Last month I met up with David Cowen, CEO of the Museum of American Finance in New York, for a tour and chat about financial history.
In this clip, Cowen shows us one of America's very first government budgets. You may be shocked at the figures. Have a look. (A transcript follows.)
David Cowen: Well, we're looking at one of the original budgets from 1792; Secretary of the Treasury Hamilton was responsible for these budgets. We have many of the early budgets, and what we'd like to show you on this one is here is Foggy Bottom, the State Department's budget, and it says it's for Thomas Jefferson, who is Secretary of State, and several of his clerks and messengers, and the total budget was $8,097.61.
Morgan Housel: You're not leaving out any zeros. It's $8,000.
Cowen: Eight thousand dollars, and then take a look at the Pentagon budget, the Department of War, called at that time, under Henry Knox and some of his office staff messengers -- $9,190. Now there is an army in the field on the next page, but still, these are a little bit less than what we have today.
Top Penny Companies To Own For 2015: Colonial Municipal Income Trust (CMU)
MFS High Yield Municipal Trust operates as a nondiversified, closed-end management investment company. The trust invests primarily in medium and lower quality bonds and notes issued by or on behalf of state and local government units. Its portfolio primarily comprises investments in health care, tax-backed, utilities, transportation, housing, education, industrials, resource recovery, industrial, manufacturing, oil and gas, and refunded/escrowed sectors. Columbia Management Advisors, Inc. serves as the investment advisor of the trust. The trust was formerly known as Colonial Municipal Income Trust and changed its name to MFS High Yield Municipal Trust in 2007. MFS High Yield Municipal Trust was founded in 1987 and is based in Boston, Massachusetts.
Advisors' Opinion:- [By Paul McWilliams]
Marvell (MRVL) is clearly carrying a big zit on its forehead from the ongoing legal battle with Carnigie Mellon University (CMU). A jury awarded CMU damages slightly in excess of $1B, and the judge could triple that.
Top 10 Dow Dividend Stocks For 2014: Response Genetics Inc.(RGDX)
Response Genetics, Inc., a life sciences company, engages in the research, development, marketing, and sale of clinical diagnostic tests and pharmacogenomic tests for use in the treatment of cancer primarily in the United States, Asia, and Europe. The company develops genetic tests that measure predictive factors for tumor response in tumor tissue samples. It offers tests for non-small cell lung cancer under the ResponseDX: Lung trade name; colorectal cancer under the ResponseDX: Colon trade name; and gastric and gastroesophageal cancer under the ResponseDX: Gastric trade name. The company also develops tests for other types of cancer that identify genetic profiles of tumors that recur after surgery. Response Genetics, Inc. offers its products through its sales force to community based oncologists, hospitals, and physician offices. In addition, it provides pharmacogenomic testing services to pharmaceutical companies. The company was formerly known as Bio Type, Inc. and cha nged its name to Response Genetics, Inc. in August 2000. Response Genetics, Inc. was founded in 1999 and is headquartered in Los Angeles, California.
Advisors' Opinion:- [By Monica Gerson]
Response Genetics (NASDAQ: RGDX) slipped 9.47% to $1.34 after the company reported Q4 results. The company posted a quarterly net loss of $3.2 million, or $0.09 per share, versus a year-ago net loss of $0.5 million, or $0.01 per share.
Top 10 Dow Dividend Stocks For 2014: Sirius XM Radio Inc.(SIRI)
Sirius XM Radio Inc. provides satellite radio services in the United States and Canada. It broadcasts a programming lineup of approximately 135 channels of commercial-free music, sports, news and information, talk and entertainment, traffic, and weather on subscription fee basis through two satellite radio systems in the United States; and holds an interest in the satellite radio services offered in Canada. The company also simulcasts music and selected non-music channels over the Internet; and offers applications to allow consumers to access its Internet services on mobile devices. As of December 31, 2010, it had 20,190,964 subscribers. In addition, the company designs, establishes specifications, sources or specifies parts and components, and manages various aspects of the logistics and production of satellite radios; licenses its technology to various electronics manufacturers to develop, manufacture, and distribute radios under various brands; and imports radios distri buted through its Websites. The company?s satellite radios are primarily distributed through automakers, retailers, and its Websites. Further, it provides music services for commercial establishments; a satellite television service to offer music channels as part of certain programming packages on the DISH Network satellite television service; music and comedy channels to mobile phone users through mobile phone carriers; Backseat TV, a service offering television content designed primarily for children in the backseat of vehicles; Travel Link, a suite of data services that include graphical weather, fuel prices, sports schedules and scores, and movie listings; and real-time traffic and weather services. The company was formerly known as Sirius Satellite Radio Inc. and changed its name to Sirius XM Radio Inc. in August 2008. Sirius XM Radio Inc. was founded in 1990 and is headquartered in New York, New York.
Advisors' Opinion:- [By Rick Munarriz]
Things never get dull for the country's lone satellite radio provider. Shares of Sirius XM Radio (NASDAQ: SIRI ) moved lower on the week, shedding 2% of its value to close at $3.64. The media darling's slide wasn't as bad as Nasdaq's 0.3% decline on the week.
- [By WALLSTCHEATSHEET]
Sirius XM Radio provides audio entertainment and information via subscription services to a growing listener base. The company recently released an earnings report that has investors happy. The stock has been steadily rising and is now trading at highs for the year. Over the last four quarters, earnings have been mixed while revenue figures have been rising which has led to upbeat investors. Relative to its very strong peers and sector, Sirius XM Radio has been an average year-to-date performer. Look for Sirius XM Radio to OUTPERFORM.
- [By Rick Munarriz]
Things never get dull for the country's lone satellite-radio provider. Shares of Sirius XM Radio (NASDAQ: SIRI ) moved sharply higher this week, closing 7.7% higher to hit $3.36. The general market moved higher, but Sirius XM's gain was better than Nasdaq's 3% pop.
Top 10 Dow Dividend Stocks For 2014: Abraxas Petroleum Corp (AXAS)
Abraxas Petroleum Corporation is an independent energy company primarily engaged in the acquisition, exploitation, development and production of oil and gas in the United States and Canada. As of December 31, 2011, the Company�� estimated net proved reserves were 29.0 million barrels of oil equivalent (MMBoe), (including reserves attributable to its 34.7% equity interest in the proved reserves of Blue Eagle), of which 53% were classified as proved developed, 54% were oil and natural gas liquids (NGL��) and 94% by PV-10 were operated. Its daily net production during the year ended December 31, 2011, was 3,484 barrels of oil equivalent per day, of which 45% was oil or liquids. Its oil and gas assets are located in four operating regions in the United States, the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast, and in the province of Alberta, Canada.
The Company�� properties in the Rocky Mountain region are located in the Williston Basin of North Dakota and Montana and in the Green River, Powder River and Unita Basins of Wyoming and Utah. In this region, its wells produce oil and gas from various reservoirs, including the Niobrara, Turner, Bakken and Three Forks formations. Well depths range from 7,000 feet down to 14,000 feet. The Company�� properties in the Mid-Continent region are primarily located in the Arkoma Basin and principally produce gas from the Hartshorne coals at 3,000 feet. Its properties in the Permian Basin region are primarily located in two sub-basins, the Delaware Basin and the Eastern Shelf. In the Delaware Basin, its wells are located in Pecos, Reeves, and Ward Counties, Texas and produce oil and gas from multiple stacked formations from the Bell Canyon at 5,000 feet down to the Ellenburger at 16,000 feet.
In the Eastern Shelf, its wells are principally located in Coke, Scurry, Midland, Mitchell and Nolan Counties, Texas and produce oil and gas from the Strawn Reef formation at 5,000 to 7,500 feet and oil from the shallower Clea! rfork formation at depths ranging from 2,300 to 3,300 feet. The Company�� properties in the onshore Gulf Coast region are located along the Edwards trend in DeWitt and Lavaca Counties, Texas and in the Portilla field in San Patricio County, Texas. In the Edwards trend, its wells produce gas from the Edwards formation at a depth of 14,000 feet and in the Portilla field, its wells produce oil and gas from the Frio sands and the deeper Vicksburg from depths of approximately 7,000 to 9,000 feet. In addition, the Company also owns a 34.7% equity interest in a joint venture targeting the Eagle Ford in South Texas. Its properties in the province of Alberta, Canada are located in the Pekisko fairway and the Nordegg/Tomahawk area of Central Alberta.
As of December 31, 2011, the Company leased approximately 20,835 net acres, primarily in counties located on the Nesson Anticline and in areas west, including Rough Rider and Lewis & Clark in North Dakota and in Sheridan County, Montana, which are prospective for the Bakken and Three Forks formations. During the year ended December 31, 2011, the Company drilled two operated wells and participated in an additional 19 gross (1.0 net) non-operated wells. In July 2011, Abraxas purchased a used Oilwell 2000 horsepower diesel electric drilling rig. In August 2010, the Company formed a joint venture, Blue Eagle, with Rock Oil to develop its acreage in the Eagle Ford Shale play. As of December 31, 2011, the Company owned a 34.7% interest in Blue Eagle. During 2011, Blue Eagle drilled, completed or participated in three gross (2.4 net) wells and added approximately 3,800 net acres to its holdings, principally in McMullen County, Texas.
As of December 31, 2011, the Company leased a total of approximately 20,720 gross (17,800 net) acres in the southern Powder River Basin, of which 17,800 gross (15,700 net) acres were located in the Brooks Draw field of Converse and Niobrara Counties, Wyoming. In addition, it owns approximately 2,100 net acres in sout! hern Camp! bell County, Wyoming which are held by production and are near the Crossbow field operated by EOG Resources, Inc. and other recent horizontal activity. As of December 31, 2011, the Company leased 6,880 net acres in western Alberta. In 2011, it drilled or completed six gross (6 net) wells in the Twining area. In the emerging southern Alberta Basin Bakken play of Toole and Glacier Counties, Montana, the Company leased approximately 10,000 gross/net acres under long-term leases or direct mineral ownership. As of December 31, 2011, it leased approximately 5,600 gross/net acres in Nolan County, Texas. In 2011, the Company drilled three wells in the Spires Ranch offsetting the prolific Nena Lucia field.
Advisors' Opinion:- [By Value Investor]
Abraxas Petroleum Corporation (AXAS) is a small cap exploration and production company based in San Antonio, Texas. The company has a market cap of $472 million and has been trending higher since last year in terms of stock price. The company is currently trading at a price of $5 and this article discusses why the upside will continue.
- [By Rich Duprey]
With steam coal prices continuing to be weak due to the inroads made by natural gas, Natural Resource Partners (NYSE: NRP ) has decided if you can't beat 'em, join 'em. It announced Monday it is buying producing�oil and gas�properties located in the Williston Basin of North Dakota and Montana from�Abraxas Petroleum (NASDAQ: AXAS ) for $35.3 million in cash.
Top 10 Dow Dividend Stocks For 2014: Fusion-io Inc (FIO)
Fusion-io Inc (Fusion) is a provider of datacenter solutions that accelerate databases, virtualization, cloud computing, big data, and the applications that help drive business from the smallest e-tailers to some of the largest data centers, social media leaders, and Fortune Global 500 businesses. The Company's integrated hardware and software platform enables the decentralization of data from legacy architectures and specialized hardware. The Company sells its solutions through a global direct sales force, original equipment manufacturers, or OEMs, including Cisco, Dell, HP, and IBM, and other channel partners. In August 2011, the Company acquired IO Turbine, Inc.,. Effective March 18, 2013, the Company acquired ID7.
Fusion-io's ioMemory hardware is a sub-system connecting a large array of industry-standard NAND Flash memory through the Company's data-path controller and its virtual storage layer, or VSL, software to create a high capacity memory tier that natively attaches to a server's PCI-Express peripheral bus (PCIe).
The Company's portfolio of storage memory products incorporates the Company's ioMemory hardware combined with its virtual storage layer (VSL) and caching software into its family of ioDrive, ioFX, and ioCache enterprise grade products. The Company's ioDrive products work in conjunction with the Company's directCache data-tiering software, ioTurbine virtualization software, ioSphere management system, and ION Data Accelerator software. The Company's latest ioDrive, ioFX, and ioCache product families are a line of PCIe standard form-factor storage memory platforms that combine one or more ioMemory sub-systems with the Company's VSL software.
The Company's directCache software extends the Company's ioMemory based platforms and permits interoperability with traditional direct-attached, network-attached, storage area network attached, and appliance attached backend storage systems. The Company's ioTurbine virtualization software extends the Company! 's ioMemory platform and permits host-based data acceleration to specifically address the demand for high-density, high-performance server, and desktop virtualization.
ioSphere is a suite of management software purpose-built for the Company's storage memory infrastructure and designed around its application acceleration platform. ioSphere software is accessible through a graphical user interface that enables datacenter administrators to centrally configure, monitor, manage, and tune all distributed ioMemory devices throughout the datacenter. In addition, this software offers real-time, predictive, and historical reporting of ioMemory's performance and wear.
The Company's ION Data Accelerator software transforms server platforms into application acceleration appliances that share Fusion ioMemory across applications. ION Data Accelerator delivers Fusion-io performance on open server platforms with software-defined storage, or SDS, for applications such as Oracle RAC, Microsoft SQL Server, MySQL, and SAP HANA, along with other applications where shared storage aids deployment. The Company's original equipment manufacturer�� (OEMs), including Cisco, Dell, HP, and IBM, sell branded storage memory solutions based on the Company's standard products as well as custom form-factor versions to fit specific applications.
The Company competes with EMC Corporation, Hewlett-Packard Development Company, L.P, Texas Memory Systems, Oracle, Adaptec, Inc., LSI Corporation, Sandisk, Corp, IBM, CA, Inc, Nagios Enterprises, LLC., Hitachi Data, Huawei Technologies, Co., Intel Corp., LSI Corporation, Marvell Semiconductor, Inc., Micron Technology, Inc., OCZ Technology Group, Inc., Samsung Electronics, Inc., SanDisk, Corp., Seagate Technology, STEC, Inc., Toshiba Corp., and Western Digital Corp.
Advisors' Opinion:- [By Evan Niu, CFA]
What: Shares of Fusion-io (NYSE: FIO ) got destroyed today, down by as much as 27% after the company announced a management shakeup.
So what: CEO and co-founder David Flynn has abruptly stepped down alongside his fellow co-founder Rick White in order to "pursue entrepreneurial investing activities." Both Flynn and White will remain on the board of directors as advisors for the next 12 months.
- [By Ben Levisohn]
Knapp and Slover were also kind enough to provide a screen of stocks that could outperform. They started with the Russell 2000, removed the smallest 40% based on market cap (the aforementioned liquidity issues), then selected the 5% worst performers from among the 30% cheapest stocks based on book-to-price. The result is a bunch of names you never heard of, including Infinity Pharmaceuticals (INFI), Fusion-IO (FIO), Walter Energy (WLT), Hecla Mining (HL) and Molycorp�(MCP).
- [By Jesse Solomon]
The latest deals include medical device maker Medtronic's (MDT) $42.9 billion acquisition of rival Coviden (COV), telecom giant Level 3 Communications' (LVLT) $5.7 billion purchase of tw telecom (TWTC), Williams Companies (WMB)' $6 billion controlling stake in natural gas driller Access Midstream Partners (ACMP), and SanDisk's (SNDK) $1.1 billion takeover of flash technology company Fusion-io (FIO).
- [By Christopher F. Davis]
Fusion IO (FIO) got absolutely obliterated yesterday (May 8th), down by as much as 27% to touch $13.13, after the company announced a major change in management. On Wall Street, it is common place for unexpected major management shifts to be an event that causes selling immediately, with questions asked later. On Wednesday, the stock closed down 18.9% on volume 15 times the average of 3 million shares that normally trade in a given day.
Top 10 Dow Dividend Stocks For 2014: KYTHERA Biopharmaceuticals Inc (KYTH)
KYTHERA Biopharmaceuticals, Inc., incorporated in June 2004, is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of prescription products for the aesthetic medicine market. The Company�� initial focus is on the facial aesthetics market. The Company�� product candidate, ATX-101, is a injectable drug in Phase III clinical development for the reduction of submental fat, which commonly presents as an undesirable double chin. Based on clinical trials conducted, ATX-101 has exhibited results in the reduction of submental fat. ATX-101 contains a synthetic form of sodium deoxycholate. In the United States and Canada, the Company is conducting two pivotal Phase III trials of ATX-101 for the reduction of submental fat. The Company initiated this pivotal Phase III clinical program, with planned enrollment of 1,000 patients, in March 2012.
In Europe, Bayer, its collaborator outside the United States and Canada, recently completed two pivotal Phase III trials of ATX-101 for the reduction of submental fat. In these multi-center, randomized, double-blind, placebo-controlled pivotal trials involving 723 patients, ATX-101 resulted in a reduction in submental fat, as assessed by a validated clinician scale and a patient satisfaction scale.
ATX-101 contains a synthetic form of sodium deoxycholate. ATX-101 is designed to be a locally-injected drug that causes proximal, preferential destruction of adipocytes, or fat cells, with minimal effect on surrounding tissue. Upon subcutaneous injection under the skin, ATX-101 disrupts cell membranes in protein-poor tissues, such as fat, while being attenuated by interactions with protein-rich tissue, such as skin, muscle and blood vessels. This attenuation by protein-rich tissue results in the preferential destruction of adipocytes by ATX-101. The destruction of adipocytes, or adipocytolysis, elicits a natural response, in which macrophages are attracted to remove cellular debris and fat particles t! hrough the lymphatic system. The macrophages also emit low levels of chemical messengers, known as cytokines, which attract fibroblasts, another cell type, to the area. Fibroblasts produce collagen, and it is believed that new collagen production, or neocollagenesis, promotes retraction of the skin in the areas of fat reduction. The fat removal process with ATX-101 is incremental with each treatment, thereby allowing for control of the aesthetic outcome.
Advisors' Opinion:- [By Roberto Pedone]
One stock that's quickly moving within range of triggering a major breakout trade is Kythera Biopharmaceuticals (KYTH), which is focused on the discovery, development and commercialization of novel prescription products for the aesthetic medicine market. This stock has been on a bullish run in 2013, with shares up by 48%.
If you take a look at the chart for Kythera Biopharmaceuticals, you'll notice that this stock has been trending sideways and consolidating for the last month, with shares moving between $40.55 on the downside and $47.85 on the upside. Shares of KYTH are now starting to spike higher off some near-term support at $42.54 a share. That move is quickly pushing KYTH within range of triggering a major breakout trade above the upper-end of its recent range.
Traders should now look for long-biased trades in KYTH if it manages to break out above some near-term overhead resistance at $47.50 to its all-time high of $47.85 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 199,029 shares. If that breakout hits soon, then KYTH will set up to enter new all-time high territory, which is bullish technical price action. Some possible upside targets off that breakout are $55 to $57, or even $60 a share.
Traders can look to buy KYTH off any weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support at $42.54 a share, or at $40.55 a share. One can also buy KYTH off strength once it takes out those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.
- [By John Udovich]
On Tuesday, small cap biotech stock Kythera Biopharmaceuticals Inc (NASDAQ: KYTH) surged around 25% after announcing that its ATX-101 REFINE-1 and REFINE-2 Phase III trials met all primary and secondary endpoints for the reduction of so-called double chins; but if investors missed out on that rally, small caps Zeltiq Aesthetics Inc (NASDAQ: ZLTQ), Solta Medical Inc (NASDAQ: SLTM) and Cynosure, Inc (NASDAQ: CYNO) each have a piece of the aesthetic market as well. In the case of Kythera Biopharmaceuticals, its ATX-101 can be injected to deal with double chins���meaning its less invasive than liposuction as the drug dissolves fat cells but leaves other tissue alone. JP Morgan has noted:
- [By Jake L'Ecuyer]
Equities Trading UP
Repros Therapeutics (NASDAQ: RPRX) shot up 29.82 percent to $27.60 after the company announced topline results from both the second pivotal efficacy study as well as the 6 month safety study of Androxal庐. Shares of Kythera Biopharmaceuticals (NASDAQ: KYTH) got a boost, shooting up 26.04 percent to $42.26 after the company reported positive ATX-101 top line phase III trial results for the reduction of submental fat. Aeropostale (NYSE: ARO) was also up, gaining 16.75 percent to $10.05 after private equity firm Sycamore Partners reported that it had bought a 7.96 percent stake in the company.
Top 10 Dow Dividend Stocks For 2014: Country Style Cooking Restaurant Chain Co Ltd (CCSC)
Country Style Cooking Restaurant Chain Co., Ltd. (CSC Cayman), incorporated on August 14, 2007, is a quick service restaurant chain in China. The Company offers delicious, everyday Chinese food. The Company conducts all of its restaurant operations through CSC China and its subsidiaries. As of June 30, 2012, it had 256 restaurants, including 124 restaurants in Chongqing municipality and 85 restaurants in Sichuan province.
Chongqing municipality and Sichuan province cover a region of 110 million people in Southwest China. CSC Cayman directly operates all of its restaurants. Its standard menu features its main dishes prepared in the Sichuan style, as well as a selection of other dishes, appetizers, desserts and beverages. The Company periodically offers new dishes and seasonal menu selections.
The Company competes with McDonald��, KFC and Yoshinoya.
Advisors' Opinion:- [By CRWE]
Country Style Cooking Restaurant Chain Co., Ltd (NYSE:CCSC), a fast-growing quick service restaurant chain in China, plans to release its unaudited second quarter 2012 financial results on Tuesday, August 14, 2012, after the market closes.
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