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Zacks #1 Rank Additions for Tuesday – Zacks Tale of the Tape

Zacks Market Commentaries — Tue, 11 Aug 2009 13:05:22 +0000

Here are the stocks added to the Zacks #1 Rank ("strong buy") List today:

3Com Corp (COMS)
51job Inc (JOBS)
Actions Semiconductor Co Ltd (ACTS)
Aeropostale Inc (ARO)
Companhia de Bebidas das Americas (ABV)
American Italian Pasta Co (AIPC)
American States Water Co (AWR)
Amkor Technology Inc (AMKR)
Anworth Mortgage Asset Corp (ANH)
Asbury Automotive Group Inc (ABG)
Ashland Inc (ASH)
Associated British Foods Plc (ASBFY)
AudioCodes Ltd (AUDC)
Baidu Inc (BIDU)
Banco Santander SA (STD)
Bank of Montreal (BMO)
Barnes & Noble Inc (BKS)
BG Group Plc (BRGYY)
British American Tobacco (BTI)
Bway Holding Co (BWY)
Cadbury Plc (CBY)
Cambrex Corp (CBM)
Capella Education Co (CPLA)
Capital Bank Corp (CBKN)
Cardtronics Inc (CATM)
Casey's General Stores Inc (CASY)
CDC Corp (CHINA)
Churchill Downs Inc (CHDN)
CNOOC Ltd (CEO)
Computer Sciences Corp (CSC)
CSG Systems International Inc (CSGS)
DealerTrack Holdings Inc (TRAK)
Diageo Plc (DEO)
Digi International Inc (DGII)
Dime Community Bancshares Inc (DCOM)
Dolan Media Co (DM)
E.ON AG (EONGY)
Ecopetrol SA (EC)
Einstein Noah Restaurant Group Inc (BAGL)
F5 Networks Inc (FFIV)
Fairfax Financial Holdings Ltd (FFH)
FBL Financial Group (FFG)
Fidelity National Information Services (FIS)
First Bancorp (FBNC)
FirstService Corp (FSRV)
Fuel Systems Solutions Inc (FSYS)
Fuqi International Inc (FUQI)
Fushi Copperweld Inc (FSIN)
Gentex Corp (GNTX)
GeoEye Inc (GEOY)
Gibraltar Industries Inc (ROCK)
Hanesbrands Inc (HBI)
Harbin Electric Inc (HRBN)
Herley Industries Inc (HRLY)
Hershey Co (HSY)
i2 Technologies Inc (ITWO)
ICICI Bank Ltd (IBN)
IHS Inc (IHS)
InfoSpace Inc (INSP)
International Business Machines Corp (IBM)
Investors Title Co (ITIC)
JDA Software Group Inc. (JDAS)
JMP Group Inc (JMP)
Jones Apparel Group Inc (JNY)
KB Financial Group Inc (KB)
Kohl's Corp (KSS)
L'Oreal SA (LRLCY)
Lafarge SA (LFRGY)
Lifetime Brands Inc (LCUT)
Linn Energy LLC (LINE)
Lumber Liquidators Inc (LL)
Magyar Telekom Plc (MTA)
Mead Johnson Nutrition Co (MJN)
Medical Action Industries (MDCI)
Mednax Inc (MD)
MicroStrategy Inc (MSTR)
Move Inc (MOVE)
MSCI Inc (MXB)
Multi-Fineline Electronix Inc (MFLX)
MV Oil Trust (MVO)
Nestle SA (NSRGY)
NetApp Inc (NTAP)
Novo Nordisk A/S (NVO)
NVR Inc (NVR)
OMNOVA Solutions Inc (OMN)
Orbitz Worldwide Inc (OWW)
Otelco Inc (OTT)
Packaging Corporation of America (PKG)
Partner Communications Company Ltd (PTNR)
Penn Virginia GP Holdings LP (PVG)
Petroleo Brasileiro SA (PBR.A)
PetroChina Company Ltd (PTR)
PNM Resources Inc (PNM)
Pool Corp (POOL)
Power Integrations Inc (POWI)
RAM Energy Resources Inc (RAME)
Raymond James Financial Inc (RJF)
Renasant Corp (RNST)
Reynolds American Inc (RAI)
RINO International Corp (RINO)
Ross Stores Inc (ROST)
Ruth's Hospitality Group Inc (RUTH)
Selective Insurance Group (SIGI)
Solta Medical Inc (SLTM)
Somerset Hills Bancorp (SOMH)
Sonic Foundry Inc (SOFO)
Southwest Bancorp Inc (OKSB)
Spectra Energy Corp (SE)
StatoilHydro ASA (STO)
Steiner Leisure Ltd (STNR)
SunOpta Inc (STKL)
SureWest Communications (SURW)
Symmetricom Inc (SYMM)
Telecom Italia SpA (TI)
Temple-Inland Inc (TIN)
Tesco Plc (TSCDY)
Tessera Technologies Inc (TSRA)
Tim Hortons Inc (THI)
Trailer Bridge Inc (TRBR)
Transatlantic Holdings Inc (TRH)
Transcend Services Inc (TRCR)
TreeHouse Foods Inc (THS)
Unilever Plc (UL)
Vimpel-Communications (VIP)
Virco Mfg Corp (VIRC)
Waddell & Reed Financial Inc (WDR)
Weight Watchers International Inc (WTW)
Westpac Banking Corp (WBK)
Whirlpool Corp (WHR)
World Acceptance Corp (WRLD)

Emerging Market Bubble Re-Inflating?

Michael E. Brisky — Fri, 03 Jul 2009 14:10:00 +0000

Interesting a href="http://bloomberg.com/apps/news?pid=20601087amp;sid=azwnKzoDDKZo"story out from Bloomberg/a this morning. The emerging market trade is hotter than ever as money has been flooding into countries like China, India, etc. br /br /ulliDeveloping countries’ share of worldwide equity value climbed to a record as the fastest- growing economies lured investors amid the first global recession since World War II./liliThe 22 nations classified as “emerging” by index provider MSCI Inc. comprise 24 percent of world market capitalization, up from 18 percent at the start of this year, the highest proportion since Bloomberg began compiling the data in 2003. China shares surpassed $3 trillion yesterday for the first time since August, from $1.8 trillion at the end of 2008./lili“Everyone is trying to jump on that bandwagon,” said Nicholas Field, who helps manage about $11 billion in emerging- market stocks at Schroders Plc in London. “There are projects in emerging markets in which I can make more money than I can in the West at the moment.”br //li/ulI see some trouble here. Investors seem to be relying heavily on the Chinese Stimulus as a driver for new economic growth. Although it may be better focused than the U.S. version, its not necessarily going to be a silver bullet. Investors still fall into that trap that says, "The U.S. and Europe are weak, so I'll just put my money in emerging markets." It can be profitable to move a portion of assets there, but we shouldn't get carried away. Emerging markets like China still depend heavily on trade and if most of the U.S. is still in trouble, it will lag on emerging markets. Also, if the U.S. markets dip back in and re-test lows, its unlikely emerging markets will be unaffected. br /br /The only emerging market-related equities I own is a Africa and Middle East fund (which is actually considered more frontier market than emerging market), and I own some shares of ABB, which has significant exposure to emerging markets, but by no means are a direct play. br /br /I understand the allure of these markets, and with ETFs, its easier than ever to invest in them. I'm not saying stay away, but rather be aware that these markets can form bubbles just like any of the others we've seen (commodities, mortgages, emerging markets in 07-08).div class="blogger-post-footer"img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/819581243324579563-4316931235077967544?l=briskycapital.blogspot.com'//div

Argentina “demoted” to frontier status

Jason G. Wulterkens — Sat, 06 Jun 2009 02:58:03 +0000

Despite the fact that its benchmark Merval index is up over 50% this year–making it the world’s fifth-best performer according to Bloomberg–Argentina lost its position in the benchmark emerging-market stock index this past week and joined MSCI Inc.’s “frontier” category, a classification based on a given market’s size, liquidity and economic development. Analysts told Bloomberg [...]

Recession Fears Hit Home as World Markets Plummet and U.S. Economy Contracts

CEO Blogger — Mon, 27 Oct 2008 12:26:29 +0000

Fear of a global recession is quickly becoming reality as world markets have lost $10 trillion in value in the month of October and the U.S. economy almost certainly contracted in the third quarter.

“The growing reality is that this is not just a slowdown, but a true recession,” Joel Naroff, president and chief economist of Naroff Economic Advisors told Money Morning Friday. “Europe and Asia can no longer deny U.S. problems are also hitting there.”

Friday was the 79th anniversary of 1929’s “Black Thursday,” when U.S. stocks were decimated at the start of the Great Depression. And while U.S. markets weren’t quite as hard hit on that date in 2008 as they were in 1929, the overall global effect was chilling.

This October is…

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

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

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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