AMCX, BRBS, CAG, CODX, CVX, DOW, MCDFX, MJ, OMIC, ORAN, PPT, VWO

Economy: 

Over the last 12 months through July, CPI increased 5.4% before seasonal adjustment. Excluding food and energy, CPI rose 4.3% over the past year.

Consumer Price Index Summary

Part of the Y-O-Y inflation surge is due to crude oil returning to pre-pandemic levels.   

Crude oil prices crashed in March 2020. 

WTI 

Cushing, OK WTI Spot Price FOB (Dollars per Barrel)

At current WTI levels, the Y-O-Y inflationary impact from energy prices will largely evaporate only in February 2022.  This has nothing to do with who is President but everything do with the pandemic induced worldwide recession and recovery therefrom. 

Cass Freight Index: U.S. freight volumes at pre-pandemic levels, costs rise

There are about 1 million more job openings than people looking for work

Why the Delta Variant Is a Serious Threat to Kids - The Atlantic

Herd immunity is 'mythical' with the Covid delta variant, expert says

'Buy now pay later' plans may cause consumer and credit card debt to rise

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Markets and Market Commentary: 

Market may be in the 'biggest bubble of my career:' Rich Bernstein

Russia Doesn’t Send U.S. Investor to Jail but Still Sends a Warning - The New York Times It is best IMO for U.S. investors to avoid investing in Russian companies.  

CRISPR breaks ground as a one-shot treatment for a rare disease | Popular Science (CRISPR in the title does not refer to Crispr Therapeutics).  Article notes that there is some danger in this process. 

bluebird bio Inc. (BLUE) had to temporary suspend a gene therapy treatment after a patient developed "myelodysplastic syndromes", a rare cancer where immature blood cells in the bone marrow do not become healthy or mature blood cells. Bluebird bio Takes Hit with FDA Clinical Hold on Gene Therapy | BioSpace; Bluebird Bio Stock Is Dropping. A Trial Was Halted for Safety. | Barron's I do not own any shares. 

+++

Earnings Reports-Owned Stocks:

Berkshire Hathaway (BRK-B) earnings Q2 2021 (CNBC Article) and 10-Q (operating earnings of $6.69B or $4,400 per Class A share, beating the consensus of $3.768B and up from $5.1B in operating earnings in the 2020 second quarter; $144.1B in cash; net earnings of $28.09B; approximately $6B spent to repurchase shares in the second quarter; $324B equity portfolio; book value per Class A share = $331,500, up 6% from 3/31/21)  

BioMarin Announces Second Quarter 2021 Financial Results and Corporate Updates (Non-GAAP net income of $97.8M or $.53 per share; GAAP E.P.S. of $.07; consensus at -.11 per Fidelity; revenues at $502M with consensus revenues at $450M per FactSet; revenues up 17% compared to the 2020 second quarter with a 47% increased in both Vimizim to $171.9M and Naglazyme to $118M; the offset came in the PKU franchise with a 16% decline to $137.8M due to Kuvan falling 36% more than offsetting 45% growth in Palynziq; raised guidance for 2021 for revenues and non-GAAP income)

Blackrock TCP Capital (TCPC) SEC Filed Earnings Press Release (NII per share = $.31, exceeding the quarterly dividend by 1 cent; consensus NII per Fidelity at $.326; net asset value per share = $14.21, up from $13.56 as of 3/31/21;  "loans on non-accrual status represented 0.3% of the portfolio at fair value and 0.7% at cost. No new loans were placed on non-accrual"; Board declared regular quarterly dividend of $.30 per share)

Brookline Bancorp (BRKL) Announces Record Second Quarter Results (net income of $31.6M or $.40 per share, up Y-O-Y from $.25; consensus at $.313 per Fidelity; NIM 3.52%, up from 3.09% in the 2020 second quarter; efficiency ratio = 49.3%; ROA = 1.48%; ROTE = 15.92%; ROE = 13.21%; Charge off ratio = .03%; NPA Ratio = .41%; tangible book value per share = $10.35)

Canadian Natural Resources (CNQ) SEC Filed Press Release (all amounts in Canadian dollars; net earnings of $1.551B or $1.3 per diluted share; adjusted E.P.S. at $1.24; net debt reduced by approximately $1.7B during the 2nd quarter and by $3.1B YTD in 2021; "In Q2/21, reflecting the strength of our effective and efficient operations and our high quality, long life low decline asset base, Canadian Natural generated robust quarterly free cash flow of $1,535 million, after dividend payments of $557 million and net capital expenditures of $957 million, excluding acquisitions"; equivalent production BOE/d = 1,141,739; " Company owns approximately 6.4 million shares of Inter Pipeline Ltd. ("IPL"), which is currently subject to a third-party offer to purchase, with the current value of these shares being approximately $130 million to the Company, provided that all conditions of the third-party offer for IPL shares are satisfied.") Fidelity has the USD E.P.S. at $.99 vs. the consensus at US$.92. 

Canadian Utilities (CDUAF and CU:TO) Reports Higher Second Quarter 2021 Adjusted Earnings and MD&A _CU Q2 2021 (In CADs: "Canadian Utilities today announced second quarter 2021 adjusted earnings of $115 million ($0.43 per share), which were $21 million ($0.09 per share) higher compared to $94 million ($0.34 per share) in the second quarter of 2020."; revenues = $790M, up from $740M in the 2020 second quarter; funds generated by operations = $362M)

Comcast (CMCSA) SEC Filed Earnings Press Release (Adjusted net income increased 24.3% to $3.9B and non-GAAP E.P.S. was reported at $.84 with consensus at $.664; GAAP E.P.S. at $.80; free cash flow $4.791B; revenues = $28.456B, up 20.4% from the 2020 4th quarter: "During the second quarter of 2021, Comcast paid dividends totaling $1.2 billion and repurchased 8.8 million of its common shares for $500 million. As of June 30, 2021, Comcast had $9.5 billion available under its share repurchase authorization.")

First Busey (BUSE) Announces 2021 Second Quarter Results (net income of $29.8M or $.53 per share, up from $.48 in the 2020 second quarter; Adjusted E.P.S. of $.57 with the consensus at $.475 per Fidelity; adjustments exclude acquisition related expense; NIM = 2.5%, down from 3.03% in the 2020 second quarter; efficiency ratio at 61.68% adjusted to 58.89%; adjusted ROA and ROTE at 1.12% and 12.26% respectively; NPA Ratio = .25%; Coverage ratio = 336.96%; Charge off ratio=  .06%; tangible book value per share = $17.11)

First Community Bankshares of Virginia (FCBC) SEC Filed Earnings Press Release ( net income of $13.403M or $.74 per diluted share with the consensus at $.59 per Fidelity; NIM = 3.68%, down from 4.22% in the 2020 second quarter; Charge off ratio = .26%; NPL Ratio = 1.14%; NPA Ratio = .83%; ROA, ROE, and ROTE at 1.7%, 12.55%; and 18.4% respectively; tangible book value per share = $16.82)  

Flushing Financial (FFIC) SEC Filed Earnings Press Release (Non-GAAP E.P.S. = $.73 with the consensus at $.65; GAAP E.P.S.  at $.61; NIM TE = 3.14%; NPA Ratio = .22%; NPL Ratio = .26%; Charge off ratio = .05%; Coverage Ratio = 242.55%; tangible book value per share = $20.51; total risk based capital ratio = 12.98%; remaining data summaries based on non-GAAP E.P.S.:  Efficiency Ratio = 53.4%; ROA = 1.1%; ROE = 14.27%) 

Fortis (FTS) SEC Filed Press Release (net income of C$253M or C$.54 per share, adjusted to C$.55; " Fortis is transitioning to a cleaner energy future. Its corporate-wide target to reduce carbon emissions by 75% by 2035 represents avoided emissions equivalent to taking approximately 2 million cars off the road in 2035 compared to 2019 levels. Upon achieving this target, 99% of the Corporation's assets will be focused on energy delivery and renewable, carbon-free generation."; "Fortis expects long-term growth in rate base will support earnings growth and the annual dividend growth guidance of approximately 6% through 2025.") 

General Dynamics (GD) SEC Filed Earnings Press Release (net income of $737M, up 17.9% from the 2020 second quarter; E.P.S. of $2.61, up 19.7%; consensus E.P.S. at $2.546 per Fidelity; "Net cash provided by operating activities in the quarter totaled $1.1 billion. Free cash flow from operations, defined as net cash provided by operating activities, less capital expenditures, was $943 million"; "Backlog at the end of second-quarter 2021 was $89.2 billion")

Hologic (HOLX) Announces Financial Results for Third Quarter of Fiscal 2021 (GAAP diluted E.P.S. of $1.04; non-GAAP at $1.33 with the consensus at $1.12 per Fidelity; GAAP E.P.S. includes a non-cash charge for amortization of acquired intangible assets; "Non-GAAP net income  of $344.8 million increased 77.1%; Non-GAAP operating margin of 39.5% increased 650 basis points. The increase in operating margin was primarily due to the significant increase in revenues"; "Cash flow from operations was a very strong $662.9 million in the third quarter. In addition to closing the Mobidiag acquisition, the Company repurchased approximately 3.0 million shares of its common stock for $188 million in the quarter"; guides the fiscal 4th quarter to adjusted E.P.S. of $.92 to $1, below the $1.10 average before the earnings release; I would note that HOLX guided the third fiscal quarter to an adjusted E.P.S. of $1.1 to $1.5 and the actual was at $1.33, see SEC Filed Earnings Press Release for the Second Fiscal Quarter Ending 3/27/21)

Horizon Commerce (HTBK) SEC Filed Earnings Press Release (E.P.S. of $.15 with consensus at $.178 per Fidelity; "Earnings for the second quarter and first six months of 2021 included a $4.0 million reserve for a legal settlement as noninterest expense, which was previously disclosed in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 7, 2021."; the bank is seeking insurance reimbursement, SEC Form 8-K; apparently this settlement with the Chapter 7 Bankruptcy Trustee related to the ponzi scheme shenanigans of Jeff Carpoff and his wife Paulett; Great frauds in history: Jeff Carpoff’s green Ponzi scheme | MoneyWeek; NIM 3%, down from 3.46% in the 2020 second quarter; efficiency ratio = 69.58%; "Excluding the $4.0 million reserve for a legal settlement, the efficiency ratio was 58.78% for the second quarter of 2021, and 60.59% for the first six months of 2021"; ROE = 6.06% ; NPA Ratio = .12%; Coverage ratio = 711.26%; Tangible Book Value per share = $5.65; no charge off-small net recovery; total capital ratio = 15.6%)

Huntington Bancshares (HBAN) SEC Filed Earnings Press Release (adjusted E.P.S., which excludes TCF Financial acquisition related expenses, reported at $.35 with the consensus at $.284 per Fidelity; NIM = 2.66% down from 2.94% in the 2020 second quarter) 

Merck (MRK) SEC Filed Earnings Press Release (non-GAAP E.P.S. from continuing operations = $1.31 in line with consensus; revenues = $11.4; Keytruda sales rose 23% to $4.2B; guides 2021 non-GAAP E.P.S. to $5.47-$5.57)

New York Community Bank (NYCB) SEC Filed Earnings Press Release (Non-GAAP net income of $156M or $.33 per share, with the consensus at $.297 per Fidelity; GAAP E.P.S. of $.30 which excludes merger related expenses of $10M and $2M for "NYS tax changes"; efficiency ratio at 37%; NIM at 2.5%, up 32 basis points from the 2020 2nd quarter; "excluding prepayment income and the impact from excess liquidity, the NIM on a non-GAAP basis would have been 2.38%, up five bps and 29 bps, respectively"; ROA = 1.04%; ROE  9%; ROTE = 14.54%; NPL Ratio = .07%; Coverage Ratio = 641.41%; Net recovery of .01%; tangible book value per share = $8.57)

Office Properties Trust (OPI) SEC Filed Press Release (normalized FFO per share = $1.15 with CAD at $.70; 89.5% occupancy rate)

Owl Rock Capital (ORCC) SEC Filed Earnings Press Release (net investment income of $119.1M or $.30 per share, with consensus at $.292 per Fidelity; net asset value per share = $14.90, up from $14.74 as of 12/31/20; debt to equity was 1.00x;  "Board of Directors has declared a third quarter 2021 dividend of $0.31 per share for stockholders of record as of September 30, 2021, payable on or before November 15, 2021.")  

Piedmont Office Realty (PDM) SEC Filed Press Release (FFO of $60.4M or $.48 per share; core FFO also at $.49; declared a regular quarterly dividend of $.21 per share; guides 2021 core FFO per share to $1.90-$1.96; "During the three months ended June 30, 2021, the Company entered into a binding contract to sell 225 and 235 Presidential Way, sister buildings comprising approximately 440,000 square feet, located in Woburn, MA and 100% leased to Raytheon Company through 2024, to an investment grade buyer for approximately $129.0 million, or $293 per square foot. The transaction is expected to close near the end of 2021, subject to customary closing conditions.")

Power Corporation of Canada (POW:CA and PWCDF) Reports Second Quarter 2021 Financial Results {All amounts in Canadian Dollars; E.P.S. of $1.47; Adjusted E.P.S. of $1.51; Consensus at $.93; net asset value per share increased 12.3% to $51.60 from $45.94 as of 3/31/21; I own both the CAD and USD priced shares; my current position is 200 shares, Item # 1. Restarted PWCDF-Bought 100 at US$15.65; 10 at $14.37 10 at $14.98 and Sold 10 at $16.31 (5/9/2020 Post)(currently own lowest cost 100 shares only), and Item # 1. Bought 100 POW:CA at C$21.37 (5/30/20 Post)}

Royal Dutch Shell (RDS/B) SEC Filed Earnings Report ("Adjusted Earnings for the quarter were $5.5 billion"' adjusted E.P.S. = $.71; Fidelity has the E.P.S. as missing the consensus by $.28; "Cash flow from operating activities for the second quarter 2021 was $12.6 billion"; Buy Royal Dutch Shell Stock. It Offers Yield and Is Cheap. | Barron's, published 8/7/21; dividend of $.48 per share went ex on 8/12)

SLR Senior Investment (SUNS) SEC Filed Earnings Press Release (net investment income per share = $.25; net asset value per share = $15.87, down from $15.91 as of 12/31/20; "As of June 30, 2021, the Company’s net debt to equity ratio was 0.51x."; "At June 30, 2021, 100% of the Company’s portfolio was performing with no investments on non-accrual.")

Starwood Property Trust (STWD) SEC Filed Press Release (GAAP E.P.S. at $.40; distributable earnings per share of $.51 with consensus at $.514 per Fidelity) 

Unum Group (UNM) SEC Filed Press Release (after tax operating income of $286.2M or $1.39 per share with the consensus at $1.118 per Fidelity; "full-year 2021 outlook increased; after-tax adjusted operating income per share now expected to decline 1 percent to 3 percent relative to full-year 2020, compared to an expected decline of 5 percent to 6 percent previously") 

+++++ 

Trump’s Assistant AG Jeffrey Clark Tried to Use Batsh*t Thermometer Theory to Overturn Election In this particular fact free conspiracy theory, China used a thermometer on voting machines to alter the vote count in favor of Biden. 

Tucker Carlson Did PR for Hungary's Authoritarian Leader Carlson claims Hungary is more free than the U.S. 

Tucker Carlson Takes All His Grievances to Hungary - The Atlantic

Hungary is what passes for Democracy in U.S. Republican circles and at Fox "news". No one should be surprised that Tucker Carlson lavished praise on Hungary's authoritarian leader Viktor Orbán.

Former Acting Attorney General Testifies About Trump’s Efforts to Subvert Election, republished at MSN.Com from Former Acting Attorney General Testifies About Trump’s Efforts to Subvert Election - The New York Times

Opinion Column by the Former Republican Max Boot- Yes, Trump tried to stage a coup. By denying it, the right is laying the groundwork for another one. - The Washington Post

Marjorie Taylor Greene Suggests People Encouraging Others to Get Vaccinated Should Be Shot | Vanity Fair Ms. Greene (R-GA) received cheers from the audience when she praised Alabama for having one of the lowest vaccination rates.Marjorie Taylor Greene Ripped For ‘Encouraging Violence’ With Anti-Vaccine Speech  

How a Trump environmental lawyer Jeffrey Clark tried to weaponize the Justice Department to help the President  

How Trump tried to pressure Georgia officials to overturn the 2020 election

In Senate testimony, Former AG Rosen describes Trump as applying "persistent" pressure on the DOJ to discredit the election - The Washington Post

N.C. GOP Senate candidates struggle to out-Trump each other 

Humans have pushed the climate into ‘unprecedented’ territory, landmark U.N. report finds - The Washington Post And how will the U.S. respond when republicans and republican leaning independents view climate change science as a hoax? Alarming New UN Climate Report Says Humanity Has Really Screwed Itself | Vanity Fair

Jeff Jansen: Trump Inaugurated on March 4, is 19th President The 19th President characterization has its origin among QAnon followers and is just another baseless claim made by those who have become completely unmoored from reality. 

Wyoming County GOP Calls for McCarthy to Expedite Cheney's 'Exodus' From Party

Judge asks why Capitol rioters are paying just $1.5 million for attack, while U.S. taxpayers will pay more than $500 million - The Washington Post The federal district court judge requested the DOJ to defend a $2K fine for felony convictions in connection with the Republican attack on the nation's Capitol. Overall, the Trumpster attempted insurrection resulted in "reimbursements totaling $521 million for the National Guard and $70 million to the Capitol Police, plus $300 million for Capitol security improvements."  

Dominion Lawsuit: OAN 'Expert Mathematician' Actually Builds Swing Sets

Judge: Dominion suits against Trump allies Giuliani, Powell, Lindell can proceed | TheHill The ruling was made by a Trump appointee. 

‘We are in harm’s way’: Election officials fear for their personal safety amid torrent of false claims about voting - The Washington Post

Florida hospitals are overrun as state fights one of the worst Covid outbreaks in the U.S. The Republican Governor is doing everything that he can to stop local jurisdictions from addressing the resurging pandemic with simple precautionary measures. The same approach is being following by the Republican Governor of Texas.  

'We will find you': Tennessee parents protest school mask mandate; people in masks heckled This is my county in Tennessee.  

Arkansas health care workers overwhelmed by Covid resurgence

Matthew Coleman, a QAnon obsessed father, killed his children with a spear gun, 10 month old girl and 2 year old boy, because he thought they would become monsters, FBI says - The Washington Post

+++

1. Eliminated MCDFX-Sold 57+ at $20.18: 

Quote: MCDFX | Matthews China Dividend Fund: Investor Overview

Sponsor's Website: Overview-Matthews China Dividend Fund

I discussed the reasons for eliminating this fund in a 7/24/21 comment. 

China has become IMO a hostile place for U.S. investors in Chinese companies. 

Profit Snapshot: +$279.17

Last Buy Discussions: 

Item # 2.M. Added to MCDFX-Bought $100 at $15.4(5/30/21 Post); 

Item # 4.B. (4/11/20 Post); Item # 6.A. Added $50 to MCDFX at $14.43 (1/2/19 Post); 

Item # 1 (10/28/18 Post)

Last Elimination Discussion: Item # 3 Eliminated MCDFX-Sold 111+ at $17.95 (4/12/18 Post)

Prior Eliminations: 

2015 204+ shares +$821.83

2018 111+ shares +$315.95

Total MCDFX Realized Gains to Date: $1,416.95

2. Small Ball: 

A. Eliminated PBCT in Fidelity Account-Sold 20+ at $15.76: 

Quote: People's United Financial Inc (PBCT)

PBCT SEC Filings

PBCT is now trading based on the price movements of M&T Bank Corp. (MTB) who is acquiring PBCT in an all stock deal. M&T Bank Corporation Announces Agreement to Acquire People's United Financial, Inc. - Feb 22, 2021

Profit Snapshot: +$110.52

Last Earnings Report (Q/E 6/30/21): People's United Financial Reports Second Quarter Net Income of $170.8 Million, or $0.39 per Common Share

Most Sell Discussions: Item # 3.F. Eliminated PBCT in Vanguard Taxable-Sold 20 at $18.39 (5/14/21 Post)(profit snapshot =  $156.73); Item # 1.G. Pared PBCT in Schwab Account-Sold 30 at $17.77 and Item # 1.H. Pared PBCT in Vanguard Account-Sold 7 at $18.52 (3/13/21 Post)(profit snapshots = $59.99 and $56.5); Item # 3.B. Pared Highest Cost Lot in Vanguard Taxable Account-Sold 5 at $12.55  (12/5/20 Post)(profit snapshot = $8.35); Item # 3.A. Eliminated PBCT-Sold 101+ at $17.57 (5/22/19 Post)(profit snapshot = $186.26); Item # 4 Sold 100 PBCT at $14.61 (9/21/13 Post)(profit snapshot  = $298.47)

PBCT Realized Gains to Date: $944.92

Remaining Shares: 62+ with an average cost per share of $11.70

Schwab Account Price as of 8/6/21

B. Pared AMCX-Sold 5 at $53.25: 

Quote: AMC Networks Inc. Cl A (AMCX)

AMCX Analyst Estimates | MarketWatch

AMCX SEC Filings

10-Q for the Q/E 6/30/21 

Profit Snapshot: +$150.96

Last Discussed: Item # 1.I (9/26/20 Post)(multiple small ball purchases with an average cost per share of $21.85)

New AC after pare: $21.25  (10 shares)

Snapshot Intraday 7/22/21 after pare

Last Earnings Report (Q/E 6/30/21):  SEC Filed Press Release

Adjusted E.P.S. = $3.45 with consensus at $1.673 per Fidelity

GAAP E.P.S. at $.83

The difference between GAAP and Non-GAAP is primarily related to this settlement: On July 16, 2021, the Company entered into a settlement agreement (the “Settlement Agreement”) with Frank Darabont, Ferenc, Inc., Darkwoods Productions, Inc., and Creative Artists Agency, LLC (together, the "Plaintiffs") in actions brought in connection with Frank Darabont’s rendering services as a writer, director and producer of the television series entitled The Walking Dead. . The Settlement Agreement provides for a cash payment of $200 million (the “Settlement Payment”) to the Plaintiffs and future revenue sharing related to certain future streaming exhibition of The Walking Dead and Fear The Walking Dead. With regard to the Settlement Payment, the Company recorded a charge of $143.0 million, included in Impairment and Other Charges in consideration for the extinguishment of Plaintiffs’ rights to any compensation in connection with The Walking Dead and any related programs and the dismissal of the actions with prejudice, which amount is net of $57.0 million of ordinary course accrued participations."

I have a bone to pick with AMCX on this 200M settlement, which gave the plaintiffs almost all of what they wanted based on descriptions contained in AMCX SEC filings that called the suit meritless. There was obviously a great deal more to it for AMCX to settle on such favorable terms to the plaintiffs. (e.g. 2020 Annual report at page 32: "The Company believes that the asserted claims are without merit, denies the allegations and will defend the case vigorously. At this time, no determination can be made as to the ultimate outcome of this litigation or the potential liability, if any, on the part of the Company.") As far as I am concerned, I believe that I was misled, and I do not like being misled.  

C. Added 10 PPT at $4.6: 

Quote: Putnam Premier Income Trust Overview - A CEF

Sponsor's Website: Putnam Premier Income Trust

SEC Filings

SEC Semi-Annual Report for the period ending 1/31/21 

SEC Filing-Portfolio as of 4/30/21 

Last Discussed: Item # 3.K. Added 10 PPT at $4.54 (12/19/20 Post); Item # 1.C. Added to PPT-Bought 10 at $4.59; 20 at $4.53; 10 at $4.43; 10 at $4.4 (9/26/20 Post) 

New AC per share = $4.73 (560+ shares)

Snapshot Intraday on 7/20/21 after add

Dividend: Monthly at $.026 per share ($.312 annually)

I am not reinvesting the dividend until the discount to net asset value exceeds 5%. 

Yield at AC = 6.6%

Data Date of 7/20/21 Trade: 

Closing Net Asset Value per share: $4.67

Closing Market Price: $4.61

Discount: -1.28%

Sourced: PPT- CEF Connect

This CEF does a great deal of hedging. 

E.G. Interest rate hedging: 

D. Added to ORAN-Bought 10 at $11.11:

Quote: Orange ADR

ADR Ratio= 1 for 1 

Website: Orange

With France's transaction tax, the effective cost per share $11.143.  

Last Discussed: Item # 1. Bought 100 ORAN at $11.6 (7/9/21 Post)  

Investment Category: Bond Substitute

Last Earnings Report (Q/E 6/30/21): Communiqué : Orange - Financial information at June 30,

Group revenues increased 1.5% organically to €20.9B, with revenues grew by 12.8% in Africa and the Middle East and relative stability in France with a .05% decline. About 50% of Orange's revenues are generated in France. 

Earnings were hurt by continued weakness in Spain. Orange took a €3.7B goodwill impairment for its Spanish operations. Due to that impairment charge, the company reported a quarterly loss of €2.605B. 

Organic cash flow was reported at €840M for the 2021 first half.  

The stock price declined some after this report. 

Morningstar kept its 5 star rating with a $16.8 fair value price. The FV estimate was reduced from $18 due to this report. 

Orange will pay a semi-annual dividend payment of €.30 per share in December and will propose a total dividend of €.70 Euros for 2022.  

E. Restarted MJ-Bought 2 at $17.71; 1 at $17.27:

Quote: ETFMG Alternative Harvest ETF Overview

Investment Category: Lottery Ticket Basket 

Sponsor's Website: MJ - ETFMG®

Last Discussed: Item # 1.D. Sold 10 MJ at $17.34 (2/6/2021 Post)(profit snapshot = $59.71)-Item # 2.K. Bought 10 MJ at $11.37 (11/28/20 Post)

Tilray shares rocket 26% after it swings to a surprise profit and targets $4 billion in revenue by 2024 - MarketWatch (7/28/21)

Top 10 Holdings as of 8/6/21: 

Number of Stocks: 32

Expense Ratio: .75%

Most of my profits trading weed stock ETFs was in a Canadian ETF that I can no longer buy as a U.S. citizen. The SEC now prohibits brokers from allowing their customers from purchasing ETFs that have not filed prospectuses with the SEC, part of the Nanny State. The Canadian ETF came into existence before MJ. Horizons Marijuana Life Sciences Index ETF Overview (CA:HMMJ) I last eliminated a position in January 2019: Item # 4.B Eliminated CA:HMMJ-Sold 50 at C$18.31 (1/30/19 Post)(profit snapshot =C$216); Prior Trade Snapshots (profit snapshots = C$673.5 consisting of C$418.5 for 50 shares and C$255 for 50 shares ). 

F. Bought 2 DOW at $58.54-Schwab Account: 

Quote:  Dow Inc. 

DOW Analyst Estimates | MarketWatch

Dow Inc Profile | Reuters

Dow Inc Key Metrics | Reuters

DOW SEC Filings

10-Q for the Q/E 6/30/21-2021 

2020 Annual Report

Investment Category: Bond Substitute 

I have lost this year 2 Dow senior unsecured bonds to early issuer redemptions and am unwilling to buy more at their currently low yields. I would have been content holding those bonds to maturity rather than buying the common stock: 

Those bonds did not have make whole provisions, so the issuer was allowed to redeem at par value. The bonds were originally sold to retail investors at the $1,000 par value through broker corporate note programs. I bought in the secondary market.  

Dividend: Quarterly at $.70 per share 

Yield at $58.54 = 4.78%

Last Ex Dividend: 5/27/21

Next Ex Dividend: Dow declares quarterly dividend of 70 cents per share 

Last Earnings Report (Q/E 6/30/21): Dow reports second quarter 2021 results

Non-GAAP E.P.S. at $2.72

Consensus at  $2.446 per Fidelity

GAAP E.P.S. at $2.51

Revenue:  13.9B, up 66% Y-O-Y and 17% sequentially

Free Cash Flow = $1.7B

Reduced Debt by $1.1B

Dow operates in three segments: 

Broker Reports (available to Schwab customers): 

Argus (7/26/21): Buy with a $78 PT. Raised 2021 E.P.S. estimate to $8.16 from $6.13 based on 2nd quarter report and management's upbeat guidance.  

S & P (7/28/21): 4 stars with a 12 month PT of $73

My exposure to DOW has primarily been in its secured unsecured debt. 

I did sell 2 common shares earlier this year: 

Purchase Restriction: Each subsequent purchase must be at the lowest price in the chain. 

Maximum Position: 20 shares

G. Bought 2 OMIC at $16.87: 

Quote: Singular Genomics Systems Inc. 

"Singular Genomics is a life science technology company that is leveraging novel, next generation sequencing (NGS) and multiomics technologies to build products that empower researchers and clinicians"

OMIC has not commercially released a product yet. 

The company claims that its first commercially available product will be OMIC's G4 instrument, a "fast and accurate" next generation DNA sequencer that will be packaged with a menu of consumable kits. That product may start shipping during the first half of 2022. 

The other product is called the PX Integrated Solution tentatively scheduled for a 2023 commercial launch. 

Singular Genomics Systems Inc Profile | Reuters

The shares were down a lot on 7/20: OMIC $17.43 -$2.67 -13.28% I did not see any news. 

Singular Genomics Systems, Inc. Announces Closing of Public Offering (6/1/21). This was the IPO with shares offered to the public at $22 per share. 

Investment Strategy: Lottery Ticket Basket

OMIC Analyst Estimates | MarketWatch (losses expected through at least 2023 and probably thereafter since the average E.P.S. estimate for 2023 is -$1.06)

OMIC SEC Filings

Last Loss Report (6/30/21):  SEC Filed Press Release

Net loss of $1.18 per share

Maximum Position: 10 shares, viewed currently as highly speculative 

H. Added to CAG-Bought 1 at $33.91; 4 at $33.8; 10 at $32.45 (Vanguard Taxable Account):   

Quote: Conagra Brands, Inc.

CAG Analyst Estimates | MarketWatch

CAG SEC Filings

Brands | Conagra Brands

Last Discussed:  Item # 3.A.  (7/9/21 Post) 

Average Cost per share this account = $33.62 (20 shares)

Dividend: Quarterly at $.313 per share ($1.252 annually), last raised from $.275 effective for the 2021 third quarter payment

Yield at AC = 3.72%

Last Ex Dividend: 8/3/21

ConAgra Brands, Inc. Common Stock (CAG) Dividend History | Nasdaq

Last Earnings Report: After my last discussion, CAG released its earnings results for its fiscal 4th quarter ending  5/30/21 and the reaction was negative. SEC Filed Earnings Press Release 

Adjusted E.P.S. from continuing operations: $.64

Adjusted E.P.S. at $.54

"EPS for fiscal 2021 grew 54.7% to $2.66; adjusted EPS grew 15.8% to $2.64. On a two-year basis, adjusted EPS grew 14.6%."  

The problem was lower guidance for the 2022 fiscal year due to negative inflationary impacts on profit margins, a common problem now for companies that use raw materials and have to pay transportation costs to deliver products to end users.  

The company sold its Egg Beaters and Peter Pan peanut butter businesses during the 2021 fiscal year. 

The Board increased the quarterly dividend by 14%. 

I. Added to CVX-Bought 1 at $98.2-Schwab Taxable: 

Quote:  Chevron Corp.  (CVX)

Last Discussed: Item # 2.B. Bought 1 CVX at $102.75(6/19/21 Post) 

CVXAnalyst Estimates | MarketWatch

CVX SEC Filings

CVX 2020 Annual Report

Investment Category: Bond Substitute with historical dividend growth.  

Average Cost per share this account =  $100.47 (2 shares) 

I own 2.322 shares in my Fidelity taxable account with an AC per share of $100.29.

Dividend: Quarterly at $1.34 per share ($5.36 annually)

Yield at AC Schwab Account = 5.33%

Next Ex Dividend: 8/18/21

Last Earnings Report (6/30/21): SEC Filed Earnings Press Release 

Adjusted E.P.S. $1.71

Consensus at $1.59

Revenues: $37.6B

Consensus Revenues at $35.94B

Capital Spending First 6 months: Down 32% Y-O-Y

Production Net Oil Equivalent: 3.13B barrels per day up 5% compared to the 2020 second quarter 

Discussed at Chevron (CVX) earnings Q2 2021

J. Eliminated CODX in Fidelity Account-Sold 25 at $10.61: 

Quote: Co-Diagnostics Inc.

CODX Analyst Estimates | MarketWatch

Co-Diagnostics, Inc. - Investor Relations

Products | Co-Diagnostics, Inc.

2020 Annual Report

I discussed this sale in a 7/22/21 comment.

Profit Snapshot: +$45.84

I still own 20 shares bought in my Vanguard Taxable account at $8.10. 

I also bought some shares today and may sell those on a big enough pop tomorrow. 

Investment Category: Lottery Ticket Basket Strategy

Last Discussion: Item #2.K. (5/23/21 Post) That lot has been sold. 

1st Quarter Report: SEC Filed Press Release for the Q/E 3/31/21

Last Earnings Report (Q/E 6/30/21): Released after the close today. Co-Diagnostics Reports Strong Second Quarter 2021 Financial Results 

GAAP Diluted E.P.S.  = $.33

Consensus at $.22

Revenues: $27.4M, "primarily due to sales of the Logix Smart™ COVID-19 Test, representing an increase of 13.8% as compared to the prior year period."

Cash: $70.274+M, up from $42.976+M as of 12/31/20. 

Debt: None 

3rd Q guidance: E.P.S. of $.19 to $.22 with revenues between $23M to $25M. 

The issue with this company is simply what will it have after COVID testing is done. 

K. Sold 5 VWO at $51.05: 

Quote: VWO | Vanguard FTSE Emerging Markets ETF Overview

Sponsor's Website: Vanguard FTSE Emerging Markets ETF

This fund will have a heavy exposure to China. 

Some Top Holdings as of 6/30/21:  

Expense Ratio: .10%

Holdings as of 6/30/21: 5,225 stocks

Morningstar Page: Vanguard FTSE Emerging Markets Index Fund ETF Shares (VWO) Total Returns (rated 3 stars) Substantial under performance compared to the S & P 500. Compare with SPDR® S&P 500 ETF Trust (SPY) Performance-Morningstar I do not view emerging market ETFs as long term holds. The general idea has been to catch a wave, surf it for awhile and then leave. 

Profit Snapshot:  $57.91

Last Discussed: Item # 3.H. Bought 5 VWO at $39.46 (7/18/20 Post) 

Sell Discussions: Item # 2.E. Sold 20 VWO at $42.61 (12/11/19 Post)(profit snapshot = $34.06); Item # 3  Eliminated VWO: Sold 25 at $43.69 -Roth IRA (4/15/15 Post)(profit snapshot +$70.27); Item # 3 Sold 65 VWO at $41.75 (10/11/13 Post)(profit snapshot $113.36); Item # 2. Sold: 100 of the Stock ETF VWO at $50.22 (4/12/11 Post)(profit snapshot =$129.55)

VWO Trading Profits to Date = $405.15 

L. Bought 5 BRBS at $16.49:

Quote: Blue Ridge Bankshares Inc. 

No analyst estimates

BRBS SEC Filings 

2020 Annual Report 

This is a new name for me. 

I bought on the ex dividend date. 

Properties as of 12/31/2020: Owned unless otherwise indicated as leased. 

Main Office: Charlottesville, Virginia 

On 1/31/21, Blue Ridge completed the acquisition of Bay Banks, a bank holding company whose operating subsidiary was Virginia Commonwealth Bank (18 branches). Virginia Commonwealth Bank and Blue Ridge Bank plan merger to create state's fourth largest community bank | Business News | richmond.com 

Last Earnings Report (6/30/21): Released after my purchase. 

SEC Filed Earnings Press Release

Net Income: 28.6M

E.P.S. = $1.54 

"Net income for the second quarter and first half of 2021 included an after-tax gain of $19.2 million resulting from the sale of over $700 million of loans originated under the Paycheck Protection Program". Second quarter net income was reduced by about $1M for merger related expenses, down from $7.1M in the first quarter."  

NIM = 3.82% (juiced higher by purchase accounting adjustments, an accounting convention, which I ignore)

"Excluding the impact of PPP and purchase accounting adjustments, the Company continues to experience a decline in net interest margin as higher priced loans mature, partially offset by the re-pricing of higher priced term deposits. Cost of deposits were 0.29% for the second quarter of 2021 down from 0.36% for the first quarter of 2021 and 0.65% for the second quarter of 2020."

NPL Ratio  = .43%

NPA Ratio = .45%

Tangible Book Value per share = $12.49

Other ratios skewed by unusual items (e.g. ROA at 3.39% and ROE at 47.39%)

Disclaimer: I am not a financial advisor, but simply an individual investor who has been managing my own money since I was a teenager. In this post, I am acting solely as a financial journalist focusing on my own investments. The information contained in this post is not intended to be a complete description or summary of all available data relevant to making an investment decision. Instead, I am merely expressing some of the reasons underlying the purchase or sale of securities. Nothing in this post is intended to constitute investment or legal advice or a recommendation to buy or to sell. All investors need to perform their own due diligence before making any financial decision which requires at a minimum reading original source material available at the SEC and elsewhere. A failure to perform due diligence only increases what I call "error creep". Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS Each investor needs to assess a potential investment taking into account their personal risk tolerances, goals, and situational risks. I can only make that kind of assessment for myself and my family members.