Stock Market News & Stocks to Watch from StraightStocks » Textron Inc

DrStockPick.com Stock Report! 10/29/09, AMRB, CSRH, WIN, KRNY, JMBA, TXT

Dr. Stock Pick — Thu, 29 Oct 2009 18:27:23 +0000

Dr Stock Pick HOT News & Alerts! _______________________________________ FREE Daily Stock Alerts From DrStockPick.com _______________________________________ Thursday October 29, 2009 DrStockPick.com Stock Report! ************************************************************** Consorteum Holdings Inc. (OTCBB: CSRH) announced that it has proceeded to launch its consumer stored value rebate card. The consumer rebate card program will offer manufacturers and retailers a new way to process mail-in rebates that [...]

Textron Beats Estimates, Sales Dip – Analyst Blog

Zacks Market Commentaries — Tue, 27 Oct 2009 17:33:41 +0000

Textron Inc (TXT) has flown past the Zacks Consensus Estimate of a loss of 2 cents per share to register earning per share (EPS) of 12 cents in the third quarter of fiscal 2009. However, it fell far short of the year-ago figure of 85 cents per diluted share. The company also digested a $42 million charge in the quarter (10 cents per share) for its ongoing restructuring program.

Revenues cascaded 27% to $2.5 billion in the reported quarter from $3.5 billion in the year-ago quarter. The Cessna segment’s revenues decreased $593 million year-over-year to $825 million, primarily reflecting lower delivery of Citation jets (68 jets compared to 124 in the year-ago quarter). Bell’s revenues decreased $74 million year-over-year to $628 million on account of lower commercial helicopter revenues.

Revenues for the Industrial segment decreased $203 million to $523 million compared to year-ago quarter due to lower volumes. Finance segment revenues also decreased $113 million to $71 million in the reported quarter. The only redeeming factor was Textron Systems, where revenue increased $61 million year-over-year to $502 million primarily due to the higher volume of Unmanned Aircraft Systems (UAS).

The bottom line, however, presented a different picture where both Bell and Textron Systems witnessed a marginal rise to their operating profits. However, Industrial Systems remained stagnant with an operating profit of $6 million in both the reported and year-ago quarter.

The downside came from Cessna where operating profit decreased $206 million year-over-year to $32 million. This was primarily due to the lower sales volumes and related costs associated with idle capacity and temporary plant shutdowns. Also, the Finance segment registered an operating loss of $64 million for the quarter due to higher portfolio losses, lower other income and securitization gains and the impact of lower average finance receivables.

Textron reported $547 million cash from operating activities in the quarter, compared to $259 million in the year-ago quarter. Cash and cash equivalents at the end of the quarter was $2 billion, while long-term debt stood at $3.6 billion.

Textron expects its fiscal 2009 EPS to be in the upper end of its guidance range of 33-63 cents on expected revenues of about $10.6 billion. The company also reaffirmed its fiscal 2009 free cash flow to be in the range of $300-$400 million. We maintain our market Neutral recommendation on the shares.
Read the full analyst report on "TXT"
Zacks Investment Research

DrStockPick.com Stock Report! 10/13/09, CVAT, MDT, TXT, NENG, CPWR, ETH

Dr. Stock Pick — Tue, 13 Oct 2009 19:28:19 +0000

Dr Stock Pick HOT News & Alerts! _______________________________________ FREE Daily Stock Alerts From DrStockPick.com _______________________________________ Tuesday October 13, 2009 DrStockPick.com Stock Report! ************************************************************** Cavitation Technologies, Inc. (OTC Bulletin Board: CVAT) has announced that it has filed PCT patent applications for new International Patent protections for its Nano Cavitation Technologies Medtronic, Inc. (NYSE: MDT), announced today the initiation of a [...]

PWRM, CVX, NDAQ, TSPG, BA, AQNM, LMT, DrStockPick.com Stock Report!

Dr. Stock Pick — Tue, 29 Sep 2009 17:04:00 +0000

Dr Stock Pick HOT News & Alerts! _________________________________________ FREE Daily Stock Alerts From DrStockPick.com _________________________________________ Tuesday September 29, 2009 DrStockPick.com Stock Report! PWRM, CVX, NDAQ, TSPG, BA, AQNM, LMT ************************************************************** PWRM, Power 3 Medical Products Inc, PWRM.OB Power3 Medical Products, Inc. is a leading bio-medical company engaged in the commercialization of neurodegenerative disease and cancer biomarkers, pathways, and mechanisms of diseases through the development [...]

Long-Term Stock-Market Uptrend to Continue

Contrarian Profits — Mon, 28 Sep 2009 17:15:04 +0000

pStocks moved lower for the third consecutive day on Friday, something that hasn’t happened in more than three weeks, as the bulls just couldn’t capitalize on a short-term overbought condition. Measures of selling pressure eased as the bears rested their knuckles after a two-day pummeling./p pInvestors are worried. The big question – as always – is whether the primary uptrend remains intact./p pAnd the answer is yes./p pTo understand just what that target should be, let’s take a look at where we are right now./p pJust before Wednesday’s sell-off, measures of the supply of stocks moved to new lows, while demand moved to new highs. This means bull-market-trading rules remain in effect. But as the cyclical bull market matures a little, we need to#8230;/p

DrStockPick.com Stock Report! 8/27/09, OZRK, MDAS, TXT, MO, RINO, MRVL

Dr. Stock Pick — Thu, 27 Aug 2009 18:39:08 +0000

DrStockPick.com Stock Report! Thursday August 27, 2009 ************************************************************** Bank of the Ozarks, Inc. (NASDAQ: OZRK) will be presenting at the Rodman & Renshaw Annual Global Investment Conference in New York, NY, on September 9, 2009 at 2:00 p.m. EDT. The Company will be represented by George Gleason, Chairman and Chief Executive Officer, and [...]

DrStockPick.com Stock Report! 8/20/09, TXT, OMTR, DKAM, PSPM, NUTR, MFSF

Dr. Stock Pick — Thu, 20 Aug 2009 19:40:14 +0000

DrStockPick.com Stock Report! Thursday August 20, 2009 ************************************************************** Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Rhode Island on behalf of purchasers of the securities of Textron, Inc. (NYSE: TXT) during the period between July 17, 2007 and [...]

PennyOmega.com Stock Report! 8/19/09, TXT, OTIV, EDAP, TUP, SCOR, ATPG

PennyOmega.com — Wed, 19 Aug 2009 17:38:21 +0000

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More Empty Houses in America

Bill Bonner — Tue, 04 Aug 2009 17:30:51 +0000

pIs it time to buy a house? Depends#8230; /p pIf you need a place to live and want to own a house, why not? Prices in some areas are fairly reasonable. But if you’re speculating, our guess is that you’ll get a better deal if you wait./p pWhy? For the many reasons we have given you in these Daily Reckonings. House prices may be firming in some areas – that’s what the Case-Shiller numbers seem to show. But nationwide, they are probably headed down for quite a while longer./p pHerewith, four reasons why:/p pFirst, as you know, this is a depression. It will probably be long. And deep. You wouldn’t know it from looking at the stock market or reading the news. The Dow#8230;/p

DrStockPick.com Stock Report! 7/31/09, JFBI, DCP, BBEP, TXT, LABL, LMT

Dr. Stock Pick — Fri, 31 Jul 2009 15:11:33 +0000

DrStockPick.com Stock Report! Friday July 31, 2009 ************************************************************** Jefferson Bancshares, Inc. (Nasdaq:JFBI), the holding company for Jefferson Federal Bank, announced net earnings for the quarter ended June 30, 2009 of $683,000, or $0.11 per diluted share, compared to net earnings of $494,000, or $0.09 per diluted share, for the quarter ended June 30, [...]

DrStockPick.com Stock Report! 7/28/09, BMC, DIN, ROK, TXT, TGX, MHP

Dr. Stock Pick — Tue, 28 Jul 2009 11:55:52 +0000

DrStockPick.com Stock Report! Tuesday July 28, 2009 ************************************************************** Hitachi ID Systems, Inc. today announced the availability of their products through BMC Software (NYSE: BMC). Hitachi ID Systems, a member of the BMC Technology Alliance Program, has added their products to BMC’s pricelist, making Hitachi ID’s products available globally from BMC and BMC channel partners. DineEquity, [...]

Textron Near 50-day MA – Zacks Tale of the Tape

Zacks Market Commentaries — Thu, 11 Jun 2009 16:44:23 +0000

Textron Inc. (TXT) fell more than 2% in morning trade and close to its 50-day moving average of $11.11. The consensus estimate on the company's full-year profit has been dropping progressively and is now pegged at 30 cents per share, down 3 cents from a week ago. Textron is a Zacks#4 Rank ("Sell") stock.

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

Zacks #5 Rank Additions for Tuesday – Zacks Tale of the Tape

Zacks Market Commentaries — Tue, 05 May 2009 12:44:53 +0000

Here are the stocks added to the Zacks #5 Rank ("strong sell") List today:

Arena Resources Inc (ARD)
Bank of New York Mellon Corp (BK)
W R Berkley Corp (WRB)
Bristow Group Inc (BRS)
Callwave Inc (CALL)
Capital Trust Inc (CT)
Carlisle Companies Inc (CSL)
Carrizo Oil & Gas Inc (CRZO)
Center Financial Corp (CLFC)
Century Casinos Inc (CNTY)
Cheniere Energy Inc (LNG)
Churchill Downs Inc (CHDN)
CNinsure Inc (CISG)
Commercial Vehicle Group Inc (CVGI)
Community Bancorp (CBON)
CRM Holdings Ltd (CRMH)
CryptoLogic Ltd (CRYP)
Cutera Inc (CUTR)
Cypress Bioscience Inc (CYPB)
Dynamic Materials Corp (BOOM)
El Paso Electric Co (EE)
EnPro Industries Inc (NPO)
Enterprise Financial Services Corp (EFSC)
FalconStor Software Inc (FALC)
FARO Technologies Inc (FARO)
First M & F Corp (FMFC)
First Security Group Inc (FSGI)
Flamel Technologies SA (FLML)
Flanders Corp (FLDR)
Flushing Financial Corp (FFIC)
Franklin Electric Co (FELE)
Gol Linhas Aereas Inteligentes SA (GOL)
HSBC Holdings Plc (HBC)
Huntsman Corp (HUN)
InterOil Corp (IOC)
Investment Technology Group (ITG)
INX Inc (INXI)
LoJack Corp (LOJN)
McGrath RentCorp (MGRC)
Media General Inc (MEG)
Mercer International Inc (MERC)
MetroCorp Bancshares Inc (MCBI)
Nordic American Tanker Shipping Ltd (NAT)
Olympic Steel Inc (ZEUS)
Otter Tail Corp (OTTR)
Paragon Shipping Inc (PRGN)
Perini Corp (PCR)
Princeton Review Inc (REVU)
Prospect Capital Corp (PSEC)
Quest Capital Corp (QCC)
Sasol Ltd (SSL)
Signature Bank (SBNY)
Standard Microsystems Corp (SMSC)
Superior Energy Services Inc (SPN)
TAL International Group Inc (TAL)
Telecomunicacoes de Sao Paulo SA (TSP)
Textron Inc (TXT)
Timberland Bancorp Inc (TSBK)
Unica Corp (UNCA)
United America Indemnity Ltd (INDM)
Votorantim Celulose e Papel SA (VCP)
Western Refining Inc (WNR)
WSP Holdings Ltd (WH)
Xyratex Ltd (XRTX)

View the entire Zacks #5 Rank List.

Zacks Investment Research

Highest Yielding Stocks Going Ex-Dividend Early December

Fred Fuld — Mon, 01 Dec 2008 08:24:00 +0000

Investors occasionally use a stock trading technique called 'Buying Dividends,' which is the technique of buying stocks before the ex dividend date and selling the stock shortly after the ex date at about the same price, yet still being entitled to the dividend. This technique generally works only in bull markets.br /br /If you are interested in a href="http://stockerblog.blogspot.com/2008/05/buying-dividends-top-7-stocks-going-ex.html"buying dividends/a, there are many stocks in many different industries to choose from. In order to be entitled to the dividend, you have to buy the stock before the ex-dividend date, and you can't sell the stock until after the ex date. The actual dividend may not be paid for another few weeks.br /br /All of the following stocks yield over 2%. br /br /Avery Dennison Corporation (AVY) goes ex-dividend on 12/1/2008 . The stock has a yield of 6.55% .br /Callaway Golf Company (ELY) goes ex-dividend on 12/1/2008 . The stock has a yield of 3.54% .br /Greenhill Co., Inc. (GHL) goes ex-dividend on 12/1/2008 . The stock has a yield of 3.13% .br /Kellogg Company (K) goes ex-dividend on 12/1/2008 . The stock has a yield of 3.34% .br /Manpower Inc. (MAN) goes ex-dividend on 12/1/2008 . The stock has a yield of 3.14% .br /Petro-Canada (USA) (PCZ) goes ex-dividend on 12/1/2008 . The stock has a yield of 4.59% .br /Avista Corporation (AVA) goes ex-dividend on 12/2/2008 . The stock has a yield of 4.30% .br /Bob Evans Farms, Inc. (BOBE) goes ex-dividend on 12/2/2008 . The stock has a yield of 4.17% .br /Brinker International, Inc. (EAT) goes ex-dividend on 12/2/2008 . The stock has a yield of 9.26% .br /ArcelorMittal (ADR) (MT) goes ex-dividend on 12/2/2008 . The stock has a yield of 9.66% .br /Bank of America Corporation (BAC) goes ex-dividend on 12/3/2008 . The stock has a yield of 22.76% .br /Cohen Steers, Inc. (CNS) goes ex-dividend on 12/3/2008 . The stock has a yield of 11.28% .br /El Paso Corporation (EP) goes ex-dividend on 12/3/2008 . The stock has a yield of 3.74% .br /Genuine Parts Company (GPC) goes ex-dividend on 12/3/2008 . The stock has a yield of 4.35% .br /Hancock Holding Company (HBHC) goes ex-dividend on 12/3/2008 . The stock has a yield of 2.69% .br /Harte-Hanks, Inc. (HHS) goes ex-dividend on 12/3/2008 . The stock has a yield of 6.32% .br /Kimberly-Clark Corporation (KMB) goes ex-dividend on 12/3/2008 . The stock has a yield of 4.29% .br /The Pepsi Bottling Group, Inc. (PBG) goes ex-dividend on 12/3/2008 . The stock has a yield of 4.12% .br /Pacific Continental Corporation (PCBK) goes ex-dividend on 12/3/2008 . The stock has a yield of 3.33% .br /PepsiCo, Inc. (PEP) goes ex-dividend on 12/3/2008 . The stock has a yield of 3.38% .br /Praxair, Inc. (PX) goes ex-dividend on 12/3/2008 . The stock has a yield of 3.14% .br /Reliance Steel Aluminum (RS) goes ex-dividend on 12/3/2008 . The stock has a yield of 3.17% .br /Sealed Air Corp. (SEE) goes ex-dividend on 12/3/2008 . The stock has a yield of 3.81% .br /The Stanley Works (SWK) goes ex-dividend on 12/3/2008 . The stock has a yield of 5.04% .br /Tidewater Inc. (TDW) goes ex-dividend on 12/3/2008 . The stock has a yield of 3.18% .br /Tupperware Brands Corporation (TUP) goes ex-dividend on 12/3/2008 . The stock has a yield of 5.53% .br /Valley National Bancorp (VLY) goes ex-dividend on 12/3/2008 . The stock has a yield of 5.19% .br /Weingarten Realty Investors (WRI) goes ex-dividend on 12/3/2008 . The stock has a yield of 18.77% .br /Calavo Growers, Inc. (CVGW) goes ex-dividend on 12/5/2008 . The stock has a yield of 5.39% .br /Flushing Financial Corporation (FFIC) goes ex-dividend on 12/5/2008 . The stock has a yield of 4.24% .br /V.F. Corporation (VFC) goes ex-dividend on 12/5/2008 . The stock has a yield of 5.81% .br /Ameren Corporation (AEE) goes ex-dividend on 12/8/2008 . The stock has a yield of 8.56% .br /Constellation Energy Group, Inc. (CEG) goes ex-dividend on 12/8/2008 . The stock has a yield of 8.26% .br /CME Group Inc. (CME) goes ex-dividend on 12/8/2008 . The stock has a yield of 2.94% .br /Canadian National Railway (USA) (CNI) goes ex-dividend on 12/8/2008 . The stock has a yield of 2.72% .br /Lancaster Colony Corp. (LANC) goes ex-dividend on 12/8/2008 . The stock has a yield of 4.25% .br /Northern Trust Corporation (NTRS) goes ex-dividend on 12/8/2008 . The stock has a yield of 3.25% .br /Occidental Petroleum Corporation (OXY) goes ex-dividend on 12/8/2008 . The stock has a yield of 3.14% .br /Pepco Holdings, Inc. (POM) goes ex-dividend on 12/8/2008 . The stock has a yield of 6.85% .br /Regal Entertainment Group (RGC) goes ex-dividend on 12/8/2008 . The stock has a yield of 16.62% .br /Rayonier Inc. (RYN) goes ex-dividend on 12/8/2008 . The stock has a yield of 7.05% .br /SCANA Corporation (SCG) goes ex-dividend on 12/8/2008 . The stock has a yield of 5.80% .br /The Travelers Companies, Inc. (TRV) goes ex-dividend on 12/8/2008 . The stock has a yield of 3.44% .br /Titanium Metals Corporation (TIE) goes ex-dividend on 12/8/2008 . The stock has a yield of 5.61% .br /Embarq Corporation (EQ) goes ex-dividend on 12/8/2008 . The stock has a yield of 10.97% .br /MDU Resources Group, Inc. (MDU) goes ex-dividend on 12/9/2008 . The stock has a yield of 3.98% .br /TELUS Corporation (USA) (TU) goes ex-dividend on 12/9/2008 . The stock has a yield of 6.59% .br /Enersis S.A. (ADR) (ENI) goes ex-dividend on 12/10/2008 . The stock has a yield of 5.94% .br /Federal Signal Corporation (FSS) goes ex-dividend on 12/10/2008 . The stock has a yield of 4.40% .br /Mercer Insurance Group, Inc. (MIGP) goes ex-dividend on 12/10/2008 . The stock has a yield of 2.61% .br /Patterson-UTI Energy, Inc. (PTEN) goes ex-dividend on 12/10/2008 . The stock has a yield of 7.27% .br /TriCo Bancshares (TCBK) goes ex-dividend on 12/10/2008 . The stock has a yield of 2.71% .br /Talisman Energy Inc. (USA) (TLM) goes ex-dividend on 12/10/2008 . The stock has a yield of 2.95% .br /Textron Inc. (TXT) goes ex-dividend on 12/10/2008 . The stock has a yield of 7.70% .br /UIL Holdings Corporation (UIL) goes ex-dividend on 12/10/2008 . The stock has a yield of 6.28% .br /Albemarle Corporation (ALB) goes ex-dividend on 12/11/2008 . The stock has a yield of 2.92% .br /Arbitron Inc. (ARB) goes ex-dividend on 12/11/2008 . The stock has a yield of 2.66% .br /BancorpSouth, Inc. (BXS) goes ex-dividend on 12/11/2008 . The stock has a yield of 5.03% .br /Corus Entertainment Inc. (USA) (CJR) goes ex-dividend on 12/11/2008 . The stock has a yield of 5.68% .br /Comerica Incorporated (CMA) goes ex-dividend on 12/11/2008 . The stock has a yield of 15.76% .br /Chesapeake Utilities Corporation (CPK) goes ex-dividend on 12/11/2008 . The stock has a yield of 4.59% .br /The Corporate Executive Board Company (EXBD) goes ex-dividend on 12/11/2008 . The stock has a yield of 8.65% .br /Macy's, Inc. (M) goes ex-dividend on 12/11/2008 . The stock has a yield of 9.06% .br /First Financial Bankshares, Inc. (FFIN) goes ex-dividend on 12/11/2008 . The stock has a yield of 2.95% .br /GATX Corporation (GMT) goes ex-dividend on 12/11/2008 . The stock has a yield of 4.93% .br /Harleysville Group Inc. (HGIC) goes ex-dividend on 12/11/2008 . The stock has a yield of 3.87% .br /Kaydon Corporation (KDN) goes ex-dividend on 12/11/2008 . The stock has a yield of 3.21% .br /NewMarket Corporation (NEU) goes ex-dividend on 12/11/2008 . The stock has a yield of 3.24% .br /New Jersey Resources Corporation (NJR) goes ex-dividend on 12/11/2008 . The stock has a yield of 3.12% .br /PepsiAmericas, Inc. (PAS) goes ex-dividend on 12/11/2008 . The stock has a yield of 3.48% .br /Public Storage (PSA) goes ex-dividend on 12/11/2008 . The stock has a yield of 4.09% .br /Quest Capital Corp. (USA) (QCC) goes ex-dividend on 12/11/2008 . The stock has a yield of 24.03% .br /Sonic Automotive, Inc. (SAH) goes ex-dividend on 12/11/2008 . The stock has a yield of 22.75% .br /Shaw Communications Inc. (USA) (SJR) goes ex-dividend on 12/11/2008 . The stock has a yield of 5.16% .br /World Wrestling Entertainment, Inc. (WWE) goes ex-dividend on 12/11/2008 . The stock has a yield of 15.47% .br /S.Y. Bancorp, Inc. (SYBT) goes ex-dividend on 12/11/2008 . The stock has a yield of 3.27% .br /NYSE Euronext (NYX) goes ex-dividend on 12/11/2008 . The stock has a yield of 6.80% .br /Broadridge Financial Solutions, Inc. (BR) goes ex-dividend on 12/11/2008 . The stock has a yield of 2.88% .br /Baldor Electric Company (BEZ) goes ex-dividend on 12/12/2008 . The stock has a yield of 6.13% .br /Euroseas Ltd. (ESEA) goes ex-dividend on 12/12/2008 . The stock has a yield of 39.10% .br /br /For more details on dividend definitions, check out a href="http://stockerblog.blogspot.com/2008/06/dividend-basics-and-whos-going-ex-in.html"definitions of dividend dates/a. If you like dividend stocks, you should check out the the High Yield Utility stocks and the Monthly Dividend Stocks at a href="http://WallStreetNewsNetwork.com"WallStreetNewsNetwork.com/a.br /br /emAuthor owns ELY, PEP, NYX. /embr /br /By a href="http://Stockerblog.com"Stockerblog.com/adiv class="blogger-post-footer"div class='adsense' style='text-align:center; padding: 0px 3px 0.5em 3px;' script type="text/javascript"!-- google_ad_client="ca-pub-2427831169011625"; google_ad_width=300; google_ad_height=250; google_ad_format="300x250_as"; google_ad_type="text"; google_ad_channel ="8681602088"; google_color_border="FFF3DB"; google_color_bg="FFF3DB"; google_color_link="1B0431"; google_color_url="1B0431"; google_color_text="29303B"; //--/script script type="text/javascript" src="http://pagead2.googlesyndication.com/pagead/show_ads.js" /script /div

Bear Markets Create Bargains – Analyst Blog

Dirk Van Dijk — Tue, 07 Oct 2008 14:55:04 +0000

With the markets in turmoil and sinking like a stone, nobody wants to try and catch a falling knife -- even if the knife is sterling silver. The silver lining in every bear market is that it creates true bargains. You need to have a shopping list prepared and scoop up some of these babies that are being tossed out with the bath water.

I ran a quick screen to try and identify some of these. Here were my criteria: the stock had to be selling for less than 8x this years consensus earnings estimates, and less than 7x next years. It had to have a current market cap of greater than $1 billion. Since I do not trust the books of most financial companies, I eliminated all firms from that sector. I also eliminated all firms that had a negative (4 or 5) score on the Zacks ranking system.

Finally, since we are in the middle of a credit crunch, it had to be able to avoid tapping the credit markets anytime soon. The measure I picked was that it had to have a quick ratio (current assets excluding inventories/current liabilities) of greater than 2.0. The companies I came up with are shown below.

Clearly this is just the start of the investigation of these firms, but this list will give you an idea of where to start. Stocks that are cheap can get even cheaper in these sorts of markets, but over the long run, picking up good companies at bargain prices is the way to succeed in the stock market. After all, the time to buy is when everyone else is in a selling panic. Just make sure that the company you buy will be able to survive the coming bad times in the real economy.

Company	Ticker	FY08 P/E	FY09 P/E	Quick Ratio	Zacks Rank
Gerdau Ameristl	GNA	3.47	3.75	2.06	2
Yanzhou Coal	YZC	3.87	4.95	2.31	2
Overseas Shipho	OSG	3.92	6.4	3.73	2
Aracruz Cel-Adr	ARA	3.99	3.87	3.13	3
Agrium Inc	AGU	4.22	3.17	2.07	2
Nucor Corp	NUE	4.55	4.64	2.19	3
Mirant Corp	MIR	5.01	3.9	6.84	3
Atwood Oceanics	ATW	5.02	4.47	3.29	3
Carpenter Tech	CRS	5.37	4.56	2.33	3
Cnooc Ltd Adr	CEO	5.62	4.68	2.49	3
Ensco Intl Inc	ESV	5.68	5.19	2.24	3
Pride Intl Inc	PDE	5.76	4.98	2.37	3
Textron Inc	TXT	6.19	5.29	2.59	3
Tidewater Inc	TDW	6.4	5.5	2.94	3
Ingersoll Rand	IR	6.94	6.28	2.12	3
Kinetic Concpts	KCI	7.16	6.47	2.64	2
Walter Inds Inc	WLT	7.52	2.28	12.20	3
Giant Interactive	GA	7.58	6.91	5.75	3

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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