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Insider Weekends – March 25, 2016

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March 27, 2016 | Insider Buying | Author Asif

Welcome to edition 301 of Insider Weekends. Insider buying decreased significantly last week with insiders buying $38.86 million of stock compared to $269.24 million in the week prior. Selling also decreased significantly with insiders selling $635.25 million of stock last week compared to $1.33 billion in the week prior.

This muted activity is not unusual as we approach the end of the quarter and most companies enter a quite period when insiders cannot purchase or sell their stock. Insider buying in our previous report was dominated by biotech stocks and this week is no different with biotech stocks accounting for three of the five top purchases. Amongst the insider purchases OvaScience (OVAS) and Flex Pharma (FLKS) stood out because both were purchased by their CEOs indirectly through the venture capital firm Longwood Fund. Both these CEOs are also co-founders and Partners of Longwood Fund.

Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week went up to 16.35. In other words, insiders sold more than 16 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 4.93. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

Insider Sell Buy Ratio March 25, 2016

Insider Sell Buy Ratio March 25, 2016

Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

Notable Insider Buys:

1. Seattle Genetics, Inc. (SGEN): $34.68

Director Felix Baker acquired 124,065 shares of this biotech company, paying $31.85 per share for a total amount of $3.95 million. These shares were purchased indirectly by Baker Bros. Advisors LP.

You can view the list of recent insider transactions for Seattle Genetics, Inc. here.

P/E: N/A Forward P/E: N/A Industry P/E: 26.85
P/S: 14.37 Price/Book: 7.04 EV/EBITDA: -39.49
Market Cap: $4.85B Avg. Daily Volume: 1,411,960 52 Week Range: $26.02 – $52.33

2. OvaScience, Inc. (OVAS): $9.06

Chief Executive Officer Michelle Dipp acquired 179,300 shares of this biotech company, paying $9.40 per share for a total amount of $1.68 million. These shares were purchased indirectly by Longwood Fund III LP.

You can view the list of recent insider transactions for OvaScience, Inc. here.

P/E: N/A Forward P/E: N/A Industry P/E: N/A
P/S: 906.05 Price/Book: 1.98 EV/EBITDA: -1.7
Market Cap: $247.34M Avg. Daily Volume: 519,759 52 Week Range: $4.53 – $48.94

3. Flex Pharma, Inc. (FLKS): $10.48

President and CEO Christoph H. Westphal acquired 135,195 shares of this biotech company, paying $11.29 per share for a total amount of $1.53 million. These shares were purchased indirectly by Longwood Fund III LP.

You can view the list of recent insider transactions for Flex Pharma, Inc. here.

P/E: N/A Forward P/E: N/A Industry P/E: N/A
P/S: N/A Price/Book: 1.8 EV/EBITDA: -2.37
Market Cap: $188.19M Avg. Daily Volume: 91,075 52 Week Range: $6.48 – $24.82

4. Demandware, Inc. (DWRE): $35.42

President and CEO Thomas D. Ebling acquired 30,000 shares of this software-as-a-service E-commerce solutions provider, paying $34.93 per share for a total amount of $1.05 million. Mr. Ebling increased his stake by 17.85% to 198,070 shares with this purchase.

You can view the list of recent insider transactions for Demandware, Inc. here.

P/E: N/A Forward P/E: 101.2 Industry P/E: 33.08
P/S: 5.28 Price/Book: 4.36 EV/EBITDA: -60.28
Market Cap: $1.34B Avg. Daily Volume: 658,000 52 Week Range: $26.47 – $75.9

5. Sears Holdings Corporation (SHLD): $15

Chief Executive Officer Edward S. Lampert acquired 68,271 shares of this department stores chain, paying $14.77 per share for a total amount of $1 million. Mr. Lampert increased his stake by 0.22% to 30,965,732 shares with this purchase.

You can view the list of recent insider transactions for Sears Holdings Corporation here.

P/E: N/A Forward P/E: N/A Industry P/E: 23.56
P/S: 0.06 Price/Book: N/A EV/EBITDA: -4.18
Market Cap: $1.60B Avg. Daily Volume: 681,362 52 Week Range: $14.56 – $46.23

You can view the full list of purchases from this Insider Buying page.

Notable Insider Sales:

1. Facebook, Inc. (FB): $113.05

Shares of Facebook were sold by 2 insiders:

  • Director Jan Koum sold 1,434,530 shares for $111.63, generating $160.14 million from the sale. These shares were sold indirectly through a trust.
  • VP and General Counsel Colin Stretch sold 1,000 shares for $111.34, generating $111,340 from the sale.

You can view the list of recent insider transactions for Facebook, Inc. here.

P/E: 87.43 Forward P/E: 27.37 Industry P/E: 30.97
P/S: 17.87 Price/Book: 7.21 EV/EBITDA: 36.86
Market Cap: $331.61B Avg. Daily Volume: 35,142,300 52 Week Range: $72 – $117.59

2. ServiceNow, Inc. (NOW): $61.69

Chief Product Officer Frederic B. Luddy sold 195,000 shares of this software-as-a-service providerfor $61.56, generating $12 million from the sale. These shares were sold indirectly through a trust.

You can view the list of recent insider transactions for ServiceNow, Inc. here.

P/E: N/A Forward P/E: 61.69 Industry P/E: 21.62
P/S: 9.99 Price/Book: 17.66 EV/EBITDA: -90.84
Market Cap: $9.92B Avg. Daily Volume: 2,776,550 52 Week Range: $46 – $91.28

3. Adobe Systems Incorporated (ADBE): $92.52

Shares of this software company were sold by 10 insiders:

  • Director Charles M. Geschke sold 25,000 shares for $92.47, generating $2.31 million from the sale.
  • EVP, Cust. & Emp. Experience Donna Morris sold 25,000 shares for $93.00, generating $2.33 million from the sale. These shares were sold indirectly through a trust.
  • Director John E. Warnock sold 9,000 shares for $92.70, generating $834,309 from the sale. These shares were sold indirectly through a trust.
  • VP, Corp. Controller & CAO Richard Rowley sold 4,146 shares for $92.46, generating $383,349 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

You can view the list of recent insider transactions for Adobe Systems Incorporated here.

P/E: 74.61 Forward P/E: 24.41 Industry P/E: 33.08
P/S: 9.58 Price/Book: 6.55 EV/EBITDA: 35.39
Market Cap: $46.37B Avg. Daily Volume: 3,873,690 52 Week Range: $71.27 – $98

4. Ross Stores Inc. (ROST): $57.41

Shares of this apparel chain were sold by 3 insiders:

  • President, Chief Operating Officer Michael B. O’Sullivan sold 58,163 shares for $58.10, generating $3.38 million from the sale.
  • President, Merchandising Bernard G. Brautigan sold 24,586 shares for $58.35, generating $1.43 million from the sale.
  • Group S.V.P., CFO Michael J. Hartshorn sold 13,831 shares for $59.17, generating $818,415 from the sale.

You can view the list of recent insider transactions for Ross Stores Inc. here.

P/E: 23.43 Forward P/E: 18.88 Industry P/E: 18
P/S: 2.01 Price/Book: 9.84 EV/EBITDA: 12.35
Market Cap: $23.76B Avg. Daily Volume: 3,177,510 52 Week Range: $43.47 – $59.68

5. salesforce.com, inc. (CRM): $72.44

Shares of this software-as-a-service (SaaS) provider were sold by 5 insiders:

  • Chairman of the Board & CEO Marc Benioff sold 62,500 shares for $72.51, generating $4.53 million from the sale.
  • EVP, General Counsel Amy E. Weaver sold 7,062 shares for $72.87, generating $514,626 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
  • Co-Founder Parker Harris sold 5,000 shares for $72.87, generating $364,339 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
  • Pres., Sales & Cust. Success Maria Martinez sold 1,574 shares for $72.50, generating $114,115 from the sale.
  • Director John Victor Roos sold 180 shares for $72.16, generating $12,989 from the sale.

You can view the list of recent insider transactions for salesforce.com, inc. here.

P/E: N/A Forward P/E: 55.72 Industry P/E: 33.08
P/S: 7.2 Price/Book: 9.6 EV/EBITDA: 81.42
Market Cap: $48.60B Avg. Daily Volume: 6,011,640 52 Week Range: $52.6 – $82.9

You can view the full list of sales from this Insider Sales page.

Disclaimer Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter @asifsuria

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Merger Arbitrage Mondays – March 21, 2016

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March 20, 2016 | Merger Arbitrage | Author Asif

Merger activity increased last week with five new deals announced and two closing.

You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Deals Closed in 2016 43
Total Number of Deals Not Completed in 2016 2
Total Number of Pending Deals
Cash Deals 49
Stock Deals 16
Stock & Cash Deals 20
Special Conditions 10
Total Number of Pending Deals 95
Total Deal Size $933.58 billion

New Deals:

  1. The acquisition of The Fresh Market (TFM) by Apollo Global Management (APO) for $1.36 billion or $28.50 per share in cash.
  2. The acquisition of Rofin-Sinar Technologies (RSTI) by Coherent (COHR) for $942 million or $32.50 per share in cash.
  3. The acquisition of China Nepstar Chain Drugstore (NPD) by China Neptunus Drugstore Holding and Neptunus Global Limited for $258.66 million or $2.62 per share in cash.
  4. The acquisition of Columbia Pipeline Group (CPGX) by TransCanada Corporation (TRP) for approximately $13 billion or $25.50 per share in cash.
  5. The acquisition of The Valspar Corporation (VAL) by The Sherwin-Williams Company (SHW) for $11.3 billion or $113 per share in cash.

Deal Updates:

  1. On March 14, 2016, Starwood Hotels & Resorts Worldwide (HOT) announced that on March 10, 2016 it received a non-binding proposal from a consortium of companies (the “Consortium”) to acquire all of the outstanding shares of common stock of Starwood for $76.00 per share in cash. Starwood’s Board of Directors has not changed its recommendation in support of Starwood’s merger with Marriott. The Board, in consultation with its legal and financial advisors, will carefully consider the outcome of its discussions with the Consortium in order to determine the course of action that is in the best interest of Starwood and its stockholders.
  2. On March 18, 2016, Starwood Hotels & Resorts Worldwide (HOT) announced that it has received a revised binding and fully financed proposal from a consortium consisting of Anbang Insurance Group , J.C. Flowers & Co. and Primavera Capital Limited (the “Consortium”), that the Starwood Board of Directors, in consultation with its legal and financial advisors, has determined constitutes a “Superior Proposal,” as defined in Starwood’s merger agreement with Marriott International (MAR). Consistent with the terms of the Marriott merger agreement, Marriott has the right until 11:59 p.m. ET on March 28, 2016 to negotiate revisions to the existing merger agreement between Marriott and Starwood so that the proposal from the Consortium no longer constitutes a “Superior Proposal”.  Starwood will negotiate in good faith with Marriott during this period, and the Starwood Board will consider in good faith any changes to the Marriott agreement that Marriott may propose during this period.

Closed Deals:

  1. The acquisition of Anadigics (ANAD) by II-VI Incorporated (IIVI) on March 16, 2016. It took 57 days for this deal to be completed.
  2. The acquisition of PartnerRe (PRE) by EXOR S.p.A. on March 18, 2016. It took 228 days for this deal to be completed.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) $43.50 $18.15 06/30/2016 139.67% 504.75%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.44 $5.76 05/16/2016 63.85% 416.19%
VAL 03/20/2016 The Sherwin-Williams Company (SHW) $113.00 $83.83 03/31/2017 34.80% 33.87%
CI 07/24/2015 Anthem, Inc. (ANTM) $176.91 $139.53 12/31/2016 26.79% 34.31%
BHI 11/16/2014 Halliburton Company (HAL) $59.66 $47.44 04/30/2016 25.75% 234.97%
POM 04/30/2014 Exelon Corporation (EXC) $27.25 $21.97 03/31/2016 24.03% 877.20%
AGN 11/23/2015 Pfizer Inc. (PFE) $332.79 $268.78 12/31/2016 23.81% 30.50%
HUM 07/03/2015 Aetna Inc. (AET) $219.31 $184.60 12/31/2016 18.80% 24.08%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.66 12/31/2016 15.57% 19.95%
CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) $55.37 $48.35 03/31/2016 14.52% 529.95%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $18.15 15,449,744 06/30/2016 139.67% 504.75%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.44 $5.76 10,089,149 05/16/2016 63.85% 416.19%
+ VAL 03/20/2016 The Sherwin-Williams Company (SHW) All Cash $11.3 billion $113.00 $83.83 1,386,787 03/31/2017 34.80% 33.87%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $176.91 $139.53 1,145,991 12/31/2016 26.79% 34.31%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $59.66 $47.44 5,375,627 04/30/2016 25.75% 234.97%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $21.97 4,094,593 03/31/2016 24.03% 877.20%
+ AGN 11/23/2015 Pfizer Inc. (PFE) All Stock $160 billion $332.79 $268.78 6,276,659 12/31/2016 23.81% 30.50%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $219.31 $184.60 888,413 12/31/2016 18.80% 24.08%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.66 55,525 12/31/2016 15.57% 19.95%
+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) All Cash $4.7 billion $55.37 $48.35 1,156,075 03/31/2016 14.52% 529.95%
+ APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) All Cash $1.1 billion $9.50 $8.38 1,405,334 12/31/2016 13.37% 17.12%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $76.57 4,721,645 09/30/2016 12.97% 24.53%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.97 8,749,082 12/31/2016 12.92% 16.55%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $49.90 1,188,316 06/30/2016 12.22% 44.18%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $11.73 4,421,049 04/01/2016 10.83% 359.26%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $6.41 $5.79 93,268 03/31/2016 10.68% 389.77%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.63 169,939 06/30/2016 10.19% 36.84%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.32 $13.29 670,416 08/15/2016 7.74% 19.22%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $45.04 $42.02 2,908,144 12/31/2016 7.18% 9.19%
+ BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $41.86 $39.06 14,354,969 06/30/2016 7.16% 25.87%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $36.35 3,507,252 12/31/2016 7.02% 8.98%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $32.79 7,256,570 06/30/2016 6.43% 23.25%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $38.67 $36.56 5,280,267 09/30/2016 5.76% 10.89%
+ NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) All Cash $258.66 million $2.62 $2.50 74,667 09/30/2016 4.80% 9.08%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.99 $15.30 1,427,169 12/31/2016 4.51% 5.78%
+ MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.66 281,437 03/31/2016 3.83% 139.62%
+ RSTI 03/16/2016 Coherent Inc. (COHR) All Cash $942 million $32.50 $31.33 1,782,993 12/31/2016 3.73% 4.78%
+ MY 02/03/2016 A consortium of investors (the �Buyer Consortium�), including Mr. Chuanwei Zhang , the Chairman and Chief Executive Officer of the Company (N/A) All Cash $408 million $2.51 $2.42 1,290,712 06/30/2016 3.72% 13.44%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $32.42 948,989 06/30/2016 3.33% 12.04%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.85 $10.50 953,135 06/30/2016 3.30% 11.92%
+ PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $16.56 $16.03 29,142 06/30/2016 3.30% 11.91%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.21 130,814 04/30/2016 3.26% 29.78%
+ MCOX 12/22/2015 Minat Associated Co. Ltd. (N/A) All Cash N/A $4.00 $3.88 15,756 06/30/2016 3.09% 11.18%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $208.72 $202.90 3,094,645 06/30/2016 2.87% 10.37%
+ DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.36 90,134 03/31/2016 2.72% 99.18%
+ CPGX 03/17/2016 TransCanada Corporation (TRP) All Cash $13 billion $25.50 $24.84 70,723,055 12/31/2016 2.66% 3.40%
+ ATNY 02/29/2016 an affiliate of private equity firm J. F. Lehman & Company (N/A) All Cash $110 million $2.00 $1.95 528,326 06/30/2016 2.56% 9.27%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $64.66 $63.10 955,581 03/31/2016 2.48% 90.35%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $64.50 2,144,682 12/31/2016 2.33% 2.98%
+ ADT 02/16/2016 An Affiliate of Certain Funds Managed By Affiliates of Apollo Global Management, LLC (N/A) All Cash $6.94 billion $42.00 $41.08 3,534,642 06/30/2016 2.24% 8.09%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.70 115,861 06/30/2016 2.19% 7.91%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.30 362,243 03/31/2017 2.10% 2.05%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $10.99 139,587 12/31/2016 2.09% 2.68%
+ CBNJ 01/05/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $208.1 million $13.51 $13.29 43,025 09/30/2016 1.69% 3.20%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $21.63 $21.28 3,571,629 09/30/2016 1.66% 3.13%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $26.37 200,739 06/30/2016 1.63% 5.89%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.50 $2.46 84,474 03/31/2016 1.50% 54.90%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.10 5,967 08/15/2016 1.45% 3.60%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $15.13 $14.92 838 09/30/2016 1.42% 2.69%
+ LF 02/05/2016 VTech Holdings Limited (N/A) All Cash $72 million $1.00 $0.986 629,761 06/30/2016 1.42% 5.13%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.05 $9.91 5,522,912 09/30/2016 1.36% 2.58%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $24.69 3,102,064 12/15/2016 1.26% 1.70%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $29.69 1,345,618 12/31/2016 1.04% 1.34%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.64 $19.44 131,239 09/15/2016 1.01% 2.07%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $141.57 1,056,076 08/15/2016 1.01% 2.51%
+ BLT 12/10/2015 American Securities LLC and P2 Capital Partners, LLC (N/A) All Cash $855 million $10.00 $9.90 421,391 06/30/2016 1.01% 3.65%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $67.08 $66.42 2,337,736 03/31/2016 0.99% 36.29%
+ HMIN 12/07/2015 BTG Hotels Group (N/A) All Cash N/A $35.80 $35.47 731,583 06/30/2016 0.93% 3.36%
+ BONA 12/15/2015 Mountain Tiger International Limited (N/A) All Cash $1 billion $13.70 $13.58 319,043 06/30/2016 0.88% 3.19%
+ JAH 12/14/2015 Newell Rubbermaid Inc. (NWL) Cash Plus Stock $13 billion $58.05 $57.56 3,479,741 06/30/2016 0.85% 3.07%
+ JMI 03/02/2016 ARMOUR Residential REIT, Inc. (ARR) Special Conditions $84.7 million $7.14 $7.08 223,750 06/30/2016 0.85% 3.06%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.00 1,494,867 12/15/2016 0.82% 1.12%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $37.20 69,376 03/31/2016 0.81% 29.44%
+ HPY 12/15/2015 Global Payments Inc. (GPN) Cash Plus Stock $4.3 billion $92.97 $92.23 323,100 05/31/2016 0.80% 4.11%
+ POWR 02/24/2016 Southern Company (SO) All Cash $431 million $18.75 $18.61 636,782 06/30/2016 0.75% 2.72%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $71.71 $71.18 1,461,224 06/30/2016 0.74% 2.69%
+ NEWP 02/23/2016 MKS Instruments, Inc. (MKSI) All Cash $980 million $23.00 $22.87 627,456 06/30/2016 0.57% 2.05%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $23.77 $23.65 715,884 06/30/2016 0.52% 1.88%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $17.93 $17.84 12,991 06/30/2016 0.49% 1.76%
+ RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) All Cash $551 million $11.00 $10.95 684,786 03/31/2016 0.46% 16.67%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $27.48 1,133,511 03/31/2016 0.44% 15.94%
+ ATML 01/19/2016 Microchip Technology Inc. (MCHP) Special Conditions $3.40 billion $8.15 $8.12 4,848,861 06/30/2016 0.37% 1.34%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.46 5,647,770 06/30/2016 0.33% 1.18%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $16.61 $16.56 97,840 06/30/2016 0.30% 1.07%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $11.97 94,497 03/31/2016 0.25% 9.15%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.23 522,731 03/31/2016 0.22% 7.91%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.90 957,945 12/31/2016 0.17% 0.21%
+ LOJN 02/01/2016 CalAmp Corp. (CAMP) All Cash $134 million $6.45 $6.44 307,263 05/31/2016 0.16% 0.80%
+ IRC 12/15/2015 real estate funds managed by DRA Advisors LLC (N/A) All Cash $2.3 billion $10.60 $10.59 1,076,345 06/30/2016 0.09% 0.34%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.25 577,707 09/30/2016 0.00% 0.00%
+ LSG 02/08/2016 Tahoe Resources Inc. (TAHO) All Stock $677 million $1.63 $1.63 568,467 04/15/2016 -0.01% -0.15%
+ TFM 03/14/2016 Apollo Global Management, LLC (APO) All Cash $1.36 billion $28.50 $28.52 3,497,416 06/30/2016 -0.07% -0.25%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $20.04 1,199,431 03/17/2016 -0.20% 18.21%
+ WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $65.11 $65.33 1,198,826 06/30/2016 -0.34% -1.22%
+ CKP 03/02/2016 an affiliate of CCL Industries Inc. (N/A) All Cash $443 million $10.15 $10.21 1,085,753 09/30/2016 -0.59% -1.11%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.92 520,038 06/30/2016 -0.63% -2.28%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $12.2 billion $79.88 $80.57 24,684,975 06/30/2016 -0.86% -3.09%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $13.16 $13.33 43,965 03/31/2016 -1.29% -47.10%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $15.45 $15.70 82,860 09/30/2016 -1.60% -3.03%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $26.10 20,536 09/30/2016 -1.92% -3.62%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $18.95 $19.40 48,224 09/30/2016 -2.34% -4.42%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $9.85 $10.10 187,296 04/30/2016 -2.48% -22.59%
+ ABCW 01/12/2016 Old National Bancorp. (ONB) All Stock 461 million $43.00 $44.29 94,592 06/30/2016 -2.92% -10.55%
+ AFFX 01/26/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $1.3 billion $14.00 $15.99 13,714,733 06/30/2016 -12.45% -44.98%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.36 $5.41 1,642,198 03/31/2015 -19.36% 19.85%

Disclaimer: Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter@asifsuria

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Insider Weekends – March 18, 2016

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March 20, 2016 | Insider Buying | Author Asif

Welcome to edition 300 of Insider Weekends. Insider buying more than doubled last week with insiders buying $269.24 million of stock compared to $103.49 million in the week prior. Selling on the other hand decreased with insiders selling $1.33 billion of stock last week compared to $2.15 billion in the week prior.

Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week dropped to 4.93. In other words, insiders sold almost 5 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 20.79. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

Insider Sell Buy Ratio March 18, 2016

Insider Sell Buy Ratio March 18, 2016

Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

Notable Insider Buys:

1. Incyte Corporation (INCY): $65.07

Director Julian Baker acquired 800,000 shares of this drug discovery and development company, paying $63.98 per share for a total amount of $51.18 million. These shares were acquired indirectly through Baker Brothers Life Sciences Capital and other related entities.

You can view the list of recent insider transactions for Incyte Corporation here.

P/E: 2 Forward P/E: 51.24 Industry P/E: 26.02
P/S: 15.66 Price/Book: 68.76 EV/EBITDA: 195.89
Market Cap: $12.18B Avg. Daily Volume: 2,446,020 52 Week Range: $55 – $133.62

2. Seattle Genetics, Inc. (SGEN): $33.92

Director Felix Baker acquired 1,349,237 shares of this biotech company, paying $32.10 per share for a total amount of $43.31 million. These shares were purchased indirectly by Baker Bros. Advisors LP.

This is the fifth week in a row we have seen the Baker Bros add to their position and the total this week exceeds the purchases we saw in each of the prior four weeks.

You can view the list of recent insider transactions for Seattle Genetics, Inc. here.

P/E: N/A Forward P/E: N/A Industry P/E: 26.02
P/S: 13.71 Price/Book: 6.72 EV/EBITDA: -38.49
Market Cap: $4.75B Avg. Daily Volume: 1,359,660 52 Week Range: $26.02 – $52.33

3. OvaScience, Inc. (OVAS): $8.74

Chief Executive Officer Michelle Dipp acquired 221,761 shares of this biotech company, paying $7.68 per share for a total amount of $1.7 million. These shares were purchased indirectly by Longwood Fund III LP.

We normally tend to exclude purchases made by venture capital firms like Longwood but decided to make an exception in this case because Ms. Dipp is both the co-founder and partner of Longwood as well as the CEO and co-founder of OvaScience.

You can view the list of recent insider transactions for OvaScience, Inc. here.

P/E: N/A Forward P/E: N/A Industry P/E: N/A
P/S: 779.01 Price/Book: 1.7 EV/EBITDA: -1.57
Market Cap: $238.60M Avg. Daily Volume: 486,634 52 Week Range: $4.53 – $55.69

4. Tempur Sealy International Inc. (TPX): $63.19

Shares of this bedding products company were acquired by 2 insiders:

  • CEO & President Scott L. Thompson acquired 35,000 shares, paying $57.67 per share for a total amount of $2.02 million. Mr. Thompson increased his stake by 50.23% to 104,686 shares with this purchase.
  • EVP & President North America Richard W. Anderson acquired 17,430 shares, paying $57.32 per share for a total amount of $999,091. Mr. Anderson increased his stake by 50.18% to 52,162 shares with this purchase.

You can view the list of recent insider transactions for Tempur Sealy International Inc. here.

P/E: 54.01 Forward P/E: 13.95 Industry P/E: 16.26
P/S: 1.23 Price/Book: 13.32 EV/EBITDA: 13.23
Market Cap: $3.94B Avg. Daily Volume: 1,319,000 52 Week Range: $50.8 – $82.61

5. Sarepta Therapeutics, Inc. (SRPT): $18

Shares of this biotech company were acquired by 3 insiders:

  • Director M. Kathleen Behrens acquired 75,000 shares, paying $16.28 per share for a total amount of $1.22 million. Ms. Behrens increased her stake by 201.80% to 112,166 shares with this purchase. 10,000 of these shares were purchased indirectly through a trust.
  • Director Richard Barry acquired 75,000 shares, paying $15.66 per share for a total amount of $1,174,185. Mr. Barry increased his stake by 2.37% to 3,241,014 shares with this purchase.
  • Director Ben Gil Price acquired 4,500 shares, paying $16.70 per share for a total amount of $75,144. Mr. Price increased his stake by 11.74% to 42,830 shares with this purchase.

You can view the list of recent insider transactions for Sarepta Therapeutics, Inc. here.

P/E: N/A Forward P/E: N/A Industry P/E: 26.02
P/S: 620.66 Price/Book: 4.08 EV/EBITDA: -3.18
Market Cap: $822.00M Avg. Daily Volume: 1,943,750 52 Week Range: $10.2 – $41.97

You can view the full list of purchases from this Insider Buying page.

Notable Insider Sales:

1. Workday, Inc. (WDAY): $72

Shares of this application software company were sold by 6 insiders:

  • Chairman David A. Duffield sold 350,000 shares for $70.29, generating $24.6 million from the sale. These shares were sold indirectly by The Dave & Cheryl Duffield Foundation.
  • Vice Chairman Michael A. Stankey sold 141,000 shares for $47.23, generating $6.66 million from the sale. 47,000 of these shares were sold as a result of exercising options immediately prior to the sale.
  • Co-President Philip W. Wilmington sold 34,275 shares for $70.43, generating $2.41 million from the sale.
  • Senior Vice President James Bozzini sold 12,500 shares for $71.02, generating $887,742 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
  • Co-President & CFO Mark S. Peek sold 8,817 shares for $72.31, generating $637,557 from the sale.
  • Director Michael M. McNamara sold 3,400 shares for $69.79, generating $237,286 from the sale. These shares were sold indirectly by Flextronics International USA, Inc. 2005 Senior Executive Deferred Compensation Plan.

You can view the list of recent insider transactions for Workday, Inc. here.

P/E: N/A Forward P/E: 257.14 Industry P/E: 32.42
P/S: 11.62 Price/Book: 11.89 EV/EBITDA: -69.36
Market Cap: $13.82B Avg. Daily Volume: 2,710,000 52 Week Range: $47.32 – $93.62

2. Facebook, Inc. (FB): $111.45

Shares of Facebook were sold by 4 insiders:

  • Chief Operating Officer Sheryl Sandberg sold 109,000 shares for $111.46, generating $12.15 million from the sale. 52,504 of these shares were sold as a result of exercising options immediately prior to the sale.
  • Chief Product Officer Christopher K. Cox sold 21,534 shares for $109.78, generating $2.36 million from the sale.
  • Chief Technology Officer Michael Todd Schroepfer sold 20,000 shares for $109.13, generating $2.18 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
  • VP and General Counsel Colin Stretch sold 1,000 shares for $109.13, generating $109,130 from the sale.

You can view the list of recent insider transactions for Facebook, Inc. here.

P/E: 86.19 Forward P/E: 26.99 Industry P/E: 30
P/S: 17.63 Price/Book: 7.12 EV/EBITDA: 36.3
Market Cap: $326.92B Avg. Daily Volume: 34,875,600 52 Week Range: $72 – $117.59

3. Reynolds American Inc. (RAI): $50.69

Shares of this cigarettes manufacturer were sold by 12 insiders:

  • EVP & Chief Financial Officer Andrew D. Gilchrist sold 49,180 shares for $51.19, generating $2.52 million from the sale.
  • EVP, Gen. Counsel & Asst. Sec Martin L. Holton sold 41,752 shares for $51.19, generating $2.14 million from the sale.
  • EVP of RJRTC Jeffery S. Gentry sold 35,855 shares for $51.19, generating $1.84 million from the sale.
  • EVP & Chief HR Officer Lisa J. Caldwell sold 33,499 shares for $51.19, generating $1.71 million from the sale. 2,007 of these shares were sold indirectly by Ms. Lisa’s spouse.
  • EVP – Public Affairs John Brice O’Brien sold 29,097 shares for $51.19, generating $1.49 million from the sale.
  • EVP – R&D of RJRT Daniel J. Herko sold 27,196 shares for $51.19, generating $1.39 million from the sale.
  • Executive Vice President Robert H. Dunham sold 22,262 shares for $51.19, generating $1.14 million from the sale.
  • SVP & Chief Accounting Officer Frederick W. Smothers sold 19,082 shares for $51.19, generating $976,786 from the sale.
  • SVP, Deputy GC & Secretary McDara Folan sold 17,498 shares for $51.19, generating $895,656 from the sale.
  • SVP & Treasurer Daniel A. Fawley sold 16,577 shares for $51.19, generating $848,531 from the sale.
  • EVP – Trade Marketing of RJRT Michael P. Auger sold 9,828 shares for $51.19, generating $503,067 from the sale.
  • EVP – Operations of RJRT Nancy H. Hawley sold 6,817 shares for $51.19, generating $348,938 from the sale.

You can view the list of recent insider transactions for Reynolds American Inc. here.

P/E: 19.72 Forward P/E: 19.42 Industry P/E: 21.83
P/S: 6.78 Price/Book: 3.96 EV/EBITDA: 20.6
Market Cap: $72.35B Avg. Daily Volume: 5,271,540 52 Week Range: $33.71 – $52.54

4. The Priceline Group Inc. (PCLN): $1344.22

Shares of this online travel company were sold by 3 insiders:

  • Chief Financial Officer Daniel J. Finnegan sold 5,871 shares for $1341.94, generating $7.88 million from the sale.
  • Executive VP, General Counsel Peter J. Millones sold 5,871 shares for $1321.38, generating $7.76 million from the sale.
  • President & COO, Booking.com Gillian Tans sold 130 shares for $1315.15, generating $170,970 from the sale.

You can view the list of recent insider transactions for The Priceline Group Inc. here.

P/E: 27.18 Forward P/E: 16.61 Industry P/E: 19.03
P/S: 7.24 Price/Book: 7.6 EV/EBITDA: 20.05
Market Cap: $66.70B Avg. Daily Volume: 731,987 52 Week Range: $954.02 – $1476.52

5. Activision Blizzard, Inc. (ATVI): $32.2

CEO, Activision Publishing Eric Hirshberg sold 287,847 shares of this multimedia & graphics software company for $32.47, generating $9.35 million from the sale. 120,858 of these shares were sold as a result of exercising options immediately prior to the sale.

You can view the list of recent insider transactions for Activision Blizzard, Inc. here.

P/E: 27.06 Forward P/E: 15.48 Industry P/E: 21.41
P/S: 5.12 Price/Book: 2.96 EV/EBITDA: 18.22
Market Cap: $23.67B Avg. Daily Volume: 10,418,000 52 Week Range: $22.28 – $39.93

You can view the full list of sales from this Insider Sales page.

Disclaimer Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter @asifsuria

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Merger Arbitrage Mondays – March 14, 2016

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March 13, 2016 | Merger Arbitrage | Author Asif

Merger activity decreased last week with two new deals announced. None of the pending deals closed last week.

You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Deals Closed in 2016 41
Total Number of Deals Not Completed in 2016 2
Total Number of Pending Deals
Cash Deals 46
Stock Deals 16
Stock & Cash Deals 20
Special Conditions 10
Total Number of Pending Deals 92
Total Deal Size $906.72 billion

New Deals:

  1. The acquisition of 1st Century Bancshares (FCTY) by Midland Financial for $11.22 per share in cash.
  2. The acquisition of Laporte Bancorp (LPSB) by Horizon Bancorp (HBNC) for $94.1 million in a cash or stock deal. Under the terms of the agreement, shareholders of Laporte Bancorp will have the option to receive $17.50 per share in cash or 0.629 shares of Horizon common stock, or a combination of both, for each share of LaPorte Bancorp’s common stock. LaPorte Bancorp shareholders will receive total consideration that consists of 65% stock and 35% cash. We are going to treat this as an all-stock deal in our Merger Arbitrage tool.

Deal Updates:

  1. On March 9, 2016, Vivint Solar (VSLR) announced that it has terminated a deal to be taken over by SunEdison (SUNE).
  2. On March 7, 2016, Fuel Systems (FSYS) signed an amendment to the Merger Agreement with Westport (WPRT). In light of current market volatility, the exchange ratio of the Merger Agreement has been amended to include a collar mechanism in order to provide Fuel Systems stockholders with greater certainty regarding the consideration they will receive upon closing of the Merger. In the event that the NASDAQ volume weighted average price of Westport common shares during a specified measuring period (“VWAP”) is equal to or greater than $2.37, then Fuel Systems stockholders will receive 2.129 Westport common shares per Fuel Systems share on closing of the Merger and through the exchange process. In the event Westport’s VWAP is equal to or less than $1.64, Fuel Systems stockholders would receive approximately 3.08 Westport common shares per Fuel Systems share on closing of the merger and through the exchange process. In the event that Westport’s VWAP is greater than $1.64 and less than $2.37, then Fuel Systems stockholders would receive a number of Westport common shares per Fuel Systems share equal to dividing $5.05 by Westport’s VWAP, rounded to four decimal places. The measuring period will be the ten consecutive trading days ending on and including the trading day five business days prior to the anticipated closing date. The Merger currently is anticipated to close in late March 2016. Since WPRT is currently trading over $2.37 and the deal is supposed to close in the next few days, we are not making any adjustment to the deal terms in our tool.
  3. On March 11, 2016, the District of Columbia officials said that they continue to oppose a proposal by power companies Exelon (EXC) and Pepco (POM) to salvage their $6.8 billion merger, but the deal isn’t dead yet, the companies said.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) $43.50 $16.01 06/30/2016 171.71% 580.30%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.38 $5.285 05/16/2016 77.55% 449.27%
BHI 11/16/2014 Halliburton Company (HAL) $59.45 $45.79 04/30/2016 29.84% 231.75%
POM 04/30/2014 Exelon Corporation (EXC) $27.25 $22.07 03/31/2016 23.47% 503.93%
CI 07/24/2015 Anthem, Inc. (ANTM) $177.13 $144.62 12/31/2016 22.48% 28.10%
CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) $55.37 $46.90 03/31/2016 18.06% 387.75%
HUM 07/03/2015 Aetna Inc. (AET) $220.03 $186.91 12/31/2016 17.72% 22.15%
AGN 11/23/2015 Pfizer Inc. (PFE) $344.65 $298.70 12/31/2016 15.38% 19.23%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.67 12/31/2016 15.26% 19.07%
HOT 11/16/2015 Marriott International, Inc. (MAR) $79.88 $70.42 06/30/2016 13.43% 45.40%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $16.01 12,218,258 06/30/2016 171.71% 580.30%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.38 $5.285 4,645,724 05/16/2016 77.55% 449.27%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $59.45 $45.79 3,679,532 04/30/2016 29.84% 231.75%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $22.07 16,619,537 03/31/2016 23.47% 503.93%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $177.13 $144.62 1,014,709 12/31/2016 22.48% 28.10%
+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) All Cash $4.7 billion $55.37 $46.90 1,018,478 03/31/2016 18.06% 387.75%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $220.03 $186.91 724,438 12/31/2016 17.72% 22.15%
+ AGN 11/23/2015 Pfizer Inc. (PFE) All Stock $160 billion $344.65 $298.70 2,354,325 12/31/2016 15.38% 19.23%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.67 130,728 12/31/2016 15.26% 19.07%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $12.2 billion $79.88 $70.42 3,904,144 06/30/2016 13.43% 45.40%
+ APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) All Cash $1.1 billion $9.50 $8.38 687,572 12/31/2016 13.37% 16.71%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.97 17,438,456 12/31/2016 12.92% 16.15%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $76.70 4,486,208 09/30/2016 12.78% 23.32%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $11.70 1,047,993 04/01/2016 11.11% 225.31%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.70 301,253 06/30/2016 8.11% 27.40%
+ IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $36.19 2,391,024 12/31/2016 7.49% 9.36%
+ AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.23 $13.25 647,248 08/15/2016 7.41% 17.55%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $31.22 196,810 06/30/2016 7.30% 24.68%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.50 $2.33 92,209 03/31/2016 7.17% 153.89%
+ BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $41.99 $39.40 6,423,533 06/30/2016 6.58% 22.22%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $32.89 2,234,214 06/30/2016 6.11% 20.65%
+ ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $45.41 $42.91 975,903 12/31/2016 5.82% 7.28%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $25.42 249,265 06/30/2016 5.43% 18.35%
+ MY 02/03/2016 A consortium of investors (the �Buyer Consortium�), including Mr. Chuanwei Zhang , the Chairman and Chief Executive Officer of the Company (N/A) All Cash $408 million $2.51 $2.39 474,849 06/30/2016 5.02% 16.97%
+ ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $53.40 1,221,347 06/30/2016 4.87% 16.46%
+ MCOX 12/22/2015 Minat Associated Co. Ltd. (N/A) All Cash N/A $4.00 $3.82 775 06/30/2016 4.71% 15.92%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $16.38 $15.78 692,388 12/31/2016 3.80% 4.75%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $5.90 $5.69 36,237 03/31/2016 3.64% 78.23%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.18 97,889 04/30/2016 3.39% 26.34%
+ MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.68 481,450 03/31/2016 3.26% 70.01%
+ FCTY 03/10/2016 Midland Financial Co. (N/A) All Cash N/A $11.22 $10.87 3,469,133 12/31/2016 3.22% 4.02%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $201.48 $195.91 1,294,409 06/30/2016 2.84% 9.61%
+ TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $37.27 $36.28 1,620,806 09/30/2016 2.74% 4.99%
+ LSG 02/08/2016 Tahoe Resources Inc. (TAHO) All Stock $677 million $1.48 $1.44 543,737 04/15/2016 2.69% 30.68%
+ ATNY 02/29/2016 an affiliate of private equity firm J. F. Lehman & Company (N/A) All Cash $110 million $2.00 $1.95 224,802 06/30/2016 2.56% 8.67%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $16.39 $15.99 13,524 06/30/2016 2.49% 8.42%
+ AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.68 $19.21 71,009 09/15/2016 2.46% 4.86%
+ DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.38 17,433 03/31/2016 2.44% 52.37%
+ DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.69 77,129 06/30/2016 2.26% 7.65%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $64.70 794,717 12/31/2016 2.01% 2.51%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.70 $10.51 244,079 06/30/2016 1.80% 6.07%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $65.99 $64.87 872,101 03/31/2016 1.72% 36.96%
+ RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.08 44,204 08/15/2016 1.61% 3.81%
+ EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.48 391,344 03/31/2017 1.55% 1.48%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $9.93 $9.78 1,042,838 09/30/2016 1.53% 2.79%
+ ADT 02/16/2016 An Affiliate of Certain Funds Managed By Affiliates of Apollo Global Management, LLC (N/A) All Cash $6.94 billion $42.00 $41.40 2,188,766 06/30/2016 1.45% 4.90%
+ FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $21.89 $21.58 2,930,050 09/30/2016 1.44% 2.63%
+ BLT 12/10/2015 American Securities LLC and P2 Capital Partners, LLC (N/A) All Cash $855 million $10.00 $9.86 931,848 06/30/2016 1.42% 4.80%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $10.09 $9.95 33,891 04/30/2016 1.40% 10.86%
+ LF 02/05/2016 VTech Holdings Limited (N/A) All Cash $72 million $1.00 $0.987 235,541 06/30/2016 1.32% 4.45%
+ JAH 12/14/2015 Newell Rubbermaid Inc. (NWL) Cash Plus Stock $13 billion $56.48 $55.75 4,261,127 06/30/2016 1.31% 4.42%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $70.09 $69.22 1,433,035 06/30/2016 1.25% 4.22%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $14.87 $14.69 4,890 09/30/2016 1.22% 2.23%
+ CBNJ 01/05/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $208.1 million $13.35 $13.19 46,083 09/30/2016 1.20% 2.20%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $141.57 993,553 03/31/2016 1.01% 21.69%
+ HMIN 12/07/2015 BTG Hotels Group (N/A) All Cash N/A $35.80 $35.46 500,514 06/30/2016 0.96% 3.24%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $18.11 $17.95 15,238 06/30/2016 0.89% 2.99%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $37.19 17,053 03/31/2016 0.83% 17.90%
+ POWR 02/24/2016 Southern Company (SO) All Cash $431 million $18.75 $18.62 571,462 06/30/2016 0.70% 2.36%
+ BONA 12/15/2015 Mountain Tiger International Limited (N/A) All Cash $1 billion $13.70 $13.61 254,711 06/30/2016 0.66% 2.23%
+ MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.04 757,911 12/15/2016 0.59% 0.78%
+ JMI 03/02/2016 ARMOUR Residential REIT, Inc. (ARR) Special Conditions $84.7 million $7.14 $7.10 261,886 06/30/2016 0.56% 1.90%
+ RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) All Cash $551 million $11.00 $10.94 1,377,275 03/31/2016 0.55% 11.78%
+ HPY 12/15/2015 Global Payments Inc. (GPN) Cash Plus Stock $4.3 billion $93.51 $93.00 252,919 05/31/2016 0.55% 2.56%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $27.45 1,423,038 03/31/2016 0.55% 11.73%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $68.14 $67.77 1,886,294 03/31/2016 0.55% 11.72%
+ PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $15.93 $15.84 7,533 06/30/2016 0.55% 1.84%
+ STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $24.89 1,811,983 12/15/2016 0.44% 0.58%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.43 1,932,460 06/30/2016 0.44% 1.48%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.21 122,187 03/31/2016 0.43% 9.32%
+ ATML 01/19/2016 Microchip Technology Inc. (MCHP) Special Conditions $3.40 billion $8.15 $8.12 5,620,654 06/30/2016 0.37% 1.25%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.78 256,493 12/31/2016 0.37% 0.46%
+ NEWP 02/23/2016 MKS Instruments, Inc. (MKSI) All Cash $980 million $23.00 $22.93 326,952 06/30/2016 0.31% 1.03%
+ NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $23.52 $23.45 806,899 06/30/2016 0.29% 1.00%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $11.97 65,424 03/31/2016 0.25% 5.38%
+ ANAD 01/19/2016 II-VI Incorporated (IIVI) All Cash $61 million $0.85 $0.848 346,709 03/31/2016 0.24% 5.06%
+ PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $140.34 1,268,274 03/31/2016 0.11% 2.45%
+ IRC 12/15/2015 real estate funds managed by DRA Advisors LLC (N/A) All Cash $2.3 billion $10.60 $10.59 757,634 06/30/2016 0.09% 0.32%
+ BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $25.58 26,260 09/30/2016 0.08% 0.14%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $20.00 896,198 03/17/2016 0.00% 0.00%
+ AFFX 01/26/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $1.3 billion $14.00 $14.00 669,172 06/30/2016 0.00% 0.00%
+ LOJN 02/01/2016 CalAmp Corp. (CAMP) All Cash $134 million $6.45 $6.45 128,163 05/31/2016 0.00% 0.00%
+ CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $30.00 698,707 12/31/2016 0.00% 0.00%
+ RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.28 187,101 09/30/2016 -0.16% -0.30%
+ CKP 03/02/2016 an affiliate of CCL Industries Inc. (N/A) All Cash $443 million $10.15 $10.19 748,791 09/30/2016 -0.39% -0.72%
+ WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $64.36 $64.79 729,684 06/30/2016 -0.66% -2.24%
+ TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $27.13 1,569,286 06/30/2016 -1.40% -4.73%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.89 $13.09 15,853 03/31/2016 -1.55% -33.28%
+ ABCW 01/12/2016 Old National Bancorp. (ONB) All Stock 461 million $43.35 $44.16 214,346 06/30/2016 -1.83% -6.19%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $18.94 $19.30 25,575 09/30/2016 -1.88% -3.44%
+ LPSB 03/10/2016 Horizon Bancorp (HBNC) All Stock $94.1 million $14.54 $15.20 415,949 09/30/2016 -4.37% -7.97%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $4.95 $5.64 81,454 03/31/2015 -12.29% 12.85%

Disclaimer: Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter@asifsuria

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Insider Weekends – March 11, 2016

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March 13, 2016 | Insider Buying | Author Asif

Welcome to edition 299 of Insider Weekends. Insider buying increased last week with insiders buying $103.49 million of stock compared to $85.92 million in the week prior. Selling on the other hand decreased slightly with insiders selling $2.15 billion of stock last week compared to $2.2 billion in the week prior.

Amongst the insider purchases this week, the purchases by a trio of insiders at real estate investment and services company Kennedy-Wilson Holdings (KW) stood out the most and is probably worth exploring further. The company has been growing both the top line and their bottom line at a rapid clip over the last three years and the high valuation investors have afforded the company reflects this growth. As is usually the case with high growth companies, the stock can be very volatile and Kennedy-Wilson’s stock was no exception, losing 40% of its value from December 1, 2015 through February 11, 2016. Beyond general market weakness, I have not been able to determine a reason for this large drop. The stock recouped much of those losses over the last four weeks and it was interesting to see the insiders buy even after that recovery.

Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week dropped to 20.79. In other words, insiders sold almost 21 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 25.65. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

Insider Sell Buy Ratio March 11, 2016

Insider Sell Buy Ratio March 11, 2016

Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

Notable Insider Buys:

1. Seattle Genetics, Inc. (SGEN): $33.36

Director Felix Baker acquired 1,043,989 shares of this biotech company, paying $32.36 per share for a total amount of $33.78 million. These shares were purchased indirectly by Baker Bros. Advisors LP.

This is the fourth week in a row we have seen the Baker Bros add to their position.

You can view the list of recent insider transactions for Seattle Genetics, Inc. here.

P/E: N/A Forward P/E: N/A Industry P/E: 25.16
P/S: 13.49 Price/Book: 6.61 EV/EBITDA: -37.75
Market Cap: $4.67B Avg. Daily Volume: 1,302,890 52 Week Range: $26.02 – $52.33

2. Avangrid, Inc. (AGR): $38.32

Director Sanchez Galan Ignacio acquired 100,000 shares of this diversified energy and utility company, paying $38.47 per share for a total amount of $3.85 million.

You can view the list of recent insider transactions for Avangrid, Inc. here.

P/E: N/A Forward P/E: 19.06 Industry P/E: N/A
P/S: 2.35 Price/Book: N/A EV/EBITDA: 7.96
Market Cap: $11.84B Avg. Daily Volume: 913,522 52 Week Range: $32.45 – $42.4

3. Kennedy-Wilson Holdings, Inc. (KW): $21.97

Shares of this real estate investment and services company were acquired by 3 insiders:

  • Chief Executive Officer William J. McMorrow acquired 100,000 shares, paying $20.74 per share for a total amount of $2.07 million. These shares were purchased indirectly through a trust.
  • Executive Vice President Matthew Windisch acquired 10,000 shares, paying $20.74 per share for a total amount of $207,429. Mr. Windisch increased his stake by 1.64% to 621,279 shares with this purchase.
  • General Counsel Kent Y. Mouton acquired 4,800 shares, paying $20.74 per share for a total amount of $99,565. Mr. Mouton increased his stake by 0.90% to 537,328 shares with this purchase.

You can view the list of recent insider transactions for Kennedy-Wilson Holdings, Inc. here.

P/E: 33.29 Forward P/E: 36.62 Industry P/E: 17.15
P/S: 3.41 Price/Book: 2.11 EV/EBITDA: 21.36
Market Cap: $2.52B Avg. Daily Volume: 548,730 52 Week Range: $15.74 – $26.98

4. TASER International Inc. (TASR): $19.53

Director Hadi Partovi acquired 100,000 shares of this Taser, paying $19.85 per share for a total amount of $1.99 million. Mr. Partovi increased his stake by 59.74% to 267,406 shares with this purchase.

You can view the list of recent insider transactions for TASER International Inc. here.

P/E: 54.25 Forward P/E: 39.86 Industry P/E: 18.38
P/S: 5.24 Price/Book: 6.61 EV/EBITDA: 24.6
Market Cap: $1.05B Avg. Daily Volume: 1,477,180 52 Week Range: $13.56 – $35.95

5. EndoChoice Holdings, Inc. (GI): $4.86

Shares of this medical device company were acquired by 4 insiders:

  • Director David L. Kaufman acquired 227,700 shares, paying $4.64 per share for a total amount of $1.06 million. These shares were purchased indirectly by Envest III, LLC.
  • Director J. Scott Carter acquired 71,595 shares, paying $4.67 per share for a total amount of $334,582. These shares were purchased indirectly through a trust.
  • Director William R. Enquist acquired 10,000 shares, paying $4.74 per share for a total amount of $47,414. Mr. Enquist increased his stake by 88.89% to 21,250 shares with this purchase.
  • Chief Financial Officer David N. Gill acquired 7,000 shares, paying $4.75 per share for a total amount of $33,250. These shares were purchased indirectly through a trust.

You can view the list of recent insider transactions for EndoChoice Holdings, Inc. here.

P/E: N/A Forward P/E: N/A Industry P/E: N/A
P/S: 1.59 Price/Book: 1.04 EV/EBITDA: -2.17
Market Cap: $120.51M Avg. Daily Volume: 130,802 52 Week Range: $3.7 – $19.69

You can view the full list of purchases from this Insider Buying page.

Notable Insider Sales:

1. Allegiant Travel Company (ALGT): $169.97

CEO and President Maurice J. Gallagher Jr. sold 292,200 shares of this airline for $163.50, generating $47.77 million from the sale. These shares were sold indirectly through a trust.

You can view the list of recent insider transactions for Allegiant Travel Company here.

P/E: 13.14 Forward P/E: 11.88 Industry P/E: 11.77
P/S: 2.22 Price/Book: 8 EV/EBITDA: 6.8
Market Cap: $2.86B Avg. Daily Volume: 194,392 52 Week Range: $134.64 – $238.13

2. Vector Group Ltd. (VGR): $23.24

Shares of this cigarettes company were sold by 2 insiders:

  • President and CEO Howard M. Lorber sold 500,000 shares for $23.27, generating $11.64 million from the sale. These shares were sold indirectly by Lorber Alpha II Limited Partnership and Lorber Gamma Limited Partnership.
  • Director Bennett S. Lebow sold 100,000 shares for $23.56, generating $2.36 million from the sale. These shares were sold indirectly by LeBow Epsilon 2001 Limited Partnership.

You can view the list of recent insider transactions for Vector Group Ltd. here.

P/E: 48.42 Forward P/E: 26.71 Industry P/E: 21.24
P/S: N/A Price/Book: N/A EV/EBITDA: N/A
Market Cap: $2.85B Avg. Daily Volume: 726,910 52 Week Range: $19.64 – $25.6

3. Fitbit Inc. (FIT): $14.51

Director Steven Joseph Murray sold 1,000,000 shares of this health and fitness tracking devices provider for $13.07, generating $13.07 million from the sale. These shares were sold indirectly by Softbank PrinceVille Investments, LP.

You can view the list of recent insider transactions for Fitbit Inc. here.

P/E: 19.4 Forward P/E: 10.36 Industry P/E: 20.97
P/S: 1.53 Price/Book: 2.9 EV/EBITDA: 6.69
Market Cap: $2.99B Avg. Daily Volume: 8,441,840 52 Week Range: $11.91 – $51.9

4. Cigna Corp. (CI): $144.62

Shares of this health services organization were sold by 2 insiders:

  • President & CEO David Cordani sold 71,006 shares for $138.71, generating $9.85 million from the sale.
  • Pres. US Comm Mkts & Gbl HC Op Matthew G. Manders sold 14,586 shares for $138.68, generating $2.02 million from the sale.

You can view the list of recent insider transactions for Cigna Corp. here.

P/E: 17.99 Forward P/E: 14.39 Industry P/E: 21.83
P/S: 0.96 Price/Book: 3.03 EV/EBITDA: 9.89
Market Cap: $37.10B Avg. Daily Volume: 1,395,590 52 Week Range: $123.01 – $170.68

5. Atmel Corporation (ATML): $8.12

Shares of this semiconductor company were sold by 3 insiders:

  • President & CEO Steven Laub sold 1,145,865 shares for $8.10, generating $9.28 million from the sale.
  • SVP, General Manager Reza Kazerounian sold 239,979 shares for $8.10, generating $1.94 million from the sale.
  • VP, CAO Hugo De La Torre sold 39,955 shares for $8.12, generating $324,435 from the sale.

You can view the list of recent insider transactions for Atmel Corporation here.

P/E: 135.33 Forward P/E: 20.82 Industry P/E: 38.51
P/S: 2.9 Price/Book: 3.9 EV/EBITDA: 26.93
Market Cap: $3.42B Avg. Daily Volume: 7,812,350 52 Week Range: $5.84 – $10.5

You can view the full list of sales from this Insider Sales page.

Disclaimer Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter @asifsuria

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