Stock Market News & Stocks to Watch from StraightStocks » Baxter Intl http://www.straightstocks.com Leading Stock Market News, Opinions and Commentary Wed, 25 Nov 2009 01:50:35 +0000 http://wordpress.org/?v=2.8.5 en hourly 1 Earnings Preview for Apr 13 – 17 – Earnings Preview http://www.straightstocks.com/stock-watch/earnings-preview-for-apr-13-17-earnings-preview/ http://www.straightstocks.com/stock-watch/earnings-preview-for-apr-13-17-earnings-preview/#comments Thu, 09 Apr 2009 05:00:00 +0000 Charles Rotblut http://www.zacks.com/commentary/10557/Earnings+Preview+for+Apr+13+-+17+-+Earnings+Preview Intel Corporation (INTC) and Crown Holdings (CCK) could top expectations. CSX Corporation (CSX) and Mattel, Inc. (MAT) could disappoint.

This will be the first busy week for earnings season. Though the total number of reports is limited, just 68, nearly half will be from large-cap and mega-cap companies.

Financials will be in particular focus. Citigroup (C), Goldman Sachs (GS) and JPMorgan Chase (JPM) will release results. General Electric (GE) is also on the docket and all eyes will be on its finance division.

Outside the financial sector, reports from Intel (INTC), Johnson & Johnson (JNJ) and Google (GOOG) could impact market direction.

The Fed will add to the potential volatility with Wednesday afternoon's release of the Beige Book. Inflation and housing data are also on the economic calendar.

  • Tuesday: March Producer Price Index (PPI), March auto sales, February business inventories
  • Wednesday: March Consumer Price Index (CPI), April Empire State manufacturing index, March industrial production and capacity utilization, weekly crude inventories, Fed Beige Book
  • Thursday: March housing starts and building permits, April Philadelphia Fed survey, weekly initial jobless claims
  • Friday: Preliminary April University of Michigan consumer confidence survey

The Federal Reserve's web site is not listing any upcoming speeches from Fed officials. The next Fed meeting will occur on Apr 28 and 29.
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April stock options will expire on Friday.

How results from the financial companies are perceived could have the biggest impact on market direction. Financial stocks have been trading off of sentiment (as opposed to fundamentals or technicals), so sentiment about the quarterly reports will matter much more than the actual numbers themselves.

Companies That Could Issue Positive Earnings Surprises

Six brokerage analysts have raised their first-quarter earnings estimates on Intel Corporation (INTC) within the past 30 days. Though the consensus estimate remains unchanged at 3 cents per share despite the revisions, the most accurate estimate calls for profits of 4 cents per share. Guidance could be better-than-feared given recent increases in full-year forecasts. The chipmaker has topped expectations during 3 out of the last 4 quarters. Intel is scheduled to report on Tuesday, Apr 14, after the close of trading.

Crown Holdings (CCK) has topped expectations during 6 out of the last 7 quarters. Though one analyst did recently lower his first-quarter profit projection, the consensus earnings estimate remains unchanged at 21 cents per share. There is risk, but the historic trend bodes well for another positive surprise. CCK is scheduled to report on Thursday, Apr 16, before the start of trading.

Companies That Could Issue Negative Earnings Surprises

More than half of the covering brokerage analysts have cut their first-quarter profit projections on CSX Corporation (CSX) during the past few weeks. The negative revisions have caused the consensus earnings estimate to fall 8 cents to 54 cents per share. The most accurate estimate is even more bearish at 50 cents per share. The railroad company has missed expectations once over the past 3 quarters. CSX is scheduled to report on Wednesday, Apr 15, before the start of trading.

Mattel, Inc. (MAT) has missed expectations during 3 out of the last 4 quarters, and analysts are bracing for another disappointment. Negative revisions by 3 of the 15 covering brokerage analysts over the past few weeks have sent the first-quarter consensus estimate a penny lower to a loss of 13 cents per share. The most accurate estimate is more bearish and calls for a loss of 17 cents per share. Mattel is scheduled to report on Friday, Apr 17, before the start of trading.

Charles Rotblut, CFA is the senior market analyst for Zacks.com. He can be reached at crotblut@zacks.com.

Surprise Trader can help you turn earnings surprises into quick profits. Learn how.

Earnings Calendar

Here is a list of companies that we have confirmed will report during the week of Apr 13 - 171. Prices are as of Tuesday's, Apr 7, market close.

Company Ticker Zacks
Consensus
Estimate 		Year Ago
Actual 		Last Qtr
Surprise 		Date Time Price
Bank Ozarks OZRK $0.52 $0.46 3.8% 4/13 AMC $21.46
China Grenrech GRRF ($0.23) ($0.24) 0.0% 4/14 AMC $1.70
Csx Corp CSX $0.54 $0.80 0.0% 4/14 AMC $27.81
Fastenal FAST $0.34 $0.46 2.4% 4/14 BTO $35.85
Goldman Sachs GS $1.35 $3.23 (37.7%) 4/14 BTO $116.08
Grainger W W GWW $1.10 $1.43 9.7% 4/14 BTO $72.27
Intel Corp INTC $0.03 $0.29 0.0% 4/14 AMC $15.45
Johnson & Johns JNJ $1.21 $1.26 2.2% 4/14 BTO $51.36
Linear Tec Corp LLTC $0.22 $0.44 2.9% 4/14 N/A $22.34
Abbott Labs ABT $0.70 $0.63 0.0% 4/15 BTO $42.92
Acergy Sa ACGY $0.17 $0.20 25.0% 4/15 BTO $6.26
Adtran Inc ADTN $0.23 $0.26 3.6% 4/15 N/A $16.89
Aptargroup Inc ATR $0.38 $0.52 4.6% 4/15 AMC $31.70
Crown Hldgs Inc CCK $0.21 $0.17 29.4% 4/15 AMC $21.93
Datalink Corp DTLK ($0.06) $0.04 (30.0%) 4/15 AMC $2.87
Infosys Tec-Adr INFY $0.55 $0.54 0.0% 4/15 BTO $28.19
Landstar System LSTR $0.29 $0.45 (2.1%) 4/15 AMC $33.59
Lufkin Inds LUFK $1.42 $1.01 25.3% 4/15 BTO $37.39
Mercantile Bank MBWM ($0.03) ($0.44) 300.0% 4/15 N/A $5.65
Peabody Energy BTU $0.96 $0.26 46.0% 4/15 BTO $26.37
Piper Jaffray PJC ($0.18) ($0.22) 38.6% 4/15 BTO $25.54
Progressive Cor PGR $0.41 $0.35 (11.8%) 4/15 BTO $13.57
Stanley Furn Co STLY ($0.04) $0.12 (250.0%) 4/15 AMC $7.84
Univl Fst Prods UFPI ($0.21) ($0.24) 81.8% 4/15 AMC $28.40
Amer River Bsh AMRB $0.29 $0.31 (3.0%) 4/16 BTO $9.45
Amphenol Corp-A APH $0.40 $0.54 6.0% 4/16 BTO $28.90
Assoc Banc Corp ASBC $0.25 $0.52 (66.7%) 4/16 N/A $15.18
Baxter Intl BAX $0.81 $0.74 2.3% 4/16 BTO $48.32
Briggs & Stratt BGG $0.65 $0.75 50.0% 4/16 BTO $16.00
Courier Corp CRRC $0.16 $0.27 100.0% 4/16 BTO $16.15
Cypress Semicon CY ($0.46) ($0.08) 9.1% 4/16 BTO $6.90
Cytec Inds Inc CYT $0.31 $1.08 (23.1%) 4/16 AMC $16.83
Fairchild Semi FCS ($0.32) $0.19 20.0% 4/16 BTO $4.45
Gannett Inc GCI $0.25 $0.77 3.7% 4/16 BTO $2.69
Genuine Parts GPC $0.50 $0.75 (6.8%) 4/16 BTO $30.77
Google Inc-Cl A GOOG $4.24 $4.12 3.5% 4/16 AMC $358.65
Harley-Davidson HOG $0.52 $0.79 (40.4%) 4/16 BTO $16.10
Icu Medical Inc ICUI $0.30 $0.20 41.9% 4/16 AMC $30.89
Ill Tool Works ITW $0.15 $0.79 14.9% 4/16 BTO $30.71
Insteel Inds IIIN ($0.04) $0.39 (23.1%) 4/16 BTO $6.39
Intuitive Surg ISRG $1.06 $1.12 (1.6%) 4/16 AMC $96.78
Jpmorgan Chase JPM $0.32 $0.68 (2150.0%) 4/16 BTO $27.25
Knoll Inc KNL $0.20 $0.36 23.8% 4/16 BTO $6.34
Mission West MSW $0.13 $0.14 (14.3%) 4/16 N/A $6.45
Parker Hannifin PH $0.56 $1.49 12.9% 4/16 BTO $36.61
Peoples Utd Fin PBCT $0.10 $0.15 (15.4%) 4/16 AMC $17.90
Polaris Indus PII $0.20 $0.55 1.8% 4/16 BTO $23.94
Ppg Inds Inc PPG $0.13 $1.07 2.5% 4/16 N/A $42.80
Renaissnce Lrng RLRN $0.09 $0.09 16.7% 4/16 AMC $8.89
Sherwin William SHW $0.21 $0.65 13.2% 4/16 BTO $50.83
Simmons First A SFNC $0.34 $0.45 0.0% 4/16 BTO $25.68
Sonoco Products SON $0.30 $0.54 0.0% 4/16 BTO $21.50
Southwest Air LUV $0.04 $0.06 33.3% 4/16 BTO $6.75
Titan Machinery TITN $0.21 N/A 95.7% 4/16 BTO $10.10
Ultratech Step UTEK $0.04 $0.08 21.4% 4/16 BTO $11.63
Umpqua Hldgs Cp UMPQ $0.01 $0.23 (58.3%) 4/16 BTO $9.16
Usa Truck Inc USAK ($0.06) ($0.19) 80.0% 4/16 AMC $12.81
Valmont Inds VMI $1.09 $1.13 4.8% 4/16 N/A $51.87
Vascular Solutn VASC $0.06 $0.01 (25.0%) 4/16 AMC $6.28
Vertex Pharm VRTX ($0.83) ($0.72) -3.26% 4/16 AMC $26.23
Bb&T Corp BBT $0.33 $0.73 (13.7%) 4/17 BTO $16.90
Citigroup Inc C ($0.29) ($1.02) (113.8%) 4/17 BTO $2.76
First Hrzn Natl FHN ($0.24) $0.06 20.6% 4/17 BTO $11.05
Genl Electric GE $0.23 $0.44 0.0% 4/17 BTO $10.65
Mattel Inc MAT ($0.13) ($0.13) (31.0%) 4/17 BTO $12.54
Media Genl A MEG ($0.05) ($0.44) (15.2%) 4/17 BTO $2.06
Prosperity Bcsh PRSP $0.54 $0.52 6.5% 4/17 BTO $27.79
Smith (Ao) Corp AOS $0.41 $0.72 3.6% 4/17 BTO $25.83

BTO = Before The Market Open, AMC = After The Market Close

1Some of the companies listed in the earnings calendar may not be in the Zacks Rank universe.

Zacks Investment Research

]]> http://www.straightstocks.com/stock-watch/earnings-preview-for-apr-13-17-earnings-preview/feed/ 0 Earnings Preview for Jan 19-23 – Earnings Preview http://www.straightstocks.com/stock-watch/earnings-preview-for-jan-19-23-earnings-preview/ http://www.straightstocks.com/stock-watch/earnings-preview-for-jan-19-23-earnings-preview/#comments Fri, 16 Jan 2009 00:00:00 +0000 Charles Rotblut http://www.zacks.com/commentary/9773/Earnings+Preview+for+Jan+19-23++-+Earnings+Preview NetScout Systems, Inc. (NTCT) could top expectations. Burlington Northern Santa Fe Corporation (BNI) and General Electric Company (GE) could miss estimates.

The U.S. equity markets will be closed on Monday, Jan 19, in observance of Martin Luther King, Jr. Day. The markets will be open on Tuesday, Jan 20, though volume could be light because of the inauguration.

This will be the first busy week of fourth-quarter earnings season, with 149 companies scheduled to report. Large-cap stocks will dominate the news with 53 S&P 500 members releasing results. Dow components will include General Electric Company (GE), International Business Machines (IBM), Johnson & Johnson (JNJ), Microsoft (MSFT) and United Technologies Corporation (UTX).

The economic calendar is very light.

  • Wednesday: Weekly crude inventories
  • Thursday: December housing starts, December building permits, weekly initial jobless claims

No Fed officials are scheduled to give speeches. The Fed will hold a 2-day meeting starting on Jan 27.

Companies That Could Issue Positive Earnings Surprises

NetScout Systems, Inc. (NTCT) recently raised its fiscal third-quarter guidance. Citing strong demand from wireless carriers and growth in other markets, the company now anticipates having earned between 16 cents and 18 cents per share. Half of the 4 covering analysts raised their forecasts in response, pushing the consensus earnings estimate 5 cents higher to 16 cents per share. The most accurate estimate is far more bullish at 22 cents per share. NTCT has topped expectations for 4 consecutive quarters. NetScout is scheduled to report on Thursday, Jan 22, after the close of trading.

Companies That Could Issue Negative Earnings Surprises

Profit forecasts for Burlington Northern Santa Fe Corporation (BNI) have been falling lately, with 6 brokerage analysts reducing their fourth-quarter projections during the last 30 days. Though the railroad company does have a history of topping expectations, a recent warning from a competitor could end the streak. The consensus earnings estimate calls for fourth-quarter profits of $1.78 per share. The most accurate estimate is more bearish at $1.75 per share. Burlington Northern Santa Fe Corporation is scheduled to report on Wednesday, Jan 21, before the start of trading.

General Electric Company (GE) reaffirmed its fourth-quarter EPS guidance of 50 to 52 cents per share in mid-December. Since that time, 5 brokerage analysts have cut their quarterly projections. The negative revisions caused the consensus earnings estimate to fall to 44 cents per share. The most accurate estimate is more bearish at 42 cents per share. The conglomerate has missed once in the past 3 quarters. General Electric Company is scheduled to report on Friday, Jan 23, before the start of trading.

Charles Rotblut, CFA is the senior market analyst for Zacks.com. He can be reached at crotblut@zacks.com.

Surprise Trader can help you turn earnings surprises into quick profits. Learn how.

Earnings Calendar

Here is a list of companies that we have confirmed will report during the week of Jan 19 - 231. Prices are as of Thursday's, Dec 18, market close.

Company Ticker Zacks Consensus Estimate Year Ago Actual Last Qtr Surprise Report Date Report Time Price
First Defiance FDEF $0.30 $0.50 (34.8%) 1/19/2009 AMC $8.00
Fuller(Hb) Co FUL $0.24 $0.53 0.0% 1/19/2009 N/A $14.19
Logitech Intl LOGI $0.44 $0.71 (15.8%) 1/19/2009 AMC $13.75
Macatawa Bank MCBC ($0.15) ($0.16) 37.5% 1/19/2009 AMC $2.50
S&T Bancorp Inc STBA $0.57 $0.54 (9.5%) 1/19/2009 BTO $30.51
Candela Corp CLZR ($0.17) ($0.13) (350.0%) 1/20/2009 AMC $0.48
Capital Bank CBKN $0.14 $0.13 (10.0%) 1/20/2009 N/A $6.50
Commerce Bancsh CBSH $0.62 $0.74 (8.5%) 1/20/2009 BTO $37.82
Cree Inc CREE $0.10 $0.08 0.0% 1/20/2009 AMC $16.98
Csx Corp CSX $0.90 $0.85 (2.2%) 1/20/2009 AMC $30.18
Fastenal FAST $0.41 $0.38 4.0% 1/20/2009 BTO $33.20
Forest Labs A FRX $0.76 $0.96 15.9% 1/20/2009 BTO $26.00
Fulton Finl FULT ($0.55) $0.22 (8.7%) 1/20/2009 AMC $8.05
Hancock Hldg Co HBHC $0.57 $0.60 (24.2%) 1/20/2009 AMC $35.85
Iberiabank Corp IBKC $0.72 $0.81 (2.5%) 1/20/2009 AMC $41.22
Intl Bus Mach IBM $3.03 $2.80 0.5% 1/20/2009 AMC $84.12
Jefferies Gp-Nw JEF ($2.38) ($0.17) (216.7%) 1/20/2009 BTO $12.67
Johnson & Johns JNJ $0.92 $0.88 5.4% 1/20/2009 BTO $57.62
New Oriental Ed EDU $0.07 $0.10 7.3% 1/20/2009 BTO $54.47
Omnova Solution OMN $0.09 $0.09 33.3% 1/20/2009 BTO $0.66
Pacific Contl PCBK $0.27 $0.28 (7.4%) 1/20/2009 AMC $12.32
Packaging Corp PKG $0.26 $0.46 (7.3%) 1/20/2009 AMC $13.37
Parker Hannifin PH $0.85 $1.23 7.1% 1/20/2009 BTO $39.77
Petmed Express PETS $0.20 $0.18 25.0% 1/20/2009 BTO $16.43
Raymond Jas Fin RJF $0.35 $0.47 5.4% 1/20/2009 AMC $16.26
Regions Finl Cp RF ($0.02) $0.24 (46.4%) 1/20/2009 BTO $6.10
State St Corp STT $1.16 $1.38 3.3% 1/20/2009 BTO $38.00
Suncor Energy SU $0.39 $0.66 0.0% 1/20/2009 BTO $21.11
Supertex Inc SUPX $0.20 $0.26 6.1% 1/20/2009 AMC $21.65
Td Ameritrade AMTD $0.31 $0.40 (3.3%) 1/20/2009 BTO $12.63
Tessco Tech Inc TESS $0.33 $0.29 N/A 1/20/2009 AMC $10.35
West Cst Bcp/Or WCBO ($0.09) ($0.49) 140.0% 1/20/2009 N/A $4.39
Westell Tech-A WSTL ($0.05) ($0.04) 22.2% 1/20/2009 AMC $0.28
Woodward Govnr WGOV $0.38 $0.36 0.0% 1/20/2009 AMC $21.06
Abbott Labs ABT $1.06 $0.93 2.6% 1/21/2009 BTO $49.22
Actions Semicon ACTS $0.05 $0.23 (10.0%) 1/21/2009 AMC $1.40
Adtran Inc ADTN $0.28 $0.27 0.0% 1/21/2009 BTO $14.84
Air Prods & Che APD $0.98 $1.16 0.8% 1/21/2009 BTO $56.07
Allegheny Tech ATI $0.89 $1.45 5.1% 1/21/2009 BTO $25.55
Amdocs Ltd DOX $0.50 $0.50 (14.3%) 1/21/2009 AMC $19.42
Amr Corp AMR ($0.65) ($0.74) 4.8% 1/21/2009 BTO $10.98
Blackrock Inc BLK $1.13 $2.52 (16.6%) 1/21/2009 BTO $116.67
Burlngtn Nsf Cp BNI $1.78 $1.46 12.4% 1/21/2009 BTO $63.37
Celadon Group CLDN $0.07 $0.08 8.3% 1/21/2009 AMC $8.10
Charlotte Russe CHIC $0.11 $0.56 (93.3%) 1/21/2009 AMC $4.74
Cnh Global Nv CNH $0.69 $0.50 36.3% 1/21/2009 AMC $14.86
Coach Inc COH $0.67 $0.69 0.0% 1/21/2009 BTO $16.81
F5 Networks Inc FFIV $0.26 $0.21 28.6% 1/21/2009 AMC $23.20
Hudson City Bcp HCBK $0.27 $0.16 0.0% 1/21/2009 BTO $13.16
Igate Corp IGTE $0.14 $0.09 15.4% 1/21/2009 BTO $6.50
Kinder Morg Eng KMP $0.54 $0.53 (18.6%) 1/21/2009 AMC $47.57
Labranche & Co LAB $0.17 $0.04 0.0% 1/21/2009 BTO $5.68
Mcmoran Explor MMR ($0.32) $0.31 21.5% 1/21/2009 BTO $8.79
Mts Systems MTSC $0.49 $0.47 26.9% 1/21/2009 AMC $25.96
Noble Corp NE $1.50 $1.35 5.1% 1/21/2009 AMC $21.44
Northern Trust NTRS $0.96 $0.97 (31.8%) 1/21/2009 BTO $48.28
Nve Corp NVEC $0.40 $0.36 17.1% 1/21/2009 AMC $23.66
Polycom Inc PLCM $0.32 $0.28 0.0% 1/21/2009 AMC $14.02
Popular Inc BPOP ($0.37) ($0.23) 39.7% 1/21/2009 BTO $4.89
Precision Castp PCP $1.70 $1.73 (1.6%) 1/21/2009 BTO $54.68
Progressive Cor PGR $0.35 $0.34 (412.1%) 1/21/2009 N/A $13.99
Sanmina-Sci Cp SANM $0.01 $0.02 0.0% 1/21/2009 AMC $0.38
Seagate Tech STX ($0.03) $0.76 13.0% 1/21/2009 AMC $4.33
Somanetics Corp SMTS $0.23 $0.19 15.0% 1/21/2009 BTO $16.31
Ual Corp UAUA ($4.03) ($0.47) 17.8% 1/21/2009 BTO $11.14
Us Bancorp USB $0.27 $0.66 (37.3%) 1/21/2009 BTO $19.02
Utd Techs Corp UTX $1.23 $1.08 3.0% 1/21/2009 BTO $49.69
Wipro Ltd-Adr WIT $0.14 $0.14 0.0% 1/21/2009 N/A $7.19
Adv Micro Dev AMD ($0.53) ($0.17) 132.5% 1/22/2009 AMC $2.26
Amcore Finl Inc AMFI ($0.30) $0.33 (777.8%) 1/22/2009 BTO $3.35
Amer River Bsh AMRB $0.33 $0.36 2.9% 1/22/2009 BTO $9.90
Amerisourcebrgn ABC $0.69 $0.62 4.3% 1/22/2009 BTO $36.85
Assoc Banc Corp ASBC $0.32 $0.55 2.8% 1/22/2009 N/A $16.12
Au Optroncs-Adr AUO ($0.53) $1.24 47.4% 1/22/2009 BTO $7.20
Avnet AVT $0.66 $0.89 (5.6%) 1/22/2009 BTO $17.91
Avx Corp AVX $0.09 $0.22 0.0% 1/22/2009 BTO $7.71
Bancorpsouth BXS $0.31 $0.39 (20.9%) 1/22/2009 AMC $18.81
Bank Of Ny Mell BK $0.68 $0.67 43.6% 1/22/2009 BTO $23.27
Baxter Intl BAX $0.89 $0.76 7.3% 1/22/2009 BTO $53.56
Bb&T Corp BBT $0.53 $0.75 (3.0%) 1/22/2009 BTO $20.99
Brinker Intl EAT $0.19 $0.31 0.0% 1/22/2009 BTO $9.42
Cabot Microelec CCMP $0.06 $0.51 (21.7%) 1/22/2009 BTO $22.33
Capital One Fin COF $0.39 $0.90 6.2% 1/22/2009 AMC $25.47
Cdn Natl Ry Co CNI $0.85 $0.91 6.2% 1/22/2009 AMC $34.45
Cit Group Inc CIT ($0.39) ($0.69) (11.8%) 1/22/2009 BTO $3.24
City National CYN $0.62 $0.96 (11.0%) 1/22/2009 AMC $37.08
Cobiz Finl Inc COBZ $0.16 $0.23 0.0% 1/22/2009 AMC $7.89
Columbus Mckinn CMCO $0.41 $0.53 (11.3%) 1/22/2009 BTO $13.04
Comerica Inc CMA $0.26 $0.77 57.1% 1/22/2009 BTO $14.60
Commnty Bk Sys CBU $0.37 $0.39 0.0% 1/22/2009 AMC $21.37
Cubist Pharm CBST $0.51 $0.16 29.4% 1/22/2009 AMC $22.66
Cypress Semicon CY ($0.31) $0.10 (312.5%) 1/22/2009 BTO $4.75
Deluxe Corp DLX $0.68 $0.77 (6.9%) 1/22/2009 BTO $13.12
Digi Intl Inc DGII $0.03 $0.14 55.6% 1/22/2009 AMC $7.47
Exelon Corp EXC $1.06 $1.02 (6.1%) 1/22/2009 BTO $53.04
Ezcorp Inc Cl A EZPW $0.35 $0.29 0.0% 1/22/2009 AMC $14.19
Federated Invst FII $0.51 $0.52 1.8% 1/22/2009 AMC $18.26
Fifth Third Bk FITB $0.03 $0.07 (119.1%) 1/22/2009 BTO $5.38
First Comw Finl FCF $0.16 $0.16 (22.2%) 1/22/2009 BTO $10.17
First Finl Hldg FFCH $0.42 $0.36 8.0% 1/22/2009 BTO $18.70
Franklin Resour BEN $0.86 $2.12 (12.2%) 1/22/2009 BTO $52.97
Google Inc-Cl A GOOG $4.23 $3.79 3.9% 1/22/2009 AMC $298.99
Huntington Banc HBAN $0.20 ($0.65) 27.3% 1/22/2009 BTO $4.29
Imation Corp IMN $0.13 $0.64 0.0% 1/22/2009 BTO $12.96
Interactive Brk IBKR $0.54 $0.46 6.6% 1/22/2009 AMC $18.08
Intl Game Tech IGT $0.27 $0.36 (9.7%) 1/22/2009 BTO $12.45
Intuitive Surg ISRG $1.31 $1.24 13.4% 1/22/2009 AMC $100.68
Itt Educational ESI $1.44 $1.20 11.3% 1/22/2009 BTO $111.81
Janus Cap Grp JNS $0.05 $0.33 (7.7%) 1/22/2009 BTO $6.74
Kelly Svcs A KELYA $0.12 $0.54 (74.1%) 1/22/2009 BTO $11.92
Keycorp New KEY ($0.02) $0.06 (162.5%) 1/22/2009 BTO $6.22
Knight Cap Gp NITE $0.37 $0.50 66.7% 1/22/2009 BTO $15.85
Lockheed Martin LMT $1.89 $1.89 1.0% 1/22/2009 BTO $79.48
Lsi Industries LYTS $0.02 $0.22 200.0% 1/22/2009 BTO $6.89
M&T Bank Corp MTB $1.14 $1.52 (4.7%) 1/22/2009 BTO $42.59
Matthews Intl-A MATW $0.48 $0.50 1.5% 1/22/2009 AMC $34.55
Memc Elec Matrl WFR $0.62 $1.05 (9.8%) 1/22/2009 AMC $14.11
Meredith Corp MDP $0.43 $0.73 2.5% 1/22/2009 BTO $17.76
Microsoft Corp MSFT $0.49 $0.50 2.1% 1/22/2009 AMC $19.24
Monro Muffler MNRO $0.28 $0.27 5.6% 1/22/2009 BTO $24.14
Netscout Systms NTCT $0.16 $0.04 23.5% 1/22/2009 AMC $13.77
Nokia Cp-Adr A NOK $0.39 $0.69 (15.4%) 1/22/2009 BTO $14.05
Oceanfirst Finl OCFC $0.32 $0.26 (11.1%) 1/22/2009 AMC $14.97
Old Rep Intl ORI ($0.25) ($0.05) (25.0%) 1/22/2009 BTO $11.55
Peoples Utd Fin PBCT $0.13 $0.16 0.0% 1/22/2009 AMC $16.65
Potash Sask POT $2.37 $1.16 10.7% 1/22/2009 BTO $69.86
Sherwin William SHW $0.53 $0.88 18.1% 1/22/2009 BTO $56.34
Smith (Ao) Corp AOS $0.24 $0.81 25.0% 1/22/2009 BTO $31.61
Southwest Air LUV $0.07 $0.12 50.0% 1/22/2009 BTO $8.28
Suntrust Bks STI $0.18 $0.02 (22.2%) 1/22/2009 BTO $20.89
Synaptics Inc SYNA $0.50 $0.33 34.5% 1/22/2009 AMC $20.60
Synovus Finl Cp SNV ($0.44) $0.28 (162.5%) 1/22/2009 AMC $5.66
Taiwan Semi-Adr TSM $0.09 $0.20 0.0% 1/22/2009 BTO $7.37
Tcf Finl Corp TCB $0.24 $0.50 (20.0%) 1/22/2009 BTO $10.61
Technitrol Inc TNL $0.09 $0.52 (14.3%) 1/22/2009 AMC $3.21
Twin Disc TWIN $0.25 $0.37 (52.2%) 1/22/2009 N/A $6.70
Ucbh Hldgs Inc UCBH ($0.08) $0.19 (200.0%) 1/22/2009 AMC $3.83
Union Pac Corp UNP $1.28 $0.93 6.2% 1/22/2009 BTO $41.23
Unitedhealth Gp UNH $0.78 $0.92 0.0% 1/22/2009 BTO $24.89
Valley Natl Bcp VLY $0.28 $0.22 (25.0%) 1/22/2009 BTO $15.87
China Bak Batry CBAK $0.01 ($0.02) 42.9% 1/23/2009 N/A $1.68
Dime Comm Bncsh DCOM $0.25 $0.17 0.0% 1/23/2009 BTO $12.45
Gatx Corp GMT $0.59 $0.62 35.7% 1/23/2009 BTO $28.59
Genl Electric GE $0.44 $0.68 0.0% 1/23/2009 BTO $13.77
Harley-Davidson HOG $0.58 $0.78 (10.1%) 1/23/2009 BTO $13.95
Mb Financl Inc MBFI $0.27 $0.44 (11.6%) 1/23/2009 BTO $21.34
Schlumberger Lt SLB $1.10 $1.11 2.4% 1/23/2009 BTO $40.18
Webster Finl Cp WBS $0.18 $0.10 (37.0%) 1/23/2009 BTO $9.80
Xerox Corp XRX $0.34 $0.41 0.00% 1/23/2009 BTO $7.82

BMO = Before The Market Open, AMC = After Market Close

1Some of the companies listed in the earnings calendar may not be in the Zacks Rank universe.


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]]> http://www.straightstocks.com/stock-watch/earnings-preview-for-jan-19-23-earnings-preview/feed/ 0 Maverick Capital Management 13F | Lee Ainslie Hedge Fund Holdings Analysis http://www.straightstocks.com/investing-in-hedge-funds/maverick-capital-management-13f-lee-ainslie-hedge-fund-holdings-analysis/ http://www.straightstocks.com/investing-in-hedge-funds/maverick-capital-management-13f-lee-ainslie-hedge-fund-holdings-analysis/#comments Mon, 22 Sep 2008 12:41:00 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-6643395820893441919 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

----------------------------------------------------

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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