Please ensure Javascript is enabled for purposes of website accessibility
Turnaround Letter
Out-of-Favor Stocks with Real Value

July 5, 2024

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.

Download PDF

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
  • 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 or to our friendly customer support team at 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.


Market CapRecommendationSymbolRec.
Price at
Current Price *Current
Rating and Price Target
Small capGannett CompanyGCIAug 20179.22 $ 4.82 -Buy (9)
Small capDuluth HoldingsDLTHFeb 20208.68 $ 3.69 -Buy (20)
Small capDril-QuipDRQMay 202128.28 $ 18.59 -Buy (44)
Small capKopin CorpKOPNAug 20232.03 $ 0.92 -Buy (5)
Small capAmmo, Inc.POWWOct 20231.99 $ 1.59 -Buy (3.50)
Mid capMattelMATMay 201528.43 $ 16.38 -Buy (38)
Mid capAdient plcADNTOct 201839.77 $ 24.71 -Buy (55)
Mid capXerox HoldingsXRXDec 202021.91 $ 11.618.6%Buy (33)
Mid capViatrisVTRSFeb 202117.43 $ 10.384.6%Buy (26)
Mid capTreeHouse FoodsTHSOct 202139.43 $ 36.97 -Buy (60)
Mid capThe Western Union Co.WUDec 202116.40 $ 12.257.7%Buy (25)
Mid capBrookfield ReinsuranceBNREJan 202261.32 $ 43.120.7%Buy (93)
Mid capPolarisPIIFeb 2022105.78 $ 75.673.5%Buy (160)
Mid capGoodyear Tire & RubberGTMar 202216.01 $ 11.07 -Buy (24.50)
Mid capJanus Henderson GroupJHGJun 202227.17 $ 34.494.5%Buy (67)
Mid capSix Flags EntertainmentSIXDec 202222.60 $ 32.00 -Buy (35)
Mid capKohl’s CorporationKSSMar 202332.43 $ 21.469.3%Buy (50)
Mid capFrontier Group HoldingsULCCApr 20239.49 $ 4.86 -Buy (15)
Mid capAdvance Auto PartsAAPSep 202364.08 $ 59.861.7%Buy (98)
Mid capMohawk IndustriesMHKJan 2024103.11 $ 109.85 -Buy (165)
Mid capVF CorporationVFCMar 202416.24 $ 13.002.8%Buy (25)
Mid capBarnes GroupBApr 202436.55 $ 40.651.6%Buy (55)
Mid capFirst Quantum MineralsFMApr 202415.93 $ 19.151.6%Buy (40)
Mid capUnited States SteelXJun 202437.12 $ 39.190.5%Buy (55)
Mid capFoot LockerFLJul 202426.56 $ 23.070.0%Buy (55)
Large capGeneral ElectricGEJul 2007304.96 $ 163.000.2%Buy (160)
Large capNokia CorporationNOKMar 20158.02 $ 3.853.4%Buy (12)
Large capMacy’sMJul 201633.61 $ 17.933.4%Buy (25)
Large capNewell BrandsNWLJun 201824.78 $ 6.273.4%Buy (39)
Large capVodafone Group plcVODDec 201821.24 $ 8.8411.5%Buy (32)
Large capBerkshire HathawayBRK.BApr 2020183.18 $ 405.77 -HOLD
Large capWells Fargo & CompanyWFCJun 202027.22 $ 60.662.3%HOLD (64)
Large capWestern Digital CorporationWDCOct 202038.47 $ 77.79 -HOLD (78)
Large capElanco Animal HealthELANApr 202127.85 $ 14.13 -Buy (44)
Large capWalgreens Boots AllianceWBAAug 202146.53 $ 11.109.0%Buy (70)
Large capVolkswagen AGVWAGYAug 202219.76 $ 12.147.6%Buy (70)
Large capWarner Bros DiscoveryWBDSep 202213.13 $ 7.23 -Buy (20)
Large capCapital One FinancialCOFNov 202296.25 $ 138.421.7%HOLD (150)
Large capBayer AGBAYRYFeb 202315.41 $ 7.057.7%Buy (24)
Large capTyson FoodsTSNJun 202352.01 $ 56.603.5%Buy (78)
Large capAgnico Eagle MinesAEMNov 202349.80 $ 68.052.3%Buy (75)
Large capFidelity Natl Info ServicesFISDec 202355.50 $ 75.812.7%Buy (85)
Large capBaxter InternationalBAXFeb 202438.79 $ 33.163.3%Buy (60)

Copyright © 2024. All rights reserved. Copying or electronic transmission of this information without permission is a violation of copyright law. For the protection of our subscribers, copyright violations will result in immediate termination of all subscriptions without refund. Disclosures: Cabot Wealth Network exists to serve you, our readers. We derive 100% of our revenue, or close to it, from selling subscriptions to our publications. Neither Cabot Wealth Network nor our employees are compensated in any way by the companies whose stocks we recommend or providers of associated financial services. Employees of Cabot Wealth Network may own some of the stocks recommended by our advisory services. Disclaimer: Sources of information are believed to be reliable but they are not guaranteed to be complete or error-free. Recommendations, opinions or suggestions are given with the understanding that subscribers acting on information assume all risks involved. Buy/Sell Recommendations: are made in regular issues, updates, or alerts by email and on the private subscriber website. Subscribers agree to adhere to all terms and conditions which can be found on and are subject to change. Violations will result in termination of all subscriptions without refund in addition to any civil and criminal penalties available under the law.

Matthew Warder is Cabot Wealth Network’s Chief Analyst of Cabot Turnaround Letter