

Rob Chausse – CFO

Peter MacPhail – COO

Analysts

Mike Parkin – Desjardins

Doug Dyer – Heartland Advisors

Trevor Turnbull – Scotia Bank

Dan Rollins – RBC Capital Markets

Anita Soni – Credit Suisse

Presentation

Operator

Good morning ladies and gentlemen, my name is Aaron, and I will be your operator today. At this time, I would like to welcome everyone to the AuRico Gold Incorporated second quarter results conference call. (Operator instructions)

I’d like to turn the call over to Ms. Anne Day, Vice-President, Investor Relations. Ms. Day, you may begin.

Anne Day

Thank you, Operator, and good morning everyone. Thanks for joining us today for the AuRico Gold second quarter earnings results conference call and webcast. On the line today, we

Earnings Preview: John Deere Q3 2014

8 Aug ’14

By Craig Bowles

Overview

Deere & Company (NYSE:DE) is slated to report 3Q 2014 earnings before the opening bell on Wednesday, August 13th. The earnings release is expected at approximately 7:00 a.m. EST with a 10:00 a.m. webcast available through John Deere Investor Relations. The company represents farm and construction machinery on the S&P 500 Index. Late in the business cycle, the size and cyclical nature of the company increases in importance to the overall market and as an economic indicator.

Outliers & Strategy

Key measures:

  • Adjusted Earnings Per Share: The current Street estimate is $2.21 with a range of $1.97-$2.39. (Source: Yahoo! Finance). The estimate was $2.26 three months ago. Deere has beaten estimates the last four quarters by at least 17c and as much as 39c.
  • Revenues: Analysts expect a decline of 5.5% y/y to $8.80 bln (range $8.19 bln to $9.58 bln).
  • Equipment

Frank's International's (FI) CEO Keith Mosing on Q2 2014 Results - Earnings Call Transcript

8 Aug ’14

Frank’s International N.V. (NYSE:FI)

Q2 2014 Results Earnings Conference Call

August 08, 2014 10:30 AM ET

Executives

Thomas Dunavant - Manager of Finance and IR

Keith Mosing - Chairman, President and CEO

John Walker - EVP of Operations

John Sinders - EVP of Administration and Interim CFO

Analysts

Daniel Burke - Johnson Rice

Jim Wicklund - Credit Suisse

Jeff Tillery - Tudor, Pickering, Holt

Ian Macpherson - Simmons

Angie Sedita - UBS

Presentation

Operator

Good morning. My name is Christy and I'll be your conference operator today. At this time, I would like to welcome everyone to the Frank's International Second Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks there will be a question-and-answer session. (Operator Instructions). Thank you.

I will now turn the call over to Thomas Dunavant. Please go ahead.

Thomas Dunavant

Good morning, everyone. And welcome

Update: Media General Earnings

8 Aug ’14

Media General (NYSE:MEG) managed to post 2Q earnings that were 50% below expectations. EPS came in at $0.08 (below $0.16 consensus), but revenues marginally beat expectations. Debt levels were up to 50% of its market cap. Shares are down 13% over the last month.

Back in November it merged with Young Broadcasting, which was an effort boost cash flow and reduce debt. Thanks to this, the company managed to grow beyond our expectations. Shares are still up 23% since we first profiled the company back in October. At the time, it was trading at 1x sales and it now trades at 3.55x sales. We also noted,

...with the rise of Netflix (NASDAQ:NFLX) and other online video services, consumers are watching less broadcast television and moving to cut the cord. We see this trend continuing and that's bad news for broadcasters like MEG.

However, Media General's stock price did get a

Uranium Resources' (URRE) CEO Chris Jones on Q2 2014 Results - Earnings Call Transcript

8 Aug ’14

Uranium Resources, Inc. (NASDAQ:URRE)

Q2 2014 Earnings Conference Call

August 8, 2014 11:00 AM ET

Executives

Wendy Yang - IR

Chris Jones - President, CEO and Director

Jeff Vigil - CFO and VP of Finance

Analysts

Joseph Reagor - ROTH Capital Partners

Bryan Bergin - Cowen & Company

Presentation

Operator

Thank you for standing by. This is the Chorus Call conference operator. Welcome to the Uranium Resources Second Quarter Financial Results Conference Call. As a reminder, all participants are in a listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. (Operator Instructions)

At this time, I would like to turn the conference over to Wendy Yang, Investor Relations for Uranium Resources. Please go ahead.

Wendy Yang

Thank you, Joe. Good morning everyone. Welcome everyone to Uranium Resources second quarter 2014 financial results conference call. I’m Wendy Yang, Investor Relations for

Whole Foods: Should Gross Margin Erosion Really Matter?

8 Aug ’14

Every so often a company emerges from the herd, lauded as the avatar of untapped growth opportunity, and subsequently crucified as a broken growth story when growth decelerates. The vertiginous drop in shares of Whole Foods (NASDAQ:WFM) this year reflects investor's disappointment with fiscal results reported by the company lately. Citing two straight quarters of missed same store sales and management acknowledging the rise in competition, analysts trimmed their growth estimates. Under pressure from investors, management laid out a strategy for countering the rise in competition as well as deceleration in growth. Eclipsed by gross margin decline worries, investors remain oblivious of strong architectural advantage the company gains after executing these powerful strategic initiatives.

Investors remain deeply concerned over the troubles that have dogged the company in the recent years and don't expect them to go away in the foreseeable future. Drawing from the hypercompetitive nature of grocery retailing, analysts

Citizens' (CIA) Q2 2014 Results - Earnings Call Transcript

8 Aug ’14

Citizens, Inc. (NYSE:CIA)

Q2 2014 Earnings Conference Call

August 8, 2014 10:00 PM ET

Executives

Kay Osbourn – Chief Financial Officer, Executive Vice President, Treasurer

Rick D. Riley – President and Chief Corporate Officer

Presentation

Operator

Welcome to the Citizens Incorporated Conference Call reporting on Second Quarter 2014 Results. Today’s conference is being recorded. At this time all participants are in a listen-only mode. After formal remarks there will be a question-and-answer session. (Operator Instructions)

I’ll now turn the call over to Ms. Osbourn. You may begin.

Kay Osbourn

Thank you, Lauren. Good morning welcome to our earnings conference call. I am Kay Osbourn, Citizens Chief Financial Officer. Joining me on the call today are Rick Riley, our Vice Chairman and President; Geoff Kolander, our Executive Vice President and Corporate Secretary and General Counsel and Larry Carson, Financial Reporting and Tax..

Before I turn the call over to Rick for

TeraGo's (TRAGF) CEO Stewart Lyons on Q2 2014 Results - Earnings Call Transcript

8 Aug ’14

Start Time: 09:00

End Time: 09:38

TeraGo Inc. (OTC:TRAGF)

Q2 2014 Earnings Conference Call

July 08, 2014, 09:00 AM ET

Executives

Stewart Lyons - President and CEO

Joe Prodan - CFO

Analysts

Kevin Krishnaratne - National Bank Financial

Greg MacDonald - Macquarie

Pardeep Sangha - PI Financial

Dvai Ghose - Canaccord Genuity

Vince Valentini - TD Newcrest

David McFadgen - Cormark Securities

Presentation

Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the TeraGo Q2 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session and instructions will be provided at that time for you to queue up for questions. (Operator Instructions). I would like to remind everyone that this conference call is being recorded on Friday, August 8.

With me today on the call are Stewart Lyons, TeraGo’s President and Chief Executive

Procter & Gamble: Time To Get Going

8 Aug ’14

I am bullish on Procter & Gamble (NYSE:PG). The company has as of late been focusing on productivity and innovation, which helped it deliver healthy results for Q4FY14. Despite the challenges faced in saturated developed markets and currency headwinds from emerging markets, PG successfully met both top-line and bottom-line guidance for the quarter. Moreover, with its improving FCF productivity, the company has been sharing its success with shareholders through dividends and share repurchases. Going forward, the company looks eager to focus on its core brands and markets, which will positively affect its margins and portend well for the future top-line growth.

Long Term Organic Sales Growth Formula

In a challenging macro environment, PG has been focusing on innovation in different product lines and has been improving productivity to support its top-line growth. PG's reported net sales grew modestly by 1%, and organic sales grew by 3% year-on-year in FY14,

OCI Resources LP's (OCIR) CEO Kirk Milling on Q2 2014 Results - Earnings Call Transcript

8 Aug ’14

OCI Resources LP. (NYSE:OCIR)

Q2 2014 Results Earnings Conference Call

August 06, 2014, 08:30 AM ET

Executives

Scott Humphrey - Director, Investor Relations

Kirk H. Milling - Chief Executive Officer

Kevin Kremke - Chief Financial Officer

Scott Humphrey - Director of Finance and Investor Relations

Analysts

Brian Maguire - Goldman Sachs

Dan Jester - Citi

Presentation

Operator

Welcome to OCI Resources Second Quarter 2014 Earnings Conference Call and Webcast. Hosting the call today from OCI Resources is Mr. Kirk Milling, Chief Executive Officer. He is joined by Kevin Kremke Chief Financial Officer and Scott Humphrey, Director of Finance and Investor Relations. Today’s call is being recorded. At this time all participants have been placed in a listen-only mode and the floor will be open for your questions following the presentation. (Operator Instructions).

It is now my pleasure to turn the floor over to Scott Humphrey. You may begin.

Scott Humphrey

One Generation's Nightmare Makes mREITs A Good Risk

8 Aug ’14

Interest rates are dead in the water.

That unaccepted reality makes mortgage REITs (mREITs) a very interesting play. The market habitually fears higher interest rates, a scenario that would shrink mREIT profits.

In a nutshell, mREITs borrow short to lend long. Dicey business. But if interest rates stay put -- and rates are unlikely to wander far in any direction -- then investors pick up double-digit mREIT yields in a single-digit world.

The old story: Reward for risk. But in this case, the risk is way overstated.

Reality Vs. Fears

It is known -- but nearly always ignored -- that inflation and interest rates have been in a global secular swoon since the early 1980s, when double-digits were the norm.

(click to enlarge)

The chart above shows U.S. rates, but the same story is told in all the developed nations, with domestic variations. Central banks have whipped inflation. Today, there

Ebix's (EBIX) CEO Robin Raina on Q2 2014 Results - Earnings Call Transcript

8 Aug ’14

Ebix (NASDAQ:EBIX)

Q2 2014 Earnings Call

August 08, 2014 11:00 am ET

Executives

Darren Joseph - Vice President of Human Resources

Robert F. Kerris - Chief Financial Officer, Principal Accounting Officer, Executive Vice President and Corporate Secretary

Robin Raina - Chairman, Chief Executive Officer and President

Analysts

Jeffrey Van Rhee - Craig-Hallum Capital Group LLC, Research Division

Presentation

Operator

Good day, ladies and gentlemen, and welcome to the Ebix Second Quarter 2014 Investor Call. [Operator Instructions] As a reminder, this call is being recorded.

I would now like to turn the call over to Mr. Darren Joseph, Corporate Vice President. Sir, the floor is yours.

Darren Joseph

Thank you. Welcome, everyone, to Ebix, Inc.'s Second Quarter Earnings Conference Call. Joining me to discuss this quarter is Ebix Chairman, President and CEO Robin Raina; and Ebix EVP and CFO Robert Kerris.

Following our remarks, we will open up the call for

Beacon Roofing Supply's (BECN) CEO Paul Isabella on Q3 2014 Results - Earnings Call Transcript

8 Aug ’14

Beacon Roofing Supply (NASDAQ:BECN)

Q3 2014 Earnings Call

August 08, 2014 10:00 am ET

Executives

Paul M. Isabella - Chief Executive Officer, President and Director

Joseph M. Nowicki - Chief Financial Officer, Executive Vice President and Treasurer

Analysts

Ryan Merkel - William Blair & Company L.L.C., Research Division

Sam Darkatsh - Raymond James & Associates, Inc., Research Division

Trey Grooms - Stephens Inc., Research Division

David J. Manthey - Robert W. Baird & Co. Incorporated, Research Division

Kathryn I. Thompson - Thompson Research Group, LLC

Brent D. Rakers - Wunderlich Securities Inc., Research Division

Neil Frohnapple - Longbow Research LLC

Presentation

Operator

Good morning, ladies and gentlemen, and welcome to Beacon Roofing Supply's Fiscal Year 2014 Third Quarter Conference Call. My name is Mar, and I will be your coordinator for today.

[Operator Instructions]

As a reminder, this conference is being recorded for replay purposes.

This call will contain forward-looking

Innergex's (INGXF) CEO Michel Letellier on Q2 2014 Results - Earnings Call Transcript

8 Aug ’14

Innergex Renewable Energy Inc. (OTC:INGXF)

Q2 2014 Results Earnings Conference Call

August 8, 2014 10:00 AM ET

Executives

Marie-Josée Privyk - Director, Investor Relations

Michel Letellier - President and CEO

Jean Trudel - Senior Vice President, Communications and CIO

Jean Perron - Senior Vice President and CFO

Analysts

Rupert Merer - National Bank Financial

Nelson Ng - RBC Capital Markets

Sean Steuart - TD Securities

Ben Pham - BMO Capital Markets

Presentation

Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Innergex Renewable Energy’s Conference Call and Webcast for the 2014 Second Quarter Results and Mid-Year Review. [Foreign Language]

At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session for analysts and institutional investors, and instructions will be provided at that time for you to queue up for questions. (Operator Instructions)

I would like to remind everyone