Tax Endowments, Buffett, NBA
– Finally a good tax idea. Give them the choice, lower tuition or pony up…
– Enough Warren. I am getting “Warrened Out”…
– Goes to show how pathetic the NBA is. Its #1 pitchman is a rapist.
–
Tax Endowments, Buffett, NBA
– Finally a good tax idea. Give them the choice, lower tuition or pony up…
– Enough Warren. I am getting “Warrened Out”…
– Goes to show how pathetic the NBA is. Its #1 pitchman is a rapist.
–
Upgrades
California Pizza (CPKI)- Wedbush Morgan Sell » Hold
Carrizo Oil & Gas (CRZO)- CapitalOne southcoast Neutral » Add
True Religion (TRLG)- Wedbush Morgan Hold » Buy
Cablevision (CVC)- Pali Research Sell » Neutral
GSI Technology (GSIT)- Needham Hold » Buy
Activision (ATVI)- Cowen & Co Neutral » Outperform
Activision (ATVI)- Kaufman Bros Hold » Buy
NVIDIA (NVDA)- Stifel Nicolaus Sell » Buy
Ameristar Casinos (ASCA)- Brean Murray Hold » Buy
Freightcar America (RAIL)- Jefferies & Co Hold » Buy
TECO Energy (TE)- Citigroup Hold » Buy
Lincoln Educational Services (LINC)- Lehman Brothers Equal-Weight » Overweight
Hess (HES)- Lehman Brothers Underweight » Equal-Weight
Advanced Energy (AEIS)- JP Morgan Neutral » Overweight
Penson Worldwide (PNSN)- JP Morgan Neutral » Overweight
FormFactor (FORM)- JP Morgan Neutral » Overweight
Imperial Tobacco (ITY)- Credit Suisse Neutral » Outperform
Sonus Networks (SONS)- Merriman Curhan Ford Neutral » Buy
Novartis AG (NVS)- Bernstein Mkt Perform » Outperform
Pinnacle (PNK)- Lehman Brothers Equal-Weight » Overweight
Sovereign Banc (SOV)- Keefe Bruyette Underperform » Mkt Perform
Downgrades
Deltek (PROJ)- William Blair Outperform » Mkt Perform
Northwestern Corp (NWE)- KeyBanc Capital Mkts Buy » Hold
DRS Tech (DRS)- Morgan Joseph Buy » Hold
Celgene (CELG)- Credit Suisse Outperform » Neutral
Deltek (PROJ)- Credit Suisse Outperform » Neutral
Pike Electric (PEC)- Robert W. Baird Outperform » Neutral
Energy Conversion (ENER)- Broadpoint Capital Buy » Neutral
iPass (IPAS)- Morgan Joseph Buy » Hold
DRS Tech (DRS)- Friedman Billings Outperform » Mkt Perform
Am Superconductor (AMSC)- Jefferies & Co Buy » Hold
Superior Well Services (SWSI)- RBC Capital Mkts Outperform » Sector Perform
Pediatrix Medical (PDX)- RBC Capital Mkts Top Pick » Outperform
PowerSecure (POWR)- JMP Securities Mkt Outperform » Mkt Perform
Aware (AWRE)- Merriman Curhan Ford Buy » Neutral
Georgia Gulf (GGC)- UBS Buy » Neutral
DRS Tech (DRS)- UBS Buy » Neutral
Cascade Microtech (CSCD)- JP Morgan Overweight » Neutral
Goodrich Petroleum (GDP)- Sun Trust Rbsn Humphrey Neutral » Reduce
Upgrades
California Pizza (CPKI)- Wedbush Morgan Sell » Hold
Carrizo Oil & Gas (CRZO)- CapitalOne southcoast Neutral » Add
True Religion (TRLG)- Wedbush Morgan Hold » Buy
Cablevision (CVC)- Pali Research Sell » Neutral
GSI Technology (GSIT)- Needham Hold » Buy
Activision (ATVI)- Cowen & Co Neutral » Outperform
Activision (ATVI)- Kaufman Bros Hold » Buy
NVIDIA (NVDA)- Stifel Nicolaus Sell » Buy
Ameristar Casinos (ASCA)- Brean Murray Hold » Buy
Freightcar America (RAIL)- Jefferies & Co Hold » Buy
TECO Energy (TE)- Citigroup Hold » Buy
Lincoln Educational Services (LINC)- Lehman Brothers Equal-Weight » Overweight
Hess (HES)- Lehman Brothers Underweight » Equal-Weight
Advanced Energy (AEIS)- JP Morgan Neutral » Overweight
Penson Worldwide (PNSN)- JP Morgan Neutral » Overweight
FormFactor (FORM)- JP Morgan Neutral » Overweight
Imperial Tobacco (ITY)- Credit Suisse Neutral » Outperform
Sonus Networks (SONS)- Merriman Curhan Ford Neutral » Buy
Novartis AG (NVS)- Bernstein Mkt Perform » Outperform
Pinnacle (PNK)- Lehman Brothers Equal-Weight » Overweight
Sovereign Banc (SOV)- Keefe Bruyette Underperform » Mkt Perform
Downgrades
Deltek (PROJ)- William Blair Outperform » Mkt Perform
Northwestern Corp (NWE)- KeyBanc Capital Mkts Buy » Hold
DRS Tech (DRS)- Morgan Joseph Buy » Hold
Celgene (CELG)- Credit Suisse Outperform » Neutral
Deltek (PROJ)- Credit Suisse Outperform » Neutral
Pike Electric (PEC)- Robert W. Baird Outperform » Neutral
Energy Conversion (ENER)- Broadpoint Capital Buy » Neutral
iPass (IPAS)- Morgan Joseph Buy » Hold
DRS Tech (DRS)- Friedman Billings Outperform » Mkt Perform
Am Superconductor (AMSC)- Jefferies & Co Buy » Hold
Superior Well Services (SWSI)- RBC Capital Mkts Outperform » Sector Perform
Pediatrix Medical (PDX)- RBC Capital Mkts Top Pick » Outperform
PowerSecure (POWR)- JMP Securities Mkt Outperform » Mkt Perform
Aware (AWRE)- Merriman Curhan Ford Buy » Neutral
Georgia Gulf (GGC)- UBS Buy » Neutral
DRS Tech (DRS)- UBS Buy » Neutral
Cascade Microtech (CSCD)- JP Morgan Overweight » Neutral
Goodrich Petroleum (GDP)- Sun Trust Rbsn Humphrey Neutral » Reduce
Monday’s Picks
Jeff Macke says if Fedex drags down UPS (UPS) $70.29 then UPS is a buy on the dip.
Guy Adami likes Tesoro (TSO) $21.96 in anticipation of a relief rally.
Along those same lines, Karen Finerman suggests the Valero (VLO) June 45 calls.
Pete Najarian thinks Hewlett-Packard (HPQ) $49.13 is a buy ahead of earnings.
Friday’s Results
Guy Adami likes Cisco (CSCO) $25.7 as a buy. Close $25.49 LOSS
Karen Finerman prefers getting long JP Morgan (JPM) $46.05 Close $46.67 GAIN
Pete Najarian suggests picking up shares of Nike (NKE) $64.8 Close $64.87 GAIN
Jeff Macke thinks it time to take profits in Activision (ATVI) $27.7 Close $31.64 GAIN
2008 Records:
Brian Schaeffer= 0-1
Carter Worth= 1-1
Jon Najarian= 4-3
Jeff Macke= 36-28-1
Tim Seymore= 16-13
Guy Adami= 36-32
Pete Najarian= 35-30
Karen Finerman= 31-29-1
Joe Terrenova= 1-1
2007 Results (Since 6/21):
Guy Adami= 58-46 = 56%
Jeff Macke= 60-40 = 60%
Pete Najarian= 49-41 = 54%
Wilbur Ross talk to Bartiromo and Kudlow about what he sees.
First, opportunities internationally
Then, the state of the consumers mentality:
Ross is buying so his opinion, is worth noting. He is not saying we have bottomed but that “asset prices are attractive”. Given his stunning track record, his opinion is well worth noting.
I also like the subtle dig at Soros…
Here are the week’s top ten at Value Investing News
Wesco Annual Meeting, May 7, 2008
Notes courtesy of Peter Boodell
NBR anchor Susie Gharib talks with Berkshire Hathaway chairman and CEO Warren Buffett at his company’s 2008 shareholders’ meeting in Omaha, Nebraska. This extended interview is a web exclusive.
EXCLUSIVE: Warren Buffett and Bill Gates reveal their thoughts to FOX Business on the Microsoft-Yahoo fallout, the state of the economy and where they are looking to invest next
THIS IS A LIVE BLOG OF THE QUESTION-AND-ANSWER SESSION BEING HELD BY WARREN BUFFETT AND CHARLIE MUNGER AT THE BERKSHIRE HATHAWAY ANNUAL SHAREHOLDERS MEETING IN OMAHA. MOST RECENT DISPATCHES WILL APPEAR AT THE TOP. ALL TIMES ARE CENTRAL.
THIS IS THE FIRST HALF OF THE BERKSHIRE HATHAWAY ANNUAL SHAREHOLDERS MEETING AT THE QWEST ARENA IN OMAHA, NEBRASKA ON SATURDAY, MAY 3, 2008 AS LIVE-BLOGGED ON WARREN BUFFETT WATCH. ALL TIMES ARE CENTRAL.
On Wednesday the 7th, Dr Pepper Snapple Group (DPS) officially began to trade. Its $25 price tag is lower than many expected after the soft-drink maker was spun-off of its parent company, Cadbury Schweppes.
Pabrai began by reiterating the notion that we as investors or entrepreneurs should look for opportunities with low risk but high uncertainty. If your risk is low, losses will be not break you. Since Wall Street hates uncertainty, it tends to misinterpret certain situations and companies, over-punishing them in the process. This gives patient, diligent value investors a potential advantage.
The Mortgage Crisis
Whitney Tilson and Glenn Tongue of T2 Partners kicked off day 2 with a sobering look at the mortgage crisis. For his part, Tilson believes that we have not yet seen the worst.
Ken Shubin Stein, of Spencer Capital, laid out his philosophy, which includes:
• Looking for asymmetric payoffs (limited downside, with much upside)
• Bottom-up fundamental analysis
• A “scientific” research process
• Belief that volatility is the key to successful long term investing
Just returned from the Wesco shareholders meeting and, in general, felt the questions were much better than the ones asked at the BRK meeting. Yes, there were still the occasional, “How do I make a gazillion dollars like you did?” questions, but many more questions were about the future of the economy, derivatives, and BRK/WSC.
Top insider buys listed by dollar amounts…
Dst Systems Inc (DST)- $6,370,000
Delphi Financial Group Inc (DFG)- $3,362,000
Enterprise Products Partners L P (EPD)- $3,293,000
Geokinetics Inc (GOK)- $2,605,000
Chelsea Therapeutics International Ltd (CHTP)- $1,918,000
Xtl Biopharmaceuticals Ltd (XTLB)- $1,879,000
Duncan Energy Partners L P (DEP)- $1,482,000
Annaly Capital Management Inc (NLY)- $1,230,000
Bgc Partners Inc New (BGCP)- $1,152,000
Highland Credit Strategies Fund (HCF)- $1,126,000
Mosys Inc (MOSY)- $1,072,000
Patriot Coal Corp (PCX)- $858,000
Great Southern Bancorp Inc (GSBC)- $790,000
Cascade Financial Corp (CASB)- $788,000
Top insider buys listed by dollar amounts…
Dst Systems Inc (DST)- $6,370,000
Delphi Financial Group Inc (DFG)- $3,362,000
Enterprise Products Partners L P (EPD)- $3,293,000
Geokinetics Inc (GOK)- $2,605,000
Chelsea Therapeutics International Ltd (CHTP)- $1,918,000
Xtl Biopharmaceuticals Ltd (XTLB)- $1,879,000
Duncan Energy Partners L P (DEP)- $1,482,000
Annaly Capital Management Inc (NLY)- $1,230,000
Bgc Partners Inc New (BGCP)- $1,152,000
Highland Credit Strategies Fund (HCF)- $1,126,000
Mosys Inc (MOSY)- $1,072,000
Patriot Coal Corp (PCX)- $858,000
Great Southern Bancorp Inc (GSBC)- $790,000
Cascade Financial Corp (CASB)- $788,000
This part has a pretty detailed discussion on bond insurers Ambac (ABK), MBIA (MBI), banks (Bear Sterns (BSC)) as well as more on Target (TGT).
If you have not seen it, watch part one first:
Disclosure (“none” means no position):None
If you have young kids, watch them dance to this…
Visit the ValuePlays Bookstore for Great Investing Books
This work is licensed under a Creative Commons Attribution 2.5 License.
After several stories in the MSM and blogs yesterday erroneously said Pershings Bill Ackman flew to Sears Holdings (SHLD) annual meeting to confront Chairman Edward Lampert “because you will not take our calls”, the Tribune issued a correction.
“A story in Tuesday’s business section mischaracterized the reason activist investor William Ackman attended the annual meeting of Sears Holdings Corp. Ackman said he flew to Hoffman Estates from New York to hear Sears Chairman Edward Lampert speak. He had not tried to call Lampert.”
Here is a link to the correction:
This is troubling for the simple reason that the story in the Tribune has fictitious information. Another story in the NY Post reiterated it and one can only come to the conclusion the authors just invented most of it.
What is even worse is the tribune has changed the story online. If you do a Google search for “ackman lampert calls” you get the following results. You’ll notice the Tribune link says “But Ackman traveled thousands of miles to attend the meeting because Lampert wouldn’t take his call, the investor said in an interview after the event…” Yet, that is curiously missing from the story and the correction that has been made is not noted.
The heading “Wouldn’t Take Call” is still there in the actual article, but no mention of what it is talking about. A sloppy whitewash..
It is one things to misquote someone slightly, it is another entirely to invent an conversation…
Disclosure (“none” means no position):Long SHLD
A few years from now we will be discussing how wise it was for Pandit to come into Citi and not immediately begin to run around selling assets and chopping head.
With the street screaming for the bank to be instantly broken into pieces, Pandit instead stuck to a very measured plan of selling inconsequential assets, raising capital and doing a thorough top to bottom review. Now, the downside to that is the stock stays stagnant or drops as impatient investors sell wanting satisfaction now.
The good news is that he is acting like an owner of a business making decisions for the long term, not a manger making them for the next quarter.
First, the plan:
Reaction from Daniel Alpert
Reaction from Robert Olstein, owner of 1 million shares.
Olstein is right. Investor with the right time frame will be well rewarded. Patience is going to be the key…a lot of it…
Disclosure (“none” means no position):Long C
A few years from now we will be discussing how wise it was for Pandit to come into Citi and not immediately begin to run around selling assets and chopping head.
With the street screaming for the bank to be instantly broken into pieces, Pandit instead stuck to a very measured plan of selling inconsequential assets, raising capital and doing a thorough top to bottom review. Now, the downside to that is the stock stays stagnant or drops as impatient investors sell wanting satisfaction now.
The good news is that he is acting like an owner of a business making decisions for the long term, not a manger making them for the next quarter.
First, the plan:
Reaction from Daniel Alpert
Reaction from Robert Olstein, owner of 1 million shares.
Olstein is right. Investor with the right time frame will be well rewarded. Patience is going to be the key…a lot of it…
Disclosure (“none” means no position):Long C
Pershing’s Bill Ackman talks about Target (TGT), Ambac (ABK), Goldman Sachs (GS), sort selling and CDO’s. This is good stuff…
Disclosure (“none” means no position):None