Trefis Helps You Understand How a Company's Products Impact Its Stock Price

COMPANY OF THE DAY : BLACKBERRY

BlackBerry's stock has dropped since its weak Q1 earnings, with weak uptake of its new devices, plummeting Service Access Fee revenues and a lack of clarity around the software division. While BlackBerry could eventually drive core software sales to offset service revenue declines, driving a long term valuation upside through earnings growth will be challenging. In a recent note we discuss whether it might be time for the company to look into a sale.

See Complete Analysis for BlackBerry
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FORECAST OF THE DAY : SPRINT'S MOBILE DATA AVERAGE REVENUE PER USER

Sprint is reportedly mulling raising the prices on its unlimited data plans, and potentially doing away with them altogether. These plans have been a major selling point for the carrier, which has managed to stem its subscriber losses for the most part. Ending these plans would put Sprint's market share at risk, but should drive significant growth in ARPU, an extremely important metric for carriers. We expect the company's ARPU to grow gradually, but this potential move would unlock some upside to the driver.

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The Dow Chemical Company Logo
  • commented 7/3/15
  • tags: DOW
  • Global Functional Films Market to Rake in over US$ 27 Bn at a CAGR of 4.9% between 2015 and 2020

    Future Market Insights (FMI), in its recent report titled, "Functional Films Market: Global Industry Analysis and Opportunity Assessment 2015 - 2020", projects that market value of functional films will reach US$ 27.32 Bn by 2020 at a CAGR of 4.92%.

    Functional films are applied on fragile surfaces of sheet-type substrates to prevent damage by impact, scratches, etc. during transportation from production site to assembly site and also during assembly. The films also improve functionality and impart other novel properties to substrates and are widely used in Flat Panel Displays (FPDs), electronics and communications devices, and semiconductors.

    According to FMI's analysis, increasing urbanisation and rise in disposable income are some of the macro-economic factors driving growth of the global functional films market. Advancement and innovation in technology has also led to an increase in demand for functional films.
    Growth of the solar cells market has provided an impetus to the functional films market. Use of functional films in the automotive sector for window profiles, decoration, wheel arches, control arms, and steering knuckles has also augured well for the functional films market.

    Browse Full: "Functional Films Market: Global Industry Analysis and Opportunity Assessment 2015 - 2020" Market Research Report at http://www.futuremarketinsights.com/reports/details/functional-films-market

    Increasing demand for functional films from the packaging sector is anticipated to fuel the functional films market during the forecast period. Functional films are gaining traction in the packaging sector owing to their features, such as enhanced resistance to water and oxygen.

    The global functional films market has been segmented into seven regions – North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Middle East & Africa, and Japan. Among these regions, APEJ accounted for leading market share of 54.8% in 2014. Emerging economies, such as Asia Pacific excluding Japan (APEJ) and Latin America accounted for significant market share, which is anticipated to increase at a CAGR of 5.8% and 5.7% respectively over the forecast period.

    Furthermore, Western Europe is estimated to register a CAGR of 2.7%, during the forecast period. With companies shifting manufacturing plants to Latin America, MEA and APEJ region, demand for functional films is expected to increase in the near future. Growing demand for eco-friendly products in developed countries is projected to result in moderate increase in demand for environmentally-friendly functional films for application in various products.

    Adhesive functional films segment dominated the global functional films market with 45.3% market share in 2014, followed by optical functional films with 42.4% market share, which is forecast to increase to 45.9% by 2020. Conductive functional films segment, on the other hand, is expected to register the highest CAGR of 8.9% during the forecast period.

    For more insights on the Functional Films Market, you can request a sample report with TOC at http://www.futuremarketinsights.com/reports/sample/rep-gb-603

    In terms of application, flat panel displays account for highest volume in terms of consumption, followed by electronics & semiconductors and energy. Collectively, these three application sectors accounted for around 56% of market value in 2014; FMI forecasts the market share to increase to 59.4% by 2020. Increasing penetration of flat panel displays and touchscreen panels is expected to further the fuel growth of the functional films market over the forecast period. Other application sectors/industries include automotive, construction, healthcare/pharmaceuticals and packaging, wherein packaging application is expected to register highest CAGR of 3.6% during the forecast period.

    Key market players in the market include 3M, Toray Industries, Inc., Nagase & Co. Ltd., Eastman Chemical Company and Tatsuta Electric Wire & Cable Co., Ltd.

    Browse Latest Insights: http://www.futuremarketinsights.com/reports/latestinsights
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    Global Functional Films Market to Rake in over US$ 27 Bn at a CAGR of 4.9% between 2015 and 2020 Future Market Insights (FMI), in its recent report titled, "Functional Films Market: Global Industry Analysis and Opportunity Assessment 2015 - 2020", projects that market value of functional films will reach US$ 27.32 Bn by 2020 at a CAGR of 4.92%. Functional films are applied on fragile surfaces of sheet-type substrates to prevent damage by impact, scratches, etc. during transportation from production site to assembly site and also during assembly. The films also improve functionality and impart other novel properties to substrates and are widely used in Flat Panel Displays (FPDs), electronics and communications devices, and semiconductors. According to FMI's analysis, increasing urbanisation and rise in disposable income are some of the macro-economic factors driving growth of the global functional films market. Advancement and innovation in technology has also led to an increase in demand for functional films. Growth of the solar cells market has provided an impetus to the functional films market. Use of functional films in the automotive sector for window profiles, decoration, wheel arches, control arms, and steering knuckles has also augured well for the functional films market. Browse Full: "Functional Films Market: Global Industry Analysis and Opportunity Assessment 2015 - 2020" Market Research Report at http://www.futuremarketinsights.com/reports/details/functional-films-market Increasing demand for functional films from the packaging sector is anticipated to fuel the functional films market during the forecast period. Functional films are gaining traction in the packaging sector owing to their features, such as enhanced resistance to water and oxygen. The global functional films market has been segmented into seven regions – North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Middle East & Africa, and Japan. Among these regions, APEJ accounted for leading market share of 54.8% in 2014. Emerging economies, such as Asia Pacific excluding Japan (APEJ) and Latin America accounted for significant market share, which is anticipated to increase at a CAGR of 5.8% and 5.7% respectively over the forecast period. Furthermore, Western Europe is estimated to register a CAGR of 2.7%, during the forecast period. With companies shifting manufacturing plants to Latin America, MEA and APEJ region, demand for functional films is expected to increase in the near future. Growing demand for eco-friendly products in developed countries is projected to result in moderate increase in demand for environmentally-friendly functional films for application in various products. Adhesive functional films segment dominated the global functional films market with 45.3% market share in 2014, followed by optical functional films with 42.4% market share, which is forecast to increase to 45.9% by 2020. Conductive functional films segment, on the other hand, is expected to register the highest CAGR of 8.9% during the forecast period. For more insights on the Functional Films Market, you can request a sample report with TOC at http://www.futuremarketinsights.com/reports/sample/rep-gb-603 In terms of application, flat panel displays account for highest volume in terms of consumption, followed by electronics & semiconductors and energy. Collectively, these three application sectors accounted for around 56% of market value in 2014; FMI forecasts the market share to increase to 59.4% by 2020. Increasing penetration of flat panel displays and touchscreen panels is expected to further the fuel growth of the functional films market over the forecast period. Other application sectors/industries include automotive, construction, healthcare/pharmaceuticals and packaging, wherein packaging application is expected to register highest CAGR of 3.6% during the forecast period. Key market players in the market include 3M, Toray Industries, Inc., Nagase & Co. Ltd., Eastman Chemical Company and Tatsuta Electric Wire & Cable Co., Ltd. Browse Latest Insights: http://www.futuremarketinsights.com/reports/latestinsights
    The Dow Chemical Company Logo
  • commented 7/3/15
  • tags: DOW
  • Specialty Silica Market: Global Industry Analysis and Opportunity Assessment 2015-2025 by Future Market Insights

    Specialty silica is an essential component for a wide range of products and construction materials across the globe. Specialty silica plays a vital role in a wide range of end use markets spanning across electronics, polymer, rubber, elastomers, print media and footwear among other applications. With such a diverse range of applications, the demand for specialty silica in increasing in many countries. Moreover, a number of global and domestic manufactures have enhanced their capabilities to serve the international markets by joint venturing with other multinational manufactures.

    Specialty Silica Market: Drivers & Restraints
    Opportunities are emerging for specialty silica as its qualities make it a viable option for use in applications such as green tyres. The highly dispersible silica, which is prepared from sand, facilitates to produce green tyres and is used to further renovate the performance of the tire both for safety and fuel efficiency, without forgoing the overall lifecycle of the tyre. Other drivers driving the growth of specialty silica are upsurge in the usage of shale gas, growing rubber industry, lower manufacturing cost and internal demand that has emerged from the development of many market economies is further driving the demand for specialty silica globally. However, slowing global economy and a mature nature of many larger end-user markets for specialty silica in many regions such as Europe are restraining the growth of specialty silica in these regions.

    Browse Full Report@ http://www.futuremarketinsights.com/reports/details/specialty-silica-market

    Specialty Silica Market: Segmentation
    On the basis of product type, the global specialty silica market is segmented into:
    • Precipitated silica
    • Silicates silica gel/aerogels
    • Micronized silica
    • Nano-silica
    • Fumed silica
    • Colloidal silica/silica sols

    The demand for precipitated silica in specialty silica market is anticipated to grow at an accelerated pace mainly due to growth in the construction and automotive sector and increasing adoption of the green tyres.

    On the basis of application, the global specialty silica market is segmented into:
    • Automotive
    • Construction
    • Cosmetics and toiletries
    • Rubber
    • Chemicals
    • Coatings and inks
    • Electrical and electronics equipment
    • Plastics
    • Others (adhesives & sealants, packaging, insulation, water treatment)

    The demand for rubber in specialty silica market is anticipated to be the largest and is also expected to be the fastest growing.

    Request Report TOC@ http://www.futuremarketinsights.com/toc/rep-gb-577

    Specialty Silica: Region-wise Outlook
    Specialty silica market is predicted to witness the maximum growth in the Asia-Pacific, especially in regions such as China, Japan and India. Rising demand for fumed silica, fueled by a strong rebound in the non-tire rubber consumption is anticipated to boost the demand for specialty silica in North America. Specialty silica market is anticipated to expand at a steady rate in other regions of the world as a result of a slowing global economy in these regions.

    Specialty Silica Market: Key Player
    Some of the key market participants in the specialty silica market are Evonik Industries AG, SOLVAY, PPG Industries Inc., Cabot Corporation, W.R.Grace & Co.-Conn., Akzo Nobel NV, AZ Electronic Material Sarl, Bayer AG, Ceradyne Incorporated, DA NanoMaterials, DuPont (EI) de Nemours, Fuji Silysia Chemical Limited, Nissan Chemical Industries Limited, PQ Corporation, and Orisil Limited.
    [ less... ]
    Specialty Silica Market: Global Industry Analysis and Opportunity Assessment 2015-2025 by Future Market Insights Specialty silica is an essential component for a wide range of products and construction materials across the globe. Specialty silica plays a vital role in a wide range of end use markets spanning across electronics, polymer, rubber, elastomers, print media and footwear among other applications. With such a diverse range of applications, the demand for specialty silica in increasing in many countries. Moreover, a number of global and domestic manufactures have enhanced their capabilities to serve the international markets by joint venturing with other multinational manufactures. Specialty Silica Market: Drivers & Restraints Opportunities are emerging for specialty silica as its qualities make it a viable option for use in applications such as green tyres. The highly dispersible silica, which is prepared from sand, facilitates to produce green tyres and is used to further renovate the performance of the tire both for safety and fuel efficiency, without forgoing the overall lifecycle of the tyre. Other drivers driving the growth of specialty silica are upsurge in the usage of shale gas, growing rubber industry, lower manufacturing cost and internal demand that has emerged from the development of many market economies is further driving the demand for specialty silica globally. However, slowing global economy and a mature nature of many larger end-user markets for specialty silica in many regions such as Europe are restraining the growth of specialty silica in these regions. Browse Full Report@ http://www.futuremarketinsights.com/reports/details/specialty-silica-market Specialty Silica Market: Segmentation On the basis of product type, the global specialty silica market is segmented into: • Precipitated silica • Silicates silica gel/aerogels • Micronized silica • Nano-silica • Fumed silica • Colloidal silica/silica sols The demand for precipitated silica in specialty silica market is anticipated to grow at an accelerated pace mainly due to growth in the construction and automotive sector and increasing adoption of the green tyres. On the basis of application, the global specialty silica market is segmented into: • Automotive • Construction • Cosmetics and toiletries • Rubber • Chemicals • Coatings and inks • Electrical and electronics equipment • Plastics • Others (adhesives & sealants, packaging, insulation, water treatment) The demand for rubber in specialty silica market is anticipated to be the largest and is also expected to be the fastest growing. Request Report TOC@ http://www.futuremarketinsights.com/toc/rep-gb-577 Specialty Silica: Region-wise Outlook Specialty silica market is predicted to witness the maximum growth in the Asia-Pacific, especially in regions such as China, Japan and India. Rising demand for fumed silica, fueled by a strong rebound in the non-tire rubber consumption is anticipated to boost the demand for specialty silica in North America. Specialty silica market is anticipated to expand at a steady rate in other regions of the world as a result of a slowing global economy in these regions. Specialty Silica Market: Key Player Some of the key market participants in the specialty silica market are Evonik Industries AG, SOLVAY, PPG Industries Inc., Cabot Corporation, W.R.Grace & Co.-Conn., Akzo Nobel NV, AZ Electronic Material Sarl, Bayer AG, Ceradyne Incorporated, DA NanoMaterials, DuPont (EI) de Nemours, Fuji Silysia Chemical Limited, Nissan Chemical Industries Limited, PQ Corporation, and Orisil Limited.
    DTV Logo
    Why We Believe That The DirecTV-AT&T Merger Is Almost A Done deal
  • By , 7/2/15
  • tags: DTV T CMCSA TWC DISH
  • In a recent SEC filing, AT&T  (NYSE:T) and  DirecTV  (NASDAQ:DTV) announced that they have elected to extend the “termination date” of their merger agreement for a short period of time. We take the extension of this date as a positive sign as it indicates that the companies are clearly hopeful of getting the required clearance within the next few weeks. Even though the merger has faced multiple roadblocks along the way, we believe that it is just a matter of time before it receives the FCC’s approval, primarily because the deal does not raise any red flags in relation to market share of the post-merger entity. Once approved, the merger will enable the DirecTV-AT&T combination to become a leader in content distribution across various platforms including mobile communications, high-speed Internet and TV. Our price estimate for DirecTV stands at $95, implying a slight premium to the market.
    AA Logo
    Alcoa Closes Brazilian Smelter As Part Of Ongoing Portfolio Transformation Process
  • By , 7/2/15
  • tags: AA RIO
  • Alcoa (NYSE:AA) has announced the permanent closure of its Poços de Caldas primary aluminum smelter in Brazil, a move that will better align the company’s operations with the current subdued aluminum pricing environment. The reduction of smelting capacity is in line with the company’s transformation of its product portfolio towards value-added products. Alcoa has curtailed, as well as permanently closed, significant amounts of smelting capacity over the past couple of years, as it reduces its dependence on its commodity businesses and instead focuses on its value-added businesses. Alcoa’s smelting capacity stood at 3.5 million tons per year (MTPY) at the end of 2014, as compared to 4.04 MTPY at the end of 2013.With the closure of the Poços de Caldas smelter, the company’s smelting capacity will be reduced  further to 3.4 MTPY. Alcoa has been increasing the share of value-added businesses in its revenues. Alcoa’s Global Rolled Products (GRP) and Engineered Products and Solutions (EPS) divisions, which produce value-added light metal products with a focus on the automotive and the aerospace markets, together accounted for 57.4% of the company’s overall revenues in Q1 2015, as compared to 54.4% in 2012. In calculating these figures, we have only considered third-party sales. As a part of this process, the company is reducing its smelting capacity, which is reflected in our primary aluminum shipments forecasts for the company.            See our forecasts for Alcoa’s primary aluminum shipments Aluminum is a metal with diverse applications in industry. Aluminum prices have declined over the past year primarily due to weakness in demand, as a result of slowing Chinese growth. In addition, a reduction in export taxes on Chinese exports of the metal earlier in the year has also contributed to a softening of prices.    This is reflected in the trajectory of London Metal Exchange (LME) aluminum prices so far this year. Aluminum Prices in 2015, Source: LME View Interactive Institutional Research (Powered by Trefis): Global Large Cap |  U.S. Mid & Small Cap |  European Large & Mid Cap More Trefis Research  
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    These Scenarios Could Lift Our Valuation of Oracle by 30%
  • By , 7/2/15
  • tags: ORCL SAP CRM IBM MSFT
  • Oracle Corp. (NYSE: ORCL) is the world’s second largest software vendor and specializes in database software. With annual revenues of $39 billion in calendar 2014 and current market capitalization of over $180 billion, it is preceded by only Microsoft Corp. (NASDAQ: MSFT) in terms of revenues and market size. At a time of rapid change in the industry, Oracle is focusing on key parts of its product offering, as more traditional other software and hardware products. Below, we consider scenarios that offer significant upside to its  current focus. First, we must offer the following contextual information. Oracle primarily operates in the software industry and derives nearly 80% of its revenues from its software business. It also has a presence in the hardware segment through its acquisition of Sun Microsystems in 2010, and derives a little over 10% of its revenues from hardware sales and support. The remaining 10% revenues are derived from consulting and other services. In its software business, Oracle is currently focused on expanding its presence in cloud computing. Generally considered as a relatively late entrant in cloud computing, Oracle is not intent on catching up to the market leader and bitter rival, Salesforce.com (NYSE: CRM). Salesforce has an undisputed lead in the Customer Relationship Management (CRM) segment of cloud computing. On the other hand, Oracle is growing its presence in the Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) segments. It expects to surpass Salesforce in these segments in fiscal 2016. (Read: Currency Headwinds Dampen Rapid Growth of Oracle’s Cloud Business in Q4 ) Oracle’s secondary focus is on its engineered systems product line in its hardware business. Engineered systems are integrated platforms that are delivered ready for deployment and include hardware, pre-integrated packaged software and support for cloud-services. Oracle is the market leader in integrated platforms and revenues from this product line have consistently grown by double digits each quarter. Oracle’s undivided focus on cloud in the software business and engineered systems in the hardware business has been accompanied by the poor performance of its other divisions. Its revenues and market share in the on-premise software segment have declined in the last two years. Similarly, its revenues from the hardware business have also plummeted due to the sluggish performance of Oracle’s standalone servers, storage, and networking hardware products. We currently expect this trend to continue in the future. Our price estimate of $42 for Oracle Corp.  is almost in line with its current market price. In this article, we explore certain scenarios that can lead to a significant upside in our valuation for the company. See our complete analysis for Oracle Corp. here Higher Market Share in Global On-Premise Software Market (~20% Upside) The biggest casualty of Oracle’s bid to expand in cloud computing has been its legacy on-premise software business. The company has openly stated that the allocation of its resources, including R&D investments and sales team, is heavily skewed towards its cloud business. As a result, we estimate Oracles’ market share in the global on-premise software market  to have declined by a few percentage points over the last two years. Due to Oracle’s continued focus on the cloud, we expect its market share in the global on-premise software market to continue to decline over our forecast period and fall below 3% by 2021. However, Oracle has stated that many of its customers are not switching over completely from on-premise to cloud hosting for Oracle’s software. Instead, its existing customers are adding cloud functionality over and above their on-premise software and infrastructure. This is driven by Oracle’s exclusive feature by which customers can dynamically shift workloads back and forth between their on-premise and cloud computing capacity. Further, the company has also stated that renewal and attach rates continue to remain high for its legacy on-premise software licenses. This implies that Oracle’s legacy software business may still have potential. The current onslaught on revenues from on-premise software licenses may be due to Oracle’s intention to expand its cloud business aggressively. Once a certain scale has been achieved, it is possible that the expansion in cloud may even-out and Oracle may reallocate part of its resources back to the on-premise segment. In such a scenario, Oracle’s market share in the global on-premise software market may recover after an initial decline. As stated earlier, we currently expect Oracle’s market share in the on-premise software market to decline throughout our forecast period and fall below the 3% mark by 2021. The decline in revenues is expected to increase its update and support revenues as a percentage of on-premise software license revenues to over 80% by 2021. If Oracle’s market share in the on-premise software market reaches 5% and its update and support revenues as a percentage of on-premise software license reaches 73% by the end of our review period, then there will be a 20% upside to our current valuation for the company. Revival of Market Share in The Global Hardware Market (~10% Upside) Oracle entered the hardware business as an ancillary result of its acquisition of Sun Microsystems in 2010. However, its bet on x86 servers failed to pay off as the market moved overwhelmingly to so-called White Box servers made by Chinese Original Device Manufacturers (ODMs) as well as to cheaper Unix-based servers. Further, the global external storage hardware market has declined in the recent years due to the rapid transition to cloud storage. Oracle has shifted its focus to its nascent engineered systems product line, at the cost of its other hardware segments. Consequently, Oracle’s market share in the global hardware market declined from 3% in 2012 to 2% in 2014. We expect the same to continue declining over the medium term. Oracle does not report the revenues from its hardware sub-segments separately. It stated in the fiscal 2015 first quarter earnings call that engineered systems account for about a third of its hardware product sales. The growth of engineered systems far outpaced the growth of Oracle’s overall hardware business in fiscal 2015. Therefore, it can be concluded that at the end of fiscal 2015, engineered systems account for much more than a third of the total hardware division. The growing proportion of engineered systems in Oracle’s hardware business is expected to stabilize its market share in the global hardware market over the long term. However, following the success of its engineered systems product line, it is possible that Oracle may choose to reallocate its resources to the other hardware sub-segments like standalone servers, and storage and networking hardware. This could result in an uptick in its market share in the global hardware market over the long term. If Oracles’s market share in this segment expands to over 5% by 2021, it could result in a 10% upside to our current valuation of the company. More Trefis Research
    RHHBY Logo
    Roche's Expansion In Africa Is a Good Long Term Move, Though The Immediate Opportunity is Small
  • By , 7/2/15
  • tags: RHHBY MRK BMY
  • Roche Holdings (NASDAQ:RHHBY) plans to expand its reach in Sub-Saharan Africa over the next five years. The company aims to get an additional patient pool of 56,000 by 2020 by leveraging its strength and expertise in oncology and other relevant disease areas. More specifically, the focus will be on breast cancer, cervical cancer, ovarian cancer and hepatitis C. Considering Africa’s per capita income and the state of government and private healthcare systems, the immediate opportunity is low. We believe that the meaningful impact will be visible in the next 5-10 years. At this point, the move will not be significantly accretive to earnings. From a long-term perspective, expansion in Africa is a good strategy as the expected growth in economy and subsequently, healthcare expenditure, will boost pharmaceutical sales. The region has a high incidence of viral, bacterial and parasitical diseases, as well as a large number of cancer patients. Our price estimate for  Roche Holdings (NASDAQ:RHHBY) stands at $36.56, which is roughly in-line with the market.
    QCOM Logo
    Why Qualcomm Has Ruled Against The Spin-Off Of Its Chip Business In The Offing?
  • By , 7/2/15
  • tags: QCOM INTC AMD BRCM
  • Qualcomm  (NASDAQ:QCOM) has been on the defensive in recent months, uncharacteristically so.  March-period earnings were strong, though the company lowered full year guidance, as we noted at the time.  Contributing to the diminished outlook was the exclusion of its application processor from Samsung’s new Galaxy S6 smartphone due to issues with the “Snapdragon 810” part overheating during Samsung tests.  On top of this, the hedge fun Jana Partners, having taken a $2 billion position in the company, has been pushing for the divestiture of the processor business, which have also discussed . Indeed, the executive chairman, Paul Jacobs, has recently reiterated that the board believes the synergies of the processor and IP businesses continue to outweigh their dis-synergies. We have re-considered this divestiture issue at length and concluded that Qualcomm should retain its current business model, leveraging the close relationship of its semiconductor and licensing and royalty segments. Let us take a closer look below. See our complete analysis for Qualcomm stock here Qualcomm chip segment’s revenue stood at $19.29 billion while that of the licensing business stood at $7.45 billion in CY14. While the majority of Qualcomm’s revenue comes from selling baseband chips, most of its profit comes from licensing patents for its widespread CDMA cell phone technology. Qualcomm’s chip unit’s adjusted gross profit margins stood at 48.1% while that of licensing unit’s adjusted gross profit margins stood at 88.1% in CY’14. Qualcomm’s QCT (Qualcomm CDMA Technologies) and QTL (Qualcomm Technology Licensing) business work in tandem with each other. QCT sells applications processors and cellular baseband devices, manufactured by TSMC and other foundries, to handset manufacturers. Competitors of its QCT segment are other semiconductor companies, including Broadcom, MediaTek, and VIA Telecom. Qualcomm and QCT’s competitors must establish some sort of royalty arrangement based on the relative importance of their patent portfolios, which varies widely. On the other hand, QTL exists to monetize Qualcomm immense IP portfolio, especially in CDMA and related technologies. It thus derives royalty fees and income from handset manufacturers at an above-average rate of the wholesale unit phone price. Notably, this includes not only customers of QCT, but customers of competing device manufacturers as well. Qualcomm Enjoys The Synergies Of Having The Businesses Together There are inherent conflicts of interest in the combination of Qualcomm’s businesses and the interests of their customers. These conflicts have sparked regulatory concerns in the US, Europe and (most notably) China, where the company recently completed a deal that lowered royalty rates and imposed a sizable fine. Indeed, it has led Qualcomm twice to consider a split of the companies itself. Yet Qualcomm and others continue to believe the synergies of the business combination exceed the burdens of the conflicts. Indeed, if the proposed spin-off of Qualcomm’s chip business had gone through, it could well have impacted its ability to leverage future patent negotiations on both sides of the businesses. Pending regulatory changes may as well. Since there are obvious synergies between the chip and the licensing business, benefits would have been lost if the two business units were divided, in Qualcomm’s view. Jana Partners, in its letter, argued that Qualcomm’s share price, which has lagged the Nasdaq 100 index over the past year, shows that investors are placing little value on the company’s chip business. Splitting the two businesses, either fully or partially, could have addressed this anomaly, the firm argues. That said, much of the company’s duress arises out of market and regulatory changes in China, the belated emergence of 4G competitors (at both the low and high ends), and the failure to qualify for the just released Samsung Galaxy 6. In short, increased competition and mis-execution have weakened both Qualcomm’s growth and market position. It is no surprise, that stock performance has suffered. Still, though Qualcomm expects the above factors to impact its QCT revenue growth and operating margins in the near-term product cycle, its view of the long-term strategic environment and QCT’s leadership position remains strong.
    BAC Logo
    Banks Pocket Handsome M&A Fees As Industry Witnesses Strongest Quarter Since The Downturn
  • By , 7/2/15
  • tags: BAC C GS JPM MS
  • The global M&A industry saw investment banks help companies close deals worth $820 billion for the second quarter of the year according to data released by Thomson Reuters. This is 23% higher than the $667 billion figure for the previous quarter, and a good 70% higher than what was seen for the year-ago period. This made Q2 2015 the best quarter in terms of completed deals since the economic downturn of 2008. Also, deals worth $1.4 trillion were announced over the quarter – a 62% improvement over the figure for Q1 2015 – making the first half of 2015 the best six-month period in terms of announced deals since 2007. The total number of announced deals also jumped from 9,165 in Q1 2015 to 11,310 in Q2 2015, while completed deals increased from 6,724 to 8,027 over the same period. The strong improvement in M&A activity as well as the number of closed deals will have a positive impact on the fee revenues that the world’s largest investment banks generate. Thomson Reuters’ data indicates a 18% increase in fees for the industry as a whole in Q2 2015 compared to Q1 2015. While the performance of individual banks (especially the biggest banks) may vary considerably compared to the industry trend, these estimates should help set expectations for the banks’ advisory desks as the earnings season kicks off soon.
    S Logo
    Sprint Mulls The End Of Unlimited Data; How Could It Impact The Stock?
  • By , 7/2/15
  • tags: S s VZ T
  • Sprint  (NYSE:S) CEO Marcelo Claure recently indicated that the carrier might increase prices on unlimited data plans later this year. The carrier could also potentially eliminate these plans in the future, following the lead of Verizon (NYSE:VZ) and AT&T (NYSE:T), which did away with unlimited data plans years ago. The potential shift certainly won’t be easy for Sprint, since unlimited data has been one of the biggest draws for customers on the Sprint network, and churn numbers could increase as a consequence. Accordingly, the company isn’t letting go of this selling point just yet; in fact, the company just introduced a new all-in plan that offers customers a leased phone along with unlimited data, messaging and voice for $80 per month. That said, eliminating unlimited data could yield rich rewards for Sprint over the long run, if done in the right fashion. It could help Sprint shore up its data ARPU – increasingly the most crucial valuation driver for telcos – while also helping to lower congestion and improve the quality of its network. If Sprint is able to pull this off, in conjunction with its ambitious network modernization plan, we believe that there could be a significant upside to its stock price.
    DAL Logo
    JetBlue's Mint Service May Pose A Threat To Delta's Expansion Plans In New York-JFK
  • By , 7/2/15
  • tags: DAL JBLU UAL
  • In an attempt to defend its leading position at New York’s John F. Kennedy (JFK) Airport, Delta Air Lines  decided to launch new upgraded flights to Los Angeles and San Francisco in the second half of the year. The news came almost a week after JetBlue  had announced its plans to add new flights with its premium Mint service from its JFK hub to the same destinations in the third quarter of this year. With United shifting its transcontinental operations to Newark, Delta plans to operate 10 daily flights to Los Angeles by November 2015, and 8 daily flights to San Francisco by the first half of 2016, and become the largest airline offering coast-to-coast services. However, we believe that JetBlue’s significant presence at the JFK Airport, coupled with the popularity of its Mint service, will pose a huge threat to the realization of Delta’s plans. We present the following facts that complement our view: Delta Price Movement (26th to 30th June) Source: Google Finance The market  reacted negatively to the news which led to a 3% drop in the Atlanta-based airline’s stock  price on Monday, when the news became public. Delta, which already has a dominant position in the JFK market, plans to become a leader in the West Coast market by launching these transcontinental flights from the new slots that it expects to acquire from United in exchange for its Newark slots . However, the low cost carrier, JetBlue, is headquartered in New York and has a sizeable foothold in the JFK market. In addition, JetBlue’s premium Mint service has gained popularity since its launch in July 2014 and is seen as a perfect substitute for elite passengers traveling to the West Coast from JFK after United’s exit. Thus, we figure that JetBlue’s Mint service will attract more transcontinental passengers than Delta. Delta plans to use a combination of Boeing 757s and Boeing 767 wide body jets to operate its transcontinental flights, while JetBlue aims to operate its additional flights on the new Airbus 321 aircraft, due for delivery in early 2016. On comparing the two aircraft, we find that while a Boeing 767 jet has a higher stage length, a Airbus 321 aircraft is much more fuel efficient. This would provide a long-term cost benefit to JetBlue over Delta. In addition, the Airbus plane has a range of features such as a bar, power outlets, soundproof cabins, etc. that are not present in the Boeing 767. Since JetBlue will be the first airline to use this newer aircraft which offers a bundle of premium services, it will have a first mover advantage to penetrate the market . Finally, even if we assume that the premium services offered by both Delta and JetBlue will largely be at par, the low cost structure of JetBlue’s operations and the higher margin generated on its Mint business will continue to create  pricing pressure on Delta, leading to lower unit revenues. Thus, we conclude that while Delta may be successful in increasing its presence in the West Coast markets, it will have a tough time managing the competition from JetBlue’s Mint service. See our complete analysis for Delta Air Lines here Useful links: Trefis analysis:  JetBlue Focuses On West As United Moves East Trefis analysis:  Shifting Transcon Flights To Newark Will Improve United’s Profitability Trefis analysis:  Scenarios That Can Move Delta’s Stock Price Expanding coast-to-coast service, Delta to offer the most seats of any airline between JFK and LAX, SFO View Interactive Institutional Research (Powered by Trefis): Global Large Cap  |  U.S. Mid & Small Cap  |  European Large & Mid Cap More Trefis Research
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    Did BlackBerry's Weak Q1 Numbers Strengthen The Case For A Sale?
  • By , 7/2/15
  • tags: BBRY bbry MOBL IBM APPL
  • Skepticism surrounding  BlackBerry ‘s (NASDAQ:BBRY) turnaround plan appears to have mounted, after it missed Q1 FY 2016 earnings and revenue expectations last week. The miss was driven by weak uptake of its two new flagship devices, plummeting Service Access Fee revenues and a lack of clarity around what is driving the software division that houses the Blackberry Enterprise Server (BES) software the company is betting its growth on. While it’s possible that BlackBerry could eventually drive core software sales to offset service revenue declines, driving a long term valuation upside through earnings growth will be challenging, since BES is essentially a bet on the small and intensely competitive enterprise mobility management (EMM) market. In our view, the recent earnings actually make a strong case for a sale of the company, either outright or even in parts, since its rich technology assets are likely to be more valuable to an acquirer than they would be to BlackBerry internally. Investors also may prefer to trade off an uncertain long-term upside from EPS growth for a sizable (and certain) premium over the current market price that could come with an acquisition.
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    Weak Debt Market Activity In Q2 Likely To Hit Origination Fees At Banks
  • By , 7/2/15
  • tags: BAC BCS C GS JPM MS
  • Global debt capital markets remained depressed for yet another quarter, with companies around the globe raising just over $1.4 trillion through debt issuance over the second quarter of 2015 according to Thomson Reuters’ quarterly report for the industry. This figure is about 12% below the $1.58 trillion figure for Q2 2014 as well as Q1 2015. Notably, this is the fourth consecutive quarter for which debt origination volumes have shrunk year-on-year, with Q4 2014 also being the slowest period for the industry in at least three years. The industry witnessed its worst second quarter performance in five years. The number of debt origination deals increased slightly in this quarter, though, compared to the previous quarter. As the debt origination fees that a bank reports are affected by the number of deals it participates in, the size of each deal and the actual role the bank plays in it, Q2 2015 is expected to be a bad period for banks in terms of fee revenues. Thomson Reuters’ data estimates a 15% decrease in fees for the industry as a whole compared to the previous quarter.
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    Probe Biotech's Diverse Subsectors for Strong, Undervalued Companies: Van Leeuwenhoeck's Marcel Wijma
  • By , 7/2/15
  • Submitted by The Life Sciences Report as part of our contributors program Probe Biotech’s Diverse Subsectors for Strong, Undervalued Companies: Van Leeuwenhoeck’s Marcel Wijma This interview was conducted by Gail Dutton of The Life Sciences Report . The life sciences industry is evolving rapidly. Many say it’s at the beginning of an explosive growth stage that will see the development and commercialization of novel therapeutics and diagnostics still being imagined in scientific laboratories today. This explosion of innovation also means an explosion of investment opportunity. In this interview with The Life Sciences Report , Marcel Wijma, chief research analyst at Van Leeuwenhoeck Institute, explores some smaller companies working on the industry’s forefront. The Life Sciences Report: Marcel, you cover a wide range of life sciences companies that are developing tools, diagnostics, pharmaceuticals and regenerative therapies. What does being involved in each of these subsectors lend to an investor’s portfolio? Marcel Wijma: The healthcare sector in general covers most of the aging population, and thus is the investment sector that profits the most from the aging of the baby boom generation. When you look individually at the subsectors in healthcare, they have different dynamics and also hold different types of interest for the investor. The cash cow, of course, has always been big pharma—the traditional pharmaceutical companies. These provide investors with a stable source of income in terms of dividends and a good growth rate. But when you look at last decade, that growth rate has diminished quite considerably. In the past few years, big pharma has experienced growth of only a few percent annually. The big chunk of the healthcare sector’s overall growth is coming from other subsectors, like biotechnology. Biotechnology has been very successful in developing new products, whereas big pharma has failed to do so. That probably has to do with the different structures of the organizations. Big pharmaceutical companies now are more like sales and marketing organizations, and lack the capability to develop innovative new medicines in the quantities they need. They have turned to biotech to provide this kind of innovation. In that sense, big pharma is important for biotechnology in terms of mergers and acquisitions. TLSR: Are the relative risks of biotech subsectors any different? For instance, is one safer or more volatile than another? MW: Yes. When you look at the risk profile in general, it tends to be higher for biotech companies focused on developing new medicines, because it takes more money to develop a successful product and put it on the market. You also see certain very successful therapeutic areas, with quite lot of new drugs coming to market, while other therapeutic indications definitely have low success rates. In oncology, for example, many new types of therapies have succeeded in the past few years. Therapeutics for central nervous system (CNS) disorders, in contrast, have had a very high failure rate. It’s very difficult to develop good therapeutics for conditions like Alzheimer’s or Parkinson’s diseases, as the brain still is a black box for scientists. The biotech and pharmaceutical companies haven’t succeeded in coming up with new therapies to cure these diseases or relieve their symptoms, because scientists don’t fully understand their underlying causes. Diagnostics, another of the subsectors, is profiting from ongoing developments in oncology because there is an important focus on detecting and treating cancer at much earlier stages. New diagnostic tests are very important in this endeavor. Diagnostic companies also will profit from the fact that more tests are reimbursed by insurers. A few years ago reimbursement was an issue, but payers now see that detecting disease earlier helps reduce overall treatment costs. TLSR: With so many companies pushing the frontiers of innovation in areas that are innovative, what should investors look for to determine the best candidates in any particular area? MW: To select the right candidates it is important to look at their pipelines. Immunotherapies targeting cancer, rare diseases and auto-immune diseases that are in Phase 2 or 3 with expected news flow in the next 3–6 months are the best candidates. These companies have the best chances to get partnerships with big pharma, or to be part of merger and acquisition (M&A) deals. Experienced management with a good track record in deal-making would be the cherry on the cake. TLSR: You follow a number of innovative companies with novel technologies that, in reports, you’ve mentioned are grossly undervalued. Can you tell us about some of them? MW : Prima BioMed Ltd. (PBMD:NASDAQ; PRR:ASX) is an Australian immunotherapy company by origin, and listed on NASDAQ. It is active in immunotherapy with a broad pipeline aimed at developing therapies for several types of cancer and autoimmune disease. Next to its proprietary LAG-3 platform, its lead product is CVac, an autologous, dendritic cell-based cancer vaccine that’s in clinical trials for ovarian cancer. The company recently released positive Phase 2 results that showed a clear overall survival benefit in second-remission patients with ovarian cancer. I feel these results will trigger a potential partnership with big pharma to start with a Phase 3 trial. TLSR: What should make CVac interesting to investors, in addition to its fast-track and orphan drug status with the FDA? MW: Prima BioMed’s CVac is a good example of a successful immunotherapy, a therapy that has come a long way in recent years and is now on the brink of becoming a key player in oncology. We expect a partnership with a large pharmaceutical company in the near future. So far, the company has financed the development of CVac all by itself. Next to that, LAG-3 is an increasingly important immuno-oncology target, which is dominated by Prima BioMed. LAG-3 possibly has the ability to activate the immune system to kill cancer cells. When you look at the immunotherapy field, there are quite a lot of products already on the market and in development. I think that immunotherapy is the most important field of cancer drug development today. Most advanced immune therapy under LAG-3 is IMP321, a soluble LAG-3 therapy. In cancer patients, IMP321 showed it could, in combination with chemotherapy in Phase 2a, double the clinical response rate compared to chemo alone. TLSR: Regenerative medicine, also innovative, is beginning to see products in the marketplace. About 20,000 stem cell transplants are performed annually in the United States, and there are hundreds of companies with a regenerative medicine focus. Are there any companies you find particularly interesting? MW: Regeneus Ltd. (RGS:ASX) is in the regenerative medicine/stem cell technology sector. The company has proprietary technology that derives stem cells from the body’s own fat (adipose tissue) to treat a wide range of inflammatory diseases like arthritis and osteoporosis. Regeneus also is developing a cancer vaccine. It takes tumor cells from the patient, regenerates them and returns them to the body, stimulating the patient’s own immune system to fight the cancer. This can be done fairly easily, so the cost of developing this type of therapy is considerably lower. It is also probably more effective than current therapies. The company recently got approval in Australia to begin a first-in-human (Phase 1) trial to test its cancer vaccine. We believe Regeneus has the potential to become Australia’s next success story in regenerative medicine, following the footsteps of Mesoblast Ltd. (MSB:ASE; MBLTY:OTCPK) . TLSR: Japan’s new regenerative medicine laws, which took effect last autumn, make it significantly easier and less expensive to commercialize regenerative products in that country by granting conditional marketing approval while clinical trials are still being conducted. What do these new Japanese regenerative medicine laws mean for Regeneus’ prospects? MW: Japan is very progressive in the area of stem cells and regenerative therapy, and constitutes a large market for this therapeutic area. At the end of last year, laws took effect that make it easier for companies to develop therapies, get regulatory approval and put the therapies on the market. Regeneus wants to start a number of trials in Japan and is looking for a partner to do so. There will be other news coming out in the next 12 months, as well. Important news flow in the next few months will include the start of clinical trials with its product Progenza (off-the-shelf allogeneic stem cell treatment) in osteoarthritis, and with its cancer vaccine, for which it will enroll 21 patients. TLSR: Is there another innovative yet undervalued company you have your eyes on? MW: Yes. Galapagos NV (GLPG:NASDAQ; GLPG:BSE) has a partnership in place with AbbVie Inc. (ABBV:NYSE) to develop the JAK1 inhibitor filgotinib for severe rheumatoid arthritis patients who show an inadequate response to the drug methotrexate. The share price went up dramatically after Phase 2 interim results were released. At the end of July, the company is expected to publish all the results of the 24-week trial in this indication. If the results are positive, as they were in the interim analysis, AbbVie probably will exercise its option to in-license the drug, triggering a milestone payment of $200 million ($200M) to Galapagos. For AbbVie, it’s important to have a new product against rheumatoid arthritis in its pipeline because, currently, it has the largest-selling rheumatoid arthritis product on the market. It’s called Humira (adalimumab), and has annual sales of $13 billion ($13B). Humira will go off-patent in a few years, so AbbVie needs a follow-up drug. AbbVie has development programs underway with other companies to develop an innovative follow-up to Humira, but the most important of those programs is the one with Galapagos. TLSR: Is an acquisition likely? MW: There are rumors AbbVie may consider acquiring Galapagos for this product. In the recent initial public offering (IPO) on NASDAQ, the company participated in the placement of new shares. Another thing that is interesting—and feeds the rumors—is that AbbVie has other partnerships in place with Galapagos to develop cystic fibrosis therapeutics. The cystic fibrosis market is garnering a lot of interest from large pharmaceutical companies. Wall Street analysts estimate the cystic fibrosis market may exceed $6B within the next few years. AbbVie and other pharmaceutical companies are actively looking for a new generation of drugs to target that market. TLSR: The field of epigenetics is also generating a lot of discussion in scientific circles, as the human genome project has made it possible to relate specific lifestyle and environmental exposures to genomic changes. Do you follow a company in that field? MW: MDxHealth SA (MDXH:EBR) a Belgian molecular diagnostics company, is adding to its platform of diagnostics by developing an advanced epigenetic test for personalized treatment of cancer. Its technology, MSP (methylation-specific PCR), is extremely powerful and accurate. It can detect a single cancer cell from among 10,000 healthy cells—including stem cells—in any type of bodily fluid or tissue. MDxHealth is partnering with Exact Sciences Corp. (EXAS:NASDAQ), which in-licensed all the technology for a specific test against colon cancer called Cologuard. This is the first FDA-approved, noninvasive test for colon cancer. On the market since late 2014, it showed very good revenues during the first quarter of 2015. MDxHealth is getting about a 5% royalty on these sales. Analysts estimate Cologuard can generate up to $1.5B in revenue within the next few years. That would give MDxHealth a very good income stream. Its current market value of about $200M is very much below the projected royalty income from this test alone. Some people suggest MDxHealth may be a takeover target for Exact Sciences. TLSR: Why is MDxHealth so undervalued? MW: MDxHealth is still seen as European company, even though the market for its diagnostic test is predominantly in the U.S. What the company should do, to increase its visibility to U.S. investors, is have a dual listing on a U.S. stock exchange, like NASDAQ, as several European companies have done. Recently, the company successfully raised $31M, which it will use to increase its sales and clinical affairs efforts in the U.S. and to accelerate product development (new tests for prostate cancer and bladder cancer). This could be the step up for a NASDAQ listing in the near future. TLSR: Is there another company in epigenetics that you’d like to mention? MW: Resverlogix Corp. (RVX:TSX) is a Canadian cardiovascular drug company that is active in targeting cardiovascular disease. It has a proprietary drug development platform that’s based on targeting bromodomain and extra-terminal (BET) domain proteins. BET proteins have potential in many diseases, including cardiovascular disease, neurodegenerative disease and diabetes. BET bromodomain inhibition is an epigenetic mechanism that can turn disease-causing genes off, returning them to a healthier state. TLSR: Resverlogix just received authorization to launch a Phase 3 clinical trial in Europe this fall for coronary disease. What are the challenges, and where are the opportunities, in an epigenetic approach? MW: When you look at the current drugs for cardiovascular disease, they’re usually statins. Their goal is to target bad cholesterol and promote good cholesterol. That, until now, was the standard of care for cardiovascular disease. Recently, there have been failures in the cardiovascular therapeutics area among new-generation drugs that target the promotion of good cholesterol—high-density lipoprotein (HDL). Regulating HDL has proven very difficult. Companies like Pfizer Inc. (PFE:NYSE) and Roche Holding AG (RHHBY:OTCQX) have experienced great disappointments in this area. The current, more innovative thinking is to reduce the risk of actually experiencing a heart attack. This new tactic, using epigenetics, is getting more emphasis from scientists and cardio specialists. The approach being developed by Resverlogix is a small molecule that can uncover the involved environmental and individual aspects of lifestyle that directly interact with the genome to influence epigenetic change in the DNA of a person. The company is targeting patients who have diabetes mellitus or chronic kidney failure who are at high risk for cardiovascular disease. Resverlogix seems to have an interesting new way to deal with cardiovascular disease. With RVX-208, a first-in-class, small molecule, selective BET inhibitor, Resverlogix may have the answer to developing a new generation of cardio drugs. TLSR: Do you think RVX-208 could become a potential blockbuster? MW: Absolutely. RVX-208 could be very effective as a combination therapy with, for example, AstraZeneca Plc’s (AZN:NYSE) Crestor (rosuvastatin calcium), with almost 24M new prescriptions or refills in the past year and annual sales in the U.S. exceeding $5B. Crestor is currently among the most prescribed drugs in the U.S. TLSR: I noticed Resverlogix has a $68.8M loan from Citibank, payable in August 2017. This is fairly unusual in biotech financing, isn’t it? MW: That is correct. I haven’t seen a biotechnology company without any revenue or cash flow that has been able to secure some type of loan. It’s probably something that the company arranged when it was in a different position and had a different pipeline. However, last year, Resverlogix was able to renew this loan. Resverlogix also gained a new investor in the form of China-based pharma company Shenzhen Hepalink Pharmaceutical Co. Ltd. Shenzhen Hepalink is a global pharmaceutical leader in the manufacturing and development of Heparin Sodium API. Heparin is widely used as an important anticoagulant therapeutic agent in high-risk cardiovascular disease patients around the world. Hepalink gets 13% equity for a CA$35M investment, which strengthens Resverlogix’s balance sheet. Resverlogix is using the funds to develop a cardio product for the Territories (China, Hong Kong, Taiwan and Macau). Resverlogix is eligible to receive sales-based milestone payments from Hepalink. Total sales based milestones and royalty payments are estimated in excess of $400M. We strongly feel that Resverlogix is due for a significant rerating of the stock. TLSR: Thank you for your insights, Marcel. Marcel Wijma is founder and managing director of Van Leeuwenhoeck Inc. (VLI). VLI is actively engaged in the financial research of life sciences companies in Europe, North America and Australia. VLI provides institutional investors and other professional investors with independent, unbiased research on the real value of innovative life sciences companies. Want to read more Life Sciences Report interviews like this? Sign up for our free e-newsletter, and you’ll learn when new articles have been published. To see recent interviews with industry analysts and commentators, visit our Streetwise Interviews page. DISCLOSURE: 1) Gail Dutton conducted this interview for Streetwise Reports LLC, publisher of The Gold Report, The Energy Report and The Life Sciences Report, and provides services to Streetwise Reports as an independent contractor. She owns, or her family owns, shares of the following companies mentioned in this interview: None. 2) The following companies mentioned in the interview are sponsors of Streetwise Reports: Regeneus Ltd., Resverlogix Corp., Mesoblast Ltd. Mesoblast Ltd. is not affiliated with Streetwise Reports. The companies mentioned in this interview were not involved in any aspect of the interview preparation or post-interview editing so the expert could speak independently about the sector. Streetwise Reports does not accept stock in exchange for its services. 3) Marcel Wijma: I own, or my family owns, shares of the following companies mentioned in this interview: None. I personally am, or my family is, paid by the following companies mentioned in this interview: None. My company has a financial relationship with the following companies mentioned in this interview: None. I was not paid by Streetwise Reports for participating in this interview. Comments and opinions expressed are my own comments and opinions. I determined and had final say over which companies would be included in the interview based on my research, understanding of the sector and interview theme. I had the opportunity to review the interview for accuracy as of the date of the interview and am responsible for the content of the interview. 4) Interviews are edited for clarity. Streetwise Reports does not make editorial comments or change experts’ statements without their consent. 5) The interview does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer . 6) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their families are prohibited from making purchases and/or sales of those securities in the open market or otherwise during the up-to-four-week interval from the time of the interview until after it publishes. Streetwise – The Life Sciences Report is Copyright © 2014 by Streetwise Reports LLC. All rights are reserved. Streetwise Reports LLC hereby grants an unrestricted license to use or disseminate this copyrighted material (i) only in whole (and always including this disclaimer), but (ii) never in part.. Streetwise Reports LLC does not guarantee the accuracy or thoroughness of the information reported. Streetwise Reports LLC receives a fee from companies that are listed on the home page in the In This Issue section. Their sponsor pages may be considered advertising for the purposes of 18 U.S.C. 1734. Participating companies provide the logos used in The Life Sciences Report . These logos are trademarks and are the property of the individual companies.
    The Familiar Economics of Legal Weed
  • By , 7/2/15
  • tags: SPY TLT
  • Submitted by Wall St. Daily as part of our contributors program The Familiar Economics of Legal Weed By Samantha Solomon, Editor-in-Chief, Commodities Ganja is going mainstream. These days, soccer moms and punk rockers alike are visiting weed distilleries to buy a little green for recreational use. As more and more states legalize and decriminalize marijuana, the drug is increasingly being treated like a commodity. You see, legalization leads to greater supply and distribution, which in turn leads to lower prices. Now, there isn’t a weed exchange (yet), but Price of Weed, a global index for marijuana sales, serves as a repository for tracking the price of both legal and illegal marijuana sales across the country. Buyers can anonymously submit the price, amount, and location of a weed sale. The website’s users can then check the index to find out how much they can expect to pay for weed on, say, their spring break in California, so they’ll know if they’re getting overcharged. The data also allows you to track trends in marijuana pricing. Using data from Price of Weed, The Washington Post recently reported that the average price of an ounce of marijuana in the United States is $286.35. And eighth would be about $36. The Post also used that data to create a map showing how expensive weed is across the country compared to the average national price. Following the Green Since this data collection is voluntary and marijuana is still illegal in most states, it’s hard to get a clear picture of why prices are where they are. Still, it seems that a high supply – such as you would have in states where growing or buying the drug is legal – leads to lower prices. Weed is cheapest in Oregon, Washington, and Colorado, which have legalized the recreational use of the drug, and California, which legalized medical marijuana in 1996. Prices are also low in areas that are known for marijuana production, such as the “Emerald Triangle” – Humboldt, Mendocino, and Trinity counties in California – and in Kentucky and Tennessee. The Post also reported that in 2011 the Price of Weed’s data showed that the national average of an ounce was about $314. The price may have started dropping due to Colorado and Washington legalizing recreational use in 2012. A Hazy Future RAND Drug Policy Research Center Co-Director  Beau Kilmer   told VICE News that the price of marijuana is mostly compensating everyone along the supply chain for the risk of arrest. “With legalization, those risks are eliminated. Legalizing marijuana and allowing it to be industrially farmed like any other agricultural commodity will cause the production and distribution costs to eventually plummet,” said Kilmer. But Harvard economist Jeffrey Miron contradicted this opinion in his essay published on CNN.com . Miron thinks prices would go down even further if the federal government legalizes weed, but they won’t drop too much more because the number of marijuana users won’t increase all that much. Instead, Miron says nationwide legalization would make the weed market more complex, with a variety of expensive, high-end, and super-cheap weed products. It’s strange and interesting to imagine what the future holds for the marijuana market. Futures contracts? Price hikes due to bad weather? Supply shortages from transportation strikes? Perhaps even a trader from the marijuana desk writing for Wall Street Daily . Good investing, Samantha Solomon The post The Familiar Economics of Legal Weed appeared first on Wall Street Daily . By Samantha Solomon
    Texas to the Fed: Don’t Mess With Our Gold
  • By , 7/2/15
  • tags: OUNZ GLD
  • Submitted by Wall St. Daily as part of our contributors program Texas to the Fed: Don’t Mess With Our Gold By Tim Maverick, Commodities Correspondent On June 12, Texas Governor Greg Abbott signed a law establishing the Texas Bullion Depository. The purpose of Texas’ Fort Knox – which will be administered by the state comptroller – is to store gold and other precious metals on behalf of the State of Texas and its citizens. During the signing ceremony, Abbott said that under the new law Texas would “repatriate $1 billion of gold bullion from the Federal Reserve in New York to Texas.” Texas is basically telling the Federal Reserve, “We don’t trust you with our gold.” Two large pension funds – the University of Texas Investment Management Co. and the Teacher Retirement System – own much of that bullion. But the Lone Star State isn’t riding solo on this issue: Germany, Austria, and the Netherlands have also begun to repatriate their gold from the Fed, too. Paper Covers Rock Why don’t Texas and its three European amigos trust the Fed? Look no further than Wall Street and the inflated trading of “paper” gold. Bud Conrad of Casey Research reported in October 2014 that approximately $360-billion worth of paper gold is traded monthly. But only $279 million of actual physical gold is delivered. That’s a ratio of more than 1,000-to-1. Texas is concerned that gold stored by the Federal Reserve Bank of New York in Manhattan may eventually be used to satisfy physical claims based on these paper trades. In other words, Texas is concerned it has no clear title to gold it rightfully owns. Keith Weiner, President of the Gold Standard Institute, concluded that Texas, Germany, Austria, and the Netherlands may end up creditors in counterparty relationships where debtors default – but their claims would be unsecured in a bankruptcy proceeding. Weiner noted that this is exactly what happened to people who held gold bars with futures broker MF Global, a large commodities and derivatives broker driven to bankruptcy in 2011 due to liquidity problems. Distrust Runs Deep Texas’ distrust extends to Wall Street. But it’s focused on politicians in Washington, D.C. A provision in the bill signed by Abbott would block confiscation of Texas’ gold by the federal government – a clear sign that Texas remembers the 1933 move on bullion by the Roosevelt administration via Executive Order 6102. At that time, the government generously paid citizens $20.67 an ounce for their gold. Then FDR’s regime devalued the U.S. dollar by 40%, revaluing gold at $35 an ounce. The Texas bill also opens the door to establishing gold and silver as money, completely bypassing the Fed and its Federal Reserve notes. Another attempt by the federal government to take the Lone Star State’s gold would clearly stir a Texas-sized controversy. And that’s to say nothing of the implications of potentially using gold and silver as currency, as Article 1, Section 10, of the U.S. Constitution provides, “No State shall … coin Money.” Why Physical Gold? Let’s set aside for a moment the fact that there’s deep distrust of all things federal in what was once the Republic of Texas. How in the world did two large pension funds come to own so much physical gold? It’s not a run-of-the-mill investment for such institutions. I’d say it’s due to the influence of Dallas-based hedge fund manager Kyle Bass, who made more than half a billion dollars from the subprime mortgage collapse. Bass is an alumnus and member of the endowment board of the University of Texas. In 2011, Bass said, “Central banks are printing more money than they ever have, so what’s the value of money in terms of purchases of goods and services? I look at gold as just another currency that they can’t print any more of.” And the money printing has only accelerated since then. Note, however, that in recent years the University of Texas has converted some of its physical gold into paper gold in the form of futures contracts. Gold Investment So what steps can you take to protect yourself – a la the Lone Star State – if you can’t wait for the Texas Bullion Depository to open? Probably the best bet for individual investors is Merk Gold Trust ( OUNZ ). Unlike other exchange-traded products, Merk Gold Trust allows you to exchange shares directly for physical gold bullion or coins, simply by filing a delivery application through your broker. And the chase continues, Tim Maverick The post Texas to the Fed: Don’t Mess With Our Gold appeared first on Wall Street Daily . By Tim Maverick
    Groundbreaking Hoverbike Wows U.S. Government
  • By , 7/2/15
  • tags: SPY TLT
  • Submitted by Wall St. Daily as part of our contributors program Groundbreaking Hoverbike Wows U.S. Government By Martin Denholm, Editor-in-Chief I’d defy anyone to watch the scenes in Back to the Future, where Marty McFly shoots around on his hoverboard, and not think, “Man, I want one!” Alas, like flying cars and other amazing products that we were promised decades ago would be reality by now, they’ve yet to hit the mainstream. But that doesn’t mean we’re not getting there. We’re just doing it slowly. Back in September, I told you about a “new era in aeronautics,” thanks to some pioneering innovation from British firm, Malloy Aeronautics, Ltd. Specifically, the company has designed a Hoverbike quadcopter that “breaks new ground in terms of stability, reliability, movement, and versatility” and is also “able to carry heavier loads, while also boasting greater maneuverability than helicopters.” Needless to say, such work hasn’t remained nestled quietly in the English countryside for long. And at the recent Paris Airshow, it attracted the attention of a massive player – none other than the U.S. government . .  . Hoverbike Scores Big Deal With Department of Defense Pioneered by Malloy Aeronautics Managing Director and helicopter pilot, Chris Malloy, the company’s “flying bike” is a true revolution in aeronautics technology. Aside from the increased maneuverability and ability to carry heavier payloads, the Hoverbike can be used as both a manned and an unmanned vehicle. It can also fly at 9,000 feet and up to 100 knots, according to Malloy’s Sales and Marketing Director, Grant Stapleton. The Hoverbike’s simpler, smaller design also allows it to enter environments where traditional helicopters would struggle. Stapleton says, “It’s inexpensive, it can carry a decent load, it can get in and out of very small spaces very quickly, and it can be moved across continents very quickly because it can be folded and packed into a C130 or a ship.” All of that was enough to convince U.S. defense R&D firm, SURVICE Engineering – which boasts a big client in the U.S. Department of Defense. At the Paris Airshow, Malloy and SURVICE announced a deal to develop the Hoverbike for the U.S. military. SURVICE Corporate Director, Mark Butkiewicz, explains the decision: “The Department of Defense is interested in Hoverbike technology because it can support multiple roles. It can transport troops over difficult terrain, and when it’s not used in that purpose, it can also be used to transport logistics, supplies, and can operate in both a manned and unmanned asset. It can also operate as a surveillance platform.” Take a look at the Hoverbike in action above. While Malloy Aeronautics will remain independent and stationed in the United Kingdom, the Hoverbike will be developed right here in Maryland – which will bring jobs to the state. Says Maryland Lieutenant Governor, Boyd Rutherford, “It’s a fascinating concept. I think there can be a lot of applications.” Indeed, once the concept is proved for the military, Malloy ultimately hopes to expand the Hoverbike into the commercial and consumer markets. The future is coming. Slowly . . .  but it’s coming. Cheers, Martin Denholm The post Groundbreaking Hoverbike Wows U.S. Government appeared first on Wall Street Daily . By Martin Denholm
    UnitedHealth Group Logo
  • commented 7/2/15
  • tags: UNH
  • Global Gamma Knife Market Anticipated to Expand at a 9.0% CAGR through 2025

    Future Market Insights (FMI) announces the release of its latest report titled, "Gamma Knife Market: Global Industry Analysis and Opportunity Assessment 2015 - 2025". According to the report, the global gamma knife market was valued at US$ 156.8 Mn in 2014 and is anticipated to reach US$ 411.0 Mn by 2025, registering a compound annual growth rate of 9.0% over the forecast period.

    Market Drivers and Restraints
    Global Gamma Knife market growth is majorly driven by rising ageing population, increasing incidence of cancer and increasing prevalence of neurological disorders. By disease indication, brain metastasis cases undergoing Gamma Knife treatment accounts for highest market share as compared to other indications. Painless and non-invasive elective surgeries with high success rate have recently become the treatment of choice. Leading Gamma Knife manufacturers are entering into tie-ups with premium healthcare organisations in developed and emerging economies for setting up Gamma Knife surgery centres and Gamma Knife installations.

    However, lack of awareness about Gamma Knife treatment, negative perceptions of the radioactive elements and lack of trained professionals to operate these systems are expected to hamper market growth during the forecast period.

    Market Segments
    The global Gamma Knife market is segmented on the basis of indication, anatomy or organs treated and geography.

    Browse Full: "Gamma Knife Market: Global Industry Analysis and Opportunity Assessment 2015 - 2025" Market Research Report at http://www.futuremarketinsights.com/reports/details/gamma-knife-market

    By indication type, the global Gamma Knife market is segmented into brain metastasis, cancer arteriovenous malformation (AVM), trigeminal neuralgia and others. Among these segments, brain metastasis accounted for approximately 68.5% share of the global Gamma Knife market in 2014 and is expected to dominate the market over the forecast period, exhibiting a CAGR of 9.2% between 2015 and 2025.
    Cancer is the second-most prevalent indication, accounting for over 10.2% market share in 2014, and is expected to increase at a comparatively high CAGR of 10.3% during the forecast period.

    Trigeminal neuralgia accounted for approximately 9.8% share of the global Gamma Knife market in 2014 and is expected to further gain share at a comparatively high CAGR of 7% during the forecast period. Arteriovenous malformation and others contribute around 11.3% of the global Gamma Knife market revenue.

    On the bases of anatomy, the global Gamma Knife market is segmented into head, neck and other body parts.
    Head segment accounted for approximately 88.1% global market share in 2014 and is expected to dominate the global Gamma Knife market throughout the forecast period, exhibiting a CAGR of 9.2% between 2015 and 2025.

    For more insights on the Gamma Knife Market, you can request a sample report with TOC at http://www.futuremarketinsights.com/reports/sample/rep-gb-589

    Neck segment accounted for over 7.8% share of the global market in 2014, which is expected to increase at a CAGR of 7.7%, during the forecast period. However, scope for Gamma Knife treatment for other body parts is expected to expand in future due to market expansion and innovations in techniques.

    On the basis of region, North America dominated the global Gamma Knife market at 29% in terms of revenue in 2014. However, Europe, Asia Pacific, Latin America and MEA are projected to witness relatively high CAGRs of 7.7%, 10.5%, 11.1% and 11.7%, respectively over the forecast period.

    Competitive Landscape
    Key players in the global Gamma Knife market include Elekta AB, Varian Medical Systems, Inc. and Huiheng Medical, Inc.

    Browse Latest Insights: http://www.futuremarketinsights.com/reports/latestinsights
    [ less... ]
    Global Gamma Knife Market Anticipated to Expand at a 9.0% CAGR through 2025 Future Market Insights (FMI) announces the release of its latest report titled, "Gamma Knife Market: Global Industry Analysis and Opportunity Assessment 2015 - 2025". According to the report, the global gamma knife market was valued at US$ 156.8 Mn in 2014 and is anticipated to reach US$ 411.0 Mn by 2025, registering a compound annual growth rate of 9.0% over the forecast period. Market Drivers and Restraints Global Gamma Knife market growth is majorly driven by rising ageing population, increasing incidence of cancer and increasing prevalence of neurological disorders. By disease indication, brain metastasis cases undergoing Gamma Knife treatment accounts for highest market share as compared to other indications. Painless and non-invasive elective surgeries with high success rate have recently become the treatment of choice. Leading Gamma Knife manufacturers are entering into tie-ups with premium healthcare organisations in developed and emerging economies for setting up Gamma Knife surgery centres and Gamma Knife installations. However, lack of awareness about Gamma Knife treatment, negative perceptions of the radioactive elements and lack of trained professionals to operate these systems are expected to hamper market growth during the forecast period. Market Segments The global Gamma Knife market is segmented on the basis of indication, anatomy or organs treated and geography. Browse Full: "Gamma Knife Market: Global Industry Analysis and Opportunity Assessment 2015 - 2025" Market Research Report at http://www.futuremarketinsights.com/reports/details/gamma-knife-market By indication type, the global Gamma Knife market is segmented into brain metastasis, cancer arteriovenous malformation (AVM), trigeminal neuralgia and others. Among these segments, brain metastasis accounted for approximately 68.5% share of the global Gamma Knife market in 2014 and is expected to dominate the market over the forecast period, exhibiting a CAGR of 9.2% between 2015 and 2025. Cancer is the second-most prevalent indication, accounting for over 10.2% market share in 2014, and is expected to increase at a comparatively high CAGR of 10.3% during the forecast period. Trigeminal neuralgia accounted for approximately 9.8% share of the global Gamma Knife market in 2014 and is expected to further gain share at a comparatively high CAGR of 7% during the forecast period. Arteriovenous malformation and others contribute around 11.3% of the global Gamma Knife market revenue. On the bases of anatomy, the global Gamma Knife market is segmented into head, neck and other body parts. Head segment accounted for approximately 88.1% global market share in 2014 and is expected to dominate the global Gamma Knife market throughout the forecast period, exhibiting a CAGR of 9.2% between 2015 and 2025. For more insights on the Gamma Knife Market, you can request a sample report with TOC at http://www.futuremarketinsights.com/reports/sample/rep-gb-589 Neck segment accounted for over 7.8% share of the global market in 2014, which is expected to increase at a CAGR of 7.7%, during the forecast period. However, scope for Gamma Knife treatment for other body parts is expected to expand in future due to market expansion and innovations in techniques. On the basis of region, North America dominated the global Gamma Knife market at 29% in terms of revenue in 2014. However, Europe, Asia Pacific, Latin America and MEA are projected to witness relatively high CAGRs of 7.7%, 10.5%, 11.1% and 11.7%, respectively over the forecast period. Competitive Landscape Key players in the global Gamma Knife market include Elekta AB, Varian Medical Systems, Inc. and Huiheng Medical, Inc. Browse Latest Insights: http://www.futuremarketinsights.com/reports/latestinsights
    United Technologies Logo
  • commented 7/2/15
  • tags: UTX
  • Traction Motors Market: Global Industry Analysis and Opportunity Assessment 2015-2025: Future Market Insights

    Traction motors are electric motors consisting of stator, (stationary electrical part) surrounded by field coils which are connected by rotor or armature in a sequential form and basically used for driving the machinery. Traction motors market finds its application in escalators, elevators, locomotives, electric vehicles, washing machines and many other electronic products requiring torque for the initial propulsion. Traction motors are utilized to provide rotational or necessary torque to machines or engines. It is basically a DC or AC motor surrounded with field windings connected in series with armature. It is mounted on axle and supported with sleeve bearing. The largest application of traction motors market lies in transportation especially in diesel locomotive. Developments in hybrid vehicle technology where internal combustion engines generate power and the transmission takes place in electrical mode have led to considerable increase in demand of traction motors. High efficiency of traction motors is one of the unique propositions leading to their high adoption across aforementioned applications. On the other hand, under normal conditions traction motors are able to convert 90% of the electrical power into mechanical energy.

    Browse Full Report@ http://www.futuremarketinsights.com/reports/details/traction-motors-market

    Traction Motors Market: Drivers & Restraints
    The increasing trend in the electrification of vehicles in the automotive industry which in turn has led to the increase in demand for electric components, is one of the major driving factor for the growth of traction motors market. The technological developments such as the development of regenerative brakes, increase in investments in R&D for specific requirements based on the applications of the traction motors, innovations in the hybrid electric vehicle technology and the increasing awareness for the emission reduction in the vehicles are steering the growth of traction motors market. Operational drawbacks such as overheating, commutation problems, insulation breakdown, etc. are some of the constraints for the traction motors market.

    Traction Motors Market: Segmentation

    On the basis of application, traction motors market can be segmented into:
    • Transportation
    • Industrial machinery and equipment
    • Others

    On the basis of end user, the traction motors can be segmented into:
    • Hybrid vehicles
    • Compact construction equipment
    • Escalators
    • Elevators
    • Other (Washing machines, Electric aircraft etc.)

    Request Report TOC@ http://www.futuremarketinsights.com/toc/rep-gb-590

    Traction Motors Market: Region-wise Outlook
    Hybrid vehicles have started commanding significant share in automotive fleet across most of the developed countries and growing awareness regarding vehicle performance and emission reduction norms are catching attention from most of the automotive manufacturers across the developing countries. This trend is expected to further drive the demand for traction motors market across all the segments of automobiles. Global traction motors market is expected to closely follow the growth trend of industrial machinery and equipment market, however in developing economies it is projected to show promising above average growth between 6% and 8% over the next five years.

    Traction Motors Market: Key Players
    Some of the leading players in the traction motors market are ABB, Aisin, Alstom, Continental, General Electric, Magna International, Mitsubishi, and Toshiba to name a few.
    [ less... ]
    Traction Motors Market: Global Industry Analysis and Opportunity Assessment 2015-2025: Future Market Insights Traction motors are electric motors consisting of stator, (stationary electrical part) surrounded by field coils which are connected by rotor or armature in a sequential form and basically used for driving the machinery. Traction motors market finds its application in escalators, elevators, locomotives, electric vehicles, washing machines and many other electronic products requiring torque for the initial propulsion. Traction motors are utilized to provide rotational or necessary torque to machines or engines. It is basically a DC or AC motor surrounded with field windings connected in series with armature. It is mounted on axle and supported with sleeve bearing. The largest application of traction motors market lies in transportation especially in diesel locomotive. Developments in hybrid vehicle technology where internal combustion engines generate power and the transmission takes place in electrical mode have led to considerable increase in demand of traction motors. High efficiency of traction motors is one of the unique propositions leading to their high adoption across aforementioned applications. On the other hand, under normal conditions traction motors are able to convert 90% of the electrical power into mechanical energy. Browse Full Report@ http://www.futuremarketinsights.com/reports/details/traction-motors-market Traction Motors Market: Drivers & Restraints The increasing trend in the electrification of vehicles in the automotive industry which in turn has led to the increase in demand for electric components, is one of the major driving factor for the growth of traction motors market. The technological developments such as the development of regenerative brakes, increase in investments in R&D for specific requirements based on the applications of the traction motors, innovations in the hybrid electric vehicle technology and the increasing awareness for the emission reduction in the vehicles are steering the growth of traction motors market. Operational drawbacks such as overheating, commutation problems, insulation breakdown, etc. are some of the constraints for the traction motors market. Traction Motors Market: Segmentation On the basis of application, traction motors market can be segmented into: • Transportation • Industrial machinery and equipment • Others On the basis of end user, the traction motors can be segmented into: • Hybrid vehicles • Compact construction equipment • Escalators • Elevators • Other (Washing machines, Electric aircraft etc.) Request Report TOC@ http://www.futuremarketinsights.com/toc/rep-gb-590 Traction Motors Market: Region-wise Outlook Hybrid vehicles have started commanding significant share in automotive fleet across most of the developed countries and growing awareness regarding vehicle performance and emission reduction norms are catching attention from most of the automotive manufacturers across the developing countries. This trend is expected to further drive the demand for traction motors market across all the segments of automobiles. Global traction motors market is expected to closely follow the growth trend of industrial machinery and equipment market, however in developing economies it is projected to show promising above average growth between 6% and 8% over the next five years. Traction Motors Market: Key Players Some of the leading players in the traction motors market are ABB, Aisin, Alstom, Continental, General Electric, Magna International, Mitsubishi, and Toshiba to name a few.
    Baker Hughes Incorporated Logo
  • commented 7/1/15
  • tags: BHI
  • LOAN TESTIMONY

    I am Mrs.Sandra Bents from Germany, God has bless me with two kids and a loving husband, I promise to share this Testimony because of God favor in my life,2months ago I was in desperate need of money so I thought of having a loan then I ran into wrong hands who claimed to be a loan lender not knowing he was a scam. he collected 2,000USD from me and refuse to email me since. then I was confuse, but God came to my rescue, one faithful day I went to Court after the Case of my friend I share idea with a friend and she introduce me to AMACO LOAN COMPANY, she said she was given 50,000USD by MR AMACO , THE MANAGING DIRECTOR OF AMACO LOAN COMPANY . so I collected his email Address ,he told me the roles and regulation and I followed, then after processing of the Documents, he gave me my loan of 30,000POUNDS .you can contact him on via email : (amacoloancompany@gmail.com) I am sure he will help you [ less... ]
    LOAN TESTIMONY I am Mrs.Sandra Bents from Germany, God has bless me with two kids and a loving husband, I promise to share this Testimony because of God favor in my life,2months ago I was in desperate need of money so I thought of having a loan then I ran into wrong hands who claimed to be a loan lender not knowing he was a scam. he collected 2,000USD from me and refuse to email me since. then I was confuse, but God came to my rescue, one faithful day I went to Court after the Case of my friend I share idea with a friend and she introduce me to AMACO LOAN COMPANY, she said she was given 50,000USD by MR AMACO , THE MANAGING DIRECTOR OF AMACO LOAN COMPANY . so I collected his email Address ,he told me the roles and regulation and I followed, then after processing of the Documents, he gave me my loan of 30,000POUNDS .you can contact him on via email : (amacoloancompany@gmail.com) I am sure he will help you
    American Airlines Group Logo
  • commented 7/1/15
  • tags: AAL
  • I am Mrs.Sandra Bents from Germany, God has bless me with two kids and a loving husband, I promise to share this Testimony because of God favor in my life,2months ago I was in desperate need of money so I thought of having a loan then I ran into wrong hands who claimed to be a loan lender not knowing he was a scam. he collected 2,000USD from me and refuse to email me since. then I was confuse, but God came to my rescue, one faithful day I went to Court after the Case of my friend I share idea with a friend and she introduce me to AMACO LOAN COMPANY, she said she was given 50,000USD by MR AMACO , THE MANAGING DIRECTOR OF AMACO LOAN COMPANY . so I collected his email Address ,he told me the roles and regulation and I followed, then after processing of the Documents, he gave me my loan of 30,000POUNDS .you can contact him on via email : (amacoloancompany@gmail.com) I am sure he will help you [ less... ]
    I am Mrs.Sandra Bents from Germany, God has bless me with two kids and a loving husband, I promise to share this Testimony because of God favor in my life,2months ago I was in desperate need of money so I thought of having a loan then I ran into wrong hands who claimed to be a loan lender not knowing he was a scam. he collected 2,000USD from me and refuse to email me since. then I was confuse, but God came to my rescue, one faithful day I went to Court after the Case of my friend I share idea with a friend and she introduce me to AMACO LOAN COMPANY, she said she was given 50,000USD by MR AMACO , THE MANAGING DIRECTOR OF AMACO LOAN COMPANY . so I collected his email Address ,he told me the roles and regulation and I followed, then after processing of the Documents, he gave me my loan of 30,000POUNDS .you can contact him on via email : (amacoloancompany@gmail.com) I am sure he will help you
    AEO Logo
    American Eagle Outfitters' EBITDA Margins Will Be Slow To Bounce Back
  • By , 7/1/15
  • tags: AEO ARO ANF
  • American Eagle Outfitters ‘ (NYSE:AEO) EBITDA (earnings before interest tax depreciation and amortization) margin over the past five years has had its ups and downs.  It increased from 24.8% in 2009 to 25.8% in 2010 with improving macro-economic conditions. Yet in 2011, margins declined to 22.9% due to an increase in cotton prices owing to floods in major cotton producing areas, which pushed cost of goods up. Things turned around in 2012, as gradually declining cotton prices and lower promotions drove margins back to 26.11%. However, the year 2013 was marked by heavy promotional activities throughout the U.S. apparel industry and American Eagle was no exception. Heavy discounting dragged the retailer’s margins down to 19.5%. Surprisingly, the retailer was able to get improve its margins slightly to 20.9% in 2014 with fewer promotional activities, thanks to better merchandise offerings. While we expect American Eagle’s EBITDA margins to improve going forward, the rate of growth is likely to be slow. The company’s merchandise portfolio is getting better, which should allow it to operate with fewer discounts and store consolidation should help decrease operating expenses relative to revenues, but other factors will have a significant offsetting impact. Expansion of the factory channel (where gross margins are lower) and increased penetration of online revenues (which is a low margin business) will counter the improvement in margins on account of the aforementioned factors. We thus forecast EBITDA margins to increase slowly from 20.9% in 2014 to 22.3% over the next five-six years. Our price estimate for the company at $15.28, is about 10% below the current market price.
    TSLA Logo
    Tesla's Unique Position In The Car Market Is One Of Its Biggest Strengths
  • By , 7/1/15
  • tags: TSLA GM TM F HMC
  • Tesla Motors (NYSE:TSLA) is unique because it is not merely selling cars but also selling new technologies. Essentially, betting on Tesla Motors involves betting on a new technology. Simply put, Tesla has created, and now dominates, the market for luxury, long-range electric automobiles, a market that is distinct from both the market for less expensive electric vehicles and the market for luxury gas-powered vehicles.  And as the sole player, the company has to not only sell cars but also build out the infrastructure necessary to support the operation of those cars. In Tesla’s case, this involves building out a network of superchargers, battery swap stations, and service stations. On the face of it, this should make growing the business tougher, but Tesla’s unique position in the auto car market can help it achieve that target. Essentially, there is one unique thing about Tesla:  Its cars operate in a Long Range EV car market, which consists of just one car currently — the Tesla Model S. Given its pricing, the car falls into the price range of luxury cars which form nearly half of the auto industry’s profits, despite making up just 10% of its unit sales. This makes it harder for other car companies to compete as they cannot afford to risk losing out on their most profitable segment by developing a luxury car that siphons off sales of its most  profitable products. Let us explore this dynamic in greater detail below. We have a  price estimate of $170 for Tesla, which is about 30% below the current market price. See Our Complete Analysis For Tesla Motors Here Lack of Competition A widely misunderstood thing about Tesla is the markets it deals in. Every time an established automotive company announces the launch of an electric vehicle, the business press is quick to announce it as a threat to Tesla Motors. This is a fundamental misunderstanding of two key aspects of Tesla’s business model. Firstly, Tesla is the only company selling production volumes of a high-end, high-range electric vehicle. Every other car company merely experiments with its EVs. The reason behind this is simple: almost all car companies get their cash profits from their high-end ICE (Internal Combustion Engine) cars. If they started releasing production volumes of cars about which customers are still circumspect, they could end up cannibalizing the sales of their high-end ICE cars.  It also poses a threat to their market position and their reputation, as well as the prospect of losing a lot of money in the process. So far, car companies have erred on the side of safety and let Tesla lead the push for enlarging the share of alternative vehicles in the overall car market. Secondly, Tesla’s competition is not other EVs (at least not yet), but high-end ICE cars. So when Tesla releases its Gen III, its competition will be neither Nissan Leaf, Chevy Bolt, nor Chevrolet Malibu and Toyota Camry, but rather the Audi A4, A5, and A6, BMW’s X1, X3, and X4, and Buick’s Enclave, La Crosse, and Regal. So, no, Chevrolet Bolt is not Tesla’s competitor. Tesla’s modus operandi is to sell high-end cars in different car segments, and use the profits to realize greater efficiencies in the production and distribution process in order to bring down the unit price and expand its market share. The Green Car Market Is Segmented It is easy to make the mistake of treating all alternative fuel cars as belonging to the same car segment. Therefore, hybrid vehicles, plug-in hybrids, short range electric vehicles and long-range electric vehicles are all treated identically. There are two problems with this kind of categorization:  1) these cars are very different in how they use electric batteries; and, 2) these segments are growing at different rates, so projecting the growth of the EV market by lumping them in together gives a false picture of the market Tesla is trying to capture. Tesla operates in the long range EV segment of the market comprised by electric vehicles. Essentially, these are vehicles that can run more than 200 miles on a battery alone. The only car in the market that offers this value is the Tesla Model S. When Tesla releases its Model X SUV later this year, there will be two cars on this market. Even though, Tesla missed its target of 35,000 deliveries last year by just under 10%, Model S sales still grew by over 30%. In 2015, Tesla is targeting a sales growth rate of over 66%. That is a tough target but sales of the new Model X can help. According to the company management, the Model X has managed to generate as many as 20,000 deposit-backed orders already and all this without any advertising or even the display of a production version of the car. Understand How a Company’s Products Impact its Stock Price at Trefis View Interactive Institutional Research (Powered by Trefis): Global Large Cap |  U.S. Mid & Small Cap |  European Large & Mid Cap More Trefis Research
    CMCSA Logo
    Why Universal Studio Is Becoming Increasingly Important To Comcast's Value?
  • By , 7/1/15
  • tags: CMCSA DIS TWX VIA FOX
  • Universal Studios’  Jurassic World  has set the box office on fire. The movie’s success is a result of Universal’s focus on franchise building, a strategy which will serve the studio well in the future. The studio’s current franchise slate is impressive with a balanced mix of big-budget brands such as  Fast & Furious,   Jurassic World, Despicable Me/Minions  and  Fifty Shades of Grey and relatively less capital intensive properties such as Pitch Perfect, Jason Bourne, Neighbors, Ted, The Purge,  etc.   Universal Studios is an integral part of Comcast  (NASDAQ:CMCSA), bringing in approximately $5 billion in revenues last year. Based on current strength and expected future growth, we believe that Universal’s EBITDA will more than double from $680 million in 2014 to $1.56 billion by 2021. Consequently, the increase in this segment’s EBITDA will be instrumental in pushing NBCUniversal’s contribution to Comcast’s total EBITDA from 24% currently to around 30% by the end of our forecast period. NBCUniversal’s importance is growing as the segment is becoming a meaningful growth driver for Comcast in the wake of the company’s saturating pay-TV business. Our price estimate for Comcast stands at $64.80, implying a premium of about 7% to the market.
    SINA Logo
    Here Are The Key Factors Underlying Our Valuation For Sina
  • By , 7/1/15
  • tags: SINA
  • Sina  (NASDAQ:SINA), an online media company in China, has seen its stock rise by over 70% over the past three months. This has partially been driven by the recent announcement of $456 million cash investment by the company’s chairman and CEO, Charles Chao, to acquire 11 million newly issued ordinary shares of the company. This investment has significantly boosted investor confidence in the company, which is facing challenges in its core businesses. We believe Sina’s overall business could continue to grow over our forecast period, driven by opportunities in the Chinese mobile Internet market, which could lead to expansion in user base on both Weibo as well as Portal.
    The Dow Chemical Company Logo
  • commented 7/1/15
  • tags: DOW
  • Hello, I am Anita Frank, currently living in New jersey city, USA. I am a widow at the moment with three kids and i was stuck in a financial situation in April 2015 and i needed to refinance and pay my bills. I tried seeking loans from various loan firms both private and corporate but never with success, and most banks declined my credit. But as God would have it, I was introduced to a Man of God a private loan lender who gave me a loan of $75,000USD and today am a business owner and my kids are doing well at the moment, if you must contact any firm with reference to securing a loan without collateral , no credit check, no co signer with just 2% interest rate and better repayment plans and schedule, please contact Mr Wilson Edwards. He doesn't know that am doing this but am so happy now and i decided to let people know more about him and also i want God to bless him more.You can contact him through his email:; wilsonedwardsloancompany@gmail.com [ less... ]
    Hello, I am Anita Frank, currently living in New jersey city, USA. I am a widow at the moment with three kids and i was stuck in a financial situation in April 2015 and i needed to refinance and pay my bills. I tried seeking loans from various loan firms both private and corporate but never with success, and most banks declined my credit. But as God would have it, I was introduced to a Man of God a private loan lender who gave me a loan of $75,000USD and today am a business owner and my kids are doing well at the moment, if you must contact any firm with reference to securing a loan without collateral , no credit check, no co signer with just 2% interest rate and better repayment plans and schedule, please contact Mr Wilson Edwards. He doesn't know that am doing this but am so happy now and i decided to let people know more about him and also i want God to bless him more.You can contact him through his email:; wilsonedwardsloancompany@gmail.com
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