ACCO, AMCR, BOTZ, CAG, CPB, DOC, HZO, QYLD, RYLD

Dollar Value of Purchases Discussed in this Post: 

Corporate Bonds and Treasury Bills: +$29,000 in principal amount 

Common Stocks/Stock Funds: +$929.01

I am back into a hibernation mode for stock purchases and will not be purchasing any stocks next week. Consequently, I will not have a blog post next week unless I start selling stocks and/or stock funds. 

I will start to reduce my stock allocation some when the VIX returns to below 20 movement and the sales price for whatever is sold is higher than the closing price on 2/19/25 when the S&P 500 hit its all time high. 

I will generally own between 200 and 250 individual common stocks and several stock funds (mutual, CEFs, ETFs). 

My largest stock fund position is PRWCX. T. Rowe Price Capital Appreciation Fund| Morningstar I have been selling shares.  Item # 1.A Sold 100 PRWCX at $34.98 (3/18/25 Post)(reducing position to the currently owned 843+ shares); Item # 1 Sold 50 out of 1,003+ PRWCX at $35.66 (2/5/25 Post), Item # 1.A. Sold 50 PRWCX at $38.94 (11/14/24 Post)  

The second largest fund position is PRPFX, classified as a moderate allocation mutual fund which maintains close to a 25% allocation in gold and silver bullion: Permanent Portfolio Permanent "I" Fund| Morningstar. 

Price as of 5/8/25 Close

For both PRPFX and PRWCX, I have been taking all dividends in cash. PRPFX Stock Dividend History & Date | Seeking Alpha;  PRWCX Stock Dividend History & Date | Seeking Alpha

Paul Tudor Jones says stock market will hit new lows even if Trump cuts China tariffs to 50% A cut to 50% from 145% or higher for some products is not a positive development since most trade subject to the 50% tariffs would cease. Possibly some products will be shipped but the U.S. importer would hike prices to U.S. consumers and demand would decline as a result. If China reduced its tariffs to 50% on U.S. exports (e.g. pork or soybeans), Chinese importers would simply source the purchase from non-U.S. sources.  

On 5/8/25, Trump recommended that investors "better go out and buy stock now. Let me tell you, this country will be like a rocket ship that goes straight up". The S&P 500 closed at 5,663.94 on 5/8/25.  

+++

Fed Policy Statement 5/7/25: "Uncertainty about the economic outlook has increased further. The Committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen." Federal Reserve issues FOMC statement That is the stagflation scenario: lower growth/higher inflation.  

Trump responded by calling Powell a "fool" even though the FED statement quoted above was approved by all FED members with no dissents. 

When making that remark, Trump also falsely claimed that grocery prices had fallen. Steve Rattner: Groceries went up faster under Trump than Biden - YouTube 

The BLS price data shows increases in grocery prices. Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average, by detailed expenditure category - 2025 M03 Results

The FED statement did result in a lower probability for a June rate cut: 

17.2% Probability of a .25% cut

The probability of a cut at the July meeting has fallen to 60% from 91% a month ago. 

If a recession develops later this year, the FED will probably cut rates when that is confirmed by the data, even if inflation is moving higher and notwithstanding the FED's stated concern about stagflation. 
 

***

U.K. - U.S. Framework for a Trade Deal: 

This development has created optimism among many investors that everything is going to be okay. IMO, it is far too early to form that opinion. 

Trump hails framework of U.K. trade deal, but 10% tariffs will remain on some items - CBS News; US and UK agree deal slashing Trump tariffs on cars and metals ("The U.S. ran a $11.9 billion trade surplus in goods with the U.K. last year, according to the Census Bureau. The $68 billion in goods that the U.S. imported from the U.K. last year accounted for just 2% of all" goods imported into the U.S.) 

United Kingdom | United States Trade Representative:

This is a framework for a trade agreement with many details remaining to be worked out. It is not a trade deal since nothing has been signed. Based on several comments made by those involved in the negotiation and in news articles, there appears to be areas of disagreement and major issues still need to be ironed out (e.g. pharmaceuticals, steel). UK-US tariff deal: Cars, steel and beef - what you need to know- BBC; What's in the US-UK trade framework announced by Trump? - ABC News  

Trump imposed earlier this year a 25% tariff on all steel imports claiming that he had the authority under a law that authorized the President to take actions to protect national security. The US Will Expand Existing Section 232 ‘National Security’ Duties on Imports of Steel and Aluminum Products Effective March 12, 2025 | BakerHostetler

The framework for a trade deal removes the tariff on British steel exports, but then there would be a quota on the "most favoured nation rates for UK steel and aluminium and certain derivative steel and aluminium products."  

As noted in the BBC article, it is unclear whether the parties have agreed on the quota and whether the tariff will apply to steel derivative products. If steel tariffs can be removed as part of a trade deal, then was there ever a national security threat arising from steel exports to the U.S.? Trump's national security justification for imposing the 25% steel and aluminum tariffs on exports from the U.K., Canada and Mexico was 100% bogus and remains so. 

Since the U.S. had a trade surplus with the U.K. last year, I view the framework for a trade deal as announced to reflect somewhat unfavorably on Starmer's negotiating skills, but then the U.K. is in a less than optimal negotiating position given Brexit. 

The question is whether a better deal for the U.K. would have resulted from immediately implementing retaliatory tariffs on all U.S. exports equal in dollar amount to the U.S. tariffs. Starmer refused to say whether the U.K. is worse off with this deal. Starmer-The Guardian  

It is my understanding that the British Parliament does not currently have the authority to vote on a trade deal. Treaty-making and parliamentary scrutiny: recent developments 

In a democracy, the legislative branch should have the right to approve a trade treaty, but allowing votes on amendments to the negotiated draft would probably be unwise. Just an up or down vote on the final version negotiated by a PM/President.  

The Tory leader claimed that Starmer had shafted the U.K. which is hyperbole, the common language of politicians.

+++

Trump says 10% is floor for tariffs; 'Some will be much higher' This will be inflationary. 

At the request of the U.S. according to China and at China's request according to Trump, China and the U.S. will discuss this weekend trade and other economic issues in Switzerland. China beefs up economic safeguards ahead of U.S. trade talks in Switzerland | CBC News

China to cut key rates by 10 points, bank reserve requirement by 50 points in bid to boost economy

U.S. oil production will start to decline due to price plunge, Diamondback CEO warns

The Real Measure of Trump’s Tariff Mess - The Atlantic (subscription publication)

Trump China tariffs hit wedding dresses and bridal shops

Ford hikes prices on Mexico-produced models, citing tariffs

Egg lovers can’t get a break. Vital Farms to raise prices because of tariffs. - MarketWatch (subscription publication) The price increase will be at least 10% and is related to tariffs on steel and other products. Trump placed a 25% tariff on all steel and aluminum imports.   

Trump says he will blame Biden for 2nd Quarter GDP, provided the result is bad. He previously said that the good numbers for the first quarter were due to his actions and all the bad numbers were Biden's responsibility. 

Barbie-maker Mattel pulls forecasts, to hike US prices as tariffs raise costs | Reuters

Fact check: Trump makes more false claims about Canada in advance of meeting with prime minister;  Daniel Dale fact-checks Trump’s meeting with Canadian prime minister - YouTube

How soon defaulted student loan borrowers may face collections Trump intends to garnish the wages of 5.3 million defaulted student loan borrowers starting this summer. This will reduce their consumer spending when and if implemented by Trump. 

‘Funny way to treat your friends’: Republicans miffed with Trump’s threats to ignore funding - POLITICO There are some republicans who do not support Trump impounding funds appropriated by Congress pursuant to laws signed by prior Presidents. Those impoundments are like a line item veto without having to veto anything. Clinton v. City of New York, 524 U.S. 417 (1998)(line item veto unconstitutional). When impounding funds, Trump has ignored The Impoundment Control Act of 1974 as well as the Supreme Court's decision in Train v. City of New York, 420 U.S. 35 (1975).

+++

Trump, asked if he has to 'uphold the Constitution,' says, 'I don't know'  

6 noteworthy moments from Trump's "Meet the Press" interview; Trump’s Latest Interview Should FREAK YOU OUT - YouTube

Harvard University refused to bend a knee to Trump, and this is what happens when a university fails to obey: Trump says the government will revoke Harvard’s tax-exempt status. The university’s president says that would be illegal; Trump administration to halt new federal research grants for Harvard as battle over political ideology and academic freedom flares It is "illegal" of course, but only in a nation governed by laws rather than one where a dictator can mete out punishment by executive order to anyone who refuses to obey. 

Trump's Education Secretary mocked after critics spot embarrassing grammatical errors in threatening letter to Harvard | Daily Mail Online She is barely literate. Her letter, possibly written in part by Trump given the use of all cap letters, does confirm the real reasons behind Trump's assault on Ivy League colleges. Trump Finally Drops the Anti-Semitism Pretext - The Atlantic (subscription publication) Other reasons IMO include (1) a strong animus toward intelligent and informed people who are not easily manipulated with false information and narratives, (2) a desire to neuter all opposition forces and (3) as part  of Trump's extensive effort to concentrate power in his hands through using the Presidency to coerce institutions and people to obey his orders and bend to his will.  

The U.S. is currently in a one man dictatorship as a practical matter, and will continue along that path until and unless the republican Supreme Court Justices decide to restrain our Dear Leader from violating laws and the Constitution. No restraint will happen in the republican controlled House or Senate.  

That leaves the courts. While lower courts have restrained so far clearly dictatorial and unconstitutional actions by Trump, it remains to be seen whether those restraints will be removed or modified by the Republican Supreme Court Justices.  

So far, those Justices have provided a clear pathway for dictatorial rule by an Imperial President, primarily through creating a broad immunity from criminal prosecution, unleashing Trump and creating incentives for him to commit crimes, violate the law, concentrate even more power in his hands  and flagrantly violate constitutional rights. It needs to be remembered that the broad immunity was created by those Justices in response to actions taken by Trump to seize power after losing an election.  

Trump budget proposes $1 trillion for defense, slashes education, foreign aid, environment, health and public assistance This is just another confirmation about the priorities of Trump's party. 

Trump family could make hundreds of millions from Abu Dhabi crypto investment; Trump's Middle East business surge prompts conflict of interest attacks from critics - Newsweek  

How law firms targeted by Trump are responding to White House pressure | 60 Minutes - YouTube

Judge rules Trump executive order targeting law firm Perkins Coie is unconstitutional as violating the 1st, 5th and 6th Amendments to the Constitution- CBS News; Decision - 102 pages .pdf The Federal District Court granted the Perkins Coie law firm a summary judgment and issued a permanent injunction prohibiting the enforcement of  Trump's Executive Order 142230 that targeted this law firm and its lawyers - past, present and future. 

Trump is risking a ruling by the Supreme Court, joined in by a least 2 Republican Justices, that he has blatantly violated the 1st, 5th and 6th Amendments with his EOs targeting law firms. I regard those EOs as impeachable offenses for any President regardless of party. 

As a reminder, Trump demands that these firms provide up to $100M in free legal services to whomever Trump chooses as protection money or Trump will use the government destroy their livelihoods 

(1) by taking away all security clearances, 

(2) denying the firm's lawyers access to all federal buildings including federal courthouses, 

(3) preventing the firm from being hired by any federal agency, 

(4) preventing a federal agency from hiring any of the firm's past, present or future lawyers, and

(5) requiring federal contractors to state whether or not the firm provides any legal representation to those contractors with the clear implication being that the contractors would lose federal government business by hiring the firm or continuing an attorney client relationship. 

One reason for these extortion efforts is to severely punish entire law firms when one or more of his past or present lawyers represented a client that Trump does not like, was involved in litigation against Trump or advanced a position opposed by Trump on behalf of a client. 

Another reason is to silence potential critics and to prevent firms from even taking on clients whose causes are opposed by Trump and his party. 

My Video:  Trump's personal vendetta campaign against lawyers violates the 1st, 5th and 6th Amendments - YouTube

Trump is trying to chill the investigative journalism that holds him to account Everyone who voted for Trump knew or is presumed to have known that the he is an ignorant authoritarian demagogue that would use the Presidency to enrich himself and his family. George Conway made a similar observation soon after the election in this article: America Did This to Itself - The Atlantic (subscription publication) Receiving more information about Trump exercising authoritarian powers will not be criticized by those voters, but embraced by them and cheered by almost all republican politicians. It is what they want.  

Trump administration in talks with Rwanda to take deportees from U.S. - CBS News

U.S. seeking deportation deals with far-flung countries like Angola and Equatorial Guinea - CBS News

Trump posts AI image of himself as pope, leaving Catholics offended and unamused as conclave nears 

NPR and PBS to challenge Trump over public funding cuts

‘We need Greenland very badly,’ Trump says, renewing threat of using military force to annex Danish territory 

Trump Tells Hate Leader And J6 Seditionist 'I Love You Guys' At Mar-A-Lago: Report; Trump Reportedly Told January 6 Militant and Hate Leader “I Love You” | The New Republic Trump said he just loved the Proud Boys. The Proud Boys | Program on Extremism | The George Washington University 

Trump once promised to end HIV in America. His deep funding cuts are rolling back progress in the South. - CBS News

WATCH: Trump suggests he wants to reopen Alcatraz because it’s the ultimate symbol of law and order - YouTube it is important to listen to him rant. The prison was closed in 1963 because it was then far too expensive to maintain and operate. Is Donald Trump's plan to reopen Alcatraz as a prison realistic?

The IRS has lost almost one-third of its tax auditors after 2 months of DOGE cuts, report says - CBS News

CBO: Millions could lose coverage if GOP pulls back on Medicaid expansion - -POLITICO

Anne Applebaum and the Most Corrupt Presidency in American History | The David Frum Show - YouTube

Trump's Grift Machine - YouTube

MAGA outlet OAN to provide content for hollowed-out Voice of America, says Kari Lake 

New Pope Leo XIV Bashed Trump and JD Vance on Twitter Just Weeks Ago; The New Pope Doesn’t Seem to Be a Huge Fan of Trump or JD Vance | The New Republic;  MAGA melts down over ‘WOKE MARXIST POPE’ who is a ‘Never Trumper liberal’ | The Independent

Trump's Justice Department launches criminal probe into Letitia James, multiple sources say - CBS News

As overdose deaths fall, Trump administration proposes cuts to lifesaving Narcan program - CBS News

+++++

1. Small Ball Stock Purchases: 

A. Added 10 DOC at $17.3 - Schwab Account:

Quote: Healthpeak Properties Inc. (DOC)

Cost $173

DOC SEC Filings

10-Q for the Q/E 3/31/25

New Average cost per share: $17.55 (60 shares)

Dividend: Monthly at $.1017 per share ($1.22 annually)

DOC Stock Dividend History & Date | Seeking Alpha

Yield at $17.55: 6.95%

Next Ex Dividend: 5/19/25

Last Earnings Report (3/31/25): I discuss this report in my last post and have nothing further to add here. Item # 1.B. Started DOC in Schwab Account - Bought 50 at $17.61 (5/2/25 Post); 

SEC Filed Press Release and Supplemental

B. Added 5 CAG at $23.73; 5 at $22.95 - Schwab Account:

Quote: Conagra Brands Inc.  (CAG)

Cost: $233.38

Investment Categories: Bond Substitute/Contrarian Value

CAG Analyst Estimates | MarketWatch I believe these estimates use non-GAAP E.P.S. numbers. 

CAG SEC Filings

10-Q for the Q/E 2/23/25 

CAG SEC Filed Annual Report for the Fiscal Year Ending 5/26/24  

Brands | Conagra Brands (Includes Birds Eye (frozen vegetables), Hunts (ketchup), PAM, Orville Redenbacher (popcorn), Vlasic (pickles), Reddi-Whip, Slim Jim, Healthy Choice, Marie Callenders, Smart Balance, Mrs. Paul's, Banquet, Angie's, Swiss Miss, Log Cabin and Mrs. Butterworth (syrups), Van Camp's (various beans), Wish-Bone (dressings & vinaigrettes), Duncan Hines, and Libby's)  

Recent News: Conagra Brands Enters Into Definitive Agreement with Hometown Food Company, a Brynwood Partners Portfolio Company, to Divest the Chef Boyardee® Brand (5/1/25) The sales price is $600M in cash. CAG intends to use the proceeds to pay down debt. "The Chef Boyardee products that are part of the transaction contributed approximately $450 million USD to Conagra's fiscal year 2024 net sales." If the transaction had been concluded at the start of fiscal year 2025, CAG estimates that the deal would be 4% dilutive to E.P.S. for the year excluding transaction costs and other one time impacts. The announcement was made prior to the opening on 5/1. The closed that day at $24.18, down $.53 and fell another $.32 the next trading day. 

Two Year Chart:  Strong Bear Market Trend, though there is a possible double bottom forming near $23

What Are Double Bottom Patterns?

There are rational reasons why the bad news may be priced into the stock at a $23 price. While earnings growth is almost non-existent, using non-GAAP E.P.S., the P/E multiple using trailing 12 month non-GAAP E.P.S. or estimated E.P.S. for the next 4 quarters is less than 10 with a dividend yield at 6.09% at $23. As of 5/8/25, the average non-GAAP E.P.S. estimate is $2.71 for the fiscal year ending in May 2026.  

Last Discussed: Item # 1.A. Added 5 CAG at $24.71 (2/10/25 Post) 

Last Sell Discussion: Item # 2.H. Sold 5 CAG at $33.07 (9/12/24 Post)

New Average cost per share: $26.8 (89+ shares)

Dividend: Quarterly at $.35 per share ($1.4 annually)

CAG Dividend History & Date | Seeking Alpha

I am currently reinvesting the dividend as a means to average down randomly.  

Yield at $26.8: 5.22%

Last Ex Dividend: 4/28/25

Last Earnings Report (Q/E 2/23/25): This was for the third fiscal quarter. 

SEC Filed Earnings Press Release 

There is nothing positive in this report.  

GAAP E.P.S. = $.3, down from $.64

Adjusted E.P.S. = $.51, down from $.69

Consensus per Schwab at $.53

Reconciliation: 

A non-cash impairment charge accounted for $.05 per share. The largest adjustment was $.15 per share for "legal matters" which are discussed at page 13 of the 10-Q. Those matters relate to Conagra's acquisition of the Beatrice Company in 1991 who had sold a subsidiary before Conagra's acquisition that made lead paint.   

Revenues: $2.841B, down from $3.0329B  

Fiscal 2025 Adjusted E.P.S. Guidance: $2.35, unchanged. 

Maximum Position: 100 shares

Analyst Reports (available to Schwab customers): 

Morningstar (4/25/25): 4 stars with a fair value estimate of $28.5

S&P (4/3/25): 3 stars with a 12 month PT of $28.

I do not have access to a J.P. Morgan report, published on 5/6/25, that lowered the PT to $25 from $26 and maintained a neutral rating.   

My consider to eliminate: >$30

A greater than $30 stock price is highly unlikely IMO within the next year. 

SU Bonds: I own 2 Conagra 4.6% SU that mature on 11/1/25 that were bought at a total cost of $98.44. Bond Page | FINRA.org

C. Added 10 ACCO at $3.67; 20 at $3.5 - Schwab Account: 

Quote: ACCO Brands Corp.  (ACCO) 

Cost: $106.7

ACCO Analyst Estimates | MarketWatch As of 5/2/25, with two analyst providing estimates, the consensus adjusted E.P.S. for 2025 was $1.04 and $1.2 in 2026. The current share price reflects considerably more pessimism about the future, based at least in part IMO, on a long term decline in annual revenues. 

Website: ACCO Brands

Brands | ACCO Brands  

10-K at page 1. 

ACCO SEC Filings

10-Q for the Q/E 3/31/25 Debt is listed at page 11. 

ACCO 2024 SEC Filed Annual Report Adjusted E.P.S. of $1.06 which excludes a significant non-cash impairment charge, down slightly from an adjusted E.P.S. of $1.09 in 2023. 

Investment Category: Lottery Ticket Basket Strategy

For those new to reading my posts, the Lottery Ticket category and its subcategory of Blackjack Hand refer to buying shares that have been justifiably smashed in price but possibly by too much IMO. 

There is at least a rational basis for forming an opinion that a recovery is possible for stocks so classified, which may or may not actually happen. The category will include stocks that pay no dividends.  

Using the terms Blackjack Hand and Lottery Ticket are meant to convey the high risk of a loss. 

I use to provide snapshots of profits and losses in this category: Lottery Ticket Basket Strategy: New Gateway Post I quit doing that in 2015 with the snapshots showing a net profit of $14,012.42 as of October 2015 with a 2009 start year. Note the large number of lottery ticket losses included in that post. This is a form of entertainment for me and is an alternative to playing blackjack at a casino. 

Some of the realized gains included in that post are in REIT common and preferred stocks during the 2009-2013 time period which was prior to the 9/2013 start of my Equity REIT Common and Preferred Stock Basket Strategy.

New Average cost per share: $4.37 (80 shares)

Dividend: Quarterly at $.075 per share ($.30 annually)

Yield at $4.37: 6.865%

Next Ex Dividend: 5/23/25

Last Earnings Report (Q/E 3/31/25): This was an unfavorable report and caused a decline in the stock price. 

SEC Filed Earnings Press Release

GAAP E.P.S. ($.14)

Adjusted E.P.S. ($.02), down from $.03. 

Reconciliation: 

Net sales were reported at $317.4M, down 11.6%

Net debt was reduced by $35M. 

Free cash flow: $3.3M, down from $25.9M

"In the second quarter, the Company expects reported sales to be down in a range of 8.0% to 12.0% and adjusted EPS within a range of $0.28 to $0.32. Second quarter outlook reflects changing customer buying patterns in response to the U.S. tariff situation and a cautious view of near-term demand implications."

A dividend slash or elimination is possible IMO.

Maximum Position: 100 shares

Previous Sell: 10 shares at $6.46

Item # 2.F. (1/12/24 Post) 

Last Buy Discussion: Item # 2.E. Added to ACCO - Bought 10 at $4.95; 20 at $4.78 - Schwab Account (11/11/23 Post)

D. Restarted HZO - Bought 2 at $22.24; 1 at $21.95; 1 at $21.17 - Schwab Account:

Quote: MarineMax Inc. (HZO)

Cost: $87.6

52 week range: $16.85 - $38.2

Website: MarineMax | New & Used Boat Dealer In The USA | Boat Dealerships, Marinas, Service, & More

HZO believes that it is the "world's largest "recreational boat, yacht and superyacht services company" with "over 120 locations worldwide, including over 70 retail dealership locations, some of which include marinas." As of 3/31/25, HZO owns or operates "65 marina and storage locations worldwide." HZO is the largest retailer of Sea Ray and Boston Whaler recreational boats which are manufactured by Brunswick Corporation" and sales of new Brunswick boats accounted for about 20% of HZO's revenue in fiscal 2024.

"Through Fraser Yachts and Northrop & Johnson, we believe we are the largest superyacht services provider, operating locations across the globe. Cruisers Yachts manufactures boats and yachts with sales through our select retail dealership locations and through independent dealers. Additionally, Intrepid Powerboats manufactures powerboats and sells through our retail dealership locations. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands." 10-Q for the Q/E 3/31/25 at page 8 (debt discussed at pages 16-17). 

HZO Profile Page at Reuters

Investment Category: Lottery Ticket Basket Strategy 

HZO SEC Filings

Last Elimination: Item # 3.A. Eliminated HZO - Sold 11 at $42.29 (8/5/23 Post)(profit snapshot  = $50.67)

Based on unfavorable operating results that have accelerated since my last elimination, I have downgraded this stock to a Lottery Ticket. 

HZO Analyst Estimates | MarketWatch As of 5/2/25, the consensus E.P.S. estimate has E.P.S. bottoming in the 2025 fiscal year at $1.87 and rising to $3.58 in the 2026 fiscal year. 

E.P.S. peaked in F/Y ending 9/22 at $8.84, adjusted to $9, up from a GAAP E.P.S. of $6.78 in the 2021 fiscal year. SEC Filed Earnings Press Release for the 4th Fiscal Quarter ending 9/30/22 The stock price peaked near $66 in May 2021. There was initially a decline in the stock price during the early stages of the pandemic in March-April 2020 with the stock hitting a low at $7.25, followed by a parabolic rise to a $65.79 high on 5/3/21.

Average cost per share: $21.9 (4 shares)

Dividends: None and none expected

Last Earnings Report (Q/E 3/31/25): This is the second fiscal quarter. 

SEC Filed Press Release  

Revenue: $631.515M

Diluted E.P.S. $.14, up from $.07

Diluted E.P.S. 6 months: $.91, up from $.11

Adjusted E.P.S. = $.23, up from $.18

Adjusted E.P.S. 6 months: $.34, down from $.42

Reconciliation: 

I do not see a turnaround in this financial data yet. 

Earnings trend higher in the 3rd fiscal quarter.  For the third F/Q ending on 6/30/24, the company reported E.P.S. of $1.37, adjusted to $1.51. SEC Filing The 2024 4th fiscal quarter was negatively impacted by hurricanes Helene and Milton. SEC Filing 

E. Added 2 CPB at $35.2 - Schwab Account: 

Quote: Campbell's Co. (CPB)

Cost: $70.4

52 Week High: $52.81

CPB Analyst Estimates | MarketWatch

CPB SEC Filings

Products  - The Campbell's Company

Chart: Major bear market pattern

Packaged food stocks are in bear markets of an unknowable duration. 

New average cost per share: $37.61 (25+ shares)

Dividend: Quarterly at $.39 per share ($1.56 annually)

CPB Stock Dividend History & Date | Seeking Alpha

Yield at $37.61: 4.148%

Last Ex Dividend: 4/3/25

Last Discussed:  Item # 1.H. Added 5 CPB at $36.76; 5 at $36 (4/15/25 Post) 

Last Earnings Report (F/Q ending 1/26/25): I discussed this report in a recent post and have nothing further to add here. Item # 1.P. Added 1 CPB at $37.13 (4/13/25 Post); SEC Filed Press Release

CPB Realized Gains to Date: $919.04

Most of that gain was realized in 2010: Item # 3 Sold 70 CPB at $35.79 (9/8/2010 Post)(profit snapshot = $714.84)

F. Bought 5 RYLD at $14.62 - Schwab Account: 

Quote:  Global X Russell 2000 Covered Call ETF (RYLD) 

Cost: $73.09

Investment Category: Monthly Income Generation 

Sponsor's website: Russell 2000 Covered Call ETF (RYLD)

Last Discussed: Item # 1.G. Eliminated Duplicate Position in RYLD - Sold 34+ at $16.65 - Fidelity Account and Item #1.H. Eliminated Duplicate Position in RYLD - Sold 40 at $16.65 - Vanguard Account (2/10/25 Post)(profit snapshots =  $101.16)

New Average cost per share = $15.26 (70+ shares)

Dividend: Monthly at a variable rate

The last two dividend payments were lower than the others. I do not know the cause but it may have something to do with the market's decline during those months. 

Last 12 Dividends (through April 2025): $1.9346

Yield Using $1.9346 and $15.26 AC per share: 12.68%

Next Ex Dividend:  5/19/25

Global X Russell 2000 Covered Call ETF-Morningstar - Currently rated 2 stars. Historical performance has been poor. This fund has proven to be an unsatisfactory long term hold. Consequently, I try to trade the shares for small profits after ROC adjustments to the tax cost basis. 

G. Added 5 QYLD at $16.39 - Schwab Account: 

Quote: Global X NASDAQ-100 Covered Call ETF Overview - Buy/Write ETF

Cost: $81.93

Investment Category: Monthly Income Generation

Last Discussed: Item # 1.F. Eliminated Duplicate QYLD Position - Sold 40 at $18.59 (2/10/25 Post)(profit snapshot = $73.69); Item # 2. Eliminated Duplicate QYLD Position - Sold 30 at $17.97 .(3/15/24 Post)(profit snapshot = $62.03)

Sponsor's website: Nasdaq 100 Covered Call ETF

New Average cost per share: $16.62 (77+ shares)

Dividend: Monthly at a variable rate

The last payment was a capital gain distribution. 

Last 12 Dividends: $2.25353 per share

Yield at $16.62 Using $2.25 =  13.54%

Next Ex Dividend:  5/19/25

2024 Tax Classifications: 

2024 Total = $2.27723 per share

Ordinary Income  = $1.9836 per share

Short Term Capital Gain: $.33863 per share

NASDAQ 100 Covered Call ETF | Morningstar (currently rated 3 stars)

H. Added 5 AMCR at $9.2 - Schwab Account: 

Quote: Amcor PLC (AMCR) - Major Packaging Company 

Cost: $45.98

Amcor PLC Profile | Reuters

AMCR SEC Filings

Website: Global Packaging Solutions | Amcor

Recent News: Amcor completes combination with Berry Global (4/30/25) "In fiscal 2026, before taking into account growth in the underlying business, Amcor expects delivery of $260 million of pre-tax synergies alone to drive adjusted EPS accretion of approximately 12 percent. By the end of fiscal 2028, the company expects total pre-tax synergy benefits to build to approximately $650 million and to have delivered an additional $280 million one-time cash benefits from working capital improvements. Including full run rate synergies, annual cash flow is expected to exceed $3 billion by fiscal 2028."

Last Discussed: Item # 2.G. Added 10 AMCR at $9 (4/26/24 Post); Item # 1.B. Added to AMCR - Bought 5 at $8.95; 5 at $8.75; 5 at $8.59 (10/21/23 Post) 

Last Elimination: Item # 5.G. Eliminated AMCR in 2 Taxable Accounts - Sold 20 at $12.05 and 10+ at $12.03 (1/23/23 Post)(profit snapshots. = $26.03)

New Average cost per share: $10.17 (115 shares)

Dividend: Quarterly at $.1275 per share ($.51 annually)

AMCR Stock Dividend History & Date | Seeking Alpha

Yield at $10.17: 5.015%

Next Ex Dividend: 5/22/25

Last Earnings Report (Q/E 3/31/25): SEC Filed Press Release and SEC Filed Slide Presentation This is for the third fiscal quarter. 

Net Sales: $3.333B

E.P.S. $.136

Adjusted E.P.S.  $.18, up 5% on comparable currency basis. 

Reconciliation: The primary add backs are expenses relating to the Berry acquisition, now completed, and amortization of intangibles which is a non-cash expense. 

2025 Adjusted E.P.S. Guidance: $.72-$.74 with free cash flow of $900M to $1B. 

I. Restarted BOTZ - Bought 2 at $28.47 - Schwab Account: 

Recent History this Account 

Quote: Global X Robotics & Artificial Intelligence ETF

Last Elimination: Item # 1.G. Eliminated BOTZ - Sold 10 at $33.28 (11/14/24 Post)(profit snapshot = $30.14) 

Sponsor's website: Robotics & Artificial Intelligence ETF (BOTZ)

Expense Ratio: .68% (too high IMO)

Top 10 Holdings as of 3/7/25: 

BOTZ – Portfolio: Morningstar (Lists top 25 holdings)

Dividend: Meaningless. Only one payment was made last year and that was for $.04+ per share. 

The general idea is to buy back the 10 shares sold at $33.28 provided each purchase is at the lowest price in the chain. 

Previous Sell Discussions: Item # 1.B. Eliminated BOTZ - Sold 9 at $26.53  (5/20/23 Post)(profit snapshot = $15.39); Item # 1.J. Sold 5 BOTZ at $39.02 (10/22/21 Post)(profit snapshot = $74.52)

2. Corporate Bonds- $19,000 in principal amount: 

Purchases of $4,000 in principal amount made on Thursday will be discussed in my next post, whenever that may be. 

I sold 2 Nextera Capital 3.55% SU bonds maturing on 5/1/27 at 98.299. 

Bought 1/24/25; "Profit" = $12.14

I still own two. I bought as a replacement 2 Nextera Capital 5.05% SU maturing in 2033 as discussed in Item # 2.A. below. 

A. Bought 2 Nextera Capital 5.05% SU Maturing on 2/28/2033 at a Total Cost of 99.284 - Fidelity Account: 

Issuer: Wholly owned subsidiary of the utility holding company NextEra Energy Inc. (NEE) who guarantees the notes: 

Prospectus 

NEE SEC Filings 

The main subsidiaries are Florida Power & Light and NextEra Energy Resources. SEC Filed 2024 Annual Report  

NEE SEC Filed Earnings Press Release for the Q/E 3/31/25 

NEE Analyst Estimates | MarketWatch

This bond will generate more current income than the 2027 bond that was sold. I also extend the maturity with the higher coupon bond.  

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa1/BBB+

YTM at Total Cost: 5.161%

Current Yield at TC: 5.086%

Last Nextera Capital Bond Offering (2/25): Prospectus for $2.5B in subordinated debentures maturing in 2055

B. Bought 2 Southwestern Public Service 5.3% First Mortgage Bonds Maturing on 5/15/35 at a Total Cost of 98.862 - Vanguard Account: 

Issuer: Wholly owned subsidiary of the utility holding company Xcel Energy Inc.  (XEL) 

XEL 10-Q for the Q/E 3/31/25   

Prospectus (4/30/25)

10-Q for Southwestern Public Service 

P. 4, In Millions

At pages 11-12, there is a discussion of potential liability issues relating to wildfires. I am not able to assess whether additional potential liabilities exceed insurance coverage based on the information provided.   

Finra Page: Bond Page | FINRA.org

Credit Ratings: A3/A-

YTM at Total Cost: 5.448%

Current Yield at TC: 5.361%

With this purchase, I now own 14 corporate bonds maturing in 2035. Of those bonds, 10 are first mortgage bonds issued by electric utility companies and 2 are senior unsecured bonds issued by Virginia Electric.  

C. Bought 2 Globe Life 4.8% SU Maturing on 6/15/32 at a Total Cost of 97.269 - Fidelity Account: 

Issuer: Globe Life Inc. (GL) 

GL Analyst Estimates | MarketWatch

GL SEC Filings 

GL SEC Filed 2024 Annual Report 

GL SEC Filed Earnings Press Release for the Q/E 3/31/25 

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa1/A

YTM at Total Cost: 5.264%

Current Yield at TC:  4.935%

D. Bought 2 Williams 5.15% SU Maturing on 3/15/34 at a Total Cost of 97.35 - Fidelity Account: 

Issuer: Williams Cos.  (WMB) - Energy Infrastructure

I own the common shares that I last discussed here: Item # 1.B. Pared WMB  - Sold 5 at $61.1 (4/4/25 Post)(profit snapshot = $188.44) I currently own 40+ shares with a $23.2 average cost per share. 

WMB SEC Filings

SEC Filed Earnings Press Release for the Q/E 12/31/24 

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB+

YTM at Total Cost: 5.531%

Current Yield at TC: 5.29%

E. Bought 2 Mid-America Apartments LP 5% SU Maturing on 3/15/34 at a Total Cost of 98.667 - Fidelity Account: 

Issuer: Operating entity for Mid-America Apartment Communities Inc.  (MAA) 

"MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of March 31, 2025, MAA had ownership interest in 104,011 apartment units, including communities currently in development, across 16 states and the District of Columbia." MAA is a Tennessee corporation that owns 97.4% of of the Mid-America Apartments L.P., a TN limited partnership, operating units.

MAA SEC Filed Earnings Press Release for the Q/E 3/31/25 

MAA SEC Filed 2024 Annual Report 

Prospectus 

I recently eliminated my common stock positions. Item # 1.E. Eliminated MAA - Sold 5 at $169.88 (3/18/25 Post)(profit snapshot = $220.66) 

I prefer owning the MAA LP bonds. 

Finra Page: Bond Page | FINRA.org

Credit Ratings: A3/A-

YTM at Total Cost: 5.203%

Current Yield at TC: 5.068%

Last Bond Offering (12/24): Prospectus for $350M 4.95% SU maturing in 2035

Other Owned MAA LP SU Bonds:  

4 Maturing on 11/15/25 (bought in 10/24 and 11/24), Bond Page | FINRA.org 

2 Maturing on 6/1/27 (bought in 2/25), Bond Page | FINRA.org 

2 Maturing on 3/15/29 (bought in 3/25), Bond Page | FINRA.org

F. Bought 2 Extra Space Storage LP 5.4% SU Maturing on 2/1/34 at a Total Cost of 98.655 - Vanguard Account: 

Issuer: Operating entity for Extra Space Storage Inc. (EXR) who guarantees the notes: 

Prospectus 

EXR SEC Filings 

EXR SEC Filed Earnings Report for the Q/E 3/31/25 

In Thousands except for share and share data

10-Q for the Q/E 3/31/25 

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB+

YTM at Total Cost: 5.595%

Current Yield at TC:  5.474%

Last Bond Offering (3/25): Prospectus for $500M 5.4% SU maturing in 2035. 

I have never owned the common stock. 

I currently own the following Extra Space Storage LP SU bonds: 

2 Maturing on 7/1/26 (bought in 11/24), Bond Page | FINRA.org

2 Maturing on 6/15/29 (bought in 4/25), Bond Page | FINRA.org

G. Bought 2 Xcel Energy 5.5% SU Maturing on 3/15/34 at a Total Cost of 99.67 - Interactive Brokers Account:  

Issuer: Xcel Energy Inc. (XEL - A Utility Holding Company

XEL SEC Filings 

XEL SEC Filed Earnings Press Release for the Q/E 3/31/25 

10-Q for the Q/E 3/31/25 

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa1/BBB

YTM at Total Cost: 5.547%

Current Yield at TC: 5.518%

At the closing stock price on 5/2, the common shares had a 3.22% yield and the P/E ratio was over 20. XEL Stock Dividend History & Date | Seeking Alpha I do not own the common stock and have no interest in buying shares anywhere near the current price. 

I currently own the following Xcel SU bonds: 

1 Maturing on 6/1/25 (bought in 3/24)

2 Maturing on 12/1/26 (bought in 10/24), Bond Page | FINRA.org

2 Maturing on 6/15/28 (bought in 2/25), Bond Page | FINRA.org

I also own first mortgage bonds issued by an XEL subsidiary Public Service of Colorado. Item # 5.G. Bought 2 Public Service of Colorado 3.7% First Mortgage Bonds Maturing on 6/15/28 at a Total Cost of 96.854  (2/5/25 Post); Bond Page | FINRA.org I replaced with that purchase two FM bonds that will mature on 5/15/25. 

H. Bought 2 Nextera Capital 5% SU Maturing on 7/15/32 at a Total Cost of 99- Fidelity Account: 

Issuer: See Item # 2.A. above. 

Prospectus 

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa1/BBB+

YTM at Total Cost: 5.167%

Current Yield at TC: 5.05%

I. Bought 1 Entergy Louisiana 5% First Mortgage Bond Maturing on 7/15/44 at a Total Cost of 86.683 - Fidelity Account:

Issuer: Wholly owned subsidiary of the utility holding company Entergy Corp. (ETR) 

ETR SEC Filings 

ETR 10-Q for the Q/E 3/31/25

10-Q at page 90, In Thousands

This is my first corporate bond purchase for a 2044 maturity. 

Prospectus 

Finra Page: Bond Page | FINRA.org

Credit Ratings: A2/A

YTM at Total Cost: 6.175%

Current Yield at TC = 5.768%

Last Bond Offering (1/25): Prospectus for $750M First Mortgage bond maturing in 2055.   

J. Bought 2 Southern Company Gas 5.15% SU Maturing on 9/15/32 at a Total Cost of 99.582 - Fidelity Account:

Issuer: Wholly owned subsidiary of the utility holding company Southern Co.  (SO) 

Southern Company Gas is a natural gas utility. 

SO SEC Filed Earnings Press Release for the Q/E 3/31/25

SO SEC Filings 

SO 10-Q for the Q/E 3/31/25

Page 36 10-Q

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa1/A-

Prospectus 

YTM at Total Cost: 5.218%

Current Yield at TC =  5.172%

I now own only $6K in principal amount of corporate bonds maturing in 2032, and all of those are discussed in this section. I mention that number to emphasize that I am not close to assuming any interest rate risk that is material to me.  

Last Bond Offering (9/24): Prospectus for $450M of 4.95% SU maturing in 2024 

3. Treasury Bills Purchased at Auction: 

I am now alternating between purchasing $5K and 10K each week. For the next auction, I plan to buy 5 of the 4 month bills.   

A. Bought 10 Treasury Bills at the 5/5/25 Auction - Schwab Account:  

91 Day Bill 

Mature on 8/7/2025

Interest: $106.67

Investment Rate: 4.325%

I will buy $5,000 of the 4 month bill at next Wednesday's auction. 

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.