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ACAT now 35.65 from 38.80 short. Gosh some plays are so slow. I expect this one to find sub $30, or at least I hope it does. Losing market share. Many analyst targets near $30 line
QUAD:out 23.34 good enough>re:in 22.75 on earnings
MPAA made a very nice move today. I was not on board. Hoping for a pull back. Share price never got down to where I was ready to re-enter. Yesterday may have been the reversal day but figured I would still wait. Sure appears as though the seller that has been present has not been there yesterday or today.
Certainly one to consider for a long hold position for those who invest. Lawsuit overhang is still there. I do know on the BK that was done for the subsidiary..that when MPAA divested itself, they shipped all associated debt with them which was a nice move.
CTG:new 4yr low 7.52>re: short 8.11 on earnings
QUAD in 22.75 on earnings. CTG short 8.11 on earnings
BLPH: out 9.65>IPO got fill 8.10
IRIX:will debut Cyclo G6, the Company's first laser platform dedicated to the treatment of glaucoma, at this year's annual congress of the American Glaucoma Society (AGS). The AGS annual congress is being held February 26 – March 1, 2015, at San Diego's Hotel del Coronado. Potentially 1,000 members from more than 17 countries are expected to attend the event.
The Cyclo G6 system, which was recently cleared by the US Food and Drug Administration (FDA), is designed to treat patients diagnosed with a range of glaucoma disease states and features the Company's proprietary MicroPulse tissue-sparing technology and a family of single use probes that connect to an intuitive, user-friendly laser console. MicroPulse offers a repeatable, minimally invasive approach to slowing the progress of the disease and pushing off the need for more invasive surgical intervention.
In addition to the product unveiling, IRIDEX announced that a scientific poster presentation entitled, "MicroPulse Trans-scleral Cyclophotocoagulation (mTSCPC) for the Treatment of Glaucoma using the MicroPulse P3 Device," will feature results from early clinical application of the new MicroPulse P3 disposable. The poster will be presented on Friday, February 27, from 7-8 am PT and is authored by leading glaucoma specialists Drs. Nathan Radcliffe, Ike Ahmed, Jeffrey Kammer, Anup Khatana, Robert Noecker and Steven Vold.
"Glaucoma is a chronic disease with an increasing incidence rate that is in need of innovative interventions to preserve vision," said inventor of the MicroPulse P3 device, Professor Paul Chew, MBBS, MMed(Ophth), FRCSEd, FRCOphth, FAMS of the National University of Singapore. "A MicroPulse based consumable appliance with a characteristic high safety profile that leaves future treatment options open, is clinically repeatable, and that does not require incisional surgery, is a very compelling alternative."
"Our proprietary Cyclo G6 platform allows IRIDEX to participate in both hardware and the faster growing procedural side of the glaucoma market, representing a new and more predictable recurring revenue stream," stated Will Moore, IRIDEX President and CEO. "The cost and logistics of administering glaucoma medications is a burden to both the patient and healthcare organizations; furthermore, patients using prescribed medications have a poor record of compliance. Thus, a durable, cost-effective solution continues to be our focus as the world continues the trend toward value-based medicine."
Glaucoma is the leading cause of adult irreversible blindness. It is estimated that more than 4 million people in the US and approximately 60 million worldwide are afflicted with glaucoma today.
MPAA: said it believes that a lawsuit filed by M&T Bank relating to its loan agreements with a former subsidiary of MPAA is without merit and MPAA will vigorously defend itself.
Perhaps this was why the tank. Was mentioned in note 17 of filing but was not a lawsuit. I suppose now it is. I bailed, will watch and likely buy back in
EBIX: +14%, here is another good read so as to help understand the scope of what this award will do for EBIX if formally approved which it appears is the next step to occur.
https://www.insuranceday.com/lloyds/challenges-ahead-for-london-market-in-achieving-e-placement-ambitions.htm
re EBIX: yes about 37% short and this may be one of the transformational deals CEO spoke of mid year last year
from Q2 cc
But then as you go forward, clearly, the game changer, the transformational deals haven't yet happened. We have a decent queue of such deals that we are in the midst of. I talked about them in the last call. We think we're a frontrunner in a lot of deals. At the same time, until they're done, they're not done. Many of these deals have the ability to be transformational for Ebix, and we'll keep our fingers crossed and keep moving on them. Our pipeline continues to be extremely strong.
EBIX 26.20 +10% with volume. Some nice news if true. I think they formally award it in March
EBIX: moving on London win? Ebix wins London market PPL tender
http://www.insuranceinsider.com/ebix-wins-london-market-ppl-tender
CSC: What a rebound. Glad I have no position as a short.
Click on February Results. Funny read and insightful. Comments are even more insightful. Good way to keep up with the goings on in this company.
http://cassandra-guidedinsights.blogspot.com/
or
http://cassandra-guidedinsights.blogspot.com/2015/02/csc-results-february-2015.html
Thanks Ico. This one for me is more about an ugly IPO with low float that hopefully will get supported by the underwriters next week. So much easier for them to support a 5M share float than larger float. I don't much care about the sector or what the company does on this trade. I just saw how it was trading and I set a low bid price and suddenly...bam, I had shares. Makes it a relatively low risk trade for me. I wish I had taken more shares but profit is profit if I still have some profit when I sell some time next week.
BLPH: IPO got fill 8.10, sched $14-16, priced $12, opened $10
Leerink Partners LLC and Cowen and Company
Lets see if it gets supported next few days 5M share IPO
MPAA:weakness a buying opportunity, says Roth Capital
Roth Capital says it sees an attractive entry point in shares of Motorcar Parts after the recent sell-off. Roth views the FY16 consensus estimates as reasonable and recommends buying the stock at current levels. It has a Buy rating on the name with a $37 price target.
MPAA continues to tank with volume. 2M share lockup expires 2/16
lock up expiration of 2M shares 2/16. I think it offers a nice opportunity to get shares worth the money for the patient investor. Scaling in is my plan
Took in a few more. Saving room for further opportunities.
http://www.nasdaq.com/markets/spos/company/motorcar-parts-america-inc-11357-75285
MPAA: initial small bite here 23.84, beginning of position build
CSC was not much play in it today. I keep wondering too if it is going to break down. CEO did not inspire confidence in me when discussing revenue growth. At on point he was asked when he thought we would see an upturn in rev growth and he responded with an 'I do not know'. Wants to see incremental growth for successive quarters...well duh..that is what growth looks like...
The stock just may not be much of a trader...I do not currently have a position long or short in it.
CSC: pretty much as expected with regards to lack of revenue growth. A bit suprised it has not fallen more...yet -7% @ $60.00.
MPAA, exited on earnings news. Headlined as a beat but only because of recognition of deferred revs. Elsewise it was a slight miss top and bottom. taking small profit. Will look to buy shares at lower price as I still like this one.
MPAA now moving up into earnings Monday. +5% :D
IBTX GNBC both with insider buys just filed today and yesterday
http://www.secform4.com/insider-trading/1564618.htm
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001606363&type=&dateb=&owner=include&count=40
MPAA: Never could find the reason for the recent drop. I will assume some instituton locked in some profits. In any case, I have a smalll amount now and will carry those into earnings. If earnings and guidance are in line or better, I think this one has some good run room. Worth keeping on your radar for next week. Earnings Monday morning.
CSC: I think over valued. CEO has sold a lot of shares. The rise in earnings has been on the backs of the workers. Every significant cost cutting method available has now been used. The mandated use of vacation or call it a shutdown at the end of the year as well as buybacks at this inflated price should keep earnings in line or better for this Q but...where is the revenue growth? That should be the question on investors minds IMO and perhaps this time, mumble jumble from the CEO will get pressed for more specific info and updates on the multitude of initiatives and rebranding that has been tossed around because it sounded good. Keep it on watch too as it could become a very good short. Earnings are on Monday after the close.
Thank you on IBTX info. fwiw...since you mentioned how I trade sometimes, I thought I would share a bit more now...I ended up with a pretty significant amount of shares in both IBTX and GNBC by buying on the way down. It became tougher to hold as they fell but I stuck with the plan. Now that my head is above water (yesterday) I let go of some shares in both so that I now have a more reasonable allocation of $$ in those two stocks. If they continue to climb as I think they will, I will still make good $$. If they fall back and decline...the daily value drop will be much easier to stomach and I would look to add back and repeat the process.
What I think is..I done good, planned my trades, waited patiently for significant declines from each of the prior purchases before adding more, got a good avg cost basis, reduced the size of my holdings when I got the chance and now sit where I am happy to be.
Plan the play, play the plan.
:D
IBTX GNBC, both have now reported and discussed energy related loan exposures. My last adds were just under $30 on IBTX and just over $10 on GNBC. Hopefully these are now on the rebound and bottom established.
Welcome back Ico. You were missed.
IRIX:IRIDEX Receives FDA Clearance for Cyclo G6™ Laser System for the Treatment of Multiple Stages of Glaucoma
MicroPulse® Technology Offers Minimally Invasive, Repeatable Treatment Option that Can Slow Progression of Disease; Delay Surgical Intervention
MOUNTAIN VIEW, Calif., Feb. 2, 2015 /PRNewswire/ -- IRIDEX Corporation (Nasdaq:IRIX) today announced that it has received clearance from the U.S. Food and Drug Administration (FDA) to market its first laser system designed solely for use in treating glaucoma and its symptoms. Specifically, the Company was granted 510(k) clearance for the IRIDEX Cyclo G6 Laser System (with delivery devices). The Cyclo G6 laser system is dedicated specifically to treat patients diagnosed with a range of glaucoma disease states and features the Company's proprietary MicroPulse tissue-sparing technology and a family of single use probes that connect to an intuitive, user-friendly laser console.
Glaucoma is the leading cause of irreversible blindness in adults. It is estimated that more than 4 million people in the U.S. and approximately 60 million worldwide are afflicted with glaucoma today and that number is increasing with the worldwide epidemic of obesity and diabetes. Of the millions that have the disease, it is estimated by the Glaucoma Research Foundation that less than half know they have it and are undergoing treatment. It is estimated that in terms of Social Security benefits, lost income tax revenues, and health care expenditures, the cost to the U.S. government is estimated to be more than $2 billion annually.
Glaucoma and cataract specialist Robert Noecker, MD of the Ophthalmic Consultants of Connecticut stated, "MicroPulse allows for a clinically effective and repeatable option that can slow the progression of the disease and delay both surgical intervention and ultimate blindness."
The Cyclo G6 Laser System will initially be sold with two disposable delivery probes, the MicroPulse P3™ probe and the G-Probe™, and the Company plans a series of additional new probe introductions in the coming year that allow for a broader range of application in glaucoma treatment.
"The Cyclo G6 system extends the reach of IRIDEX' proprietary MicroPulse technology to a broader group of ophthalmologists who are seeking better alternatives for treating glaucoma than drug regimens or invasive surgical procedures," said William Moore, IRIDEX President & CEO. "That added reach, combined with the recurring use of specialty probes associated with the Cyclo G6, is expected to help drive growth in an important recurring revenue component of our business."
SEMG:Interesting, parent of RRMS, activist Sandell's letter suggest $104 valuation
NEW YORK, Jan 26, 2015 (BUSINESS WIRE) -- Sandell Asset Management Corp. (“Sandell”), a shareholder of SemGroup Corporation (“SEMG”, “SemGroup” or the “Company”) SEMG, +7.56% has publicly released a letter to the Board of Directors (the “Board”) of the Company requesting that the Board review strategic alternatives including the exploration of the sale of SEMG, in light of what, we believe, is a gross undervaluation of the Company’s shares in the public market and growing M&A activity in the sector.
Tom Sandell, CEO of Sandell, stated: “Although we believe management and the Board of SemGroup have been respectable stewards of the Company over the past few years, we simply believe that in this environment the best outcome for shareholders is for the Company to sell itself. As long time investors in the North American energy infrastructure industry and SEMG’s shares, we firmly believe there are a number of potential acquirers for the entire company at significant premiums to current trading levels given its highly valued asset base and pipeline of exciting growth opportunities.”
Mr. Sandell continued, “Our analysis has led us to conclude that this market environment, driven by extreme energy price volatility, has disproportionately affected SEMG’s share price due to its smaller equity market capitalization, lower liquidity profile and unwieldy mix of assets. As an example, from recent highs SEMG share price has declined almost 2X the average share price decline of a basket of potential acquirers.1 Of note, this basket has an average equity market capitalization of approximately $38bn versus SEMG’s current equity market capitalization of approximately $3bn, with average trading volumes 8X-9X greater than those of SEMG, demonstrating what appears to be amplified selling pressure investors are placing on smaller, less liquid public companies in the energy infrastructure industry. We believe that this adverse dynamic will persist for longer than most expect given the seismic changes occurring in global energy markets.”
Mr. Sandell added, “In our view, given the availability of cheap debt and equity capital, a takeout price of up to $104/share for SEMG would easily be justified. This price would yield modest accretion to cash available to pay dividends in Year 1 for the acquirer, and provide significant upside with the maturation of SEMG’s asset base, the deployment of growth capital throughout SEMG’s footprint and the realization of significant balance sheet, tax and operational synergies.”
1 Basket of potential acquirers include Magellan Midstream Partners (MMP), Plains All American Pipeline LP (PAA), Spectra Energy Corp (SE), Enterprise Products Partners LP (EPD), Kinder Morgan Inc, (KMI) and Sunoco Logistics Partners LP (SXL)
The text of the letter is as follows:
January 26th, 2015
SemGroup Corporation
6120 South Yale Avenue, Suite 700
Tulsa, OK 74136-4216
Ladies and Gentlemen:
As you know, we are shareholders of SemGroup Corporation (“SEMG” or the “Company”) and have been recurrent investors since the Company emerged from bankruptcy in 2009. We re-invested in the Company recently as we believed SEMG’s transition to a pure-play GP HoldCo through 1) the dropdown of all its MLP-qualifying assets into Rose Rock Midstream LP (“RRMS”) and 2) the disposal of all other non-core assets would unlock significant shareholder value. We also felt that the appointment of Mr. Carlin Conner as CEO early in 2014 brought the right balance of skills to execute on such a transition.
According to our analysis, this transition to a simplified, pure-play GP HoldCo was crucial given the Company’s disparate set of assets both from a geographic standpoint (US, Canada, Mexico and the UK) and from a business standpoint (crude oil storage, transportation, gathering and trucking, natural gas gathering and processing and liquid asphalt terminalling). This combination of assets complicated investor analyses, particularly given the Company’s small equity market capitalization and limited liquidity.
Unfortunately, we were disappointed that Mr. Conner’s first Strategic Review, delivered in November 2014, was lacking with respect to both the dropdown and simplification strategies. With respect to the dropdown strategy, Mr. Conner eschewed a commitment to the accelerated, full dropdown strategy of SEMG’s MLP-qualifying assets into Rose Rock Midstream LP (“RRMS”) that we had previously suggested. Instead, he offered a more tentative strategy that initially envisioned SEMG’s crude oil interests alone being dropped into RRMS. Furthermore, with respect to the simplification strategy, there was no hard commitment to sell what we considered non-core, non-MLP qualifying assets (i.e., SemMexico and the UK-based SemLogistics). In fact, Mr. Conner committed to an enhanced midstream strategy with respect to SemMexico.
Taken together, these decisions represented a stark departure from what, we believe, shareholders were expecting, namely a clear line of sight to a pure-play GP HoldCo which would, in our opinion, have unlocked substantial value for shareholders by simplifying Company analysis. Despite our disappointment, we believed that the intrinsic value of SEMG’s asset base would eventually be reflected in its share price as SEMG generated more than 85% of its gross margin from fixed-fee contracts and the Company would continue to drive outsized dividend growth through employing its under-levered balance sheet to execute on its considerable capital deployment program. We were also encouraged by the fact that sell-side analysts continued to see the ‘forest from the trees’ and remained positive on SEMG’s prospects and valuation, with trading price targets ranging from $74/share to $96/share, exclusive of any control premium.
As this current industry environment progresses however, we are less and less inclined to believe that SEMG’s share price will appropriately reflect intrinsic value; its disparate asset base exposes the Company to a significant number of cross-currents across crude oil and natural gas drilling and infrastructure markets across the US, Canada, Mexico and the UK. This complicates investor analyses for an investment that is limited by SEMG’s increasingly small equity market capitalization and declining liquidity profile.
In our view, however, there is a way for the Company to realize its intrinsic value through reviewing strategic alternatives including a sale of the Company. We believe there are a number of potential acquirers who would covet SEMG’s irreplaceable, global crude oil infrastructure assets as well as its strong position in the Montney/Duvernay Canadian shale basins, its US mid-continent gas gathering and processing assets and its exposure to Mexican energy reform through its SemMexico assets. Moreover, as the cost of debt and equity capital have remained quite low for many of these acquirers, we believe, there would be an active competitive process for the Company, yielding a significant control premium over current share price given SEMG’s moderate enterprise value, strategic assets and under-levered balance sheet. In fact, during our last conversation Mr. Conner reflected this sentiment by commenting that the ‘sharks were circling’ as SEMG’s share price declined at a pace greater than its industry suitors.
In summary, with the ramping up of M&A activity in the North American energy infrastructure industry and the continued strong debt and equity capital financing markets, we are requesting that the Board immediately commence a review of strategic alternatives including an exploration of the sale of SEMG in order to maximize value for all shareholders.
Sincerely,
Thomas E. Sandell
Chief Executive Officer
About Sandell Asset Management Corp.
Sandell Asset Management Corp. is a leading private, alternative asset management firm specializing in global corporate event-driven, multi-strategy investing with a strong focus on equity special situations and credit opportunities. Sandell Asset Management Corp. was founded in 1998 by Thomas E. Sandell and has offices in New York and London, including a global staff of investment professionals, traders and infrastructure specialists.
http://www.marketwatch.com/story/sandell-asset-management-releases-letter-to-the-board-of-directors-of-semgroup-corporation-2015-01-26?reflink=MW_news_stmp
IBTX:today announced that the Board of Directors has authorized the repurchase of up to $30 million of its common stock. The Company plans to repurchase its shares in open market transactions from time to time or through privately negotiated transactions, at the Company's discretion.
Commenting on the announcement David R. Brooks, Chairman and CEO, said, "As we continue to execute our growth strategy, both organically and through strategic acquisitions, we believe the adoption of a stock repurchase program provides us with an additional tool with which to enhance stockholder value. We plan to implement the program at such time and price as repurchases are considered beneficial to the Company and its stockholders." Brooks continued, "The Board's approval of a stock repurchase program reflects continued confidence in our ability to execute the Company's key strategies."
The repurchase program is authorized to continue through December 31, 2015. The timing and amount of any share repurchases will depend on a variety of factors, including the trading price of the Company's common stock, securities laws restrictions including but not limited to compliance with blackout periods, regulatory requirements, potential alternative uses for capital, and market and economic conditions. The Company intends to fund any repurchases through its consolidated earnings and borrowings under its revolving credit facility. Repurchased shares will be cancelled and returned to unissued status. The repurchase program does not obligate the Company to acquire any particular amount of shares and the repurchase program may be modified, suspended or discontinued at any time, at the Company's discretion.
GNBC: pretty detailed article out on this Texas bank.
http://seekingalpha.com/article/2832246-its-time-to-add-green-bancorp-to-your-watchlist
Thanks on EBIX. Yes but I had to remain patient for a very long time and endure some significant drops. Hard to hold through it all but kept a core and now have head above water on those.
Hard to hold IBTX and GNBC, though they have fallen due to other circumstances. I don't know how else to invest tho and that is what these are.
EBIX: those shorts really gotta be feeling this now. As of 12/31 47% of float was short, now with news 2 weeks ago on IRS investigation resolution ... well we aint seen the rest of the story yet...already 40%+ move
...from 2 weeks ago...today announced that it has reached a resolution with the Internal Revenue Service with respect to the previously disclosed audit of Ebix's income tax returns for the taxable years 2008 through 2012. The assessment relates solely to non-recurring issues associated with certain acquisitions occurring during the audit period. No adverse assessments or deficiencies were asserted with respect to any recurring operating transactions. The audit was extended to 2012, which is now part of the resolution.
The company expects that the assessment will result in an approximately ($1.4) million impact on net income for the fourth quarter of 2014 after taking into account the company's previously established and disclosed provisions for uncertain tax positions. The audit has no effect on any positions that the Company has taken in any future years. This resolution includes all issues for the taxable years 2008 through 2012
IBTX: added 29.92
IRIX: Nice prelims just released, exceeded high end and showing nice growth for 2015 estimates
Low float and I would expect this to move on this
IRIDEX Announces Preliminary Unaudited Revenues for 2014 Fourth Quarter and Full Year; 2015 Revenue Outlook
MOUNTAIN VIEW, Calif., Jan. 12, 2015 /PRNewswire/ -- IRIDEX Corporation (Nasdaq:IRIX) today reported preliminary revenues of approximately $11.5 to $11.7 million and $42.5 to $42.7 million for the fourth quarter and full year 2014, respectively. Preliminary revenues in the fourth quarter exceeded the high end of the Company's guidance and were driven by a continued strong uptick in sales of MicroPulse™ laser systems both in the U.S. and internationally. Management had projected revenues to be between $10.9 million and $11.2 million in the fourth quarter of 2014.
"The strong top line results at year end continue to indicate an evolving global recognition of MicroPulse lasers as a clinically durable and cost-effective tool for preventing vision loss which is in line with the move in healthcare at large towards value based medicine," said CEO William M. Moore. "Tenders from developing nations for both MicroPulse and continuous wave lasers were drivers internationally and that activity should continue into 2015 – a year in which our new glaucoma initiatives and technologies will begin to make an impact on growth."
The Company plans to release its complete fourth quarter and full year 2014 financial results in February.
2015 Revenue Outlook
The Company currently expects to generate revenues of between $48 million and $51 million for its full year 2015.
About IRIDEX
IRIDEX Corporation was founded in 1989 and is a worldwide leader in developing, manufacturing, and marketing innovative and versatile laser-based medical systems, delivery devices and consumable instrumentation for the ophthalmology market. We maintain a deep commitment to the success of our customers, with comprehensive technical, clinical, and service support programs. IRIDEX is dedicated to a standard of excellence, offering superior technology for superior results. IRIDEX products are sold in the United States through a direct sales force and internationally through a combination of a direct sales force and a network of approximately 70 independent distributors into over 100 countries. For further information, visit the IRIDEX website at http://www.iridex.com
IBTX: added a few more 36.10
DRAD new 52wk high, nice breakout move today