Author: Admin

Developer

Transportation Panel From NobleCon16 – IMO2020: Major Shift in Fuel Regulations

Posted on by Admin

IMO2020: Major Shift in Fuel Regulations

At the beginning of 2019, IMO2020 required shipping companies to comply with new regulations designed to improve air emissions by lowering the sulfur emitted in flue gases. Panelists will detail their views on the low sulfur requirement and its impact on shipping. Some companies have shifted to compliant low sulfur fuel while others are investing in equipment to remove sulfur. Attendees will come to understand how decisions are made, how what is best for one company may not suit another, and what is coming down the road.

  • Gary Vogel, CEO Eagle Bulk Shipping, Inc.
  • Jeffrey D. Pribor, CFO, Treasurer, International Seaways, Inc.
  • Eddie Valentis (Pyxis Tankers) CEO
  • Tasos Aslidis, CFO (EuroDry and Euroseas)
  • Mads Petersen, Managing Director, Nordic Bulk Carriers
  • Stamatios Tsantanis, CEO Seanergy Maritime Holdings
  • Poe Fratt (Moderator) – Senior Transportation & Logistics Analyst at Noble Capital Markets

Cancer Panel From NobleCon16 – Cancer Treatment: Tackling the Disease Through Innovative Strategies

Posted on by Admin

Cancer Treatment: Tackling the Disease Through Innovative Strategies

Current revolutionary new strategies to defeat cancer will be discussed by experts at the forefront of cancer research and treatment. The medical researchers and academic will probe into the most advanced new technologies aimed at overcoming cancer including innate immunity, modulation of tumor micro-environment, treatment of solid tumors with CAR-T, cancer vaccines and cell cycle inhibitors.

  • Dr. James Mule, Associate Center Director at Moffitt Cancer Center, member of Noble Scientific Advisory Board
  • Dr. Lauren Wood, Chief Medical Officer at PDS Biotechnology, former Clinical Director of the Vaccine Branch
  • Dr. Johannes Vieweg, Founding Dean and Chief Academic Officer at Nova Southeastern University
  • Dr. Herman Chao, CEO, Helix Biopharma
  • Dr. Mark Erlander – Chief Scientific Officer of Trovagene
  • Dr. John A. Scarlett – Chairman and CEO of Geron Corp
  • Cosme Ordonez, MD, PhD, (Moderator) Noble Capital Markets, Director of Life Sciences Research

Mining Panel From NobleCon16 – Creating Shareholder Value in the Mining Sector: What is the Recipe?

Posted on by Admin

Creating Shareholder Value in the Mining Sector: What is the Recipe?

Differentiation between mining companies and understanding what efforts have paid off better than others is a big part of understanding shareholder value. There will be a look at the Fraser ranking of mining jurisdictions and recent movement of companies within the rankings and where they operate. Discussions will also center on who is moving up, moving down, and thoughts from the panel regarding the survey and the jurisdictions where they operate. The panelists will answer the questions: Should investors focus more on financial returns or production growth?

  • Trey Wasser, President, CEO, and Director, Ely Gold Royalties Inc.
  • Scott Hicks, Lumina Gold Corp., VP, Corporate Development and Communications
  • Robert Archer, CEO, and Director, Newrange Gold Corp.
  • Igor Gonzales, CEO, and President, Sierra Metals
  • Greg Crowe, CEO, and President, Silver One Resources
  • Dale Mah, VP Corporate Development Endeavour Silver
  • Mark Reichman, (Moderator) Senior Research Analyst, Noble Capital Markets

Inflammasomes Panel From NobleCon16 – Inflammasome Inhibitors: The Next Generation of Innovative Immunotherapy Agents

Posted on by Admin

Inflammasome Inhibitors: The Next Generation of Innovative Immunotherapy Agents

Recent breakthroughs in regulating inflammasomes will be discussed by experts on the leading edge of new discovery and therapies. Inflammatory disorders, including Alzheimer’s, inflammatory bowel disease, multiple sclerosis, Crohn’s, non-alcoholic fatty liver disease, chronic kidney disease, lupus, diabetes, and cancer, affect 5-7% of Western populations. The companies represented on this panel could potentially translate current research into future treatments.

  • Paul Ashton, PhD., Co-Founder & CEO of Inflammasome Therapeutics, Inc.
  • Gary Glick, PhD., Co-Founder & Executive Chairman of IFM Therapeutics and Michigan Professor of Chemistry
  • Steve Glover, Co-Founder, President & CEO of Zyversa Therapeutics, Inc.
  • Robert W. Keane, PhD., Professor Physiology & Biophysics, Neurological Surgery & Microbiology, and Immunology at the University of Miami, and co-founder of InflamaCore, LLC

  • Clay B. Thorp, General Partner at Hatteras Venture Partners

Diabetes Panel From NobleCon16 – Type 1 Diabetes: A Functional Cure Could Be Imminent

Posted on by Admin

Type 1 Diabetes: A Functional Cure Could Be Imminent
Tuesday, February 18 – 10:00am – 11:00am – Terrace Ballroom B

A medical cure, not an improved treatment, for T1D, will be the discussion by leading medical researchers in the field. Accelerated advancements that began by an unplanned meeting by two of our panelists during NobleCon14 hatched an idea that is now leading to promising clinical study results. The panel will also include a famous advocate and T1D sufferer, who is elevating the voice of those with diabetes with his national podcast. The novel approach toward a cure and clinical study results will be central to the presentation.

  • Dr. Camillo Ricordi, Director of the Diabetes Research Institute at the University of Miami School of Medicine
  • Dr. Matthias von Herrah, MD, Founder of the Type 1 Diabetes Center at La Jolla Institute for Immunology
  • Dr. Bastiano Sanna, President, and COO of Semma Therapeutics
  • Dr. Steven Perrin, CEO, and co-Founder of Anelixis Therapeutics.
  • Eric Paslay, Platinum-selling songwriter/performer, Owner of Apple Podcast Level With Me
  • Nathan Cali, Managing Director, Head of Healthcare Investment and Merchant Banking at Noble Capital Markets

Research eurodry ltd- edry solid quarter and well positioned for expected 2h2020 recovery

Posted on by Admin

Friday, February 14, 2020

EuroDry Ltd. (EDRY)

Solid Quarter and Well Positioned for Expected 2H2020 Recovery

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

Another solid quarter as pure dry bulk play.  Adjusted 4Q2019 EBITDA of $3.8 million was above our estimate of $2.8 million mainly due to higher than expected TCE rates and and lower opex.

Lowering 2020 estimates.  Due to dry bulk market weakness, we are moving adjusted 2020 EBITDA estimate lower to $11.5 million based on TCE rates of $11,671/day down from $13.4 million based on TCE rates of $12,622/day. Given the current dry bulk market environment, we are forecasting that TCE rates weaken slightly in 1H2019 from 4Q2019 levels. There was limited change in the contract status, but one longer term contract will move from a fixed rate to indexed rate in 1Q2020 and…


Get the full report on Channelchek desktop.

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 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. 

Is the Market Disregarding Earnings Results?

Posted on by Admin

The Market and Management Seem to be at Odds on Earnings Projections

As of February 12, 70% of S&P 500 companies had reported earnings results for the fourth quarter and 2019 year.  While the reporting season is still young, the initial reports are somewhat disappointing.

  •  Fewer companies are beating estimates.  72.2% of the companies reporting beat expectations.  This may seem like a high percentage, but it is below the 12-quarter average of 77.9%.  It is not unusual for most companies to report results above expectations as company management and analysts take a conservative view when making projections.
  •  Earnings growth is low.  Net income for the fourth quarter rose 0.9% y-o-y on average for the companies that have reported.  This is significantly below the trailing 12-month average of 11.8% but above recent quarterly growth numbers that have been negative.  John Butters of Factset reports that if earnings growth in 2019-4Q ends up in the negative, it would be the first time the index has reported four straight quarters of y-o-y declines since 2016.  Earnings per share growth has been slightly better due to share buybacks, but the overall growth remains anemic. 
  •  Market is not rewarding favorable earnings.  According to Factset, companies reporting positive surprises have seen an average price increase of 0.5% in the four-day window before and after the report date.  This compares to a 1.0% increase for companies reporting earnings below expectations.
  •  Earnings estimates are being revised
    downward.      2020-1Q estimates have been lowered to reflect the impact of the Coronavirus.  The latest estimate is for 2020-1Q earnings to grow 1.2% year over year.  This is down from a growth rate of 4.5% as recently as December 4, 2019, shortly before the outbreak of the Coronavirus.  Even with the revision, such projections look rosy compared to negative growth in recent quarters and in light of the effects of the virus.
  •  The technology sectors have been strong while
    manufacturing has been weak    .  The technology sector reported earnings that have been 9.4% above expectations while the manufacturing sector has reported results 3.7% below expectations.  The technology sector has been buoyed by favorable results at Intel and Microsoft while the manufacturing sector can point to a large loss at Boeing to explain the negative surprise.  Other sectors reporting favorable results include communications and consumer discretionary while results for the energy, utility and real estate sectors have been disappointing.
  •  Valuation multiples are high.  The S&P 500 is trading at 18.4 times forward earnings versus a 10-year average of 15.0 times.  The S&P 500 trades at 25 times trailing 12-month earnings versus an average P/E of 19.4 times since 1971.  High valuation multiples are partly due to historically low interest rates.  However, the fact that stock prices have risen at a faster rate than earnings estimates in recent quarters despite steady interest rates is a possible concern for investors.

 The market believes there will be a rebound in earnings in 2020 even as management and analysts revise projections downward.  Whether or not current projections are realistic or Pollyannaish remains to be seen.  History would indicate that analysts begin the year with lofty projections and then lower them as management gives conservative guidance for the year.  Actual results then surpass lowered expectations.  So far, the current earnings period is showing a similar trend, perhaps amplified by virus concerns.  This time, however, the market seems to be disregarding earnings results and dampened projections as it soars to new levels.  As valuation multiples climb, it is getting harder and harder to make the case that the market is undervalued.

 Sources

https://finance.yahoo.com/news/positive-earnings-picture-212009000.html, Sheraz Mian, Zacks, February 12, 2020

https://www.marketwatch.com/story/earnings-recession-set-to-end-as-sp-500-earnings-growth-turns-positive-2020-02-05, Tomi Kilgore, MarketWatch, February 5, 2020

https://www.forbes.com/sites/sergeiklebnikov/2020/01/07/earnings-preview-wall-street-banking-on-profits-to-rebound-in-2020/#4c8417865a3a, Sergei Klebnikov, Forbes, January 7, 2020

https://www.longtermtrends.net/price-earnings-ratio/, Longtermtrends, February 13, 2020

https://www.valuescopeinc.com/resources/white-papers/the-sp-500-pe-ratio-a-historical-perspective/,
ValueScope, February 13, 2020

https://www.yardeni.com/pub/peacocksp500revisions.pdf, Yardeni Research, January 27, 2020

https://www.factset.com/hubfs/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_013120.pdf, John Butters, Factset, January 31, 2020

Research – Trovagene (TROV) – Lead Drug Shows Efficacy in Difficult to Treat Prostate Cancer Patients

Posted on by Admin

Friday, February 14, 2020

Trovagene (TROV)

Lead Drug Shows Efficacy in Difficult to Treat Prostate Cancer Patients

Trovagene, Inc. is a clinical stage biotechnology company focused on the development of new therapeutics for hematology and oncology. The company’s clinical programs of Onvansertib (PLK1 inhibitor) include Phase 1b/2 study in AML, Phase 1b/2 study in mCRPC and Phase 1b/2 trial in KRAS-mutant colorectal cancer.

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

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

Data Presentation at ASCO Medical Conference. Trovagene, Inc. yesterday announced results from an ongoing Phase II clinical trial on the use of its lead drug, onvansertib, in combination with hormonal therapy for the treatment of metastatic castration-resistant prostate cancer (mCRPC). Results were presented at the American Society for Clinical Oncology (ASCO) 2020 Genitourinary Cancers Symposium in San Francisco.

Patients treated with onvansertib showed a clinical benefit. In the trial, 63% of the evaluable mCRPC patients (12 out of nineteen) treated with onvansertib showed a response to treatment. Patients carrying genetic alterations of the androgen receptor, a very difficult patient population to treat, showed a clinical benefit, which we believe is a…


Get the full report on Channelchek desktop.

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 – Seanergy (SHIP) – Focus on Weak Cape Market and Upcoming Refinancing

Posted on by Admin

Friday, February 14, 2020

Seanergy (SHIP)

Focus on Weak Cape Market and Upcoming Refinancing

Seanergy Maritime Holdings Corp., an international shipping company, provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. Seanergy Maritime Holdings Corp. is the only pure-play Capesize shipping company listed in the US capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels, with total capacity of approximately 1,748,581 dwt and an average fleet age of about 9.8 years. The Company is incorporated in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and class A warrants under “SHIPW”.

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

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

4Q2019 operating results were higher than our recently revised estimates. EBITDA of $11.9 million, TCE rates of $22.9k/day and EPS of $0.08 were above expectations.

Dry bulk market weakness impacts 2020 estimate. The early part of the year has been weaker than expected and our new EBITDA estimate is $27.2 million based on TCE rates of $15.3k, down from our previous estimate of…


Get the full report on Channelchek desktop.

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 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 – Newrange Gold Corp (NRG:CA) – Striking Gold with District-Scale Projects in Nevada and the Red Lake Region of Ontario

Posted on by Admin

Friday, February 14, 2020

Newrange Gold Corp (NRG:CA)

Striking Gold with District-Scale Projects in Nevada and the Red Lake Region of Ontario

Newrange Gold Corp is an exploration stage company focused on acquiring and exploring exploration and evaluation assets in Colombia and the United States. The Company operates in a single reportable operating segment-the acquisition, exploration, and development of mineral properties. Some of the projects acquired by the company are Pamlico gold project in Nevada and Rocky mountain project in Colorado. The company also holds an interest in the Yarumalito property, El Dovio property and Anori property in Colombia.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

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

Initiating coverage with an Outperform rating. We are initiating coverage of Newrange Gold Corp. with an investment rating of Outperform and a price target of C$0.25 per share. In our view, the equity offers investors exposure to an early-stage exploration mining company with significant gold and silver discovery potential.

Pamlico and North Birch projects represent significant upside for investors. The Pamlico project, located in Nevada, represents a unique opportunity to explore and develop a district-scale gold deposit in multiple target areas across the property. While the company recently optioned its North Birch project, located in the Red Lake region of Ontario, Canada, we view the property as a hidden gem as its potential remains to be unlocked with the…



Get the full report on Channelchek desktop.

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 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) – What happened?

Posted on by Admin

Friday, February 14, 2020

The McClatchy Company (MNI)

What happened?

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, Senior Research Analyst, Noble Capital Markets, Inc.

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

Files for voluntary Chapter 11. There was an outside chance that the company would be able to move unfunded pension liabilities off balance sheet and do a reorganization that would leave some equity value for shareholders. This did not happen. Less favorable terms from the Pension Benefit Guaranty Corporation (PBGC) may have tipped the company’s decision.

Submits plans for a reorganization. The company plans to go private in a transaction that will swap a large portion of its debt for equity. Given the prospect of moving all but a small portion of its unfunded pension liability off its balance sheet, the company could have a moderate $299 million in long term debt and…


Get the full report on Channelchek desktop.

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 – Kelly Services Inc. (KELYA) – Can the New Growth Plan Work?

Posted on by Admin

Friday, February 14, 2020

Kelly Services Inc. (KELYA)

Can the New Growth Plan Work?

Kelly Services Inc is a provider of workforce solutions and consulting and staffing services. The company’s operations are divided into three business segments namely Americas Staffing, Global Talent Solutions (“GTS”) and International Staffing. It provides staffing solutions through its branch networks in Americas and International operations and also provides a suite of innovative talent fulfilment and outcome-based solutions through GTS segment. Americas Staffing generates maximum revenue from its operations.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

New Growth Strategy. New CEO Peter Quigley is rolling out a new, aggressive organic and inorganic growth plan to build a sustainable and profitable specialty talent solutions provider. We believe Kelly has the means, capability, and opportunity to successfully implement the plan.

4Q19 Results.  Fourth quarter results were mixed. Revenue fell short of expectations due to ongoing softness in select U.S. niches, continued disruption from the early 2019 restructuring of U.S. operations, and economic headwinds in Europe. However, better mix lead to improved gross margin and…


Get the full report on Channelchek desktop.

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 – EuroDry Ltd. (EDRY) – Solid Quarter and Well Positioned for Expected 2H2020 Recovery

Posted on by Admin

Friday, February 14, 2020

EuroDry Ltd. (EDRY)

Solid Quarter and Well Positioned for Expected 2H2020 Recovery

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

Another solid quarter as pure dry bulk play.  Adjusted 4Q2019 EBITDA of $3.8 million was above our estimate of $2.8 million mainly due to higher than expected TCE rates and and lower opex.

Lowering 2020 estimates.  Due to dry bulk market weakness, we are moving adjusted 2020 EBITDA estimate lower to $11.5 million based on TCE rates of $11,671/day down from $13.4 million based on TCE rates of $12,622/day. Given the current dry bulk market environment, we are forecasting that TCE rates weaken slightly in 1H2019 from 4Q2019 levels. There was limited change in the contract status, but one longer term contract will move from a fixed rate to indexed rate in 1Q2020 and…


Get the full report on Channelchek desktop.

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 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.