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Hancock Holding (HBHC)

Q1 2014 Earnings Call

April 17, 2014 10:00 am ET

Executives

Trisha Voltz Carlson - Senior Vice President and Investor Relations Manager

Carl J. Chaney - Chief Executive Officer, President, Director, President of Hancock Bank of Mississippi, President of Hancock Bank of Louisiana, President of Hancock Bank of Florida, President of Hancock Bank of Alabama and President of Hancock Bank

Michael M. Achary - Chief Financial Officer and Executive Vice President

Samuel B. Kendricks - Chief Credit Officer and Executive Vice President

Analysts

Michael Rose - Raymond James & Associates, Inc., Research Division

Jefferson Harralson - Keefe, Bruyette, & Woods, Inc., Research Division

Emlen B. Harmon - Jefferies LLC, Research Division

Jennifer H. Demba - SunTrust Robinson Humphrey, Inc., Research Division

Matthew T. Clark - Crédit Suisse AG, Research Division

Matt Olney - Stephens Inc., Research Division

Christopher W. Marinac - FIG Partners, LLC, Research Division

Mikhail


Complete Story » By Zoltan Ban:

In the aftermath of the Western-backed protests that deposed Ukraine's democratically elected president, there is a Russian-backed counter-movement in the Eastern part of the country that is rejecting Kiev's right to rule altogether. Current events should not come as a surprise. After all, the very first thing the new Kiev government did in the aftermath of Yanukovic's departure was to repeal minority language rights. The decision was later taken back as the new government realized the damage they have done, but Kiev could not take back the gesture and the message of its actions. Therefore, it is increasingly clear that given the reluctance of people in the predominantly Russian-speaking East to continue to allow their fate to be decided in Kiev, Ukraine is likely to change dramatically in the near future.

In the best case scenario, there will not be a complete disintegration, but a more or less orderly federalization


Complete Story »

PPG Industries (PPG)

Q1 2014 Results Earnings Conference Call

April 17, 2014 02:00 PM ET

Executives

Vince Morales - VP, Investor Relations

Chuck Bunch - Chairman and CEO

Frank Sklarsky - Executive Vice President and CFO

Analysts

Neal Sangani - Goldman Sachs

Ghansham Panjabi - Robert W. Baird

David Begleiter - Deutsche Bank

John McNulty - Credit Suisse

Kevin McCarthy - Bank of America

Don Carson - Susquehanna Financial

Frank Mitsch - Wells Fargo Securities

John Roberts - UBS

Vincent Andrews - Morgan Stanley

Dan Jester - Citi

Laurence Alexander - Jefferies

Nils Wallin - CLSA

Dmitry Silversteyn - Longbow Research

Duffy Fischer - Barclays

Ivan Marcuse - KeyBanc Capital Markets

Robert Reitzes - BroadArch Capital

Kevin Hocevar - Northcoast Research

Jeff Zekauskas - JP Morgan

Rich O'Reilly - Revere Associates

Presentation

Operator

Good day, ladies and gentlemen. And welcome to the First Quarter 2014 PPG Industries Earnings Conference Call.


Complete Story » By Ashleigh Rogers:

A lot has changed in the health insurance markets since I last wrote about Health Insurance Innovations (HIIQ); Obamacare has managed to hit its 7 million enrollment number, Medicaid has expanded by 3 million, insurers look set to put forward significant price increases for insurance policies on the federal exchange next year (the first hint about how the firms plan to profit from health care reform - more about this in a future article), and the experience of state exchange has ranged from large success (California) to miserable failure (Maryland). At the same time many things have not changed for HIIQ or health reform; like it or not, Obamacare is still the law and is not going anywhere realistically. (It probably will not be good for our country in the long run just as I would argue Medicare isn't, but that's another subject.) And just as before HIIQ is


Complete Story » By Mike Arnold:

Cincinnati Bell (CBB) remains an interesting turnaround story, which recently received a tangible catalyst in the form of the sale of its legacy wireless business to Verizon (VZ).

Given the wireless business had been in a state of decline over the last several years, I think the sale will ultimately improve the turnaround story at CBB as it focuses on its two growth drivers: (1) fiber optics pay-TV and high speed internet and (2) its 69% interest in CyrusOne (CONE), a fast growing data warehousing, colocation business.

(click to enlarge)

CBB data by YCharts

Wireless Business Sale

As part of its turnaround, management reported that it wanted to stabilize the wireless business while looking to monetize it. That catalyst arrived last week when CBB reported it agreed to a $210 million offer from Verizon. I understand CBB management valued its spectrum between $150 and $180


Complete Story »

Home BancShares, Inc. (HOMB)

Q1 2014 Earnings Conference Call

April 17, 2014 14:00 ET

Executives

John Allison - Chairman

Randy Sims - Chief Executive Officer

Randy Mayor - Chief Financial Officer

Brian Davis - Chief Accounting Officer

Kevin Hester - Chief Lending Officer

Donna Townsell - Vice President, Corporate Efficiencies

Analysts

Brian Zabora - KBW

Jon Arfstrom - RBC Capital Markets

Michael Rose - Raymond James

Matt Olney - Stephens

Brian Martin - FIG Partners

Kevin Reynolds - Wunderlich Securities

Nathan Race - Sterne, Agee

Presentation

Operator

Greetings, ladies and gentlemen. Welcome to the Home BancShares Incorporated First Quarter 2014 Earnings Call. The purpose of this call is to discuss the information and data provided in the quarterly earnings release issued this morning. The company presenters will begin with prepared remarks then entertain questions. (Operator Instructions)

The company participants in this call are John Allison, Chairman; Randy Sims, Chief Executive


Complete Story » By Donald van Deventer:

Projected one month Treasury bill rates rose by more than 0.25% this week in the 2017 to 2018 period, while T-bill rates in 2021 and beyond declined slightly. Forward 1 month T-bill rates are now projected to peak in the second quarter of 2021 at 3.90%, down from a 3.92% 2021 fourth quarter peak projected last week. This is the fourth consecutive implied peak in one month bill rates, something not seen for a few years. The impact of the peak can be seen in the three dimensional graph of Treasury yield movements (below) and Treasury and mortgage forward rates. The forecast shows projected 10 year U.S. Treasury yields rising steadily to 4.051% in 2024. Projected 15 year fixed rate mortgage yields in 2024 show a rise to 5.773%, down 0.13% from last week. We also present three potential scenarios consistent with the implied forecast that represent alternative paths for


Complete Story » By Stephen Simpson, CFA:

Potential is a word you hear a lot in biotech, but it's also worth remembering a quote (apocryphally attributed to former Dallas Cowboys defensive lineman Randy White) that goes "potential is a fancy French word that means you haven't done <bleep> yet".

If XenoPort (XNPT) can establish '829 as a true peer to Biogen Idec's (BIIB) Tecfidera, or possibly better in some respects, the stock is going to do very, very well. Of course, if the data don't come through, this company has very little left other than a record of repeated disappointments.

A New, Longer, Path For '829

Since I last wrote about XenoPort, the bloom has definitely left the biotech boom. Making matters somewhat worse, management's development guidance for '829 is going to have it most likely pursuing a 505(b)(1) clinical path that is going to take longer and require a Phase III study prior to


Complete Story » By Renu Singh:

Chipmaker Qualcomm (QCOM) has started the year strongly with gains of more than 10%. The stock trades close to its 52-week high and there are good chances that its terrific performance will continue going forward. Qualcomm is slated to report its second-quarter earnings report on April 23. In this article, we will take a look at what's expected of Qualcomm and why its outlook seems strong.

Analysts' expectations

According to Yahoo Finance, analysts expect Qualcomm to post revenue of $6.48 billion. This would be an increase of almost 6% from the year-ago quarter. On the earnings side, Qualcomm is expected to post a figure of $1.22 per share, an increase from the $1.17 it reported in the year-ago quarter.

Qualcomm should be able to at least meet these estimates, since the company had reaffirmed its guidance when it reported earnings last time. The company's performance is expected


Complete Story »

RLI Corp. (RLI)

Q1 2014 Earnings Conference Call

April 17, 2014 11:00 ET

Executives

Aaron Jacoby - Vice President, Corporate Development

Tom Brown - Vice President and Chief Financial Officer

Mike Stone - President and Chief Operating Officer

Craig Kliethermes - Executive Vice President, Operations

Jon Michael - Chairman and Chief Executive Officer

Analysts

Jason Oetting - FBR Capital Markets

Ken Billingsley - BGB Securities, Inc

Meyer Shields - KBW

Mark Dwelle - RBC Capital Markets

Presentation

Operator

Good morning, and welcome, ladies and gentlemen to the RLI First Quarter Earnings Teleconference. At this time, I would like to inform you that this conference is being recorded and that all participants are in a listen-only mode. At the request of the company, we will open the conference up for questions and answers after the presentation.

Before we get started, let me remind everyone that through the course of the teleconference,


Complete Story »

Cypress Semiconductor Corporation (CY)

Q1 2014 Earnings Conference Call

April 17, 2014 11:30 AM ET

Executives

T.J. Rodgers – President and Chief Executive Officer

Brad W. Buss – Executive Vice President-Finance and Administration, CFO

J. Daniel McCranie – Executive Vice President-Sales and Applications

Dana C. Nazarian – Executive Vice President-Memory Products Division

Hassane El-Khoury – Executive Vice President-Programmable Systems Division

Badri Kothandaraman – Executive Vice President-Data Communications Division, Executive Director-Cypress India

Analysts

John W. Pitzer – Credit Suisse Securities LLC

Doug Freedman – RBC Capital Markets LLC

Blayne Curtis – Barclays Capital, Inc.

Vijay R. Rakesh – Sterne, Agee & Leach, Inc.

Chris B. Danely – JPMorgan Securities LLC

Charles L. Anderson – Dougherty & Company LLC

Rajvindra S. Gill – Needham & Company, LLC

Betsy Van Hees – Wedbush Securities Inc.

Sujeeva De Silva – Topeka Capital Markets Inc.

Srini Pajjuri – CLSA Limited

Jeffrey A. Schreiner – Feltl


Complete Story »

The Blackstone Group L.P. (BX)

Q1 2014 Earnings Conference Call

April 17, 2014 11:00 AM ET

Executives

Stephen A. Schwarzman – Chairman, Chief Executive Officer and Co-Founder

Hamilton E. James – President and Chief Operating Officer

Laurence A. Tosi – Senior Managing Director and Chief Financial Officer

Joan Solotar – Senior Managing Director and Head of External Relations and Strategy

Weston Tucker – Head-Investor Relations

Analysts

Daniel Thomas Fannon – Jefferies LLC

William R. Katz – Citigroup Inc.

Robert Lee – Keefe, Bruyette, & Woods, Inc.

Luke Montgomery – Sanford Bernstein

Michael S. Kim – Sandler O'Neill + Partners, L.P.

Michael Carrier – Bank of America Merrill Lynch

Matthew R. Kelley – Morgan Stanley

Marc S. Irizarry – Goldman Sachs Group Inc.

M. Patrick Davitt – Autonomous Research LLP

Brian B. Bedell – Deutsche Bank Securities, Inc.

Devin P. Ryan – JMP Securities

Presentation

Operator

Good day, ladies and gentlemen,


Complete Story » By Tien Tzuo:

When Box (BOX) filed its long-awaited paperwork to become a public company, it caused a lot of talk about the financial health of the company, and the long-term viability of its business model.

At issue was how much money Box is spending compared to its revenue, particularly on sales and marketing. People began wondering: is founder and CEO Aaron Levie a quack or a modern-day genius?

Let me be clear: he's a genius, and he's not the only one.

I've known Levie for six years, ever since Box became an early customer of my company, Zuora, and his company's revenues were in the low single digits. I've watched with great pleasure as Levie, co-founder Dylan Smith and the team have grown Box into the force that it is today. He is the latest in a line of true entrepreneurs, laser-focused on making his vision of collaboration a reality. With over


Complete Story »

Investors Bancorp, Inc. (ISBC)

Q1 2014 Earnings Conference Call

April 17, 2014 04:30 PM ET

Executives

Thomas Splaine - SVP and CFO

Kevin Cummings - President and CEO

Domenick Cama - COO

Analyst

Lori Huntiger - Compass Point

Christopher Marinac - FIG Partners LLC

Matthew Katten - Barclays Capital

Presentation

Operator

Good afternoon, everyone, and welcome to the Investors Bancorp First Quarter Earnings Conference Call. (Operator Instructions). Please also note today’s event is being recorded. And at this time I'd like to turn the conference call over to Mr. Thomas Splaine, Chief Financial Officer. Sir, please go ahead.

Thomas Splaine

Thank you Jamey and good afternoon everyone, and thank you for joining the call today. I'm Thomas Splaine, the Senior Vice President and Chief Financial Officer. And we'll begin this afternoon’s call with the forward-looking statement disclosure.

On this call, representatives of Investors Bancorp may make some forward-looking statements with


Complete Story » By Romano Bastianpillai:

Apple's (AAPL) fall from Wall Street darling to Wall Street whipping boy has been largely documented. Pundits have decried that Apple lacks an innovative edge and that growth has plateaued. Do the public denouncements lack substance? The following points dispel common misconceptions of the technology behemoth.

(i) Profit Share Is More Important Than Market Share

I'm defining Profit Share as the portion of profits that is attributable to a company, relative to the industry. Market share pertains to the portion of units or revenue.

Many analysts have raised concerns that Apple's market share is declining, citing competition from Samsung and Chinese brands including Lenovo. The primary objective of any public company is to maximize profitability and Apple has achieved this goal. Despite enduring a smartphone Market Share decline from 20.9% to 17.9%, Apple's Profit Share increased from 77.8% to 87.4%. The figures correspond to the fourth quarter for CY 2012


Complete Story »

Steel Dynamics, Inc. (STLD)

Q1 2014 Earnings Conference Call

April 17, 2014 10:00 AM ET

Executives

Marlene Owen – Director-Investor Relations

Mark D. Millett – President, Chief Executive Officer & Director

Theresa E. Wagler – CFO, Executive VP & Head-Media Relations

Richard Teets, Jr. – Director, President & COO-Steel Operations

Chris Graham – Vice President

Analysts

Sal Tharani – Goldman Sachs & Co.

Dave A. Katz – JPMorgan Securities LLC

Evan L. Kurtz – Morgan Stanley & Co. LLC

Nathan D. Littlewood – Credit Suisse Securities LLC

Nick Jarmoszuk – RBC Capital Markets

Brett M. Levy – Jefferies LLC

Brian Hsien Yu – Citigroup Global Markets Inc.

Matt Murphy – UBS Securities

Philip N. Gibbs – KeyBanc Capital Markets, Inc.

Andrew Lange – Morningstar Research Ltd.

David A. Lipschitz – CLSA Americas LLC

Luke McFarlane – Macquarie Capital, Inc.

Presentation

Operator

Good day, and welcome to the Steel Dynamics First


Complete Story » By George Kesarios:

IBM (IBM) fell about 3% after the market's disappointment with the company's revenue figures. And for good reason - the company reported its lowest quarterly revenue in five years. And to give you a feeling of what IBM's revenue picture looks like, the chart below is indicative.

(click to enlarge)

IBM Revenue (Quarterly) data by YCharts

That was also followed by a drop in total net income and EPS for the quarter.

(click to enlarge)

IBM Net Income (Quarterly) data by YCharts

IBM's first-quarter net profit fell to $2.38 billion, or $2.29 per share, from $3.03 billion, or $2.70 per share, a year earlier. On an adjusted basis, the company earned $2.54 per share. Analysts on average were expecting earnings of $2.54 per share, according to Thomson Reuters.

Please keep in mind that these results are even worse than they seem. First of all IBM's float has


Complete Story » By Hard Assets Investor:

By Sumit Roy

Precious metals dropped, but most other commodities rallied. Energy, in particular, continued to fare well. Meanwhile, stock markets staged a strong comeback from the losses of last week, as strong earnings reports from the likes of Intel (INTC), Yahoo (YHOO), Goldman Sachs (GS) and others lifted sentiment. The S&P 500 gained 2.8 percent in the week; the index is now up 1 percent since the start of the year.

Macroeconomic Highlights

The biggest economic story of the week was China's first-quarter gross domestic product. China reported that its GDP in the first quarter grew by 7.4 percent annualized, the slowest pace since the third quarter of 2012, but slightly above the 7.3 percent economists were expecting.

In the U.S., the Bureau of Labor Statistics reported that the Consumer Price Index grew by 0.2 percent in March, faster than the 0.1 percent increase that was expected. Likewise, the


Complete Story » By Sy Harding:

The stock market has hung in there so far this year in spite of negative economic reports from December through February that indicated the economy was slowing significantly.

Not that the market continued its winter rally. For 2014 so far, the Dow is down 0.9%, the S&P 500 is up just 0.6%, and the Nasdaq is down 2.2%.

Nevertheless, the market has continued to avoid the 10% correction that history says is overdue. Over the last 60 years, there has been a correction of 10%, or more, on average of every 18 months. It has now been 30 months since the last one (the S&P 500's 19% decline in the summer of 2011).

Hopes are currently the main prop under the market, particularly hope that although the winter's economic reports were "seasonally adjusted," that the weather was so harsh that it had an unusual impact not handled by the seasonal


Complete Story » By Kevin Arledge:

This is the first of several articles I plan to write to show you exactly what I am doing to cope with an unexpected job loss after middle age, but before retirement age. Today's article is somewhat introductory. Future articles will be full of specifics, telling exactly which asset allocations and investments I have made and why. Some may disagree with my logic, some may complain that I have the advantage of age and a head start, but everyone can rest assured that I will honestly tell you exactly what I am doing with my own money.

Well, it happens. The only employer I have had since I graduated college has decided that they need to focus their investment dollars in a different direction. I agree with them. I saw the writing on the technology wall some time ago. I am glad the corporate leadership knows what to do and


Complete Story » By Hard Assets Investor:

By Sumit Roy

Natural gas was last trading up by 4.5 percent to $4.73/mmbtu after the Energy Information Administration reported that operators injected 24 billion cubic feet into storage last week, below the 34 that most analysts were expecting.

The latest injection was below last year's build of 31 bcf and above the five-year average build of 38 bcf.

In turn, inventories now stand at 850 bcf, which is 854 bcf below the year-ago level and 1,003 bcf below the five-year average (calculated using a slightly different methodology than the EIA).

The weather last week was close to seasonal norms.

According to the Edison Electric Institute, utilities generated 67,967 GWh in the week ending April 12, which was 1.3 percent below the same week a year ago.

Looking forward, the NOAA's 6- to 10-day outlook calls for warmer-than-normal temperatures across much of the country.

NOAA 6 - TO 10- DAY


Complete Story »

The Sherwin-Williams Company (SHW)

Q1 2014 Results Earnings Conference Call

April 17, 2014 11:00 AM ET

Executives

Chris Connor - Chairman and CEO

Sean Hennessy - SVP, Finance and CFO

Bob Wells - SVP, Corporate Communications and Public Affairs

Analysts

Bob Koort - Goldman Sachs

John McNulty - Crédit Suisse

Ghansham Panjabi - Robert W. Baird

Dan Jester - Citigroup

Vincent Andrews - Morgan Stanley

Aram Rubinson - Wolfe Research

Trey Grooms - Stephens

Ivan Marcuse - KeyBanc Capital Markets

Nils Wallin - CLSA

Kevin McCarthy - Bank of America

Don Carson - Susquehanna Financial

Dennis McGill - Zelman & Associates

Dmitry Silversteyn - Longbow Research

Jay McCanless - Sterne Agee

Matt McGinley - ISI Group

Eric Bosshard - Cleveland Research

Jeff Zekauskas - JP Morgan

Jaideep Pandya - Berenberg

Richard O'Reilly - Revere Associates

John Roberts - UBS

Presentation

Operator

Good morning. Thank you for joining The Sherwin-Williams Company’s


Complete Story » By Brad Kenagy:

In this article, I will be conducting a one-year review of an article I wrote last year about improving an ETF portfolio constructed by CNBC last year for someone who was around 50 years old. The main thing I found last year when analyzing the CNBC portfolio was that many of the funds had a high correlation to each other. I concluded that the best way to fix this was to replace some ETFs in the portfolio with lower correlated ETFs, and because of these redundancies, I was able to cut out some funds and reduce transaction costs. In the first table below is the portfolio that was constructed by the CNBC ETF advisory council, and the second table shows the portfolio that I constructed.

CNBC Portfolio

Type Symbol Fund Name
Weight

Cash

(GSY)

Guggenheim Enhanced Short Duration Bond

5.00%

Equity

(SPY)

SPDR S&P 500

12.50%

Equity

(SCHD)


Complete Story »

Start Time: 11:37

End Time: 12:36

East West Bancorp, Inc. (EWBC)

F1Q2014 Earnings Conference Call

April 17, 2014 11:30 AM ET

Executives

Dominic Ng - Chairman and CEO

Julia S. Gouw - President and COO

Irene H. Oh - Executive VP & CFO

Analysts

Dave Rochester - Deutsche Bank

Aaron Deer - Sandler O'Neill & Partners, L.P.

Jennifer Demba - SunTrust Robinson Humphrey, Inc.

Joe Morford - RBC Capital Markets

Julianna Balicka - Keefe, Bruyette & Woods, Inc.

Ebrahim Poonawala - Bank of America Merrill Lynch

Ebrahim Poonawala - Bank of America Merrill Lynch

Gary Tenner - D.A. Davidson

Brett Rabatin - Sterne Agee & Leach, Inc.

Presentation

Operator

Good day and welcome to the East West Bancorp First Quarter 2014 Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions) Please note, this event is being recorded.

I’d now like to turn the conference over to Irene


Complete Story » By Crunching Numbers:

Sirius XM Holdings (SIRI) has not conducted its share buyback in a manner similar to most other companies. It originally announced an initial $2 billion buyback on December 6, 2012, but it did not begin the purchases until after it released year-end earnings on February 5 of 2013. The reason for the delay of two months was stated on the conference call by CFO David Frear:

When we announced the program in December, we were pretty close to earnings. And so the advice we had was to stay out of the market until we had gotten kind of the material non-public information into the marketplace, which I think we effectively do with this call and getting the K filed.

The company then began making open market purchases, and through the end of the third quarter, purchased "476,545,601 shares of common stock for an aggregate purchase price of approximately


Complete Story »

Chipotle Mexican Grill, Inc. (CMG)

Q1 2014 Earnings Conference Call

April 17, 2014 11:00 AM ET

Executives

Alex Spong - IR

Steve Ells - Chairman and Co-CEO

Monty Moran - Co-CEO

Jack Hartung - CFO

Analyst

Eric Gonzalez - RBC Capital Markets

David Tarantino - Robert W. Baird Co.

John Glass - Morgan Stanley

Jason West - Deutsche Bank

Nicole Miller - Piper Jaffray

Andy Barish - Jefferies

Keith Siegner - UBS

Nick Setyan - Wedbush Securities

Presentation

Operator

Good day, and welcome to the Chipotle Mexican Grill First Quarter 2014 Earnings Conference Call. All participants are now in a listen-only mode. After the speakers’ remarks, there will be a question-and-answer session. (Operator Instructions) As a reminder, this conference is being recorded. Thank you.

I would like to turn the conference over to Chipotle’s Director of Investor Relations, Alex Spong. You may begin your conference.

Alex Spong

Thanks, Rene. Hello


Complete Story »

Badger Meter, Inc. (BMI)

Q1 2014 Earnings Conference Call

April 17, 2014 11:00 AM ET

Executives

Rick Johnson - SVP of Finance, CFO and Treasurer

Rich Meeusen - Chairman, CEO and President

Analysts

John Quealy - Canaccord Genuity

Richard Eastman - Robert W. Baird & Company

Ryan Connors - Janney Montgomery Scott

Glenn Wortman - Sidoti & Company

Hasan Doza - Water Asset Management

Presentation

Operator

Good day ladies and gentlemen and welcome to the Quarter One 2014 Badger Meter Inc. Earnings Conference Call. My name is Carolyn and I will be your operator for today. At this time, all participants are in listen-only mode. We will conduct a question-and-answer session towards the end of the conference. (Operator Instructions) As a reminder, the call is being recorded for replay purposes. And now I’d like to turn the call over to Rick Johnson, Senior Vice President of Finance and CFO.

Rick


Complete Story » By Chris Ciovacco:

Don't Fight The Fed

The longer you are involved with the financial markets, the more meaningful the expression "don't fight the Fed" becomes. In the simplest terms, if the Fed keeps interest rates near zero, it is next to impossible to make money in conservative investments. As long as the low-rate pledge is in place, investment capital will tend to gravitate toward risk in the search of positive returns. From The Wall Street Journal:

Federal Reserve Chairwoman Janet Yellen left markets comforted and reassured about continued low interest rates after a speech that emphasized her focus on low inflation and economic slack. Wednesday's remarks, coming in her third major address in the past month, followed an eventful first policy meeting in March that left some investors worried the central bank under her leadership might be inching toward higher rates sooner than expected. Ms. Yellen studiously sought to keep the


Complete Story » By Benzinga:

By Matthew McCall

Since hitting a high on April 4, the SPDR S&P 500 ETF (SPY) has fallen over two percent as the momentum stocks have succumb to profit-taking. The ETF breached the 50-day moving average for the second time this year during the pullback before attempting to rally this week. The choppy trading has not affected the overall market too much, but individual stocks and ETFs have fared much worse.

Meanwhile, a handful of international ETFs have been able to avoid the selling and have attracted buyers as U.S. stocks struggle. The one trend that has been evident overseas has been money flowing into emerging and frontier markets.

Many of the countries underperformed the U.S. last year, but have now reached levels that are attractive on a valuation basis.

Global X Nigeria Index ETF (NGE)

The country more known for corruption and geopolitical concerns than the fact they


Complete Story »
Complete Story »
Updated: 1 hour 47 min ago

IPO Preview: TPG Specialty Lending

21 Mar ’14

Based in Fort Worth, TX, TPG Specialty Lending (TSLX) scheduled a $116 million IPO on the NYSE with a market capitalization of $855 million at a price range midpoint of $16.50 for Friday, March 21, 2014.

The full IPO calendar is available at IPOpremium.

SEC Documents
Manager, Joint managers: J.P. Morgan, BofA Merrill Lynch, Goldman Sachs, Citigroup, Wells Fargo Securities, Barclays

Co-Managers: TPG Capital, Janney Montgomery Scott, JMP Securities

End of lockup (180 days): Wednesday, September 17, 2014

End of 25-day quiet period: Tuesday, April 15, 2014

Summary
TSLX is a specialty BDC finance company focused on lending to middle-market companies.

Valuation

Glossary

Compare

Mrkt

Price /

Price /

Price /

Price /

Dividend

Cap (MM)

Sls

Erngs

BkVlue

TanBV

yield

TPG Specialty Lending

$858

n/a

n/a

1.07

1.06

9.21%

Apollo Investment (AINV)

$1,910

n/a

n/a

1.03

1.03

9.36%

Conclusion
TSLX is a specialty BDC finance company funded

Is Chen Understating BlackBerry's Turnaround Odds?

21 Mar ’14

Blackberry (BBRY) Chief Executive Officer John Chen recently sat down with Bloomberg for an interview (check it out here) about BlackBerry's future strategy. His demeanor in the interview and demonstrated disregard of Wall Street's nonsense (for instance: Do you think BlackBerry is the right name?) was actually more interesting and refreshing than the actual interview. In addition, Chen also conducted an interview with the Financial Times in which he now famously stated, that BlackBerry's turnaround odds stand at 50% percent.

While many investors and market observers did interpret his remarks negatively, I see the odds as another reminder that BlackBerry is still a great turnaround investment with an asymmetric payoff profile.

Technically, BlackBerry could indeed go bust and investors could lose their entire investment -- that's the sort of the inherent risk when someone buys equity securities and this really isn't new information -- however, I consider this

Will General Electric Face Activist Pressure?

21 Mar ’14

General Electric (GE) has been making good progress with its effort to diversify into an industrial focused stock. About a week ago, it filed SEC form S-1 for the IPO of Synchrony Financial, better known as GE Capital Retail Finance. By revenues, this unit represents about 22% of GE Capital and about 7% of General Electric overall.

General Electric's IPO of Synchrony Financial faces some hurdles

However, General Electric may be facing some unexpected hassles with the IPO.

On March 18, the WSJ reported that two federal regulators were conducting investigations into GE Capital's various credit card businesses for potential violations of consumer finance laws.

Basically, the Consumer Financial Protection Bureau, or CFPB, is looking into the use of certain "debt cancellation products" and related marketing practices by GE Capital. In addition, General Electric notified the CFPB about a problem with its Spanish-language filings of settlement notices for

IPO Preview: A10 Networks

21 Mar ’14

Based in San Jose, CA, A10 Networks (ATEN) scheduled a $175 million IPO on the NYSE with a market capitalization of $826 million at a price range midpoint of $14 for Friday, March 21, 2014.

The full IPO calendar is available at IPOpremium.

SEC Documents
Manager, Joint managers: Morgan Stanley, BofA Merrill Lynch, J.P. Morgan

Co-Managers: RBC Capital Markets, Pacific Crest, Oppenheimer & Co.

End of lockup (180 days): Wednesday, September 17, 2014

End of 25-day quiet period: Tuesday, April 15, 2014

Summary
ATEN's solutions enable enterprises, service providers, Web giants and government organizations to accelerate, secure and optimize the performance of their data center applications and networks.

New product: ATEN is a new entrant into the Distributed Denial of Service (DDoS) Threat Protection System and first publicly launched its Distributed Denial of Service Threat Protection System (DDoS detection and mitigation solution) in January 2014.

Lawsuit settled: ATEN's

UnitedHealth Group: 4 Different Insiders Have Sold Shares During The Last 30 Days

21 Mar ’14

UnitedHealth Group Incorporated (UNH) operates as a diversified health and well-being company in the United States.

(click to enlarge)

Insider selling during the last 30 days

Here is a table of UnitedHealth Group's insider activity during the last 30 days.

Name Title Trade Date Shares Sold Rule 10b5-1 Current Ownership Decrease In Ownership Kenneth Shine Director March 18 1,250 No 24,085 shares + 1,250 options 4.7% William Ballard Director March 18 10,000 No 65,042 shares 13.3% Gail Boudreaux EVP Feb 27-28 90,392 No 182,531 shares 33.1% Larry Renfro EVP Feb 25 131,569 No 185,758 shares 41.5%

There have been 233,211 shares sold by insiders during the last 30 days.

Insider selling by calendar month

Here is a table of UnitedHealth Group's insider activity by calendar month.

Month Insider selling / shares Insider buying / shares March 2014 11,250 0 February 2014 267,886 0 January 2014 10,000 0 December

IPO Premium: Versartis

21 Mar ’14

Based in Redwood City, CA, Versartis (VSAR) scheduled an $81 million IPO on the Nasdaq with a market capitalization of $383 million at a price range midpoint of $17.50 for Friday, March 21, 2014. Update: the price range mid-point has been raised to $20, the rating is the same.

The full IPO calendar is available at IPOpremium.

SEC Documents
Manager, Joint managers: Morgan Stanley, Citi

Co-Managers: Cowen & Company, Canaccord Genuity

End of lockup (180 days): Wednesday, September 17, 2014

End of 25-day quiet period: Tuesday, April 15, 2014

Summary
VSAR is an endocrine-focused biopharmaceutical company initially developing its novel long-acting recombinant human growth hormone, VRS-317, for growth hormone deficiency, or GHD, an orphan disease.

VRS-317 is intended to reduce the burden of daily treatment by requiring significantly fewer injections, potentially improving compliance and, therefore, treatment outcomes.

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Indonesian Election News Signals An Entry Point To This Growth Market

21 Mar ’14

On Friday 14th March, Joko Widodo, popularly known as "Jokowi" officially announced his candidacy for the Indonesian Presidential election due to be held this July. This ends months of speculation as to whether Jokowi, the popular mayor of Indonesia's capital city, Jakarta, would run at all, despite being the most popular potential candidate in most polls. His candidacy is boosted by official support from Megawati Soekarnoputri, the leader of his "Indonesian Democratic Party for Struggle" (PDI-P).

This is significant because Jokowi, with a track record of challenging corruption and bureaucratic waste, presents Indonesia with an opportunity to break its history of corruption and nepotism that has inhibited foreign investment, and perpetuated structural economic inefficiencies.

In the current market environment, emerging markets have performed poorly in comparison to the developed market indices, due to concerns about the vulnerability of highly leveraged currencies to reducing liquidity. Most recently, Chinese economic data

IPO Preview: Borderfree

21 Mar ’14

Based in New York, NY, Borderfree (BRDR) scheduled a $75 million IPO on the Nasdaq with a market capitalization of $457 million at a price range midpoint of $15 for Friday, March 21, 2014.

The full IPO calendar is available at IPOpremium.

SEC Documents
Manager, Joint managers: Credit Suisse, RBC Capital Markets

Co-Managers: Pacific Crest, Canaccord Genuity, William Blair, Needham & Co.

Summary
BRDR is a global ecommerce platform for online retailers.

Today, BRDR enables the online international expansion initiatives of some of the largest U.S. retailers and brands, including Aeropostale, J.Crew, Lands' End, Macy's, Neiman Marcus, Under Armour, Warby Parker and Williams-Sonoma.

Top-line revenue was up 34% for 2013 vs 2012, and was up 121% for 2012 vs 2011.

Gross profit is 32% and BRDR was almost breakeven in 2013.

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Annualizing June

Bofi Holdings Inc. - Online Banking Is Here To Stay

21 Mar ’14

Bofi Holding, Inc. (BOFI) is the holding company for Bank of the Internet Federal Bank, a nationwide bank based in San Diego, California. It is the 22nd largest bank in the state of California and the 222nd largest bank in the country.

The bank was founded in 1999 by the former president of La Jolla Bank. As of 12/31/13, the bank held $3.6 billion in assets.

Unlike traditional brick and mortar banks, Bank of the Internet Federal bank has just one branch location at its headquarters and only around 300 employees. As a result, their business model is more efficient, providing banking services more cost-effectively by eliminating the overhead costs of branches. These efficiencies extend to the back office and the distribution and delivery of banking products.

And as a result of these efficiencies Bofi is in the top percentiles relative to its savings bank peers with assets greater

IPO Preview: Globoforce

21 Mar ’14

Based in Dublin, Ireland, Globoforce (THNX) scheduled a $75 million IPO on the Nasdaq with a market capitalization of $457 million at a price range midpoint of $17 for Friday, March 21, 2014.

The full IPO calendar is available at IPOpremium.

SEC Documents
Manager, Joint managers: J.P. Morgan, Credit Suisse, UBS Investment Bank, Stifel

Co-Managers: Raymond James

End of lockup (180 days): Wednesday, September 17, 2014

End of 25-day quiet period: Tuesday, April 15, 2014

Summary
THNX offers gift cards and other options through a global e-commerce rewards network.

One customer has accounted for over 30% of revenue for each of the past three years. THNX intends to broaden its customer base.

Top line revenue compared to the year earlier period grew only 18% for 2013 and 16% for 2012.

Gross margin is only 20%.

And the loss % of revenue increased to -3.5% for 2013 from -1.2%

Prudential Financial Inc.: A Bond Market View

21 Mar ’14

Prudential Financial Inc. (PRU) is one of the largest financial institutions in the United States and one of the strongest firms in the industry from a credit risk point of view. Still, in these notes, we make no assumptions and let the facts lead us to our own independent conclusions. Today's study incorporates Prudential Financial Inc. bond price data as of March 19, 2014 to get an institutional, bond market view of the company. We analyze the potential risk and return to bondholders of Prudential Financial Inc. using 98 trades on 21 bond issues and a trading volume of $63.3 million in today's analysis.

Conclusion: We believe the overwhelming majority of analysts would judge Prudential Financial Inc. to be investment grade by the new Dodd-Frank definition. We note that the firm has exceptionally low default probabilities. As always, we remind the reader that this alone is not sufficient grounds on

Sony's Virtual Reality Headset May Put An End To The Television

21 Mar ’14

Project Morpheus could be the most revolutionary thing we've seen in quite a while. For those of you who don't know, Sony (SNE) has a working prototype of a Virtual Reality Headset. However, Sony plans to take things slow (like usual), and wants to ensure the product is just right before they actually release a final product.

Biggest problem with Sony's VR headset

Sony can't release the VR without software developers and third parties willing to design games for the hardware. To highlight the importance of developers, let's rewind history and look at Steve Ballmer's Microsoft (MSFT) presentation back in 2006. Yes, he sounds like a goof ball, but in reality, the only competitive moat around hardware is the software that goes along with it. Why not UNIX, or LINUX instead of Windows? It's because Microsoft convinced software developers that Windows was the way to go, and if

Rally Software's CEO Discusses F4Q 2014 Results - Earnings Call Transcript

21 Mar ’14

Rally Software (RALY)

F4Q 2014 Results Earnings Conference Call

March 20, 2014, 05:00 PM ET

Executives

Jeff Cooper - VP Finance

Tim Miller - Chairman and CEO

Jim Lejeal - CFO

Analysts

Nandan Amladi - Deutsche Bank Securities Inc.

Bhavan Suri - William Blair & Company, LLC

Patrick Walravens - JMP Securities, LLC

Mark Murphy - Piper Jaffray

Michael Huang - Needham & Company

Alex Zukin - Stephens

Rich Baldry - Roth Capital

Presentation

Operator

Good afternoon, and welcome to the Rally Software Fourth Quarter Fiscal Year 2014 Earnings Call. Today's call is being recorded. (Operator Instructions)

At this time, I'd like to turn the call over to Jeff Cooper, VP of Finance at the Rally Software. Please proceed.

Jeff Cooper

Thank you, operator. Good afternoon, and welcome to the fiscal fourth quarter 2014 Rally Software earnings call.

Our press release and a simultaneous broadcast of this call can be

IPO Preview: Amber Road

21 Mar ’14

Based in East Rutherford, NJ, Amber Road (AMBR) scheduled a $75 million IPO on the NYSE with a market capitalization of $286 million at a price range midpoint of $11.50 for Friday, March 21, 2014.

The full IPO calendar is available at IPOpremium.

SEC Documents
Manager, Joint managers: Stifel

Co-Managers: Pacific Crest, Canaccord Genuity, Needham & Co., Raymond James

End of lockup (180 days): Wednesday, September 17, 2014

End of 25-day quiet period: Tuesday, April 15, 2014

Summary
AMBR enables its customers to enjoy significantly lower supply chain costs compared to legacy systems.

2013 top line revenue was up 21% compared to 2012. 2012 revenue was up 15% compared to 2011; okay, but not great top line revenue rate of growth.

Recurring revenue retention (as defined by AMBR) is 102%, which is very good.

26% of the IPO is for selling shareholders.

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1994, Rising Interest Rates, And Your Approach To The Markets

21 Mar ’14

Rising Rates: Speed Kills

Janet Yellen's press conference Wednesday brought a Fed rate increase into the market's field of vision. Intermediate Treasuries (IEF) have dropped 1.08% this week. When bond prices fall, interest rates rise. Rising interest rates are typically a good sign for the economy and stocks, but one of the exceptions is when interest rates rise too quickly. A 2013 Wall Street Journal article touched on the prospect of a spike in interest rates:

The recent spike in rates conjured up fears of a bursting bubble in bonds, a rapid and disruptive increase in interest rates that would produce big losses for individuals and institutions with big bond portfolios and raise borrowing costs across the economy. There were more than a few references this week to 1994, when Alan Greenspan's Fed raised short-term rates after a long hiatus, bond markets around the world tanked and Orange County,

Is 5.58% Dividend Yielding Transocean In Deep Water?

21 Mar ’14

The last time I wrote about Transocean Ltd. (RIG) I stated, "I'm only buying a small position because I'm still a bit worried about the industry and any further downgrades." Since the time the article was published the stock has dropped 6.24% versus the 2.37% gain the S&P 500 (SPY) posted. It's quite unfortunate that I did plow additional money into the company at the time. Transocean is an international provider of offshore contract drilling services for oil and gas wells by operating in contract drilling service and drilling management services business segments.

On February 26, 2014, the company reported fourth quarter earnings of $0.73 per share, which missed the consensus of analysts' estimates by $0.02. In the past year the company's stock is down 25.09% excluding dividends (down 20.49% including dividends), and is losing to the S&P 500, which has gained 19.94% in the same time frame. With

Nike's CEO Discusses F3Q 2014 Results - Earnings Call Transcript

21 Mar ’14

Nike, Inc. (NKE)

F3Q 2014 Earnings Conference Call

March 20, 2014 17:00 ET

Executives

Kelley Hall - Vice President, Treasury and Investor Relations

Mark Parker - President and Chief Executive Officer

Trevor Edwards - President, Nike Brands

Don Blair - Chief Financial Officer

Analysts

Kate McShane - Citigroup

Omar Saad - ISI Group

Bob Drbul - Nomura

Robby Ohmes - Bank of America Merrill Lynch

Lindsay Drucker Mann - Goldman Sachs

Jim Duffy - Stifel

Dave Weiner - Deutsche Bank

Presentation

Operator

Good afternoon, everyone. Welcome to Nike’s Fiscal 2014 Third Quarter Conference Call. For those who need to reference today’s press release, you will find it at http://investors.nikeinc.com. Leading today's call is Kelley Hall, Vice President, Treasury and Investor Relations.

Before I turn the call over to Ms. Hall, let me remind you that participants on this call will make forward-looking statements based on current expectations and those statements

The Turnaround At Heidrick & Struggles International Might Catch The Attention Of Private Equity Buyers - Again

21 Mar ’14

Company overview

Heidrick & Struggles International (HSII) provides executive search, culture shaping and leadership consulting services.

Growth story clouded by uncertainty

HSII faced multiple challenges in the past year, especially in the critical personnel area given that executive search is a "people business" more than perhaps any other. In July 2013, the CEO stepped down and the board decided against selling the company after evaluating strategic alternatives. This uncertainty regarding leadership and the future of the company resulted in increased turnover (~20%).

Although the stock recovered from the lows of last summer, the current multiple still reflects lingering (and unwarranted) uncertainty regarding future growth prospects, even though each of the above challenges has been overcome. Last month HSII announced a new CEO to replace the interim one while the number of consultants increased for the first time in five years (on a year end basis) and management said

Identive Group's CEO Discusses Q4 2013 Results - Earnings Call Transcript

21 Mar ’14

Identive Group, Inc. (INVE)

Q4 2013 Earnings Conference Call

March 20, 2014 05:00 pm ET

Executives

Darby Dye - Investor Relations

Jason Hart - Chief Executive Officer, Director

Brian Nelson - Chief Financial Officer, Executive Vice President, Company Secretary

Analysts

Bryan Prohm - Cowen & Company

Presentation

Operator

Welcome to the Q4 Identive Earnings Conference Call. My name is Angela, and I will be your operator for today’s call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Please note that this conference is being recorded.

I will now turn the call over to Ms. Darby Dye. Darby, you may begin.

Darby Dye

Thank you. Hello, everyone and thank you for joining us. With me on the call today are Jason Hart, CEO of Identive and Brian Nelson, our CFO. In a moment, we will hear remarks from both of them and

Interleukin Genetics CEO Discusses Q4 2013 Results - Earnings Call Transcript

21 Mar ’14

Interleukin Genetics, Inc. (OTCQB:ILIU)

Q4 2013 Results Earnings Conference Call

March 20, 2014; 04:30 p.m. ET

Executives

Ken Kornman - Chief Executive Officer

Eliot Lurier - Chief Financial Officer

Analysts

Peter Wilson - Private Investor

Brian Marckx - Zacks Investment Research

Presentation

Operator

Good day ladies and gentlemen and thank you for standing by, and welcome to the Interleukin Genetics, 2013 fourth quarter and year end earnings results conference call. At this time all participants are in a listen-only mode. We will be facilitating a question-and-answer session at the end of today's conference.

With us today from Interleukin Genetics are Ken Kornman, CEO and Eliot Lurier, CFO. Dr. Kornman will provide the corporate update and Mr. Lurier will review financial results for the quarter and year ended December 31, 2013 followed by other financial highlights. Dr. Kornman will provide closing remarks and will then open the call for questions.

Before