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Formed: 2000 in New York, NYGenre: AlternativeYears Active: '00s, '10sDiscovered in the wake of the Strokes' popularity and the subsequent garage rock revival, New York's art punk trio the Yeah Yeah Yeahs are comprised of singer Karen O, guitarist Nicolas Zinner, and drummer Brian Chase. O met Chase at Ohio's Oberlin College and met Zinner through friends after she transferred to NYU. Zinner and O formed the band in 2000; originally, they were a folky duo called Unitard, but they went electric... Full Bio
by antc1018 This record is a steal at this price! by HollywoodCali This album is a masterpiece! It should be in the running for album of the year! 'Say Say' and 'Last Time' are simply perfect! by radical__rachel I've been waiting for months for this album to come out, and now that it has finally been released, I can surely say that it's just as amazing as I thought it would be, if not better. Youngblood Hawke has such an interesting and different sound that leaves your mind blown after listening to their songs. Definitely buy it. It's a solid investment. Formed: Los Angeles, CAGenre: AlternativeYears Active: '10sCut from the same colorful cloth as upbeat indie pop contemporaries like Fun., Jukebox the Ghost, Walk the Moon, and Imagine Dragons, Youngblood Hawke, named after a 1961 Herman Wouk novel based on the life of Thomas Wolfe, was formed in 2011 by former members of new wave revivalists Iglu and Hartly. Featuring the talents of longtime friends Sam Martin and Simon Katz, along with Tasso Smith, Alice Katz, and Nik Hughes, the Los Angeles-based quintet's sunny disposition and adherence to life-affirming,... Full Bio
Open iTunes to preview, buy, and download music. by Krazy x Kid Can't wait for the album by Taymay21 He's good but not like the old Mac miller.. Disappointed by delwab This beat is produced by Flying Lotus, for all you mainstream heads that dont know s**t. Dude is amazing. This song is amazing. Never thought id see that collab. Must buy Genre: Hip-Hop/RapYears Active: '10sComing on the scene with a throwback style that betrayed his years, Pittsburgh-based rapper Mac Miller had just turned 18 when he spent 2010 making his name through mixtapes and video sharing websites. Born Malcolm McCormick, Miller first used the alias “Easy Mac”, a name referenced on his debut mixtape, 2007’s But My Mackin’ Ain’t Easy. His K.I.D.S. mixtape became his breakthrough when it was released in August of 2010, earning plenty of attention... Full Bio
Somewhat sneakily, as they honed their blend of new wave, synth pop, soft rock, and all things '80s for the better part of a decade, Phoenix became one of the most influential acts of the 2000s and 2010s. When they married that distinctive style to some of their strongest songs on 2009's Wolfgang Amadeus Phoenix, that album's mainstream success felt like a well-earned reward for their years of defining a sound that had permeated a lot of pop culture. Its follow-up, Bankrupt!, isn't nearly as devoid of new ideas as its title suggests, but it doesn't feel like quite the leap forward Wolfgang was compared to what came before it. Not that it necessarily needs to be; Phoenix sound more comfortable and confident than ever on songs like the lead single, "Entertainment," which defines almost everything that they do on the rest of the album with its galloping beats, earnest vocals, and Asian-tinged keyboard melodies. "Trying to Be Cool," "Don't," and "Oblique City" also carry over the bouncy irresistibility of the band's breakthrough, and even if they don't have the star-making power that "1901" and "Lisztomania" did, they reveal Phoenix's deep love and even deeper knowledge of '80s pop magic in their deft major-to-minor key changes and strategically placed buildups and breakdowns. These little touches help the band stand out among its like-minded contemporaries, and it helps that Phoenix have been drawing inspiration from the '80s longer than that decade actually existed (the fact that they mixed Bankrupt! on the console used in the making of Michael Jackson's Thriller might have contributed some good '80s karma as well). Elsewhere, they pay lip service to another of that decade's icons with "Drakkar Noir," and the way Thomas Mars pronounces it almost makes the overbearing cologne cool again. Here and on "The Real Thing," the band ponders and crosses the line between real and fake, taking it to new levels on "S.O.S. in Bel Air," which could reignite the debate between Strokes and Phoenix fans over who copied who first (and who does it better). Later on, things get interesting — particularly for longtime fans — when the band indulges its experimental side on songs like the seven-minute title track, which prefaces Mars' vocals with a lengthy stretch of baroque keyboards, and the expansive melancholy of "Chloroform" and "Bourgeois." Even if moments like these aren't exactly in keeping with the sound that broke Phoenix, they're a reminder that the bandmembers ultimately became popular by being themselves. Bankrupt! lets them celebrate with a victory lap that's enjoyable for all concerned. [A double-disc version of Bankrupt! that included 71 "sketches" from the album's recording sessions was also released.]
by chris.doc It's going to be epic. by jason4400 Looks peachy.... sounds peachy..... Peachy..... by autobahnsau Dear Itunes,It's so unfair to release a teaser like this. It breeds obsessive listening to a single track and makes me pine for something I cannot have, which only makes me want it more... sigh...
Phoenix will dominate again with Bankrupt! Can't wait! Formed: 1995 in Paris, FranceGenre: AlternativeYears Active: '90s, '00s, '10sThe French group Phoenix draw elements from their eclectic '80s upbringing to arrive at a satisfying blend of rock and synthesizers. Vocalist Thomas Mars, bassist Deck d'Arcy, and guitarist Christian Mazzalai were a garage band based out of Mars' house in the suburbs of Paris. Mazzalai's... Full Bio
by Gavman1555 If you thought Harlem Shake was a good song, think again! THIS is real music, THIS is what should be at the top of the charts, like number 1, but of course, no one likes real music, so they wouldn't know what real music is, even if it shot them repeatedly in the head! This is great, absolutely love you guys! Keep up the work. I was wondering when you would come out with another album, and when I visited iTunes, there it was, waiting for me. by LOCOVIDEO I've been listening to Phoenix for four years and waiting for this album for five months now. I seriously cried listening to Entertainment! Whoo can't wait till April! :) by GoGoPantherTed I really wish iTunes would stop letting people review a whole album based solely on squealing girlish fandom and one pre-release single. It tells me nothing about the whole album, which is what I thought these sections were for in the first place. If "Entertainment" is any indication, this album will sound just like the last one. But until then, let's all calm ourselves and wait and see, shall we?
Our new Annual Report reveals the incredible life change that happens through compassionate support of friends like you.
Dozens of men and women now once suffering from homelessness and addiction now live joy-filled lives because of our New Life Recovery Ministry at the Mission. Their “journey home” is not complete, but they now are on a better path.
Download a PDF of “The Journey Home” and read the stories. Be encouraged. Be blessed. Know that this happens only because God works through friends like you to allow us to touch lives with His love and grace.
Francis needed help finding housing. The Portland Rescue Mission LINK program helped him stop the downward spiral to homelessness and its challenges.
Francis’ Story of Hope on YouTube
Through our LINK program, homeless men who are sober and drug-free can have an extended stay at our Burnside Shelter while they look for work and save money.
In exchange, they work several hours a week alongside our staff to help keep our facilities and ministries working smoothly.
The added structure, accountability and encouragement LINK participants receive has proven to be a highly effective catalyst in moving them forward toward their goal of a healthy life.
Your support ends addiction and homelessness. Please donate online or call 503-MISSION (647-7466).
Portland Rescue Mission recently received a gracious invitation to partner with the National Education Association (NEA) at the annual NEA Conference on Higher Education held in Portland this year.
Keeping with the conference theme of “Common Good”, organizers held a silent auction with all proceeds given to Portland Rescue Mission — enough to provide over 400 meals to hurting people in need.
More important than the financial donation is the story of healing that brought together two unlikely groups. We asked the auction organizer why Portland Rescue Mission was chosen as the beneficiary.
The young woman shared how her brother moved to Portland several years ago. He struggled with alcoholism and quickly became desperate for help. Portland Rescue Mission provided hot meals and other care that helped him start a new path in life. Today, he’s sober, employed and happily married.
We’re grateful to the NEA for helping us serve the Portland community and give hope to more hurting people in need.
Winter is hard on the many men, women and children who live on the streets here in Portland. Portland Rescue Mission supplies many of the needs that homeless people are not able to provide for themselves. We are in constant need of coats, hats, socks and gloves to keep the cold and rain at bay. That is why we are grateful for people like Colin Cathey, a high school student at Pacific Crest Community School.
For his Eagle Scout project, Colin chose to run a coat drive for Portland Rescue Mission. “The idea of a coat drive came up and at first I was hesitant because there wouldn’t be permanent final product,” says Colin. “But then I realized that wasn’t so important. What’s really important is the effect the project has on the community and how many people will benefit from it. I ended up choosing the coat drive because, while I would have no final product to show off, it was something that could truly make a difference to a great number of people.”
With the help of his family and a group of volunteers, including Boy Scouts from his troop and fellow students from his school, Colin went door-to-door with bags and fliers asking people to donate their gently-used coats to help homeless men, women and children here in Portland.
“Our goal was to collect 200 items… and we ended up collecting five hundred, over double our goal. Seeing how much people were willing to give was incredible, and seeing all that clothing piled up gave me one of the greatest feelings I’ve ever had. This coat drive is truly my favorite Scouting memory and I would love to do another one in the future.”
See how you can make a difference and meet a need at: http://www.portlandrescuemission.org/get-involved/donate-food-clothing/.
Vanessa, thirty-five, had three children with an abusive husband. She “lost her mind, started doing heroin,” after losing the children, who were taken away and given to her mother. The drugs led to homelessness and prostitution. She grew up on Arthur Avenue in the Bronx, but now spends her time in Hunts Point, “trying to survive everyday. Just doing whatever it takes.”Photo by Chris Arnade
From Yahoo News:
Photographer Chris Arnade has been following the stories of addicts in Hunts Point neighborhood, the poorest in all of New York City, for several years. Of this compelling documentary project, he says, “What I am hoping to do, by allowing my subjects to share their dreams and burdens with the viewer and by photographing them with respect, is to show that everyone, regardless of their station in life, is as valid as anyone else.”
Addiction hurts. The “Faces of Addiction” photos and quotes by Chris Arnade reveal the heartache and despair in the daily life of men and women held captive by drugs.
“I have already destroyed myself. I can’t walk by a corner with a pocket of money and not buy dope.” – Erik
“I am sick of this life. Sick of jamming needles into myself, sick of not having a home, sick of all my money going to dope, sick of waking up and needing drugs. I just want a normal life. I want to have a home and watch movies.” – Michael
“At the beginning, when you first start shooting up, you lie to yourself, but over time you can’t. Would I like to change? Sure, but I am afraid its part of who I am.” – Joette
“I’m like a walking corpse. I just want it to end already. I don’t have dreams no more.” – J Lo
In our New Life Recovery Program, courageous men and women heal from the lies and deep-seated pain behind their addiction. They build new identities grounded in God’s truth and purpose for their lives. They find a way back home.
Thanks to generous public support, we’re able to offer all of our services for free.
To get help with addiction, get phone numbers and more information on our website: http://www.portlandrescuemission.org/what-we-do/get-help/
News for Lunar Eclipse
Watch the Lunar Eclipse Live - National Geographic News
National Geographic - 25 Apr 2013
Whether it's with a telescope or via the Internet, learn how best to see today's rare lunar event.
Watch Live: Half the Moon Goes Dark During Partial Lunar Eclipse
Wired (blog) - 25 Apr 2013
Partial lunar eclipse today
euronews - 25 Apr 2013
Full Moon Rises with Lunar Eclipse & Saturn Today: How to Watch ...
www.space.com/20821-full-moon-lunar-eclipse-saturn.html
Apr 25, 2013 – The full moon of April coincides with the first lunar eclipse of the year on April 25. See how to see the full moon eclipsed by Earth in webcasts today.
Watch Live: Half the Moon Goes Dark During Partial Lunar Eclipse ...
www.wired.com/wiredscience/2013/04/live-partial-lunar-eclipse/
Apr 25, 2013 – Watch as the Earth's shadow darkens half the moon's face during a partial lunar eclipse today. A live feed provided by the Slooh Space Camera collaboration ...
Partial lunar eclipse today | euronews, world news
www.euronews.com › News
Apr 25, 2013 – world news - Today the third-shortest partial lunar eclipse of the 21st century will be visible. The Earth's dark shadow – known as the umbra – will barely clip the ...
Astrophotographers Capture “Mini” Lunar Eclipse - Universe Today
www.universetoday.com/.../astrophotographers-capture-mini-lunar-eclip...
Apr 25, 2013 – The lunar eclipse on April 25 was described by astrophotographer Gadi Eidelheit as “the greatest, slightest eclipse I ever saw!” The brief and small eclipse saw ...
Celestial delight: Partial lunar eclipse to be visible today - Zee News
zeenews.india.com/.../celestial-delight-partial-lunar-eclipse-to-be-visible-t...
Apr 25, 2013 – Astro enthusiasts are in for a delight as the first of the three lunar eclipses of the year will occur on Thursday, giving sky gazers all over the country an opportunity ...
See it! Photos of April 25-26 lunar eclipse | Space | EarthSky
earthsky.org/space/see-it-photos-of-april-25-26-lunar-eclipse
Apr 25, 2013 – Best photos from EarthSky friends around the world of the partial lunar eclipse of April 25, 2013.
Apr 25, 2013 Penumbral Lunar Eclipse - Time and Date
www.timeanddate.com › Sun & Moon › Eclipses
Apr 25, 2013 – The Penumbral eclipse on Thursday, April 25, 2013 - Are you able to see it.
Partial lunar eclipse visible from Worcestershire this evening (From ...
www.worcesternews.co.uk/.../10380152.Partial_lunar_eclipse_visible_fr...
Apr 25, 2013 – STARGAZERS in Worcestershire may be scuppered by cloud cover this evening as they attempt to view a partial lunar eclipse.
Lunar eclipse before dawn Friday | Inquirer News
newsinfo.inquirer.net › Latest News Stories › Nation
Apr 25, 2013 – Very early risers will be able to see a slightly reddish moon before dawn Friday due to a partial lunar eclipse lasting less than 30 minutes, the state weather ...
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Watch the Lunar Eclipse Live - National Geographic News
news.nationalgeographic.com/.../130424-partial-lunar-eclipse-moon-sloo...
Apr 25, 2013 – Whether it's with a telescope or via the Internet, learn how best to see today's rare lunar event.
Partial lunar eclipse occurs on Thursday | Pakistan Today | Latest ...
www.pakistantoday.com.pk/.../partial-lunar-eclipse-occurs-on-thursday/
Apr 25, 2013 – A partial moon eclipse occurred on Thursday night and it was visible in all parts of the country.
Lunar eclipse: Several celestial events lined up for sky gazers ...
indiatoday.intoday.in › India › South
Apr 25, 2013 – Several celestial events are lined up for sky gazers during April-May, beginning with Thursday's partial lunar eclipse - the only visible lunar eclipse of the year in ...
Partial lunar eclipse witnessed - thenews.com.pk
www.thenews.com.pk/Todays-News-13-22495-Partial-lunar-eclipse-witn...
Apr 26, 2013 – Karachi: Karachiites were among the many other people of the country to witness the year's first lunar eclipse late on Thursday night and early Friday morning.
Best Viewing Conditions for Partial Lunar Eclipse - AccuWeather
www.accuweather.com/en/weather-news/...lunar-eclipse-for.../11065292
Apr 25, 2013 – A partial lunar eclipse will be visible tonight for Africa, Europe, Australia, Oceania and most of Asia.
Partial lunar eclipse live-streaming later today - SlashGear
www.slashgear.com/partial-lunar-eclipse-live-streaming-later-today-2527...
Apr 25, 2013 – If you're in the mood for a lunar eclipse, NASA says that there will be one later today, but it probably won't be anything too spectacular according to their.
Lunar Eclipse Flower - Neatorama
www.neatorama.com/2013/04/25/Lunar-Eclipse-Flower/?...
Apr 25, 2013 – Igor Vin'yaminov stitched together images of lunar eclipses from 1997 to 2011 into this amazing collage: The dark, inner shadow of planet Earth is called the ...
Lunar Eclipse Wows Skywatchers (Photos) | Space.com
www.space.com/20836-lunar-eclipse-full-moon-photos.html
Apr 25, 2013 – A partial lunar eclipse amazed skywatchers around the world today (April 25) in an unexpected breathtaking show.
Watch today's partial lunar eclipse online - Mother Nature Network
www.mnn.com › Earth Matters › Space
Apr 25, 2013 – The lunar event won't be visible for U.S. stargazers, moon fans can still catch the sight live online in two free webcasts.
News - Thursday's 'pink' full moon brings lunar eclipse - The ...
www.theweathernetwork.com/news/articles/...full...lunar-eclipse-/5461/
Apr 25, 2013 – While Thursday's full moon won't look much different for anyone in North America, a partial lunar eclipse will be visible in Europe, Asia, Africa and Australia.
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Virtual data room - Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Virtual_data_room
A virtual data room (sometimes called a VDR) is an online repository of information that is used for the storing and distribution of documents. In many cases, a ...
Virtual Data Rooms | Firmex
www.firmex.com/virtual-data-rooms/
Firmex Virtual Data Rooms automate financial due diligence and compliance creating more efficient and controlled processes with improved visibility.
Virtual Data Room Solutions - ShareFile
www.sharefile.com/virtual-data-room/
Secure and Affordable Virtual Data Room Solutions from ShareFile. We offer Unlimited pages and guaranteed 100% secure virtual data rooms for one low price.
Merrill DataSite - Virtual Data Room Services, Secure Data Room ...
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Virtual Data Rooms - Workspaces w/ World-Class Security
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Over 90,000 Organizations Served.
Virtual Data Room - dilitrust.com
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Simpler, Safer, Closer, Cheaper Virtual DataRoom Reinvented
Global M&A Deal Reports 1 (877) 390 1541
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Industry-Leading Global Reports. 24/5 Dedicated Support...
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Virtual Dataroom provider | Provider data room services | EthosData
www.ethosdata.com/Virtual-Data-Room
Virtual dataroom provider providing secure data room services for M&A and corporate transactions. EthosData provides data room services to help execute M&A ...
Virtual Data Rooms Solutions | ShareVault VDR
www.sharevault.com/solutions/virtual-data-room
Use ShareVault VDR to speed up your next business deal. Share your sensitive documents securely with third parties in ShareVault's intuitive virtual data room.
SecureDocs Virtual Data Room by AppFolio | SecureDocs.com
www.securedocs.com/
Designed for CFOs who are looking for a highly secure, virtual data room to store and share sensitive corporate documents with parties outside the company ...
Virtual Data Rooms in the US Market Research | IBISWorld
www.ibisworld.com/industry/virtual-data-rooms.html
Market Research Report. Jul 2012 Virtually unaffected: As business moves online, demand for VDR services grows.
More Than a Virtual Data Room - Secure Deal Rooms
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IntraLinks Dealspace: The virtual data room with so much more. Use it throughout the deal process and access from anywhere on your mobile device.
Data Room Services | Virtual data rooms for the secure exchange of ...
www.drooms.com/en/software-services
DRS software solutions are dedicated specifically to the requirements of transaction and life cycle specialists. Drooms®VDR is the center point of our suite of ...
What is a virtual data room? - Firmex
www.firmex.com/virtual-data-rooms/what-is-a-virtual-data-room/
Virtual Data Rooms replaced physical data rooms used for performing financial due diligence. Their introduction has had a significant impact on creating greater ...
Virtual Data Rooms: The Industry's Fastest VDR Solutions from ...
www.dealinteractive.com/
TransPerfect VDRs for M&A enable you to securely host your merger and Acquisition due diligence documentation online, significantly accelerating your deal ...
iRooms | Imprima
www.imprima.com/irooms/
iRooms is the award-winning virtual data room for all your global transactions. Execute ... iRooms utilises the most advanced and user-friendly virtual data room ...
DataRooms.com - Secure Online Virtual Data Rooms.
www.datarooms.com/
Datarooms.com provides on-demand virtual data rooms that allow companies to collaborate, share, exchange and track access to critical information inside and ...
Merrill DataSite is the most secure virtual data room solution that helps you speed up the due diligence in mergers and acquisitions, disposals, IPO, secondary ...
Leading Virtual Data Room Provider | IntraLinks | IntraLinks
www.intralinks.com/solutions/virtual-data-room
Virtual data room facilitates critical information exchange, online collaboration and workflow management software inside and outside your enterprise.
V-Rooms Virtual Data Rooms and Secure Information Exchange
www.v-rooms.com/
Virtual Data Rooms as low as $200/month with discounted annual pricing. Get a Branded, Secure, Confidential Secure File Sharing Solution in under 2 hours.
Secure Virtual Data Rooms for Deal Management | Box
https://www.box.com/business/virtual-data-room/
Secure Deal Rooms with Box for Business: Virtual data room, Share critical information securely and easily, Custom-branded.
Virtual Data Rooms - Understanding Dataroom Basics by ansarada
www.ansarada.com/virtual-data-rooms
Learn about what a data rooms is, what they are used for & the different levels (basic, mid & advanced) of virtual data rooms for business transactions.
Best Virtual Data Rooms. Compare data room security features and ...
virtual-data-rooms.findthebest.com/
Find and compare virtual data rooms. Our virtual data room comparison allows you to sort by security features, ease of use features, price, support, free trial and ...
Venue Virtual Data Room - Official Website of Leading Data Room ...
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Venue virtual workspaces streamline your document management and audit-tracking for everything from M&A due diligence to internal communication.
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Penn State | Online Bachelor of Science in Criminal Justice | Overview
www.worldcampus.psu.edu › Degrees and Certificates
Penn State's online Bachelor of Science in Criminal Justice degree can prepare you to work in the fields of policing, courts, law, and corrections for adult or ...
Criminal Justice Degree Online » Jobiety
www.jobiety.com/criminal-justice-degree-online.html
Criminal justice covers all the methods in which our government protects individuals, defends their rights and maintains Law and order for individuals. Criminal ...
Online Criminal Justice Degrees: Criminal Justice Program | Kaplan ...
www.kaplanuniversity.edu/public-safety.aspx
The Kaplan University School of Criminal Justice offers online associate' s and bachelor' s degree programs designed to help you become a criminal justice and ...
Top 10 Best Online Criminal Justice Degree Programs
www.criminal-justice-major.net/best/online-degree-programs/
Details about the top programs through which to earn a criminal justice degree online, including anticipated coursework and tuition costs.
Online Criminal Justice Degrees & Training Classes - LeadCollege
leadcollege.com/Criminal_Justice_Degree.html
online criminal justice degrees -find recommended online criminal justice degrees right here right now and boost your earning potential!
Michigan State University | School of Criminal Justice | Home
www.cj.msu.edu/
We are also the nation's oldest continuous degree-granting program in criminal justice offering bachelors, masters, and doctoral degrees. We are particularly ...
Online Criminology and Criminal Justice Degree | Portland State ...
online.ccj.pdx.edu/
Portland State's online bachelor's completion degree offers students the opportunity to develop the knowledge and skills needed for professional growth in the ...
Criminal Justice & Criminology (BS) | Online Degree Programs
asuonline.asu.edu/degree.../bachelor-science-criminology-and-criminal-j...
Apr 13, 2011 – An online Bachelor of Science in criminology provides students with a solid background in the field of criminal justice. Study crime and ...
Master of Criminal Justice - Boston University
www.bu.edu › BU Online Home › Programs › Graduate
Boston University Online offers an online Master of Criminal Justice. To learn more about the BU Online Master of Criminal Justice degree as well as the other ...
Criminal Justice Degrees Online: Bachelor's & Associate's - School ...
www.rasmussen.edu › Degree Programs › School of Justice Studies
Take your first step to a new career by earning an online Criminal Justice degree from Rasmussen College.
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News for AAPL
Apple (AAPL) Profit Beats Forecast
ABC News - 23 Apr 2013
Apple Inc. [NASDAQ: AAPL] released its second quarter earnings on Tuesday.
Tim Cook: Declining AAPL Price Over Past Few Quarters Has Been Very Frustrating
Cult of Mac - by Buster Heine - 23 Apr 2013
AAPL Halted, Rises 5%: FYQ2 Beats, Q3 View Misses; Doubles Cash Return
Barron's (blog) - 23 Apr 2013
AAPL: Summary for Apple Inc.- Yahoo! Finance
finance.yahoo.com/q?s=AAPL
Apr 23, 2013 – View the basic AAPL stock chart on Yahoo! Finance. Change the date range, chart type and compare Apple Inc. against other companies.
Message Board - Interactive Chart - Options - Historical Prices
Is Apple (AAPL) a buy? - Seeking Alpha
seekingalpha.com/symbol/aapl
Apr 23, 2013 – Up to date analysis of Apple Inc. (AAPL) and its stock by hedge fund managers and industry experts. Find out what Apple Inc. is saying about its business from ...
Apple Stock Quote AAPL | The Motley Fool
www.fool.com/quote/nasdaq/apple/aapl
Apr 23, 2013 – Apple (AAPL) Description. From iPods to iPhones to MacBooks, Apple uses its “think different” approach to reframe computing, communication, and more.
Tim Cook: Declining AAPL Price Over Past Few Quarters Has Been ...
www.cultofmac.com/.../tim-cook-declining-aapl-price-over-past-few-qua...
Apr 23, 2013 – Apple just released its Q2 2013 Financial results, and even though Apple beat its own estimates, Tim Cook started the Quarterly Financial Call on the defensive.
AAPL:NASDAQ GS Stock Quote - Apple Inc - Bloomberg
www.bloomberg.com/quote/AAPL:US
Apr 24, 2013 – Stock analysis for Apple Inc (AAPL:NASDAQ GS) including stock price, stock chart, company news, key statistics, fundamentals and company profile.
Apple Inc (AAPL.OQ) Quote| Reuters.com
www.reuters.com/finance/stocks/overview?symbol=AAPL.OQ
Apr 23, 2013 – Apple Inc. (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and ...
Apple Inc. After Hours Trading - NASDAQ.com
www.nasdaq.com › Quotes › AAPL › After Hours Trading
Apr 23, 2013 – Apple Inc. (AAPL) After Hours Trading - View free After Hours stock trades at NASDAQ.com.
AAPL earnings preview: what the analysts expect | 9to5Mac
9to5mac.com/.../aapl-earnings-preview-what-the-analysts-expect-and-wh...
Apr 23, 2013 – Update: AAPL blew away expectations. At 4.30pm Eastern, Apple will report its Q2 results (and we'll be covering it live). It's the day when the last three months of ...
AAPL shoots up after hours following Q2 2013 earnings ... - 9to5Mac
9to5mac.com/.../aapl-shoots-up-after-hours-following-q2-2013-earnings...
Apr 23, 2013 – Wall Street seems pleased with Apple's announcements: beats on Q2 2013 earnings and a massive expansion of its cash return program for shareholders.
Revenue for Apple [AAPL] Higher Than Expected, But Guidance ...
abcnews.go.com › Money
Apr 23, 2013 – Apple Inc. [NASDAQ: AAPL] released its second quarter earnings on Tuesday.
AAPL FYQ2 In Focus: Everyone in the Act, Including Nolan Bushnell ...
blogs.barrons.com/.../aapl-q1-in-focus-everyone-in-the-act-including-no...
Apr 23, 2013 – Shares of Apple (AAPL) are up $7.01, or 1.8%, at $405.68, adding to gains throughout the session as the company approaches its fiscal Q2 report this afternoon.
AAPL Conf Call: Point Taken, Says CEO Cook, 'Our Growth Rate ...
blogs.barrons.com/.../aapl-conf-call-point-taken-says-cook-our-growth-r...
Apr 24, 2013 – Following a fiscal Q2 report by Apple (AAPL) that saw the stock first halted, then hoisted 5%, and then give back all of those gains, CEO Tim Cook and CFO Peter ...
AAPL Halted, Rises 5%: FYQ2 Beats, Q3 View Misses; Doubles ...
blogs.barrons.com/techtraderdaily/2013/04/.../aapl-halted-ahead-of-fyq3...
Apr 23, 2013 – Shares of Apple (AAPL) have been halted this afternoon ahead of the company's fiscal Q2 report. Analysts are modeling $42.3 billion and $9.97 per share.
After-Hours Buzz: AAPL, YUM, AMGN & More - CNBC.com
www.cnbc.com/id/100665686
Apr 23, 2013 – Check out which companies are making headlines after the bell Tuesday:
AAPL Beats Revenues And EPS As Margin Declines, Guides Lower ...
www.zerohedge.com/.../aapl-beats-revenues-and-eps-guides-lower-boost...
Apr 23, 2013 – Apple is out with Q2 results which are hardly inspiring. Revenue and sales beat, but margins missed and guidance is weak: The good news: Q2 Revenue: $43.6 ...
Analyst Moves: AAPL, CAT, BAC - Forbes
www.forbes.com/sites/marketnewsvideo/.../analyst-moves-aapl-cat-bac/
Apr 23, 2013 – This morning, FBR lowered its price target on shares of Apple (AAPL) to $525 per share as there are concerns if the company can report anything positive this ...
AAPL Options | Apple Inc. Stock - Yahoo! Finance
finance.yahoo.com/q/op?s=AAPL
Apr 24, 2013 – Discover the AAPL options chain with both straddle and stacked view on Yahoo! Finance. View Apple Inc. options listings by expiration date.
StreetInsider.com - Apple, Inc. (AAPL) Tops Q2 EPS by 2c; More ...
www.streetinsider.com/Dividends/...(AAPL).../8272608.html
Apr 23, 2013 – Apple, Inc. (NASDAQ: AAPL) reported Q2 EPS of $10.09, $0.02 better than the analyst estimate of $10.07. Revenue for the quarter came in at $43.6 billion ...
AAPL Stock Charts - Apple Inc. Interactive Stock Charts - MarketWatch
www.marketwatch.com/investing/stock/aapl/charts
Apr 23, 2013 – Updated Stock chart for Apple Inc. - including AAPL interactive Stock chart, historical Stock chart and comparison to other Stock exchanges
The Rise and Stall of Apple (AAPL) | InvestorPlace
investorplace.com › 24/7 Trader
Apr 23, 2013 – Apple (AAPL) better be able to pull an iRabbit out of its hat with the earnings announcement today if it doesn't want to go the way of Dell (DELL).
Apple (AAPL) Earnings: What's Your Take? | InvestorPlace
investorplace.com › ... › Apple (AAPL) Earnings: What's Your Take?
Apr 23, 2013 – Do we really need to say it? Today Apple (NASDAQ:AAPL) releases earnings, and with the stock nearly 80% off its 52-week highs, everyone's got an opinion.
Apple Inc. - Overview
investor.apple.com/
Apr 24, 2013 – Q2 FY13 Earning Release. On April 23, 2013, Apple announced results for the quarter ended March 30, 2013. Listen to the Audio Webcast · View the Press ...
Earnings Whispers : Earnings Whisper Number for AAPL
www.earningswhispers.com/stocks.asp?symbol=AAPL
Apr 24, 2013 – Earnings Whisper Chart for AAPL. 2nd Quarter Ending March 2013. Earnings Whisper ®: $10.55. Consensus Estimate: $10.18. Surprise Expectation 1: Release ...
Apple Now Has The Same Credit Rating As The US Government ...
www.sfgate.com/.../Apple-Now-Has-The-Same-Credit-Rating-As-The-U...
Apr 23, 2013 – Apple Is Tanking — Falls Under $400 (AAPL) ... 10 Things You Need To Know This Morning (AAPL, GOOG, YHOO, BBRY) ...
APPLE EARNINGS PREVIEW (AAPL) - seattlepi.com
www.seattlepi.com/.../APPLE-EARNINGS-PREVIEW-AAPL-3980841.p...
Apr 23, 2013 – Every day an analyst slashes his or her price target on the stock, as well as lowering EPS and revenue estimates. The world has come to realization that the ...
Apple Inc. (AAPL) Options Players Are Hopeful Ahead of Earnings ...
www.schaeffersresearch.com/.../content/...aapl.../default.aspx?...
Apr 23, 2013 – Despite technical struggles, optimism abounds on AAPL.
Apple Inc. Stock Chart | AAPL Interactive Chart - Yahoo! Finance
finance.yahoo.com/echarts?s=aapl
Apr 23, 2013 – Interact with the AAPL stock chart on Yahoo! Finance. Change the date range, view event overlays and compare Apple Inc. against other companies.
Apple (AAPL) Profit Falls 18 Pct, Sells 37.4M iPhones In Q2 ...
www.istockanalyst.com/.../apple-aapl-profit-falls-18-pct-sells-37-4m-iph...
Apr 23, 2013 – (By Balachander) Apple Inc. (NASDAQ: AAPL) reported better-than-expected quarterly earnings, helped by higher sales of iPhones and iPads, though the ...
StreetInsider.com - David Einhorn's Greenlight 'Applauds' Apple ...
www.streetinsider.com/Hedge+Funds/...(AAPL).../8273024.html
Apr 23, 2013 – David Einhorn's Greenlight 'Applauds' Apple (AAPL) Capital Return Plan ... Apple, Inc. (AAPL) Tops Q2 EPS by 2c; More Than Doubles Capital Return · Market
Apple Inc.
NASDAQ: AAPL - Apr 25 11:01am ET
408.67+3.21 (0.79%)
Open
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Low
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Apple (AAPL) Profit Beats Forecast
ABC News - 23 Apr 2013
Apple Inc. [NASDAQ: AAPL] released its second quarter earnings on Tuesday.
Tim Cook: Declining AAPL Price Over Past Few Quarters Has Been Very Frustrating
Cult of Mac - by Buster Heine - 23 Apr 2013
AAPL Halted, Rises 5%: FYQ2 Beats, Q3 View Misses; Doubles Cash Return
Barron's (blog) - 23 Apr 2013
AAPL: Summary for Apple Inc.- Yahoo! Finance
finance.yahoo.com/q?s=AAPL
Apr 23, 2013 – View the basic AAPL stock chart on Yahoo! Finance. Change the date range, chart type and compare Apple Inc. against other companies.
Message Board - Interactive Chart - Options - Historical Prices
Is Apple (AAPL) a buy? - Seeking Alpha
seekingalpha.com/symbol/aapl
Apr 23, 2013 – Up to date analysis of Apple Inc. (AAPL) and its stock by hedge fund managers and industry experts. Find out what Apple Inc. is saying about its business from ...
Apple Stock Quote AAPL | The Motley Fool
www.fool.com/quote/nasdaq/apple/aapl
Apr 23, 2013 – Apple (AAPL) Description. From iPods to iPhones to MacBooks, Apple uses its “think different” approach to reframe computing, communication, and more.
Tim Cook: Declining AAPL Price Over Past Few Quarters Has Been ...
www.cultofmac.com/.../tim-cook-declining-aapl-price-over-past-few-qua...
Apr 23, 2013 – Apple just released its Q2 2013 Financial results, and even though Apple beat its own estimates, Tim Cook started the Quarterly Financial Call on the defensive.
AAPL:NASDAQ GS Stock Quote - Apple Inc - Bloomberg
www.bloomberg.com/quote/AAPL:US
Apr 24, 2013 – Stock analysis for Apple Inc (AAPL:NASDAQ GS) including stock price, stock chart, company news, key statistics, fundamentals and company profile.
Apple Inc (AAPL.OQ) Quote| Reuters.com
www.reuters.com/finance/stocks/overview?symbol=AAPL.OQ
Apr 23, 2013 – Apple Inc. (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and ...
Apple Inc. After Hours Trading - NASDAQ.com
www.nasdaq.com › Quotes › AAPL › After Hours Trading
Apr 23, 2013 – Apple Inc. (AAPL) After Hours Trading - View free After Hours stock trades at NASDAQ.com.
AAPL earnings preview: what the analysts expect | 9to5Mac
9to5mac.com/.../aapl-earnings-preview-what-the-analysts-expect-and-wh...
Apr 23, 2013 – Update: AAPL blew away expectations. At 4.30pm Eastern, Apple will report its Q2 results (and we'll be covering it live). It's the day when the last three months of ...
AAPL shoots up after hours following Q2 2013 earnings ... - 9to5Mac
9to5mac.com/.../aapl-shoots-up-after-hours-following-q2-2013-earnings...
Apr 23, 2013 – Wall Street seems pleased with Apple's announcements: beats on Q2 2013 earnings and a massive expansion of its cash return program for shareholders.
Revenue for Apple [AAPL] Higher Than Expected, But Guidance ...
abcnews.go.com › Money
Apr 23, 2013 – Apple Inc. [NASDAQ: AAPL] released its second quarter earnings on Tuesday.
AAPL FYQ2 In Focus: Everyone in the Act, Including Nolan Bushnell ...
blogs.barrons.com/.../aapl-q1-in-focus-everyone-in-the-act-including-no...
Apr 23, 2013 – Shares of Apple (AAPL) are up $7.01, or 1.8%, at $405.68, adding to gains throughout the session as the company approaches its fiscal Q2 report this afternoon.
AAPL Conf Call: Point Taken, Says CEO Cook, 'Our Growth Rate ...
blogs.barrons.com/.../aapl-conf-call-point-taken-says-cook-our-growth-r...
Apr 24, 2013 – Following a fiscal Q2 report by Apple (AAPL) that saw the stock first halted, then hoisted 5%, and then give back all of those gains, CEO Tim Cook and CFO Peter ...
AAPL Halted, Rises 5%: FYQ2 Beats, Q3 View Misses; Doubles ...
blogs.barrons.com/techtraderdaily/2013/04/.../aapl-halted-ahead-of-fyq3...
Apr 23, 2013 – Shares of Apple (AAPL) have been halted this afternoon ahead of the company's fiscal Q2 report. Analysts are modeling $42.3 billion and $9.97 per share.
After-Hours Buzz: AAPL, YUM, AMGN & More - CNBC.com
www.cnbc.com/id/100665686
Apr 23, 2013 – Check out which companies are making headlines after the bell Tuesday:
AAPL Beats Revenues And EPS As Margin Declines, Guides Lower ...
www.zerohedge.com/.../aapl-beats-revenues-and-eps-guides-lower-boost...
Apr 23, 2013 – Apple is out with Q2 results which are hardly inspiring. Revenue and sales beat, but margins missed and guidance is weak: The good news: Q2 Revenue: $43.6 ...
Analyst Moves: AAPL, CAT, BAC - Forbes
www.forbes.com/sites/marketnewsvideo/.../analyst-moves-aapl-cat-bac/
Apr 23, 2013 – This morning, FBR lowered its price target on shares of Apple (AAPL) to $525 per share as there are concerns if the company can report anything positive this ...
AAPL Options | Apple Inc. Stock - Yahoo! Finance
finance.yahoo.com/q/op?s=AAPL
Apr 24, 2013 – Discover the AAPL options chain with both straddle and stacked view on Yahoo! Finance. View Apple Inc. options listings by expiration date.
StreetInsider.com - Apple, Inc. (AAPL) Tops Q2 EPS by 2c; More ...
www.streetinsider.com/Dividends/...(AAPL).../8272608.html
Apr 23, 2013 – Apple, Inc. (NASDAQ: AAPL) reported Q2 EPS of $10.09, $0.02 better than the analyst estimate of $10.07. Revenue for the quarter came in at $43.6 billion ...
AAPL Stock Charts - Apple Inc. Interactive Stock Charts - MarketWatch
www.marketwatch.com/investing/stock/aapl/charts
Apr 23, 2013 – Updated Stock chart for Apple Inc. - including AAPL interactive Stock chart, historical Stock chart and comparison to other Stock exchanges
The Rise and Stall of Apple (AAPL) | InvestorPlace
investorplace.com › 24/7 Trader
Apr 23, 2013 – Apple (AAPL) better be able to pull an iRabbit out of its hat with the earnings announcement today if it doesn't want to go the way of Dell (DELL).
Apple (AAPL) Earnings: What's Your Take? | InvestorPlace
investorplace.com › ... › Apple (AAPL) Earnings: What's Your Take?
Apr 23, 2013 – Do we really need to say it? Today Apple (NASDAQ:AAPL) releases earnings, and with the stock nearly 80% off its 52-week highs, everyone's got an opinion.
Apple Inc. - Overview
investor.apple.com/
Apr 24, 2013 – Q2 FY13 Earning Release. On April 23, 2013, Apple announced results for the quarter ended March 30, 2013. Listen to the Audio Webcast · View the Press ...
Earnings Whispers : Earnings Whisper Number for AAPL
www.earningswhispers.com/stocks.asp?symbol=AAPL
Apr 24, 2013 – Earnings Whisper Chart for AAPL. 2nd Quarter Ending March 2013. Earnings Whisper ®: $10.55. Consensus Estimate: $10.18. Surprise Expectation 1: Release ...
Apple Now Has The Same Credit Rating As The US Government ...
www.sfgate.com/.../Apple-Now-Has-The-Same-Credit-Rating-As-The-U...
Apr 23, 2013 – Apple Is Tanking — Falls Under $400 (AAPL) ... 10 Things You Need To Know This Morning (AAPL, GOOG, YHOO, BBRY) ...
APPLE EARNINGS PREVIEW (AAPL) - seattlepi.com
www.seattlepi.com/.../APPLE-EARNINGS-PREVIEW-AAPL-3980841.p...
Apr 23, 2013 – Every day an analyst slashes his or her price target on the stock, as well as lowering EPS and revenue estimates. The world has come to realization that the ...
Apple Inc. (AAPL) Options Players Are Hopeful Ahead of Earnings ...
www.schaeffersresearch.com/.../content/...aapl.../default.aspx?...
Apr 23, 2013 – Despite technical struggles, optimism abounds on AAPL.
Apple Inc. Stock Chart | AAPL Interactive Chart - Yahoo! Finance
finance.yahoo.com/echarts?s=aapl
Apr 23, 2013 – Interact with the AAPL stock chart on Yahoo! Finance. Change the date range, view event overlays and compare Apple Inc. against other companies.
Apple (AAPL) Profit Falls 18 Pct, Sells 37.4M iPhones In Q2 ...
www.istockanalyst.com/.../apple-aapl-profit-falls-18-pct-sells-37-4m-iph...
Apr 23, 2013 – (By Balachander) Apple Inc. (NASDAQ: AAPL) reported better-than-expected quarterly earnings, helped by higher sales of iPhones and iPads, though the ...
StreetInsider.com - David Einhorn's Greenlight 'Applauds' Apple ...
www.streetinsider.com/Hedge+Funds/...(AAPL).../8273024.html
Apr 23, 2013 – David Einhorn's Greenlight 'Applauds' Apple (AAPL) Capital Return Plan ... Apple, Inc. (AAPL) Tops Q2 EPS by 2c; More Than Doubles Capital Return · Market
Apple Inc.
NASDAQ: AAPL - Apr 25 11:01am ET
408.67+3.21 (0.79%)
Open
High
Low
411.23
413.94
407.00
Volume
Avg Vol
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5,275,171
16,223,000
384.10B
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Sales talent combined with strong operations that speed turn times and spur multiple referrals were among the reasons companies that contributed large numbers of highly-ranked loan officers to Origination News’ just-released 2012 survey were able do so, according to executives and LOs from those firms.
For the first time in 10 months, there has been an increase in delinquencies in the loans which are part of commercial mortgage-backed securities, Fitch Ratings said. It attributes the rise to continuing problems in the office sector.
After falling to a three-year low in February, CMBS late-pays increased two basis points in March to 7.63% from 7.61% a month earlier.
“CMBS loan resolutions edged out new additions to the index, but a drop in new issuance volume failed to keep pace with the runoff, thus causing the delinquency rate to rise,” said Fitch managing director Mary MacNeill, who added the lack of new issuances in March this could mean the increase may be short-lived.
Between February and March, delinquent conduit loans securing office buildings increased 32 bps to 8.5%.
However, all other categories saw their delinquency rates improve. Industrial properties still have the highest rate of bad loans at 9.41%, but that is 20 bps better than in February. There was a 23 bps improvement in multifamily delinquent loans to 8.91%, hotels improved 61 bps to 7.71% and retail improved 26 bps to 7.05%.
Released: April 10, 2013
Next Release: April 17, 2013
Next Release: April 17, 2013
The U.S. average retail price for a gallon of regular gasoline has fallen for six consecutive weeks since hitting its 2013 year-to-date peak of $3.78 per gallon in late February. Early in 2013, increasing crude oil prices and strong seasonal crack spreads led to an increase in retail gasoline prices. However, in recent weeks, both of those pressures have abated, and retail prices have declined to $3.61 per gallon. In the April 2013 Short-Term Energy Outlook (STEO), EIA projects that for the summer (April through September) driving season, regular-grade gasoline retail prices will average $3.63 per gallon, similar to the current price level. Last summer that average was $3.69 per gallon. Daily and weekly national average prices can differ significantly from monthly and seasonal averages, and there are also significant regional differences, with prices in some areas exceeding the national average by 25 cents per gallon or more.
The average retail price for regular gasoline is expected to increase to an average of $3.69 per gallon in May, then fall gradually through the summer (Figure 1). Most of the increase from the current price level is attributable to an increase in crack spreads as result of typical seasonal factors such as the switch to summer-grade gasoline, which is more costly to produce (a crack spread is the difference between the cost of crude oil and the wholesale price of the refined product). After averaging 23 cents per gallon in first quarter 2013, gasoline crack spreads based on Brent are expected to increase to an average of 40 cents per gallon in the second quarter, peaking at 42 cents per gallon in May. The refiner price of gasoline for resale (wholesale) is expected to increase six cents per gallon from the first to second quarter, which combined with decreasing projected prices for Brent crude, lead to the higher expected crack spread. As refinery runs increase from the second quarter to the third quarter, wholesale gasoline prices are expected to fall about 8 cents per gallon, pushing crack spreads down to a third-quarter average of 35 cents per gallon.
While the gasoline crack spread is the major driver of seasonality in the retail gasoline price forecast, crude oil prices remain the largest source of uncertainty for gasoline price levels this summer. Brent crude oil prices averaged $112.51 per barrel in first-quarter 2013. Despite declining to as low as $104 per barrel on April 5, Brent prices are expected to average $108 per barrel and $107 per barrel in the second and third quarters, respectively.
The market's uncertainty about crude and gasoline prices is reflected in the pricing and implied volatility of futures and options contracts. While there is not sufficient liquidity in the Brent options market to accurately calculate uncertainty, WTI futures and options provide an estimate for crude oil market uncertainty. WTI futures contracts for July 2013 delivery, traded during the five-day period ending April 4, averaged $96.35 per barrel. Implied volatility averaged 18 percent, establishing the lower and upper limits of the 95-percent confidence interval for the market's expectations of monthly average WTI prices in July 2013 at $82 per barrel and $113 per barrel, respectively. New York Harbor reformulated gasoline blendstock for oxygenate blending (RBOB) futures contracts for July 2013 delivery, traded over the 5-day period ending April 4, averaged $2.97 per gallon. The probability that the RBOB futures price will exceed $3.35 per gallon (consistent with a U.S. average regular gasoline retail price above $4.00 per gallon) in July 2013 is about 12 percent.
Currently, at the beginning of the driving season, total gasoline inventories are within their seasonally-typical range, indicating a normal balance between supply (production and imports) and uses (consumption and exports). At the end of March, total gasoline stocks stood at 220 million barrels, 1 million barrels above the level of a year ago, and the same as the previous five-year average for beginning-of-season stocks. However, gasoline consumption has declined over the past five years, and gasoline stocks on a days-of-supply basis are above their five-year average. Moreover, an increase in refining capacity and production this summer is expected to contribute to a smaller draw on gasoline stocks, with projected end-of-season inventories of 209.5 million barrels, 8.8 million barrels above last year's level and 1.7 million barrels above the five-year average.
Gasoline and diesel fuel prices fall for a 6th week
The U.S. average retail price of regular gasoline decreased four cents from the previous week to $3.61 per gallon as of April 8, 2013, down 33 cents from last year at this time. The U.S. average price has declined 18 cents over the last six weeks. The last time prices declined for six consecutive weeks was October 15, 2012 to November 19, 2012. Prices were lower in all regions of the nation except the Rocky Mountains, where the price is $3.52 per gallon, up three cents from last week. The largest decrease came on the Gulf Coast, where the price dropped five cents to $3.43 per gallon. The East Coast and Midwest prices are both lower by four cents, to $3.59 per gallon and $3.55 per gallon, respectively. Rounding out the regions, the West Coast price is $3.93 per gallon, a decline of two cents.
The national average diesel fuel price decreased two cents to $3.98 per gallon, 17 cents lower than last year at this time. The U.S. average price has decreased 18 cents over the last six weeks. Prices decreased in all regions of the nation except the West Coast, where the price increased less than a penny to remain at $4.12 per gallon. The largest decrease came on the Gulf Coast, where the price declined three cents to $3.89 per gallon. The East Coast and Rocky Mountain prices both declined by two cents and are now $4.01 per gallon and $3.90 per gallon, respectively. Rounding out the regions, the Midwest price is $3.96 per gallon, a drop of one cent.
Propane inventories decline
U.S. propane stocks gained 0.3 million barrels to end at 40.0 million barrels last week, and are 5.4 million barrels (11.9 percent) lower than the same period a year ago. Midwest regional inventories increased by 0.6 million barrels, while Rocky Mountain/West Coast inventories rose by 0.1 million barrels. Gulf Coast inventories dropped by 0.3 million barrels, and East Coast stocks declined by 0.1 million barrels. Propylene non-fuel-use inventories represented 8.9 percent of total propane inventories.
Text from the previous editions of This Week In Petroleum is accessible through a link at the top right-hand corner of this page.
Released: April 3, 2013
Next Release: April 10, 2013
Next Release: April 10, 2013
The differential between West Texas Intermediate (WTI) and North Dakota's Bakken crudes continues to fluctuate, reflecting both production growth and changes in oil transportation capacity. Bakken crude sold at a $25-per-barrel discount to WTI in early 2012 and rose to a $5-per-barrel premium last September, before again being discounted below WTI this winter. So far this year, the gap between Bakken and WTI prices has narrowed, and once again, the Bakken price has risen above the WTI price, albeit modestly (Figure 1).
West Texas Intermediate prices are determined at Cushing, Oklahoma; Bakken prices are those at Clearbrook, Minnesota, where the North Dakota pipeline network joins Enbridge's pipeline running southeast from western Canada. Because of the costs of transporting Bakken crude to Clearbrook, including the pipeline tariff, the price for Bakken at the wellhead will be less than the delivered price at Clearbrook.
The strong growth in Bakken production has frequently outpaced expansion of the local transportation infrastructure, leading to discounts for Bakken crude compared to benchmark WTI. Production in North Dakota, the primary source of Bakken crude, rose 243,000 barrels per day (bbl/d), or 58 percent, in 2012 to 663,000 bbl/d, placing North Dakota second only to Texas in oil production among all states. Meanwhile, pipeline capacity out of the region, which is also used to accommodate increased production of Canadian crude flowing through the region, was estimated at only 395,000 bbl/d in 2012.
Limited pipeline capacity has forced shippers of Bakken crude to use alternative transportation, such as railroads. According to the North Dakota Pipeline Authority, loading capacity at North Dakota rail terminals increased by 660,000 bbl/d between 2007 and the end of 2012, with an additional 355,000 bbl/d of capacity expected to come on line by the end of 2014.
Although transportation of crude oil by rail is generally more expensive than shipping by pipeline, rail-loading capacity has proven cheaper and quicker to build. In addition, the logistical flexibility of rail has enabled Bakken crude to reach refining areas not typically served by pipeline from the Bakken. Historically, crude oil production from the Northern Plains has been discounted against midcontinent crudes to account for the added costs of moving these crudes by pipeline to areas such as Cushing, Oklahoma, and the Gulf Coast (PAD District 3).
Investment in rail offloading capacity at East Coast refineries, such as Philadelphia Energy Solutions's Philadelphia complex, suggests that Bakken offers a cost-competitive alternative to Brent-linked crude imports despite the cost of transporting Bakken by rail from the Midwest. The landed cost of Nigerian crude, the leading source of East Coast imports for most of the past two decades, averaged about $117/bbl in 2012, making Bakken and other domestic crudes economical alternatives. Because of the closure of several East Coast refineries and the availability of cheaper domestic light crude, East Coast imports of Nigerian crude fell from 471,000 bbl/d in 2005 to 166,000 bbl/d in 2012.
For West Coast refineries, cost-competitive access to Bakken crude would allow the Bakken oil to displace more-expensive imports there, as well. West Coast imports, which come primarily from Saudi Arabia, Ecuador, and Iraq, have remained flat since 2006; however, Anacortes, Washington, began receiving unit-train shipments of Bakken in late 2012, potentially signaling new competition for West Coast oil imports.
As Bakken rail shipments reach the East and West coasts, pricing for Bakken crude oil is evolving. The ability to economically reach refineries on the East and West coasts expands the market for Bakken beyond the traditional Midwest and Gulf Coast refineries, which have experienced a glut of midcontinent crudes in recent years. By moving east and west, Bakken escapes the infrastructure constraints that have significantly affected the price of WTI. The Gulf Coast, where Brent-linked imports have already declined significantly, offers less opportunity for Bakken. As light-sweet imports continue to be displaced along the Gulf Coast, Bakken will increasingly compete with other domestic crudes, many of which have lower pipeline transportation costs to the Gulf Coast. As long as Bakken production and transportation capacity scramble to seek equilibrium, continued variation in the differential between Bakken and WTI prices is likely.
Gasoline and diesel fuel prices continue to decrease
The U.S. average retail price of regular gasoline decreased four cents from the previous week to $3.65 per gallon as of April 1, 2013, down 30 cents from last year at this time. The U.S. average price has declined 14 cents over the last five weeks. Prices were lower in all regions of the nation except the Rocky Mountains, where the price is $3.50 per gallon, up three cents from last week. The largest decrease came in the Midwest, where the price dropped six cents to $3.60 per gallon. The East and Gulf Coast prices are both lower by three cents, to $3.63 per gallon and $3.48 per gallon, respectively. Rounding out the regions, the West Coast price is $3.95 per gallon, a decline of two cents.
The national average diesel fuel price decreased one cent to $3.99 per gallon, 15 cents lower than last year at this time. The U.S. average price has decreased 17 cents over the last five weeks. Prices decreased in all regions of the nation except the West Coast, where the price increased two cents to $4.12 per gallon. The largest decrease came on the East Coast, where the price declined three cents to $4.03 per gallon. The Gulf Coast price is $3.92 per gallon, a drop of two cents. The Midwest and Rocky Mountain prices are both lower by a penny, to $3.97 per gallon and $3.92 per gallon, respectively.
Propane inventories decline
U.S. propane stocks fell 1.1 million barrels to end at 39.7 million barrels last week, and are 5.0 million barrels (11.3 percent) lower than the same period a year ago. Gulf Coast inventories dropped by 0.6 million barrels, and Midwest regional inventories declined by 0.4 million barrels. East Coast stocks dropped by 0.1 million barrels, while Rocky Mountain/West Coast inventories decreased slightly. Propylene non-fuel-use inventories represented 9.1 percent of total propane inventories.
Text from the previous editions of This Week In Petroleum is accessible through a link at the top right-hand corner of this page.
Released: April 17, 2013
Next Release: April 24, 2013
Next Release: April 24, 2013
In late 2012, the difference between the U.S. average retail prices for premium gasoline and regular gasoline reached 30 cents per gallon for the first time, a level at which it has remained for most of 2013 (Figure 1). Since 2000, the spread has climbed steadily, increasing from an average of 18 cents per gallon that year to a monthly record of 33 cents per gallon in January 2013. On a percentage basis, however, the price spread between premium and regular has been stable since 2009, with the price of premium averaging 8 percent above the price of regular (Figure 2) and ranging between 6 percent and 10 percent. Before 2009 and starting in about 2001, the spread actually declined, moving from 17 percent in late 2001 to 6 percent in mid-2008. This decline coincides with increased blending of ethanol into the motor gasoline pool.
Over the last decade, ethanol has emerged as a significant component of motor gasoline (Figure 2), along with reformate, alkylate, fluid catalytic cracker gasoline, and butane. Ethanol has also become a significant source of octane. The fuel ethanol that is blended into motor gasoline has an average octane rating of 115, which is greater than the octane rating of either finished regular (87) or premium (91-93) motor gasoline. With the higher octane of ethanol blended into gasoline, the octane of the gasoline blendstock shipped from refineries has declined. The U.S. Environmental Protection Agency estimated that refiners are currently producing 84 octane blendstock that, when blended with ethanol, will meet the 87 octane minimum for regular-grade finished gasoline. Similarly, refineries are producing 88 octane blendstock that, when blended with ethanol, will meet a 91 octane premium-grade finished gasoline requirement.
To lower blendstock octane, refiners reduce the use of certain refinery-produced gasoline blendstocks. Among the first blendstocks to be reduced are the highly aromatic compounds such as reformate. Reformate is a high-octane component for gasoline that is produced in a refinery by a reformer, which processes straight-chain hydrocarbons into aromatics that contain ring-shaped structures. For refiners, the cost of octane depends largely on reformer operation, which involves a tradeoff between the octane of reformate and the amount of reformate produced. As a result, higher-octane reformate, such as that used to make premium gasoline, costs more than lower-octane reformate for the same volume. This tradeoff between octane and yield is not linear, and the decline in reformate yield for a one-number change in octane increases as octane increases. Because of this non-linearity, more cost savings result from reducing octane of gasoline blendstock from 91 to 88 than from 87 to 84. Thus, as ethanol replaces reformate as a source of octane in gasoline, higher-octane gasoline blendstock becomes relatively cheaper, reducing the percentage-based grade differential for premium versus regular gasoline.
In addition to the decline in premium gasoline production costs, the change in the price relationship between premium and regular gasoline likely reflects factors such as vehicle characteristics and consumer preferences. After the use of premium gasoline peaked in the late 1980s, its consumption has fallen by more than 50 percent. In 1989, premium accounted for slightly more than a quarter of all gasoline sold in the United States; since 2006, that share has been between 8.5 and 9.5 percent.
Gasoline and diesel fuel prices fall for a 7th week
The U.S. average retail price of regular gasoline decreased seven cents from the previous week to $3.54 per gallon as of April 15, 2013, down 38 cents from last year at this time. Prices were lower in all regions of the nation, with the largest decrease in the Midwest, where the price fell 10 cents to $3.46 per gallon. The Gulf Coast price dropped seven cents to $3.36 per gallon, and the East Coast price is $3.53 per gallon, five cents lower than last week. The West Coast price declined four cents to $3.89 per gallon, but remains the highest in the nation. Rounding out the regions, the Rocky Mountain price is two cents lower than last week at $3.51 per gallon.
The national average diesel fuel price decreased four cents to $3.94 per gallon, 19 cents lower than last year at this time. Prices decreased in all regions of the nation, with the largest decrease on the West Coast, where the price decreased five cents to $4.07 per gallon. The Gulf Coast price dropped four cents to $3.85 per gallon. The East Coast and Midwest prices are both three cents lower than last week, at $3.98 per gallon and $3.92 per gallon, respectively. Rounding out the regions, the Rocky Mountain price fell two cents to $3.88 per gallon.
Propane inventories decline
U.S. propane stocks fell 1.0 million barrels to end at 39.0 million barrels last week, and are 7.3 million barrels (15.8 percent) lower than the same period a year ago. Gulf Coast inventories dropped by 1.4 million barrels, while East Coast inventories declined slightly. Midwest inventories increased by 0.4 million barrels, and Rocky Mountain/West Coast stocks gained 0.1 million barrels. Propylene non-fuel-use inventories represented 9.2 percent of total propane inventories.
Text from the previous editions of This Week In Petroleum is accessible through a link at the top right-hand corner of this page.
Released: March 27, 2013
Next Release: April 3, 2013
Next Release: April 3, 2013
Despite recent national attention on rising domestic production of light sweet crude oil, especially from tight oil formations in North Dakota, some Midwest refiners are reconfiguring their facilities to process more heavy crude oil, which will likely come from Canada.
The refinery coking capacity in PAD District 2 (the Midwest) is set to increase significantly this year as refiners in the region focus on heavy crude oil. As this additional coking capacity comes online, Midwest refiners will be able to significantly increase runs of heavy crude, such as Western Canadian Select (WCS).
WCS currently sells at a steep discount to other crude oil benchmarks used in the United States, including West Texas Intermediate, Louisiana Light Sweet, and West Texas Sour, and processing WCS reduces refiner crude oil costs. When the additional coking capacity comes online, the average API gravity of crude runs in the region is likely to decrease and the product yield patterns are likely to change.
Coking is a thermal cracking process that converts heavy hydrocarbons such as atmospheric residuum, vacuum gasoil and residuals, and bitumen into lighter hydrocarbons such as unfinished gasoline and gasoils as well as petroleum coke and light gases. Coking allows refiners to increase gasoline and distillate yields from heavy crude oils (details).
Between 2002 and 2012, Midwest coking capacity increased from 400,000 barrels per day (bbl/d) to more than 480,000 bbl/d, an increase of about 20 percent (see chart). Three major coking unit construction projects have recently been completed or are in process in PADD 2. In November 2011, Phillips 66's Wood River, Illinois, refinery (which is jointly owned by Phillips 66 and Cenovus and operated by Phillips 66) completed the addition of a 65,000-bbl/d coker. A year later, Marathon Petroleum completed a 28,000-bbl/d coker at its refinery in Detroit, Michigan. Currently, a 102,000-bbl/d coker is under construction at BP's Whiting, Indiana, refinery and is scheduled for completion later this year.
These three cokers and related refinery projects will enable processing of 509,000 bbl/d of additional heavy crude, which likely will come from Canada. The increase in heavy crude processing is based on increasing overall refinery crude processing capacity and replacing existing runs of light crude with heavier crude.
The displaced light sweet crude, like other crude in the midcontinent, will find its way east, west, and south, moving by rail and pipeline to refineries in those regions and displacing imports of waterborne crude.
The additional heavy crude is expected to lead to decreases in average API gravity in the region. From 2010 to 2012, the average API gravity of crude runs in Indiana, Illinois, Kentucky, Tennessee, Michigan, and Ohio fell by 2 percent, going from 33.64 to 32.98 degrees.
Trade press reports indicate that additional Midwest refiners may undertake coker installation projects in the coming years. Husky's refinery in Lima, Ohio, and NCRA's McPherson, Kansas, facility are said to be considering upgrades that would expand coking capacity, which could lead to further changes in average API gravity and refinery yields in the region.
Three New Midwest Coking Projects FacilityPre-Coker Heavy Crude CapacityPost-Coker Heavy Crude CapacityHeavy Crude Processing IncreaseStart-upPhillips 66/Cenovus, Wood River, IllinoisMarathon Petroleum, Detroit, MichiganGasoline and diesel fuel prices both down for the 4th consecutive week
The U.S. average retail price of regular gasoline decreased two cents to $3.68 per gallon, down 24 cents from last year at this time. The U.S. average price has declined 10 cents over the last four weeks. Prices were lower in all regions of the nation except the Midwest, where the price is $3.66 per gallon, up a penny from last week, and the Rocky Mountain region, where the price is unchanged at $3.47 per gallon. The West Coast price is down 5 cents, and now below the $4-per-gallon mark at $3.96 per gallon. The East Coast price is $3.66 per gallon, down three cents from last week, and the Gulf Coast price declined two cents to $3.51 per gallon.
The national average diesel fuel price decreased four cents for the third consecutive week, to $4.01 per gallon, 14 cents lower than last year at this time. The U.S. average price has fallen 15 cents over the last four weeks. Prices decreased in all regions of the nation, with the largest drop on the West Coast, where the price fell six cents to $4.10 per gallon. The Gulf Coast price is a nickel lower at $3.94 per gallon. The Midwest and Rocky Mountain prices are $3.98 per gallon and $3.94 per gallon, respectively, both down four cents from last week. Rounding out the regions, the East Coast price dropped three cents to $4.05 per gallon.
Propane inventories decline
U.S. propane stocks fell 0.9 million barrels to end at 40.8 million barrels last week, and are 2.9 million barrels (6.5 percent) lower than the same period a year ago. Midwest inventories dropped by 0.5 million barrels, and Gulf Coast regional inventories declined by 0.3 million barrels. East Coast stocks dropped by 0.2 million barrels, while Rocky Mountain/West Coast inventories increased slightly. Propylene non-fuel-use inventories represented 8.2 percent of total propane inventories.
Text from the previous editions of This Week In Petroleum is accessible through a link at the top right-hand corner of this page.
Released: April 17, 2013
Next Release: April 24, 2013
Next Release: April 24, 2013
In late 2012, the difference between the U.S. average retail prices for premium gasoline and regular gasoline reached 30 cents per gallon for the first time, a level at which it has remained for most of 2013 (Figure 1). Since 2000, the spread has climbed steadily, increasing from an average of 18 cents per gallon that year to a monthly record of 33 cents per gallon in January 2013. On a percentage basis, however, the price spread between premium and regular has been stable since 2009, with the price of premium averaging 8 percent above the price of regular (Figure 2) and ranging between 6 percent and 10 percent. Before 2009 and starting in about 2001, the spread actually declined, moving from 17 percent in late 2001 to 6 percent in mid-2008. This decline coincides with increased blending of ethanol into the motor gasoline pool.
Over the last decade, ethanol has emerged as a significant component of motor gasoline (Figure 2), along with reformate, alkylate, fluid catalytic cracker gasoline, and butane. Ethanol has also become a significant source of octane. The fuel ethanol that is blended into motor gasoline has an average octane rating of 115, which is greater than the octane rating of either finished regular (87) or premium (91-93) motor gasoline. With the higher octane of ethanol blended into gasoline, the octane of the gasoline blendstock shipped from refineries has declined. The U.S. Environmental Protection Agency estimated that refiners are currently producing 84 octane blendstock that, when blended with ethanol, will meet the 87 octane minimum for regular-grade finished gasoline. Similarly, refineries are producing 88 octane blendstock that, when blended with ethanol, will meet a 91 octane premium-grade finished gasoline requirement.
To lower blendstock octane, refiners reduce the use of certain refinery-produced gasoline blendstocks. Among the first blendstocks to be reduced are the highly aromatic compounds such as reformate. Reformate is a high-octane component for gasoline that is produced in a refinery by a reformer, which processes straight-chain hydrocarbons into aromatics that contain ring-shaped structures. For refiners, the cost of octane depends largely on reformer operation, which involves a tradeoff between the octane of reformate and the amount of reformate produced. As a result, higher-octane reformate, such as that used to make premium gasoline, costs more than lower-octane reformate for the same volume. This tradeoff between octane and yield is not linear, and the decline in reformate yield for a one-number change in octane increases as octane increases. Because of this non-linearity, more cost savings result from reducing octane of gasoline blendstock from 91 to 88 than from 87 to 84. Thus, as ethanol replaces reformate as a source of octane in gasoline, higher-octane gasoline blendstock becomes relatively cheaper, reducing the percentage-based grade differential for premium versus regular gasoline.
In addition to the decline in premium gasoline production costs, the change in the price relationship between premium and regular gasoline likely reflects factors such as vehicle characteristics and consumer preferences. After the use of premium gasoline peaked in the late 1980s, its consumption has fallen by more than 50 percent. In 1989, premium accounted for slightly more than a quarter of all gasoline sold in the United States; since 2006, that share has been between 8.5 and 9.5 percent.
Gasoline and diesel fuel prices fall for a 7th week
The U.S. average retail price of regular gasoline decreased seven cents from the previous week to $3.54 per gallon as of April 15, 2013, down 38 cents from last year at this time. Prices were lower in all regions of the nation, with the largest decrease in the Midwest, where the price fell 10 cents to $3.46 per gallon. The Gulf Coast price dropped seven cents to $3.36 per gallon, and the East Coast price is $3.53 per gallon, five cents lower than last week. The West Coast price declined four cents to $3.89 per gallon, but remains the highest in the nation. Rounding out the regions, the Rocky Mountain price is two cents lower than last week at $3.51 per gallon.
The national average diesel fuel price decreased four cents to $3.94 per gallon, 19 cents lower than last year at this time. Prices decreased in all regions of the nation, with the largest decrease on the West Coast, where the price decreased five cents to $4.07 per gallon. The Gulf Coast price dropped four cents to $3.85 per gallon. The East Coast and Midwest prices are both three cents lower than last week, at $3.98 per gallon and $3.92 per gallon, respectively. Rounding out the regions, the Rocky Mountain price fell two cents to $3.88 per gallon.
Propane inventories decline
U.S. propane stocks fell 1.0 million barrels to end at 39.0 million barrels last week, and are 7.3 million barrels (15.8 percent) lower than the same period a year ago. Gulf Coast inventories dropped by 1.4 million barrels, while East Coast inventories declined slightly. Midwest inventories increased by 0.4 million barrels, and Rocky Mountain/West Coast stocks gained 0.1 million barrels. Propylene non-fuel-use inventories represented 9.2 percent of total propane inventories.
Text from the previous editions of This Week In Petroleum is accessible through a link at the top right-hand corner of this page.
Investors can certainly make good money investing in well-run personal care companies with solid brands. Along those lines, names like Procter & Gamble (NYSE:PG), Colgate-Palmolive (NYSE:CL), Unilever (NYSE:UN), and Kimberly-Clark (NYSE:KMB) have all delivered very strong capital gains over the past year. In the case of Kimberly-Clark in particular, though, I do worry that this consumer staples melt-up has gone a little too far. I do like the company's growth potential in emerging markets, but commodity inflation could threaten further margin improvements and I believe the stock is too expensive relative to its growth prospects.
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On-Target Growth And Strong Margins In The First Quarter
Kimberly-Clark helped its case with a strong first quarter result. Revenue rose less than 2% on a reported basis, but organic revenue growth was in excess of 3% despite a challenging year-ago comps. Growth was led by the consumer tissue business (a lucrative cold/flu season) which rose nearly 4%, while the personal care business was up more than 2%. KC Professional revenue was up slightly, while organic health care revenue was down 2%.
As mentioned, margins were surprisingly strong this quarter. Adjusted gross margin improved about 140bp and beat the sell-side average by about 80bp. Likewise, adjusted operating income was considerably stronger than expected, as it increased 16% and beat expectations by about 8%. All told, about half of the company's beat relative to the average EPS estimate can be tied to operating outperformance.
SEE: Understanding The Income Statement
Brand Strength Versus Pricing Pressure
One of the curious things about the recent strength in consumer stocks is that it is coming in the face of relatively weak pricing and volume trends. Consumers tend to be pretty loyal when it comes to products like toilet tissue and facial tissue, but private label brands (particularly at retailers like Walmart (NYSE:WMT) have been picking up quite a bit of share over the past couple of years.
In the meantime, it will be interesting to see how rivals like Procter & Gamble and Johnson & Johnson (NYSE:JNJ) choose to compete against Kimberly-Clark. Nobody seems eager to surrender any margin and there hasn't been much price competition among the major branded players – something that could arguably play into the hands of the private label manufacturers.
International Is Still A Bullish Story
A big part of the bullish thesis on Kimberly-Clark has been its above-average growth potential in emerging markets. Few personal care companies have a larger emerging markets business than Kimberly-Clark (Colgate would be one of the exceptions), and the company has definitely benefited from the growth in consumer demand for products like disposable diapers, facial tissue, and toilet tissue.
Still, these products aren't so entrenched that constant sales growth is a given. Against some difficult year-ago comps, Kimberly-Clark saw international sales up just 4% in consumer tissue (in constant currency) and 6% in personal care – not bad, I'll grant, but certainly weaker than the year-ago levels. I suspect that one of the challenges for Kimberly-Clark in the future will be in maintaining brand value – local production will certainly help the cost structure, but I do believe the company will eventually have to convince local shoppers that there's a good reason to pay premiums for Huggies and Kleenex.
The Bottom Line
Kimberly-Clark has an excellent dividend history, both in terms of the consistency and the growth of the payout. Likewise, this is a company with strong brands and solid consumer loyalty. What is not as consistent, though, is the history of operating income growth and margins. The company has done a good job of improving its manufacturing process and reducing waste, but input costs like fiber, energy, and packaging are still meaningful.
SEE: 5 Must-Have Metrics For Value Investors
I am looking for Kimberly-Clark to continue growing its free cash flow at a low-to-mid single-digit rate. In fact, I'm looking for the company to post stronger growth over the next decade than it has over the past ten years. Even with that growth, though, the shares do not look cheap. Whether you consider discounted free cash flow, EV/EBITDA, or P/E, Kimberly-Clark shares seem to be sporting a significant premium, and I don't see the growth or earnings consistency here to pay such a high multiple today.
At the time of writing, Stephen D. Simpson did not own any shares in any company mentioned in this article.
For better or worse, Schlumberger (NYSE:SLB) is a stock that will give investors multiple second chances. Although this company is regarded as the best of the oil services companies, the ups and downs of the energy market (and the resulting impacts on exploration, drilling, and production activity) lead to wide swings in operating performance and the stock price. With surprisingly solid margins, signs of improvement in North American activity, and strong multi-year prospects in deepwater, subsea, and international projects, this could be a good time to consider these shares.
Guide To Oil And Gas Plays: We've got your comprehensive guide to oil and gas shales in North America.
Not A Great Quarter, But Somewhat Better Than Expected
With activity trailing off worse than expected in the fourth quarter (and more price competition than expected), Schlumberger did post a slight revenue miss for the first quarter of 2013. Revenue rose 8% from the year-ago period, but fell 5% sequentially.
The revenue miss was generally across all geographies, though least bad in the Mideast/Asia region. Revenue in North America fell 3%, while Latin America and Europe/Russia/Africa rose 9%. In the Mideast/Asia region revenue rose 22%. On an annual basis performance was pretty even among the business lines, as production, reservoir characterization, and drilling revenue rose 7%, 8%, and 9% respectively. Sequentially, though, drilling was flat, while production was down 4% and reservoir characterization was down 11%.
Schlumberger's margins were better than expected, but not exactly strong on their own terms. Operating income rose 5% (and fell 6% sequentially), as oilfield services revenue rose 4% and fell 6% respectively. Operating income was down 19% in North America, but rose by double digits in the other geographies. On a margin basis, the North American region was the only one to see a year-on-year decline in margins. Not uncommonly for this company, Schlumberger once again beat Baker Hughes (NYSE:BHI) and Halliburton (NYSE:HAL) for the best margins this quarter.
SEE: Key Ratios For Analyzing Oil And Gas Stocks
Looking For Things To Get BetterWhile Schlumberger's management was not particularly aggressive in the wake of these results, they did seem generally positive. Even with the recent drop in oil prices, activity has been improving somewhat and prices are still high enough to make oil production profitable for most producers in North America. Likewise, international pricing is improving somewhat, though the improvements are more skewed to the smaller projects.
Clearly it's anybody's guess as to whether a recovery in the energy sector is on the way. If the Chinese and/or American economy slow further, it's hard to be optimistic about oil and gas prices in the short term.
Longer term, though, it's harder not to be on optimist on Schlumberger. Not only does Schlumberger have a broadly balanced array of businesses, the company has a long history of innovation and operational excellence. With opportunities like the Cameron (NYSE:CAM) joint venture (where they are targeting a doubling of deepwater recovery rates) and the emerging shale market in China, Schlumberger should be looking at years of strong prospects.
SEE: 5 Biggest Risks Faced By Oil And Gas Companies
The Bottom Line
The recent decline in oil prices has hit the oil service and equipment sector, including Schlumberger. With that move, this stock now looks cheap relative to its historical trading multiples. Assuming that the sell-side target for 2013 EBTIDA is accurate (and that's admittedly not a small “if”), Schlumberger should be trading around $74. Keep in mind, too, that I use a multiple that is lower than the company's historical forward multiple and that the multiple usually grows when investors get bullish on the sector again.
Schlumberger, and the sector as a whole, is just too volatile to make sense as a long-term holding for most investors. That said, these shares can do quite well when they run. It may be premature to call the all-clear in oil services, but I do believe that higher energy prices and better earnings for the major service providers is a “when, not if” proposition and that Schlumberger is a good stock to hold for that move.
At the time of writing, Stephen D. Simpson owned shares of Came?ron International Corp.
While other healthcare companies including Covidien (NYSE:COV) and Abbott (NYSE:ABT) have seen fit to split their drug and device businesses, it's perhaps lucky for Johnson & Johnson (NYSE:JNJ) shareholders that their company has not gone the same route. While it wasn't really so long ago that JNJ's drug business was struggling, now it's the consumer and device business that need the pick-me-up. Even with the strength of the drug business and the wider healthcare sector, though, it's hard to see a lot of surplus value in the shares at these prices.
SEE: Healthcare Sector: Play Or Stay Away?
Very Respectable, But Uneven, Results In Q1
Johnson & Johnson logged a basically in-line revenue number for the first quarter, as sales grew nearly 10% on an “operational” basis, but a bit above 3% on an organic basis. Growth was led by the pharmaceutical business, which saw sales jump 11%. While JNJ certainly benefited from a Medicaid rebate reversal and some Stelara stocking orders, sales in general were quite good, with products like Zytiga selling quite well.
It's lucky for JNJ shareholders that the company's pharmaceutical graduating classes of 2011 and 2012 are doing so well. While the consumer business is picking up with product reintroductions and fading memories of the company's product recalls and quality control problems, growth here was still only about 3%. Devices, though, have become an ongoing source of disappointment – there was barely any organic growth at all this quarter, and nearly every business was weak.
JNJ's margin situation is a little shaky as well. Gross margin fell more than a point and missed expectations by a similar amount. Operating income improved 8%, though, and the company did spend less on SG&A and R&D than expected.
SEE: Zooming In On Net Operating Income
The Device Business Is Struggling
Johnson & Johnson still has plenty of work to do to get its device business back on a growth trajectory. Now it's certainly true that this is not completely the company's fault – procedure volumes haven't been great and hospitals and payers (insurance companies and national health agencies) are pushing back hard on price.
Ortho, diagnostics, and diabetes are all also pretty weak. Diabetes was down about 10%, though Roche's (OTC:RHHBY) results indicate this is an industry-wide problem (largely due to reimbursement). Diagnostics is down about 5%, and the company's stated willingness to sell this business could be making matters worse. Last and not at all least, orthopedics (which is about one-third of the device business) is at best flat, though I'm not sure Zimmer (NYSE:ZMH) or Stryker are really making much headway either as this is another market with bruising reimbursement pressures.
Will Pharma Keep The Momentum Up?
On a longer-term basis, I don't see why the device business can't or won't recover. Core markets like surgery, orthopedics, cardiology and diabetes should all grow at rates at least in the low-mid single digits, with even more growth possible in emerging markets. The big question for JNJ is whether management has the discipline to continue reinvesting in R&D even while shareholders want ever-higher dividends and share buybacks.
SEE: Buying Into Corporate Research & Development (R&D)
In the meantime, shareholders will look for the drug business to keep the sales growth going. Major new drugs like Zytiga and Xarelto should deliver, but the jury is still out on whether the company's efforts in diabetes (Invokana was recently approved), hepatitis C, and neurology/psychology will pay off as expected. If competition (or reimbursement) prove more damaging than expected, there would definitely be some downside risk – risk that probably cannot be offset in the near term by the Consumer or Device businesses.
The Bottom Line
Johnson & Johnson has rarely been a favorite pick of mine in the healthcare space. I've liked companies like Sanofi (NYSE:SNY) and Roche (which I own) better in the drug space, and they've out-performed JNJ. Likewise, I think Stryker and Covidien are better picks in devices, even though JNJ has outperformed them in the stock market over the past year. Still, JNJ does offer a rare mix of pharmaceutical, OTC, and device exposure, and perhaps some turnaround upside within the device sector.
If JNJ can grow its free cash flow (FCF) at a long-term rate of nearly 7% (above the historical growth rate of about 5%), these shares seem worth about $87 today. That's not great potential relative to the current price, but there's a decent dividend and the prospect of higher estimates if management can continue the margin improvements and deliver a full turnaround in Consumer and Devices.
At the time of writing, Stephen D. Simpson owned shares of Roche.
Dover (NYSE:DOV) is one of those industrial conglomerates that is so diversified, it's not hard to feel a little sympathy for the analysts that cover the stock. From energy to smartphones to commercial refrigerators and gas pumps, covers the gamut of end-market exposures.
Dover management is continuing to make the case that results will improve in the second half of 2013. Remember that while the news (and anticipation) cycle has already moved on to the future, what we're seeing reported here was the end result of pre-election spending/ordering worries coupled with adjustments made to cope with sequestration.
Management is looking for an improvement in drilling activity (Dover competes with companies like Baker Hughes (NYSE:BHI) and National Oilwell Varco (NYSE:NOV) for drilling-related products like drill bits and downhole equipment), and the Baker Hughes rig count has been getting better. The expected recovery in Europe may be a riskier bet, but other Dover-specific factors like easier comps in refrigeration and new products in consumer electronics and printing will also help.
On one hand, Dover did report a 1.09 book-to-bill for the first quarter, with results no worse than flat in the four major categories. On the other hand, major competitors like Danaher (NYSE:DHR) and Illinois Tool Works (NYSE: ITW) have been a little more cautious in their outlooks (though to be fair, both have a reputation for being conservative with their projections).
To that end, it doesn't say anything especially great about the economy that first quarter results were pretty weak, though the book-to-bill and management's optimism about a second-half recovery are encouraging. When it comes to the stock, however, it's a little hard for me to believe that the Street hasn't already skipped ahead a few pages and priced this stock for a recovery.
Q1 Sluggish, But Basically On Target
Although Dover had a soft first quarter, it was pretty much in line with expectations.
Revenue rose 4% as reported, but fell 1% on an organic basis. By segment, engineered solutions was the weakest with a 5% organic revenue decline, while communications was strongest with a 4% improvement. Energy came in flat with its organic revenue growth, while the printing & ID business was down 1%.
Even though Dover saw a 1% decline in volume and nearly always has one or more acquired businesses to integrate, gross margin declined only 10bp from the year-ago level and came in a little better than expected. Operating income was flat on a reported basis, while segment operating profits increased 1% (printing and energy were strong, communications and engineered solutions were weak) and came in almost in line with expectations.
SEE: Analyzing Operating Margins
Will Management See Its Big Turnaround?Dover management is continuing to make the case that results will improve in the second half of 2013. Remember that while the news (and anticipation) cycle has already moved on to the future, what we're seeing reported here was the end result of pre-election spending/ordering worries coupled with adjustments made to cope with sequestration.
Management is looking for an improvement in drilling activity (Dover competes with companies like Baker Hughes (NYSE:BHI) and National Oilwell Varco (NYSE:NOV) for drilling-related products like drill bits and downhole equipment), and the Baker Hughes rig count has been getting better. The expected recovery in Europe may be a riskier bet, but other Dover-specific factors like easier comps in refrigeration and new products in consumer electronics and printing will also help.
On one hand, Dover did report a 1.09 book-to-bill for the first quarter, with results no worse than flat in the four major categories. On the other hand, major competitors like Danaher (NYSE:DHR) and Illinois Tool Works (NYSE: ITW) have been a little more cautious in their outlooks (though to be fair, both have a reputation for being conservative with their projections).
A Good Business, But Be Wary Of Outsized Expectations
There's a lot to like about Dover. The company runs over 30 independent companies under its umbrella, and has been pretty consistent with generating solid returns on invested capital. What's more, the company is no dilettante or dabbler – the Phoenix Hill company is a major name in commercial food service, Knowles is a dominant supplier of MEMS microphones, and Heil is a major name in garbage trucks.
SEE: Cash Cows Or Corporate Chaos?
What I don't like so much is the tenor of expectations. Analysts are pretty bold with their projections of ever-higher margins at Dover, even though management has already boosted margins from the very low double-digits in 2003-2005 to the mid-teens over the last two years. This isn't a Dover-specific problem, but rather a market problem and I think investors and analysts may be getting too bold in just assuming that margins can go higher and higher forever. So it's not that I think Dover is likely to do poorly, but rather I worry that investors are baking almost impossible-to-achieve expectations into today's valuations (not unlike what happened in the tech bubble over a decade ago).
The Bottom Line
While Dover has grown its revenue and free cash flow at rates of 7% and almost 8% over the past decade, I'm looking for about 5% and 6% growth over the next ten years. If Dover can achieve that, the stock's fair value today should be around $76. That's not too bad relative to a current price below $70, particularly when there aren't all that many bargains to be found these days.
I'd be cautious about buying Dover today, but really only because of my worries that the second half rebound may disappoint, that the market may be due for more correction, and/or that the “Peak Margin” hypothesis may have some validity. Outside of those macro worries, I like Dover just fine and I think it's a more than respectable industrial name to consider today.
The management of BB&T (NYSE:BBT) once enjoyed a pretty sterling reputation for their performance, but a variety of missteps seem to be accumulating. Couple that with “industry standard” mediocre performance, and I can understand why BB&T shares have gone almost nowhere over the past year and are, in fact, one of the worst performers of the peer group. For investors willing to play the long game, though, I do believe that meaningful value remains in these shares at today's price.
BB&T's lending activity was pretty sluggish this quarter, as has been the case for most banks. Lending was pretty much flat with the fourth quarter on an end-of-period basis, with weakness in commercial and residential mortgage lending. On a more positive note, management did say that March was the best month in company history of loan originations, and they were more optimistic about lending growth through the balance of the year.
SEE: Equity Valuation In Good Times And Bad
Sluggish First Quarter Results
BB&T reported operating revenue growth of 4% for the first quarter, with revenue down 5% on a sequential basis. Net interest income was weak, falling 1% and 4% respectively, but not all that different than what U.S. Bancorp (NYSE:USB) and Wells Fargo (NYSE:WFC) reported earlier. BB&T did see comparatively low earning asset growth, while the net interest margin erosion (down 17bp from last year) wasn't too bad and the company's absolute NIM still compares favorably at 3.76%.
Fee income rose 11% and fell 7% (on an adjusted basis), as the company's mortgage banking revenue was even weaker than expected. Service charge income was also soft, while insurance was better than expected with 1% sequential growth.
Given the performance of U.S. Bancorp and PNC Financial (NYSE:PNC) in cutting costs this quarter, I was a little disappointing with BB&T's on-target performance (down 3% sequentially). All the same pre-provision net revenue did fall 8% (adjusted), the worst in the peer growth that have reported so far.
SEE: Analyzing A Bank’s Financial Statements
Loans – No Growth Today, But Growth Tomorrow?BB&T's lending activity was pretty sluggish this quarter, as has been the case for most banks. Lending was pretty much flat with the fourth quarter on an end-of-period basis, with weakness in commercial and residential mortgage lending. On a more positive note, management did say that March was the best month in company history of loan originations, and they were more optimistic about lending growth through the balance of the year.
It's also worth mentioning that BB&T reported somewhat mixed credit metrics. The company's non-performing asset and net charge-off ratios are good, and continuing to improve, but the company's loan loss provision expense was not as good as we've seen from many other banks this quarter.
Do A Series Of Small Matters Add Up?
One of my concerns about BB&T is whether the company loses what has generally been a very strong reputation on the Street as a well-run bank. Over the last year or so there have been a string of slip-ups that were not all that problematic on an individual basis, and perhaps not fully in management's control, but nevertheless may be adding up in terms of sentiment.
The bank had to redo its merger with BankAtlantic because of how the company initially wanted to treat BankAtlantic's trust preferred shareholders. Then the company failed its recent CCAR evaluation despite having some of the strongest capital ratios in the group. Then there are other matters like the company's tax squabble with the IRS (the source of a large reported EPS adjustment this quarter). I could go on, but the point is that this is a stock where shareholders would certainly like to hear (and arguably need) a string of positive announcements as a change of pace.
SEE: Why Consumer Confidence Matters
The Bottom Line
I remain quite positive on BB&T shares, though I have to acknowledge that my view of the company's long-run profitability (as measured by return on equity) is more bullish than most sell-side analysts. I'm looking for a long-term ROE of 12%, and that supports a fair value of about $39 today. Go with a more Street consensus number of 10% and the target drops to about $32 – which, I'll note, is still above today's level.
With strong capital, good deposit share, and a management that seems to successfully manage “prudent aggression”, I think BB&T is a good bank stock to hold for the long term. I fully expect M&A to figure significantly in the company's future, and I do believe that it will work out its CCAR issues. I also believe, though, that the bank is facing more competition than ever before, with banks like Wells Fargo, PNC, and Fifth Third (Nasdaq:FITB) all directly targeting its core Southeast operating area. While I believe the stock's positives outweigh those challenges, investors shouldn't be fooled into thinking this is a “money for nothing” type of opportunity.
At the time of writing, Stephen D. Simpson owned shares of BB&T.
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