Andrew Harrer/Bloomberg via Getty ImagesFederal Reserve Chair nominee Janet Yellen. NEW YORK -- Debate over when the Federal Reserve could trim its bond purchases monopolized market talk this year, but as a new Fed chief takes charge, more participants believe the key theme to emphasize for 2014 is low rates for longer. For the bond market, which suffered a number of doomsday predictions for 2013 that never materialized, that means yields could also remain low. Even if they do rise, it might not be by much, since benchmark 10-year yields have already had a 100-plus basis point increase from lows hit in May. "The Fed under [Fed Chair nominee] Janet Yellen will be committed to a very low federal funds rate for several more years," said Jake Lowery, Treasury trader and portfolio manager for global interest rates at ING U.S. Investment Management. "That commitment to low rates is much more important than the precise timing of tapering," Lowery said, referring to potential reductions in the Fed's large-scale purchases of U.S. Treasuries and mortgage-backed securities. Fed Chair nominee Janet Yellen, testifying before the Senate Banking Committee this month, strongly defended the Fed's bold steps to spur economic growth, calling efforts to boost hiring an imperative. Outgoing Chairman Ben Bernanke also argued that case last week, saying the way to normalized policy in the future was through heavy stimulus now. "The FOMC, and especially a Yellen-led FOMC, will put a lot of weight on the employment side of its mandate and it's going to take a long time to get unemployment down to where the Fed wants it to be," said Goldman Sachs (GS) chief economist Jan Hatzius in a recent webcast. Hatzius said he expects the Fed to cut its threshold for unemployment to 6 percent from 6.5 percent. The U.S. unemployment rate currently stands at 7.3 percent. That means 2014 could be another good year for riskier assets, and a bumpier one for safer fixed income investments. "Returns of seven or eight percent on a fixed-income portfolio when the Fed pursues a zero percent interest-rate policy are just not possible," said Eric Stein, co-director of the global income group at Eaton Vance Investment Managers. In 2013, only junk bonds produced good returns. Investment grade corporates lost money as have most classes of Treasuries. The increased conviction that interest rates will remain lower for longer means investors will favor yield without duration. It also means bad economic news is good for stocks as it implies a longer period of Fed accommodation. "The economy is too weak for the Fed to consider a pullback in quantitative easing, let alone an abandonment of zero percent interest rates," said Jeffrey Rosenberg, BlackRock chief investment strategist for fixed income. Two misperceptions have kept some investment managers and traders from recognizing that rates will remain lower for longer than they think, said Robert Tipp, chief investment strategist at Prudential Fixed Income in Newark, N.J., with $400 billion in fixed-income assets under management. "First, investors underestimate the need for accommodation in the global monetary system," he said. The euro zone recovery is slow, driving a similar low-rates-for-longer policy at the European Central Bank, he said. Bank of Japan Governor Haruhiko Kuroda said on Monday the bank would further expand stimulus if growth wassn't strong enough to boost inflation to 2 percent. "Second, the U.S. economy also remains slack," Tipp said. After enduring a sell-off mid-year when the Fed intimated a small pullback in stimulus was on the way, bond rates dropped when the Fed decided to carry on purchasing bonds at its current rate. Yields since then have risen. The 10-year note now yields 2.75 percent. Higher long-term rates can potentially choke off a recovery, a hint of which can already be seen in the housing sector where sales of existing homes fell last month. "The Fed probably is not in love with this steep of a yield curve because of the impact on mortgage rates," said Jeffrey Kronthal, co-founder of KLS Diversified Asset Management. Fed Research Examines Forward Guidance Top Fed economists have also suggested the Fed might rely more on giving forward guidance on the path of interest rates by, for instance, adjusting its thresholds on inflation and unemployment to signal rates will stay low even as the recovery picks up. That guidance could compensate for some reduction in the Fed purchase program known as quantitative easing. This would give the Fed "a way of committing to keep interest rates lower for longer than would otherwise be the case under conventional policy, and thereby improve economic outcomes," Fed economists William English, J. David Lopez-Salido, and Robert Tetlow said in a paper presented earlier this month at a research conference hosted by the International Monetary Fund in Washington D.C. Some Are Skeptical Some policymakers and strategists worry monetary stimulus is already fueling inflated asset prices and higher leverage that could hurt the economy when reversed. The Bundesbank recently warned that the eurozone's record low interest rates posed risks to the financial sector if they remained in place for a long time. Some strategists think improved sentiment in purchasing managers surveys foreshadows recovery in the United States and elsewhere and that rates will rise in 2014. But even if they did, the risk of another 100-basis-point rise in 10-year yields is lower since those yields have already risen more than a percentage point from their 2013 low, said Zach Pandl, strategist at Boston-based Columbia Management, with $345 billion in assets under management. "We've already had a large valuation correction," he said.
Wednesday, November 27, 2013
What Taper? Low Rates for Longer Is Key Fed Theme in 2014
Molycorp Mows Down Investors -- Again
Easy come, easy go. Shares of rare earth minerals miner Molycorp (NYSE: MCP ) started October on a high note following news of the completion of its chloralkali plant at its Mountain Pass, Calif., mine, but looks like it will be closing out the month heading down. The company admitted it has had difficulty getting the financing necessary for equipment as prices continue to fall and the need to tap the equity markets with a dilutive offering to raise cash grows stronger.
Cerium Production Unit. Source: Molycorp
Unfortunately, that's just what I warned investors could happen and to ignore the positive news pump Molycorp got from the mineexpansion hullabaloo. The SEC filing Molycorp made surrounding its offering peels back the curtain a bit on just what a risky venture the miner is and why I cautioned only the smallest percentage of the most speculative investment portion of your portfolio should be invested here, if at all.
Although the Mountain Pass mine has the capacity to produce 19,050 metric tons (MT) of rare earth ore, it's only been able to achieve 15,000 MT of REO "for brief periods" as it keeps encountering mechanical problems that it needs to correct. As a result, it's been producing an estimated 10,600 MT on an annualized basis.
While Molycorp plans on eventually ramping things up, it really all comes down to demand, but over the first three quarters of 2013, it's sold just 2,500 MT. Besides, almost half of what the mine produces is cerium, which it admits is a low demand REO and sales of the metal haven't been meaningful over the past few quarters.
Cerium in particular is plunging in value, falling all the way down to price levels not seen since 2009. In the third quarter alone the price plunged 25% from what it realized in the second, the largest drop experienced by any of the rare earth elements. In fact, cerium and lanthanum, the two that Molycorp says it's going to focus on because of their abundance, are the only two that haven't remained significantly higher than their pre-2010 levels, which were their historic highs.
Sure, the miner says its hopeful that its SorbX advanced water purification technology will help drive cerium sales, but 2014 is pretty much going to be a bust on sales so investors will have to wait for 2015 at the earliest before they see results. That is, if Molycorp can get financing to survive that long.
Because sales have been far below what Molycorp expected, due to a combination of lower production and lower prices, revenues and cash flows have come up short. In fact it expects to generate negative cash flows in the third quarter and after after paying for its debt load it will be negative again in the fourth. Hence, yet another dilutive stock offering, this one for $200 million.
I've been warning investors all along Molycorp is abysmal, that it's proven all too willing to dilute shareholders time and again, and earlier this year said it needed a "Goldilocks environment" to play out otherwise it would tap the equity markets once more. And here we are with the bears coming home and finding Molycorp napping in their beds. Its stock has lost nearly a quarter of its value this month.
It does have a backup plan if the offering fails, and that's to have Chilean molybdenum processor Molymet purchase up to $50 million in company stock. Molymet has bought shares before, just last year it bought $390 million worth, when the stock ws trading at around $54 a share. Ouch! It can't be very happy with its investment, and likely explains why it's only willing to buy a fraction of that amount this time.
Molycorp also needs to contend with the fact that there's a limited market for the metals it will mine at the same time Lynas (NASDAQOTH: LYSDY ) is already out there producing them in Malaysia, let alone what China itself is bringing to the market. To think it can substantially crack the market at a profitable price in sufficient quantities, even if it does become a low (or the lowest) cost producer, is wishful thinking of the highest order.
This miner will continue to disappoint -- and dilute! -- shareholders. Speculative probably does not do justice to the risk that accompanies Molycorp and prudent investors will simply sit on the sidelines with this stock.
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Sunday, November 24, 2013
10 Best High Tech Stocks For 2014
Cracking our list of the most humongous health-care stocks wasn't an easy proposition this week. The bar was raised so high that even stocks with 15% gains didn't make the cut. Which did make it? Here are three of this week's best performers.
One and done
No more tests required. That's the word from the Food and Drug Administration to Acadia Pharmaceuticals (NASDAQ: ACAD ) this week. Acadia's shares skyrocketed more than 60% on the news.
Acadia planned to conduct a second late-stage study for pimavanserin, its experimental drug for treatment of�Parkinson's disease psychosis. However, the FDA will now allow results from the company's first phase 3 trial, along with data from other studies, to be used in submission of the New Drug Application, or NDA, for the drug.
The second study was scheduled to begin later this month, but now has been canceled. Acadia should submit the NDA for pimavanserin in late 2014.
Right direction
Things keep looking better and better for drugstore chain Rite Aid (NYSE: RAD ) . The company reported its first yearly positive earnings since 2007 this week. Shares jumped 35% on the accomplishment.
10 Best High Tech Stocks For 2014: R.R. Donnelley & Sons Company(RRD)
R.R. Donnelley & Sons Company provides pre-media, printing, logistics, and business process outsourcing products and services to private and public sectors worldwide. The company operates primarily in the commercial print portion of the printing industry, with related product and service offerings designed to offer customers solutions for communicating their messages to target audiences. Its products and related service offerings include magazines, catalogs, retail inserts, books, directories, financial print, direct mail, forms, labels, office products, statement printing, pre media, and logistics services. The company also offers business process outsourcing services that comprise transactional print and outsourcing services, statement printing, direct mail, and print management services; and product configuration, customized kitting, and order fulfillment for technology, medical device, and other companies. It distributes its products to end-users through the United Sta tes postal services, retail channels, electronically, or by direct shipment to customer facilities. R.R. Donnelley & Sons was founded in 1864 and is based in Chicago, Illinois.
Advisors' Opinion:- [By Brian Stoffel]
R.R. Donnelley & Sons (NASDAQ: RRD )
This company, based out of Chicago, has been an industry stalwart since its founding in 1864. Back then, founder Richard Donnelley printed the precursor to the Yellow Pages for Chicago residents. �
10 Best High Tech Stocks For 2014: Abitibi Mining Corp. (ABB.V)
Abitibi Mining Corp. engages in the acquisition, exploration, and development of mineral properties in Canada. The company primarily focuses on exploring gold and uranium deposits. It principally holds interests in the Tannahill property located in Tannahill Township; the Redhat property located in Webb, Lomond, and McIlraith Townships; and Centrefire Lake properties located in Lomond and McIlraith Townships, Ontario. The company is headquartered in Vancouver, Canada.
Top 10 Penny Stocks To Buy Right Now: Pimco California Municipal Income Fund II(PCK)
PIMCO California Municipal Income Fund II is a close ended fixed income mutual fund launched and managed by Allianz Global Investors Fund Management LLC. It is co-managed by Pacific Investment Management Company LLC. The fund invests in fixed income markets. It primarily invests in municipal fixed-income securities. Its portfolio of investments include investments in california municipal bonds and notes, other municipal bonds and notes, call and put options written, california variable rate notes, other variable rate notes, corporate notes, california variable rate demand note, and U.S. treasury bills. PIMCO California Municipal Income Fund II was formed in 2002 and is based in New York City.
10 Best High Tech Stocks For 2014: Total Telcom Inc.(TTZ.V)
Total Telcom Inc., through its subsidiary, ROM Communications Inc., develops and provides Web to wireless products and services for commercial, industrial, and consumer applications in North America. The company offers various products based on MicroCom, a Web to wireless technology; and ROMTraX, a proprietary hardware and software. Its products comprise Remote Weather Station, a solution that provides picture of the weather trends; EnviroWatch Irrigation Flow Metering solution to track water consumption, inflow, and outflow; and Water Quality Monitor, a series of devices to offer data acquisition for various environmental monitoring or study applications, including water quality monitoring. The company also provides Vessel Monitoring System, a satellite based positional tracking system; ROMTraX asset tracking device to track the location and movement of vehicles or other mobile assets; Power Fault Trip Monitor, a fault monitoring solution for monitoring power underground and aerial circuit over-current faults for utility or other providers; and Remote Power/Utility Monitor, a power monitoring solution for modbus based power meters. In addition, it offers Remote Gas Flow Monitor, a solution to remotely connect to various electronic gas flow meters; MicroCom Remote Telemetry, a device with a combination of proprietary hardware and software; and EnviroWatch Remote Telemetry for the data acquisition of various environmental tracking or study applications. The company?s products are used in environmental, tracking, utility, oil and gas, and customized applications. Its solutions enable companies and organizations to remotely monitor, track, and control their fixed and mobile assets with a Web browser from any Internet enabled personal computer. The company is headquartered in Kelowna, Canada.
10 Best High Tech Stocks For 2014: Abcourt Mines Inc. (ABI.V)
Abcourt Mines Inc. engages in the acquisition, exploration, and development of mining properties in Canada. It explores for gold, siver, copper, and zinc ores. The company owns 100% interests in the Elder and Tagami mine project that consists of 34 claims and a mining concession covering an area of 876 hectares located near Rouyn-Noranda, Quebec; the Abcourt-Barvue property, which comprises 139 claims and 2 mining concessions covering 5,865 hectares located to the north of the mining community of Val-d�Or, Quebec; and the Vendome property that includes 59 claims covering 2,546 hectares located to the north of Val-d�Or, Quebec. It also holds a 100% interest in the Aldermac property that covers 303 hectares located in Beauchastel township near Rouyn-Noranda, Quebec; and interests in the Vezza property consisting of 85 claims and 19 cells covering 2,233 hectares in Vezza township, Quebec. The company is headquartered in Mont-St-Hilaire, Canada.
10 Best High Tech Stocks For 2014: Ilookabout Corp(ILA.V)
iLOOKABOUT Corp. provides geo-coded image products that help commercial enterprises to explore, map, and manage with visual data. It offers iLOOKABOUT StreetScape, a geocoded image product that creates images for multiple user applications, supported by a proprietary storage and security system; and DropZone, a photo upload application, which enables the clients to upload their database of images with pre-set parameters and croppings to iLOOKABOUT for standardizing, organizing, and storing. The company also provides professional programming and development services; and geo-coding street-level image data collection, processing, and geo-coding services. iLOOKABOUT intends to build its image database in North America and Europe; and to license its image data to governments and related agencies, as well as to businesses in various industries, such as real estate, insurance, government agencies, utilities, property assessment, and financial institutions. The company was founde d in 2000 and is headquartered at London, Canada.
10 Best High Tech Stocks For 2014: Liquidmetal Tech(LQMT.OB)
Liquidmetal Technologies, Inc., a materials technology company, designs, develops, and sells products and components from bulk amorphous alloys worldwide. It designs, develops, and produces components for non-consumer electronic devices, including parts for high end printers, commercial imaging devices, aerospace components, medical devices, and industrial machines. The company also develops various applications for liquidmetal alloys in the sporting goods and leisure products area. In addition, it develops products relating to various medical devices, such as specialized blades, orthopedic instruments utilized for implant surgery procedures, dental devices, and general surgery devices. The company was founded in 1987 and is based in Rancho Santa Margarita, California.
10 Best High Tech Stocks For 2014: Wolverine World Wide Inc.(WWW)
Wolverine World Wide, Inc. designs, manufactures, sources, markets, licenses, and distributes branded footwear, apparel, and accessories. It offers industrial work shoes, boots, uniform shoes, outdoor sports footwear, rugged casual footwear, lifestyle footwear, sandals, and closed-toe products. It also provides outdoor apparel, and work and rugged casual apparel; and accessories, such as packs, bags, and luggage, as well as eyewear, gloves, handbags, socks, watches, and plush toys. The company offers its products under various brand names, including Bates, Cat Footwear, Chaco, Cushe, Harley-Davidson Footwear, Hush Puppies, HyTest, Merrell, Patagonia Footwear, Sebago, Soft Style, and Wolverine. It sells its products to a range of retail customers, which comprise department stores, national chains, catalogs, specialty retailers, mass merchants, Internet retailers, governments, and municipalities in the United States, Canada, and Europe. The company also markets its products in approximately 190 countries and territories through company-owned wholesale operations, licensees, and distributors. It also licenses its brands for use on non-footwear products. As of December 31, 2011, the company operated 101 retail stores in the United States, Canada, and the United Kingdom; and operated 42 consumer-direct Websites. Further, it markets pigskin leather, and purchases raw pigskins from other source. Wolverine World Wide, Inc. was founded in 1883 and is based in Rockford, Michigan.
Advisors' Opinion:- [By Rick Munarriz]
Tuesday
Wolverine Worldwide (NYSE: WWW ) steps up on Tuesday morning with fresh financials. The footwear maker behind Hush Puppies, Stride Rite, and other popular brands saw its stock hit a new high earlier this week. Analysts at Argus also boosted its price target on the shares from $54 to $64. - [By Jake L'Ecuyer]
Top Headline
Wolverine World Wide (NYSE: WWW) reported a 66% rise in its third-quarter earnings and raised its adjusted earnings outlook for the year. Wolverine now projects adjusted earnings of $2.73 to $2.83, versus its earlier forecast of $2.60 to $2.75 per share. The company narrowed its revenue view to $2.71 billion to $2.73 billion, versus $2.7 billion to $2.775 billion. - [By Isaac Pino, CPA]
Sustainable, exactly, long term. Let's start with wealth and the importance of walkability in creating strong economies -- and strong companies, for that matter. One of the things that you point out is a company called Wolverine Worldwide� (NYSE: WWW ) , I think based in Grand Rapids, Mich.?
10 Best High Tech Stocks For 2014: Spire Corporation(SPIR)
Spire Corporation develops, manufactures, and markets engineered products and services in the areas of PV solar, biomedical, and optoelectronics. It offers specialized equipment for the production of terrestrial photovoltaic modules from solar cells; and photovoltaic systems for application to powering buildings with connection to the utility grid, as well as supplies photovoltaic materials. It also provides surface treatments to manufacturers of orthopedic, cardiovascular, and other medical devices; and performs sponsored research programs into practical applications of biomedical and biophotonic technologies. In addition, the company offers custom compound semiconductor foundry and fabrication services to customers involved in biomedical/biophotonic instruments, telecommunications, and defense applications. Its services comprise compound semiconductor wafer growth, other thin film processes, and related device processing. Further, the company provides materials testing s ervices; and performs services in support of sponsored research into practical applications of optoelectronic technologies. The company offers its products primarily through its sales personnel in the United States, Europe, Africa, and Asia. Spire Corporation was founded in 1969 and is headquartered in Bedford, Massachusetts.
10 Best High Tech Stocks For 2014: Lantrovision(s)
Lantrovision (S) Ltd engages in the design, installation, supply, and provision of consultancy services on network integration and structured cabling. It is involved in the design and installation of computer cabling, as well as the trade of related accessories and peripherals; provision of cabling infrastructure services; sale of cabling accessories; and provision of system integration and network infrastructure services, as well as offers installation, maintenance, and support services for structured cabling systems and components. The company also engages in the structure, design, installation, and consultation of network system with computer communication technology. In addition, it manufactures and sells structuralized cable laying system and multimedia technology; trades in computer peripherals, electronic components, and products for various applications, planners, consultants, advisors, and managers in relation to computer services; and supplies data backup and ret rieval systems. Further, the company provides solutions for testing, monitoring, and analyzing enterprise and telecommunication networks; and contracting services for voice, data, and telecommunication. It primarily operates in Singapore, Malaysia, Hong Kong, China, and Korea, as well as in Thailand and the Philippines. The company was founded in 1990 and is based in Singapore.
Advisors' Opinion:- [By Dan Radovsky]
Masayoshi Son, the billionaire CEO of Japanese telecom SoftBank, told a news conference in Tokyo that the DISH Network's (NASDAQ: DISH ) counteroffer for Sprint Nextel (NYSE: S ) was "incomplete and illusory."
Saturday, November 23, 2013
Asian Stocks Swing From Gain, Loss on Health Care, Miners
Asian stocks swung between gains and losses as health care companies rose while materials producers fell. Japanese shares climbed as the yen weakened.
BHP Billiton Ltd., the world's biggest mining company, fell 1 percent in Sydney as it headed for its lowest close since July 22. Alfresa Holdings Corp. gained 3.7 percent in Tokyo to lead health care stocks higher. Mazda Motor Corp., which gets 30 percent of sales in North America, added 2.9 percent as the yen slid for a third day on optimism the U.S. government will avoid default.
The MSCI Asia Pacific Index rose 0.1 percent to 139.16 as of 10:32 a.m. in Tokyo after falling as much as 0.2 percent. U.S. House Republican and Senate Democratic leaders are open to a short-term increase in the debt limit, said congressional aides of both parties who spoke on condition of anonymity.
"The market obviously is expecting the gridlock to be resolved," said Donald Williams, Sydney-based chief investment officer at Platypus Asset Management Ltd., which oversees about A$1.6 billion ($1.5 billion). "But having said that, I think the market is uncertain until this is resolved, and so we've got choppy trading conditions ahead for the next week or so."
Japan's Topix index added 0.7 percent, extending yesterday's 1.5 percent gain, the most since Sept. 19. The nation's machinery orders rose more than expected in August, data showed today.
Regional GaugesSouth Korea's Kospi index climbed 0.2 percent as markets reopened following a holiday. New Zealand's NZX 50 Index gained 0.3 percent. Australia's S&P/ASX 200 Index fell 0.2 percent even as data showed the nation's unemployment rate expectedly dropped in September.
Futures on the Standard & Poor's 500 Index climbed 0.3 percent. The measure rose 0.1 percent yesterday amid signs that lawmakers could raise the debt ceiling and on optimism Janet Yellen won't rush to withdraw stimulus if she becomes Federal Reserve chief.
Best Dividend Companies To Invest In Right Now
President Barack Obama nominated Yellen, the current Fed vice chairman and an architect of its stimulus program, to succeed Ben S. Bernanke as central bank chairman. Most Federal Reserve policy makers said they were likely to reduce the pace of bond purchases this year, according to minutes released yesterday of their last meeting, which took place before the U.S. government partial shutdown started.
Friday, November 22, 2013
Factoring the New Taxes into Year-End Planning
As we slide toward the end of the year, be aware that we actually can do year-end tax planning. Unlike the last few years, we aren’t caught between tax provisions that are set to expire and a Congress that meets through the holiday season trying to cut a deal. It looks like we have some certainty about what the tax law will be for at least 2013 and 2014.
Keep in mind that there are several new or renewed provisions that increase taxes. The Pease limitation on itemized deductions and the phaseout of personal and dependent exemptions are back in the law. High income taxpayers (married couples with adjusted gross income above $300,000 and singles above $250,000) are subject to these.
Also, the top tax rate on long-term capital gains and qualified dividends was raised to 20%. But keep a couple of other points in mind. Only those in the top income tax bracket pay the 20% rate. Most others pay a 15% top rate. Even better, remember that the 0% tax rate on long-term capital gains and qualified dividends was made permanent. Those below the top of the 15% pay 0% on capital gains and dividends. The 0% rate applies to married couples filing jointly with taxable incomes below $72,500 and singles below $36,250.
The newest and more complicated tax is the 3.8% tax on net investment income that was part of Obamacare. Many people still are unaware of this and are likely to trigger the tax inadvertently and end up owing unexpected bills and penalties at tax time.
The 3.8% investment income tax is separate from all other taxes. It kicks in when modified adjusted gross income is above $250,000 for married couples filing jointly or $200,000 for single taxpayers. Modified AGI is regular AGI plus any exempt foreign earned income.
The tax is imposed on the smaller of net investment income or modified AGI that is above those levels. Suppose Max and Rosie Profits, a married couple have adjusted gross income of $225,000, all of it from investment income. They wouldn’t be affected by the investment income tax. But if they had $260,000 of adjusted gross income and $10,000 of it is investment income, they would owe the 3.8% tax on $10,000. If their investment income were less than $10,000, they would owe the 3.8% tax only on amount of net investment income. This tax is in addition to all other income taxes.
Here are the types of income to which the tax applies. Of course, taxable interest, dividends, and both long-term and short-term capital gains are taxed. Also included are royalties and most rental income. Some income from trading commodities is taxed, so if you have that type of income meet with a tax advisor who’s gone through the regulations.
A surprising inclusion in the tax is taxable income from insurance annuities. If you’ve been socking money away in deferred annuities over the years, when you take distributions they’ll face not only ordinary income taxes but also the 3.8% tax if your AGI is high enough.
Income from real estate investment trusts and master limited partnerships also are subject to the tax. But remember only income that is included in gross income is affected by the 3.8% tax. Most distributions from MLPs aren’t taxed. On average, MLP distributions are 15% taxable income and 85% nontaxable returns of capital. But the return of capital portion reduces your basis in the MLP shares, so it increases the capital gain when you eventually sell the shares. On the other hand, you can hold the MLP shares for life. Whoever inherits the shares will be able to increase the basis to current fair market value and avoid taxes on their sale.
Gains from the sale of a principal residence are subject to the tax only when they exceed the tax-free amount of $250,000 for a single taxpayer and $500,000 for married taxpayers filing jointly. But gains from sales of second homes and rental properties are subject to the tax.
A number of types of income aren’t subject to the tax. Interest income from tax-exempt bonds avoids the tax, though capital gains from sales of the bonds do not. Social Security benefits and life insurance benefits aren’t affected.
Pension benefits, including distributions from traditional IRAs and Roth IRAs, are exempt from the tax.
But keep in mind the interplay of tax provisions. Distributions from traditional IRAs are included in AGI. So, large IRA distributions could increase AGI and trigger the 3.8% tax on your investment income, though the distributions themselves aren’t subject to the tax. This is especially likely as you get older and required minimum distributions increase. But Roth IRA distributions aren’t included in gross income. Since they aren’t taxable, they don’t trigger the investment income tax. It’s another factor to consider when deciding whether or not to convert a traditional IRA to a Roth IRA.
Donations of appreciated assets to charity also avoid the tax. That’s another reason to consider making charitable donations in appreciated property held in taxable accounts instead of cash.
Real estate income can be exempt when earned by a real estate professional. To be a professional you must spend a minimum of 750 hours annually managing real estate. That means being involved in the nuts and bolts of managing properties. Those hours also must be more than half of your working hours for the year.
Income and gains earned through pass-through entities such as S corporations, partnerships, and limited liability companies might be exempt. The activity has to qualify as a business for the individual owner. You must pass one of the active involvement tests under the passive activity regulations. The easiest test to pass is to have the activity be your prime source of income, taking 500 hours or more of your time. When none of the tests is passed, the income is passive and subject to the 3.8% tax.
Owners of multiple pass-through entities have a one-time option to either treat each interest separately or group them as one activity. You have to decide if grouping them offers the most tax advantages.
Several strategies to reduce the new tax should be reviewed, and you need to reconsider how old strategies could be affected.
Reduce AGI. This is key to avoiding a number of new taxes, including this one. This tax increases the importance of holding assets in the right accounts, taking capital losses, and planning asset sales and IRA distributions. The tax also might make an IRA conversion more attractive.
Carefully review major events. You might think that your income isn’t near $250,000, so the tax doesn’t affect you. But one-time events could trigger the tax. Suppose you take a large capital gain. That could increase your AGI enough to trigger the tax. Overlooking the potential for the 3.8% tax could result in several thousand dollars of additional taxes one year.
Know the interplay of tax code sections. We already discussed several examples of this. Here another example.
When you sell a capital asset at a loss, for the regular income tax the loss is deducted against gains for the year. Any excess loss offsets up to $3,000 of other income, and any additional excess is carried forward to future years. But for the 3.8% tax, tax losses offset only capital gains for the year. Excess losses aren’t deducted against other investment income to reduce the 3.8% tax.
Track investment expenses. The tax is on net investment income. From your gross investment income you are allowed to deduct certain expenses. The deductible expenses include rental and royalty expenses, margin interest to the extent of interest income and short-term gains, investment advice, broker commissions and fees, and state income taxes attributable to investment income.
Know what’s exempt. You might be able to restructure things if you’re involved in real estate or a small business so that income avoids the 3.8% tax. Some people will shift from taxable bonds to tax-exempt bonds. Others will carefully plan distributions from annuities.
Review trust strategies. As with other special taxes, the 3.8% investment income tax kicks in when the trust’s undistributed investment income exceeds $11,950. Trustees might need to reconsider investment or distribution strategies.
Thursday, November 21, 2013
Should Humanist Groups Seek Church Status ?
Harvard University recognizes Greg Epstein as a chaplain. He is ordained as a rabbi. Yet he does not get part of his salary as tax-free housing allowance. Attorneys for the United States have been arguing that the officers of the Freedom From Religion Foundation might qualify for a clergy housing allowance. That is a legal maneuver to knock out FFRF's standing to sue about the constitutionality of the parsonage exclusion (Code Section 107). The case for Greg Epstein is much stronger. You almost have to wonder why he hasn't gone for it.
At Harvard But Not Of Harvard
When I interviewed Greg, he was anxious to let me know that he does not want anybody to think that he is on Harvard's payroll. He heads the American Humanist Association Humanist Chaplaincy at Harvard, Inc. The entity "does business as" the "Humanist Community At Harvard". I'll call it the chaplaincy. They are currently excited about the prospect of opening a 3,200 square foot center right in Harvard Square.
How Do You Get To Be A Humanist Chaplain ?
Greg grew up in Queens and attended the prestigious Stuyvesant High School in Manhattan. In college he majored in religion and tried on quite a few including some Eastern religions. He even went to China for a while. After his bar mitzvah, he started looking to get as far away from Judaism as he could. So he started reading his father's books on mysticism and Eastern religion. He thought he might spend his life as a Buddhist or Taoist priest. Spending time in China disillusioned him a bit as he relates in his book Good Without God:
Then I got to China and realized that most Buddhists and Taoists are no more serious about their religion than the Reform Jews I'd known in New York were about their Judaism.
Ch'an meditators and Taoist holy men would place their little shrines next to a jug of wine or a TV/VCR and a couple of pornographic videos.
…..they had no fewer desires than anyone else, no more equanimity and they exuded neither more nor less inner calm
Back in the USA, he met Rabbi Sherwin Wine, who became his mentor. In 1963, Rabbi Wine with a group of eight families started a congregation in Farmington Hills, Michigan where he led the development of a new non-theistic liturgy that extolled Jewish history, cultural and ethical values. (There must have been something in the Passover wine in Detroit in those days. My covivant, who has never heard of Rabbi Wine, told me about growing up in Detroit in the same era. She attended the Jewish Parents Institute Sunday School which celebrated Jewish heritage without any liturgical component at all – at least any she remembers.) A few years later, Rabbi Wine's congregation founded the Society for Humanistic Judaism
Humanistic Judaism embraces a human-centered philosophy that combines the celebration of Jewish culture and identity with an adherence to humanistic values and ideas. Humanistic Judaism offers a nontheistic alternative in contemporary Jewish life.
So Greg Epstein's recognition as a rabbi comes from the International Institute For Secular Humanistic Judaism .
Here he is explaining the chaplaincy.
Good Without God
Dammit, Jim, I'm a tax blogger not a philosopher, so you will have to study on your own for a decent explanation of the basis for Humanists ethics. Greg Epstein's Good Without God will give you a good start, although I must say it is a bit of a whirlwind tour. I'd boil it down to the idea we don't need a supernatural being to tell us that "Do unto other as you would have them do unto you" is a pretty reasonable way for us to run our too short lives.
But I like The Christmas Carols And All That Incense
Greg's more interesting message is that non-believers might not need God, but, as human being they need many of the things that churches provide. We want to recognize major life events – birth, reaching adulthood, marriage, death – in community along with holidays in season. Having specially designated persons to manage that is one major role of clergy.
The other is to give some people a special license and duty to stand up and remind us of the need to live up to our highest values. I could start telling stories about Father Charles McTague, who went on from the parish where I grew up to become moderately famous. Suffice it to say that any young boy walking the street of Fairview or Cliffside Park, NJ in the sixties was subject to being drafted into assisting a corporal work of mercy as Father McTague roamed around the town in his beat up truck assisting countless refugees he helped settle in the area. For my non-Fairview readers think Karl Malden in On The Waterfront.
Humanists are free to perform that role in some liberal religious groups such as Unitarian Universalism and Reform Judaism, but they have to be open to doing some God talk here and there that might strain their sincerity.
If You Can't Beat Them Join Them
The chaplaincy is affiliated with the American Humanist Association which bills itself more as an educational than religious organization. That accounts for Greg's inability to cash in on Code Section 107. Maybe humanists will break ranks with the Freedom From Religion Foundation and stop resisting special treatment for the clergy and religious messages in public spaces as long as Humanism is included in the mix. There is already a push for humanist chaplains in the military. The religious right might want to rethink its resistance to that concept. Expanding that big ecumenical tent to make room for Humanists might actually increase support for religion. Somehow the Army has already survived one humanist chaplain, none other than Rabbi Sherwin Wine. For what it is worth, Greg indicated to me that he would probably take a tax-free housing allowance if it was available.
You can follow me on twitter @peterreillycpa.
Afternote
The chaplaincy is in a bit of a mini-scandal having to do with resume padding. It came up between the time of my interview and finishing this piece. I didn't really see it being relevant, but I don't want my commenters to think I have not been paying attention. Bob Baty pointed the story out to me, although I was already aware of it,
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I am normally a bit more formal in referring to people. I contacted Greg Epstein to find out how he prefers to be addressed, but he is probably somewhat preoccupied and did not get back to me. It is not clear to me whether he usually refers to himself as Rabbi Epstein, so I did not use that. Referring to members of the clergy as Mister, unless they are Jesuit scholastics, disconcerts me. Since he is of the generation of public contact employees who grate on my nerves when they call me Peter, I figured he would not mind Greg.
Wednesday, November 20, 2013
Entrepreneurs, give thanks for lessons learned
It's not always easy charting the entrepreneurial waters and some days are better than others. But in spite of any difficulty, every day new folks get started in business and existing small business owners continue to push forward to higher levels.
But no matter where we fit on the business ownership ladder, we have learned a few lessons and applied them. Lessons learned allow us to grow into our highest potential. And, I like to take the Thanksgiving season to review a few things that I am thankful for, maybe there's a thing or two in my list that fits you:
Purpose. I am eternally grateful for maintaining a sense of purpose that serves as a guiding light and keeps me motivated to keep on keeping on no matter how tough things seem to be.
Set reachable goals. I am grateful I learned early that in order to reach my larger goals I needed to set smaller goals that I could more easily manage.
Avoiding negative thoughts. This one is not easy but has been an important step for me. Realizing the difference between what is a fact and what is an opinion (fact: it's raining: opinion: it's a nasty day) has helped me a lot. Remember opinions are many and facts are few. Don't be swayed by the opinions of other.
Holding on to self-confidence. I'm grateful for recognizing that self-confidence like self-esteem is not a steady state; it comes and goes depending on the situation I find myself in. But I can summon it to center stage whenever needed, by mentally recalling one of the many tiny successes in my life.
Balance. I am grateful to be able to recognize the telltale signs of imbalance – lack of energy, irritability, over or under eating just t! o name a few. And I'm even more grateful for being able to realize that scheduled quiet time is needed to evaluate situations and what is necessary to get back into balance.
Learning. I'm grateful to be able to recognize that success depends on consistent learning. And if I stop learning, I stop living.
Support. I am grateful for the ability to bring people into my life that can help me to have a more successful life: mentors, advocates, coaches when needed, good employees and of course the necessary subcontractors that helps me to have more time for myself.
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I once read somewhere that courage is the willingness to take risks. It has been the people who have crossed my path that have either cheered me on to have courage or forced me to have the courage to make the tough decisions I've faced. Some of these folks have been friends, some have been foes, but all have been beneficial. And I'm grateful for all of them.
No matter where you are in the scheme of things -- new startup entrepreneur, well-established small business owner, or a team player in the business world -- I believe that there have to be at least one or two of the above listed things that you can relate to.
And finally, I am most grateful to have the opportunity to come into your life each week through this column and share my ideas, feelings and life's experiences. And I appreciate the many e-mails, phone calls and letters that you share with me.
May your holiday season be filled with joy, laughter and prosperity.
Happy Thanksgiving!
Gladys Edmunds, founder of Edmunds Travel Consultants in Pittsburgh, is an author and coach/consultant in business development. Her column appears Wednesdays. E-mail her at gladys@gladysedmunds.com. An archive of her columns is here. Her website is gladysedmunds.com.
Tuesday, November 19, 2013
Hot Medical Companies To Own For 2014
SEE: A Checklist For Successful Medical Technology Investment
Overall Performance Continues To Lead, But Slow Spots Are Appearing
With 3% reported growth and 4% organic growth, Covidien basically hit its mark for the fiscal third quarter. While revenue from the supplies business declined 1%, core device growth was up 6% on a constant currency basis, making it one of the strongest large-cap device growth names.
Hot Medical Companies To Own For 2014: Inergetics Inc (NRTI)
Inergetics, Inc., formerly Millennium Biotechnologies Group, Inc., incorporated on November 9, 2000, is a holding company for its sole operating subsidiary, Millennium Biotechnologies, Inc. (Millennium). The Company through its subsidiary Millennium, engages in the research, development, and marketing of specialized nutritional supplements as an adjunct to medical treatments for select medical conditions, as well as for athletes seeking improved recovery and advanced performance. The Company markets products, which are targeted toward immuno-compromised individuals undergoing medical treatment for diseases, such as cancer, as well as wound healing and post-surgical healing and geriatric patients in long-term care facilities among other conditions. In January 2013, the Company acquired Bikini Ready and SlimTrim brands from Whole Products Group.
The Company�� product portfolio include, Resurgex Select, Ready-To Drink Resurgex Essential and Ready-To-Drink Resurgex Essential Plus. Resurgex Select is a whole foods-based, calorically dense, high-protein powdered nutritional formula developed for cancer patients undergoing chemotherapy or radiation treatments. Resurgex Essential and Resurgex Essential Plus represent Millennium�� Ready-to-Drink product line and are being sold into the Long-Term Care geriatric markets.
Resurgex Select
Resurgex Select is a whole foods-based nutritional product that is designed to be used throughout the course of cancer treatment (chemotherapy, radiation, etc.), as many times patients lose weight and cannot consume adequate nutrition. This product combines dietary fiber (3 g), low sugar (5 g), and high protein (15 g) with no added antioxidants to be a high-calorie (350 calorie) supplement. It is available in three flavors (Vanilla Bean, Chocolate Fudge, and Fruit Smoothie) and each can be mixed with water, milk, juices, or in soft cold foods, such as yogurt, apple sauce or pudding.
Surgex
Surgex (www.surgexspor! ts.com), is a nutritional support formula that aims to address the concerns of many elite athletes who suffer from symptoms, such as fatigue, lean muscle loss, lactic acid buildup, oxidative stress, and stressed immune systems. This formula is designed to improve recovery parameters in efforts to enhance the performance of professional and collegiate athletes.
Resurgex Essential
The Essential line is a ready-to-drink alternative to Ensure and Boost designed to be marketed into the long-term care channel. Resurgex Essential has 250 whole food calories containing no corn syrup or corn oil. The product also contains fruit and vegetable extracts, and FOS Fiber to provide calories and taste.
The Company competes with Nestle and Abbott Laboratories Inc.
Hot Medical Companies To Own For 2014: Non-Invasive Monitoring Systems Inc (NIMU)
Non-Invasive Monitoring Systems, Inc. (NIMS), incorporated on July 16, 1980, along with its subsidiaries, is engaged in the research, development, manufacturing and marketing of a line of motorized, non-invasive, whole body, periodic acceleration platforms, which are intended as aids to increase local circulation and temporary relief of minor aches and pains, produce local muscle relaxation and reduce morning stiffness. The Company�� products are derivatives of its original acceleration platform, the AT-101, and are for use in homes, wellness centers and clinics. NIMS is focused on developing and marketing its Exer-Rest line of acceleration therapeutic platforms based upon whole body periodic acceleration (WBPA) technology. The Exer-Rest line of acceleration therapeutic platforms includes the Exer-Rest AT, AT3800 and AT4700 models. In addition, it receives royalty revenue from the sales of non-invasive diagnostic monitoring devices and related software.
Whole Body Periodic Acceleration (WBPA) Therapeutic Devices
The AT-101 is a device that moves a platform repetitively in a head-to-foot motion at a rapid pace. In January 2005, the Company ceased manufacturing the AT-101. The Exer-Rest AT therapeutic vibrator is based upon the design and concept of the AT-101 therapeutic vibrator, but has the dimensions and appearance of a commercial extra long twin bed. The Exer-Rest AT was manufactured by QTM Incorporated (QTM). The wired hand held controller provides digital values of speed, travel and time rather than analog values of speed and arbitrary force values as in the AT-101. the Company discontinued manufacturing of the Exer-Rest AT in July 2009. The Exer-Rest SL and Exer-Rest TL, which were manufactured by Sing Lin Technology Co., Ltd. (Sing Lin), are next generation versions of the Exer-Rest AT and advance the acceleration therapeutic platform technology.
LifeShirt
The LifeShirt is a wearable physiological computer that incorporates transducers, ele! ctrodes and sensors into a sleeveless garment. Pulse oximetry is an optional add-on. These sensors transmit vital and physiological signs to a miniaturized, battery-powered, electronic module which saves the raw waveforms and digital data to the compact flash memory of a Personal Digital Assistant (PDA) attached to the LifeShirt. Users of the LifeShirt can enter symptoms (with intensity), mood and medication information directly into the PDA for integration with the physiologic information collected by the LifeShirt garment. Such data are then transmitted from the flash memory to a data collection center that transforms the data into minute-by-minute median trends of over 30 physical and emotional signs of health and disease. In addition, the monitored patient can enter symptoms with intensity, mood, and medication directly into the PDA for integration with the physiologic information collected with the LifeShirt garment. As of July 31, 2009, LifeShirt was not marketed. The LifeShirt was sold by VivoMetrics, but has not been marketed since VivoMetrics ceased operations in July 2009.
The Company competes with Power Plate of North America, Vibraflex and CERAGEM International, Inc.
Hot Dividend Stocks To Own Right Now: Scancell Holdings PLC (SCLP)
Scancell Holdings PLC is a United Kingdom-based company. The Company�� principal activity of the consists of the discovery and development of monoclonal antibodies and vaccines for the treatment of cancer. In April 2012, the Company completed recruitment to the Phase 1 clinical trial of SCIBI. In May 2012, the Company commenced recruitment and treatment of the first patient in the second part of it Phase 1/2 clinical trial of SCIBI. The Phase 2 part of the trial is conducted in five United Kingdom centers in Nottingham, Manchester, Newcastle, Leeds, and Southampton. On August 15, 2012, the Company announced the development of a platform technology, Moditope.Hot Medical Companies To Own For 2014: Myriad Genetics Inc (MYGN)
Myriad Genetics, Inc. (Myriad) is a molecular diagnostic company. The Company is focused on developing and marketing predictive medicine, personalized medicine and prognostic medicine tests. It performs all of its molecular diagnostic testing and analysis in its own reference laboratories. These technologies include the cornerstone technologies of biomarker discovery, high-throughput deoxyribo nucleuc acid (DNA) sequencing, ribo nucleic acid (RNA) expression and multiplex protein analysis. The Company uses this information to guide the development of new molecular diagnostic tests that are designed to assess an individual's risk for developing disease later in life (predictive medicine), identify a patient's likelihood of responding to drug therapy and guide a patient's dosing to ensure optimal treatment (personalized medicine), or assess a patient's risk of disease progression and disease recurrence (prognostic medicine).
As of June 30, 2012, the Company had launched nine commercial molecular diagnostic tests. The Company markets these tests through its own approximate 385-person sales force in the United States. The Company also markets its BRACAnalysis, COLARIS, and COLARIS AP tests through its own European sales force and have entered into marketing collaborations with other organizations in selected Latin American, European and Asian countries. The Company also generates revenue by providing companion diagnostic services to the pharmaceutical, and biotechnology industries and medical research institutions utilizing its multiplexed immunoassay technology.
Molecular Diagnostic Tests
The Company's molecular diagnostic tests are designed to analyze genes, their mutations, expression levels and proteins to assess an individual's risk for developing disease later in life, determine a patient's likelihood of responding to a particular drug, assess a patient's risk of disease progression and disease recurrence and measure a patient's exposure to drug therapy to ensu! re optimal dosing and reduced drug toxicity. The Company's BRACAnalysis test is a analysis of the BRCA1 and BRCA2 genes for assessing a woman's risk of developing hereditary breast and ovarian cancer. BRACAnalysis accounted for 81.7% of the Company's total revenue during the fiscal year ended June 30, 2012. Its The Company's COLARIS test is an analysis of the MLH1, MSH2, MSH6 and PMS2 genes for assessing a person's risk of developing colorectal cancer or uterine cancer.
The Company's COLARIS AP test detects mutations in the APC and MYH genes, which cause a colon polyp-forming syndrome known as Familial Adenomatous Polyposis (FAP), a more common variation of the syndrome known as attenuated FAP, and the MYH-associated polyposis signature (MAP). The Company's MELARIS test analyzes mutations in the p16 gene to determine genetic susceptibility to malignant melanoma. The Company's OnDose test is a nanoparticle immunoassay that is designed to assist oncologists in optimizing 5-FU (fluorouracil) anti-cancer drug therapy in colon cancer patients on an individualized basis. The Company's PANEXIA test is a comprehensive analysis of the PALB2 and BRCA2 genes for assessing a person's risk of developing pancreatic cancer later in life. The Company's PREZEON test is an immunohistochemistry test that analyzes the PTEN gene and assesses loss of PTEN function in many cancer types.
The Company's Prolaris test is a 46-gene molecular diagnostic assay that assesses whether a patient is likely to have a slow growing, indolent form of prostate cancer that can be safely monitored through active surveillance, or a more aggressive form of the disease that would warrant aggressive intervention, such as a radical prostatectomy or radiation therapy. The Company's TheraGuide 5-FU test analyzes mutations in the DPYD gene and variations in the TYMS gene to assess patient risk of toxicity to 5-FU (fluorouracil) anti-cancer drug therapy.
Companion Diagnostic Services and Other Revenue
! Through M! yriad RBM Inc., the Company provides biomarker discovery and companion diagnostic services to the pharmaceutical, biotechnology, and medical researches industries utilizing its multiplexed immunoassay technology. The Company's technology enables the Company to screen large sets of clinical samples from both diseased and non-diseased populations against the Company's menu of biomarkers. The Company's companion diagnostic services consist of Multi-Analyte Profile (MAP), Multiplexed Immunoassay Kits and TruCulture.
The Company has compiled a library of over 550 individual human and rodent immunoassays for use in its multi-analyte profile (MAP) testing services. The Company has also developed RodentMAP, a panel for use in pre-clinical animal studies and OncologyMAP, which measures cancer-related proteins to assists researchers accelerate the pace of discovery, validation and translation of cancer biomarkers for early detection, patient stratification and therapeutic monitoring. The Company has developed multiplexed immunoassay kits that enable its customers to leverage its technology services with their in-house capabilities. The Company's internally developed multiplexed immunoassay kits include all of the components necessary for a customer to perform a test on their own Luminex instrument. TruCulture is a simple, self-contained whole blood culture that can be deployed to clinical sites around the world for acquiring cell culture data without specialized facilities or training.
Advisors' Opinion:- [By John Udovich]
On Monday, small cap molecular diagnostic stock Myriad Genetics, Inc (NASDAQ: MYGN) suddenly sank 9.34% to $23.50 just before the market closed���meaning its probably a good idea to take a closer look at what happened yesterday plus compare the stock�� performance verses small cap peer Sequenom, Inc (NASDAQ: SQNM) and mid cap peer Hologic, Inc (NASDAQ: HOLX).�
Hot Medical Companies To Own For 2014: Antares Pharma Inc (ATRS)
Antares Pharma, Inc. (Antares) is a pharma company that focuses on self-injection pharmaceutical products and technologies and topical gel-based products. The Company�� subcutaneous and intramuscular injection technology platforms include Vibex disposable pressure-assisted auto injectors, Vision reusable needle-free injectors, and disposable multi-use pen injectors. In the injector area, it has licensed its reusable needle-free injection device for use with human growth hormone (hGH) to Teva, Ferring Pharmaceuticals BV (Ferring) and JCR Pharmaceuticals Co., Ltd. (JCR), with Teva and Ferring being its two primary customers. The Company has also licensed both disposable auto and pen injection devices to Teva for use in certain fields and territories and is engaged in product development activities for Teva utilizing these devices.
In the gel-based area, it received Food and Drug Administration (FDA) approval in December 2011 for its oxybutynin gel 3% product, Anturol, for the treatment of overactive bladder. Antares also has a licensing agreement with Watson Watson Pharmaceuticals, Inc. (Watson) under which Watson will commercialize its topical oxybutynin gel 3% product in the United States and Canada. Its gel portfolio also includes Elestrin (estradiol gel) in the United States for the treatment of moderate-to-severe vasomotor symptoms associated with menopause. Antares has designed disposable, pressure assisted auto injector devices to address acute medical needs, such as allergic reactions, migraine headaches, acute pain, emesis and other daily therapies.
Pressure Assisted Injection Devices
The Company�� Pressure Assisted Injection Devices consists of three products: reusable needle-free injectors, disposable pressure assisted auto injectors and disposable pen injectors. Reusable needle-free injectors deliver precise medication doses through high-speed, pressurized liquid penetration of the skin without a needle. The injector employs a disposable pl! astic needle-free syringe, which offers liquid medication delivery through an opening that is approximately half the diameter of a standard, 30-gauge needle.
Disposable pressure assisted auto injectors is a technology of controlled pressure delivery of drugs into the body utilizing a spring power source. The Vibex is designed to provide fast subcutaneous or intramuscular injections of up to 0.5ml with minimal discomfort and improved convenience in conjunction with the enhanced safety of a shielded needle. Disposable pen injectors are needle-based devices designed to deliver multiple injections from multi-dose drug cartridges. The devices contain mechanisms that specify the dose to be delivered by defining the amount of movement by the stopper in the cartridge with each device actuation.
The Vision/Tjet has been sold for use in more than 30 countries to deliver either insulin or hGH. The product features a reusable, spring-based power source and disposable needle-free syringe, which acts as the pathway for the injectable drug through the skin and allows for viewing of the medication dose prior to injection. The product is also reusable, with each device designed to last for approximately 3,000 injections (or approximately two years) while the needle-free syringe, when used with insulin or hGH, is disposable after approximately one week when used by a single patient for injecting from multi-dose vials. The Vision/Tjet administers injectables by using a spring to push the active ingredient in solution or suspension through a micro-fine opening in the needle-free syringe. The opening is approximately half the diameter of a 30-gauge needle. The Vision/Tjet is primarily used in the United States, Europe, Asia and Japan.
Antares has designed disposable, pressure assisted auto injector devices to address acute medical needs, such as allergic reactions, migraine headaches, acute pain, emesis and other daily therapies. Its Vibex disposable product combines a low-energy, spr! ing-based! power source with a hidden needle, which delivers up to 0.5ml of the needed drug solution subcutaneously or intramuscularly. Antares is also developing a Vibex MTX auto injector for delivery of methotrexate for treatment of rheumatoid arthritis. The Company�� multi use, disposable pen injector complements its portfolio of single-use pressure assisted auto injector devices. The disposable pen injector device is designed to deliver drugs by injection through needles from multi- dose cartridges. The disposable pen is in the stage of development where devices are being used in clinical evaluations.
Transdermal Products
The Company�� ATD system penetrates the skin to deliver a variety of treatments. The gels consist of a hydro-alcoholic base, including a combination of permeation enhancers. Products being developed/ commercialized include Anturol, Elestrin and Nestragel. Elestrin is a transdermal estradiol gel for the treatment of moderate-to-severe vasomotor symptoms associated with menopause. Its other injectable drugs that are presently self-administered and may be suitable for injection with its systems include therapies for the prevention of blood clots and treatments for multiple sclerosis, migraine headaches, inflammatory diseases, impotence, infertility, acquired immune deficiency symdrome (AIDS) and hepatitis.
The Company competes with Ypsomed AG, SHL Group AB, OwenMumford Ltd., West Pharmaceuticals, Becton Dickinson, Haselmeir GmbH, Elcam Medical, Vetter Pharma, Bioject Medical Technologies Inc., The Medical House PLC, Watson, Abbott, Eli Lilly, Auxillium, Inc., Endo Pharmaceuticals, Teva, Mylan, Roxane, Bedford Labs, APP Pharmaceuticals, Hospira, Pfizer, GSK/Astellas, Warner Chilcott and Allergan.
Advisors' Opinion:- [By Keith Speights]
Antares Pharma (NASDAQ: ATRS ) announced its first-quarter results �Wednesday morning but failed to impress the market. Shares were down around 3% in midday trading. Here are the highlights from the company's results.
- [By Luke Jacobi]
Antares Pharma (NASDAQ: ATRS) added 6.65 percent to close at $4.33 following the announcement that an FDA decision is expected on its drug on October 14. Equities
- [By Keith Speights]
1. Antares Pharma (NASDAQ: ATRS )
Antares has experienced a roller-coaster ride so far this year. The stock was up more than 10% early in January, then proceeded to fall by more than 20% by late February. Since then, Antares has clawed its way back and now stands up a little over 10% for the year.�
Hot Medical Companies To Own For 2014: EntreMed Inc (ENMD)
EntreMed, Inc. (EntreMed), incorporated in 1991, is a clinical-stage pharmaceutical company. EntreMed's drug candidate is ENMD-2076, an Aurora A and angiogenic kinase inhibitor for the treatment of cancer. ENMD-2076 has completed Phase I studies in patients with advanced solid tumors, multiple myeloma and leukemia and is completing data for a multi-center Phase II study in patients with platinum resistant ovarian cancer. The Company�� other product candidates have includes MKC-1, ENMD-1198 and 2-methoxyestrdiol (2ME2, Panzem) for treatment of rheumatoid arthritis.
ENMD-2076 is a novel orally-active, Aurora A/angiogenic kinase inhibitor with potent activity against Aurora A and multiple tyrosine kinases linked to cancer and inflammatory diseases. ENMD-2076 is relatively selective for the Aurora A isoform in comparison to Aurora B. Aurora kinases are key regulators of the process of mitosis, or cell division, and are often over-expressed in human cancers. ENMD-2076 exerts its effects through multiple mechanisms of action, including anti-proliferative activity and the inhibition of angiogenesis. ENMD-2076 has demonstrated significant, dose-dependent preclinical activity as a single agent, including tumor regression, in multiple xenograft models (such as breast, colon, leukemia), as well as activity towards ex vivo-treated human leukemia patient cells.
Sunday, November 17, 2013
The Effect Of Fed Tapering On The Economy, Housing And Stocks
The Fed met yesterday afternoon to discuss the state of the economy and decide if they would begin the process of tapering (i.e.; reducing its $85 billion per month asset purchase program). After a brief meeting, they decided to wait. Although a number of individuals were fully convinced the Fed would begin to taper this month, I have consistently written that the Fed would not begin tapering in September.
Why? Primarily because the U.S. economy remains weak and there are a few potentially significant risks in doing so. Of course, the time will come when the Fed will begin to reduce its asset purchases. How will this impact the financial markets? Perhaps more important, have the financial markets become so accustomed to the Feds easy money policy that the addiction is deeply ingrained? In other words, has the stock market consumed so much punch that the withdrawals will be severe?
It seems reasonable to assume that the actual process of tapering will be slow and gradual with the goal of minimizing any potential market disruptions. This is precisely where the difficulty resides. After all, everyone understands that the Fed cannot continue expanding the money supply at the current rate. Therefore, the key issue is to taper with the least amount of market disruption. I suspect this will include sending up trial balloons to gauge the market's reaction to various Fed actions, executing the tapering process, and having contingency plans in place to address any significant issues which may arise. In short, it will require a thorough PR campaign, but with much higher stakes.
Tapering And Higher Interest Rates
Most believe that tapering will result in an increase in interest rates, especially at the longer end of the yield curve. This could have two detrimental effects. The first would be higher mortgage rates. In this scenario, the housing recovery which is critical to a thriving economy, could slow drastically. Therefore, tapering at the present time would be risky. Another issue has to do with the federal budget. If tapering does indeed lead to higher interest rates, the increased cost to the federal budget would be a considerable impediment to fiscal policy health. I heard an interesting statistic recently that said that if interest rates were to rise by one percentage point, it would completely erase the budget savings created from the sequester.
Remember the sequester? If Congress didn't come to an agreement on the budget by a specified date, automatic budget cuts would ensue. Well, Congress did not and budget cuts were implemented. Again, a one percent rise in interest rates could effectively wipe this out.
Some speculate that any delay on the part of the Fed may be politically motivated as it would help the incumbent party by keeping interest rates low. Only a few people actually know the truth. The rest of us are left to speculate. Personally, I view this issue as one which affects the entire nation not just one political party. Sure, if the Fed did taper, and interest rates rose, and the housing market recovery stalled, and the federal government deficit and debt spiked, at election time, the Republicans would surely have all fingers pointed at the Democrats, and they may even gain seats in Congress.
However, if they couldn't pull off a victory in the last presidential election when the unemployment rate was at 8.2%, and given the fact that Obama was the first incumbent to be reelected when the unemployment rate was above 8.0% in the modern era, I'm not terribly confident that the Republicans would actually benefit. That said, if the federal government is forced to pay more to service its debt, it could have a detrimental effect on every taxpayer in this and future generations. For the record, I am very concerned with the amount of debt amassed by Presidents Obama and Bush. But the fact remains that higher rates will hurt everyone. Everyone except investors who rely on interest income.
A Final Word On Tapering
Even when the Fed actually begins to taper they will remain "highly accommodative." In essence, they will not raise short-term interest rates for quite some time. Recently, when the Fed merely hinted that they might begin to taper, stocks sold off sharply. The conclusion is that our economy remains weak, stocks are highly sensitive, and investors must remain cautious.
When will the Fed begin to taper? Some say December, but remember that's during the peak of the holiday season, a period when the economy typically does well. This "seasonality" makes it difficult to determine if the economy is really improving or just experiencing a Christmas boost. Therefore, even though it's quite possible the Fed will taper later this year, I don't believe they will until 2014.
Despite the fact that many U.S. stock markets are reaching record highs investors need to have a plan in place to protect against a sharp decline. Whether it's trailing stop orders, options, or some other hedge, we are not out of the woods quite yet. In the interim, with GDP under 2.0%, are stocks getting a little ahead of themselves? Perhaps. Which may be another reason investors need to keep a sharp eye on their risk assets and protect them in the event of a severe decline. Keep in mind that at some point the Fed will remove the punch bowl, the party will end, and the probability for a decline in stocks is high.
Saturday, November 16, 2013
All Quiet on the Stock Index Future Front...For Now
With the action experienced yesterday on the heels of an announcement by the FOMC that they will continue with their $85 billion bond buying program, against what appeared to be wide spread expectation for a $10-$15 billion taper, the S&P 500 futures appear to be taking a breather as they have traded off of the key 1725 level that they tested yesterday. With about an hour left in the trading day the E-mini's are trading at 1716.75, down about .07% on the day. However, such has not been the case with the metals, as they continue to build on the momentum created from yesterday's announcement, with the December Gold contract at 1369 up 4.71% on the day, and the December Silver contract at 23.215 up 7.66% today. Additionally, as one may expect with the move in the metals, the weakness in the dollar has followed through from yesterday, with the Dec EUR/USD trading at 1.3530 up .16%. I think that it is key to note that while the index futures appear to be resting from what has been a very active past couple of sessions, we cannot allow ourselves to get lulled to sleep by the CBOE Volatility Index (VIX) levels that are quickly approaching the 13 level. I hate to be the bearer of bad news, but the volatility experienced since the May 22 speech by FOMC Chairman Ben Bernanke is far from over. In fact, I think that it is just beginning. If the FOMC was successful at anything yesterday, it was at pumping even more uncertainty into an already uncertain market. Essentially they guaranteed us another quarter of guessing and posturing around an anticipated "taper date". And on top of it all, they lowered their growth forecasts for the US economy along with politely pointing their finger at our friends on Capitol Hill, citing their inability to come to an agreement on our budget as a reason not to move forward with a taper. With all that said, I think we continue to see increased levels of volatility in futures across the board. It would be unwise to sit here and say, "The worst is behind us". In fact, I tend to believe that we are just getting started. So enjoy a day or two of "rest", because we are all going to need to bring our "A" game in the weeks ahead. Oh yeah... be sure to remember that tomorrow is quadruple witching so things could get a little interesting as the day progresses. Travis McGhee CEO,FuturesANIMAL Travis can be followed on Twitter at twitter.com/Travis_McGhee OptionsProfits can be followed on Twitter at twitter.com/OptionsProfits TheStreet can be followed on Twitter at twitter.com/TheStreet
Friday, November 15, 2013
Stocks Hitting 52-Week Lows
Point.360 (NASDAQ: PTSX) shares reached a new 52-week low of $0.528. Point.360's trailing-twelve-month ROE is -12.69%.
QC Holdings (NASDAQ: QCCO) shares tumbled 3.68% to reach a new 52-week low of $1.83. QC Holdings shares have dropped 42.60% over the past 52 weeks, while the S&P 500 index has gained 31.67% in the same period.
Agios Pharmaceuticals (NASDAQ: AGIO) shares touched a new 52-week low of $18.83. Agios Pharmaceuticals' trailing-twelve-month profit margin is -102.87%.
UBIC (NASDAQ: UBIC) shares fell 6.36% to touch a new 52-week low of $5.30. UBIC's trailing-twelve-month revenue is $58.74 million.
Posted-In: 52-Week LowsNews Movers & Shakers Intraday Update Markets
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Wednesday, November 13, 2013
Sell, Canada, Sell: General Motors Drops 2% as Canada, Ontario Unload Shares
General Motors (GM) has fallen today on reports that both Canada’s national government and that of Ontario sold 30 million shares of the U.S. automaker at Tuesday’s close.
REUTERS The Toronto Star has the details:
The federal and Ontario governments have sold a block of 30 million shares in General Motors valued in the neighbourhood of $1.1 billion, a portion of the equity they received when they bailed out the automaker in 2009.
Finance Minister Jim Flaherty said in an email that the shares were sold at Tuesday's closing price of $37 (U.S.) on the New York Stock Exchange, minus a small discount.
With completion of the sale, the governments will continue to hold more than 119 million GM common shares and 16.1 million GM series A preferred stock through a federal agency.
Investors might want to keep a closer on the U.S. unemployment rate, which has been a leading indicator of U.S. auto demand. Sterne Agee’s Michael Ward writes:
Historically, employment levels have been a primary indicator for new vehicle demand. Unemployment continues to be a cautious indicator for auto demand but the recent trends have been positive. The August unemployment rate of 7.3% decreased from 7.4% in July after adding 169,000 jobs in the month. Low levels of unemployment were a positive for the auto industry in the late-90s and into 2007 (the average unemployment rate between 1995 and 2007 was 5.0%), but higher levels over the last few years have disrupted confidence and limited the pace of the recovery. The Figure below compares the employment rate against a 12-month moving total of U.S. light vehicle sales. On a positive note, auto sales have been a leading indicator for the direction of U.S. employment trends over the last 30 years, and the trend is holding up once again this time around.
Europe, too, could be a source of sales, if the head of GM’s Opel unit is to be believed. The Wall Street Journal reports:
General Motors Co. Vice Chairman Stephen Girsky said “there’s pent-up demand” in the European market that could boost the auto maker’s money-losing Opel operations over the next few years.
Mr. Girsky, chairman of Opel, has led an overhaul of Opel’s operations and management during the past two years, after the German unit lost $18 billion over the previous decade.
Mr. Girsky said Wednesday that Opel should be profitable by “mid-decade,” though much depends on whether European sales recover from a slump that pushed annual sales down by more than three million vehicles from the peak of more than 16 million six years ago.
Investors might not want to get their hopes up, however. In a report from the Frankfurt Motor Show, Baird’s David Leiker and Joseph Vruwink note that there’s little sign of improvement on the continent yet. They write:
Tuesday, November 12, 2013
Interim BlackBerry CEO could get $87 million
John Chen turned around at Sybase, and he's trying to do the same at BlackBerry. He stands to gain millions if he succeeds.
NEW YORK (CNNMoney) Anyone willing to attempt the turnaround of long-struggling BlackBerry is a brave soul indeed. But the man tasked with the job could wind up being compensated very handsomely for his efforts.BlackBerry's new executive chairman John Chen -- who is also serving as the company's interim CEO -- will receive a $1 million annual salary and a performance bonus of $2 million, according to regulatory documents filed recently.
But Chen's real chance to make big bucks comes in the form of 13 million restricted shares of BlackBerry, worth about $84.4 million as of Monday's closing price. And that's a very depressed price. Shares are down 45% this year. If Chen actually rescues BlackBerry, these restricted shares could be worth a lot more.
However, Chen will have to stick around for three years to get 25% of those shares, four years for the next 25% and a full five years for the remaining 50%.
Related story: Corporate daredevil John Chen may turn BlackBerry around
Chen could still get a nice payday -- albeit not $87 million -- if he leaves the company.
If Chen is terminated "without cause," which is often the case even when a CEO is essentially fired, he will continue to receive his $1 million annual salary through the remainder of the year in which he left the company. On top of that, he'll receive an extra award of two times his base salary and two times his bonus, for a total of another $6 million.
BlackBerry (BBRY) is, at least temporarily, pinning its hopes on Chen, who successfully turned around the struggling enterprise software maker Sybase and sold it to SAP (SAP) in 2010.
Related story: Where BlackBerry's ousted CEO went wrong
The previous BlackBerry CEO, Thorsten Heins, is due $12.3 million in severance after being ousted last week. BlackBerry announced Heins' firing along with the news that the company is no longer seeking a buyer.
Instead BlackBerry's largest shareholder, Fairfax Financial, said it would invest $1 billion in the company. 
Monday, November 11, 2013
Transocean leads gains in energy stocks
SAN FRANCISCO (MarketWatch) — Energy stocks inched higher Monday, losing steam on the heels of a record close for the Dow Jones Industrial Average in the previous session.
But Transocean Ltd. (RIG) climbed, leading energy stocks on the S&P 500 Index with a 3.7% gain, after the offshore driller announced two measures in a deal with activist investor Carl Icahn.
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The company said Monday it will raise its dividend 34% to $3 from $2.24 a share at its May annual meeting. If approved by the board, the dividend increase will be a 5.6% yield based on Friday's closing.
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It also agreed to reduce its board to 11 members, from 14, and to support a second Icahn-backed director, moves that will concentrate Icahn's influence on the board.
Transocean added it would form a master limited partnership next year, with an initial public offering scheduled for the middle of 2014.
This proxy fight between Transocean and Icahn resulted in a draw back in May when shareholders rejected Icahn's proposal to increase dividend to $4 but voted out the company's chairman and elected a candidate affiliated with Icahn. The billionaire has a stake of about 6% on the company.
The company's shares have gained 24% year-to-date, compared with 19% for energy stocks on the S&P. They have underperformed in the past 12 months, however, with the driller's share up 19% versus the sector's 22%.
Other top gainers included Newfield Exploration Co. (NFX) , with shares up 2.1%, and Murphy Oil Corp. (MUR) , up 1.4%.
Major oil companies, however, declined, with shares of Exxon Mobil Corp. (XOM) down 0.1%. Chevron Corp. (CVX) shares were off 0.3%, while shares of ConocoPhillips (COP) fell 0.4%.
Denbury Resources Inc. (DNR) declined 5.5%.
The SPDR Energy Select Sector (XLE) , an exchange-traded fund focused on energy names, was up less than 0.1%.
Saturday, November 9, 2013
Tata Motors Reports Quarterly Jump, Boosted by Jaguar Land Rover Division
Very mixed news has been released lately on Tata Motors (NYSE: TTM).
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The Mumbai-based company reported a 71 percent jump in net profit to $566 million (35.42 billion rupees) for its fiscal second quarter ending September 30, compared to the same time period a year earlier. Revenue rose 31 percent, beating analysts' expectations.
But nearly all of that profit came from Tata's high-end stable of luxury cars at its Jaguar Land Rover (JLR) Automotive unit – which was purchased from Ford (NYSE: F) in 2008 and where , according to the Associated Press, quarterly profit climbed 66 percent to $815 million (507 million pounds).
At the same time, AP notes, sales of Tata-branded passenger and commerical vehicles in its Indian home market fell 33 percent, compared to the same quarter last year.
In its press release, Tata blamed the global economic slowdown, higher fuel prices and a "tight financing environment" for its domestic sale woes. And Reuters reports sales of Tata's Nano mini-car, "dubbed the world's cheapest car, " have been very disappointing – while there hasn't been an all-new, Tata-brand passenger vehicle released in three years.
Karl Brauer, senior analyst at Kelley Blue Book, tells Benzinga that Tata's domestic troubles also come from increased competition from both international and domestic Indian companies. But he's full of praise when it comes to what the company has done with its JLR unit.
"I'm realy thrilled to watch these brands do so well," he says, while pointing to the major engineering and development improvements Tata has made to "these two storied British brands," while implementing cutting-edge, 21st century technology.
At the same time, says Brauer, both Jaguar and Land Rover "have really mastered the art of luxurious, premium interior experience" – which has improved JLR sales internationally but especially in China – which The Wall Street Journal says is JLR's largest market, with a nearly 24 percent share of sales.
Posted-In: auto sales automotive industry cars jaguar Karl Brauer Kelley Blue Book Land Rover luxury cars Luxury goods mini-car Nano Range Rover US automotive indutryEmerging Markets Wall Street Journal Travel Economics Markets Tech Media General Best of Benzinga
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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