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Performance - Week Ending 03/20/2015

March 21, 2015 – Comments (0) | RELATED TICKERS: PENN , LAYN , GFF

Performance - Week Ending 03/20/2015
The Wax Ink Portfolio was up 0.3% for the week.

By comparison, the Dow was up 2.1%, the Nasdaq was up 3.2%, the S&P 500 was down 2.7%, the Russell 2000 was up 2.8%, and the Volatility Index, commonly known as the VIX, was down 18.6%.

Year to date, the Wax Ink portfolio is down 3.8%, the Dow is up 1.7%, the Nasdaq is up 6.1%, the S&P 500 is up 2.4%, the Russell 2000 is up 5.1%, and the VIX is lower by 5.1%.

The portfolio breakdown remains roughly 55% cash, 45% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week's portfolio winners were steel cylinder maker Worthington Industries (NYSE: WOR), up 7%, building materials company Griffon Corporation (NYSE: GFF), up 6%, and refiner HollyFrontier Corporation (NYSE: HFC), up 4%.

Weekly Losers
This week's portfolio losers were municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 8%, container maker Myers Industries (NYSE: MYE), down 6%, and small tool maker LS Starrett (NYSE: SCX), down 5%.

Portfolio Duds
The portfolio's worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 3% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 71% since being added to the portfolio.

Special Notes
On March 16, 2015, Myers Industries notified the SEC that they would not be able to file their FYE 2014 Form 10-K on time. The reason cited was the discovery of accounting irregularities in their Brazilian office.

It appears to me that the markets are pricing Layne Christensen for bankruptcy. Indeed there have been any number of folks that have asked me why I have not cut my losses and moved on. I remember the same discussion several years ago regarding Griffon Corporation. At one point I was down almost 50% and I would not sell. Today I am down 3% in that stock. The point is, stuff happens and when it does you either believe in your analysis or you do not.

In my opinion the same thing will, over time, happen for Layne. While I believe management is inept, ignorant would be a better word actually, I don't believe them to be dishonest. Certainly they have no understanding at all for the economies they serve. And during this time of economic crisis, a crisis of their own making, I would be paying more attention to my business than I would Wall Street were I management, but as I have just said, I now realize just how inept management is. Regardless, it is in my portfolio and it is staying in my portfolio until it recovers to a point that I can sell it for a profit, or becomes worthless.

Lastly, yes, I understand lost opportunity cost. But it has been my experience that the folks that start bringing up opportunity cost have no idea what opportunity costs are, or how they apply. Remember, lost opportunity costs are never known until an investor is no longer invested.

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 updated last week may be downloaded by clicking on the links (company name) below.

The L.S. Starrett Company (NYSE: SCX) - FYE 06/2014

ArcBest Corporation (Nasdaq: ARCB) - FYE 12/2014

General Electric Company (NYSE: GE) - FYE 09/2014

Penn National Gaming, Inc. (Nasdaq: PENN) - FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value 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 and investing philosophy.

Reasonable value estimates were established or revised this week for The L.S. Starrett Company at $31-$40, ArcBest Corporation at $37-$45, General Electric at $35-$45, and Penn National Gaming at ($6)-($8).


Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink  [more]

Recs

1

Performance - Week Ending 03/13/2015

March 14, 2015 – Comments (0) | RELATED TICKERS: FSTR , GT , DAR

The Wax Ink Portfolio was down 0.3% for the week.

By comparison, the Dow was down 0.6%, the Nasdaq was down 1.1%, the S&P 500 was down 0.9%, the Russell 2000 was up 1.2%, and the Volatility Index, commonly known as the VIX, was up 5.3%.

Year to date, the Wax Ink portfolio is down 4.1%, the Dow is down 0.4%, the Nasdaq is up 2.9%, the S&P 500 is down 0.3%, the Russell 2000 is up 2.3%, and the VIX is higher by 16.6%.

The portfolio breakdown remains roughly 55% cash, 45% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week's portfolio winners were infrastructure supplier LB Foster (Nasdaq: FSTR), up 20%, building materials company Griffon Corporation (NYSE: GFF), up 2%, and trucking company ArcBest Corporation (Nasdaq: ARCB), up 2%.

Weekly Losers
This week's portfolio losers were municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 20%, small tool maker LS Starrett (NYSE: SCX), down 6%, and chicken grease king Darling Ingredients (NYSE: DAR), down 5%.

Portfolio Duds
The portfolio's worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 8% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 68% since being added to the portfolio.

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 updated last week may be downloaded by clicking on the links (company name) below.

Darling Ingredients (NYSE: DAR) - FYE 12/2014

Schweitzer-Maudit International (NYSE: SWM) - FYE 12/2014

Griffon Corporation (NYSE: GFF) - FYE 09/2014

The Goodyear Tire and Rubber Company (NYSE: GT) - FYE 12/2014

LB Foster Company (Nasdaq: FSTR) - FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value 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 and investing philosophy.

Reasonable value estimates were established this week for Darling Ingredients at $20, Schweitzer-Maudit International at $42, Griffon Corporation at $11, Goodyear Tire and Rubber at $35, and LB Foster Company at $49.


Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink  [more]

Recs

1

Performance - Week Ending 03/06/2015

March 07, 2015 – Comments (0) | RELATED TICKERS: APH , BMS

The Wax Ink Portfolio was down 1.7% for the week.

By comparison, the Dow was down 1.5%, the Nasdaq was down 0.7%, the S&P 500 was down 1.6%, the Russell 2000 was down 1.3%, and the Volatility Index, commonly known as the VIX, was up 13.9%.

Year to date, the Wax Ink portfolio is down 3.8%, the Dow is up 0.2%, the Nasdaq is up 4.0%, the S&P 500 is up 0.6%, the Russell 2000 is up 1.1%, and the VIX is higher by 10.8%.

The portfolio breakdown remains roughly 55% cash, 45% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week's portfolio winners were offshore rig contractor McDermott International (NYSE: MDR), up 33%, and cigarette paper maker Schweitzer-Maudit (NYSE: SWM), up 1%.

Weekly Losers
This week's portfolio losers were infrastructure supplier LB Foster (Nasdaq: FSTR), down 24%, chicken grease king Darling Ingredients (NYSE: DAR), down 15%, and refiner HollyFrontier (NYSE: HFC), down 10%.

Portfolio Duds
The portfolio's worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 10% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 60% since being added to the portfolio.

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 updated last week may be downloaded by clicking on the links (company name) below.

Amphenol Corporation. (NYSE: APH) - FYE 12/2014

Bemis Company (NYSE: BMS) - FYE 12/2014

McDermott International (NYSE: MDR) - FYE 12/2014

Kaman Corporation (Nasdaq: KAMN) - FYE 12/2014

HollyFrontier Corporation (NYSE: HFC) - FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease based on their individual risk tolerance.

Reasonable value estimates were established this week for Amphenol Corporation at $33, Bemis Company at $35, McDermott International at $5, Kaman Corporation at $41, and HollyFrontier Corporation at $49.


Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink  [more]

Recs

1

Performance - Week Ending 02/27/2015

February 28, 2015 – Comments (0) | RELATED TICKERS: KMI , DLX , SGC

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

By comparison, the Dow was unchanged, the Nasdaq was up 0.2%, the S&P 500 was down 0.3%, the Russell 2000 was up 0.1%, and the Volatility Index, commonly known as the VIX, was down 6.7%.

Year to date, the Wax Ink portfolio is down 2.2%, the Dow is up 1.7%, the Nasdaq is up 4.8%, the S&P 500 is up 2.2%, the Russell 2000 is up 2.4%, and the VIX is lower by 2.8%.

The portfolio breakdown remains roughly 55% cash, 45% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week's portfolio winners were container maker Myers Industries (NYSE: MYE), up 12%, agricultural chemicals company Agrium (NYSE: AGU), up 7%, and oil refiner HollyFronier Corporation (NYSE: HFC), up 7%.

Weekly Losers
This week's portfolio losers were municipal services contractor Layne Christensen (Nasdaq: LAYN), down 14%, cylinder maker Worthington Industries (NYSE: WOR), down 13%, and offshore contractor McDermott International (NYSE: MDR), down 6%.

Portfolio Duds
The portfolio's worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 9% since being added to the portfolio, municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 59% since being added to the portfolio, and McDermott International (NYSE: MDR), down 20% since being added to the portfolio.

Worksheets
Archived worksheets may be download 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 updated last week may be downloaded by clicking on the links (company name) below.

MRC Global, Inc. (NYSE: MRC) - FYE 12/2014

Anadarko Petroleum Corporation (NYSE: APC) - FYE 12/2014

Chevron Corporation (NYSE: CVX) - FYE 12/2014

Kinder Morgan, Inc. (NYSE: KMI) - FYE 12/2014

Deluxe Corporation (NYSE: DLX) - FYE 12/2014

Superior Uniform Group (NYSE: SGC) - FYE 12/2014,

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease based on their individual risk tolerance.

Reasonable value estimates were established this week for MRC Global at $23, Anadarko Petroleum at $101, Chevron Corporation at $116, Kinder Morgan at $19, Deluxe Corporation at $39, and Superior Uniform Group at $23.


Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink  [more]

Recs

1

Constantine Likes MRC Global

February 22, 2015 – Comments (0) | RELATED TICKERS: MRC

Texas (February 22, 2015) Wax Ink has issued a Positive Investment Interest opinion for MRC Global, Inc. (NYSE: MRC), based on a recent value review that placed fair value for the company between $23-$29.

A Positive Investment Interest opinion (buy) means that the current key performance indicators (KPIs) and associated financial metrics favor a position in this stock as an active investment at this time.  [more]

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