The Rules by Chanos
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Wednesday, May 31, 2006
Tuesday, May 30, 2006
SWB - right on target
| Press Release | Source: Smith & Wesson Holding Corporation |
North Carolina Department of Correction Converts to Smith & Wesson M&P Pistols
Tuesday May 30, 3:00 pm ET
SPRINGFIELD, Mass., May 30 /PRNewswire-FirstCall/ -- Smith & Wesson Holding Corporation (Amex: SWB - News), parent company of Smith & Wesson Corp., the legendary 154-year old global provider of products and services for safety, security, protection and sport, today announced that it has reached an agreement with the North Carolina Department of Correction for 5,700 of the company's new Military & Police (M&P) Series of advanced-design polymer pistols.
Click here for the whole release
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Wednesday, May 24, 2006
Tuesday, May 23, 2006
Bernanke Highlights Inflation Concerns. My call: NEGATIVE
Bernanke acknowledges concern regarding inflation, cites study of data, discusses learning the ropes in Washington.
WSJ on Bernanke's Comments
WSJ on Bernanke's Comments
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Three cheers for Smith & Wesson
Smith & Wesson Earns 'Manufacturer of the Year' Title and NRA Golden Bullseye Award
The coveted golden bullseye!
The coveted golden bullseye!
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OECD Calls for Further Tightening at the Fed
The Organization for Economic Cooperation & Development sees inflationary pressures and an economy strong enough to withstand slightly higher rates.
Rueters News
Rueters News
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Thursday, May 11, 2006
Wednesday, May 10, 2006
Infer the Affect
The usage of affect for effect and infer for imply (and vice versa) drives me crazy. Get it rite people!
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11 Best Quotes on Wonder
If I had influence with the good fairy who is supposed to preside over the christening of all children, I should ask that her gift to each child in the world be a sense of wonder so indestructible that it would last throughout life. Rachel Carson
People usually consider walking on water or in thin air a miracle. But I think the real miracle is not to walk either on water or in thin air, but to walk on earth. Every day we are engaged in a miracle which we don't even recognize: a blue sky, white clouds, green leaves, the black, curious eyes of a child -- our own two eyes. All is a miracle. Thich Nhat Hanh
If we could see the miracle of a single flower clearly, our whole life would change. Buddha
The world will never starve for want of wonders, but only from want of wonder. G. K. Chesterson
Stuff your eyes with wonder ... live as if you'd drop dead in ten seconds. See the world. It's more fantastic than any dream made or paid for in factories. Ray Bradbury
From wonder into wonder existence opens. Lao Tzu
Wonder rather than doubt is the root of knowledge Abraham Joshua Herschel
He who wonders discovers that this in itself is wonder. M. C. Escher
Before the ice is in the pools,
Before the skaters go,
Or any cheek at nightfall
Is tarnished by the snow,
Before the fields have finished,
Before the Christmas tree,
Wonder upon wonder
Will arrive to me!
Emily Dickinson
The most beautiful thing we can experience is the mysterious. It is the source of all true art and all science. He to whom this emotion is a stranger, who can no longer pause to wonder and stand rapt in awe, is as good as dead: his eyes are closed. Albert Einstein
I wonder why. I wonder why.
I wonder why I wonder.
I wonder why I wonder why
I wonder why I wonder!
Richard Feynman
People usually consider walking on water or in thin air a miracle. But I think the real miracle is not to walk either on water or in thin air, but to walk on earth. Every day we are engaged in a miracle which we don't even recognize: a blue sky, white clouds, green leaves, the black, curious eyes of a child -- our own two eyes. All is a miracle. Thich Nhat Hanh
If we could see the miracle of a single flower clearly, our whole life would change. Buddha
The world will never starve for want of wonders, but only from want of wonder. G. K. Chesterson
Stuff your eyes with wonder ... live as if you'd drop dead in ten seconds. See the world. It's more fantastic than any dream made or paid for in factories. Ray Bradbury
From wonder into wonder existence opens. Lao Tzu
Wonder rather than doubt is the root of knowledge Abraham Joshua Herschel
He who wonders discovers that this in itself is wonder. M. C. Escher
Before the ice is in the pools,
Before the skaters go,
Or any cheek at nightfall
Is tarnished by the snow,
Before the fields have finished,
Before the Christmas tree,
Wonder upon wonder
Will arrive to me!
Emily Dickinson
The most beautiful thing we can experience is the mysterious. It is the source of all true art and all science. He to whom this emotion is a stranger, who can no longer pause to wonder and stand rapt in awe, is as good as dead: his eyes are closed. Albert Einstein
I wonder why. I wonder why.
I wonder why I wonder.
I wonder why I wonder why
I wonder why I wonder!
Richard Feynman
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Tuesday, May 09, 2006
The Iranian President's Letter
The Document (lemonde.fr)
Ahmadinejad's letter reflects the leader's political skill and his dearth of understanding regarding the opinion and intellectual thought that exists in the world.
While the beauracracy of western governments can become unwieldy and socio-economic divisions threaten any political system, I would argue that the open societies of the world not only facilitate intellectual, spiritual and economic prosperity, but also possess a system of checks and balances that allow the society to openly question itself and re-align the leadership and direction of the population. The inherent role of government is to protect and foster individual rights such that the collective of individuals can develop and succeed on a larger or higher level.
Inherent in Mr. Ahmedinejad's statements is the sacrifice of the individual for the perceived greater good of a strict, ritual based government.
Indeed, by proclaiming both the failure of democracy as well as the need for a monotheistic world regime, Mr. Ahmedinejad only magnifies his ignorance of the cultural wealth of our planet and reinforces the need for Western governments to support secular and open societies throughout the world.
Ahmadinejad's letter reflects the leader's political skill and his dearth of understanding regarding the opinion and intellectual thought that exists in the world.
While the beauracracy of western governments can become unwieldy and socio-economic divisions threaten any political system, I would argue that the open societies of the world not only facilitate intellectual, spiritual and economic prosperity, but also possess a system of checks and balances that allow the society to openly question itself and re-align the leadership and direction of the population. The inherent role of government is to protect and foster individual rights such that the collective of individuals can develop and succeed on a larger or higher level.
Inherent in Mr. Ahmedinejad's statements is the sacrifice of the individual for the perceived greater good of a strict, ritual based government.
Indeed, by proclaiming both the failure of democracy as well as the need for a monotheistic world regime, Mr. Ahmedinejad only magnifies his ignorance of the cultural wealth of our planet and reinforces the need for Western governments to support secular and open societies throughout the world.
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Monday, May 08, 2006
A New Product Channel for SNDK
...add another competitor to a crowded market place...
SanDisk has the gross margin advantage, but do they have the style to compete?
BusinessWeek Online: Will SanDisk Sour Apple's Tune
SanDisk has the gross margin advantage, but do they have the style to compete?
BusinessWeek Online: Will SanDisk Sour Apple's Tune
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Friday, May 05, 2006
Thursday, May 04, 2006
Huntsman Corporation, HUN 1Q06
....Specialty Chemicals, Oh My ...
The base chemical products generated at Huntsman’s Port Author facility generate less than 10% of the company’s Ebitda. This seems to be the reason that shuttered production after a severe fire there has not affected
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Barrick Gold Corporation, ABX 1Q06
Analysts’ estimates can’t seem to keep up with the gold stocks.
Wednesday evening Barrick reported net income of $0.29 per share, 6 cents better than expectations. These earnings were the result of the Barrick’s and Placer Dome’s newly combined operations which generated $1.22 billion in sales of gold and copper in the quarter. The company was able to produce gold at an average cost of $283 per ounce while the realized price during the quarter was $583. Further, Barrick produced copper at an average cost for the quarter of $0.77 per pound, while spot prices for the metal ranged as high as $3 per pound yielding an average selling price of $2.31.
In addition to enjoying these tremendous margins, the company has worked aggressively to reduce its gold hedge position since the completion of the Placer Dome merger. Barrick has reduced its overall gold hedge by 5.7 million ounces this year, and the company expects to eliminate contracts on an additional 2 million ounces during the remainder of the year. Management has indicated that it will completely reduce the hedge book by 2009. Barrick is clearly confident that gold prices will stay significantly above the company’s $283 cash cost per ounce.
Although Barrick has already benefited from the increased production brought by the Placer acquisition, management maintains that it can achieve $200 million in operating cost savings by 2007. This will be achieved through regional consolidation of mine ops, integration of the exploration teams and reduction in other corporate redundancies. Barrick’s management appears to have the discipline to implement strategies to maximize shareholder value even during these times of plenty for the mining industry.
Despite the combination of Barrick’s obvious margin strength, focused management, and superior reserves,
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Cooper Tire & Rubber Company: 1Q06
The RocksandBoulders Commentary on CTB
Cooper’s net loss of eight cents per share does not appear to be discouraging investors. Indeed, the company maintains there are still improvements in North America that can aid operating income, and there were trade related difficulties that prevented the newly consolidated Chinese operations from contributing fully to net sales.
By consolidating its Chinese factories and making additional Korean investments, Cooper is poised to benefit from substantial revenue growth in those Asian markets. In addition, those manufacturing facilities can provide low cost exports for the company’s markets around the world. During the past quarter operations were a net user of cash, but Cooper has significant liquidity available through its line of credit and cash on the balance sheet. Although management was recently forced to tighten the purse strings, in the past year the company has demonstrated its commitment to pay down debt and repurchase shares.
Management has commented that industry-wide price increases have held in both North American and International markets. Unfortunately, input and energy costs are a significant headwind to Cooper’s continued turnaround. Management also commented that growth in its North American market was below expectation during the 1st quarter, and the company was unable to project sales growth should further price increases be necessary.
Cooper’s domestic and international operations continue to require significant capital expenditures. At the same time, the Asian operations could provide both growth and operational leverage should inputs improve even slightly. Beyond commodities, the operational cash burn, high interest costs, and potential for over capacity in North American markets appear to outweigh the positives at CTB. The market, however, appears to be calling the bottom in Cooper Tire & Rubber’s share price.
Cooper’s net loss of eight cents per share does not appear to be discouraging investors. Indeed, the company maintains there are still improvements in North America that can aid operating income, and there were trade related difficulties that prevented the newly consolidated Chinese operations from contributing fully to net sales.
By consolidating its Chinese factories and making additional Korean investments, Cooper is poised to benefit from substantial revenue growth in those Asian markets. In addition, those manufacturing facilities can provide low cost exports for the company’s markets around the world. During the past quarter operations were a net user of cash, but Cooper has significant liquidity available through its line of credit and cash on the balance sheet. Although management was recently forced to tighten the purse strings, in the past year the company has demonstrated its commitment to pay down debt and repurchase shares.
Management has commented that industry-wide price increases have held in both North American and International markets. Unfortunately, input and energy costs are a significant headwind to Cooper’s continued turnaround. Management also commented that growth in its North American market was below expectation during the 1st quarter, and the company was unable to project sales growth should further price increases be necessary.
Cooper’s domestic and international operations continue to require significant capital expenditures. At the same time, the Asian operations could provide both growth and operational leverage should inputs improve even slightly. Beyond commodities, the operational cash burn, high interest costs, and potential for over capacity in North American markets appear to outweigh the positives at CTB. The market, however, appears to be calling the bottom in Cooper Tire & Rubber’s share price.
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JAH – Jarden Corporation, 1Q06 Results.
The RocksandBoulders Summary:
Today Jarden reported strong revenue growth and net income above consensus estimates. Net sales increased 52% to 792 mm on a year over year basis, and earnings were $0.09 per share compared to expectations for a nickel. The significant growth in revenue stemmed mainly from the acquisition of the American Household and Holmes Group businesses, but organic growth still contributed 11% to the top line.
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A Discount Dynasty
Wyoming residents drive an average of 18,283 miles per year, more than any other state, according to federal statistics. People here think nothing of driving an hour or two for a date or to go shopping. "Everywhere you drive in Wyoming is a long ways"
W$J
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Monday, May 01, 2006
Burkle and McClatchy
Far From a Passive Observer of Media
Billionaire Ron Burkle says his run-ins with the press show that he's committed to integrity.
LA Times article
LA Times article
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Bridgestone & The Tire Sector
Operations Continue to Grow Earnings.
Input Costs Weigh on Future Price Appreciation?
Stock Ends Lower in Tokyo.
Bridgestone Quarterly Profit Gains 4 Pct.: Financial News - Yahoo! Finance
Input Costs Weigh on Future Price Appreciation?
Stock Ends Lower in Tokyo.
Bridgestone Quarterly Profit Gains 4 Pct.: Financial News - Yahoo! Finance
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