CKX is far from a normal public company and it was one of several highly unique public companies we have recently featured and most of these could even be classified as cult stocks.  Pinpointing a real value in CKX comes down to “beauty is in the eye of the beholder.”  The company owns the rights to the name, image and likeness of Elvis Presley and Muhammad Ali, the operations of Graceland, and proprietary rights to the IDOLS and So You Think You Can Dance television brands.  Robert F.X. Sillerman resigned as its Chairman and CEO to pursue a possible acquisition of the company but those talks ended in 2010.  The company’s total assets were $460.8 million at the end of 2010 and the buyout is being valued at close to $510 million.

We have highlighted each of these other unique public companies in a brief description below and that full prior article on unique companies goes much deeper into the operations and values of each.  Today we have only a brief description and a market capitalization rate compared to total asset values (not book values).

Collectors Universe Inc. (NASDAQ: CLCT) is effectively the last public company out there pertaining to grading and evaluating collectibles and grading other items.  The market cap here is about $120 million and the assets are about $37 million.

Destination Maternity Corporation (NASDAQ: DEST) screens out as a retailer, but it is effectively a pure-play in maternity clothing and apparel, with over 1,700 retail locations.  The market cap here is only about $300 million versus a total asset size of about $200 million.

Lululemon Athletica, Inc. (NASDAQ: LULU) has become so large that it will almost be forced to live up to its yoga-monopoly image.  Amazingly, very few ‘knock-off’ imitation companies exist on their own.  Lulu’s market cap is now over $7 billion and its valuations totay are likely to scare away a buyer; its total assets were valued recently a about $500 million.

Madison Square Garden, Inc. (NASDAQ: MSG) fits right in for private equity via sports teams, entertainment, and highly recognized venues.  The Garden has a $2 billion market cap and its total assets were listed as worth close to $2.2 billion.

Odyssey Marine Exploration Inc. (NASDAQ: OMEX) is basically a publicly traded treasure hunting outfit.  Why not get a bunch of billionaires to scuba dive ancient shipwrecks?  Total assets are listed as about $19 million versus a market cap of about $235 million.  That market cap does not really include its potential project values and future finds.

Premier Exhibitions, Inc. (NASDAQ: PRXI) is truly unique, part artifact-owner and part museum. It owns the BODIES exhibit and has the Salvor-In-Possession rights to the shipwreck of HMS Titanic and has the museum exhibit Titanic: The Artifact Exhibition. Its market cap is only about $85 million and its total assets are listed as being about $37 million.

Rick’s Cabaret International Inc. (NASDAQ: RICK) is truly unique as it screens out as a “restaurant” in financial screens. It is America’s broadest play on “adult nightclubs for businessmen and professionals.”  Its market cap is just over $100 million with a total asset valuation of close to $150 million.  Obviously, the big question will be if a private equity firm wants to explain why it suddenly owns strip clubs.

Royal Gold, Inc. (NASDAQ: RGLD) is not your normal gold stock as it is involved in royalty acquisitions.  Amazingly, it has only about 20 employees and commands a market cap of $3.25 billion with a total asset valuation of $1.86 billion.

Maybe some of these companies can fit into a private equity portfolio. Keep in mind that some may be too unique or may be in industries which private equity firms choose to avoid.

That more detailed review of very unique public companies is here.

JON C. OGG

Potash Corp. of Saskatchewan, Inc. (NYSE: POT) is surging after rejecting a $130 buyout offer.  Shares are up 28% at $144.00 on well over 2 million shares.  China Agritech, Inc. (NASDAQ: CAGC) closed at $15.28 and shares are trading up 8.5% at $16.59 on 40,000 shares.  Origin Agritech Limited (NASDAQ: SEED) closed at $8.33 and shares are up over 8% at $9.02 on more than 20,000 shares.

Fiserv Inc. (NASDAQ: FISV) is indicated up 2% above $51.00 this morning after Warren Buffett added the stocks as a new position inside Berkshire Hathaway’s public stock holdings.

MannKind Corporation (NASDAQ: MNKD) is down over 6% at $6.41 after having been down more than 8%… This is over an offering of up to 8,000,000 shares of its common stock in a stock loan to Bank of America.

Pacific Ethanol, Inc. (NASDAQ: PEIX) is up 17% at $0.61 after positive earnings after items; Revenue was $76.8 million versus $70.1 million a year ago.

Pactiv (NYSE: PTV) is higher on reports that it may be acquired by the Rank Group from New Zealand. Shares are trading up over 8% at $33.65 on about 100,000 shares.

Research in Motion Limited (NASDAQ: RIMM) is lower and may challenge the $50.00 per share mark again.  We have seen nearly 50,000 shares trade hands and shares are down by more than 1% at $50.25.

Rick’s Cabaret International, Inc (NASDAQ: RICK) is indicated down 10% after a double-digit drop last night after earnings were $0.09 EPS and revenues were $19.93 million versus estimates of $0.20 EPS and $20.34 million.

Teekay Offshore Partners L.P. (NYSE: TOO) is down 5% at $22.00 on somewhat active volume after releasing that it plans to offer 5,000,000 common units for general partnership purposes, which includes funding vessel acquisitions.  It also plans to repay a portion of its outstanding credit facility debt.

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

JON C. OGG

What is interesting is that VCG Holding Corp. already had an offer from Chairman & CEO Troy Lowrie, Lowrie Management, LLP, an entity controlled by Mr. Lowrie, and certain other unidentified investors to acquire all the outstanding common stock of the Company for $2.10 per share in cash in 2009.  The company’s own special committee determined that the offer was inadequate.  The stock’s 52-week high is $2.79.

VCG’s shareholders will receive shares of Rick’s common stock based on certain exchange ratios, which will be between $2.20 and $3.80 per share based upon a weighted average of Rick’s common stock closing prices for the 20 consecutive trading days ending on the second trading day prior to the closing of the merger.

The company’s example shows a combined price of $2.66 per VCG share. Rick’s may terminate this merger if the formula dips below $8.00 per Rick’s share, but the termination is subject to the termination fee payment to VCG which will be negotiated by the parties.

The long and short of it is that the merger is now planned, but things have to hold up well for both companies.  Rick’s shares are down 7.5% at $11.92 today, and the 52-week trading range is $2.44 to $12.90.  The last time Rick’s stock closed under $8.00 was just on December 18.

Rick’s has steadily grown through acquisitions and there can always be more acquisitions down the road.  After all, the adult-themed entertainment industry is a highly fragmented industry full of independent owners with locations all around the country.

We won’t ask if there is a dancer’s union….

JON C. OGG

BP plc (NYSE: BP) Raised to Buy at Citigroup.
Burger King (NYSE: BKC) Cut to Hold at Deutsche Bank.
Chevron (NYSE: CVX) Raised to Buy at Citigroup.
Chipotle Mexican Grill (NYSE: CMG) Raised to Buy at Deutsche Bank.
Corning Inc. (NYSE: GLW) Raised to Buy at Deutsche Bank.
EnerNOC (NASDAQ: ENOC) Started as Overweight at Barclays.
Intel Corporation (NASDAQ: INTC) Raised to Hold from Sell at Auriga.
Panera Bread (NASDAQ: PNRA) Raised to Buy at Deutsche Bank.
Petroleo Brasileiro (NYSE: PBR) Raised to Buy at Citigroup.
Rick’s Cabaret (NASDAQ: RICK) Started as Buy at Brean Murray.
The Walt Disney Co. (NYSE: DIS) Cut to Neutral at Janney Montgomery Scott.

You are invited to join our free daily email distribution list from 24/7 Wall St. to hear about ongoing day trader and options trader alerts, analyst upgrades and downgrades, stock and market rumors, Buffett and guru investor news, M&A and IPOs, and more.

JON C. OGG
January 11, 2010

CAPSTONE TURBINE CORP. (NASDAQ: CPST) is being booted off as an “Energy” sector stock.  This microturbines player is a “less-dirty” power play, but stock offerings and a lack of sustained growth to get to profitability has taken the oomph away from this stock. But this one still has a deep retail base of stock owners and trades millions of shares per day.

FINISAR Corporation (NASDAQ: FNSR) is being kicked out as a “Technology” sector stock from the Russell 3000.  This high-speed data communication subsystems player just never took off as many hoped it would.  But it still has a cult stock following as it trades close to 2 million shares per day.  At $0.70, its market cap is $337 million and its 52-week range is $0.21 to $1.68.  During the tech bubble in 2000 this was a $20 to $50 stock.

Rick’s Cabaret International Inc. (NASDAQ: RICK) is being booted as a “Consumer Discretionary” sector member of the Russell 3000.  Rick’s may be the ultimate consumer discretionary example there is as it owns topless bars, i.e. gentlemen clubs.  The company is still profitable overall, but even at $6.17 per share its market cap is $57 million and its 52-week range is $2.44 to $21.98.

SIRIUS XM RADIO INC. (NASDAQ: SIRI) needs very little explanation.  It has gone to the basement and is being removed as a “Consumer Discretionary” stock in the Russell 3000.  Its market cap is north of $1 billion still, but we don’t even presume to know what turnaround would be required for it to get re-added.  It seems that the reverse split isn’t going to help matters, at least not as the Index Team at Russell is concerned.

TheStreet.com, Inc. (NASDAQ: TSCM) is being booted off the Russell 3000 as a “financial services” sector stock.  If you know Jim Cramer you know TheStreet.com.  At $2.22 it has a $67.9 million market cap and the 52-week range is $1.69 to $7.34.  The decline in CPMs for ad rates and the major purge of subscriber newsletter operations has knocked this stock down close to a net cash value if you can believe it.

Uranium Resources, Inc. (NASDAQ: URRE) is being booted off as a “Materials & Processing” sector stock in the Russell 3000.  This was a more popular stock when uranium prices were through the roof.  At $1.42 it has a $80 million market cap and its 52-week range is $0.36 to $4.70.  If uranium ever makes a huge comeback, this  company might get re-added.

VONAGE HOLDINGS CORP. (NYSE: VG) is being deleted from the “Utilities” sector from the Russell 3000.  The company stock has fallen to under $1.00 and is now even under $0.43 since the last rebalance.  It would have to rise another 50% or 100% to remain in the index.  This one has thousands and thousands of stockholders and millions of Vonage users.  But its share price dictates all, and you know the vote.  The 52-week range is $0.31 to $1.96.

Again, there are two more opportunities as the other Russell index changes will be amended today and again next Friday.  It is always possible that some of these will change.

Jon C. Ogg
June 19, 2009

In October its "same-store sales" grew 8%.  This is almost unbelievablewhen you consider that people are pinching pennies left and right…You really need to go look at the numbers reported on Friday.  You’llsee why it rose over 12% on a crummy day. 

…live entertainment of this sort just hasn’t been excessively slowed down by a poorer and poorer Joe Public. 

This stock was admittedly run up way too high by the start of the year, but is now off 80% from highs. 

There are risks in this business that do not exist in others because ofthe nature of the sin business, and this is not the sort of stock thatsteady church-goers would want to say that they made money or lostmoney in. 

Owning it and then doing some on-site research and analysis might evenqualify you for some "in the field research expenses" if you are thatcreative. 

But, all joking aside… the numbers speak for themselves and we wanted to keep you abreast of this one.

Jon C. Ogg
November 17, 2008

Another vice stock, Wynn (WYNN) is trading heavy on a new stock offering.

After Nokia’s warning that global handset sales have gone to hell, stocks in the sector including Texas Instruments (TXN), Qualcomm (QCOM), and Ericsson (ERIC) are having a bad day.

Douglas A. McIntyre

• Everest Re (RE) to Outperform at Wachovia.
• Fortress Investment (FIG) Raised to Hold from Sell at Citigroup.
• PartnerRe (PRE) Raised to Outperform at Wachovia.
• Seattle Genetics (SGEN) Raised to Outperform at Oppenheimer.
• T. Rowe Price (TROW) Raised to Outperform at KBW; raised to Outperform at Wachovia.
• Yamana Gold (AUY) Raised to Outperform at CIBC.
• Nortel (NT) Cut to Neutral at UBS.
• Rick’s Cabaret (RICK) Cut to Neutral at Merriman Curhan Ford.
• Royal Dutch Shell (RDS.A) Cut to Underperform at Credit Suisse.
• US Steel (X) Cut to Sell at UBS.

Jon C. Ogg
October 27, 2008

The company posted earnings yesterday and gave its guidance, which it also gave in a second press release today.  For its 2008 fiscal year (Sept-2008 end) the company said it expects approximately $61 to $62 million in revenues.  That would put after tax net income around $10.5 to $11 million, which would yield about $1.25 to $1.30 EPS.  Its outlook for fiscal Sept-2009 puts revenues exceeding $100 million, and yields a an earnings range of $2.30 to $2.50 EPS.

While the company has very thin analyst coverage, these numbers are well above the two estimates measured by First Call.  Fiscal Sept-2008 estimates are $1.17 EPS and about $58 million (top estimate is $1.21 EPS).  Fiscal Sept-2009 estimates are $1.88 EPS and almost $79.7 million. 

The company did also note different numbers for the calendar years as well, although we wanted to compare the numbers above on an apples to apples basis.  These 2008 numbers don’t reflect a pending acquisition, but the 2009 numbers do.  Between now and then, we won’t be surprised if the company has made more acquisitions.

Rick’s shares have more than doubled over the last year, and its market cap is now approximately $158 million based upon a $21.00 stock price.  As far as forward valuations, for 2008 it has a forward P/E ratio at the Low-end of estimates at 16.8 and trades at roughly 2.5-times revenues.  For Fiscal Sept-2009, its forward numbers at its own low-end of estimates are a 9.1 forward P/E ratio and roughly 1.5-times revenues.

We covered this when its market cap had just crossed over $100 million, and you can see how these new projections are ahead of those numbers.

There is no doubt that many cannot own this stock because it falls in the "sin stock" category.  But for those who can and if you can trust the company’s numbers, then all of a sudden you have a low-multiple growth stock with the potential for close to 90% earnings per share growth.  Now that the market cap is north of $100 million, there are also many more funds that are not barred from owning it because many have a $100 million market cap minimum.  As long as you are comfortable with the company’s projections and as long as you don’t mind owning a sin stock, the projections look and sound great.

A college logic class might even deduce that topless bars are nearly recession proof. 

Jon C. Ogg
May 9, 2008

Jon Ogg is also a producer and editor of the "10 Stocks Under $10" weekly newsletter; he does not own securities in the companies he covers.

Cult stocks are often fad stocks, but they tend to see explosive volume on news and often have high short interest.  Many of these stocks have been covered in our weekly "10 Stocks Under $10" newsletter we send out too.  Here is a breakdown of these individually:

Today after market close we’ll get to see the earnings out of DivX,Inc. (NASDAQ: DIVX). The estimates for the digital media company fromFirst Call are $0.14 EPS on $25.04 million in revenues.  Next quarterestimates are $0.07 EPS on $21.49 million in revenues. Estimates forfiscal Dec-2008 are $0.47 EPS on $98.24 million in revenues. The52-week range is $6.12 to $19.35. Shares are trading at $7.56 inmid-day Monday trading.

• DIVX just made our newsletter watch list this weekend as one we’ll update fortomorrow because of a large short interest, huge sell-off, and more.

Tuesday after market close we’ll get to see the earnings out ofValueClick Inc. (NASDAQ: VCLK). The estimates for the onlineadvertising company from First Call are $0.16 EPS on $169.62 million inrevenues.  Next quarter estimates are $0.17 EPS on $174.90 million inrevenues. Estimates for fiscal Dec-2008 are $0.79 EPS on $739.00million in revenues.  The 52-week range is $16.11 to $36.70.  Sharesare trading at $20.73 in mid-day Monday trading.

• If there is one advertising name that is of interest to the public now that MSFT-YHOO is off, it’s ValueClick.

Wednesday after market close we’ll get to see the earnings out of CROCSInc. (NASDAQ: CROX). The estimates for the footwear and apparel companyfrom First Call are $0.10 EPS on $196.67 million in revenues.  Nextquarter estimates are $0.43 EPS on $252.19 million in revenues.Estimates for fiscal Dec-2008 are $1.60 EPS on $1.00 billion inrevenues. The coverage is very thin and that they are greatly variedfrom estimate to estimate.  The 52-week range is $9.53 to $75.21.Shares are trading at $10.16 in mid-day Monday trading. 

• CROX we recently covered in our "Under $10" letter as one that is adone fad stock.  But, money is money.  Traders will get all sorts oftrading opportunities to buy on weakness and sell into strength.

Wednesday after market close we’ll get to see the earnings out ofHansen Natural Corporation (NASDAQ: HANS). The estimates for thebeverage distributor from First Call are $0.35 EPS on $220.73 millionin revenues.  Next quarter estimates are $0.61 EPS on $337.18 millionin revenues. Estimates for fiscal June-2008 are $2.14 EPS on $1.22billion in revenues. Estimates for fiscal June-2009 are $2.62 EPS on$1.48 billion in revenues. The coverage is thin and that they aregreatly varied from estimate to estimate.  The 52-week range is $30.77to $68.40. Shares are trading at $35.17 in mid-day Monday trading. 

• Isthere a bigger cult stock in the beverage and specialty drink space?

Thursday after market close we’ll get to see the earnings out ofLocal.com Corp. (NASDAQ: LOCM). The estimates for the localized onlinesearch engine from First Call are -$0.20 EPS on $8.20 million inrevenues.  Next quarter estimates are -$0.17 EPS on $9.49 million inrevenues. Estimates for fiscal Dec-2008 are -$0.55 EPS on $41.04million in revenues. The coverage is very thin and that they aregreatly varied from estimate to estimate.  The 52-week range is $2.77to $13.74. Shares are trading at $5.00 in mid-day Monday trading.

• Local.com has been covered successfully on two occasions in the "Under$10" weekly letter for trading opportunities ahead of events.  Staytuned here.

Thursday after market close we’ll get to see the earnings out ofRealNetworks Inc. (NASDAQ: RNWK). The estimates for thenetwork-delivered digital media product provider from First Call are-$0.03 EPS on $141.57 million in revenues.  Next quarter estimates are-$0.02 EPS on $150.27 million in revenues. Estimates for fiscalDec-2008 are -$0.06 EPS on $623.08 million in revenues.  The 52-weekrange is $5.07 to $8.76. Shares are trading at $6.52 in mid-day Mondaytrading. 

• As this one received a huge cash infusion from Microsoft and as it hasmillions of players on desktops, this one is very-cultish.

Thursday after market close we’ll get to see the earnings out of Rick’sCabaret International Inc. (NASDAQ: RICK). The estimates for thepremier operator of adult nightclubs from First Call are $0.28 EPS on$14.82 million in revenues.  Next quarter estimates are $0.30 EPS on$15.68 million in revenues. Estimates for fiscal Sept-2008 are $1.17EPS on $58.05 million in revenues.  The 52-week range is $7.51 to$29.79.  Shares are trading at $19.04 in mid-day Monday trading.   

• Can you believe we covered this one as the market cap grew past $100million?  At one point it was up huge, but shares have come back offlately.  Are topless bars recession-proof?

Thursday after market close we’ll get to see the earnings out of TrueReligion Apparel Inc. (NASDAQ: TRLG). The estimates for the apparelcompany from First Call are $0.26 EPS on $45.16 million in revenues.The coverage is thin and that they are greatly varied from estimate toestimate.  The 52-week range is $13.89 to $23.74.  Shares are tradingat $19.45 in mid-day Monday trading.   

• Huge short interest in a company that makes $150 jeans look cheap, andone that at one point tried to sell itself.  Also has the cool jeansimage and wide celebrity use base.  Citi recently downgraded it. Does it get more cultish?

Thursday morning we’ll get to see the earnings out of Vonage HoldingsCorporation (NYSE: VG). The estimates for the broadband telephoneservices company from First Call are -$0.07 EPS on $222.30 million inrevenues. Next quarter estimates are -$0.02 on $227.64 million inrevenues. Estimates for fiscal Dec-2008 are -$0.16 EPS on $923.50million in revenues. The coverage is thin and that they are greatlyvaried from estimate to estimate.  The 52-week range is $0.89 to$3.77.  Shares are trading at $1.85 in mid-day Monday trading.   

• Vonage has also recently appeared in the "10 Under $10" weekly letter as one to watch asit is testing the water for a financier to see if it can clean up itsbooks.

As a reminder, all earnings dates are subject to change and may have already changed from the last available data.  Many cult stocks have very thin analyst coverage, and many cult stocks get no real analyst coverage at all.

Jon C. Ogg
May 5, 2008