Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Hey man - I saw your post from a few years back about EBM printing and Rocketlab. Trying to get an idea of how they're doing this, as they've said they just order the 3D printers now (which I guess means they don't do any heavy modifications but could be wrong) - apologies to drag up ancient history but do you reckon they're just getting it done by an external crowd like Zenith Tecnica or are there better solutions for producing the kinds of alloys used in Rutherford/Curie? Thanks in advance!
Re: Open-source EBM
Interesting. I'll try and keep up with this.
open-source electron beam melting (EBM) 3D printing
At 3dprintingindustry.com - FREEMELT RAISES $1.6 MILLION IN INVESTMENT ROUND FOR OPEN-SOURCE EBM 3D PRINTER - SEPTEMBER 11TH 2019
General Electric wins partial dismissal of shareholder lawsuit
At reuters.com - General Electric wins partial dismissal of shareholder lawsuit - AUGUST 29, 2019
RE: other stocks on additive /// 3D-Printing ETF (PRNT)
obutimo - "Charlie I think if you diversify from GE and post info on other stocks on additive and metallurgical engineering. I think you will see more posts."
Charlie - "If I saw anything that looked remotely positive as an investment, I would."
Your point is well taken and I wish that I'd see a good investment opportunity in additive. Adoption of additive isn't getting any real press even at GE or Rolls Royce. Lima is still cranking out the implants but it's hard to see that anyone's taken notice. I haven't looked at what Stryker has been doing lately. I will.
PRNT - The 3D Printing ETF
I haven't looked at the individual performance of every holding listed in quite a while. I used to but wasn't impressed by anything other than ADSK. I bought in over several weeks but then sold all when I thought I had a better idea - not in additive, CAD, manufacturing, or materials. So far it hasn't panned out but I'm still holding. I still think it could be a big winner - maybe bigger than Arcam though probably not.
Maybe I'll spend the rest of the Labor Day weekend looking at a few of this ETF's individual holdings.
GE INVESTORS - Follow Up From Last Week’s Note
At ge.com/reports - INVESTORS - Follow Up From Last Week’s Note - Aug 19, 2019 by Steve Winoker
GE’s Culp wagers serious money that Markopolos’ fraud accusation is wrong
At marketwatch.com - Opinion: GE’s Culp wagers serious money that Markopolos’ fraud accusation is wrong - Published: Aug 31, 2019
GE CEO Larry Culp probably can't read his company's financial statements: Markopolos
At finance.yahoo.com - GE CEO Larry Culp probably can't read his company's financial statements: Markopolos - Brian Sozzi - Editor-at-Large - Yahoo Finance - August 16, 2019
General Electric, A Bigger Fraud Than Enron
https://www.gefraud.com/
At cnbc.com - Read the full report from the Madoff whistleblower accusing GE of an Enron-like fraud - PUBLISHED THU, AUG 15 2019
GE_Whistleblower_Report.pdf
GE Aviation invests in widespread rollout of Arcam EBM technology to support GE9X blade production
GE Aviation invests in widespread rollout of GE Additive Arcam EBM technology to support GE9X blade production - June 20, 2019
Paris – GE Additive today announced at the Paris Air Show that GE Aviation has made a significant investment in its electron beam melting (EBM) technology, with the purchase of an additional 17 A2X systems and 10 Spectra H systems. Financial terms of the deal were not disclosed.
Avio Aero, a GE Aviation company, currently operates a fleet of 35 Arcam machines at its recently expanded site in Cameri, Italy. The additional EBM systems will be installed at GE Aviation and Avio Aero facilities in the US and Europe and will be used primarily for the production of titanium aluminide (TiAl) blades on the low-pressure turbine for the GE9X engine.
Additively manufactured TiAl blades are roughly half the weight of traditional nickel-alloy turbine blades. GE Additive Arcam EBM A2X machines produce six blades per batch, while the Spectra H system can produce up to ten blades, in around the same time.
Investment in 17 Arcam EBM A2X machines and 10 Arcam Spectra H systems builds on existing EBM footprint across GE Aviation and Avio Aero global manufacturing facilities
Rocket Lab unveils plan to land small rockets by catching them with a helicopter
Rocket Lab unveils plan to land small rockets by catching them with a helicopter - AUG 6 2019
"Rocket Lab, the leading U.S. company in launching small rockets, is aiming to take a major step in the year ahead: Recovering and re-using the largest part of its Electron rocket.
If Rocket Lab’s plan succeeds, it would become only the second private company to return an orbital-class rocket booster to land – only SpaceX has previously pulled off the feat.
The booster is the large, bottom portion of the rocket. The key advantage in re-use for Rocket Lab is launching more frequently, CEO Peter Beck told CNBC in an exclusive interview, as the company will be able to add previously flown rockets to its line-up of rockets coming off the assembly line.
“Even if we recover a booster stage once and reuse it once, we’ve doubled our production rate, essentially,” Beck said."
SLM-SOLUTIONS ADJUSTS GUIDANCE DUE, LOWER THAN EXPECTED SALES IN H1-2019
SLM SOLUTIONS ADJUSTS GUIDANCE DUE TO LOWER THAN EXPECTED SALES IN H1 2019 - JULY 29TH 2019
SLM SOLUTIONS: ADJUSTMENT OF GUIDANCE FOR FISCAL YEAR 2019
The text of the SLM news release on their Investor Relations page:
RE: diversify from GE
Anyone, please post if you see an outstanding, or even mediocre, additive company that's publicly traded. I'm not seeing much.
Adoption into areas of manufacturing other than aerospace and medical seems to be at a snail's pace.
For now, GE still looks like one of the few major users of metal additive machines for production end use components - and it's publicly traded. In virtually all of the recent corporate news about GE, additive isn't even a footnote anymore. It's been totally eclipsed by just about everything else they have going on. Mainstream GE shareholders couldn't care less about additive.
Three year trends for SLM Solutions and Voxeljet.
It's been horrifying to watch GE lately.
GE's going to grow the additive business on it's own? To show customers how to do it benefitting from GE's famed research and engineering? GE knows how to keep things no more complicated than they need to be.
At marketwatch.com - This ridiculous GE video showing 14 steps to reset a smart lightbulb has suddenly gone viral - Published: June 20, 2019
At washingtonpost.com - Think you know how a lightbulb works? Wait until you see this GE how-to video. - June 20, 2019
Charlie Ithink if you diversify from GE and post info on other stocks on additive and metallurgical engineering. I think you will see more posts.
No Stone Unturned 11 Years in a Row
Found these two for 2017 and 2018. Don't see GE on the 2019 list. Hmmmmm.
Ethisphere’s World’s Most Ethical Companies - No Stone Unturned 11 Years in a Row - By Andrea Clavijo | GE Corporate, US - March 20, 2017
CITY OF RIVIERA BEACH POLICE PENSION FUND
It'll be interesting to see how this plays out. This might be one of GE's "non-operational headwinds". I wonder how many others are out there.
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE - CITY OF RIVIERA BEACH POLICE PENSION FUND, Plaintiff, v. W. GEOFFREY BEATTIE, GREGORY BRENNEMAN, CLARENCE P. CAZALOT, JR., MARTIN S. CRAIGHEAD, LYNN L. ELSENHANS, JAMIE S. MILLER, JAMES J. MULVA, JOHN G. RICE, LORENZO SIMONELLI, and GENERAL ELECTRIC COMPANY, Defendants, -andBAKER HUGHES, A GE COMPANY, Nominal Defendant
At GE, Transparency Comes in Fits and Starts
At washingtonpost.com - At GE, Transparency Comes in Fits and Starts - Bloomberg - May 16
The introduction:
"General Electric Co. still has things to learn about transparency. I’ve long held that a true recovery for the struggling industrial giant must entail a restoration of credibility and a reckoning with the tendency toward obfuscation that allowed its cash-flow and balance-sheet challenges to lurk beneath the surface for so long. GE has made some progress on this front – including overhauling its board, hiring a new head of investor relations and opening the door to hiring a new auditor – but it’s also made some missteps that have left me wondering what the company was thinking. The latest of these came to light on Wednesday when Chief Financial Officer Jamie Miller acknowledged that one of the ways GE presented orders booked at its power business in the first quarter may have created some “confusion.”"
__________________________________________________________________
"According to Tusa, the company hadn’t typically highlighted the McCoy measure of demand on a quarterly basis for its power division and had only disclosed orders in units, which paints a clearer picture. Miller seemed to agree that this number risked being misleading, saying Wednesday that McCoy’s reporting guidelines and the manner in which GE actually books orders for its earnings are “apples and oranges.” "
__________________________________________________________________
"Overhauling a culture isn’t easy, but it just seems like GE sometimes can’t get out of its own way and given the history, it’s hard to give the company the benefit of the doubt. It’s healthy for the management team to get pressed on the things that it says. Hopefully in the long run that leads GE to a better place."
__________________________________________________________________
General Electric's CFO says the first quarter report uses “apples and oranges” figures rather than how they actually book orders for its earnings?
Now that's some transparency.
re: GE reset
I would say that 2019 and 2020 are reset years. They have 25 billion in debt that matures in 2019 and 2020. There's a deal in the books to sell GE's Biopharma group for at least 20 billion, so that evens the balance sheets up a bit. I'm sure there's more that they are doing to steer GE into a more profitable structure, but I'm short on details there.
Opening oneself to large rewards or failures defines risk and distributing the risk reduces the chance of catastrophe, so, I say, if you like the reward of having found that 10 bagger, invest in several companies like GE that have something disruptive for the future. GE, BB, ATI, CLNE, and WPRT come to mind right now. GE's aerospace, BB's software, ATI's energy saving titanium processing and special metals offerings, CLNE's net zero natural gas, and WPRT's natural gas diesel engine technology.
I'm still not invested in GE because I'm not sure this is the time to invest in them. I am invested in the other companies listed.
GE CEO Culp - "What reset means"
There's a lot in the press about how GE's investors like Culp because there's more transparency with the communications and economic realities. I see nothing of the sort. He admits that there are problems but has been holding back.
WHY?!? He's the CEO, he's driving the bus. Tell us. Yes, I have 45 shares of GE. I bought into GE with some of my proceeds from the Arcam squeeze-out debacle knowing that GE has a Golden Goose with Arcam. I didn't like the explanation for this being a "reset year" and sold most of what I had. The message was empty.
I'm liking it even less now. The more Culp talks, GE looks less and less transparent.
GE is not ‘telling the whole story’ about its struggling power business, says JP Morgan’s Tusa - May 15, 2019
Yes, I got the cash. Thank you for everything you've done, Charlie!
I got $38.8695 a share but paid a $38.00 reorganization fee. ?
I've learned my lesson about discount brokers, in this case, Scottrade swallowed by Ameritrade. They're fine for U.S. stocks but not pinksheet and so on. I missed out earlier on AMAVF's stock enhancement (forgot the details) due to, at that time, Scottrade's lack of a foreign desk.
Avoiding Integrity Land Mines
Too bad this guy's long gone. Maybe he used too many words for the people with short attention spans. The words aren't hard to understand. Even I get the message.
From the Harvard Business Review - Avoiding Integrity Land Mines - Ben W. Heineman, Jr. - FROM THE APRIL 2007 ISSUE
(Ben W. Heineman, Jr. was the chief legal officer at GE for nearly 20 years and is a senior fellow at Harvard University’s schools of law and government.)
RE: reflection of GE’s ethics and compliance
https://www.ge.com/sustainability/sites/default/files/GEA33641_Anticorruption.pdf
"GE’s approach to compliance in this critical area is multifaceted...
...and represents a core belief in how we do business."
GE 2019 SHAREOWNERS MEETING TODAY, MAY 8, 10AM
https://www.ge.com/investor-relations/events-reports
link to sign up to watch live.
RE: Ameritrade shares finally redeemed.
That's amazing! Of course, not in a good way. It looks like GE purposely tried to make the squeeze-out as drawn out as they could. They tied up our money for over a year. Was that some kind of punishment?
Who here wouldn't have taken a decent offer?
(1) The point is moot and we'll never know that answer. GE never attempted a dialog with us. No offer was presented to us when GE was a majority investor.
(2) It could be argued that each of us might have had a different amount in mind, some higher than others. Again, we'll never know.
GE had a dialog with Elliott Investors and The Polygon Investment Group and was able to come to an agreement. Why not with us? GE touts itself as being innovative and ethical. We were not unapproachable so what gives?
GE CEO’S FIRST LETTER TO SHAREHOLDERS - February 28, 2019
Ameritrade shares finally redeemed.
Ameritrade finally redeemed my AMAVF shares at a price of $38 with change.
GE to give moms and pops...same chance to_innovate_metal_printing in their respective fields.
At industryweek.com - State of 3D Printing 2019: All Grown Up & Ready to Work - Feb 01, 2019
GE Research PROJECT - Additive Machines Technology
At ge.com/research - GE Research PROJECT - Additive Machines Technology - Mar 22, 2019
ARPA-E announces $36M for high-temperature materials projects
The GE's Ultra Performance Heat Exchanger enabled by Additive Technology from the previous post is just part of a US Department of Energy Advanced Research Projects Agency $36M project funding 18 different organizations.
ARPA-E announces $36M for high-temperature materials projects - 23 March 2019
The US Department of Energy’s Advanced Research Projects Agency - Energy (ARPA-E) announced $36 million in awards for 18 projects as part of the High Intensity Thermal Exchange through Materials and Manufacturing Processes (HITEMMP) program, as well as the final OPEN+ Cohort, High Temperature Devices.
These project teams seek to develop new approaches and technologies for the design and manufacture of high temperature, high pressure, and highly compact heat exchangers and components.
Durable and affordable higher-temperature heat exchangers could make energy conversion much more efficient, which in turn could reduce fuel consumption, system footprint, capital and operational cost, and emissions.
Heat exchangers are critical to efficient thermal energy use in a variety of applications, including electricity generation, nuclear reactors, transportation, petrochemical plants, waste heat recovery, and many more.
HITEMMP projects will target heat exchangers capable of operating for tens of thousands of hours in temperatures and pressures exceeding 800 °C and 80 bar (1,160 psi) respectively.
Each of the project developer's listed below have at least a two paragraph description of what they're doing. I've eliminated that for brevity here.
HITEMMP projects include:
Michigan State University. Heat-Exchanger Intensification through Powder Processing and Enhanced Design (HIPPED) – $2,300,000
Missouri University of Science and Technology. UHT-CAMANCHE: Ultra-High Temperature Ceramic Additively Manufactured Compact Heat Exchangers – $1,457,000
Michigan Technological University. High-Density SSiC 3D-Printed Lattices for Compact HTHP Aero-Engine Recuperators – $1,846,000
Carnegie Mellon University. High Energy Density Modular Heat Exchangers through Design, Materials Processing, and Manufacturing Innovations – $2,400,000
The Ohio State University. Additively Manufactured High Efficiency and Low-Cost sCO2 Heat Exchangers – $1,500,000
Thar Energy LLC. High Temperature, High Pressure, and High Performance Compact Heat Exchanger – $2,000,000
Massachusetts Institute of Technology. Multiscale Porous High-Temperature Heat Exchanger Using Ceramic Co-Extrusion – $1,715,000
University of California-Los Angeles. SHOTEAM: Superalloy Heat Exchangers Optimized For Temperature Extremes and Advanced Manufacturability – $2,200,000
Vacuum Process Engineering. Compact Diffusion Bonded Printed-Circuit Heat Exchanger Development Using Nickel Superalloys for Highly Power Dense and Efficient Modular Energy Production Systems – $2,279,000
International Mezzo Technologies. Supercritical CO2 Micro Tube Recuperator: Manufacturing, Testing and Laser Weld Qualification – $1,640,000
CompRex. Compact Heat Exchanger for High Temperature High Pressure Applications Using Advanced Cermet – $1,455,000
General Electric Company, GE Global Research. Ultra Performance Heat Exchanger Enabled by Additive Technology (UPHEAT) – $2,500,000
The Boeing Company. Highly Compact Metallic Heat Exchangers for Extreme Environments – $2,397,756.52
United Technologies Research Center (UTRC). Additive, Topology-Optimized Ultra-Compact Heat Exchanger – $2,100,000
United Technologies Research Center (UTRC). Low-Cost Glass Ceramic-Matrix Composite Heat Exchanger – $1,400,000
Brayton Energy. Efficient and Low-Cost Brayton Cycle for Residential and Remote Power Applications – $1,000,000
Creare. Closed-Loop 5-kWe Brayton-Cycle Microturbine with 38% Efficiency: Advanced Generator Technology Designed for Inexpensive Mass Production – $2,999,901
Pennsylvania State University. Integration of Sensors through Additive Manufacturing Leading to Increased Efficiencies of Gas Turbines for Power Generation and Propulsion – $4,703,906
"applications_in_power_and_aviation that create a step change in energy efficiency"
At ge.com - GE Researchers Utilize 3D Printing to Design Ultra Performing Heat Exchanger for More Efficient Energy Conversion and Lower Emissions - NISKAYUNA, NY – April 15, 2019
NISKAYUNA, NY – April 15, 2019 – GE Research is leading a $2.5 MM project through the Advanced Research Projects Agency’s (ARPA-E) High Intensity Thermal Exchange through Materials and Manufacturing Processes program (HITEMMP) to develop a high temperature, high pressure and super-compact heat exchanger that would enable cleaner, more efficient power generation in both existing and next generation power plant platforms.
"Peter deBock, a Principal Thermal Engineer for GE Research and project leader on the ARPA-E award, says the unique blend of skillsets on the team will yield a new heat exchanger design that breaks new efficiency barriers. “We’re taking our deep knowledge in metals and thermal management and applying it in ways we couldn’t have before through the power of 3D printing, deBock said. “With 3D printing, we can now achieve new design architectures previously not possible. And this will allow us to create an ‘UPHEAT’ device that can operate cost effectively at temperatures 250°C (450°F) degrees higher than today’s heat exchangers.”"
deBock noted that heat exchangers perform a similar function to the lungs in the human body. “Lungs are the ultimate heat exchanger, circulating the air you breathe to keep the body functioning at peak performance while also regulating your body’s temperature. Heat exchangers in power generation equipment like a gas turbine essentially perform the same function, but at much higher temperatures and pressures. With additive manufacturing, GE and University of Maryland will now explore more intricate biological shapes and designs to enable a step change in heat exchanger performance that delivers higher efficiency and lower emissions.”
Your Next Flight Is Brought to You by 3D Printing
We've seen how far this technology has advanced from the early days but we also forget that we are still in the true infancy of it's adoption in manufacturing worldwide.
At the washingtonpost.com - Your Next Flight Is Brought to You by 3D Printing - Brooke Sutherland - Bloomberg April 12 , 2019
From the middle of the article:
GE Aviation currently has four 3D-printed discrete parts certified by the FAA, and the expected approval of its GE9X and Catalyst engines over the next two years will give it about 20 more. But looking at the numbers alone understates the scale of GE’s ambitions. Of the more than 80 additional parts in GE Aviation’s additive pipeline, roughly 90 percent are based on new designs, meaning these parts don’t currently exist in that form in the marketplace, Eric Gatlin, the general manager for the unit’s additive integrated product team, said in an interview. The company is trying to literally reinvent the wheel, or in this case, the engine.(2) It’s pitching its Catalyst turboprop engine as the first that was designed from the start to be crafted with the help of additive manufacturing. For engineers trained on traditional casting and welding processes, that requires a whole new thought process.
Using traditional methods, a heat exchanger on the Catalyst required some 300 components, hand assembly and blind welding; now it can be printed as a single part. That’s where GE’s decision to acquire the actual makers of 3D printers is paying off. These deals weren’t cheap, but they also weren’t dumb. Instead of being forced to wait months for third-party printer makers to add features, the GE Aviation team can give feedback and get tweaks made within hours. GE’s doing something right because the weight and fuel burn advantages from the Catalyst’s 3D printed parts were one factor that it says helped it win a contract for Textron Inc.’s Cessna Denali and break into a cross-section of the business and general aviation market that has historically been dominated by United Technologies’ Pratt & Whitney.
Footnote (2) from the section above:
(2) The company almost didn’t pursue printing one of its FAA certified parts – a power-door operating bracket on the GEnx engine – because it would have been a more straightforward substitution and the additive team thought it was too simple; an engineer campaigned for the weight reduction benefits and the opportunity to circumvent a supplier that was charging too much.
Thanks Flanker for info on SLM--I also bought NNDM whom one of the posters here recommended ahile ago -- big loss on that too
Cameri gets bigger, next generation machines already installed
Cameri gets bigger - The next generation of additive machines are already installed at the factory of the future in Cameri, to 3D print turbine blades for the new GE9X engine and to continue expansion. - march 2019
march 2019
"Additive manufacturing is the Netflix of manufacturing," said David Joyce, Vice Chairman of GE and President and CEO of GE Aviation recently. And it might have been the Avio Aero plant in Cameri, that inspired his choice of words. That is because, Cameri has been making a name for itself recently, following an expansion plan that has increased its production capacity.
The plan has been accompanied - in lockstep - by Arcam EBM, a division of GE Additive whose electron beam machines having been manufacturing airplane engine parts at the Novara plant since it was established in 2013. "A few weeks ago, we increased the production area by 600 sqm, and we now currently host 35 Arcam machines in total," says Vincenzo Trovato, Manufacturing Leader at Avio Aero Cameri.
Of these, there are 31 Arcam A2X machines. The other four machines are the new Arcam EBM Spectra H. "There will be at least another 16 Spectra H machines and in the long run, and we may eventually replace the entire machine fleet of the previous model with this new one," continues Trovato.
The A2X machines heat and melt layer by layer metal powder together, producing TiAl (titanium aluminum) blades for assembly on the low-pressure turbine of the new large GE9X engine, which flew for the first time one year ago. Everything starts with the technical drawing of the blades, and once it is sent to the A2X machine, it produces 6 blades per batch in about three days. Arcam's new Spectra H machine can produce up to 10, in around the same time.
Additively manufactured TiAl blades are half the weight of traditional nickel alloy turbine blades. For the GE9X engine, this means a fuel consumption reduction of 10% (and therefore emissions), compared to its predecessor, the GE90. The GE9X, which boasts about 200 kg less weight, is expected to enter service in 2020. And, it is estimated that about 60 thousand blades will be produced between 2022 and 2023.
Wow! Look at the recommendation to the supervisory board!
Elliott hikes stake in German 3D printer SLM Solutions to 29 percent https://uk.investing.com/news/stock-market-news/elliott-hikes-stake-in-german-3d-printer-slm-solutions-to-29-percent-1477374
I think it still trades because the shares haven't been settled and cashed out for some of us yet.
I too bought SLM and am still holding bought at 33 euros--I think the downfall came with the cancellation of the large order from China--China wanted som gimmees whicl SLM could not give--waiting for earnings 3/28
RE: 'You dropped a bomb on my head'
As the Arcam--General Electric takeover appears to be ending I'd like see how much interest there is in keeping this message board active.
In the past I've wanted to keep this board focused mostly on Arcam. The Arcam we knew has changed significantly. As an investment opportunity, it's done. I've already reinvested some of my proceeds in GE. I still see Arcam as an acquisition that has the possibility of being a driving force for GE reinventing itself.
I'm going to try keeping this board open and active with the focus on all additive manufacturing and the associated technologies (new AM metallurgy, AM post-processing, AM related software, and whatever else has yet to be invented for AM). Ideally, having investment opportunities for individuals like ourselves.
That said, I also want to keep an eye on how GE and Arcam continue to grow into what we've mostly seen as a great future.
About GE recently - What happened between February 26, 2019 (the 2018 CEO annual letter) and March 5, 2019 (CEO at J.P. Morgan Aviation, Transportation and Industrials Conference)?
From General Electric's (GE) CEO Larry Culp on J.P. Morgan Aviation, Transportation and Industrials Conference - Transcript - Mar. 5, 2019
GE Meets With Investors Tomorrow. Here’s What To Expect
At barrons.com - GE Meets With Investors Tomorrow. Here’s What To Expect - March 13, 2019
The conclusion:
"Looking Ahead: Ultimately, investors need to figure out what the remaining pieces at GE can earn once restructuring is completed.
Inch thinks 2020 cash flow for GE amounts to 35 cents per share, which is how he derives his $7 target price. Wolfe Research analyst Nigel Coe believes 2020 cash flow will be closer to $1 per share. Coe rates GE shares outperform with a $15 price target.
That wide range sums up the situation at GE—there is no shortage of opinion on GE’s cash flow or GE’s stock. No matter what GE management says on Thursday, analysts and investors won’t get a definitive answer on any issue—just another piece of the puzzle."
I'm not a fan of many articles at seekingalpha. This one seems to be thoughtfully prepared,
At seekingalpha.com - GE 2019 Outlook: What Will Larry Culp Do Mar. 12, 2019
"Conclusion
On a company-wide basis the bottom line is that GE needs to develop and execute a viable plan to convince shareholders as well as Wall Street that their cash flow will be adequate to meet their debt load in light of the disclosure regarding 2019 negative FCF. Perhaps GE’s 2/25/19 S-3 filing will be of value in this regard as in the author’s view Larry Culp’s “heavy lift” has become heavier since the 1/31/19 earnings call. Hopefully the company will provide realistic guidance regarding 2019 EPS and FCF on 3/14/19. This will go a long way towards restoring confidence in GE’s management and assuring GE shareholders that stewardship of their investments funds are being well-managed.
Note: Based on the many uncertainties which currently obtain, the author is revising his caveat emptor mantra of 9/4/18 to conscius esse emptor (“let the buyer be very aware.”) for the foreseeable future and urges extreme caution regarding the expected increased volatility in the short-term.
Disclosure: I am/we are long GE. 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.
Additional disclosure: PLEASE consider priority editing as this is a VERY time sensitive article which was updated from last week because it was in the pipeline when GE made a BOMBSHELL announcement."
Interesting information at ge.com
SLM Solutions
Im hoping some of you are watching SLM Solutions and care to weigh in on it.
What do you make of the collapse of SLM Solutions stock price?
I bought into the stock at around 29EUR after the deal with GE was dropped. Today its trading at below 7EUR... Im still holding, and I consider adding now to lower my average price, but I have no clue whats going on. I see that sales and revenue is disappointing and below expectations, but does this mean that they have no future, or simply that they are going through a rough time?
Is it a matter of making bad moves e.g. focusing on speed, build size, surface finish, range of materials, etc. - and getting outmaneuvered by competitors who make better moves?
Or is it a matter of betting on a doomed technology?
It seems that SLM solutions are betting on print speed, working on a new printer with 12 lasers. Is that the right direction for them, given their customers?
Example: I guess print speed is unimportant for e.g. dental, while its likely absolutely critical to e.g. automotive due to component size and quantity?
It also seems that they are betting hard on the asian market - is that wise?
Let me know what you think.
Finally, congratulations on Arcam. I received money for my ARCM shares on the swedish stock exchange some time ago. I never held any AMAVF shares.
Nasdaq’s List of Fifth Character Symbol Suffixes
https://www.nasdaqtrader.com/content/technicalsupport/specifications/dataproducts/nasdaqfifthcharactersuffixlist.pdf The 5th letter of a stock symbol tells you exactly what kind of stock you're holding.
RE: AMAVF is not the American Depositary Receipt.
I'm not a lawyer or a banker. I did look into what the difference is between an ADR and an ADS.
This is what I'm going with. The US SEC Office of Investor Education and Advocacy - Investor Bulletin: American Depositary Receipts
An ADR is a negotiable certificate that evidences an ownership interest in American Depositary Shares (“ADSs”) which, in turn, represent an interest in the shares of a non-U.S. company that have been deposited with a U.S. bank. It is similar to a stock certificate representing shares of stock. The terms ADR and ADS are often used interchangeably by market participants. ADRs trade in U.S. dollars and clear through U.S. settlement systems, allowing ADR holders to avoid having to transact in a foreign currency.
Still not satisfied I did an Edgar search on the SEC's website for ARCAM. - https://www.sec.gov/cgi-bin/browse-edgar?company=arcam&owner=exclude&action=getcompany
It's easy to get lost in the search results so I went through every one.
The most applicable - the one that satisfied my concern that the terms mean essentially the same thing, at least to me, was this one.
SECURITIES AND EXCHANGE COMMISSION, Washington, D.C. 20549, FORM F-6 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 FOR DEPOSITARY SHARES EVIDENCED BY AMERICAN DEPOSITARY RECEIPTS----ARCAM AB
There's no mention of ARZMY or AMAVF, just ARCAM and ADR and ADS. The exact name of the depositary as specified in its charter is CITIBANK, N.A.
At one point recently I tried to find why some people here didn't get some of the information that most of us got. That led me to this document. BTW, its actually a collection of documents all concerning Arcam with regard to SEC rules and information. For what it's worth, the term ADS is referenced 60 times, ADR is referenced 11 times, ARZMY is mentioned 0 times, and AMAVF is mentioned 0 times.
Form F-6EF Arcam Ab/adr F-6EF - Registration of American Depository Receipt shares, immediately effective
I've copied some of the sections pertinent to recent activity by Arcam and General Electric. I may have overlooked something here. Please read and tell us what you think is important to you. If it's important to you then it's probably important to us, too.
11. AVAILABLE INFORMATION. Based on the reasonable good faith belief of the Depositary (after exercising reasonable due diligence), it was determined, at the time of the filing of the applicable registration statement for the ADSs, that the Company published in English the information contemplated in Rule 12g3-2(b) under the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”), on its internet website or through an electronic information delivery system generally available to the public in the Company's primary trading market. As of the date of such filing, the Company's internet website was www.arcam.com. The information so published by the Company cannot be retrieved from the Commission's internet website, and cannot be inspected or copied at the public reference facilities maintained by the Commission. The Depositary does not assume any duty to determine if the Company is complying with the requirements of Rule 12g3-2(b) under the Exchange Act or to take any action if the Company is not complying with those requirements.
12. NOTICES; VOTING RIGHTS. The Depositary shall be under no obligation to give notice to the Holder or any Beneficial Owner of this Receipt of any meeting of shareholders or of any report of or communication from the Company or of any other matter concerning the affairs of the Company, except as herein expressly provided. The Depositary undertakes to make available for inspection by the Holder of this Receipt at its principal office any reports and communications received by the Depositary or any agent, nominee, custodian or correspondent of the Depositary from the Company which were both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. Such reports and communications will be available in the language in which they were received by the Depositary from the Company except to the extent, if any, that the Depositary in its sole discretion elects both (i) to translate into English any of such reports or communications that were not in English when received by the Depositary and (ii) to make any such translation available for such inspection by Holders of the Receipt. The Depositary has no obligation of any kind to translate any of such reports or communications or to make any such translation available for inspection. The Depositary shall not incur any liability to any Holder or Beneficial Owner by reason of any such translation provided by the Depositary, whether or not such translation was prepared by the Depositary.
The Depositary will, but only upon the written request of a Holder hereof and the payment to the Depositary of any expenses involved, endeavor insofar as practicable to exercise any then existing voting rights with respect to an amount of the Deposited Securities represented hereby in accordance with such request.
13. DISTRIBUTIONS. Until the termination of the agreement evidenced by this Receipt in accordance with the terms hereof, the Depositary shall distribute or otherwise make available to the Holder hereof, at a time and in such a manner as it shall determine, any distributions of cash and securities, subscription or other rights, and any other distribution with respect to the Deposited Securities represented by the ADSs evidenced by this Receipt, after deduction, or upon payment, of the fees and expenses of the Depositary described in paragraph 20 below, and the withholding of any taxes in respect thereof; provided, however, that the Depositary shall not make any distribution which in the opinion of counsel may violate the Securities Act or any other applicable law. In such case, the Depositary may sell such subscription or other rights, securities or other property. In the event that the Depositary elects not to make any such distribution it will notify the Holders of the disposition thereof and proceeds of such sale. Any dividend or other distribution received by the Depositary in cash in a currency other than U.S. dollars shall, subject to the provisions of the following paragraph, be converted into U.S. dollars and distributed as herein provided in U.S. dollars. In lieu of distributing fractional ADSs, the Depositary may, in its discretion, sell the amount of securities or property equal to the aggregate of any fractional ADSs. The Depositary shall have discretion as to the procedure to be followed in making subscription or other rights available to any Holder or in disposing of such rights on behalf of any Holder and making the net proceeds available to any Holder, provided that if by the terms of such rights offering or for any other reason it would be unlawful for the Depositary either to make such rights available to any Holder or dispose of such rights and make the net proceeds from the sale of such rights available to any Holder, then the Depositary may allow such rights to lapse. Sales of subscription or other rights, securities or other property by the Depositary may be made at such time and in such manner as the Depositary may deem advisable, and in such case, the Depositary shall distribute to the Holder hereof the net proceeds after deduction of its fees and expenses described in paragraph 20 below and the withholding of taxes and governmental charges in respect thereof.
If the Depositary shall determine in its sole judgment that any cash distribution is not convertible in its entirety, or with respect to the Holders of a portion of the Receipts, on a practicable basis into U.S. dollars available to it in the City of New York, or if any required approval or license of any government or agency for such conversion is denied, or is not obtainable within a reasonable period, the Depositary may in its discretion make such conversion and distribution in U.S. dollars to the extent possible to the Holders entitled thereto, at such time and rates of conversion as the Depositary shall deem appropriate, and shall with respect to any such currency not converted or convertible either (i) distribute such currency to the Holders entitled thereto or (ii) hold such currency for the respective accounts of such Holders and distribute appropriate warrants or other instruments evidencing rights to receive such foreign currency.
16. CHANGE AFFECTING DEPOSITED SECURITIES. Upon (i) any change in nominal or par value or any subdivision, combination or any other reclassification of the Deposited Securities, or (ii) any recapitalization, reorganization, sale of assets, receivership, bankruptcy, liquidation, merger or consolidation affecting the Company or to which the Company is a party, or (iii) the redemption by an issuer of Deposited Securities at any time of any or all of such Deposited Securities (provided the same are subject to redemption), then and in any such case the Depositary shall have the right to exchange or surrender such Deposited Securities and accept and hold hereunder in lieu thereof other shares, securities, cash or property to be issued or delivered in lieu of, or in exchange for, or distributed or paid with respect to, such Deposited Securities. Upon any such exchange or surrender, the Depositary shall have the right, in its discretion, to call for surrender of this Receipt in exchange (upon payment of fees and expenses of the Depositary and all applicable taxes and governmental or other charges) for one or more new Receipts of the same form and tenor as this Receipt, specifically describing such new shares, securities, cash or property. In any such case the Depositary shall have the right to fix a date after which this Receipt shall only entitle the Holder to receive such new Receipt or Receipts. The Depositary shall mail notice of any redemption of Deposited Securities to the registered Holders of Receipts, provided that, in the case of any redemption of less than all of the Deposited Securities, the Depositary shall draw in such manner as it shall determine an equivalent number of ADSs and shall mail notice of redemption only to the Holders of Receipts evidencing the ADS so drawn for redemption in whole or in part. The sole right of the Holders of Receipts evidencing the ADS designated for redemption after the mailing of any such notice of redemption shall be to receive the cash, rights, and other property applicable to the same, upon surrender to the Depositary (and upon payment of its fees and expenses and governmental or other charges) of the Receipts evidencing such ADSs.
18. AMENDMENT OF RECEIPTS. The form of the Receipts may at any time and from time to time be amended by the Depositary in any respect which it may deem necessary or desirable. Any amendment which shall prejudice any substantial existing right of Holders shall not become effective as to outstanding Receipts until the expiration of thirty (30) days after notice of such amendment shall have been given to the Holders of outstanding Receipts; provided, however, that such thirty (30) days' notice shall in no event be required with respect to any amendment which shall impose or increase any taxes or other governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses. Every Holder and Beneficial Owner of ADSs evidenced by this Receipt at the time any amendment so becomes effective shall be deemed, by continuing to hold such ADSs, to consent and agree to such amendment and to be bound by the agreement evidenced in this Receipt as amended thereby. In no event shall any amendment impair the right of the Holder of any Receipt to surrender this Receipt and receive therefore the Deposited Securities represented by the American Depositary Shares evidenced thereby, except in order to comply with mandatory provisions of applicable law.
Now, all that said, I wanna be a rockstar.
It's like the bottom of the ninth and I'm never gonna win
This life hasn't turned out
Quite the way I want it to be
I'm gonna trade this life
For fortune and fame
I'd even cut my hair
And change my name (to charlie T colton)
Re: According to the Citibank notice...
AMAVF is not the American Depositary Receipt. AMAVF is the foreign ordinary share. The American Depositary Receipt is ARZMY. Citibank is responsible for ARZMY, but has no responsibility for AMAVF. Thus, AMAVF and ARZMY have different payment dates and can have varying amounts.
There is still apparently an issue with AMAVF at the Depository Trust Company. If a broker custodized AMAVF at the DTC, the payment is still held up.
As previously noted, I got $38.32, better than expected.
Does everyone have cash? Question about settlement price.
Has anyone NOT been cashed out?
According to the Citibank notice of termination document dated February 12, 2019:
The Company’s ADR holders are requested to arrange for the mandatory surrender of their ADSs to receive the following cash proceeds:
Gross Rate per ADS: $ 38.267590
Depositary Fee: $ 0.050000
Net Rate per ADS: $ 38.217590
The Depositary hereby gives notice that the net cash proceeds in US Dollars will be available for distribution as of February 22, 2019. The books were closed for issuances and cancellations at the close of business on February 8, 2019.
I'm curious what everyone received for their settlement share price. Please post if you haven't already. It's pretty clear that mine is $37.6791. What's strange is that I was cashed out on Feb. 6th, two days before the books were closed and 16 days before the funds were available for distribution. That's $1,941 less than expected for my traditional IRA. I also had sizeable Arcam holdings in two of my brokerage accounts, well sizeable to me anyway. The combined total is enough for me to say, "It ain't over 'til it's over."
You guys have been great.
charlie T colton, ALL IN
Is history repeating itself with GE?
A year ago - GE says shock multibillion-dollar insurance charge is ‘a special case’ - Published: Feb 10, 2018
"General Electric made what seemed like a smart move last month, giving investors several days to digest some bad news ahead of announcing its fourth-quarter results.
GE still had to talk about the after-tax charge of $6.2 billion and additional cash funding of $15 billion in statutory capital contributions to its insurance subsidiary on its earnings call, but the surprise charge and reported loss was mitigated by talk of a better future. GE shares GE, -0.21% rallied after the company reported its results.
But there was more bad news to come, when GE was forced to acknowledge a Securities and Exchange Commission investigation into the process leading to the sudden multibillion-dollar charge, and an additional review of revenue recognition and controls over its long-term contracts.
The market immediately reversed the gains.
When GE first announced the charge on Jan. 16, which related to the remnants of its long-term-care reinsurance portfolio, CEO John Flannery told analysts he had “underappreciated the risk in this book.”
Jim Cramer on GE's CEO cash-flow news: 'You dropped a bomb on my head'
Published on Mar 6, 2019
NOTICE-OF-TERMINATION-OF-UNSPONSORED-ADR-FACILITY-AND-CASH-DISTRIBUTION FOR ARCAM AB AMERICAN DEPOSITARY SHARES
NOTICE OF TERMINATION OF UNSPONSORED ADR FACILITY AND CASH DISTRIBUTION FOR ARCAM AB AMERICAN DEPOSITARY SHARES
TD Update
Thanks Charlie.
TD recently got back to me and told me they are now aware of the situation and let me know the hold up is with the custodian due to some reconciliation issue. They couldnt give me an estimate as to when they thought everything would be finalized but at least they are aware and it seems like its in process.
Followers
|
57
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
6624
|
Created
|
12/05/12
|
Type
|
Free
|
Moderators |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |