Author Archives: Stephen Percoco
PSEG: A Possible Rocky Transition to T&D
It has been a year since PSEG announced a strategic review to explore divesting its fossil fuel generating assets. Since then, management has said that it is pleased with the interest shown by potential buyers in its 6,750+ MW portfolio … Continue reading
Bluegreen Vacations Holding Corp. Stands to Gain as Domestic Travel Improves
On May 5, 2021, Bluegreen Vacations Holding Corporation (BVH), formerly known as BBX Capital Corporation, completed the acquisition of the 7% publicly-traded ownership stake of Bluegreen Vacations Corporation (BXG) that it did not already own through a statutory short-form merger … Continue reading
HPE 21Q2 Results
The Company Reported Stronger Than Expected 21Q2 Results, But Its Upwardly Revised Guidance Was Somewhat Disappointing. HPE reported fiscal 2021 second quarter GAAP earnings of $0.19 per share, well above its most recent guidance of $0.02-$0.08 per share and ahead … Continue reading
Update on Hewlett Packard Enterprise (HPE)
HPE has posted two consecutive quarters of stronger-than-expected results. Although the quarterly figures still lag behind the prior year, the recent strength suggests that its business is rebounding strongly off the bottom. As noted by management, HPE’s business portfolio, which … Continue reading
Five Star Alters Strategy, Its Stock Gets Slammed
In early April, Five Star announced a change in its strategy whereby it will transition out of the management of 108 smaller senior living communities (SLCs) with 7,500 living units (with an average of 69.4 units per community), close and … Continue reading
Assessing the Impact of the Organon Spin-Off on Merck
Merck is progressing toward the spin-off of its subsidiary, Organon & Co., which is expected to be completed by the end of the June. Organon will include Merck’s women’s health products, biosimilars and certain established brands, most of which have … Continue reading
Five Star and DHC Restructure Their Agreement
On April 9, Five Star and DHC announced a restructuring of their management agreement whereby DHC will transition the management of 108 smaller senior living communities (SLCs) with a total of 7,500 units to other operators by the end of … Continue reading
Merck Spin-Off of Organon Targeted for 21Q2
In recent weeks, Merck has been following through on its plan to spin-off its subsidiary, Organon & Co., to shareholders. On March 17, it filed its Form 10 registration statement related to the transaction. On March 24, it posted on … Continue reading
Vaccinations Raise Visibility of a Bottom in Occupancy for DHC
Diversified Healthcare Trust reported 2020 fourth quarter normalized funds from operations (FFO) (my definition) of $15.1 million or $0.06 per share, slightly better than 20Q3, but well below 19Q4. The results were modestly better than I anticipated with lower operating … Continue reading
Citius Pharma Raises $71 million in Equity Unit Offering
Citius Pharmaceuticals (CXTR) is a specialty pharmaceutical company focused on the development of four potential products: (1) Mino-Lok, an antibiotic lock solution to treat and salvage infected central venous catheters (“CVCs”) in patients with catheter-related bloodstream infections (“CRBSIs”); Halo-Lido, a … Continue reading