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Shock Exchange

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B.A. in economics and MBA from top 10 business school. I have over 10 years of M&A / corporate finance experience. Currently head the New York Shock Exchange, a youth mentorship program that teaches investment management skills and competitive ...more
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Patent Losses Could Sink Allergan
Monday, February 5, 2018 9:04 AM EDT
Allergan reports Q4 earnings on Tuesday. The company faces patent losses for Restasis, Combigan and Estrace. They represent a combined 15% of total revenue.
In this article: AGN Also: TEVA, MYL, NVS
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Qualcomm's War With Apple Has Been Costly
Wednesday, January 31, 2018 3:14 PM EDT
QCOM reports quarterly earnings after-hours. FQ417 revenue fell by 5% Y/Y but EBIT was off by over 20%. Its licensing fees have a 68% EBIT margin and are currently under siege. Its war with AAPL has been costly.
In this article: QCOM Also: AAPL, INTC
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Mallinckrodt: Is The Generics Sale In Trouble?
Monday, January 29, 2018 2:08 PM EDT
MNK has been in the market to sell its Specialty Generics unit since Q1 2017. Market chatter implies MNK received disappointing bids. If the unit is not sold it could be a drag on Q4 earnings or hurt MNK's credit metrics.
In this article: MNK Also: SCMP
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Celgene: Headwinds For Otezla Could Weigh
Friday, January 26, 2018 3:14 PM EDT
CELG beat Q4 revenue expectations on 20% price hikes for Revlimid. Once price hikes run their course CELG could face headwinds for Otezla. In the near term, it could be difficult to justify CELG's trading multiple which exceeds 16x run-rate EBITDA.
In this article: CELG Also: GILD, JUNO, JNJ
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GE: Will An Equity Raise Cure A $31 Billion Pension Shortfall?
Monday, January 22, 2018 4:46 AM EDT
At the end of 2016 GE had a pension shortfall of over $30B. In addition to a need for $15B in reserve contributions over the next 15 years, the pension shortfall could create major headwinds.
In this article: GE Also: BHGE, SPY
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A Mixed Quarter For Schlumberger
Sunday, January 21, 2018 8:30 PM EDT
SLB's EBITDA margins fell to a low of 20%, despite the sequential rise in revenue. $3B in one-time costs could portend lower revenue going forward after the write-off of the seismic acquisition business.
In this article: SLB Also: WFTLF, HAL, BHGE
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GE Shocks Investors Again
Wednesday, January 17, 2018 9:30 PM EDT
Tuesday GE announced a $6B Q4 after-tax charge related to its insurance operations. The news shocked investors. Until Power Systems is rightsized there could be more surprises on the way.
In this article: GE
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CSX Earnings Preview
Tuesday, January 16, 2018 2:39 PM EDT
CSX reports Q4 earnings after-hours. The company has embarked on an aggressive cost-cutting campaign. Cost cuts may have come at the expense of service quality.
In this article: CSX Also: CP
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Schlumberger Earnings Preview
Monday, January 15, 2018 9:42 PM EDT
SLB reports Q4 earnings Friday. It should deliver strong results with oil prices hovering around $70. It could face headwinds if the OPEC oil supply cuts do not hold up long term.
In this article: SLB Also: HAL
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Valeant, Ackman Settle Insider Trading Lawsuit For $290 Million
Wednesday, January 3, 2018 7:25 AM EDT
Valeant and Pershing Square settled their AGN insider trading case for $290MM. The settlement saved substantial time and resources. I believe there is a potential for future AGN shareholders to sue, creating a need for more settlements.
In this article: VRX, PSHZF, AGN
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A Moody's Downgrade Could Punish Mallinckrodt
Monday, January 1, 2018 10:00 PM EDT
MNK's $1.2B acquisition of SCMP will diversity its earnings stream but will likely increase debt by over $800MM. Proforma debt/EBITDA could reach 4.8x - 4.9x. Moody's put MNK's debt under review for a rating downgrade.
In this article: MNK, SCMP
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BlackBerry Is Betwixt And Between
Thursday, December 28, 2017 5:58 AM EDT
BlackBerry's top line growth continues to fall. Revenue within its core software and services segments grew by double digits. At quarterly revenue of $190MM lacks the scale. The company is betwixt and between.
In this article: BB Also: QCOM
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Mallinckrodt: Impact Of $1.2 Billion Sucampo Deal Could Be Ethereal
Thursday, December 28, 2017 4:20 AM EDT
MNK recently acquired SCMP for $1.2 billion. The transaction could help sentiment in the short-term. However, SCMP will not stem MNK's revenue decline and it will likely increase debt by over $800MM.
In this article: MNK, SCMP Also: TKPHF, RDY, CELG, GILD
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Mallinckrodt: Tax Benefits Will Not Offset Acthar's Demise
Sunday, December 24, 2017 10:35 AM EDT
Mallinkrodt believes recent tax cuts will create a deferred tax asset of $450MM - $500MM. I doubt tax benefits will offset the diminution of its blockbuster drug Acthar.
In this article: MNK Also: ESRX
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Will $5 Billion In Near-Term Principal Payments Sink Teva?
Friday, December 15, 2017 6:00 AM EDT
Teva announced it was laying off 25% of its workforce in order to cut costs. It has $5B in principal payments due in 2018 and $19B due over the next three years. Restructuring these debt payments could create headwinds for the stock.
In this article: TEVA Also: MYL
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Fitch Downgrade Could Signal More Pain For GE
Thursday, December 7, 2017 5:10 PM EDT
Fitch recently downgraded GE's debt. Power Systems could remain a headwind. Free cash flow will be stagnant until dividends from GE Capital resume. The downgrade could increase the cost of capital on GE's $136 billion debt load.
In this article: GE
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