Reversed Our Positions on Dr. Phillip Frost

Sold out of ROX at an average of $ 1.15

Is America going to stop drinking ?

CASTLE BRANDS INC(ROX:NYSE MKT LLC, US)

0.8599USDDecrease0.0831(-8.81%)Volume: 
Above Average
As of 30 Apr 2014 at 12:53 PM EDT.

 

 QUOTE DETAILS
Open 0.9400 P/E Ratio (TTM)
Last Bid/Size 0.8578 / 1 EPS (TTM) -0.11
Last Ask/Size 0.8600 / 261 Next Earnings
Previous Close 0.9430 Beta 0.92
Volume 831,756 Last Dividend
Average Volume 453,313 Dividend Yield 0.00%
Day High 0.9409 Ex-Dividend Date
Day Low 0.8515 Shares Outstanding 150.1M
52 Week High 1.55 # of Floating Shares 63.45682M
52 Week Low 0.2652 Short Interest as % of Float 0.60%
chart
Sold positions in OPKO at an average price of $ 9.50

OPKO HEALTH INC(OPK:NYSE, US)

8.13USDDecrease0.185(-2.23%)Volume: 
Average
As of 30 Apr 2014 at 12:54 PM EDT.  


QUOTE DETAILS

Open 8.20 P/E Ratio (TTM)
Last Bid/Size 8.12 / 9 EPS (TTM) -0.33
Last Ask/Size 8.13 / 10 Next Earnings 5 May 2014
Previous Close 8.31 Beta 1.00
Volume 1,123,325 Last Dividend
Average Volume 2,333,173 Dividend Yield 0.00%
Day High 8.28 Ex-Dividend Date
Day Low 8.10 Shares Outstanding 413.6M
52 Week High 12.95 # of Floating Shares 221.5064M
52 Week Low 6.14 Short Interest as % of Float 21.46%
chart
We are looking for to replace these positions and will do so when the prices re-stabilize.

3D Systems Target Price $ 75

DDD : NYSE : US$45.26
BUY 
Target: US$75.00

COMPANY DESCRIPTION:
3D Systems is a leading provider of rapid 3D printing,
prototyping and manufacturing solutions used to create
product concept models, precision and functional
prototypes, master patterns for tooling, and end-use
production parts for direct manufacturing. 3D Systems’
products allow complex three-dimensional objects to be
manufactured directly from computer-aided design and
manufacturing (CAD/CAM) software tools.

FUNDAMENTALS REMAIN STRONG WITH UPSIDE POTENTIAL
Investment recommendation
We reiterate a BUY rating on strong top line growth and a looming
recovery for margins and earnings growth. While DDD has been under
pressure along with the rest of the 3D printing space, we believe positive
new product ramps, margin expansion, and earnings upside could act as
positive catalysts in the ensuing quarters. Our price target is reduced to
reflect multiple compression likely to afflict growth stocks in 2014,
although we continue to expect strong share appreciation from these
levels.
Investment highlights
 DDD reported Q1/14A (Mar) earnings this morning. Revenues and
EPS were $147.8 million and $0.15 compared to consensus
estimates of $145.5 million and $0.15. Revenue increased 45% Y/Y
(-5% Q/Q) driven by 28% Y/Y organic growth and included 53% Y/Y
growth in Printers and Other products, 41% Y/Y growth in Print
Materials and 38% Y/Y growth in Services.
 Management reiterated their 2014 targets, with a revenue
expectation of $680M to $720M (+36% Y/Y at $700M mid-point)
compared to our prior $710M and the $701M consensus
expectation. Guidance includes $80 million to $120 million in
Consumer revenues and $25 million to $50 million in Phenix metal
printer sales. Non-GAAP EPS is guided to $0.73-$0.85 compared to
our prior expectation of $0.83 and consensus expectation of $0.81.
Valuation
DDD’s price target of $75 (was $100) is 8x our 2015 sales estimate of
$950.5 million.

Ecolab BUY

ECL : NYSE : US$104.83

BUY 
Target: US$120.00 

COMPANY DESCRIPTION:
Based in St. Paul, Minnesota, Ecolab is a leading
international provider of advanced technologies and
services helping to optimize the use of resources such as
water, energy, food and the environment.

 

Transportation and Industrials — Industrial Technologies
EXECUTION STAYS STRONG; Q1
RESULTS; MAINTAIN BUY, $120 TGT
Investment recommendation
We find Ecolab very well positioned to benefit from the convergence of
population growth, resource volatility and rapid industrialization across
the world. The company’s recurring services model drives high visibility
(even in an uncertain macro environment), along with an impressive
expansion into Energy. Maintain BUY.
Investment highlights
 Merger synergies and European margin enhancement efforts are
tracking to plan (with several significant wins this quarter), while
Energy continues to shine (strong new business activity supports
better organic growth in H2/14). Next catalyst with booth tour at
upcoming restaurant show in Chicago (5/19).
 Expansion of the 3D TRASAR platform into industrial looks to gain
momentum moving through the year (CIP, solids, etc.), representing
a nice potential upsell opportunity for existing accounts (as new
product focus continues to help drive share gains and mitigate
inflation). ‘14E guidance gets reiterated at $4.10-$4.20, with Q2
targeted at ~$1.00-$1.04 (16-21% growth vs. tough comparison).
 Our ’14 estimates adjust to reflect results, with F2014 going to
$14.5B/$4.20 from $14.5B/$4.18; F2015 stays at $15.5B/$4.83.
Valuation
Our 12 month target of $120 equates to an EV/EBITDA multiple of
~13.6x our 2015 estimate.
Risks
Global macroeconomic conditions, seasonal sales patterns, commodity
costs, competition, regulatory dynamics and M&A integration.

HomeAway

AWAY : NASDAQ : US$36.94

HOLD 
Target: US$41.00

COMPANY DESCRIPTION:
Based in Austin, Texas, HomeAway is the world’s leading online
marketplace for vacation rentals. The company owns and
operates a portfolio of online properties, which includes
HomeAway.com, VRBO.com, Homelidays.com, Abritel.fr, and
FeWo-Direkt.de. The company has 145 countries with vacation
rentals listed on its websites and serves 19 countries with
dedicated websites.

All amounts in US$ unless otherwise noted.

Technology — Internet
SOLID Q1 RESULTS; PPB ON TRACK; MARKETING SPEND ON HORIZON
Summary
HomeAway reported solid Q1 results marked by continued expansion of
the PPB model. How this model rolls out and competes with or is
integrated effectively with the core subscription business at HomeAway
remains the key question for the stock this year, in our opinion. We
believe investors are cautiously optimistic, while also grappling with
how much the company may spend on marketing later this year to fuel
growth in both businesses.
Key Points
 Bullish: strong PPB listings growth, with 35k new listings added in
the quarter; other revenue showed substantial acceleration;
inclusion of European properties on core HomeAway technology
platform should drive expanded European momentum later this
year.
 Bearish: Subscription listings grew by only ~5.6% y/y (10.3%
adjusted); sequential subscription ARPL expansion of $7 was the
lower than other recent quarters; guidance implies slight EBITDA
margin pressure with potentially more marketing spend to come
later in the year.
 Estimate Changes: We are slightly raising our FY14, and FY15
revenue estimates from $434M and $499M to $440M and $508M,
and lowering non-GAAP EPS estimates from $0.72 and $0.95 to
$0.67 and $0.92.
Valuation
We slightly lower our price target to $41.00 (from $43.00). Our new
price target is based on 45x (unchanged) our revised 2015 EPS estimate
of $0.92 (down from $0.95). We maintain our HOLD

 

 

Edwards Lifesciences UPDATE BUY

EW : NYSE : US$80.27

BUY 
Target: US$86.00

COMPANY DESCRIPTION:
Edwards Lifesciences manufactures minimally invasive
medical devices for the cardiovascular market. Its
primary product line is centered on heart valve therapy
and includes tissue valves, mechanical valves, and repair
products. It has a large offering for critical care, with key
products for hemodynamic and pressure monitoring.

Life Sciences — Biomedical Devices and Services
DEBATE WILL STILL RAGE, BUT WE MAINTAIN A LONG BIAS; BUY
Investment recommendation
We expect the lively bull-bear debate to continue following EW’s Q1 results
given that the company’s performance gave both camps ample ammunition
to voice their positions. Bulls should focus on the strong OUS TAVI results,
imminent XT approval, bullish SAPIEN 3 prospects and TMVR potential.
Bears will focus on TAVI shares losses in US. In the end, we see more “risk”
to the upside – both in terms of upside potential to current estimates and
positive news catalysts (IP litigation, royalty/injunction, XT approval); thus
recommend investors take a long bias.
Q1 turned out pretty much as expected, i.e. the opportunities remain intact
and the challenges (US TAVI share shifts) remain. Overall, recent events
may tip the scales in favor the bull argument — the growing body of clinical
evidence supporting TAVI therapy (CoreValve data could lift all TAVI boats),
coupled with the imminent approval of XT in U.S. Moreover, the potential
for a material royalty from MDT in light of EW’s recent patent wins are not
factored into consensus models, in our view.
We would accumulate EW shares and recommend investors continue to
focus on accelerating EPS growth potential in 2015/2016, when we see new
products accelerating revenue growth and operating margin expansion. We
maintain our BUY rating and raise our price target to $86 from $84.
Investment highlights
 Total sales grew 5% Y/Y to $528.4M (+5%), above our $519M estimate
but below the Street’s $525M.
 WW TAVI sales of $189.2M (+11.5% Y/Y) were above our $181.1M
estimate and the Street’s $188.1M. U.S. TAVI sales of $78M (-6% Y/Y)
were below estimates, while OUS TAVI $111M (+36%) blew past
expectations.

 

 

Apple – TINY follows interest iPhone6 next generation –

Price and volume moving on Apple Connection

other factors not calculated in price ?

Nanosys had a valuation in 2004 of $500m – at that point it had no product, no customers and no revenue. Now with AAPL behind them, you can argue that its valuation is well north of what it was a decade ago. For argument let’s say that it’s worth somewhere between $1.5 billion and $3 billion. This would make its stake worth between $3 and $6 a share, on top of its current NAV of about $4.00. This would give TINY a “fair value” of $7 to $10 a share. Also this valuation doesn’t account for any of their other late stage companies taking advantage of the hot IPO market. You could argue Harris & Harris has 3 other portfolio companies which could conceivably file for an IPO in late 2014 or early/mid 2015, further increasing the fair value of its portfolio.

  • With TINY trading around $3.36 over 20% under NAV (which is very conservative) it would be an interesting way to profit from a major component supplier to AAPL and iPhone6. I haven’t seen one article or mention which connects to AAPL/iPhone6. This appears to be totally missed by the market and flying under traders and investor’s radar. TINY at these levels is an extremely undervalued option on investor and trader interest in a major component/technology supplier and also has a much longer-term appeal on valuation and upcoming IPO potential of its maturing portfolio.
  • HARRIS AND HARRIS GROUP INC(TINY:NASDAQ, US)

    3.68USDDecrease0.01(-0.27%)Volume: 
    Above Average
    As of 28 Apr 2014 at 12:06 PM EDT.

     

     Little offered as shareholders seek a new 52 Week high


    QUOTE DETAILS

    Open 3.73 P/E Ratio (TTM)
    Last Bid/Size 3.68 / 10 EPS (TTM) -0.65
    Last Ask/Size 3.73 / 23 Next Earnings 5 May 2014
    Previous Close 3.69 Beta 1.33
    Volume 152,482 Last Dividend
    Average Volume 121,291 Dividend Yield 0.00%
    Day High 3.78 Ex-Dividend Date
    Day Low 3.63 Shares Outstanding 31.2M
    52 Week High 3.94 # of Floating Shares 28.56535M
    52 Week Low 2.83 Short Interest as % of Float 0.31%
    chart

    LEVEL 2 QUOTE

    Market Maker Shares Bid Price Ask Price Shares Market Maker
    Direct Edge ECN LLC 100 3.680 3.730 100 Archipelago Stock Exchange
    Direct Edge ECN LLC 1,000 3.680 3.730 200
    Nasdaq Execution Services, LLC. 218 3.680 3.730 300 Direct Edge ECN LLC
    Archipelago Stock Exchange 500 3.660 3.730 100 Philadelphia Stock Exchange
    100 3.660 3.730 100 Timber Hill LLC
    Bats Trading, Inc. 100 3.600 3.780 200 Direct Edge ECN LLC
    100 3.600 3.790 100
    Citigroup Global Markets Inc. 100 3.600 3.800 100 Bats Trading, Inc.
    100 3.590 3.800 100
    Timber Hill LLC 100 3.560 3.810 100 Citigroup Global Markets Inc.
    LATOUR TRADING LLC 100 3.530 3.820 100 LATOUR TRADING LLC
    Credit Suisse Securities (USA) LLC 100 3.440 3.930 100 Credit Suisse Securities (USA) LLC
    Goldman, Sachs & Co. 100 3.420 3.950 100 Knight Capital Americas LLC

Deckers Outdoor Corporation BUY Target $ 103

DECK : NASDAQ : US$78.53

BUY 
Target: US$103.00 

COMPANY DESCRIPTION:
Deckers Outdoor Corp. engages in the design,
manufacture, and marketing of footwear and accessories
for outdoor activities and casual lifestyle use. DECK
distributes their goods through specialty retailers,
department stores, outdoor retailers, sporting goods
retailers and online retailers. DECK also sells directly to
consumer through its websites and retail concept stores.
The company was founded in 1973 and headquartered
in California.

All amounts in US$ unless otherwise noted.

Consumer & Retail — Footwear and Apparel
SOLID Q, IMPRESSIVE BACKLOG; REITERATE BUY, $103 TARGET
Investment recommendation
DECK reported a solid EPS beat of -8c vs. our -14c estimate driven by
stronger sales growth (+11.7% vs. our 6.4% estimate), greater gross
margin expansion (+210bps vs. our +35bps), and modestly better
expense leverage. As we anticipated, the extended cold winter helped
drive sales of UGG boots and slippers, while spring product has recently
begun to sell well in warmer weather markets. As such, inventory was
down 18%, indicating a healthy position heading into the new fiscal
year. In no uncertain terms, this was a solid, clean quarter. In addition,
the backlog ending March 31, was up a very strong +19% vs. our 10%
estimate driven by strong demand for UGG, HOKA, loungewear, and I
Heart UGG product. That said, wholesale growth was guided +LDD,
suggesting strong upside potential to w/s estimates. Nonetheless, given
the strength across all brands, DECK raised F14 guidance. With all
aspects of the business working well, we reiterate our BUY rating.
Investment highlights
 DECK is taking its German UGG distribution in house beginning July
1, 2014. We expect both sales and gross margin will benefit from
the transition, thus contributing incrementally to FQ2 and FQ3 EPS.
 New store growth is increasing from 25 to 30-35 stores as DECK
takes advantage of opportunistic real estate openings. E-commerce
(+45%) experienced robust growth as well, and should continue to
aid in brand awareness, particularly internationally (e.g. Germany).
Valuation
Our $103 target is a blend of 19x 2015E EPS, 11x EBITDA , DCF