SSR LLC ANNOUNCEMENT: GRAYSON ANDERSEN JOINS AS HEAD OF ENERGY RESEARCH
 FOR  MORE INFORMATION ABOUT SSR’S PRODUCTS & SERVICES, PLEASE CONTACT:
CARL RINALDI at 203-901-1628 or crinaldi@ssrllc.com

 

Sector & Sovereign Research

Stamford, CT

Industrials / Basic Materials

Graham Copley

Healthcare

Richard Evans

Tech / Media / Telecom

Paul Sagawa

SSR LLC

is a differentiated investment research boutique built to provide an essential, yet missing, element of research: the weighting of sub-sectors within broad industrial categories.  By simultaneously maintaining both a broad view of our industries, a fundamentally detailed view of the sub-sectors that make up these industries, and the most interesting stocks that make up those industries, we offer guidance on portfolio composition that we believe is both highly impactful, and otherwise unavailable. Learn More…


Healthcare

Retail prescription margin growth has outpaced CPI since 1990, drug pricing since at least 2001, and any other major US retail setting’s gross margin growth since at least 2004. It’s not because we lack enough pharmacies, it’s because traditional drug benefit plans (which cover 92% of Rx’s) mean customers face the same Rx costs no matter which store they choose. Under narrow (or preferred) networks this all changes – pharmacies willing to dispense at lower margins can, for the first time, gain traffic. Now that retail dispensing margins are real money, engineering drug benefits to reduce dispensing margins makes great sense. We believe narrow retail networks can save +/-7% over all-inclusive networksRead more

Tech / Media / Telecom

The TMT sector is in the midst of a comprehensive once-in-a-generation paradigm shift driven by the contemporaneous maturation of several key innovations that offer consumers and businesses new and significantly better ways to use information.  In this, we expect the few platforms that control user experiences (AAPL, GOOG, MSFT, maybe AMZN) will capture a disproportionate share of value… Read more

Industrials / Materials

Our recent thoughts on Industrial Gas companies have focused on their ability to pull pricing and cost levers to grow top and bottom lines. We have been particularly focused on APD and what it will need to deliver to justify further share price appreciation from here. Today, Air Products announced another round of price increases in the merchant business, as they have done in the past, but we think that the focus on achieving increases this time will be greater. The company is…Read more   

Financials

Financials Picture Web SizeWith its announcement of Snapcash on Monday, Snapchat (with a $10bn valuation in its last funding in August[1]) enters the market for integration of social media and person-to-person (P2P) payments in competition with PayPal’s Venmo (which handled over $300mm in consumer payments in FQ12014 putting it on a par with the SBUX mobile app – see Chart); the back-end for Snapchat is provided by Square which expands the potential reach of its Square Cash product to the 100mm MAU’s of Snapchat. These direct-messaging services compete… Read more

Consumer

Shopping CartsMcDonald’s (MCD) has had a difficult two (plus) year period, and the CEO during that period (Don Thompson) will not be part of any potential recovery as he was replaced last night by the company’s Chief Brand Officer, Steve Easterbrook.  While MCD unquestionably faces some secular issues related to the quality of its product offering, supplier issues in China and recently in Japan strike at what the company has long viewed as a competitive advantage – its supply chain.  Mr. Easterbrook clearly has a job of work ahead of him, but we continue to believe that, at current levels… Read more

Energy

Energy Initiation: The US is Drowning in Crude. morning after a serious earnings miss.  The strong US dollar has been a big headwind for all commodities, including crude oil, since the start of the third quarter with the DXY rising almost 8% Both Brent and WTI have fallen over 20% during the same period despite geopolitical concerns in significant…Read more   

 

SSR LLC ANNOUNCES CARL RINALDI TO JOIN AS A PARTNER AND HEAD OF SALES   

SSR LLC (SSR) is pleased to announce that Carl Rinaldi joined its leadership team on March 11th 2014 as a partner and as Head of Sales.  Carl brings 32 years of experience in the financial markets, the last 22 of which were at Sanford C Bernstein where he was most recently Head of US Hedge Fund Sales and Head of New York Metro Sales…Read more


 

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