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Shaw Communications’ 2Q EPS and Revenue Beat Estimates

Shaw Communications posted better-than-expected revenue and profit in the second quarter driven by the addition of new wireless customers. Shaw Communications (SJR.B) reported a 34.4% year-over-year increase in EPS of C$0.43 per share,topping  consensus estimates of C$0.34 . In addition, total revenues increased 1.8% to C$1.39 billion, beating analysts’ estimates of C$1.38 billion. On March 15, 2021, Shaw announced […]

Active Equity: “Reports of My Death Are Greatly Exaggerated”

This article is based in part on material drawn from “The Dawn of a New Active Equity Era” by C. Thomas Howard and Return of the Active Manager by C. Thomas Howard and Jason Voss, CFA. In our 2019 book Return of the Active Manager, we declared that active equity management was alive and well […]

Are single seniors unfairly penalized at tax time?

Q. I am a senior with an income of about $115,000, single and in receipt of $7,364 in OAS benefits annually.  I keep only about $200 a year out of that for myself.  Yesterday, while doing my income tax return, it worked out that I ended up owing an extra $2,000 to $3,000 in income […]

SPAC Fever: Clear and Present Danger?

“Nations, like individuals, cannot become desperate gamblers with impunity. Punishment is sure to overtake them sooner or later.” — Charles Mackay Special-purpose acquisition companies (SPACs) have gone viral. They accounted for half of total initial public offering (IPO) funding in the United States last year, up from 20% the year before and less than 10% […]

MEI Pharma Presents Positive Preclinical Data For Cancer Drug Voruciclib

MEI Pharma announced positive preclinical data for its orally administered drug, voruciclib. Voruciclib blocks CDK9, a cyclin-dependent kinase (CDK) inhibitor and hinders growth of KRAS mutant cancers. MEI Pharma’s (MEIP) President and CEO,  Daniel P. Gold, Ph.D  said, “Collectively, the data reported today offer the opportunity to expand our current development activities with voruciclib and […]

Chicken Soup Snaps Up Sonar’s Film And Television Assets; Shares Bounce 6.4%

Shares of Chicken Soup for the Soul Entertainment jumped 6.4% in early trade on Friday as the company agreed to acquire the film and television assets of Sonar Entertainment for an undisclosed amount. The acquisition is expected to close in thirty days and is likely to accelerate the development of service offerings of the advertising-supported […]

Making sense of the markets this week: April 12, 2021

“According to BofA, investors have been selling individual stocks while buying ETFs. Last week BofA tallied up $400 million in net outflows from U.S. stocks, the note said.” And that post suggests that investors are just “kinda greedy” instead of extremely greedy…  “Bank of America’s Bull & Bear Indicator…remains solidly below the level that would […]

Zero Emissions Vehicles: Making Sense of the Transition with SASB Standards

“The days of the internal combustion engine are numbered.” — Neal E. Boudette and Coral Davenport, The New York Times, 28 January 2021 What precipitated such a dramatic pronouncement? General Motors (GM) had just released its plan to phase out traditional petroleum-fueled automobiles and sell only zero-emissions vehicles (ZEVs) by 2035. While attention-grabbing, GM’s was […]

How to cultivate the right mindset for investing success

You’re a business owner—so act like one The most powerful wealth machine ever built, the stock market “democratizes” capitalism by making business ownership available to anyone with even modest means. You can purchase shares in great companies at exactly the same market price as the largest institutional investors pay. As a shareholder of public companies, […]

AeroVironment Receives $11M Contract From NSPA For Unmanned Aircraft Systems

AeroVironment has received four fixed-price orders worth $11 million from the NATO Support and Procurement Agency (NSPA) for Puma 3 AE tactical unmanned aircraft systems (UAS) and initial spares packages, the unmanned aircraft systems’ company said on Tuesday. AeroVironment’s (AVAV) VP and small UAS product line general manager, Trace Stevenson said, “The Puma AE unmanned […]

Refreshing Revenue, the Cash Conversion Cycle, and Free Cash Flow

Like it or not, companies are judged by flawed standards.  GAAP sometimes misrepresents business reality. Let’s use that fact to generate some alpha. Continuing from the first memo, we’ll start by examining revenue recognition, the cash conversion cycle, and free cash flow. “Revenue” isn’t revenue, it’s contract timing. Revenue is recognized when a contract between a […]

Understanding income attribution and how to deal with it at tax time

The only money that has ever been transferred into this account has been the proceeds from the sale of our jointly owned house. We have had no capital gains since opening the account, but are curious about how to report capital gains when the time comes to sell a holding. Can we split this, or […]