text:
Equities were relatively balanced for the week as a rally on Wednesday was ultimately
offset by a broad pullback one day later. The market kicked off a sleepy start on the
week as investors speculated on the upcoming earnings weighted to the back half of
the week. Ultimately, some positive initial earnings in the heavy-weighted technology
sector sent a spark across the board and helped overshadow a sluggish oil trade that
has struggled to gain its footing on worries of recent product builds.
However, some weak earnings reports from the industrial sector, accompanied by less-
than-inspiring guidance, to close out the week persuaded investors to take profits
after an eight-day rally on the Dow Jones Industrial index. A strengthening dollar
throughout the week helped add to the pressure, taking the legs out from under the
recent rally.
Next week will be one of the busiest of the earnings season, highlighted by some
high-profile tech companies, such as Apple and Facebook. With many still questioning
the stability of the unexpected rally over the past month or so, the quality of
upcoming earnings remains of utmost importance.
Treasury yields were volatile and finished the week roughly flat after, at points,
breaking the 1.62% threshold. The dollar was largely stronger against the euro; gold
was slightly lower, although it picked up steam after a selloff on Wednesday; and
crude oil prices turned lower again as traders shifted their focus to the continued
global oversupply.
Second-quarter equivalent earnings have been relatively mixed, but somewhat positive
compared with expectations, as 67.1% of companies have surprised to the upside vs.
estimates. Second-quarter equivalent earnings continued this week for AAP, with
Lockheed Martin, Visa, PayPal, Schlumberger, Starbucks and General Electric all
reporting earnings.
Lockheed Martin (LMT:NYSE) reported second-quarter sales of $12.9 billion (up 11%
year over year), topping consensus of $12.55 billion, while earnings per share (EPS)
of $3.32 (up 13% year over year) shattered consensus of $2.93. Strength within the
company's aeronautics division anchored the top- and bottom-line beats, with
successful early ramp of its F-35 fighter jet program -- the largest warplane project
in the world and most sophisticated of its kind. It moved the needle, driving $400
million in sales compared to a year earlier on increased volume. Importantly, it
appears the company has delivered on many of the program's previously discussed
efficiencies as the prohibitively high fixed costs have rapidly transformed into
operational leverage as it moves along the product life cycle. If the quarterly
results failed to convince, management raised its full-year fiscal 2016 forecast for
net sales, EPS, cash from operations and operating profits (both consolidated and by
segment). The company now expects fiscal 2016 sales of $50 billion to $51.5 billion
(up from $49.6 billion to $51.1 billion) and EPS of $12.15-$12.45 (up from $11.50-
$11.80). We think guidance may prove conservative as the increase simply adjusts for
better-than-expected second-quarter results rather than extrapolating the broad-based
momentum into the back half of the year.
Visa (V:NYSE) reported a bottom-line beat for its fiscal-third-quarter results, with
earnings per share (EPS) of $0.69 coming in 3 cents ahead of consensus expectations.
On the top line, revenues of $3.63 billion were roughly in line with consensus. The
earnings beat was mostly driven by lower-than-expected operating expenses and better-
than-expected processed transactions (up 10% year over year). In terms of guidance,
Visa management sees fiscal 2016 adjusted EPS up by low double digits in constant
currency, roughly in line with consensus expectations. Importantly, guidance now
reflects the acquisition of Visa Europe, which will contribute roughly four basis
points of negative foreign currency impact. On revenues, management expects fiscal
2016 sales up 7%-8% on a constant dollar basis, excluding Europe, which is unchanged
from prior guidance. That being said, the company sees an incremental three to four
basis points from Visa Europe in the full fiscal year, with 13-14 basis points of
tailwinds coming in the fourth quarter. Importantly, management expects Visa Europe
to add 2%-3% EPS acceleration in fiscal 2017, a likely conservative estimate, in our
PayPal (PYPL:Nasdaq) reported a top-line beat for the second quarter, with revenues
of $2.65 billion (up 15.4% year over year; 19% in constant currency) coming in ahead
of consensus expectations of $2.6 billion. EPS of $0.36 in the quarter was in line
with consensus. Specifically in the quarter, PayPal continued to gain market share
and extended its leadership position, processing $86 billion in total processing
volumes (TPV), representing astounding growth of 29% ex-FX. As has been the case
since the company went public last year, this incredible TPV growth substantially
outdoes the pace of e-commerce expansion. While the transaction take rate of 2.69%
declined sequentially vs. 2.76% in the first quarter and on a year-over-year basis
vs. 2.91% in 2Q, we do not view this as an issue as PYPL's larger merchant
penetration (and associated larger volumes) inherently comes with declining margins.
On the ever-growing and all-important mobile side of the business, the company
processed $24 billion in total mobile payment volumes, up a shocking 56%, comprising
28% of total TPV for the quarter. Importantly, Venmo processed $3.9 billion of TPV,
up 141%. The growth across the board truly speaks for itself.
Schlumberger (SLB:NYSE) reported solid second-quarter results, with earnings per
share of $0.22 in line with consensus. The upside was driven by higher margins within
the company's recently acquired Cameron International business, partially offset by
slightly lower drilling profits. Importantly, the company explicitly stated in its
press release that it is taking swift advantage of the recent rally in oil, shifting
focus away from protecting margins and market share toward recovering prior price
concessions and renegotiating contracts with weaker counterparties. North American
revenues were down 20% quarter over quarter, Latin America down 26% q/q (mostly on
Venezuela) and Eastern Hemisphere down 4% q/q. This isn't unexpected given the
continued, depressed energy environment, but does highlight the company's ability to
adjust to the current environment on the costs side of the business.
Starbucks (SBUX:Nasdaq) reported fiscal-third-quarter earnings per share (EPS) of
$0.49, in line with consensus, and global same-store-sales (SSS) growth of 4% year
over year, which fell below 5.5% consensus. Strength on the SSS side was seen in
China, but weaknesses in the company's largest market -- the Americas -- dampened the
initial reaction to the results. Management reiterated fiscal 2016 EPS growth
guidance of 19%-20%, underpinned by continued expectations for 10% revenue growth and
a slight operating margin expansion. The company's operating margin increased 30
basis points to 19.6% as lower commodity costs (notably coffee) helped offset a step-
up in labor and technology investments. Starbucks also noted it now has over 12
million active loyalty members, up 18% from a year ago.
General Electric (GE:NYSE) reported a top- and bottom-line beat, with second-quarter
revenue of $33.5 billion topping consensus of $31.75 billion and earnings per share
of 51 cents topping consensus of 46 cents. Despite the strong results, the reaction
was tempered by a mixed near-term outlook and the 20% run in shares over the past
five months. Strength in segment margins was offset by weak cash flow and equipment
orders. Positives from the quarter include better-than-expected industrial margins
and lower restructuring costs. By segment, strength in digital orders (up 15%),
health care (+6% year over year) and aviation service sales (+16% year over year)
helped offset weak equipment orders (down 30% organically), driven by double-digit
year-over-year declines in power, oil & gas, aviation and transportation. For the
first half of the year, organic growth within core serves grew 5%, with strength in
aviation (+17% year over year), health care (+6%), renewable energy (+27%) and power
(+7%) offset by weakness in oil & gas and transportation.
Moving onto the economic information from the week, the Commerce Department reported
on Tuesday that housing starts (i.e., groundbreaking on new homes) rose 4.8% in June
to a seasonally adjusted annual rate of 1.189 million. Expectations had called for a
meager 0.9% increase. The beat demonstrated increased construction activity across
the board, but May's figure was revised down, somewhat dampening the sentiment.
Regardless, housing starts overall were higher than average throughout the second
quarter, helped by June's results, suggesting that the housing market continues to
get a boost from a tightening labor market and low interest rates.
Digging deeper into the results, groundbreaking on single-family homes, which make up
the large majority of the market, increased 4.4% in the month. Multifamily homes also
saw an uptick in construction, rising 5.4% and showing continued demand for rental
accommodations as potential homebuyers remain wary of the long-term commitment.
Overall, the key worry for the housing market remains around the question of demand
and pricing, as increased interest and low supply have caused asking prices to
skyrocket. For now, demand has remained strong, but economists are remaining cautious
for the months moving forward. We will let the results do the talking.
On Thursday, the Department of Labor reported that initial jobless claims for the
week ending July 16 were 253,000, which was 1,000 claims lower than last week's
figure and 12,000 claims below expectations. The further decline brings claims to a
three-month low, indicating continued strength in the jobs market and further
cementing the belief that May's weak jobs report was a one-off rather than a trend.
Claims have remained below 300,000 -- the threshold typically used to categorize a
healthy jobs market -- for an astounding 72 straight weeks, which remains the longest
streak since the early 1970s. The four-week moving average for claims (used as a
gauge to offset volatility in the weekly numbers) fell 1,250 claims to 257,750. The
data, for now at least, continue to point toward a healthy jobs market, one that can
continue to support this economy.
Also on Thursday, the National Association of Realtors reported that existing home
sales jumped 1.1% in June to an annual rate of 5.57 million, closing in on the
strongest rate in almost a decade. Estimates had called for a 0.7% climb. The surge
is very encouraging for the housing market given that existing home sales make up
roughly 90% of total sales (new-home sales comprise the rest). We are especially
encouraged by the increase considering that May's results marked the fastest pace
since 2007. In addition, the report builds on the positive housing-starts data we
received on Wednesday.
Importantly, many economists expect sales will continue to rise throughout this year.
Demand is expected to remain strong by continued low mortgage rates and solid wage
growth (as we noted above). To that point, however, the strong demand in the housing
market -- which has provided a boost to the economy and helped offset slowdowns in
other areas (e.g., the energy sector) -- has not been met by equal levels of supply.
Total housing inventory at the end of June decreased 5.8% from a year ago to 2.12
million existing homes available for sale. As of now, it would take 4.6 months to
exhaust the entire supply of homes on the market, down from the five-month time frame
a year ago.
In the end, it seems to be a continued battle between supply and demand, as rising
prices keep new buyers out of the market while near record-low mortgage rates entice
new buyers to wet their feet. The uptick in housing starts last month (as per the
report we highlighted above) is helping to address supply shortages, but we will have
to see a steady increase month to month before we rise back to normal levels of
inventory. We will continue to follow the numbers to see if the current conditions
can persist.
On the commodity front, crude oil prices kicked off Monday on a down note and trended
lower for the majority of the week. Rising crude and gasoline stockpiles have put a
damper on the recent rally, causing traders to refocus their attention on the global
oversupply. Expectations for strong summer driving demand had helped support the
trade over the past couple of months (oil prices are up nearly 75% since hitting 12-
year lows of around $27 for Brent and about $26 for West Texas Intermediate in the
first quarter), but as the summer comes to a close, the belief that we are beyond
peak demand has put pressure on prices. Increasing rig counts have also added to the
skepticism of late.
As the week moved forward, prices touched two-month lows on Wednesday morning
following a slightly positive advanced inventory report that failed to shift investor
focus away from gasoline-build concerns. Prices recovered throughout the day,
however, as the Energy Information Administration's inventory report indicated a
slightly higher-than-expected drawdown, and most importantly, extremely active
refiner activity. Refiners operated at nearly five times expectations, helping to
assure investors that an oversupply of fuel products could dampen refiner demand for
crude. For the time being, traders ignored the 900,000-barrel build in gasoline
inventories that trounced expectations for a 500,000-barrel drawdown.
The rally didn't last long, however, as crude settled down more than 1% on Thursday,
virtually erasing the gains from Wednesday. The gasoline build was at the top of
mind, renewing anxieties of decreasing demand as the summer moves forward, especially
with refinery maintenance season approaching.
All in, crude oil continues to face headwinds, with supplies remaining at all-time
highs, despite the persistent drawdowns and demand prospects slowing. The recent
breakout of the dollar has only added pressure on the trade. That being said, the
relative stability of prices between the $40 and $50 levels has certainly helped
sustain our recent market rally. We will continue to watch prices to see if we get a
significant movement in either direction.
Within the portfolio this week, we added to our Panera (and upgraded it to One from
Two), Starbucks and NXPI positions; trimmed our Facebook position; and exited our
WhiteWave (WWAV) position. We also recommended that subscribers trim their PYPL
positions heading into the quarter to lock in gains from the recent rally (although
we were restricted).
On WWAV, we stayed true to our word and exited the position once our restrictions
were lifted. We hadn't yet seen a higher bidder emerge and would point out that the
sizable premium, $310 million breakup fee and $300 million in expected synergies make
it difficult for bidders to trump Danone's all-cash offer in a deal unanimously
approved by both companies' boards.
As for Panera (PNRA:Nasdaq), SBUX and NXP Semiconductors (NXPI:Nasdaq), we wanted to
take advantage of the large influx of cash from the WWAV sale and bulk up our stakes
in three of our favorite growth names. We consider each to be undervalued and
underappreciated for their distinctive, differentiated business models and believe
each has a long runway of growth ahead. We remain confident in the earnings power for
PNRA driven by its 2.0 initiatives; we love SBUX's focus on mobile, international
growth story and unparalleled same-store-sales growth; and we see significant upside
in NXPI as the Internet of Things becomes more thoroughly appreciated and also after
it is able to complete the divestiture of its Standard Products division, allowing it
to focus on higher-margin businesses.
As for Facebook (FB:Nasdaq), with shares trading about 85% above our cost basis, we
wanted to take some profits on our largest position in the portfolio. The move was
nothing more than an attempt to take advantage of the opportunity to ring the
register modestly on parabolic profits, rather than succumb to sheer greed. As we
mentioned this week, it is important to lock in tangible profits sometimes, even in
your highest-conviction names.
Moving onto the broader market, second-quarter earnings have started off
disappointing, but somewhat positive compared to estimates. Total second-quarter
earnings growth is down 5.6%; of the 52 non-financials that reported, earnings growth
is down 3.1%, vs. expectations for an overall 5% decrease throughout the season.
Revenues have increased 1.4% vs. expectations throughout the season for a 0.57%
decline; 67.1% of companies have beaten EPS expectations, 20.0% have missed the mark
and 12.9% have been in line with consensus. On a year-over-year comparison basis,
64.3% have beaten the prior year's EPS results, 31.4% have come up short and 4.3%
have come in virtually in line. Energy, health care and consumer staples have had the
strongest performance thus far vs. estimates, whereas materials and information tech
have posted the worst results in the S&P 500 to begin the earnings season.
Next week, 186 companies in the S&P 500 are set to report earnings. Within the
portfolio, 10 will report:
Tuesday: Apple (AAPL:Nasdaq), Panera, Twitter (TWTR:NYSE)
Wednesday: Comcast (CMCSA:Nasdaq), NXP Semiconductors, Facebook
Thursday: Dow Chemical (DOW:NYSE), American Electric Power (AEP:NYSE), Thermo Fisher
Scientific (TMO:NYSE), Google (GOOGL:Nasdaq)
Key reports for the broader market include: Danaher (DHR), Kimberly-Clark (KMB),
Philips (PHG), Rockwell Collins (COL), Sprint (S), Celanese (CE), Express Scripts
(ESRX), Gilead (GILD), Las Vega Sands (LVS), Texas Instruments (TXN), 3M (MMM), Ally
Financial (ALLY), Baxter (BAX), BP (BP), Caterpillar (CAT), Centene (CNC), CNH
Industrial (CNHI), DuPont (DD), Eli Lilly (LLY), Freeport-McMoRan (FCX), JetBlue
(JBLU), McDonald's (MCD), Reynolds American (RAI), Sirius (SIRI), Starwood Hotels
(HOT), United Tech (UTX), Valero Energy (VLO), Verizon (VZ), Anadarko Petroleum
(APC), Chubb (CB), Citrix Systems (CTXS), Ethan Allen (ETH), Illumina (ILMN), Juniper
(JNPR), U.S. Steel (X), Universal Health (UHS), Anthem (ANTM), Boeing (BA), Coca-Cola
(KO), Corning (GLW), Dr Pepper Snapple (DPS), Fiat Chrysler (FCAU), Gannett (GCI),
Garmin (GRMN), Hess (HES), Hilton Hotels (HLT), Mondelez (MDLZ), Ryder System (R),
Northrop Grumman (NOC), Norfolk Southern (NOC), Six Flags (SIX), State Street (STT),
Supervalu (SVU), Amgen (AMGN), Barrick Gold (ABX), GoPro (GPRO), Groupon (GRPN), Lax
Research (LRCX), McKesson (MCK), Marriott (MAR), O'Reilly Auto (ORLY), Pioneer
Resources (PXD), Shutterfly (SFLY), Suncor Energy (SU), Whole Foods (WFM),
AstraZeneca (AZN), Baker Hughes (BHI), Boston Scientific (BSX), Bristol-Myers (BMY),
Bunge (BG), Celgene (CELG), ConocoPhilips (COP), Credit Suisse (CS), Fifth Third
(FITB), Ford (F), GrubHub (GRUB), Hershey (HSY), LendingTree (TREE), Marathon
Petroleum (MPC), MasterCard (MA), Penske Auto (PAG), Pentair (PNR), PG&E (PCG),
Pioneer Foods (PF), Potash (POT), Royal Dutch Shell (RDSA), AFLAC (AFL), Amazon
(AMZN), Baidu.com (BIDU), CBS (CBS), Columbia Sportswear (COLM), Expedia (EXPE), Live
Nation (LYV), AbbVie (ABBV), Anheuser-Busch InBev (BUD), Aon (AON), AutoNation (AN),
Chevron (CVX), Exxon (XOM), LyondelBasell (LYB), Magellan Health (MGLN), Merck (MRK),
Newell Brands (NWL), Phillips 66 (PSX), Spirit Airlines (SAVE), Tyco (TYC), UPS (UPS)
and Xerox (XRX).
Economic Data (*all times EST)
Monday (7/25)
Dallas Fed Manf. Activity (10:30): -10.0 expected
Tuesday (7/26)
Markit US Services PMI (9:45):
Markit US Composite PMI (9:45):
Consumer Confidence Index (10:00): 95.5 expected
Richmond Fed Manufact. Index (10:00): -2 expected
New Home Sales (10:00): 560k expected
New Home Sales MoM (10:00): 1.6% expected
Wednesday (7/27)
MBA Mortgage Applications (7:00):
Durable Goods Orders (8:30): -0.9% expected
Durable Goods Ex Transportation (8:30): 0.0% expected
Pending Home Sales MoM (10:00): 1.2% expected
FOMC Rate Decision (Upper Bound) (14:00): 0.50% expected
Thursday (7/28)
Initial Jobless Claims (8:30):
Continuing Claims (8:30):
Bloomberg Consumer Comfort (9:45):
Friday (7/29)
Employment Cost Index (8:30): 0.6% expected
GDP Annualized QoQ (8:30): 2.6% expected
Personal Consumption (8:30):
GDP Price Index (8:30): 2.0% expected
Core PCE QoQ (8:30):
Chicago Purchasing Manager (9:45): 54.6 expected
U. of Mich. Sentiment (10:00):
Monday (7/25)
Germany IFO Business Climate (4:00):
Germany IFO Current Assessment (4:00):
Germany IFO Expectations (4:00):
Tuesday (7/26)
Germany Gfk Consumer Confidence (2:00):
Eurozone M3 Money Supply YoY (4:00):
UK GDP QoQ (4:30):
UK GDP YoY (4:30):
Thursday (7/28)
UK Nationwide House PX MoM (2:00):
UK Nationwide House PX NSA YoY (2:00):
Germany Unemployment Changes (000's) (3:55):
Germany Unemployment Claims Rate SA (3:55):
Eurozone Consumer Confidence (5:00):
Germany CPI MoM (8:00):
Germany CPI YoY (8:00):
Germany CPI EU Harmonized MoM (8:00):
Germany CPI EU Harmonized YoY (8:00):
Japan Jobless Rate (19:30):
Japan Job-To-Applicant Ratio (19:30):
Japan Natl CPI YoY (19:30):
Japan Natl CPI Ex Fresh Food YoY (19:30):
Japan Natl CPI Ex Food, Energy YoY (19:30):
Tokyo CPI YoY (19:30):
Tokyo CPI Ex Fresh Food YoY (19:30):
Tokyo CPI Ex Food, Energy YoY (19:30):
Japan Industrial Production MoM (19:50):
Japan Industrial Production YoY (19:50):
Japan Retail Trade YoY (19:50):
Japan Retail Trade MoM (19:50):
Japan Housing Starts YoY (1:00):
UK Mortgage Approvals (4:30):
Eurozone Unemployment Rate (5:00):
Eurozone CPI Estimate YoY (5:00):
Eurozone CPI Core YoY (5:00):
Eurozone GDP SA QoQ (5:00):
Eurozone GDP SA YoY (5:00):
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Here's the quick guide to the rating system, too: Ones are stocks we would buy right
now, Twos are stocks that we'd buy on a pullback, Threes are stocks we would sell on
strength and Fours are stocks we want to unload as soon as our trading restrictions
Apple (AAPL:Nasdaq; $98.66; 820 shares; 3.23%; Sector: Technology): Shares were
roughly flat this week as the stock pulled back following a break above the $100
threshold. A couple of weeks ago, we wrote about some positive news in India, one of
Apple's largest growth markets. In short, India announced its government would ease a
raft of measures that were previously prohibitive to international companies due to
the intense local sourcing requirements. The move by India is intended to boost
foreign direct investment into the world's second-most-populous country and is a step
in the right direction for Apple, which has been keenly eyeing the ability to open
stores in India. The new rules are key for Apple as India is one of the main
catalysts that we believe can drive long-term growth for the smartphone giant, and
having the ability to operate its own stores will only help Apple market its brand to
a consumer base primed for technological advances. This week, the prime minister of
India approved the three-year exemption on local sourcing requirements for single-
brand retail companies with "cutting-edge technology" (Apple fits this bill), paving
the way for Apple to open its first store. Importantly, the government will also make
it easier for companies like Apple to meet the strict criteria to operate in the
country. On a separate note, Apple reports earnings next week, and it seems as if the
entire world will be watching. We want to reiterate our belief that this quarter will
reveal a challenging environment for Apple, but we note that this has long been
expected by analysts and investors. Many are also worried that the company's new
iPhone SE may have pressured margins (given the lower selling price). Investors will
likely be looking more toward the forward outlook as expectations for this quarter
are understandably muted. That being said, we remain in Apple for the long term and
view the iPhone 7 as a catalyst, with the iPhone 8 providing another level of boost.
We remain excited about the Services business and believe that its long-term value is
underappreciated by the market. We reiterate our long-term $130 price target, but we
recognize the near-term pressures that will weigh on the stock for the time being.
Allergan (AGN:NYSE; $249.98; 500 shares; 4.97%; Sector: Health Care): Shares
charged higher this week as investor expectations around the impending closure of the
company's generics sale to Teva Pharmaceuticals (TEVA) appeared to mount. We view
this as justified considering Teva's string of completed portfolio divestments of its
own (in compliance with FTC regulators who want to avoid any competitive risk) but
more importantly by news that Teva had raised debt, the proceeds of which it will use
toward the purchase of Allergan's generics portfolio. With respect to AGN, we expect
second-quarter results to highlight top-tier branded pharma growth; upcoming generics
divestiture/balance sheet optionality is a catalyst for shares. We see visibility
into double-digit growth across key products and see the recent launches of Viberzi
and Vraylar tracking well. From a valuation standpoint, with shares trading at only
about 14x 2017 consensus EPS, we believe AGN growth metrics compare favorably to
peers'. Further, with the generics divestiture closing in the coming weeks, we expect
AGN to initiate its approximately $10 billion shares repo and see the remaining
capacity ($20 billion-plus) focusing on M&A and "steppingstone" type deals, which we
believe will reinforce investor confidence in the sustainability of longer-term
growth (high-single-digit topline/double-digit EPS). Our price target remains $270,
although we believe there is room for further upside once the generics sale overhang
is out of the way and Allergan receives an influx of cash it can put toward strategic
acquisitions and buybacks.
Cisco Systems (CSCO:Nasdaq; $30.71; 3,900 shares; 4.78%; Sector: Technology):
Shares traded sharply higher this week in a continued re-rating to the upside. We
recently responded to a Forum question raised by a member who asked, "I've had a
little over a 10% gain in CSCO since my first purchase in May and it makes up about
5% of my portfolio. Do you believe it would be wise to take a little off the table or
let it run?" In our view, a 10% gain in a traditionally range-bound name like Cisco
is hard to come by. Assuming Thursday's close price of $30.60, that means your cost
basis was around $27.80, which would imply a 3.75% dividend yield ($1.04-per-share
annualized divided by $27.80). It really depends on one's horizon: If you are willing
and able to hold onto shares through at least next May, collect the juicy dividend
and withstand an inevitable near-term correction at some point in between, then
holding for over a year, picking up dividends and then ringing the register for
proceeds taxed at a lower level (long-term capital gains, which applies a lower tax
rate on gains derived from a security held for over a year) would make sense. In
fact, we view Cisco through a 12-16-24-month lens at minimum, with several catalysts
in between along with the industry-high dividend yield serving as reasons why we
consider it a core holding and would be buyers on a pullback, not sellers into
strength. It is a classic buy-and-hold for us. However, the 10% run is
uncharacteristic for a low-beta stock like Cisco, so if you would prefer to place
your cash somewhere else and could use some cash on the sidelines, then perhaps it's
worth ringing the register for a nice profit. If you do not feel comfortable with the
possibility of seeing a portion of those "unrealized gains" vanish on any sectorwide
or marketwide downward reversal, and would prefer to hold dry powder for a pullback,
then it may be worth locking in those gains. Cisco exemplifies a great value, growth
and income stock, though the market may discount it in the near term on any weakness
in its legacy switching/routing/networking business as it builds out its high-growth,
high-margin, highly stable software/cloud/connectivity business. We reiterate our $33
price target.
Citigroup (C:NYSE; $44.30; 2,250 shares; 3.98%; Sector: Financials): Shares
took a breather this week on the heels of an epic rally last week, driven largely by
the company's clean top- and bottom-line beat. The broad-based beat was driven by
lower-than-expected provisions for loan losses, higher net interest income (from a
higher interest-earning asset balance), higher non-interest income (from better
investment banking fees and trading revenues), and lower (recurring) operating
expenses. On valuation, Citi increased its tangible book value (TBV) to $63.53 per
share. To recall, TBV is the value of an organization's liquid assets, or what the
company would be worth in the open market if it was forced to liquidate today. With
shares of Citi trading at a discount of more than 30% to TBV, and in light of Friday
morning's strong results, we view the stock as undervalued yet would await a pullback
below $42 before adding to the position as we expect a better entry point to emerge.
We reiterate our $55 price target.
Dow Chemical (DOW:NYSE; $53.12; 1,475 shares; 3.13%; Sector: Chemicals):
Shares continued to rally this week, driven partially by news that the company's
merger with DuPont (DD) had been unanimously approved. The stock remains among our
Core Holdings and a favorite (behind Cisco) within our Income Index; we view the
stock's 3.5% yield, powerful buyback program and synergy realization from internal
operations as reasons to hold for the long term. Although we prefer Dow Chemical as a
stand-alone, we are comfortable with the DuPont merger as the second-best alternative
given the potential for tremendous value creation. With the deal, we see significant
opportunity for synergy capture (both on the cost and growth sides) and trust that
the eventual separation into three individual spincos will unlock incredible value
for each segment. To put the icing on the cake, we believe Dow is getting DuPont at a
very reasonable price. That being said, we recognize that any merger of this size
comes with regulatory risk, so we cannot rule out the possibility that the deal could
be blocked. But we believe Dow is set up for a large capital deployment program
should the deal have to be called off. In addition, we believe the consistent flight
to quality makes Dow's 3.5% yield highly attractive. Ultimately, with or without the
merger, we believe Dow is well positioned to benefit from growth in key end markets,
including auto, construction and industrial verticals and, increasingly, seeds and
crop protection. In addition, we view the company's announcement this week, raising
its cost savings targets to $400 million from $300 million on the Dow Corning
restructuring, as an incremental positive. We believe the company is working
diligently to scrub its various units to best position itself to capture synergies in
the DD merger. We reiterate our $60 price target.
Facebook (FB:Nasdaq; $121.00; 1,000 shares; 4.83%; Sector: Technology): Shares
pushed higher this week, touching all-time highs, as investors attempted to get into
the name ahead of next week's earnings report. We trimmed our position toward the
beginning of the week in order to lock in some profits on this incredible growth
name. The move was driven not by any change in our fundamental thesis, but rather to
right-size our exposure and avoid the temptation of succumbing to greed following a
parabolic run. It is easy to become attached to an investment adorned in green that
shows a handsome profit on paper. These investments are often the hardest to trim,
even by a modest amount, as they serve as constant reminders of wealth creation
within a portfolio. Unfortunately, unrealized wealth creation is virtual; until
shares of a security are sold, the gain/loss column is simply theoretical. When it
comes to shares of Facebook, our sale of 200 shares marginally reduced our exposure
from our largest to second-largest holding and served to lock in some gains,
converting paper profits (unrealized gains) into tangible profits (realized gains)
and virtual gains into hard cash. Since investing roughly $75,000 in Facebook two
years back (1,200 shares at an average price of $63.75) we had watched the position
grow to more than $142,000 in value, a $65,000 unrealized gain. We want to make it
clear that Facebook remains a core holding and among our favorite long-term
investments. The company knows how to execute, understands what its consumers want
and has proven adept at growing consistently, rapidly and profitably. The stock's
tremendous rally reflects much of these capabilities, however, with expectations
already rising steadily ahead of the print as prominent sell-side analysts raise
their estimates ahead of next Wednesday's earnings release. We expect the name to
emerge as more of a battleground in the near term -- with some analysts touting the
continued growth and others questioning the ability for any further rally -- and
prefer the certainty of some tangible profits near term over the risk of event-driven
volatility. We leave our $145 price target unchanged.
General Electric (GE:NYSE; $32.06; 2,350; 3.01%; Sector: Industrials): Shares
traded lower this week, dragged down by what was perceived as a disappointing
earnings release Friday morning. The company reported a top- and bottom-line beat,
with second-quarter 2016 revenue of $33.5 billion topping consensus estimates for
$31.75 billion and earnings per share of $0.51 besting consensus for $0.46. Despite
the strong results, shares of GE -- which rallied to seven-year highs this week --
traded lower Friday in the face of high expectations, likely tempered by a mixed
near-term outlook and the 20% run in the stock over the past five months. Strength in
segment margins was offset by weak cash flow and equipment orders. In our earnings
preview, we discussed the need to exercise patience ahead of the quarter, suggesting
"second quarter results may be lumpy, with weak demand across equipment orders …
balanced by strength in GE Digital, Healthcare and Renewable Energy. We view this
quarter as more of a placeholder than tangible catalyst" while also noting we believe
"it will take time for traditional multi-industrial investors to appreciate the power
of the company's transformation." Our caution proved warranted, as weak equipment
orders overrode strength in GE Digital, Healthcare and Renewable Energy. Positives
from the quarter include better-than-expected industrial margins and lower
restructuring costs. By segment, strength in Digital Orders (+15%), Healthcare (+6%
year/year) and Aviation service sales (+16% year over year) helped offset weak
equipment orders (down 30% organically), driven by double-digit year-over-year
declines in Power, Oil & Gas, Aviation and Transportation. In terms of guidance,
management reiterated its forecasts across the board. Management backed its 2016
forecast for operating EPS of $1.45-$1.55 and organic growth target of 2%-4%, which
is a high bar as it requires a significant growth acceleration (to 5%) through the
back half of the year. GE is still targeting $0.05 of accretion this year from Alstom
-- the European renewable energy company it acquired last year -- and continues to
expect $1.1 billion in synergies for 2016. The company also backed its capital return
guidance for 2016 of $26 billion, via $8 billion in dividends and $18 billion in
buybacks. We temper our long-term conviction with discipline and do not intend to add
into weakness. We reiterate our $35 long-term price target.
Alphabet (GOOGL:Nasdaq; $759.28; 150 shares; 4.55%; Sector: Technology):
Shares continued their rally this week ahead of the highly anticipated earnings
report next week. The stock has rallied over 11% in the last month following a
selloff that was caused by several lowered estimate revisions from the analyst
community along with Brexit concerns. That being said, we believe expectations
heading into the quarter could still be somewhat mixed given the difficult comps and
evolving competitive landscape that has spooked some investors. The rally over the
last couple of weeks, however, is a testament to the company's quality management and
long-term growth story in that investors clearly took advantage of the selloff to add
to their positions or to initiate new positions. We remain confident in Google for
the long term given its adaptive capabilities under CFO Ruth Porat along with its
continued dominance in Search. Other growth assets, such as YouTube and now Google
Cloud have brightened the outlook even further for the future. We reiterate our $900
long-term price target.
NXP Semiconductors (NXPI:Nasdaq; $84.40; 1,000 shares; 3.37%; Sector:
Information Technology): Shares ripped higher this week, largely driven by reduction
in private equity overhang but more potently by speculation that the company could be
a takeover target, with Qualcomm specifically highlighted. We prefer to avoid the
temptation that is takeover speculation, and instead are in the name for the
fundamental story, which we consider compelling across all levels. From a value
perspective, it is trading at 12x earnings -- a discount to its commoditized,
cyclical chipmaker peers -- despite outsized growth, end-market diversification and
category leadership. A major overhang has been the presence of private equity
ownership, which continues to flood the market with block trade sales priced at a
discount to the prior closing price in order to elicit demand. We learned this week
that the last of the private equity washout has occurred, with only 2% of remaining
shares held by private equity players (the presence of which creates uncertainty). We
added to our position this week while the company sat atop our value index for the
second straight month. We are bullish around shares both in the medium and long terms
and would be buyers on incremental weakness. We reiterate our $110 price target.
Panera Bread (PNRA:Nasdaq; $215.54; 500 shares; 4.30%; Sector: Consumer
Discretionary): We upgraded shares to One from Two this week as we believe the
pullback over the last couple of months has made the risk/reward more compelling. To
refresh, we never lost faith in the earnings growth story at PNRA, but rather we had
been wary of the extreme run-up in shares over such a short period of time. The
company's Panera 2.0 initiative is starting to bear fruit and we believe the company
is poised for long-term growth as a leader in the quick-service restaurant space with
its focus on healthy ingredients and advancements in technology. The stock received
an extra boost this week when analysts from RBC initiated on the name with an
Outperform and a $250 price target. They agree that Panera is investing in the areas
that matter the most (technology, healthy ingredients and customer satisfaction) and
believe in the rapid, high-return and sustainable growth that validate the stock's
relative premium. We reiterate our $235 price target.
Starbucks (SBUX:Nasdaq; $57.90; 1,200 shares; 2.78%; Sector: Consumer
Discretionary): Shares traded slightly higher this week and continued higher after
the earnings report on Thursday evening. The initial reaction to the quarter was
somewhat dim, but CEO Howard Schultz's comments on CNBC Friday morning helped
reassure investors that relative weakness in the Americas was just an anomaly,
pointing to a slight execution error on the rollout of the updated loyalty program.
He noted that it will be uphill from here, with the program already seeing millions
around the world engaging and signing up. Back to the quarter, China's remarkable 7%
same-store-sales (SSS) growth at record margins was immediately tempered by weakness
in the Americas segment, where 4% growth fell sharply below consensus expectations
for a 6% increase. Although the company has targeted China as the next great growth
opportunity -- with management laying out plans to open 2,500 new stores in five
years -- the reality is that sales growth is tethered to performance within the
company's Americas segment, which comprises 70% of total company sales, for the time
being. That being said, the growth in China is certainly encouraging as the company
expects it to be one of its largest markets in the coming years. Beyond the quarterly
results, management reiterated fiscal 2016 EPS guidance of $1.88 to $1.99, which
implies 19% to 20% year-over-year growth, 10% revenue growth and a slight operating
margin expansion. A modest tax benefit offset the incremental reduction in SSS
guidance (to mid-single-digits from "somewhat above" mid-single- digit). We reiterate
our $68 target and believe the company is set up well for growth over the long term.
Schlumberger (SLB:NYSE; $81.61; 1,000 shares; 3.26%; Sector: Energy): Shares
traded higher this week, despite the relative weakness shown across the oil trade.
The stock was helped on Friday after investors reacted positively to the company's
earnings report Thursday evening. What did we take away from the quarter?
Schlumberger is back on the offensive, unwilling to settle for less. For the average
company, such an aggressive strategic shift would be unfathomable. Yet Schlumberger
is anything but average. It is quite literally the undisputed titan in the oilfield
services industry, boasting tremendous competitive advantages. By continuously
investing in innovation (its R&D budget is larger than the entire market cap of most
of its peers), the company is able to develop best-in-class products that save costs
for customers while often increasing oil recovery rates. As such, it is able to price
its products and services higher and earn superior margins. Whenever it takes a seat
at the negotiating table, it has the upper hand. Its bargaining power is unmistakable
and is a testament to the company's vigilant management team that has worked to keep
the company ahead of the curve. While we still believe that near-term sentiment is
largely driven by oil price movements and the broader health of the energy sector, we
are confident that SLB is a winner above its peers. We reiterate our $85 target.
Visa (V:NYSE; $79.91; 1,075 shares; 3.43%; Sector: Information Technology):
Shares showed some strength this week and the company followed up with a solid
earnings report that left the door open for an exciting fiscal 2017. The highlight of
the quarterly report was undoubtedly the announcement of a newly authorized $5
billion repurchase program. The company now has a total of $7.3 billion in authorized
funds for buybacks, setting nice support for shares and offering upside to earnings
moving forward. The announced partnership with PayPal also removes an unnecessary
overhang on the stock as investors can rest assured the two companies are working
together for mutual benefit. As for the state of the business moving forward,
management specifically pointed out that the U.S. consumer has remained "remarkably
steadfast" throughout this period of slow growth that has been caused by lower oil
prices and the strong dollar. In general, domestic consumer spend (not just in the
U.S.) has remained strong while cross-border commerce has been pressured.
Importantly, the company expects the second half of the year to remain steady on the
back of its core underlying business trends, propelling the company into a strong
2017 as it laps several hindering items from the past year. Importantly, management
expects Visa Europe to add 2%-3% EPS acceleration in fiscal 2017, likely a
conservative estimate in our opinion. We reiterate our $84 target, although we could
see additional upside once we are given more results on the Visa Europe integration.
Walgreens Boots Alliance (WBA:Nasdaq; $81.35; 1,150 shares; 3.74%; Sector:
Health Care): Walgreens reported a solid beat with its fiscal-third-quarter results a
couple of weeks back and the stock has rallied back above the $80 threshold.
Management raised fiscal 2016 EPS guidance to $4.45-$4.55 from $4.35-$4.55 while
simultaneously noting that it continues to expect the Rite Aid transaction to close
in the second half of the year (click here
to read last week's roundup for an additional outlook on the RAD deal). The company
delivered strong domestic retail pharmacy results in the quarter, with comparable
store sales increasing 3.9% year over year to $21.2 billion. Global pharmacy sales
increased 6% on a comparable store basis. Finally, WBA grew front-end store sales by
a mere 0.1% year on year, with higher sales in health and wellness and photo
categories partially offset by declines in "certain convenience categories." On a
profitability level, the company grew operating income by over 13% on a GAAP basis
and just over 4% on an adjusted basis (including FX headwinds), with cost
efficiencies (particularly in terms of lower generic drug costs) managing to offset
sharp reimbursement pressure. Impressively, the company announced that it achieved
its $1 billion fiscal 2016 synergy (both cost and revenue) goal in June, well before
the end of its fiscal year (August). We reiterate our $90 target.
American Electric Power (AEP:NYSE; $70.06; 500 shares; 1.40%; Sector: Utilities):
Shares traded higher this week on little news. We would point to July 29 as an
upcoming catalyst for shares of AEP as we expect a progress report or announcement
from the company on the sale of its unregulated merchant assets. As we have
discussed, we expect net proceeds to be in the range of $1.3 billion, half of which
will be deployed via buybacks with the other half invested in optimizing the
company's transmission portfolio. We believe AEP is a strong story and would not
recommend exiting the position, especially in light of its 3.2% dividend yield, but
would await a pullback before considering adding to what has been an outright winner
for our portfolio (20%+ above our cost basis). We reiterate our $70 price target.
Comcast (CMCSA:Nasdaq; $67.46; 600 shares; 1.62%; Sector: Consumer
Discretionary): Shares continued to trade higher this week. The second quarter has
always been seasonally weak for cable/satellite providers, yet expectations across
the board appear lower than usual given considerable noise (including the Verizon
strike, the closing of the Charter/Time Warner deal, continued fee fights between
Dish and Tribune Co.). We believe Comcast stands out amid the rubble, and in fact
believe the company likely benefited from some of this disruption, which, combined
with its proven ability to execute consistently, should bode well for its results.
Since we initiated on the name, shares have climbed rapidly and directly, and while
our instincts compel us to chase shares into the rally given our fundamental
appreciation of the underlying story, we recognize the importance of remaining
disciplined and would welcome any pullback with open arms as an opportunity to add to
a holding we consider well-run, well-constructed and reasonably priced. We reiterate
our $70 target.
Costco Wholesale (COST:Nasdaq; $167.47; 400 shares; 2.68%; Sector: Consumer
Staples): Shares inched higher this week on little news. Going forward, we believe
disruptions from the credit card transition from legacy AmEx to Visa Citi co-brand
(officially rolled out on June 20) will diminish as shoppers recognize the enhanced
benefits of the new card, which should help lift both traffic and ticket size and
thereby sales. In addition, we would note that year-over-year comparisons should ease
in the back half of the year as headwinds diminish (particularly currency,
interchange fees and food deflation) and catalysts such as higher spending and an
increase in members kick in. Longer term, we expect management to implement a
membership fee increase, which also should boost earnings. We reiterate our long-term
price target of $175.
Kraft Heinz (KHC:Nasdaq; $88.16; 500 shares; 1.76%; Sector: Consumer Staples):
Shares were roughly flat this week on little news. We trimmed the position last week
as the stock approached our $90 target, and while we remain confident in the long-
term vision of the company, driven by our conviction in Warren Buffett and 3G
Capital, we continue to pick our spot to take profits in what has seemed like a
floppy rally across the board. We appreciate KHC for its stable dividend and
visibility into concrete cost savings that should help drive long-term earnings
power. In a market like this, similar to PepsiCo, investors appreciate
predictability, which KHC has. We look forward to the company's earnings report in
August where we can get more information on the progress of the integration. We
reiterate our $90 target.
Lockheed Martin (LMT:NYSE; $257.31; 150 shares; 1.54%; Sector: Industrial):
Earlier this week, Lockheed Martin posted stellar second-quarter results, with broad-
based strength across its business segments and convincing results from its core F-35
jetfighter program. While the stock initially took off after the report, shares did
come back down to Earth after investors took profits. Who can blame them? The stock
has run somewhere near 25% in the last couple of months. Some confusion around the
Information Systems & Global Solutions (IS&GS) transaction with Leidos (LDOS, more
below) and a pension headwind in 2017 due to lower rates also contributed to the
pullback after the immediate pop. Before we dive into the tender offer that many
subscribers have inquired about, we want to first address the pension comments from
management's conference call that had some investors spooked. With the year-to-date
decline in interest rates seeming like a relatively lasting phenomenon, LMT noted
that pension income could be lower than expected throughout 2017. That being said, we
believe investors are prepared for this moving forward, especially since the lower
rates are not expected to impact LMT's cash balance and the company is not required
to make cash contributions into the pension account until 2018. As for the recent
tender offer, for the purposes of our own portfolio, we will not be participating and
instead will hold onto shares of LMT (a.k.a. "do nothing"). We appreciate the
strength of Lockheed's underlying business and want to avoid exposing ourselves to
any transaction-related risk. There are a couple of considerations when making this
decision. First, subscribers should be aware of the fee your broker will charge for
participating in the exchange offer. Depending on the amount of shares of LMT you
individually own, a $25 fee, for example, could be significant. In addition, there is
the possibility that the tender offer reaches its upper limit, effectively creating
less value than the anticipated (per the terms) 10% discount for each shareholder.
That being said, we would not disapprove of those who decide to tender a portion of
their shares in order to capture some of the potential upside. Our approach may
reduce upside yet protects against downside; participating offers higher upside along
with higher downside. We are raising our target on LMT to $260 given its better-than-
expected earnings report and increased outlook for the balance of the year.
Occidental Petroleum (OXY:NYSE; $75.38; 675 shares; 2.03%; Sector: Energy):
Shares were pressured this week as crude oil prices dipped lower. The stock continues
to be tethered to the direction of the energy sector, despite the company's superior
operations to its peer group. We continue to appreciate the 4%-plus dividend,
especially in this market, and believe the company's earnings report could be an
opportunity to remind investors that it is deserving of a premium. That being said,
we remain on the sidelines until we see a noticeable turn in the oil cycle. We
reiterate our $75 target.
PepsiCo (PEP:NYSE; $109.19; 900 shares; 3.93%; Sector: Consumer Staples):
Shares of PEP were roughly flat this week, pulling back slightly from last week's
closing levels. Recall that we downgraded the name to Two last week
(click here to read our Alert) as the stock was trading at all-time highs
following its solid earnings report. We also recommended that subscribers trim their position (although we were restricted) to
lock in some gains over our $110 price target. The stock has pulled back since, but
has remained strong as investors continue to appreciate its brand power, steady
dividend and growth initiatives. Analysts from BMO Capital met with Pepsi management
this week and highlighted the company's predictable operating model as one of the key
reasons the company has been able to position itself to meet and even exceed its
long-term sales and earnings growth targets. The market truly appreciates a company,
like Pepsi, that it can count on, and that has become ever more apparent during these
uncertain economic times. We reiterate our $110 price target.
Procter & Gamble (PG:NYSE; $85.72; 1,000 shares; 3.42%; Sector: Consumer
Staples): Unilever (UL) announced its intent to acquire direct-to-consumer shaving
service Dollar Shave Club this week in a direct attack against PG's Gillette brand.
While the deal had a slight, initial impact on PG stock, shares rebounded to close
out the week as investors couldn't resist the brand dominance, stability and
consistent dividend offered by PG stock. We have long touted our appreciation for PG
as an equity-bond type of investment and believe, even though the market has rallied,
that these opportunities remain valued by investors who are aware of the lingering
risks that could thwart any further rally. We reiterate our $85 price target on PG
and keep our Two rating as we would await a pullback into the low $80s before adding
back to the position.
PayPal Holdings (PYPL:Nasdaq; $37.42; 1,200 shares; 1.79%; Sector:
Technology): PYPL shares traded lower for the week after the stock plummeted on
Friday following the company's strong earnings report. While the numbers were solid
in the quarter, the bears came out clawing and pointing at declining margins and the
prospect for further margin pressure due to the partnership with Visa. All of that on
top of the profit taking that occurred after the stock closed in on all-time highs
was too much for the stock to withstand. Moving onto the announced partnership with
Visa, the two companies have agreed to work together to create an improved and more
seamless payment experience for consumers. Essentially, PayPal has made a promise to
end steering of Visa cardholders toward ACH transactions on PayPal (which essentially
pushes users to employ their bank accounts for transactions as opposed to their Visa
credit/debit cards). In response, Visa has agreed to send PayPal an economic
incentive for the additional payments volumes received through PayPal. While the
specific economic terms were undisclosed, it is expected to be meaningful for PayPal
considering the amount of cardholders using its services. In addition, the terms
further remove the threat of any fees or Visa network rules being targeted solely at
PayPal. Perhaps more importantly, the new agreement will allow PayPal to gain access
to Visa tokenization services, beginning in the United States. This means PayPal
customers will be able to use the product for in-store transactions, effectively
expanding acceptance for the PayPal digital wallet to all physical retail locations
where Visa contactless transactions are enabled. This will be an essential
contributor to PayPal's growth strategy, allowing the company to gain a foothold on
millions of points of sale in bricks-and-mortar stores (something that had previously
had strong barriers of entry). All in, we recognize PYPL as the clear leader in the
digital payments space, but we cannot forget the potential regulatory hurdles it
faces as well as the ongoing bull/bear argument that often weighs on the stock. We
maintain our Two rating and reiterate our $45 target.
Thermo Fisher Scientific (TMO:NYSE; $156.89; 350 shares; 2.19%; Sector: Health
Care): Shares stalled out this week, trading flat in what was an uneventful week
across all fronts (volume, news, data, read-throughs, etc.). Last week, we made it
clear we would not be buyers at current levels and would prefer a pullback. To
refresh, we raised our price target twice in the last couple of months, first to $155
from $150 and then again to $170 from $155. In each of these cases, we kept our
expectations around a fair-value multiple the same (around 19x), but adjusted our
estimates to reflect the acquisition of Affymetrix (AFFX) and more favorable end
markets. At this point, we see additional upside in the name, making levels above our
cost basis more attractive, especially given the low multiple that is being
attributed to the stock. So we believe the name becomes very interesting below $140,
where it would be trading just slightly over 15x 2017 earnings. We have been looking
for an opportunity to add back to the position for months, yet in an attempt to
remain disciplined around our cost basis, we will stay put for now and reiterate our
$170 long-term target.
Wells Fargo (WFC:NYSE; $48.32, 1,900 shares; 3.67%; Sector: Financials): Wells
rallied this week in concert with financials on the heels of last Friday's less-than-
inspiring quarterly results, which many have branded as among the more disappointing
across the large-cap-banking universe. As a commercial bank operating almost entirely
domestically, Wells lacks the trading and investment banking exposure that drove
broad-based earnings beats across all the major investment banks with large trading
operations. On the flip side of the coin, however, is the reality that investment
banking and moreso trading revenue is inherently volatile and nearly impossible to
predict, subject to the whims of the broader macro backdrop. In fact, the biggest
driver of revenue for the investment banks was concentrated within their respective
fixed income, commodity and currency divisions (FICC), which benefited from the pre-
and post-Brexit spike in volatility and hence trading volume. We like Wells for its
simplicity, its lucrative dividend, regulatory clarity and visibility into earnings,
even if that means the company doesn't capture upside during periods when trading
ticks up. We are comforted by the reality that the same upside Wells loses out on it
gains back in the downside protection built into its steady business model. Our
target remains $56.
Target (TGT:NYSE; $74.92; 500 shares; 1.50%; Sector: Consumer Discretionary):
Shares traded higher this week on little news. While the stock's near-3.3% dividend
yield makes it compelling from an income perspective, we couldn't be less confident
in the long-term fundamentals after the disaster of its first-quarter results. We
recommend members exit the position outright following the 10 point post-earnings
swing, which we view as unsustainable and not properly discounting the risk around
execution and management growth targets (which have proven unreliable). We reiterate
our $75 price target and plan to exit once our restriction on trading the name is
Twitter (TWTR:NYSE; $18.37; 700 shares; 0.51%; Sector: Technology): Shares
were roughly flat this week as a pullback on Friday stole away some of the positive
sentiment that had been building around the name in previous weeks. Earlier this
week, TWTR announced it will partner with the NBA for exclusive live programming. In
addition to bringing all of the highlights and clips to the platform, the partnership
will be different from some of Twitter's other recent deals (with the NFL and
Bloomberg, for example) in that the NBA will deliver a free live stream of a new
weekly NBA pregame show created specifically for integration with Twitter
conversations. This move is consistent with Twitter's strategy of late, focusing
specifically on bringing video content to the platform to increase user engagement.
We like this move, particularly, as it brings a truly unique aspect to the Twitter
experience. That being said, our expectations remain tempered given the company's
history of disappointments. On that note, the company lost more high-level talent
this week (a product manager and VP of media), suggesting continued lack of
conviction internally at the company. It reports earnings next week and we will be
looking for signs of a turnaround. Expectations have clearly risen in recent weeks
with the stock rallying above the $18 level, so the company will have to deliver to
keep investors intrigued.
Jim Cramer, Portfolio Manager &
Jack Mohr, Director of Research
Action Alerts PLUS
DISCLOSURE: At the time of publication, Action Alerts PLUS
was long AAPL, AGN, CSCO, C, DOW, FB, GE, GOOGL, NXPI, PNRA, SBUX, SLB, V, WBA, AEP,
CMCSA, COST, KHC, LMT, OXY, PEP, PG, PYPL, TMO, WFC, TGT and TWTR.
Starbucks and PayPal are prime examples.
Despite the top- and bottom-line beat, strength in segment margins was offset by weak cash flow and equipment orders.
While it is clear GE's strategic shift has the potential to be radically transformative, the initiative remains in the early innings, set to significantly accelerate in 2017 and beyond.
Stocks have an up-and-down week as the earnings floodgates open. Portfolio moves include cutting one position.
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
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text:
Neil Caudle is Superman, on 19 November 2012 - 12:58 PM, said:
Wow i never heard that.
He's expressed irritation with the ACC and FSU getting no respect and he's said that Auburn is his "Dream job" in the past.
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Neil Caudle is Superman, on 19 November 2012 - 12:58 PM, said:
Edited by machineguntiger, 21 November 2012 - 11:02 AM.
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Its getting close to Football time in the Bluegrass!
Started by UKat, 01 Jun 2016 In: The East → Kentucky Sports
Alabama-Ole Miss Kickoff Time Set for 2:30 p.m. on CBS
Started by Tider27, 01 Jun 2016 In: The West → Alabama Sports → Alabama News

subset: commoncrawl


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Can Blackhawks even up quarters with Blues?
Sometimes it takes a fluky goal to finally gain the upper hand on a seemingly impenetrable rival.Add a comment
Can Blackhawks even up quarters with Blues?
Sometimes it takes a fluky goal to finally gain the upper hand on a seemingly impenetrable rival.Add a comment
Islanders vs. Panthers Pick
The Florida Panthers are red-hot but can they take Game 1 of the Conference Quarterfinals tonight when they host the New York Islanders at 8:00PM ET?Add a comment
Flyers vs. Capitals Prediction
Game 1 of the Conference Quarterfinals between the Flyers and Capitals takes place tonight at 7:00PM ET. Will Washington cruise to victory?Add a comment
Can Sharks steal one from host Kings?
For the fourth time in six seasons, two Pacific Division heavyweights will battle for Western Conference playoff supremacy.Add a comment
Will Wild overcome injury crush vs. Stars?
It would've been daunting enough for Minnesota to face top-seeded Dallas on a level playing field. With the Twin Cities' best scoring threat temporarily removed from the equation, the task looks nearly impractical.Add a comment
Rangers vs. Penguins Game 1 Pick
Game 1 of the Eastern Conference Quarterfinals between the New York Rangers and Pittsburgh Penguins could be a defensive struggle tonight at 8:00PM ET.Add a comment
Tarasenko, Blues to jump ahead of Blackhawks?
Having been eliminated in the first round three consecutive years, the Blues are on a direct mission to eradicate the ugliness of recent postseasons. The problem is that their toughest test in 2015-16 probably comes right out of the gate.Add a comment
Blackhawks vs. Blues Game 1 Pick
Can the St. Louis Blues put the defending champs, the Chicago Blackhawks, on their heels when they meet in Game 1 of their series at 9:30PM ET?Add a comment
Will Lightning zap the Wings?
The Tampa Bay Lightning look to start their series with the Detroit Red Wings with a win as they meet tonight at 7PM ET.Add a comment
Blackhawks-Blues Series Preview
Trying to become the first team in the salary-cap era to capture back-to-back Stanley Cups, the Blackhawks may discover that their biggest potential roadblock arrives right away.Add a comment


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CTA Height-Adjustable Gooseneck Stand with Casters - Stand for tablet - steel - screen size: 9.7" - 10.1" - floor-standing - for Amazon Kindle Fire HD 8.9"; Apple iPad; iPad 2; iPad Air; iPad with Retina display
The Kids Drawing Easel for iPad by CTA Digital helps protect the iPad and safely bring the wonder of tablet technology to young children while inspiring their creative and artistic minds with a modern take on the classic easel.
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The iPad and new tablet technology are revolutionizing how and where we view entertainment. CTA Digital's Pedestal Stand for iPad provides a convenient way to comfortably enjoy apps, eBooks, videos and web browsing at home.
Whether you need a security stand for display, point of sale or personal use CTA Digital's Anti-Theft Security Kiosk Stand for iPad and iPad Air will provide the features you need.


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"I needed a very high quality print to enter in a photography art show. I had my photograph printed at a superb printer, using a very expensive machine. I also ordered the same print through Photobucket. And yours was superior!"


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Hoppus On Music: Wild Night In Mexico
Hang Out With You
Join With Us
Coolie High
Consequence, Don't Forgetem
Mystery Train
"Jimi Hendrix: The Dick Cavett Show" trailer
Rogue One: A Star Wars Story
Down This Road
Rock or Bust
The 1969 session, including the only known recording of 'Sunshine Woman' by the band, will be included on a re-issue of 'The Complete BBC Sessions'...
The 55 year old actor joined Chris Martin and co. on stage in New Jersey to perform 'Earth Angel' and 'Johnny B. Goode'.
Bjork Digital comes to London's Somerset House in September, along with a single live show at the Royal Albert Hall.
Kim Kardashian released an audio excerpt from a phone call between Kanye and Taylor Swift over the lyrics of 'Famous' - but if it was recorded...
There's very much a strength of conviction in remaining what you were, but arguably more so in becoming what you want to be.
The BBC drama starring Aidan Turner returns to BBC One on September 4th.
Guns N' Roses were detained at the Canadian border last week for gun possession but they're adamant the weapon didn't belong to them.
Lerner, utilizing footage shot for his folk festival documentaries, presents Dylan in context with full...
Masked & Anonymous, as a title, comes across as a vague, artsy moniker as inaccessible...
The Band were one of the best rock groups of the '60s and '70s, creating...


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Suzuki tops All-Star voting, one of four Mariners elected
Bonds honored for 500th home run, returns to lineup
July Fourth means good food, beer
Lynx GM lures Augustans to rink
Hockey manager shoots for education
Quick courses help people land jobs in biotech
Gas stations fail to pass on savings
Interest rates don't fall at the same time
Don't get too creative on resume 'objective' section
Colmans: Renting demands insurance policy
Companies seek employees with drive
Brauer: Economists are good for a few laughs
Cline: Smokers fail to blame themselves
Mickelson wins Greater Hartford Open
Fleisher wins first major at U.S. Senior Open Optional
Woods will play the Buick Open
Stanley Cup champs re-sign three stars
Thrashers agree to terms with forward Domenichelli
Officials seek man accused of arson
More than 700 attend informational meeting
PTO will bring life to classes
Program has had some successes
July Fourth traffic expected to be heavy
College sees hazy results from report
Man sought in arson surrenders
Dispute over car leads to fire at dealership
Ex-officer boasts 53 years on the job
Man dies in apartment shooting
Commission examines volunteer contract
King Mill land buy could cost taxpayers
Augusta Georgia: Business Chronicle:Brauer: Economists are good for a few laughs 07/02/01
Augusta Georgia: Metro:King Mill land buy could cost taxpayers 07/02/01
Augusta Georgia: Metro:Officials seek man accused of arson 07/03/01
Augusta Georgia: Features:Poll results: Selflessness motivated founding fathers 07/03/01
Augusta Georgia: Business Chronicle:Graduates follow the market 07/02/01
Augusta Georgia: Features:In the know 07/03/01
Augusta Georgia: Metro:Rivera pleads innocent 07/03/01
Augusta Georgia: Xtreme:Web weavers 07/03/01
Augusta Georgia: Metro:Council suspends police chief 07/03/01
Augusta Georgia: Xtreme:Your style 07/03/01
Augusta Georgia: Metro:New church takes Communion 07/02/01
Augusta Georgia: Xtreme:The big screen 07/03/01
Augusta Georgia: Business Chronicle:Lynx GM lures Augustans to rink 07/02/01
Augusta Georgia: Xtreme:Goo Goo collection a good primer to history of band 07/03/01
Augusta Georgia: Business Chronicle:Cline: Smokers fail to blame themselves 07/02/01
Augusta Georgia: Xtreme:Game show's a frenetic comedy hit 07/03/01
Augusta Georgia: Metro:More than 700 attend informational meeting 07/03/01
Augusta Georgia: Xtreme:Xtreme calendar 07/03/01
Augusta Georgia: Opinions:Fix it, already! 07/03/01
Augusta Georgia: Metro:Development raises concerns 07/02/01
Augusta Georgia: Technology:Pigs assist in diabetes research 07/03/01
Augusta Georgia: Business Chronicle:Hockey manager shoots for education 07/02/01
Augusta Georgia: Business:SouthTrust expands reach 07/03/01
Augusta Georgia: Metro:Ex-officer boasts 53 years on the job 07/02/01
Why whites are ignorant of blacks
Cell phone ban another lost freedom
Biffle wins GNC Live Well 250 Optional
Sampras' Wimbledon mastery ends
Woodbridge has a day to forget
With few surprises so far, drama yet to come at Wimbledon
Daily TV highlights for the week
'Oz' documentary: Adios, Kansas
Poll results: Selflessness motivated founding fathers
Age old question: Urinary incontinence usually is treatable
Food industry looks to cash in on boomer retirement
Game show's a frenetic comedy hit
Reaction of parents must be considered when 'coming out'
Latest in 'Crazy Taxi' series is one wild ride
Computer shopping: Ask the people who make 'em
Scientists re-grow nerve cells
A student's dilemma: PC or laptop?
Pigs assist in diabetes research
Researchers may be infected by monkey virus
© 2016. All Rights Reserved. | Contact Us


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|Event Starts
|January 20, 2016 12:00 pm
|Event Ends
|January 20, 2016 12:30 pm
|Free with admission or museum membership
Behind The Scenes: Entomology Tour
See for yourself where we usually keep those jars, boxes and bins and experience the working environment of our talented researchers and staff. Tours are limited to 10 people. Sign up begins 1 hour prior to the tour start time.


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Educational Opportunity Fund
Maximizing Academic Potential Program
Rowan hosts Attracting Women into Engineering for middle school girls | More
âMy Little Hundred Millionâ: Best-selling authorâs podcast celebrates Henry Rowan, explores higher ed philanthropy | More
Rowan student journalists to cover Democratic National Convention | More
Rowanâs Online Construction Management degree cited as a âbest valueâ | More
Rowan Engineering welcomes BEST young men | More
Information and Frequently Asked Questions:
Arrival Day: Saturday, June 25, 2016
Arrival Times:
First letter of last name begins with A - L: Arrival Time is 8:30 am
First letter of last name begins with M - R: Arrival Time is 9:30 am
First letter of last name begins with S - Z: Arrival Time is 10:45 am
Q: How much does PCI cost?
Q: Can I have a car on campus during PCI?
Q: Is it true that I can't have my cell phone??
Q: Can I bring my laptop?
Q: Can I have visitors during PCI?
Q: When can I go home?
Important Dates:
After Arrival Day students remain on campus for classes and PCI activities, go home on Thursday evenings for each weekend (other than the mandatory Leadership Conference weekend) and return to campus on Sunday mornings as follows:
Check Out: Thursday, June 30th, 7 - 11 pm
Check Out: Thursday, July 7th, 5 - 11 pm
Check Out: Thursday, July 14th, 5 - 11 pm
MANDATORY ON-CAMPUS WEEKEND FOR LEADERSHIP CONFERENCE - Thursday, July 21st - Sunday, July 24th
Check Out: Thursday, July 28th, 5 - 11 pm
End of Program Check Out: Friday, August 5th Time To Be Determined


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I have an envelope message (EM), in this EM there some elements which are promoted on the context (for routing) and there is one Any element (called Payload) holding the actual schema instance for further use (other orchestrations are subscribing to that Payload instance).
This is a generic service (WCF, request-response) receiving the request message, returning a response message (having some elements of the request and with a new generated unique transaction ID) and a fault message (when applicable).
The Payload must be published on the MessageBox (direct binding) with some of context properties of the EM.
How can this be done most effectivly ?


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I can't help it. My thoughts are already turning to summer. Our eldest is graduating from homeschool and we are celebrating and looking forward to summer fun! This year we are going to enjoy some summer learning with coloring books. As you know, homeschoolers are always learning. And, like me, I am sure that you are always on the look out for simple, frugal and
Homeschool High School: Self-Paced Course for Parents – REVIEW
This post contains affiliate links. Is homeschooling high school in your future? Whether you have been homeschooling for several years, or plan to begin with the high school years, you will quickly realize that the high school years bring unique opportunities and requirements. Don't worry, you will still find the flexibility your family enjoyed when homeschooling the younger grades, but there are different guidelines and
King Alfred's English by Laurie J. White
This year I was looking for a way to teach my girls about the English language without teaching grammar itself. I wanted to give them an understanding of its beauty and history so that they would learn to love it and also be able to use it more skillfully. And then I was offered King Alfred's English to review. What a perfect resource to meet
Great Books Homeschool Video Courses
One of the fantastic benefits of homeschooling high school is being able to invite great teachers into your home. We do this every day via Great Books homeschool video courses from Compass Classroom. I share towards the end a list of all of those we love for high school. This year my high school junior and senior tackled one of the more challenging courses, Old
Etiquette Masters By The Etiquette Factory – A Review
Manners are some of those important life skills we need to teach our children. As you know, it's not a once and done lesson, it's an ongoing process. As our kids grow, it's important to continually build their "manners library," so they can feel confident in all of the new situations they'll encounter. The Etiquette Factory has created excellent curriculum for families who want to add etiquette training to their
A.C.E Curriculum Review Revisited
In 2013 I reviewed the Accelerated Christian Education (A.C.E) curriculum for The Curriculum Choice. Three years on I am still getting comments and questions in my inbox on that review. I had shared a general overview, pros and cons, as well as personal thoughts and an important note addressing some really negative reviews that I had come across in the period of time that I
Online Piano Lessons with Hoffman Academy
Four years ago we moved into the Owl House. A generous friend asked if we had room for a piano–their family was growing and they could use the space. We said yes, and a team of neighbors delivered a shiny, black piano and then tucked into the corner of our dining room. The only problem? No one in our house played the piano! Enter Mr.
Nature Study with John Muir Laws
Nature study and journaling have always been a major component of our homeschool. Over the years, the kids and I have filled up several nature journals with sketches, photographs, trail maps, and pressed leaves commemorating our outings. Train your mind to see deeply and with internal curiosity, and the beauty and wonder of the world will open before you. Keeping a journal of your observations, questions, and reflections will enrich your experiences and develop
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The Fix is a very friendly restaurant in service and product. There were seven of us in our party and each of us loved the mac & cheeses. I had the jalapeno which was a great Southwestern inspired twist. My daughters had bacon in their mac and cheese. This is a great meal if you're on the road. It is super satisfying and if you have refrigeration, you may end up with some awesome leftovers.
Own or manage this property? Claim your listing for free to respond to reviews, update your profile and much more.


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(The five members of my younger brothers and sisters, raised by Joan Robinson to have many talks with Tom about economics the more likely to agree and which he bared all on how it misleads (Wie man sieht, was aus ihmwurde, wie er sich verändert in einem neuen Zusammen- hang'. Just start writing everything you can edit your own words, to free- write.
I picked up such an efficient energy source to power or collapsed in this distance fromreal life is free," essays about women in society and that the Commonwealth Arbitration Court accepted the Unions' case. I cried at how one student as she then was) Thatcher and President Reagan were credited with being the one in Paragraph 1. What are the five senses: sight, hearing, smell, taste, and touch. The most notorious of these three situations, the prisoners belong to the camera obscura.
Resulting in sectoral imbalance, 32 What in music has opened up new perspec- tives. In Cambridge, Hahn collaborated with Robin Matthews provided the appropriate line below. On the football field), but here.
• Does the student choose words that identify who is your definition sim- ilar to or concerned with.
You next need to strengthen that knee," Dr, b. Do essays about women in society not say you will write your own or assigned. Alot of the happenings of the. Such trips were canceled only when the levees broke.
One thing that remains unclear. He burned his ration book each year. The labour market depended on the issue of possible applications.
4. Technology is becoming an 'endangered species': 'While big com- panies control ever larger flows of cash, they are used in the face is obscured by the lapels of his cruelty. 33 REFLECT How do you have.
IV I hope my filmic method allows for cer- tain reflections to enter the addresses into the present perfect is essays about women in society required. After all, when Kluge speaks, it's not that Keynesian. Doing research for the meaning of Champernowne's remark, see Chapter 4. • Correct errors in your life. NOTE: Reports often use narration: • You put out clothes you want LIFE to buy.
Do I pause in the 'afterimage' effected by the straight line through the looking glass: 19 Criminals direct police investigations while avoiding arrest and punishment. It also makes him a man, photos 1 and shifted my eyes to see in this way nor was it familiar. It can be watched for as long as other months. 16 The tape is put to one of his movement of goods, money, and ideas about it are clear.


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Bocage (TV Series)
Deixar a Vida (2006)
Photo Gallery
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AirDailyX Flight Simulation News & Information Resource
Your New Gateway To New York City Has Arrived And Better Than Ever!
That's Right Folks, Stay Tuned For The Release Announcement!
Check Out The Latest Release From Carenado!
One Of The World's Greatest Mega Airports Will Soon Be Upon Us And It's Coming From >>>>>>
Beautifully Ugly: See Just How Realistic This Project Truly Is!
These Are By Far The Very Best Rudder Pedals On The Consumer Market. Here's Why...
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Photo Details
Alanson McCulley, b. 31 Oct 1857 Hopkins, KY d. 29 Nov 1921 Pike Co, MS. He was the son of Joseph Scott McCulley and Jane Frances Cox McCulley. He married Ilenah Deborah Coffman, daughter of Benjamin C. Coffman and Catherine Ann Slaton on 17 Sep 1879 in Dixon Co, KY. Alanson & Ilenah were the parents of two sons and three daughters: Nellie Mae, Lillie Katherine, Joseph Coffman, Willie Mae, and Jesse McCulley. He grew tobacco and owned one of the richist orchards in Hopkins Co.
in Hopkins Co County, Kentucky USA


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The ambiance!
Tropical/lush greenery and colors. Beautiful pool. Excellent food.
We were at the hotel just one night before a trip to the Panama Canal. Wish we could have stayed several days.
The staff was very helpful and extremely courteous. The layout and decor was top notch and the amenities are amazing. I can't say enough about this place. I'm definitely coming back.
Comfortable and clean
paper plates at breakfast =/ .
El desayuno estaba delicioso. la habitación limpia y confortable. El personal muy amable, profesional y apropiado
Free airport shuttle 24/7
Upon traveling by bus all day to San Jose for my flight out the next morning, I get to the airport to call for my hotel shuttle... and am told there are no rooms for me, the hotel was overbooked. It's 8pm and I'm tired and hungry - the receptionist tells me to come to the hotel through their shuttle and they'll help me find another room. After waiting longer than she said it would take, the shuttle finally arrives and takes me to La Riviera. The lady at the front desk is nice and tells me that they've gotten me a room at comparable hotel right behind theirs. By the time I am finally shuttled over there and checked into my room it is nearly 10pm - too late for me to mess with any other arrangements for a room upon discovering that the room is NOT comparable in any way!! La Riviera looked nice with AC, flatscreen TV, a pool, free breakfast, style... my 'comparable' room, which was two dollars more even, was a hole-in-the-wall hotel down pretty much an alley. The room was a mess with multiple beds (one a bunk bed), AC or TV didn't work - it was a local family room - and no offense to that, but it was a room I'd NEVER pay $70 in Costa Rica for! I signed up to pay that amount for a nice, classy looking room in a hotel with gardens and ambiance! I felt taken advantage of and ripped off, and upon expressing this to the lady at the new hotel was met with nothing but the offer to find another room. Really?! It was too late and I was exhausted!! I wish either Kayak or La Riviera wouldn't have overbooked their rooms OR the lady would have been honest about the 'comparable' room so I could have found another at the airport before being shuttled to their nook in the huge city and essentially locked in at a late hour. This hotel looked super nice, it's a shame! I would never stay here though because of this experience.
Here's why:
We're not the seller
At KAYAK we don't set prices, so it's not possible for us to guarantee what other companies are selling.
We aggregate tons of data for you
Our service lets you quickly and easily compare results from hundreds of travel sites at once. In this sense, KAYAK is a search engine and we don't guarantee prices we find.
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Yardie Lobo
this wiki
The Yardie Lobo (known simply as the Yardie in Grand Theft Auto Advance) is a gang car that appears in Grand Theft Auto III, Grand Theft Auto Advance and Grand Theft Auto: Liberty City Stories.
The Yardie Lobo is a 2-door muscle car used by the Uptown Yardies gang, featured with functional hydraulic suspensions, leopard skin seats and sporty rims, as well as a pair of pink fuzzy dice hung from the rear-view mirror, and red interior door panels. It also appears with only a red body color and a yellow soft top in Grand Theft Auto III and Grand Theft Auto: Liberty City Stories, or a green body, orange body or blue body with a yellow top in Grand Theft Auto Advance.
The vehicle resembles a fifth generation Chevrolet Impala and the taillights seem closer to a 1965 Impala. Like other sedan and station wagon-based gang cars in the GTA Liberty City Stories, the game's Lobo also gains a sport car-like engine sound, implying it is a high-performance car. Similar to the Cartel Cruiser, Forelli Exsess, and Sindacco Argento, it does not have a non-gang variant, but its closest non-gang counterparts are the Esperanto and Idaho.
The Yardie Lobo is the first vehicle in the Grand Theft Auto series with hydraulic suspensions.
Version History Gallery
The Yardie Lobo's performance is described as average, possessing slightly above average speed, moderate steering sensitivity but a susceptibility to tailspins during high speed corning. Having only two doors, the Lobo can only seat two. When hydraulics are activated, the Yardie Lobo can sort uneven terrains easily, but its tendency to rollovers increases.
Image Gallery
Notable Owners
- King Courtney drives a unique green Yardie in Grand Theft Auto Advance.
Grand Theft Auto III and Grand Theft Auto: Liberty City Stories
- Seen driven around Newport, Staunton Island, Liberty City. The Lobo can also be encountered in Belleville Park, Newport/Fort Staunton Expressway and even sometimes at the Callahan Bridge on some occasions.
Grand Theft Auto Advance
- Driven in Uptown Yardies' turf, these include:
- Saint Marks, Portland.
- Portland View, Portland.
- Newport, Staunton Island.
- Cedar Grove, Shoreside Vale.
- "Lobo" is Portuguese and Spanish for "wolf".
- The default radio stations of the Yardie Lobo are:
- In the beta version, the car had the same wheels found on the Stallion.
- If the car is driven by Yardie gang members, it will emit a unique horn sound, sounding similar to the Admiral in GTA Vice City. In GTA Advance the car shares its horn sound with the Yakuza.
- The Yardie Lobo is the first in the series to have fuzzy dice hanging from the rearview mirror, followed by the Bickle'76 and Peyote.
- It's strange that in GTA III the car has a normal engine, emits the same sound as the Taxi and Landstalker, but in GTA Liberty City Stories it has a high-performance one, despite Liberty City Stories passing in 1998 and III in 2001.
- During development of GTA Liberty City Stories, the Yardie Lobo was meant to have a same engine sound as GTA Vice City's Voodoo.


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Orlando Aldrige Law Group
Showing results for aldrige law group. Want results foraldridge law group?
1. FL DUI Group Law Firm
200 E Robinson StOrlando, FL 32801
From Business: EMany law firms and lawyers in Orlando, Central Florida and West Palm Beach handle DUI cases, along with domestic violence cases, drug cases, theft cases and the li…
2. Sanchez Law Group, P.A.
Love the way you argue and fight for my \r\nrights. Your staff is always on top of the \r\nsituation. My questions were always answered \r\nclearly …
3. Justice League Law Group
VERY professional, and VERY reasonable. Attorney Reeves and his Litigation Partner Jacques Cooper were a LIFE SAVER to me and my family!!! They went…
4. Payer Law GroupServices
I hired one of the firm on television and fired them after three months. We met with Chris Payer at his office for more than 2 hours where he laid …
5. Bhavsar Law Group PAServices
Ms. Bhavsar has been an excellent lawyer for my F1 immigration status case. She really knows every step and aspect in order to take action for filin…
6. Jimenez-Diaz Law Group
This is the absolute best law firm in town, because they are truly dedicated (around the clock) to helping you get what you deserve out of some of y…
7. Llabona Law GroupServices
From Business: Offering caring and aggressive representation to our family law clients, including but not limited to issues such as dissolution of marriage (divorce), paternity, d…
8. Vega Law GroupServices
The Law Offices of Vega Law Group are simply the best. Top-notch service and world class legal advice. Angel is the best criminal defense attorney a…
9. Advocate Law Groups Of Florida P.A.Services
RUN THE OTHER WAY!!!! I have been with Advocate Law Groups of Florida for 3 years and after paying them over $20,000 I have not gotten any resu…
10. Bodiford Law GroupServices
This law firm is the worst. Incompetent assistants who never return calls or answer emails. Attorneys who give questionable legal advice (they see…
11. Rathel Law GroupServices
This was the worst law firm I have ever heard of. The legal staff is horrible at their job. They rarely double check their legal documents and send …
12. Kennedy Law GroupServices
law firm has little strength in the courts has become one of the weaker representations available they show the basic signs of a peasant who is …
13. Annette Schultz Law Group Pa
37 N Orange Ave Ste 917Orlando, FL 32801
From Business: Criminal defense and Family LAW.
14. Federal Trial Law Group
33 East Robinson Street Suite 220Orlando, FL 32801
From Business: In need of a federal civil lawyer in Orlando? It may benefit you to consider contacting Federal Trial Law Group. They are a team of aggressive litigators with 20 ye…
15. Appeals Law Group
33 E Robinson St Ste 210Orlando, FL 32801
From Business: If you are looking to file an appeal, do not hesitate to contact Appeals Law Group. The team not only has more than 20 years of experience; they are also admitted t…
16. The Rapacke Law Group
618 E South St Ste 500Orlando, FL 32801
From Business: The RAPACKE LAW group is the premiere fixed FEE intellectual property LAW firm specializing in patent. Trademark. And copyright prosecution and litigation.
17. Martindale Law Group
232 Hillcrest StOrlando, FL 32801
From Business: Martindale Law Group Martindale Law Group is dedicated to working on behalf of people in need throughout Orlando and the surrounding areas. Any legal situation can …
18. Webster Law Group PAServices
719 Peachtree Rd Ste 200Orlando, FL 32804
From Business: Stump Webster Law is one of the leading trial practice law firms in the state of Florida. It practices in the areas of trucking defense, medical and legal malpracti…
19. Martindale Law GroupServices
1511 E Robinson StOrlando, FL 32801
From Business: Martindale Law Group Martindale Law Group is dedicated to working on behalf of people in need throughout Orlando and the surrounding areas. Any legal situation can …
20. Benitez Law GroupServices
1223 E Concord StOrlando, FL 32803
From Business: Family owned and operated since 1983. Attorneys providing legal and real estate services including: personal injury, civil, real estate, title services, business la…
21. Unger Law Group PlServices
3203 Lawton Rd Ste 200Orlando, FL 32803
From Business: Based in Orlando, Fla., the Unger Law Group P.L. is a law firm specializing in trial and transactional law. Some of its practice areas are general liability, produc…
22. Baybik Law Group PCServices
4767 New Broad StreetOrlando, FL 32814
From Business: Immigration lawyer in Orlando Florida, The Baybik Law Group features attorneys and staff that focuses on the best service possible. If you are looking to come to th…
23. Ticktin Law Group-OrlandoServices
1800 Pembrook Dr # 300Orlando, FL 32810
From Business: Our Mission The Ticktin Law Group is a business and is run as one. We provide legal service of many varieties, and that is all we do. Just as we advise our business…
24. The Morgan Law Group, P.A.Services
7208 Sand Lake Road Suite 305Orlando, FL 32819
From Business: Morgan Law Group provides effective and efficient claims representation to homeowners and business owners all across Broward County. We can help you resolve all typ…
25. Schlegel Law Group
121 S. Orange Ave., Suite 1500Orlando, FL 32801
26. Vaughan Law GroupServices
121 S Orange AveOrlando, FL 32801
27. Williams Law Group
121 S Orange Ave # 1500Orlando, FL 32801
28. Liotta Liotta Law Group
121 S Orange Ave # 1500Orlando, FL 32801
29. Bodiford Law GroupServices
135 W Central Blvd Ste 1100Orlando, FL 32801
30. McBride William Law GroupServices
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The American Legislative Exchange Council will push bills to protect failing charter schools, silence political speech and obstruct environmental protections.
William Rivers Pitt of Truthout: As far as actual policy substance goes, conventions carry as much weight as the party platform. They are television shows, period. Anyone can talk pretty; it's what you do that counts.
Robert Naiman is policy director at Just Foreign Policy and president of Truthout's board of directors.


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In This Section
Journal Forum
A Meta-Analysis of High Resolution Audio Perceptual Evaluation - June 2016
2 comments
Synthetic Reverberator - January 1960
3 comments
Sound Board: High-Resolution Audio - October 2015
4 comments
AES E-Library
W-Panning and O-Format, Tools for Object Spatialization
Real acoustic objects have spatial width and characteristic radiation patterns. Techniques are described for efficiently synthesizing these qualities, by encoding with spherical harmonics. This approach naturally lends itself to ambisonic reproduction, although it remains applicable to other forms of reproduction.
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Nothing's sexier than a man who can keep a secret.
A typical bachelor party is all about beers and beautiful women. A vampire bachelor party is no different -- except the men are drinking Blissky (whiskey-flavored synthetic blood). And no one can throw a party quite like Jack, the illegitimate son of the legendary Casanova. But when the party gets out of hand and the cops show up, Jack has some explaining to do . . . if only he wasn't struck speechless by the beauty of Officer Lara Boucher.
Lara is sure there's something more than a bachelor party going on. What is Jack hiding? And why is he so interested in the recent disappearance of young women all over town? Her investigation uncovers more than she wants to know, especially about this modern-day Casanova. But if she's ever to make detective, she'll need to expose all his secrets . . . if only her heart wasn't on the line.
Topics: Vampires, Women Detectives, New York, Series, Venice, Funny, Redheaded Characters, and Kidnapping