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Ask Google how Americans conduct research, and it will return a whopping 352 million answers. That’s more than one answer for each American. Expensive purchases, vacation, job moves, investments, college selection, and other big decisions usually involve research. Where do people in the U.S. turn for advice on making their important decisions? The Pew Research Center recently performed an extensive study on this subject. Pew is highly regarded for its objective public opinion polls and...READ MORE

Information Services (III): Will the Coronavirus Impact 2020 Results?

Most Profitable Six Months Ever. The fourth quarter capped the most profitable six months in the Company's history. Across the last six months of 2019, ISG generated $19.9 million of adjusted EBITDA and...READ MORE

One Stop Systems Inc. (OSS): What Does the New CEO Bring to the Table?

David Raun Appointed Interim CEO. In a somewhat surprising move, on February 18th One Stop's Board of Directors appointed Board member David Raun as interim president and CEO, succeeding Steve Cooper, who remains...READ MORE

TherapeuticsMD Inc. (TXMD): Q4 2019 Earnings: Annovera is Now the Lead Asset in the Sales Bag

Annovera sales exceeded expectations and became the lead commercial focus for the company. Annovera reached $5.8 mm in the fourth quarter compared to $0.4 mm in the...READ MORE

Information Services (III): Solid Ending to the Year

4Q19 Results. Information Services reported solid 4Q19 results with revenue of $65.5 million GAAP EPS of $0.04 and adjusted EPS of $0.10 compared to $67.9 million, a GAAP loss of $0.02, and adjusted EPS of $0.05 last year. We had forecast revenue of $67 million, GAAP EPS of $0.03, and...READ MORE

InPlay Oil (IPOOF): Earnings Preview

We are lowering our 2020 ebitda and EPS estimates ahead of earnings to reflect a sharp drop in oil prices. We have lowered our WTI estimate to $45 from $52. With the decline, our 2020 ebitda estimate drops to $15 million from $35 million and our EPS estimate drops to...READ MORE

Oil Prices Have Been Cut in Half Since the Beginning of the Year Including a 25% Drop Last Friday

West Texas Intermediate (WTI) oil prices ended 2019 on an up note soaring above $60 per barrel. Then the virus hit. Since then, oil prices have crashed. At first, they drifted slowly lower into...READ MORE

Great Panther Mining Limited (GPL): Company Update Is a Mixed Bag

Updated technical reports. Great Panther released results from updated technical reports for its Guanajuato, San Ignacio and Tucano mines. Compared with previous reports, estimated mineral resources for the Guanajuato mine increased by...READ MORE

Equity Managers can Shine after a Good Shellacking

Steep market selloffs have historically provided opportunity for investors. The most successful have been contrarians who are selective in what they add to their positions. They analyze which industries and which companies within those industries have been dragged down with the stampede of...READ MORE

PDS Biotechnology (PDSB): Overcoming Limitations of Cancer Vaccines

We are initiating coverage of PDS Biotechnology. The Company's lead product is Versamune-HPV, which is currently in Phase II clinical trials for the treatment of human cancers associated with infection by human papillomavirus (HPV). PDS Biotechnology is collaborating with Merck & Co., and...READ MORE

Why the Current 60/40 Investment “Wisdom” Could Ruin Advisory Businesses

During tax season, people’s minds turn to their finances. This happens, of course, because most of us are making plans to settle-up with the IRS. Our financial papers are already in-hand, so it’s the most opportune time of the year to reevaluate...READ MORE

Gold’s Appeal is Driven by More than Coronavirus Fears

Year-to-date through March 4, 2020, gold futures prices have risen 7.0%, following a gain of 16.5% in 2019. Most recently, gold prices have responded to the economic risks posed by the Coronavirus 2019 (Covid-19) and ensuing market volatility and uncertainty that has...READ MORE

Entravision Communications Corporation (EVC): Why Q4 Doesn't Matter

Q4 in the rear view mirror. Q4 was sloppy, but in line with expectations. Revenues were $70.8 million versus our $71.3 million estimate and cash flow (as measured by adjusted EBITDA) was $11.1 million versus our...READ MORE

Eagle Bulk Shipping (EGLE): Challenging Quarter and Current Environment, But 2H2020 Recovery Likely

A tough end to a volatile year. Adjusted 4Q2019 EBITDA was $9.8 million and adjusted 2019 EBITDA was $48.7 million. A settlement of OFAC issue cost $1.1 million. High shipyard activity due to the scrubber installation program and a...READ MORE

Tribune Publishing Company (TPCO): Crossing The Digital Divide

Fourth quarter results in line with expectations. Fourth quarter revenues of $252.3 million were in line with our $252.5 million estimate. Adjusted EBITDA of $30.8 million was within shouting distance of our $31.8 million estimate. Increasingly, customers are willing to pay...READ MORE

Lower Rates, Lower Markets, Higher Expectations

The S&P 500 has fallen 13.8% after hitting an all-time high 10 trading days ago. The markets jumped this past Monday on the hope that central banks will respond by lowering interest rates. They gave most of the gains back on Tuesday when the Federal Reserve did exactly that by...READ MORE

Comtech Telecommunications Corp. (CMTL): S-4 Provides Details on Gilat Merger

S-4 Filing. Comtech filed an S-4 with the Securities and Exchange Commission Monday evening which provides additional detail regarding the Gilat acquisition. Using info as of 2/21, the total purchase price, including option costs, is projected to be...READ MORE

Vectrus (VEC): Excellent 2019. Will the Momentum Carry Over into 2020?

Strong 4Q19 and FY2019. 4Q19 revenue grew 11% to $365.3 million, adjusted EBITDA rose 29% to $18 million and adjusted diluted EPS was $0.93 compared to $0.73 in 4Q18. Full year revenue was up 8% to $1.38 billion, adjusted EBITDA rose 15% to $61.4 million, and...READ MORE

IRA Thoughts: When Market Selloffs and Tax Season Collide

It seemed too good to be true. For the past 13 months, day after day, the overall stock market continued to break new highs. Despite earthquakes in California, the longest federal government shutdown in history, a Special Prosecutor investigating the U.S. President, global...READ MORE

Comtech Telecommunications Corp. (CMTL): S-4 Provides Details on Gilat Merger

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

Great Lakes Dredge & Dock (GLDD): New Awards Reinforce Positive Outlook

Awards of $71.6 million announced, including new awards of $40.8 million. YTD awards now total ~$85.5 million and low bids pending award are now ~$110 million. Awards ~$31 million were previously disclosed but not identified. Larger projects are on horizon and 2H2020 backlog...READ MORE

Orion Group Holdings (ORN): Set Up for Positive Year Drives Higher Price Target

A solid end to a transformational year. 4Q2019 gross profit of $19.1 million and EBITDA of $11.0 million beat our estimates of $15.2 million and $8.2 million, respectively. High backlog, improving...READ MORE

Dyadic CEO Discusses how his Company Could Expedite Vaccine Production

In an interview, Dyadic CEO Mark Emalfarb told Trish Regan of FOX Business News that his company has the technology to allow them to mass-produce a vaccine should one get approved.Watch Video.

E.W. Scripps Company (SSP): A Political Boost

Q4 Outperforms. Total company revenues of $444.4 million were better than our $420.0 million estimate on better-than-expected Political ($15.2 million versus our $11.0 million estimate). Cash flow was $10 million better than our...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

Is the Triple-Tax Break for "Opportunity Zone" Investing Worthwhile?

In 2017, Congress passed the 2017 Tax Cuts and Jobs Act. Since the tax act passed, more than 500 qualified OZ funds have opened. The fund’s popularity seems to be growing with some $2 billion of $6.7 billion invested in December alone. As a rule, 90% of a fund must be invested in one of 8,700 qualified opportunity zones and...READ MORE

Gray Television Inc. (GTN): Why We Are Raising Our Price Target

Exceeds Q4 expectations. Q4 revenues of $579.0 million was better than our $553.0 million estimate on the strength of Political advertising ($35.0 million versus our $26.0 million estimate). Cash flow was $215.0 million, better than our $193.0 million estimate. Political is a barn-burner. Guidance for high margin, Political...READ MORE

Tribune Publishing Company (TPCO): Further Consolidation Appears Likely

Quarterly preview. We anticipate that the company will meet our adjusted EBITDA estimate for Q4. The company will report its fourth quarter and full year 2019 results on March 4, 2020. Noble conference highlights. This report highlights a fireside chat with...READ MORE

Black Swans, Falling Knives, and Market Corrections

The word “correction” has been used more than usual on CNBC and other business news programs this week. At first, it seemed to make sense; after all, on Monday, the S&P 500 dropped by 3.4%. Then on Tuesday, it shed another 3.03%. By the market close on Tuesday, the broad index was down a total of...READ MORE

Orion Group Holdings (ORN): Better than expected 4Q2019 Results and Positive 2020 EBITDA Guidance

4Q2019 gross profit of $19.1 million and EBITDA of $11.0 million beat our estimates of $15.2 million and $8.2 million, respectively. Gross margin of 9.6% was in line and EBITDA margin of 5.5% was ~400 basis points higher. Main driver was...READ MORE

Endeavour Silver Corp (EXK): Lowering Estimates for 2020; Rating Reset to Market Perform

EXK reports fourth quarter and full year earnings. EXK reported a full year net loss of $48.1 million, or ($0.36) per share, compared to our forecast of a loss of $37.8 million, or ($0.28) per share. The company reported a fourth quarter loss of $17.9 million, or...READ MORE

Genco Shipping & Trading Limited (GNK): Solid Quarter and Expanding Fleet Renewal Program

Adjusted 4Q2019 EBITDA of $28.4 million is below our estimate of $31.5 million, mainly due to lower than expected TCE rates of $12.6k/day. Management call today at 8:30am EST to discuss outlook. Call number is 334-777-6978 and...READ MORE

Dyadic International Inc. (DYAI): Progress and Efforts Continues to Validate C1 Platform

Dyadic is progressing towards generating human-like glycosylation by C1 platform. Dyadic ’s research partner VTT Technical Research Centre of Finland made further progress in glycoengineering by expressing another human-like...READ MORE

Kratos Defense & Security (KTOS): Underwhelming 4Q; Is the Future Brighter?

Underwhelming 4Q19. Kratos reported mixed 4Q19 results. Revenue came in at $185.1 million, below the $197 million consensus estimate, while adjusted EPS totaled $0.09, below the consensus $0.10 estimate. Full year revenue of $717.5 million was below the low-end of...READ MORE

Orion Group Holdings (ORN): NobleCon 16 Review - 4Q2019 Results Out Shortly

CFO Robert Tabb's presentation at our NobleCon16 conference highlighted progress on the Invest, Scale and Grow (ISG) restructuring program and other positives, including the recent $47 million Industrial award. Upcoming 4Q2019 operating results and...READ MORE