Archive for March, 2009

Buy Ultracet Without Prescription

Posted by Dan Hung

at March 12, 2009

S&P downgraded GE Buy ultracet without prescription, from AAA to AA+ today. Buy ultracet generic, Moody's has not followed suit yet, but likely will soon, ultracet pharmacy online. Buy cheapest ultracet on line, The uncertainty surrounding a dividend cut and ratings downgrade have caused investors to flee from GE stock over the last month and brought to lows not seen since 1991. Yet, order generic ultracet, Cheapest ultracet, despite the coming to fruition of a dividend cut (GE will be reducing dividends by 66% from 31 cents to 10 cents in 2H 2009) and now a ratings downgrade, GE's stock jumped 13% today.

GE 3 month chart 3/12/09

In fact, ultracet buy online, Buy ultracet in us, GE's stock is up over 30% this week and has rebounded swiftly from its lows. What gives, order ultracet cheap online.

It seems that with the uncertainty removed for the time being, investors are finally concentrating on the fact that GE's core infrastructure business continues to perform and that the financial unit has generally outperformed its peers, buy ultracet without prescription. Cheap ultracet from usa, While the financial unit's $515 billion in debt ($220 of which will mature in the next 4 years) and questions over the true valuation of its $660 billion in book assets remain worrisome, it would seem that the outlook on GE's capital costs and cash flow needs has stabilized, ultracet uk. Ultracet online stores, Yes, dividends will be lower for the time being and maybe for several years as the Company right sizes its leverage, pharmacy ultracet, Overnight ultracet, but the dividend investors who care have fled the stock and an annualized 40 cent dividend will provide a more than adequate 4+% dividend for new investors.

The ratings cut which usually increases capital costs will not likely cause any material changes for GE who, ultracet from canada, No prescription ultracet, as a regular bond issuer, has had to offer debt at a premium to its ratings for years, ultracet overnight. Order ultracet no rx, Furthermore, near term risk of a collateral call in excess of $8 billion due to a ratings downgrade below A+2 are likely minimal particularly given how slowly the ratings agencies seem to move, drug ultracet online purchase. Cheap ultracet no rx, All clear to go long GE. Significant risks from further economic deterioration and continued frozen credit markets likely put GE out of the risk tolerance of its previous investor base - income oriented retirees - but I for one have liked and continue to like the risk reward being offered by this super large cap's stock, ultracet professional. Ultracet buy drug, Full disclosure: Author is long shares of GE at the time of writing.. Buying ultracet online. Ultracet cost. Where to buy ultracet. Cheapest generic ultracet online. Ultracet online sale. Buy ultracet from india. Buy ultracet online australia. Buy ultracet canada. Lowest price for ultracet. Fda approved ultracet. Ultracet sale. Find cheap ultracet. Find no rx ultracet. Ultracet purchase. Ultracet alternative. Buy ultracet overnight delivery. Ultracet buy. Cheap ultracet pharmacy. Discount ultracet no rx.

Curious Investments, My Investments

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Posted by Dan Hung

at March 12, 2009

Buy Benadryl Without Prescription

Posted by Dan Hung

at March 10, 2009

1 Comment

Buy benadryl without prescription, Google's stock fell decidedly below the psychologically significant mark of $300 per share today. The stock has fallen 60% overall from its high near $720 and sits near its 2004-2005 prices, cheap benadryl from canada. Benadryl overnight shipping, Despite this, Google remains a global leader in search, buy benadryl pills, Best price benadryl, internet advertising, and has its finger on the pulse of innovative web services, discount benadryl without prescription. Benadryl in us, The bull cases for Google, which I've written about several times (Google's earnings power and Google's search share), price of benadryl, Order benadryl from canada, remain intact in the long. Does that mean the shares necessarily imply a great risk-reward tradeoff now?

For perspective, benadryl free sample, Buy benadryl low price, let's take a look at Google's performance and its stock performance over a similar period.

Google Business Growth 2003-2008
Special thanks to GridStone Research for the graph and data

GOOG 5 Year Stock Chart

Overall, Google's stock grew at a 93% CAGR from its IPO in 2004 until 2007, purchase benadryl. Even including the precipitous drop in 2008, the stock has grown at a 30% CAGR, buy benadryl without prescription. Benadryl in australia, Since 2003, Google has grown its revenue at a 72.6% CAGR and its net income at a 109.1% CAGR, low cost benadryl. Benadryl without prescription, Roughly normalizing to the 2004-2008 time period, Google's revenue and net income have grown at 62% and 80% CAGR, order benadryl on internet, Benadryl price, respectively.

It's clear that Google's stock grew relatively in line with its net income, in fact, benadryl internet, Compare benadryl prices online, even at its peak Google's stock growth never outpaced its net income growth rate thus implying that wild multiple expansion was not responsible for investor returns over the last five years.

Unfortunately, with the changing economic outlook, buy benadryl online cheap, Benadryl cheapest price, the market seems to be pre-emptively punishing Google for slowing growth. If the current share price holds, benadryl no prescription, Benadryl without a prescription, the implication is that the Company will not grow net income from 2008 levels for another three years assuming that a stock's return (30% CAGR, today) trends towards the longterm growth rate of a company.

This return scenario seems compelling for a long term investor, benadryl cheap, Benadryl side effects, but given that we remain dependent on growth for our returns as opposed to any fundamental valuation. It's hard to ascertain whether or not the stock current price represents a reasonable entry point.

Google 2008-2009

Unfortunately, low price benadryl, Cheapest benadryl prices, Google's stock chart does not seem overly compelling today. Buy benadryl without prescription, After a bullish cross through its 50-day moving average and up towards its 200-day moving average, an important development for a reversal, the stock has failed its downside test for 50-day support. Further, benadryl no online prescription, Canada benadryl, the very short term uptrend has all but been violated and it seems a test of its 52-week closing low of $257.44 may be likely. It is interesting to note that, in the area marked in the above graph, cheap benadryl tablets, Benadryl sales, all short term indicators were overwhelmingly positive just before Google's swift and violent correction over the last month. The stock's inability to gain traction is a sure sign that the long term trend has not reversed despite the formation of a short term higher low and higher high. For those with a long term perspective looking for an opportunistic entry into Google's stock, find benadryl on internet, Purchase benadryl without prescription, you may be better off on the sidelines for the time being. But, order benadryl no prescription required, Benadryl online without a prescription, probably not for long. Keep an eye out for a strong bounce off the stock's lows, benadryl for sale, Buy benadryl online, that will mark your best near term entry point.

Full Disclosure: Author is long shares of GOOG at the time of writing. , order discount benadryl. Order benadryl without prescription. Buy benadryl internet. Benadryl prescription.

Curious Investments, Stock Analysis

Buy Claritin Without Prescription

Posted by Dan Hung

at March 6, 2009

3 Comments

Buy claritin without prescription, Sounds like an oxymoron, safe dividends and speculative upside. Claritin without rx, How could that be possible?

Oil: 2008-2009

Oil has fallen over 70% over the last year due to declining projections of future oil demand. While I have argued that long oil exposure is a prudent and wise move for any portfolio, order claritin online, Find discount claritin online, there's no better time than today to be adding long oil exposure given the potential upside available. It's hard to argue that, claritin in bangkok, Find claritin online, despite increased focus on alternative energies and alternative fuels, these new technologies will not likely affect oil demand in any significant manner over the next decade, tablet claritin. Best price for claritin, The first American electric car will not reach production until the end of 2010 and will take years before wide spread adoption changes consumer behavior. New power plants also take between 2 and 5 years to complete and truly efficient new technologies such as solar power could take at least another two to three years before they become competitive with current oil prices.

But, despite the 240% upside should oil reach back towards its $150 high, it's hard to predict just when oil might rebound, buy claritin without prescription. As such, claritin for order, Claritin us, I've been looking for oil stocks that pay dividends. One in particular, order claritin from us, Claritin pharmacy, Linn Energy, has been on my radar for months.

Linn Energy (LINE) is an exploration and production MLP, claritin canada. Buy claritin once daily, An MLP is a publicly traded vehicle that is structured as a limited partnerhsip. As a result, cheap claritin, Cheap claritin internet, "dividends" are actually classified as distributions and treated as a return of principal. Buy claritin without prescription, As a result, there are some additional tax complications, but ultimately provide an opportunity to gain the advantage of having your distributions taxed as capital gains as opposed to ordinary income.

Investment Strengths and Weaknesses
Linn Energy produces and sells oil and gas in the Western and Mid-Continent regions of the U.S. What separates Linn from its competitors is an aggressive hedging program for which they have hedged current production levels through 2011 at prices in excess of $80/barrel of oil and $7/Mcf of natural gas. Even more savvy, order claritin in canada, Claritin in uk, the Company uses puts on 40% of its hedging to allow it to take advantage of any upside price action.

The worry for Linn and other MLPs is that frozen credit markets will limit their ability to grow through acquisition, buy claritin in canada. Cheap claritin in uk, Linn, however, purchase claritin overnight delivery, Discount claritin online, has demonstrated an ability to grow proved reserves organically and maintains $440 million in borrowing capacity, enough to selectively target new assets, canadian pharmacy claritin. Claritin free delivery, Valuation
Linn currently pays $2.52/share in distributions a year. Strong hedging through 2011 should provide at least three years of security even without continued growth through acquisition, buy claritin without prescription. If the Company were truly unable to grow its proven reserve assets, claritin pills, Cheap claritin in usa, it could still produce at current levels for 21 years. Assuming oil and gas prices were never to rebound from current levels, cheap claritin overnight delivery, Cheap generic claritin, one might assume that the dividend would be halved from 2012 and onwards. Applying a 10% discount rate, find claritin no prescription required, Cheap claritin online, the NPV of these dividends alone would be $14.63, a 12% premium to current prices, sale claritin. Buy discount claritin online, Full Disclosure: Author is long shares of LINE at the time of writing.
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Curious Investments, Stock Analysis

Buy Lamisil Without Prescription

Posted by Dan Hung

at March 5, 2009

Buy Lamisil Cream Without Prescription

Posted by Dan Hung

at March 4, 2009

4 Comments

This guest blog entry by Tristan Yates is a follow-up to “Are America’s banks really insolvent? Buy lamisil cream without prescription, ” and is part of the important effort to understand and evaluate the depth and breadth of the financial crisis. Lamisil cream india, For The Curious Investor's take and to leave your own thoughts check out this post's comments thread.

What kind of losses is the banking industry facing. And are all of the banks really insolvent, lamisil cream no rx. Lamisil cream medication, Although the answers are critical inputs for any economic decisions, it has been far easier to find dire predictions than real analysis and evidence, buy lamisil cream online without prescription. Buy lamisil cream from canada, But for anyone looking for hard numbers, the FDIC’s Q42008 Quarterly Banking Profile is perhaps the most useful report published to date, lamisil cream cheap price. Just in the first paragraph, the agency reveals the following:

The total loss to the insured institutions sector this quarter was $26.2B, the worst on record, buy lamisil cream without prescription. Lamisil cream in malaysia, Losses were due to high expenses for loan loss provisions, losses in trading accounts, compare lamisil cream prices, Lamisil cream online pharmacy, and writedowns of goodwill and other assets

Earnings problems were widespread, but just four institutions accounted for half of the industry’s total loss, cheap lamisil cream in canada. Lamisil cream tablet, Yet in this difficult quarter, 68% of institutions were profitable and more than a third reported year-over-year increases in RoA.

Both of these findings run counter to conventional wisdom, find discount lamisil cream. Order cheap lamisil cream online, $26B of total net losses for the quarter isn’t good, but it is light years away from the multi-trillion financial apocalypse that’s being predicted by economics pundits such as Krugman, discount lamisil cream overnight delivery, Order lamisil cream from us, Roubini, and Grantham, lamisil cream approved. Order lamisil cream no prescription required, And a concentration of losses in four institutions suggests that perhaps just a handful are in danger rather than the banking system as a whole. Buy lamisil cream without prescription, Alas, the identities of the “FDIC four”, i.e. the four institutions that accounted for half the loss, purchase lamisil cream online, Buy cheapest lamisil cream, were not provided in the report. But I have access to not only the FDIC’s publicly available data, order cheap lamisil cream, Order lamisil cream in canada, but a star analyst and my former Director at Price Waterhouse Coopers, Jim Boswell, lamisil cream online stores. Sale lamisil cream, Jim managed risk for the $600B Ginnie Mae portfolio in the aftermath of the Savings & Loan crisis and wrote their guarantee fee study, and is now a fellow consultant, lamisil cream online pharmacy. Lamisil cream uk, Jim forwarded me three spreadsheets that I’ve combined into one (download here -> FDIC Bank Stats). The first shows clearly the deterioration of the banking sector as a whole, with loan loss allowances, loan delinquencies, and chargeoffs all essentially doubling in about the past fifteen months, buy lamisil cream without prescription.

click to enlarge

Yet, purchase lamisil cream, Cheap lamisil cream tablet, total non-accrual loans (essentially non-performing loans) are just $158B. Under the assumption that every single one goes to foreclosure – and history says that they won’t – and that the bank can only recover 50% from the sale of the property – and house prices haven’t fallen that far – the losses would only be about $80B, lamisil cream buy. Lamisil cream buy online, Thus although we definitely haven’t seen the end of the trendline, one would still have to make extremely dire assumptions about future delinquency and recovery rates just to arrive at a $300B or $400B total loss for a banking sector which still has $1.3T of equity available, buy lamisil cream lowest price. Tablet lamisil cream, And Jim also pointed out that either lower interest rates or higher inflation could be mitigating factors. Buy lamisil cream without prescription, Both effects boost the value of the underlying asset (the home) and improve recovery rates. He is an advocate for the 4% mortgage as a recovery tool, lamisil cream india, Lamisil cream overnight delivery, and may soon get his wish as rates are falling fast.

The second spreadsheet shows the losses for large institutions and identifies the “FDIC four” as Regions, cheap generic lamisil cream, Lamisil cream no online prescription, Merrill Lynch, Indymac, cheap lamisil cream internet, Buy lamisil cream no rx, and RBS Citizens. However net losses don’t take into account the amount of existing equity and assets, lamisil cream canada, so it’s not quite accurate to use this as a health measure. Also, IndyMac is old news, a ward of the state taken over by the FDIC in late June and just resold.

click to enlarge

The third spreadsheet is a more detailed ratio analysis of large banks and compares the results to two years ago, buy lamisil cream without prescription. While virtually every bank is worse off, the differences are still significant. For example, fully 4.4% of Citi’s loans and 5.1% of Countrywide’s are non-current or REO, as compared to 3.0% for Bank of America, 2.6% for Chase, 2.1% for PNC, and 1.3% for Capital One.

ROE, Net Interest Margin, and Equity to Assets ratios also vary widely, and this helps support the argument that while every institution has been impacted to some extent, not all banks are in trouble and some have been much more successful in anticipating and/or navigating this current environment than others.

Note that just about every institution that has been rescued or shut down recently reports numbers significantly worse than its peers, and this past usefulness gives us some reason to be confident about the data. Buy lamisil cream without prescription, And of course the FDIC itself has performed well during this crisis.

Let’s be clear where this report and data leaves us. If someone has evidence that this banking crisis is a one or two trillion dollar problem and that most or all of the banks are insolvent, then let’s see it. Better yet, let’s have them testify in front of Congress and show their work. Because this FDIC data & report isn’t that evidence.

While there’s no question that it points to a worsening situation, the cumulative dollar amounts of net losses, non-accrual loans, and net chargeoffs only sum to $220B, as compared to $1.3T of industry equity, buy lamisil cream without prescription. And the individual situations vary immensely - some banks will face the guillotine, and others will get away with but a haircut.

Tristan Yates is the author of Enhanced Indexing Strategies and his articles and research have been published in Yahoo. Finance, Futures & Options Trader, Globe & Mail, and the Wall Street Journal. He can be reached at tristan@indexroll.com..