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May 25, 2017
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Pipeline Woes Continue to Plague Amgen
May 24, 2017
Image Source: kibbles_bits By Alexander J. Poulos Earnings Release We have written a few bearish pieces on biotech stalwart Amgen (AMGN) this year. In the first piece, “The Dreaded Patent Cliff: 3 Pharmaceutical Companies at Risk,” we presented a number of areas of concern, most notably the expected drop in revenue from Amgen’s two main products. In its first-quarter earnings release, issued April 26, Amgen posted earnings per share of $3.15 on a non-GAAP basis versus $2.90 for the same period last year. Upon first glance, the numbers would indicate solid growth, but upon further examination, a worrisome trend emerges. The “earnings beat” is a direct result of a decrease in expenses and a lower share count, as top line
Cracker Barrel Hits the Trifecta!
May 23, 2017
Image Source: Mike Mozart Cracker Barrel increased its full-year earnings guidance, raised its regular dividend, and issued a special payout. The market was pleased. By Brian Nelson, CFA Dividend Growth Newsletter portfolio holding Cracker Barrel (CBRL) released fiscal third-quarter results May 23 that came in above the company’s internal expectations, leading the unique restaurant concept to raise its full-year profit target. It now expects earnings per share for fiscal 2017 to be in the range of $8.25-$8.35, above its previous target of $8.10-$8.25 and ahead of consensus expectations. Of course we liked this news, and we continue to believe Cracker Barrel is one of the best dividend growth ideas in all of the restaurant space, from quick service to fast
Dividend Increases/Decreases for the Week Ending May 19
May 22, 2017
Below we provide a list of firms that raised/lowered their dividends during the week ending May 19. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header. Firms Raising Their Dividends This Week BGC Partners (BGCP): now $0.18 per share quarterly dividend, was $0.16. Citi Trends (CTRN): now $0.08 per share quarterly dividend, was $0.06. Chubb (CB): now $0.71 per share quarterly dividend, was $0.69. Exchange Bank (EXSR): now $0.85 per share quarterly dividend, was $0.80. Farmers & Merchants Bancorp (FMCB): now $6.75 per share semi-annual dividend, was $6.55. First Midwest (FMBI): now $0.10 per share quarterly dividend, was
Shoe Retailing Stocks Stumble
May 20, 2017
The market didn’t like the smell of Foot Locker’s first-quarter report, released May 19. Finish Line and Dick’s Sporting Goods likely forewarned of trouble. By Brian Nelson, CFA Shoe stocks have been stinking up the market lately. The writing may have been on the wall a couple months ago when Finish Line (FINL) released a weak fiscal fourth-quarter report for the period ending February 25 that showed consolidated sales falling 0.4% and (Finish Line) comparable sales dropping 4.5%. CEO of Finish Line Sam Sato said at the time that the company’s fiscal fourth quarter had finished off a “challenging year financially” for the company, and we can’t really disagree. It was tough fiscal year for the retailer. Here’s more of
Walmart Comes Roaring Back; Target Is Still Suffering
May 20, 2017
Image Source: Mike Mozart Walmart and Target have taken a few body blows from Amazon, but the fight is far from over. Walmart is executing much better than Target at the moment. By Brian Nelson, CFA Shares of Walmart (WMT) are now approaching $80 per share following a combination of a strong market tailwind and first-quarter results, released May 18, that revealed that, while the discount retailer may have taken its share of blows from Amazon (AMZN) the past few years, it is not out of the fight by a long shot. Excluding currency fluctuations, total revenue during the first quarter of 2017 advanced 2.5% thanks in part to solid performance at Walmart US, where comparable store sales advanced 1.4%
Earnings Update on the Medical Devices Industry Featuring Zimmer Biomet, Edwards Lifesciences, and Intuitive Surgical
May 18, 2017
Image Source: Zimmer Biomet The outperformance of the medical devices industry continues unabated in 2017. The momentum underscores that the steep sell-off in the second half of 2016 was likely an overreaction. We’re updating our previous take of Zimmer Biomet, along with a brief earnings update on Edwards Lifesciences and Intuitive Surgical. By Alexander J. Poulos Zimmer Biomet Continues to Perform Shares of Zimmer Biomet (ZBH) came under heavy selling pressure upon the release of its recent earnings report on April 27, but we were content with the update as its diversified revenue stream continues to perform, in our view. Zimmer is in the process of integrating recent acquisitions, which continue to augment revenue, and the top line advanced 3.8%
Brazil: Sorry For Your Losses
May 18, 2017
The Brazilian equity markets are in free fall. “Brazil is in a deepening recession, which may grow into depression, as unemployment continues to rise and corporate credit quality deteriorates. Those that made a bundle investing in Brazil’s commodity-driven export boom have been looking to cash out, if they haven’t already, and the real continues to weaken on deteriorating sovereign credit and rampant inflation. Any interest rate hike by the US could have the unintended effect of sending Brazil’s local yields to the mid-teens to account for incremental currency risk and credit deterioration, which would only exacerbate debt service costs as a percentage of the country’s shrinking GDP. This, in turn, could be the catalyst for even more asset flight out
Coherus Biosciences Begins the Process of Bringing a Humira Biosimilar to Market
May 17, 2017
Image Source: Drugs.com The duration and validity of patents that back the intellectual property of drugs in the pharma/biotech industry underpin the group’s revenue stream. Once patent protection is lost, however, revenue from products typically nosedives as multi-source products come to market, undercutting their original price. The patent estate, in essence, bestows monopoly-like pricing power to Big Pharma. Once lost though, it becomes tough to replace. Let’s provide a quick update on the breaking Coherus Biosciences patent win. Alexander J. Poulos Humira Remains the Primary Revenue Driver for Abbvie Shares of Abbvie (ABBV) have come under selling pressure May 17 on the news of a key patent lose to biosimilar upstart Coherus Biosciences (CHRS). AbbVie remains locked in a protracted
