Category Archives: Uncategorized
Nice Speech, Mr. Powell, But Please Pay Attention to Housing
The stock market fell 3.3% on Friday, following Fed Chairman Jay Powell’s speech on monetary policy at the Jackson Hole Fed meeting. Mr. Powell affirmed the Federal Reserve’s commitment to bring inflation down, which will probably take some time and … Continue reading
Going to Neutral on Big Pharma
The stocks of large pharmaceutical companies, including Bristol-Myers Squibb (BMY) and Merck & Co. (MRK), which I follow, have outperformed the market significantly so far this year. The pharmaceuticals sector, as measured by the NYSE Arca Pharmaceuticals Index ($DRG) shows … Continue reading
2021 Market Outlook – Part 1
Despite Ongoing Uncertainties about the Pandemic, the Economic Recovery and Global Events, the Stock Market is Poised to Move Higher in 2021. The financial markets turned in a stellar performance in 2020, the year of COVID-19, when real GDP probably … Continue reading
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
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
Verizon (VZ) 18Q1 Results
Verizon reported 18Q1 GAAP earnings of $1.22 per share, better than last year’s $1.11. Non-GAAP adjusted EPS of $1.20 were also up from $1.17 last year. This year’s GAAP results benefited from a $0.02 gain on a pension adjustment related … Continue reading
Cloud Peak Energy: Valuable Assets But Little Income
On January 29, Cloud Peak Energy (“CPE”) announced that it had hired a team of professionals to help it review its capital structure and formulate restructuring alternatives. That followed its announcement last November that it was pursuing strategic alternatives, including … Continue reading
Notes and Observations from the MIT CFO Forum
This year’s forum, held on November 15, was the seventeenth in the series. It kicked off with Co-Chairman Jeremy Seidman highlighting the planning process for the event. Each year, about a month after the current forum, Mr. Seidman, Co-Chair Jack … Continue reading