Category: Mergers & Acquisitions

Gilead Sciences GILD NASDAQ:GILD
Analysis, BioTech, Diversified Tech, Finance, Mergers & Acquisitions, Semiconductors, Services Sector, Software, software, Tech IPO

White Mountains’ Underwriting Margins Drive 1Q Book Value Increase

A benign catastrophe season and continued improvement in underwriting margins at majority-owned OneBeacon OB led to a 3% sequential increase in adjusted book value to $606 per share at White Mountains Insurance Group WTM . In comparison with last year’s first quarter, the combined ratio (expense divided by earned premiums) fell to 81% from 84% at Sirius Group, White Mountains’ reinsurance subsidiary, while OneBeacon also … Continue reading White Mountains’ Underwriting Margins Drive 1Q Book Value Increase

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Analysis, BioTech, Diversified Tech, Finance, Mergers & Acquisitions, Semiconductors, Services Sector, software, Software, Tech IPO

Growing Competition on the Cotai Strip Leads to a Bad Quarterly Hand for Wynn Resorts

Wynn Resorts WYNN reported weak first-quarter results, as the company continued to perform poorly in Macau due to intensifying competition from new casinos on the Cotai Strip. Revenue and EBITDA were above consensus estimates, but only because the company had an unusually high hold rate for VIP table games in Macau and table games in Las Vegas. Revenue increased 5% to $1.38 billion (compared to … Continue reading Growing Competition on the Cotai Strip Leads to a Bad Quarterly Hand for Wynn Resorts

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Gilead Sciences GILD NASDAQ:GILD
Analysis, BioTech, Commodities, Diversified Tech, Finance, Global Equity, Mergers & Acquisitions, Semiconductors, Services Sector, Software, software, Tech IPO

Strong Lumber and Panel Prices Buoy Weyerhaeuser’s 1Q; Deferred Harvests Causing Log Prices to Lag

Positive momentum in the long-suffering wood products business led improved results in Weyerhaeuser’s WY first quarter, as the segment benefited from improved housing demand and a cautious lumber industry that hasn’t fully recalibrated supply to meet the new demand reality. Results were more tepid in Weyerhaeuser’s other segments, as log prices haven’t enjoyed the kind of surge we’ve seen in lumber and panel prices, homebuilding … Continue reading Strong Lumber and Panel Prices Buoy Weyerhaeuser’s 1Q; Deferred Harvests Causing Log Prices to Lag

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Analysis, BioTech, Commodities, Diversified Tech, Finance, Global Equity, Mergers & Acquisitions, Semiconductors, Services Sector, software, Software, Tech IPO

International Game Technology Reports Solid 2Q Results; Shares Moderately Undervalued

International Game Technology IGT reported solid secondquarter results in line with our expectations. Revenue increased 11% to $600 million (compared with consensus of $572 million) and EBITDA increased 6% to $247 million (consensus of $200 million). The increase in revenue was driven by a 16% rise in product sales, primarily due to strong sales of video lottery terminals in Canada, sales to new casinos in … Continue reading International Game Technology Reports Solid 2Q Results; Shares Moderately Undervalued

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Analysis, BioTech, Commodities, Diversified Tech, Finance, Global Equity, Mergers & Acquisitions, Semiconductors, Services Sector, software, Software, Tech IPO

Ingram Micro Sees More IT Spending Across All Regions

We are maintaining our fair value estimate and economic moat rating for Ingram Micro IM after the company reported solid first-quarter results that indicated consumers across the globe are spending more on IT. Ingram Micro’s sales grew 19% year-over-year to $10.6 billion, with the 2012 BrightPoints and Aptec acquisitions adding $1.85 billion, or 13%, to the top-line. Organic sales added 6% growth. Encouragingly, the company … Continue reading Ingram Micro Sees More IT Spending Across All Regions

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Analysis, BioTech, Commodities, Diversified Tech, Finance, Global Equity, Mergers & Acquisitions, Semiconductors, Services Sector, Software, software, Tech IPO

Discover’s Momentum Continues in 1Q

Discover Financial Service DFS reported net income of $673 million, or $1.33 per diluted share, for the first quarter of 2013. The narrow-moat company continued to generate strong momentum across business lines, increasing book value more than 5% during the quarter, and we may moderately increase our fair value estimate as we incorporate the quarter’s results and transfer coverage to a new analyst. In contrast … Continue reading Discover’s Momentum Continues in 1Q

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