This Small-Cap Alternative Energy Stock Is a “No-Brainer”

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Don't look now, but the alternative energy market has changed dramatically.

Not too long ago, the success of alternative energy was entirely dependent on staggeringly steep crude oil prices.

That and tax credits made alternative energy competitive to fossil fuels.

The higher crude prices went, the better alternative energy looked by comparison.

This dynamic played out perfectly on Wall Street, where solar stocks would track crude oil prices almost in lock step.

In early 2016, oil prices collapsed. It didn't take long for solar stocks to follow suit.

For example, First Solar Inc. (NASDAQ: FSLR) traded for $70 per share in January of 2016. By the end of the year, First Solar was priced at $30 per share.

As crude recovered from those lows and peaked in the fall of 2018, shares of First Solar fought back to that $70 level.

In Q4 2018, amidst a rate hike cycle at the Federal Reserve and a strong dollar, crude prices fell below $50.

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Once again, down went First Solar.

By the end of the year, the stock had fallen approximately 40%.

But thankfully, we're finally in a place where solar stocks aren't completely dependent on the price of oil. The solar industry has matured in a way where the price of oil simply doesn't matter going forward.

In fact, as solar becomes more prevalent, demand for crude will conceivably fall. Of course, that would pressure oil prices.

The cost of producing solar energy has dropped dramatically too.

As volumes of solar energy increase, the pressure on crude will be immense.

This chart shows how solar prices have dropped dramatically in recent years, along with increased demand…

It may not matter much, but the U.S. Federal Reserve is also providing a huge tailwind to solar as well.

A dovish central bank takes the air out of the dollar. It also increases asset prices like oil.

The same cannot be said of solar.

In fact, if oil prices continue to move higher from here, the price of solar will further decline as demand for alternative energy increases.

And what happens to alternative energy stocks in that environment?

They skyrocket…

The Money Morning Stock VQScore system is well aware of this.

In fact, an alternative energy small-cap stock just received our highest rating, meaning it's poised for massive gains…

This Is the Best Alternative Energy Stock to Buy Today

Join the conversation. Click here to jump to comments…

Gold are expected to trade higher today: Angel Commodities

Angel Commodities' report on Gold

On Monday, Spot gold prices rose by 0.18 percent to close at $1303.5 per ounce on hopes that the U.S. Federal Reserve will continue to have a dovish approach. The U.S. Fed will commence with its monetary policy meeting today i.e. on Tuesday, which ends with a news conference on Wednesday. The investors expect a dovish stance from the FOMC which has pressurized and Dollar and supported Gold prices. However, worries over U.S.-China trade tensions, U.S.-North Korea relations or Brexit have not really boosted demand for demand in gold, the safe haven asset.

Outlook

Expectation of dovish stance by FED might weigh on the US Dollar and in turn support Gold. On the MCX, gold prices are expected to trade higher today; international markets are trading higher by 0.42 percent at $1306.95 per ounce.

For all commodities report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Read More First Published on Mar 19, 2019 11:53 am

Cramer Remix: The biggest mistake investors can make with taxes

CNBC's Jim Cramer knows that he constantly repeats the same old investing rules, but it's because rules mean discipline, and discipline always trumps conviction.

"One thing I've learned in my investing career: no matter how much you might believe in something, you violate the rules of the road at your own peril," the "Mad Money" host said.

Investing rules aren't easy to spot. They're not like the laws of physics, which can be deduced by observing the way the world works. The market is a beast of its own, and rules come from experience.

Cramer's nearly 40 years in the business have taught him some important lessons, lessons that he's made into rules for all the homegamers interested in buying stocks.

One of his most important rules? Don't avoid the tax man.

"Look, no one has ever liked paying taxes," Cramer acknowledged. "But, like death, taxes are inevitable and unavoidable."

So many investors are loath to pay taxes on their winnings, but Cramer has seen some market players incur serious losses by waiting too long to write a check to Uncle Sam.

The fact is, some gains are unsustainable and should be booked quickly, no matter the cost, Cramer said. Taking some profits won't set you back dramatically; it'll keep your portfolio safe.

Buying strategy Ralph Orlowski | Bloomberg | Getty Images Statues of a bull and a bear outside the Frankfurt Stock Exchange

At the end of the day, Cramer knows investors are only human.

That's why the "Mad Money" host has come up with a set of investing rules to help guide them through the emotion and the fallibility that can come with being involved in stocks.

Another one of Cramer's most important rules has to do with buying stocks.

"This is a real important one: never buy a stock all at once," Cramer said. "I can't stress it enough: do not, under any circumstances, buy all at once."

Plenty of Wall Street brokers and advisors prefer not to deal with partial orders or buying a stock gradually over time. They like to go in big and make a statement with their purchases.

"From where I stand, that's all wrong — 100 percent wrong," the "Mad Money" host said. "What I want you to do is stage your buys. Stage your sells. The term we use on Wall Street is 'Work your orders.' Try to get the best price over time, and not necessarily in one day. Maybe multiple days."

Navigating panic Getty Images A trader reacts to the Flash Crash on May 6, 2010.

In many ways, individual investors are often their own worst enemies, as Cramer has learned over the years.

"If you want to invest wisely, you constantly need to be fighting off your own worst impulses," he said. "We're not robots, we have emotions, and those emotions can really throw you off your game."

That's why Cramer is always drilling down on another cardinal rule: "Nobody ever made a dime panicking."

Yet no matter how much he repeats it, Cramer constantly sees sellers come out of the woodwork anytime an individual stock or the overall market takes a hit.

Now, if you were an ancient hunter-gatherer and came across a grizzly bear, the instinct to panic and flee would come in handy, the "Mad Money" host said.

"But it's not a useful emotion when it comes to analyzing the stock market, where you're running away when maybe you should be running toward" stocks, he said.

Less is more? ChinaFotoPress | Getty Images

Every morning at his old hedge fund, Cramer would spend a few hours going over the mistakes he made the day before.

"I would analyze every losing trade — you don't need to analyze the winners, they take care of themselves — [and] I'd try to figure out how I could've made more money or, much more importantly, lost less money," the "Mad Money" host said.

After a few years of this routine, something finally dawned on him.

"I realized that good performance could be linked directly to having fewer positions," Cramer said. "When we owned fewer stocks, we tended to make more money."

Ever since, Cramer hasn't bought a stock without taking a different one off the table. But not owning too many stocks comes with a price, too.

The value of homework Getty Images

If you want to be serious about investing, you have to be rigorous. And nothing says rigorous like doing your homework, Cramer said.

The problem is that so many investors act like Cramer's kids when it comes to the homework: they hate it, feel like it's punishment and don't understand why it's useful.

In Cramer's world, that's wrong. To him, discovering everything there is to know about a company is the definition of responsible investing.

"Before you buy a stock, you should listen to the conference calls," he said. "That's the minimum. You can go to the company's website. You can read the research. Read some news stories. Google the darned thing. Everything's available on the web. Everything. You have so much more available now, so much more knowledge, that there really is no excuse."

Doing the homework helps investors stay diversified, another one of Cramer's most significant lessons. Sector risk — or the tendency for stocks in the same sector to trade together — can hit at extreme moments and destroy entire portfolios if investors don't know what they own.

"Whether you're an amateur or a professional, you always need to do your homework and keep your portfolio diversified," Cramer said. "It may not be exciting, it may not be sexy, but this is the kind of routine maintenance stuff that protects you from monster losses down the line."

Questions for Cramer?
Call Cramer: 1-800-743-CNBC

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Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com

Micron's stock could drop another 15% on make-or-break earnings report: Analyst

Micron's stock is at a critical juncture.

While it has recovered by nearly 30 percent since the chipmaker reported a disappointing quarter in December, experts say Micron's fate hinges on its after-the-bell earnings report Wednesday.

"If we look at the history of Micron ... from the 2009 low, we have three distinct declines, each one roughly 70 percent," Todd Gordon, founder of TradingAnalysis.com, told CNBC's "Trading Nation" ahead of the report.

"Thus far, we've only done about a 55 percent decline, so if history is any guide, perhaps we have another 15 percent to go on the downside," Gordon said of Micron's most recent dip. "I'm wondering, if the numbers are weak tonight, could we go down and test that weekly level?"

Gordon said that effect seemed "very" possible going into the report, noting how close Micron's stock currently is to hitting that weekly trend line.

If Micron's quarterly results disappoint again, they could send the chipmaker's stock "down into the $40 range or even lower," he said. "So, if there's weakness, I'll be looking to short Micron in a very confusing semiconductor space."

Michael Bapis, managing director of Vios Advisors at Rockefeller Capital Management, said he was also "super focused" on Micron's earnings, but maintained a constructive view on the company's longer-term prospects.

"We are in a technological revolution that's going to continue, so someone in that space is going to get it right," Bapis said in the same "Trading Nation" interview.

"If [the report is] even close to being OK and people shake off the bad news from last December, I think you can go long the stock," he said. "It's trading closer to its 52-week low than the high, and … there's still demand in the space. It's just a matter of managing the company right, and this earnings release tonight will really help us understand where they're going."

Micron's stock hovered around the $40 level for most of Wednesday's trading session and closed down less than 1 percent at $40.13. Shares of the $45 billion company are up more than 26 percent year to date.

Disclosure: Vios Advisors at Rockefeller Capital Management owns shares of Micron.

Disclaimer

Focus Financial Partners Inc (FOCS) FY 2019 Earnings Conference Call Transcript

Image source: The Motley Fool.

Focus Financial Partners Inc  (NASDAQ:FOCS)FY 2019 Earnings Conference CallMarch 06, 2019, 11:35 a.m. ET

Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks:

Operator

Good morning. At this time, I would like to welcome everyone to the Focus Financial Partners Fourth Quarter and Full Year 2018 Earnings Teleconference. Our host for today's call will be Founder and Chief Executive Officer, Rudy Adolf, Chief Financial Officer, Jim Shanahan and General Counsel, Rusty McGranahan.

(Operator Instructions)

And as a reminder, today's conference call is being recorded. I would now like to turn the conference over to Mr. McGranahan. You may begin the conference.

J. Russell McGranahan -- General Counsel

Thank you and good morning everyone. I'm Rusty McGranahan, the General Counsel of Focus Financial Partners. Before we begin, let me remind you that during the course of this call, we may make a number of forward-looking statements. We call your attention to the fact that Focus results may of course differ from these statements. These statements are based on assumptions made by and information currently available to Focus Financial Partners and involve risks and uncertainties that could cause the results of Focus to materially differ from these statements. Focus has made filings with the SEC, which lists some of the factors that may cause its results to differ materially from these statements. And finally, Focus assumes no duty and does not undertake to update any such forward-looking statements.

With that, I will turn it over to our Founder and CEO, Rudy Adolf.

Ruediger Adolf -- Founder, Chief Executive Officer & Chairman

Thank you, Rusty. Good morning everyone and thank you for joining us. We appreciate your interest in Focus. On today's call, there are three key takeaways, I want to highlight.

First, as you saw from our release earlier today, Focus ended 2018 on a strong note, capping a very successful year. Our revenues grew more than 37% year-over-year, including 13% of organic growth. And our adjusted net income per share increased nearly 44% for the same period. These results substantially exceeded our objectives of 20% annual growth for each. Our annualized fourth quarter 2018 revenues are approaching $1 billion. Reaching this revenue level is an important inflection point in the evolution of our firms.

We not only achieved financial performance that exceeded our targets, but we also made significant progress against our strategy to increase our presence in the high net worths and ultra-high net worths markets. Our partner firms, primarily service to high net worths and ultra-highs net worths clients, an attractive segment of the market because of their relative resistance through economic cycles. Hence, they use of a wide range of services. This creates a very robust level of client retention and recurring revenue.

Last year, we completed eight holding company deals and 17 mergers by our partner firms, including some of the largest deals in our history, deepening our presence in those markets. In addition, we've provided tremendous value to our partners through our intellectual and financial resources. We also completed our IPO, creating permanent capital to invest in our business, and we further improved our balance sheet flexibility. Our business has never been stronger and I'm very pleased with how well we are positioned to grow in 2019.

Second, our target market is large and rapidly consolidating in the US and international. Fiduciary advice is winning in the wealth management marketplace, driven by client and advisor preferences, and strongly supported by regulators. In the US, market consolidation has accelerated, which plays to our strengths.

And third, our business model remains highly differentiated. Very simply, there is no other firm that offers what we do. The hallmark of our business model, fiduciary advice, entrepreneurship, access to cost-efficient capital and value-added services are what differentiates us in attracting new, like-minded partners. The network and scale benefits are real. Every new partner firm and every merger that an existing partner firm completes increases our capabilities, widens our industry reach and further validates our business model, which in turn accelerates our growth and access to future opportunities.

I would like to take a moment and update you on how the market opportunity has further evolved, since our IPO, and how our business model will enable us to capitalize on that opportunity. We believe that there are three important elements to focus on.

First, the market for fiduciary advice is large and continues to grow. RIAs and hybrids managed $4.7 trillion in client assets, about one quarter of total advisor-managed assets. Today, there are almost 1,000 RIAs, each managing assets of over $1 billion and a total of 17,000 RIA firms in the US. These fiduciary advice providers are increasingly preferred by clients and advisors alike, and are projected to increase their market share to 29% of advisor-managed assets by 2022 of $1.44 trillion (ph).

We are a beneficiary of this growth, both through the partner firms we acquired and through the acquisitions those firms make to scale their businesses. We provide these industry numbers, not just because they are interesting, but because they underline the confidence we have in our ability to achieve our 2020 target over multiple years. The growth and size of the industry is a major reason why 2018 was a record year for us, and we believe the first of many.

Second, industry observers believe that current M&A volume is half or less of what it could be, given the industry size, current fragmentation and the aging of advisors. With half of all managed assets in the hands of advisors, who are at least 55 years old, our support of inter-generational transfer of RIAs is a substantial future growth opportunity. Indeed, within the succession planning services we offer and our excellent track record of acquiring RIAs, we are uniquely positioned to capitalize on this opportunity.

Our ability to scale our partners through acquisitions is a core competency. As of year-end, we had 58 partner firms and have facilitated close to 100 tuck-in acquisitions for their M&A capability that approximately 40% of our partners have utilized to-date. This percentage increases, the longer firms have been with Focus, with more than half of firms that have been with Focus for at least two years, having completed mergers. This demonstrates the additional merger potential embedded in our recent direct acquisitions.

Third, we continue to benefit from powerful technology trends that are changing the way clients and advisors interact, but we never saw a threat from the much-hyped robo-advisor model. Technology is an important enabler of our partner firms' business models. In the last five years alone, an array of innovative, flexible, efficient and highly functional solutions has emerged that our partners and their clients benefit from.

Within Focus' scale, we have the benefit of being a major client of many small innovative technology providers as well as the leading custodians, influencing the development programs as well as benefiting from attractive pricing and service levels, which we can pass along to our partner firms, in turn, increasing their operational efficiency and profitability. Our partners benefit from our intellectual and financial resources, operating in a scaled business model with aligned interest, while retaining their entrepreneurial culture and independence. You have probably heard me say this before and I will continue to do so because it is at the core of what we do. We believe that the best model in wealth management is fiduciary advice, delivered by nimble and close-to-the-client entrepreneurs with their teams. As such, Focus never turns entrepreneurs into employees.

One of the most common questions we hear is, how have you continued to add partners and achieved this kind of growth despite the kind of volatility we experienced in the equity markets during the first quarter? While downward pressure on the equity markets happens from time to time, it actually reinforces the value of our partners delivered to their clients. It is during volatile markets that good advice is most valuable to them. We have seen no impact from market volatility to-date in our acquisition pipeline, which as I have mentioned is as robust as we have ever seen. Our partner client base is primarily high net worths and ultra-high net worths individuals or families. These client groups tend to be disciplined and informed, and have confidence in their advisors and wealth strategists. And therefore are the most loyal client base in the wealth management industry.

Our partner firms do not manage assets against the performance of a particular benchmark like asset managers. They provide holistic advice on everything from financial planning to major life events impacting their family. Yes, they manage equities, but they also manage an array of other assets that are not correlated to the equity markets. And they often serve multiple generations.

Now, I would like to briefly touch on our international expansion. As we have discussed previously, we anticipated that our IPO would create more opportunities for us, including international. Our initial areas of focus are Canada, Australia and the UK. We recently announced the closing of a new partner firm, Prime Quadrant, a Toronto-based wealth management firm. This is our second partner firm in Canada and is an important transaction as Prime Quadrant serves ultra-high net worths families and individuals.

Equally important, our work, exploring the Australian market is showing excellent results. This week, we announced that we signed a definitive agreement with Escala Partners, one of the leading Australian ultra-high net worth firms. This transaction is expected to close in the second quarter of this year. Australia is one of the largest wealth management markets in the world outside of the US, and we are pleased with how our model is resonating with highly sophisticated traders there. We see our international expansion as an important component of our growth strategy, while further enhancing our diversification. Many markets are experiencing regulatory change that is elevating the standards of advice and challenging the incumbent models. We have been exploring and building relationships in these markets, and they present an excellent growth opportunity for Focus.

Our momentum in 2019 has already been significant. Year-to-date, we have closed on two new partner firms, AG&S and Prime Quadrant, with total acquired base earnings of approximately $8.5 million, and have three pending partner firm acquisitions with total acquired base earnings of approximately $9.7 million that we expect to close in the first half of this year. These firms are Lanham O'Dell & Company, Foster Dykema Cabot and Escala Partners. The combination of these direct deals will be mid-single digit accretive to our adjusted net income per share.

On the merger side, as mentioned, this is akin to recruiting for traditional players and the nature of Focus value adds to our partners. In the first quarter of 2019, we are proud to have already closed seven mergers and announced four additional deals that are expected to close in the first half of 2019. We believe that the strength of our pipeline will drive strong momentum through the rest of the year.

Our priorities for 2019 are clear. First, we will further evolve the support we provide to our partners with value-added initiatives across key components of the business system. Operations, technology, marketing, HR management and leadership development, compliance, cybersecurity and legal support are all areas of critical importance. It is our scale and breadth that enables us to be on the leading edge of these areas and creates terrific incremental opportunities to grow our business.

Second, we will capitalize on the plethora of attractive merger opportunities for many of our partners. Matching, prioritizing and facilitating these mergers, is a core objective of our team and also a substantial growth opportunity.

Third, in the US, we plan to expand our portfolio through our partner firms, particularly in the high net worths and ultra-high net worths segments, adding further breadths and depths to our partner network. Our focus will remain on established profitable RIAs and multi-family offices with a proven track record of client service. In the breakaway segment, we will continue to focus on elite teams only.

Fourth, outside of the US, our primary emphasis will be on Australia and Canada. We also monitor in selected European markets and Southeast Asia, which is a natural extension of our involvement in Australia.

Five, we are testing additional value-added services through our partners, like our recent investment in SmartAsset, one of the leading client lead generators in the industry. We're also exploring new ultra-high net worths sectors. For example, we are interested in more deeply penetrating the artists, entertainers and athletes' client vertical. This growth market is uncorrelated to our other businesses and we have built an excellent foundation in the space over the last three years.

As such, for the remainder of 2019, our outlook is very positive. And we believe, we are in the right place, at the right time to take advantage of this secular shifts in our industry. We have a strong execution-oriented team in place, and we are fully focused on delivering against our strategic priorities. We believe that the steps we are taking to build upon our highly differentiated business model will continue to drive sustained revenue and adjusted net income per share growth in excess of our targets.

Before turning the call over to Jim, I wanted to update you on the latest addition to the Focus team. Tina Madon has just joined us and will lead our Investor Relations and Corporate Communications efforts. We are very happy to have her and confident that she will help us further develop our relationships with the investor community and media.

Now, I will hand the call over to Jim for a more detailed review of our fourth quarter and full year financials. Jim?

James Shanahan -- Chief Financial Officer

Thank you, Rudy and good morning everyone.

First, I would like to offer a few comments on the format of our financial presentation. The financial statements and other GAAP disclosures contained in our press release include the results of Focus Financial Partners Inc., which is the public company and those of Focus Financial Partners LLC, of which Focus Financial Partners Inc. became the managing member and owner of the majority of the outstanding membership interest in a series of reorganization transactions that were completed on July 30, 2018 in connection with our IPO.

As previously mentioned, Focus made a decision to go public for three reasons. First, access to public currency; second, efficiency and flexibility of funding options; and third, the credibility of being a public company. It has only been a little over six months since our IPO, and we are seeing the initial benefits of this important step.

Our fourth quarter results represents a record financial performance for our business. With regard to our revenues in the quarter, I would like to highlight the following. Total revenues were $247.5 million in Q4 2018, an increase of $57.7 million or 30.4% compared to Q4 2017. Wealth management fees increased $53.2 million in Q4 2018 or 29.7% from Q4 2017. Wealth management fees represents 93.8% of our Q4 aggregate revenues. Approximately $37.4 million of the revenue growth during the quarter was the result of new partner firm acquisitions completed after the fourth quarter of 2017. Revenues were primarily driven from domestic partner firms, which accounted for 98% of our Q4 revenues. Our fee-based and recurring revenues were in excess of 95% of our total revenues, and we expect this trend to continue. We believe these revenue characteristics are rarely seen in the financial service industry, and they demonstrate the strength and enduring nature of our business model.

Our 2018 full year organic revenue growth was 13%. Our 2018 fourth quarter organic revenue growth was 10.7% and included one month from the Loring Ward merger, which closed November 30, 2018. In 2019, we estimate Loring Ward will contribute at least $50 million to aggregate company revenues. We are excited about the recently completed Dan Goldie RIA transaction on February 1, 2019. Dan Goldie was one of Loring Ward's largest clients and supports our investment thesis that a number of TAMP clients of Loring Ward will convert to our Buckingham RIA business over time. In short, our TAMP business provides an excellent pipeline of potential merger opportunities.

As Rudy mentioned, we have closed or signed 16 acquisitions and mergers to-date in 2019. We expect to achieve year-over-year organic revenue growth of at least 10% for full year 2019.

As a reminder, a portion of our total revenues are not correlated to the financial markets. For Q4 2018, we estimate this percentage was approximately 23% of total revenues. Of the estimated 77% of revenue that was correlated to financial markets, we estimate 73% was generated from advanced billings. Our partner firm billing methodologies are highly diversified and can be billed monthly, quarterly or semiannually, and vary from partner firm to partner firm, but advanced billings are generally calendar quarterly and advance. Accordingly, we expect that our Q1 2019 total revenues will be moderately impacted by these advanced billings, due to the market decline experienced at the end of 2018.

Additionally, a component of our wealth management services are tax and related service projects. Based on the timing of certain tax and related service projects that certain of our partner firms complete on behalf of their clients, we estimate that our 2019 Q1 and Q4 revenues may be marginally impacted by approximately $3 million to $5 million, when compared to 2019 Q2 and Q3 revenues.

Regarding expenses, we remain committed to actively managing our expense base. As we have discussed in the past, our largest expenses are management fees and employee compensation or related benefits. Management fees are formulaic, variable and a product of the earn-ins of our partner firms. Our expenses are stable and correlated to our revenues. Our EBITDA margin over the last three years has been consistent, ranging from 21% to 22%. It's important to note that our EBITDA margin is primarily driven by the percentage EBITDA acquired in our transactions.

Income from operations was $34.4 million for Q4 2018 as compared to $2.9 million for Q4 2017. As presented in our consolidated statement of operations, the fourth quarter of 2018 was impacted by $22.2 million of non-cash charges and the fair value of estimated earn-outs. As a reminder, partner firm earn-outs generally occur over a six-year period.

On the US GAAP, we are required to measure these contingent liabilities each quarter using Monte Carlo simulations. The market decline experienced in December 2018 drove a reduction in the estimate of these liabilities as of December 31. When markets increase, the estimate of these liabilities typically increase. Interest expense for the quarter was $11 million compared to $14.5 million in the fourth quarter of 2017.

In connection with our IPO, we repaid the $207 million second lien term-loan outstanding, and we paid down the first lien term-loan by $185.5 million.

Our fourth quarter GAAP net income was $17.5 million compared to a net loss of $9.7 million in the 2017 fourth quarter. For the three months ended December 31, 2018, our adjusted net income per share was $0.51 per share. As a reminder, the share count for our EPS calculations can fluctuate based on our quarter-end share price, which is used to calculate common stock equivalents for incentive units outstanding at the Focus LLC level. We included a table of our outstanding incentive units and their respective hurdle rates as of December 31, 2018 in our earnings release. We also included a table of the ownership interest in Focus Financial Partners LLC, including their non-controlling interest as of December 31, 2018.

Regarding share count, we do not anticipate any equity issuance in connection with our 2019 first quarter acquisition activity, which we expect to fund with cash on-hand and from revolver borrowings. However, we will evaluate equity consideration, where appropriate, in connection with our growing acquisition pipeline.

Now shifting to our balance sheet. As of December 31, 2018, we had cash and cash equivalents of $33.2 million compared to $51.5 million at December 31, 2017. We had approximately $839 million outstanding on our credit facilities compared to $1 billion as of December 31, 2017. The outstanding amounts on our credit facility were comprised of $799 million of term-loan borrowings and $40 million of revolver borrowings. Our revolver has a $650 million facility size, which will be primarily used for acquisition activity.

At December 31, 2018, our net leverage ratio under our credit facility was 3.

Best Medical Stocks To Watch For 2019

tags:PME,CSPI,MRC,UNF,CBOE,BHE,

Volex PLC (LON:VLX) insider Nathaniel Rothschild purchased 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was bought at an average cost of GBX 75 ($0.96) per share, for a total transaction of £30,000 ($38,348.46).

LON VLX opened at GBX 81.90 ($1.05) on Friday. Volex PLC has a 52 week low of GBX 40.50 ($0.52) and a 52 week high of GBX 86 ($1.10).

Get Volex alerts:

Separately, Liberum Capital reissued a “buy” rating on shares of Volex in a report on Thursday.

Volex Company Profile

Volex plc, together with its subsidiaries, manufactures and supplies power cords and cable assemblies for consumer electronics, medical equipment, data center, telecommunications, industrial robotics, and automotive industries worldwide. The company's Power Cords division designs, manufactures, and sells power cords, duck heads, and related products to manufacturers of a range of electrical and electronic devices and appliances for use in laptops, PCs, tablets, printers, TVs, games consoles, power tools, kitchen appliances, and vacuum cleaners.

Best Medical Stocks To Watch For 2019: Pingtan Marine Enterprise Ltd.(PME)

Advisors' Opinion:

• [By Stephan Byrd]

  Pingtan Marine Enterprise (NASDAQ:PME) CEO Xinrong Zhuo purchased 50,000 shares of Pingtan Marine Enterprise stock in a transaction on Thursday, May 17th. The shares were acquired at an average price of $3.66 per share, with a total value of $183,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

• [By Stephan Byrd]

  Pingtan Marine Enterprise Ltd (NASDAQ:PME) CEO Xinrong Zhuo purchased 50,000 shares of the company’s stock in a transaction on Friday, May 25th. The shares were purchased at an average price of $3.33 per share, for a total transaction of $166,500.00. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website.

Best Medical Stocks To Watch For 2019: CSP Inc.(CSPI)

Advisors' Opinion:

• [By Logan Wallace]

  Headlines about CSP (NASDAQ:CSPI) have been trending somewhat positive this week, according to Accern. The research firm identifies negative and positive media coverage by monitoring more than 20 million news and blog sources in real-time. Accern ranks coverage of companies on a scale of negative one to positive one, with scores closest to one being the most favorable. CSP earned a news sentiment score of 0.07 on Accern’s scale. Accern also gave headlines about the information technology services provider an impact score of 44.9831568716707 out of 100, indicating that recent media coverage is somewhat unlikely to have an effect on the stock’s share price in the immediate future.

Best Medical Stocks To Watch For 2019: MRC Global Inc.(MRC)

Advisors' Opinion:

• [By Max Byerly]

  Get a free copy of the Zacks research report on MRC Global (MRC)

  For more information about research offerings from Zacks Investment Research, visit Zacks.com

• [By Ethan Ryder]

  Mercantile Investment Trust PLC (LON:MRC) insider Graham Kitchen purchased 23,620 shares of the firm’s stock in a transaction on Monday, July 2nd. The stock was acquired at an average cost of GBX 217 ($2.89) per share, for a total transaction of £51,255.40 ($68,240.45).

• [By Joseph Griffin]

  MRC Global Inc (NYSE:MRC) SVP John L. Bowhay sold 15,000 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $17.13, for a total transaction of $256,950.00. Following the transaction, the senior vice president now owns 70,854 shares of the company’s stock, valued at approximately $1,213,729.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

• [By Motley Fool Transcribers]

  MRC Global Inc  (NYSE:MRC)Q4 2018 Earnings Conference CallFeb. 15, 2019, 10:00 a.m. ET

  Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks:

  Operator

• [By Joseph Griffin]

  Get a free copy of the Zacks research report on MRC Global (MRC)

  For more information about research offerings from Zacks Investment Research, visit Zacks.com

Best Medical Stocks To Watch For 2019: Unifirst Corporation(UNF)

Advisors' Opinion:

• [By Shane Hupp]

  UniFirst Corp (NYSE:UNF)’s share price hit a new 52-week high and low on Thursday . The company traded as low as $179.10 and last traded at $177.85, with a volume of 768 shares traded. The stock had previously closed at $178.90.

• [By Max Byerly]

  Dolphin Entertainment (NYSE: UNF) and UniFirst (NYSE:UNF) are both business services companies, but which is the better investment? We will contrast the two companies based on the strength of their dividends, institutional ownership, earnings, analyst recommendations, valuation, profitability and risk.

• [By Joseph Griffin]

  UniFirst (NYSE:UNF) and Mobetize (OTCMKTS:MPAY) are both industrial products companies, but which is the better investment? We will contrast the two companies based on the strength of their profitability, dividends, institutional ownership, earnings, risk, analyst recommendations and valuation.

• [By Motley Fool Staff]

  UniFirst (NYSE:UNF) Q3 2018 Earnings Conference CallJun. 27, 2018 9:00 a.m. ET

  Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks:

  Operator

Best Medical Stocks To Watch For 2019: CBOE Holdings Inc.(CBOE)

Advisors' Opinion:

• [By Dustin Blitchok]

  After CBOE Global Markets Inc (NASDAQ: CBOE) launched bitcoin futures in December, Charles Schwab Corporation (NYSE: SCHW) didn't immediately make the product available to clients, said Barry Metzger, the brokerage’s senior vice president of global, trading and advice.

• [By Garrett Baldwin]
  Shares of Kraft Heinz Co. (Nasdaq: KHC) were on the move on news that the company is exploring a possible deal to purchase Campbell Soup Co. (NYSE: CPB). A report by the New York Post suggests that Kraft has not made an offer and that any purchase would likely not offer much in the way of a premium from the current share price. The news comes a day after Kraft topped Wall Street earnings and revenue forecasts and issued positive forward guidance. Shares of Apple Inc. (Nasdaq: AAPL) fell slightly on Friday. The dip came a day after the technology giant officially became the first U.S. public company to hit a market capitalization of $1 trillion. "With the world's oldest profession already staked out, there are many competitors for second oldest," writes Money Morning's Tim Melvin. "Leading claimants include spies and politicians, but that can't be right." Today, Tim explains why spending on the military fuels this profession. And then he explains why he likes the firm Vectrus Inc. (NYSE: VEC). Other firms reporting earnings include Groupon Inc. (Nasdaq: GRPN), Dish Network Corp. (Nasdaq: DISH), and CBOE Global Markets Inc. (Nasdaq: CBOE).

  Follow Money Morning on Facebook, Twitter, and LinkedIn.

• [By Logan Wallace]

  Clinton Group Inc. boosted its position in Cboe Global Markets Inc (NASDAQ:CBOE) by 64.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 43,235 shares of the financial services provider’s stock after purchasing an additional 16,970 shares during the quarter. Cboe Global Markets comprises 1.5% of Clinton Group Inc.’s holdings, making the stock its 18th biggest position. Clinton Group Inc.’s holdings in Cboe Global Markets were worth $4,149,000 at the end of the most recent quarter.

Best Medical Stocks To Watch For 2019: Benchmark Electronics, Inc.(BHE)

Advisors' Opinion:

• [By Stephan Byrd]

  Benchmark Electronics, Inc. (NYSE:BHE) declared a quarterly dividend on Monday, September 17th, RTT News reports. Shareholders of record on Friday, September 28th will be given a dividend of 0.15 per share by the technology company on Thursday, October 11th. This represents a $0.60 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend is Thursday, September 27th.

• [By Motley Fool Transcribing]

  Benchmark Electronics (NYSE:BHE) Q4 2018 Earnings Conference CallFeb. 7, 2019 5:00 p.m. ET

  Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks:

  Operator

Insider Selling: Expeditors International of Washington (EXPD) Insider Sells 9,109 Shares of Stock

Expeditors International of Washington (NASDAQ:EXPD) insider Daniel R. Wall sold 9,109 shares of Expeditors International of Washington stock in a transaction on Monday, March 11th. The shares were sold at an average price of $75.25, for a total transaction of $685,452.25. Following the completion of the sale, the insider now owns 40,079 shares in the company, valued at $3,015,944.75. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Shares of EXPD traded up $0.40 during midday trading on Tuesday, reaching $76.57. The stock had a trading volume of 1,200,458 shares, compared to its average volume of 1,144,701. Expeditors International of Washington has a one year low of $60.80 and a one year high of $78.16. The company has a market cap of $12.86 billion, a PE ratio of 22.00, a price-to-earnings-growth ratio of 2.71 and a beta of 0.76.

Get Expeditors International of Washington alerts:

Expeditors International of Washington (NASDAQ:EXPD) last announced its quarterly earnings data on Tuesday, February 19th. The transportation company reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.17. Expeditors International of Washington had a net margin of 7.60% and a return on equity of 31.62%. The company had revenue of $2.24 billion during the quarter, compared to the consensus estimate of $2.15 billion. During the same quarter last year, the firm posted $0.71 EPS. The company’s quarterly revenue was up 17.6% on a year-over-year basis. As a group, analysts expect that Expeditors International of Washington will post 3.54 earnings per share for the current year.

Several equities research analysts have issued reports on EXPD shares. Stifel Nicolaus set a $77.00 price target on shares of Expeditors International of Washington and gave the company a “hold” rating in a research note on Friday, February 22nd. ValuEngine lowered shares of Expeditors International of Washington from a “buy” rating to a “hold” rating in a research note on Wednesday, February 27th. Goldman Sachs Group lowered shares of Expeditors International of Washington from a “neutral” rating to a “sell” rating and set a $68.00 price target on the stock. in a research note on Friday, December 7th. Zacks Investment Research upgraded shares of Expeditors International of Washington from a “hold” rating to a “buy” rating and set a $82.00 price target on the stock in a research note on Tuesday, November 13th. Finally, BidaskClub upgraded shares of Expeditors International of Washington from a “hold” rating to a “buy” rating in a research note on Friday, February 22nd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $74.57.

Institutional investors and hedge funds have recently made changes to their positions in the company. Papp L Roy & Associates grew its position in shares of Expeditors International of Washington by 0.8% in the 4th quarter. Papp L Roy & Associates now owns 119,137 shares of the transportation company’s stock valued at $8,112,000 after acquiring an additional 904 shares during the period. AMP Capital Investors Ltd grew its position in shares of Expeditors International of Washington by 21.3% in the 3rd quarter. AMP Capital Investors Ltd now owns 92,527 shares of the transportation company’s stock valued at $6,723,000 after acquiring an additional 16,235 shares during the period. Vanguard Group Inc grew its position in shares of Expeditors International of Washington by 1.7% in the 3rd quarter. Vanguard Group Inc now owns 20,535,471 shares of the transportation company’s stock valued at $1,509,974,000 after acquiring an additional 336,122 shares during the period. Standard Life Aberdeen plc boosted its holdings in shares of Expeditors International of Washington by 8.8% during the 3rd quarter. Standard Life Aberdeen plc now owns 55,947 shares of the transportation company’s stock worth $4,114,000 after buying an additional 4,505 shares during the period. Finally, BTIM Corp. boosted its holdings in shares of Expeditors International of Washington by 8.8% during the 4th quarter. BTIM Corp. now owns 159,993 shares of the transportation company’s stock worth $10,894,000 after buying an additional 12,889 shares during the period. 92.55% of the stock is owned by institutional investors.

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Expeditors International of Washington Company Profile

Expeditors International of Washington, Inc provides logistics services in the Americas, North Asia, South Asia, Europe, the Middle East, Africa, and India. The company offers airfreight services, such as air freight consolidation and forwarding; ocean freight and ocean services, such as ocean freight consolidation, direct ocean forwarding, and order management; customs brokerage, intra-continental ground transportation and delivery, and warehousing and distribution services; and customs clearance, purchase order management, vendor consolidation, time-definite transportation services, cargo insurance, cargo monitoring and tracking, and other logistics solutions.

Featured Article: How is the LIBOR rate calculated?

The next financial crisis could be your own

We all seem to be on the lookout for clues that we're on the verge of another widespread financial crisis.

The memories from the debacle a decade ago are so bad that no one wants to be caught by surprise again. 

So many wonder: Is it a sign that a recession is looming because December's retail sales were weak and just posted the biggest drop in nine years? Should we be focused on worries that the United States will be hurt by a global industrial slowdown? What about student loan debt? Delinquent car loans?

Yet maybe we should tune into what's next for us, rather than the economy. What are the odds that we could be facing our own personal financial fallout? 

Bull market turns 10: Is it about to flame out or surge higher?

Another recession will happen: Here's how you can start preparing now

Are you juggling so much debt – and so many bills – that you're not prepared for your own financial shock? What would happen after a medical emergency? A divorce? A job loss? 

Some of the U.S. economic numbers, no doubt, give one reason to pause.

Total household debt in the U.S. hit $13.54 trillion in the fourth quarter of 2018. (Photo: Getty Images)

Consumer debt at all-time high

Consumer debt in total hit a little more than $4 trillion – the largest amount ever – as of December 2018, according to the latest data from the Federal Reserve. That includes auto loans, student loans, personal loans, credit cards but not mortgages. 

A record number of consumers – some 178.6 million at the end of 2018 – now have access to a credit card, according to a new report by TransUnion. 

Nearly 430 million credit cards are in circulation – up nearly 13 percent from the end of 2015. 

The average credit card debt per borrower is $5,736 – up about 7.5 percent from 2015, according to TransUnion.

In the past year or so, 4 million more people gained access to a credit card.

Credit card debt: These states have the highest average balance

Millennials face $1 trillion in debt: Here's how they can manage their loans

Paul Siegfried, senior vice president and credit card business leader at TransUnion, called the uptick as sign of deliberate growth in a fiercely competitive credit card industry.

"Issuers are very deliberate in how they extend credit based upon the market competition," Siegfried said. 

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On average, Americans owe $6,354 on bank-issued credit cards. At the state level, average credit card debt per capita varies substantially. 24/7 Wall St. reviewed the average bank card balance from creditcards.com to identify the states with the most credit card debt. SIphotography / Getty ImagesFullscreen1. Alaska• Average credit card balance: $8,515• Cost of living: 5.4 percent more than Average• Average credit score: 668• Average number of cards: 2.9 Chilkoot / Getty ImagesFullscreen2. Connecticut• Average credit card balance: $7,258• Cost of living: 8.7 percent more than Average• Average credit score: 690• Average number of cards: 3.2 SeanPavonePhoto / Getty ImagesFullscreen3. Virginia• Average credit card balance: $7,161• Cost of living: 2.3 percent more than Average• Average credit score: 680• Average number of cards: 3.1 SeanPavonePhoto / Getty ImagesFullscreen4. New Jersey• Average credit card balance: $7,151• Cost of living: 13.2 percent more than Average• Average credit score: 686• Average number of cards: 3.5 SeanPavonePhoto / Getty ImagesFullscreen5. Maryland• Average credit card balance: $7,043• Cost of living: 9.5 percent more than Average• Average credit score: 672• Average number of cards: 3.2 SeanPavonePhoto / Getty ImagesFullscreen6. Hawaii• Average credit card balance: $6,981• Cost of living: 18.4 percent more than Average• Average credit score: 693• Average number of cards: 3.3 Eric Tessmer / Wikimedia CommonsFullscreen7. Texas• Average credit card balance: $6,902• Cost of living: 3.1 percent less than Average• Average credit score: 656• Average number of cards: 3.1 RoschetzkyIstockPhoto / Getty ImagesFullscreen8. Colorado• Average credit card balance: $6,718• Cost of living: 3 percent more than Average• Average credit score: 688• Average number of cards: 3.1 f11photo / Getty ImagesFullscreen9. Georgia• Average credit card balance: $6,675• Cost of living: 7.9 percent less than Average• Average credit score: 654• Average number of cards: 3.0 Sean Pavone / Getty ImagesFullscreen10. New York• Average credit card balance: $6,671 • Cost of living: 15.6 percent more than Average • Average credit score: 688 • Average number of cards: 3.3 Terabass / Wikimedia CommonsFullscreen11. Washington• Average credit card balance: $6,592• Cost of living: 5.5 percent more than Average• Average credit score: 693• Average number of cards: 3.0 evenfh / Shutterstock.comFullscreen12. New Hampshire• Average credit card balance: $6,490• Cost of living: 5.9 percent more than Average• Average credit score: 701• Average number of cards: 3.1 Sean Pavone / Getty ImagesFullscreen13. California• Average credit card balance: $6,481• Cost of living: 14.4 percent more than Average• Average credit score: 680• Average number of cards: 3.2 Art Wager / Getty ImagesFullscreen14. Illinois• Average credit card balance: $6,410• Cost of living: 1.1 percent less than Average• Average credit score: 683• Average number of cards: 3.1 lhongfoto / Getty ImagesFullscreen15. Nevada• Average credit card balance: $6,401• Cost of living: 2.6 percent less than Average• Average credit score: 655• Average number of cards: 3.2 f11photo / Getty ImagesFullscreen16. Arizona• Average credit card balance: $6,389• Cost of living: 4.1 percent less than Average• Average credit score: 669• Average number of cards: 3.0 Zereshk / Wikimedia CommonsFullscreen17. Florida• Average credit card balance: $6,388• Cost of living: 0.3 percent less than Average• Average credit score: 668• Average number of cards: 3.2 Sean Pavone / Getty ImagesFullscreen18. Rhode Island• Average credit card balance: $6,375• Cost of living: 0.4 percent less than Average• Average credit score: 687• Average number of cards: 3.3 SeanPavonePhoto / Getty ImagesFullscreen19. Delaware• Average credit card balance: $6,366• Cost of living: 0.2 percent more than Average• Average credit score: 672• Average number of cards: 3.1 DenisTangneyJr / Getty ImagesFullscreen20. Massachusetts• Average credit card balance: $6,327• Cost of living: 7.8 percent more than Average• Average credit score: 699• Average number of cards: 3.2 Sean Pavone / Getty ImagesFullscreen21. New Mexico• Average credit card balance: $6,317• Cost of living: 6.4 percent less than Average• Average credit score: 659• Average number of cards: 2.8 DenisTangneyJr / Getty ImagesFullscreen22. Oklahoma• Average credit card balance: $6,296• Cost of living: 11 percent less than Average• Average credit score: 656• Average number of cards: 2.7 Majestic_Aerials / Getty ImagesFullscreen23. Wyoming• Average credit card balance: $6,245• Cost of living: 3.3 percent less than Average• Average credit score: 678• Average number of cards: 2.8 undefined undefined / Getty ImagesFullscreen24. South Carolina• Average credit card balance: $6,157• Cost of living: 9.7 percent less than Average• Average credit score: 657• Average number of cards: 2.9 Sean Pavone / Getty ImagesFullscreen25. Pennsylvania• Average credit card balance: $6,146• Cost of living: 1.6 percent less than Average• Average credit score: 687• Average number of cards: 3.1 f11photo / Getty ImagesFullscreen26. North Carolina• Average credit card balance: $6,117• Cost of living: 9.1 percent less than Average• Average credit score: 666• Average number of cards: 3.0 Sean Pavone / Getty ImagesFullscreen27. Kansas• Average credit card balance: $6,082• Cost of living: 9.5 percent less than Average• Average credit score: 680• Average number of cards: 2.8 ricardoreitmeyer / Getty ImagesFullscreen28. Louisiana• Average credit card balance: $6,074• Cost of living: 9.6 percent less than Average• Average credit score: 650• Average number of cards: 2.8 GregJK / Getty ImagesFullscreen29. Oregon• Average credit card balance: $6,012• Cost of living: 0.2 percent less than Average• Average credit score: 688• Average number of cards: 3.0 4nadia / Getty ImagesFullscreen30. Tennessee• Average credit card balance: $5,975• Cost of living: 9.8 percent less than Average• Average credit score: 662• Average number of cards: 2.8 SeanPavonePhoto / Getty ImagesFullscreen31. Alabama• Average credit card balance: $5,961• Cost of living: 13.4 percent less than Average• Average credit score: 654• Average number of cards: 2.7 SeanPavonePhoto / Getty ImagesFullscreen32. Utah• Average credit card balance: $5,960• Cost of living: 2.7 percent less than Average• Average credit score: 683• Average number of cards: 3.0 johnnya123 / Getty ImagesFullscreen33. Vermont• Average credit card balance: $5,924• Cost of living: 1.6 percent more than Average• Average credit score: 702• Average number of cards: 2.9 Sean Pavone / Getty ImagesFullscreen34. Minnesota• Average credit card balance: $5,911• Cost of living: 2.5 percent less than Average• Average credit score: 709• Average number of cards: 3.0 RudyBalasko / Getty ImagesFullscreen35. Missouri• Average credit card balance: $5,897• Cost of living: 10.5 percent less than Average• Average credit score: 675• Average number of cards: 2.9 f11photo / Getty ImagesFullscreen36. Montana• Average credit card balance: $5,845• Cost of living: 5.9 percent less than Average• Average credit score: 689• Average number of cards: 2.9 TheBigMK / Getty ImagesFullscreen37. Ohio• Average credit card balance: $5,843• Cost of living: 10.7 percent less than Average• Average credit score: 678• Average number of cards: 3.0 Sean Pavone / Getty ImagesFullscreen38. Idaho• Average credit card balance: $5,817• Cost of living: 7 percent less than Average• Average credit score: 681• Average number of cards: 2.9 knowlesgallery / Getty ImagesFullscreen39. Maine• Average credit card balance: $5,784• Cost of living: 1.6 percent less than Average• Average credit score: 689• Average number of cards: 2.9 SeanPavonePhoto / Getty ImagesFullscreen40. South Dakota• Average credit card balance: $5,692• Cost of living: 11.7 percent less than Average• Average credit score: 700• Average number of cards: 2.8 EunikaSopotnicka / Getty ImagesFullscreen41. Arkansas• Average credit card balance: $5,660• Cost of living: 13.1 percent less than Average• Average credit score: 657• Average number of cards: 2.8 Belinda Hankins Miller from U.S.A., upload by Herrick 10:33, 15 November 2007 (UTC) / Wikimedia CommonsFullscreen42. Nebraska• Average credit card balance: $5,630• Cost of living: 9.5 percent less than Average• Average credit score: 695• Average number of cards: 2.8 ChrisBoswell / Getty ImagesFullscreen43. Michigan• Average credit card balance: $5,622 • Cost of living: 6.7 percent less than Average • Average credit score: 677 • Average number of cards: 2.9 pawel.gaul / Getty ImagesFullscreen44. Indiana• Average credit card balance: $5,581• Cost of living: 9.7 percent less than Average• Average credit score: 667• Average number of cards: 2.8 f11photo / Getty ImagesFullscreenBlogThis!