Stock Market News & Stocks to Watch from StraightStocks » Avon Products

Avon Products – Growth And Income – Zacks Rank Buy

Alex Kolb — Tue, 20 Oct 2009 05:00:00 +0000

Avon Products Inc. (AVP) is seeing bullish earnings estimates ahead of reporting next week. The full-year Zacks Consensus Estimate of $1.66 per share is up 5 cents over the past 90 days. For 2010, analysts polled by Zacks are projecting earnings of $2.11 per share, versus last month's $2.08 and the 3 months-ago forecast of $1.95.

Company Description

Avon Products is beauty company with over $10 billion in annual revenue. As the world's largest direct seller, Avon markets to women in more than 100 countries through 5.8 million independent Avon Sales Representatives. Avon's product line includes beauty products as well as fashion and home products. The company features such well-recognized brand names as Avon Color, Anew, Skin-So-Soft, Advance Techniques, Avon Naturals and Mark.

Rising Forecasts and Strong Momentum

The company is seeing bullish earnings estimates ahead of reporting nest week. The full-year Zacks Consensus Estimate of $1.66 per share is up 5 cents over the past 90 days.

For 2010, analysts polled by Zacks are projecting earnings of $2.11 per share, versus last month's $2.08 and the 3 months-ago forecast of $1.95.

Third-quarter forecasts of 39 cents per share were increased from 36 cents over the past 90 days.

Avon is scheduled to announce third-quarter results on October 29.

The share price, which is very close to a 52-week high, has seen strong momentum lately, outpacing the market by about 5% during the past 3 months.

Favorable Industry Comparisons

Avon boasts a return on equity (ROE) of 88%, dwarfing the industry average of 8%. The company's net profit margin of 6.5% compares to a negative industry average. This Growth and Income pick pays an industry-leading dividend yield of 2.5%. Zacks Investment Research

Avon Products – AVP – Bull of the Day

Zacks Market Commentaries — Mon, 03 Aug 2009 05:00:00 +0000

CEO Andrea Jung has transformed Avon Products (AVP) over the last nine years. The company has grown aggressively in the Beauty products category, especially overseas in developing markets. Management instilled financial discipline in the company through the multi-year supply chain cost reduction program along with the Product Line Simplification (PLS) and Strategic Sourcing Initiatives (SSI). Avon is an above-average growth company among its peers, but there are inherent risks associated with the direct sales business model and the dependence on developing markets for growth. The annualized cost savings associated with Product Line Simplification (PLS) initiative and Strategic Sourcing Initiative (SSI) are above expectations. The target price of $36.25 is based on a 22 P/E on trailing 12-month earnings. The Buy rating is maintained. Zacks Investment Research

Organic Products in Demand – Analyst Blog

Zacks Market Commentaries — Thu, 09 Jul 2009 20:42:07 +0000

On account of mounting competition from alternative channels and evolving consumer needs towards a healthier life, the natural and organic sector is gaining importance. The natural products sector (which includes organic foods, nutritional and herbal supplements, cosmetics and medicines, among other categories) generated sales of over $68 billion in 2008. Over the last five years, the natural products industry grew 8% versus 2% for the overall grocery industry. Most recently in 2008, the natural products industry grew 7.4% versus a 2% decline for the grocery industry.

Food companies like Dean Foods (DF), Hain Celestial (HAIN), United Natural Foods (UNFI) and Del Monte (DLM) are market leaders in the natural products sector, and the competition is primarily based on brand recognition, price, taste preference and quality. Acquisitions have been a key part of these companies strategy to build their market share. Acquisitions have not only expanded their geographical presence but have also provided opportunities to cross-sell products.

DF and HAIN, being the market leaders with international presence, have acquired many companies with organic product portfolios in the recent past. UNFI and DLM are the main players in the domestic market.

Similarly the natural and organic cosmetics category is also believed to be performing well and gaining importance. Physicians Form Face (FACE) has a complete range of cosmetics in the organic makeup line -- from pressed powder, foundation, blush, eye shadow duo, mascara, concealer stick to makeup removers. FACE competes against leaders such as Avon Products (AVP), Estee Lauder (EL) in the prestige beauty industry. Since natural products are gaining importance, Avon also introduced a new cosmetic range Live Botanicals, with primary ingredients being plant extracts.

Read the full analyst report on "DF"
Read the full analyst report on "HAIN"
Read the full analyst report on "UNFI"
Read the full analyst report on "DLM"
Read the full analyst report on "FACE"
Read the full analyst report on "AVP"
Read the full analyst report on "EL"
Zacks Investment Research

Zacks Bull and Bear of the Day Highlights: NCR Corporation, Rite Aid Corporation, Avon Products, Kimberly-Clark and Pepsi Bottling Group – Press Releases

Zacks Market Commentaries — Mon, 22 Jun 2009 13:42:15 +0000

For Immediate Release

Chicago, IL - June 22, 2009 - Zacks Equity Research highlights NCR Corporation (NCR) as the Bull of the Day and Rite Aid Corporation (RAD) the Bear of the Day. In addition, Zacks Equity Research provides analysis on Avon Products (AVP), Kimberly-Clark (KMB) and Pepsi Bottling Group (PBG).

Full analysis of all these stocks is available at http://at.zacks.com/?id=2676.

Here is a synopsis of all five stocks:

Bull of the Day:

Given its robust business model, aggressive cost-cutting measures and new business initiatives, we expect NCR Corporation (NCR) to resume growth across segments later this year. This should be sustainable for the foreseeable future as its customers seek to cut costs through increased automation.

However, NCR experienced a significant drop off in business activity in the retail segment in the second half of 2008 as well as in the first quarter of 2009. The new offer worth $13.0 million from Georgia state, coupled with a new facility addition in Brazil will help the company going forward.

Meanwhile, the company has a sound balance sheet and generated moderate cash flows in Q1. We maintain our Buy rating on NCR shares but increase our six-month price target to $14.00, after factoring in the economic environment.

Bear of the Day:

Management at Rite Aid Corporation (RAD) was executing a turnaround strategy centered on increasing the profitability of the existing store base.

However, the acquisition of Brooks Eckerd prior to a convincing turnaround in profitability has increased the debt burden and interest expense. Moreover, Wal-Mart's foray into the retail generic drug market has pressured the company's pharmacy margin.

Given the weakness of front-end sales, especially in the past fiscal year, and management's continual lowering of EPS guidance (for larger net losses), the stock's rating is a Sell.

Zacks Bull and Bear of the Day Highlights: NCR Corporation, Rite Aid Corporation, Avon Products, Kimberly-Clark and Pepsi Bottling Group – Press Releases

Zacks Market Commentaries — Mon, 22 Jun 2009 13:42:15 +0000

For Immediate Release

Full analysis of all these stocks is available at http://at.zacks.com/?id=2676.

Here is a synopsis of all five stocks:

Bull of the Day:

Bear of the Day:

Management at Rite Aid Corporation (RAD) was executing a turnaround strategy centered on increasing the profitability of the existing store base.

Given the weakness of front-end sales, especially in the past fiscal year, and management's continual lowering of EPS guidance (for larger net losses), the stock's rating is a Sell.

Stock Market News for May 6, 2009 – Market News

Zacks Market Commentaries — Wed, 06 May 2009 14:38:32 +0000

Most Asian markets closed higher Wednesday amid media reports Bank of America (NYSE:BAC), one of the 19 financial firms undergoing stress tests, would need $35 billion in fresh capital to offset the impact of credit losses. Uncertainty over the test results, to be made public Thursday, kept investors on the sidelines early in the day but markets rebounded as investors saw fresh buying opportunities. The Shanghai Composite Index in Mainland China edged up 1% and Hong Kong's Hang Seng added 2.5% to close at 16,834.57. South Korea's Kospi edged 0.3% lower.

U.S. markets felt the jitters yesterday as the anxiety over the pending stress test results somewhat offset Bernanke's optimistic view that the U.S. economy is on track for a recovery. The Fed Chairman's testimony before the joint congressional economic committee, nevertheless, helped equity markets end the day relatively flat. The S&P 500 declined 0.4% but managed to hold above 900. The DJIA dropped 0.2% and NASDAQ eased 0.4%. Volume on the NYSE was a moderate 1.5 billion shares as declining issues outpaced advancing stock 8 to 7. The market's volatility index, the CBOE Vix, eased 1.18 to 33.36. Today's premarket report of ADP private sector employment for April came in at a less-than-feared 491 K jobs lost, short of the 643K anticipated, and sharply lower than last month's 742K, sending futures into positive territory this morning.

Tuesday showed a dent in investor confidence even as President Obama told Congress the Administration is not seeking additional funds for banks. And a Reuters report suggested AIG (NYSE:AIG), though expected to report a first quarter loss, will not need additional bail-out funds. Financial shares declined 1.4% during the session. On the DJIA, however, the financial component action was mixed as Bank of America (NYSE:BAC) and Citigroup (NYSE:C) shares rose 4.4% and 3.4%, respectively, and JP Morgan (NYSE:JPM), and American Express (NYSE:AXP), declined 2.7% and 2.6%, respectively. Some media reports suggested Citigroup (NYSE:C) is considering the sale of its 16.7% interest in China Construction, which would help the company raise $8 billion. Another development saw new standards being imposed for those planning to return TARP funds. Those planning to return the funds need to provide evidence of their ability to issue non-government-backed debt. While Goldman Sachs (NYSE:GS) and JP Morgan (NYSE:JPM) have already done so, Morgan Stanley (NYSE:MS), has yet to issue non-government bonds.

The general mood, nevertheless, is that the industry is unlikely to head into another tailspin given the improving economic conditions. The 3-month dollar Libor fell below 1% for the first time ever yesterday, suggesting the industry's optimism about each others' solvency. Fed Chairman Bernanke, in his testimony, told Congress that banks will be able to meet funding needs through "issuance of new capital or through conversions and exchanges, or sales of asset and other measures."

Kraft Foods' (NYSE:KFT) better-than-expected earnings yesterday underscored improving consumer outlook. However, Avon Products (NYSE:AVP), off 8.5% joined the list of firms reporting disappointing earnings. Order cuts from US automakers General Motors (NYSE:GM) and Chrysler were blamed for a wider-than-expected loss at AK Steel (NYSE:AKS). DR Horton's earnings (NYSE:DHI) also disappointed and its shares declined 8.5%.

Zacks Investment Research

Company News for May 5, 2009 – Corporate Summary

Zacks Market Commentaries — Tue, 05 May 2009 15:02:08 +0000

* According to the FTC, directors holding positions at both Google (NASDAQ:GOOG) and Apple (NASDAQ:AAPL) raise the possibility of unfair competitive advantages

* Kraft (NYSE:KFT) reported better-than-expected first quarter earnings of 45 cents a share, beating estimates by 5 cents, as revenues fell 6.5% to $9.4 billion

* Archer Daniels Midland (NYSE:ADM) reported worse-than-expected second quarter earnings of 37 cents a share, a 12 cent miss, as revenues plunged 20.7% to $14.8 billion

* Duke Energy (NYSE:DUK) reported worse-than-expected first quarter earnings of 28 cents a share, a 4 cents miss, as revenues declined 0.7% year-over-year to $3.31 billion

* Avon Products (NYSE:AVP) reported first quarter earnings of 27 cents a share, which missed estimates by 6 cents, as revenues fell 12.9% to $2.18 billion

* CVS (NYSE:CVS) announced better-than-expected first quarter earnings of 55 cents a share, beating estimates by a penny, as revenues jumped 9.7% year-over-year to $23.4 billion

Zacks Investment Research

Major Theme at CAGNY: FOREX – Analyst Blog

Zacks Market Commentaries — Mon, 23 Feb 2009 17:57:05 +0000

Highlights include Avon Products (AVP), Coca Cola Enterprises (CCE), Pepsi Bottling Group (PBG) and Procter & Gamble (PG).

A major theme at CAGNY (Consumer Analysts Group of New York) was the depth, breath and speed of the rally in the U.S. dollar in late 2008. That flight to the U.S. dollar continues now in the 1st quarter of 2009. The moves of the dollar versus many currencies were unprecedented -- one even being an 8 standard deviation event (a one in a trillion occurrence). Global risk aversion -- precipitated by the failure of Lehman -- brought about U.S. dollar strengthening as the credit crisis drove a flight to quality.

In September 2008, the U.S. and global credit markets seized, and the commercial paper markets closed for almost all companies except a few rated A-1 P-1. Retailers and distributors (which are not rated A-1 P-1) began reducing inventories to conserve cash. At the same time, consumer confidence dropped to all-time lows from both job insecurity and financial anxiety after seeing their net worth negatively impacted by falling asset prices -- especially home values and retirement funds. Consumers dramatically reduced spending, deepening the U.S. recession and fueling a global recession.

The food, beverage and household products companies were not immune to the developments, but especially those with global reach. Revenues fell not only from reduced demand from retailers and distributors, but also from negative currency translations of sales in foreign countries into U.S. dollars, since revenues from foreign subsidiaries that do not use the U.S. dollar as their functional currency are translated at current exchange rates. Also, if the company manufactures their products in the U.S. and sells them in non-U.S. markets, there are also negative translation impacts, since the effective costs of inputs are dollar-denominated.

In the 4th quarter, revenues declined 8.8% at Avon Products (AVP), 1.2% at Coca Cola Enterprises (CCE), 5.6% at Pepsi Bottling Group (PBG) and 3.2% at Procter & Gamble (PG) due to a significant portion of their sales being derived from international markets. In general, the bottom-line impact is 30% to 40% of top-line effect.

Even though consumer staples companies usually benefit from steady demand for their products, those companies with significant international sales are being impacted by negative currency translations as the U.S. dollar strengthens. The stock price is often pressured as revenue momentum and earnings momentum investors flee the stock.

Read the full analyst report on AVP

Read the full analyst report on CCE

Read the full analyst report on PBG

Read the full analyst report on PG

"AVP" Free Stock Analysis: Buy? Sell? Hold?
"PG" Free Stock Analysis: Buy? Sell? Hold?
"PBG" Free Stock Analysis: Buy? Sell? Hold?
"CCE" Free Stock Analysis: Buy? Sell? Hold?
Zacks Investment Research

Avon Announces Changes at CAGNY – Analyst Blog

Zacks Market Commentaries — Thu, 19 Feb 2009 18:48:59 +0000

Avon Products (AVP) presented at the CAGNY (Consumer Analysts Group of New York) today in Boca Raton. The company continues to execute its 4-Point Turnaround Plan first announced in November 2005. Under the pillars of 1) Commitment to Brand Competitiveness, 2) Win with Commercial Edge, 3) Elevate Organizational Effectiveness, and 4) Radically Transform the Cost Structure, the company had sparked growth in the Beauty and Fragrance categories, along with capturing $270 in annualized cost savings. Also, PLS (Product Line Simplification initiative) and SSI (Strategic Sourcing Initiative) have garnered cost savings of $40 million and $135 million, respectively.

The Color category appears to be turning around, aided by the Mistake-Proof Mascara, Pro-To-Go, and Plumping Lipstick campaigns featuring Reese Witherspoon. Look for the new Fragrance Spotlight introduction in April featuring newly signed Courtney Cox.

Management also announced a new restructuring program today, targeting $200 million in cost savings upon full implementation by 2013. The new program targets increasing levels of efficiency and organizational effectiveness across the company's global operations, primarily in three areas: global supply chain, sales support, and a reduction of overhead. Factories will be rationalized, manufacturing realigned, and further outsourcing will be implemented. Also, marketing activities will be consolidated and the finance and administrative areas will share service activities.

Now the company has 6 ongoing restructuring programs target a total of $1.08 billion in annualized cost savings: the 2005 Turnaround Plan (targeting $300 in cost savings), PLS ($200 million), SSI ($250 million), 2007 Additional Restructuring Plan ($130 million), and not the New Restructuring Plan ($200 million).

Lastly, all non-strategic spending has been halted. Salaries have been frozen for 2009 and travel and entertainment expenses will be cut by 35%. However, strategic spending will continue.

Read the full analyst report on AVP

"AVP" Free Stock Analysis: Buy? Sell? Hold?
Zacks Investment Research

Avon Products (AVP) – Bull of the Day

Zacks Market Commentaries — Wed, 18 Feb 2009 05:00:00 +0000

Over $200 million in costs savings have been achieved since 2002 by implementing the multi-year supply chain cost reduction program. Management expects to achieve cost savings of an additional $300 million in savings as the company implements ERP in Europe and North America.

Developing and emerging markets contribute over 50% of total sales. Management expects the contribution to expand to 68% over the coming 10 years as high-growth opportunities are pursued in developing markets. India, Central and Eastern Europe, China, Russia, and Latin America are highlighted as high growth areas.
"AVP" Free Stock Analysis: Buy? Sell? Hold?
Zacks Investment Research

Avon Products Ringing Bells – Analyst Blog

Zacks Market Commentaries — Tue, 17 Feb 2009 17:27:44 +0000

Avon Products (AVP) is benefiting from both the expansion into the developing and emerging markets and its emphasis on the Beauty products portfolio. Management aims to achieve high single-digit local currency revenue growth supported by margin expansion over the long term.

In November 2005, management initiated a multi-year restructuring plan in an effort to accelerate sales growth and strengthen the company's competitive position. Management has instilled financial discipline throughout the company.

Over $200 million in costs savings have been achieved since 2002 by implementing the multi-year supply chain cost reduction program. Management expects to achieve cost savings of an additional $300 million in savings as the company implements ERP in Europe and North America.

Developing and emerging markets contribute over 50% of total sales. Management expects the contribution to expand to 68% over the coming 10 years as high-growth opportunities are pursued in developing markets. India, Central and Eastern Europe, China, Russia, and Latin America are highlighted as high growth areas.

Read the full analyst report on AVP

"AVP" Free Stock Analysis: Buy? Sell? Hold?
Zacks Investment Research

Maverick Capital Management 13F | Lee Ainslie Hedge Fund Holdings Analysis

Richard C. Wilson — Mon, 22 Sep 2008 12:41:00 +0000

Maverick Capital

Maverick Capital Management Holdings Analysis

This post is being written as part of HedgeFundBlogger.com's Investment Securities Tool which analyzes the holdings of hedge fund managers.

Lee Ainslie started Maverick Capital back in 1993 with $38 million. Nowadays, the fund is worth $10 billion. Ainslie, like many of the other fund managers I've profiled, has a background rooted in learning from legendary great Julian Robertson at Tiger Management. So, due to the fact that these proteges learned from the best and have had great success running their own hedge funds, I continually try to find a reason not to follow these funds. And, needless to say I'm never successful. Some contacts over at Maverick have explained that their hedge fund strategy is straight up stock picking, both long and short. They made it clear though, that they do not employ pairs trades. Although, some of their long/short setups might be in the same sector. They try to hedge their positions like a true hedge fund by picking out the shining stars in certain sectors, as well as identifying the pieces of garbage. Now, of course, this presents us with a problem in that the 13F filings only show long positions (unless they're holding puts on a name, we can see those). So, a good amount of Maverick's portfolio (the entire short side) is unbeknownst to us, because they have reported zero put positions. But, let's look on the bright side in that we can see all their long positions. Maverick uses a value approach (obviously learned from Julian) and one of their most popular metrics is finding companies and comparing their enterprise value to sustainable free cash flow.

So, now that we've got a little background on Maverick, let's see what they were up to. The following are Maverick Capital's current holdings as of June 30th 2008, as released in their most recent 13F filing with the SEC. The positions in this most recent 13F were compared to last quarter's 13F and here are the changes made to their portfolio:

New Positions:
First Solar (FSLR): 1,202,118 shares. This position is 2.93% of Maverick's portfolio.
Lorillard (LO): 3,820,856 shares. This position is 2.36% of Maverick's portfolio.
CVS Caremark (CVS): 5,912,073 shares. This position is 2.09% of Maverick's portfolio.
Netapp (NTAP): 9,331,862 shares. This position is 1.81% of Maverick's portfolio.
ITT Educational Services (ESI): 2,422,090 shares. This position is 1.79% of Maverick's portfolio.
Macy's (M): 9,008,174 shares. This position is 1.56% of Maverick's portfolio.
Hansen Natural (HANS): 5,712,952 shares. This position is 1.47% of Maverick's portfolio.
Polo Ralph Lauren (RL): 2,431,244 shares. This position is 1.36% of Maverick's portfolio.
Dicks Sporting Goods (DKS): 7,589,473 shares. This position is 1.20% of Maverick's portfolio.
Cigna Corp (CI): 2,931,045 shares. This position is 0.93% of Maverick's portfolio.
Digital River Inc (DRIV): 1,974,144 shares. This position is 0.68% of Maverick's portfolio.
Viacom Inc (VIA): 2,442,500 shares. This position is 0.67% of Maverick's portfolio.
Forest Labs (FRX): 1,789,900 shares. This position is 0.56% of Maverick's portfolio.
Lamar Advertising (LAMR): 1,542,918 shares. This position is 0.50% of Maverick's portfolio.
Visa (V): 565,005 shares. This position is 0.41% of Maverick's portfolio.
South Financial Group (TSFG): 50,000 shares. This position is 0.38% of Maverick's portfolio.
Athena Health (ATHN): 1,245,819 shares. This position is 0.34% of Maverick's portfolio.
National City Corp (NCC): 6,625,176 shares. This position is 0.28% of Maverick's portfolio.
Sohu.com Inc (SOHU): 170,485 shares. This position is 0.11% of Maverick's portfolio.
MSCI Inc (MXB): 287,186 shares. This position is 0.09% of Maverick's portfolio.
Universal American (UAM): 1,004,391 shares. This position is 0.09% of Maverick's portfolio.
Comscore (SCOR): 436,640 shares. This position is 0.09% of Maverick's portfolio.
Citizens Republic Bancorp (CRBC): 937,500 shares. This position is 0.02% of Maverick's portfolio.

Added to:
Berkshire Hathaway (BRK.B): Increased position by 1412%. Position is now 0.45% of their portfolio.
Gmarket (GMKT): Increased position by 317%. Position is now 0.19% of their portfolio.
Infinera (INFN): Increased position by 171%. Position is now 0.54% of their portfolio.
American Capital (ACAS): Increased position by 141%. Position is now 0.30% of their portfolio.
Nordstrom (JWN): Increased position by 136.61%. Position is now 2.79% of their portfolio.
America Movil (AMX): Increased position by 129.88%. Position is now 3.91% of their portfolio.
Lexmark (LXK): Increased position by 109.39%. Position is now 1.42% of their portfolio.
Citrix (CTXS): Increased position by 109.36%. Position is now 2.20% of their portfolio.
Bank of New York Mellon (BK): Increased position by 55.42%. Position is now 3.15% of their portfolio.
Baxter Intl (BAX): Increased position by 51.69%. Position is now 2.90% of their portfolio.
Advanced Micro Devices (AMD): Increased position by 45.89%. Position is now 2.87% of their portfolio.
Raytheon (RTN): Increased position by 41.72%. Position is now 2.58% of their portfolio.
Fidelity National Info (FIS): Increased position by 40.56%. Position is now 2.05% of their portfolio.
Covidien (COV): Increased position by 32.99%. Position is now 2.32% of their portfolio.
Liberty Media Corp (LMDIA): Increased position by 28.09%. Position is now 1.59% of their portfolio.
Resmed (RMD): Increased position by 26.46%. Position is now 0.74% of their portfolio.
Burlington Northern (BNI): Increased position by 22.73%. Position is now 1.83% of their portfolio.
Google (GOOG): Increased position by 22.27%. Position is now 1.72% of their portfolio.
Genentech (DNA): Increased position by 21.38%. Position is now 1.40% of their portfolio.
Zimmer Holdings (ZMH): Increased position by 20.28%. Position is now 1.73% of their portfolio.
Cypress Bioscience (CYPB): Increased position by 19.98%. Position is now 0.20% of their portfolio.
Apple (AAPL): Increased position by 19.45%. Position is now 4.09% of their portfolio.
Research in Motion (RIMM): Increased position by 15.41%. Position is now 4.08% of their portfolio.
MetroPCS Comm (PCS): Increased position by 13.6%. Position is now 0.77% of their portfolio.
Home Inns & Hotels (HMIN): Increased position by 7.72%. Position is now 0.54% of their portfolio.
Gilead Sciences (GILD): Increased position by 6.66%. Position is now 2.37% of their portfolio.
Marvell Technology (MRVL): Increased position by 5.24%. Position is now 3.08% of their portfolio.
Newstar Financial (NEWS): Increased position by 5.21%. Position is now 0.14% of their portfolio.
Cardinal Health (CAH): Increased position by 3.33%. Position is now 1.56% of their portfolio.
Amylin Pharma (AMLN): Increased position by 2.84%. Position is now 0.58% of their portfolio.
Discovery Holding (DISCA): Increased position by 1.74%. Position is now 1.21% of their portfolio.
Palm (PALM): Increased position by 1.40%. Position is now 0.51% of their portfolio.
Lumber Liquidators (LL): Increased position by 1.14%. Position is now 0.26% of their portfolio.
China Nepstar (NPD): Increased position by 0.75%. Position is now 0.18% of their portfolio.
First Advantage (FADV): Increased position by 0.65%. Position is now 0.15% of their portfolio.
Under Armour (UA): Increased position by 0.17%. Position is now 0.83% of their portfolio.
Mylan Inc (MYL): Increased position by 0.06%. Position is now 1.09% of their portfolio.
Monsanto (MON): Increased position by 0.04%. Position is now 1.68% of their portfolio.
Potash (POT): Increased position by 0.03%. Position is now 2% of their portfolio.

Reduced positions:
Thermo Fisher (TMO): Reduced their position by 4.91%. Position is now 1.68% of their portfolio.
Western Union (WU): Reduced their position by 10.2%. Position is now 2.08% of their portfolio.
Marsh & Mclennan (MMC): Reduced their position by 12%. Position is now 1.55% of their portfolio.
Textron Inc (TXT): Reduced their position by 18.93%. Position is now 1.44% of their portfolio.
Wyeth (WYE): Reduced their position by 20.6%. Position is now 1.46% of their portfolio.
Leap Wireless (LEAP): Reduced their position by 23.40%. Position is now 0.39% of their portfolio.
Trubion Pharma (TRBN): Reduced their position by 24.38%. Position is now 0.04% of their portfolio.
Dish Network (DISH): Reduced their position by 27.75%. Position is now 1.13% of their portfolio.
Avon Products (AVP): Reduced their position by 33.23%. Position is now 1.36% of their portfolio.
JP Morgan Chase (JPM): Reduced their position by 38.68%. Position is now 0.89% of their portfolio.
Cognizant (CTSH): Reduced their position by 42.97%. Position is now 0.85% of their portfolio.
DirecTV (DTV): Reduced their position by 49.69%. Position is now 0.83% of their portfolio.
Suntrust Banks (STI): Reduced their position by 50%. Position is now 0.16% of their portfolio.
Gamestop (GME): Reduced their position by 51.64%. Position is now 0.81% of their portfolio.
Corcept (CORT): Reduced their position by 57.49%. Position is now 0.01% of their portfolio.
Bluefly (BFLY): Reduced their position by 90%. Position is now 0.11% of their portfolio.
Berkshire Hathaway (BRK.A): Reduced their position by 95%. Position is now 0.66% of their portfolio.

Removed Positions (Positions Maverick sold out of completely):
Hanesbrands (HBI)
Autozone (AZO)
Bankrate (RATE)
CNET (CNET)
Crocs (CROX)
Cumulus Media (CMLS)
Harmonic (HLIT)
Loews (L)
Move Inc (MOVE)
Nucor (NUE)
OfficeMax (OMX)
Qualcomm (QCOM)
Salesforce (CRM)
Sandisk (SNDK)
Sears (SHLD)
Starbucks (SBUX)
UnitedHealth (UNH)

Positions with no change:
VMWare (VMW). Position is 0.59% of their portfolio.
BPW Acquisition (BPW). Position is 0.18% of their portfolio.
FIrst Marblehead (FMD). Position is 0.05% of their portfolio.
Ultra Clean Holdings (UCTT). Position is 0.01% of their portfolio.
Vivus (VVUS). Position is 0.01% of their portfolio.

Top 20 holdings by % of portfolio:
1. Apple (AAPL): 4.09% of the portfolio
2. Research in Motion (RIMM): 4.08% of the portfolio
3. America Movil (AMX): 3.91% of the portfolio
4. Bank of New York Mellon (BK): 3.15% of the portfolio
5. Marvell Tech (MRVL): 3.08% of the portfolio
6. First Solar (FSLR): 2.93% of the portfolio
7. Baxter Intl (BAX): 2.90% of the portfolio
8. Advanced Micro (AMD): 2.87% of the portfolio
9. Nordstrom (JWN): 2.79% of the portfolio
10. Raytheon (RTN): 2.58% of the portfolio
11. Gilead (GILD): 2.37% of the portfolio
12. Lorillard (LO): 2.36% of the portfolio
13. Covidien (COV): 2.32% of the portfolio
14. Citrix (CTXS): 2.20% of the portfolio
15. CVS Caremark (CVS): 2.09% of the portfolio
16. Western Union (WU): 2.08% of the portfolio
17. Fidelity National Info (FIS): 2.05% of the portfolio
18. Potash (POT): 2.00% of the portfolio
19. Burlington Northern (BNI): 1.83% of the portfolio
20. Netapp (NTAP): 1.81% of the portfolio

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Breakdown: Maverick changed up their portfolio a decent amount over the past quarter. Most notable are their changes within their top 10 holdings. Hedge fund favorite Qualcomm (QCOM) was Maverick's 3rd largest holding last filing. This filing, they no longer even hold a position. Additionally, they were selling off chunks of other top 10 holdings from last quarter. They sold off 33% of their position in Avon Products (AVP), which was their 4th largest holding just one quarter ago. They also sold over 51% of their Gamestop (GME) position, which last quarter was their 7th largest holding. With those positions vacating their place in the top 10 holdings of Maverick's portfolio, new holdings obviously took their place. America Movil (AMX), another hedge fund favorite, was Maverick's 9th largest holding last time. This time, they increased their position by 129% and it is now their 3rd largest holding. They obviously used the weakness in this name to add to their position, just like fellow 'Tiger Cub' fund Lone Pine Capital. Maverick also added heavily to Nordstrom (JWN), increasing their position by 136% and making it now their 9th largest holding.

Maverick was out adding to tech across the board. Apple (AAPL) and Research in Motion (RIMM) are their top 2 largest holdings respectively, as they boosted their positions in both by over 14% each. Additionally, they added to their Marvell (MRVL) position, bringing it up to the fund's 5th largest position now. Maverick also continues to build a position in Advanced Micro Devices (AMD), as it now is their 8th largest holding.

Among their new positions this quarter are First Solar (FSLR), Lorillard (LO), and CVS Caremark (CVS). I highlight these three in particular because Maverick started large, new positions in all three names. First Solar (FSLR) was brought up all the way to the fund's 6th largest holding after not even owning shares last quarter. They started a new position in CVS Caremark (CVS) and brought it up to the fund's 15th largest holding. Also, they added heavily to Lorillard (LO) as well, making this new position their 12th largest holding. This position is interesting because we also saw Lone Pine Capital (ran by Stephen Mandel Jr.) start a new position in this exact same name. And, actually, this is not the only position that both Maverick and Lone Pine both started together. In this 13F filing, we see that Maverick started a position in Hansen Natural (HANS). And, Lone Pine recently disclosed that they have a 7.8% stake in HANS. It's definitely common to see many similar positions within the portfolios of various 'Tiger Cub' managers who now run their own funds because they all undoubtedly keep in touch and come from the same school of thought.

One last thing I would like to point out is Maverick selling completely out of various consumer related names. They sold completely out of their positions in Autozone (AZO), Hanesbrands (HBI), Sears (SHLD), Starbucks (SBUX), Crocs (CROX), and OfficeMax (OMX).

You can view their most recent 13F as filed with the SEC here.

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