Amgen Corporation (NASDAQ: AMGN) Cut to Neutral at JPMorgan.
Comerica Inc. (NYSE: CMA) Cut to Neutral at Susquehanna.
ConocoPhillips (NYSE: COP) Cut to Sell at UBS.
Google Inc. (NASDAQ: GOOG) Reiterated Buy with $730 price target at Argus.
Jive Software, Inc. (NASDAQ: JIVE) Started as Buy at Citigroup; Started as Neutral at UBS; Started as Outperform at Wells Fargo; Started as Overweight at Morgan Stanley.
Johnson Controls Inc. (NYSE: JCI) Cut to Equal Weight at Barclays.
NuVasive, Inc. (NASDAQ: NUVA) Raised to Buy at Canaccord Genuity.
Procter & Gamble (NYSE: PG) Cut to Hold at Stifel Nicolaus.
PulteGroup (NYSE: PHM) Cut to Equalweight at Barclays.
Research in Motion Ltd. (NASDAQ: RIMM) Raised to Hold from Sell at Deutsche Bank; Reiterated as Hold at Canaccord Genuity.
Sanchez Energy Corporation (NYSE: SN) Started as Buy at Canaccord Genuity; Started as Buy at Stifel Nicolaus.
SIRIUS XM Radio Inc. (NASDAQ: SIRI) Cut to Equal Weight at Morgan Stanley.
ViroPharma Incorporated (NASDAQ: VPHM) Cut to Neutral at JPMorgan.

If you enjoyed the top analyst calls, you can sign up in the box below to join our morning email list to receive news directly in your inbox each morning. We include major analyst upgrades and downgrades, IPO and M&A news, special situation developments, observations on Warren Buffett and key market gurus, as well as special exclusive feature stories.

JON C. OGG

The unofficial closing bells put the DJIA up nearly 97 points to 12,720.48 (0.76%), the NASDAQ fell nearly 2 points (-0.06%) to 2,786.70, and the S&P 500 rose a bare 0.07% or less than 1 point to 1,315.37.

There were several analyst upgrades and downgrades today, including Google maintained as ‘buy’ but target price cut to $700 at Canaccord Genuity; Johnson Controls Inc. (NYSE: JCI) cut to ‘neutral’ at JPMorgan; Valero Energy Corp. (NYSE: VLO) reiterated as ‘buy’ with $35 target price at Argus; Tractor Supply Co. (NASDAQ: TSCO) reiterated as ‘buy’ and target price raised to $92 at Argus; and Humana Inc. (NYSE: HUM) cut to ‘market perform’ at Wells Fargo.

Earnings reports since markets closed yesterday have led to some price changes as of the last half hour of trading today: Google is down -8.78% at $583.39; Intel Corp. (NASDAQ: INTC) is up 2.75% at $26.33; IBM Corp. (NYSE: IBM) is up 4.48% at $188.61; Bank of America Corp. (NYSE: BAC) is up 1.42% at $7.06; American Express Co. (NYSE: AXP) is down -1.94% at $49.96; General Electric is down -0.21% at $19.11; Schlumberger Ltd. (NYSE: SLB is up 0.74% at $73.40; and Suntrust Banks Inc. (NYSE: STI) is up 4.79% at $21.21.

Other standouts from today include the following stocks:

Insmed Inc. (NASDAQ: INSM) is up nearly 30% at $4.94. The biotech company announced that the FDA has lifted a clinical hold on a lung disease drug.

The Talbots Inc. (NYSE: TLB) is up nearly 18% at $3.17. The clothing retailer is rumored to be under consideration for a takeover by two private equity firms.

Sears Holdings Corp. (NASDAQ: SHLD) is up nearly 14% at $49.25. The general merchandise retailer is thought to be under consideration for a takeover offer from its largest shareholder.

NCI Inc. (NASDAQ: NCIT) is down nearly -32%, after posting a new 52-week low of $7.71 earlier today. The federal contractor will restructure to compensate for loss of contracts.

Cogent Communications Group Inc. (NASDAQ: CCOI) is down nearly -18% at $15.45. The network communications provider is suffering from the shutdown last night of the Megaupload.com website, one of Cogent’s largest customers, by federal authorities.

Stay tuned for Monday. We have noted the following events on the schedule (all times Eastern):

• 11:30 a.m. – 3-month and 6-month Treasury bill auctions

Your email address

subscribe

terms and conditions

Have a great weekend.

Paul Ausick

BlackRock Inc. (NYSE: BLK) Cut to Neutral at Citigroup.
EMC Corporation (NYSE: EMC) Reiterated Outperform at Credit Suisse.
Google Inc. (NASDAQ: GOOG) Maintained Buy but cut target to $700 at Canaccord Genuity.
Humana Inc. (NYSE: HUM) Cut to Market Perform at Wells Fargo.
ICICI Bank Ltd. (NYSE: IBN) Cut to Underperform and named Bear of the Day at Zacks.
Intel Corporation (NASDAQ: INTC) Cut to Hold at Kaufman; Reiterated Outperform and raised target to $35 at Credit Suisse; Maintained Hold with $24 target at Canaccord Genuity.
JDS Uniphase Corporation (NASDAQ: JDSU) Raised to Buy at Stifel Nicolaus.
Johnson Controls Inc. (NYSE: JCI) Cut to Neutral at JPMorgan.
NCI. Inc. (NASDAQ: NCIT) Cut to Underperform at Wells Fargo.
Tsakos Energy Navigation Ltd. Co. (NYSE: TNP) Raised to Outperform at Credit Suisse.
Texas Instruments Inc. (NASDAQ: TXN) Cut to Hold at Needham.
Tractor Supply Co. (NASDAQ: TSCO) Reiterated Buy and raised target to $92 at Argus.
Valero Energy Corporation (NYSE: VLO) Reiterated Buy with $35 price target at Argus.
Western Union Co. (NYSE: WU) Reiterated Outperform as Bull of the Day at Zacks.

Carnival Corporation (NYSE: CCL) and Royal Caribbean Cruises Ltd. (NYSE: RCL) lowered targets and estimates by Credit Suisse.

If you enjoyed the top analyst calls, you can sign up in the box below to join our morning email list to receive news directly in your inbox each morning. We include major analyst upgrades and downgrades, IPO and M&A news, special situation developments, observations on Warren Buffett and key market gurus, as well as special exclusive feature stories.

Your email address

subscribe

terms and conditions

JON C. OGG

After the first hour of trading, Plexus is up more than 13% at $37.64. Volume has already topped the daily average of 312,000 shares traded. The contract electronics manufacturer beat earnings estimates and has forecast higher revenues for the current quarter.

NetScout is up nearly 12% at $19.03. Volume is already higher than the daily average of 280,000 shares traded. The services delivery management company delivered better-than-expected revenues and earnings but lowered its EPS and revenue estimates for the full fiscal year.

Hanwha SolarOne is up nearly 9% at $2.04. Volume is near the average daily volume of 1.02 million shares traded. The solar panel maker is rising on expectations that prices have stabilized and that shipments will rise.

F5 Networks is up more than 11% at $120.89. Volume is already more than double the daily average of about 1.9 million shares traded. The network software maker reported better-than-expected quarterly revenues and earnings.

Johnson Controls is down more than -8% at $32.62. Volume is already nearly double the daily average of 4.7 million shares traded. The auto parts and control systems supplier posted solid earnings, but lowered forecasts.

Paul Ausick

The DJIA jumped above 12,000 in the opening minutes of trading this morning and had topped 12,200 by mid-afternoon. European Union leaders have agreed on a deal that would make up to $1.4 trillion as a bailout fund for troubled European banks, offer a 50% haircut to Greek debt holders, and recapitalize the continent’s banks. Apparent euphoria over the deal in Europe caused investors to miss the weak number on pending home sales. The euro rose to more than $1.42, its highest level in nearly two months, and oil prices were about $3/barrel higher this morning and had gained nearly another dollar by mid-afternoon. The day closed with a few uncertainties still remaining on the agreement announced earlier in Europe.

The unofficial closing bells put the DJIA up nearly more than 340 points to 12,209.23 (2.87%), the NASDAQ rose nearly 88 points (3.32%) to 2,738.63, and the S&P 500 rose 3.43% or more than 42 points to 1,284.54.

There were several analyst upgrades and downgrades today, including Ford Motor Co. (NYSE: F) maintained at ‘neutral’ with price target cut from $16 to $14 at Credit Suisse; Netflix Inc. (NASDAQ: NFLX) cut to ‘neutral’ at Citigroup (ahem!); Itron Inc. (NASDAQ: ITRI) started at ‘outperform’ with a $60 price target at Credit Suisse and maintained at ‘buy’ with a $50 target at Canaccord Genuity; Visa Inc. (NYSE: V) cut to ‘market perform’ at FBR; and Range Resources Corp. (NYSE: RRC) reiterated at ‘sell’ by Canaccord Genuity.

Here are today’s big post-earnings news reactions with prices during the last half-hour of trading: Proctor & Gamble Co. (NYSE: PG) up about 0.5%, at $65.25; Colgate Palmolive Co. (NYSE: CL) up about 1%, at $91.49; Exxon Mobil Corp. (NYSE: XOM) up 0.84%, at $81.75; Occidental Petroleum Corp. (NYSE: OXY) up nearly 11%, at $96.59; Barrick Gold Corp. (NYSE: ABX) up nearly 2.5%, at $48.98; Johnson Controls Inc. (NYSE: JCI) up 2.2%, at $33.32; Bristol Meyers Squibb Co. (NYSE: BMY) up 1.8%, at $33.10; and Altria Group Inc. (NYSE: MO) up 1.5%, at $27.69.

Several other standouts from today are as follows…

QuickLogic Corp. (NASDAQ: QUIK) is up nearly 25%, at $2.87. The company announced an agreement under which mobile phone maker Kyocera will use QuickLogic chips in new products for the Japanese market.

Kelly Services, Inc. (NASDAQ: KELYB) is up nearly 28%, at $16.75. The company is set to announce earnings on November 9th, and is glimmering in the glow of a solid earnings report today from Monster Worldwide, Inc. (NYSE: MWW).

LDK Solar Co. Inc. (NYSE: LDK) is up more than 21%, at $4.00. Germany has announced another cut to its solar power feed-in tariff at the first of the year, and that could unleash a horde of new projects to take advantage of the current higher tariff rate.

Century Aluminum Co. (NASDAQ: CENX) is up more than 19%, at $11.74. The company reported an EPS loss yesterday, even though sales were up 24%. Investors must like the revenue report more than they hate the EPS loss.

McDermott International Inc. (NYSE: MDR) is down nearly -26%, at $10.85. The engineering and construction company lowered its third-quarter profit and revenue guidance. Analysts were expecting EPS of $0.29 and McDermott is now saying EPS will be just $0.03-$0.05.

Avon Products, Inc. (NYSE: AVP) is down about -18%, at $18.87. The company missed its earnings expectations, but the worse news is that the SEC have begun a formal investigation into bribery charges against the company for actions it took in foreign markets.

Stay tuned for Friday.  We have noted the following events (all times Eastern):

• 8:30 a.m. – Consumer spending
• 8:30 a.m. – Employment cost index
• 9:55 a.m. – Reuters/University of Michigan consumer sentiment index

Your email address

subscribe

terms and conditions

Paul Ausick

And presidential boosterism aside, electric vehicles don’t figure much into the picture. The companies that are likely to see some real gains from the new CAFE standards are electronics suppliers, battery makers, and engine companies. These include Johnson Controls Inc. (NYSE: JCI), Exide Technologies (NASDAQ: XIDE), Maxwell Technologies Inc. (NYSE: MXWL), BorgWarner Inc. (NYSE: BWA), and Honeywell International Inc. (NYSE: HON). Electric vehicle maker Tesla Motors, Inc. (NASDAQ: TSLA) shouldn’t expect much of a boost, and big automakers like General Motors Co. (NYSE: GM), Ford Motor Co. (NYSE: F), and Toyota Motor Co. (NYSE: TM) are far more likely to put their engineering efforts into internal combustion engines than into electric cars.

The reasons are simple. First, electric cars are not expected to have a significant impact on sales for a very long time.  A report issued last month by the Boston Consulting Group notes that battery pack costs will drop by nearly two-thirds in 2020 to around $400/kilowatt-hour for a typical 24-kWh battery system, but that still adds $9,600 to the cost of an electric vehicle. Internal combustion engines cost about a third of that.

Second, internal combustion engines have the ability to meet the new CAFE standards using available (or nearly so) technology. The first innovation will be start-stop technology, from which battery makers Johnson Controls and Exide should see significant growth. Another start-stop component will be the ultra-capacitors from Maxwell Technologies, and that company should see a boost as well.

Third, electric vehicles enjoy a substantial lead over internal combustion engines in emissions regulated at the tailpipe. However, if regulators switch to what is called a “wells-to-wheels” measurement, the electric cars see their advantage fall from a range 40%-60% to a range of 30%-50%. That remains a significant difference but the cost difference is too high to expect massive movement away from better internal combustion engines that are, essentially, clean enough.

Other innovations are smaller engines with turbochargers, transmissions with more gears, better cooling systems, and other technical changes that need only to be set up for mass production. This is an industry that could see enormous growth. BorgWarner produces turbochargers, drivetrain components, and emissions systems for auto makers. So does Honeywell. Both should see long-term benefits from the new standards.

While there is not necessarily a loser for every winner, electric vehicles and all of the effort to support an infrastructure for them could slowly bleed to death. There will always be a market for these cars, but the vehicles themselves will not be able to compete with the more fuel-efficient and cheaper internal combustion models.

Paul Ausick

Johnson announced on Monday that it would spend $138.5 million to convert a plant from the manufacture of standard absorbent glass mat (AGM) batteries to the manufacture of start-stop batteries. Johnson said that the global market for start-stop batteries will grow to 35 million units by 2015, up from about 6 million today. By 2020, Johnson expects to see a global market of around 95 million units.

Start-stop technology turns off a car’s engine whenever the car stops and then automatically restarts the car when the driver lets up on the brakes. Standard AGM batteries can’t handle the number of cycles or the accessory load demands of start-stop technology. A vehicle equipped with the technology could cut CO2 emissions and fuel consumption by 5%-12%.

Johnson raised its fiscal 2011 guidance to $38.5 billion in revenues back in January, and then raised guidance again to $39.5 billion in April. That includes a projected hit to revenues of $500 million due to disruption to Japanese automakers as a result of the earthquake and tsunami.

While the company’s price/book ratio is a fairly high 2.48, Johnson’s trailing P/E is 17.48 and its forward P/E is 12.46. The median stock price target is $48/share, and at mid-day shares are trading up about 1.5%, at $40.77, within a 52-week range of $26.07-$42.53.

Johnson seems solidly committed to the start-stop market, and Exide is gearing up as well. Exide projects a start-stop market of about 25 million units globally in 2015. Exide’s trailing P/E is 22.79, while its forward P/E is just 6.43. The company’s price/book ratio is just 1.42 and the median price target is $12/share. The company’s shares are up about 0.7% around noon today, at $7.48, within a 12-month range of $4.12-$12.68.

Another competitor in the start-stop space is Maxwell Technologies Inc. (NASDAQ: MXWL), makers of a device known as an ultracapacitor. Earlier this year Maxwell signed a deal with Flextronics International Ltd. (NASDAQ: FLEX) to include Maxwell’s ultracapacitors in Flextronics-designed systems. Maxwell is, perhaps, overvalued, with a negative trailing P/E, a forward P/E of 25.22 and a price/book ratio of 4.41. The company’s median price target is $21/share, about $1.50 above the top of Maxwell’s 52-week range.

Paul Ausick

In alphabetical order of their ticker symbols:  Avery Dennison Corporation (NYSE: AVY); Bemis Company, Inc. (NYSE: BMS); Dean Foods Co. (NYSE: DF); Johnson Controls Inc. (NYSE: JCI); Kraft Foods Inc. (NYSE:  KFT); Leggett & Platt, Incorporated (NYSE: LEG); Newell Rubbermaid Inc. (NYSE: NWL); Phillips-Van Heusen Corp. (NYSE: PVH); Rock-Tenn Co. (NYSE: RKT); Sealed Air Corporation (NYSE: SEE); and, Xerox Corp. (NYSE: XRX).

Price to book values range from Xerox’s 1.1 to Johnson Controls’ 2.4.  Even though we identified these companies in searching for attractive price to book values, every one of them offers respectable next-year earnings growth.  Analysts expect next-year earnings expansion ranging from Newell Rubbermaid’s 10.6% to Rock-Tenn’s 39%.  All sport forward PE multiples below 14.   Forward PE’s range from Xerox Corp’s 8.1 to Kraft Foods’ 13.9.

Seven of the eleven companies boast an implied upside price expansion exceeding 20%, based on current share prices versus consensus price targets. Leggett & Platt, Newell Rubbermaid, Xerox and Johnson Controls lead the rest with implied price expansions ranging from more than 27% to close to 31%.  Each of these eleven companies has an average daily trading volume exceeding 750,000 shares. Except where otherwise noted, the source for all performance and financial data is Finviz.com.

Avery Dennison Corporation (NYSE: AVY) has a price to book value near 2.3  to 1.  The company’s market cap is just less than $4 billion giving it a middle-of-the-pack rank among these companies.  Its forward PE is about 10.2.  With a consensus target price of $46.71, the shares have an implied upside exceeding 25%.  Shares of Avery Dennison closed Friday at $37.19, down 1.56%.  The 52-week price range is $30.54 to $43.26.  This outfit that makes labels and other office products recently took a downgrade to “Neutral” at Bank of America Merrill Lynch.  It pays a nice dividend with a yield of close to 2.7% and shares were above $60 back in 2007 before the recession.

Bemis Company, Inc. (NYSE: BMS) has a price to book value of 1.8  to 1.  The company’s market cap is just less than $3.4 billion.  Its forward PE is near 12.5.  With a consensus target price of $34.89, the shares have an implied upside of 8.6% among the lowest of these companies.  Bemis Company shares closed Friday at $32.11, down 0.43.  The 52-week price range is $25.79 to $33.57. The packaging materials company also has a respectable dividend yield of about 3%, even if Goldman Sachs did downgrade the rating to “Sell” in recent weeks..

Dean Foods Co. (NYSE: DF) boasts a price to book value of 1.4  to 1, ranking it second among these companies.  The company’s market cap is $2.2 billion, the smallest of these companies.  Its forward PE is near 13.2, among the highest on this list.  With a consensus target price of $13.50, the shares have an implied upside 12.5%.  In Friday trading Dean Foods closed at $12.00, down 1.80% for the day.  The 52-week trading range is $7.13 to $13.90.  This milk and dairy producer has been in recovery mode.  It made this screen even after a recovery of more than 75% from the bottom.  In 2007, shares were worth more than $40.00.

Johnson Controls Inc. (NYSE: JCI) has a price to book value of 2.4 to 1, a comparatively high price to book value ratio among these companies.  With a market cap exceeding $26 billion, Johnson Controls is the second largest company ranked here.  Its forward PE is a tad greater than 12.  After robust expansion of earnings for the current year, analysts expect next-year earnings expansion exceeding 34%.  With a consensus target price of $48.50, the shares have an implied upside of 23.8%.  Shares of Johnson Controls closed Friday at $39.17, unchanged.  The 52-week price range is $25.63 to $42.35.  The car parts and systems manufacturer is one of the few which pay a dividend (about 1.6%) and this one has recovered mightily from the recession lows when shares fell to well under $10.00.

GT Solar International, Inc. (NASDAQ: SOLR) reported first-quarter earnings last night and the company posted EPS of $0.41 on revenue of $272 million. Analysts had been expecting EPS of $0.34 on revenue of $224 million, so GT Solar really stomped on the estimates. The company’s shares put up a new 52-week high this morning to post a new 52-week range of $4.96-$13.35.

The company makes the manufacturing equipment for solar PV makers. It took new orders during the quarter of $722 million, and has boosted both its full-year revenue forecast from $850 million-$1 billion to $1-$1.1 billion. The company also raised EPS guidance from $1.25-$1.50 to $1.55-$1.85.

Even though most solar PV makers are expecting an oversupply in 2011, many are going ahead with capacity expansion plans. That gives GT Solar and competitors like Applied Materials, Inc. (NASDAQ: AMAT) some fertile ground for sales in 2011. GT Solar also makes furnaces that are used in the manufacture of LEDs, another product that is expected to see good growth in 2011.

Another solar winner is the flexible thin-film technology known as CIGS, for copper indium gallium diselenide. Swiss scientists have posted a new record for CIGS energy conversion efficiency of 18.7%. The US National Renewable Energy Lab has also tested a CIGS cell that posts an energy conversion efficiency of 19.9%, but that technology is slightly different.

Thin-film leader First Solar, Inc. (NASDAQ: FSLR) has been working on developing its own CIGS panels, and was once rumored to be in talks to acquire privately held HelioVolt. The rumors haven’t panned out yet, and may never do so. Still, the CIGS technology seems to be a significant jump up in efficiency from the cadmium telluride (CdTe) technology that First Solar currently uses. CIGS technology could also lower total systems costs, called ‘balance of systems’ or BoS cost because they are lighter and don’t require all the heavy support structure of silicon-based PV systems.

The solar loser — again — is Evergreen Solar Inc. (NASDAQ: ESLR), which has seen the state of Massachusetts kill two of the company’s tax breaks following the shutdown of Evergreen’s Devens plant which cost 800 workers their jobs. The state has sent Evergreen a retroactive property tax bill for $1.5 million and has eliminated $7.5 million in tax credits. Evergreen’s shares are trading at $0.76, very close to the bottom of their 52-week range of $0.71-$7.14.

China grew its wind generation capacity by 62% in 2010, to a total of nearly 42,000 megawatts. But the country’s progress may be slowing down this year as a result of the difficulty of connecting wind power plants to the country’s electricity grid. [http://247wallst.com/2011/04/27/alternative-energy-watch-china-plans-to-spend-big-on-grid-equipment-maker-gets-big-order-solr-amat-ldk-cree-veco-amsc/] Approximately 30% of the country’s wind generation is stranded, and there are other troubles as well.

Chinese law requires that 70% of wind projects use local sources and, in many cases, foreign countries that want to build alt energy projects in China must have a China-based partner and must sign a technology transfer agreement. On a more positive note, China has enacted a law mandating compulsory cross-licensing of alt energy technology and recently passed another law that allows companies to obtain a license to use a patent that its owner is not developing. These licensing rules have allowed the country’s big wind turbine manufacturers, Goldwind, Sinovel, and DongFang Electric, to corner more than 50% of the wind turbine market in China.

Ultracapacitor maker Maxwell Technologies, Inc. (NASDAQ: MXWL) and the automotive division of Flextronics International Ltd. (NASDAQ: FLEX) have signed an agreement under which Maxwell will supply its ultracapacitors to Flextronics for use in regenerative braking systems and for start-stop systems in automobiles. Ultracapacitors act like batteries and store/discharge electricity very quickly over a wide range of temperatures and over a large number of cycles.

Finally, a divorce. Johnson Controls Inc. (NYSE: JCI) has filed papers to dissolve its joint venture with France’s Saft Groupe SA. The JV was developing lithium-ion batteries for hybrid and all-electric vehicles. The joint company has deals with Daimler Benz, BMW, China’s Chery, and US carmakers Ford Motor Co. (NYSE: F) and General Motors Co. (NYSE: GM). Johnson Controls will pay Saft $64 million for its part of the JV.

Paul Ausick

Baidu.com (NASDAQ: BIDU) Raised to Overweight at HSBC.
Charles River Labs (NYSE: CRL) Raised to Hold at S&P Equity Research (late-Wednesday).
Chesapeake Energy Corp. (NYSE: CHK) Raised to Hold at Argus.
Cisco Systems, Inc. (NASDAQ: CSCO) Cut to Hold at Citigroup.
Computer Sciences Corporation (NYSE: CSC) Cut to Hold at S&P Equity Research (late-Wednesday).
Energy Conversion Devices, Inc. (NASDAQ: ENER) Cut to Sell at Citigroup.
Humana Inc. (NYSE: HUM) Cut to Perform at Oppenheimer.
Intrepid Potash, Inc. (NYSE: IPI) Cut to Market Perform at BMO.
ITT Corporation (NYSE: ITT) Cut to Underweight at Morgan Stanley.
Johnson Controls Inc. (NYSE: JCI) Raised to Outperform as the Bull of the Day at Zacks Investment Research.
NYSE Euronext, Inc. (NYSE: NYX) Cut removed from Conviction Buy List at Goldman Sachs; Cut to Sell at S&P Equity Research (late-Wednesday).
Polo Ralph Lauren Corp. (NYSE: RL) Raised to Neutral at BofA/ML; On Credit Suisse focus list and target raised to $150.
Wal-Mart Stores, Inc. (NYSE: WMT) Cut to Neutral at UBS.

You can join our free daily email distribution list to hear more about analyst upgrades and downgrades, top day trader and active trader alerts, dividend trends, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG