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DuPont to grow advanced materials position
DuPont senior VP Matthew Trerotola noted that the company is “focused on a $50 billion portion of a $500 billion advanced materials market.”
Management said it expects modest sales growth aided by continued enzyme demand for ethanol production and stronger sales of Sorona polymer in 3Q14.
DuPont’s strategic redesign initiative is expected to achieve “at least $1 billion in annual run rate cost reductions.”
Monsanto is the world’s largest seed company. It’s a leading global provider of technology-based solutions and agricultural products.
Citrix had an annual revenue in 2013 of $2.9 billion. The company sees high competition for its products from companies like VMware and F5 Networks.
Catamaran posted a 58% increase in revenue to $5.4 billion in 2Q14. Net income was up 13% to $71.4 million, or $0.34 per share.
Capital One said net interest income decreased 5% in the second quarter of 2014, primarily due to a decrease in average interest-earning assets.
Sabre’s April 2014 initial public offering (IPO) sold for $16 per share and valued Sabre at $3.93 billion. Sabre generated $673 million of net proceeds from the IPO.
AbbVie products treat chronic autoimmune diseases, including rheumatoid arthritis, psoriasis, Crohn’s disease, HIV, endometriosis, thyroid disease, and Parkinson’s disease.
Allison Transmission generates net sales primarily from the sale of transmissions, transmission parts, support equipment, defense kits, engineering services, and extended transmission coverage.
McKesson posted revenues of $137.6 billion for the fiscal year 2014 compared to $122.1 billion a year ago.
Dollar General posted a $251 million net income in 2Q14, compared to a $245 million net income in 2Q13.
Maverick Capital practices a long and short equity investment philosophy with a fundamental, bottom-up approach that emphasizes the quality of management teams.
Highfields Capital exited a position in Tesla Motors that accounted for 1.21% of the fund’s 1Q14 (or the first quarter of 2014) portfolio.
Highfields Capital exited a position in Exxon Mobil that accounted for 1.67% of the fund’s 1Q14 (or the first quarter of 2014) portfolio.
Highfields Capital added a new position in Goldman Sachs Group that accounts for 1.18% of the fund’s 2Q14 (or the second quarter of 2014) portfolio.
Highfields Capital initiated a new position in Eli Lilly and Company that accounts for 2.13% of the fund’s 2Q14 (or second quarter of 2014) portfolio.
Highfields Capital initiated a new position in Hertz Global Holdings that accounts for 1.91% of the fund’s 2Q14 (or the second quarter of 2014) portfolio. Icahn Associates recently disclosed an activist position in this rental car company via a 13D filing on August 20. The activist investor’s other positions during 2Q14 can be read here.
Highfields Capital Management LP, the Boston-based fund founded by Jonathon Jacobson, disclosed new positions in its 13F filing last month. In this series, we’ll discuss the main positions traded during the second quarter.
Eton Park exited a position in Mead Johnson Nutrition (MJN) that accounted for 1.78% of the fund’s first quarter portfolio.