Category Archives: Uncategorized
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