tag:blogger.com,1999:blog-1815670410767921032024-03-12T21:16:07.280-04:00Todd Sullivan's - ValuePlaysTodd Sullivanhttp://www.blogger.com/profile/08287307038296659422noreply@blogger.comBlogger1392125tag:blogger.com,1999:blog-181567041076792103.post-90426321378236397982009-09-08T07:31:00.005-04:002009-09-08T07:31:00.131-04:00ValuePlays Has Moved (new link corrected)!!!THE NEW ADDRESS FOR VALUEPLAYS IS NOW <a href="http://www.valueplays.net/">VALUEPLAYS.NET</a> (CLICK LINK TO BE DIRECTED)<br /><br /><br /><script src="http://tweetmeme.com/i/scripts/button.js" type="text/javascript"></script><div class="blogger-post-footer"><form action="http://www.feedblitz.com/f/f.fbz?AddNewUserDirect" method="POST">
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<br/><a href="http://www.feedblitz.com/f?previewfeed=149816">Preview</a> | Powered by <a href="http://www.feedblitz.com">FeedBlitz</a></form></div>Todd Sullivanhttp://www.blogger.com/profile/08287307038296659422noreply@blogger.comtag:blogger.com,1999:blog-181567041076792103.post-76927907903724798712008-01-28T05:21:00.000-05:002009-08-28T23:30:57.119-04:00Harley Davidson: BoughtHarley Davidson (HOG) reported results Friday and they were as expected, anemic. The guidance for 2008, was, too be honest a bit more rosy than I would have expected.<span class="fullpost"> <br /><br />Here is the nitty gritty:<br /><br />Fourth-quarter net income fell 26% to $186.1 million, or 78 cents a share, from $252.4 million, or 97 cents a share. Analysts expected earnings of 82 cents a share. Revenue fell 7.7% to $1.39 billion from $1.5 billion a year ago. <br /><br />For 2008, the company said it expects "moderate" revenue growth and earnings per share growth of 4% to 7%, compared to 2007. The company said for the first quarter of 2008, it expects to ship between 68,000 and 72,000 Harley-Davidson motorcycles, compared to 67,761 units in the first quarter of 2007, and for the year overall it plans to ship fewer motorcycles than it expects dealers to sell.<br /><br /><span style="font-style:italic;">Financial Services Segment<br /></span>Harley-Davidson Financial Services (HDFS) reported fourth quarter operating income of $38.6 million, a decrease of $9.1 million or 19.1 percent compared to the year ago quarter. The decrease is primarily due to a $6.4 million write-down of retained securitization interests. HDFS full year operating income was $212.2 million, a 0.7 percent increase over last year's $210.7 million.<br /><br /><span style="font-style:italic;">Stock Repurchase<br /></span>The Company repurchased 3.2 million shares of its common stock at a cost of $153.3 million during the fourth quarter of 2007. For the full year 2007, they repurchased 20.4 million shares at a total cost of $1.15 billion. On December 31, 2007, the Company had 238.5 million shares of common stock outstanding.<br /><br />As of December 31, 2007, there are 23.1 million shares remaining on board-approved share repurchase authorizations. An additional board-approved share repurchase authorization is in place to offset option exercises. This is roughly 10% of outstanding shares.<br /><br /><span style="font-style:italic;">Cash Flow<br /></span>Cash and marketable securities totaled $405.3 million as of December 31, 2007. Cash flow from operations was $798.1 million, and capital expenditures were $242.1 million during the full year of 2007. In 2008, capital expenditures are expected to be between $240 and $260 million.<br /><br />With the US market clearly going to be in the doldrums for at least the first half of 2008, HOG must be seeing very positive trends in international markets. <br /><br />The stock was down after the news in a flat market. Trading at near 5 year lows and yielding over 3%, there is not much more downside to shares from here.<br /><br />Time to buy for those who have been waiting. Now, the market has been trading in some wild swings lately and looks on Friday morning to be approaching its first winning week this year so expect a wild ride (inference intended). That being said, we have been waiting since shares approached $70 to buy Harley and the time is now.<br /><br />We bought on Friday at $38.05 a share<br /><br />Disclosure ("none" means no position):Long HOG<br /><p style="margin-top:10px; margin-bottom:0; padding-bottom:0; text-align:center; line-height:0"><a href="http://feeds.feedburner.com/~r/ValuePlays/~6/2"><img alt="Todd Sullivan's- ValuePlays" style="border:0" src="http://feeds.feedburner.com/ValuePlays.2.gif"/></a></p><p style="margin-top:5px; padding-top:0; font-size:x-small; text-align:center"><a href="http://www.feedburner.com/fb/a/headlineanimator/install?id=692099&w=2" target="_blank" onclick="window.open(this.href, 'haHowto', 'width=520,height=600,toolbar=no,address=no,resizable=yes,scrollbars'); return false">↑ Grab this Headline Animator</a></p><br /><a href="http://astore.amazon.com/valpla-20">Visit the ValuePlays Bookstore for Great Investing Books</a><br /><br /></span><div class="blogger-post-footer"><form action="http://www.feedblitz.com/f/f.fbz?AddNewUserDirect" method="POST">
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<br/><a href="http://www.feedblitz.com/f?previewfeed=149816">Preview</a> | Powered by <a href="http://www.feedblitz.com">FeedBlitz</a></form></div>Todd Sullivanhttp://www.blogger.com/profile/08287307038296659422noreply@blogger.comtag:blogger.com,1999:blog-181567041076792103.post-56197531128656225292008-01-28T05:13:00.000-05:002009-08-28T23:30:57.120-04:00Circuit City a Target?Shares Circuit City (CC) surged over 20% last week on news that Hollywood Entertainment Corp founder Mark Wattles acquired a 6.5% stake.<span class="fullpost"><br /><br />According to a filing with the SEC, Wattles acquired the stake in Circuit City for "investment purposes and may buy additional shares, encourage the company to enter a merger, or nominate candidates for the board."<br /><br />Wattles, who owns 32 stores of the Ultimate Electronics Stores chain and his affiliated companies acquired 11 million shares of Circuit City after they met with management, the filing said. This comes on the heals of the Classic Fund Management Aktiengesellschaft, a Liechtenstein-based asset management company, disclosing it holds a 5.7 percent passive stake in Circuit City. <br /><br />Wattles filed for a “blank check IPO” in December and wanted to raise up to $200 million "to focus on potential acquisition targets in the consumer products and retail industry."<br /><br />Is Circuit City a good takeover target? Yes, but only if current management is set free to "pursue other opportunities". I have <a href="http://valueplays.blogspot.com/2008/01/circuit-citys-largest-shareholder-gives.html">repeatedly written</a> about management's missteps and until it is clear they are gone, any speculation on the chain's recovery because of who owns shares is a total gamble. I have said before CC has a great brand, good stores in great locations but they are just abysmally run.<br /><br />Different people owning shares will not change that. <br /><br />Disclosure ("none" means no position): None<br /><p style="margin-top:10px; margin-bottom:0; padding-bottom:0; text-align:center; line-height:0"><a href="http://feeds.feedburner.com/~r/ValuePlays/~6/2"><img alt="Todd Sullivan's- ValuePlays" style="border:0" src="http://feeds.feedburner.com/ValuePlays.2.gif"/></a></p><p style="margin-top:5px; padding-top:0; font-size:x-small; text-align:center"><a href="http://www.feedburner.com/fb/a/headlineanimator/install?id=692099&w=2" target="_blank" onclick="window.open(this.href, 'haHowto', 'width=520,height=600,toolbar=no,address=no,resizable=yes,scrollbars'); return false">↑ Grab this Headline Animator</a></p><br /><a href="http://astore.amazon.com/valpla-20">Visit the ValuePlays Bookstore for Great Investing Books</a><br /><br /></span><div class="blogger-post-footer"><form action="http://www.feedblitz.com/f/f.fbz?AddNewUserDirect" method="POST">
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<br/><a href="http://www.feedblitz.com/f?previewfeed=149816">Preview</a> | Powered by <a href="http://www.feedblitz.com">FeedBlitz</a></form></div>Todd Sullivanhttp://www.blogger.com/profile/08287307038296659422noreply@blogger.comtag:blogger.com,1999:blog-181567041076792103.post-71922186433333345802008-01-28T00:15:00.000-05:002009-08-28T23:30:57.120-04:00Monday's Upgrades and Downgrades<font class="fullpost"><br />UPGRADES<br />Sunpower (SPWR)= Janco Partners Accumulate » Buy <br />THQ Inc (THQI )=Janco Partners Accumulate » Buy <br />Elizabeth Arden (RDEN)= Wedbush Morgan Hold » Buy <br />AVX Corp (AVX)= AmTech Research Sell » Buy <br />Canadian Natrl Res (CNQ)= CIBC Wrld Mkts Sector Perform » Sector Outperform <br />XL Capital (XL)= Stifel Nicolaus Hold » Buy <br />Centurytel (CTL)= Stifel Nicolaus Hold » Buy <br />Astoria Fincl (AF)= Stifel Nicolaus Sell » Hold <br />Ctrip.com (CTRP )= Piper Jaffray Neutral » Buy <br />NYSE Euronext (NYX)= Piper Jaffray Neutral » Buy <br />Applied Bio (ABI)= Piper Jaffray Neutral » Buy <br />Sunpower (SPWR)= Piper Jaffray Neutral » Buy <br />Compuware (CPWR)= Piper Jaffray Neutral » Buy <br />Assured Guaranty (AGO)= JP Morgan Neutral » Overweight <br />ATP Oil & Gas (ATPG)= RBC Capital Mkts Underperform » Sector Perform <br />Co. Paran. de Energ (ELP)= Bear Stearns Peer Perform » Outperform <br />Cheesecake Factory (CAKE )= Friedman Billings Underperform » Mkt Perform <br />Methanex (MEOH)= UBS Neutral » Buy <br />Microchip (MCHP)= Credit Suisse Neutral » Outperform <br />ChoicePoint (CPS)= Sun Trust Rbsn Humphrey Reduce » Neutral <br />Emulex (ELX)= Friedman Billings Mkt Perform » Outperform <br />OmniVision (OVTI)= Robert W. Baird Neutral » Outperform <br />Textron (TXT)= Citigroup Hold » Buy <br />Arcelor Mittal (MT)= Citigroup Hold » Buy <br />Arcelor Mittal (MT)= Deutsche Securities Hold » Buy <br />Air Tran Holdings (AAI)= JP Morgan Neutral » Overweight <br />CKX Inc. (CKXE)= Bear Stearns Peer Perform » Outperform <br />ScanSource (SCSC)= Bear Stearns Underperform » Peer Perform <br />Tenneco (TEN)= Bear Stearns Underperform » Outperform <br />Federal Signal (FSS)= KeyBanc Capital Mkts Hold » Buy <br />Bronco Drilling (BRNC)= Friedman Billings Underperform » Mkt Perform<br /><br />DOWNGRADES<br />SunOpta (STKL)= Northland Securities Outperform » Market Perform <br />Integrated Device (IDTI)= Longbow Buy » Neutral <br />Integrated Device (IDTI)= Citigroup Buy » Hold <br />Bronco Drilling (BRNC)= BMO Capital Markets Outperform » Market Perform <br />Electro Scientific (ESIO)= Brean Murray Buy » Hold <br />Bancshares Of Florida (BOFL )= Sun Trust Rbsn Humphrey Buy » Neutral <br />City National (CYN)= Bear Stearns Outperform » Peer Perform <br />Synovus (SNV)= Keefe Bruyette Outperform » Mkt Perform <br />Royal Dutch Shell (RDS.A)= JP Morgan Neutral » Underweight <br />Fairchild Semi (FCS)= Citigroup Buy » Hold <br />Celera Genomics (CRA)= Piper Jaffray Buy » Neutral <br />AT&T (T)= Citigroup Buy » Hold <br />Bronco Drilling (BRNC)= Jefferies & Co Buy » Hold <br />Frontier Airlines (FRNT)= JP Morgan Overweight » Underweight <br />Cabot Micro (CCMP)= GARP Research Buy » Neutral <br />Sonic Foundry (SOFO)= Merriman Curhan Ford Buy » Neutral<br /><p style="margin-top: 10px; margin-bottom: 0pt; padding-bottom: 0pt; text-align: center; line-height: 0pt;"><a href="http://feeds.feedburner.com/%7Er/ValuePlays/%7E6/2"><img alt="Todd Sullivan's- ValuePlays" style="border: 0pt none ;" src="http://feeds.feedburner.com/ValuePlays.2.gif"></a></p><p style="margin-top: 5px; padding-top: 0pt; font-size: x-small; text-align: center;"><a href="http://www.feedburner.com/fb/a/headlineanimator/install?id=692099&w=2" target="_blank" onclick="window.open(this.href, 'haHowto', 'width=520,height=600,toolbar=no,address=no,resizable=yes,scrollbars'); return false">↑ Grab this Headline Animator</a></p><br /><a href="http://astore.amazon.com/valpla-20">Visit the ValuePlays Bookstore for Great Investing Books</a><br /><br /></font><div class="blogger-post-footer"><form action="http://www.feedblitz.com/f/f.fbz?AddNewUserDirect" method="POST">
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<br/><a href="http://www.feedblitz.com/f?previewfeed=149816">Preview</a> | Powered by <a href="http://www.feedblitz.com">FeedBlitz</a></form></div>Todd Sullivanhttp://www.blogger.com/profile/08287307038296659422noreply@blogger.comtag:blogger.com,1999:blog-181567041076792103.post-32332720639775771782008-01-27T12:26:00.000-05:002009-08-28T23:30:57.121-04:00"Fast Money" for Monday<span class="fullpost"><br />Monday's Picks<br />Tim Seymour recommends buying Sasol (SSL) $43.11<br /><br />Guy Adami prefers United Technologies (UTX) $72.75<br /><br />Karen Finerman likes Golar (GLNG) $17.57<br /><br />Pete Najarian thinks investors should trade alongside Warren Buffet and buy Burlington Northern (BNI) $81.8<br /><br />Friday's Results<br />Tim Seymour likes refiners such as Tesoro (TSO) $39.81 Close $39.29 LOSS<br /><br />Guy Adami prefers Cisco Systems (CSCO) $25.11 Close $24.22 LOSS<br /><br />Karen Finerman says get long Goldman Sachs (GS) $199.20 Close $191.37 LOSS<br /><br />Pete Najarian thinks ConocoPhillips (COP) $74.47 Close $74.13 LOSS<br /><br />2008 Records:<br />Brian Schaeffer= 0-1<br />Carter Worth= 0-1<br />Jon Najarian= 3-1<br />Jeff Macke= 6-4<br />Tim Seymore= 2-1<br />Guy Adami= 4-7<br />Pete Najarian= 3-5<br />Karen Finerman= 5-4<br /><br />2007 Results (Since 6/21):<br />Guy Adami= 58-46 = 56%<br />Jeff Macke= 60-40 = 60%<br />Pete Najarian= 49-41 = 54%<br />Karen Finerman= 40-30 = 57%<br /><br /><p style="margin-top: 10px; margin-bottom: 0pt; padding-bottom: 0pt; text-align: center; line-height: 0pt;"><a href="http://feeds.feedburner.com/%7Er/ValuePlays/%7E6/2"><img alt="Todd Sullivan's- ValuePlays" style="border: 0pt none ;" src="http://feeds.feedburner.com/ValuePlays.2.gif" /></a></p><p style="margin-top: 5px; padding-top: 0pt; font-size: x-small; text-align: center;"><a href="http://www.feedburner.com/fb/a/headlineanimator/install?id=692099&w=2" target="_blank" onclick="window.open(this.href, 'haHowto', 'width=520,height=600,toolbar=no,address=no,resizable=yes,scrollbars'); return false">↑ Grab this Headline Animator</a></p><br /><a href="http://astore.amazon.com/valpla-20">Visit the ValuePlays Bookstore for Great Investing Books</a><br /><br /></span><div class="blogger-post-footer"><form action="http://www.feedblitz.com/f/f.fbz?AddNewUserDirect" method="POST">
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<br/><a href="http://www.feedblitz.com/f?previewfeed=149816">Preview</a> | Powered by <a href="http://www.feedblitz.com">FeedBlitz</a></form></div>Todd Sullivanhttp://www.blogger.com/profile/08287307038296659422noreply@blogger.comtag:blogger.com,1999:blog-181567041076792103.post-59004653362843845742008-01-26T06:42:00.000-05:002009-08-28T23:39:20.228-04:00The Weeks Top Stories at VINHere are the top stories this week at <a href="www.valueinvestingnews.com">Value Investing News</a><br /><span class="fullpost"><br /><br /><div id="node-3063" class="node storylink clear-block"><h2 class="title"><a href="http://collegeanalysts.com/?p=204">1. The Only Three Financials Worth Owning, Part 1</a></h2><br /><div class="vote-up-down-via">(via collegeanalysts.com)</div><div class="content"><!-- google_ad_section_start --><p>Only well-capitalized, conservative, and consistent (sorry, even Goldman doesn't count) are worth owning in that sector. Here are my three favorites, and the first analysis.</p></div></div><div id="node-3065" class="node storylink clear-block"><h2 class="title"><a href="http://www.lmcm.com/pdf/ROICPatternsandShareholderReturns.pdf">2. Michael Mauboussin : ROIC Patterns and Shareholder Returns</a></h2><br /><div class="vote-up-down-via">(via www.lmcm.com)</div><div class="content"><div class="vote-up-down-widget"><span id="vote_up_3065" class="vote-up-inact"></span><span id="vote_down_3065" class="vote-down-inact"></span></div><!-- google_ad_section_start --><p>Sorting Fundamentals and Expectations</p><br /></div></div><div id="node-3058" class="node storylink clear-block"><br /><h2 class="title"><a href="http://collegeanalysts.com/?p=202">3. I'm No Longer Alone in Retail</a></h2><br /><div class="vote-up-down-via">(via collegeanalysts.com)</div><div class="content"><div class="vote-up-down-widget"><span id="vote_up_3058" class="vote-up-act"></span><span id="vote_down_3058" class="vote-down-inact"></span></div><!-- google_ad_section_start --><p>Four retail stocks you wished you owned today - but it's not too late...</p><br /></div></div><div id="node-3049" class="node storylink clear-block"><h2 class="title"><a href="http://www.financialpost.com/story.html?id=253583">4. Why it's fair weather for Fairfax investors</a></h2><br /><div class="vote-up-down-via">(via www.financialpost.com)</div><div class="content"><div class="vote-up-down-widget"><span id="vote_up_3049" class="vote-up-inact"></span><span id="vote_down_3049" class="vote-down-inact"></span></div><!-- google_ad_section_start --><p>Picking companies to bet on to weather the growing financial crisis in the United States, noted value investor Whitney Tilson appeared on CNBC last week and named just three: McDonald's, Warren Buffet's Berkshire Hathaway, and Canadian financial services conglomerate Fairfax Financial Holdings.</p><br /><!-- google_ad_section_end --></div><br /></div><div id="node-3068" class="node storylink clear-block"><h2 class="title"><a href="http://valueplays.blogspot.com/2008/01/ackmans-letter-to-moodys-must-read.html">5. Ackman's Letter to Moody's: A Must Read</a></h2><br /><div class="vote-up-down-via">(via valueplays.blogspot.com)</div><div class="content"><div class="vote-up-down-widget"><span id="vote_up_3068" class="vote-up-act"></span><span id="vote_down_3068" class="vote-down-inact"></span></div><!-- google_ad_section_start --><p>Ackman's entire letter to Moody's</p><br /></div></div><div id="node-3066" class="node storylink clear-block"><h2 class="title"><a href="http://www.ft.com/cms/s/0/d4ba9b84-c98a-11dc-b5dc-000077b07658.html">6. Buffett buys 3% of Swiss Re</a></h2><br /><div class="vote-up-down-via">(via www.ft.com)</div><div class="content"><div class="vote-up-down-widget"><span id="vote_up_3066" class="vote-up-inact"></span><span id="vote_down_3066" class="vote-down-inact"></span></div><!-- google_ad_section_start --><p>Swiss Re shares surged in on Wednesday morning after the world’s largest reinsurance group said Warren Buffett’s Berkshire Hathaway group had taken a 3 per cent stake as part of a broader business deal.</p><br /></div></div><div id="node-3014" class="node storylink clear-block"><h2 class="title"><a href="http://valueplays.blogspot.com/2008/01/leucadia-again-buys-options-on.html">7. Leucadia Buys More Options on AmeriCredit</a></h2><br /><div class="vote-up-down-via">(via valueplays.blogspot.com)</div><div class="content"><div class="vote-up-down-widget"><span id="vote_up_3014" class="vote-up-act"></span><span id="vote_down_3014" class="vote-down-inact"></span></div><!-- google_ad_section_start --><p>An SEC filing late Friday</p><br /></div></div><div id="node-3082" class="node storylink clear-block"><h2 class="title"><a href="http://www.sec.gov/Archives/edgar/data/93859/000092189508000219/dfan14a06824004_01232008.htm">8. Sandar Biglari Issues Letter to Shareholders of the Steak n Shake Company</a></h2><br /><div class="vote-up-down-via">(via www.sec.gov)</div><div class="content"><div class="vote-up-down-widget"><span id="vote_up_3082" class="vote-up-inact"></span><span id="vote_down_3082" class="vote-down-inact"></span></div><!-- google_ad_section_start --><p>Biglari issues a letter just before the Steak n Shake earnings conference call on January 24th accusing the leaders of Steak n Shake of destroying shareholder value. This fight is just starting to heat up.</p><br /></div></div><div id="node-3064" class="node storylink clear-block"><h2 class="title"><a href="http://articles.moneycentral.msn.com/Investing/CompanyFocus/HowBuffettIsPlayingThisMarket.aspx">9. How Buffett is playing this market</a></h2><br /><div class="vote-up-down-via">(via articles.moneycentral.msn.com)</div><div class="content"><div class="vote-up-down-widget"><span id="vote_up_3064" class="vote-up-inact"></span><span id="vote_down_3064" class="vote-down-inact"></span></div><!-- google_ad_section_start --><p>But actions speak louder than words. And Buffett's recent actions provide four key takeaways for investors:</p><br /><!-- google_ad_section_end --></div><br /></div><div id="node-3059" class="node storylink clear-block"><h2 class="title"><a href="http://valueplays.blogspot.com/2008/01/leucadia-ups-stake-in-americredit-to.html">10. Leucadia Ups AmeriCredit Stake to Almost 20%</a></h2><br /><div class="vote-up-down-via">(via valueplays.blogspot.com)</div><div class="content"><div class="vote-up-down-widget"><span id="vote_up_3059" class="vote-up-act"></span><span id="vote_down_3059" class="vote-down-inact"></span></div><!-- google_ad_section_start --><p>Time to dig into AmeriCredit</p><br /><!-- google_ad_section_end --></div><br /></div><div id="node-3033" class="node storylink clear-block"><h2 class="title"><a href="http://money.cnn.com/news/newsfeeds/articles/djf500/200801181427DOWJONESDJONLINE000860_FORTUNE5.htm">11. Washington Mutual Is Troubled, But Tempting Too</a></h2><br /><div class="vote-up-down-via">(via money.cnn.com)</div><div class="content"><div class="vote-up-down-widget"><span id="vote_up_3033" class="vote-up-inact"></span><span id="vote_down_3033" class="vote-down-inact"></span></div><!-- google_ad_section_start --><p>"We don't have a better crystal ball as to when mortgage problems will be behind them," Bill Nygren, portfolio manager for the Oakmark Fund, which has extensive holdings in the bank told MarketWatch Thursday. "But when it does, we think that investors will realize the franchise value far exceeds the current stock value."</p><br /></div></div><div id="node-3024" class="node storylink clear-block"><h2 class="title"><a href="http://online.wsj.com/article/SB120072035599702709.html?mod=googlenews_wsj">12. Flagging Sears Plans Shakeup In Latest Bid at Turnaround - WSJ.com</a></h2><br /><div class="vote-up-down-via">(via online.wsj.com)</div><div class="content"><div class="vote-up-down-widget"><span id="vote_up_3024" class="vote-up-inact"></span><span id="vote_down_3024" class="vote-down-inact"></span></div><!-- google_ad_section_start --><p>Excerpt:" In a fresh effort to halt a long decline, Sears Holdings Corp. Chairman Edward S. Lampert plans to reorganize the 121-year-old retailer into several businesses with broad authority to shape their own future."</p><br /></div></div><div id="node-3022" class="node storylink clear-block"><h2 class="title"><a href="http://www.ft.com/cms/s/81510704-c623-11dc-8378-0000779fd2ac.html">13. Whitney Tilson: Strong stomach? Concentrate that portfolio</a></h2><br /><div class="vote-up-down-via">(via www.ft.com)</div><div class="content"><div class="vote-up-down-widget"><span id="vote_up_3022" class="vote-up-inact"></span><span id="vote_down_3022" class="vote-down-inact"></span></div><!-- google_ad_section_start --><p>As in most subjects relating to money management, there’s a wide diversity of opinion on portfolio concentration versus diversification. Few, of course, would argue for the extremes: owning only one or two stocks invites potential disaster (ask those whose entire retirement portfolio consisted of Lucent or Enron stock), while owning hundreds makes it very difficult to outperform the market.</p><br /></div></div><div id="node-3017" class="node storylink clear-block"><h2 class="title"><a href="http://valueplays.blogspot.com/2008/01/lamperts-move-yes-its-about-brands.html">14. Lampert's Move: Yes Its About Brands</a></h2><br /><div class="vote-up-down-via">(via valueplays.blogspot.com)</div><div class="content"><div class="vote-up-down-widget"><span id="vote_up_3017" class="vote-up-act"></span><span id="vote_down_3017" class="vote-down-inact"></span></div><!-- google_ad_section_start --><p>Lampert's move will finally unlock the brand value..</p><br /></div></div><div id="node-3015" class="node storylink clear-block"><h2 class="title"><a href="http://valueplays.blogspot.com/2008/01/berkshire-still-adding-to-burlington.html">15. Berkshire Files Friday on more BNI Purchases</a></h2><br /><div class="vote-up-down-via">(via valueplays.blogspot.com)</div><div class="content"><div class="vote-up-down-widget"><span id="vote_up_3015" class="vote-up-act"></span><span id="vote_down_3015" class="vote-down-inact"></span></div><!-- google_ad_section_start --><!-- google_ad_section_end --></div><br /></div><div id="node-3088" class="node storylink clear-block"><h2 class="title"><a href="http://www.noisefreeinvesting.com/blog/?p=171">16. What happens to shareholders’ money at Steak n’ Shake?</a></h2><br /><div class="vote-up-down-via">(via www.noisefreeinvesting.com)</div><div class="content"><div class="vote-up-down-widget"><span id="vote_up_3088" class="vote-up-inact"></span><span id="vote_down_3088" class="vote-down-inact"></span></div><!-- google_ad_section_start --><p>One picture sums up the current state of affairs. (even investors have a sense of humor)</p><br /></div></div><div id="node-3083" class="node storylink clear-block"><h2 class="title"><a href="http://www.moneyweek.com/file/41143/why-banks-cant-afford-to-save-the-bond-insurers.html">17. Why banks can’t afford to save the bond insurers</a></h2><br /><div class="vote-up-down-via">(via www.moneyweek.com)</div><div class="content"><div class="vote-up-down-widget"><span id="vote_up_3083" class="vote-up-inact"></span><span id="vote_down_3083" class="vote-down-inact"></span></div><!-- google_ad_section_start --><p>Rumours of a bail-out for bond insurers gave the Dow Jones a late boost yesterday. But before investors get too excited, they should consider one thing: where's the money going to come from?</p><br /></div></div><div id="node-3078" class="node storylink clear-block"><h2 class="title"><a href="http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/01/23/bcndollar123.xml">18. Dollar's golden era is ending, warns Soros</a></h2><br /><div class="vote-up-down-via">(via www.telegraph.co.uk)</div><div class="content"><div class="vote-up-down-widget"><span id="vote_up_3078" class="vote-up-inact"></span><span id="vote_down_3078" class="vote-down-inact"></span></div><!-- google_ad_section_start --><p>George Soros said that a recession in both the United States and Britain "will be very difficult to avoid". He was speaking on the fringes of the World Economic Forum summit in Davos, Switzerland, where many of the world's top politicians and businessmen are meeting.</p><br /><!-- google_ad_section_end --></div><br /></div><div id="node-3051" class="node storylink clear-block"><h2 class="title"><a href="http://online.barrons.com/article/SB120071159401502353.html">19. Stocks to Buy in '08</a></h2><br /><div class="vote-up-down-via">(via online.barrons.com)</div><div class="content"><div class="vote-up-down-widget"><span id="vote_up_3051" class="vote-up-inact"></span><span id="vote_down_3051" class="vote-down-inact"></span></div><!-- google_ad_section_start --><p>Barron's Roundtable members Meryl Witmer, Fred Hickey, Art Samberg and Mario Gabelli share their stock picks for 2008.</p><br /></div></div><div id="node-3041" class="node storylink clear-block"><h2 class="title"><a href="http://mikesnewsletterinvesting.blogspot.com/2008/01/wall-st-non-sense.html">20. Wall St. Non-Sense</a></h2><br /><div class="vote-up-down-via">(via mikesnewsletterinvesting.blogspot.com)</div><div class="content"><div class="vote-up-down-widget"><span id="vote_up_3041" class="vote-up-inact"></span><span id="vote_down_3041" class="vote-down-inact"></span></div><!-- google_ad_section_start --><p>Posted about two and a half weeks ago, but the thesis remains true. The three companies, K-Swiss, Sears Holding and Overstock.com are all illogiclly being pushed down well below liquidation value for Sears, below 1/3 of sales for Overstock and almost to 5x fcf for K-Swiss.</p></div></div><br /><p style="margin-top: 10px; margin-bottom: 0pt; padding-bottom: 0pt; text-align: center; line-height: 0pt;"><a href="http://feeds.feedburner.com/%7Er/ValuePlays/%7E6/2"><img alt="Todd Sullivan's- ValuePlays" style="border: 0pt none ;" src="http://feeds.feedburner.com/ValuePlays.2.gif" /></a></p><p style="margin-top: 5px; padding-top: 0pt; font-size: x-small; text-align: center;"><a href="http://www.feedburner.com/fb/a/headlineanimator/install?id=692099&w=2" target="_blank" onclick="window.open(this.href, 'haHowto', 'width=520,height=600,toolbar=no,address=no,resizable=yes,scrollbars'); return false">↑ Grab this Headline Animator</a></p><br /><a href="http://astore.amazon.com/valpla-20">Visit the ValuePlays Bookstore for Great Investing Books</a><br /><br /></span><div class="blogger-post-footer"><form action="http://www.feedblitz.com/f/f.fbz?AddNewUserDirect" method="POST">
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Really Steve?Here is an article that gives serious doubt to Apple's (AAPL) recent numbers.<span class="fullpost"> <br /><br /><a href="http://apple20.blogs.fortune.cnn.com/2008/01/25/the-case-of-the-14-million-missing-iphones/?section=money_topstories">The full article can be found here:<br /></a><br />"The talk among Apple (AAPL) watchers today is Toni Sacconaghi’s dogged pursuit of the 4 million iPhones Steve Jobs claimed to have sold as of Jan. 15, the date of his Macworld keynote speech.<br /><br />AT&T (T), the iPhone’s exclusive U.S. carrier, reported yesterday that it had activated “just at or just slightly under 2 million” iPhones. That’s quite a discrepancy.<br /><br />Sacconaghi, Sanford Bernstein’s Apple specialist, did the math and concluded in a report to clients that there are roughly 1.4 million iPhones “missing in action,” either unlocked or sitting in inventory. Assuming that 20% of those iPhones were purchased to be unlocked (a generous assumption given that a jailbreak for the latest iPhone firmware was only released yesterday), he believes that there are at least 650,000 gathering dust somewhere — in warehouses, perhaps, or in closets, as unwanted Christmas presents waiting to be returned.<br /><br />Here’s how he gets that number:<br /><br /> * 3.75 million iPhones sold as of Dec. 29 (per Apple’s Q1 report)<br /> * minus 2 million iPhones activated through AT&T as of Dec. 31 (per AT&T)<br /> * minus 350,000 iPhones sold in Europe via O2, T-Mobile and Orange<br /> * minus 750,000 iPhones purchased to be unlocked<br /> * equals 650,000 unaccounted for.<br /><br />Sacconaghi concludes:<br /><br /> This is negative in two ways: (1) it indicates end-user demand for iPhone is lower than many investors may think based on Apple’s sales figure; and (2) it points to slower iPhone sales in the current quarter, since much of this inventory is likely to be drawn down.<br /><br />Of course, compared to other Apple analysts, Sacconaghi is something of a bear. One day before the Q1 earnings report and the subsequent run on Apple shares, he went out on a limb and predicted that the company would sell only 7 million iPhones in 2008. That’s considerably less than the 10 million target Steve Jobs set — a goal COO Tim Cook said on Tuesday he remained “very confident” they would hit.<br /><br />Most Apple watchers shared Cook’s confidence, given the 4 million number Jobs had trotted out at Macworld. Today they’re singing a different tune.<br /><br />“Apple might have a demand problem,” writes Tom Krazit at CNET.<br /><br />Russell Shaw at ZDNet says the iPhone is at a “crossing the chasm” moment, stuck between early adopters and the mainsteam, and predicts that to survive its price will have to come down to $299 by the end of May at the latest.<br /><br />Ewan McLeod at the U.K.’s SMS Text News waxes positively elegiac in a post entitled “The Apple iPhone will only ever be a bit player”:<br /><br /> The geeks have all bought one and many have got theirs unlocked. The Nike wearing Soho crowd have splurged the cash. The wannabes and the I-must-have-that crowd have weighed in, swapped networks and got their devices. But that’s it. There’s a ton of people all sitting staring at the iPhone and — SADLY — (this is the bit that’s winding me up), turning their backs and walking away. (link)<br /><br />This may be premature. A lot could change in the next 50 weeks. New apps. A 16 GB iPhone. A 3G model. New price points. New markets in Canada, Thailand, and maybe even China.<br /><br />But one thing is certain: having promised and repromised to sell 10 million iPhones in 2008, there will be hell to pay in 2009 if Apple falls even a little bit short."<br /><br />Has anyone heard this stuff before? I really like the "lower the price to $299" comment. Didn't I say that in May of 2007?<br /> <br />Disclosure ("none" means no position): Sold Apple $280 July calls when stock was at $165<br /><p style="margin-top:10px; margin-bottom:0; padding-bottom:0; text-align:center; line-height:0"><a href="http://feeds.feedburner.com/~r/ValuePlays/~6/2"><img alt="Todd Sullivan's- ValuePlays" style="border:0" src="http://feeds.feedburner.com/ValuePlays.2.gif"/></a></p><p style="margin-top:5px; padding-top:0; font-size:x-small; text-align:center"><a href="http://www.feedburner.com/fb/a/headlineanimator/install?id=692099&w=2" target="_blank" onclick="window.open(this.href, 'haHowto', 'width=520,height=600,toolbar=no,address=no,resizable=yes,scrollbars'); return false">↑ Grab this Headline Animator</a></p><br /><a href="http://astore.amazon.com/valpla-20">Visit the ValuePlays Bookstore for Great Investing Books</a><br /><br /></span><div class="blogger-post-footer"><form action="http://www.feedblitz.com/f/f.fbz?AddNewUserDirect" method="POST">
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Importantly, our view is in no way predicated on a merger or sale of BGP.<br /><br /><br />BGP has three divisions: Super Stores, Walden Books and an International Division (primarily UK and Australia). In March 2007, BGP management proposed a turnaround plan for the business that called for the divestiture of the International business, the closing of 250 of 564 Walden locations, and a renewed focus on every operational aspect of the Super Store business. BGP is in the midst of a multi-year capital spending program that has depressed historically strong free cash flows. However, we believe that the capital spending in the areas of inventory systems, store remodels to reduce sq. ft. to music (a major drag on comps the last few years), and development of an online channel represent the proper strategy to allow the Super Stores to generate a 9% EBITDA margin by 2009. This 9% margin is below past peak margins of 9.5-10% achieved as recently as 2004-2005. To generate this margin, one has to believe that the Super Stores can achieve a 2% comp and generate a 28.5% gross margin (vs 29.5% GMs in 2004-2005) as they reduce exposure to music and refine the loyalty program, which was launched in 2006.<br /><br /><br />BGP also has a significant working capital opportunity in the form of increasing inventory turns. BGP currently turns inventories at 1.6-1.7x vs. competitor Barnes and Noble at >2.5x. This gap represents a ~$500mm opportunity (vs the current EV of $1.3bn using average debt and cash). Importantly generating at least $200mm of this improvement is firmly with management’s control as they redefine current store level inventory management decisions and invest in new IT systems to go along with the recently added new distribution center.<br /><br />Assuming that BGP can:<br /><br /> 1. Get to 9% EBITDA margins in 2009 in its super store segment,<br /> 2. Generate $200mm of working capital from improved inventory turns.<br /> 3. Sell its International Business for $100mm [~0.2x estimated 2006 revs of assets for sale], and<br /> 4. Reduce current capex spending to ~$100mm starting in 2008,<br /><br /><br />Then:<br />Applying a 7.5x EBIT multiple to 2009 EBITDA-Maintenance Capex of $250mm (we use $75mm of maintenance capex to be conservative vs. management guidance of ~$50mm) suggests a value of $30 share. We use EBITDA less maintenance capex because depreciation is overstated.<br /><br /><br />The ~$40/share scenario comes from the possibility that BGP may be able to close the sales productivity gap between it and BKS. The $30 scenario assumes no improvement in relative productivity. However we believe that if BGP management can address the current problems in the business, it will then have a credible operating platform to attempt to address this productivity gap, which we believe is largely driven by BKS’ seasoned loyalty program, superior Starbucks productivity, and higher margin merchandise mix. In addition, a more rationale pricing posture between Borders and Barnes and Noble could dramatically improve the ROIs of both companies.<br />************************************************************************************<br /><br />Now, with Ackman pushing his ownership to <a href="http://valueplays.blogspot.com/2008/01/ackman-in-3-more-swap-transactions-in.html">18% and his economic stake to 26%</a>, I think it is time to get on board here. These number make sense and are doable. With <a href="http://valueplays.blogspot.com/2008/01/borders-new-board-member-details.html">Pershing on the Board now</a>, one can only assume management will begin to take step to accomplish these metrics. <br /><br />Disclosure ("none" means no position):None<br /><p style="margin-top: 10px; margin-bottom: 0pt; padding-bottom: 0pt; text-align: center; line-height: 0pt;"><a href="http://feeds.feedburner.com/%7Er/ValuePlays/%7E6/2"><img alt="Todd Sullivan's- ValuePlays" style="border: 0pt none ;" src="http://feeds.feedburner.com/ValuePlays.2.gif" /></a></p><p style="margin-top: 5px; padding-top: 0pt; font-size: x-small; text-align: center;"><a href="http://www.feedburner.com/fb/a/headlineanimator/install?id=692099&w=2" target="_blank" onclick="window.open(this.href, 'haHowto', 'width=520,height=600,toolbar=no,address=no,resizable=yes,scrollbars'); return false">↑ Grab this Headline Animator</a></p><br /><a href="http://astore.amazon.com/valpla-20">Visit the ValuePlays Bookstore for Great Investing Books</a><br /><br /></span><div class="blogger-post-footer"><form action="http://www.feedblitz.com/f/f.fbz?AddNewUserDirect" method="POST">
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<br/><a href="http://www.feedblitz.com/f?previewfeed=149816">Preview</a> | Powered by <a href="http://www.feedblitz.com">FeedBlitz</a></form></div>Todd Sullivanhttp://www.blogger.com/profile/08287307038296659422noreply@blogger.comtag:blogger.com,1999:blog-181567041076792103.post-61524829056685172252008-01-24T16:32:00.000-05:002009-08-28T23:30:57.132-04:00Another KIVA Loan Payment Receivedthis is really fun, this means these loans are working for these folks..<span class="fullpost"> <br /> <br />From KIVA:<br />"The business you have loaned to, run by Yusif Musayev, has made a<br />repayment of $86.00. The total amount repaid is now $86.00. This<br />repayment will be divided amongst all the lenders who helped to fund<br />this business, depending upon the percentage each lender contributed."<br /><br /><a href="http://www.kiva.org/app.php?page=businesses&action=about&id=26028">View Yusif's business here</a>:<br /><br /><br /><p style="margin-top:10px; margin-bottom:0; padding-bottom:0; text-align:center; line-height:0"><a href="http://feeds.feedburner.com/~r/ValuePlays/~6/2"><img alt="Todd Sullivan's- ValuePlays" style="border:0" src="http://feeds.feedburner.com/ValuePlays.2.gif"/></a></p><p style="margin-top:5px; padding-top:0; font-size:x-small; text-align:center"><a href="http://www.feedburner.com/fb/a/headlineanimator/install?id=692099&w=2" target="_blank" onclick="window.open(this.href, 'haHowto', 'width=520,height=600,toolbar=no,address=no,resizable=yes,scrollbars'); return false">↑ Grab this Headline Animator</a></p><br /><a href="http://astore.amazon.com/valpla-20">Visit the ValuePlays Bookstore for Great Investing Books</a><br /><br /></span><div class="blogger-post-footer"><form action="http://www.feedblitz.com/f/f.fbz?AddNewUserDirect" method="POST">
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<br/><a href="http://www.feedblitz.com/f?previewfeed=149816">Preview</a> | Powered by <a href="http://www.feedblitz.com">FeedBlitz</a></form></div>Todd Sullivanhttp://www.blogger.com/profile/08287307038296659422noreply@blogger.comtag:blogger.com,1999:blog-181567041076792103.post-18214309363445186662008-01-24T16:24:00.000-05:002009-08-28T23:30:57.132-04:0052 Week Low's 1/24<span class="fullpost"><br />(FIGI )Fortress Intl Group Inc<br /> (DUF ) Duff & Phelps Corp New<br /> (DLX ) Deluxe Corporation<br /> (BLD ) Baldwin Technology Co ...<br /> (ATE ) Advantest Corp<br /> (ALO ) ALPHARMA Inc<br /> (RJF ) Raymond James Financi ...<br /> (PLNR) Planar Systems Inc<br /> (PEBK ) Peoples Bancorp N C Inc<br />(MXC ) Mexco Energy Corp<br />(MTSC ) MTS Systems Corporation<br />(MRCY ) Mercury Computer Sys<br /><br />Disclosure ("none" means no position):<br /><p style="margin-top: 10px; margin-bottom: 0pt; padding-bottom: 0pt; text-align: center; line-height: 0pt;"><a href="http://feeds.feedburner.com/%7Er/ValuePlays/%7E6/2"><img alt="Todd Sullivan's- ValuePlays" style="border: 0pt none ;" src="http://feeds.feedburner.com/ValuePlays.2.gif" /></a></p><p style="margin-top: 5px; padding-top: 0pt; font-size: x-small; text-align: center;"><a href="http://www.feedburner.com/fb/a/headlineanimator/install?id=692099&w=2" target="_blank" onclick="window.open(this.href, 'haHowto', 'width=520,height=600,toolbar=no,address=no,resizable=yes,scrollbars'); return false">↑ Grab this Headline Animator</a></p><br /><a href="http://astore.amazon.com/valpla-20">Visit the ValuePlays Bookstore for Great Investing Books</a><br /><br /></span><div class="blogger-post-footer"><form action="http://www.feedblitz.com/f/f.fbz?AddNewUserDirect" method="POST">
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<br/><a href="http://www.feedblitz.com/f?previewfeed=149816">Preview</a> | Powered by <a href="http://www.feedblitz.com">FeedBlitz</a></form></div>Todd Sullivanhttp://www.blogger.com/profile/08287307038296659422noreply@blogger.comtag:blogger.com,1999:blog-181567041076792103.post-83724432500347845062008-01-24T12:28:00.000-05:002009-08-28T23:30:57.133-04:00Liveris on CNBC: "No Recession in US"Dow Chemical (DOW) CEO Andrew Liveris told CNBC's Becky Quick this afternoon in an interview "From a trend point of view, we haven't seen anything that reflects a recessionary environment in the United States,".<span class="fullpost"> <br /> <br />This is an important proclamation as Liveris's Dow is invloved in virtually every industry in the US and his company is acutely sensitive to conditions here.<br /><br />He continued, ""We've seen a slowdown that suggests there's a shallow drop, or soft landing ... in the back half of this year, we think there is a chance this slowdown will start reversing as the housing crisis abates."<br /><br />Regarding US demand decreases for Dow's products he said "It's no more acute now than it was a few months ago. Therefore, the first half (of 2008) I think will be a continuation of this, which suggests that the overall year will be a slower year than last year -- there's no question about that,"<br /><br />Offsetting the US slowdown will be "A global economy growing at 2.8 to 3 percent is probably the adjustment we are making to annual plans versus a global economy of higher than 3 percent, maybe 3.2 or 3.3," said Liveris.<br /><br />As he left he reminded Quick to ask him about Dow current strategy after they release results next week. Hmmmm.. <br /><br />Disclosure ("none" means no position): Long DOW<br /><p style="margin-top:10px; margin-bottom:0; padding-bottom:0; text-align:center; line-height:0"><a href="http://feeds.feedburner.com/~r/ValuePlays/~6/2"><img alt="Todd Sullivan's- ValuePlays" style="border:0" src="http://feeds.feedburner.com/ValuePlays.2.gif"/></a></p><p style="margin-top:5px; padding-top:0; font-size:x-small; text-align:center"><a href="http://www.feedburner.com/fb/a/headlineanimator/install?id=692099&w=2" target="_blank" onclick="window.open(this.href, 'haHowto', 'width=520,height=600,toolbar=no,address=no,resizable=yes,scrollbars'); return false">↑ Grab this Headline Animator</a></p><br /><a href="http://astore.amazon.com/valpla-20">Visit the ValuePlays Bookstore for Great Investing Books</a><br /><br /></span><div class="blogger-post-footer"><form action="http://www.feedblitz.com/f/f.fbz?AddNewUserDirect" method="POST">
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<br/><a href="http://www.feedblitz.com/f?previewfeed=149816">Preview</a> | Powered by <a href="http://www.feedblitz.com">FeedBlitz</a></form></div>Todd Sullivanhttp://www.blogger.com/profile/08287307038296659422noreply@blogger.comtag:blogger.com,1999:blog-181567041076792103.post-19360825403101935652008-01-24T06:51:00.000-05:002009-08-28T23:30:57.134-04:00Wachovia's Call: OustandingAfter reading Bank of America's (BAC) and now Wachovia's (WB) <a href="http://seekingalpha.com/article/61113-wachovia-corp-q4-2007-earnings-call-transcript?source=yahoo">earnings call transcripts </a> my optimism for this year for financials is stronger than ever.. <span class="fullpost"><br /><br />Investors have focused on mortgage write-downs. On the call, CEO Thompson address that:<br />"Golden West acquisition, we looked at the Golden West experience of the early 1990s. At that time, California had 10% unemployment and 20% house price depreciation, and charge-offs peaked in 1994 at 20 basis points. Based on our portfolio today, that 20-basis point peak would translate to about $250 million in charge-offs. Our expectations for the this year are that charge-offs will exceed that historical peak. But even if charge-offs reach three or four times that peak, our Pick-a-Pay portfolio will generate very meaningful bottom-line profits in 2008. And I do not believe that investors grasp that fact today."<br /><br />Wachovia's second lien home equity portfolio of $32 billion has a delinquency rate that is one quarter as high as the industry and currently has a higher Tier 1 capital ratio at the end of the year than it did at September 30th. The balance sheet should be further enhanced as A.G. Edwards FDIC sweep deposits will also be coming onto their balance sheet over the first three quarters of the year. <br /><br />They have $4.178 billion of the super senior ABS CDO exposures, hedged with financial guarantees, of which $2.2 billion is hedged with mono-lines and $2 billion with AA-rated financial companies with market caps in excess of $80 billion each.<br /><br />The Dividend (currently an 8% yield):<br />Again Thompson "Will Wachovia cut its dividend? And the answer to that question is we have no plans to cut the dividend, because we don't need to cut the dividend. We are confident in our ability to meet our 2008 business plan and that plan, as we have said before, will generate cash earnings that will cover our dividend payments, continue to build necessary credit reserves, improve our capital ratios and support growth in our business lines."<br /><br />Housing:<span style="font-style:italic;"><br />Don Truslow - Senior Executive Vice President and Chief Risk Officer</span><br />"I hate to forecast just giving what's happening in the housing markets, but I mean I would not be surprised to see the same sort of pace that we have had in the last couple of quarters, for the next couple of quarters."<br /><br />Earnings:<br />Wachovia is expecting to earn "in excess" of a dollar per share each quarter for about $4.12 a share total in 2008. The economic expectations they use for that prediction? "Overall, we are thinking it's going to be environment that has GDP growth of somewhere around 2%. We would expect it to be an environment with lower short-term rates and a steepening yield curve and that should be an environment, where can expect good net interest income growth driven by deposit loan growth, wider spreads and the dilution we have taken with the balance sheet."<br /><br />Conservative..<br /><br />Wachovia will hit the $4 a share in earnings and when the banks trade around the 12 to 14 times earnings they traditionally do, that equates to a price of $48 to $52 share or 40% to 50% higher than now. Oh yea.. buying today also gives you and 8% yield on your invested funds. Real nice.. <br /><br />Disclosure ("none" means no position): Long Wachovia, None<br /><p style="margin-top: 10px; margin-bottom: 0pt; padding-bottom: 0pt; text-align: center; line-height: 0pt;"><a href="http://feeds.feedburner.com/%7Er/ValuePlays/%7E6/2"><img alt="Todd Sullivan's- ValuePlays" style="border: 0pt none ;" src="http://feeds.feedburner.com/ValuePlays.2.gif" /></a></p><p style="margin-top: 5px; padding-top: 0pt; font-size: x-small; text-align: center;"><a href="http://www.feedburner.com/fb/a/headlineanimator/install?id=692099&w=2" target="_blank" onclick="window.open(this.href, 'haHowto', 'width=520,height=600,toolbar=no,address=no,resizable=yes,scrollbars'); return false">↑ Grab this Headline Animator</a></p><br /><a href="http://astore.amazon.com/valpla-20">Visit the ValuePlays Bookstore for Great Investing Books</a><br /><br /></span><div class="blogger-post-footer"><form action="http://www.feedblitz.com/f/f.fbz?AddNewUserDirect" method="POST">
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