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- Sigma Designs to Acquire CopperGate
- Tom Armistead submits: Sigma Designs SIGM recently announced the acquisition of CopperGate for 160 million, to be paid with $92 million in cash plus the issuance of an estimated 4 million shares. Boards of both companies have approved the deal. As has been happening lately, shares of the acquiring company...
- External links 2009-10-16
- Jabil Circuit: Options Strategy Ahead of Earnings
- Tom Armistead submits: Jabil Circuit JBL is expected to report earnings the week of June 23rd, 2009. Looking forward to earnings, I don't have an opinion, but based on my long-term favorable view of the company's prospects and past behavior around earnings, an option strategy seems attractive – a reverse...
- External links 2009-06-18
- Valero vs. Tesoro: Comparing Two Refiners
- Tom Armistead submits: Refiner Valero VLO recently warned on a weak 2nd quarter, projecting a loss of (.50) and citing extended downtime at its Delaware City and McKee refineries and the continuation of weak sour crude oil discounts and lower diesel margins. The stock tanked on the news,...
- External links 2009-06-07
- Jungle Ethics Financialism vs. Free Market Capitalism
- Tom Armistead submits: Proposals for adequate regulation and enforcement in the financial markets often run into objections from advocates of free-market capitalism. Like any discussion that involves “isms,” a lot of confusion and hard feelings can be generated by a failure to examine the assumptions and preconceptions that cluster around...
- External links 2009-06-08
- Office Depot: Ending the Dumpster Dive
- Tom Armistead submits: A couple of months ago, I wrote a favorable article about Office Depot ODP, based on increasing free cash flow and a recent price turn. The stock was trading just above a dollar at that time, and is now at 4.20, a four bagger. ...
- External links 2009-05-28
- Options Strategy: Reverse Collar or Fence
- Tom Armistead submits: The reverse collar or fence strategy, when done without any position in the underlying, is interesting as a speculative maneuver. A collar or fence is a defensive position, taken to protect a holding from a decline while sacrificing potential profits on the upside. Holding the stock, the...
- External links 2009-05-22
- Options Strategy: Diagonal Spreads
- Tom Armistead submits: I have had good results so far this year with long diagonal call spreads, which have been attractive due to high volatility, and profitable because the market has rallied strongly off the March lows. This strategy is less attractive right now because volatility has been declining and...
- External links 2009-05-15
- Adaptec: Value Plus a Possible Catalyst
- Tom Armistead submits: RAID controller vendor Adaptec ADPT is a value play in the technology sector, based on a strong balance sheet, interesting because it has a possible catalyst to ignite growth. Because of the proliferation of digital content, the storage sector offers growth opportunities for companies that can keep...
- External links 2009-04-16
- Jabil Circuit May Benefit from Increased Outsourcing
- Tom Armistead submits: On 3/24, electronic manufacturing service Jabil Circuit JBL reported a lackluster 2Q 09, replete with charges, a GAAP loss of (.20), and conservative guidance based on limited visibility. The stock tanked briefly to as low as 3.73, but has since soared to close at 6.63 on Thursday...
- External links 2009-04-14
- Fixing the System: What's Missing?
- Tom Armistead submits: Much of what the Fed, FDIC and Treasury have done to fix the financial system involves stepping in, hopefully on a temporary basis, to provide or facilitate funding that would normally have come from the private sector. Any permanent solution to the current difficulties must decisively address...
- External links 2009-03-25
- Cogo Group: Value Prospect with Exposure to 3G in China
- Tom Armistead submits: Cogo Group COGO, a Chinese company operating in the communications equipment industry, is interesting as a value play based on price/book, a strong balance sheet, and ample cash. A former high flyer, it has traded from a high of 22.50 in 2007 to a low of 2.46...
- External links 2009-06-24
- Why I'm Still Drawn to BJS Services
- Tom Armistead submits: Oil service company BJS Services BJS is heavily dependent on North American natural gas drilling activity. Recently, natural gas has been trading at historically low prices, especially when viewed in terms of a ratio of natural gas to oil prices. New supply from shale plays has created...
- External links 2009-06-30
- S&P 500: Which Earnings Are Most Relevant to Its Performance?
- Tom Armistead submits: NIPA Corporate Profits may be a better yardstick for measuring the level of the S&P 500 index than the actual GAAP earnings of the companies involved. NIPA stands for National Income and Product Accounts, one of which is Corporate Profits. The US Bureau of Economic Analysis –...
- External links 2009-07-17
- ConocoPhillips Plans Two Year Makeover
- Tom Armistead submits: ConocoPhillips COP released its 3rd quarter interim results on 10/2, followed on 10/7 by an announcement of a dividend hike, together with plans to rationalize their portfolio and grow production. Shares closed Friday at 50.84, up 13% so far in October. Shiv Kapoor drew a lot of...
- External links 2009-10-13
- Exelon: Defensive Dividend Utility Stock
- Tom Armistead submits: On September 30, Jim Cramer commented favorably on electric utility Exelon EXC, after the stock closed at 49.62. I was not listening a little bit goes a long way but according to Miriam Metzinger, he said that the cap-and-trade bill should benefit Exelon, which has...
- External links 2009-10-07
- Gulf Island Fabrication: Value with Deepwater Exposure
- Tom Armistead submits: Gulf Islands Fabrication Inc. GIFI, at Friday's closing price of 18.06, is a value play in the oil and gas equipment and services industry. The initial attraction is a combination of low P/B (1.0) and low Price/5 Year Average Earnings (11.5). The company has numerous strengths, which...
- External links 2009-09-29
- Haynes International: Value in Specialty Steel
- Tom Armistead submits: Specialty steelmaker Haynes International HAYN at yesterday's closing price of 32.08, is interesting as a long-term play on industrial recovery. Attractions include a strong balance sheet, ample cash, technical expertise, and a diversified customer list that is a who's who of global industry. Weighing against that, the...
- External links 2009-09-25
- Allstate: Buy on the Dips
- Tom Armistead submits: Multi-line insurer Allstate ALL was recently downgraded by Goldman Sachs, from neutral to sell. The analyst cited risk of loss of market share for Auto, low ROE on Homeowners, and uncertainty about the Life operation. The shares naturally gave up a few points on the news, so...
- External links 2009-09-18
- Regulatory Reform: The Political Calculus
- Tom Armistead submits: Obama's address to Wall Street was poorly received – a smattering of applause for the announcement of the CFPA, but otherwise a deafening silence, followed afterward by commentary that sees little probability of meaningful reform of financial regulation. Most denizens of Wall Street have missed the point....
- External links 2009-09-17
- Webster Financial: Following the Smart Money
- Tom Armistead submits: Webster Financial Corp. WBS is a regional bank, interesting as a value play where the investor has the benefit of the involvement of smart money - in this case, Warburg Pincus. As a strategy, following the smart money into financials worked horribly during the meltdown,...
- External links 2009-09-17
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