Month: November 2019

The pros and cons of media consolidation

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The pros and cons of media consolidation

(Note: companies that
could be impacted by the content of this article are listed at the base of the
story [desktop version]. This article uses third-party references to provide a
bullish, bearish, and balanced point of view; sources are listed after the
Balanced section.)

Prometheus Radio Project versus the FCC was a series of cases challenging new media ownership rules put forth by the FCC in 2002 easing the limits of cross-ownership of media.  Prior to 2002, companies were prohibited from owning television and newspaper stations in the same market, and ownership of television and radio stations was limited.  After the ruling, a three-tier system was put in place with more restrictive measures for smaller markets, less restrictive measures for mid-sized markets, and no restrictions for large markets.  The Prometheus Radio Project, a non-profit organization advocating for community radio stations to bring about social change, brought a case against the FCC, ultimately resulting in the U.S. Third Circuit Court of Appeals remanding the case back to the FCC.  The FCC has petitioned the court for a rehearing.  Does the lessoning of media ownership represent a reflection of a changing media environment (Bull Case) or are controls needed to insure a fair and unbiased media (Bear Case)?

Research – Tribune Publishing (TPCO) – What Does A Change In Its Largest Shareholder Mean?

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Wednesday November 20, 2019

Tribune Publishing Company (TPCO)

What Does A Change In Its Largest Shareholder Mean?

Tribune Publishing Co is a print and online media company that publishes various newspapers and websites. It creates and distribute content across its media portfolio, offering integrated marketing, media, and business services to consumers and advertisers, including digital solutions and advertising opportunities. The company manages its business as two distinct segments, M and X. Segment M is comprised of the company’s media groups excluding their digital revenues and related digital expenses, except digital subscription revenues when bundled with a print subscription. Segment X includes the company’s digital revenues and related digital expenses from local Tribune websites, third party websites, mobile applications, digital only subscriptions, Tribune Content Agency and BestReviews.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Alden Golden Capital becomes largest shareholder.  Alden Golden, a hedge fund management company, purchased over 9.0 million TPCO shares from Merrick Ventures and Michael Ferro, former non-executive chairman of the company, for $13 per share, a 34% premium to the closing price.

  • Seeks board seats. Tribune appears to be in discussions with Alden to put two members on the board, increasing the…


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This Company Sponored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Why are basic material industries suffering despite government help?

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Why are basic material industries suffering despite government help?

(Note: companies that
could be impacted by the content of this article are listed at the base of the
story [desktop version]. This article uses third-party references to provide a
bullish, bearish, and balanced point of view; sources are listed after the
Balanced section.)

In the 2016 election, President Trump ran on a platform of bringing back basic material industries such as coal, energy, and steel.  He followed up on his pledges by loosening environmental restrictions and placing tariffs on imports.  Specifically, the Trump administration reversed Obama’s Clean Power Plan that would have shifted power generation from coal to natural gas.  The administration opened additional federal land for drilling, approved new oil and gas pipelines and rolled back automotive fuel economy (CAFÉ) standards in order to help the energy industry.  The administration enacted a 25% tariff on steel imports from all countries except for Canada and Mexico to bring back jobs to steelworkers.  Now, after some initial success, these core industries are reporting lower profits, stock prices are down, and employment levels are falling.  Do the president’s actions represent an investment in this country’s future that will eventually pay off (Bull Case)?  Or, have the president’s actions backfired (Bear Case)?

Research – EuroDry (EDRY) Solid Quarter and Balanced Contracting Tempers Volatility

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Monday, November 18, 2019

EuroDry Ltd. (EDRY)

Solid Quarter and Balanced Contracting Tempers Volatility

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands and trades on the NASDAQ Capital Market under the ticker EDRY. EDRY is the product of a spin-off of the dry bulk fleet by Euroseas (ESEA) completed in May 2018. For every five ESEA shares, ESEA shareholders received one EDRY share. There are currently ~2.2 million EDRY shares outstanding. EuroDry operates in the dry bulk shipping markets. EuroDry’s operations are managed by Eurobulk Ltd., an affiliated ship management company, and Eurobulk FE (Far East) Ltd, which are responsible for the day-to-day commercial and technical management and operation of the fleet. EuroDry employs the fleet on spot and period charters and through pool arrangements.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Another solid quarter as pure dry bulk play.  Adjusted EBITDA of $2.9 million was above our estimate of $2.6 million mainly due to higher than expected TCE rates of $12,088/day and lower opex, which more than offset lower shipping days.
  • Adjusting our 2019 EBITDA estimate to $10.9 million to reflect positive quarter and current dry bulk market environment.    Given the current dry bulk market environment, we
    are orecasting that TCE rates weaken slightly in 4Q2019. But 3Q2019 was higher than expected so…


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This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – electroCore (ECOR) – Q3 2019: Revising Outlook After Slow Quarter

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Friday, November 15, 2019

electroCore (ECOR)

Q3 2019: Revising Outlook After Slow Quarter

electrocore Inc is a commercial-stage bioelectronic medicine company with a platform for non-invasive vagus nerve stimulation therapy initially focused on neurology and rheumatology. Its product gammaCore is FDA-cleared for the acute treatment of pain associated with migraine and episodic cluster headache in adults.

Ahu Demir, Ph.D., Biotechnology Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Third quarter 2019 financial results. The company reported net sales of $683,000 compared to $623,000 and $410,000, respectively, in the two previous quarters of 2019. Forty and 25 percent of the total sales in the quarter were attributed to the federal supply schedule (FSS)and the United Kingdom (UK) channels,respectively. No additional payers or lives were added/disclosed to the current reimbursement coverage.
  • Did the results meet expectations?  We believe the recent numbers do not demonstrate the expected revenue ramp-up. In the quarter, we did not see the near-term positive trajectory in…



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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Pyxis Tankers (PXS) – Solid Improvement Likely Extends Into Next Year

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Friday, November 15, 2019

Pyxis Tankers Inc. (PXS)

Solid Improvement Likely Extends Into Next Year

Pyxis Tankers Inc is a United States-based international maritime transportation company which focuses on the product tanker sector. It owns a fleet which comprises of double hull product tankers employed under a mix of short- and medium-term time charters and spot charters. The fleet owned by the company includes Pyxis Epsilon, Pyxis Theta, Pyxis Malou, Pyxis Delta, Northsea Alpha, and Northsea Beta. Each of the vessels in the fleet is capable of transporting refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel, fuel oil, and other liquid bulk items, such as vegetable oils and organic chemicals.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Positive direction with 3Q2019 EBITDA of $2.1 million ahead of expectations due to stronger MR and small tankers performance. 3Q2019 TCE rates of $12,360/day and operating days of 500 were up sequentially.
  • Increasing 2019 Estimate to $6.2 million to reflect quarterly results and forward cover. TCE rate estimate is $11,899/day and forward cover is 57% of available…


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This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – ProMIS Neurosciences (PMN:CA) – Progress Made in Q3 Bodes Well for ProMIS’ Prospects

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Friday, November 15, 2019

ProMIS Neurosciences Inc. (PMN:CA)

Progress Made in Q3 Bodes Well for ProMIS’ Prospects

ProMIS Neurosciences, Inc., a development stage biotech company, discovers and develops precision medicine therapeutics for the treatment of neurodegenerative diseases, primarily Alzheimer’s disease (AD) and amyotrophic lateral sclerosis (ALS). Its proprietary target discovery engine is based on the use of two complementary techniques. The company applies its thermodynamic, computational discovery platform—ProMIS and Collective Coordinates to predict novel targets known as Disease Specific Epitopes (DSEs) on the molecular surface of misfolded proteins. Its lead product candidates include PMN310, a monoclonal antibody for AD; PMN350, a monoclonal antibody for AD; and PMN330, a monoclonal antibody targeting toxic prionlike forms of AßO for AD. The company is also developing prospect therapies targeting the neurotoxic form of the tau protein in AD; and superoxide dismutase 1 and TAR-DNA binding protein 43 in ALS and frontotemporal dementia, as well as alpha synuclein in Parkinson’s disease and Lewy body dementia. The company was formerly known as Amorfix Life Sciences Ltd. and changed its name to ProMIS Neurosciences, Inc. in July 2015. ProMIS Neurosciences, Inc. was incorporated in 2004 and is headquartered in Toronto, Canada.

Cosme Ordonez, MD, Ph.D., Senior Life Sciences Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • ProMIS advances R&D Programs. ProMIS Neurosciences yesterday announced results for Q3/F2019. In the quarter, the company advanced preclinical development of lead Alzheimer’s drug PMN310, and generated novel antibody candidates for the treatment of other neurodegenerative diseases known as amyotrophic lateral sclerosis (ALS) and frontotemporal dementia (FTD).
  • ProMIS’ differentiation. ProMIS Neurosciences is developing a novel therapeutic approach targeting a distinctive molecular entity, known as toxic oligomers, which the scientific literature recognizes as the true culprits of…


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Sierra Metals (SMTS) – Higher EBITDA and Operating Cash Flows Driven by Strong Q3 Production

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Friday November 15, 2019

Sierra Metals (SMTS)

Higher EBITDA and Operating Cash Flows Driven by Strong Q3 Production

Sierra Metals Inc is a precious and base metals producer in Latin America. The company acquires, explores, extracts, and produces mineral concentrates consisting of silver, copper, lead, zinc and gold in Mexico and Peru. Its activity includes the operation of the Yauricocha Mine in Peru, and the Bolivar and Cusi mines in Mexico. Yauricocha is an underground polymetallic mine using the sublevel block caving and cut-and-fill mining methods. Bolivar is a copper-silver-zinc-gold underground mine using room-and-pillar mining method. The majority of the revenue is earned by selling of the mineral concentrates to its customers in Peru.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Third quarter financial results. Sierra Metals generated net income attributable to shareholders of $1.8 million, or $0.01 per share, compared to $1.9 million, or $0.01 per share, during the prior year period. Adjusted EBITDA amounted to $21.6 million versus $18.2 million during the prior year period and our estimate of $23.4 million. The increase relative to the prior year period was attributed to higher revenue driven by production growth.

  • Updating estimates. We are revising our full year 2019 EPS and EBITDA estimates to $0.03 and $69.2 million from $0.08 and $74.2 million, respectively. Additionally, we have trimmed our 2020 EPS and EBITDA estimates to $0.26 and $134.5 million from $0.30 and…


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – QuoteMedia (QMCI) – Not Likely To Move The Needle

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Thursday, November 14, 2019

QuoteMedia (QMCI)

Not Likely To Move The Needle

QuoteMedia, based in Fountain Hills, Arizona, provides cloud-based financial data, market news feeds, and financial software solutions.  Its customers include financial service companies, online brokerages, clearing firms, banks, media portals, public corporations, and individual investors.  The company provides a single-source solution providing products such as streaming quotes, charting, historical data, technical analysis, news, and research.  Information can customized and provided to multiple platforms including terminals and mobile devices.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for the price target, fundamental analysis, and rating.

  • Uninspiring Q3.  Total company revenue increased a moderate 5.3% to $2.963 million with softer than expected adjusted EBITDA of $158,000 versus our $250,000 estimate. The quarter was adversely impacted by a large customer that pared-back services in the second quarter of 2019.

  • Investing in growth.  We believe that the company is investing in sales staff and infrastructure to potentially accelerate revenue and cash flow growth in 2020. This appears possible in the second half of 2020, or…


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – The McClatchy Company (MNI) – Lots Of Balls In The Air

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Thursday, November 14, 2019

The McClatchy Company (MNI)

Lots Of Balls In The Air

The McClatchy Company publishes news and information in the United States. Its publications include the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News and Observer, the (Fort Worth) Star-Telegram, and The (Durham, NC) Herald-Sun. The companyÂ’s businesses comprise daily newspapers, Websites, mobile apps, mobile news and advertising, video products, niche publications, direct marketing, direct mail services, and nearby community newspapers. The McClatchy Company was founded in 1860 and is headquartered in Sacramento, California.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to full report for the price target, fundamental analysis, and rating.

  • Q3 results were soft.  Total company revenues of $76.7 million were lighter than our $83.4 million estimates. Adjusted EBITDA from cont. ops. was $19.9 million, which was lower than our $23.1 million estimates. The largest variance from our revenue estimate was in Advertising, which accounted for $6.7 million of the revenue miss.
  • Difficult comp Q4 expected. Management provided a downcast view of Q4 given the year earlier strong cost reduction and the absence of year earlier $1.6 million in Political advertising. We are lowering our Q4 and…


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This Company Sponored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

In an Increasingly Mobile Society, Will Cryptocurrencies Gain More Acceptance?

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Cryptocurrencies May Drive Innovation in Global Payments Systems

(Note: companies that
could be impacted by the content of this article are listed at the base of the
story [desktop version]. This article uses third-party references to provide a
bullish, bearish, and balanced point of view; sources are listed after the
Balanced section.)

While Bitcoin was released in 2009 and is considered by many to be the first decentralized cryptocurrency, others have followed including Tether, Ethereum, Litecoin and others.  Mass-market adoption has been hindered, in part, by their volatility which has made them poor stores of value and mediums of exchange.  Further, cryptocurrencies have been met with skepticism by various governmental bodies that see risk to existing monetary and central banking institutions.  Mark Zuckerberg, CEO of Facebook, recently testified in front of the United States House of Representatives Committee on Financial Services to discuss Libra, a blockchain digital currency proposed by Facebook and the Libra Association, an independent, not-for-profit membership organization headquartered in Geneva, Switzerland, of which Facebook is a founding member.  Reaction to his testimony has been mixed.  Do the risks of global cryptocurrencies outweigh the benefits?  While concepts are evolving, we look at the bull and bear arguments related to cryptocurrency.

Research – Dyadic (DYAI) – Q3 2019: Continuing Expansion of C1 Technology Applications

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Thursday, November 14, 2019

Dyadic International Inc. (DYAI)

Q3 2019: Continuing Expansion of C1 Technology Applications

Dyadic International, Inc. is a global biotechnology company which is developing what it believes will be a potentially significant biopharmaceutical gene expression platform based on the industrially proven hyper productive engineered fungus Thermothelomyces heterothallica (formerly Myceliophthora thermophila), named C1.
The C1 microorganism, which enables the development and large scale manufacture of low cost proteins, has the potential to be further developed into a safe and efficient expression system that may help speed up the development, lower production costs and improve the performance of biologic vaccines and drugs at flexible commercial scales. Dyadic is using the C1 technology and other technologies to conduct research, development and commercial activities for the development and manufacturing of human and animal vaccines and drugs, such as virus like particles (VLPs) and antigens, monoclonal antibodies, Fab antibody fragments, Fc-Fusion proteins, biosimilars and/or biobetters, and other therapeutic proteins. Dyadic pursues research and development collaborations, licensing arrangements and other commercial opportunities with its partners and collaborators to leverage the value and benefits of these technologies in development and manufacture of biopharmaceuticals. In particular, as the aging population grows in developed and undeveloped countries, Dyadic believes the C1 technology may help bring biologic vaccines, drugs and other biologic products to market faster, in greater volumes, at lower cost, and with new properties to drug developers and manufacturers, and improve access and cost to patients and the healthcare system, but most importantly save lives.

Ahu Demir, Ph.D., Biotechnology Research Analyst, Noble Capital Markets, Inc.

Refer to full report for the price target, fundamental analysis, and rating.

  • Multiple collaborations progressing towards validation of C1 technology.  Dyadic continues to follow its business model by establishing research collaboration with large pharmaceuticals, institutions and biotechnology firms to validate C1 technology in biologics for human and animal health, in addition to the company’s own in-house efforts. Management continues to maintain costs in check with low cash-burn while increasing the probability of success of C1 technology’s potential in the biologics market. The company recently added animal health segment via partnerships to its current portfolio of human biotherapeutics including vaccines, biosimilars, metabolites, and viral vectors.
  • Third Quarter Earnings Update. On November 13,  the company reported $0.46 million in revenues, $0.9 million in R&D expenses and $1.1 million in G&A expenses. Net loss was $1.7 million, or ($0.06) per share. The reported numbers are in-line with our estimates. Therefore, we are maintaining our…


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision.