Author Archives: Stephen Percoco

Notes and Analysis from HPE’s 2019 Securities Analyst Meeting

At its 2019 Securities Analyst meeting (SAM) held in New York City on October 23, the senior management of Hewlett Packard Enterprise (HPE) said that the company was poised to enter the third phase of its evolution: pivoting to sustainable, … Continue reading

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SNH Still Seems Behind Goal on Asset Sales

SNH has set a goal of $900 million in announced or closed asset sales in 2019.  With more than nine months of the year gone, it has completed only $119.1 million in asset sales and has an estimated $125 million … Continue reading

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Eliminating the RMR Discount

The five publicly-traded REITs that are managed by the RMR Group, Inc. (RMR), a Newton, Mass.-based property manager, have often traded at significant discounts to their peers. The discount has been attributed to the nature of the relationship between RMR … Continue reading

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NYT Magazine Article on the Boeing 737 Max

The cover story in this week’s Sunday New York Times Magazine is “What Really Caused the Deadly Crashes of the Boeing 737 Max?“. While acknowledging that malfunctions caused the crashes, it also documents in detail the errors made by the … Continue reading

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StoneMor’s Rights Offering

This week, StoneMor Partners, L.P. (STON) announced that it has set a record date of September 26, 2019 for its upcoming rights offering. Soon thereafter, once the SEC declares the registration statement to be effective, the partnership will mail a … Continue reading

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A Review of the Markopolos Report on General Electric

On August 15, 2019, Harry Markopolos, who gained fame as the person who exposed the fraud perpetrated by Bernie Madoff, released a 175-page report entitled “General Electric, A Bigger Fraud Than Enron.” GE’s stock fell 11.3% on the day; but … Continue reading

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A Reset for Senior Housing Properties Trust

In response to the financial difficulties of its primary tenant, Five Star Senior Living (FVE), Senior Housing Properties Trust (SNH) has been forced to negotiate a change in the structure of their business relationship.  Specifically, SNH has agreed to cancel … Continue reading

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The Old and New Five Star

Five Star Senior Living (FVE) and its landlord Senior Housing Properties Trust (SNH) have previously announced a restructuring of their commercial arrangements whereby SNH will cancel the five master leases that cover 181 senior living and skilled nursing facilities currently … Continue reading

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A Solid First Half for Housing and the Builders

A typical analysis from policy makers, like the Federal Reserve, points out that activity in the housing market has declined so far this year; but that assertion focuses primarily on housing starts.   A more complete picture from the national data … Continue reading

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An Update on Bed Bath & Beyond

Shares of Bed Bath & Beyond have sold off sharply in recent weeks, but the stock is exceptionally cheap vs. its peers. If new leadership can accelerate the company’s transformation plan successfully, the shares have significant upside potential. The article explores both risks and opportunities for Bed Bath & Beyond as it enters the next phase of its transformation plan. Continue reading

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