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Impact investing is a strategy to invest in companies, organizations and funds with the intention to generate a positive social or environmental impact while earning a financial return. Impact investing challenges the view that social and environmental issues should only be addressed by charitable donations, and that financial investments should focus only on returns. The Global Impact Investing Network (GIIN) estimates that...READ MORE

Scorpio Bulkers (SALT): Weakness Takes A Toll, But Rebound Expected

Adjusted 4Q2019 EBITDA of $20.0 million well below expectations. The main reasons for the negative variance were lower TCE rates, higher opex/G&A expenses and higher downtime for scrubber installations. Non-cash items include gain in STNG investment of $47 million and asset write down of $25 million. Dry bulk market weakness accelerating into 1Q2020. The Baltic Panamax Index (BPI) average of 814 so far in 1Q2020 is down...READ MORE

Trovagene (TROV): Emerging as a Leader in Race to Develop KRAS Inhibitor

We are resuming coverage of Trovagene after reassigning research coverage to a different analyst. The company yesterday released interim results from a Phase II clinical trial on the use of onvansertib for the treatment of metastatic colorectal cancer (CRC) patients carrying KRAS mutations. Onvansertib is an inhibitor of PLK1. In experimental models, the drug kills cancer cells harboring KRAS mutations. Results were...READ MORE

Comtech Telecommunications Corp. (CMTL): Troposcatter Award Bigger than We Thought

Troposcatter Award. Yesterday, Comtech issued a press release with additional details regarding the 10-year $325 million Marine troposcatter award won by its partner Cubic Corporation. Comtech was awarded $211 million under the contract to provide troposcatter equipment, significantly more than the $160 million we had originally anticipated. Comtech received an initial...READ MORE

Kratos Defense & Security (KTOS): Are Recent Headlines a Harbinger of Things to Come?

More Positive Headlines. In a recurring, almost weekly, theme, Kratos continues to see positive developments across a broad swath of its business. This past week, Kratos saw what we view as positive developments in both its Gremlins and Skyborg programs. While a leading independent, non-partisan policy research institute reaffirmed the need for...READ MORE

The 2020s Could Become the Most Inclusive Decade for Investors

Barriers that a short time ago prevented the average investment account from access to the same benefits that larger institutional or high-net-worth accounts took for granted are crumbling. There were a number of doors opened from regulators, online brokers, financial advisors, and investment research providers toward the end of the last decade. If they keep opening, it will change the...READ MORE

Ari Fleischer to Present at NobleCon16 Investor Conference

Investors and investment professionals converge each year on South Florida to attend the largest small-cap and micro-cap investment conference of its kind. This year, attendees may feel a bit like they’ve gone back in time and have found themselves at a press briefing in George W. Bush’s White House. Former White House Press Secretary Ari Fleischer will address the audience at...READ MORE

Onconova Therapeutics Inc. (ONTX): Partnership dissolves - Greater China is Added Back to Onconova’s Territories

Regained rights of rigosertib in greater China. On January 23, 2020, Onconova announced the termination of HanX license partnership due to HanX failing to make required payments under the terms of the agreement. The company has...READ MORE

Sierra Metals (SMTS): Fourth Quarter Production Results In Line with Expectations

SMTS reports fourth quarter production results. Compared with the prior year period, fourth quarter production of gold increased 69.2% to 3,615 ounces, silver increased 24.3% to 871 thousand ounces, lead production increased 24.9% to...READ MORE

Great Panther Mining Limited (GPL): Prepayment Agreements Enhance Liquidity and Underscore Operational Confidence

Prepayment agreements enhances financial flexibility. Great Panther announced prepayment agreements with affiliates of IXM Group and Samsung amounting to $21.25 million in aggregate. The proceeds will enhance Great Panther's liquidity and...READ MORE

One Stop Systems (OSS): Preliminary 4Q and FY2019 Revenues Top Expectations

Preliminary 2019 Revenues. OSS reported preliminary 2019 revenue of $58.3 million, above the high end of management's previous $58 million guidance and above our $56.9 million projection. This is a 57% increase over 2018 revenue. Fourth quarter 2019 revenue is projected to be...READ MORE

Fin Tech is one of the Fastest Growing Tech Sectors

So, what is FinTech? Financial Technology (FinTech) is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. (1) In short, FinTech uses technology to improve activities in finance. FinTech is composed of...READ MORE

Should investors switch to an underperforming sector?

It’s been a good run for growth sectors and indicators remain favorable, but things can change quickly. 2019 was another good year for the stock market with most major indices (DJIA, SP500, Russell 2000) up 25-30% entering the last week of the year. Almost all market subsectors reported strong results in...READ MORE

Orion Group Holding (ORN): New Awards of $18 million Push YTD Awards to $40 million.

Added concrete awards of $18 million helps 2020 visibility. Total concrete awards total $40 million so far in January. Three structural construction in Houston totaling $18 million were awarded. Combined with earlier awards totaling $22 million, about $40 million of work has been awarded so far this year. The work helps near-term visibility in...READ MORE

Jeb Bush to Present at NobleCon16 Investor Conference

Presidents Day 2020, Jeb Bush, Governor of Florida (1999-2007) will provide the opening address at Noble Capital Markets annual investor conference, NobleCon16. Bush’s keynote address on Monday, February 17, should offer a unique perspective on the upcoming election, along with with current business and economic topics. During his eight years as Governor, Bush became...READ MORE

Kratos Defense & Security (KTOS): Well Positioned for 2020

Risk/Reward Remains Enticing. Following our October 1st upgrade, KTOS shares rose 16.7% by mid-November before drifting back down to the current level. We continue to believe KTOS shares represent a favorable risk/reward opportunity at these levels. Opportunity Set Growing. Kratos's opportunity set remains large and...READ MORE

Coeur Mining (CDE): Fourth Quarter Production Results Disappoint; Rating Remains Outperform

CDE reports fourth quarter 2019 production results. Coeur Mining reported fourth quarter production of 94,716 ounces of gold, 3.2 million ounces of silver, 3.9 million pounds of zinc and 4.0 million pounds of lead. On a year-over year basis, gold and...READ MORE

Energy Fuels (UUUU): Is Relief for the Uranium Industry Imminent?

U.S. Nuclear Fuel Working Group recommendations. While it has been reported that the working group submitted recommendations to the President in November, they have not been made public. In our view, the President is more likely to.....READ MORE

Aurania Resources (ARU:CA): Making the Most of a Mineral-Rich Project

Precious metals exploration. Twenty epithermal targets have been identified. These include four areas at Yawi and six other targets that are being prepared for drilling. The company is applying a unique combination of historical research, field work, data analytics and...READ MORE

Cobalt and Rare Earth Metals from the Ocean Floor Eyed to Meet Growing Battery Demand

The pursuit of seabed minerals, including polymetallic nodules containing nickel, copper, cobalt, and manganese is being driven by growing demand for batteries to power electric cars and to store wind and solar energy. Discoveries of rich deposits on the seafloor and...READ MORE

Do Budget Deficits Matter? U.S. Deficit Tops $1 Trillion in First 11 Months of Fiscal Year

The U.S. budget deficit topped $1 trillion in calendar 2019 according to Treasury Department figures released on Monday. The $1.02 trillion deficit was an increase of 17.1% from the previous year. The U.S. deficit has expanded for four consecutive years. This is the first time...READ MORE

Cryptocurrency and the Howey Test: Are They Securities?

Are Cryptocurrencies securities? Should cryptocurrencies be regulated? Why? If so, by whom? These are just some of the questions with which regulators and the cryptocurrency industry are struggling. One of the key drivers behind the success of blockchain is.....READ MORE

Kelly Services Inc. (KELYA): Latest Acquisition Adds to Educational Services Segment

Acquires Insight. After the market closed on Tuesday, Kelly announced the acquisition of Insight, a fast growing educational services staffing company serving some 60 school districts across four states. The Insight acquisition continues Kelly's strategy of expanding its business in key specialties, in our view. Strengthens Existing Markets. Insight strengthens Kelly's presence in...READ MORE

Pyxis Tankers Inc. (PXS): Delta MR Tanker Sale Closed

Sale of 2006-built MR Tanker has closed. The Pyxis Delta sale was driven by the trade-off between cash flow potential and rising fuel/maintenance cost, including the cost of the upcoming 15-year survey. In addition debt repayment might have played a role. No impact to 2019 estimates. Our 2019 EBITDA estimate stays in the $6.2 million range based on...READ MORE

E.W. Scripps Company (SSP): Why Is Scripps Among Our 2020 Favorites?

Influx of cash. Free cash flow is estimated to be as much as $250 million in 2020 due to a combination of strong, high margins, Political advertising and a step up of an estimated $70 million in Retransmission revenue. Favorable Political Footprint. The company is positioned to capture presidential political advertising in swing states including AZ, FL, MI, OH, NV, WI and...READ MORE

Great Panther Mining Limited (GPL): Upgrading Based on Improving Risk and Reward Profile

GPL reports fourth quarter production results. In aggregate, fourth quarter production increased 275.7% to 44,697 gold equivalent ounces versus the prior year period and decreased 5.7% compared to the third quarter of 2019. The significant year-over-year increase in gold production reflects the...READ MORE

Orion Group Holdings (ORN): New Concrete Awards Help Near-term Visibility

Concrete awards of $22 million helps 2020 visibility. Three light commercial jobs in Texas totaling $22 million were awarded; two in Dallas for $14 million and another in Houston for $8 million. The work helps concrete visibility since it begins this quarter with...READ MORE

Sierra Metals (SMTS): SMTS Updates Yauricocha Mineral and Reserve Estimate

While contained metals decreased in total, proven reserves and measured resources increased. The decline in overall contained metals relative to the last reserve and resource estimate was due, in part, to a more conservative method for measuring the density...READ MORE

Coeur Mining (CDE): Exploration Efforts to Increase in 2020; Focus on Resource Discovery and Conversion

Coeur releases updates on 2019 exploration program. The central message is that management considered the 2019 exploration program productive, particularly with respect to...READ MORE

Natural Gas Production In the Marcellus Basin Declined in 2019 After Years of Rapid Growth

Ten years ago, gas production in the Marcellus Basin of Appalachia represented less than 5% of domestic production. At the end of 2018, it represented 41% of production. This stratospheric rise came to a halt in...READ MORE

Harte-Hanks Inc. (HHS): New Leadership For A New Phase?

Appoints a new C-level management team. The company appointed Andrew Benett as Executive Chairman and CEO, Brian Linscott as COO, and promotes Lauri Kearnes to CFO position, replacing departing Mark Del Priore. Andrew...READ MORE

Endeavor Silver (EXK): Guanacevi and Bolanitos Mines Expected to Drive 2020 Production Growth

EXK reports fourth quarter 2019 production results. EXK reports fourth quarter 2019 production results. Compared to the prior year period, fourth quarter silver and gold production declined 32.2% and 27.0% to 939,511 ounces and 9,578 ounces, respectively. Although partially offset by greater production at the Guanacevi and...READ MORE

NobleCon16 Panelists to Discuss if a Cure for Type 1 Diabetes is Imminent

Is the day when we have a functional cure for Type 1 Diabetes approaching? There are 1.25 million people in the U.S. alone afflicted with T1D. Noble Capital Markets has assembled a panel from among the world’s top medical researchers in this field to discuss advancements and therapies toward curing Type 1. The panel discussion will take place at NobleCon16 being held from...READ MORE

QuoteMedia (QMCI): Among Our Candidates For Most Likely To Succeed in 2020

Tweaking our full year 2019 and 2020 estimates slightly upward. Based on our Q4 adj. EBITDA estimate of $463,000, our full year 2019 cash flow estimate is $2.06 million. We anticipate that full year 2020 cash flow will decline 10% to $1.84 million, up roughly $200,000 from our previous estimate of $1.63 million. Upside to our estimates. Our 2020 estimates...READ MORE

Cumulus Media Inc. (CMLS): Business As Usual

In search of a CFO. The company announced that its CFO, John Abbot, will be leaving after it reports its fourth quarter and full year results. We do not believe that there is any financial or nefarious reason that he will be leaving. Long commute. Mr. Abbot commuted from his home in Connecticut to Atlanta, where the firm is based, and...READ MORE

Long Term Investors and Small Cap Stocks

According to Ibbotson Associates’ Stocks, Bonds, Bill and Inflation, small Capitalization stocks outperform Large Capitalization stocks over the long term. (Although there is not a set definition for a Small Cap stock, generally speaking Small Cap stocks are those with a market capitalization below $2 billion today, while Large Cap stocks refer to...READ MORE

ProMIS Neurosciences (PMN:CA): What Does Biogen’s Progress Mean for ProMIS?

ProMIS issues White Paper. ProMIS Neurosciences issued a white paper discussing data released by Biogen (a competitor in the field) from two Phase III clinical trials on the use of aducanumab for the treatment of Alzheimer’s disease. Impact of Biogen’s recent developments. Going into the new year, all eyes will be on...READ MORE

Grindrod Shipping (GRIN): Dry Bulker with Tanker Upside - Launching Coverage

Launching coverage.A high quality asset base, consistent TCE rate outperformance and simplified corporate structure are positives. GRIN has dropped more than 60% since the June 2018 NASDAQ listing and the weak stock price performance creates a compelling risk/reward profile. The current valuation of 5.4x 2020 EBITDA is attractive and...READ MORE

Media Industry Report: The Internet Takes Over The World

As we start 2020 and a new decade, we take look back the past decade and look forward toward what the future may hold for Media companies. According to several advertising prognosticators, Internet Media accounted for roughly 50% of total US advertising spend in 2019, more than triple from 15% just 10 years earlier. Incredibly, in a short 10 years, the Internet...READ MORE

Sierra Metals (SMTS): Plan to Return Capital in 2020 Highlights Confidence in Sustainable Free Cash Flow Growth

Returning capital to shareholders. The company’s Board of Directors has approved a plan to return up to US$30 million to shareholders in 2020. Sierra Metals intends to commence an issuer bid under which the company will offer to repurchase up to US$15 million of its...READ MORE