Earnings season is over, so there were no companies that reported earnings this past week. However, the next earnings season is just around the corner, starting with Mattel (MAT) on July 23rd.
Friday, July 5, 2024, Subscribers-Only Podcast:
Covering recent news and analysis for our portfolio companies and other topics relevant to value/contrarian investors.
Today’s podcast is about 19 minutes long and covers:
- Initial note
- Discussing the additions to the Catalyst Report
- Comments on recommended companies
- Mattel (MAT) announced that it plans to release its second-quarter 2024 financial results on Tuesday, July 23, 2024, after the close.
- Viatris (VTRS) announced the finalization of a transaction to divest its over-the-counter (OTC) business, completing the last step in its previously declared $3.37bn divestitures. The U.S.-headquartered company divested its entire OTC business to Cooper Consumer Health, a European OTC drug manufacturer, on July 3rd.
- Six Flags (SIX) announced its merger with Cedar Fair Entertainment Company has now formed the “largest” amusement park operator in North America, with a new combined portfolio of 42 parks across the U.S., Canada and Mexico.
- First Quantum (FM.TO) closed 5% higher on the Toronto Stock Exchange on Tuesday after Panama said it would conduct an environmental audit of the company’s Cobre Panama mine to decide whether it can safely reopen – a significant step in our catalyst-driven thesis.
- U.S. Steel (X) will once again entertain Nippon Steel’s vice chairman Takahiro Mori, who plans to return to the United States next week again to discuss its proposed acquisition of U.S. Steel, a company spokesperson said on Wednesday.
- Macy’s (M) has had their acquisition offer from Arkhouse Management, a real estate investment company, and Brigade Capital Management, a global asset manager, raised a second time, to $24.80 per share, valuing Macy’s at roughly $6.9bn, The Wall Street Journal reported.
- Volkswagen (VWAGY) was rebuffed by Rivian (RIVN) on Tuesday, as the EV truck maker said it “had no plans to produce vehicles with Volkswagen after a media report said the U.S. electric vehicle maker was in early talks with the German automaker to extend a recent partnership beyond software.”
Please know that while I don’t yet personally own shares of all Cabot Turnaround Letter recommended stocks – including the stocks mentioned in this note – that will materially change over time.
Please feel free to share your ideas and suggestions for the podcast and the letter with an email to either me at mwarder@cabotwealth.com or to our friendly customer support team at support@cabotwealth.com. Due to the time and space limits, we may not be able to cover every topic, but we will work to cover as much as possible or respond by email.
Portfolio
| Market Cap | Recommendation | Symbol | Rec. Issue | Price at Rec. | Current Price * | Current Yield | Rating and Price Target |
| Small cap | Gannett Company | GCI | Aug 2017 | 9.22 | $ 4.82 | - | Buy (9) |
| Small cap | Duluth Holdings | DLTH | Feb 2020 | 8.68 | $ 3.69 | - | Buy (20) |
| Small cap | Dril-Quip | DRQ | May 2021 | 28.28 | $ 18.59 | - | Buy (44) |
| Small cap | Kopin Corp | KOPN | Aug 2023 | 2.03 | $ 0.92 | - | Buy (5) |
| Small cap | Ammo, Inc. | POWW | Oct 2023 | 1.99 | $ 1.59 | - | Buy (3.50) |
| Mid cap | Mattel | MAT | May 2015 | 28.43 | $ 16.38 | - | Buy (38) |
| Mid cap | Adient plc | ADNT | Oct 2018 | 39.77 | $ 24.71 | - | Buy (55) |
| Mid cap | Xerox Holdings | XRX | Dec 2020 | 21.91 | $ 11.61 | 8.6% | Buy (33) |
| Mid cap | Viatris | VTRS | Feb 2021 | 17.43 | $ 10.38 | 4.6% | Buy (26) |
| Mid cap | TreeHouse Foods | THS | Oct 2021 | 39.43 | $ 36.97 | - | Buy (60) |
| Mid cap | The Western Union Co. | WU | Dec 2021 | 16.40 | $ 12.25 | 7.7% | Buy (25) |
| Mid cap | Brookfield Reinsurance | BNRE | Jan 2022 | 61.32 | $ 43.12 | 0.7% | Buy (93) |
| Mid cap | Polaris | PII | Feb 2022 | 105.78 | $ 75.67 | 3.5% | Buy (160) |
| Mid cap | Goodyear Tire & Rubber | GT | Mar 2022 | 16.01 | $ 11.07 | - | Buy (24.50) |
| Mid cap | Janus Henderson Group | JHG | Jun 2022 | 27.17 | $ 34.49 | 4.5% | Buy (67) |
| Mid cap | Six Flags Entertainment | SIX | Dec 2022 | 22.60 | $ 32.00 | - | Buy (35) |
| Mid cap | Kohl’s Corporation | KSS | Mar 2023 | 32.43 | $ 21.46 | 9.3% | Buy (50) |
| Mid cap | Frontier Group Holdings | ULCC | Apr 2023 | 9.49 | $ 4.86 | - | Buy (15) |
| Mid cap | Advance Auto Parts | AAP | Sep 2023 | 64.08 | $ 59.86 | 1.7% | Buy (98) |
| Mid cap | Mohawk Industries | MHK | Jan 2024 | 103.11 | $ 109.85 | - | Buy (165) |
| Mid cap | VF Corporation | VFC | Mar 2024 | 16.24 | $ 13.00 | 2.8% | Buy (25) |
| Mid cap | Barnes Group | B | Apr 2024 | 36.55 | $ 40.65 | 1.6% | Buy (55) |
| Mid cap | First Quantum Minerals | FM | Apr 2024 | 15.93 | $ 19.15 | 1.6% | Buy (40) |
| Mid cap | United States Steel | X | Jun 2024 | 37.12 | $ 39.19 | 0.5% | Buy (55) |
| Mid cap | Foot Locker | FL | Jul 2024 | 26.56 | $ 23.07 | 0.0% | Buy (55) |
| Large cap | General Electric | GE | Jul 2007 | 304.96 | $ 163.00 | 0.2% | Buy (160) |
| Large cap | Nokia Corporation | NOK | Mar 2015 | 8.02 | $ 3.85 | 3.4% | Buy (12) |
| Large cap | Macy’s | M | Jul 2016 | 33.61 | $ 17.93 | 3.4% | Buy (25) |
| Large cap | Newell Brands | NWL | Jun 2018 | 24.78 | $ 6.27 | 3.4% | Buy (39) |
| Large cap | Vodafone Group plc | VOD | Dec 2018 | 21.24 | $ 8.84 | 11.5% | Buy (32) |
| Large cap | Berkshire Hathaway | BRK.B | Apr 2020 | 183.18 | $ 405.77 | - | HOLD |
| Large cap | Wells Fargo & Company | WFC | Jun 2020 | 27.22 | $ 60.66 | 2.3% | HOLD (64) |
| Large cap | Western Digital Corporation | WDC | Oct 2020 | 38.47 | $ 77.79 | - | HOLD (78) |
| Large cap | Elanco Animal Health | ELAN | Apr 2021 | 27.85 | $ 14.13 | - | Buy (44) |
| Large cap | Walgreens Boots Alliance | WBA | Aug 2021 | 46.53 | $ 11.10 | 9.0% | Buy (70) |
| Large cap | Volkswagen AG | VWAGY | Aug 2022 | 19.76 | $ 12.14 | 7.6% | Buy (70) |
| Large cap | Warner Bros Discovery | WBD | Sep 2022 | 13.13 | $ 7.23 | - | Buy (20) |
| Large cap | Capital One Financial | COF | Nov 2022 | 96.25 | $ 138.42 | 1.7% | HOLD (150) |
| Large cap | Bayer AG | BAYRY | Feb 2023 | 15.41 | $ 7.05 | 7.7% | Buy (24) |
| Large cap | Tyson Foods | TSN | Jun 2023 | 52.01 | $ 56.60 | 3.5% | Buy (78) |
| Large cap | Agnico Eagle Mines | AEM | Nov 2023 | 49.80 | $ 68.05 | 2.3% | Buy (75) |
| Large cap | Fidelity Natl Info Services | FIS | Dec 2023 | 55.50 | $ 75.81 | 2.7% | Buy (85) |
| Large cap | Baxter International | BAX | Feb 2024 | 38.79 | $ 33.16 | 3.3% | Buy (60) |
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