Economy:
October CPI:
CPI month-to-month: Zero
Annual CPI 3.2%, down from 3.7% in September.
Annual Core CPI: 4%, down from 4.1% in September
Consumer Price Index Summary - 2023 M10 Results
Discussed at CPI report October 2023: Inflation flat from the prior month, core CPI at 2-year low
Annual Owners Equivalent Rent (weighted at 25.696% in CPI): +6.8%, Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average, by detailed expenditure category-2023 M10 Results This is a fictional expense that is not actually paid.
UBS sees a raft of Fed rate cuts next year on the back of a U.S. recession The UBS analyst is predicting that the FF range will end 2024 in a 2.5% to 2.75% range. That would be a reasonable estimate provided the U.S. is in a recession.
Walmart (WMT) earnings Q3 2024 Adjusted E.P.S. of $1.53 with consensus at $1.52, but noted that consumers will leaning "heavily" into purchases during sales events. WMT CFO: “Our events have been strong We’ve been pleased with those. Halloween was good overall. But in the in the last couple of weeks of October, there were certainly some trends in the business that made us pause and kind of rethink the health of the consumer." Consumer purchases fall off more than normal after a major promotion, suggesting consumers are holding back purchases until there is a major promotion. I would not draw any definite conclusion that this behavior points to lower consumer demand. The Stock Jocks reacted negatively with WMT declining $13.74 or 8.09% to close at $156.04 last Thursday. I still view the stock as being overvalued but less so after this decline. WMT Analyst Estimates- MarketWatch
Ray Dalio says U.S. reaching a point where our debt problem gets even worse It is not going to get better. Much worse is the only direction possible.
Treasury Yield Curve - November 2023:
Ten Year 2023 High Closing Yield: 4.98% on 10/19/23, U.S. Department of the Treasury
Ten Year 2023 Intraday High: 5.02%
Ten Year TIP Breakeven Inflation Rate as of 11/17/23: 2.28%
10 Year TIP Breakeven Inflation Rate as of 12/30/22: 2.3%
The CME FedWatch Tool currently has a 100% change that the Fed will leave the current FF range of 5.25% - 5.5% unchanged when it meets next month and in January. CME FedWatch Tool - CME Group I have started to notice lower yields in short term brokered CDs.
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Allocation Shifts Discussed in this Post:
Treasury Bill Purchases at Auction: $10,000 in principal amount
Corporate Bonds: $2,000 in principal amount
CDs - FDIC Insured: $3,000
Individual Commons Stocks (no sales): +$1,267.62
Stock CEFs: +$240.6
Inflow Stocks and Stock Funds: +$1,508.22
Canadian Reset Equity Preferred Stock: +C$1,610 (yield at 10.96%)
U.S. Equity Preferred Stocks: +$229.13 (yield at 9.81%)
2023 Net Outflow Stocks/Stock Funds: -$30,746.81
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Trump and His Party:
RealClearPolitics - Election 2024 - 2024 Republican Presidential Nomination
RealClearPolitics - Election 2024 - General Election: Trump vs. Biden
Hear Trump praise dictators at New Hampshire rally
Trump Isn’t Merely Unhinged - The Atlantic Summarizes 15 of Trump's profoundly un-American ideas. Nonetheless, over 75M Americans will likely vote to reelect him for another 4 year term as President. Since only an extremely casual contact with the news would reveal those ideas, every Trump voter in 2024 must be presumed to have knowledge of them.
It is not unusual for republicans to claim FBI informants, aiming to cause trouble for Trump, were the ones committing the violence on January 6th.
Even when people with long histories of being Trump supporters are convicted or plead guilty to committing violent acts that day is insufficient to cause a Trumpster to even question, let alone reject this fact free conspiracy theory. Facts are at best irrelevant in Trump's America or are just dismissed as false when the fact contradicts a reality creation.
Representative Clay Higgins (R-LA) has taken this particular republican conspiracy theory to a new level, more bizarre than most other republican reality creations. Republicans Have a New January 6 Conspiracy Theory: Deep State “Ghost Buses” Republican praises January 6 attacker’s ‘good faith and core principles’-The Guardian; Republican goes on wild rant to push FBI Jan. 6 "ghost buses" conspiracy theory at hearing
Higgins asserted that the FBI placed its informants in white painted buses, which everyone knows, at least in TrumpWorld, are FBI clandestine vehicles, and deposited them in a parking lot the night before the attack.
Apparently, the FBI informants slept on the buses, ate dinner, breakfast and lunch and used plastic bags for waste byproducts to keep their presence a secret. And they remained silent about their FBI affiliation even when sentenced to prison for doing what the FBI told them to do.
Those informants were dressed like Trump supporters, according to Higgins, and were directed by the FBI to commit violent acts and lead the insurrection. This says a great deal about Mr. Higgins and the constituents who vote for him, and nothing about the FBI of course. Wray denied the allegations.
And, Higgins threatened the FBI Director in a not too subtle fashion. (Higgins: “These buses are nefarious in nature and were filled with FBI informants dressed as Trump supporters, deployed onto our capital on January 6. Your day is coming, Mr. Wray.")
Representative Marjorie Taylor Greene (R-GA) was recently questioned about her claim that Jewish space lasers, apparently invisible since no one had previously detected them prior to Ms. Greene observing them and no one after as well, are causing wildfires which have nothing to do with climate change in Trump's America . "Jewish Space Lasers? WHAT!?" Piers Morgan SLAMS Marjorie Taylor Greene's Conspiracy Theory - YouTube
Trump calls opponents ‘vermin’-The Washington Post Excerpt from Demagogue Don's speech at a recent rally in New Hampshire: "We pledge to you that we will root out the communists, Marxists, fascists and the radical left thugs that live like vermin within the confines of our country that lie and steal and cheat on elections. They’ll do anything, whether legally or illegally, to destroy America and to destroy the American Dream."
If Goebbels was alive today, he could find employment as Trump's speechwriter. Themes in Nazi propaganda-Wikipedia; Trump campaign defends "vermin" speech amid fascist comparisons
Sweeping Raids and Mass Deportations: Inside Trump’s 2025 Immigration Plans-The New York Times Don the Authoritarian claims that illegal immigrants are "poisoning the blood of our country", a phrase that Hitler would use in his effort to Make Germany Great Again. Trump also compared immigrants to the fictional killer Hannibal Lecter.
Senator Markwayne Mullin (R-Okla.) challenged Sean O'Brien, the Teamsters President, who was testifying before a committee, to a fistfight. He was not kidding. ‘Stand your butt up’: GOP Senator Mullin challenges Teamsters boss to fight at Senate hearing
George Santos (R-NY) faces new resolution to expel him from Congress; The Non-end of George Santos - The Atlantic
With antisemitic tweet, Elon Musk reveals his ‘actual truth’; Elon Musk’s Disturbing ‘Truth’ - The Atlantic; Musk: Advertisers “The Greatest Oppressors Of Your Right To Free Speech” – Deadline; Elon Musk May Have Just Signed X’s Death Warrant | WIRED
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Putin and His Orwellian Empire of Misery:
Losses ∙ Russia ∙ WarSpotting — documented material losses in Russo-Ukrainian war
Putin pardons convicted murderers who fight in Ukraine - YouTube; Russian convicted over journalist Anna Politkovskaya's murder pardoned after serving in Ukraine - CBS News
Double blow for Putin as Ukrainian kamikaze drones 'strike gunpowder factory and missile plant' in separate attack | Daily Mail Online The gunpowder plant is located about 300 miles southeast from Moscow. The other factory manufactures the Russian Iskander-M missiles and is located in Komolna, some 60 miles southeast of Moscow. Both sites are legitimate military targets. Ukrainian special forces are obviously operating in Russia and have drones available that can blow up Russian defense facilities.
Suicidal Russian Assault to Encircle Avdiivka Goes Horribly Wrong | Ukrainian War Update - YouTube
Top celebrities who support Putin and the war in Ukraine. Russian propaganda review - YouTube; The clips showing the Russian singer Shaman in concert, being cheered by Russian youths, are disturbing. His marches on stage on reminiscent of Nazi soldiers. Russian singer Shaman simulates a nuclear attack during concert-Metro News; The Russian Singer Shaman Changes His Tune to Support Putin - The New York Times
German publisher halts sale of top author’s books after leak reveals he received €600,000 from Putin ally-The Guardian The author, Hubert Seipel, claims that he maintained his journalistic independence when writing two books about Putin, notwithstanding receiving money from the oligarch Alexei Mordashov who is a Putin ally.
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Hamas envisioned deeper attacks, aiming to provoke an Israeli war - The Washington Post Hamas has achieved what it set out to do: cause death, destruction, injuries and misery to those it purportedly governs.
Behind Public Assurances, Xi Jinping Spread Grim Views on U.S. - The New York Times
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1. Canadian Reset Equity Preferred Stock:
A. Added 50 AXPRI:CA at C$16.4; 50 at C$15.8 - Interactive Brokers Account (C$1 Commission per trade):
Issuer: Artis Real Estate Investment Trust (AX-UN.TO) I have owned the common "units" in the past but do not have a position now.
My last elimination was discussed here: Item # 1. Eliminated AX-UN-TO Sold 200 at C$13.02 (2/24/22 Post)(profit snapshot = C$156.5)
Website: Artis REIT
Last Discussed: Item # 2.A. Bought 50 AXIPRI: CA at C$17.45 (10/7/23 Post)
This is a fixed-to-floating rate preferred stock. The fixed rate period has expired. The floating rate period just started with a 5 year coupon set at 6.993%.
Par Value: C$25
Current Coupon: 6.993%
New Average cost per share: C$16.57 (150 shares)
Yield at New AC = 10.55%
(.06993% coupon x. C$25 par value = C$1.74825 annual dividend per share ÷ C$16.57 cost per share = 10.55%)
The current yield reflects some credit risk concern IMO.
If there was none unique to Artis, I would expect the yield to be in the 7% to 8% range, a reasonable spread to the current five year Canadian government bond yield for a REIT preferred stock IMO.
Normal credit risk for a preferred stock is expressed in the spread to the risk free yield. A yield in excess of a normal spread indicates that investors have assigned an additional credit risk to a particular issuer IMO.
The last reset is effective for the 5 year period starting on 5/1/23: Artis (press release dated 4/18/23)
Coupon resets every 5 years at the greater of 6% or a 3.93% spread to the 5 year Canadian government bond. It is unusual to have a fixed-to-floating rate preferred stock providing for a minimum rate during the floating rate period.
Dividends: Paid quarterly and cumulative.
Last Ex Dividend: 10/30/23 (owned 50 as of)
Stopper Clause: Yes, standard
Last Round-Trip: Item # 2.A. Sold 50 AXIPRI at C$25.13 (3/7/20 Post)-Item # 3.A. Bought 50 AXPRI at C$23 (12/16/18 Post)
Back in November 2020, the Sandpiper Group managed to replace the existing Board and installed their guy as CEO. The purported expertise of the new leadership would lead to much better share price performance or so it was claimed at the time. Artis shareholders have known only pain after this change in leadership. The share price closed at C$11.36 on 11/29/20 and at C$6.27 on 11/10/23. As noted above, I sold 200 at C$13.02 on 2/16/2022.
To defer the preferred dividend, Artis would have to eliminate the cash common dividend. I do not see that happening, unless compelled by lenders, since it would weigh heavily on Sandpiper's reputation.
Last Earnings Report (Q/E 9/30/23):
AFFO per share was reported at $.15 per share, just covering the $.05 monthly per share common dividend. The common share dividend needs to be cut IMO which is one reason why I am going with a cumulative preferred stock rather than the depressed common shares.
The company claimed a C$15.26 net asset value per share. The market disagrees.
Fair value adjustments to investments caused most of the loss shown in the previous snapshot:
2. Individual Common Stocks - Small Ball Buys:
A. Started BXSL - Bought 5 at $27.8:
Quote: Blackstone Secured Lending Fund (BXSL) - Externally Managed BDC
Cost: $139
This is my first purchase.
2022 SEC Filed Annual Report (risk summary starts at page 2 and ends at page 98, just mind boggling and way outside my comfort zone)
10-Q for the Q/E 9/30/23 {summary of investments starts at page 9, a name with a (17) indicates the loan was on nonaccrual as of 9/30/23}
Last Common Stock Public Offering (August 2023): 7.475M shares with the greenshoe sold at $27.33, proceeds to BXSL before its internal expenses at $26.78 per share, Prospectus
ATM (At-The-Market Stock Offerings): 378,381 common shares sold at a $27.77 average price during the third quarter (10-Q at page 67)
Andrew Bary discussed BDC risks in this November 2022 Barron's article. BDCs Sport Lofty Yields, But the Risks Are Growing - Barrons Those risks include: (1) the BDC loans are made to "highly leveraged companies"; (2) the funding for those loans is substantially funded by BDC senior unsecured borrowings made by lenders who will want to be paid on time and in full; (3) the loans are illiquid; (4) BDCs are black boxes (e.g. loans are made to private companies) and (5) defaults will rise significantly during a recession and the share price will generally decline significantly more than the S&P 500. I agree with his risk assessments which is the main reason why I will limit my exposure to this sector. My goal is to trade my way to a total return in excess of the dividend payments before any ROC adjustment to the tax cost basis (necessary to avoid double counting in a total return calculation)
Bary points out that BDCs are benefiting from a rise in short term rates since their variable rate loans, priced at spreads to short term rates, are generating more income. This is true, but the rise in interest income is a two edged sword once it is recognized that the borrowers were high risk before their borrowing costs went up.
Dividend: Quarterly at $.77 per share ($3.08 annually)
BXSL Stock Dividend History & Date
As with other BDCs, net investment income has been increasing as the yields of floating rate loans, priced at spreads to short term rates, have increased to a greater extent than the BXSL's borrowing costs. A lot of the BXSL debt is fixed coupons with the next SU note maturing in 2026:
Fixed coupon SU debt at 56% of the total with a weighted average interest rate of 2.88%. Total debt cost was at 4.94%.
As NII per share has increased, BKSL has increased in dividend payments through special distributions and increases in the regular dividend rate. The interest increases so far have not appeared to meaningfully increase loan defaults.
Yield at $27.8: 11.08%
Next Ex Dividend: 12/28/23
Net Asset Value per share history:
9/30/23: $26.54
12/31/22: $25.93
12/31/21: $26.27 10-K at p. 120
Prospectus (October 2021) Public IPO at $26.15, proceeds after underwriting commissions/discounts at $24.581 per share with internal expenses estimated at $.27 per share)
12/31/20: $25.2
12/31/19: $26.02 10-K at page 138
12/31/18: $24.57
Last Earnings Report (Q/E 9/30/23):
Net Investment Income per share = $.95
Number of Portfolio Companies: 188
Weighted average yield of income producing investments at amortized cost = 11.82%
Percentage of Debt Investment at Floating Rates: 99%
First Lien at 98.4%
Net realized loss: $10.526M, down from a realized gain of $34.388M in the 2022 third quarter. A BDC will frequently liquidate a nonperforming loan at a loss, so the number of nonaccrual loans shown in the quarterly 10-Q may not reflect the number at the start of the quarter or during the quarter.
This statement in the 10-Q at page 78 summarizes the possible increase in defaults resulting from floating rate loan coupon increases: "While rising interest rates have favorably impacted our investment income during the three and nine months ended September 30, 2023, further interest rate increases and the resulting higher cost of capital have the potential to negatively impact the free cash flow and credit quality of certain borrowers which could impact their ability to make principal and interest payments. If such interest rate increases occur concurrently with a period of economic weakness or a slowdown in growth, our borrowers’ and/or our portfolio performance may be negatively impacted. Further, significant market dislocation as a result of changing economic conditions could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or in a timely manner."
I have discussed that obvious point in previous posts as well.
B. Added 5 NYCB at $9.05 - Vanguard Account:
Quote: New York Community Bancorp
Cost: $45.25
NYCB Analyst Estimates | MarketWatch
Investment Category: Regional Bank Basket Strategy
Average cost per share this account: $8.793 (120+ shares)
 |
| Price as of 11/17/23 close |
The lowest price paid was $6.07 for a 3/13/23 purchase
Dividend: Quarterly at $.17 per share ($.68 annually)
I am reinvesting the dividend in this account.
Yield at New AC = 7.73%
Last Ex Dividend: 11/3/23 (owned 113+ as of)
Last Discussed: Item #1.E. Added to NYCB - Bought 10 at $9.45 (11/4/23 Post) I discussed the the third quarter report in that post. SEC Filed Press Release
NYCB Realized Gains to Date: $1,505.34
Largest Gain: Update For Regional Bank Basket Strategy As Of 10/19/15 - South Gent | Seeking Alpha: Item # 1 Sold 150 NYCB at $18.57 (profit snapshot = $999.66)
Second Largest Gain: Item # 7 Sold 50 NYB at $17.51 (7/28/2010 Post)(profit snapshot = $331.03)
I do not have access to a Wedbush analyst's report, released on 11/14/23, that downgraded NYCB to underperform and slashed the PT to $8 from $12. The reasoning has something to do with the outlook for rent regulated housing in NYC. NYCB loans in that sector are significant. New York Community Bancorp downgraded to underperform on 'bleak' outlook for rent-regulated multifamily housing | Morningstar Based on that article's summary, the analyst is making a number of highly speculative forecasts IMO relating to default risks among NYC apartment property owners.
C. Started AVA - Bought 5 at $33.36:
Quote: Avista Corp. (AVA) - A Utility
Cost: $166.8
This is my first purchase.
Operating Divisions:
AVA Analyst Estimates | MarketWatch
A Canadian utility, Hydro One Ltd. (H:CA), attempted to acquire Avista but the acquisition was blocked by regulators. Hydro One and Avista Mutually Agree to Terminate Merger Agreement (1/23/2019). I have owned Hydro One in the past. The acquisition was at US$53 per share in cash. SEC Filed Press Release (7/19/17)
Owned generation consists mostly of hydroelectric and natural gas facilities:
 |
| As of 12/31/22 |
A 15% interest in two coal fired generation facilities will end on 12/31/2025, see page 131, 10-K
Last Debt Offering (March 2023): $250M of 5.66% First Mortgage Bonds maturing in 2053. This was a private placement.
Retail Rate Increases: Earnings are expected to benefit from several recent approved rate increases (page 43, 10-Q).
Dividend: Quarterly at $.46 per share ($1.84), last raised from $.44 effective for the 2023 first quarter payment.
Yield at $33.36: 5.516%
Last Ex Dividend: 11/16/23 (owned all as of)
Last Earnings Report (Q/E 9/30/23): SEC Filed Press Release
Earnings will generally be the lower in the summer months and higher during the quarters with cold weather in the Northwest. E.P.S. in the 2022 4th quarter was $1.05. SEC Filed Press Release E.P.S. in the 2023 first quarter was reported at $.73. SEC Filed Press Release
E.P.S. $.19, up from ($.08)
9 month E.P.S. = $1.14, up from $1.06
The "Other" category is a black box consisting of investments in real estate and venture capital investments.
2023 Guidance: E.P.S. $2.37-$2.37
Reference to "ERM": Energy Recovery Mechanism Used in Washington state.
Purchase Restriction: 5 share lot purchases with each purchase required to be at the lowest price in the chain.
The primary reason for starting a position is to generate 5%+ annual income just in case interest rates plummet again. The share price jumped after the government reported cooler than expected inflation in October that resulted in lower intermediate term interest rates.
Wildfires: Utilities are facing increasing litigation risks associated with wildfires.
AVA is a defendant in several cases (see pages 34-35, 10-Q)
I do not know enough about those cases to form an opinion on the monetary risks, including whether insurance will cover all or most of any potential liability.
The outcomes are unpredictable but I am not avoiding the stock based on the information provided so far by AVA.
The most serious claim as to potential monetary liability involves the Babb Road fire. AVA is asserting several defenses as described at page 35 (e.g. the tree whose limb fell on a distribution line was located 30 feet from the line and 20 feet beyond AVA's right-of-way and the damage to the limb was not clearly visible without a close inspection). The plaintiffs are attempting to circumvent those defenses based on strict liability through an inverse condemnation legal theory. Strict liability creates liability without regard to negligence or fault. Inverse condemnation and damage to private property
D. Added to ACCO - Bought 10 at $4.7 - Schwab Account:
Cost: $47
ACCO Analyst Estimates | MarketWatch
Last Discussed: Item # 2.F. Added to ACCO - Bought 10 at $4.95; 10 at $4.78 (11/11/23 Post)
Last Substantive Discussion: Item # 1.P. Started ACCO - Bought 20 at $5.06 (11/4/23 Post) I discussed the third quarter report in that post. SEC Filed Press Release
New Average cost per share: $4.89 (60 shares)
Dividend: Quarterly at $.075 per share ($.30 annually)
Yield at New AC = 6.135%
Last Ex Dividend: 11/14/23 (owned all as of)
I view ACCO to be primarily a bond substitute and a contrarian value play based on free cash flow, P/E ratio using forward estimates, Price to Sales, Price to Book Value, and dividend yield. ACCO Brands Corporation (ACCO) Valuation Measures & Financial Statistics
Bond substitute refers to the investment objective rather than safety issues. A common stock dividend can be legally eliminated which is not the case for debt.
Acco Brands Free Cash Flow 2010-2023-MacroTrends
ACCO's definition of FCF and Adjusted FCF: "Free cash flow represents cash flow from operating activities less cash used for additions to property, plant and equipment. Adjusted free cash flow represents free cash flow, less cash payments made for contingent earnouts, plus cash proceeds from the disposition of assets. We believe free cash flow and adjusted free cash flow are useful to investors because they measure our available cash flow for paying dividends, funding strategic material acquisitions, reducing debt, and repurchasing shares."
The quarterly and YTD adjusted free cash flow numbers:
As a supplier of office products, ACCO's earnings have been pressured by the pandemic and the work-from-home trend.
E. Added to KHC - Bought 1 at $32.83- Schwab Account:
KHC Analyst Estimates | MarketWatch
The Kraft Heinz Company - Brands
Packaged food stocks have been hit due to the Ozempic Effect, discussed below in connection with Medtronic (MDT)
New Average cost per share: $33.44 (31 shares)
Dividend: $.40 per share, last slashed from $.625 per share effective for the 2018 4th quarter payment.
Yield at $33.44: 4.78%
Next Ex Dividend: 11/30/23
Last Discussed: Item # 1.C. Bought 1 KHC at $31.77; 2 at $31.5; 3 at $31.17; 2 at $30.09 (10/21/23 Post)
Last Earnings Report (Q/E 9/30/23): SEC Filed Press Release
GAAP E.P.S. $.21
Non-GAAP E.P.S. = $.72, up 14%.
Consensus non-GAAP E.P.S.: $.66 per Schwab.
Reconciliation: The primary adjustment is for a $.5 per share non-cash impairment charge.
Revenues: As with other packaged food companies, revenue growth is through price increases that negatively impact volume.
Purchase Restriction: Each subsequent purchase must lower my average cost per share, and does not need to be at the lowest price in the chain.
Analyst Reports (available to Schwab customers):
Morningstar (11/2/23): 5 stars with a fair value estimate of $53, no moat.
S&P (11/1/23): 4 stars with a 12 month PT of $40
Argus (9/6/23): Hold, looking for a more favorable entry point when the price was at $32.55.
Goal: 3%+ annual gain on the stock + the dividends.
F. Added to UL - Bought 1 at $48.12; 3 at $48.36 - Fidelity Account:
UL | Unilever PLC ADR Analyst Estimates | MarketWatch
Ordinary Shares: Unilever PLC (U.K.: London)
British Pound to US Dollar Exchange Rate Chart | Xe
ADR Ratio: 1:1
All brands | Unilever global company website
Unilever ADRs use to trade under both the UL and UN symbols, with the later being the Unilever based in the Netherlands whose ordinary shares were traded in Euros. The two entities combined with UL being the surviving ADR with its ordinary shares traded in British Pence. Completion of Unilever’s Unification | Unilever The U.K. does not currently withhold a dividend tax. I do have to pay a fee out of the dividend to the ADR custodian
Last Discussed: Item # 5.A. Eliminated UL in Vanguard Account - Sold 8 at $55.33 (4/29/23 Post)(profit snapshot = $34.47 ). This was one of two duplicate positions. I am now starting to buy back those 8 shares in my Fidelity account.
Last Buy Discussions: Item # 1.P. Added to UL in Fidelity Account - Bought 1 at $43.03 (4/25/22 Post); Item #2.I. Added to UL in Fidelity Taxable Account - Bought 2 at $42.55 (6/9/22 Post)
New Average cost per share this account: $50.96 (35+ shares)
The non-GAAP E.P.S. of $1.2 does not include an 8 cent per share currency adjustment that would take the total to $1.28.
A. Added to TY - Bought 5 at $26.44:
Quote: Tri-Continental Corp. Overview - A CEF
Cost: $132.2
Last Discussed: Item # 1.G. Bought 10 TY at $27.72 (9/2/23 Post)
TY was one of the few CEFs formed prior to the October 1929 that survived. The few CEFs that survived that crash and the Great Depression did not use borrowed money to buy stocks. Before October 1929, there were many highly leveraged CEFs and even highly leveraged CEFs that only owned highly leveraged CEFs. (see, The Great Crash 1929 by John Kenneth Galbraith) The DJIA declined about 89% from the peak until the 1932 bottom was hit. Stock Market Crash of 1929 | Federal Reserve History
Leverage: Currently about 2% using a $50 preferred stock with a 5% coupon. Tri-Continental Corp. $2.50 Cum. Preferred. Overview (1M shares)
Sponsor's website: Tri-Continental Corporation
Tri-Continental Corporation - SEC Filed 2022 Annual Report
Original IPO Date: 1/5/1929
Tri-Continental Corporation (SEC Filed Semiannual Report for the period ending 6/30/23)
Portfolio Allocation as of 6/30/23:
Some Top Holding as of 9/30/23:
Data Date of 11/9/23 Trade:
Closing Net Asset Value per share: $30.06
Closing Market Price: $26.21
Discount: -12.81%
Average 3 year discount: -11.25%
Sourced: TY - CEF Connect
Dividends: The second and third column are regular and capital gains distributions respectively. The far right column is the annual total.
Tri-Continental Corporation (TY)-Morningstar (currently rated 4 stars)
10 Year Average Annual Total Return through 11/10/23: 10.06%, Tri-Continental Corporation (TY) Performance-Morningstar
ADX 10 Year Annual Average Total Return through 11/10/23: 12.37% and 13.3% over 15 years, Adams Diversified Equity Fund (ADX) Performance | Morningstar
I prefer ADX to TY but only marginally. I have been trading ADX since at least 1984. I been trading TY for a far shorter time.
Both have been around about the same length of time, but ADX has a significantly higher unrealized gain total.
TY may be a better choice for those wanting a balanced portfolio that includes bonds and convertibles.
ADX has a 3 star Morningstar rating. The difference is performance within the assigned category.
TY with its bonds and convertibles is classed as an "Aggressive Allocation" (AL) fund, while ADX, a pure stock fund, falls into the "Large Blend" (LB) category. Morningstar Category - Funds So in Morningstar's ranking system, TY is doing better in its aggressive allocation category compared to other funds in that category than ADX is doing in the Large Blend category.
The ten year Morningstar rating for TY is 5 and 3 stars for ADX. However, the total return for ADX for $10K investments is about $550 higher than TY over the 10 year period.
Last TY Elimination: Item # .H. Eliminated TY - Sold 10 at $33.5 (5/14/21 Post)(profit snapshot = $106.15) Most of the decline in price since that elimination is attributable to capital gain distributions, see snapshot above)
B. Added 5 AOD at $7.4:
Investment Category: Monthly Income Distribution
SEC Filed Semiannual Report for the Period Ending 4/30/23
SEC Filing - Holdings as of 7/31/23 (cost at $811.52+M, value at $1.026+B, which means that the current ROC support could be eliminated by harvesting some capital gains, if the fund managers wanted to do that)
Leveraged: Lightly at about 5% using preferred stock.
abrdn Total Dynamic Dividend (AOD) Portfolio | Morningstar (lists top 25 holdings)
Last Discussed Item # 3.A. Added to AOD - Bought 10 at $7.33 (10/14/23 Post)
New Average cost per share: $7.9 (120+ shares)
Dividend: Monthly at $.0575 per share ($.69 annually), last raised from $.0565 effective for the May 2015 payment. The penny rate has remained at $.0575 since that slight raise.
I am reinvesting the dividend for as long as the reinvestment prices are at more than a 10% discount to net asset value per share and my ownership position is less than 300 shares. Once I move over 300 shares, I will change to cash dividend payments irrespective of the discount.
There has been some ROC support.
Yield at New AC = 8.734%
Next Ex Dividend: 11/21/23
Data Date of 11/10/23 Trade:
Net Asset Value Per Share: $8.85
Closing Market Price: $7.45
Discount: -15.82%
Average 3 year discount: -11.56%
Sourced: AOD - CEF Connect
C. Added 2 CET at $35.7 - Schwab Account:
Quote: Central Securities Corp. (CET) - Stock CEF
Cost: $71.4
Leverage: None
Founded in 1929 just in time for the October 1929, survived it and the Great Depression.
Sponsor's website: Central Securities Corporation
Net asset value per share is reported only on a weekly basis.
NAV per share as of 11/10/23: $42.95
NAV per share as of 11/17/23: $44.53
Closing Price: $35.9
Discount: -19.38%
Average 3 Year Discount: -15.86%
Sourced: CET - CEF Connect
Management: Internal
Last Discussed: Item # 2.H. Added 5 CET at $35.48 (6/20/23 Post)
New Average cost per share: $34.99 (17+ shares)
Last Dividend: $1.65 per share, consisting of $1.2 per share in long term capital gains and $.45 in ordinary income. Central Securities Corporation Declares Year-End Distribution
I am reinvesting the dividend.
Most of the total return will be in the dividend payments.
Recent Dividend History: Central Securities Corporation
Per Share:
2022: $2.25
2021: $3.55
2020: $1.50
2019: $1.15
2018: $1.20
The largest annual distribution starting in 1990 was $3.5 per share in 2013. CET sold back to Plymouth Rock 35,000 shares realizing $92,750,000 in proceeds. 2013 Annual Report at page 6
Last Ex Dividend: 11/12/23
CET Page at Morningstar (rated 5 stars)
SEC Filing (Investments as of 9/30/21)
SEC Filed Semiannual Report for the period ending on 6/30/23
Top 10 Holdings as of 6/30/23 and Second Quarter Principal Portfolio Changes
As previously discussed, Plymouth Rock, a private home and auto insurance company, has the largest weighting in this fund. The shares that are currently owned were acquired in 1982 at a cost of $710,600.
CET placed a value of those shares at $284,240,000 as of 9/30/23.
For the first six months of 2023, CET received $3,612,122 in dividends from Plymouth Rock (page 14, semiannual report).
CET received $9,344,958M in dividends last year from Plymouth Rock. SEC Filed 2022 Annual Report at 21.
CET last sold shares back to Plymouth Rock in 2015, reducing its stake from 34,434 to 28,424 for $24M in proceeds. 2015 Annual Report at page 18 CET owned 28,424 shares as of 9/30/23. While the shares are valued much higher now, it was prudent IMO to harvest some profits for portfolio diversification purposes.
The 5th largest weighting as of 6/30/23 was in Hess that is being bought by Chevron. Hess Corp (HES) Chevron Announces Agreement to Acquire Hess Since this is an all stock transaction (1.025 CVX for 1 HES), and CVX has been sinking in price as of late, the Hess stock has been declining as well. I own only Hess SU bonds.
Goal: I have infrequently traded CET. Any profit on the shares after collecting dividends.
Realized Gains 2013 and 2016 (150 shares total) = $346.02
 |
| 2013 50 shares +$211.08 |
 |
| 2016 IB Account, 100 Shares +$134.94 |
4. Treasury Bill Purchases at Auction - Schwab Account: $10,000 in principal amount
A. Bought 2 Treasury Bills at the 11/13/23 Auction:
%202:15:24%20.png){kind=small}
91 Day Bill
Matures on 2/15/24
Interest: $26.72
Investment Rate: 5.446%
B. Bought 1 Treasury Bills at 11/13/23 Auction:
%205:16:24%20.png){kind=small}
Matures on 5/16/24
Interest: $26.64
Investment Rate: 5.504%
C. Bought 2 Treasury Bills at the 11/15/23 Auction:
%203:19:24%20.png){kind=small}
119 Day Bill
Matures on 3/19/24
Interest: $34.74
Investment Rate: 5.437%
D. Bought 5 Treasury Bills at the 11/16/23 Auction:
%20.png){kind=small}
5. Small Ball U.S. Equity Preferred Stocks:
A. Bought 5 HPPPRC at $11.2; 5 at $11.73:
Quote: Hudson Pacific Properties Inc. 4.750% Cumulative Preferred Series C Stock
Cost: $114.65
Issuer: Hudson Pacific Properties Inc. (HPP)
Investment Category: Equity REIT Cumulative Equity Preferred Stocks, part of the Equity REIT Common and Preferred Stock Basket Strategy
Website: Hudson Pacific Properties
Last Discussed: Item # 2.G. Bought 5 HPPPRC at $12.51 (1/3/23 Post)
HPP had to suspend its common share dividend earlier this year, but has kept paying so far this preferred dividend. Hudson Pacific Properties Suspends Common Stock Dividend and Declares Preferred Stock Dividend (9/7/23)
The strikes by writers and actors, now resolved, ended movie and television production that had a significant adverse impact on revenues generated by HPP's studio production properties.
In 2017, HPP bought a 13-soundstage, 369,000 square foot, production facility in 2017 for $200M, and later sold in 2020 a 49% interest in that facility, Sunset Las Palmas Studios, along with two other studios previously purchased by HPP (Sunset Gower and Sunset Bronson), to funds affiliated with Blackstone for about $800M. Hudson Pacific Properties and Blackstone Announce Completion of Joint Venture to Expand Studio Platform
 |
| 2020 Transaction with Blackstone on Studios |
The strikes cost HPP about $100M. Hudson Pacific Says Hollywood Strikes Have Cost It $100M – Commercial Observer I believe that is an EBITDA based on a comment made during the earnings call.
With the strikes over, there would be no justification for deferring the preferred stock dividend, though it is legally possible for as long as no cash is used to buy common stock and no cash dividend is paid to the common shareholders during any deferral period.
I do not see the studio production facilities as being a long term problem, more of a benefit IMO.
The long term problems are (1) the office properties located in the San Francisco and Los Angeles metropolitan areas where property valuations have generally taken major hits, (2) substantial space leased to technology companies that are reducing their needs for office space through work-from-home and reductions in their workforces; (3) the variable rate debt based on current short term interest rates, and (4) the significant amount of fixed coupon debt that will likely have to be refinanced at higher rates in the coming years.
In the past, HPP has raised capital by selling properties or forming joint ventures that involved selling an interest in wholly owned HPP properties. However, I would characterized these transactions as capital recycling with the proceeds used in new acquisitions. Debt may only be temporarily paid down. Perhaps more proceeds need to be used just to pay down debt.
2023 Property Sales Through 9/23/23:
2018-2019 Property sales: 10-K at page F-30 (note the $52.2M impairment charge for the Campus Center office building)
The reported "profits" may not be what I would call a profit, meaning a realized price over the original investment plus the cost of capital improvements and before any write downs through impairments Profits are frequently generated in real estate sales through reductions in the tax cost basis through depreciation and noncash impairment charges.
Secured and Unsecured Debt as of 12/31 (excluding "IN-SUBSTANCE DEFEASED DEBT" AND "JOINT VENTURE PARTNER DEBT"): My opinion on this progression is negative.
2019: $2.817+B
2020: $3.399+B
2022: $4.6108B
HPPPRC Prospectus
Par Value: $25 (offered at $25 in November 2021)
Placement in the Capital Structure: Equity Preferred Stock, senior only to common stock.
Maturity: Potentially perpetual unless called by issuer.
Optional Call Date: Anytime on or after 11/16/26
Stopper Clause: Standard. The Stopper Clause prevents the issuer from deferring payment of a cumulative preferred dividend while paying a cash common stock dividend or using cash to buy back common stock. The Clause enforces the preferred stock's superior claim to cash compared only to the common stock.
Coupon: 4.75% paid on the $25 par value
Dividends: Paid quarterly, cumulative and non-qualified
New average cost per share: $12.96 (130 shares)
Annual Dividend Rate: $1.1875 per share
Yield at New AC = 9.16%
Last Ex Dividend Date: 9/18/23 (owned 120 shares as of)
Last Earnings Report (Q/E 9/30/23):
SEC Filed Press Release and Supplemental (debt discussed at pages 12-15; lease and occupancy rates on office properties at page 18; 15 largest tenants listed at page 19; studio properties at 20)
 |
| FFO to AFFO |
Other recent news:
Hudson Pacific Completes $455 Million Bentall Centre Loan Refinancing (11/9/23)(203 basis points over CORRA, swapped to a 4.35% fixed rate that matures in 2027; CORRA = Canadian Overnight Repo Rate Average - Bank of Canada). The debt is in CADs but the $455M loan is expressed in USDs using the CAD/USD exchange rate as of 11/8/23)
Hudson Pacific Raises $72 Million with Sale of Two Los Angeles Office Properties (8/25/23)(properties at 604 Arizona and 3401 Exposition and expects to report a $22M gain; net proceeds used to pay down credit facility)
Hudson Pacific Expands and Enhances Studio Platform with Acquisition of Quixote Studios (91/2022)(Quixote provides sound stages and production services to the entertainment industry; priced at $360M before closing costs)
In summary, while the preferred stock is still risky, the settlement of writer and actor strikes will start to produce noticeably better results in the 2024 first half which should reduce credit risk concerns. A price recovery will be restrained by the low coupon and the current intermediate term treasury yields. A 4% spread to 10 year treasury yield is probably warranted now, possibly falling to 3.5% when studio revenues and operating income return to normal levels.
A significant price recovery would probably require a decline in intermediate term treasury yields (making the preferred stock yield more attractive), lower debt levels (credit risk); an improved office property market, primarily in San Francisco metropolitan area (credit risk); and a decline in short term yields used as the base rate in the variable coupon debt (credit risk).
B. Added to BWBBP - Bought 5 at $15.7:
Quote: Bridgewater Bancshares Inc. 5.875% Preferred Series A (BWBBP)
This purchase was made on the ex dividend date.
Issuer: Bridgewater Bancshares Inc. (BWB)
BWB Analyst Estimates | MarketWatch
BWB SEC Filed Earnings Press Release for the Q/E 9/30/23 and Earnings Presentation
10-Q for the Q/E 9/30/23 2023 (information on deposits at pages 60-61; information on owned securities at page 55)
Buy Discussions: Item # 4.A. Added 3 BWBPP at $16.16 (10/21/23 Post); Item # 3.B. Added to BWBBP - Bought 5 at $16.85 (9/9/23 Post); Item # 5.C. Bought 10 BWBBP at $18; 2 at $17.46 (8/5/23 Post)
Par Value: $25
Coupon: 5.875% paid on the $25 par value
Dividends: Paid quarterly, qualified and non-cumulative
Issuer Optional Redemption: On or after 8/17/26
Maturity: None, potentially perpetual
Stopper Clause: Standard
New Average cost per share: $17.05 (25 shares)
Yield at New AC = 8.614%
Last Ex Dividend: 11/14/25 (owned 20 as of)
C. Added 2 SLGPRI at $17.99:
Cost: $35.98
Issuer: SL Green Realty Corp. - An Office REIT, primarily NYC properties.
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy, part of the Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item 1.H. Added 5 SLGPRI at $16.65 (3/25/21 Post)
Equity Preferred Stock
Credit Rating: B+/B1
Coupon: 6.5%
Par Value: $25
Dividends: Paid quarterly, non-qualified (pass through entity) and cumulative
New average cost per share: $21.53 (42 shares)
Yield at New AC = 7.55%
(.065% x. $25 par value = $1.625 annual dividend per share ÷ $21.53 average cost per share = 7.5476%)
Yield at $17.99 = 9.03%
Last Ex Dividend: 9/28/23 (owned 40 as of)
Call Protection: Expired
Maturity: None, potentially perpetual
Stopper Clause: Standard
Sell Discussions: Item # 3.A. Eliminated SLGPRI - Sold 20 at $25.96 (9/12/20 Post); Item # 5 Sold 50 SLGPRI at $23.6 (4/3/2014 Post)
SLGPRI Realized Gains to Date = $151.28
6. Corporate Bonds:
A. Bought 2 Arrow Electronics 4% SU Maturing on 2/1/25 at a Total Cost of 96.796:
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Issuer: Arrow Electronics Inc. (ARW)
ARW SEC Filed Earnings Press Release for the Q/E 9/30/23
10-Q for the Q/E 9/30/23 2023 (Debt discussed at pages 12-13. The next SU bond matures on 9/4/24. I own 4 of those. FINRA Page)
New Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa3/BBB-
YTM at Total Cost: 6.4634%
Current Yield at TC: 4.13%
7. CDs - FDIC Insured:
A. Bought 2 Wells Fargo 5.5% CDs Maturing on 5/21/25:
%205.5%25%205:21:25%20.png){kind=small}
Interest Paid Monthly.
B. Bought 1 UBS Bank 5.2% CD Maturing on 11/24/25:
%205.2%25%2011:24:25%20MI%20.png){kind=small}
Interest paid monthly.
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.
CRISPR Therapeutics AG (CRSP)
ReplyDeleteClose on 11/17/24 $67.89 +8.67 +14.64%
https://www.marketwatch.com/investing/stock/crsp?mod=search_symbol
CRSP is one of my losing positions but has made significant progress in reducing the unrealized loss over the past few days. I own about 11 shares, having continued buying in small dollar lots to around $50 when I just stopped.
The stock closed at $38.93 on 10/31/23:
https://finance.yahoo.com/quote/CRSP/history?p=CRSP
I bought shares after the company had promising trial results on a gene editing, one and done cure for sickle cell disease and beta thalassemia.
Vertex made a $900M initial payment for a 60% interest in this treatment.
https://investors.vrtx.com/news-releases/news-release-details/vertex-pharmaceuticals-and-crispr-therapeutics-amend
Given the novelty, there has been some doubt about whether regulatory approval would be given.
The first approval has now come from the U.K.
https://ir.crisprtx.com/news-releases/news-release-details/vertex-and-crispr-therapeutics-announce-authorization-first
That was the first ever regulatory approval for a gene editing treatment.
The FDA is expected to announce its decision on 12/8/23 for the sickle cell treatment. As I recall the decision on the Beta treatment is scheduled in February.
There was some nervousness created when the FDA staff thought there could be a theoretical risk of an accidental cut in non-targeted areas of the genome:
https://www.biopharmadive.com/news/exa-cel-vertex-crispr-fda-documents-off-target-editing/698011/
The stock started to rise after the FDA's panel of experts reported on 10/31/23 that the gene editing for sickle cell was safe enough for clinical use. I suspect the monitoring will be intense for awhile.
I am currently expecting the FDA to approve the sickle cell treatment.
The stock's problems started with a less than enthusiastic response to a gene editing trial, CTX110, for large B-cell lymphoma reported back in October 2021. The initial complete response (CR) rate was 38% and an overall 58% response rate. The CR dropped to 28% after six months. After six months, the response rate was similar to approved CART-T drugs. CRISPR believes that it may be able to improve durability by changing the dose amounts.
This is what I can find on increasing the dosage results:
https://ir.crisprtx.com/news-releases/news-release-details/crispr-therapeutics-provides-update-its-ongoing-phase-1-carbontm
It looks like 4 trials are underway for cancer treatments including CTX110:
https://crisprtx.com/pipeline
Promising results will be needed from at least 1 of those trials IMO to get the stock back over $100.
I view gene editing as the next major frontier in medicine:
https://crisprtx.com/focus-areas/immuno-oncology
And see last financial report for ongoing trials:
https://ir.crisprtx.com/news-releases/news-release-details/crispr-therapeutics-provides-business-update-and-reports-third-4
As with any extremely costly treatment, an important issue is whether insurance companies and Medicare will pay for the cost.
I have 2 shares at around $100/shr that are less of a loss in the last few days. Good to hear the details of the price move.
DeleteI mentioned owning 15 shares of Outfront (OUT) in this post. I just added the snapshot of the 5 share lot bought at $12.25 that was not included in the original post.
ReplyDeleteA few stocks that I own have just increased their dividends. The WSJ includes a list of dividend declarations each business day which can be accessed by non-subscribers:
https://www.wsj.com/market-data/stocks/dividends?mod=md_usstk_view_divs_full
Saratoga Investment increased the quarterly rate to $.72 from $.71. The rate has been increasing steadily since a $.54 per share dividend was paid in the 2022 third quarter.
https://www.nasdaq.com/market-activity/stocks/sar/dividend-history
This is due to the BDC's floating rate loans that pay spreads to short term rates, thereby producing more net income after the FED rapidly increased the FF rate starting last year and into 2024.
Wesbanco (WSBC) increased its quarterly rate by 1 cent to $.36 per share.
The floating rate equity preferred stock METPRA is resetting for 1 quarter at $.4216, up from the prior quarter of $.4186. That one pays the greater of 4% or a 1% spread to 3 month SOFR + the tenor spread.
I mentioned in this post the reset equity preferred MSPRA, which I do not currently own. This one is resetting for 1 quarter at $.406, up from $.3962 paid in the prior quarter.
I view METPRA and MSPRA as having relatively unattractive yields currently since their yields are lower than comparable credit risk fixed coupon preferreds, even after the rise in 3 month SOFR rate. If the next major FF move by the FED is down, then those resets will be at lower coupons. They can work better when and if short rates continue to move higher in response to even more FF increases by the FED, responding to stubborn problematic inflation that will just not go away. In that kind of scenario the price for the fixed coupon preferred stocks would be going down while the quarterly resets at spreads to the 3 month SOFR, with a minimum coupon protection, would likely be going up in price.
Good to know about that WSJ dividend list!
DeleteThe CEFs that survived the 1929 crash and the Great Depression will frequently pay meaningful year end capital gain distributions.
ReplyDeleteI discussed one of those, CET, in Item #3.C. above.
Another one that I own, GAM, was formed in 1927.
https://generalamericaninvestors.com/
GAM's year end distribution was $2.65 per share, consisting of $2.10 in a long term capital gain and the remainder in ordinary income.
GAM CEF PAGE:
https://www.cefconnect.com/fund/GAM
Adams Diversified (ADX) paid a $1.15 year end dividend per share, consisting of $1.13 in a long term capital gain and 2 cents in ordinary.
https://www.cefconnect.com/fund/ADX
Some investors opine that the discounts to net asset value per share are larger for these CEFs because of the large unrealized gains.
Maybe that has something to do with the discount, but I do not agree with this contention unless the fund harvested a good chunk of the unrealized gain shortly after a purchase. Then the investor is buying a tax event without owning the shares when
the unrealized gains were generated through vintage purchases.
Spreading out the realized gains over a long period, which is generally the approach being used, should not IMO cause the discount to widen compared to a more recently formed CEF with a much smaller unrealized gain percentage of total assets.
As of 9/30/23, the ADX investments had a cost of 1.528+B and a value of $2.349+B.
Page 8
https://www.sec.gov/Archives/edgar/data/2230/000110465923111384/tm2324147-1_n30b2.htm
As of 9/30/23, the cost of GAM's investments was $620.1+M with a value of $1.362+B.
Page 3
https://www.sec.gov/Archives/edgar/data/40417/000199937123000014/gam-soi_093023.htm
One long term benefit of CEFs is their fixed capitalizations, so managing the funds can be done without having to deal with capital flows in and out which can be a problem for mutual funds.
The older ones do not issue new stock, which would be dilutive given their discounts to net asset value, except for dividend reinvestments.
Some of the newer CEFs, particularly the Gabelli funds, will raise new capital through transferable rights offerings that give existing shareholders the right to buy at certain price. I dislike that approach when the price is at a discount to net asset value per share. The "right" can be sold for a small sum but that does not compensate the existing owner for the dilutive effect of the offering.
Thanks for the info! I had a CEF for a number of years with good dividend rates that worked out well.
DeleteMedtronic PLC (MDT)
ReplyDelete$78.02 + 2.86 +3.81%
Last Updated: Nov 21, 2023 at 9:45 a.m. EST
I mentioned in Item # 2.J. above that MDT would be reporting earnings today. So far, the Stock Jocks are responding positively.
SEC Filed Earnings Press Release: This is for the second fiscal quarter of the 2024 F/Y.
https://www.sec.gov/Archives/edgar/data/1613103/000161310323000144/exhibit991-fy24q2earningsr.htm
GAAP diluted earnings per share (EPS) of $0.68; non-GAAP diluted EPS of $1.25
FactCheck Non-GAAP E.P.S. Consensus at $1.18
Raised fiscal year 2024 non-GAAP E.P.S. to $5.13-$5.19 from $5.08-$5.16
Been with my dad for his surgery and post-op complications and sleeping in the hospital. Public wifi.
ReplyDeleteFor bonds coming due, stocks with divs seems like an solution. Election years generally have poor returns until after the election. So may be more chances to buy into the market next year.
If I traded, I'm seeing a lot of shorting bonds. I think it's early, but that's WFIW.