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CAI International, Inc. (CAP) dbAccess 2013 Global Industrials and Basic Materials Conference Call June 13, 2013 9:00 am ET Executives Victor Garcia – President and Chief Executive Officer Analysts Stephen Plauche – Deutsche Bank Presentation Stephen Plauche – Deutsche Bank Good morning, I’m Stephen Plauche with Deutsche Bank’s Industrials and Transportation Investment Banking Group. I’m pleased to introduce CAI International, who is first time participant within the Deutsche Bank conferences. With me today is Victor Garcia, who is President and CEO of CAI. He is going to have some prepared remarks and then we’ll have some time for Q&A at the end. Thank you. Victor Garcia Thanks Steve. Good morning. Just mentioning the Safe Harbor statement, for those who are on the webcast. On page three is an overview of our overall business, we are a primarily a marine container lessor, we’re the fifth largest marine container lessor with approximately

By Jason Napodano, CFAThis morning, Cipher Pharmaceuticals (DND.TO) (CPHMF.PK) posted an updated investor presentation on its website. It shows that business is chugging along nicely at Cipher. Back in May 2013, we announced that we were raising our earnings forecasts for the company, yet again, after a solid first quarter 2013 report. In the first quarter 2013, Cipher delivered $3.3 million in revenues and $1.5 million in net income (+6 cents per share). Revenues increased by 82% over the first quarter 2012. It was the fifth quarter in a row of greater than 80% year-over-year revenue growth and the fifth quarter in a row of positive earnings per share.The new investor presentation highlights many of the impressive business and financial metrics that Cipher has posted over the past year, no doubt driven by the launch of Absorica, an improved oral lidose (CIP) formulation of acne medication

Bernanke not to the rescue....Today was a frustrating day for bulls as a breakout yesterday was doused by Bernanke's comments today.  As we wrote in yesterday's recap Unfortunately this is happening right ahead of a much anticipated Federal Reserve announcement and press conference so volatility could be intense tomorrow.andOf course we can ALWAYS have a fakeout where we breakout and immediately fail.  But thus far in 2013 that has not been the case.  The timing is not ideal ahead of the FOMC press conference tomorrow because "taper or no taper" talk will most likely move markets strongly in one direction or the other.And so it was a very volatile day and the breakout was a fakeout as ironically the Fed was too positive on its economic outlook which means the potential for less support via quantitative easing, which is the drug the market loves more than good economic data in the modern era.   The only thing that mattered today - and essentially the past two months since the last earnings season ended, has been the central banks so today's comments by Bernanke were the sole focus.At a news conference, the central bank chief said if the economy continues to improve the asset-purchasing program could start winding down towards the end of 2013 and wrap up in 2014.  Bernanke said scale-backs in the asset purchasing program will only happen if the economic data gets better. Interest rate hikes, he said, are a separate issue and "still far in the future."The market was very displeased and sent the S&P 500 down 1.39% and NASDAQ 1.12%.Yesterday we had a very nice trifecta for the S&P 500 - (a) it broke out of the descending channel (b) it broke back over the 20 day moving average and (c) made a new higher high versus the prior week's high.  But technical analysis is only worthwhile in a relative vacuum - when you have important news events, that tends to swamp everything and today was one of those days.   As we exited the day the S&P 500 fell back into its channel.The same could be seen in the NASDAQ and Russell 2000. Breadth was horrid today, one of the worst days in a year at -2136.Bonds sold off and yields jumped...The U.S. dollar rallied....Emerging markets took it to the chin again....One area that has stood up well, of all things, is oil - which we mentioned broke out over resistance late last week and has held in very well this week.  Interesting.So all in all, so many of these markets are interconnected.  Ironically good news in terms of the Fed's viewpoint on the economy is now bad news for the market.  At least for now.  Even if the Fed only does $30 or $50B a month of quantitative easing it would be a massive stimulus but traders simply want as much heroin in their system as possible and balk at any removal.   We'll see how the next few days play out - since May 22nd it's been a very combative tug of war between bears and bulls, unlike the first 4 months of the year.Original post: STTG Market Recap June 19, 2013

Investors, concerned over a cutback in Fed quantitative easing and higher rates, have been shifting away from municipal bond exchange traded funds, but the move may have been premature.The triple-A rated 10-year muni benchmark was hovering around 2.27% last Thursday, or up 46 basis points month-over-month, reports Ben Eisen for MarketWatch.Municipal bond investors have redeemed $1.47 billion from bond funds in the week ended June 12, with retail investors driving most of the trades.According to alternative-trading platform TMC Bonds LLC, the daily average muni bond trades is up 28.2% year-to-date, but trade sizes were down 21.2%. Last month, as talks about a Fed "tapering" gained momentum, average trades increased 35.2% while trade sizes were 23.1% smaller. So far in June, average trades are up 40.8%.However, the recent plunge in munis may have been an overreaction."The recent rise in yields coupled with any additional

Things To Think About Some have already noted yesterday (June 18, 2013) that the American Medical Association is now classifying obesity as a disease. Today, the AMA adopted policy that recognizes obesity as a disease requiring a range of medical interventions to advance obesity treatment and prevention. "Recognizing obesity as a disease will help change the way the medical community tackles this complex issue that affects approximately one in three Americans," said AMA board member Patrice Harris, M.D. "The AMA is committed to improving health outcomes and is working to reduce the incidence of cardiovascular disease and type 2 diabetes, which are often linked to obesity." The Old And The New This will likely have ramifications for the obesity sectors in old and new pharma as time unfolds...The news has been out for a while that old pharma is looking for new pharma. The Basel behemoths (Bayer, Ciba,

In an interview with CNBC on Wednesday morning, Harvard Professor Martin Feldstein argued that US Treasuries are in a Fed driven "bubble."Feldstein's comments echoed the comments of legendary stock investor Warren Buffett last month that US Treasuries are artificially priced, and investors can lose a great deal of money holding them at this point. Legendary bond investor At around the same time, Bill Gross seemed to think otherwise. His $289 billion fund raised its U.S. Treasury holdings to 33 percent. Which side is right?Only time can tell for sure. However, there are compelling arguments to be made on both sides of the market. On the bearish (Buffett side) is history. For the last five years, U.S. Treasuries have yielded spectacular returns to investors who have been on the long side of the market. The iShares Barclays 20+ Year Treasury Bond (TLT) is up close to 40

May 2013 June 2013 Comments Information received since the Federal Open Market Committee met in March suggests that economic activity has been expanding at a moderate pace. Information received since the Federal Open Market Committee met in May suggests that economic activity has been expanding at a moderate pace. No real change Labor market conditions have shown some improvement in recent months, on balance, but the unemployment rate remains elevated. Labor market conditions have shown further improvement in recent months, on balance, but the unemployment rate remains elevated. No change Household spending and business fixed investment advanced, and the housing sector has strengthened further, but fiscal policy is restraining economic growth. Household spending and business fixed investment advanced, and the housing sector has strengthened further, but fiscal policy is restraining economic growth. No change. I’m sorry, but balanced budgets promote growth, because economic actors don’t fear their taxes

Lennar Corporation (LEN) is scheduled to report its 2nd-quarter 2013 earnings on Tuesday, June 25. Below I have highlighted this quarter's earnings estimates as well as provided a fundamental look at the company's financial position and valuation. Profile and Estimates Lennar has a market cap of $7.45 billion and had annual sales last year of $4.1 billion. Shares currently trade for $37.85 and are up 1.89% YTD and 47.65% above their 52-week low of $25.66 per share.LEN data by YChartsAnalysts have a mean target price of $43.76 and a median price target of $45.00 on the shares. This quarter, analysts on average are expecting an EPS of $0.33 on revenues of $1.33 billion.Below is a valuation metrics that I have compiled based on this year's EPS estimates and the company's 5YR P/E ratios. (click to enlarge) Based on this analysis, LEN's target price

Even before the last six trading days, which have all seen the Dow move up or down 100+ points, there has

nteresting data point this morning from the Merrill Lynch fund manager survey showing the extreme hatred for commodities at present (see figure 1). I’ve always hated the idea of “investing” in commodities so it’s interesting to see these extreme swings in sentiment. I basically think the chart below should show a negative blue bar across the entire timeframe. Anyhow, this could be a contrarian sign or it could be the beginning of what I hope