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Exquisite describes this home!! The molding and trimwork alone is breathtaking. This freshly painted home features new carpeting, custom moldings, new appliance package, recessed lighting, gas fireplace, the list goes on. Magnificent best describes this low maintenance home. Two bedrooms, including beautiful master suite, recessed lighting, en suite full bathroom and huge walk in closet only add to the glamour. Entering the home, the tile entry insures guests have a moment to kick off their shoes and enjoy the comfortable opulence this home has to offer. The eat in kitchen features maple cabinets with brand new stainless steel range and dishwasher. The ceiling fan and under cabinet lighting are sure to keep you cool and help you see while you whip up your favorite treat. Off the kitchen is the open concept living area encompassing the formal dining area, living room and informal sitting area complete with a gas fireplace as the focal point. The custom trimwork throughout adds to the continuity while the size of the space allows for clear definition of the areas. The guest room and master suite are on opposite ends of the home allowing for complete privacy while hosting out of town guests. Adding to the value of the home is the one car attached garage which keeps you protected from the elements. Outside, enjoy minimal maintenance while reaping the benefits of a paver patio complete with retractable awning, beautiful landscaping, all while enjoying the natural surroundings. No view of the neighbors here!! The property backs to the woods so privacy is not an issue. Schedule an appointment today to see all this home has to offer all with minimal maintenane!!
Listing Area: Mount Laurel Twp
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Mommy has the electric blanket on today; I'm happy. Watching the cabbit chase the red cat through the house - I can't remember when I had that type of energy to run around and chase Nermal. I wish I could keep that #$%^ red cat and red dog from stealing my wet food. I think I'll go back to sleep.
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Major Marlowe looked up from the assault rifle he was reassembling for the thirtieth time. "What's eating the damn dwarf now?" the marine officer asked.
Chris shook his head.
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The 2016 Okanagan Valley Writers' Festival was so much fun, we're doing it again. Mark your calendars for April 7–9, 2017.
Over the next few weeks, we will be busy rearranging the website—watch for news about registration, our call for presenters, photos and feedback from this year's conference and special events, and more.
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- Call for presenters: closed.
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- Deadline for presenters' submissions: August 31, 2016
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Lekma's boost to Danbort FC Ahead of Kotoko's FA-Cup tieNews, Sports, Spotlight — January 28, 2011 at 11:14 am Print This Post | Email This Post
Ahead of Kotoko's FA-Cup tie
By John Vigah
Chieftains of the Ledzokuku-Krowor Municipal Assembly (LEKMA) last Friday donated an amount of GH¢2,500 to Danbort FC-a fearsome second division side in municipality.
The gesture was aimed to serve as a morale-booster to the Nungua-based contingent ahead of their high-status MTN-FA Cup clash against the defending champion Kumasi Asante Kotoko at the Baba Yara Sport Stadium in Kumasi this Sunday.
Municipal chief executive of Lekma, Mr. Daniel Armah, told the Times Sports yesterday that
the assembly has closely monitored the exploit of Danbort and believed the team can upset the apple-cart on Sunday.
Danbort has really lifted the flag of the municipality very high, we strongly reckon that the donation propel them to achieve a stunning feat over their more accomplished opponents on Sunday.
"Yes, we know playing Kotoko is a mammoth task, but I have great confidence in Danbort and this windows mite of ours should gear them on to produce the expected result, Mr. Armah asserted.
Receiving the money, a management member of Danbort who doules as the Development Chief of Nungua, Nii Odai Kwei III, expressed his profound appreciation to LEKMA, promising to put the donation to good quality use.
"let me assure you that we may appear small, but like the proverbial axe we are capable of cutting down the big tree," he said, amid a long-drawn-out applause.
Also present at the short-but-impressive ceremony were the Municipal Coordinating Director (Director of Administration) – Mr. Gabriel D.H Dari, Municipal Finance Officer- Mr. Augustine N. Angleoha, the clan head of Odaiteitse-We, Mr. Out Quaye and Mr. Raymond Dey, team manager of Danbort


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Rockwood Holdings (NYSE:ROC) saw a modest uptick earlier this week after the manufacturer of specialty chemicals and advanced materials announced the divestiture of its titanium activities.
I am not too enthusiastic about the deal, which is dilutive to shareholders. Furthermore, the remainder of Rockwood after the divestiture is quite a small company. Although it has promising assets, am not sure if they can continue to support the current valuation as shares have rallied some 40% year to date.
I remain on the sidelines with a slightly bearish stance.
The Deal
Rockwood announced that it has entered into a definitive agreement to sell its Titanium Dioxide Pigment business, and four other related businesses to Huntsman Corporation (NYSE:HUN).
Rockwood will fetch $1.1 billion for the operations and get rid of $225 million in pension obligations, with the final deal value being subject to customary adjustments.
The businesses being part of the deal include Titanium Dioxide Pigments, Color Pigments & Services, Timber Treatment Chemicals, Rubber/Thermoplastics Compounding, and Water Chemistry.
CEO and Chairman Seife Ghasemi commented on the rationale behind the sale, "With the sale of these businesses, we have successfully completed, ahead of schedule, all of our key objectives for 2013. In January of 2013, we announced a plan consisting of four strategic initiatives to further maximize shareholder value. We have delivered on all of them."
The businesses generated $1.54 billion in sales in the twelve months up to June of 2013, according to Rockwood's press release.
The deal is subject to normal closing conditions, including regulatory approval, and is expected to close in the first half of 2014.
Rockwood ended the second quarter of its fiscal 2013 with $321.7 million in cash and equivalents. The company operates with $2.22 billion in total debt, for a net debt position of around $1.9 billion.
Revenues for the first six months of the year totaled $1.61 billion, up 5.6% on the year before. Net earnings fell a whopping 83% to $51.2 million, partially on the back of one-time charges.
Note that these results exclude the contribution from the ceramics business which was sold in the summer. Adjusted earnings of the continuing operations fell by 43% to $112.2 million.
Trading around $68 per share, the market values Rockwood at $5.1 billion.
Rockwood currently pays a quarterly dividend of $0.45 per share, for an annual dividend yield of 2.6%.
Some Historical Perspective
Shareholders of Rockwood have seen solid returns ever since the company has gone public. Shares have risen from $20 in 2004 to highs of $40 in 2008.
Shares fell to $10 in 2009 amidst the financial crisis, but have steadily risen to all time highs around $69 at the moment.
Between the calendar year of 2009 and 2012, Rockwood has increased its annual revenues by a cumulative 27% to $3.51 billion. Net earnings rose to $383.5 million over the past year.
Investment Thesis
Rockwood's transformation process continues at an aggressive pace as it sells the third business so far this year. In July it sold its Clay Based Additives business for $635 million. The business generated annual revenues of around $191 million.
Rockwood furthermore sold its CeramTec business to private-equity firm Cinven for net proceeds of $1.75 billion.
So Rockwood ended the first half of the year with revenues of $1.61 billion; note that these were revenues from continuing operations, so this excludes the contribution from CeramTec, among others.
This does not exclude the revenue contribution from the sold Titanium Dioxide Pigments business, if I read the quarterly earnings report right, which generated revenues of $549 million, while reporting negative EBITDA of $0.9 million.
Note that Rockwood mentions in its press release that the unit reported $1.54 billion in annual trailing revenues, while Huntsman said in its press release that it sees EBITDA of $200 million from the acquired businesses, excluding synergies.
So you can see my confusion here. Based on the performance in the first half of the year, annual revenues could come in around $3.2 billion. Yet we have to exclude the revenue contribution of the to be sold activities to Huntsman which amount to $1.5 billion according to Rockwood itself. This leaves a company with merely $1.7 billion in annual revenues, if my calculations are correct.
This is a similar story with regards to EBITDA. First half year reported EBITDA of $238 million implies annual EBITDA could approach $500 million, assuming similar market conditions. Yet the divested activities generated EBITDA of $200 million according to Huntsman, resulting in a company with annual revenues of $1.7 billion and EBITDA of $300 million.
Yet the market continues to value Rockwoods' equity at $5.1 billion, while the net debt position will be reduced below $1 billion following the deal. No matter how promising the remaining lithium and surface treatments business might be, the valuation seems a bit rich to me.
If the analysts above is even slightly correct, the equity in the business is now valued at 3 times annual revenues and 17 times EBITDA, which is a bit steep.
Back in June of this year, I last took a look at Rockwood's prospects. I concluded that the ceramics divestiture could propel shares to fresh all time high.
At the time, the company continues with its strategic transformation, which has already created a lot of value for its shareholders. yet after selling three businesses over the past summer, it appears not much is left of Rockwood. Back in June I was optimistic as divestitures could results in shareholder presents through dividends or share repurchases.
Now I think the company has sold a bit too much of its activities, as I am not happy with the divestiture to Huntsman at cheaper EBITDA multiples of around 6.5 times, when factoring in the assumption of pension liabilities.
The dilutive divestiture and the fact that Rockwood is now transformed in to a much smaller company, although operating in a promising business, is a worry to me with shares around their highs.
Valuation multiples for the remaining businesses are very elevated, if my calculations are correct, so I remain on the sidelines. While I initially had a bit of an upbeat stance, I have turned slightly bearish following the news.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.


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Brief SummaryRead full entry
Fairy Duster
Think of a feather duster and you can picture the fairy duster flower. The flower of the shrub is a pink-orange puff ball that can be up to 2 inches in diameter. They bloom all year round. The whole bush grows 8 to 48 inches tall. The leaves on the bush are compound leaves that are made up of 4 pairs of ¼ inch leaves. The fairy duster is a part of the pea family and eaten by many of the desert animals. The habitats in which the fairy duster is found are in sandy washes, slopes and mesas.


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Average Rating
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1 out of 2 people found this review helpful:nothing less of a great animethis show for me has proved its worth, as a harem romance this show will not be liked by all although it shouldn't be shunned by the genre because its one of the best of them, art style was unique, the story flowed nicely, was very entertaining and funny, and ended happily with a sense of satisfaction, keep in mind that this anime is also an eroge so if you dont like the girl who was chosen for ...Read more
2 out of 3 people found this review helpful:A Bridge to the Starry Skies..It was cute but typical.. a show that my little sister's enjoy! It has a very cute name though that got my attention. I like how the series was short. The characters look very cute as well ^_^ Overall, 4 stars is decent enough for this show.
1 out of 1 people found this review helpful:A Romantic Comedy of FriendshipThe show is about Kazuma Hoshino, a young student in the accompany of his young brother Ayumu Hoshino they both move to the beautiful countryside of a rural city called Yamabiko, on the way there they get lost and a monkey takes Ayumu's hat so Kazuma chases it into the woods where he bumps into a petite girl named Ui Nakatsugawa, she helps him find his way back to the bus stop where Ayumu is ...Read more
Was a half decent-time killerThe show was average. If this review isn't the first one you've read on the show, it was extremely predictable with only a few conflicts that felt minor. The main character felt very generic and static. I really liked the character design and the humor made me chuckle.
really good series!!it is kind of a love story comedy. i watched some of the episodes twice! i don't know why i loved it so much but the anime in it is really cute. a good watch for most people.
just so you know my favorite girl in this anime is Kasane Toudou.
2 out of 2 people found this review helpful:A bit of a let down on how fast they summed up everythingThis anime has many of the wonderful features as do other animes. This anime has love quarrels, drama , and a little ecchi put into it but this anime has a small feature that I didn't really liked. First of all the main protagonist hero choses they most obvious girl and that the series ended pretty quickly.
1 out of 1 people found this review helpful:Bit of a let down...Was hoping for a twist in the story but sadly it never came and the ending was all too predictable. This was a fairly standard series with nothing new really, if it wasn't for the beautiful artwork I'm not sure I would have watched it until the end.
19 out of 20 people found this review helpful:Does well for an adaptation.A Bridge to the starry skies, is an adaptation of the visual novel "Hoshizora e Kakaru Hashi". The anime centers around 2 brothers, moving from the city to the country side due to the poor health of the younger sibling.Read more
The anime is a cliche of romance and harems, as this is an adaptation from a game, therefore should be expected. Even with this, the anime does well, as the beautiful visuals ...
1 out of 8 people found this review helpful:2Hearts Review: A Bridge to Starry SkiesThree stars for this show is probably to much, but Im just to nice.
I almost can't believe I finished watching this show, it was to typical.
So ranting aside, I liked the art, the people where kinda dumb/ but dear, and fanservice couldn't have made you blush faster. IT WASN'T WORTH YOUR TIME!
Not Recommended
1 out of 9 people found this review helpful:Nothing special, we've all seen it before!It's an okay anime, but it's too slow going and predictable... WAY TOO PREDICTABLE.Read more
We've all seen it; Transfer student comes to town - guy makes mistake - girl gets mad - beach episode - every girl suddenly wants the akward and nerdy boy as if he was the last guy on the planet - we end up with a dissapointing ending!
It's really bad, and too overrated.
you might like this though if you're 11 ...


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Lyrics to 'A Whole New World' by Aladdin. Aladdin: I can show you the world / Shining, shimmering, splendid / Tell me, princess, now when did / You last let6/12/2007 Aladdin - A Whole New World Sing-along Lyrics on-screen PLEASE LEAVE A RATING OF THE VIDEO BEFORE YOU LEAVE!12/2/2007 My debut original EP now available: https://itunes.apple.com/us/album/sta... Find me on... iTunes: http://itunes.apple.com/us/artist/nic... Amazon: http ..."A Whole New World" is a song from Disney's 1992 animated feature film Aladdin, with music by Alan Menken and lyrics by Tim Rice. The song is a ballad between the ...A Whole New World (Aladdin)I can show you the world Shining, shimmering, splendid Tell me, princess, now when did You last let your heart decide? I can open your eyesGeneral Midi's S-Z Click on the flower to listen to and/or *save the file *Please download (save) files to your own hard drive. Linking directly to my site is ...The latest music, band and film blogs from the NME.COM teamProgressive Rock Music Ultimate Discography ... with Free MP3, Videos and Reviews / from Progarchives.com, the ultimate progressive rock websiteThe Manhattan Theatre Club's 2015-16 off-Broadway season will feature new plays by Nick Payne and Nick Jones. This fall, the world premiere of Jones' Important ...
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- 07-22-2014, 05:05 PM Thread Author #1
please help....Keyboard problem with commas
I've never had anything other than an iphone, I swore by them. I just upgraded and bought the Galaxy s5, I LOVE it, it is so much better than the iphone, more feature's etc...The only problem I have with this is when I'm texting a bunch of comma's are everywhere, no I didn't put them there, and text a paragraph to make sure lol...I dont know what it is that is going on and cant find anything on the net. Please help!!
This is what it looks like when I text...
Hi, how are you? Are, you still, going with me, to town,? I hope, so because, I miss you, and, would, love to see, you,
Talk, to you, soon,
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Re: please help....Keyboard problem with commas
Welcome to Android Central! Maybe it's on Christopher Walken mode.
Seriously, though--you're typing, not dictating, right?
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Re: please help....Keyboard problem with commas
Welcome to Android Central.
If you are using the Samsung keyboard, it seems the movable comma is getting hit by the space bar, I don't know. If you want to continue using the Samsung keyboard, I think ambassador B.Diddy would suggest clearing the cache and the app data in the Samsung keyboard App Info found in General - Application Manager - All - touch Samsung keyboard. Clearing the data would lose your saved word predictions, so you can clear cache only, but it doesn't take long to get them re-learned.
You should also give the SwiftKey keyboard a try. It is recommended by most, and has a more logical, configurable and easier to use layout.
You could still switch between default keyboards in settings.
I think @B.Diddy was forgetting it is actually referred to as the Matt LeBlanc / Joey Tribiani Mode. Pausing pensively while trying to remember his acting lines.
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Languages Without Borders - Accomodation
The conference official accommodation site is Delta Winnipeg Hotel, centrally located and directly linked to the Convention Centre
350 St. Mary Ave., Winnipeg, MB, R3C 3J2, Canada. See map here
Hotel Rates:
We are pleased to confirm the following special rates*:
|Room Category
|Room Rate
|Delta Room
|Premier Room
|Signature Club
|Junior Suites (one-bedroom)
*Room rates are based on single or double occupancy and no meal plan. Prices are subject to the following taxes: provincial sales tax 7%, federal goods & services tax 5%, accommodation tax (subject to GST) 5%. To view room facilities, click here.
Make your online reservations at www.deltawinnipeg.com/0413cana
Book your room as early as possible to secure a spot limited number of rooms available!
Delta Winnipeg Direct Toll Free Reservations: 1-888-311-4990.
Delta Winnipeg Reservations Department: +1(204)-944-7243.
Email: email@example.com.
Special Considerations:
- complimentary high speed internet in all guestrooms.
check-in time is 3:00 pm and check-out time is 12:00 pm (noon)
CASLT group rates are valid from April 16 to April 22, 2013, based on space availability;
- each extra person sharing a room over and above 2 adults will be charged an additional $15.00 plus tax per night. There is no charge for children up and including the age of 18 years who share with parents;
- regular workshop/presentation sessions and receptions are held at Delta Winnipeg;
- exhibit show, morning plenary sessions, breakfast, lunch, and breaks are held at the Convention Centre (2 min. walk from the hotel);
- for parking info, please click here.


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Jill Weisenberger, MS, RDN, CDE, FAND, CHWC an internationally recognized nutrition and diabetes expert and consultant to Angels of Mercy Clinic will speak at an upcoming diabetes awareness event. Diabetes is the leading cause of blindness in American adults. Over 8 million Americans have diabetes and don't know it. Williamsburg Host and James City Lions Clubs have arranged diabetes awareness spin classes at Iron Bound Gym at 10:00 and 11:00 Saturday morning February 27th. A short presentation will be given between the two classes at 10:45. Lapel pins, certificates, and diabetes literature will be available for participants. There will be a drawing for a door prize. There is no charge and you do not need to be a member of the gym to participate in the event. To sign up call Iron Bound Gym at (757) 229-5874 or email email@example.com .
Posted by: Theodore Cors
This item was posted by a community contributor.


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Casto started the season on the Triple-A Columbus Clippers' roster but was recalled to the Nationals before the Clippers ever played their first game. Casto rejoined Columbus for a little over a week before being recalled his second time. When given another chance at the big leagues, Casto found himself trying a little too hard to prove he deserved to be there.
"I think the problem was that I was trying too hard," Casto told CapitolDugout.com. "I was trying to do too many things at once and trying to hit a 5 run homerun every time at bat, instead of just taking the pitches the pitcher was giving me. I wasn't in the same mind set as I had been down here; I think I just got too excited when I went back up there."
Casto's stints at the major leagues seem like a distant memory to him now since he has spent the last four months with the Clippers. During his time in Columbus, Casto has been working on improving his game and getting it back up to where he expects it to be. However, despite all the hard work, he still feels that he has been inconsistent.
"I think I've been very inconsistent. I haven't been able to come out on a daily basis and do what I want to do and haven't been able to compete the way I wanted to," Casto said. "I don't feel like I've been overmatched or anything I just feel like I've been beating myself a little bit."
Casto says it's not a mental thing but more of just not being able to get into a consistent rhythm. In the past few weeks, he has tried to step back and reevaluate things. He feels he needs to just let things happen instead of trying to make them happen. Driving the ball the other way is another thing that Casto hasn't really done this year that he has in the past and something he has been working on.
While Casto has been hard on himself, his statistics have been decent. Casto is hitting in the middle of the line up with an average of .253. He also has 11 homeruns, which is the third highest on the team, and 41 RBI's. But for Casto, that still is not where he hoped to be this far in the season.
"I know my stats haven't been bad but when I hold myself to my own standards, I feel like I could have done a lot better this season," Casto admits. "I know its tough moving around and doing all those things and I do take that into consideration but I still hold pretty high standards and I feel like more than anything, those standards are what count."
As far as homeruns are concerned, Casto thinks of them as missed hit doubles that he got under a little bit. Instead, he takes pride in being able to bring runners home, which he hasn't been able to capitalize on this year as he has in past seasons.
"There have been a lot of RBI situations that I've been in where you should get runners in that I haven't been able to come through in, especially guys at third with less than two outs," Casto said. "I have really been struggling with that this season."
One thing Casto does think he has done well in this season is his defense. No matter whether he plays 3rd base or left field, he feels he has been consistent and tries his best to make all the plays.
Even though Casto might beat himself up over his performance, he says it works to his advantage. Without any push, there would be no improvement and since the coaches aren't going to sit there and lecture him, he lectures himself.
"Playing in the major leagues has always been a dream of mine and hopefully I'll get a chance to go back. I only push myself and hold myself to such high standards because I know it makes me a better player. If you just settle with the performance you give, you won't improve. At the end of the season I will really evaluate the whole year and go from there but right now I just want to finish strong and see what happens."


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The Official Random Thread!
I like waffles
Re: The Official Random Thread!
But yeah I will join your discussion, let's talk about people reporting hard and busting other, act like good forum user and police officer on the forum, you know Mini-Mod
Re: The Official Random Thread![ Edited ]
thelegendaryD wrote:
The official Random Thread where you post and talk about random things! (Nothing inappropriate)
Actually I think you'll find this is the "OFF TOPIC DISCUSSION" Forum, also adding "nothing inappropriate" is like asking for everyone to break Forum rules!
I also think only Moderators can create Threads with the word "Official" in it!
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Halladay, Lee, Hamels, Utley, Pence, Price, Longo, Briere, Jags
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Re: The Official Random Thread!
Sorry for the bump but I didnt want to make a new thread....
Thus I am posting in here, after using the search.
Sooo guess what I finally have a new title... Takes forever to change when you get a high post count.
Well whoopie I am a Origami Killer
The Origami Killer is the main antagonist and perpetrator of several kidnappings and murders in the Heavy Rain world. The most recent case the killer is suspected to be involved in is the kidnapping of Shaun Mars, the son of Ethan and Grace Mars.


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They're on your tongue, under your armpits, in your guts and on your skin. In fact, any place you can think of there are microbes living on, under, or in between there. In their unimaginably large numbers, these micro-organisms determine our lives – even though we never see them. Micropia, the w... Read More
A new tool -- a type of ultraviolet light called UVC -- could aid hospitals in the ongoing battle to keep drug-resistant bacteria from lingering in patient rooms and causing new infections.
Some hospitals have already begun using UVC machines in addition to standard chemical disinfection to k... Read More
Michael Doyle, PhD, Regents Professor of Food Microbiology at the University of Georgia's College of Agricultural and Environmental Sciences, discusses a variety of alternative food preservatives which can prevent unintended contamination of foods by pathogens and spoilage microbes.
ASM's vir... Read More
Jonna Mazet, PhD, UC Davis School of Veterinary Medicine, is interviewed by Vincent Racaniello, PhD, Columbia University, New York, about emerging pathogen surveillance and public health. Dr. Mazet is the Principal Investigator and Global Director of the novel viral emergence early warning proje... Read More
Ian Goodfellow, PhD, Cambridge University, is interviewed by Vincent Racaniello, PhD, Columbia University, New York, about state of lab capacity in Africa during the Ebola outbreak. Goodfellow made the decision to go to Sierra Leone during the late summer of 2014 after following the media covera... Read More


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- 12-17-2012, 10:22 AM Thread Author #1
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- 36 Posts
JB Brightness slider in notification menu
I know a lot of people are really excited about having that brightness slider there, but my wife and I are not as excited. We use auto brightness all the time and the slider, though nothing wrong with it, is extremely annoying to have in the notification menu.
I've done some searching around on this and XDA as well as on the phone and so far no one has found a way to "disable" or delete that. There is a flash that will get rid of it, but the OP used creative licensing for some color/font/graphic changes that we don't particularly want. Has anyone else found a way around the slider, yet?
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Access your personal account or get JSTOR access through your library or other institution:
Idealizing an Organic Landscape: J. I. Rodale, the Rodale Press, and the Pennsylvania Countryside
Andrew N. Case
The Pennsylvania Magazine of History and Biography
Vol. 138, No. 1 (January 2014), pp. 73-98
Published by: The Historical Society of Pennsylvania
DOI: 10.5215/pennmaghistbio.138.1.0073
Stable URL: http://www.jstor.org/stable/10.5215/pennmaghistbio.138.1.0073
Page Count: 26
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Encyclopedia of White-Collar Crimeby Jurg Gerber , Eric L. Jensen
Persian Title: دانشنامه جرم یقه سفید
Summary and Info
The high profile collapse of Enron, WorldCom, and Arthur Andersen are recent examples of corporate scandals that have rocked the business world. This comprehensive encyclopedia covers the history and current state of major corporate and other forms of white-collar crime. While emphasis is placed on contemporary events, the most significant events from the history of white-collar crime are included as well. Geographic coverage focuses on events in English speaking parts of the world, but major cases in other countries are also included.From Union Carbide's deadly man-made disaster at Bhopal, to the oily mess caused by the Exxon Valdez, to the financial shennanigans that brought down Barings Bank, to Jim Bakker's daliances and the fall of the PTL empire, this no-holds-barred comprehensive encyclopedia of white-collar crime leaves no stone unturned in its exhaustive inventory of malfeasance committed by the wealthy. After an essay on the historiography of white-collar crime, roughly 200 alphabetically arranged entries (written by leading scholars in the field) provide an in-depth look into the various aspects of white-collar crime, describing people, laws, companies, types of crimes, and events.
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Australia has a subsidized higher education for students pursuing the undergraduate degrees. They also give loan and grants for the post graduate students. Higher learning starts at undergraduate degree level to a doctoral degree offered in any field of study.
Online Masters in Real Estate in Australia
The Master of Property provides a flexible and relevant learning experience that meets the current and anticipated future needs of students, employers, the property industry and the wider community. The program is aimed at those already working in the property industry, or those working in related sectors who aspire to move into this field. [+]


text:
Jerry Colangelo, the czar of Team USA's mens basketball program, told me a few minutes ago that DeMarcus Cousins will be invited to play for the Select team at the pre-Olympic training camps in Las Vegas and Washington, D.C. Colangelo and coach Mike Krzyzewski also planned to add a few players to its list of 20 Oympic finalists later today. The number of finalists had been trimmed significantly because of season-ending injuries suffered by Derek Rose, Dwight Howard, Chauncey Billups and LaMarcus Aldridge. Lamar Odom was bypassed for obvious reasons - he was dropped by the Dallas Mavericks after enduring a miserable season - though there been some speculation that he could be among the additions.
Cousins, 21, had hoped to be named to the Olympic team - which was highly unlikely - but last week said he would accept an invitation to play for the Select team. Consisting mostly of younger NBA players, the Select team's role is to practice and scrimmage against the Olympians. More importantly, Cousins' inclusion adds him to the national team's pool of candidates who will be named to the 2014 World Championship and 2016 Olympic squads.
"They haven't called yet," said Cousins' agent, John Greig, "but my expectation is that he would accept. He takes seriously the responsibility of representing your country."


text:
Rv parques
In the Florida panhandle, on a strip of land outside Pensacola, between the Gulf of Mexico and Choctawhatchee Bay, sits an RV vacationer's paradise. Camp Gulf has cabins and RV sites situated right on the water. Their motto: You can't get any closer than this. Maybe that's why it's been ranked one of the top RV parks by the Travel Channel. Play in the ocean, build sand castles, and enjoy a camp ice cream social. This is old-school fun on the beach.


text:
K. D. Aubert
Born Dec 6, 1978
Karen Denise "K.D. " Aubert who usually goes by K.D. Aubert is an American actress and former fashion model.
View newly released photos of K. D. Aubert.
Learn about the memorable moments in the evolution of K. D. Aubert.
1978 Birth Born on December 6, 1978.
2003 24 Years Old Aubert is also one of the four original Fantanas, a female group of spokesmodels appearing in TV commercials for the soft drink Fanta. She was the Strawberry Fanta. She is featured with her fellow Fantanas in the Maxim magazine online girl gallery and was ranked #91 and #97 on the Maxim Hot 100 Women of 2003 and 2004, respectively. … Read More
Original Authors of this text are noted on http://en.wikipedia.org/wiki/K._D._Aubert.
Text is made available under the Creative Commons Attribution-ShareAlike License.
Text is made available under the Creative Commons Attribution-ShareAlike License.


text:
KDE and Gnome: Details for Jamaica and Gran Canaria
Dates for lectures at the first Akademy extension, "Camp KDE", (Jan 17 to 23, 2009) in Jamaica have been set. Dates for the first KDE-Gnome conference in Gran Canaria have also been agreed, (July 3 to 11, 2009) along with a location.
Presentation suggestions have been reviewed and selected, says a report from the Camp KDE organizers. 14 special KDE themed lectures will be held middle of January in Negril, a tourist resort on the west tip of Jamaica. Topics will include, "KDE and business software", "Plasma and small formfactor devices" and "Cmake", to name a few. The lectures are planned for the Saturday and Sunday (Jan 17 and 18), with two days of informal discussions following, ("Bird of a feather discussions") and another two days of joint programming (Hackathon).
Individual dates for Camp KDE, which defines itself as a biannual, time and place extension of the European based aKademy, can be found in an announcement on the KDE news page.
Meanwhile, KDE and Gnome's combined conference, the "Gran Canaria Desktop Summit", has been set for one specific date. The event will take place shortly before the main holidays and will last a whole week (July 3 to 11, 2009). Organizers have placed information about the region, climate and administration of the Canary Islands on their fresh website. Probably a result of cooperation with the government of Gran Canaria, who is co-hosting the event.
Issue 195/2017
Buy this issue as a PDF
Red Hat Releases RHEL 6.9 Beta
Makes it easier for customers to move workloads into container-centric applications.
SUSE Working on a New Operating System Called MicroOS
SUSE's answer to container-centric operating systems.
Biggest Kernel Release Ever
Linux 4.9 is the biggest release in terms of number of commits.
CentOS Linux 7 (1611) Released
The latest version of the official RHEL clone is here.
openSUSE Rolls Out 42.2 Leap
New release targets Linux professionals.
Cutting-Edge Fedora 25 Released
The Fedora project adds Wayland and Gnome 3.22
CeBIT 2017: The Open Source Forum
CeBIT 2017: Open Source Forum Call for Papers
Say it Ain't So! Microsoft Joins the Linux Foundation
Long-time Linux antagonist joins the revolution.
How to Bypass Authentication on a Linux System
Major bug affects Debian/Ubuntu distributions.
Ubuntu Core 16
Canonical releases the minimal edition for embedded devices, Internet of Things, and cloud deployments.


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unlimited vision pack - download fast -=39pR=-
unlimited vision pack.zip - download 2015
Name: unlimited vision pack.zip
Release: 2015
Type: WinZip
Total Downloads: 14196
License model: Shareware
Language: English
Last updated on: 01/21/2015 04:37:29
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Keys:01/21/2015 04:37:29
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Tustin Area Council for Fine Arts announces tryouts for summer 'Peter Pan' staging
Want to be on stage this summer? Want your friends and family to witness your dancing talent? You might even be flying through the night air with Peter and the Darling children.
Auditions begin Monday for roles in the Tustin Area Council for Fine Arts' 14th annual Broadway in the Park summer production of "Peter Pan" in cooperation with 3-D Theatricals.
Please bring headshot and résumé, and if singing prepare 16 bars of a song in the style of the show. Bring sheet music in correct key. Score will be provided if singing from the show. Accompanist will be provided. No a cappella.
"Peter Pan" is a musical based on the play by Sir J.M. Barrie, with lyrics by Carol Leigh and additional lyrics by Betty Comden and Adolph Green. The music is by Morris "Moose" Charlap, with additional music by Jules Styne. The original musical was adapted, choreographed and directed by Jerome Robbins.
This production will be staged Aug. 19-23 in Old Town Tustin at Peppertree Park.
Tickets can be purchased in June at venues around Tustin and through the TACFA website. All tickets are $18.
There is a special rate of $16 each for groups of 25 or more.
Group tickets must be purchased online.
Information is available online for reserved tables.
3-D Theatricals is a professional theater company that operates out of Fullerton and Redondo Beach and produces Broadway-caliber shows.
TACFA is a philanthropic organization dedicated to the development, showcasing and support of the arts in the Tustin area.
Visit tacfa.org or call 714-518-5519 for information.
– Submitted by Tustin Area Council for Fine Arts
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- Thesis: Yahoo's (NASDAQ:YHOO) stock is undervalued by 17% to 45% using a sum-of-the-parts valuation methodology. Yahoo's holdings of Yahoo! Japan and Alibaba suggest that Yahoo's core operating entity (core-Yahoo!) has a "stub value" of between -$10.31 to $1.32 per share. Within a portfolio of businesses, core-Yahoo! is deadweight. As a standalone entity, however, core-Yahoo! would command a significantly greater market valuation. Yahoo! will unlock shareholder value as it divests itself from its investment portfolio. The addition of cash to Yahoo!'s balance sheet resulting from the sale of Alibaba shares during the upcoming IPO should catalyze an upside correction.
- Catalysts: The catalyst that should trigger an upside correction in Yahoo!'s stock price is the addition of approximately anywhere from $7.45 billion to $10.05 billion USD ($7.22 to $9.75 per share) of after-tax cash to Yahoo!'s balance sheet resulting from the planned sale of 208 million Alibaba shares during Alibaba's hotly anticipated IPO.
- Margin of Safety: Taking Yahoo!'s two largest investments in Yahoo! Japan and Alibaba at their respective market values implies that the equity of Yahoo's core operating business may be valued from between -$10.63 to $1.37 billion USD. Yahoo's stock price reflects an extreme "conglomerate discount" in which the sum is less valued at much less than the parts. The ability of Yahoo! to divest of its investments, coupled with the fact that equity cannot be valued at less than $0, should limit downside to Yahoo!'s stock price to not much below its current market price.
- Asymmetry: Reasonable upside potential coupled with limited downside risks makes going long YHOO one of the better asymmetric trades around.
- Caveats: (1) I recommend going long YHOO as a TRADE, not a long-term investment. I abstain from weighing in on Yahoo!'s long-term prospects until management produces evidence of sustainable top and bottom line growth led by Yahoo!'s core operating businesses. (2) Estimates used in the valuation of YHOO rest squarely on the assumption that Alibaba's IPO will price at no less than $45 per share, or about $100 billion USD for the entire firm. Factors that affect Alibaba's ability to conduct an IPO in a timely fashion and within its expected price range (e.g., unnecessary delays, reporting discrepancies, or even hiccups in the broader IPO market) could materially affect my thesis and may signal potential exits from this trade.
YHOO may be undervalued by 17% to 45%, with a price target range of $39.76 to $49.32. Looming catalysts could propel share prices by that amount in the near future. While Yahoo's pending "turnaround" could send shares much higher over the long term, exploring the catalysts that could return the firm to growth is beyond the scope of this article.
I am not out to disprove the efficient market hypothesis, but when you compare Yahoo!'s balance sheet to its market capitalization, you've got to wonder. Assuming that Yahoo! Inc.'s 35% stake in Yahoo! Japan and 24% stake in Alibaba are held at their respective market capitalizations of $35.6 B USD and $100-$150 B USD implies that the market values Yahoo!'s core operating business's equity at anywhere from between -$10.63 to $1.32 billion USD, or -$10.31 to $1.32 per share. Although Yahoo! could indeed be worthless, it cannot be worth a negative amount. Therefore the situation merits further investigation. If Yahoo!'s core operating business is not worth less than $0 per share, then what is it worth?
Core-Yahoo!'s implied negative value could be indicative of a rare mis-pricing. The value a market assigns to a parent company's equity in cases of equity "spin-offs" or "carve-outs" is often referred to its "stub value." Since equity (i.e., common stock) is a call option on a firm's assets and/or future cash flows, the value of equity cannot be less than zero. Although conglomerate discounts, in which a portfolio of disparate companies is valued at a discount to the sum of the individual companies' values, are fairly common in the markets, a negative "stub value" alone represents an extreme case of a mis-pricing. The last time in recent memory when a company of such notoriety as Yahoo! commanded a negative stub was in 2000, the height of the tech bubble, when 3Com spun off Palm 1 2. Historically speaking, investors would have fared well from buying the relatively undervalued business and selling the relatively overvalued business.
The Big Picture
Before exploring the intrinsic value of YHOO shares, we owe ourselves a sobering reminder that Yahoo! has been struggling to find its niche in the internet search and advertising space ever since Google (NASDAQ:GOOG) (NASDAQ:GOOGL) took the industry by storm. Over the last several years, Yahoo! has been progressively losing global market share. From July 2007 to December 2013, Yahoo! had lost approximately 9% of the global search market's market share. (Figure 1, Table 1, Figure 2, Table 2).
Since Marissa Mayer took over as CEO of Yahoo! in 2012, Yahoo has trumpeted its "turnaround" strategy, which aims to return the firm to growth by increasing the popularity of the company's core offerings. The objectives of turnaround include "a redesign of the web portal, a renewed emphasis on mobile sites, an expansion into social media through the $1.1 billion acquisition of Tumblr, and increased investment in creating attractive content" 3. However, we have yet to see meaningful growth from Yahoo's core offerings. At best, efforts of the turn-around have only slowed the hemorrhaging of Yahoo!'s market share (Figure 3, Table 3).
Given the fierce competition from industry heavyweights like Google and late comers like Microsoft's Bing, Yahoo! faces an uphill battle to maintain its relevance in the search space. As we shall soon explore, this rather dismal outlook is already more than factored into Yahoo!'s stock price.
A Bright Spot
The gloomy picture painted by industry macro-trends is starkly offset by the performance of Yahoo's investment portfolio. Given Yahoo!'s spat of success at picking profitable investments in the search and advertising spaces, perhaps investors should begin to consider how Yahoo! has transformed itself into as much an investment entity as it is an operational entity.
Comparing the results of Yahoo!'s US operations against the relatively strong performances of its 35% stake in Yahoo! Japan and 24% in Alibaba shows that Yahoo! may have invested quite wisely. Tables 4 and 5 demonstrate how these operating entities have fared over the last three fiscal years. Most notable is Alibaba's explosive growth over the last three years, with revenues nearly tripling where the bottom line has grown by over 725%.
A comparison of Yahoo's Income from Operations versus Income from Equity Interests isolates the performance of Yahoo's core operating business from its partly owned subsidiaries. Notably, Income from Operations has been steadily shrinking in relation to Earnings in Equity Interest.
Judging from Table 6, it currently appears that as of 2013, Yahoo's core business operations account for approximately 40% of Yahoo's net income (Table 6). This will be an important assumption going forward. For better or worse, it appears as though Yahoo! Inc. is as much an investment firm as it is an operational entity. Moreover, Yahoo! appears to have been much more successful as the former rather than the latter.
An Aptly Timed IPO
Alibaba's upcoming IPO should be seen as extremely fortuitous for Yahoo! As a result of agreements between Yahoo! and Alibaba, Yahoo! has committed to sell 208 million shares of Alibaba at Alibaba's upcoming IPO. While the firm has yet to announce the final details of the IPO, some analysts believe that the firm could file SEC Form 1/A within days 4.
On October 23, 2005, Yahoo! acquired a 46% stake in Alibaba for about $1 billion USD in cash. On September 18, 2012, Yahoo! Sold 523 million shares back to Alibaba for $13.54 per share, or about $7.1 billion USD in total consideration for a pre-tax gain of approximately $4.6 billion USD. Under current terms of the buyback agreement, Yahoo! has agreed to sell an additional 208 million shares of Alibaba, which can either be sold directly back to the firm or in the IPO.
Given Alibaba's rapid growth, shares are expected to IPO at an inflated price of between $45 to $70 per share. The initial offering is expected to sell approximately $20 billion USD of stock for approximately 10% to 20% of Alibaba's outstanding shares. Not only is this within striking distance of the largest IPO ever (that title currently being held by China Agricultural Bank at $22.1 billion USD), but implies and assigns a massive valuation to Alibaba's equity of between $100 to $200 billion USD 5.
The IPO will bring in a lot of cash for Yahoo! To put the IPO in perspective, consider that if Alibaba were to IPO at a price which valued the firm at $200 billion USD, the company would be trading at 29.7x 2013′s sales and 71.2x 2013′s earnings; not quite in Amazon's or Tesla's ludicrous ballpark, but close. By comparison, if the firm were to be valued at $100 billion USD, its trailing P/E ratio of 35.6 would not be significantly higher than Google's; an apt comparison if you ask me. While estimates of the firm's market value vary widely depending on the analyst, I believe that a range of $100 to $150 billion assigns an appropriate margin of safety for the purpose of further analysis.
Given CFO Ken Goldman's statement that $3 billion of cash on the balance sheet is optimal, adding cash in excess of that mark could unlock value in a number of ways 6. Excess cash might stimulate the management to perfect its share buyback program, make long-term strategic decisions about its operating entity, engage in future acquisitions, and possibly even pay a special dividend. Hopefully, sound BoD oversight limits management's celebratory excesses.
What is Yahoo! Inc.'s Stock Worth?
Yahoo!'s market cap of $35.058 billion USD on 4/25/2013 in context with its two largest investments in Yahoo! Japan and Alibaba implies that Yahoo's core operating business (Yahoo! Inc.) may be valued from between -$10.31 to $1.32 per share. Given only that equity cannot be valued at less than $0 suggests that Yahoo may be under-valued. A conservative discounted cash flow analysis suggests that Yahoo!'s core operating business would be worth approximately $6.08 per share as a standalone entity. Building from this base, a sum-of-the-parts style analysis indicates that equity in Yahoo!'s total business portfolio is worth between $39.76 to $49.32 per share, representing a 17.0% to 45.1% premium to the $33.99 closing price as of 4/28/2014. A 17% discount requires a stretch of imagination even for the most potent conglomerate effect, especially given that Yahoo! Inc. and its subsidiaries are not a conglomerate since they operate in the same industry. Moreover, the 17% discount forms a lower boundary. Therefore, going long YHOO represents an asymmetric investment opportunity with limited downside and reasonable upside potential.
My valuation of YHOO's intrinsic value begins by investigating two scenarios. Scenario A assumes Alibaba's IPO values the firm's equity at $100 billion USD (~$45.85 per share). Scenario B assumes Alibaba's IPO values the firm's equity at $150 billion USD (~$68.78 per share). While the scenarios will be conducted in two separate columns, many of the metrics used will not vary between each scenario.
Scenario A: Alibaba's IPO values firm at $100B USD
Scenario B: Alibaba's IPO values firm at $150B USD
A snapshot of Yahoo!'s relevant accounts before the public offering captures the present value of its financial holdings (Table 7).
Table 8 summarizes the expected results of Yahoo!'s sale of 208 million Alibaba shares. I have assumed that 4% of gross proceeds would go to under-writer fees and that the gross gains would be taxed at a 25% corporate income tax. In reality, fees and taxes could vary materially. However, the 25% capital gains tax rate, which represents China's rate, is conservative given the US rate of 20%5. If capital gains were under threat from double-taxation, Yahoo! would likely lock up this cash in an offshore balance sheet account.
Table 9 is the summation of Yahoo's financial accounts before the sale (Table 7) with the effect of the sale (Table 8). The small decrease in the book value of Yahoo!'s Alibaba holdings is more than offset by the gargantuan increase in cash.
Discounted Cash Flow Analysis
A sum-of-parts analysis of Yahoo's business portfolio requires that we first determine what Yahoo!'s core business entity would be worth as a standalone entity. To estimate core-Yahoo!'s earning power, we turn to Table 6 which suggested that 40% of Yahoo's net earnings power is attributable to core-Yahoo!
In order to make forward-looking estimates, we would first like to determine how the Wall Street Consensus has fared recently. Figure 4, YHOO EPS vs. Analysts' Consensus, shows that the Street has underestimated Yahoo! recently, perhaps to Marissa Mayer's credit (Figure 4, Table 10).
Table 11 shows that analysts' estimates are broadly based in a number of opinions. Chances of outliers and outright manipulation decrease as the number of analysts increase. Although more brains are not necessarily smarter than one, I believe that consensus estimates as presented are sufficient.
Table 12 shows how I came up with a 10.1% discount rate using a modified CAPM cost of equity approach.
In order to determine the value of core-Yahoo!, I have used a ten-year discounted earnings model with no terminal value. These parameters seem roughly appropriate for an internet company with minimal hard assets, nothing to liquidate, and a limited useful-life for its technology. First, I estimate the future value 2014′s and 2015′s earnings attributable to core-Yahoo!'s as a standalone business by estimating which portion of EPS would be attributable to Yahoo!'s 35% stake in Yahoo! Japan and its remaining 14.5% stake in Alibaba (assuming the sale goes as planned). Then I apply the analysts' consensus 10.39% growth rate for the remaining eight years. The discount of 10.1% was determined in Table 12. Table 13 shows the present value of the future earnings given the aforementioned parameters.
Finally, table 14 summarizes the disparate parts of the valuation by adding the sum of future earnings attributable to core-Yahoo! to the expected after-tax net cash per share (after the sale of Alibaba shares), and the expected market values of Yahoo!'s remaining ownership in Yahoo! Japan and Alibaba. According to the pure math, Yahoo! is undervalued by between 17% and 45%, depending heavily on the price at which the firm is able to sell Alibaba shares during the IPO.
Core-Yahoo!, as a conglomerate entity of Yahoo! Inc., is undervalued compared to what it would/should be worth as a standalone business entity. Yahoo! Inc.'s unwinding of its stake in Alibaba should unlock significant shareholder value in the near future.
Gaps in the Analysis
The most obvious gap in this analysis is that I have assumed that Yahoo! Japan and Alibaba are valued at their current and/or expected market capitalizations. In this case, value does not necessarily convey worth. Although we know at which price the markets value Yahoo! Japan and Alibaba, the scope of this analysis does not explore their intrinsic values.
Parting Thoughts
Yahoo! is likely to use the $7.5 to $10.0 billion USD of cash generated from the sale of Alibaba shares to continue its aggressive share repurchase programs and make strategic acquisitions. Yahoo!'s uses for the cash received in exchange for its Alibaba shares are an important consideration for the long-term investor. While the bulk of the cash could be used to perfect existing share repurchase programs, real lasting value will be created only if Yahoo! can get its house in order. Investors should also be hopeful that the congratulatory gifts, fat bonuses, and other revelry will be kept to a barely noticeable minimum.
Up to $5 billion of the excess cash is likely to be used in perfecting existing share repurchase programs. Stock repurchases have been a major theme under CFO Ken Goldman. From June 2011 to 2013, Yahoo! spent $7.13 billion on share purchases. As of Q4 2013, and under current repurchase programs, the firm is authorized to repurchase an additional $5.09 billion worth of shares 7. Assuming that Yahoo! intends to maintain a net cash balance of $3 billion, this leaves about an additional $2 to $5 billion that can be spent on putting the house in order and making acquisitions.
Although share repurchases will unlock value by boosting Yahoo!'s EPS even in the absence of organic growth, real lasting value is created, not unlocked. Yahoo! can create value either through organic growth of Yahoo!'s core search and advertising offerings, through strategic acquisitions that are synergistic to Yahoo!'s core offerings, or through well-timed acquisitions of additive businesses. However, badly thought out and/or badly timed acquisitions can just as easily destroy value.
CEO Marissa Mayer has spoken nice words about a "turnaround" that is taking place in the company to reinvigorate the company's core offerings. However, judging by Yahoo!'s ever-eroding market share in the search domain, this turnaround has yet to produce lasting fruits.
Acquisitions are another viable route to growth. Well thought out strategic acquisitions are ideal, but are extremely difficult to identify. While you almost can't pay too much for a great acquisition (i.e., one that multiplies the value of one's existing offerings), finding reasonable deals in today's bubblicious new-tech marketplace is simply unlikely. Mediocre acquisitions paid for at a premium price, like Yahoo!'s purchase of Tumblr in May 2013 for $1.1 billion, can add to online presence and drive revenue growth, but will even under auspicious circumstances take a long time to provide a reasonable ROI; i.e., they are not game changers. Finally, bad acquisitions can destroy value wholesale. Yahoo!'s management needs to practice extra diligence lest they be sucked into the whirlpool of euphoria that is today's new-tech bubble.
The Bottom Line
In conclusion, Yahoo!'s stock is undervalued today. The Alibaba IPO should help Yahoo!'s management unlock value in the near future. Lasting value, however, must be created through top and bottom line growth. Ideally, this growth will be driven by a bonafide turnaround of Yahoo!'s core businesses. Alternatively, good acquisitions could substitute for organic growth. If the current state of euphoria in the new-tech market spills over into Yahoo!'s cup, long-term value could just as easily be destroyed through bad acquisitions. Until there are definitive signs that a turnaround is happening, led by Yahoo!'s core search and advertising businesses, I am reluctant to recommend holding the stock long term.
- www.chicagobooth.edu/capideas/win02/mark...
- I am not calling this market a bubble, but certain parts of it are beginning to a look pretty bubblicious.
- finance.yahoo.com/news/why-marissa-mayer...
- moneymorning.com/2014/04/10/as-ipo-date-.../
- online.wsj.com/news/articles/SB100014240...
- www.forbes.com/sites/ericjackson/2013/12.../
- Yahoo!'s 2013 10-K
Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in YHOO over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.


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