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Santiago Solari

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Disclosure: I am in full compliance with all ethics and other policies for Market Realist research analysts. I am not invested in securities that I cover on Market Realist.

More From Santiago Solari

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    Fund Managers

    Key analysis of Lithia’s used vehicle operations

    The larger share of CPOs and core vehicles in its sales mix drives Lithia’s significant lead in same-store gross profit per vehicle.

    By Santiago Solari
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    Luxor Capital Establishes New Stake in Cheniere Energy

    In February 2015, Cheniere Energy announced that its 4Q14 and full-year results reported a net loss attributable to common stockholders of $158.6 million, or $0.70 per share.

    By Santiago Solari
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    What Do Fundamental Bulk Shipping Indicators Say?

    The BDI (Baltic Dry Index) is a leading indicator for the bulk shipping industry. It’s a measure of the cost of shipping major bulk commodities on a number of shipping routes.

    By Santiago Solari
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    Why Teradyne’s offerings provide value to end-user markets

    This article takes a look at Teradyne’s (TER) product line and how it adds value to its customer base.

    By Santiago Solari
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    MeadWestvaco to spin off its specialty chemicals business

    In January 2015, MeadWestvaco, announced that its board had approved the plan to spin off the specialty chemicals business from the rest of the company.

    By Santiago Solari
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    JAT Capital Eliminates Exposure to SanDisk Corporation

    JAT Capital sold its position in SanDisk Corporation (SNDK) in 4Q14. The position had represented 1.2% of the fund’s third-quarter portfolio.

    By Santiago Solari
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    An Update on Fairholme’s Positions in Fannie Mae and Freddie Mac

    Berkowitz believes that Fannie Mae and Freddie Mac entities are highly valuable and expects them to generate earnings of at least~$21 billion a year.

    By Santiago Solari
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    Fund Managers

    Magnetar Raises Its Position in Williams Companies

    Magnetar raised its stake in Williams Companies during the fourth quarter by purchasing 1.5 million shares. It represents 2.59% of the fund’s 4Q14 portfolio.

    By Santiago Solari
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    Fundamental Industry Trends that Investors Should Know

    While air freight and logistics service operators have benefited from the recovery in the US economy, M&A has been the major growth driver for the industry in recent years.

    By Santiago Solari
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    Highlights of Fairholme Capital’s 4Q14 Portfolio

    Fairholme Capital’s collective funds hold in excess of ~$7.0 billion in net assets, of which roughly 94% is concentrated in FAIRX.

    By Santiago Solari
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    Fairholme Lowers Its Stake in Leucadia National Corporation

    Due to its long-term value-oriented investment style and its interests in diversified businesses, Leucadia National is known as Baby Berkshire.

    By Santiago Solari
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    Fund Managers

    A Bird’s-Eye View of Orbitz Worldwide’s Full Year Performance

    In fiscal 2014, Orbitz posted double-digit revenue growth on the back of strong hotel bookings. It experienced a 10% year-over-year growth in total revenues to $932 million.

    By Santiago Solari
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    An overview of PVH’s business by geographies

    We’ll look at PVH’s operations by geographies. It markets its products in over 100 countries through wholesale partners. It has over 4,700 retail locations.

    By Santiago Solari
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    What investors need to know about PVH’s operations

    In the apparel industry, operators are focusing on the retail side of their business. Through retail operations, companies generate higher margins.

    By Santiago Solari
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    Berkowitz’s Fund Establishes Stake in Sears Canada

    To counter competitive pressures, Sears Canada sold leases worth $400 million in 2013 and reduced its workforce by 3,000 employees.

    By Santiago Solari
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    JAT Capital Exits Stake in Comcast

    In its fourth-quarter 13F, JAT Capital revealed that it had sold its stake in Comcast (CMCSA).

    By Santiago Solari
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    What’s the Outlook for Star Bulk Carriers?

    If dry bulk demand picks up, Star Bulk Carriers (SBLK) with its large fleet would be in a position to capitalize on the upswing.

    By Santiago Solari
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    Chesapeake Energy is Fairholme Capital’s new position

    Fairholme purchased ~537,000 shares of Chesapeake Energy Corporation (CHK) for $12.3 million in 3Q14. It now accounts for 0.16% of the portfolio.

    By Santiago Solari
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    Exploring MeadWestvaco’s packaging business

    MeadWestvaco’s packaging operations can be broken down into three categories. The primary raw material used in operations is third-party sourced wood fibre.

    By Santiago Solari
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    Delta Air Lines Reports Mixed Traffic Results in August

    Delta Air Lines expects its situation to ease by 1Q15, when it can reap the benefits of declining oil prices, fleet restructuring, and cost-saving initiatives.

    By Santiago Solari
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    AQR Capital and Renaissance Technologies Raise Stakes in LUV

    Among hedge funds that made significant buys in 2Q15 was value investor Cliff Asness’s AQR Capital Management. It increased its stake in LUV by ~4 million shares to 9.7 million shares.

    By Santiago Solari
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    Some Activist Investors Are Betting that SBLK Has Hit Bottom

    Hedge funds like Caspian, Oaktree, and Monarch are going against the crowd by pinning their hopes on the assumption that SBLK’s share price has reached its floor.

    By Santiago Solari
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    Factors to Consider When Investing in Crude Tankers

    Due to the capital-intensive nature of the tanker business, crude tankers tend to have high debt levels on their balance sheets. In lean times when contango narrows, it will likely result in value destruction.

    By Santiago Solari
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    How Have Hedge Funds Played Crude Oil Tankers?

    Trade activity among institutional investors with exposure to crude tankers revealed mixed activity in 2Q15. Certain crude tanker companies on average have generated returns of 38% so far in 2015.

    By Santiago Solari
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    Crude Oil Contango and Carry Trade: What Investors Should Know

    Recent events such as rising US production and the Iran nuclear deal have added to the oil glut. Contango is currently at $8.50 per barrel, which makes it an attractive trade for speculators and arbitrageurs.

    By Santiago Solari
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    Why Are Oil Tankers Sailing High in 2015?

    Oil tankers have outperformed shipping peers, generating in excess of 50% year-to-date on a total return, or price return plus cash returns, basis.

    By Santiago Solari
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    What Investors Should Know about the Trucking Industry

    The condition of the trucking industry provides a basis for reading the status of the economy. Over 65% of the freight in the US is transported on trucks.

    By Santiago Solari
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    Magnetar Sells Position in Western Refining

    In January 2015, Western Refining grew its retail operations by adding 31 stores in Southern Arizona. Revenues in 4Q14 were relatively stable at $3 billion.

    By Santiago Solari
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    Orbitz’s Cash Flow Generation and Credit Profile

    Orbitz Worldwide (OWW) has an established track record for generating positive operating cash flows. Its existing cash balance is $188 million.

    By Santiago Solari
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    Expedia Plus Orbitz Will Equal Largest Online Travel Company

    On February 12, Expedia announced its acquisition of Orbitz in an all-cash transaction worth $1.6 billion, or $12 per share. The deal is under regulatory review.

    By Santiago Solari
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    Magnetar Purchases New Stake in Restaurant Brands International

    Magnetar Capital added new stake in Restaurant Brands International (QSR) in 4Q14. The position represented 0.73% of its holdings at the end of the year.

    By Santiago Solari
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    Magnetar Disposes of Stake in Baker Hughes

    In 2014, Baker Hughes repurchased $600 million in shares, 71% more than in 2013. The company declared a quarterly dividend of $0.17 per share.

    By Santiago Solari
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    Magnetar Eliminates Exposure to MetLife

    MetLife (MET) is a global insurance company that operates in several countries around the world. It reported operating earnings of $1.6 billion in 4Q14.

    By Santiago Solari
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    Magnetar Capital’s Top Exits in 4Q14

    Established in 2005 by Alec Litowitz and Ross Laser, Magnetar Capital has grown by more than five times in terms of assets under management.

    By Santiago Solari
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    Magnetar Capital Raises Its Stake in Actavis

    In the fourth quarter, Magnetar increased its exposure to Actavis. It bought 42,107 shares in the pharmaceutical firm. It represents 1.5% of the fund’s 4Q14 portfolio.

    By Santiago Solari
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    Magnetar Adds New Stake in Applied Materials

    In 4Q14, Magnetar established a new position in Applied Materials. The position accounted for 2.66% of the fund’s fourth quarter portfolio.

    By Santiago Solari
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    Magnetar Capital’s New Position in Devon Energy

    During 4Q14, Magnetar purchased around 1.4 million shares in Devon Energy (DVN). The position represented 1.61% of the fund’s portfolio.

    By Santiago Solari
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    Magnetar Capital Initiated New Positions in 4Q14

    Magnetar Capital was established in 2005 by Alec Litowitz and Ross Laser. Currently, the hedge fund manages assets in excess of $12 billion.

    By Santiago Solari
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    Magnetar Increases Its Position in TransCanada

    In 4Q14, Magnetar Capital added to its position in TransCanada by purchasing 2.6 million shares. It accounts for 6.68% of the fund’s fourth quarter portfolio.

    By Santiago Solari
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    Magnetar Raises Its Stake in Alibaba

    In 4Q14, Magnetar Capital increased its position in Alibaba (BABA) by purchasing 1.7 million shares. Currently, the position accounts for 7.6% of the fund’s portfolio.

    By Santiago Solari
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    Luxor Capital Cuts Its Stake in AMC Networks

    AMC Networks is a pioneer in the cable television programming industry known for delivering high quality programming content to its audience.

    By Santiago Solari
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    Luxor Capital Reduces Position in Constellation Brands

    Constellation Brands is a leading international beverage alcohol company with a broad portfolio of premium imported beer, wine, and spirits brands.

    By Santiago Solari
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    JAT Capital Significantly Reduces Position in Facebook

    In 4Q14, JAT Capital cut its stake in Facebook (FB). The position represented 2.58% of JAT Capital’s fourth-quarter portfolio.

    By Santiago Solari
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    Engaged Capital Raises Stake in Rovi Corporation

    Engaged Capital’s relationship with Rovi dates back to April 2013, when the fund first invested in the company.

    By Santiago Solari
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    JAT Capital Sells Stake in Hertz Global Holdings

    In 4Q14, JAT Capital sold its stake in Hertz Global Holdings (HTZ). The $196-million position had represented 3.2% of the fund’s third-quarter portfolio.

    By Santiago Solari
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    JAT Capital Adds New Position in Alliance Data Systems

    With annual revenues of $5.3 billion, Alliance Data Systems is a leading provider of customized marketing and loyalty solutions.

    By Santiago Solari
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    Fairholme Lowers Its Stake in St. Joe

    In 4Q14, St. Joe’s revenues fell by more than half from 4Q13 to $15.7 million, as real estate sales dropped by 76% and timber sales fell by 85%.

    By Santiago Solari
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    Bank of America Gets Reduced Stake From Fairholme Capital

    Bank of America’s credit quality improved during the quarter, as provisions for credit losses fell by $117 million from 4Q13 to $219 million in 4Q14.

    By Santiago Solari
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    Fairholme Decreases Its Position in Lincoln National Corporation

    Lincoln National’s top line growth remained strong, as revenues grew by more than 18% YoY to $3.7 billion in 4Q14.

    By Santiago Solari
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    Fairholme Capital Reduces AIG Stake

    AIG reported lower net income, from $2 billion in 4Q13 to $655 million in 4Q14, due to an after-tax charge of ~$800 million for debt retirement activities.

    By Santiago Solari
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    Fairholme Capital Bids Adieu to New York Community Bancorp

    In fiscal 2014, NYCB grew its multifamily loan book, making a record ~$7.6 billion in loan originations while keeping asset quality metrics intact.

    By Santiago Solari
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    Fairholme Capital Exits Stake in KKR

    For the fourth quarter of 2014, KKR reported a net loss of $0.6 million, compared to net income of $277.9 million in 4Q13.

    By Santiago Solari
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    Fairholme Bulks Up its Position in Sears Holdings

    Eddie Lampert, chairman and CEO of Sears Holdings, has made it clear that he intends to create value through monetizing the company’s real estate assets.

    By Santiago Solari
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    Fairholme Cuts Chesapeake Energy from its Portfolio

    In 4Q14, Chesapeake Energy sold certain assets in the southern Marcellus and eastern Utica Shales for net proceeds of $5.1 billion.

    By Santiago Solari
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    How Cadence generates a steady revenue stream

    Aggressive acquisitions and a focus on systems enabled Cadence to grow its revenues at a faster pace than its competition in the last five years.

    By Santiago Solari
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    Why EDA is integral to the semiconductor industry

    Semiconductor companies utilize the services of chip designers such as Cadence in order to tackle time-to-market pressures.

    By Santiago Solari
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    Cadence delivers end-to-end solutions in EDA and IP

    Looking at its EDA products through the Virtuoso platform, Cadence provides support for laying out transistors, wires, and chips for a variety of designs.

    By Santiago Solari
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    Key overview of Cadence Design Systems’s operations

    About 90% of Cadence’s revenues come from contracts over multiple periods, allowing the company to generate a steady, predictable stream of revenues.

    By Santiago Solari
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    Fund Managers

    Berkshire Hathaway reduces its exposure to National-Oilwell Varco

    Headquartered in Houston, Texas, National-Oilwell Varco (NOV) provides oilfield services and equipment used in oil and gas drilling and production.

    By Santiago Solari
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    Berkshire Hathaway’s new stake in John Deere

    Although Berkshire Hathaway had been accumulating shares in John Deere since 3Q14, the fund chose not to disclose it to the public in order to avoid copycat moves.

    By Santiago Solari
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    MeadWestvaco overfunds pension plan – RockTenn benefits

    A few days after the merger was announced, a law office announced it was investigating potential claims made against the board of MeadWestvaco.

    By Santiago Solari
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    Third Point ups its stake in Amgen

    Amgen is one of the leading biotech firms with market capitalization of $116 billion and revenues in excess of $20 billion.

    By Santiago Solari
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    Third Point initiates new position in Phillips 66

    Third Point established a new position in Phillips 66 (PSX) through the purchase of 5 million shares for a total value of $359 million.

    By Santiago Solari
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    Lear acquired automotive leather supplier Eagle Ottawa

    With annual sales of approximately $1 billion, Eagle Ottawa is the world’s largest supplier of premium automotive leather.

    By Santiago Solari
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    Lear’s margins beat expectations in both of its segments

    Lear’s core unadjusted operating earnings increased by 26% to $929.2 million. The uptick was due to higher sales volumes coupled with reduction in average total costs.

    By Santiago Solari
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    A snapshot of the Heritage Brands business

    PVH’s Heritage Brands leads the market for neckwear and dress shirts. Heritage Brands has more than 50% of the market share in neckwear.

    By Santiago Solari
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    Lear: A global leader in automotive seating and electrical systems

    Lear (LEA) has a strong market position in providing automotive seat systems, as it is one of only two primary independent suppliers with global scale and complete component capabilities.

    By Santiago Solari
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    How Lear became one of the largest automotive parts suppliers

    Lear (LEA) is one of the largest automotive parts suppliers with FY14 revenues of $17.7 billion.

    By Santiago Solari
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    Why Lear’s 2015 outlook is promising

    Lear has outpaced industrial production growth in recent years, and the company expects that this trend will continue in 2015.

    By Santiago Solari
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    MeadWestvaco and RockTenn: The making of a packaging giant

    If the merger goes ahead, the combined entity would overtake Stora Enso to become the second-largest player in the packaging industry.

    By Santiago Solari
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    MeadWestvaco-RockTenn merger: Changing the packaging landscape

    The merger between RockTenn and MeadWestvaco would create a $16 billion industry powerhouse that would rank only behind International Paper.

    By Santiago Solari
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    Calvin Klein’s financial performance and growth opportunities

    Calvin Klein’s North American operations had a 2% increase in same-store sales growth. However, the international operations decreased by 4%.

    By Santiago Solari
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    Assessing Tommy Hilfiger’s business performance

    PVH Corp. (PVH) gets ~44% of its revenue from Tommy Hilfiger’s business division. It’s the largest of all three of the reporting segments.

    By Santiago Solari
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    Tommy Hilfiger—the proven lifestyle brand

    Tommy Hilfiger was founded in 1985. Along with Calvin Klein, it’s one of PVH’s two flagship brands. For 2013, Tommy Hilfiger’s global retail sales were $6.4 billion.

    By Santiago Solari
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    Why the future lies in e-commerce and direct sales

    Online retail sales increased 16.2% sequentially to cross $78 billion in 3Q14. E-commerce continues to outpace total retail sales.

    By Santiago Solari
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    Reviewing PVH’s leverage and liquidity profile

    As a result of higher debt levels, PVH’s leverage is measured by debt to EBITDA. It spiked to 4.75x at the end of full-year 2013.

    By Santiago Solari
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    PVH’s merger with Warnaco consolidated Calvin Klein

    On February 13, 2013, PVH Corp. (PVH) completed the acquisition of Warnaco Group. The total consideration was $3.1 billion.

    By Santiago Solari
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    Analyzing the Calvin Klein business

    Products sold under the Calvin Klein banner had gross revenue of $7.8 billion in 2013. Of the revenue, PVH reported $2.8 billion.

    By Santiago Solari
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    Lithia Motors, DCH Auto Group create a powerhouse auto retailer

    In October 2014, Lithia completed its acquisition of DCH Auto Group for an estimated price of $669.5 million.

    By Santiago Solari
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    Understanding Lithia Motors’s Finance and Insurance business

    Lithia’s same-store revenue grew 16.9% year-over-year to $120.4 million in the nine months ending September 30, 2014, driven by increased vehicle sales.

    By Santiago Solari
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    Analyzing Lithia’s throughput contribution and earnings

    Lithia’s income from operations in the nine months ending September 30, 2014, was $165.9 million, up from $137.9 million in the previous year.

    By Santiago Solari
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    Outlook and valuation of Lithia Motors

    Morgan Stanley analysts upgraded Lithia Motors to overweight from underweight, following a sell-off resulting in a ~30% drop in Lithia’s share price.

    By Santiago Solari
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    Analyzing Lithia Motors’s leverage and liquidity profile

    The combined entities of Lithia Motors and DCH Auto Group are expected to generate free cash flow of $135 million in 2015.

    By Santiago Solari
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    Glenview Capital builds up position in Lithia Motors

    Lithia targets mid-sized regional markets for domestic and imported vehicles, protecting the company from losing market share to leading industry players.

    By Santiago Solari
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    Event-driven strategies have proved expensive

    The event-driven strategy entails making use of leverage to invest in debt securities of distressed firms or companies going through a spinoff.

    By Santiago Solari
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    Is Teradyne fairly valued relative to its peers?

    Presently, ten analysts have given Teradyne a buy rating, and four have issued a neutral rating, for a consensus target price of $22.17.

    By Santiago Solari
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    Teradyne’s momentum may translate to strong full-year results

    Teradyne is set to have 15% year-over-year growth in sales to $1.6 billion in 2014. This growth is driven by share gains in the SoC and memory test markets.

    By Santiago Solari
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    Teradyne boasts encouraging market share gains

    Teradyne has about 26% share of the $470-million memory testing market. The company expects to gain 3 to 5 points of share this year.

    By Santiago Solari
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    Teradyne and the future of the semiconductor industry

    The forecast suggests a 26.5% growth in global semiconductor test equipment sales, Teradyne’s (TER) primary area of operations.

    By Santiago Solari
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    A key analysis of Teradyne’s revenues and earnings

    In 2013, Teradyne survived a weak demand climate for the app processor market. The company’s revenues recovered due to strong SoC product volume growth.

    By Santiago Solari
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    Glenview Capital raises its stake in Teradyne

    Glenview Capital Management increased its stake in Teradyne (TER) by 4 million shares from its 3Q14 position to nearly 12 million shares.

    By Santiago Solari
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