Saturday, August 05, 2006

CEO Transition Costs

Pyramid Breweries (Nasdaq:PMID) has a new accounting category that I have not noticed before. In their latest report they identify CEO transition costs as a major (negative)impact on the latest earnings. No word on governance changes to prevent the CEO from cleaning them out again. They maintain that the beer still tastes good!

Weekend Follies (Aug 5)

The following stocks release information at odd-ball hours over the weekend when investors are typically not looking at their screens. Basically they are sneaking news out and hoping to call it disclosure. This weekebd the culprits are Sprint Nextel (NYSE:S), Pyramid Breweries (Nasdaq:PMID), Wesco Financial (AMEX:WSC), United Community Bancorp (Nasdaq:UCBA).

Friday, August 04, 2006

Bad Apples

There was and maybe still is a worm in Apple (Nasdaq:AAPL)as they continue to find irregularities in the awarding of stock options. Statements from Sept 29, 2002 may not be relied upon. This spans almost four years. Appleā€™s recent marketing upsurge may sputter and fizzle as excessive corporate attention is now focused on governance. Executives cannot be marketing clever as they try to fight off civil and perhaps criminal charges. If the problem festered for four years it has to be deep rooted.

Thursday, August 03, 2006

Gambling Deals New Cards

Gaming be afraid (DJUSCA Index) Castro will pass away soon. Nevada gambling took off only after Cuba kicked the mob out of Havana. For travel purposes Cuba is the same distance as Miami, except there is better weather. Will the new Cuba exclude casinos. How will Florida compete as a travel destination. Lots of bets are unhedged.

Tuesday, August 01, 2006

Exxon/Qatar announce Sabine LNG Facility

Exxon (NYSE:XOM) issues a press release early this morning announcing procurement details for a LNG facility in Sabine Texas. The press release ambiguously suggests that the 70% majority controlling shareholder will be an undisclosed affiliate of Qatar Petroleum. This is because the LNG will come from Qatar. Exxon and ConocoPhillips (NYSE:COP) will hold the remaining crumbs. Strangely ConocoPhillips did not issue an announcement at the same time. Given the recent controversy surrounding foreign (Arab) control of American Harbors and Seaports the Qatar involvement is surprising. Why can foreign interests control Sabine and not other ports?

Monday, July 31, 2006

Weekend Follies July 29-30

The following stocks release information at odd-ball hours over the weekend when investors are typically not looking at their screens. Basically they are sneaking news out and hoping to call it disclosure.

Teletouch Communications, Inc. (AMEX:TLL), announced that the Company will restate interim financial statements for fiscal year 2006 second and third quarters ended November 30, 2005 and February 28, 2006. Embarrassing events so you need to sneak it out when no one is looking.

Camco Financial Corporation (Nasdaq:CAFI) reported net earnings for the quarter ended June 30, 2006 of $1.82 million or $.24 per share as compared with net earnings of $2.04 million or $.27 per share for the same quarter in 2005. This clearly is a drop and they wish to under-emphasize.