International Paper Continues Business Adjustment As Accelerating Digitization Forces Mill Closure

The U.S. Postal Service is engaged in a well-publicized battle for survival in this era of digitization. With the closure of its paper mill in Courtland, Alabama, International Paper (IP) has further underlined the inexorable drive of digitization. On September 11, 2013, IP announced the following:

"This mill closure will reduce IP's North American uncoated and coated freesheet paper production capacity by 950,000 tons, of which 765,000 is uncoated freesheet…

…The Courtland Mill produces papers for forms, envelopes, labels, copiers, printers and magazines. The demand for uncoated freesheet in North America has been in decline since 1999 and has recently accelerated as consumers continue to switch to electronic alternatives such as online publications and electronic billing and filing."

IP still has four mills in its Printing and Communications Papers Business that are focused on "uncoated freesheet, bristols and specialty papers markets." There are two mills in South Carolina, one for uncoated freesheet and another for specialty paper. There is an uncoated freesheet paper mill in Alabama and a specialty paper mill in New York.

I took particular note of IP's claim that the digitization of publication, billing, and communication is accelerating. This is a positive note for IT companies engaged in facilitating the era of digitization. IP is far from doomed though. For example, the popularity of online shopping continues to drive up the demand for the packaging used for shipping products.

The Rome News-Tribune, a publication in Rome, Georgia, interviewed Thomas Ryan, director of communication for International Paper in Memphis, TN on the closure. Miller notes that while digitization is hurting the uncoated freesheet business it is helping the linerboard business (the Post Office would of course do well to get more competitive in the shipping business):

"As consumers make more and more purchases over the Internet, and with their smart phones, the demand for linerboar! d - which creates the boxes that the merchandise is shipped in - is only going to increase."

Miller added that IP has made two related acquisitions that strengthened its linerboard business (Weyerhaeuser and Temple-Inland). He also noted that IP tried to salvage the plant by exporting to growth markets but was ultimately unsuccessful in building this into a sustainable business. Clearly, these markets are growing toward the mainstream of the digitization age.

As if to reassure investors the day before this announcement of the mill closure, IP announced it will increase its annual dividend by $0.20 to $1.40 (current yield is 2.5%). This change makes the stock a bit more competitive with rising interest rates on government bonds. The company also announced the launch of a $1.5B share repurchase program for buying shares over the next 2-3 years. With $1.2B in cash on the balance sheet (slightly down from $1.3B at the end of 2012), this announcement expresses a strong confidence in the business over the next few years.

Indeed, analysts remain quite bullish on the business: 6 strong buys, 11 buys, and 1 hold. IP provides the following table summarizing analyst short and long-term estimates (which are of course molded around the company's guidance):

 

 

!

Analyst Forecasts - EPS
							Last Month Revisions
Fiscal Period		Mean	High	Low	Median	# of Estimates	#Up	#Down	Mean % Change
Annual	Dec 15	5.05	5.50	4.70	4.97	8	0	3	-! 1.02
Annual	Dec 14	4.49	4.90	4.05	4.47	19	2	2	-0.54
Annual	Dec 13	3.33	3.50	3.05	3.36	19	0	3	-0.49
Quarterly	Sep 13	1.00	1.11	0.87	1.00	17	1	2	-0.94
Quarterly	Dec 13	1.03	1.16	0.89	1.06	17	0	4	-0.90
Quarterly	Mar 14	1.05	1.12	0.90	1.07	6	2	1	0.18
Quarterly	Jun 14	1.10	1.22	0.93	1.11	5	1	2	-0.54
Long Term Growth		15.83	27.50	5.00	15.00	3	0	0	0.00

With a forward P/E of 11 the company remains reasonably priced despite a 25% year-to-date gain (well ahead of t! he S&! P 500′s year-to-date gain of 18%). The stock is also still 26% away from challenging its all-time high set in 1997 and 1999.

(click to enlarge)

International Paper has come a LONG way from the financial crisis and recession

Source: FreeStockCharts.com

I have very belatedly put IP on my radar since the business seems to be adjusting well. However, given the run-up, I prefer to buy the dips.

Be careful out there!

Source: International Paper Continues Business Adjustment As Accelerating Digitization Forces Mill Closure

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. (More...)

Beacon Pointe Wealth Advisors Rolls Up Another California RIA

Beacon Pointe Wealth Advisors has added registered investment advisor Pacific Pointe in a rollup partnership that adds $175 million in assets under management to the firm, BPWA announced Monday.

Pacific Pointe, based in Santa Barbara, is the fourth California location to be added to BPWA, a Beacon Pointe Advisors RIA based in Newport Beach, Calif. The expansion marks BPWA’s second deal in five months and its fifth addition of an advisory firm to BPWA.

BPWA projects that it will reach nearly $1 billion in total AUM by year end, and it plans to continue its California expansion while adding to its geographic footprint in Denver, Boston and Richmond. It is 100% owned by each of the advisor partners that have joined RIA Beacon Pointe Advisors, which has AUM of $5.8 billion.

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The advisor partners at BPWA do not hesitate to use the term “rollup,” an industry term that other firms with a long-term home for advisors have shied away from using, according to Beacon Pointe Wealth Advisors President Matt Cooper, whose Alliance for RIAs (aRIA) study group was named to Investment Advisor’s IA 25 list in 2013.

“The reason that makes firms cringe is because they try to position as something they’re not, and when the media calls them out on it, they get upset,” Cooper said in a statement. “But the bottom line is that if we know the value we provide, and our advisor partners know it, and feel good about why they joined and how it helps them and their clients, then you can call us whatever you want as long as you acknowledge the good we’re doing.”

RIA-to-RIA M&A on the Upswing

The deal highlights how RIA-to-RIA deals are on the upswing.  BPWA is actively looking to expand with growth-focused regional partners in the $100 million to $300 million range. BPWA has set a growth goal of one deal per quarter for the next 10 years and is already ahead of the pace it has set for itself.

David DeVoe, a strategic consultant to BPWA and former Schwab Advisor Services managing director of strategic business development, points out that the new transaction is “a great example of how RIAs are intelligently using M&A" to achieve their business growth goals. “Beacon Pointe is leveraging the scale and infrastructure of its $6 billion business to provide BPWA Santa Barbara with a more concentrated focus on accelerating growth,” DeVoe said in a statement.

Pacific Pointe, the newest RIA to join BPWA, was first introduced to Beacon Pointe Advisors in 2009 when it formed its own RIA. It has been reviewing the benefits of officially joining BPWA since 2011.

'A Bigger Brand, A Bigger Story'

One of the key drivers for its decision was the exceptional growth of the first firms to join BPWA. The initial partner firm has grown from $130 million in AUM to $217 million now, at nearly 30% annualized growth, while the second partner firm has experienced greater than 400% growth, to $215 million in AUM from $50 million, according to BPWA officials.

“We saw this as a marriage of resources, granting us access to a bigger brand, a bigger story and more marketing power in our own backyard," said Gary Dorfman, Pacific Pointe founding partner, in a statement, "and the transition has been seamless.”

Read Beacon Pointe Lured by CPA Services in Latest Acquisition at ThinkAdvisor.

Time to re-price old clients

Changing what advisers charge existing clients may be the best way to boost firm profitability, a consultant told advisers at the Financial Services Institute Advisor Summit in Washington yesterday.

Some experienced advisers have increased fees for new clients in recent years after considering all the services they provide, including tasks like restructuring flawed estate plans, helping plan for the care of elderly parents and negotiating mortgages, said Giles Kavanagh, managing director of Pusateri Consulting and Training.

However, a lot of advisers are hesitant and “uncomfortable” about changing the prices they charge their longstanding clients, he said. And that pricing discrepancy is leaving money on the table.

"Re-pricing current clients is the best way to improve your profitability in a justified way," Mr. Kavanagh said.

Advisers should be upfront and tell existing clients they are “correcting” their prices to a fair level after analyzing benchmarking studies, he said. Offer customers a few months to consider the increases and tell them, “We hope you'll come along.”

Mention something about the future, too, he said, suggesting: “Looking forward at your situation and the markets, we believe that our value to you going forward will be even greater.”

Many advisers worry clients don't really appreciate the varied levels of service they offer and fear charging higher prices will reduce asset retention. However, industry surveys suggest otherwise, Mr. Kavanagh said.

“Clients value trust and performance more than price within the overall advisory experience,” he said.

Mr. Kavanagh praised one adviser who addresses the issue of price increases directly with people even before they are clients. She says: “This is my price and it will go up over time.”

Fed to See More Change Next Year Than Just a New Chief

Sandy Huffaker/Bloomberg via Getty ImagesJanet Yellen, vice chairwoman of the Federal Reserve's board of governors.

Look beyond the battle to succeed Ben Bernanke as chairman of the Federal Reserve. Front-runner Janet Yellen, vice chairman for the past three years, comes well qualified, but she faces challenges no chairman has ever faced. Just ahead is a rare wave of new faces joining the policy-setting Federal Open Market Committee, which consists of the seven governors and the presidents of the 12 regional Federal Reserve banks. The voting members of the FOMC include, in addition to the chairman and vice chairman, the five other governors and five of the regional bank presidents -- the president of the New York Fed and four others who rotate into voting positions each year. One of those governors' spots is vacant now. Another might as well be: Sarah Raskin skipped the recent meeting in light of her pending departure to take a top spot at the Treasury Department. Bernanke will leave by Jan. 31. Two others are likely to exit in 2014: Jerome Powell, whose term expires at the end of January, and Jeremy Stein, who will return to his tenured professorship at Harvard by late May. Including the four rotating regional bank president slots, that means nine new faces among the 12 voting members next year -- or 10, if Yellen doesn't get the nod as chairman and departs. Historically, the governors fall in line behind the chairman. They're usually picked on the basis of expertise in bank regulatory issues, consumer credit policies or other technical work that the Fed carries out. But they cast votes on monetary policy, and their allegiance to the chairman can't be taken for granted and will be closely watched over the next few months. Regional bank presidents more frequently break ranks and question the chairman's direction. All this new blood will make it harder for financial markets to gauge the effectiveness of the new chairman's leadership, adding volatility to long-term interest rates. And until the newcomers settle in, rates are likely to be a bit higher than they otherwise would have been. That matters. Although the bond market moves in small increments, just a quarter-point increase in interest rates can add thousands to the cost of a home buyer's mortgage and hundreds of thousands to the price of financing a business merger or acquisition. Recent history clearly demonstrates the sensitivity of financial markets to uncertainty about the Federal Reserve's direction. The 10-year Treasury yield has nearly doubled since spring, rising from 1.6 percent then to nearly 3 percent now. Much of the increase came after an FOMC statement last June. Financial markets interpreted it to mean that Bernanke and company were signaling a sooner-than-expected boost in the federal funds rate. The stock market took a tumble, and interest rates rose in Europe as well as in the U.S. Bernanke hastened to make clear that no such signal was intended, and volatility eased. But the increase in rates hasn't reversed.

To Cheat Death, Music Industry Should Look to Spotify, Pandora, Not Clear Channel

NEW YORK (TheStreet) -- I had to laugh when I saw Clear Channel (CCMO) Chairman and CEO Bob Pittman take to CNBC last week to, kind of, sort of, explain his company's partnership with Warner Music Group.

It's a bit difficult to understand what some are calling a "revenue sharing" agreement when the parties refuse to disclose financial details. According to several reports, Warner will receive a share of Clear Channel's broadcast radio advertising dollars plus special promotional opportunities.

For example, The Wall Street Journal claims Warner "will effectively reap more per song played on IHeartRadio's custom radio service than it does from internet radio giant Pandora (P)." Under the deal, Warner will also receive special treatment through Clear Channel promotional programs: One such program that Clear Channel is creating exclusively for Warner Music is an "enhanced" version of its "artist integration" initiative, which advertises emerging artists on the air at Clear Channel's expense. Clear Channel offers other labels such promotions for just several weeks surrounding a new release, but for Warner Music's artists, the promotions will run up to 15 weeks.

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This brings up good questions, but few answers from the Neanderthals involved. Here's my take: No meaningful amount of cash is changing hands. Clear Channel is paying Warner a nominal amount of money per spin or play, just enough to make Pandora look bad and to shift focus from the fact that broadcast radio doesn't pay a performance royalty. CNBC's Jon Fortt made an important query on Twitter shortly after Clear Channel and Warner announced the hookup: How is this not institutionalized pay to play? Someone explain this to me .... #Clearchannel #warner http://t.co/SULu5ThyvG— Jon Fortt (@jonfortt) September 12, 2013 When you combine that question with this quote from Warner CEO Stephen Cooper, via a Ryan Faughnder article in the Los Angeles Times, things get even more confusing, if not downright shady: This is, in a very well organized and thoughtful fashion, marrying Warner's content with Clear Channel's massive distribution capabilities. What that means to our artists is that we'll be able to capitalize by exposing our artists to hundreds of millions of users. We are very confident that that exposure will help drive Clear Channel's business and the success of our artists and music. So how is this any different from what radio has been doing for labels and artists since Todd Storz invented the Top 40 format? Until Clear Channel does a deal with every label under the sun -- using the same terms -- how is this anything but a modern-day version of payola? While it doesn't sound like Warner will pay Clear Channel to play certain songs, it will, apparently, receive preferential treatment from the world's largest radio company. I don't know enough about this deal -- because they haven't told us much -- to take this past the speculative stage. But it sure smells like two companies who let the world pass them by taking a step back in an attempt to preserve old ways of doing business.

That said, the underlying current here -- as with the deal Apple (AAPL) shoved down the indies' throats -- holds out hope that all of this (not-so-new) promotion will prompt listeners to buy music again. Total pipe dream. Physical sales -- whether CDs or downloads -- are dead. And no amount of "promotion" or royalty workarounds from Clear Channel, Apple or any other giant can or will change that.

Simply put, we're watching the music industry -- and, sadly, not just the major labels -- put itself in a position to get screwed again.

The first time around it was probably unavoidable. Executives couldn't deal with Steve Jobs, who effectively killed the notion of the record album in favor of an a la carte, on-demand model at $0.99 a pop. As Apple sees that dying, it wants to keep the model alive if it can. And unimaginative record executives can't come up with any ideas beyond putting their faith in Apple. But Apple wins either way as it pumps up its mobile advertising business by shortchanging labels and, worse yet, artists.

The music industrial complex has so little vision, it's not only allowing Apple to dictate its fate, it's placing its destiny in the hands of debt-ridden, late-to-the-party Clear Channel. Music critic Bob Lefsetz said it best last month in Variety: Every week the antiquated record industry trumpets its sales figures and the even more ancient media industry repeats them. And to say they're unimpressive is to say you took the family goat to prom. Lefstz points to Imagine Dragons, a band selling about a paltry 25,000 records a week, putting it in Billboard's top ten: Have people just given up listening to music? No! It's just that the industry keeps pointing people to lame metrics. On Spotify, the supposedly rip-off system with no traction, Imagine Dragons' "Radioactive" has been spun 122,988,750 times. Put that number in the paper, it'll wow people! It's almost unfathomable -- it's got too many commas for most people to be able to interpret. And the band has another track at over 50 million and two in the 30 million play range. These numbers are spectacular! Bingo. Sweetheart deals between remnants of the once-mighty music industrial complex are absolutely not the answer. The idea that you can get 850 Clear Channel radio stations nobody gives a damn about anymore to drive anything -- streams on iHeart Radio, downloads, CD sales, whatever -- is absolutely absurd. Warner and the rest of the industry should tell Clear Channel to "share" its "revenue" with the entities that carry its debt. Then they should embrace Spotify, Pandora and the rest of the Internet radio pioneers, not desperate knock-offs like the one Pittman hastily conceived at Clear Channel. In a sentence and a closing paragraph, Lefsetz puts it all too rest: It's not whether someone buys it but whether they play it. ... Right now, these Spotify numbers are real. And important. And as soon as we stop vilifying these streaming services and start trumpeting their metrics, the sooner the rest of the world will take music seriously, the sooner artists will realize that there's a ton of money in music and it's worth it to take the risk as opposed to play the game because you can go straight to your audience and people are hungry for something new and different. Follow @rocco_thestreet --Written by Rocco Pendola in Santa Monica, Calif.

Rocco Pendola is a columnist and TheStreet's Director of Social Media. Pendola makes frequent appearances on national television networks such as CNN and CNBC as well as TheStreet TV. Whenever possible, Pendola uses hockey, Springsteen or Southern California references in his work. He lives in Santa Monica.

Deutsche Bank Raises Price Targets on Wynn Resorts, Las Vegas Sands (WYNN, LVS)

Deutsche Bank analysts raised their price target on Wynn Resorts, Limited (WYNN) and Las Vegas Sands (LVS) on Wednesday due to continued strength in Macau gaming.

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The analysts rate WYNN as “Buy” and now see shares reaching $190, up from the previous target of $156. This new price tar

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In the wake of the financial crisis, consumers and shareholders clamored over bankers' pay. Many see "pay for performance" as the solution to this problem.

Despite more banks aiming to implement stronger long-term incentive plans, many banks are still falling short.

In this segment of The Motley Fool's everything-financials show,�Where the Money Is, banking analysts Matt Koppenheffer and David Hanson tackle the issue.

To view�Where the Money Is�in its entirety, click here!

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Many investors are scared about investing in big banking stocks after the crash, but the sector has one notable stand-out. In a sea of mismanaged and dangerous peers, it rises above as "The Only Big Bank Built to Last." You can uncover the top pick that Warren Buffett loves in The Motley Fool's�new report. It's free, so click here to access it now.

10 Best Warren Buffett Stocks To Own For 2014: Telular Corporation(WRLS)

Telular Corporation designs, develops, and distributes products and services that utilize wireless networks to provide data and voice connectivity among people and machines primarily in the United States and internationally. It provides machine-to-machine and event monitoring services, including Telguard that comprises a specialized terminal unit, which interfaces with commercial security control panels and communicates with event processing servers to provide real-time transport of alarm signals from residential and commercial locations to an alarm company?s central monitoring station; and TankLink solution that combines a cellular communicator, wireless data services, and a Web-based application into a single offering, which allows end-users to monitor the product level in a given tank vessel. The company also offers fixed cellular terminals for voice, fax, and Internet access over the wireless networks. It sells its products to security equipment distributors, cellular carriers, and value added resellers. The company was founded in 1986 and is headquartered in Chicago, Illinois.

Advisors' Opinion:

• [By Arohan]

  Telular provides wireless connectivity solutions to home alarm and industrial segments for monitoring, security and data applications. The $89 million market value company currently can be bought at 2.42 PE ratio and offers a 6.8% dividend yield. The company reported a revenue growth of 16.6% in the latest quarter and is expected to grow earnings 16.7% this year and 43% the next. The company does not have analyst following so a deeper due diligence is advised.

10 Best Warren Buffett Stocks To Own For 2014: Cost Plus Inc.(CPWM)

Cost Plus, Inc. operates as a specialty retailer of casual home furnishings and entertaining products in the United States. It offers home decorating items that include furniture, rugs, pillows, bath linens, lamps, window coverings, frames, and baskets; and furniture products, which comprise ready-to-assemble living and dining room pieces, handcrafted case goods, occasional pieces, and outdoor furniture made from various materials, such as rattan, hardwood, and metal. The company also provides tabletop and kitchen items, including glassware, ceramics, textiles, and cooking utensils; gift and decorative accessories comprising collectibles, candles, framed art, and holiday and other seasonal items; and jewelry, fashion accessories, and personal care items. In addition, it offers gourmet foods and beverages, including wine, microbrewed and imported beer, coffee, tea, and bottled water. The company operates stores under the names of World Market, Cost Plus World Market, Cost P lus Imports, and World Market Stores. Cost Plus, Inc. also sells its products through its Web site, worldmarket.com. As of May 19, 2011, it operated 259 stores in 30 states. The company was founded in 1946 and is headquartered in Oakland, California.

Advisors' Opinion:

• [By Keith]

  Cost Plus, Inc. is a specialty retailer of casual home furnishings and entertaining products in the United States. Its EPS forecast for the current year is 0.55 and next year is 0.93. According to consensus estimates, its topline is expected to grow 4.23% current year and grow 3.54% next year. It is trading at a forward P/E of 10.94. One analyst covers the company and has a buy recommendation.

Top 10 Warren Buffett Companies To Watch In Right Now: Alleghany Corporation(Y)

Alleghany Corporation, through its subsidiaries, engages in the property and casualty, and surety insurance business in the United States. It underwrites specialty insurance coverages in the property, umbrella/excess, general liability, directors and officers liability, professional liability lines of business, and homeowners insurance. The company also writes surety products, such as commercial surety bonds and contract surety bonds. In addition, Alleghany Corporation owns and manages improved and unimproved commercial land, and residential lots in the Sacramento, California. As of December 31, 2010, the company owned approximately 320 acres of property in various land use categories. Further, it engages in the oil and gas exploration and production business. The company was founded in 1929 and is based in New York, New York.

Advisors' Opinion:

• [By Rahemtulla]

  Alleghany(Y) has been downgraded by TheStreet Ratings from buy to hold. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity.

  Alleghany Corporation, through its subsidiaries, engages in the property and casualty, and surety insurance business. The company has a P/E ratio of 16.1, equal to the average insurance industry P/E ratio and below the S&P 500 P/E ratio of 17.7. Alleghany Corp DEL has a market cap of $2.6 billion and is part of the financial sector and insurance industry. Shares are down 7.6% year to date as of the close of trading on Monday.

10 Best Warren Buffett Stocks To Own For 2014: Odyssey Resources Limited(ODX.V)

Odyssey Resources Limited, a junior exploration company, engages in the acquisition, exploration, and development of mineral resource properties, primarily precious metals properties. The company was incorporated in 1994 and is based in Longueuil, Canada.

10 Best Warren Buffett Stocks To Own For 2014: China Yunnan Copper Australia Ltd(CYU.AX)

Chinalco Yunnan Copper Resources Limited engages in the exploration and development of mineral properties in Australia, Chile, and Laos. The company focuses on copper, gold, and uranium tenements covering an area of 1,000 square kilometers in Queensland, Australia, as well as explores for silver and rare earth elements. It has a strategic alliance with (Group) Co Ltd. The company was formerly known as China Yunnan Copper Australia Limited and changed its name to Chinalco Yunnan Copper Resources Limited in May 2011. Chinalco Yunnan Copper Resources Limited was incorporated in 1995 and is headquartered in Brisbane, Australia.

10 Best Warren Buffett Stocks To Own For 2014: Synalloy Corporation(SYNL)

Synalloy Corporation, together with its subsidiaries, manufactures and sells pipes and piping systems in the United States and internationally. It operates in two segments, Metals and Specialty Chemicals. The Metals segment manufactures pipe and piping systems from stainless steel, carbon, chrome, and other alloys for use in the chemical, petrochemical, pulp and paper, waste water treatment, LNG, mining, power generation, water treatment, brewery, food processing, petroleum, alternative fuels, and pharmaceutical sectors. The Specialty Chemicals segment produces specialty chemicals and dyes for the carpet, chemical, paper, metals, mining, agricultural, fiber, paint, textile, automotive, petroleum, cosmetics, mattress, furniture, janitorial, and other industries. Synalloy Corporation sells its metal products through outside and inside sales employees, manufacturers? representatives, and authorized stocking distributors, as well as directly to engineering firms, construction companies, and project owners. It markets its specialty chemicals directly to various industries through outside sales employees and manufacturers' representatives. The company was formerly known as Blackman Uhler Industries, Inc. and changed its name to Synalloy Corporation in July 1967. Synalloy Corporation was founded in 1945 and is headquartered in Spartanburg, South Carolina.

10 Best Warren Buffett Stocks To Own For 2014: Niocan Inc Com Npv(NIO.TO)

Niocan Inc. engages in the exploration and development of mineral properties in the province of Quebec, Canada. It holds interest in the Niobium mining property consisting of 49 claims covering 1,604 acres and surface rights on 231 acres located in Oka, Quebec. The company also owns a 100% interest in the Great Whale Iron property that includes 71 claims covering 17,098 acres in Hudson Bay and 69 claims. Niocan Inc. was incorporated in 1995 and is headquartered in Oka, Canada.

10 Best Warren Buffett Stocks To Own For 2014: Smith(wh)

WH Smith PLC operates retail stores under the Travel and High Street names primarily in the United Kingdom. The company sells newspapers, magazines, books, confectionery, and impulse products, as well as entertainment products. It also offers a range of books, stationery, magazines, and gifts through whsmith.co.uk; and personalized cards and gifts through funkypigeon.com. The company operates approximately 561 travel units and 612 high street stores in various locations, including high streets, shopping centers, airports, train stations, motorway service areas, hospitals, and workplaces. It also has operations in the Republic of Ireland, Denmark, India, Australia, and Oman. The company was founded in 1792 and is based in Swindon, the United Kingdom.

10 Best Warren Buffett Stocks To Own For 2014: China Sunsine Chem Hldgs Ltd. (CH8.SI)

China Sunsine Chemical Holdings Ltd., an investment holding company, engages in the manufacture and sale of rubber chemical products in the People's Republic of China and internationally. The company primarily offers rubber accelerators comprising Accelerator MBT for dry rubber and latex applications; Accelerator MBTS and Accelerator MBS used in the manufacture of synthetic rubber and natural rubber; Accelerator CBS for use in the manufacture of tires, shoes, tubes, cables, and other rubber goods; Accelerator TBBS for use in rubber products and tires; Accelerator DCBS for the manufacture of tires, belts, and shock absorbers; Accelerator DPG for the production of tires, boards, shoes, and other industrial rubber goods; and Accelerator TMTD that is used in the production of tires, inner tube of tires, shoes, and cables, as well as used as germicides and insecticides in agriculture, and lubricant additives. Its products also include anti-scorching CTP, an anti-scorching agent for the vulcanization process to prevent rubber materials from burning; anti-oxidant RD for the manufacture of tires, motorcycles births, bicycles births, rubber, plastics, adhesive tapes, wires, cables, and other rubber products; and insoluble sulphur, a vulcanizing agent for rubber. China Sunsine Chemical Holdings Ltd. offers its products under the Sunsine brand. It serves tire manufacturers; manufacturers of other related products, such as shoes, belts, and hoses; and rubber chemicals distributors. The company is based in Singapore. China Sunsine Chemical Holdings Ltd. is a subsidiary of Success More Group Ltd.

10 Best Warren Buffett Stocks To Own For 2014: Rockgate Capital Corp (RGT.TO)

Rockgate Capital Corp., an exploration stage company, engages in the acquisition, exploration, and development of mineral properties in West Africa. It primarily explores for uranium, silver, copper, and gold. The company owns a 100% interest in the Falea uranium-silver-copper property covering an area of approximately 225 square kilometers located in southwestern Mali. It also owns interests in various properties, including the Manalo/Mansaya, Koninko, and Balandougou mineral properties, as well as a 51% interest in the Ixtapan gold property covering approximately 4,190 hectares located in southwestern Mali; and the Telwa Gada property situated in Niger. Rockgate Capital Corp. is headquartered in Vancouver, Canada.

Anadarko Mozambique Sale to Speed Company’s U.S. Shale Projects

Independent oil and gas firm Anadarko Petroleum Corp. (NYSE: APC) on Sunday announced the sale of a 10% stake in a natural gas development block offshore of Mozambique to India's state-controlled energy company ONGC Videsh for $2.64 billion in cash. Anadarko now owns 26.5% working interest in the project and is the operator.

The most interesting thing about this transaction is what Anadarko plans to do with the cash it gets from ONGC. The company said it plans to use the proceeds from the sale to "accelerate" development in its U.S. shale oil and liquids plays.

Anadarko is building its cash hoard, which totaled nearly $4.6 billion at the end of June, in order to develop its liquids plays in the United States. We noted last week in our report on companies spending the most to find oil that Anadarko plans to spend $5.5 billion this year to boost its U.S. oil production. This asset sale should help accomplish that, as well as giving the company some room to raise its anemic 0.8% dividend yield.

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Analysts have put a consensus price target of $111 on Anadarko's stock, which is roughly 23% higher than Friday's closing price and about 20% higher than the 52-week high. Shares are trading up 3.3% in the premarket on Monday, at $92.79 in a 52-week range of $65.82 to $92.79.

Navistar's Turnaround Is Ugly And Bumpy, But Making Progress

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At the risk of working a little too hard for the metaphor, as a foodie I know that there are certain foods that don't look all that appetizing (celeriac and morels come to mind), but have a lot to offer if you go past the looks. I'm starting to feel that way about Navistar (NYSE:NAV). Although this company's fall from the top was just as ugly as it looked, the turnaround efforts seem to be gaining some traction. The Street has taken a time-out with this name, as it traded down about 5% over the past three months after a big run, but patient investors may yet be able to reap better results as Navistar regains its footing in the medium-duty and heavy-duty truck markets.

Ugly Results, But How Much Does It Matter?

This year is still largely about fixing the problems of the past and getting the company on firm ground for the next upswing in the truck cycle. With that, I don't think investors should care too much about the details of the quarter.

Revenue fell 14% from last year, but did improve 13% sequentially. Truck sales drove all of that sequential improvement, as sales here did fall 18% from last year, but improved 26% from the prior quarter. Engines and parts were down both annually and sequentially – (1%)/(4%) and (8%)/(8%), respectively.

Gross margin did nearly double on a sequential basis, but was down two and a half points from last year and well below forecast, as the company once again had to spend more on warranty-related costs tied to its disastrous foray into self-built engines. With that, EBITDA missed expectations, as did the company's operating and segment losses. Although I would think the Street would probably overlook the warranty-related loss in the engine segment, the worse-than-expected performance in the truck business is a bigger concern.

Class 8 Share Recovering, And Management Looking to Improve Medium-Duty Results

From a high-water mark that saw Navistar hold roughly 30% of the Class 8 North American truck market, the company's share has plunged to a recent retail share of under 14% (as reported by ACT Research and confirmed by management).

That's the bad news. The good news is that order share continues to recover – from 12% in the second quarter to 20% this quarter. Working with Cummins (NYSE:CMI) to offer its engines in Navistar trucks has played a big part in this recovery, but it does remain to be seen how much share the company can ultimately retake from Freightliner (a subsidiary of Daimler), PACCAR (Nasdaq:PCAR), and Volvo (Nasdaq:VOLVY).

With Class 8 orders improving, Navistar is now looking to reverse some declines in medium-duty trucks as well. While Navistar still has about one-quarter of the MD market (down from over 40% two years ago), order share trends (16% in the third quarter) are going the wrong way. The company recently announced a deal with Cummins to offer their 6.7-liter engine in Navistar medium-duty trucks, and I'm optimistic that this can help stem the share declines.

Managing the Boardroom

In attention to shoring up the business, Navistar has also been looking to pacify its large shareholders. The company has put forth a new system whereby a shareholder owning 12% (or more) of the shares can nominate two board members, while a shareholder owning 7% to 12% can nominate one – a compromise that should give a voice to activist investors, but also compel them to maintain their stakes on a long-term basis.

The Bottom Line

I believe management has made a lot of important steps in reversing the bad decisions of the prior Navistar management team. While restoring Navistar to its former glories may be too much to ask, I do believe better results are possible. To that end, I believe Navistar can regain share and outgrow the market over the next five to six years, while also building toward a long-term free cash flow margin in the mid-single digits (on par with PACCAR).

With that (but excluding pension/retirement obligations from the net debt total), on a fully diluted basis these shares appear to be worth close to $39 – or about 20% more than today's price. As I don't currently believe that Navistar will go back above 25% share in Class 8 trucks, outperformance there would certainly lead to a higher fair value down the road.

Disclosure: As of this writing, the author has no financial positions in any companies mentioned.

These 3 Single-Family Rental Stocks Are Misunderstood

In 2012, the market got excited about the potential for corporations to consolidate the fragmented single-family home market.

A company such as Silver Bay Realty Trust (NYSE: SBY  ) could buy the houses on the cheap, and in the process, develop a national brand that renters could have confidence in using for rentals in most major metro areas. Not to mention that operating as a REIT would provide investors with substantial dividends from income.

While that theory was great, investors didn't realize that during the formative stage, these stocks would report losses. There were no dividends, and investors began to doubt that model, as mounting losses and the lengthy process of stabilizing houses can take up to six months on older houses that need significant renovations.

After an initial bump in Silver Bay, the stock has had a horrible 2013, now trading close to all-time lows. Recently, a couple of other IPOs in the sector have come to market with weak receptions. Both American Homes 4 Rent (NYSE: AMH  ) and American Residential Properties (NYSE: ARPI  ) offer different twists to the general thesis of investing in single-family rental properties to take advantage of the weakness in housing prices and the increased demand for rentals.

With housing prices soaring according to Case-Shiller over the last 12 months, is the market overlooking the real benefits to investing in the sector?

Investing in crash markets
Silver Bay has been very aggressive in buying single-family rental properties in the most downbeat housing markets. The company focused heavily on the markets of Phoenix, Atlanta, and Tampa Bay, which averaged declines of 43% during the housing crash, and hence have seen solid rebounds in the last 12 months. With over 50% of the housing investment accounting for these markets, the company is counting a roughly 12% gain in its investment portfolio.

Speaking of those capital appreciation gains, the market is clearly ignoring those gains and focusing solely on the company's operations. While the operations are improving, Silver Bay is still bleeding cash, with only 65% of the portfolio leased and the average stabilization process taking up to six months because of the company's focus on older homes. As an example, the average age of a house in the largest investment market (Phoenix) is over 24 years old.

The recent quarter was the first one where new home acquisitions (985 homes) was lower than leased homes (1,197 homes), leading to strong gains in key occupancy rates of 94% for stabilized homes and 87% for homes owned for at least six months. Over the next two quarters, the overall occupancy rate should jump into the 70%-80% range, finally providing some real insights into whether it can run this business at enough scale to be profitable.

While waiting for those operational improvements, investors can key on the estimated net asset value hitting $18.95. Those housing gains aren't shown on the balance sheet, so investors might want to start buying now with the stock trading just above $15.50. Even without the large capital appreciation, the stock has a NAV of a not-so-shabby $17.30, providing a solid bargain with upside potential.

Looking for huge economies of scale
American Homes 4 Rent went public at the beginning of August to limited demand, as the company had to cut the offering to $760 million from original expectations in June of an offering of around $1.25 billion. The stock has held up well in the market, but the reaction is nothing spectacular considering the original hype about investing in this sector. The company has a home portfolio of around 19,000 homes, which places it second in size only to Blackstone. Only 9,882 homes were leased, or 55% of the owned properties, so again, the REIT is still going through the formative process, making the financials of limited use at this point.

Unlike Silver Bay, American Homes is more focused on metro areas that have had stable housing markets such as Dallas-Ft. Worth, Indianapolis, and Houston. Because of this focus, it also hasn't seen solid capital appreciation. The average house is only 11 years old, again differentiating itself from the homes needing vast renovations. The company operates in over 40 markets and over 21 states, so it does provide the greatest potential in the group for creating a national brand that might provide some benefits in the leasing process.

Focusing on young houses
American Residential is the smallest stock of the group, with a valuation of only $540 million -- that's $70 million smaller than Silver Bay. It completed an IPO in May at $21 and has seen a considerable drop to around $17. However, because of the focus on younger homes and a smaller base, the company is starting to grow faster than the others, with 1,558 homes acquired during Q2, or a 61% growth from the Q1 ending balance.

Interestingly, American Residential has a similar focus on the Phoenix market as Silver Bay, with nearly 20% of the portfolio in that metro area. The company quickly shifts to Houston, Chicago, and Dallas as secondary markets, though. This makes American Residentail nearly a blend of Silver Bay and American Homes with a focus on younger homes in areas such as Phoenix and the Inland Empire in California, which were part of the major crash areas.

The company only generated $8.4 million in revenue for the quarter, so the operations remain small, but according to some complex reduction of non-GAAP charges such as IPO expenses, stock-based compensation, and acquisition expenses, it lists a Core FFO gain of $0.08. A good sign, but most investors will want to see a quarter with a cleaner number to gain confidence in the sector.

Looking ahead
Not surprisingly, the stocks of the single-family rental companies have struggled in the market. All three stocks are still very much in the formative process, and today's short-term investors are overlooking the long-term value creation because of current weak income statements. Questions remain about the companies' ability to generate significant returns on the monthly rentals of individual assets that are vastly different. The current situation makes Silver Bay the favorite in the group as it has successfully invested in the beaten-down markets and is now generating solid returns on those assets.

Long-term, though, the group has huge growth potential as the three companies only control around $5 billion in housing inventory in a multitrillion-dollar market. Market share growth from consolidating all of the mom and pop players in the sector could be a multi-decade trend. 

With the American markets reaching new highs, investors and pundits alike are skeptical about future growth. They shouldn't be. Many global regions are still stuck in neutral, and their resurgence could result in windfall profits for select companies. A recent Motley Fool report, "3 Strong Buys for a Global Economic Recovery," outlines three companies that could take off when the global economy gains steam. Click here to read the full report!

Fed's Looming Leadership Change Adds to Investor Angst

Eugene Hoshiko, J. Scott Applewhite/APFederal Reserve Vice Chair Janet Yellen, left, and former Treasury Secretary Lawrence Summers. NEW YORK -- A new chairman is just the beginning of what could be a big leadership change at the Federal Reserve next year, giving investors yet another reason to second-guess the U.S. central bank's plan to scale back its support for the economy. Up to six officials who would otherwise vote on monetary policy, or half of the central bank's voting ranks, could conceivably be gone in 2014, most of them by the end of January. Five of those, including Chairman Ben Bernanke, sit on the Fed's seven-member Board of Governors, setting the stage for a whole new cast of characters to run the world's most influential central bank and giving President Barack Obama a chance to put a big stamp on it. The face of the Fed could be even less familiar if Bernanke isn't succeeded by Vice Chair Janet Yellen, a policy dove who appears to be in a tight race for the top job with former Treasury Secretary Lawrence Summers, whose views are less known.

Top 5 Clean Energy Companies To Own For 2014

Wholesale changes could raise questions in the marketplace over verbal promises the Bernanke-led Fed has made to keep interest rates low in the years ahead. Still, analysts and Fed officials don't expect abrupt changes in the central bank's policy path, including its plan to end a massive bond-buying program by around mid-2014. "All the forward guidance the Fed has put out in recent months and years is predicated on the leadership and the people being there," said Roberto Perli, a partner at research firm Cornerstone Macro and a former senior officer at the central bank. "Having so many people changing I think is a source of additional uncertainty in the market." The last thing the Fed wants to do is surprise investors. In June, officials were startled when market rates shot higher after Bernanke said the central bank aimed to start trimming its $85-billion-per-month in bond purchases later this year. Today's policy-making Federal Open Market Committee, made up of the seven board members, the head of the Federal Reserve Bank of New York and four other rotating regional Fed bank presidents, has also committed to keeping rates near zero at least until the unemployment rate falls to 6.5 percent, as long as inflation stays under control. And in another pledge that would tie the hands of successors, Bernanke has said a "strong majority" of the FOMC don't expect to sell mortgage-based assets in the longer run. But it is unclear whether the next generation of policymakers will conform to the promises made in the wake of the Great Recession, and some analysts say the uncertainty has already pushed bond yields higher. Governors a Reflection of the Chief? Bernanke is expected to step down when his second four-year term as chairman ends on Jan. 31. If Yellen doesn't get the job, economists expect her to leave when her term as vice chairman ends in October, even though her separate board term doesn't expire until 2024. Governor Elizabeth Duke, who joined the Fed as the financial crisis worsened in 2008, is retiring at the end of this month, while Governor Sarah Raskin has been nominated to take a top post at the U.S. Treasury. The term of Jerome Powell, a Republican who became a Fed governor last year, also expires at the end of January, although he could be reappointed by Obama. Rounding out the six, Cleveland Fed President Sandra Pianalto, who becomes an FOMC voter in 2014, has said she will retire early next year. The unusually heavy turnover means Obama could overhaul the central bank even more than former President George W. Bush did in 2006, when Bernanke replaced Alan Greenspan, two governors left, and three more arrived. Obama is expected to name his Fed chairman nominee this fall. His picks for governors would likely come later and analysts said the new chairman would probably have a big say. Past public comments suggest a Summers-led Fed might be somewhat quicker to raise interest rates and less likely to use extraordinary measures such as bond-buying in the future, than would a central bank led by Yellen. While some are more influential than others on the direction of policy, Fed governors almost always back their chairman. But analysts say Summers' domineering personality could shake up the democratic and consensus-based FOMC that Bernanke built and that Yellen would likely continue. "I would not be as focused on the change if Yellen came to get the job. It's a group that's been working together a long time," said Karim Basta, chief investment strategist at III Associates, a $2 billion hedge fund.

Buy, Sell, or Hold: NVIDIA

The first half of 2013 has been relatively slow for NVIDIA  (NASDAQ: NVDA  ) , with shares mostly keeping pace with the broader market. This is expected, as the company made the conscious decision to delay the Tegra 4 time frame in order to focus on Tegra 4i. The graphics business continues to hold up admirably in the face of a slow PC market, as NVIDIA's target gamer market remains resilient.

NVIDIA is now entering the licensing business with its graphics architecture, which could translate into new opportunities in mobile. The company could now potentially earn wins at the top two smartphone vendors, Apple  (NASDAQ: AAPL  ) and Samsung, which aren't interested in using Tegra processors directly.

In the following video, Fool contributor Evan Niu, CFA, and Eric Bleeker, CFA, discuss NVIDIA at current prices.

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Bond Mutual Funds, ETFs Post Record Outflow

Anyone who shorted bond ETFs is feeling pretty smart right about now. After last week’s awkward fed comments, and the taper tantrum that followed, they’re also seeing Fed chairman Ben Bernanke as their best friend.

Investment research firm TrimTabs reported Wednesday that U.S.-listed bond mutual funds and exchange-traded funds have lost an all-time record $61.7 billion in June through Monday. 

This outflow far exceeds the previous record monthly outflow of $41.8 billion at the height of the financial crisis in October 2008.

“The unprecedented liquidation of bonds this month is a dramatic departure from recent trends,” David Santschi, chief executive officer of TrimTabs, said in a statement.  “Before June, bond funds had posted inflows for 21 consecutive months.”

TrimTabs attributed the selling to a combination of steadily rising yields and hints from global central bankers that monetary stimulus may be scaled back in the future.

“Until this month, investors were piling into all sorts of exotic credit instruments with little regard for value, confident that endless central bank liquidity would inflate prices,” Santschi added.  “The massive selling at the mere suggestion that this liquidity might diminish shows the degree to which central bank intervention is driving the markets.”

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In a research note, TrimTabs explained that bond yields are likely to stabilize or even decline over the near term.  Fund investors tend to be wrong, particularly when their behavior becomes extreme.

“The ferocity of the recent selling does raise longer-term concerns,” Santschi concluded.  “How many of the investors who pumped a record $1.21 trillion into bond funds from 2009 through 2012 have experienced a rising interest rate environment?  And how will they react when they get their quarterly statements in a couple of weeks and see that their ‘safe’ bond funds are delivering losses?”

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An Ocean of 52-Week Lows - 50% Off High, Second Quarter Financials

Top 10 Penny Stocks To Own Right Now

The GuruFocus special feature 52-week low Value Screen is a great research tool to help investors quickly sort through the 740 USA stocks currently listed at a 52-week low, not to mention thousands of other stocks around the world.

Today's focus is on stocks that are a little more than 50% off high in a 52-week low, along with company financial updates from the second quarter of 2013.

Investor billionaires are holding some of these stocks:

Dendreon Corp. (DNDN)

The current DNDN share price is $3.39, or 53% off the 52-week high of $7.22.

Down 27% over 12 months, Dendreon Corp. (DNDN) has a market cap of $534.26 million, and trades at a P/S of 1.63.

Dendreon is a biotechnology company focused on the discovery, development and commercialization of novel therapeutics that improve cancer treatment options for patients. Its product portfolio includes active cellular immunotherapy and small molecule product candidates.

Revenue and net income tracking:

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The company recently reported a net loss in the second quarter of 2013 as $68.8 million, or $0.45 per share, compared to a net loss of $96.1 million, or $0.65 per share for the same period in 2012.

Top Guru shareholder PRIMECAP Management holds 2.43% of shares outstanding, with 3,789,800 shares. It's taken a losing position for more than 30 quarters since the fourth quarter of 2003, averaging a loss of 85% on 9,168,650 shares bought at an average price of $23 per share.



Steven Cohen is another long-time stakeholder that sold out in the third quarter of 2012, unloading 173,800 shares at an average price of $5.86 for a loss of 42.2%. Cohen made a new buy in the first quarter of 2013, purchasing 352,600 shares at an average price of %5.86 per share for a lo! ss of 42%.

Check here for more Guru trading details.

Cobra Electronics Corporation (COBR)

The current COBR share price is $2.56, or 52.6% off the 52-week high of $5.40.

Down 44% over 12 months, Cobra Electronics (COBR) has a market cap of $16.93 million, and trades at a P/E of 12.00 and a P/B of 0.40.

Incorporated in 1961, Cobra Electronics Corporation designs and markets consumer electronics products. In the U.S., Cobra competes with various manufacturers and distributors of consumer electronics products. Cobra also markets its products in over 70 countries through distributors. Cobra's products are distributed through a strong, well-established network of nearly 300 retailers and distributors located primarily in the United States, representing nearly 40,000 storefronts.

Revenue and net income tracking:

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Cobra recently reported a net loss of $1.9 million, or $0.29 per share for the second quarter of 2013 as compared to net income of $902,000, or $0.14 per share for the second quarter of 2012. In addition, there was an operating loss of $1.9 million for the current quarter compared to operating income of $1.4 million in the same quarter last year. These changes reflected drops in net sales of $3.5 million and gross margin of more than four points as well as a significant increase in fixed selling, general and administrative expenses, primarily litigation expenses relating to patent claims, according to a company press release.

Jim Simons has held COBR since the first quarter of 2006. In the first quarter of 2013 he sold 1,700 shares at an average price of $3.73 for a loss of 31.4%. Overall, he lost 51% on 72,900 shares bought at an average price of $5.20, but he made 11% on 33,500 shares sold at $2.31 per share.



Check here for Cobra's insider trades.

Highlight: Red Fork Energy Limited (RDFEY)

The current RDFEY share p! rice is 3! .69, or 53.6% off the 52-week high of $7.95.

Down 49% over 12 months, RDFEY has a market cap of $164.78 million, and trades at a P/B of 1.40.

Red Fork Energy Limited is engaged in shale gas and oil exploration and production in USA. Red Fork Energy has a large landholding in Oklahoma with producing oil and gas fields, as well as highly prospective development acreage. The company has positioned itself in a premier on-shore, horizontal oil resource play, with a large and growing position in the Mississippi Lime oil and gas play.

The company reported second quarter 2013 financial results with record sales of $6.985 million for the quarter, representing a 72.5%% increase from the previous quarter. The company had record gross production of 174.8 million barrels oil equivalents, a 33.4% increase from the previous quarter.

Revenue and net income tracking:

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Lightstream Resources Ltd. (LSTMF)

The current LSTMF share price is $7.23, or 54.4% off the 52-week high of $15.87.

Down 43% over 12 months, Lightstream Resources (LSTMF) has a market cap of $1.41 billion, and trades at a P/B of 0.50.

The company incorporated as PetroBakken Energy in Canada. It is a light oil exploration and production company comprised of long-life Bakken reserves and conventional light oil assets in southeast Saskatchewan. The company reports significant cardium potential in Alberta and development opportunities in the Horn River and Montney natural gas resource plays in northeast British Columbia.

The company reported second quarter 2013 production averaged 46,045 barrels of oil equivalent per day (82% light oil and liquids), a decrease of 6% from the first quarter of 2013 and an increase of 19% over the second quarter 2012. Adjusted net income for the second quarter was a loss of $51 million ($0.26 per basic share), a decrease of $76 million from the same quarter a year ago, acc! ording to! a company press release.

Revenue and net income tracking:

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Check out the GuruFocus special feature 52-week low screener to find the stocks hitting new lows but are still held by top investor Gurus and Insiders.



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GuruFocus Real Time Picks reports the stock purchases and sales that Gurus have made within the prior 2 weeks. The report time lag can be as short as 2 days after the date of the transaction. This feature is for Premium Members only.