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Turnaround Letter
Out-of-Favor Stocks with Real Value

Cabot Turnaround Letter 121

This month we review how the capital markets performed in 2020 and provide our outlook for 2021. We look at the broad equity market and trends below the surface, including growth/value, large/small and sector returns. We also briefly discuss the global equity and commodity markets as well as the U.S. fixed income markets. Our outlook starts with a review of how our 2020 outlook turned out, then dives into what we see for 2021 for the S&P 500, touches upon the rising influence of the two “Easts” and our wariness about speculation, and concludes with some timeless perspective about investing.

The issue also reviews the high yield bond market. We follow the high yield bond market as it provides a different perspective on equity markets. Importantly, there is considerable overlap among high yield bond investors, turnaround investors and private equity investors who may acquire undervalued companies.

Each January, we highlight our “Top Five” stocks for the coming year, based on a combination of favorable risk/return and timeliness. For 2021, our Top Five includes Conduent (CNDT), Meredith Publishing (MDP), Newell Brands (NWL), Signet Jewelers (SIG) and Wells Fargo (WFC).

Our feature recommendation is Ironwood Pharmaceuticals (IRWD). The market views Ironwood as a failed pharmaceutical company but its low share valuation, steady/rising profits and the presence of an effective activist investor make the stock a stand-out value, in our view.

The letter also includes a summary of our recent sales of GameStop (GME) and Freeport-McMoran (FCX), our price target increases for Trinity Industries (TRN), Adient (ADNT), DuPont (DD) and General Motors (GM) as well as the full roster of our current recommendations.

Please feel free to send me your questions and comments. This newsletter is written for you. A great way to get more out of your letter is to let me know what you are looking for.

I’m best reachable at I’ll do my best to respond as quickly as possible.

Cabot Turnaround Letter 121

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2021 Outlook: Positive, Yet Signs of Speculation
Following the S&P 500’s incredibly strong 33% total return last year, adding to a remarkable decade-long bull market, it would have seemed a stretch to think that 2020 would bring more gains. Had we known that the world would be rattled by a devastating pandemic that brought a 10% drop in global economic output and a 31.4% plunge in U.S. output in the second quarter, we would have been shocked if the market was even flat for the year. But, with expectations for a full recovery and some very generous fiscal and monetary stimulus from Washington, the broad market has surged 16.9%.

Returns highlighted the stark divergence between pandemic beneficiaries and pandemic losers. Growth stocks (+37%) left value stocks (+2%) almost at the starting blocks. Sector returns within the S&P 500 also illustrated this split. The strongest sectors included the technology (+40%) and consumer discretionary (+31%) sectors, driven by mega-cap stocks like Amazon and Apple (both +73%). Old-economy victims of the pandemic, including the energy (?36%), financials (-8%) and real estate (-6%) sectors, produced the weakest returns. For comparison, the equal-weighted S&P 500, which weights all stocks equally, produced a 12% total return.

Small cap stocks plummeted earlier in the year as investors couldn’t sell them fast enough, but by the fourth quarter investors couldn’t buy them fast enough. Their crisp 31% fourth quarter rally brought year-to-date small cap returns to +19.6%, at parity with large cap stocks (+19.7%).

Outside of the United States, the lack of digital economy stocks weighed on the MSCI EAFE index of developed country markets, which rose a modest 5% in dollar terms. On a local currency basis, EAFE returns were actually negative (-2%), but this was masked by the weak dollar (-7%). Emerging market returns (+14%) were driven by the pandemic’s effect on each country, with strong gains in relatively unscathed China, South Korea and Taiwan more than offsetting sharp declines in hard-hit Eastern Europe and Latin America.

Vast and steady purchases by the Fed, along with high demand by buyers across the investor spectrum, buoyed bond prices and depressed yields. The 10-year U.S. Treasury yield fell to a near-rock-bottom interest rate of 0.95%, while the 3-month T-bill currently yields 0.09%, or essentially zero. As falling yields mean higher bond prices, bond returns produced another year of gains. Investment grade corporate bonds generated a 9.0% total return while high-yield bonds gained 6.2%. Investment grade corporate bonds now yield an average of only 1.71%, a remarkably low rate, while high yield bonds provide an average yield of 4.22%. Nearly $18 trillion in global bonds now have negative yields, including government bonds in many developed countries. However, the 10-year Chinese government bond yield is 3.3%.

Counter-intuitively in a weak economy, commodity prices broadly surged, as sharply recovering demand met tight supplies. Copper rose 29% to $3.60/pound (near a decade-long high), oil rebounded to $49/barrel and hot-rolled steel prices jumped 65%. Gold prices rose 24% to $1,887/ounce.

The linguistically creative baseball legend Yogi Berra once said, “predictions are difficult, especially about the future.” With this in mind, let’s review how our 2020 outlook turned out before we dive into our 2021 outlook.

Our 8% stock market return forecast fell short of the mark, as did our expectation that high-priced growth stocks would lag value stocks. We missed on our interest rate outlook as yields continued to decline and bond returns were better than “modest.” Where we were most accurate was our view that the “…range of possible outcomes appears wider…” This was spot-on.

With that humbling review, our outlook is for a 7% total return for the S&P 500 in 2021. We see strong year-over-year earnings growth compared to the weak 2020 level. But with stocks trading at a 21.9x multiple of estimated 2021 earnings, and about 20.5x estimated 2022 earnings, we anticipate only modest if any multiple expansion as stocks already discount a fairly decent recovery. Although there is considerable uncertainty about the timing and scope of the vaccines’ effect on economic activity, we anticipate a fairly robust spring and summer as consumers emerge from the winter lockdowns ready to spend. We think depressed value stocks will outpower expensive growth stocks in this environment. A modest uptick in inflation will likely pressure bond prices in 2021.

We believe markets will be increasingly influenced by the two “Easts”: the near-east (fiscal, monetary and regulatory policy from Washington, D.C.), and the far-east (China). We are wary of rising speculation in the stock market, reflected by investors’ voracious appetite for IPOs, SPACs, electric vehicle stocks, Bitcoin and other profit-free entities.

Two comments in our outlook a year ago remain our most important advice today. First, we wrote that, “As 2021 will be on the horizon… investors will be evaluating conditions that are not predictable today.” The current year clearly demonstrates that the future is uncertain. Next year, with a new administration, a pandemic, rising domestic and global tensions and many “unknown unknowns,” will be no different. Investors should also remember our second piece of advice: “…timing the market can lead to financially damaging ‘whipsaw’ investing – bailing just before the market rebounds and then diving back in just prior to a drop.” Both remain as relevant today as they have at any time in our history.

2020 Bankruptcy Review
While we had anticipated an increase in public company bankruptcies, we certainly did not expect the surge to this year’s levels. So far in 2020, the number of bankruptcies has risen 70%, while the total assets of these companies are about 78% above the 2019 level. Without last year’s giant $71 billion filing by the California utility company PG&E, the increase would have been even larger. Not surprisingly, the pandemic-related downturns in economic activity and energy prices drove much of the jump in 2020 filings. The $268 billion in assets for this year approached the $345 billion peak in 2009 during the global financial crisis.

Arguably, most of this year’s top ten, and many others, had been struggling with overbearing debt for years, and so the pandemic merely pulled forward their collapse.

Energy sector bankruptcies led with a total of $108 billion in assets (37 companies). The sharp decline in oil/gas and coal prices exerted clear pressure, although perhaps just as important was that capital markets had almost no appetite to refinance their debts. Investors remained frustrated with the weak profitability and low returns in the industry, along with the better economics and optics that come with green-related companies that are garnering a growing share of energy investment.

Retailer bankruptcies totaled $41 billion in assets (14 companies), including iconic names like JCPenney, Neiman Marcus, Guitar Center and Ascena Retail Group (owner of the Ann Taylor and Lane Bryant brands). The telecom sector, seemingly always a source of bankruptcies, provided $30 billion in assets (6 companies) to the list. Airline bankruptcies totaled $29 billion in assets (3 companies).

Bankruptcy filings this year almost certainly would have been much larger without the exceptionally generous fiscal and monetary support provided by the federal government. With the support, capital markets boldly provided loans to airlines, cruise ship operators and other already-leveraged companies with deeply negative cash flows, whereas in prior cycles these companies would probably have been driven into bankruptcy.

Public Bankruptcies: 2011-2020
of Companies
1. Aggregate of total pre-filing assets of all publicly-traded companies filing for Chapter 11, 7, or 15 (excluding financial companies).
2. Through 12/7/20.

Largest Bankruptcies of 20201
Filing Date
The Hertz Corporation25,84222-May
LATAM Airlines Group21,08825-May
Frontier Communications17,43314-Apr
Chesapeake Energy16,19328-Jun
Ascena Retail Group13,69123-Jul
Valaris plc13,03919-Aug
Intelsat S.A.11,65214-May
Mallinckrodt plc9,58512-Oct
McDermott Intl8,75421-Jan
1. Through 12/7/20.
2. Assets at fiscal year-end prior to filing. Excludes financial companies.

In recent years we have anticipated that the “wall” of high yield bonds coming due over the next half-decade will lead to a high and sustained level of bankruptcies. We have been mostly wrong, as capital markets continue to refinance speculative debts and low interest rates continue to ease the pain from excessive leverage.

High yield corporate bonds currently produce an average yield of 4.22%, not even three percentage points higher than the 1.45% average yield on high-quality AA-rated corporates. For a security whose price can readily drop 30% to 70% or more upon default and an asset class that is estimated to produce a cumulative 15% to 18% default rate over the next three years, the tiny yield premium from high yield bonds does not pay investors for the risk.

Due to the pandemic, the debt outstanding from public zombie companies (those with earnings that don’t cover their interest payments) has doubled to an estimated $2 trillion. Just how much of a tidal wave of defaults this produces depends on capital markets and monetary authorities remaining accommodative, the pace and scale of the economic recovery and continued low interest rates and inflation rates.

Favorite Stocks in 2021
As we do in every January issue, we are selecting from our recommended list our “Top Five” stocks for the coming year. We generally are reluctant to list only five, as we like all of our 39 names (otherwise they wouldn’t be on the list).

And, we encourage investors to hold a diversified roster of turnaround stocks as individual names can carry high risk. However, these five stocks have what we believe are the most favorable combinations of risk/reward and timeliness.

In previous years, our picks have often produced strong returns. This past January’s list was an exception, producing mostly clunkers. Only Signet Jewelers (SIG) (+24%) showed a positive return. Most of the litter (perhaps a rightly accurate term) had strong cyclical traits, so when the pandemic struck, Amplify Energy (AMPY) and Peabody Energy (BTU), as well as advertising-driven ViacomCBS (VIAC) and Gannett (GCI), suffered disproportionately.

This year’s list includes a range of industries, with an early-stage turnaround (WFC), three mid-stage turnarounds now available at better prices (CNDT, MDP and NWL) and a later-stage turnaround (SIG) with more potential upside. We anticipate that our list will receive media coverage in the near future, as it usually does. However, as a loyal subscriber, it is only fair that you see the list first.

Conduent (CNDT) – Conduent was never much of a fit with its former parent, Xerox, which led to its 2017 spin-off. Despite a promising debut, its former problems re-emerged. Weak contract execution led to an alarming contract signing collapse, producing a precipitous drop in its shares by late 2019.

Long-time shareholder Carl Icahn and the original founder, who own a combined 21% of the company’s shares, replaced the CEO in 2019 with a much more capable leader. Early results are promising, with stronger new contract signings and cost efficiencies helping drive earnings higher. While the shares are underwater from our “cost”, they look poised to rebound.

Meredith Corporation (MDP) – Often dismissed as an old-economy publisher of paper magazines, Meredith is increasingly successful in maintaining its relevance to its core audience of American women despite the daunting secular headwinds. Its portfolio of 17 high-quality local television station is also steadily evolving to meet that market’s challenges.

In hindsight, our January 2020 initiation of MDP shares as a Buy was ill-timed due to the pandemic, which led to the evaporation of advertising revenues. Meredith has strong assets, reasonable debt and is likely to be a major beneficiary of an advertising recovery that should accompany the economic recovery. Still down 40% in 2020, the shares look attractive.

“Top Five” Stocks for 2021
YTD (%)
Cap $Bil.
Yield (%)
Meredith CorporationMDP18.91-420.98.10
Newell BrandsNWL20.60+
Signet JewelersSIG26.92+241.43.90
Wells Fargo CorporationWFC29.01-46119.90.91.4

Closing prices on December 18, 2020. *Enterprise value/Earnings before interest, taxes, depreciation and amortization. Based on consensus estimates for calendar years ending in 2021, or January 2022 for Signet Jewelers. Wells Fargo multiple is price/tangible book value. Sources: Company releases, Sentieo, S&P Capital IQ and Cabot Turnaround Letter analysis.

Newell Brands (NWL) – Newell has struggled for decades with weak leadership, operational inefficiency and aimless strategic direction, epitomized by its over-priced $16 billion acquisition of consumer products company Jarden in 2016. The deal was a clear over-reach, stressing Newell’s capabilities as well as its profits. Newell undertook a major divestiture and simplification program forced upon them by activists Starboard Value and Carl Icahn, but this failed to produce the desired amount of change. Yet, with the October 2019 removal of the CEO who led the Jarden acquisition and his replacement by highly capable Ravi Saligram, who has led prior turnarounds, the company looks like it is turning the corner. The market has yet to appreciate the changes and earning power of a post-recovery Newell.

Signet Jewelers (SIG) – Under its previous leadership, easy credit terms boosted sales but led to large losses in Signet’s in-house credit operations. That leadership also neglected to update the company’s merchandising and marketing, had an ineffective ecommerce strategy and had tolerated a toxic culture. With capable new leadership since late 2017, Signet is now making impressive progress in reversing all of these problems. Even with the pandemic, third quarter total sales and adjusted operating profits were higher than a year ago, while its debt was considerably lower and now at a healthy level. The turnaround has further to go, which the market has yet to appreciate.

Wells Fargo & Company (WFC) – Wells Fargo is a valuable and diversified major bank with extensive retail and commercial banking, mortgage lending, investment banking, credit card and investment management operations. Under its previous and weak leadership, the company never fully recovered from the 2009 financial crisis. Its loose compliance culture led to a fake accounts scandal and other reputation-tarnishing problems. Also, like all banks, it is struggling with low interest rates and the potential for high credit losses from the pandemic-weakened economy. An additional constraint is a regulator-imposed cap on Wells Fargo’s asset size. Yet, now led by highly-credible CEO Charles Scharf, the former head of Bank of New York Mellon and a former protégé of JPMorgan’s Jamie Dimon, the bank’s operations and leadership are undergoing a complete overhaul. We expect a tightened compliance culture, better strategic focus and much more efficient operations to produce significantly higher earnings. We also expect Wells Fargo to successfully navigate the higher credit cost environment ahead. Its unusually low valuation, combined with its turnaround progress, make this a worthy stock.


Purchase Recommendation: Ironwood Pharmaceuticals

Ironwood Pharmaceuticals
100 Summer Street
Suite 2300
Boston, Massachusetts 02110
(617) 621-7722

Symbol: IRWD
Market Cap: $1.9 Billion
Category: Mid-Cap
Business: Pharmaceutical
Revenues (2020E):$384 Million
Earnings (2020E):$113 Million
12/18/20 Price:$12.02
52-Week Range: $14.10-$7.99
Dividend Yield: 0%
Price target: $19


Ironwood Pharmaceuticals is a specialty pharmaceutical company focusing on gastrointestinal treatments. Its key product, Linzess, is the market leader for treating irritable bowel syndrome in the United States, with a 40% share of the branded prescription market. The company was launched in 1998 as Microbia and changed its name to Ironwood Pharmaceuticals in 2008. In April 2019, Ironwood spun off most of its non-Linzess products as Cyclerion Therapeutics (CYCN).

Investors view Ironwood as a failed pharmaceutical firm. Much of this is due to Ironwood’s ineffective new product development efforts, as it has essentially produced nothing new since it discovered and developed its key compound decades ago. Its Cyclerion spin-off left Ironwood with only two pipeline products, both of which were subsequently terminated in their clinical trials due to weak prospects.

Adding to investor frustration, Ironwood didn’t produce any profits until last year, will have declining revenues this year due to the loss of license and milestone income, and is facing generic competition starting in 2026. Unlike successful pharmaceutical companies, Ironwood has steadily reduced its staff, with about 200 left after the latest round of layoffs, from close to 670 only four years ago. Also, low-cost convertible bonds may produce considerable share dilution in coming years, while a related hedging program adds a layer of complexity.

While IRWD shares have bounced from their 2020 lows, they remain down about 10% this year, as investors have moved on to other, more promising biopharma stocks.

The opportunity in Ironwood shares is produced by the combination of low valuation, steady/rising profits from a valuable franchise, and the presence of an effective activist investor.

Ironwood shares trade at 8.8x enterprise value/EBITDA (or, cash operating earnings) and 10.1x earnings, based on estimated 2021 results. We would consider these multiples to be at the deep end of the value spectrum for pharmaceutical companies, reflecting investors’ dim expectations for Ironwood’s future.

The company’s revenues and earnings, however, are surprisingly resilient and have shown signs of modest but positive growth this year. In the U.S., Ironwood has a 50/50 partnership with pharmaceutical giant AbbVie, who utilizes its marketing prowess to sell and distribute Linzess. Going forward, this will constitute most of Ironwood’s revenues, as it has restructured its agreements in other regions, leading to lower overall 2020 revenues. However, under new agreements covering China (through a partnership with AstraZeneca) and Japan (with Astellas), Ironwood will receive royalties that should increase in the coming years.

In the U.S., Linzess’ market share has increased (modestly) over the past two years, illustrating that it remains relevant and highly competitive. A settlement earlier this year will stave off most generic competition until 2029, buying the company considerable time. Revenues from the core AbbVie partnership have grown every quarter this year, with a healthy 10% increase in the most recent period. Ironwood recently raised its full-year revenue guidance to a high single digit percentage increase and its Adjusted EBITDA guidance to at least $130 million. These profits are helping the company generate close to $100 million in free cash flow. More revenue growth, combined with $95 million of cost savings from its latest workforce reduction, should bring higher profits and cash flow next year.

Ironwood’s balance sheet is sturdy. It holds $308 million in cash, mostly offsetting the $425 million in convertible notes. Some of its growing cash balance will be used to repurchase its convertible notes and thus reduce the potential equity dilution, while its hedging program will help offset much of the remaining dilution.

This past November, highly respected activist biotech investor Alex Denner was awarded a board seat after a long campaign. Denner has successfully pressured companies like Bioverativ and Ariad to sell at high prices. His Sarissa Capital Management currently holds an 8.9% stake in Ironwood. While a sale of Ironwood would likely produce strong returns, our thesis is driven more by his ability to drive better overall capital allocation at an independent Ironwood.

The Ironwood tree is small but hardy and produces considerable value for nature and industry. We believe Ironwood Pharmaceuticals will do the same for shareholders.

We recommend the purchase of Ironwood Pharmaceuticals (IRWD) shares with a 19 price target.

Price Target Changes and Sell Recommendations
On December 18th, we raised our price target on three recommended stocks. Trinity Industries was raised to 30 from 26. The stock had reached our 26 price target, yet the positive changes underway, the still-depressed industry conditions plus a still-attractive valuation, warrant the increase. Adient was raised twice, to 35 from 28, then to 42 from 35. The turnaround is coming together and we think the market continues to underestimate the positive changes. DuPont was raised to 75 from 70. DuPont’s cyclical strength, plus the value created from its upcoming Nutrition & Biosciences transaction, continue to make the shares appealing.

We also raised General Motor’s price target to 49 from 45 on November 30th. The stock moved past our price target, yet we see more upside from the company’s impressive leadership that has structurally lifted its profitability as well as made meaningful advances in electric vehicles. We’ll admit some hesitancy in raising the price target – GM has been a chronic disappointment for decades, with many false dawns. However, to push the analogy, the stars do appear to be aligning this time.

As its share price surged past our 16 price target on November 30th, we moved GameStop to a Sell. While promising, the turnaround from here is complicated, with major secular headwinds. The remaining potential reward to investors is very high but the risk is huge, as well. GameStop shares produced a 61% gain from our initial recommendation price of 10.29, in April 2019. For those who bought when the stock was stuck in the 3-6 range for most of the past year, the gains were much higher.

Also on November 30th, we moved Freeport-McMoran to a Sell, after the stock reached our freshly-raised 24 price target (previously 20). The stock, up nearly 100% this year, has returned to its 2015 price level after languishing for years at much lower prices. Copper prices reached $3.50/pound, about as high as any point in the past decade other than in 2010-2012 when the metal traded in the $3.50-$4.00/pound range. Since then, Freeport lost much of its rights to the highly lucrative Grasberg mine in Indonesia, although it is working to replace that value with other ventures. All-in, the risk-return appears quite unfavorable. While the holding has been about breakeven since we initially recommended it in August 2013, the shares have produced sizeable gains for any positions established in the past five years.

NOTE: Due to the holiday, we will not be publishing our Friday note and podcast this week. Our next Friday note and podcast will be published on Thursday, December 31st.


The following tables show the performance of all our currently active recommendations, plus recently closed out recommendations.

Small Cap1 (under $1 billion) Current Recommendations

Price at
Return (3,4)
Status (2)
Gannett CompanyGCIAug 179.222.55+00%Buy (9)
Oaktree Specialty Lending Corp.OCSLAug 184.915.53+328.00%Buy (7)
Signet Jewelers LimitedSIGOct 1917.4726.92+580%Buy (35)
Duluth HoldingsDLTHFeb 208.6811.48+320%Buy (17.50)

Mid Cap1 ($1 billion - $10 billion) Current Recommendations

Price at
Return (3,4)
Status (2)
Mattel, Inc.MATMay 1528.4318.12-240%Buy (38)
BorgWarnerBWAAug 1633.1838.62+251.80%Buy (46)
ConduentCNDTFeb 1714.965.02-660%Buy (6)
Adient, plcADNTOct 1839.7735.63-100%Buy (42)
JELD-WENJELDNov 1816.2024.04+480%Buy (28)
GameStop Corp.GMEApr 1910.2916.58*+610%SELL*
Trinity IndustriesTRNSep 1917.4726.26+562.90%Buy (30)
Meredith CorporationMDPJan 2033.0118.91-410%Buy (52)
Lamb Weston HoldingsLWMay 2061.3678.66+291.20%Buy (85)
GCP Applied TechnologiesGCPJul 2017.9622.85+270%Buy (28)
Albertsons, Inc.ACIAug 2014.9515.62+52.60%Buy (23)
Xerox HoldingsXRXDec 2021.9122.86+40%Buy (33)

1. Based on market capitalization on the Recommendation date.
2. Price target in parentheses.
3. Total return includes price changes and dividends.
4. Prices and returns are adjusted for stock splits.
SP Given the higher risk, we consider these shares to be speculative.
* Indicates mid-month change in Recommendation rating. For Sells, price and returns are as-of the Sell date.

Large Cap1 (over $10 billion) Current Recommendations

Price at
Return (3,4)
Status (2)
General ElectricGEJul 738.1210.81-480.40%Buy (20)
General MotorsGMMay 1132.0941.01+560%Buy (49)
Freeport-McMoRanFCXAug 1328.2123.98*-60%SELL*
Royal Dutch Shell plcRDS-BJan 1569.9535.85-193.70%Buy (85)
Nokia CorporationNOKMar 158.024.00-380%Buy (12)
The Mosaic CompanyMOSSep 1540.5523.39-360.90%Buy (27)
Macy’sMJul 1633.6110.43-520%Buy (13)
ViacomCBSVIACJan 1759.5735.26-332.70%Buy (54)
Volkswagen AGVWAGYMay 1715.9120.14+332.70%Buy (24.50)
Credit Suisse Group AGCSJun 1714.4812.57+01.70%Buy (24)
Toshiba CorporationTOSYYNov 1714.4914.48+20.60%Buy (28)
LafargeHolcim Ltd.HCMLYApr 1810.9210.79+103.80%Buy (16)
Newell BrandsNWLJun 1824.7820.60-84.50%Buy (39)
Vodafone Group plcVODDec 1821.2417.15-106.20%Buy (32)
Mohawk IndustriesMHKMar 19138.60138.43+00%Buy (147)
Kraft HeinzKHCJun 1928.6834.77+314.60%Buy (45)
Molson CoorsTAPJul 1954.9645.51-140%Buy (59)
BiogenBIIBAug 19241.51249.62+30%Buy (360)
DuPont de NemoursDDMar 2045.0771.33+601.70%Buy (75)
Berkshire HathawayBRK/BApr 20183.18223.43+220%Buy (250)
Wells Fargo & CompanyWFCJun 2027.2229.01+71.40%Buy (43)
Baker Hughes CompanyBKRSep 2014.5321.17+483.40%Buy (23)
Western Digital CorporationWDCOct 2038.4753.19+380%Buy (59)
Valero EnergyVLONov 2041.9754.77+337.20%Buy (70)

Most Recent Closed-Out Recommendations

At Buy
At Sell
Thor IndustriesTHOMidNov 1967.60*Jul 20109.75+64
Janus Henderson GroupJHGMidAug 0532.36 Jul 2021.01-8
BP plcBPLargeJul 1341.78 Jul 2023.48-4
Rolls-Royce Holdings plcRYCEYLargeMar 169.25 Aug 203.26-58
Gilead SciencesGILDLargeMay 1964.92*Sept 2064.61+5
Consolidated CommCNSLSmallJul 1112.90 Nov 204.89-38
Amplify EnergyAMPYSmallFeb 1816.88*Nov 200.69-96
Peabody EnergyBTUSmallDec 199.82*Nov 200.95-90
Weyerhaeuser CoWYLargeApr 1221.89*Nov 2028.03+69
Barrick GoldGOLDLargeFeb 1913.05*Nov 2026.46+105
GameStopGMEMidApr 1910.29*Nov 2016.58+61
Freeport-McMoranFCXLargeAug 1328.21*Nov 2023.98-6

The next Cabot Turnaround Letter will be published on January 27, 2021.

Cabot Wealth Network
Publishing independent investment advice since 1970.

President & CEO: Ed Coburn
Chairman & Chief Investment Strategist: Timothy Lutts
176 North Street, PO Box 2049, Salem, MA 01970 USA
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