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General Electric (GE) was once revered as one of the bluest of all blue-chip companies in the world. During its glory days, GE was respected as an industrial conglomerate that manufactured some of the world's best jet engines, locomotive...
General Electric (GE) was once revered as one of the bluest of all blue-chip companies in the world. During its glory days, GE was respected as an industrial conglomerate that manufactured some of the world's best jet engines, locomotives, appliances and even the highly regarded General Electric light bulb. However, as best I can determine, the roots of General Electric's ultimate demise were established in 1930 when the company, responding to the great depression, formed GE Finance in order to help their customers finance GE appliances over time.Over the many decades since, GE Finance rapidly grew into GE Capital, the company's largest, and for many years, their most profitable division. Essentially, General Electric morphed from being one of America's great industrial companies into one of America's largest diversified financial services companies. However, in addition to helping large customers finance their jet engines, locomotives and other General Electric products, General
16 minutes ago
CVS Caremark Corporation (CVS) Special Presentation Call May 21, 2013 8:45 am ET Executives David Denton – Executive Vice President, Chief Financial Officer Analysts Meredith Adler – Barclays Capital Presentation Meredith...
CVS Caremark Corporation (CVS) Special Presentation Call May 21, 2013 8:45 am ET Executives David Denton – Executive Vice President, Chief Financial Officer Analysts Meredith Adler – Barclays Capital Presentation Meredith Adler – Barclays Capital My name is Meredith Adler. I’m the analyst that follows food, drug and dollar store companies in the U.S., and I’ve followed CVS for a long time, since 1997. I’m very pleased to introduce Dave Denton, who is the CFO. Dave’s been the CFO since 2010 and he’s been with the company 14 years. I did want to start with—I don’t usually do this, but just a little bit of a comment because I got some feedback after a dinner we had last night. I think everybody needs to keep in mind there is tremendous change coming – we talked about it a little bit at the lunch – tremendous change coming in the healthcare
17 minutes ago
Suburban Propane Partners LP (SPH) markets and distributes fuel oil, kerosene, diesel fuel and gasoline to residential and commercial customers, and is now the third largest retail marketer of propane in the United States, measured by re...
Suburban Propane Partners LP (SPH) markets and distributes fuel oil, kerosene, diesel fuel and gasoline to residential and commercial customers, and is now the third largest retail marketer of propane in the United States, measured by retail gallons sold. This article analyzes the most recent quarterly and the trailing twelve months ("TTM") results of SPH and attempts to look "under the hood" to properly ascertain sustainability of Distributable Cash Flow ("DCF"). The task is not easy because the definitions of DCF and "Adjusted EBITDA," the primary measures typically used by master limited partnerships ("MLPs") to evaluate their operating results, are complex. In addition, each MLP may define these terms differently, making comparison across MLPs very difficult. Nevertheless, this is an exercise that must be undertaken to ascertain what portions of the distributions being received are really sustainable.Comparison of selected performance metrics for the quarter and trailing twelve months ("TTM")
21 minutes ago
Idenix Pharmaceuticals, Inc. (IDIX) UBS Global Healthcare Services Conference Call May 21, 2013 8:00 a.m. ET Executives Ronald Renaud - President and Chief Executive Officer Analysts Matthew Roden - UBS Presentation Matthe...
Idenix Pharmaceuticals, Inc. (IDIX) UBS Global Healthcare Services Conference Call May 21, 2013 8:00 a.m. ET Executives Ronald Renaud - President and Chief Executive Officer Analysts Matthew Roden - UBS Presentation Matthew Roden - UBS Good morning everyone. I am Matt Roden, biotech analyst here at UBS, and we are pleased to introduce our first speaker of the day. I am pleased and privileged to introduce Idenix Pharmaceuticals, an innovator in the field of hepatitis C directed antivirals. As you know Idenix has one asset in Phase two testing and is starting trials with the second asset in the near term. Speaking on behalf of Idenix is President and Chief Executive Officer, Ron Renaud. Ron joined Idenix in 2007 as the Chief Financial Officer and ascended to CEO in 2010. Prior to that he was CFO of Keryx Pharmaceuticals and was a successful sell-side analyst covering all cap biotechnology. Following
23 minutes ago
Pnc Financial Services Group,The (PNC) May 21, 2013 4:15 am ET Executives Richard J. Johnson Robert Q. Reilly - Chief Financial Officer and Executive Vice President Analysts Jason M. Goldberg - Barclays Capital, Research Divisio...
Pnc Financial Services Group,The (PNC) May 21, 2013 4:15 am ET Executives Richard J. Johnson Robert Q. Reilly - Chief Financial Officer and Executive Vice President Analysts Jason M. Goldberg - Barclays Capital, Research Division Presentation Jason M. Goldberg - Barclays Capital, Research Division Also present is Rob Reilly, who's the incoming Chief Financial Officer, who will take over later this year; as well as long-term Investor Relations Head, Bill Callihan. With that, let me turn it over to Rick. Richard J. Johnson Good morning, everyone, and Jason, thank you very much, and congratulations on a very successful conference here. I can probably skip my first 15 slides. Jason did such a good job covering it there. But anyway, I'll repeat it for you, nonetheless. With me today, as Jason said, is Rob Reilly. Rob is going to take over in the third quarter. Rob is running our Asset Management
25 minutes ago
Despite the lack of oversight that contributed to JPMorgan Chase’s (NYSE:JPM) $6.2-billion loss from failed derivative trades last year, shareholders do not want Chief Executive Officer and Chairman Jamie Dimon to quit — which is w...
Despite the lack of oversight that contributed to JPMorgan Chase’s (NYSE:JPM) $6.2-billion loss from failed derivative trades last year, shareholders do not want Chief Executive Officer and Chairman Jamie Dimon to quit — which is what many worried he would do if stripped of the title of chairman. But those concerned shareholders can shelve their fears, at least for the time being; the vote that sought to separate the two powerful positions most likely failed. JPMorgan’s annual meeting brought months of bitter shareholder campaigning to a head on Tuesday. Investors have argued for months that Dimon has made too many mistakes during his tenure to hold both positions. Stripping him of the chairman title and giving it to another director, would have ensured that Dimon’s actions as chief executive would be under increased oversight. The trading loss and a series of confrontations with regulators fueled the campaign to institute an independent chairman, a move that would strengthen oversight of the bank’s risk controls. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Yet, Dimon had suggested that he would leave the bank, and that move would have unsettled investors who still believe his leadership can bring big returns. Among the CEOs of the United States’ largest banks, he ranks first for stock returns. Even more impressive, during his tenure, he lead the bank through the financial crisis with no quarterly losses and a strong balance sheet. If Dimon resigned, CLSA bank analyst Mike Mayo estimated that JPMorgan’s shares could fall as much as 10 percent and erase about $20 billion of market value, according to Reuters. Another concern for shareholders was that many of Dimon’s advisers, who helped navigate the financial crisis, have left the bank, leaving a team of younger executives that do not have the necessary clout to reign in Dimon. After a tally of Tuesday’s preliminary votes, a source told The New York Times that Dimon — the nation’s most power banker — appears set to keep his title of chairman, despite the turbulent year that saw JPMorgan and its top executives faced with the damage brought by the London Whale losses. The margin of his victory is unclear thus far, and the bank is still accepting votes. Last year, a similar proposal to separate the chairman and chief executive positions won about 40 percent of votes. All three members of JPMorgan board’s risk committee also received banking for shareholders even though shareholder advisory firm, Institutional Shareholder Services, criticized all three for their lack of experience in risk management, financial regulation, and other relevant areas. Final tallies will be announced later on Tuesday, but the results so far indicate that shareholders have reaffirmed their support for Dimon and for the board. However, some industry experts expected shareholders to vote down the resolution; in fact, they said that Dimon’s continued leadership was assured by his proven track record of generating strong profits. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Still, the board of directors led a proactive campaign to avert the split. JPMorgan’s efforts were spearheaded by the board’s decision to slash Dimon’s pay by more than 50 percent in January. In March, directors urged shareholders to vote against the proposal, noting in a proxy filing that the “board has determined that the most effective leadership model for the firm currently is that Mr. Dimon serves as both.” Follow Meghan on Twitter @MFoley_WSCS Don’t Miss: Bernie Madoff’s Life in Prison. Read the original article from Wall St. Cheat Sheet
26 minutes ago
Following an impressive fiscal second quarter shares of Whole Foods Market (WFM) have once again crossed the $100 price level. This is a psychological price level and now it is perceived as an "overvalued stock" by many investors. Althou...
Following an impressive fiscal second quarter shares of Whole Foods Market (WFM) have once again crossed the $100 price level. This is a psychological price level and now it is perceived as an "overvalued stock" by many investors. Although the dollar value of a stock should not be the sole determinant of your investment decisions (the company's financial performance, future capital generating abilities, comparable price multiples and return requirements should all rank higher on the list), investors tend to shy away from stocks when they reach a psychological price level. So what must be done for shares of WFM to keep rising?A savvy management team, especially one which earns the majority of its compensation from stock options (i.e. Whole Foods), must make a decision when these barriers are met. While I am a strong believer that stock prices will ultimately follow earnings, having the perception of a high
26 minutes ago
Target (NYSE:TGT) will report earnings before markets open on Wednesday, May 22nd. Target Corporation operates general merchandise discount stores in the United States. The Company’s merchandising operations include general merchan...
Target (NYSE:TGT) will report earnings before markets open on Wednesday, May 22nd. Target Corporation operates general merchandise discount stores in the United States. The Company’s merchandising operations include general merchandise and food discount stores and a fully integrated online business. Target also offers credit to qualified applicants through its branded proprietary credit cards. Here is your Cheat Sheet to Target Earnings: Earnings Expectations: Analysts expect earnings of $0.86 per share on revenues of $16.85 billion. Currently, the company’s P/E ratio stands at 15.57. Analyst Trends: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $1.1 to a profit $1.05. For the current year, the average estimate is a profit of $4.48, which is worse than the estimate ninety days ago. Earnings Trends: Here’s how Target has been performing on an annual basis: Fiscal Year 2009 2010 2011 2012 2013 Revenue ($) in millions 64,950 65,360 67,390 69,860 73,300 Diluted EPS ($) 2.86 3.30 4.00 4.28 4.52 Next, our CHEAT SHEET investing framework asks us to drill down to the recent quarterly data: Quarter Jan. 31, 2012 Apr. 30, 2012 Jul. 31, 2012 Oct. 31, 2012 Jan. 31, 2013 Revenue ($) in millions 21,290 16,870 16,780 16,930 22,730 Diluted EPS ($) 1.454 1.04 1.06 0.96 1.465 Past Performance: Target has beat analyst estimates 3 times in the past four quarters. Shareholders could expect a boost if the company beats estimates. “E = Earnings Are Increasing Quarter-Over-Quarter” is a core component of our successful CHEAT SHEET investing framework. Don’t waste another minute – click here to discover our CHEAT SHEET stock picks now! (Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com) Read the original article from Wall St. Cheat Sheet
29 minutes ago
Apple Inc. (NASDAQ:AAPL) Chief Executive Officer Tim Cook will be facing the U.S. Senate to answer questions about funds the company has been keeping offshore in a subsidiary in Ireland. Is Apple now a once-in-a-decade buying opportunity...
Apple Inc. (NASDAQ:AAPL) Chief Executive Officer Tim Cook will be facing the U.S. Senate to answer questions about funds the company has been keeping offshore in a subsidiary in Ireland. Is Apple now a once-in-a-decade buying opportunity? Click here to get your 24-page Ultimate Cheat Sheet to Apple’s Stock now! The Senate’s Permanent Subcommittee on Investigations was formed to identify and close loopholes in U.S. tax law that allow companies to avoid paying U.S. taxes by keeping money overseas. Apple’s main Irish subsidiary includes Apple’s retail stores throughout Europe, and it has not paid any corporate income tax in the last five years. The Subcommittee has also targeted Microsoft Corp. (NASDAQ:MSFT) and Hewlett-Packard Co. (NYSE:HPQ) for using similar strategies to avoid paying U.S. taxes. Democratic Senator Carl Levin of Michigan, the chairman of the Subcommittee, said, ““Apple sought the Holy Grail of tax avoidance. It has created offshore entities holding tens of billions of dollars while claiming to be a tax resident nowhere.” Both Cook and Apple Chief Financial Officer Peter Oppenheimer are to answer questions about the company’s tax practices before the Subcommittee. Under largest scrutiny is Apple affiliate Apple Operations International, which received a net income of $30 billion between 2009 and 2012. AOI filed no corporate tax return and didn’t pay income taxes at all. According to the report, if Apple brought the $40.4 billion in earnings outside the U.S. — on which it hasn’t paid taxes — back to the States, it would owe $13.8 billion in taxes. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! While the report accuses Apple of having “exploited a difference between Irish and U.S. tax residency rules,” Cook is adamant that the company does not use “tax gimmicks” and argues for a change in U.S. tax policy, which he believes is outdated in the face of a changing global economy. In a statement posted online on Monday, Cook also pointed out that Apple will pay $7 billion in taxes in 2013 and the company is one of the biggest taxpayers in the U.S. The Subcommittee has not accused Apple of breaking any laws. Lawmakers are looking to find a bipartisan agreement  on how to tax companies that earn outside the U.S. and how to make corporate tax code more fair in general. Cook is sure to give his two cents on the matter during the hearing. Don’t Miss: Does Apple Have a Winning Plan Abroad? Read the original article from Wall St. Cheat Sheet
32 minutes ago
Jim Cramer made the following calls on May 20th, 2013. What do you think about his picks? Gilead Sciences (NASDAQ:GILD): Jim Cramer ranked this stock a Buy. Cramer previously ranked this stock a Buy on May 16, 2013. The stock’s 52-...
Jim Cramer made the following calls on May 20th, 2013. What do you think about his picks? Gilead Sciences (NASDAQ:GILD): Jim Cramer ranked this stock a Buy. Cramer previously ranked this stock a Buy on May 16, 2013. The stock’s 52-week high is $55.16, and its 52-week low is $24.12. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! General Mills (NYSE:GIS): Jim Cramer ranked this stock a Buy. Cramer previously ranked this stock a Buy on April 12, 2013. The stock’s 52-week high is $50.97, and its 52-week low is $36.75. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Genworth Financial (NYSE:GNW): Jim Cramer ranked this stock a Buy. Cramer previously ranked this stock a Buy on May 6, 2013. The stock’s 52-week high is $11.13, and its 52-week low is $4.06. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Dominion Resources (NYSE:D): Jim Cramer ranked this stock a Buy. Cramer previously ranked this stock a Buy on May 14, 2013. The stock’s 52-week high is $61.85, and its 52-week low is $48.94. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Enterprise Products Partners LP (NYSE:EPD): Jim Cramer ranked this stock a Buy. Cramer previously ranked this stock a Buy on May 16, 2013. The stock’s 52-week high is $62.47, and its 52-week low is $45.67. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Don’t Miss: Will Consumers Be Hurt By Obamacare? Read the original article from Wall St. Cheat Sheet
35 minutes ago