Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

We believe the market is at short-term overbought extremes and is contending with resistance. Resistance levels we are monitoring include 2,810-2,817 on the S&amp;P 500 and the 200-day moving average on the S&amp;P 600 Small Cap index... see charts below. We would welcome some consolidation or a mild pullback which would be a healthy correction of the current extended market conditions.In today’s report we highlight attractive Groups and stocks within Manufacturing and Technology: Construction Equipment, Industrial Rental Equipment, Data Storage Solutions &amp; Devices, Small-Cap, and Software, Financial Mgmt. Solutions.

We believe the market is at short-term overbought extremes and is contending with resistance. Resistance levels we are monitoring include 2,810-2,817 on the S&amp;P 500 and the 200-day moving average on the S&amp;P 600 Small Cap index... see charts below. We would welcome some consolidation or a mild pullback which would be a healthy correction of the current extended market conditions.In today’s report we highlight attractive Groups and stocks within Manufacturing and Technology: Construction Equipment, Industrial Rental Equipment, Data Storage Solutions &amp; Devices, Small-Cap, and Software, Financial Mgmt. Solutions.

We take a look at actionable stocks within the U.S. manufacturing sector, a Vermilion Research overweight.  The following industry groups are represented: Aero/Defense, Auto Parts , Industrial Rental Equipment, Building Products &amp; Fixtures.<ul><li>List of highlighted charts: ALV, BDC, BLDR, CW, EMR, HDNG, HEES, HII, HURC, HXL, ITT, KAMN, LCII, LNN, MGRC, MLR, MOD, NNBR, NPO, PCAR, SPAR, SSD, SXI, TEX, TRN, TRS, TXT, URI, VICR, VMI, WSO, WTS</li></ul>

We take a look at actionable stocks within the U.S. manufacturing sector, a Vermilion Research overweight.  The following industry groups are represented: Aero/Defense, Auto Parts , Industrial Rental Equipment, Building Products &amp; Fixtures.List of highlighted charts: ALV, BDC, BLDR, CW, EMR, HDNG, HEES, HII, HURC, HXL, ITT, KAMN, LCII, LNN, MGRC, MLR, MOD, NNBR, NPO, PCAR, SPAR, SSD, SXI, TEX, TRN, TRS, TXT, URI, VICR, VMI, WSO, WTS

U.S. Manufacturing Sector Breaking Out to All-Time Relative Strength Highs; Actionable Stocks

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Doosan Bobcat Inc / Equity Capital Markets

This is Part I of our in-depth analysis of Doosan Bobcat IPO. Our Part I report has three major sections, including a) comparable companies valuation/margins analysis, b) an explanation of a potential cyclical downturn in the US housing market, and c) a financial analysis of the company. <a href="https://www.smartkarma.com/entities/23592" target="_blank" data-smartkarma-citation="entities:23592:1">Doosan Bobcat Inc. (1253130D KS)</a>, which was established on April 25th, 2014, manufactures compact construction equipment including skid-steer loaders, compact track loaders, mini-excavators, and generators.Our initial valuation analysis suggests that the intrinsic value of Doosan Bobcat shares are about 8-22% lower than the low-end IPO valuation range of 4.1 trillion won (US$3.7 billion) which would be about 3.2 trillion won (US$2.95 billion) to 3.77 trillion won (US$3.4 billion).

This is Part I of our in-depth analysis of Doosan Bobcat IPO. Our Part I report has three major sections, including a) comparable companies valuation/margins analysis, b) an explanation of a potential cyclical downturn in the US housing market, and c) a financial analysis of the company. Doosan Bobcat Inc. (1253130D KS), which was established on April 25th, 2014, manufactures compact construction equipment including skid-steer loaders, compact track loaders, mini-excavators, and generators.Our initial valuation analysis suggests that the intrinsic value of Doosan Bobcat shares are about 8-22% lower than the low-end IPO valuation range of 4.1 trillion won (US$3.7 billion) which would be about 3.2 trillion won (US$2.95 billion) to 3.77 trillion won (US$3.4 billion). 

Doosan Bobcat IPO (Part 1) - Beware of High Valuation & A Cyclical Downturn

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

Event-Driven

<ul><li>Significant merger investigations during the first half of 2016 lasted 9.5 months on average—on par with CY2015, but more than 30 percent longer than from 2011 to 2013.</li><li>In the first half of 2016, there were 14 significant merger investigations, which is on pace to challenge the record set in CY2015.</li><li>The antitrust agencies filed seven complaints over the 12 months ending Q2 2016, compared to four complaints in the prior 12 months.</li><li>The government lost three merger challenges over the past 10 months after not losing a single trial challenging a reportable transaction in the prior eight years.</li><li>Merger litigation filed in 2015 lasted nearly 5 months, about 20 percent longer than earlier litigated challenges.</li></ul>

Significant merger investigations during the first half of 2016 lasted 9.5 months on average—on par with CY2015, but more than 30 percent longer than from 2011 to 2013.In the first half of 2016, there were 14 significant merger investigations, which is on pace to challenge the record set in CY2015.The antitrust agencies filed seven complaints over the 12 months ending Q2 2016, compared to four complaints in the prior 12 months.The government lost three merger challenges over the past 10 months after not losing a single trial challenging a reportable transaction in the prior eight years.Merger litigation filed in 2015 lasted nearly 5 months, about 20 percent longer than earlier litigated challenges.

Antitrust Investigation Duration Near Record Levels; Merger Litigation Taking Longer, Too

M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

A source close to Zoomlion said that the company was "very keen" on acquiring Terex and "absolutely loved" its management.  However, Zoomlion has a "very disciplined" approach to M&amp;A and was not willing to pay a price of $31 per share or above for the rest of Terex, as Terex management had requested.

A source close to Zoomlion said that the company was "very keen" on acquiring Terex and "absolutely loved" its management.  However, Zoomlion has a "very disciplined" approach to M&amp;A and was not willing to pay a price of $31 per share or above for the rest of Terex, as Terex management had requested.

Terex/Zoomlion Deal Faltered on Price; Konecranes May Need Divestiture with MHPS

United States

Terex Corporation is a diversified global manufacturer operating in four business segments: aerial work platforms; construction; cranes; and materials processing.  Terex manufactures a broad range of equipment for use in various industries including the construction, infrastructure, quarrying, mining, shipping, transportation, refining, energy and utility industries.

Terex Corp (TEX US)

S&P 500 and S&P 600 Testing Resistance

We believe the market is at short-term overbought extremes and is contending with resistance. Resistance levels we are monitoring include...

Vermilion Research

U.S. Manufacturing Sector Breaking Out to All-Time Relative Strength Highs; Actionable Stocks

We take a look at actionable stocks within the U.S. manufacturing sector, a Vermilion Research overweight. The following industry groups are...

Vermilion Research

Doosan Bobcat IPO (Part 1) - Beware of High Valuation & A Cyclical Downturn

This is Part I of our in-depth analysis of Doosan Bobcat IPO. Our Part I report has three major sections, including a) comparable companies...

Douglas Kim

Antitrust Investigation Duration Near Record Levels; Merger Litigation Taking Longer, Too

Significant merger investigations during the first half of 2016 lasted 9.5 months on average—on par with CY2015, but more than 30 percent longer...

Dechert LLP

Terex/Zoomlion Deal Faltered on Price; Konecranes May Need Divestiture with MHPS

A source close to Zoomlion said that the company was "very keen" on acquiring Terex and "absolutely loved" its management. However, Zoomlion has a...

CTFN