Consumer goods manufacturer, V.F. Corp. (VCF), continues to benefit from a shift towards its higher margin lifestyle brands. From Diamond Hill Capital (Trades, Portfolio)'s Select Fund Commentary for fourth quarter 2013.
Also check out: Diamond Hill Capital Undervalued Stocks Diamond Hill Capital Top Growth Companies Diamond Hill Capital High Yield stocks, and Stocks that Diamond Hill Capital keeps buying
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5 Best European Stocks To Invest In 2015: SGOCO Group Ltd(SGOC)
SGOCO Group, Ltd. designs, manufactures, and distributes liquid crystal display (LCD) consumer products in the People?s Republic of China and internationally. Its products include LCD personal computer monitors, LCD televisions, light emitting diode back-light modules, and application-specific LCD systems. The company also provides custom manufacturing services for application-specific LCD monitors, such as rotating screens, CCTV monitors for security systems, billboard monitors for advertising and public notice systems, and touch screens for non-keyed entries. SGOCO Group, Ltd. sells its products under the SGOCO, Edge 10, POVIZON, and No. 10 brands through a network of independent retail outlets operating under the ?SGOCO Image? name. The company offers its products to industry clients, such as medical centers, educational institutions, government complexes, public emergency response systems, and corporate offices, as well as to retail customers. As of December 31, 201 0, it had 603 retail stores covering 14 provinces and municipalities in the People?s Republic of China. The company, formerly known as SGOCO Technology, Ltd., was founded in 2006 and is based in Beijing, China.
Advisors' Opinion:- [By John Udovich]
Large cap glass and ceramics technology stock Corning Incorporated (NYSE: GLW) has put in a good performance since announcing a deal with Samsung back in October, meaning its probably time to take a closer look at the stock along with the performance of�potential peers (either upstream or downstream on the OLED and liquid crystal display side of the glass business) like�small cap players like Daktronics, Inc (NASDAQ: DAKT), SGOCO Group Ltd (NASDAQ: SGOC) and Universal Display Corporation (NASDAQ: OLED). I should note that we have recently added Corning Incorporated to our SmallCap Network Elite Opportunity (SCN EO) portfolio because we believe the�company�� position as it relates to�glass and ceramics puts it in�a sweet spot�for the�next generation flexible screens and mobile wearables. But that�� not all there is to like about this stock.
- [By Roberto Pedone]
SGOCO Group (SGOC) engages in designing and developing LCD/LED monitors, TVs and other application-specific products for sale primarily to the flat-panel display market in China. This stock closed up 8.8% to $2.58 in Tuesday's trading session.
Tuesday's Range: $2.26-$2.59
52-Week Range: $0.70-$3.40
Tuesday's Volume: 146,000
Three-Month Average Volume: 522,556From a technical perspective, SGOC bounced sharply higher here right off some near-term support at $2.25 with lighter-than-average volume. This stock has been uptrending strong for the last month and change, with shares moving higher from its low of $1.51 to its recent high of $3.10. During that move, shares of SGOC have been making mostly higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of SGOC within range of triggering a major breakout trade. That trade will hit if SGOC manages to take out some near-term overhead resistance levels at $3.10 to its 52-week high at $3.40.
Traders should now look for long-biased trades in SGOC as long as it's trending above $2.25 or its 50-day at $1.92 and then once it sustains a move or close above those breakout levels with volume that's near or above 522,556 shares. If that breakout hits soon, then SGOC will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $4 to $4.50.
Top Financial Stocks To Own Right Now: Cigna Corp (CI)
Cigna Corporation (Cigna), incorporated on November 3, 1981, is a holding company. Cigna is a global health service company, with insurance subsidiaries that are providers of medical, dental, disability, life and accident insurance and related products and services. In the United States, these products and services are offered through employers and other groups, and in selected international markets, Cigna offers supplemental health, life and accident insurance products and international health care coverage and services to businesses, governmental and non-governmental organizations and individuals. The Company also has certain run-off operations, including a Run-off Reinsurance segment. Cigna�� revenues are derived from premiums, fees, mail order pharmacy, other revenues and investment income. Cigna operates in five segments: Health Care, Disability and Life, International, Run-off Reinsurance, and Other Operations, including Corporate-owned Life Insurance. On January 31, 2012, Cigna acquired HealthSpring, Inc. On November 30, 2011, the Company acquired FirstAssist Group Holdings Limited. In August 2012, the Company acquired Great American Supplemental Benefits from American Financial Group, Inc. In January 2013, the Company acquired select Arcadian and Humana Medicare Advantage plans in Arkansas, Oklahoma and Texas. In September 2013, Cigna Corporation completed its acquisition of Alegis Care, a portfolio company of Triton Pacific Capital Partners. Effective September 3, 2013, Cigna Corp acquired Home Physicians Management LLC.
Health Care
Cigna�� Health Care segment (Cigna HealthCare) offers insured and self-insured medical, dental, behavioral health, vision, and prescription drug benefit plans, health advocacy programs and other products and services that may be integrated to provide health care benefit programs. Cigna HealthCare companies offer these products and services in all 50 states, the District of Columbia and the United States Virgin Islands. Cigna offers a ! range of products and services to employers and other groups that sponsor group health plans. With the exception of Health Maintenance Organization (HMO), Medicare, Voluntary and stop loss products, each of Cigna HealthCare�� products is offered with alternative funding options. Cigna may sell multiple products under the same funding arrangement to the same employer. Approximately 85% of the Company�� medical customers are enrolled in self-insured plans, with the remainder split between guaranteed cost and experience-rated insured plans. Approximately 90% of its medical customers are enrolled in self-insured and experience-rated plans. Cigna also offers guaranteed cost medical and dental insurance to individuals. Cigna HealthCare offers a product line of indemnity managed care benefit plans on an insured (guaranteed cost or experience-rated) or self-insured basis. The Network, Network Open Access, and Open Access Plus In-Network products cover only those services provided by Cigna HealthCare participating health care professionals (in-network) and emergency services provided by non-participating health care professionals (out-of-network). The Network point of service (POS), Network POS Open Access and Open Access Plus plans (OAP) cover health care services provided by participating, and non-participating health care professionals.
Cigna HealthCare offers a Preferred Provider Plans (PPO) product line that features a national network. Like Network and Open Access Plus Plans, the PPO product line is offered on an insured (guaranteed cost or experience-rated) or self-insured basis. Cigna HealthCare offers the Cigna Choice Fund suite of products, including Health Reimbursement Accounts (HRA), Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA). Cigna HealthCare offers stop loss insurance coverage for self-insured plans. This stop loss coverage reimburses the plan for claims in excess of a predetermined amount, either for individuals (specific) or the entire group (aggregate), ! or both. ! Cigna HealthCare provides Taft-Hartley trusts and other entities access to its national provider network and provides claim re-pricing and other services. Cigna HealthCare�� voluntary medical products are offered to employers with 51 or more eligible employees. As a result of the acquisition of HealthSpring, Cigna operates Medicare Advantage coordinated care plans in 11 states and the District of Columbia. Under the Medicare program, Medicare-eligible beneficiaries may receive health care benefits, including prescription drugs, through a managed care health plan, such as the Company�� coordinated care plans, and The Centers for Medicare and Medicaid Services reimburse the Company pursuant to a risk adjustment payment methodology.
Cigna�� Medicare Part D prescription drug program, Cigna Medicare Rx, provides a number of plan options, as well as service and information support to Medicare and Medicaid eligible customers. Cigna Medicare Rx is available in all 50 states and the District of Columbia. Cigna HealthCare offers medical management, disease management, and other health advocacy services to employers and other plan sponsors. These services are offered to customers covered under Cigna HealthCare administered plans, as well as individuals covered under plans insured and/or administered by competing insurers/third-party administrators. Cigna�� onsite services include more than 75 health centers and the annual administration of more than 400,000 biometric screenings, as well as approximately 2,200 wellness seminars each year. As a result of the acquisition of HealthSpring, Cigna operates three LivingWell Health Centers, where Medicare customers can receive care from physicians, nurse practitioners, nurses, pharmacists, and nurses educators. Cigna arranges for behavioral health care services for customers through its network of participating behavioral health care professionals. Cigna offers behavioral health care case management services, employee assistance programs (EAP), and wor! k/life pr! ograms to employers, Government entities and other groups sponsoring health benefit plans. As of December 31, 2011, Cigna�� behavioral national network had approximately 108,000 access points to psychiatrists, psychologists and clinical social workers and approximately 9,000 facilities and clinics.
Cigna Pharmacy Management offers prescription drug plans to its insured and self-funded customers both in conjunction with its medical products and on a stand-alone basis. With a network of over 62,000 contracted pharmacies, Cigna Pharmacy Management is a pharmacy benefits manager (PBM) offering clinical integration programs, specialty pharmacy solutions and home delivery of prescription medicines. Cigna�� specialty pharmacy outcome management program, TheraCare, manages specialty conditions. TheraCare is coordinated with other Cigna health advocacy programs and all data is captured for analysis and reporting. Cigna Dental Health offers a variety of dental care products, including dental health maintenance organization plans (Dental HMO), dental preferred provider organization (DPPO) plans, dental exclusive provider organization plans, traditional dental indemnity plans and a dental discount program. As of December 31, 2011, Cigna Dental Health customers totaled approximately 10.9 million. Managed dental care products are offered in 38 states for Dental HMO and 43 states and the District of Columbia for Dental PPO through a network of independent health care professionals that have contracted with Cigna Dental Health to provide dental services. Cigna Dental Health customers access care from the dental PPO network in the United States and one of the dental HMO networks in the United States, with approximately 235,500 DPPO-contracted access points (approximately 92,000 health care professionals) and approximately 58,000 dental HMO-contracted access points (approximately 16,500 health care professionals).
Disability and Life
Cigna�� Disability and Life segment (Cign! a Disabil! ity and Life) provides insurance products and their related services, such as group long-term and short-term disability insurance, group life insurance and accident and specialty insurance. These products and services are provided by subsidiaries of Cigna Corporation. Cigna Disability and Life markets products in all 50 states, the District of Columbia, Puerto Rico, the United States Virgin Islands and Canada. Cigna Disability and Life also provides assistance to employees in returning to work and assistance to their employers in managing the cost of employee disability. Cigna Disability and Life offers personal accident insurance coverage, which consists primarily of accidental death and dismemberment and travel accident insurance to employers. Group accident insurance may be employer-paid or employee-paid. Cigna Disability and Life also offers specialty insurance services that consist primarily of disability and life, accident, and hospital indemnity products to professional or trade associations and financial institutions.
International
CIGNA�� International segment (CIGNA International) offers supplemental health, life and accident insurance products, as well as international health care products and services. These products and services are provided by subsidiaries of Cigna Corporation, including foreign operating entities. Cigna International provides employers, affinity groups and individuals with local and global health care and related financial protection programs. Supplemental health products provide a specified payment for a range of health risks and include personal accident, accidental death, critical illness, hospitalization, travel, dental, cancer and other dread disease coverages. Term life, as well as variable universal life insurance and other savings products are also included in the product portfolio. Cigna International�� supplemental health, life and accident insurance products are offered in South Korea, Taiwan, Indonesia, Hong Kong, the European Un! ion, Chin! a, New Zealand, Thailand and Turkey. In China, Cigna International owns a 50% interest in a joint venture through, which its products and services are offered. Cigna International�� health care businesses primarily consist of products and services to meet the needs of local and multinational companies and organizations and their local and globally mobile employees and dependents. These products and services include insurance and administrative services for medical, dental, vision, life, accidental death and dismemberment, and disability risks. In addition, Cigna International�� health care businesses include products and services, which are primarily provided through group benefits programs to employees of businesses and other organizations in the United Kingdom and Spain. These products and services include medical indemnity insurance coverage, with some offerings having managed care or administrative service aspects.
Run-off Reinsurance
Cigna�� reinsurance segment reinsured guaranteed minimum death benefits (GMDB) (also known as variable annuity death benefits (VADBe)), under certain variable annuities issued by other insurance companies. These variable annuities are investments in mutual funds combined with a death benefit. The Company purchased retrocessional protection that covers approximately 5% of the assumed risks. The Company also maintains a dynamic hedge program. Cigna also reinsured guaranteed minimum income benefits (GMIB) under certain variable annuities issued by other insurance companies. These variable annuities are investments in mutual funds combined with minimum income and death benefits. These products under Cigna�� Run-off Reinsurance segment were sold principally in North America and Europe through a sales force and through intermediaries.
Other Operations
The principal products of the Corporate-owned Life Insurance (COLI) business are permanent insurance contracts sold to corporations to provide coverage on the lives ! of certai! n employees for the purpose of funding employer-paid future benefit obligations. The principal services provided by the COLI business are issuance and administration of the insurance policies. COLI policies provide a death benefit for which Cigna collects fees to cover mortality risk. COLI policies also allow policy owners to borrow against a portion of their cash surrender value.
Advisors' Opinion:- [By Monica Gerson]
Breaking news
Time Warner Cable (NYSE: TWC) reported a drop in its third-quarter profit. Time Warner Cable's quarterly profit fell to $532 million, or $1.84 per share, from $808 million, or $2.60 per share, in the year-ago period. To read the full news, click here. Synergy Pharmaceuticals (NASDAQ: SGYP) today announced the start of a phase 2 clinical trial to evaluate the safety and efficacy of SP-333, its second-generation GC-C agonist and once-daily oral treatment, in adult patients with opioid-induced constipation (OIC). To read the full news, click here. Cigna (NYSE: CI) reported a 19% rise in its third-quarter earnings and lifted its full-year earnings outlook. To read the full news, click here. Charm Communications (NASDAQ: CHRM) announced today that the special committee of the Company's board of directors, consisting of independent directors Mr. Zhan Wang, Mr. Andrew J. Rickards and Mr. Gang Chen, has retained China Renaissance Securities (Hong Kong) Limited as its financial advisor and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP as its legal advisor. To read the full news, click here.Posted-In: Bank of America US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets
- [By Sean Williams]
The expected influx of Medicaid patients into the health care system is precisely what prompted WellPoint (NYSE: WLP ) to buy Amerigroup for $4.5 billion and CIGNA (NYSE: CI ) to purchase Healthspring for $3.8 billion. Although Medicaid patients don't drive the best margins, they are guaranteed income for health-benefits providers.
- [By DailyFinance Staff]
Concerns about the political uncertainty in Ukraine caused some volatility in the markets Friday afternoon, with the major indexes making several U-turns ahead of the weekend. The Dow Jones industrial average (^DJI), which had been up by as much as 125 points, briefly dropped into loss territory before rebounding to end 49 points higher. The Standard & Poor's 500 index (^GPSC) edged up 5 points, adding to Thursday's record high, but the Nasdaq composite (^IXIC) lost 10 points. AP/Darko VojinovicPro-Russian militias have seized local government buildings in Crimea, Ukraine; the unrest there is making investors around the world nervous. February was a great month for investors. All three major averages jumped by about 4 percent. UnitedHealth Group (UNH) led the blue chips, gaining 1½ percent. Other health providers – Aetna (AET), Wellpoint (WLP), Cigna (CI) and Humana (HUM) -- all gained between 1½ and 2 percent. And retail stocks remained active. Target (TGT) added another 3 percent. Best Buy rose 4 percent, and Fred's (FRED), a regional department store chain, jumped 10 percent. But Pier 1 (PIR) fell 5½ percent after lowering its earnings outlook for a second time. That led to a series of brokerage downgrades. Decker Outdoor (DECK) tumbled 12 percent. The maker of footwear brands such as Ugg and Teva issued a weak outlook. And apparel maker Lululemon (LULU) fell 5-percent on negative comments from Credit Suisse. It seems as though there are always some big movers in the drug and biotech sectors – and that was certainly the case today. GW Pharmaceuticals (GWPH) rose 2 percent after the FDA granted orphan status to its drug to treat a rare form of childhood epilepsy. But most of the action was on the downside. Endologix (ELGX) slid 24 percent after forecasting lower revenue growth. Questcor (QCOR) fell 10 percent. It's lost big for three straight days amid allegations of questionable business practices. Jazz Pharma
Top Financial Stocks To Own Right Now: Hang Seng Bank Ltd (0011.HK)
Hang Seng Bank Limited and its subsidiaries and associates are engaged in the provision of banking and related financial services. It operates in five segments. The Hong Kong and other business segment includes: Retail Banking and Wealth Management activities, which offer personal banking, consumer lending and wealth management services to individual customers, including current and savings accounts, mortgages and personal loans and others; Corporate and Commercial Banking activities, which include the provision of financial services, payments and cash management and others to corporate and commercial customers; Treasury activities, which are mainly the provision of treasury services in credit, interest rates, foreign exchanges and others, and Other, which mainly refers to the management of shareholders' funds. The Mainland China business segment comprises the business of Hang Seng Bank (China) Limited and the Company's share of profit from Mainland associates.
Advisors' Opinion:- [By Steven Russolillo]
MARKET SNAP: At 6:20 a.m. ET, S&P 500 futures up 0.2%. 10-Year Treasury yield flat at 2.46%. Nymex up 6 cents at $102.45. Gold 0.2% higher at $1310.40. In Europe, FTSE 100 up 0.4%, DAX up 0.7% and CAC 40 up 0.6%. In Asia, Nikkei 225 down 0.1% and Hang Seng (0011.HK) up 0.8%.
Top Financial Stocks To Own Right Now: Cullen/Frost Bankers Inc (CFR)
Cullen/Frost Bankers, Inc. (Cullen/Frost), incorporated in 1977, is a financial holding company and a bank holding company. The Company offers commercial and consumer banking services, as well as trust and investment management, mutual funds, Section 1031 property exchange services, investment banking, insurance, brokerage, leasing, asset-based lending, treasury management and item processing services. At December 31, 2011, Cullen/Frost had consolidated total assets of $20.3 billion. The Company operates in two segments: Banking and Frost Wealth Advisors. The Company serves a variety of industries including, among others, energy, manufacturing, services, construction, retail, telecommunications, healthcare, military and transportation. On January 1, 2012, the Company acquired Stone Partners, Inc., a Houston-based human resources consulting firm that specializes in compensation, benefits and outsourcing services. During the year ended December 31, 2011, the Company acquired an insurance agency in the San Antonio market area.
Cullen/Frost�� subsidiaries include The New Galveston Company, Cullen/Frost Capital Trust II (Trust II), The Frost National Bank (Frost Bank), Frost Insurance Agency, Inc., Frost Brokerage Services, Inc. (FBS), Frost Premium Finance Corporation, Frost Investment Advisors, LLC, Frost 1031 Exchange, LLC, Frost Securities, Inc. and Main Plaza Corporation. The Banking operating segment includes both commercial and consumer banking services, Frost Securities, Inc. and Frost Insurance Agency. Commercial banking services are provided to corporations and other business clients and include an array of lending and cash management products. Consumer banking services include direct lending and depository services. Frost Insurance Agency provides insurance brokerage services to individuals and businesses covering corporate and personal property and casualty products, as well as group health and life insurance products. Frost Securities, Inc. provides advisory and private equity s! ervices to middle market companies. The Frost Wealth Advisors operating segment includes fee-based services within private trust, retirement services, and financial management services, including personal wealth management and brokerage services. The parent company�� principal activities include the direct and indirect ownership of the Corporation�� banking and non-banking subsidiaries and the issuance of debt and equity.
The New Galveston Company
The New Galveston Company is a wholly owned second-tier financial holding company and bank holding company. The Company directly owns all of Cullen/Frost�� banking and non-banking subsidiaries with the exception of Cullen/Frost Capital Trust II.
Cullen/Frost Capital Trust II
Trust II is a business trust formed for the purpose of issuing trust preferred securities and lending the proceeds to Cullen/Frost. Trust II is a variable interest entity for which the Company is not the primary beneficiary.
The Frost National Bank
The Frost National Bank (Frost Bank) is primarily engaged in the business of commercial and consumer banking through approximately 115 financial centers across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Rio Grande Valley and San Antonio regions. At December 31, 2011, Frost Bank had consolidated total assets of $20.3 billion and total deposits of $16.8 billion. Frost Bank provides commercial banking services to corporations and other business clients. Loans are made for a variety of general corporate purposes, including financing for industrial and commercial properties and to a lesser extent, financing for interim construction related to industrial and commercial properties, financing for equipment, inventories and accounts receivable, and acquisition financing, as well as commercial leasing and treasury management services.
Frost Bank provides a range of consumer banking services, including checking accounts, savings progra! ms, autom! ated teller machines, overdraft facilities, installment and real estate loans, home equity loans and lines of credit, drive-in and night deposit services, safe deposit facilities, and brokerage services. Frost Bank provides international banking services to customers residing in or dealing with businesses located in Mexico. These services consist of accepting deposits, making loans, issuing letters of credit, handling foreign collections, transmitting funds, and to a limited extent, dealing in foreign exchange.
Frost Bank acts as correspondent for approximately 316 financial institutions, which are primarily banks in Texas. These banks maintain deposits with Frost Bank, which offers them a range of services, including check clearing, transfer of funds, fixed income security services, and securities custody and clearance services. Frost Bank provides a range of trust, investment, agency and custodial services for individual and corporate clients. These services include the administration of estates and personal trusts, as well as the management of investment accounts for individuals, employee benefit plans and charitable foundations. Frost Bank�� Capital Markets Division offers services, such as sales and trading, new issue underwriting, money market trading, and securities safekeeping and clearance.
Frost Insurance Agency, Inc.
Frost Insurance Agency, Inc. is a wholly owned subsidiary of Frost Bank. Frost Insurance Agency, Inc. provides insurance brokerage services to individuals and businesses covering corporate and personal property and casualty insurance products, as well as group health and life insurance products.
Frost Brokerage Services, Inc.
FBS is a wholly owned subsidiary of Frost Bank. FBS provides brokerage services and performs other transactions or operations related to the sale and purchase of securities of all types.
Frost Premium Finance Corporation
Frost Premium Finance Corporation is a who! lly owned! subsidiary of Frost Bank. Frost Premium Finance Corporation makes loans to qualified borrowers for the purpose of financing their purchase of property and casualty insurance.
Frost Investment Advisors, LLC
Frost Investment Advisors, LLC is a registered investment advisor entity and a wholly owned subsidiary of Frost Bank. Frost Investment Advisors, LLC provides investors access to various Frost-managed mutual funds.
Frost 1031 Exchange, LLC
Frost 1031 Exchange, LLC is a wholly owned subsidiary of Frost Bank. Frost 1031 Exchange, LLC assists customers in structuring the exchange of property such that the transactions result in a tax-deferred exchange in compliance with Section 1031 of the Internal Revenue Code.
Frost Securities, Inc.
Frost Securities, Inc. is a wholly owned subsidiary of The New Galveston Company. Frost Securities, Inc. provides advisory and private equity services to middle market companies in Texas.
Main Plaza Corporation
Main Plaza Corporation is a wholly owned non-banking subsidiary of The New Galveston Company. Main Plaza Corporation occasionally makes loans to qualified borrowers.
Advisors' Opinion:- [By Sarah Jones]
Richemont (CFR) rallied 8.3 percent to 73.80 Swiss francs, the biggest gain since December 2008. The Swiss company said full- year net income climbed about 30 percent as the dollar�� strength against the euro boosted sales growth. Analysts had expected a 25 percent gain in profit, according to the average of 17 estimates compiled by Bloomberg.
- [By Jack Adamo]
Steve Halpern: Another new recommendation is Cullen/Frost Bankers (CFR). There you've been recommending the 5.375% Perpetual Preferred Series A (CFR-PA). Now, you call Cullen/Frost one of the best little banks in Texas. What makes this such an attractive issue?
- [By Namitha Jagadeesh]
UniCredit SpA and Standard Chartered Plc climbed more than 2 percent each as a gauge of lenders advanced. Randgold Resources Ltd. and Polymetal International Plc jumped more than 8 percent as the price of gold rose. Cie. Financiere Richemont SA (CFR) and Swatch Group AG advanced more than 1 percent as a report showed Swiss watch exports increased last month.
Top Financial Stocks To Own Right Now: Dreyfus Strategic Municipal Bond Fund Inc (DSM)
Dreyfus Strategic Municipal Bond Fund, Inc. (the fund) is a diversified closed-end management investment company. The fund�� investment objective is to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. The Dreyfus Corporation serves as the fund�� investment adviser.
The fund invests at least 80% of its assets in municipal bonds. The fund also issues auction rate preferred stock and invests the proceeds in a manner consistent with its investment objective.
Advisors' Opinion:- [By Sherine El Madany]
Dubai�� DFM General Index (DSM) posted the biggest drop in the Middle East, losing 2.3 percent, the most since June 10, to 2,345.47 at the 2 p.m. close in the emirate. Emaar Properties PJSC (EMAAR), developer of the world�� tallest tower in Dubai, registered its biggest decrease since April. The ADX General Index (MSM30) fell 0.9 percent, while the Bloomberg GCC200 Index (BGCC200) was down 0.2 percent.
Top Financial Stocks To Own Right Now: Credit Acceptance Corporation(CACC)
Credit Acceptance Corporation, together with its subsidiaries, provides auto loans, and related products and services to consumers in the United States. Its loan programs include portfolio program, which advances money to dealer-partners in exchange for the right to service the underlying consumer loans; and purchase program that buys the consumer loans from the dealer-partners and keeps amounts collected from the consumers. The company markets its products through a network of approximately 55,000 independent and franchised automobile dealers. Credit Acceptance Corporation was founded in 1972 and is headquartered in Southfield, Michigan.
Advisors' Opinion:- [By Richard Moroney]
Credit Acceptance (CACC) provides financing for auto purchases through a national network of nearly 4,500 car dealers. Its programs help dealers sell cars by attracting credit-challenged consumers unable to get conventional loans.
- [By Eric Volkman]
Credit Acceptance (NASDAQ: CACC ) will see big blocks of its shares change hands over the next few days. The company has specified the pricing of a previously announced underwritten public secondary stock common offering of $105.00 per share. Trusts associated with the firm's founder Donald Foss, in combination with Karol Foss and people and entities connected with Prescott General Partners, aim to sell a combined 1.5 million of their shares. Additionally, the underwriters will have a 30-day option to buy up to an extra 225,000 shares.
Top Financial Stocks To Own Right Now: Fifth Street Finance Corp (FSC)
Fifth Street Finance Corp. is a specialty finance company that lends to and invests in small and mid-sized companies in connection with investments by private equity sponsors. The Company�� investment objective is to maximize its portfolio's total return by generating current income from its debt investments and capital appreciation from its equity investments. As of September 30, 2011, 90.9% of its portfolio consisted of debt investments that were secured by first or second priority liens on the assets of its portfolio companies. As of September 30, 2011, it held equity investments consisting of common stock, preferred stock or other equity interests in 27 out of 65 portfolio companies. It is managed and advised by Fifth Street Management LLC. In June 2013, Fifth Street Finance Corp. announced that it has closed its portfolio company acquisition of Healthcare Finance Group, LLC (HFG).
Investments
The Company tailors the terms of its debt investments to the facts and circumstances of the transaction and prospective portfolio company. As of September 30, 2011, it directly originated a majority of its debt investments. It is focusing its origination efforts on first lien, second lien and subordinated loans. Its first lien loans have terms of four to six years, provide for a variable or fixed interest rate, contain prepayment penalties and are secured by a first priority security interest in all existing and future assets of the borrower. Its first lien loans may take many forms, including revolving lines of credit, term loans and acquisition lines of credit. Its second lien loans have terms of four to six years, provide for a fixed interest rate, contain prepayment penalties and are secured by a second priority security interest in all existing and future assets of the borrower. Its second lien loans often include payment-in-kind (PIK), interest, which represents contractual interest accrued and added to the principal that generally becomes due at maturity. Its unsecured inve! stments have terms of five to six years and provide for a fixed interest rate. It may make unsecured investments on a stand-alone basis, or in connection with a senior secured loan, a junior secured loan or a one-stop financing. Its unsecured investments may include payment-in-kind (PIK), interest, which represents contractual interest accrued and added to the principal that becomes due at maturity, and an equity component, such as warrants to purchase common stock in the portfolio company.
In addition, the Company from time to time non-control, equity co-investments in connection with private equity sponsors. It structures equity investments, such as direct equity co-investments, to provide the Company with minority rights provisions and event-driven put rights. The Company make investments in the private equity funds of certain of its equity sponsors. It makes these investments where it has a long term relationship and is comfortable with the sponsor�� business model and investment strategy. As of September 30, 2011, it had investments in six private equity funds, which represented less than 1% of the fair value of its assets as of such date.
Portfolio Management
As a business development company, the Company offers managerial assistance to its portfolio companies and to provide it if requested. It monitors the financial trends of each portfolio company to assess the appropriate course of action for each company and to evaluate overall portfolio quality. It has several methods of evaluating and monitoring the performance of its investments, which includes review of monthly and quarterly financial statements and financial projections for portfolio companies; periodic and regular contact with portfolio company management; attendance at board meetings; periodic formal update interviews with portfolio company management, and assessment of business development, including product development, profitability and the portfolio company�� overall adherence to its busine! ss plan.
In addition to various risk management and monitoring tools, the Company uses an investment rating system to characterize and monitor the credit profile and expected level of returns on each investment in itd portfolio. It uses a five-level numeric rating scale. In the event that it determines that an investment is underperforming, or circumstances suggest that the risk associated with a particular investment has significantly increased, it monitors the effected portfolio company.
Valuation of Portfolio Investments
As a business development company, the Company invests in illiquid securities, including debt and equity investments of small and mid-sized companies. The Company perform valuations of its debt and equity investments on an individual basis, using market, income, and bond yield approaches as appropriate. Under the market approach, it estimates the enterprise value of the portfolio companies, in which it invests. To estimate the enterprise value of a portfolio company, it analyze various factors, including the portfolio company�� historical and projected financial results. It requires portfolio companies to provide annual audited and quarterly and monthly unaudited financial statements, as well as annual projections for the upcoming fiscal year.
Under the income approach, the Company prepares and analyze discounted cash flow models based on projections of the future free cash flows of the business. Under the bond yield approach, it uses bond yield models to determine the present value of the future cash flow streams of its debt investments. It reviews various sources of transactional data, including private mergers and acquisitions involving debt investments with similar characteristics, and assess the information in the valuation process.
Advisors' Opinion:- [By Eric Volkman]
Fifth Street Finance (NASDAQ: FSC ) is about to expand its capital base. The company has launched a fresh issue of 13.5 million shares of its common stock in an underwritten public offering. It also intends to grant its underwriters a purchase option for an additional 2.025 million shares.
- [By Amanda Alix]
With higher interest rates in the air, some of these companies point out that they have taken steps to plan for just such an occurrence. Fifth Street Finance (NASDAQ: FSC ) , in its June newsletter, tells its investors that its portfolio stands to gain from an upswing in short-term rates, since the loans they make tend to be of the floating rate variety, and the company's borrowing costs are fixed.
- [By Garrett Cook]
Fifth Street Finance (NASDAQ: FSC) shares were also up, gaining 1.20 percent to $10.09 after the company lifted its monthly dividend by 10% to 9.17 cents per share versus 8.33 cents per share.
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