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The Wax Report - Week Ending 05/20/2016

May 21, 2016 – Comments (0) | RELATED TICKERS: GILD , AE , CR

The energy heavy Wax Ink Portfolio was down 0.2% for the week.

By comparison, the Dow was down 0.2%, the Nasdaq was up 1.1%, the S&P 500 was up 0.3%, the Russell 2000 was up 0.9%, and the Volatility Index, commonly known as the VIX, was up 1.1%.

Year to date, the Wax Ink portfolio is down 14.6% on a per share held basis, the Dow is up 0.4%, the Nasdaq is down 4.7%, the S&P 500 is up 0.4%, the Russell 2000 is down 2.1%, and the VIX is lower by 16.5%.

The portfolio breakdown is roughly 57% cash, 43% equities, and 0% bonds.

Portfolio Growth Potential
The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $33.15. For the current week ending, the average market valuation of all equities held in the Wax Ink Portfolio was $28.68, making the current portfolio growth factor 13.49%.

Fair Warning
Remember, my goal is to find the stocks of financially sound, well established companies, offering reasonable growth at a reasonable price. I believe that I am doing that in the energy sector.

Hydrocarbon Prices
I have started to include the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) in my weekly performance reports and just wanted folks to realize what it is that I am talking about.

I was finally able to track down more accurate hydrocarbon data for some of the beginning of the year pricing which, when applied, ended up impacting the Crack Spread numbers. So if the week over week numbers seem "off" to you, that's the reason why.

WTI Crude ended the week at $47.75, up 3.3%, while Brent Crude ended the week at $48.72, up 2.9%, creating a crude price spread of $0.97, an decrease of 13.4% for the week. Distillate RBOB Gasoline ended the week at $1.6356, up 3.0%, and Heating Oil ended the week at $1.4614, up 6.3%, moving the Gulf Coast 3:2:1 Crack Spread to $18.93, up 5.7% for the week. Natural Gas ended the week at $2.06, down 1.9%.

Year to date WTI Crude is higher by 28.9%, Brent Crude is higher by 30.7%, Natural Gas is lower by 12.0%, RBOB Gasoline is higher by 28.7%, Heating Oil is higher by 32.4%, and the Gulf Coast 3:2:1 Crack Spread is higher by 32.2%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.34, down up 13.6%, while the 10 Year Treasury ended the week at 1.82, up 8.3%. The 5 Year AAA Municipal Bond ended the week at 0.76, up 13.4%, and the 10 Year AAA Municipal Bond ended the week at 1.36, up 30.8%. Lastly, the 5 Year AAA Corporate closed the week at 1.51, up 17.1%, with the 10 Year AAA Corporate ending the week up 7.4% at 2.46.

Year to date the 5 Year Treasury is down 23.0%, the 10 Year Treasury is down 19.1%, the 5 Year AAA Muni is down 38.7%, the 10 year AAA Muni is down 36.4%, the 5 Year AAA Corporate is down 20.5%, and the 10 Year AAA Corporate is down 15.8%.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Gilead Sciences, Inc. (Nasdaq: GILD) - FYE 12/2015

Adams Resources and Energy, Inc. (NYSE: AE) - FYE 12/2015

Crane Company, Inc. (NYSE: CR) - FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Gilead Sciences ($85-$95), Adams Resources ($65-$75), and Crane Company ($44-$45).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink  [more]

Recs

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The Wax Report - Week Ending 05/13/2016

May 14, 2016 – Comments (0) | RELATED TICKERS: TSO , AKS , BBY

The Wax Ink Portfolio was down 0.9% for the week.

By comparison, the Dow was down 1.1%, the Nasdaq was down 0.4%, the S&P 500 was down 0.5%, the Russell 2000 was down 1.1%, and the Volatility Index, commonly known as the VIX, was up 2.2%.

Year to date, the Wax Ink portfolio is down 14.4% on per share held basis, the Dow is up 0.7%, the Nasdaq is down 5.8%, the S&P 500 is up 0.2%, the Russell 2000 is down 3.0%, and the VIX is lower by 17.4%.

The portfolio breakdown is roughly 57% cash, 43% equities, and 0% bonds.

Portfolio Growth Potential
The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $33.15. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio was $28.60, making the current portfolio growth factor 13.73%.

Fair Warning
Remember, my goal is to find the stocks of financially sound, well established companies, offering reasonable growth at a reasonable price.

Hydrocarbon Prices
I have started to include the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) in my weekly performance reports and just wanted folks to realize what it is that I am talking about.

WTI Crude ended the week at $46.21, up 3.5%, while Brent Crude ended the week at $47.33, up 4.3%, creating a crude price spread of $1.12, an increase of 57.7% for the week. Distillate RBOB Gasoline ended the week at $1.5882, up 6.1%, and Heating Oil ended the week at $1.4031, up 4.9%, moving the Gulf Coast 3:2:1 Crack Spread to $18.52, up 12.0% for the week. Natural Gas ended the week at $2.10, unchanged.

Year to date WTI Crude is higher by 24.8%, Brent Crude is higher by 27.0%, Natural Gas is lower by 10.3%, RBOB Gasoline is higher by 25.0%, Heating Oil is higher by 24.6%, and the Gulf Coast 3:2:1 Crack Spread is higher by 23.0%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.18, down 2.5%, while the 10 Year Treasury ended the week at 1.68, down 4.0%. The 5 Year AAA Municipal Bond ended the week at 0.67, down 5.6%, and the 10 Year AAA Municipal Bond ended the week at 1.04, down 21.8%. Lastly, the 5 Year AAA Corporate closed the week at 1.29, up 2.4%, with the 10 Year AAA Corporate ending the week down 2.6% at 2.29.

Year to date the 5 Year Treasury is down 32.2%, the 10 Year Treasury is down 25.3%, the 5 Year AAA Muni is down 46.0%, the 10 year AAA Muni is down 51.4%, the 5 Year AAA Corporate is down 32.1%, and the 10 Year AAA Corporate is down 21.6%.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Tesoro Corporation (NYSE: TSO) - FYE 12/2015

AK Steel Holding Corporation (NYSE: AKS) - FYE 12/2015

Best Buy Company, Inc. (NYSE: BBY) - FYE 02/2016

Lakeland Industries, Inc. (Nasdaq: LAKE) - FYE 01/2016

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Tesoro ($118-$161), AK Steel ($8-$11), Best Buy ($43-$52), and Lakeland Industries ($23-$30).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink  [more]

Recs

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The Wax Report - Week Ending 05/06/2016

May 07, 2016 – Comments (0) | RELATED TICKERS: CVR , KWR , WAB

The Wax Ink Portfolio was down 6.5% for the week.

By comparison, the Dow was down 0.2%, the Nasdaq was down 0.8%, the S&P 500 was down 0.4%, the Russell 2000 was down 1.4%, and the Volatility Index, commonly known as the VIX, was down 6.2%.

Year to date, the Wax Ink portfolio is down 13.7%, the Dow is up 1.8%, the Nasdaq is down 5.4%, the S&P 500 is up 0.6%, the Russell 2000 is down 1.9%, and the VIX is lower by 19.2%.

The portfolio breakdown remains roughly 60% cash, 40% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $34.08. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio was $30.57, making the current portfolio growth factor 10.31%.

Fair Warning
I have had Kinder Morgan, Inc. (NYSE: KMI) on my watch list for a very long time and was able to add it to the portfolio on Friday, which is the reason for the large weekly decline in my portfolio value.

Hydrocarbon Prices
I have started to include the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) in my weekly performance reports and just wanted folks to understand what it is that I am talking about.

WTI Crude ended the week at $44.66, down 2.7%, while Brent Crude ended the week at $45.37, down 4.2%, creating a crude price spread of $0.70, a decrease of 51.0% for the week. Distillate RBOB Gasoline ended the week at $1.4962, down 6.7%, and Heating Oil ended the week at $1.3373, down 3.5%, moving the Gulf Coast 3:2:1 Crack Spread to $16.54, down 13.0% for the week. Natural Gas ended the week at $2.10, down 3.7%.

Year to date WTI Crude is higher by 20.6%, Brent Crude is higher by 21.7%, Natural Gas is lower by 10.3%, RBOB Gasoline is higher by 17.7%, Heating Oil is higher by 18.7%, and the Gulf Coast 3:2:1 Crack Spread is higher by 9.8%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.21, down 4.7%, while the 10 Year Treasury ended the week at 1.75, down 3.3%. The 5 Year AAA Municipal Bond ended the week at 0.71, down 10.1%, and the 10 Year AAA Municipal Bond ended the week at 1.33, down 8.3%. Lastly, the 5

Year AAA Corporate closed the week at 1.26, up 4.1%, with the 10 Year AAA Corporate ending the week up 1.7% at 2.35.

Year to date the 5 Year Treasury is down 30.5%, the 10 Year Treasury is down 22.2%, the 5 Year AAA Muni is down 42.7%, the 10 year AAA Muni is down 37.9%, the 5 Year AAA Corporate is down 33.7%, and the 10 Year AAA Corporate is down 19.5%.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Chicago Rivet and Machine Company (NYSE: CVR) - FYE 12/2015

Joy Global, Inc. (NYSE: JOY) - FYE 10/2015

Westinghouse Air Brake Technologies Corporation (NYSE: WAB) - FYE 12/2015

AO Smith Corporation (NYSE: AOS) - FYE 12/2015

Quaker Chemical Corporation (NYSE: KWR) - FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Chicago Rivet ($41-$50), Joy Global ($32-$41), Westinghouse Air Brake ($55-$60), AO Smith ($47-$54), and Quaker Chemical ($63-$67).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink  [more]

Recs

1

The Wax Report - Week Ending 04/29/2016

April 30, 2016 – Comments (0) | RELATED TICKERS: CALM , HES , PSX

The Wax Ink Portfolio was down 0.6% for the week.

By comparison, the Dow was down 1.3%, the Nasdaq was down 2.7%, the S&P 500 was down 1.3%, the Russell 2000 was down 1.4%, and the Volatility Index, commonly known as the VIX, was up 18.8%.

Year to date, the Wax Ink portfolio is down 7.6%, the Dow is up 2.0%, the Nasdaq is down 4.6%, the S&P 500 is up 1.0%, the Russell 2000 is down 0.4%, and the VIX is lower by 13.8%.

The portfolio breakdown remains roughly 60% cash, 40% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $34.08. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio was $30.57, making the current portfolio growth factor 10.31%.

Fair Warning
There was no change to the number of shares held in the portfolio during the prior week.

Hydrocarbon Prices
I have started to include the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) in my weekly performance reports and just wanted folks to understand what it is that I am talking about.

WTI Crude ended the week at $45.92, up 5.0%, while Brent Crude ended the week at $47.37, up 5.0%, creating a crude price spread of $1.45, an increase of 5.1% for the week. Distillate RBOB Gasoline ended the week at $1.6044, up 4.8%, and Heating Oil ended the week at $1.3860, up 5.9%, moving the Gulf Coast 3:2:1 Crack Spread to $19.02, up 5.4% for the week. Natural Gas ended the week at $2.18, up 1.9%.

Year to date WTI Crude is higher by 24.0%, Brent Crude is higher by 27.1%, Natural Gas is lower by 6.8%, RBOB Gasoline is higher by 26.2%, Heating Oil is higher by 23.0%, and the Gulf Coast 3:2:1 Crack Spread is higher by 26.3%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.27, down 5.2%, while the 10 Year Treasury ended the week at 1.81, down 3.2%. The 5 Year AAA Municipal Bond ended the week at 0.79, up 2.6%, and the 10 Year AAA Municipal Bond ended the week at 1.45, up 23.9%. Lastly, the 5 Year AAA Corporate closed the week at 1.21, down 6.2%, with the 10 Year AAA Corporate ending the week up 2.2% at 2.31.

Year to date the 5 Year Treasury is down 27.0%, the 10 Year Treasury is down 19.6%, the 5 Year AAA Muni is down 36.3%, the 10 year AAA Muni is down 32.2%, the 5 Year AAA Corporate is down 36.3%, and the 10 Year AAA Corporate is down 20.9%.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Cal-Maine Foods, Inc. (Nasdaq: CALM) - FYE 05/2015

Kaman Corporation (Nasdaq: KAMN) - FYE 12/2015

Valero Energy Corporation (NYSE: VLO) - FYE 12/2015

Hess Corporation (NYSE: HES) - FYE 12/2015

Phillips 66 (NYSE: PSX) - FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Cal-Maine ($46-$54), Kaman Corporation ($37-$42), Valero Energy ($98-$112), Hess Corporation ($68-$69), and Phillips 66 ($69-$74).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink  [more]

Recs

1

The Wax Report - Week Ending 04/22/2016

April 23, 2016 – Comments (0) | RELATED TICKERS: CSH , LEA , HD

The Wax Ink Portfolio was up 1.8% for the week.

By comparison, the Dow was up 0.1%, the Nasdaq was down 0.6%, the S&P 500 was up 0.5%, the Russell 2000 was up 1.4%, and the Volatility Index, commonly known as the VIX, was down 2.9%.

Year to date, the Wax Ink portfolio is down 7.1%, the Dow is up 3.3%, the Nasdaq is down 2.0%, the S&P 500 is up 2.3%, the Russell 2000 is up 1.0%, and the VIX is lower by 27.4%.

The portfolio breakdown remains roughly 58% cash, 42% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $34.08. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $31.02, making the current value spread (8.98%).

Fair Warning
There was no change to the number of portfolio during the prior week.

Hydrocarbon Prices
I have started to include the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) in my weekly performance reports and just wanted folks to understand what it is that I am talking about.

WTI Crude ended the week at $43.73, up 8.3%, while Brent Crude ended the week at $45.11, up 4.7%, creating a crude price spread of $1.38, an decrease of 49.6% for the week. On the other side of the floor Natural Gas ended the week at $2.4, up 12.6%, RBOB Gasoline ended the week at $1.5309, up 4.8%, and Heating Oil ended the week at $1.3089, up 5.9%. This adjusted the Gulf Coast 3:2:1 Crack Spread to $18.04, down 2.0% for the week.

Year to date WTI Crude is higher by 18.1%, Brent Crude is higher by 21.0%, Natural Gas is lower by 8.5%, RBOB Gasoline is higher by 20.4%, Heating Oil is higher by 16.2%, and the Gulf Coast 3:2:1 Crack Spread is higher by 19.8%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.34, up 12.6%, while the 10 Year Treasury ended the week at 1.87, up 21.4%. The 5 Year AAA Municipal Bond ended the week at 0.77, up 1.3%, and the 10 Year AAA Municipal Bond ended the week at 1.17, up 4.5%. Lastly, the 5 Year AAA Corporate closed the week at 1.29, up 9.3%, with the 10 Year AAA Corporate ending the week up 1.3% at 2.26.

Year to date the 5 Year Treasury is down 23.0%, the 10 Year Treasury is down 16.9%, the 5 Year AAA Muni is down 37.9%, the 10 year AAA Muni is down 45.3%, the 5 Year AAA Corporate is down 32.1%, and the 10 Year AAA Corporate is down 22.6%.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Cash America International, Inc. (NYSE: CSH) - FYE 12/2015

Lear Corporation (NYSE: LEA) - FYE 12/2015

Layne Christensen Company, Inc. (Nasdaq: LAYN) - FYE 01/2016

Ulta Salon Cosmetics and Fragrance, Inc. (Nasdaq: ULTA) - FYE 01/2016

The Home Depot, Inc. (NYSE: HD) - FYE 01/2016

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Cash America ($52-$62), Lear Corporation ($86-$90), Layne Christensen ($3-$3), Ulta Salon ($62-$73), and Home Depot ($64-$66).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink  [more]

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