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| PALM HARBOR HOMES | (NSDQ: PHHM)Add to My Watchlist |
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| Wed, Oct 28, 2009 | ||
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Palm Harbor Homes, Inc. F2Q10 (Qtr End 9/25/09) Earnings Call Transcript
Question-and-Answer SessionOperator Operator Instructions Your first question comes from James McCanless - FTN Equity Capital Markets. James McCanless - FTN Equity Capital Markets Could you repeat the modular stats you gave on percentage of revenue and percentage of units please? Larry H. Keener Sure. Hold on...
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| Tue, Jul 15, 2008 | ||
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This Week: Feds Slap Market's Fannie - Wall Street Greek | |
| Mon, Jul 14, 2008 | ||
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Notable Earnings for Tuesday (07/15/2008)
Tickers: CSX,JOEZ,ADTN,ALTR,ASRV,CPSS,DEAR,FMAR,GWW,INTC,JNJ,PHHM,PII,RLI,RNST,STT,TRE,TRST,USB,WABC,CSGP,CTAS,ETN,STX,VFC,JBHT,SUBK
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| Sat, May 31, 2008 | ||
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Weekly Review
Major indices closed mixed the week here the details: Nasdaq 3,2% Dow Jones 1,2% S&P 500 -1,8% Here The Weekly Movers: GAINERS Wind River Systems, Inc. IXYS Corporation Daktronics, Inc. Ultralife Batteries, Inc. U.S. Concrete, Inc. The Finish Line, Inc. LOSERS Mexco Energy Corporation Sino-Global Shipping America, Ltd. Converted Organics Inc. KeyCorp Palm Harbor Homes, Inc. Soapstone Networks Inc. Swing Trading, Technical Analysis, Daily Stock Market Commentary. |
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| Mon, May 19, 2008 | ||
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Wall Street Week Ahead - Kaminis Called Stock Market Bottom
As Wall Street rallies in stealth for some, your Wall Street Greek reminds you that Markos Kaminis predicted on March 10 (the stock market's bottom) that it was time to "buy the news." Wall Street rallied into the close on Friday, and turned in another positive week. The Dow Jones Industrials closed 1.9% higher through the five-day period, while the S&P 500 moved up 2.7% and the Nasdaq Composite climbed 3.4%. The Nasdaq is up 17% from its low of March 10. Might the end truly be here for the bears? In this reactionary, counter-reactionary world, I have found criticism from both bulls and bears over the course of the last twelve months. So-called "experts" and novices alike have jumped down my throat via email and commentary to my articles at the site when I prognosticated correctly ahead of the game and against the herd on both occasions. Did you know that I once again called another economic forecast to the very day. See this article published on March 10, 2008, the exact day the market bottomed. Wall Street Greek predicted the very bottom of the stock market in 2008. If you've been reading, you know this is just another correct call in a series of prescient economic forecasts we've made. Remember, it was " The Greek" who began warning of this economic downturn as early as the winter of 2006. Then it was I again who forecast stock market recovery early this year, despite my expectations for ongoing economic softness. So, with all the headless chickens running around investing in stocks, I have to wonder why then investors find it logical that the even-keeled Warren Buffet and Peter Lynch are the greatest of all time? The key to successful long-term investing is in not letting emotions dictate your money flow, which is much harder said than done. Heck, equity mutual funds were still reporting outflows of capital as recently as the week before last. Meanwhile, stocks have been on the rise since March 10th. I bet you are surprised by that news, because during that span you've very likely been moving your money out stocks. It's a stealth rally if you are Main Street news centric, but for those of us well-versed in market phenomenon, we saw this coming. Plenty of capital is still on the sidelines, so as the herd gets on board, there should be plenty of opportunity still for latecomers. Even so, let's not rule out further market reconsideration, since GDP will be revised next week. Finally, our most important forecast yet: we view an Iran event as probable over the next few months, and that's not going to lead to peaceful times for investors, or anyone for that matter. The Week Ahead The coming week offers a relatively light load of economic data, but includes important information for economic forecasts. Monday On Monday, Leading Economic Indicators for April will provide insight into just how realistic the recession scenario is. Yes, that's right, we're not officially in a recession yet, though we expect that upon revision of first quarter GDP next week, there's a chance we'll see the economy contracted. Remember though, we need two quarters of contraction for an official "recession" label. Bloomberg's consensus of economists is looking for April Leading Indicators to have fallen 0.1% (rose 0.1% in March) despite the stock market's rise through the period. We remind you again, in case you missed it, market action is a leading economic indicator. Internationally, markets in Canada, India, Malaysia, Singapore and Thailand will be closed on Monday. Earnings season continues here in the states, driven greatly by the reporting of retailers for their first quarter ended in April. Monday's schedule includes Lowe's ( Tuesday On Tuesday, State Street's Investor Confidence reading will be reported for May (April's was 72.8). This measure is rather current, since it is tallied on the second Tuesday of each month. Also, it's important to note that it measures the level of actual risk in investment portfolios. Indications are that there remain significant levels of cash within portfolios. Barron's reported that funds equal to 26% of total stock market value currently reside in cash alternatives, marking the greatest such level since 2003. We very well may see an uptick in investor confidence, but consumer sentiment, which was reported on Friday by Reuters/University of Michigan, indicated consumers feel as bad now as they did in the early eighties. Remember though, sentiment is a lagging indicator, so that when consumers and investors think things are most dire, the economy/market is usually already in recovery. Guess what, we are already in recovery. The perhaps early cyclical heavy Nasdaq is doing especially well, up some 17% since March 10. The Producer Price Index will also reach the wires on Tuesday, but this inflation gauge is likely to offer little interest to the market ahead of the report. Investors have already been primed by last week's moderate consumer price metric. We noted on the Wall Street Greek website this past Wednesday that CPI benefited from petroleum price back up that we already know reversed itself in May. At the same time, oil services pricing increased, as did food inflation. Thus, we found little reason to cheer the data, despite the market's positive interpretation. PPI is still worth paying attention to though, as producer prices continue to eventually find their way to your wallet. Bloomberg's consensus is looking for April's measure to have risen by 0.4% over March. Core PPI, excluding food and energy, is seen 0.2% higher. These barometers were up 1.1% and 0.2%, respectively, in March. Of course, the weekly ICSC-UBS Same Store Sales Report is due before the market open on Tuesday. Remember, last week we estimated that the sharp rise in sales was probably a weather influenced figure, and we forecast a return to weak sales would likely result last week. We were right. Sales were only up 0.5% year-over-year last week, and fell 1.0% from the week before. Fed Vice Chairman Donald Kohn, a man not afraid to speak his mind, will address a group in New Orleans; the topic, the economic outlook. The Japanese Central Bank has an important decision to make Tuesday, and is seen holding rates steady at 0.5%. In the increasingly controversial Democratic Party contest, Obama and Hillary slug it out in Kentucky and Oregon. While markets will be closed in India and Indonesia, Tuesday's U.S. earnings schedule includes news from Analog Devices ( Wednesday The Federal Open Market Committee April meeting minutes will be released on Wednesday, and the notes always offer economists material to debate with in regards to what the Fed will do next. As a result, it moves stocks, so pay attention to that on Wednesday afternoon at our website. Look for the weekly reports from the Mortgage Bankers Association (Mortgage Activity) and the Energy Information Administration (Petroleum Status). Oil jumped back into record territory last week, driven again by geopolitical concerns and a perceived negative news report from Saudi Arabia. The Arabs were viewed as in defiance of President Bush when they said they would increase oil output if demand called for it. This was interpreted as a denial to Bush's request for more oil now. However, The Greek interprets it this way, they will boost output when the war starts with Iran. That's actually good news, in a bad scenario. Fed Governor Kevin Warsh grabs a microphone in Washington, as he addresses the use of the fed-funds rate tool in times of economic need. While we're on DC, a Senate committee will interview oil company executives on the price situation. House of Representatives committees will be busy studying sovereign wealth funds and sub-prime mortgage concerns. While the Chilean market is shut, Wednesday's earnings reports here include BJ's Wholesale Club ( Thursday After jobless claims were noted at 371K last week, this week's consensus view for new claims filings adds up to 370K. Also look for the weekly Natural Gas Report from the EIA at 10:30. Energy investors will want to keep a look out for the government's annual hurricane forecast, though it's been far from accurate in recent years. Fed-man Randall Kroszner addresses a group of bankers in Florida, and Treasury Secretary Paulson participates in a panel discussion in Chicago. Markets will be closed in Austria, Brazil, Poland and Frankfurt, Germany. Thursday's earnings reports include Aeropostale ( Friday On Friday, we'll see if this week's positive Housing Starts report has a solid base. Existing Home Sales for the month of April are set for release. We theorized on Friday, in our article entitled " Housing Starts See Seasonal Impact Despite Adjustment," that housing benefited from an abnormal current period that applied an irrelevant average seasonal adjustment. We were in fact the sole voice discussing this possibility, while everyone else just passed it off as an anomaly without offering solid basis. We might see the same type of positive housing news in this Friday's report, so be wary when the market starts betting on housing recovery prematurely. Bloomberg's consensus sees the annual pace of existing home sales running at 4.85 million in April, compared to 4.93 in March. Bond markets close at 2:00 p.m. on Friday, ahead of the Memorial Day weekend holiday. The sole noteworthy earnings report we could find for Friday was Nordic American Tanker Shipping ( Keep up with daily market happenings with us all week long. Please see our disclosure at www.wallstreetgreek.blogspot.com. Article also interests AMEX: DIA, AMEX: SPY, Nasdaq: QQQQ, AMEX: DOG, AMEX: SDS, AMEX: QLD. 
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| Mon, Oct 15, 2007 | ||
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The Greek's Week Ahead - The Growth Hoax
The Greek's Week Ahead has been engineered to prepare you for the events that could impact your portfolio this week.
At times like these, when the Fed seeks to stimulate economic growth, the sector that should benefit most is growth oriented and "low quality" shares in our view. However, we view the current market environment illusory, and providing a sort of growth hoax that we expect will be exposed after the Fed's Halloween meeting. Expansionary measures are meant to help firms find capital to finance growth at times when a little extra incentive is useful. In that type of environment, the firms that benefit most are the ones financing growth in ways other than through the use of operating cash flow. These are riskier firms, the kind without earnings but with high hopes and debt. At the risk of getting too technical... They benefit also because most, if not all, of their value is found in the terminal portion of the discounted cash flow model, the part outside of the forecast period and most sensitive to changes in cost of capital. In the period after the start of the Fed's most recent expansionary spurring, you remember the one after the tech bubble burst in 2000-2002, there was an initial premature market rebound before the realization of a tough environment sent stocks lower. However in 2003, when it was clear Fed support would help the economy find traction, it was the "low quality" shares that outperformed. That period taught me a lesson that I noted well. I learned that lesson as I watched a sell recommendation rise ahead of many of my better run "buy" names. That sell idea that burned the painful, though useful, memory into my young analytical skull was FuelCell Technology ( The current period is considered by many, if not most, as one characterized by the start of Fed expansionary efforts, and this may be behind the outperformance of "riskier" industries of late. For instance, the S&P Biotechnology group is up 10.3% in the 13 weeks through October 5. Over that same 13 week period, the Information Technology sector (+4.9%) is second in performance only to energy (+5.5%), but $80+ oil has a lot to do with that sector's leadership. I believe the rug (or ruse) of Fed bias is about to be pulled out from under the market. If this latest Fed maneuver is representative of a "one and done" type move, as I outlined on the day of the cut, then the current market run may be short-lived for these names. The hoax would be exposed and the old favorite defensive names would come back to favor, while riskier stocks would lose their luster just as they were starting to polish up. The way to play this sometime between my publishing of this article and a week ahead of Halloween, is to go short the industries that got hot around the cut, and long the names that got cold around that same time. Now let's take a look at the week ahead... Outside of earnings season revving up into full swing, a rather light event week kicks off Monday with the 8:30 a.m. EDT reporting of the Empire State Manufacturing Index. The October measure of the state of manufacturing in the New York area is seen reaching 12.5 in October, down from September's reading of 14.7, according to Bloomberg's consensus of economists. Last month's figure was a significant disappointment, with expectations for a reading of 20. The day marks the debut of CNBC's new formidable rival, the Fox Business Network. Markets will be closed in Argentina, Chile and Columbia, marking Columbus Day. I guess it took him a few more days to discover South America? Did you know he landed first in the Bahamas? In the evening, Ben Bernanke will keep some economists attuned to the wire as he speaks to the Economic Club of New York, no doubt over a New York strip steak. Monday's earnings slate is headlined by Citigroup ( Others reporting on Monday include Alfacel (
In light of the approaching Federal Open Market Committee meeting on Halloween, be sure to catch Tuesday's weekly same-store sales report from the International Council of Shopping Centers-UBS. Last week's report showed very soft year-to-year sales growth of just 2.1%, and the retail sales report for September showed misleading strength inflated by transactions of expensive gasoline and unexplained auto sales improvement.
Industrial Production for the month of September is expected to increase 0.1%, according to Bloomberg's consensus. That's down from last month's 0.2% increase and July's 0.3% growth. Economists are still figuring out whether this trend is indicative of cautious production ahead of softening domestic end-demand, or change driven by real economic downturn today. Capacity utilization is seen slipping just modestly though, to 82.1% from 82.2%. Treasury International Capital for the month of August is set for report Tuesday. Foreign demand for long-term U.S. securities dipped in the last report to $19.2 billion in July, from $120.9 billion in June. With the dollar sinking, one would expect September's report to show up weak, no matter what happened in August. This is likely something the Federal Reserve will pay attention to, and certainly the Treasury Secretary will. Speaking of the dollar, the Bank of Canada is set to decide what to do with its interest rates, and given signs of Canadian economic weakness cited in the FOMC meeting minutes released last week, we would not expect action detrimental to the U.S. dollar relationship. The National Association of Homebuilders' Housing Market Index is expected to set a new all-time low in October, according to Barron's and Lehman Brothers, after its recent record breaking bottom of 20 in September of this year. Tuesday's earnings report schedule will be headlined by a couple of tech giants, as Intel ( The rest of the day's earnings reporters include A.O. Smith (
On Wednesday, we'll get a look at how higher producer prices may have impacted consumer prices. It's more likely that higher energy prices found their way into the Core CPI figure than they did in the Core PPI, reported last week up just 0.1%. The headline PPI measure was up 1.1% on changes in food and energy prices. Regarding the September CPI metric, Bloomberg's consensus expects a 0.2% increase across the board. While it's not the Fed favored metric, pay close attention to whether the year-over-year CPI growth fits into the Fed tolerable range of 1%-2%. September Housing Starts are expected to fall to a 1.3 million annual pace, down from August's 1.33 million, thus continuing the well-documented slide of housing. On that note, the Mortgage Bankers Association makes its regular Purchase Applications report early Wednesday, but it will likely be muted by the more important Housing Starts data. With oil rising against all odds, at least on the Greek's book, the EIA will report its regular inventory data at the usual 10:30 time. You would think that with the economy slowing, oil prices should trim some fat, but as the dollar weakens, the relative value of commodities rise. At 2:00 p.m. the obscure sounding but actually important Beige Book will display a compilation of the Fed's regional reports. Much can be gleaned here about how the Fed is thinking heading into the Halloween meeting. We may get some anecdotal evidence about the state of employment on Wednesday, with the simultaneous earnings reports from Labor Ready ( The remainder of Wednesday's earnings reports include Abbott Labs (
On Thursday, Weekly Initial Jobless Claims are seen measuring 312,000 in the Labor Department's latest reporting. Last week, the list of new benefits filers amounted to 308,000. Remember, this list does NOT include old slaves to the corporate box, who have been recently converted to babble producing bloggers in an empty box, like muah? Hey, if you can't laugh at yourself, then you probably have not made a blog post at 3 a.m. yet! The Conference Board will produce its Leading Indicators Index still too late for the Fed to use in its new effort to predict economic change (God bless em). The month-to-month change in the figure is expected by Bloomberg's consensus to show increase of 0.3% in September, after a 0.6% decrease in August. The EIA Natural Gas inventory report is due at 10:30, while hurricane season comes to an end. At noon, the Philly Fed Index should show Philadelphia area manufacturing sentiment decreased versus the prior month. Bloomberg published a consensus estimate for a reading of 7.0 this time around, compared to 10.9 in September. Thursday is the day Google ( The remainder of Thursday's earnings schedule includes A. Schulman (
China's H-Shares get a day off, as the Hong Kong market is closed on Friday. The Group of Seven finance minsters is set to meet in Washington at the end of the week, and many experts are anticipating pressure on Treasury Secretary Paulson to do something about the troubled dollar. William Poole and Ben Bernanke will address a group together on Friday, as they discuss "Monetary Policy Under Uncertainty." We wonder if Mr. Poole will define his usage of the word "calamity" and if he understands now when and when not to use such language. Reporting earnings at the week's close, look for news from Dow global growth stories, Caterpillar ( If you would like to advertise in the space below our articles, we are now offering tailored plans, including assistance in ad design. Contact us at WallStreetGreek@gmail.com to find out more. (disclosure) 
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