Today’s featured stocks include two new additions to the portfolios, and there are a couple of rating changes after recent price run-ups.
Cabot Undervalued Stocks Advisor 1017
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Corrections, Pullbacks and Crashes:
What’s on the Horizon?
I love it when stocks are rising. The best part of my day is 7:30 a.m. MT when I get to see if the stock market will deliver any surprising capital gains. The practical side of me also has a relatively-constant awareness that stock market pullbacks (smallish downturns), corrections (these are disappointing and painful) and crashes (these can be traumatic) can commence in the blink of an eye. So let’s talk about exercising caution, so we can turn market downturns to our advantage.
There are two distinct stock market scenarios that encourage me to raise cash in my portfolio. The first is when I have trouble finding undervalued stocks to invest in. The culprit is usually high price/earnings ratios (P/Es) after stock market run-ups. I’ve learned that when it’s hard for me to find undervalued stocks to buy, that usually means we’re about to experience a stock market correction, or more rarely, a crash. I don’t see that situation playing out in the near future. I’m having absolutely no trouble finding undervalued stocks to invest in. (I do, however, anticipate a correction near the summer of 2018, and I’ll talk about that more in the future.)
The second scenario that encourages me to raise cash is when I see many stocks rising to the tops of recent trading ranges. Many investors—including me!—will trade out of stocks when the share prices retrace former highs. That selling activity pushes the share prices back down, thus, a stock market pullback can be triggered. I see many such situations pending in the energy sector, along with a smattering of basic industry and financial stocks.
At the same time, there are many other attractive stocks that are just beginning to reach new highs, or rise out of long-term trading ranges. That’s an optimal time to buy stocks! So the market is presenting a very mixed scenario today. I’m still buying stocks, but also forcing myself to increase my cash levels.
While opportunities currently abound, there’s no doubt that a stock market pullback will bring even more lucrative opportunities. Therefore, I want to encourage you to accumulate some cash in your portfolios as you sell the occasional stock that’s maxing out its near-term upside. When market pullbacks occur, you’ll have cash available to buy low. Pullbacks are normal. Buying low is exhilarating. (Okay, it’s a little scary, too. My friends call me an adrenalin junkie, so I might embrace a pullback a little more dearly than the average investor will.)
How much cash should you raise? Difficult question. Perhaps make a goal of setting aside 10% to 20% of the money that you’ve allocated toward your stock portfolio. If you’re not very experienced at buying low or you find the process wildly nerve-racking, then identify a couple of stocks that you would love to own at lower prices. Write them down and tape them to your computer! When the moment comes that the S&P 500 index drops daily for a week or so, buy one of the stocks on your list. Then send me an email saying, “I did it! I got brave and bought Apple (AAPL) when it bounced at 142!”
A pullback could arrive at any time for no apparent reason whatsoever. Let it happen. Just don’t let it happen with money that you were setting aside for near-term expenses! That would hurt.
Send questions and comments to crista@cabotwealth.com.
Portfolio Notes
Make sure to review the Special Bulletins from September 27 and 29 in which I mentioned news, rating changes and/or price action on Ameriprise Financial (AMP), Bank of America (BAC), Boise Cascade (BCC), Dollar Tree (DLTR), Equifax (EFX)*, ExxonMobil (XOM), Goldman Sachs (GS), KLX (KLXI), Morgan Stanley (MS)* and Universal Electronics (UEIC).
*Not in the Cabot Undervalued Stocks Advisor portfolios.
Buy-Rated Stocks Most Likely* To Rise More Than 5% Near-Term:
Bank of America (BAC)
Commercial Metals (CMC)
KLX Inc. (KLXI)
Quanta Services (PWR)
*I can review price charts and make an educated determination about what’s likely to occur, but I will sometimes be wrong. I cannot control the stock market; I can only guide you through it.
Today’s Portfolio Changes:
BP plc (BP) moves from Strong Buy to Hold.
Legg Mason (LM) moves from Strong Buy to Hold.
Nucor (NUE) joins the Buy Low Opportunities Portfolio as a Strong Buy.
Schnitzer Steel (SCHN) moves from Hold to Sell.
Schlumberger NV (SLB) joins the Growth & Income Portfolio as a Strong Buy.
Last Week’s Portfolio Changes:
Ameriprise Financial (AMP) moves from Buy to Hold.
Blackstone Group (BX) moves from Strong Buy to Hold.
Boise Cascade (BCC) moved from Strong Buy to Buy.
Dollar Tree (DLTR) moved from Buy to Hold.
ExxonMobil (XOM) moved from Hold to Sell.
Growth Portfolio
Growth Portfolio stocks have bullish charts, strong projected earnings growth, little or no dividends, low-to-moderate P/Es (price/earnings ratios) and low-to-moderate debt levels.
Featured Stock: Bank of America (BAC – yield 1.9%)
Bank of America (BAC – yield 1.9%) is an undervalued large-cap growth stock.
Proposed cuts in corporate and personal income tax rates spurred bank stocks to recent highs last week as the market looked forward to a resulting increase in economic activity. Corporate tax rates might fall from 35% to 20%, significantly boosting banks’ earnings per share. (Resulting increases in EPS are not yet reflected in consensus earnings estimates.) An additional boost would follow from the increased business activity that typically accompanies tax cuts.
Banks essentially thrive when the economy is booming. Booming economies tend to spur increases in inflation and interest rates, which in turn increase banks’ lending activity, fee income and net interest margin on personal and business loans and credit card balances.
Wall Street’s consensus earnings estimates have barely changed since mid-July. Analysts expect Bank of America’s EPS to grow 16.8% and 18.8% in 2017 and 2018, with corresponding P/Es of 14.0 and 11.8.
Bank of America’s CEO announced on September 27 that he favors share repurchases over dividend increases, saying “Our stock’s a good buy and we’ll continue to buy it until the cows come home.” A $12.9 billion share repurchase plan and a 60% dividend increase were approved in June during the Fed’s annual banking stress test.
Warren Buffett also loves BAC. His company, Berkshire Hathaway, exercised warrants to purchase 700 million shares of BAC in August 2017, becoming the bank’s largest shareholder. And in June 2017, Morgan Stanley commented that Bank of America is best-positioned to capitalize on rising interest rates.
BAC broke out of a 10-month trading range last week. That’s an optimal time to own a stock and catch the new run-up. There’s no realistic upside price resistance. The stock traded as high as 45 in 2006 and 2007, prior to the stock market collapse that was triggered by the housing bubble. At this point, I expect shareholders to earn an outsized capital gain over the next six to 24 months. Nobody has missed their opportunity to make money with BAC. Buy BAC now. Strong Buy.
Updates on Growth Portfolio Stocks
Apple (AAPL – yield 1.6%) manufacturers the iPhone, iPad, Mac and Apple TV. Wall Street expects EPS to rise 21.9% in fiscal 2018 (September year-end). The P/E is quite low in comparison at 14.0. Therefore, when you hear financial media pundits proclaiming that FAANG stocks are overvalued, they are clearly not referring to AAPL. The stock rose to new highs in late August, followed by a 9% pullback, then stabilized. I expect AAPL to rise through next summer, with intermittent price corrections along the way. Buy AAPL now. Strong Buy.
Cavium (CAVM) is an undervalued, aggressive growth stock in the semiconductor industry. Consensus earnings estimates remain unchanged since early August. In a mid-September research report from a famous Wall Street investment bank, CAVM traded at a bigger discount to its five-year median P/E than any of the other 25 semiconductor stocks in the analysis. CAVM’s current run-up will likely pause at 74, where it last traded in May. Barring a bearish stock market, CAVM could exceed 74 later this year. Expect volatility. Strong Buy.
KLX Inc. (KLXI) is an undervalued aggressive growth stock in the aerospace and energy services industries. KLXI was my top stock pick for the coming year at the 2017 Cabot Wealth Summit in September. The market expects EPS to grow 25.6% in fiscal 2019 (January year-end), with a corresponding P/E of 13.7. KLXI broke out of its trading range when it rose to 53 last week, reaching new all-time highs. Buy KLXI now. Strong Buy.
Martin Marietta Materials (MLM – yield 0.8%) is a supplier of crushed stone, sand and gravel. MLM is an aggressive growth stock, overvalued based on 2017 numbers, but undervalued based on 2018 numbers. There’s 16% upside as MLM retraces its May peak at 240, where the stock will still be undervalued. Buy.
PulteGroup (PHM – yield 1.3%) is a U.S. homebuilder, and a very undervalued aggressive growth stock. Wall Street expects EPS to grow 30.2% and 30.0% in 2017 and 2018, with corresponding P/Es of 13.2 and 10.2. PHM has been slowly ratcheting upward since breaking out from a long-term trading range in July. There’s market talk that housing industry stocks are beginning to take the stage. In that light, PHM might surprise investors with significant additional capital gains in the coming months. Buy PHM now. Strong Buy.
Quanta Services (PWR) provides specialized infrastructure and network services to the electric power, oil and natural gas industries. PWR is an undervalued, aggressive growth stock. I expect PWR to rise to 38.5, where it traded in February, then rest again before climbing further. There’s 17% upside to my fair-value price target of 44. Strong Buy.
Vertex Pharmaceuticals (VRTX) is an aggressive growth biotech company that corners the market in treatments for cystic fibrosis. VRTX is fairly valued based on 2017 EPS, but distinctly undervalued based on 2018 earnings projections. In addition, one major investment bank expects the company’s operating margins to rise from 17.4% in 2016 to 52.5% in 2020. The stock’s been trading sideways between 147.5 and 167.5 since its big run-up in July. VRTX is not yet showing readiness to rise above 168. Buy.
Vulcan Materials (VMC – yield 0.8%) is a supplier of construction aggregates, asphalt and concrete. VMC is an aggressive growth stock, overvalued based on 2017 numbers, but undervalued based on 2018 numbers. There’s 11% upside as VMC retraces its June peak at 134, where it will still be undervalued. Buy.
XL Group (XL – yield 2.2%) is an insurer and reinsurer. XL is an undervalued, aggressive growth mid-cap stock. The price chart exhibited a shakeout pattern in early September, which usually signals a turnaround in the share price, then another shakeout last week. There’s 19% upside as XL retraces its July high near 47, at which point the stock will still be undervalued. The stock could easily deliver additional capital gains thereafter. Scoop up XL while it’s cheap, because I believe this low price will be quite temporary. Expect volatility. Strong Buy.
Growth & Income Portfolio
Growth & Income Portfolio stocks have bullish charts, good projected earnings growth, dividends of 1.5% and higher, low-to-moderate P/Es (price/earnings ratios), and low-to-moderate debt levels.
Featured Stock: Schlumberger NV (SLB – yield 2.9%)
Schlumberger is a premier oilfield equipment and services company with a global footprint. The company uses innovative technologies in the areas of drilling, production and processing in the oil and gas industry. Schlumberger creates value for its clients by lowering the cost-per-barrel of energy development.
Wall Street’s consensus estimates project Schlumberger and its three main competitors (BHGE, HAL and WFT) to each experience significant margin expansion in 2018 and 2019. After earnings $1.14 per share (non-GAAP) in 2016, Schlumberger is expected to earn $1.50 and $2.32 per share in 2017 and 2018. Profits are therefore growing aggressively at rates of 31.6% and 54.7% in 2017 and 2018. With a P/E of 45.9, the stock is overvalued based on 2017 earnings. However, the 2018 P/E is 29.7, much lower than its corresponding EPS growth, making SLB distinctly undervalued in the coming year.
The company has not increased its dividend since the first quarter of 2015. The long-term debt-to-capitalization ratio is quite fair at 28%.
Many energy stocks are having a great year. If we break that down by industry within the energy sector, we see that refining and marketing companies’ stocks began climbing earlier this year, followed by those of integrated oil companies and exploration & production companies. Oilfield services companies typically lag their sector peers, with many such stocks bottoming more recently and now on an upswing.
SLB fell dramatically in 2014 and 2015 when the price of oil plummeted, bottoming in early 2016. SLB then rose tremendously through December 2016, only to give back most of its gains this year. At this point, the stock is rising. There’s 22% upside, plus dividends, as SLB retraces its recent high near 86, at which point the shares will still be undervalued.
This large-cap stock could appeal to traders, longer-term growth investors and dividend investors. Strong Buy.
Updates on Growth & Income Portfolio Stocks
Ameriprise Financial (AMP – yield 2.2%) offers insurance products and asset management to retail and institutional clients. Ameriprise is expected to see EPS grow 33.0% in 2017, then slow to 10.9% growth in 2018. AMP rose to a new all-time high of 148 in early August, followed by a price correction, then a rebound back to the recent high. The stock will be fairly valued in the low 160s. Hold.
BP plc (BP – yield 6.2%) is a European integrated oil company and a very undervalued aggressive growth stock. BP began production at a natural gas project in Oman last week, slightly ahead of schedule. The project will move from being a net annual expense to generating free cash flow of up to $1 billion per year by the year 2023.
BP is rapidly rising toward long-term price resistance at 43, where it last traded in 2014. I’m moving BP from Strong Buy to Hold. When I finally sell near 43, growth stock investors who are itching for more immediate price action should sell. Long-term buy-and-hold investors and dividend investors should hold the stock, because it will still be undervalued with attractive earnings growth and a big dividend yield. Hold.
Blackstone Group LP (BX – variable large payouts) is a huge and successful alternative asset manager. BX is a very undervalued growth & income stock with a huge dividend yield. Investors who buy below 33.5 could earn a 10% capital gain, plus dividends, as BX travels toward my target price near 37. Hold.
Commercial Metals Company (CMC – yield 2.5%) is a recycler and manufacturer of steel and metal products, including rebar and fence posts. Commercial Metals had a slight drop in EPS in 2017 (August year-end), and is expected to see EPS rise 53.4% in fiscal 2018, with a P/E of 14.1. The stock is extremely undervalued. Steel stocks are on an upswing in recent days. The best-case scenario is that CMC rises 23%, plus dividends, as it retraces its December 2016 high around 24. Expect volatility. Buy.
GameStop (GME – yield 7.3%) is a retailer of games, collectibles and technology, with additional ventures in the entertainment field. Although GME has rapidly rebounded from its late-August lows, I anticipate the stock to trade in the low 20s for a while before recovering further. Dividend investors should consider owning GME. Hold.
Invesco (IVZ – yield 3.3%) is an asset management company with $906.7 billion in assets under management (AUM). The company announced that it will purchase Guggenheim Investments’ ETF business for $1.2 billion, adding $36.7 billion to AUM. The deal is expected to close in the second quarter of 2018 and to be modestly accretive to EPS. Consensus earnings estimates do not yet reflect the boost from the Guggenheim M&A deal. The share price currently reflects a fair 2018 valuation. IVZ is rising toward its recent high at 36.25, and might continue onward to its early-2015 high of 38. Hold.
Johnson Controls (JCI – yield 2.5%) is a multi-industry, large-cap growth & income stock. There’s 9% upside, plus dividends, as the stock ratchets toward its July high at 44, at which point it will still be slightly undervalued. I don’t see a catalyst in the EPS growth to subsequently push the stock higher. Hold.
Weyerhaeuser (WY – yield 3.6%) is one of the largest U.S. manufacturers of wood and cellulose fiber products. WY is experiencing high double-digit EPS growth. I expect WY to soon break past 35 to new all-time highs. Strong Buy.
Buy Low Opportunities Portfolio
Buy Low Opportunities Portfolio stocks have neutral charts, strong projected earnings growth, low-to-moderate price/earnings ratios (P/Es) and low-to-moderate debt levels. (Dividends are not a portfolio requirement, but some of the stocks will have dividends.) Investors should be willing to wait patiently for these stocks to climb.
Sometimes a stock in the Buy Low Opportunities Portfolio produces good capital gains and the share price is no longer low, yet the stock remains an attractive investment. Those stocks will then be moved into the Growth Portfolio or the Growth & Income Portfolio.
Featured Stock: Nucor (NUE – yield 2.7%)
Steel stocks surged after the November 2016 general election in response to excitement over the “Trump Economy,” with investors apparently expecting new infrastructure projects to be authorized by Congress and completed by springtime. I exaggerate a tad, but you all witnessed it: it was silly for anyone to have expected serious action on ANY legislation to have taken place during the first six months of a new Presidential administration.
“What goes up, must come down” as they say, and steel stocks proceeded to fall during the post-election stock market hangover, bottoming in the spring of 2017. As happens when stocks are volatile, opportunities are created. We jumped on two of those opportunities this year: Commercial Metals (CMC) and Schnitzer Steel (SCHN)—partly due to their lower share prices, but also due to their very attractive earnings growth and value prospects.
One thing I’ve learned in my stock-investing career is to take profits when stocks retrace former highs. The longer ago that the stock peaked, the more likely I will be to sell when the stock retraces that peak, because the share price run-up often triggers yet another pullback. Therefore, I’m selling Schnitzer Steel (SCHN) today. It’s the first of all the steel stocks that I follow that has retraced its December 2016 high. Take the money and run!
Fortunately for stock traders, steel stocks are all over the place with their price charts. Some are high, some are low, most are climbing. So let’s move into another steel stock that’s climbing, but lower in its trading range, thereby affording investors a 14% trading opportunity that could play out this year.
Nucor (NUE) is a low-cost producer of a diversified portfolio of iron and steel products. The company has solid earnings growth, low valuation and low debt levels. The biggest negative on Nucor’s horizon is an abundance of low-cost steel imports, creating pricing pressure at Nucor. The stock is therefore greatly affected by news of potential trade remedies to foreign steel dumping (a situation wherein foreign steel is sold in the U.S. without regard to profitability, with a goal of undermining U.S. companies and stealing market share). The Trump administration has undertaken a Section 232 investigation into the national security implications of steel imports.
Consensus earnings estimates for NUE change with the wind. The company reported $2.26 non-GAAP EPS in fiscal 2016 (December year-end), up 27.7% over the prior year. 2017 EPS estimates have changed from $3.56 in January to $4.53 in May to $3.92 today. Bottom line: the market currently expects EPS to grow 73.5% in 2017 and another 14.3% in 2018. The corresponding P/Es are 14.3 and 12.5.
The dividend yield is attractive at 2.7%. Nucor raises its dividend each year, right around December 1, but only by a tiny fraction. As for the long-term debt-to-capitalization ratio, the number held steady in recent years through December 2015 at about 36%, and has since fallen significantly to 25%. The company’s amount of basic shares outstanding has barely changed over the last five years.
In September, Citigroup raised NUE to a Buy recommendation, and financial media guru Jim Cramer said that NUE is “the only steel company worth buying,” as he pounded the table.
The growth, value, dividend and price chart situations make this mid-cap stock attractive to virtually all types of stock investors … except maybe the bears!
NUE rose to 65 in December 2016. That peak now becomes our price target. I’m recommending that traders buy NUE today for approximately 14% upside. Unless company-specific bad news or a big market correction rolls our way, I would expect NUE to retrace that previous high this year. NUE will still be an undervalued growth stock at 65, and therefore it’s also an attractive stock for longer-term investors. Strong Buy.
Updates on Buy Low Opportunities Portfolio Stocks
Alexion Pharmaceuticals (ALXN) is a biopharmaceutical company that researches and manufactures treatments of severe and rare health disorders. ALXN is overvalued based on 2017 numbers and solidly undervalued for 2018. In addition, one major investment bank expects the company’s operating margins to rise from 43.1% in 2016 to 49.9% in 2020. ALXN embarked on a new run-up on August 28, but has barely advanced. Buy ALXN now. My intention is to hold the stock until it reaches upside price resistance at 160 or 190, depending on momentum among pharmaceutical stocks. Buy.
Andeavor (ANDV – yield 2.3%) is an oil refiner and marketer, with refineries in the western and northern United States. ANDV is an undervalued aggressive growth stock. Consensus earnings estimates change weekly, currently reflecting EPS growth rates of 20.0% and 41.7% in 2017 and 2018. The corresponding P/Es are 20.0 and 14.1. ANDV is ratcheting toward my 2017 price target of 112, where ANDV last traded in 2015. At that time, I’ll consider whether to sell ANDV or keep it for longer-term gains, depending on price action in the broader market. Hold.
Boise Cascade (BCC) is a wood products and building materials company. BCC is an undervalued, aggressive growth small-cap stock. Analysts expect EPS to grow 56.2% and 31.1% in 2017 and 2018. The corresponding P/Es are 21.3 and 16.2. The stock just rose 27% in five weeks, and will probably rest before continuing onward to the upper 30s and beyond. Buy BCC on pullbacks. Buy.
Chipotle Mexican Grill (CMG) is a greatly undervalued aggressive growth restaurant chain. After a dramatic drop in this year’s share price that was triggered by one sick employee, CMG has stabilized in the low 300s. A breakout above 320 could take CMG to 350 in the short term. Expect volatility. Hold.
Dollar Tree (DLTR) is a growing national retailer of food and sundries. DLTR is somewhat overvalued based on fiscal 2019 numbers (January year-end). As DLTR rises, there’s price resistance at 90, where it last traded in November 2016, and again in the upper 90s, where it last traded in August 2016. I’ll be selling at one of those two points, depending on the broader market’s momentum. Hold.
Goldman Sachs Group (GS – yield 1.2%) is a large-cap investment back. In 2018 Goldman is expected to see earnings benefit from increased fixed income trading volume in association with volatility spurred on by the Fed unwinding its balance sheet, increased M&A activity, lower corporate taxes and the resulting upswing in economic activity, a new objective of $900 million in cost cuts that’s expected to lower the company’s expense ratio, and the beginnings of deregulation as recommended by a recent Treasury report. GS broke out of a six-month trading range last week. My price target is 250, where GS last traded in March. I intend to sell at 250. Hold.
Legg Mason (LM – yield 2.8%) is a U.S.-based global asset management and financial services company with $752 billion in assets under management (AUM). LM is a very undervalued aggressive growth stock. I’m moving LM from Strong Buy to Hold. There’s 11% upside to my 44 price target, where LM last traded in October 2015. At that point, LM will still be undervalued, but will likely stop rising for a time. Hold.
Mattel (MAT – yield 3.9%) has partnered with tech company Osmo to introduce Hot Wheels Mindracer interactive game. It’s probably no coincidence that both Mattel’s CEO Margo Georgiadis and Osmo’s CEO are ex-Google employees. Profits are expected to fall in 2017, then rise 28% in 2018. I’m going to hold the stock for the rebound that will likely take place under Georgiadis. MAT remains undervalued. When the price chart becomes more bullish, I will give the stock a Buy recommendation. Investors should expect a round of tax-loss selling in December that could bring on another price correction. Oftentimes, come January, profitable companies that just completed a round of December tax-loss selling will begin rising because there are no more sellers. Hold.
Molina Healthcare (MOH) is a managed healthcare operator. MOH rose 69% from its March low to its June high at 72 this year, followed by a 21% pullback, which is a perfectly normal move after a big run-up. (MOH joined the Buy Low Opportunities Portfolio on August 17, the day after the stock bottomed during the recent pullback.) The stock has almost completed its rebound back to 72, where it might naturally rest for a while. My longer-term price target is 80, where the stock traded in the summer of 2015, giving today’s new investors a potential 15% capital gain. Strong Buy.
Schnitzer Steel Industries (SCHN – yield 2.6%) has achieved my goal of retracing its November/December 2016 high near 29. I’m therefore selling SCHN today. Sell.
Total (TOT – approx. 4.2%) is an integrated oil & gas company based in France, and an undervalued growth & income stock. The company gave its annual strategy & outlook presentation on September 25. Total achieved its goal of $10 billion in asset sales in 2015 through 2017. There have been consistent annual improvements in cash flow among all upstream and downstream businesses, along with annual debt reductions. The company expects its energy production to increase at about 5% per year through 2020. TOT is actively rising toward three-year price resistance in the low 60s, now offering 16% capital gain potential plus dividends. Strong Buy.
Universal Electronics (UEIC) is a manufacturer and cutting-edge world leader of wireless remote control products, software and audio-video accessories for the smart home, with a strong pipeline of new products. The company also offers energy management and control products through a recent acquisition. Wall Street expects EPS to grow 25.8% in 2018, and the corresponding P/E is just 16.1. There’s 10% upside as UEIC retraces its July high around 72, where the stock will still be undervalued. Buy.
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Send questions or comments to crista@cabotwealth.com.
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YOUR NEXT CABOT UNDERVALUED STOCKS ADVISOR ISSUE IS SCHEDULED FOR November 7, 2017
Cabot Undervalued Stocks Advisor is published by Cabot Wealth Network, an independent publisher of investment advice. Neither Cabot Wealth Network nor its employees are compensated in any way by the companies whose stocks we recommend. Sources of information are believed to be reliable, but they are in no way guaranteed to be complete or without error. Recommendations, opinions or suggestions are given with the understanding that subscribers acting on information assume all risks involved. Copyright © 2017 - COPYING AND/OR ELECTRONIC TRANSMISSION OF THIS NEWSLETTER IS A VIOLATION OF THE U.S. COPYRIGHT LAW. For the protection of our subscribers, if copyright laws are violated by any subscriber, the subscription will be terminated.
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