The Market and Management Seem to be at Odds on Earnings Projections

As of February 12, 70% of S&P 500 companies had reported earnings results for the fourth quarter and 2019 year. While the reporting season is still young, the initial reports are somewhat disappointing. Fewer companies are beating estimates. 72.2% of the companies reporting beat expectations. This may seem like a high percentage, but it is below the 12-quarter average of 77.9%. It is not unusual for most companies to report results above...READ MORE

Noblecon16 - Panel is set to Discuss Recent Breakthroughs in Inflammasome Space

There is an ongoing renaissance in the potential for drugs targeting a unique inflammation hub, inflammasome. Inflammasomes are crucial to coordinate in?ammatory responses. Inflammation is a protective immune response to harmful stimuli, such as pathogens, dead cells or irritants, and is tightly regulated by the host. The innate immunity is the first...READ MORE

Kelly Services Inc. (KELYA): Can the New Growth Plan Work?

New Growth Strategy. New CEO Peter Quigley is rolling out a new, aggressive organic and inorganic growth plan to build a sustainable and profitable specialty talent solutions provider. We believe Kelly has the means, capability, and opportunity to successfully implement the plan. 4Q19 Results. Fourth quarter results were mixed. Revenue fell short of expectations due to...READ MORE

Newrange Gold Corp (NRG:CA): Striking Gold with District-Scale Projects in Nevada and the Red Lake Region of Ontario

Initiating coverage with an Outperform rating. We are initiating coverage of Newrange Gold Corp. with an investment rating of Outperform and a price target of C$0.25 per share. In our view, the equity offers investors exposure to an early-stage exploration mining company with significant gold and...READ MORE

Seanergy (SHIP): Focus on Weak Cape Market and Upcoming Refinancing

4Q2019 operating results were higher than our recently revised estimates. EBITDA of $11.9 million, TCE rates of $22.9k/day and EPS of $0.08 were above expectations. Dry bulk market weakness impacts 2020 estimate. The early part of the year has been weaker than expected and our new EBITDA estimate is $27.2 million based on TCE rates of $15.3k, down from our previous estimate of...READ MORE

The McClatchy Company (MNI): What happened?

Files for voluntary Chapter 11. There was an outside chance that the company would be able to move unfunded pension liabilities off balance sheet and do a reorganization that would leave some equity value for shareholders. This did not happen. Less favorable terms from the Pension Benefit Guaranty Corporation (PBGC) may have tipped the company's decision. Submits plans for a reorganization. The company plans to go...READ MORE

Trovagene (TROV): Lead Drug Shows Efficacy in Difficult to Treat Prostate Cancer Patients

Data Presentation at ASCO Medical Conference. Trovagene, Inc. yesterday announced results from an ongoing Phase II clinical trial on the use of its lead drug, onvansertib, in combination with hormonal therapy for the treatment of metastatic castration-resistant prostate cancer (mCRPC). Results were presented at the American...READ MORE

ACCO Brands Corporation (ACCO): Post 4Q Call Review: Basic Blocking & Tackling

Blocking & Tackling. ACCO continues to do the basic blocking and tackling. The Company's strategy of focusing on growing channels, strong brands, innovative products, and productivity improvements, complemented by accretive acquisitions is working, in...READ MORE

TherapeuticsMD Inc. (TXMD): Pre-Q4 Overview: Adjusting Our Earnings Estimates

Overview. Prior to fourth quarter earnings reporting, we are updating our estimates and wanted to convey our latest thoughts on the company. In this report, we disclose our estimates for each product, having previously reported total revenue numbers. Our investment thesis remains...READ MORE

The Other 5G Controversy

In an article dated February 4, 2020, The Wall Street Journal reported that the White House is working with U.S. technology companies to create advanced software for next generation 5G telecommunication networks in order to counteract the dominance of China’s Huawei Technologies, which holds a...READ MORE

ACCO Brands Corporation (ACCO): ACCO Reports Record Full Year Sales and Adjusted EPS

Record 2019 Results. ACCO reported record net sales of $1.96 billion for 2019 and record adjusted EPS of $1.20. Full year revenues and comparable sales were both up 1%, Adjusted EPS benefited from a reduction in shares outstanding as adjusted net income of $121.6 million was flat with...READ MORE

Energy Fuels Inc. (UUUU): Relief is in Sight

Government purchase program. President Trump's 2021 budget proposal includes $150 million to fund a strategic uranium reserve to provide assurance of uranium supplies and to support U.S. nuclear fuel cycle capabilities through the domestic production and conversion of uranium. Assuming no changes by...READ MORE

Helix Biopharma (HBP:CA): Pioneer in Cancer Therapy Targeting Tumor Microenvironment (TME)

Unique Technology Targeting Tumor Microenvironment (TME). We view Helix Biopharma as a pioneer in the cancer area as the company is developing a platform technology targeting the tumor microenvironment. Helix's technology is designed to reduce...READ MORE

NobleCon16 Panel to Discuss Cannabis Regulatory Future, Industry Trends, and Expectations for Investors

If cannabis and hemp products are expected to take a larger role in people’s day-to-day lives, why were stock prices so depressed last year? What will signal the expected rebound? These questions, along with current regulations and the implications of...READ MORE

InPlay Oil (IPO:CA): Canadian Producer Is Growing Through The Drill Bit, Even In a Low-Price Environment

Cardium play in western Canada offer attractive returns even at current prices. InPlay generates positive operating cash flow sufficient to fund an active drilling program. Its debt levels are modest for a company of its size...READ MORE

Seanergy (SHIP): Scrubber Program Complete. Adjusting Estimates for Dry Bulk Market Weakness.

IMO 2020 compliance plan implemented. Scrubbers were installed on five Capes, with the last one on December 19, 2019. The $12 million cost of the scrubber program was largely funded by charterers. Additional scrubber installations will be dependent upon...READ MORE

Energy Services of America (ESOA): Mid-Quarter Update - On Track

Maintaining FY2020 EBITDA after a positive finish to FY2019. After two uneven years and delays on a large project, the finish to FY2019 was solid and we expect more consistency going forward. Assuming no weather and/or operating miscues, we forecast that FY2020 EBITDA will move up to...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...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 LiDAR surveys to identify, refine and...READ MORE

DLH Holdings Corp. (DLHC): Post Call Update; Positive Outlook, Although Waiting Outcome of 3 Major Contracts

1Q20. Basic blocking and tackling in the quarter. S3 ERP integration complete. Continue to see active bid pipeline. Legacy business growing, but modestly. S3 revenue down sequentially due to normal quarterly fluctuations. Management remains optimistic about the current business environment. Major Contract Updates. No new news on the two...READ MORE

Vectrus (VEC): U.S. Army Determines LOGCAP V Bid Prices Reasonable, Will Proceed with Original Awardees

U.S. Army Determination. On February 5th, the U.S. Army filed a status report with the U.S. Court of Federal Claims regarding its reexamination of bid prices under the LOGCAP V award. The Army determined the bid prices of the winning awardees are reasonable. Hopefully, this will allow Vectrus to move forward on its awards under...READ MORE

Are Oil Markets Overreacting to the Spread of Coronavirus?

The spread of the coronavirus continues to accelerate with China’s Health Commission reporting 361 deaths in mainland China which now surpasses the 249-death count associated with the SARS virus. Globally, the coronavirus has resulted in more than 800 deaths and has affected more than 17,000 people. The virus is spreading to other nations and is now affecting industries beyond travel, vacation and...READ MORE

DLH Holdings Corp. (DLHC): 1Q20: Solid Start to the Year

1Q20 Results. Revenue totaled $52.2 million, compared to $33.8 million last year and above our $51 million estimate. Operating income came in at $3.1 million, compared to $2.6 million last year and in-line with our $3.2 million estimate. Net income totaled $1.6 million, or $0.12 per share, compared to $1.7 million, or $0.13 per share last year and...READ MORE

Gevo, Inc. (GEVO): Good to be Green - Initiating Coverage

Large market opportunity for low carbon renewable fuels. Visible plan to execute. Attractive proprietary concept geared toward production of low carbon renewable transportation fuels. There is a clear fairway to producing ethanol with a lower carbon footprint and shifting toward renewable transportation fuels with...READ MORE

Thirty-Something Homeownership has Declined, Have Millennials Given Up?

In 1990, baby boomers whose median age was 35, owned nearly one-third of American real estate. In 2019, the millennial generation, whose median age is 31, own only 4%. The reasons for the sharp decline are many. Millennials face increased debt from student loans and...READ MORE

Endeavor Silver (EXK): Lowering Estimates to Reflect 2020 Production Guidance

2020 production guidance. Endeavour forecasts silver production in the range of 3.0 million to 3.5 million ounces and gold production in the range of 38,000 to 44,000 ounces. In 2019, Endeavour produced 4.0 million ounces of silver and...READ MORE

TherapeuticsMD Inc. (TXMD): Low-dose Bijuva NDA filed, Approval is Anticipated in Q4 2020

Supplement new drug application for Bijuva is submitted. Bijuva is the first and only FDA approved (on October 28 of 2018) hormone therapy of bio-identical estradiol in combination with bio-identical progesterone (P+E, 1 mg/100 mg) for the treatment of...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 Harrison stepped down as President but...READ MORE

The Quick Spread of Coronavirus is Impacting Global Economies and Markets

The coronavirus, first identified on December 31, has killed 81 people in China and infected more than 2,800 worldwide including five in the United States. Coronavirus is an animal virus that has evolved to infect people. It is constantly...READ MORE

The Investor Conference at the Guitar Hotel in Florida offers More than New Ideas

Mixing work and pleasure is seldom as easy as we’d like. On the one hand, we’re looking to maximize our productivity in ways that enhance security and options in our life (make money). On the other hand, we need to recharge, rest, or take time to learn new...READ MORE

Biotechnology Industry Overview

2020 Outlook. The biotechnology sector has modestly underperformed the broader markets thus far in 2020. S&P 500 (SP50, +1.4%) and Russell 3000 (RUA, +1.4%) benchmark indices have outperformed both the NYSE Arca Biotechnology (BTK, -2.1%) and...READ MORE

1-800-Flowers.com (FLWS): It's Got Mo

Another nice gift. Fiscal Q2 results overachieved, with revenues, cash flow, and earnings, all better than estimates. It was the third quarter in a row of beating expectations and the results indicate favorable operating momentum in each segment including Consumer Floral, BloomNet, and...READ MORE

Aurania Resources Ltd. (ARU:CA): Initial Results Inform and Refine Direction of Drilling

Initial assay results yield more information than gold. Six drill holes, representing approximately 2,500 meters of drilling, have been completed on the first three of four targets at Yawi. Assay results received for the first...READ MORE

Comtech Telecommunications Corp. (CMTL): Gilat Satellite: A Transformational Acquisition

Gilat Acquisition. Gilat Acquisition. Yesterday, Comtech announced the acquisition of Gilat Satellite Networks, which we believe is a transformational acquisition for Comtech. On a pro...READ MORE

Dyadic International Inc. (DYAI): C1 Technology’s Potential to Manufacture Candidate Vaccines Against Coronavirus

Rapidly growing epidemic and concerns on coronavirus outbreak. The deadly new virus, coronavirus, is a fast-growing epidemic in China. The number of confirmed cases increased from 2,835 on Monday (January 27) to 4,515 on Tuesday (January 28), according to the National Health Commission, jumping nearly...READ MORE

Genco Shipping & Trading Limited (GNK): Scrubbers Done, Quarterly Dividend Tempers Weakness

Scrubber program completed and all 17 Cape scrubbers ready now. Last installation done in mid-January. Capes are capturing value from IMO2020 changes and cape volatility adds upside optionality to bar bell strategy. Dry bulk market weakness accelerating into 1Q2020. The Baltic Capesize Index (BCI) average of 822 so far in 1Q2020 is down 71% from 2,837 in 4Q2019, 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

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

Great Panther Mining Limited (GPL): Exploration Activity in Mexico Carries Momentum into 2020

Investing in Mexico. While attention in 2019 largely focused on the company's Tucano mine in Brazil, Great Panther executed a successful exploration program in Mexico that set the stage for 2020. Following 21,711 meters of drilling in 2019, the company has allocated $4 million to fund exploration in Mexico in 2020, focused mainly on the Guanajuato and...READ MORE

EuroDry Ltd. (EDRY): Solid Quarter and Well Positioned for Expected 2H2020 Recovery

Another solid quarter as pure dry bulk play. Adjusted 4Q2019 EBITDA of $3.8 million was above our estimate of $2.8 million mainly due to higher than expected TCE rates and and lower opex. Lowering 2020 estimates. Due to dry bulk market weakness, we are moving adjusted 2020 EBITDA estimate lower to $11.5 million based on TCE rates of...READ MORE

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