Stocks did not move much last week through Thursday, and it seemed as though a modest advance would be registered for the week. But then, Friday happened, with all of the major averages posting substantial declines. The end result was that the major averages ended the week slightly below where they began it. That being said, stocks are still expensive, with only the most tainted merchandise presenting anything close to a bargain price. It would take a month of Fridays like the one just logged to bring prices down enough to excite a value investor.

Stocks on my lists going ex-dividend this week, by date, are as follows:

04/28/2014

Alliant Energy (LNT), yield 3.47%,

ConAgra Foods (CAG), yield 3.23%.

Kinder Morgan Inc. (KMI), yield 5.09%.

Kinder Morgan Energy Partners LP (KMP), yield 7.21%.

ONEOK Partners LP (OKS), yield 5.31%.

Prospect Capital (PSEC), yield 12.11%. The BDC pays monthly.

El Paso Pipeline Partners LP (EPB), yield 7.90%.

04/29/2014

Realty Income (O), yield 5.11%. O pays monthly.

04/30/2014

Norfolk Southern (NSC), yield 2.30%.

Plains All American Pipeline LP (PAA), yield 4.48%.

05/01/2014

Eaton (ETN), yield 2.65%.

Southern Company (SO), yield 4.54%.

Energy Transfer Equity LP (ETE), yield 3.06%.

Energy Transfer Partners LP (ETP), yield 6.70%.

Enerplus (ERF), yield 4.97% estimated. ERF pays nine cents Canadian per month, and the yield in US Dollar terms varies slightly with exchange rates.

BreitBurn Energy Partners LP (BBEP), yield 9.78%,

Calumet Specialty Products Partners LP (CLMT), yield 9.74%.

Martin Midstream Partners LP (MMLP), yield 7.61%.

Stocks on my lists receiving upgrades / downgrades last week were as follows:

American Electric Power (AEP) was downgraded from Buy to Neutral at ISI Group.

Boardwalk Pipeline Partners (BWP) was upgraded from Sector Perform to OutPerform at RBC Capital. BWP is certainly more attractive at half the price it had attained before the recent implosion, but considering it is an MLP with a yield under 3%, I cannot see how it could be on anyone’s buy list. 

Enterprise Products Partners LP (EPD) was downgraded from Buy to Hold at Jeffries. EPD is a top-rated MLP, but considering the extended price and yield under 4%, it isn’t attractive at current levels.

Southern Company (SO) was downgraded from OutPerform to Sector Perform at RBC Capital. Like other SO holders, I am nervously tracking the progress of SO’s nuclear plant construction projects.

GlaxoSmithKlein (GSK) was upgraded from Hold to Buy at Panmure.

Frontier Communications (FTR) was reinstated at Hold at Gabelli.

ENI S P A (E) was downgraded from Buy to Hold at UBS.

Cisco Systems (CSCO) was downgraded from Buy to Hold at Standpoint Research.

GlaxoSmithKlein (GSK) was upgraded from Hold to Buy at Argus.

NuStar (NS) was upgraded from Hold to Buy at Stifel Nicolaus. NS has now risen above my highest entry point, so I could cash out now with a gain, plus I have received the substantial dividend payouts. NS was the subject of a Seeking Alpha article I wrote a couple of years ago, as NS was crashing down. I accepted that it was a speculation to hold on at that point, betting on a recovery that might not occur. Management seems to be pulling it off, thanks to a good strategy and possibly a bit of luck. With NS yielding 7.59% and on the verge of earning enough to cover the distribution, I can’t see bailing out now. I will continue to hold.

Earnings season is entering the peak time. First, I will present reports from last week, then will identify the reports expected in the coming week.

Kimberly Clark (KMB) reported Q1 EPS of $1.48, beating by a penny. Revenue of $5.27B, down 0.9% Y/Y, missed by $50M.

McDonald's (MCD) reported Q1 EPS of $1.21, missing by three cents. Revenue of $6.7B, up 1.4% Y/Y, missed by $30M.

AT&T (T) reported Q1 EPS of $0.71, beating by a penny. Revenue of $32.47B, up 3.5% Y/Y, was in-line.

Potlatch Corporation (PCH) reported Q4 EPS of $0.34, missing by two cents. Revenue of $139.95M, down 2.3% Y/Y, missed by $0.73M. PCH gained over $1.00 on the day following the report.

General Dynamics (GD) reported Q1 EPS of $1.71, beating by seven cents. Revenue of $7.32B, down 1.1% Y/Y, beat by $120M.

Northrop Grumman (NOC) reported Q1 EPS of $2.40, beating by twenty-five cents. Revenue of $5.84B, down 4.3% Y/Y, was in-line.

Procter & Gamble (PG) reported FQ3 EPS of $1.04, beating by three cents. Revenue of $20.56B, down 0.2% Y/Y, missed by $120M.

Dr Pepper Snapple (DPS) reported Q1 EPS of $0.74, beating by fifteen cents. Revenue of $1.4B, up 1.4% Y/Y, beat by $20M.

Norfolk Southern (NSC) reported Q1 EPS of $1.17. Revenue of $2.69B, down 1.8% Y/Y, missed by $50M.

Reynolds American (RAI) reported Q1 EPS of $0.72, missing by two cents. Revenue of $1.94B, up 3.2% Y/Y, beat by $30M.

Altria (MO) reported Q1 EPS of $0.57, in-line. Revenue of $5.52B, down 0.2% Y/Y, beat by $1.49B.

Microsoft Corporation (MSFT) reported FQ3 EPS of $0.68, beating by five cents. Revenue of $20.4B, down 0.4% Y/Y, was in-line.

Novartis (NVS) reported Q1 net profit up 24% to $2.97B, beating consensus of $2.7B. Sales in emerging markets, particularly China, also helped lift Novartis' earnings. Net sales rose 1% to $14.02B, falling short of estimates of $14.25B.

Raytheon (RTN) reported Q1 EPS of $1.43, missing by thirty-three cents. Revenue of $5.51B, down 6.3% Y/Y, beat by $10M.

SCANA (SCG) reported Q1 EPS of $1.37, beating by twenty-six cents. Revenue of $1.59B, up 21.4% Y/Y, beat by $310M.

United Parcel Service (UPS) reported Q1 EPS of $0.98, missing by eleven cents. Revenue of $13.78B, up 2.6% Y/Y, missed by $130M.

Verizon Communications (VZ) reported Q1 EPS of $0.84, missing by two cents. Revenue of $30.81B, up 4.7% Y/Y, beat by $110M.

Waste Management (WM) reported Q1 EPS of $0.49, beating by five cents. Revenue of $3.4B, up 1.8% Y/Y, missed by $10M.

Entergy (ETR) reported Q1 EPS of $2.29, beating by ninety-five cents. Revenue of $3.21B, up 23.0% Y/Y, beat by $440M.

Nucor (NUE) reported Q1 EPS of $0.35, missing by a penny. Revenue of $5.11B, up 12.3% Y/Y, beat by $270M.

Freeport-McMoRan Copper & Gold (FCX) reported Q1 EPS of $0.49, beating by eight cents. Revenue of $4.98B, up 8.7% Y/Y, missed by $30M.

Newmont Mining Corporation (NEM) reported Q1 EPS of $0.22, beating by three cents. Revenue of $1.76B, down 19.3% Y/Y, missed by $90M. Newmont’s recently announced dividend of 2.5 cents, generating a yield less than half of a percent, reflects the gold price decline and its effect on Newmont’s gold price-indexed dividend. I took advantage of the recent price uptick caused by merger speculation to lighten up on my NEM position. I will hold the remainder as a speculation on a gold price recovery. It will come eventually, but it may be a long wait.

American Electric Power (AEP) reported Q1 EPS of $1.15, beating by twenty-two cents. Revenue of $4.6B, up 20.1% Y/Y, beat by $560M.

Colgate Palmolive (CL) reported Q1 EPS of $0.68, in-line. Revenue of $4.32B, flat Y/Y, was also in-line.

Ventas (VTR) reported Q1 EPS of $1.09, beating by two cents. Revenue of $741.7M, up 8.4% Y/Y, beat by $16.14M.

Reports expected this week are as follows, by date. Assume results are released before market hours, unless otherwise indicated.

04/28/2014

MFA Financial (MFA), Boardwalk Pipeline Partners LP (BWP), then after market hours, American Capital Agency (AGNC). Also, ENI S P A (E), the Italian oil company, no time specified.

04/29/2014

Eaton (ETN), Merck (MRK), and Statoil (STO), the Norwegian oil company, no time specified.

04/30/2014

NextEra Energy (NEE), Southern Company (SO), Exelon (EXC), then after market hours, Williams Partners LP (WPZ). Two other firms are scheduled to report, with no time specified - Total S A (TOT), the French oil company, and Martin Midstream Partners LP (MMLP).

05/01/2014

ConocoPhillips (COP), Kellogg (K), Realty Income (O), Public Service Enterprise Group (PEG), Royal Dutch Shell (RDS.B), Enterprise Products Partners LP (EPD), BlackRock Kelso Capital (BKCC), Consolidated Communications (CNSL), Linn Energy LLC (LINE), then after market hours, Kraft Foods (KRFT), Alliant Energy (LNT), Hercules Technology Growth Capital (HTGC).

05/02/2014

Chevron (CVX), Buckeye Partners LP (BPL).

There is no doubt in my mind that stocks are reaching lofty levels at the present time. High yields can still be found, but only by going further out on the risk spectrum. Solid blue chips yielding above 3% are rare. REITS, BDCs, some utilities, and some less well-known MLPs are where you must go to get exciting yields. Just like a diet featuring too many sweets, too many of these in a portfolio can lead to (portfolio) health issues if the bubble pops.

JT

Well, so much for the correction. Stocks resumed the rally at the start of the week just ended, and never looked back. The venerable Dow Industrials index gained nearly 400 points on the week, and all of the other major averages performed likewise. The energy sector has been leading the charge, as the unrest in the Ukraine has apparently spooked the oil markets, sending crude prices well over $100 for WTI (West Texas Intermediate).

Only one of my stocks will be going ex-dividend this week. Procter and Gamble (PG) goes ex-dividend on 4/23/2014. With the price now above $81, PG barely yields above 3%, coming in currently at a 3.15% yield.

It was a fairly slow week for upgrades / downgrades on my stocks:

Boardwalk Pipeline Partners LP (BWP) was upgraded from UnderPerform to Neutral at Bank of America. BWP only yields 2.54% currently, after the huge drop following the dividend cut. It is still on my list, but is not recommended. I will be updating my lists soon.

MicroSoft (MSFT) was downgraded from Buy to Hold at Deutsche Bank.

Medley Capital (MCC) was upgraded from Neutral to Buy at Gifford Securities.

Medtronic (MDT) was downgraded from OverWeight to Neutral at JP Morgan.

RPM International (RPM) was initiated at OutPerform at Wells Fargo.

Statoil (STO) was upgraded from Reduce to Neutral at Swede Bank.

Wal-Mart (WMT) was downgraded from Market Perform to UnderPerform at William Blair.

Earnings season will be getting into full swing this week. Stocks on my lists scheduled to report are as follows, presented in order by date. Note that most firms report in the morning, before market hours, which can be assumed if not otherwise indicated:

4/21/2014

Kimberly Clark (KMB).

4/22/2014

McDonalds (MCD), Potlatch (PCH), and then after the close, AT&T (T).

4/23/2014

Norfolk Southern (NSC), General Dynamics, Northrop Grumman (NOC), Procter & Gamble (PG), Dr Pepper Snapple (DPS), Reynolds American (RAI).

4/24/2014

Altria (MO), Novartis A G (NVS), Raytheon (RTN), SCANA (SCG), United Parcel (UPS), Verizon (VZ), Waste Management (WM), Entergy (ETR), Nucor (NUE), Freeport McMoran (FCX). Then, after the close, MicroSoft (MSFT) and Newmont Mining (NEM).

4/25/2014

American Electric Power (AEP), Colgate Palmolive (CL), Norfolk Southern (NSC), Ventas (VTR).

Earnings reports from my stocks last week were as follows, by date:

4/15/2014

Nestle (NSRGY) reported a 5% drop in sales during Q1, as its performance in North America and Europe came in below expectations. Organic sales rose 4.2% during the period. Growth in developed markets was only 0.6%, while emerging markets saw a 8.5% increase in sales. A strong Swiss franc was a drag on earnings.

Intel (INTC) reported Q1 EPS of $0.38, beating by a penny. Revenue of $12.8B, up 1.7% Y/Y, was in-line.

Johnson & Johnson (JNJ) reported Q1 EPS of $1.54 beating by six cents. Revenue of $18.11B, up 3.5% Y/Y, beat by $110M.

The Coca-Cola Company (KO) reported Q1 EPS of $0.44, in-line. Revenue of $10.57B, down 4.3% Y/Y, still beat estimates by $20M.

4/16/2014

Kinder Morgan (KMI) reported Q1 EPS of $0.28, missing by five cents. Revenue of $4.04B, up 32.0% Y/Y, beat by $170M. The firm also declared a $0.42/share quarterly dividend, which was a 2.43% increase from the prior dividend of $0.41.

Kinder Morgan Energy Partners L.P (KMP), the flagship MLP of the Kinder Morgan group of companies, reported Q1 EPS of $0.67, missing by six cents. Revenue of $3.65B,  up 37.2% Y/Y, beat by $240M. Chairman/CEO Richard Kinder noted the success of the natural gas pipelines segment in the earnings call, as that component saw earnings grow more than 40%, to $564M. Kinder said analysts’ projections that U.S. demand for natural gas could rise by a third by 2024 are understated, pointing to demand for gas for LNG exports, electric generation, industrial use and shipment to Mexico as factors that bode well for the company’s future.

El Paso Pipeline Partners (EPB), the third entity of the Kinder Morgan group reporting, posted Q1 EPS of $0.54, beating by three cents. Revenue of $382M, down 1.0% Y/Y, missed by $22.65M.

4/17/2014

General Electric (GE) reported Q1 EPS of $0.33, beating by a penny. Revenue of $34.2B, down 2.3% Y/Y, missed by $250M.

PepsiCo (PEP) reported Q1 EPS of $0.83, beating by eight cents. Revenue of $12.62B, up 0.3% Y/Y, beat by $190M.

Philip Morris (PM) reported Q1 EPS of $1.19, beating by three cents. Revenue of $6.9B, down 9.0% Y/Y, missed by $160M.

The week ahead will be fairly light on scheduled economic releases, mostly some benchmark readings on housing, and Durable Orders on Thursday. Earnings will likely dominate the economic news, with geopolitical news overriding everything if major events occur. I’m still awaiting better buying opportunities. Better to be earning nothing than losing money.

JT

Stocks ended down for the week just ended, as the selling accelerated Thursday and Friday. There is no one reason for the selloff, it is a combination of factors, and possibly it is just time for it to occur. As declines go, it has not amounted to much just yet, with the S & P 500 down about 3.4% from the highs of early April. It remains to be seen whether it will develop into the 10% to 15% correction numerous pundits have said is “needed” for a healthy market. If it stays true to form like all the other times since 2011, it will fizzle out long before it reaches those levels.

Stocks on my lists going ex-dividend this week are:

Nestle S A (NSRGY), 4/14/2014, yield 3.14%. NSRGY pays annually. If you don’t already own it, you missed the dividend for this year.

Main Street Capital (MAIN), 4/16/2014, yield 6.28%. MAIN pays monthly.

Gladstone Investment (GAIN), also 4/16/2014, yield 9.30%. GAIN also pays monthly.

Colgate Palmolive (CL), 4/17/2014, yield 2.20%. A solid blue chip, unfortunately priced accordingly, resulting in a yield barely above 2%.

Stocks on my lists receiving upgrades / downgrades last week are as follows:

Newmont Mining (NEM) was upgraded from Sell to Hold at Deutsche Bank.

Intel (INTC) was upgraded from Sector Perform to OutPerform at Pacific Crest.

Cisco Systems (CSCO) was downgraded from Buy to Hold at Wunderlich.

Dr Pepper Snapple (DPS) was downgraded from Market Perform to Underperform at Wells Fargo.

Realty Income (O) was initiated at UnderWeight at Morgan Stanley.

Statoil (STO) was downgraded from Buy to Hold at Societe Generale.

Chevron (CVX) was initiated at Buy at Jeffries.

Phillip Morris (PM) was upgraded from Reduce to Neutral at Nomura.

Exxon Mobil (XOM) was initiated at Hold at Jeffries.

ENI S P A (E) was upgraded from Neutral to Outperform at Exane BNP Paribas.

El Paso Pipeline Partners LP (EPB) was initiated at Neutral at UBS.

Statoil (STO) was downgraded from Neutral to UnderPerform at Exane BNP Paribas.

Molsen Coors (TAP) was downgraded from Buy to Neutral at Nomura.

Cisco Systems (CSCO) was initiated at Buy at Sun Trust Robinson Humphrey.

Magellan Midstream Partners LP (MMP) was downgraded from Buy to Neutral at Ladenburg.

Earnings season is here once again. Stocks on my lists leading off in the initial innings, by date, are:

04/14/2014

Kinder Morgan Inc (KMI) , after market hours.

El Paso Pipeline Partners LP (EPB), after market hours.

04/15/2014

Intel (INTC), before market hours.

Johnson & Johnson (JNJ), before market hours.

Coca Cola (KO), before market hours.

04/16/2014

Kinder Morgan Energy Partners LP (KMP), after market hours.

04/17/2014

General Electric (GE), before market hours.

Philip Morris (PM), before market hours.

Pepsico (PEP),  before market hours.

All data regarding ex-dividends and earnings is per E*Trade, which is usually, but not always, accurate.

As per usual when stocks have a down day or two, the financial news sites have an upsurge in articles predicting a significant correction, with some money managers selling out of stocks, or at least reducing exposure to stocks. My solution is to predefine buy levels, sell levels, and quantities for all stocks I own or would like to own, and react accordingly to what the market offers. By quantities, what I mean is, recall I never buy all of a position at one time, and I usually don’t sell out of a position completely at one time, either. I also define a maximum size for a given position, which once achieved, keeps me from buying more. After establishing these parameters, I can then stop agonizing over what to do – I know what to do, based on what the market does, or at least what the stocks I’m following do.

JT

Stocks gained every day last week until Friday, at which point the market retreated, giving back nearly half of the gains achieved for the week. Still, it was an up week, with most of the major averages posting a gain. The NASDAQ was an exception, under performing the blue chip averages, and finishing with a small decline on the week. The Friday Payrolls report was nothing to write home about, coming in slightly under expectations at 192K jobs added, but certainly it could have been worse. With the S&P 500 making new highs last week, the chorus of doomsayers has gotten louder, warning that stock valuations are frothy, and a correction is nigh. And they very well may be right.

Stocks on my lists going ex-dividend this week are as follows:

4/8/2014

General Mills (GIS), yield 3.20%.

AT&T (T), yield 5.18%.

Verizon (VZ), yield 4.41%.

Darden Restaurants (DRI), yield 4.29%.

4/9/2014

General Dynamics (GD), yield 2.29%.

Kraft Foods (KRFT), yield 3.70%.

RPM International (RPM), yield 2.23%.

4/10/2014

Universal (UVV), yield 3.81%.

4/11/2014

Consolidated Communications (CNSL), yield 7.84%.

Freeport McMoran (FCX), yield 3.75%.

Stocks on my lists receiving upgrades, downgrades, or initiation of coverage last week were:

Medley Capital (MCC) was upgraded from Neutral to OutPerform at Credit Suisse.

Medley Capital was downgraded from Outperform to Market Perform at Wells Fargo.

ONEOK Partners LP (OKS) was initiated at Neutral at UBS.

ConAgra Foods (CAG) was initiated at Equal Weight at Morgan Stanley.

ConocoPhillips (COP) was initiated at Market Perform at BMO Capital.

Chevron (CVX) was initiated at Market Perform at BMO Capital.

ENI S P A (E) was initiated at Market Perform at BMO Capital.

Royal Dutch Shell (RDS.B) was initiated at OutPerform at BMO Capital.

J M Smuckers (SJM) was initiated at Equal Weight at Morgan Stanley.

Total SA (TOT) was initiated at OutPerform at BMO Capital.

Cisco Systems (CSCO) was initiated at OutPerform at Northland Capital.

None of my stocks reported earnings last week, nor are any scheduled to report this week. But soon, in a couple of weeks, we will be entering earnings season once again, as companies begin to report Q1 earnings. With many firms having issued earnings warnings, the bar has been set pretty low, as far as expectations are concerned. Still, if there are significant misses by bellwether firms, the long-awaited correction could come to pass. All I can say is, keep your powder dry and enjoy the calm, it likely won’t last much longer.

JT

Last week was uneventful for the stock market, with most of the major averages ending the week about where they started. The NASDAQ fared a little worse, ending the week over 100 points below where it closed the previous Friday. The major stock news of the week was that most of the major banks, including the infamous Bank of America (BAC), passed the government stress tests, and received approval to increase dividends. The equally infamous Citigroup (C) was an exception, however, and these results may see a shake up at Citigroup.

Upgrades / downgrades out last week on my stocks were:

American Capital Agency (AGNC) was downgraded from Buy to Neutral at Compass Point.

Annaly Capital Management (NLY) was also downgraded from Buy to Neutral at Compass Point.

American Electric Power (AEP) was downgraded from Buy to Hold at Jeffries.

Linn Energy LP (LINE) was downgraded from OverWeight to Neutral at JP Morgan.

QR Energy LP (QRE) was downgraded from Neutral to UnderWeight at JP Morgan.

AT&T (T) was downgraded from OverWeight to Neutral at HSBC.

ENI S P A (E) was upgraded from Market Perform to OutPerform at Raymond James.

Walgreen (WAG) was downgraded from OutPerform to Neutral at Macquarie.

ENI S P A (E) was downgraded from Neutral to UnderWeight at HSBC.

El Paso Pipeline Partners LP (EPB) was upgraded from Neutral to Buy at Citigroup. EPB is now in the Kinder Morgan family of companies, as a consequence of Kinder’s acquisition of El Paso Energy (EP) last year.   

Only three of my stocks will be going ex-dividend this week:

Cisco Systems (CSCO), 4/1/2014, yield 3.40%.

Kimco Realty (KIM), 4/1/2014, yield 4.12%.

Medtronic (MDT), 4/2/2014, yield 1.85%. MDT will likely fall off of my lists when I get around to my next review, since with a sub-2% yield, it hardly qualifies as a dividend stock. I can’t fault the management too much for husbanding resources, with all of the uncertainties surrounding healthcare and the impact on firms in that sector.

None of my stocks will report earnings this week, although another earnings season will be upon us soon, in a couple of weeks.

Last week, Paychex (PAYX) reported FQ3 EPS of $0.44, beating by two cents. Revenue of $636.50M, up 7.3% Y/Y, beat by $7.65M. PAYX is no doubt a great company, but like most top firms these days, has become very expensive. Closing last Friday at $42.56, it would have to drop below $40 to tempt me to buy back in.

Also last week, I missed in my beginning of the week round-up that Walgreen (WAG) would be reporting, last Tuesday. WAG reported FQ2 EPS of $0.91, missing by a penny. Revenue of $19.61B, up 5.1% Y/Y, was in-line. Yielding less than 2%, WAG is another likely drop. It only got on my lists in the first place because it had fallen into the low $30s in mid-2012. Since then a steady, steep rise has taken it to the mid $60s, and depressed the yield accordingly.  

There are very few stocks available these days at attractive prices. Property REITs , some utilities such as Southern (SO), and maybe telecoms AT&T (T) and Verizon (VZ) are about it, unless one wants to dip into the high-yield, high-risk pool of mortgage REITs, BDCs, small, rural telecoms, or newer, smaller, essentially unproven MLPs. I have taken on about all I can accept of these latter names, so I’m sitting on cash, awaiting an opportunity to add some quality. Sooner or later, this market will break, and some bargains will come available. If there is one thing I have learned in investing, it is this: haste makes waste!

JT 

Stocks managed to shake off the geopolitical concerns last week at the outset, then dipped mid-week on concerns of rising interest rates, after the new Fed Chair hinted that rates may need to head up sooner than most pundits had expected, then recovered a day later, only to finish flat to slightly down on Friday. The end result was that the major averages ended the week slightly above where they started. As for the week’s economic reports, inflation remains tame per the CPI, housing seems to be slowing slightly, and manufacturing activity is more or less steady to slightly improving.

A few more upgrades / downgrades came out on my stocks last week than has recently been the case, with several to report:

Martin Midstream Partners LP (MMLP) was upgraded from Neutral to Buy at UBS.

General Dynamics was downgraded from OverWeight to Equal Weight at Barclays.

Cisco Systems (CSCO) was downgraded from OverWeight to Equal Weight at Barclays.

Pan American Silver (PAAS) was upgraded from UnderPerform to Sector Perform at CIBC.

Enterprise Products Partners LP (EPD) was upgraded from Neutral to OutPerform at Credit Suisse.   

NextEra Energy (NEE) was downgraded from Conviction Buy to Buy at Goldman.

Xcel Energy (XEL) was downgraded from Neutral to Sell at Goldman.

Westar Energy (WR) was downgraded from Buy to Neutral at Goldman.

Williams Partners LP (WPZ) was downgraded from Buy to Hold at Jeffries.

Emerson Electric (EMR) was upgraded from Perform to OutPerform at Oppenheimer.

Westar Energy (WR) was upgraded from Hold to Buy at Argus.

Walgreens(WAG) was downgraded from Hold to Sell at Cantor.

ConAgra Foods (CAG) was downgraded from Buy to Neutral at Goldman.

Stocks on my lists going ex-dividend this week are:

Phillip Morris International (PM), 3/25/2014, yield 4.64%.

American Capital Agency (AGNC), 3/25/2014, yield 11.57%.

MFA Financial (MFA), 3/26/2014, yield 10.13%.

National Health Investment (NHI), 3/27/2014, yield 5.08%.

Nucor (NUE), 3/27/2014, yield 2.89%.

Windstream Holdings (WIN), 3/27/2014, yield 11.90%.

Realty Income (O), 3/28/2014, yield 5.33%. O pays monthly.

Annaly Capital Management (NLY), 3/27/2014, yield 10.45%.

As for earnings, last week three of my stocks reported:

General Mills (GIS) reported FQ3 EPS of $0.62, missing by two cents. Revenue of $4.38B, down 1.1% Y/Y, missed by $50M.

ConAgra Foods (CAG) reported FQ3 EPS of $0.62, beating by two cents. Revenue of $4.38B, up13.8% Y/Y, missed by $20M.

Darden Restaurants, Inc. (DRI) reported FQ3 EPS of $1.02, beating by twenty cents. Revenue of $2.23B, down 1.3% Y/Y, missed by $20M.

Only one of my stocks is scheduled to report this week. Paychex (PAYX) is to report on 3/26/2014, after market hours.

Another week gone, another week with minimal buy opportunities. Stocks are way overdue for a 10% to 15% correction, which occasionally seems to be on the horizon, then quickly disappears before it even gets started. With some discomfort, I am continuing to hold Kinder Morgan Inc (KMI), even as my top-rated advisory publication, the MorningStar Dividend Investor, announced this week that the stock had been sold out of the recommended portfolios, along with the related MLP, Kinder Morgan Energy Partners (KMP). The reason cited was a concern about the distribution coverage, leverage, and also some concern about growth opportunities going forward. While I don’t own the MLP, I do hold a fairly large position (for me, at least) of KMI, the general partner. KMI represents about 3% of my total portfolio. Rich Kinder, the co-founder of the firm(s), has an interesting past – he was once first in line to take over as CEO of Enron from Ken Lay. It didn’t work out, and Rich Kinder left the company, possibly with some disagreement with the strategic direction the company was taking under Lay. One noteworthy anecdote from the book, “The Smartest Guys in the Room, the Story of Enron”, was when a former VP who had retired heard about Kinder leaving, he immediately sold all of his Enron stock. That certainly was a good move, as Enron was riding high at that point. This reflected the confidence the knowledgeable investor had in Rich Kinder, and his lack of confidence in Enron without Rich Kinder on board. The rest is history – when Enron ht the rocks, Rich Kinder and partners scooped up some key assets at a bargain price, forming the original Kinder Morgan group of companies, which then went on to achieve tremendous growth. To this point, at least, no one who has ever invested along with Rich Kinder has ever been unhappy with the results. So I am staying the course. While I have no real insight, having been retired from Coastal Corp / El Paso Energy since 2001, the subsidiary where I spent most of my working career, Colorado Interstate Gas, is now a part of the Kinder Morgan colossus, and was a well-run, successful subsidiary with great assets in place when I was there. Even though selling, the newsletter editor made a point of stating that the recent Hedgeye and Forbes articles panning the Kinder Morgan companies was not the reason, and the charges made were not on target at all. The newsletter also sold out of Energy Transfer Equity LP (ETE) and Energy Transfer Partners LP (ETP). In all of these cases, the reason for selling was some discomfort with the complexities of these firms and the aggressive business strategies being pursued. Possibly the recent Boardwalk Pipeline (BWP) implosion had an effect as well. There is no doubt in my mind that MLP’s are less safe than the typical blue-chip industrial. That is why all of my favored MLPs are on my Tier2 list, and none are on my Tier1 list. I look at the MorningStar newsletter recommendations as the safest of the safe. In my own portfolio, I hold some of these, but also some higher-yielding stocks which the newsletter disdains. I am willing to trade some safety for a higher return. That is my choice. Each investor has to choose the risk level one can accept, and invest accordingly. The key is to realize the risks one is taking, and be prepared for the possible downside. What is to be avoided is to be of the opinion that one is taking no or very little risk, when in fact one is taking on a great deal of risk.   

JT

Stocks declined every day last week, with most days exhibiting a slow, steady grind down, rather than a panic sell off. Thursday was an exception, as the decline on that day exceeded the sum total of the declines on the other days. The end result of the week was that the major averages were all down around 2%. There seems to be a general consensus that stocks are currently overvalued, but not by enough to be characterized as a bubble, with a drastic decline imminent in the near term. Another consensus seems to be developing that the economy is stalling lately, either due to the wintry weather we have experienced, or the economic impact of Obamacare. Recent geopolitical news has not been positive as well.

The stock analysts must have been on a spring break last week along with the students, as upgrades / downgrades on my stocks were the lightest I have seen in one week in a long while:

Hercules Technology Growth Capital (HTGC) was upgraded from Market Perform to OutPerform at Keefe Bruyette.

Nucor (NUE) was downgraded from Neutral to UnderPerform at Credit Suisse.

NuStar Energy LP (NS) was upgraded from Neutral to Buy at Goldman. While it may be premature to declare victory, my decision to stick with NS, and add more when it was selling for less than $40, appears to be working out. NS has maintained the lofty dividend, has shed the faltering asphalt business, and the stock price is now over $50. See my article on NS, available from the Published Articles selection, for details on NS.

Stocks on my list going ex-dividend this week are as follows:

BlackRock Kelso Capital (BKCC), 3/18/2014, yield 11.01%.

Main Street Capital (MAIN), 3/18/2014, yield 5.84%. MAIN pays monthly.

Solar Capital LTD (SLRC), 3/18/2014, yield 7.27%.

PennantPark Investment (PNNT), 3/18/2014, yield 10.06%.

Total S A (TOT), 3/19/2014, yield 4.98%. Note that France imposes a 30% withholding rate on dividends, which is not reflected in the yield. If held in a taxable account, a U.S. holder can claim the withholding as a foreign tax paid. If held in an IRA, there is no recovery possible.

TICC Capital (TICC), 3/21/2014, yield 11.60%.

While none of my stocks reported earnings last week, three are scheduled to report in the week coming up:

General Mills (GIS), 3/19/2014, before market hours. GIS just increased the dividend. The ex-dividend date is 4/8/2014. I plan to start a new position soon if it pulls back under $49.

ConAgra Foods (CAG), 3/20/2014, before market hours.

Darden Restaurants (DRI), 3/21/2014, before market hours.

The week ahead will probably be dominated by the news flow. There will be a few economic releases of note, such as Industrial Production/Capacity Utilization on Monday, and CPI on Tuesday, plus it is a Fed Meeting week, but the events in Ukraine, plus the missing airliner from Malaysia, will likely overshadow the routine economic releases. If the pull back continues, I may be a selective buyer here and there, but this is definitely not a time to go “all in”.

JT

Stocks began the week just ended with a big decline Monday, followed by a rebound on Tuesday, after which there was not much movement for the remainder of the week. The net result was that the major averages all ended the week slightly higher than they ended the prior week. The economic data continues to point to steady progress, but at an extremely slow pace. The key Monthly Jobs Report on Friday was slightly better than expected, even as the Unemployment Rate ticked up slightly, to 6.7%, possibly due to more people trying to find work. It will be a long time before we see an official Unemployment Rate at 5%, as numerous pundits have noted, unless things pick up substantially from the current tepid pace. Of course, the real unemployment rate, considering all available workers, not just those actively looking, is much higher. Any improvement in the economy will likely bring more workers out into the actively-looking pool, thus we will be hard-pressed to see any improvement in the official rate, even if the economy improves.

It was an extremely slow week for upgrades / downgrades on my stocks, with only five that I have noticed:

Coca Cola (KO) was initiated at Neutral at UBS.

Colgate Palmolive (CO) was initiated at Buy at UBS.

DrPepper Snapple (DPS) was initiated at Neutral at UBS.

Pepsico (PEP) was initiated at Neutral at UBS.

Procter & Gamble (PG) was initiated at Neutral at UBS.

Stocks on my lists going ex-dividend this week are as follows:

3/10/2014

Triangle Capital (TCAP), yield 7.91%.

3/11/2014

Newmont Mining (NEM) yield 2.44%. Note that Newmont’s dividend fluctuates with gold prices, per a pre-defined formula.

3/12/2014

Coca Cola (KO), yield 3.16%.

Digital Realty Trust (DLR), yield 6.34%.

Ares Capital (ARCC), yield 8.52%. ARCC also announced an additional, special dividend of five cents, with the same ex-dividend date. The special dividend is not included in the yield.

Fifth Street Finance (FSC), yield 10.53%. FSC pays monthly.

Medical Properties Trust (MPW), yield 6.42%.

3/13/2014

DrPepper Snapple (DPS), yield 3.14%.

Gladstone Investment (GAIN), yield 8.73%. GAIN pays monthly.

3/14/2014

Greif (GEF, GEF.B), yields 3.28% and 4.49%, respectively. The ‘B’ shares trade at extremely low volumes, so be sure to use a limit order when trading.

There are only two stocks on my lists reporting this week:

TICC Capital (TICC), on 3/10/2014, before the open, and Safety Insurance Group (SAFT), on 3/11/2014, no time given.

There were three firms on my lists reporting results last week:

QR Energy LP (QRE) reported Q4 EPS of $0.25, missing by ten cents. Revenue of $119.3M, up 97.41% Y/Y, missed by $9.55M. Also, QR announced it is simplifying its capital structure by acquiring its general partner. The firm stated that the deal is 7% accretive to distributable cash flow per unit in 2014, and will lower its cost of capital, which should enhance competitiveness in the acquisition market.

Memorial Production Partners LP (MEMP) reported Q4 EPS of $0.18, which may not be comparable to consensus of fifty-five cents. Revenue of $92.1M missed by $8.64M.

BlackRock Kelso Capital (BKCC) reported Q4 EPS of $0.22, beating by four cents. Revenue of $32.97M, down 13.0% Y/Y, missed by $1.51M.

None of my stocks are scheduled to report this week.

As the market has recovered from the short-lived pull back, which never developed into enough of a decline to even be labeled a correction, a number of articles warning of a market top have recently come out. Of course, the editors always place other articles adjacent to the “fear” articles which I would label as “greed” articles, postulating that the “bull has more room to run”. So what to do? I say hold on to solid dividend payers for the most part, keep some cash in reserve, and maybe sell selectively any positions which have gone parabolic, with yields at decade lows, or which have stalled out as far as dividend increases are concerned. Just be aware that there are few issues available at the moment at reasonable prices, as far as buys are concerned, so reinvesting the proceeds may need to wait until another pull back occurs. An alternative to selling stock is to sell a covered call, out of the money. If the stock is at an all-time high, and has erupted into the rarified air, a covered call with a price above even a current ridiculously high price can’t be too ill-advised of a strategy. Just be sure it is a stock you are prepared to give up. When the bull is running, stocks can go higher than anyone expects, just as when the bear is growling, they can go lower than anyone expects.

JT

Any lingering doubts as to whether the correction was indeed over were quashed last week, as the major averages posted new highs on Friday, although the developing situation in Ukraine began to put a damper on things by midday Friday. As the crisis there continues to worsen, it will likely result in a setback in the coming week. Plus, an avalanche of economic data will reveal further the state of the economy, which was already looking tired as of last week, and this could also result in a lessening of enthusiasm in the coming days. The Monthly Employment numbers will be coming out on Friday, and another poor reading might finally have an impact on the “what, me worry?” market. .    

It was another slow week for upgrades / downgrades on my stocks, with just a few of note:

Total S A (TOT) was upgraded from Neutral to Buy at UBS.

Pan American Silver (PAAS) was downgraded from Buy to Hold at Deutsche Bank.

Westar Energy (WR) was downgraded from OverWeight to Equal Weight at Barclays.

Linn Energy (LINE) was downgraded from Focus Stock to Sector OutPerform at Howard Weil.

Verizon (VZ) was upgraded from Neutral to OverWeight at JP Morgan.

Washington Real Estate (WRE) was upgraded from Hold to Buy at Stifel.

Pan American Silver (PAAS) was downgraded from Neutral to Sell at Goldman.

Earnings reports from my stocks continued to roll in last week:

2/24/2014

Digital Realty (DLR) reported Q4 FFO of $1.26, beating by twelve cents. Revenue of $380.9M beat by $4.24M.

ONEOK Partners L P (OKS) reported  Q4 EPS of $0.67, beating by a penny.

Frontier Communications (FTR) reported Q4 EPS of $0.07, beating by a penny. Revenue of $1.18B, down 4.1% Y/Y, was in-line.

Greif (GEF, GEF.B) reported Q4 EPS of $0.57, beating by two cents. Revenue of $1.03B, up 2.0% Y/Y, missed by $10M.

2/25/2014

Alliant Energy (LNT) reported Q4 EPS of $0.55, beating by four cents. Revenue of $832.6M, up 10.9% Y/Y, beat by $59.92M.

Exterran Partners L P (EXLP) reported Q4 EPS of $0.23, missing by three cents. Revenue of $118.9M, up 16.2% Y/Y, beat by $0.32M.

Annaly Capital (NLY) reported Q4 EPS of $0.35, beating by nine cents.

Solar Capital (SLRC) reported Q4 EPS of $0.42, beating by two cents.

2/26/2014

Ares Capital (ARCC) reported FQ1 EPS of $0.41, in-line.

Enerplus (ERF) reported Q2 EPS of $0.26, beating by a penny.

Westar Energy (WR) reported Q4 EPS of $0.32, beating by three cents. Revenue of $559.87M, up 6.9% Y/Y, beat by $2.73M.

Triangle Capital (TCAP) reported Q4 NII of $0.48, missing by two cents. Revenue of $22M, down 11.9% Y/Y, missed by $1.6M.

Crestwood Midstream Partners L P (CMLP) reported Q4 GAAP EPS of -$0.50. Revenue of $76M, up 87.7% Y/Y, beat by $4.86M.

Martin Midstream Partners L P (MMLP) reported Q4 EPS of -$1.44.

2/27/2014

Consolidated Communications (CNSL) reported Q4 EPS of $0.23, beating by two cents. Revenue of $148M, down 7.6% Y/Y, missed by $2.13M.

Windstream Holdings (WIN) reported Q4 EPS of $0.09, in-line. Revenue of $1.5B, down 2.6% Y/Y, was in-line.

Breitburn Energy Partners L P (BBEP) reported Q4 EPS of -$0.52, which may not be comparable to consensus of $0.27. Revenue of $177.3M, up 50.8% Y/Y, missed by $31.28M.

Hercules Technology Growth Capital (HTGC) reported Q4 NII of $0.31, in-line. Revenue of $33.2M, up 21.2% Y/Y, missed by $3.95M.

Linn Energy L P (LINE) reported Q4 EPS of $0.19, missing by eight cents.

Main Street Capital (MAIN) reported Q4 net investment income per share of $0.57, gaining 26% from a year ago. Q4 dividends totaled $0.48 per share (plus a special $0.25 payout). Q1 dividends are set to total $0.495. Net asset value of $19.89 per share is up 7% from a year ago, up 11% if excluding special payouts of $0.80 per share throughout the year.

Stocks on my lists going ex-dividend this week, by date, are:

3/03/2014

Enerplus (ERF), yield 5.45%. ERF pays nine cents Canadian, monthly.

3/04/2014

Kellogg (K), yield 3.03%.

3/05/2014

Kimberly Clark (KMB), yield 3.04%.

Public Service Enterprise Group (PEG), yield 4.04%.

Pepsico (PEP), yield 2.84%.

Potlatch (PCH), yield 3.53%.

Ventas (VTR), yield 4.65%.

Frontier Communications (FTR), yield 8.20%.

3/06/2014

Eaton (ETN), yield 2.62%.

SCANA Corp (SCG), yield 4.24%.

Westar Energy (WR), yield 4.09%.

Waste Management (WM), yield 3.61%.

Reynolds American (RAI), yield 5.27%.

Hercules Technology Growth Capital (HTGC), yield 7.88%.

CenturyLink (CTL), yield 6.91%.

3/07/2014

Wal-Mart (WMT), yield 2.57%.

Earnings season is nearly over, with just a couple or three stragglers left to report this week:

QR Energy LP (QRE) will report on 3/03/2014, no time specified.

Memorial Production Partners L P (MEMP) will report on 3/05/2014, no time specified.

BlackRock Kelso (BKCC) will report on 3/06/2014, before market hours.

It will be another busy week, with lots of economic data to digest, along with a new crisis in the Ukraine. Chances are stocks will pull back this week, unless things suddenly break out into the clear, with sunny skies, world peace, and ever-improving economic measurements. Don’t hold your breath, would be my advice.  

JT

The holiday-shortened week ended with the major stock averages about where they were at the end of the previous week. Yes, it was a holiday Monday, the relatively unexciting President’s Day observance. Considering the Presidents we have had lately, it is no wonder that people don’t get into much of a festive mood. The economic readings were likewise none too exciting, indicating that housing is slowing a little, and prices, at least officially, are not rising much. The most noteworthy event of the week was testimony before Congress from Janet Yellen, the new Fed Chief, which seemed to confirm that she is a policy “dove”, at least at the moment.    

It was another slow week for upgrades / downgrades on my stocks, with just a few of note:

JM Smuckers (SJM) was upgraded from Equal Weight to OverWeight at Stephens.

Darden Restaurants (DRI) was upgraded from Market Perform to OutPerform at Raymond James.

Waste Management (WM) was downgraded from Buy to Hold at Wunderlich.

Pan American Silver (PAAS) was upgraded from UnderPerform to Market Perform at BMO Capital.

Wal-Mart (WMT) was downgraded from Buy to Hold at Stifel.

Phillip Morris (PM) was downgraded from OutPerform to Market Perform at First Global.

Public Service Enterprise Group (PEG) was downgraded from Buy to Hold at Jeffries.

Total S A (TOT) was upgraded from Sell to Neutral at Goldman.

Wal-Mart (WMT) was downgraded from But to Neutral at Gifford Securities.

 Earnings reports from my stocks continued to roll in last week:

The Coca-Cola Company (KO) reported Q4 EPS of $0.46, in-line. Revenue of $11.04B, down 3.6% Y/Y, missed by $270M. Forward guidance was also disappointing. The shares dropped after the report, then flat-lined the rest of the week.

Waste Management, Inc. (WM) reported Q4 EPS of $0.56. Revenue of $3.5B, up 2.0% Y/Y, missed by $80M. The stock performed similarly to KO after the report.

Medtronic Inc. (MDT) reported FQ3 EPS of $0.91, in-line. Revenue of $4.16B, up 3.2% Y/Y, beat by $10M. With a sub-2% yield, I may be dropping this firm from my lists soon.

National Health Investors Inc. (NHI) reported Q4 FFO of $0.90, beating by two cents. Revenue of $32.79M, up 22.3% Y/Y, beat by $1.07M.

Nestle's (NSRGF) 2013 net profit dropped slightly, to 10.02B Swiss francs ($11.12B), and missed consensus of 10.69B francs, dragged down by the costs of portfolio restructuring and currency fluctuations. Sales rose 2.7% to 92.2B Swiss francs and undershot forecasts of 93.1B francs, with organic growth up 4.6%. Revenue was kept down by price pressures in Europe. The annual dividend will be coming along in April.

Energy Transfer Equity, L.P. (ETE) reported Q4 EPS of a negative 31 cents. Revenue of $12.6B, up 11.4% Y/Y, beat by $660M.

Energy Transfer Partners, L.P. (ETP) reported Q4 EPS of a negative $1.87. Revenue of $12.03B, up 9.6% Y/Y, beat by $910M.

Neither of the Energy Transfer MLPs declined by much after the reports. The Energy Transfer family continues to become more and more complex, with a new natural-gas focused MLP being proposed, and support of another MLP in the group, Regency Energy Partners (RGP), which is expanding via acquisition of pipeline assets from Eagle Rock (EROC).  

Health Care REIT, Inc. (HCN) reported Q4 FFO of $0.99, beating by two cents. Revenue of $788.57M, up 57.5% Y/Y, missed by $2.58M. How can revenue be up 57% and still miss analysts’ estimates? HCN has rebounded partially from the REIT sell off of the past few months, but is still available at a reasonable price, unlike most stocks at the moment.

Williams Partners (WPZ) reported Q4 EPS of $0.12, missing by twenty-eight cents. WPZ is down a bit from the highs of mid-January, and with a yield over 7%, is a value. The BoardWalk (BWP) implosion, noted in last week’s post, has cast a pall over the midstream energy MLP sector.

Calumet Specialty Products Partners, L.P. (CLMT) reported Q4 EPS of a negative twenty-seven cents. Revenue of $1.24B, up 1.6% Y/Y, missed by $20M. The MLP is down from nearly $40 to $27 and change in the last year. Yielding over 10%, it may be a good time to buy, or maybe not, if the slide continues.

Public Service Enterprise Group (PEG) reported Q4 EPS of $0.49, beating by four cents. Q4 earnings fell 11% on mark-to-market and storm-related impacts, but adjusted profit improved and exceeded expectations.

SCANA Corporation (SCG) reported Q4 EPS of $0.73, missing by four cents. Revenue of $1.12B, flat Y/Y, missed by $80M.

Wal-Mart Stores, Inc. (WMT) reported Q4 EPS of $1.60, beating by a penny. Revenue of $129.7B, up 2.0% Y/Y, still missed by $740M. Management didn't duck discussing the headwinds the firm faces on a variety of fronts during the earnings call. Uneven consumer confidence, higher health care costs, and currency challenges are all immediate factors which will affect Q1 and 2014 results. The net result is that operating income is expected to grow slower than sales. Say it ain’t so, Joe. If WMT is struggling, where does that leave the rest of retail?

Newmont Mining (NEM) dropped 8% premarket on Friday after reporting adjusted Q4 earnings of $0.33/share, eleven cents shy of analyst consensus, and a 12% Y/Y drop in revenues, to $2.17B. Even as the mining sector has been recovering, if only slightly, NEM has faltered. The gold-price pegged dividend, down to $0.15 per quarter from $0.45 a year ago, may be reduced further going forward. I own NEM, and in hindsight, what I thought was an excellent entry point was the first leg of a serious decline. I still believe it will eventually rebound, along with gold, but not soon.

Pan American Silver Corp. (PAAS) reported Q4 EPS of -$1.94. Revenue of $192.4M, down 22.2% Y/Y, missed by $4.08M. In spite of these dismal numbers, PAAS has been seen as weathering the precious metals decline admirable, and the stock has advanced from $10.00 a couple of months ago to over $15 at Friday’s close. PAAS has performed like I thought NEM would. I also bought PAAS at the same time as NEM, but took an early profit, too early, in hindsight.

Stocks on my lists going ex-dividend this week, by date, are:

2/26/2014

NextEra Energy (NEE), yield 3.13%.

Novartis A G (NVS), yield 2.94%. This is an annual dividend.

Molson Coors (TAP), yield 2.61%.

Prospect Capital (PSEC), yield 11.68%. PSEC pays monthly.

2/27/2014

McDonalds (MCD), yield 3.36%.

Northrop Grumman (NOC), yield 2.03%.

Realty Income (O), yield 5.04%. O pays monthly.

Safety Insurance Group (SAFT), yield 4.29%.

Pan American Silver (PAAS), yield 3.30%.

Earnings season continues, with another full plate of earnings reports on tap for stocks on my lists:

2/24/2014

Digital Realty (DLR), ONEOK Partners L P (OKS), and Frontier Communications (FTR), all before the open, and Greif (GEF, GEF.B), after the close. 

2/25/2014

Alliant Energy (LNT), Exterran Partners L P (EXLP), before the open, Annaly Capital (NLY), after the close, and Solar Capital (SLRC), no time specified.

2/26/2014

Ares Capital (ARCC), Enerplus (ERF), before the open, Westar Energy (WR), Triangle Capital (TCAP), after the close, and Crestwood Midstream Partners L P (CMLP), Martin Midstream Partners L P (MMLP), no time specified.

2/27/2014

Consolidated Communications (CNSL), Windstream Holdings (WIN), Breitburn Energy Partners L P (BBEP), before the open, Hercules Technology Growth Capital (HTGC), after the close, Linn Energy L P (LINE), during market hours, and Main Street Capital (MAIN), no time specified.

It will be another busy week, with lots of earnings reporting to digest. Right now, I see very few buy opportunities, as the market continues higher and higher, defying the bears, as well as value investors awaiting a pullback. The market, as always, continues to frustrate mere mortals, attempting to make sense of the endless nonsensical gyrations. Once you accept that reality, then it begins to make sense after all.

JT