The Basics Of Option Price

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Options are contracts that give option buyers the right to purchase or sell a security at a predetermined price on or before a specified day. They are most commonly used in the stock market but are also found in futures, commodity and forex markets. There are several types of options, including flexible exchange options, exotic options, as well as stock options you may receive from an employer as compensation, but for our purposes here, our discussion will focus on options related to the stock market and more specifically, their pricing.

Who's Buying Options and Why?
A variety of investors use option contracts to hedge positions, as well as buy and sell stock, but many option investors are speculators. These speculators usually have no intention of exercising the option contract, which is to buy or sell the underlying stock. Instead, they hope to capture a move in the stock without paying a large sum of money. It is important to have an edge when buying options.

A common mistake some option investors make is buying in anticipation of a well-publicized event, like an earnings announcement or drug approval. Option markets are more efficient than many speculators realize. Investors, traders and market makers are usually aware of upcoming events and buy up option contracts, driving up the price, costing the investor more money.

Changes in Intrinsic Value
When purchasing an option contract, the biggest driver of success is the stock's price movement. A call buyer needs the stock to rise, whereas a put buyer needs it to fall. The option's premium is made up of two parts: intrinsic value and extrinsic value. Intrinsic value is similar to home equity; it is how much of the premium's value is driven by the actual stock price.

For instance, we could own a call option on a stock that is currently trading at $49 per share. We will say that we own a call with a strike price of $45 and the option premium is $5. Because the stock is $4 more than the strike's price, then $4 of the $5 premium is intrinsic value (equity), which means that the remaining dollar is extrinsic value. We can also figure out how much we need the stock to move to profit by adding the price of the premium to the strike price (5 + 45 = 50). Our break-even point is $50, which means the stock must move above $50 before we can profit (not including commissions).

Options with intrinsic value are said to be in the money (ITM) and options with no intrinsic value but are all extrinsic value are said to be out of the money (OTM). Options with more extrinsic value are less sensitive to the stock's price movement while options with a lot of intrinsic value are more in sync with the stock price. An option's sensitivity to the underlying stock's movement is called delta. A delta of 1.0 tells investors that the option will likely move dollar per dollar with the stock, whereas a delta of 0.6 means the option will move approximately 60 cents on the dollar. The delta for puts is represented as a negative number, which demonstrates the inverse relationship of the put compared to the stock movement. A put with a delta of -0.4 should raise 40 cents in value if the stock drops $1.

Changes in Extrinsic Value
Extrinsic value is often referred to as time value, but that is only partially correct. It is also composed of implied volatility that fluctuates as demand for options fluctuates. There are also influences from interest rates and stock dividend changes. However, interest rates and dividends are too small of an influence to worry about in this discussion, so we will focus on time value and implied volatility.

Time value is the portion of the premium above intrinsic value that an option buyer pays for the privilege of owning the contract for a certain period. Over time, this time value premium gets smaller as the option expiration date gets closer. The longer an option contract is, the more time premium an option buyer will pay for. The closer to expiration a contract becomes, the faster the time value melts. Time value is measured by the Greek letter theta. Option buyers need to have particularly efficient market timing because theta eats away at the premium whether it is profitable or not. Another common mistake option investors make is allowing a profitable trade to sit long enough that theta reduces the profits substantially. A clear exit strategy for being right or wrong should be set before buying an option.

Another major portion of extrinsic value is implied volatility – also known as vega to option investors. Vega will inflate the option premium, which is why well-known events like earnings or drug trials are often less profitable for option buyers than originally anticipated. These are all reasons why an investor needs an edge in option buying.

The Bottom Line
Options can be useful to hedge your risk or speculate since they give you the right, not obligation, to buy/sell a security at a predetermined price. The option premium is determined by intrinsic and extrinsic value. There are numerous ways to benefit from using option contracts.To learn more about option strategies that you can take advantage of, please read our other option articles.

Tweedy Browne Fund Fourth Quarter 2013 Commentary

Global equity markets shrugged off concerns abou t central bank tapering and continued to gain momentum in the fourth quarter, capping off another excellent year for equity returns. Despite carrying cash reserves that ranged from approximately 10. 9% to as much as 20.3%, a ll four of the Tweedy, Browne Funds finished the quarter and year on a str ong note, producing annual returns between 18.77% and 22.68%.

As we write, the S&P 500 and the MSCI World Index are near or at all-time highs; the cyclically adjusted Shiller P/E is at 26X earnings versus 15. 9X earnings for its long term median; global IPO markets are heating up; corporate lending standards are once again deteriorating (covenant-lite loans are back); and many of the stocks we own and follow ar e now trading at or near our estimates of intrinsic value. That said, we are comfortable with our port folios' current holdings, and continue to search the globe for individual securities that fit our demand ing criteria. While bargain hunting is currently challenging, we remain confident that our patience will be rewarded. 

* The Adviser has contractually agreed to waive its investment advisory fee and/or to reimburse expenses of the Global Value Fund II — Currency Unhedged to the extent necessary to maintain the total annual fund operating expenses (excluding fees and expenses from investments in other investment companies, brokerage, interest, taxes and extraordinary expenses) at no more than 1.37%. This arrangement will continue at least through December 31, 2014. Prior to January 1, 2014, the Adviser had also agreed to waive its investment advisory fee and/or to reimburse expenses of the Worldwide High Dividend Yield Value Fund to the extent necessary to maintain the total annual fund operating expenses (excluding fees and expenses from investments in other investment companies, brokerage, interest, taxes and extraordinary expenses) at no more than 1.37%. That arrangement terminated on December 31, 2013. The Worldwide High Dividend Yield Value Fund and Global Value Fund II – Currency Unhedged have each agreed, during the two-year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent that after giving effect to such repayment the Fund's adjusted total annual fund operating expenses would not exceed 1.37% on an annualized basis. The performance data shown above would be lower had fees and expenses not been waived and/or reimbursed. 

§ The Value Fund's performance data shown above would have been lower had certain fees and expenses not been waived from December 8, 1993 through March 31, 1999. 

The Funds do not impose any front-end or deferred sales charge. However, the Tweedy, Browne Global Value Fund, Tweedy, Browne Global Value Fund II – Currency Unhedged and Tweedy, Browne Worldwide High Dividend Yield Value Fund impose a 2% redemption fee on redemption proceeds for redemptions or exchanges made within 60 days of purchase. Performance data does not reflect the deduction of the redemption fee, and if reflected, the redemption fee would reduce the performance data quoted for periods of 60 days or less. The expense ratios shown above reflect the inclusion of acquired fund fees and expenses (i.e., the fees and expenses attributable to investing cash balances in money market funds) and may differ from those shown in the Funds' financial statements. 

● Please note that the individual companies discussed herein represent holdings in our Funds, but are not necessarily held in all four of our Funds. Please refer to footnotes on page 12 for the Funds' respective holdings in each of these companies. 

Returns for the quarter were driven by strong gai ns in our media and insurance stocks, and solid results in our energy related, industrial and inform ation technology holdings. This included, among others, companies such as Axel Springer, Daily Mail and General Trust, Munich Re, Zurich Insurance, SCOR, American National Insurance, Total, Royal Dutch, ABB, Emerson Electric, Teleperformance, MasterCard, and Google. There were very few di sappointments; however, we did experience negative returns in a few of our beverage holdings, including Arca Continental and Heineken, as well as in a few of our bank stocks, including Banco Santander Brasil, HSBC and Bangkok Bank. In general, as equity markets have gained momentum and valuations have climbed, it has been the more cyclical components of the portfolio that have been driving returns, i.e. media, insurance, energy, industrial and information technology stocks, as opposed to the steadier , branded consumer products companies.

Portfolio activity was once again modest duri ng the quarter. Only one new position was established: Antofagasta (LSE:ANTO), a UK-listed Chilean coppe r mining company. The company owns majority interests in five copper mines in Chile and a railw ay, and we believe is a we ll run, low cost copper producer with a strong balance shee t. The company is profitable, gene rates free cash flow, and pays a dividend. While it is difficult to predict the direction of copper pr ices with any degree of certainty, declining ore grades and mine clos ures across the world should have a meaningful effect on supply over the next several years, resulting in better pricing in the future. At purchase, Antofagasta was trading at approximately 6.2 times enterprise value to EBIT (ear nings before interest and taxes), which was near its 52-week low, was in a net cash positi on and paid a dividend yield of 1.6% . We also added to a number of pre-existing positions in our Funds, including DB S Group, GlaxoSmithKline, HSBC, TNT Express, and G4S.

In terms of all out sales in our Funds, we sold our remaining shares in Hanil Cement (Global Value), Arca Continental (Global Value II), Krones (V alue), and Tesco (Worldwide High Dividend Yield Value). We took advantage of the strength in the Japanese equity market to trim a number of Japanese stocks, including Fujitec, Fukuda Denshi, Hi-Lex and Ku roda Electric. We also trimmed our positions in BAE Systems, Google, Leucadia National, Total, Un ifirst, Daily Mail and General Trust, Union Pacific and Pearson.

The fundamental character of our Fund portfolios did not change materially during the quarter. That said, we are beginning to uncover opportunities in some of the more developed of the emerging markets, i.e. Brazil and Chile, but the commitment to date is rather modest. While we had a little more volatility in late summer and at the start of the new year, it was not nearly enough to improve bargain hunting, which remains very challenging.

Thank you for investing with us an d for your continued confidence.

William H. Browne

Thomas H. Shrager

John D. Spears

Robert Q. Wyckoff, Jr.

Managing Directors

 

Dated: January 28, 2014

Also check out: Tweedy Browne Undervalued Stocks Tweedy Browne Top Growth Companies Tweedy Browne High Yield stocks, and Stocks that Tweedy Browne keeps buying

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Topeka Capital Downgrades Pioneer Natural Resources to “Hold” (PXD)

Topeka Capital reported on Monday that it is cut its rating on oil and gas company Pioneer Natural Resources (PXD).

The firm has downgraded PXD from “Buy” to “Hold,” due to a valuation call. Topeka Capital has also lowered the company’s price target from $200 to $195. This price target suggests a 5% upside from Friday’s closing price of $184.83.

Analyst Gabriele Sorbara commented: “Following the recent outperformance, we believe PXD is sufficiently valued on 2014/2015 EBITDA generation and relative to RNAV. While we believe PXD stands alone as the premier player with more than 700,000 net acres prospective for the Wolfcamp shale in the Midland Basin, the current valuation awards a paramount premium to the group.”

“Further, the numerous catalyst wells with 3Q13 results add no incremental value to our RNAV and growth upside, given our production and RNAV valuation model factor in a ramp to 50 horizontal rigs in the Midland Basin by 2018 – also presenting execution risk, in our view,” the analyst added.

Pioneer Natural Resources shares were mostly flat during pre-market trading Monday. The stock is up 73% YTD.

Variable Annuities In Flux in Q2

The variable annuity market saw a lot of changes in the second quarter, according to a report by John McCarthy, product manager of annuity solutions for Morningstar. Annuity carriers filed 182 changes in the second quarter, according to the report, although McCarthy said most of these changes were “low impact.” In the first quarter, carriers filed just 97 changes, compared with 168 in the second quarter of 2012.

The most common changes were to the age bands on lifetime withdrawal benefits, but McCarthy said the “most significant changes” came from carriers trying to limit risk. For example, The Hartford reallocated assets and closed several contracts, according to McCarthy, and AXA announced a living benefit buyback offer. AXA also closed its Retirement Cornerstone 12.0 series.

The Hartford closed contracts in its Personal Retirement Manager and Leaders IV series of products in May, which McCarthy said “finalized Hartford’s pullback from the VA market.” The company also directed annuity owners who have the Lifetime Income Builder rider to reallocate by Oct. 4 or lose the benefit. Annuity holders will be required to have at least 40% of their assets in fixed income and a risk-based asset allocation model.

Fee Changes

Jackson National Life reduced the fee on its Freedom Flex series by 0.1% at the 5% annual step-up level. The company also added new step-up frequencies with quarterly 5%, 6% and 7% levels. Fees for the quarterly options are between 0.1% and 0.15% higher than the yearly step-ups.

Jackson National also raised the fee on Lifeguard Freedom 6 Net lifetime withdrawal benefit by 0.15% and lowered the withdrawal percentages by 0.5% for the 75-year-old age band and 1% for the 81-year-old age band.

Lincoln filed several changes, including lowering the lifetime withdrawal rate on its i4LIFE Advantage to 3.5% for a 65-year-old. Lincoln also made several changes to the Lifetime Income Advantage 2.0 funds. The firm added an age band and reduced the withdrawal rate for 55-year-olds to 3.5% on the single version. For the joint version, Lincoln added an age band and reduced the 65-year-old withdrawal rate to 4.5%. Lincoln increased the eligible age to 70 on a feature that doubles the withdrawal rate if the owner needs to be admitted to a nursing home.

Monumental Life consolidated age bands and raised the fee on its guaranteed lifetime withdrawal benefit by 0.25%.

New Issues

Allianz issued Investment Protector, a new accumulation benefit with a 1.3% fee that guarantees principal after 10 years. The company will also increase the fees on its Income Protector withdrawal benefits by 0.35%.

Nationwide issued a new annuity with more than 100 subaccount options, many in alternative asset classes. The annuity costs 0.40% and offers a 4.5% lifetime withdrawal guarantee. A joint version offers a 4.25% lifetime guarantee at age 65 for a 0.95% fee.

Ohio National raised the fee on its single-life withdrawal benefits and increased the payout on the 70- to 74-year-old age band to 5%. It also issued a new lifetime withdrawal benefit that 5.5% on the single-life version and 5% on the joint version. If the account balance drops to zero, the benefit could switch to between 3% and 9%.

Another new issue is from Pacific Life: the Pacific Choice annuity, which has a 1.2% fee and two types of withdrawal benefits.

SunAmerica issued a new lifetime withdrawal benefit that offers a 5% lifetime withdrawal for 65-year-olds. The fee is 1.10% and the benefit comes with two step-ups. SunAmerica also increased the withdrawal percentage for its Income Builder-Dynamic Option by 0.25% to 5.25% for the single-life version and 5% for the joint-life.

Transamerica, though, had the most changes by far, with 39 new contracts. Revisions were made to the Axiom, Members, Advisors Access, Income Access, Partners, Principium, Retirement Income Plus and TA Variable Annuity products, including new death benefits and investment options. Transamerica also cut the initial payment guarantee and the fixed life annuitization option.

The Reitrement Income Plus is a new contract with a 5.5% lifetime withdrawal on the single-life version (5% for the join version). It offers six investment options with a 1.3% fee.

---

Check out Milevsky: Mispricing Annuities, Then and Now on ThinkAdvisor.

JPMorgan CEO: Government Lawsuits 'Unfair'

Pete Marovich/Bloomberg via Getty Images JPMorgan Chase Chief Executive Officer Jamie Dimon said Thursday that government legal cases, including those over mortgage securities the company settled for more than $13 billion, were "unfair." Dimon, speaking on CNBC in a prerecorded interview from Davos, Switzerland, said most of the government claims against the company were for dealings that took place at companies before JPMorgan (JPM) bought them in the financial crisis. "I think a lot of it was unfair, but I am not going to go into the details," Dimon said in the television interview. JPMorgan agreed last year to pay $13 billion to settle multiple government claims over dealings in mortgage securities at JPMorgan and at two banks it took over during the crisis, Bear Stearns and Washington Mutual. It also settled other assorted cases for about $7 billion more. Those included allegations stemming from derivatives and electric power trading and sales of extra products to credit card customers. Dimon said JPMorgan had "two really bad options" in choosing to settle or fight the cases. Going to court could have taken three or four years and the outcome could have been worse, he said. "It would really hurt this company and that would have been criminal for me to subject our company to those kinds of issues," Dimon said.

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Swiss bank UBS blames a rogue trader at its London office for a $2.3 billion loss that is Britain's biggest-ever fraud at a bank. Kweku Adoboli, the 32 year old trader, is sentenced to seven years in prison. Britain's financial regulator fines UBS after finding its internal controls were inadequate and allowed Adoboli, a relatively inexperienced trader, to make vast and risky bets.

ThermoGenesis Merging With TotiRx - Heating Up Cell Therapy Mergers And Acquisitions

In a previous article, I mentioned that stem cell companies are coming back in a big way. We've been seeing new mergers and acquisitions in the sector, and we've also seen additional positive, late-stage clinical trial data supporting the use of cell therapies in certain disease indications. It seems that the stem cell industry is no longer in its infancy.

I failed to mention one of the important mergers occurring in the space right now - the merging of ThermoGenesis (KOOL) and the private company TotipotentRx Corporation. This all-stock merger was originally announced on July 16, 2013. The integrated stem cell company that will be created out of this merger will be called Cesca Therapeutics, and it will be publicly traded under the same "KOOL" Nasdaq ticker.

Since these types of transactions can be quite confusing (especially this one), we will start with a "bottom up" approach. We will first discuss ThermoGenesis and TotipotentRx as independent entities. We will then discuss the new entity Cesca and the value created by the merging of the two businesses.

What is ThermoGenesis?

ThermoGenesis is a company that develops and commercializes devices that are used for stem cell isolation, research, and storage. Their main products include:

AXP® System - the "AutoXpress" system harvests stem cell-rich tissue from umbilical cord blood MXP™ System - the "MarrowXpress" system isolates stem cells from bone marrow aspirate Res-Q™ 60 BMC - an automated single-use device that isolates stem cells from bone marrow aspirate BioArchive® - a fully automated storage and retrieval unit for cryopreservation of stem cell samples at -196°C using liquid nitrogen. Stores 3,600 25mL samples, and reduces liquid nitrogen evaporation and ice buildup through automatic retrieval.

Although the company has been struggling to gain financial traction, it's apparent that the products are well-designed and wanted by consumers.

This seems especially true for the AXP system, which is gaining a lot of traction in ex-US markets. Portugal's leading blood stem cell bank, Crioestaminal, announced an early purchase of the device in April 1, 2013. Then, in June 2013, the United Kingdom's NHS Blood and Transplant signed a 5-year exclusive agreement for AXP. It's also worth noting that China's FDA approved AXP in May 2013, which paves the way for a new deal in that country.

As of September 30, 2013 the company was holding $5.3 M in cash and $16.5 M in total assets. The company had only $5.3 M in current liabilities, making the net worth of the company ~$11 M. 16.7 M shares were issued & outstanding.

The company is generating some income through the sale of its products, but the company is still seeing operational losses due to fixed costs. Net revenues in Q3 2013 were $3.64 M, and COGS was $2.25 M. Gross profit was $1.4 M, but this was not enough to offset total operating expenses of $3.7 M. To reach profitability, ThermoGenesis needs to increase the scale of its business while reducing expenses. One way to do this is to merge the company with another one.

What is TotipotentRx?

TotipotentRx is a private company that offers contract research organization (CRO) and related services, and it is also developing a number of autologous cell therapies. At time of writing, Totipotent has eight individual cell therapies for a variety of therapeutic indications. This makes TotipotentRx a very interesting hybrid therapeutics/service company.

The company is also in an exclusive partnership for cell therapy services with Fortis Health - the largest multi-specialty hospital chain in India. This partnership gives TotipotentRx direct access to over 8,500 patients at a time, 50 multi-specialty outpatient departments, and 48 blood labs for R&D purposes. Clinical trials could be performed in this system for a fraction of the cost of trials in developed countries.

Even though the trials would be conducted in India, collected data could be used to support an FDA approval given that the trials were conducted under certain requirements detailed in 21 CFR 312.120. This is a special set of rules that allows the FDA to review foreign clinical trial data (not collected after IND filing) for consideration of approval. Below are the guidelines (from 21 CFR) for FDA review of foreign data:

The rising cost of clinical research in the United States creates an opportunity to lower the cost of developing new therapies by moving research to undeveloped countries. TotipotentRx, in partnership with Fortis, is in a great position to offer significantly discounted CRO services to companies that are interested in the stem cell space. The catch is that the FDA is usually skeptical when it comes to foreign data.

However, Totipotent has already tested its stem cells (via Fortis) in >600 procedures with good results. A number of pilot and Phase I/Ib clinical trials have been conducted, supporting safety/tolerability in ten separate disease indications. Based on the existing data, the company intends to progress into late stage trials for avascular necrosis, and cardiac / critical limb ischemia (CLI).

Just today (January 21, 2014) ThermoGenesis/TotipotentRx announced statistically significant Phase IB clinical trial efficacy and safety results in critical limb ischemia. Critical limb ischemia is defined as a plaque-induced blockage of blood flow to the lower extremities (legs). A number of companies are investigating the use of stem cells for this particular condition, but not all of them have statistically significant efficacy results.

The cosponsored CLIRST (Critical Limb Ischemia Rapid Stem cell Therapy) trial apparently achieved both primary and secondary efficacy endpoints 12 months into data collection, with 17 patients. These efficacy endpoints included major amputation free survival rates, resting/walking pain reduction, improved walking distance, open wound healing, and vasculogenesis in the treated leg. While the data are based on a small population, the initial signs of efficacy

Also, no adverse events were detected. This bodes well for the safety profile as well.

These results will be discussed in greater detail by ThermoGenesis and TotipotentRx in greater detail at 5:00 PM EDT in a conference call. We will update the story if more information is revealed.

What will Cesca Therapeutics be?

Cesca will be one of the first integrated cell therapy companies. It will develop stem cell-based therapeutic products while providing CRO services (via Fortis) for extra revenue. Cesca would also be able to commercialize and utilize the devices developed by ThermoGenesis, creating another avenue for income. The businesses should be able to merge seamlessly before the end of 2014, which paves the way for late-stage trials.

We think Cesca's business could support a higher valuation ($70+ M) after the merger due to the creation of near and long-term value from the device and CRO/Therapeutics businesses. The new valuation would reflect the currently ~$30 M valuation of ThermoGenesis, plus the value of TotipotentRx's pipeline and CRO service business.

Based on the number of shares offered for the merger, it's estimated that TotipotentRx was worth ~$20 M at the time of the original deal. With the recent data release, we think another $20 M was added to the intrinsic value of the stem cell therapy pipeline. Throughout the next year, we also think that Cesca could significantly reduce managerial and operational expenses.

Neostem: An Integrated Stem Cell Model

Neostem (NBS) is an integrated cell therapeutics and service company that has already demonstrated the advantages of a this approach to the stem cell industry. Like Cesca, it is composed of multiple businesses that operate independently but synergistically.

Neostem has a progenitor cell manufacturing business that generates the bulk of the company's ~$3.7 M in quarterly revenues. The ~$.7 M of quarterly income generated from this business helps offset the combined costs of clinical development for three other subsidiaries being run by Neostem. This allows the company to create long term value for shareholders through clinical trials while providing direct value through an existing income-generating business.

Risk and Reward

After its creation, Cesca would be considered a high risk/reward investment. The company would be directly exposed to developmental and regulatory risks from the TotipotentRx therapeutic pipeline, and to the success or failure of ThermoGenesis' products. It is also worth noting that stem cell therapies are still highly experimental. Any positive data produced in a clinical trial for a stem cell therapy would be subject to intense scrutiny by the FDA and other regulators. This would be especially true for Cesca, since the data would be from India. We believe that the FDA would require an additional Phase IIB/III trial to approve any stem cell therapy that demonstrates its safety/tolerability in India.

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Having said this, investors should consider that Cesca's R&D budget for clinical research (and cash burn) should be lower than that of US stem companies. We also believe that the company would be able to streamline its stem cell device business, which could eventually produce enough income to offset development costs for the stem cell therapeutics division. This would allow the company to run more sustainably.

Gay rights bill gets Senate vote

WASHINGTON — The Senate is poised to vote today on a bill prohibiting workplace discrimination based on sexual orientation, but its prospects in the House remain dim.

Speaker John Boehner reaffirmed his long-standing opposition to the Employment Non-Discrimination Act Monday. "The Speaker believes this legislation will increase frivolous litigation and cost American jobs, especially small business jobs," said Boehner press secretary Michael Steel.

Today's scheduled procedural vote in the Senate — which needs 60 of the 100 senators to move forward — could clear the way for the first vote since 1996, when a similar bill failed in the Senate by a single vote.

The bill passed a Senate committee in July on a bipartisan 15-7 vote. Republicans Orrin Hatch of Utah, Mark Kirk of Illinois and Lisa Murkowski of Alaska all voted for it in committee.

Sen. Susan Collins, R-Maine, is a co-sponsor, and Sen. Dean Heller, R-Nev. said Monday he supports the bill because it "raises the federal standards to match what we have come to expect in Nevada."

With at least five Republicans in favor, the bill can pass with the support of 53 Democrats and the two independents.

Hatch's support is especially noteworthy. He voted against the proposal the last time it came up for a vote in 1996, saying it would result in a "litigation bonanza."

''The moral and religious sensibilities of millions of Americans will be overridden by this legislation,'' Hatch said in 1996, when he was chairman of the Senate Judiciary Committee. But proponents won his support with a provision that would exempt religious schools and organizations.

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That exemption does not go far enough for some social conservatives, however. Faith and Freedom Coalition founder Ralph Reed says he opposes workplace discrimination. "But this bill opens a Pandora's box of assaults on religious freedom! , litigation, and compliance costs for businesses and nonprofits that will be a nightmare," he said.

A 2009 report by the Government Accountability Office found "relatively few employment discrimination complaints based on sexual orientation and gender identity" in the 22 states that have such laws.

Contributing: Erin Kelly of Gannett News Service

Follow @gregorykorte on Twitter.

Thinking About Education Costs in Your 50s or Older

Getty Images Dealing with the costs of education isn't just a task for the young anymore. Even for those 50 or older, student-loan debt has become a key concern, with the latest figures from the Federal Reserve Bank of New York showing that those ages 50 to 59 had $112 billion in outstanding student loans -- almost 12 percent of all student debt -- while those 60 and older had $43 billion in student loans. Moreover, default rates among those 50 or older have jumped sharply in the past eight years, with 60-plus borrowers seeing default rates double from 6 percent in early 2005 to 12.5 percent at the end of 2012. Older Americans face unique financial challenges that can make repaying educational debt more difficult. Yet as college costs rise, many people older than age 50 want to try to help their children and grandchildren with educational expenses to avoid seeing future generations burdened with heavy debt. Let's examine to some ways older Americans can achieve both of those goals. 1. Recognize the Danger of Debt. The student-loan burdens that those 50 or older face are often much more difficult than those for their younger counterparts. With much of the debt they take on representing parental loans or cosigned loans for children and grandchildren, they often lack the flexibility in repayment terms that younger borrowers enjoy. Most private loans and parental loans don't offer income-based repayment options or other ways of reducing monthly payments, yet bankruptcy and other options of last resort won't get rid of them. Last year, reported that 119,000 retired Americans were having part of their Social Security benefits garnished to repay student loans. Make sure you understand the terms that govern tyour deb. Know your repayment options and prioritize the most burdensome loans first before turning to loans with more favorable rates and terms. That will give you the best chance to get your debt under control while you're still in a position to deal with it. 2. Don't Sacrifice Your Own Financial Future. When you hit your 50s, you're really reaching crunch time in terms of providing for your retirement. As your earnings peak, you'll never have a better time to put large amounts of savings toward that nest egg.

Top 5 Heal Care Stocks For 2014

Apple (NASDAQ: AAPL  ) wants to move away from Samsung. This we know. While the South Korean conglomerate has many independent divisions, Apple doesn't like giving the component segment business while the smartphone segment is its most viable competitor. To that end, the surest signs yet have emerged that Apple has inked a three-year deal with Taiwan Semiconductor (NYSE: TSM  ) .

The Mac maker is reportedly on board for 20-nanometer, 16-nanometer, and 10-nanometer production at TSMC over the next few years, compared to the current 32-nanometer process used at Samsung right now. Well, The Korea Economic Daily doesn't necessarily think that's the case, and now says that Samsung has scored a contract to supply Apple with 14-nanometer A9 chips in 2015. Those processors would power the future "iPhone 7."

The report does corroborate the news that Apple is going with TSMC for 20-nanometer production of A8 processors, but says Apple will be switching back to Samsung for the following generation. Samsung has a technological lead with its 14-nanometer process, giving Apple little choice but to get back with its biggest rival.

Top 5 Heal Care Stocks For 2014: Shamaran Petroleum Corp (SNM.V)

ShaMaran Petroleum Corp engages in the exploration and development of oil and gas properties in the Kurdistan Region of Iraq. It has working interests in the Pulkhana block covering an area of 529 square kilometers, Arbat block covering an area of 973 square kilometers, and Taza block comprising 511 square kilometers, as well as the Atrush block with an area of 269 square kilometers in the northern extension of the Zagros folded belt in Kurdistan. The company was formerly known as Bayou Bend Petroleum Ltd. and changed its name to ShaMaran Petroleum Corp. in October 2009. ShaMaran Petroleum Corp. is based in Vancouver, Canada.

Top 5 Heal Care Stocks For 2014: (FSM)

Fortuna Silver Mines Inc. engages in the mining and production silver and base metal in Latin America. Its primary assets consist of the Caylloma zinc/lead/silver mine, which is located to the northwest of Arequipa, Peru; and the San Jose silver/gold project that is located south of the city of Oaxaca, Mexico. The company was formerly known as Fortuna Ventures Inc. and changed its name to Fortuna Silver Mines Inc. in June 2005. Fortuna Silver Mines Inc. The company was incorporated in 1990 and is headquartered in Lima, Peru.

Top 5 Low Price Stocks To Buy Right Now: Crs Electronics Inc (LED.V)

CRS Electronics Inc. develops, manufactures, and sells light emitting diode (LED) lighting products for interior and exterior architectural lighting applications primarily in North America. It offers child safety systems for school buses; exterior lighting on school buses based on incandescent and LED technology; LED based space lighting products; and LED lamps and fixtures for retail and commercial markets. The company is also involved in the contract manufacturing of LED light boards. CRS Electronics Inc. was incorporated in 1998 and is headquartered in Richmond Hill, Canada.

Top 5 Heal Care Stocks For 2014: U.S. Bancorp(USB)

U.S. Bancorp, a financial services holding company, provides various banking and financial services in the United States. It generates various deposit products, including checking accounts, savings accounts, money market savings, and time certificates of deposit accounts. The company originates a portfolio of loans comprising commercial loans and lease financing; commercial real estate; residential mortgage; and retail loans consisting of credit cards, retail leasing, home equity and second mortgages, and other retail loans. It also offers wholesale lending, equipment finance, small-ticket leasing, depository, treasury management, capital markets, foreign exchange, and international trade services to middle market, large corporate, commercial real estate, and public sector clients. In addition, U.S. Bancorp provides telebanking and automated teller machine (ATM) services, as well as cash management services. The company, through other subsidiaries, provides trust, private banking, financial advisory, investment management, retail brokerage services, insurance, and custody and fund services; and payment services, including consumer and business credit cards, stored-value cards, debit cards, corporate and purchasing card services, consumer lines of credit, and merchant processing. U.S. Bancorp primarily serves individuals, estates, foundations, business corporations, and charitable organizations. It operates a network of approximately 3,031 banking offices and 5,310 ATMs. The company was founded in 1863 and is headquartered in Minneapolis, Minnesota.

Advisors' Opinion:

• [By John Maxfield]

  More than any other too-big-to-fail lender, however, Bank of America has grasped this. If you're a customer of the bank and have used its mobile app, then you know what I mean. It's far and away one of the best in the industry, second perhaps only to U.S. Bancorp (NYSE: USB  ) , which regularly ranks at the top of the heap in this department.

Top 5 Heal Care Stocks For 2014: Halozyme Therapeutics Inc.(HALO)

Halozyme Therapeutics, Inc., a biopharmaceutical company, engages in the research, development, and commercialization of recombinant human enzymes that transiently modify tissue under the skin to facilitate injection of other therapies or correct diseased tissue structures for clinical benefits. The company primarily offers recombinant human hyaluronidase, an enzyme that degrades hyaluronan, which is a matrix component in the skin, and facilitates the dispersion and absorption of drugs and fluids. Its portfolio of products and product candidates are developed based principally on intellectual property covering the family of human enzymes known as hyaluronidases. The company also provides Ultrafast Insulin program, a Phase II clinical trial product for the treatment of diabetes mellitus; and Enhanze technology, a proprietary drug delivery platform for subcutaneous delivery of injectable biologics, such as monoclonal antibodies and other therapeutic molecules, as well as sma ll molecules and fluids. It offers PEGPH20, a new molecular entity that is in Phase I trial for the systemic treatment of tumors; and HTI-501, a recombinant human proteinase, which is in Phase 1/2 clinical trial used for the treatment of edematous fibrosclerotic panniculopathy (cellulite). The company has collaborative partnerships with F. Hoffmann-La Roche, Ltd and Hoffmann-La Roche, Inc.; ViroPharma Incorporated; and Intrexon Corporation to apply Enhanze technology to the partners? biological therapeutic compounds. Halozyme Therapeutics, Inc. was founded in 1998 and is based in San Diego, California.

Advisors' Opinion:

• [By Maxx Chatsko]

  The treatment will add to its quickly growing expertise in blood treatments and biologics. Speaking of which, Baxter and Halozyme (NASDAQ: HALO  ) had HyQvia approved for marketing in Europe�earlier this year. The therapy boosts the immune systems of patients with primary and secondary immunodeficiencies, and combines multiple therapies -- both intravenous and subcutaneous -- into one subcutaneous product. It also allows patients to administer treatment at home every three to four weeks. In other words, it knocks the convenience category out of the park. Halozyme has had a tumultuous life on the public market, so this could be just the stabilizer shareholders need.

Big miss: Advisers seldom discuss retirement living arrangements with clients

Few financial advisers talk to their clients about their future housing plans, even though the financial implications of such decisions are huge. And by not doing so, they are missing a big opportunity.

Only about 14% of advisers have helped their clients create plans for their housing during retirement, such as downsizing, moving to a retirement community or arranging for long-term housing and care, a new survey of 506 financial advisers found. Legg Mason released the survey Monday.

That's a surprisingly low number, given that 36% of income is typically spent on housing during retirement, according to the Bureau of Labor Statistics.

About 40% of advisers said they don't help their clients plan for retirement housing because clients don't ask about it, the Legg Mason survey found. About 26% of advisers who don't help clients with this topic said they don't feel knowledgeable enough to discuss it.

Kathleen Pritchard, Legg Mason's head of adviser business development and a managing director, said clients aren't asking about it because they don't understand the “extraordinary financial impact” that future housing choices can have on their retirement savings. Costs can quickly outstrip savings if retirement housing isn't planned for carefully, she said.

“Planning for the financial implications of housing choices should become a much higher priority for aging investors and their advisers,” Ms. Pritchard said. “It's also a great financial planning opportunity for advisers.”

Having this conversation will elevate the whole financial planning discussion and thus create additional revenue and referral opportunities for advisers, she said. It also can “build a bridge” to the next generation.

Clients who have a plan for their housing needs and choices “can maintain control of the discussions and maintain their sense of dignity,” Ms. Pritchard said.

Anytime advisers have in-depth financial planning conversations with clients about retirement, the discussion should include housing options, she said. Even clients who remain in their homes need to plan because they will need to make it “age safe.”

Advisers are talking more regularly to clients about other aging challenges, according to the survey.

About 65% of advisers help clients with retirement savings, 34% help to pass on funds to future generations and 24% help with retirement goals, such as “bucket list” items, the Legg Mason survey found.

Even though most advisers don't talk to clients about it, advisers expect 27% of clients will downsize from their home when they are about 70, a qu! arter will move into a retirement community at around age 74 and 22% will settle into a facility with medical care at about 79 years old, the survey said.

Baron Funds Comments on Equinix Inc.

Equinix, Inc. (EQIX) is a leading Internet exchange service provider, serving communications, content and enterprise customers in state-of-the-art data centers. Equinix also offers interconnection services to customers seeking to connect directly with other Equinix customers. We believe that this "tethering" of customers in a network neutral environment creates important competitive barriers that distinguish Equinix from other data center business models. Last year, management indicated its intention to convert the company to a REIT. Shares were pressured this quarter, as the market grew concerned about the company's ability to make this REIT conversion. In addition, REIT shares themselves were under pressure on concerns that rising interest rates would depress their relative valuations in the stock market. We believe that Equinix remains an attractive investment, whether or not a REIT conversion eventually occurs.

From the Baron Funds' second quarter 2013 commentary.

Related links:Second quarter 2013 commentary

Stocks to Buy 2014: Get Ready to Double Your Money… Again

In the Aug. 2 Strategic Tech Investor, we introduced you to a new hot tech stock to buy: a Silicon Valley semiconductor company that is leading the charge into ultra-high-definition (UHD) video.

And we predicted the stock - which Wall Street had yet to discover - would double in less than three years.

It only took five months.

If you didn't pull the trigger on this under-the-radar stock, don't fret: The Wall Street pros are now interested and are saying this stock could double or triple from here.

And we agree.

This microchip player's existing businesses are zooming along at 40% and 50% annual rates. And the firm just announced a pact with Internet-search giant heavyweight Google Inc. (Nasdaq: GOOG), which we'll find out more about at the massive Consumer Electronics Show (CES) opening in Las Vegas Tuesday.

There's an old adage that says you never get a second chance to make a first impression.

And there's an investing parallel: You never get a second chance to get in on a "ground-floor" profit play.

With our UHD-video semiconductor company, you're looking at an all-too-infrequent exception to that rule. We're talking here about a company that's about to become a high-tech star - one of those rare "ground-floor" profit opportunities that can become an honest-to-goodness difference-maker in your life.

And you heard about it here first.

Google "Launched" This Stock

As trade events go, it's hard to beat the impact the Consumer Electronics Show has on the U.S. high-tech sector.

This is where you're guaranteed to see a steady stream of the world's most innovative products - everything from next-generation TVs to self-driving cars to 3D printing.

Indeed, a tech firm that finds itself with a hit product at CES is a lot like an actor or actress getting their "breakout" role in Hollywood.

And the company we recommended to you back in August as one of the best stocks to buy will be unveiling a new "wearable" video camera that it co-developed with Google.

We're talking about the Santa Clara, Calif.-based Ambarella Inc. (Nasdaq: AMBA), whose video-chip technology is finding its way into security cameras, automotive cameras, and the "wearable" video cams the "extreme sports" crowd uses to record their often-breathtaking exploits.

But the deal with Google could shoot Ambarella into an even-higher orbit.

The two companies revealed last month that they've jointly developed a wearable camera - the same product line that's been such a big hit with extreme sports participants - for use in the new "Helpouts" service app that Google unveiled in November.

Helpouts has been described as a live "how-to" service that will let teachers, counselors, doctors, home repair specialists, personal trainers, and others offer their paid or free expertise via real-time online video.

According to Ambarella, wearable-camera technology will let Helpouts instructors view live video from the trainee's perspective. And that will support truly interactive instruction in such topic areas as sports, fitness, art, cooking, engineering, or any other hands-on activity.

Ambarella says the Helpouts platform relies on its A7LW camera "system on a chip" (SoC). Among other things, the A7 stabilizes video even when users are in motion.

In addition, the camera can record full HD video while simultaneously streaming live video wirelessly.

For a small company like Ambarella - its market cap is a tiny $960 million - hooking up with a heavyweight like Google is incredibly bullish.

And there's a possible "wild card" that could cause Ambarella's shares to "go vertical" - at least in the near term.

Helpouts is clearly designed for use in Google Glass - the $1,500-a-pair wearable computer that Google unveiled to developers and a selected "test" audience earlier this year.

Nobody's saying if Ambarella is somehow connected with Google Glass. But if it turns out to be the case, you can bet that Ambarella's shares will move even higher.

Stocks to Buy 2014: A $19 Billion Opportunity

Finding out that Ambarella is somehow connected with Google Glass certainly wouldn't surprise us: After all, Ambarella clearly knows the wearable-tech market cold.

The firm already nailed it in the world of action-sports recordings, where its high-definition SoCs are the "brains" inside the GoPro Hero 3 wearable HD video camera.

Because the GoPro mounts to sports helmets, skiers love the device. If you ski, check it out next time you hit the slopes - you'll see bunches of skiers or snowboarders capturing "action" footage.

For its part, Ambarella certainly chose a great growth market to dominate. Berg Insight says sales of wearable devices will zoom by more than 50% a year to 64 million units by 2017.

Juniper Research forecasts industry sales of $19 billion by 2018. That's a nearly 15-fold increase from last year, when Berg says sales hit $1.4 billion.

Actually, this is the second year in a row in which Ambarella's stock will be getting a boost from CES.

At last year's event, the firm unveiled the A9 SoC. That device features several modules that provide HD still and video images and superior sound quality.

And as we mentioned above, wearable tech isn't the only growth market that Ambarella has taken a stake in.

Let's look at each one in greater detail.

Cashing in on Surveillance (I.C.U.)

With its advanced video systems on a chip, Ambarella also is shaking up the market for video security and surveillance.

You see, the industry is rapidly moving away from analog cameras operated on a closed-TV circuit in favor of new digital versions that make it possible to link into a computer network. This is known as Internet Protocol (IP) video security.

In October, Ambarella announced a new relationship with Dropcam, a cutting-edge service that provides cloud-based Wi-Fi video monitoring.

Ambarella will supply its HD SoC camera for the newly released Dropcam Pro. The new device offers improved low-light recording, higher sound quality, and easy wireless connection to a home network.

The move helps cement Ambarella's reputation as a technical expert in this sector. Dropcam receives rave reviews all over the Internet - one of its cameras gets four stars on Amazon.com, based on 1,342 customer reviews.

More to the point, video surveillance is a great growth opportunity for Ambarella.

The research firm MarketsandMarkets forecasts that overall video surveillance sales will climb from an estimated $15 billion in 2013 to $25 billion by the end of 2016. That's an increase of 60% in just three years.

Ambarella hasn't specified how video security contributes to sales.

But it is one of two key factors - along with wearable cameras - that helped the company's revenue grow 31% to reach $117.6 million for the first nine months of this year.

Ambarella isn't resting on its laurels, either.

The company is also going after a brand-new TV market.

"Ultimate" TV

When we talked about Ambarella back on Aug. 2, we told you the company's technology would give it a head start in the next-generation TV technology that's known as ultra-high-definition TV, or UHDTV for short.

Images on UHDTV sets are incredibly detailed because they have resolution of 4,000 horizontal pixels, which is why this technology also is called "4K."

It all boils down to a picture that is roughly four times sharper than today's best HD TV monitors.

UHDTV is still in its infancy, but is going to grow rapidly. The Consumer Electronics Association predicts that fewer than 25,000 UHDTV sets were sold in the U.S. market last year.

But the trade group predicts that figure will soar more than 60-fold by the end of 2016 to 1.43 million sets, or roughly 5% of TVs sold nationally.

The sector is expected to double again by 2018, giving UHDTV a 10% market share - which works out to a $3 billion opportunity.

Ambarella is uniquely positioned to cash in on 4K tech. It's already introduced its sophisticated A9 chip in the consumer-digital-video market for 4K cameras.

That should give it the inside lane when the professional 4K video market gets going in the next few years.

Ambarella (Nasdaq: AMBA): A Double... Again

Founded in 2004, the award-winning Ambarella went public in October 2012 at $6 a share. Today, the stock trades at about $34, for a post-IPO gain of nearly 460%.

But don't worry; we still see plenty of upside...

If you passed on Ambarella when we first talked about back in August, remember it's still not too late to jump aboard.

This is an incredibly well-run firm with excellent financials. The company is earning 17% on operations and boasts a return on stockholders' equity (ROE) of nearly 22%.

Over the past three years, Ambarella has grown earnings per share (EPS) by about 32%. That means both EPS and the stock could roughly double again in another three years.

Of course, the last time we predicted a three-year double, our estimate proved to be far too conservative.

And another surprise from Google could give Ambarella another near-term boost.

Stocks to Buy: We Were Serious About Sirius

Ambarella isn't the only recent recommendation that generated a pretty nice return in a very short period.

In the Dec. 17 Strategic Tech Investor report "The Tech-Sector 'Anomaly' That Could Double Your Money By Spring," we told you that satellite-radio player Sirius XM Holdings Inc.(Nasdaq: SIRI) was seriously undervalued.

We were right - and we weren't alone in that assessment. Cable-operator Liberty Media Inc. (Nasdaq: LMCA), which already owned 52% of Sirius, on Monday said it would buy the portion of the company it didn't already own.

Sirius is now up 12% from where we recommended the stock, in only 12 trading sessions - the equivalent of a 255% gain on an annualized basis. And there might be more still: Both The Wall Street Journal and Barron's said the price action in Sirius' shares demonstrate that investors feel the company is worth more, meaning Liberty might have to offer more.

No matter what happens from here, we can report that Sirius represents another solid piece of investment analysis - offered to you on an extremely timely basis.

[Editor's Note: If you want access to some even higher-profit market calls, take a look at Michael's brand new Nova-X Report. Each month Michael gives you specific buy and sell instructions on Big-Cap Tech Innovators that push the boundaries far beyond the norm... Small to Mid-Cap Visionaries with cutting edge technologies that can double- or triple your money... and Special Situation plays, like the one you see in this video. As you'll, see it's a unique opportunity that carries risk but gives you a chance to make enormous profits. Go here to learn more.]

What Zillow Gains From Its Recent Acquisitions

The Fool is exploring Seattle. Today, CEO Spencer Rascoff introduces us to Zillow (NASDAQ: Z  ) , telling us how the online home and real estate marketplace works, what he considers its greatest strengths, and what investors should know about it.

Spencer discusses Zillow's approach to acquisitions, with a closer look at the disruptive success story of Diverse Solutions.

The Motley Fool's chief investment officer has selected his No. 1 stock for this year. Find out which stock it is in the special free report: "The Motley Fool's Top Stock for 2013." Just click here to access the report and find out the name of this under-the-radar company.

Austin Smith: Looking at the competitive landscape, Trulia just landed the acquisition of Market Leader. I'm wondering if you have any thoughts, if this is anything that concerns you guys?

Spencer Rascoff: I'm very, very pleased with our portfolio of assets. We've made six pretty small acquisitions over the last two years. All of them have been small development teams, each of which had a small piece of functionality easily bite-sized, integratable into the mother ship of Zillow.

Especially in the agent tool space, I feel like we have the right set of assets to address that need. When you're integrating, you're not innovating, and it's very difficult for companies to swallow large acquisitions.

Austin: With regard to the recent acquisitions you've made, of course I'm sure they're all wonderful and they're all lending great things to the Zillow portfolio. Is there one that you really just see a tremendous amount of potential, and that you're most excited about?

Spencer: I think the one that has borne the most fruit so far would be the Diverse Solutions acquisition, which was about a year and a half ago. This is a company that, originally when we bought it, connected to about 150 MLSs and sold, wholesale, that MLS connectivity to other companies that created websites for agents and brokerages.

Top Biotech Companies To Own For 2014

Fast forward to today, they connect to over 300 MLSs, so they've dramatically increased their footprint, and we've changed their business model. They now -- we now -- produce websites for real estate agents and we give them away for free.

We have a very disruptive business model here, where we're basically competing against the sales channel of Diverse Solutions by giving away free websites to real estate agents. That has been a very successful acquisition for us.

Behold: A Promising Basket of Global Growers

Exchange-traded funds offer a convenient way to invest in sectors or niches that interest you. If you'd like to add some foreign-based stocks to your portfolio but don't have the time or expertise to hand-pick a few, the RevenueShares ADR ETF (NYSEMKT: RTR  ) could save you a lot of trouble. Instead of trying to figure out which companies will perform best, you can use this ETF to invest in lots of them simultaneously.

Unlike many international funds, this ETF weights its holdings by revenue, not market capitalization. Some smaller companies have more influence on it as a result. It also doesn't base itself on the MSCI EAFE index, which focuses mostly on Europe, the Far East, and Asia. It casts a wider net.

The basics
ETFs often sport lower expense ratios than their mutual fund cousins. The RevenueShares ETF's expense ratio -- its annual fee -- is a relatively low 0.49%. It recently yielded about 2.3%, too.

This ETF has lagged the MSCI EAFE index over the past three years, but the future counts much more than the past. As with most investments, of course, we can't expect outstanding performances in every quarter or year. Investors with conviction need to wait for their holdings to deliver.

The fund is fairly small, so if you're thinking of buying, beware of possibly large spreads between its bid and ask prices. Consider using a limit order if you want to buy in.

Why foreign companies?
It's a smart idea to diversify your holdings not only by market size and industry, but also geographically. If the U.S. economy stalls or slides, other economies may still be performing well, and could help offset losses in your portfolio. Many of the companies in this ETF are quite large and pay dividends. That should be welcome, as dividends can be quite powerful. Internationally reaped ones can be a little more complicated than domestic ones, though.

More than a handful of foreign companies had solid performances over the past year. Netherlands-based financial giant ING Groep (NYSE: ING  ) surged 50%, as it sold off various assets as part of a multibillion-dollar government bailout agreement. It spun off a stake in its U.S. operations via an IPO earlier this year, with ING U.S. expected to be rebranded as Voya Financial.

Vodafone (NASDAQ: VOD  ) gained 8%. The company holds a 45% stake in the successful Verizon Wireless business, with Verizon holding the other 55%. Vodafone shareholders are watching to see whether Verizon buys out the remaining 45%. The company may be less attractive without the Wireless stake, so there isn't uniform support for a buyout. In the meantime, Vodafone has been a solid dividend payer and has been buying back shares as well.

Other companies didn't do quite as well last year, but could see their fortunes change in the coming years. Spanish telecom concern Telefonica (NYSE: TEF  ) gained 5%. The company is saddled with a lot of debt, and some see it as a possible acquisition target. Meanwhile, Telefonica is pushing Windows phones in Europe, and it has sold its Irish subsidiary.

ArcelorMittal (NYSE: MT  ) dropped 22%, dealing with a weak global steel market. A giant in steel, it carries a lot of debt and hasn't been producing gobs of free cash flow lately. Still, some see it as promisingly priced now, with a forward P/E near 8, and a global economic recovery likely. Rising auto sales bode well for the steel company, too. Its stock is yielding about 6%.

The big picture
A well-chosen ETF can grant you instant diversification across any industry or group of companies -- and make investing in and profiting from it that much easier.

You can profit from growth in car sales with steel companies, but you might consider some automakers, as well, and might set your sights outside U.S. borders. China is already the world's largest auto market -- and it's set to grow even bigger in coming years. A recent Motley Fool report, "2 Automakers to Buy for a Surging Chinese Market," names two global giants poised to reap big gains that could drive big rewards for investors. You can read this report right now for free – just click here for instant access.

Citigroup, Bank of America, JPMorgan Chase: Pick a Bank, Any Bank?

In 2013, Citigroup (C) returned 32%, while Bank of America (BAC) rose 34% and JPMorgan Chase (JPM) advanced 36% versus the S&P 500′s 32% return. What does 2014 have in store?

REUTERS

Jefferies’ Ken Usdin, Bryan Batory and Thomas Shearer expect the good times to continue. They write:

While never free from controversy and incrementally burdened by regulation, this group offers attractive risk/return profiles. We see a path to solid EPS growth, ROA/ROE improvement, and increased capital return, providing an upward bias to stock prices and valuations.

Usdin, Batory and Sheare do play favorites, however, starting Bank of America and JP Morgan Chase at Buy and Citigroup at Neutral. They explain why they like Bank of America…

Bank of America has proven its intent to aggressively settle outstanding litigation, structurally lower its core expense base, and reengage in growing core businesses. The bank has grown its capital ratios to a point where capital return should directionally improve in '14 and beyond. A path toward improved profitability, potential for upward EPS revisions, and higher normalized earnings should result in multiple expansion.

…and JPMorgan Chase:

JPMorgan Chase recently put the largest of its litigation risk concerns to bed, which has allowed investors to re-engage to an extent. JPM still trades at a slightly lower multiple on '15 EPS vs. peers. With EPS closer to ‚normal‛ earnings level than the others, the story is more about execution and market share gains from here, which if successful should lead to additional re-rating over time.

…but feel lukewarm about Citigroup:

Citigroup has made substantial progress on winding-down Citi Holdings, generating excess capital, and improving efficiency. The bank has a path toward incremental EPS growth and ROA/ROE improvement for the next few years. We are concerned about downward EPS revisions on lower trading estimates and a slowdown of emerging markets economies. Downside risk is low with the stock around 1x tangible book, but shares could underperform peers.

Citigroup has gained 0.8% to $16.56 today at 3:34 p.m., while JPMorgan has risen 0.6% to $58.70 and Bank of America is up 0.4% at $16.56.

3 Ways Facebook Could Improve Its Business

Since its IPO, Facebook (NASDAQ: FB  ) has struggled to prove to the world that its business offers tremendous growth potential in the years to come. This is not surprising, considering the company has had a difficult time increasing its average revenue per user (ARPU), perhaps the single most important metric for investors to follow. Despite first-quarter total revenue increasing by 38% year over year, ARPU only increased by 12%. The majority of revenue growth can be attributed to active user growth, which increased by 23% to 1.11 billion users. Eventually, Facebook will reach a point where user growth begins to slow, which should be when the focus will shift more toward ARPU.

Longer term, Facebook's greatest challenge is figuring out how to grow ARPU without detracting from the user experience. It's not as simple as slapping a few more banner ads on the site since that will likely detract from user engagement, which could negatively impact the number of marketing opportunities.

Just because Facebook has struggled with growing ARPU in the past, doesn't mean the company can't overcome it in the future. Below are three ways Facebook could breathe big life into ARPU.

Earn the trust of marketers
Facebook has made earning the trust of marketers a top-three priority. To that end, the company purchased Microsoft Atlas in an effort to bolster its advertising tracking technology. The thinking here is that the better Facebook can measure the effectiveness of a campaign, the more advertisers it can attract. The more advertisers it can attract, the higher prices it can charge. Keep in mind, this logic assumes Facebook's ecosystem is an effective advertising platform to begin with, which the verdict is still out on. I suppose we'll have to wait and see if Facebook can build the proof that social media is an advertising effective medium.

Go local
Given Facebook's massive scale and worldwide reach, the company is in a unique position to serve local markets. Additionally, the social network is home to 16 million small businesses, which could help improve the impact of going local.

If Facebook solicited the opinion of users who simply checked into restaurants or local businesses, it would likely make Yelp (NYSE: YELP  ) investors very nervous. Although it isn't necessarily a new idea for Facebook to go after Yelp customers, it's certainly a powerful one. With a database of more than 39 million reviews and counting, Yelp attracts 102 million unique visitors who are looking for trusted local businesses. With Facebook's scale, it could seemingly out-muscle Yelp in a heartbeat, which in turn could translate into higher user engagement.

Another localized area where Facebook could enter is commerce. If Facebook entered the daily deals market, how do you think Groupon (NASDAQ: GRPN  ) investors would react? My guess is not well, considering the daily deals purveyor has yet to earn a full-year profit throughout the company's existence. Despite the carnage, the company has begun venturing into the e-commerce market and has set a goal to become a $100 billion a year business. Since Groupon is likely preoccupied with its massive ambitions, it could be a great opportunity for Facebook to begin partnering with local merchants.

Perhaps more importantly than the fees generated from daily deals is how Facebook could begin changing the consumer mind-set that its brand isn't only a platform for communication and entertainment, but it's also a platform for commerce. This could go a long way toward driving higher marketing spend because companies could be inclined to pay more for advertising if they knew a user was more in the mood to buy.

Close that gaping hole
Frankly, the fact that Facebook is providing a free service for businesses to directly promote themselves to customers and potential customers is doing a disservice to investors. For the businesses that have organically built up a large Facebook following, there's little, if any, incentive for them to spend money on advertising. This could be why less than 6.25% of businesses on Facebook are currently active paying customers. If Facebook were to begin charging a monthly subscription fee for businesses with a large following, it could significantly drive new revenue growth while simultaneously locking businesses into the ecosystem that want a social media presence.

Pay up, marketers!
As I highlighted earlier, Facebook's greatest challenge is to grow ARPU without detracting from the user experience. The ideas I've suggested will help drive ARPU growth by putting the burden more on marketers and businesses rather than the user itself. In fact, if Facebook were to implement either of the localized suggestions, it would likely improve the user experience.

With a few relatively simple moves, it's become clear that Facebook has the power to potentially improve the long-term outlook for investors. Let's just hope someone's listening.

The Motley Fool's chief investment officer has selected his No. 1 stock for this year. Find out which stock it is in the special free report: "The Motley Fool's Top Stock for 2013." Just click here to access the report and find out the name of this under-the-radar company.

Advisers brave polar vortex's brutal cold

Having a hard time getting up for work after your holiday? Try waking to brutal subzero temperatures like financial adviser Paul Jarvis.

For the Fargo, N.D.-based United Capital Financial Advisors employee, a normally breezy two-block commute turned painful today as the -45 degrees Fahrenheit wind-chill scorched his flesh.

“It feels like your face is going to freeze off,” said Mr. Jarvis, who was born and raised in North Dakota. “The raw temperature has been negative so long. I've had worse weather as far as blizzards and snow, but the consistency of negative temperatures – I haven't seen it this cold.”

Advisers and their clients in more than a half-dozen states are braving a polar vortex this week as an arctic air mass swept over the nation's midsection, sending temperatures in the U.S. plummeting to their lowest point in years in cities and towns from the Western Plains states to the Midwest and even to the South.

In Indianapolis, offices for Merrill Lynch Wealth Management closed and telephones were forwarded to other offices as the city's mayor, Greg Ballard, temporarily restricted driving to emergencies only. Charles Schwab Corp. closed its Indiana service center, suggesting on Twitter that clients who call may have to endure longer hold times. And advisers in other cities were forced to reschedule appointments as parents stayed with children excused from school for a snow day.

But for scores of advisers flung across the West and Midwest, the precipitous drop in temperatures over the weekend meant no respite from work.

For Matthew W. Hatfield, an Edward Jones broker in Ashland, Wis., -17 degrees was far from enough to deter him from what he described as unusually heavy business at the beginning of the year.

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“I did have one person not come in because their vehicle couldn't start, but that's it,” said Mr. Hatfield. “Worst-case scenario, I take a snowmobile.”

That is no joke. When Mr. Hatfield showed up to his gym early Monday morning, several snowmobiles were parked outside. Most of Mr. Hatfield's neighbors own the vehicles for exactly this kind of weather.

“That's called winter for us,” he said. And the chilly weather means better ice fishing, he added.

But public officials warn caution, saying the frosty temperatures can easily kill people who are not properly clothed.

Kevin R. Miller, president and CEO of Fringe Benefits Design Inc. in Bloomington, Minn., braved a wind-chill of -25 degrees. He offered practical advice: “Always tra! vel with a lot of winter gear in your vehicle. Wear a good coat and make sure you pay your utility bills.”

Clinton Struthers, owner of Struthers Financial Services, in Midland, Mich., said he made it in to work today, which is a half-mile from his home, despite the fact that it is only 13 degrees and has been snowing for the past three days.

“My God, they've closed everything around here, yet all the kids will still be able to make it to the mall,” Mr. Struthers said. “I've had one client cancel today, but she is 85 years old, so that probably makes sense.”

Joyce Hanson and Jeff Benjamin contributed to this story. Like what you've read?

Has Masco Made You Any Real Money?

Although business headlines still tout earnings numbers, many investors have moved past net earnings as a measure of a company's economic output. That's because earnings are very often less trustworthy than cash flow, since earnings are more open to manipulation based on dubious judgment calls.

Earnings' unreliability is one of the reasons Foolish investors often flip straight past the income statement to check the cash flow statement. In general, by taking a close look at the cash moving in and out of the business, you can better understand whether the last batch of earnings brought money into the company, or merely disguised a cash gusher with a pretty headline.

Calling all cash flows
When you are trying to buy the market's best stocks, it's worth checking up on your companies' free cash flow once a quarter or so, to see whether it bears any relationship to the net income in the headlines. That's what we do with this series. Today, we're checking in on Masco (NYSE: MAS  ) , whose recent revenue and earnings are plotted below.

Source: S&P Capital IQ. Data is current as of last fully reported fiscal quarter. Dollar values in millions. FCF = free cash flow. FY = fiscal year. TTM = trailing 12 months.

Over the past 12 months, Masco generated $112.0 million cash while it booked a net loss of $100.0 million. That means it turned 1.4% of its revenue into FCF. That doesn't sound so great.

All cash is not equal
Unfortunately, the cash flow statement isn't immune from nonsense, either. That's why it pays to take a close look at the components of cash flow from operations, to make sure that the cash flows are of high quality. What does that mean? To me, it means they need to be real and replicable in the upcoming quarters, rather than being offset by continual cash outflows that don't appear on the income statement (such as major capital expenditures).

For instance, cash flow based on cash net income and adjustments for non-cash income-statement expenses (like depreciation) is generally favorable. An increase in cash flow based on stiffing your suppliers (by increasing accounts payable for the short term) or shortchanging Uncle Sam on taxes will come back to bite investors later. The same goes for decreasing accounts receivable; this is good to see, but it's ordinary in recessionary times, and you can only increase collections so much. Finally, adding stock-based compensation expense back to cash flows is questionable when a company hands out a lot of equity to employees and uses cash in later periods to buy back those shares.

So how does the cash flow at Masco look? Take a peek at the chart below, which flags questionable cash flow sources with a red bar.

Source: S&P Capital IQ. Data is current as of last fully reported fiscal quarter. Dollar values in millions. TTM = trailing 12 months.

When I say "questionable cash flow sources," I mean items such as changes in taxes payable, tax benefits from stock options, and asset sales, among others. That's not to say that companies booking these as sources of cash flow are weak, or are engaging in any sort of wrongdoing, or that everything that comes up questionable in my graph is automatically bad news. But whenever a company is getting more than, say, 10% of its cash from operations from these dubious sources, investors ought to make sure to refer to the filings and dig in.

With 84.9% of operating cash flow coming from questionable sources, Masco investors should take a closer look at the underlying numbers. Within the questionable cash flow figure plotted in the TTM period above, other operating activities (which can include deferred income taxes, pension charges, and other one-off items) provided the biggest boost, at 37.4% of cash flow from operations. Overall, the biggest drag on FCF came from capital expenditures, which consumed 52.9% of cash from operations.

A Foolish final thought
Most investors don't keep tabs on their companies' cash flow. I think that's a mistake. If you take the time to read past the headlines and crack a filing now and then, you're in a much better position to spot potential trouble early. Better yet, you'll improve your odds of finding the underappreciated home-run stocks that provide the market's best returns.

Looking for alternatives to Masco? It takes more than great companies to build a fortune for the future. Learn the basic financial habits of millionaires next door and get focused stock ideas in our free report, "3 Stocks That Will Help You Retire Rich." Click here for instant access to this free report.

We can help you keep tabs on your companies with My Watchlist, our free, personalized stock tracking service.

Add Masco to My Watchlist.

Why Halfords Group Still Gets My Motor Running

LONDON -- If you walked up to a man on the street and asked him the following question, what do you suspect his answer would be?

"Who are Halfords, and what do they do?"

I'd wager a Mars bar -- or maybe even a full-size Toblerone -- that his answer would be: "A shop that sells car parts," or a derivative thereof. And for the most part, he'd be absolutely correct.

I have been a Halfords  (LSE: HFD  ) shareholder for just over a year now, and it's certainly been an interesting time for the group. In July last year, then-CEO David Wild was axed, which actually led to a rise in share price for a time. Shortly after, they appointed Matt Davies as new CEO. Davies was brought in with a view to revamp the Halfords brand, starting in particular with its subpar customer service efforts (something he had great success doing at his previous company, Pets at Home). Shortly after, the marketing chief and the advertising agency were both let go, signalling the start of a complete brand rethink.

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So how is Halfords doing since? Well, first things first, since May last year, the share price has risen from around 242 pence to 349 pence. A not-too-shabby rise of nearly 31%. Combine that with a healthy dividend payout, and you have yourself a great all-rounder.

But if we dig a little deeper into its recent trading update, are things still as rosy as they seem? Well, let's go back to my earlier question... If you indeed consider Halfords to be purely about retail, then the results probably aren't much to get excited about. Cycling sales were down nearly 9%, Car enhancement was down by 4%, and Travel solutions down by 5.5%.

But Halfords is more than just a retailer. It now has its own chain of Autocentres, which is where we are seeing the most exciting growth prospects. Despite like-for-like turnover in this area of only 0.8%, Halfords are now planning on opening a further 20-30 more locations this year. I imagine that the "new brand" that it's building will incorporate this still relatively new and unknown area, to hopefully spread the word that Halfords isn't all unhelpful staff wearing Day-Glo orange and black uniforms -- but a pure "one-stop shop" for all things automotive. And one other exciting thing to consider: Are there any other household names out there in this space that are looking to do the same? No -- so its market share could remain untroubled for a while yet.

Are you thinking that Halfords would be a good option to have in your retirement portfolio? If that's something you're currently building, then I urge you to download our free and exclusive wealth report, "5 Shares to Retire On." Inside are a mix of reliable dividend payers, and great growth ideas, to suit everyone's portfolio!

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Google Snaps Up a $39 Million Fiber Network in Utah for $1

SALT LAKE CITY -- Terms of an agreement between Google (GOOG) and Provo, Utah, show the company will pay $1 for a fiber-optic system that cost $39 million to build. Even as Google takes ownership of the municipal network, Provo will have to pay off loans for its construction for another dozen years. Provo officials say it's a good deal because the system hasn't been able to pay for itself. They say Google will make upgrades and complete connections to every home. And Google Fiber will offer basic Internet service to those in the system at no charge for a $30 hookup fee -- far less than the current $700 activation fee. Provo households are paying off the cost of the network with a $5.35 monthly utility fee, and city officials say they'll get something for their money now.

Best Gold Companies To Watch For 2014

Your smartphone already allows you to do instant price comparisons at the store, usually by scanning a barcode. There are several  apps that let you "showroom" in this way. We don't know which, if any, will be available for Glass. But assuming one of these apps gets ported over to the new hardware, you'll be able to get price comparisons just by picking up a product and looking at the barcode.

4 Oil and Gas Stocks to Buy Now

Popular Posts: 5 Biotechnology Stocks to Buy Now9 “Triple A” Stocks to Buy5 Tech Services Stocks to Buy Now Recent Posts: 4 Oil and Gas Stocks to Buy Now 16 Oil and Gas Stocks to Sell Now 5 Machinery Stocks to Buy Now View All Posts

This week, four oil and gas stocks are improving their overall ratings on Portfolio Grader. Each of these stocks is rated an “A” (“strong buy”) or “B” overall (“buy”).

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Chesapeake Midstream Partners’ () grade is moving up to a B (“buy”) this week from last week’s C (“hold”). Chesapeake Midstream Partners owns, operates, develops, and acquires natural gas, natural gas liquids, and oil gathering systems, as well as other midstream energy assets in the United States. .

Oiltanking Partners, L.P. () is progressing from last week’s rating of B (“buy”) as the company improves to an A (“strong buy”) this week. Oiltanking Partners engages in the terminaling, storage and transportation of crude oil, refined petroleum products and liquefied petroleum gas. .

This week, U.S. Energy Corp.’s () ratings are up from a C last week to a B. U. S. Energy explores for oil and natural gas. .

Cabot Oil & Gas Corporation () earns an A this week, jumping up from last week’s grade of B. Cabot Oil & Gas is an independent company that develops, explores, produces and markets natural gas, and transports, stores, and gathers it for resale. The stock price has risen 12.9% over the past month, better than the 1.7% decrease the S&P 500 has seen over the same period of time. .

Louis Navellier’s proprietary Portfolio Grader stock ranking system assesses roughly 5,000 companies every week based on a number of fundamental and quantitative measures. Stocks are given a letter grade based on their results — with A being “strong buy,” and F being “strong sell.” Explore the tool here.

Mid-Afternoon Market Update: Markets Mixed as iRobot Surges

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Toward the end of trading Tuesday, the Dow traded up 0.06 percent to 15,894.40 while the NASDAQ rose 0.01 percent to 4,029.33. The S&P also fell, dropping 0.17 percent to 1,783.07.

Top Headline
FactSet Research Systems (NYSE: FDS) reported a 4.8% rise in its fiscal first-quarter profit and issued a weak earnings guidance for the current quarter.

FactSet Research expects current-quarter earnings of $1.20 to $1.23 per share, versus analysts' estimates of $1.25 per share. It expects revenue of $225 million to $228 million, versus analysts' estimates of $227 million.

FactSet Research's quarterly profit surged to $52.2 million, or $1.19 per share, from $49.8 million, or $1.11 per share, in the year-ago period. Excluding one-time items, its adjusted earnings came in at $1.22 per share. Its revenue climbed 5.6% to $223 million. The company had earlier expected earnings of $1.21 to $1.24 per share on revenue of $222 million to $225 million.

Equities Trading UP
KKR Financial Holdings LLC (NYSE: KFN) shot up 28.47 percent to $12.14 after the company agreed to be acquired by KKR & Co (NYSE: KKR) for $2.6 billion.

Shares of Frontier Communications (NASDAQ: FTR) got a boost, shooting up 9.09 percent to $4.80 after AT&T (NYSE: T) announced its plans to sell its Wireline Residential and Business Services and associated assets in Connecticut to Frontier for $2 billion in cash.

iRobot Corporation (NASDAQ: IRBT) was also up, gaining 17.06 percent to $36.64 after the company got upgraded by Raymond James to a Strong Buy and a $39 price target.

Equities Trading DOWN
Shares of FactSet Research Systems (NYSE: FDS) were down 5.92 percent to $110.18 after the company issued a weak earnings guidance for the current quarter.

Spectrum Pharmaceuticals (NASDAQ: SPPI) shares tumbled 9.77 percent to $8.18 after the company announced an offering of $100 million of convertible notes.

Rockwell Medical (NASDAQ: RMTI) was also down, falling 19.90 percent to $10.80 after Brean Capital initiated the company at a Sell rating and a $4 price target.

Commodities
In commodity news, oil traded down 0.31 percent to $97.18, while gold traded down 1.12 percent to $1,230.50.

Silver traded down 1.07 percent Tuesday to $19.89, while copper fell 0.18 percent to $3.32.

Eurozone
European shares were lower today. The Spanish Ibex Index dropped 0.91 percent, while Italy's FTSE MIB Index declined 1.63 percent. Meanwhile, the German DAX fell 0.86 percent and the French CAC 40 dipped 1.24 percent while U.K. shares tumbled 0.55 percent.

Economics
U.S. consumer prices came in flat in November, while the core CPI rose 0.2%. However, economists were projecting both the main CPI and core CPI to gain by 0.1%.

The U.S. current account deficit shrank to $94.8 billion in the third quarter, versus a downwardly revised $96.6 billion in the second quarter.

The ICSC-Goldman Sachs store sales index rose 4.8% in the week ended Saturday versus the earlier week.

The Johnson Redbook Retail Sales Index dropped 1.4% in the first two weeks of December versus November.

The NAHB housing market index rose to 58.00 in December, versus a prior reading of 54.00. However, economists were expecting a reading of 55.00.

The Federal Open Market Committee begins its 2-day meeting today.

The Treasury is set to auction 2-year notes.

Posted-In: Earnings News Guidance Eurozone Commodities Forex Econ #s Economics Hot Intraday Update Markets Movers Tech

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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