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AEY - I remember being on the wrong end of one such move, and it was not pleasant! Could get interesting tomorrow. This is the second quarter in a row of big improvements on the top and bottom line. Maybe they are rounding into form like Sea Biscuit.
PFHC...ProFrac Holding Corp. Reports Strong 2022 Second Quarter Financial and Operational Results
ProFrac's Two-Prong Growth Strategy
– Acquire, Retire, Replace(TM) and scaling Vertical Integration –
Drives Significant Increases in Revenue, Net Income and Adjusted EBITDA
WILLOW PARK, Texas, Aug. 11, 2022 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: PFHC) ("ProFrac" or the "Company") today announced strong financial and operational results for its second quarter ended June 30, 2022.
Second Quarter 2022 Results and Recent Highlights
Total revenue grew approximately 40% sequentially to $589.8 million over 2022 first quarter revenue, on a pro forma basis for the FTSI acquisition,(1) of $421.6 million, and up over 70% over 2022 first quarter reported revenue of $345.0 million
Net income rose to $70.1 million, which included $38.8 million of stock compensation expense related to a deemed contribution from a related party
Net income excluding stock compensation expense related to a deemed contribution was $108.9 million, up over 350% compared to 2022 first quarter reported net income of $24.1 million
Adjusted EBITDA(2) increased over 100% sequentially to $210.6 million compared to 2022 first quarter Adjusted EBITDA, on a pro forma basis for the FTSI acquisition,(3) of $99.4 million
Annualized Adjusted EBITDA per fleet excluding Flotek was $28.1 million on 31 average active fleets during the quarter
Announced pending acquisition of U.S. Well Services, Inc. in late June and expect to close the transaction in the fourth quarter of 2022
Upsized Term Loan by $150 million and closed on the acquisition of the SPS Monahans assets in late July 2022
Second quarter results include the consolidation of Flotek results after May 17, 2022 which contributed $15.4 million in revenue and ($7.5) million in Adjusted EBITDA
Ladd Wilks, ProFrac Holding Corp.'s Chief Executive Officer, stated, "Our business performed extremely well during the second quarter. We had 31 average active fleets during the quarter and we are currently deploying our first electric fleet into the field. We do not have plans to activate any additional conventional fleets at this time. We continue to focus our supply chain and our team on our existing fleets and our electric deployments. I am proud to partner with our customers and our team to continue pushing for a better, safer service company that provides best-in-class products and services, while focusing on driving superior returns for our shareholders."
Matt Wilks, Executive Chairman, added, "Over the past several quarters, we have been focused on executing our Acquire, Retire, Replace(TM) strategy and scaling our Vertical Integration strategy. As such, we are very pleased to report tremendous growth metrics during our second quarter which highlights the strong value of both strategies. The second quarter demonstrates our two-prong strategy in action because this is our first full quarter that includes the fleets acquired in the FTSI transaction. This is also the time that vertical integration matters the most. We are excited and look forward to continue proving the value creation potential of our two-prong growth strategy to our new investors as a public company as we integrate our most recently announced acquisitions."
Second Quarter 2022 Financial Results
For the second quarter of 2022, consolidated revenues totaled $589.8 million, or approximately $76 million per fleet on an annualized basis. On a pro forma basis for the FTSI acquisition, this compares to $421.6 million in the first quarter, or $54.4 million per fleet on an annualized basis. The increase was driven by higher average pricing, higher activity levels achieved with our fleets, and more materials provided to our customers.
Selling, general, and administrative costs ("SG&A") was $87.5 million and included $38.8 million of stock compensation expense related to a deemed contribution, $4.2 million of costs attributable to Flotek, $4.1 million in acquisition related expenses and included a full quarter of SG&A from FTSI. Higher costs were also driven by incentive compensation costs and acquisition related expenses during the quarter.
The stock-based compensation expense related to a deemed contribution of $38.8 million was related to shares sold by Farris Wilks and Dan Wilks (or entities they control) (collectively the "Wilks") to Ladd Wilks and Matt Wilks, respectively. These transfers were completed in connection with the IPO and the accounting treatment resulted in stock-based compensation funded directly by the Wilks.
Net income for the second quarter totaled $70.1 million. Net income excluding the stock compensation expense related to a deemed contribution from related parties was $108.9 million, compared to $24.1 million for the first quarter.
Adjusted EBITDA totaled $210.6 million in the second quarter, or $27.2 million per fleet on an annualized basis. Excluding the operating results attributable to Flotek, Adjusted EBITDA totaled $218.0 million, or $28.1 million per fleet on an annualized basis.
Operating cash flow was $39.5 million which was impacted by a working capital build due to increased pricing, increased activity levels, and increased materials provided to our customers.
The Company's average active fleet count for the second quarter was 31 fleets.
Outlook
The Company is deploying its first electric fleet during the third quarter and expects to average approximately 31 active fleets for the full quarter. We expect to deploy two more electric fleets in the fourth quarter. There are no current plans to reactivate any conventional or dual fuel fleets for the remainder of 2022.
The Company also expects incremental improvement in third quarter results, as compared to the second quarter attributable to further bundling of materials with our pressure pumping services, continued pricing improvements, and the anticipated deployment of our first electric fleet.
Business Segment Information
The Stimulation Services segment generated revenues in the second quarter of 2022 of $576.6 million, which resulted in $196.1 million of Adjusted EBITDA.
The Manufacturing segment generated revenues of $34.9 million in the second quarter of 2022, which resulted in $9.4 million of Adjusted EBITDA. Approximately 88% of the Manufacturing segment's revenue was intercompany.
The Proppant Production segment generated revenues of $17.5 million in the second quarter of 2022, which resulted in $12.6 million of Adjusted EBITDA. Approximately 66% of the Proppant Production segment's revenue was intercompany.
Our other business activities generated revenues of $15.4 million in the second quarter of 2022, which resulted in $(7.5) million of Adjusted EBITDA.
The Other business activities solely relate to the results of Flotek Industries, Inc. ("Flotek"). In May 2022, the Flotek shareholders approved the issuance of $50 million in initial principal amount of convertible notes that are convertible into Flotek common stock in exchange for amending our supply agreement to increase the term to ten years and the scope to 30 fleets. We were also granted the right to designate four of seven directors to Flotek's board of directors. As a result of our right to appoint directors without a direct equity interest, we determined that Flotek is a variable interest entity ("VIE"). We further determined that the Company is the primary beneficiary of the VIE, primarily due to our ability to appoint four of seven directors to Flotek's board of directors. As a result, and in accordance with GAAP, subsequent to May 17, 2022, we have accounted for this transaction as a business combination using the acquisition method of accounting and Flotek's financial results from May 17, 2022 to June 30, 2022 have been consolidated into our consolidated financial statements.
Capital Expenditures and Capital Allocation
Capital expenditures for full year 2022 are expected to range from $265 million to $290 million, which represents the high end of the range provided previously, due to increased activity levels and costs. The first electric fleet has been deployed for field trials and is expected to be fully deployed prior to the fourth quarter. The West Munger sand plant is expected to be operational by the beginning of the fourth quarter of this year.
Balance Sheet and Liquidity
Total gross debt outstanding as of June 30, 2022 was $495.0 million, $17.5 million of which was attributable to Flotek. Gross debt outstanding excluding amounts attributable to Flotek was $477.5 million, compared to $648.0 million as of March 31, 2022.
Total cash and cash equivalents as of June 30, 2022, was $73.7 million, $33.1 million of which was attributable to Flotek. Cash and cash equivalents excluding amounts attributable to Flotek was $40.6 million, compared to $28.7 million as of March 31, 2022.
As of June 30, 2022, and excluding amounts attributable to Flotek, the Company had $88.0 million of liquidity, including $40.6 million in cash and cash equivalents and net availability of $47.4 million under its asset-based credit facility.
On July 25, 2022, the Company entered into an amendment to its Term Loan Credit Facility to increase the size of the facility by $150 million, with an uncommitted option to obtain commitments for a potential additional $100 million of delayed draw loans before the earlier to occur of (i) the consummation of the pending acquisition of U.S. Well Services, Inc. and (ii) March 31, 2023.
SPS Monahans Acquisition
On July 25, 2022, the Company acquired SP Silica of Monahans, LLC, and SP Silica Sales, LLC (collectively, "SPS Monahans"), the West Texas subsidiaries of Signal Peak Silica, for approximately $90 million in cash plus approximately $10 million in working capital closing adjustments. For additional information related to the acquisition, please reference the Company's press releases available on its website at https://ir.pfholdingscorp.com/news-events/press-releases.
Footnotes
(1) Pro forma for the FTSI acquisition assumes that FTSI was acquired on 1/1/2022, in which case our combined first quarter revenue, net loss, and adjusted EBITDA would have totaled $421.6 million, $(1.2) million and $99.4 million, respectively.
(2) Adjusted EBITDA is a financial measure not presented in accordance with generally accepted accounting principles ("GAAP") (a "Non-GAAP Financial Measure"). Please see "Non-GAAP Financial Measures" at the end of this news release.
(3) Adjusted EBITDA per fleet is a Non-GAAP Financial Measure. Please see "Non-GAAP Financial Measures" at the end of this news release.
Conference Call
ProFrac has scheduled a conference call on Friday, August 12, 2022 at 11:00 a.m. Eastern time / 10:00 a.m. Central time. Please dial 412-902-0030 and ask for the ProFrac Holding Corp. call at least 10 minutes prior to the start time of the call, or listen to the call live over the Internet by logging on to the website at the address https://ir.pfholdingscorp.com/news-events/ir-calendar. A telephonic replay of the conference call will be available through August 19, 2022 and may be accessed by calling 201-612-7415 using passcode 13731713#. A webcast archive will also be available at the link above shortly after the call and will be accessible for approximately 90 days.
Bobwins: VET
Still a sleeper, which is good for us! Thank you for the update.
SSKMP Managed Index (As Of 8/11/22)
Daily Performance
+0.86%
YTD Performance
+3.82%
Overall Performance
+457.40% (Including Options Trading +321.38%)
Note that this is a fictional portfolio and is not a recommendation to buy or sell securities
VET (26.21) looks attractive. I think EPS of $2.20 is Canadian dollars, so equal to US $1.72 at the current exchange rate of 0.78.
I added VET to my watchlist. Thanks !
VET has to be one of the cheapest energy plays out there.
If you include corrib and prices stay where they are the FCF yield is 40%
AEY 2.20 (up .79)saw too late.
VET, $25.86, reported Q2 earnings of 2.20/share, Free Cashflow of $340million or 2.07/share
including upcoming acquisition of Corrib ngas field off Britain, Free Cashflow was 422million or 2.56/share
VET has landbased ngas in the Netherlands and Germany as well as the Corrib ngas field. They have oil wells in the US and Canada as well as ngas in Canada.
VET is ideally situated for higher ngas prices in Europe this winter. They get about half their revs from ngas. Geographically diversified and able to make money from oil and ngas.
https://seekingalpha.com/pr/18902407-vermilion-energy-inc-announces-results-for-three-and-six-months-ended-june-30-2022-33-percent?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews
Surprisingly huge quarter from AEY! I snagged a few for fun. Impressive numbers but I doubt it's sustainable. They have 2 seasonally weaker quarters due to winter weather too. But it should be a low float runner tomorrow. I've seen AEY make some crazy moves in the past...when they didn't have a fantastic looking quarter sitting there.
AEY really flying on finally breaking into profitability:
https://www.globenewswire.com/news-release/2022/08/11/2497161/0/en/ADDvantage-Technologies-Reports-63-Revenue-Increase-to-a-Record-of-27-8-million-Net-Income-of-875-000-for-the-Third-Quarter-of-Fiscal-2022.html
SSKMP Trades
Sell 200 Shares of BK
Note that this is a fictional portfolio and is not a recommendation to buy or sell securities
energy stocks are going to be hot this winter, although I did read that if they make a deal with Iran, oil may get hit.
VET is my favorite, they have oil and ngas in Europe. Pending acquisitions aren't in financials yet and they are still printing money! VET +5.36% today at 26.41, up 38% since mid June
MTDR is a permian oil play. +5.4% today at 60.40 up 37% since mid June
Oil and Gas prices are both surging higher today .... the producer stocks are all shaply higher today.
CPE +6%, SBOW +9% .....
I'm now bidding on KOLD at 11.05.
RCMT seems to be an erroneous headline on sales miss.
PFHC...Profrac reports after the close. Should be decent and might get some insight into the Flotek (FTK) contract.
Guess on KOLD I should have said mid $11's. Wow I thought this looked attractive late yesterday in the high $13's. Now almost a 20% gain just to get back there!
Surging NG prices sure flies in the face of the 'inflation is over' narrative.
Thanks on RCMT. Normal seasonality wouldn't explain a 22% drop in the stock, so I'm still puzzled. Expectations must have been super high if that quarter was looked at as horribly disappointing. RCMT has spent the last 3+ months trading between the $16's and the $28's. Now in the $14's. I'll continue to nibble at the carcass.
RCMT things may have changed, but when I trades this more frequently back a ways, the seasonally weakest qtr was the September qtr due to their NYC School biz, and I think the second weakest was the December qtr b/c of Holidays taking away from man hours they could charge customers.
I haven't read the report in detail or listened to the CC, but the decline does seem weird after what on the face of it looks like a strong qtr.
KOLD -1.26 to 12.54, another rally in NG prices .... I got a fill at $13.02 this morning and am bidding $12.05 GTC.
Uranium stocks are running
UEC +.11 to 4.37
LEU +2.79 to 45.54
UUUU +.17 to 7.11
URNM up a more modest .94% but sector has been running
UEC is up over a buck since mid June. US hasn't banned Russian imports but they are working to ensure stable supplies of uranium before doing it. Russia exports both uranium and enriched uranium(needed to make fuel rods). US has no production of raw U308 and has shut down enrichment facilities. Need to fix both problems soon!
Legislation is working towards both. Also US has intentions to create a uranium reserve, similar to fuel oil reserves. Has been authorized but govt agency hasn't bought any uranium yet. We need nuclear reactors to provide carbon free base load power. Sun don't shine at night.
Guess we should have waited a day on KOLD. I'm picking up a few more in the mid $12's
Had the RCMT CC on. Sounded pretty bullish from what I heard. So the stock plunge today seems overdone. I've seen a LOT of lousy earnings reports in the past week. So many small companies are still losing money. RCMT one of the better ones I've seen lately.
Still don't understand the seasonality here. Sounds like every quarter has seasonal weakness haha. From the 10K-
Seasonality
The Company’s operating results can be affected by the seasonal fluctuations in client expenditures. Expenditures in the Engineering, Life Sciences and Information Technology segments can be negatively impacted during the first quarter of the year when clients are finalizing their budgets. Quarterly results generally fluctuate depending on, among other things, the number of billing days in a quarter and the seasonality of clients’ businesses. The business is also affected by the timing of holidays and seasonal vacation patterns, generally resulting in lower revenues and gross profit in the fourth quarter of each year, not considering any non-seasonal impact. Extreme weather conditions may also affect demand in the first and fourth quarters of the year as certain clients’ facilities are located in geographic areas subject to closure or reduced hours due to inclement weather. The Company generally experiences an increase in its cost of sales and a corresponding decrease in gross profit and gross margin percentage in the first and second fiscal quarters of each year as a result of resetting certain state and federal employment tax rates and related salary limitations. Also, the Company’s Specialty Health Care segment typically experiences a significant decline in revenues due to the substantial closure of one of its largest customers, the New York City Department of Education, and other educational institution clients during the third quarter due to their summer recess.
RCMT I bought some as well
I didn’t think the numbers justified a flat out crucifixion.
RCMT 5 million below estimate, hit it to $15?
RCMT - I bought more this morning, also. This blurb from the PR sounds pretty good:
RCMT 15.50 stuck thumb as all I could afford.
7 cents above whisper number of .50?
Oops, made an error. PRPH Q2 was .40 diluted, .48 undiluted. So TTM is 1.50
BK
Sold BK at around $44.34 today. Just listened to the CC again for the 2nd time ran the numbers, and I agree with analyst estimates that they came down significantly. I feel FV has dropped significantly here and is probably in the upper 40's to low 50's, All is just my opinion, and I could always be wrong though.
Anyone look at that RCMT? Down 18%?? I snagged a few in the $15's. CC starts in about 30 mins
Another big quarter for HSON. Was hoping after such a terrific looking comp, this thinly traded stock would shoot up 20-30% in this hot market. Feel like HSON should be trading closer to $40 than $30. They're on pace to earn an adjusted $5/share this year. Plus they've got over $8/share in cash on the balance sheet. I added a few more at the open.
Wow another huge market rally! The strength is unbelievable. Markets have been rallying hard for weeks with the plunge in commodity prices...as that indicates we've likely seen peak inflation. When we get data the past couple days confirming what we already knew, the markets soar even higher. I don't quite understand who would start buying now...after this monster move up already...but bring on the froth!
ARC yes good to see the insider buy but I agree fairly valued here.
Saw something weird yesterday. CNBC showed them with 700,000 shares traded after hours. I thought maybe there was news, but now I think it was either a data glitch or a prearranged trade. I’m leaning towards glitch.
S&P500 +39 to 4249 after positive PPI data is reported for July -
briefing -
July PPI declined 0.5% (Briefing.com 0.3%) after a revised 1.0% increase (from 1.1%) in June. Core PPI, which excludes food and energy, rose 0.2% (Briefing.com consensus 0.4%) after the 0.4% increase in June.
PRPH (11.90) Excellent 2nd quarter. Made .48 vs (.09) last year. This was without govt reimbursement for testing. TTM earnings now $1.58
https://ih.advfn.com/stock-market/NASDAQ/prophase-labs-PRPH/stock-news/88815548/prophase-labs-announces-record-second-quarter-2022
HSON...Adj EPS = $1.25...NICE!...Hudson Global Reports 2022 Second Quarter Results
OLD GREENWICH, Conn., Aug. 11, 2022 (GLOBE NEWSWIRE) -- Hudson Global, Inc. (Nasdaq: HSON) ("Hudson Global" or "the Company"), a leading global total talent solutions company, announced today financial results for the second quarter ended June 30, 2022.
2022 Second Quarter Summary
Revenue of $51.0 million increased 28.4% from the second quarter of 2021 and 37.4% in constant currency.
Adjusted net revenue of $27.3 million increased 80.7% from the second quarter of 2021 and 90.6% in constant currency.
Net income increased to $3.1 million, or $0.98 per diluted share, compared to net loss of $0.1 million, or $0.04 per diluted share, for the second quarter of 2021. Adjusted net income per diluted share (non-GAAP measure)* was $1.25 compared to adjusted net income per diluted share of $0.15 in the second quarter of 2021.
Adjusted EBITDA (non-GAAP measure)* was $5.7 million compared to adjusted EBITDA of $1.7 million in the second quarter of 2021.
Total cash including restricted cash was $26.2 million at June 30, 2022.
“Our business exhibited very strong growth in revenue, adjusted net revenue, and adjusted EBITDA across all three regions in the second quarter of 2022 versus the prior year quarter,” said Jeff Eberwein, Chief Executive Officer of Hudson Global. “Globally, our sales teams continue to deliver new business wins while our delivery teams continue to provide excellent service to our clients. The strong momentum and organic growth we have been generating is a testament to the dedication and quality of our team. Consistent with our growth strategy, we continue to invest in organic growth and evaluate potential bolt-on acquisition opportunities.”
* The Company provides non-GAAP measures as a supplement to financial results based on accounting principles generally accepted in the United States ("GAAP"). Constant currency, adjusted EBITDA, EBITDA, adjusted net income or loss, and adjusted net income or loss per diluted share are defined in the segment tables at the end of this release and a reconciliation of such non-GAAP measures to the most directly comparable GAAP measures is included within such segment tables.
Regional Highlights
All growth rate comparisons are in constant currency.
Americas
In the second quarter of 2022, Americas revenue of $14.4 million increased 169% and adjusted net revenue of $13.8 million increased 177% from the second quarter of 2021. Strong organic growth as well as the acquisition of Karani in Q4 2021 contributed to the region's overall growth. EBITDA increased to $2.3 million in the second quarter of 2022 from an EBITDA loss of $0.2 million in same period last year. The region recorded adjusted EBITDA of $3.4 million in the second quarter of 2022 compared to adjusted EBITDA of $0.5 million in the same period last year.
Asia Pacific
Asia Pacific revenue of $29.9 million increased 12% and adjusted net revenue of $9.2 million increased 42% in the second quarter of 2022 compared to the same period in 2021. EBITDA was $2.3 million in the second quarter of 2022 compared to EBITDA of $1.0 million in the same period one year ago, and adjusted EBITDA was $2.6 million compared to adjusted EBITDA of $1.4 million in the second quarter of 2021.
Europe
Europe revenue in the second quarter of 2022 increased 34% to $6.6 million and adjusted net revenue of $4.3 million increased 49% from the second quarter of 2021. EBITDA increased to $0.6 million in the second quarter of 2022 compared to EBITDA of $0.5 million in the same period one year ago. Adjusted EBITDA increased to $0.8 million in the second quarter of 2022 compared to adjusted EBITDA of $0.6 million in the second quarter of 2021.
Corporate Costs
In the second quarter of 2022, the Company's corporate costs were $1.0 million compared to $0.8 million in the prior year quarter. Corporate costs in the second quarter of 2021 excluded $0.1 million of non-recurring expenses.
Liquidity and Capital Resources
The Company ended the second quarter of 2022 with $26.2 million in cash, including $0.4 million in restricted cash. The Company generated $7.6 million in cash flow from operations during the second quarter of 2022 compared to generating $1.0 million of cash flow from operations in the second quarter of 2021.
Share Repurchase Program
Since the beginning of 2019, the Company has reduced its share count by 12% and continues to view share repurchases as an attractive use of capital. Under its $10 million common stock share repurchase program, the Company has $1.7 million remaining.
NOL Carryforward
As of December 31, 2021, Hudson Global has $312 million of usable net operating losses (“NOL”) in the U.S., which the Company considers to be a very valuable asset for its stockholders. In order to protect the value of the NOL for all stockholders, the Company has a rights agreement and charter amendment in place that limit beneficial ownership of Hudson Global common stock to 4.99%. Stockholders who wish to own more than 4.99% of Hudson Global common stock, or who already own more than 4.99% of Hudson Global common stock and wish to buy more, may only acquire additional shares with the Board’s prior written approval.
COVID-19 Update
The Company is monitoring the business environment surrounding COVID-19 and continues to proactively address this situation as it evolves. The Company believes it can continue to take appropriate actions to manage the business in this challenging environment due to the flexibility of its workforce and the strength of its balance sheet.
Conference Call/Webcast
The Company will conduct a conference call today at 10:00 a.m. ET to discuss this announcement. Individuals wishing to listen can access the webcast on the investor information section of the Company's web site at hudsonrpo.com.
KTTAW - $0.12 Just found these going out to 2026
added to common position
KTTA -EXCLUSIVE: Pasithea's Multiple Sclerosis Vaccine Candidate Shows Efficacy In Animal Studies, With Potential In Monkeypox
by
Vandana Singh, Benzinga Editor
August 11, 2022 7:30 AM | 1 min read
https://www.benzinga.com/general/biotech/22/08/28448364/exclusive-pasitheas-multiple-sclerosis-vaccine-candidate-shows-efficacy-in-animal-studies-with-po
KTTA - NCAV = $2.11
Activist investor on board, $50mm in cash vs $1mm liabilities
Hot money ripping it pre-market, i'm a holder and will wait for the payday. Somone posted a headline that states Monkeypox potential, but I can't confirm that's valid.
$KTTA
August 11, 2022 07:30 AM ET (BZ Newswire) -- Biotech
Pasithea Therapeutics Corp (NASDAQ:KTTA) has announced results from a preliminary preclinical proof of concept study of PAS002, its tolerizing vaccine for multiple sclerosis (MS).
PAS002 vaccine construct encodes GlialCAM, a molecule found in the brain's white matter that is attacked in MS.
GlialCAM shares a component of its protein structure that mimics an identical component of the Epstein Barr Virus (EBV) Nuclear Antigen-1, which plays a critical role in triggering MS.
What Happened: The data showed that the engineered DNA plasmids provide a high level of efficacy in reducing multiple sclerosis severity and incidence of relapse.
A statistically significant reduction in disease and relapse severity was observed compared to the vehicle.
Also Read: EXCLUSIVE: Pasithea Expands Its Core Therapeutic Pipeline With This Acquisition.
Another strong quarter for RCMT-
https://finance.yahoo.com/news/rcm-technologies-inc-announces-second-200500166.html
Stock was down in AH trading. Maybe an opportunity before it shoots over $20 again?
A little ARC insider buying by a director-
https://www.sec.gov/Archives/edgar/data/1305168/000130516822000066/xslF345X03/wf-form4_166017340118710.xml
Stock prob fairly valued around $3. Q2 numbers were solid. But on the CC they said Q3 & Q4 are seasonally weaker than Q2. So the numbers might be lower for the next 3 quarters (earnings of say .05-.07/share per quarter). Plus they'll have tough comps so could be a string of flattish quarters. That 6.8% dividend yield is attractive though.
Best time to buy reverse etf options is
late month on a big rally day...
OPEC+ underproduced by 2.75
million barrels of oil per day in July
below their production target...
And Saudi Arabia dipped into their
reserves in the month too...
U.S. refiners ramped up to over
10 million barrels per day of gasoline
production in latest weekly report,
on weekly heels of a report that had
gasoline demand at under 8.5 million
barrels of use on a daily basis...
So, they are just refining high priced
oil for the heck of it...
Inflation's Death is highly exaggerated...
So we watch...LJ
Hweb yes, I threw in the towel today
Still up around 68% in Wadegarret managed portfolio YTD, which is pretty amazing after this 21% rally on the Nasdaq ! Also up in my real portfolio, but only 30% or so, as(unlike my managed portfolio) I used margin and shorted individual stocks in addition to having 100% in a triple leveraged inverse ETF, and got clobbered. Happy to be up at all after all that !
Hweb I have no plans to go on the long side at this point, but I will be watching for a better entry on the short side again, as I just don't believe we're already out of this mess. I find it incredible that just because we finally saw core inflation go down .2% more than expected, that everyone is assuming things will continue to get better, and that we'll have a soft landing. How can one ignore 20+ PE going forward in the S&P, with fed continuing raising rates and just started working off the balance sheet, while corporations will see slowing growth, and the consumer will continue to be strained. I don't believe for second, we're nearly out of this mess, or will have inflation under control anytime soon.
Hweb, I believe this is a bear market rally, which will likely reach up 20% on the S&P and 25% on the Nasdaq from June lows, before over. In the meantime, gullible longs are getting back in at exactly the wrong time IMO.
PSHG .68 after hours , sold too soon.
SSKMP Managed Index (As Of 8/10/22)
Daily Performance
+1.29%
YTD Performance
+2.94%
Overall Performance
+453.81% (Including Options Trading +317.79%)
Note that this is a fictional portfolio and is not a recommendation to buy or sell securities
Nasdaq enters bull market territory -
WSJ -
The Nasdaq Composite is officially in a new bull market.
The technology-focused index rose 2.9% Wednesday, reflecting a rise of more than 20% from its low in mid-June. It climbed with other major indexes after a softer-than-expected inflation reading raised investor hopes that the Federal Reserve may soon moderate the pace of its campaign of interest-rate increases.
The S&P 500 added 2.1%, and the Dow Jones Industrial Average rose 1.6%, or 535 points.
Stocks have rallied strongly in the past month after posting one of their worst first-half performances in decades, reflecting a popular bet on Wall Street that cooling inflation will permit the central bank to take a more supportive stance toward markets.
The Nasdaq is still down 18% this year and was off 32% at its low on June 16. The recent rise ended its longest bear market since 2008.
Wednesday’s consumer price index data showed inflation in July eased slightly to an 8.5% annual rate. That is still close to a four-decade high, but at this point even a slight easing is enough to spark gains, given fears that a higher number could have spurred more-aggressive Fed action. Higher interest rates make money more expensive, a shift that takes a heavy toll on stocks trading with high valuations.
“The initial impressions are that this is a sign that inflation may be finally starting to head the direction that we would all like it to be heading,” said Jake Jolly, senior investment strategist at BNY Mellon Investment Management. “We’re still very far from being out of the woods here.”
Among the biggest gainers Wednesday were tourism and travel companies that have been hit hard by the uncertainty of the pandemic recovery. Norwegian Cruise Line Holdings, Royal Caribbean and Carnival ranked among the top-performing S&P 500 firms. Financial firms also surged, led by card issuers Discover Financial Services, Capital One Financial and Synchrony Financial.
Bond yields fell, reflecting higher prices, indicating expectations that an easier Fed will limit the risk the bond yields need to rise much more. The 10-year Treasury note settled Wednesday at 2.786%, down from 2.97% at midyear. The 10-year note’s yield in the first half of 2022 rose the most since 1994, highlighting the inflation concerns that swept the market earlier this year.
Nice trading on KOLD. I joined ya with a small position. Interesting how the stock market soared today...celebrating the Fed's victory over inflation...while natural gas prices climbed to the $8.20's
ACCO +.21 to 6.73, thanks for you commentary on the earnings. The stock did bounce back a bit today and remains in the 6.50 to 7.50 range as it has for the past 3 months. I have no position.
Wow.. what an amazing last month or whatever... hope everyone's portfolio has recovered or more... !!!
Amazing day for stock market, and will it continue to rise tomorrow?
ARTW first step 2.15 bell close buy.
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