LPL Names Ex-SEC Enforcer Head of Legal, Government Relations

LPL Financial announced Thursday that David Bergers, former deputy director of the SEC’s enforcement division, has been appointed LPL’s new managing director for Legal and Government Relations and General Counsel for LPL Financial Holdings.

Bergers (right), who will join LPL on Aug. 5, will report to LPL Financial Chairman and CEO Mark Casady. Bergers replaces longtime LPL Financial legal chief Stephanie Brown, who after 24 years at LPL Financial will be joining the Boston office of Markun, Zusman, Freniere & Compton.

Bergers, who will also be a member of the firm’s management and risk oversight committees, comes to LPL Financial after 13 years with the SEC, most recently as acting deputy director of the enforcement division in Washington. He was director of the SEC's Boston regional office from 2006 to 2013.

"We are fortunate to have someone of David's caliber and expertise in regulatory and other matters joining LPL Financial to head our legal and government relations functions. His perspective and experience will strengthen the capabilities of an extremely talented team,” noted Casady, in a statement. “He also has significant management experience, having most recently helped oversee a team of 1,300 people and successfully transformed both the enforcement and examination programs at the SEC.”

Bergers previously practiced at law firms in Philadelphia and Boston, and served as a vice president and assistant general counsel of a regional broker-dealer, as well as primary counsel to an affiliated investment adviser. He obtained his bachelor's degree in 1989 from Eastern Nazarene College, and earned his law degree in 1992 at Yale Law School.

"I am honored to lead LPL Financial's legal and government relations team, and I look forward to working together with LPL's employees, advisors and institutions as they serve investors in a rapidly-changing industry," said Bergers, in the same statement.

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Check out LPL’s RIA Platform Hits $50B in Assets on AdvisorOne.

Is This The Turn For Check Point?

Waiting for the right time to jump into Check Point Software (Nasdaq:CHKP) was a trying exercise as the company's product revenue growth continued to grind lower and then turn negative. And now with the shares up almost one-quarter over the last three months, it looks like Wall Street has already moved on the recovery trade. The one solace for investors who've missed the move (myself included) is that even with exceptionally conservative assumptions, Check Point still does not look like an expensive stock and this company virtually mints money.

Results Still Weak, But Are They Turning?
At the risk of being accused of trying to spin Check Point's results in a positive light, I think this is a case where soft-looking results are actually starting to look better.

Revenue was up 4% this quarter and slightly ahead of expectations (less than 1%). More interesting to me is that the revenue was up 5% sequentially. Likewise in product revenue – year-on-year, Check Point saw another decline (-2%), but revenue grew 13% on a sequential basis.

SEE: 5 Earnings Season Investing Tips

Margin and profit performance was likewise somewhat lackluster, and without the same sequential improvements. Gross margin was basically flat on a year-on-year basis, and down slightly sequentially, while operating income rose 2% from last year and fell 3% sequentially.

Will The Trade-Down Ease Off?
One of the challenges that Check Point has been dealing with, in addition to the generally unappetizing IT spending environment, is that its systems are arguably too good for the company's own good. In many cases, customers have stuck with Check Point products, but taken advantage of the constant improvements to upgrade the performance relative to their existing system, but at a lower price (in other words, the "feature-adjusted" price is now lower).

Hopefully Check Point is largely past that cycle. At the same time, the company has introduced two new attractive appliance lines (the 600 and 1100) that should help perk up revenue later this year, the former (the 600) offering an interesting potential challenge to Fortinet (Nasdaq:FTNT) in the smaller business space. Elsewhere, the company is turning more of its attention to threat emulation (where it will challenge Palo Alto Networks (Nasdaq:PANW) and mobile information protection. Of course, Palo Alto isn't going to take this lying down, and major rivals like Cisco (Nasdaq:CSCO) and smaller contenders like Fortinet and Sourcefire (Nasdaq:FIRE) aren't going to ease up either.

Will The Market Allow For Continued Success?
I do still see some threats to the Check Point story. For starters, I would expect that the weak IT environment has clients/customers increasingly pitting companies against each other in the attempt to force one to cave on price to get the deal. Longer term, I wonder if the trend towards consolidating data centers and shifting more business towards PaaS vendors like Amazon (Nasdaq:AMZN) is going to undermine market growth – although Check Point could actually benefit from that, as they would seem to be better-suited to meet the higher demands of a larger, consolidated data center.

SEE: A Primer On Investing In The Tech Industry

I'm also still concerned with margins and cash flow generation. You just don't see companies regularly convert 60% of revenue to cash flow, and I don't expect Check Point to be able to keep it up. Consider the 600 appliance, for instance. I just don't see how the SMB market will support 50%-plus operating margins, so Check Point is going to have to think about how much margin it is willing to trade for better growth.

The Bottom Line
For as long as I've followed Check Point (and thought the stock was undervalued), missing the roughly 25% move over the past quarter has been aggravating and frustrating. That said, I think this "meet and maintain" quarter will represent the bottom of the cycle, and I believe the company should start reporting better growth in the coming quarter. It won't be the sort of growth that has investors confusing this company with Palo Alto, but any growth will help at this point.

Even very conservative assumptions suggest these shares are still cheap. If I project 5% revenue growth and less than 2% free cash flow growth (assuming a big reduction in margins/free cash flow margin), the resulting fair value is still more than $61. Moreover, with Check Point having so much cash on hand that management could take Scrooge McDuck-style swims through it, the opportunity to add growth through acquisition or continue on with substantial buybacks should help underpin the shares.

Are You Expecting This from Goodyear Tire & Rubber?

Goodyear Tire & Rubber (Nasdaq: GT  ) is expected to report Q2 earnings on July 30. Here's what Wall Street wants to see:

The 10-second takeaway
Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Goodyear Tire & Rubber's revenues will shrink -5.1% and EPS will wither -14.0%.

The average estimate for revenue is $4.88 billion. On the bottom line, the average EPS estimate is $0.49.

Revenue details
Last quarter, Goodyear Tire & Rubber reported revenue of $4.85 billion. GAAP reported sales were 12% lower than the prior-year quarter's $5.53 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
Last quarter, non-GAAP EPS came in at $0.45. GAAP EPS were $0.10 for Q1 versus -$0.05 per share for the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
For the preceding quarter, gross margin was 18.9%, 210 basis points better than the prior-year quarter. Operating margin was 5.6%, 80 basis points better than the prior-year quarter. Net margin was 0.7%, 80 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $20.27 billion. The average EPS estimate is $2.13.

Investor sentiment
The stock has a two-star rating (out of five) at Motley Fool CAPS, with 494 members out of 594 rating the stock outperform, and 100 members rating it underperform. Among 139 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 119 give Goodyear Tire & Rubber a green thumbs-up, and 20 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Goodyear Tire & Rubber is outperform, with an average price target of $16.21.

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Twitter's IPO In Pictures

Updated from 5:09 p.m. EST to provide revenue information in the fifth paragraph.

NEW YORK (TheStreet) -- After dominating headlines for weeks, Twitter (TWTR) went public with a bang, near doubling mere minutes after its float. In one of the most highly-anticipated IPOs of 2013, demand was high and investors desperate for a piece of coveted stock.

The San Francisco-based company priced its offering at $26 per share late Wednesday. Similar to its initial IPO offering, Twitter used its own social networking platform to reveal its final pricing. Goldman Sachs (GS) was the lead underwriter for the offering with Morgan Stanley (MS), JPMorgan (JPM) and Bank of America (BAC) as co-underwriters.

The $26 per share offer was upwardly revised from the company's previous range of $23 and $25 a share and significantly higher than early estimates of $17 to $20. After closing its first trading day 74.7% higher at $44.90, the social network's total market cap is in excess of $24 billion. At its initial $26 pricing, the company was valued at more than $18 billion. Twitter reported $422 million in revenue through the first nine months of 2013, an increase of 120% from year-ago levels. About 70% of the company's advertising revenue comes from mobile, an excellent sign given it is primarily thought of as a mobile-first experience.

Why the Dow Is Soaring

Blue-chip stocks sprinted out of the gate today. At its peak this morning, the Dow Jones Industrial Average (DJINDICES: ^DJI  ) had shot higher by more than 200 points after separate reports showed that housing prices continue to head in the right direction. However, the markets have since cooled down. With roughly an hour left in the trading session, the blue-chip index is up by a still impressive 110 points, or 0.72%.

Shortly before the markets opened this morning, traders learned that U.S. home prices rose in the month of March by 10.9% compared to the same month last year. This was the largest year-over-year gain in seven years. According to the Case-Shiller home price index that surveys the nation's largest metropolitan areas, home values increased in all 20 of the cities examined.

These gains can be credited to a number of trends. First, the inventory of houses for sale remains depressed. Second, mortgage rates remain near their last year's historic lows. And finally, as a Wall Street Journal story observed this morning, speculators looking to flip houses have made their presence increasingly apparent over the last few months. In California, for example, more than 5% of all homes sold in the state were bought and then resold within six months.

Regardless of the impetus for the rise, there can be little doubt about its importance to the underlying economy. For consumers, rising home values mend personal balance sheets weighed down by underwater mortgages; according to real estate website Zillow, in the first quarter of this year, a full 25.4% of home owners owed more on their homes than they are presently worth. For banks, it means fewer delinquencies (which are expensive to service) and more underwriting activity as buyers and sellers regain confidence in the market. And for homebuilders, it means an increase in the demand for new houses.

The latter was on display last week when Toll Brothers (NYSE: TOL  ) reported earnings for its fiscal second quarter ended April 30. Aside from the fact that the nation's largest luxury homebuilder notched higher revenue and net income, the most tangible evidence of progress was in the number of units sold or put under contract. Compared with last year, the company saw its net signed-contract count increase by 36%. And over the same time period, the price of each contract advanced from $631,000 to $678,000.

Given today's news, it should be no surprise that shares of banks and other companies in the home improvement business are headed higher. In terms of Dow stocks, for instance, both JPMorgan Chase (NYSE: JPM  ) and Bank of America (NYSE: BAC  ) are watching their shares ascend. While neither of these lenders has the same level of exposure to the mortgage market as Wells Fargo, which completely dominates the field, both are nevertheless reliant on origination fees to fuel their respective bottom lines. In addition, both have massive quantities of home loans on their balance sheets and in service portfolios that they manage for third-party investors. Consequently, any improvement in home values translates directly into better collateral and lower service-related expenses.

Also up this afternoon are shares of Home Depot (NYSE: HD  ) . The nation's largest home-improvement retailer has seen its stock soar over the last 12 months by 67%, making it the second-best-performing stock on the Dow over that time period next to Bank of America. And in its most recent quarter, it notched a 7.4% increase in year-over-year sales and 22.1% growth in diluted earnings per share. The latter figures could well continue on this path so long as the housing market doesn't falter.

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Vodafone Group Increases Dividend By 7% to Yield 5.1%

LONDON -- Vodafone  (LSE: VOD  ) (NASDAQ: VOD  )  released its final results this morning, and announced that the group's revenue saw a decline of 4.2% on a reported basis to 44.4 billion pounds, while EBITDA fell 3.1% to 13.3 billion pounds.

This was mainly caused by the continued turbulent conditions in Southern Europe, which has seen the company cut prices there in an attempt to keep its customers and as such revenue for the region fell 16.7% on a reported basis.

However, group adjusted operating profit rose 9.3% to 12 billion pounds, which was above previous guidance, and adjusted earnings per share increased 5% at 15.65 pence, following success elsewhere in the business.

Vodafone Red, the company's "new strategic approach to pricing and our customer proposition," was launched in 14 countries, and had 4.1 million customers as of May 12, 2013, with "very positive initial results".

Vodafone's cash cow and joint-venture with Verizon Communications, Verizon Wireless, saw service revenue up 8.1%, which led to the British-based company's share of profits up 30.5% to 6.4 billion pounds.

While there was no update on the talks between the two telecoms giants about a potential buyout of Vodafone's stake or a potential merger, this morning's results did confirm that the 2.1 billion pound dividend due to be received from Wireless will be reinvested into Vodafone's business.

The group was able to lift its total ordinary dividends per share by 7% today for a final figure of 10.19 pence and thus, with the shares up marginally in early trade to 197.93 pence, it brings Vodafone onto a current yield of 5.1%.

Group chief executive Vittorio Colao commented:

Thanks to further strong progress this year in our key areas of strategic focus -data, enterprise and emerging markets-and an excellent performance from VZW, we have achieved good growth in adjusted operating profit and adjusted earnings per share. However, we have faced headwinds from a combination of continued tough economic conditions, particularly in Southern Europe, and an adverse European regulatory environment. 

With the announcement of today's 7% increase, the ordinary dividend per share has grown over 22% in the last three years. The Board remains focused on balancing ongoing shareholder remuneration with the long-term investment needs of the business, and going forward aims at least to maintain the ordinary dividend per share at current levels.

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Is Macquarie Infrastructure's Cash Flow Just For Show?

Although business headlines still tout earnings numbers, many investors have moved past net earnings as a measure of a company's economic output. That's because earnings are very often less trustworthy than cash flow, since earnings are more open to manipulation based on dubious judgment calls.

Earnings' unreliability is one of the reasons Foolish investors often flip straight past the income statement to check the cash flow statement. In general, by taking a close look at the cash moving in and out of the business, you can better understand whether the last batch of earnings brought money into the company, or merely disguised a cash gusher with a pretty headline.

Calling all cash flows
When you are trying to buy the market's best stocks, it's worth checking up on your companies' free cash flow once a quarter or so, to see whether it bears any relationship to the net income in the headlines. That's what we do with this series. Today, we're checking in on Macquarie Infrastructure (NYSE: MIC  ) , whose recent revenue and earnings are plotted below.

Source: S&P Capital IQ. Data is current as of last fully reported fiscal quarter. Dollar values in millions. FCF = free cash flow. FY = fiscal year. TTM = trailing 12 months.

Over the past 12 months, Macquarie Infrastructure generated $178.6 million cash while it booked net income of $13.3 million. That means it turned 17.3% of its revenue into FCF. That sounds pretty impressive.

All cash is not equal
Unfortunately, the cash flow statement isn't immune from nonsense, either. That's why it pays to take a close look at the components of cash flow from operations, to make sure that the cash flows are of high quality. What does that mean? To me, it means they need to be real and replicable in the upcoming quarters, rather than being offset by continual cash outflows that don't appear on the income statement (such as major capital expenditures).

For instance, cash flow based on cash net income and adjustments for non-cash income-statement expenses (like depreciation) is generally favorable. An increase in cash flow based on stiffing your suppliers (by increasing accounts payable for the short term) or shortchanging Uncle Sam on taxes will come back to bite investors later. The same goes for decreasing accounts receivable; this is good to see, but it's ordinary in recessionary times, and you can only increase collections so much. Finally, adding stock-based compensation expense back to cash flows is questionable when a company hands out a lot of equity to employees and uses cash in later periods to buy back those shares.

So how does the cash flow at Macquarie Infrastructure look? Take a peek at the chart below, which flags questionable cash flow sources with a red bar.

Source: S&P Capital IQ. Data is current as of last fully reported fiscal quarter. Dollar values in millions. TTM = trailing 12 months.

When I say "questionable cash flow sources," I mean items such as changes in taxes payable, tax benefits from stock options, and asset sales, among others. That's not to say that companies booking these as sources of cash flow are weak, or are engaging in any sort of wrongdoing, or that everything that comes up questionable in my graph is automatically bad news. But whenever a company is getting more than, say, 10% of its cash from operations from these dubious sources, investors ought to make sure to refer to the filings and dig in.

With 55.4% of operating cash flow coming from questionable sources, Macquarie Infrastructure investors should take a closer look at the underlying numbers. Within the questionable cash flow figure plotted in the TTM period above, other operating activities (which can include deferred income taxes, pension charges, and other one-off items) provided the biggest boost, at 21.2% of cash flow from operations. Overall, the biggest drag on FCF came from capital expenditures, which consumed 18.0% of cash from operations.

A Foolish final thought
Most investors don't keep tabs on their companies' cash flow. I think that's a mistake. If you take the time to read past the headlines and crack a filing now and then, you're in a much better position to spot potential trouble early. Better yet, you'll improve your odds of finding the underappreciated home-run stocks that provide the market's best returns.

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We can help you keep tabs on your companies with My Watchlist, our free, personalized stock tracking service.

Add Macquarie Infrastructure to My Watchlist.

Alcoa Sets Tone for Earnings Season

Alcoa's (NYSE: AA  ) earnings report has long stood as the unofficial kickoff signal of each earnings season, typically setting a tone by which subsequent releases are measured. While this quarter appears to have followed the expected pattern, there are some who have begun to question the relevance of Alcoa as a member of the Dow Jones Industrial Average. The Dow has started 2013 in impressive fashion, while Alcoa has languished.

In the video below, Fool.com contributor Doug Ehrman discusses Alcoa's numbers, the tone they bring to earnings season, and the company's place in the market, and in the Dow, as a bellwether.

Materials industries are traditionally known for their high barriers to entry, and the aluminum industry is no exception. Controlling about 15% of global production in this highly consolidated industry, Alcoa is in prime position to take advantage of growth that some expect will lead to total industry revenue approaching $160 billion by 2017. Based on this prospect and several other company-specific factors, Alcoa is certainly worth a closer look. For a Foolish investment perspective on this global giant simply click here now to get started.

Good Times To Continue For General Electric

On June 21, 2014, Alstom SA's board approved General Electric's (GE) bid to buy Alstom's gas and steam turbine-making operations for $17 billion. This article looks at the positives for GE from the deal and the other critical factors that make GE a good long-term investment.

The Deal And Its Positive Implications

The board of Alstom SA unanimously approved GE's $17 billion offer to buy Alstom's energy business. As a first positive, the transaction enhances GE's position as one of the most competitive infrastructure company. Alstom will bring complementary technology and global capability for GE, which will yield positive results in the long-term.

The transaction will result in an incremental EPS of $0.08 to $0.10 for GE by 2016 and this underscores the attractiveness of the deal. Further, on an immediate term, the deal is expected to have an incremental EPS impact of $0.04 to $0.06 on for GE.

The acquisition will also provide a cost synergies opportunity and GE expects cost synergies of $1.2 billion in the fifth year starting with cost synergies of $300 million in the first year.

In terms of capacity and revenue visibility, the acquired business has an installed base in excess of 350GW along with a $38 billion order backlog. Considering the acquired company's LTM revenue of $20 billion, the current order backlog gives a revenue visibility of 2 years.

Further, with 85% of the revenues outside North America and approximately 80% of the revenue from outside Western Europe, the acquisition provides emerging market footprint for GE. Therefore, the incremental EPS growth from the acquisition is likely to be robust over the long-term.

Strong Revenue Visibility And Financial Position

As of 2013, GE had an order backlog of $244 billion, which is 2.4 times the company's FY13 revenue. A robust order backlog ensures that the company's earnings remain stable in the foreseeable future.

GE is also well placed fundamentally with a strong cash position of $89 billion as of FY13. GE also generated an operating cash flow of $28.5 billion for FY13 and a robust cash inflow allows GE to create shareholder value through dividends and share repurchase, besides going for organic and inorganic growth.

For the period 2010-2013, GE has returned $26 billion to shareholders through dividends, $19 billion through share repurchase and has invested $23 billion in attractive merger and acquisition opportunities. This gives a sense of the strong shareholder value creation initiatives by the company.

In February 2013, GE authorized a share repurchase program of $35 billion through 2015. The company already made share repurchase worth $10 billion in 2013. With $25 billion still remaining under the share repurchase program, the EPS is likely to get a strong boost over the next two years.

In terms of dividend declared, GE's dividend payout has increased from a low of $0.46 per share in 2010 to $0.79 per share in 2013. At a current market price of $27, this translates into a good dividend yield of 3.3%. The dividend payout is likely to increase in the future considering the organic and inorganic growth expected.

Growth In The Oil & Gas Segment

GE has been exhibiting steady revenue trend across all segments of its business. However, I am very bullish on the company's oil & gas business segment.

The business segment revenue has increased from $9.6 billion in 2009 to $16.9 billion in 2013. The strong growth (organic and inorganic) is likely to continue for this segment over the next few years. Currently, the oil & gas segment has an order backlog of $19.7 billion, which gives one a one year revenue visibility.

The reason for the bullish outlook on the segment is the growth in the industry coupled with the company's offerings. The company's Oil & Gas segment supplies mission critical equipment for the global oil and gas industry throughout the value chain.

With the US shale boom coupled with an offshore oil & gas boom, the segment is well placed to grow at a robust pace over the next few years and have a significant incremental impact on the company's EPS.

Conclusion

General Electric is well placed in terms of fundamentals and in terms of industry leadership to grow and create shareholder value in the long-term. The company's recent acquisition of Alstom's energy business is another feather in the company's cap. With a strong order backlog and an equally strong cash position, GE will continue to create shareholder value and is a good stock to own for the long-term.

About the author:Faisal HumayunSenior Research Analyst with experience in the field of equity research, credit research, financial modelling and economic research

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