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Linear Technology
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18 января, 01:08

BRIEF-Linear Technology Q2 earnings per share $0.50

* Linear Technology reports sequential increases in revenue, net income, and earnings per share. The company increases the quarterly dividend $0.01 to $0.33 per share

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10 января, 06:56

A puzzle for the risk manager

The last two posts were essentially about picking a value-stock portfolio and managing the risk. And they were lessons that I thought I could implement. This is stuff I find harder. So I am looking for your input.--This is the portfolio of a fairly well known value investor in March 2008. I have taken the name off simply because it doesn't help but there was roughly $4 billion invested this way.To put it mildly this portfolio was very difficult over the next twelve months. Sector allocation Positions Banks - Europe 24% Fortis, ING, Lloyds, RBS Banks - Japan 14% Millea, MUFJ, Mizuho, Nomura Banks - USA 8% Bank of America, JP Morgan Technology - PC & Software 18% Linear Technology, Maxim Integrated products, Oracle Semiconductor equipment 14% Applied Materials, KLA Tenecor, Novellus Systems Beer 20% Asahi, Budweiser, Group Mondelo, Heinekin, InBev Media 15% Comcast, News Corp, Nippon Television Other 14% eBay, Home Depot, Lifetime Fitness, William Hill Net effective exposure 127% Shorts -16% Net exposure 111% Cash -11% The PE ratios mostly looked reasonable and all of these positions could be found in quantity in the portfolios of other good investors. Its just the combination turned out more difficult than average.Your job however is to risk-assess the portfolio.Even with the considerable benefit of hindsight how would you analyse this portfolio?What would you say as risk manager that made the portfolio manager aware of what risks he was taking?What would you say if you were a third party analyst trying to assess this manager?What is the tell?Remember the portfolio manager here has a really good record and the "aura" around them. They are smarter than you.And yet with the restrospectascope up there is stuff that is truly bad.They had four European banks making up a quarter of the value of the portfolio. Most European banks went through the crisis hurt but not permanently crippled. Permanently crippled came later with the Euro crisis.The four European banks here (Lloyds, RBS, Fortis, ING) however received capital injections so large that they were effectively nationalised. If you had thrown darts at European banks it might have taken hundreds of rounds to pick four that bad... They could not have been picked this bad by chance - they had to have systematic errors here.There is something really wonky about this portfolio - and it is not by chance - so there was something faulty about the way the portfolio was constructed.JohnPS. It is fair to say some of the portfolio (News Corp for example) was awful in the crisis and came back stronger than ever. And some that I would have thought ex-ante high risk (such as the semi-conductor capital equipment makers) turned out okay - having "ordinary" draw downs in the crisis and recovering them since.PPS. I kept the document this came from because at the time I thought the portfolio was absurd and would end in tears. But some of my thoughts then were wrong too - especially re the semiconductor capital equipment stocks.

06 декабря 2016, 18:15

В Пензе создали новую серию цифро-аналоговых преобразователей

Холдинг «Росэлектроника» Госкорпорации Ростех осваивает производство новых серий цифро-аналоговых преобразователей (ЦАП) для радиоэлектронной аппаратуры. Специалисты пензенского предприятия холдинга — ОАО «НИИ электронно-механических приборов» (НИИЭМП), разработали микросборки 430НА014 и 430НА024, являющиеся развитием семейства ЦАП на основе тонкопленочных резисторов и обладающие улучшенными характеристиками.

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01 декабря 2016, 16:59

BRIEF-Analog Devices says sees adj. interest, other expense about $30-$35 mln/fiscal qrtr until closing of Linear Technology acquisition

* Analog Devices says now expects non-GAAP interest and other expense to be about $30 to $35 million per fiscal quarter until closing of proposed acquisition of linear technology Source text: http://bit.ly/2gCwaPw Further company coverage:

01 декабря 2016, 16:57

Analog Devices Declares Pricing of $1.875B Senior Notes

Leading semiconductor company Analog Devices Inc. (ADI) recently announced the pricing of unsecured senior notes totaling $1.875 billion.

22 ноября 2016, 19:35

Analog Devices (ADI) Beats on Q4 Earnings and Revenues

Analog Devices Inc. (ADI) reported fourth- quarter fiscal 2016 adjusted earnings of $1.05 per share, which comprehensively beat the Zacks Consensus Estimate of 90 cents.

22 ноября 2016, 17:50

Analog Devices (ADI) Q4 Earnings & Revenues Beat Estimate

ADI reported pro-forma earnings of $1.05 which exceeded The Zacks Consensus Estimate of 90 cents.

19 ноября 2016, 01:41

Will Analog Devices (ADI) Q4 Earnings Spring a Surprise?

Analog Devices, Inc., (ADI), one of the world leaders in the design, manufacture and marketing of high-performance analog, mixed-signal and digital signal processing integrated circuits, will report fourth quarter fiscal 2016 results on Nov 22.

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15 ноября 2016, 16:42

AECOM's (ACM) Q4 Earnings & Revenues Miss, Decline Y/Y

AECOM (ACM) failed to maintain its earnings streak, posting fourth-quarter fiscal 2016 earnings per share of 65 cents, which lagged the Zacks Consensus Estimate of 74 cents by 12.2%.

04 ноября 2016, 17:03

Fluor (FLR) Tops Q3 Earnings, Lags Revenues; Guides Down

After three consecutive earnings misses, multinational engineering and construction firm, Fluor Corporation (FLR) managed to crush estimates in its third-quarter 2016 results.

28 октября 2016, 15:43

Flowserve (FLS) Q3 Earnings & Revenues Miss, Decline Y/Y

Flowserve Corp. (FLS) reported third-quarter 2016 adjusted earnings of 52 cents per share, missing the Zacks Consensus Estimate of 61 cents by 14.8%.

27 октября 2016, 16:30

Analog Devices, Southwest Airlines, Amazon and Expedia highlighted as Zacks Bull and Bear of the Day

Analog Devices, Southwest Airlines, Amazon and Expedia highlighted as Zacks Bull and Bear of the Day

27 октября 2016, 12:01

Bull of the Day: Analog Devices (ADI)

Bull of the Day: Analog Devices (ADI)

20 октября 2016, 15:14

BRIEF-Analog Devices and linear technology announce antitrust clearances

* Analog Devices and linear technology announce antitrust clearances in the united states and germany

19 октября 2016, 17:17

Linear Technology (LLTC) Misses on Q1 Earnings, Revenues

Linear Technology Corp. (LLTC) reported first-quarter fiscal 2017 earnings of 53 cents, which missed the Zacks Consensus Estimate by a penny.

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19 октября 2016, 03:02

BRIEF-Linear Technology stockholders approve merger agreement with Analog Devices

* Linear technology stockholders approve merger agreement with analog devices

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19 октября 2016, 00:11

BRIEF-Linear Technology Q1 earnings per share $0.47

* Q1 earnings per share view $0.54 -- Thomson Reuters I/B/E/S

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