Variable annuity sellers clamp down on payments to existing contracts

Two of the largest variable annuity sellers sharply pulled back on additional premiums into existing contracts during a busy third quarter for the sellers.

This summer, MetLife Inc. and Prudential Financial Inc. both tightened the reins on investors' ability to add more money to their existing variable annuities, according to Morningstar Inc.'s roundup of quarterly variable annuity filings with the Securities and Exchange Commission.

MetLife Inc. on July 15 filed with the SEC to limit additional payments into variable annuities with its Guaranteed Minimum Income Benefit Max rider and its Enhanced Death Benefit Max rider, which are known as the GMIB Max I and EDB Max I.

The filing blocked additional payments into the contract starting Aug. 9 unless the contract's account value was below a minimum value or if the rider charge was greater than the value of the account.

Followers of the VA industry will recall the GMIB Max — originally released in May 2011 — spurred massive flows into MetLife, as the product offered 6% compounded growth and 6% withdrawals per year based on the benefit base. Similar benefits for new products have become scarce in the industry, so it only makes sense that advisers add to existing contracts.

Prudential, meanwhile, filed June 28 with the SEC to curb additions to contracts with the Highest Daily Lifetime Income rider, the Spousal Highest Daily Lifetime Income rider or the Highest Daily Lifetime Income rider with Lifetime Income Accelerator feature. As of July 29, those affected clients will be subject to a $50,000 annual limit on additional payments in any benefit year.

Prudential spokeswoman Lisa Bennett noted that the change did not affect annuity contracts with Highest Daily Lifetime Income 2.0 or 2.1. “The $50,000 annual cap allows many investors to make contributions to SEP IRAs and other retirement plans originally set up to accommodate annual contributions,” she said. “We consider this change to be a prudent risk management measure in keeping up with our overall goal of balancing the needs of our clients while protecting the guarantees and assets they entrust to us.”

Nationwide Life and Annuity Insurance Co. also filed limits with the SEC that would allow it to curb additional payments into its lifetime withdrawal benefits, which are 5%, 7% and 10% lifetime income options, according to Morningstar.

“Unlike moves to limit additional contributions by some competitors, these clients will still be able to contribute up to $50,000 a year – up to $1 million in total premium – which is enough to accommodate the annual savings needs of many investors,” said Nationwide! spokesman Dace de la Foret.

These days, advisers are annoyed about funding limits, which have become commonplace as insurers seek to limit their exposure to longstanding liabilities tied to living benefits. But they are moving on to other insurers and other contracts that are open to additions.

“The brokers were shoveling a lot of money into the older products for better benefits for the clients,” said Kraig Lange, first vice president and manager of the insurance department at Stifel Nicolaus & Co. Inc. These recent limits on subsequent premium payments “weren't well received, but we all got over it,” he added. Advisers at Stifel are selling policies from Jackson National Life Insurance Co., Lincoln Financial Corp. and Pacific Life Insurance Co., and they continue to recommend Nationwide and Prudential, Mr. Lange said.

Not all insurers are looking to take their foot off the gas on variable annuity sales. Some have filed for product enhancements that up the ante on withdrawal percentages. Such is the case with Securian Financial Group, which added new income benefits in October — a suite of living benefits called MyPath.

Dan Kruse, second vice president and individual annuity actuary at Securian, noted that staying in the annuity game is a balancing act in terms of product development, moderating volume and keeping a close eye on the relationships the insurer has with its distributors.

“We aren't going to write business we don't want to write, but with a smaller number of distribution partners, I can keep market share in play: How much risk are you willing to take on before you undermine your distribution?” Mr. Kruse said. “Are we turning back relationships? No. But are we focused on which ones we want to go deepest on? Yes.”

Early Stages Of Eurozone Banking Union To Be Difficult

The euro was strong on Tuesday morning as investors continued to shy away from the dollar. The common currency traded at $1.3777 at 5:00 GMT on Tuesday.

The region is slowly crawling out of its longest post war recession; however it has a long road ahead with many countries pinned under a mountain of debt. Now that the immediate crisis is over, the European Central Bank has set its sights on pushing forward the banking union which has been touted as one of the most momentous decisions the bloc has made since its creation.

Related: #PreMarket Primer: Tuesday, October 29: Fed Meeting Likely Uneventful

Unfortunately, the bank is likely to face several problems putting plans into action, including convincing all of the eurozone's members to get on board. Germany has been dubious about the process, German officials are reluctant to give up power over their banks and do not want to pay the bills for other struggling euro nations.

Last week ECB President Mario Draghi announced the guidelines for the bank's assessment of the bloc's 124 largest banks. The assessments are set to be carried out before November 2014 when the ECB steps into its new role as bank supervisor. By conducting the assessment, which Draghi pledged will be quiet difficult to pass, eurozone policymakers are hoping to restore confidence to the eurozone's banking sector.

Moving forward the Wall Street Journalreported that markets will likely see swings and roundabouts as eurozone leaders attempt to agree how to handle the results of the assessment. The discussions to come will likely center around whether to use the assessments as a tool to change the industry's structure or not.

Posted-In: European Central Bank Mario DraghiNews Eurozone Commodities Forex Global Federal Reserve Markets Best of Benzinga

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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5 Stocks With Poor Earnings Momentum — FNBN MTGE MLNX PNX SHLD

Popular Posts: 4 Pharmaceutical Stocks to Buy Now8 Oil and Gas Stocks to Buy Now5 Pharmaceutical Stocks to Buy Now Recent Posts: 6 Biotechnology Stocks to Buy Now 4 Commercial Services Stocks to Buy Now 33 Commercial Banking Stocks to Buy Now View All Posts

This week, these five stocks have the worst ratings in Earnings Momentum, one of the eight Fundamental Categories on Portfolio Grader.

Hot Biotech Stocks To Own Right Now

FNB United () is a bank holding company. FNBN gets F’s in Equity and Cash Flow as well. .

American Capital Mortgage Investment Corp. () invests in, finances, and manages a portfolio of mortgage-related investments, such as agency mortgage investments, non-agency mortgage investments and other mortgage-related investments. MTGE also gets F’s in Earnings Growth, Earnings Surprises, Cash Flow, Operating Margin Growth and Sales Growth. The stock has a trailing PE Ratio of 127.70. .

Mellanox Technologies, Ltd. () designs and develops semiconductor-based, high-performance interconnect products. MLNX also gets F’s in Earnings Growth, Earnings Surprises, Operating Margin Growth and Sales Growth. Since January 1, MLNX has fallen 2%. This is worse than the Nasdaq, which has remained flat. The stock currently has a trailing PE Ratio of 880.70. .

The Phoenix Companies, Inc. () is the holding company of Phoenix Life Insurance Company. PNX also gets F’s in Earnings Growth and Sales Growth. The price of PNX is down 26.1% since the first of the year. .

Sears Holdings Corporation () is a retail conglomerate with full-line and specialty retail stores. SHLD gets F’s in Analyst Earnings Revisions, Equity, Cash Flow and Sales Growth as well. Since January 1, SHLD has fallen 16.8%. .

Louis Navellier’s proprietary Portfolio Grader stock ranking system assesses roughly 5,000 companies every week based on a number of fundamental and quantitative measures. Stocks are given a letter grade based on their results — with A being “strong buy,” and F being “strong sell.” Explore the tool here.

Why Fitch Might Downgrade Even With a Debt Deal

While the markets heaved a sigh of relief today (Wednesday) over a last-minute debt ceiling deal to avert a U.S. default, the threat of a downgrade from Fitch Ratings has not gone away.

Late Tuesday Fitch warned that it would downgrade its U.S. credit rating to "RD," or restricted default, if Congress failed to come up with a debt ceiling deal before the deadline of midnight tonight.

But Fitch added that just any deal isn't going to cut it.

In its press release, the credit rating agency said that the "manner and duration of the agreement and the perceived risk of a similar episode occurring in the future" would also factor into its decision to downgrade its AAA rating on U.S. debt.

In other words, Fitch was saying that if the debt ceiling deal resolves little except postponing the problem for another few months, it would seriously consider downgrading the United States anyway.

Remember, the Standard & Poor's downgrade in 2011 happened after that edition of the debt ceiling crisis was resolved, so Fitch has a precedent to follow.

The debt ceiling deal passed yesterday provides enough funds to end the government shutdown until Jan. 15 while extending the debt limit to Feb. 7 - less than four months away. It also requires the Democrats and Republicans in Congress to meet to discuss their budget differences before then.

That might not be good enough for Fitch.

Fitch says it has had enough of the chaotic approach to budget issues in Washington, which has been the norm for several years now.

Among the factors Fitch said it would consider going forward is "the impact of the debt ceiling brinkmanship and government shutdown on our assessment of the effectiveness of government and political institutions, the coherence and credibility of economic policy, the potential long-term impact on the U.S. sovereign's cost of funding and cost of capital for the economy as a whole, and the implications for long-term growth."

Fitch added that debt ceiling deal negotiations in Washington risk undermining the confidence in the U.S. dollar as the global reserve currency by casting doubt over the full faith and credit of the United States.

"This 'faith' is a key reason why the U.S. 'AAA' rating can tolerate a substantially higher level of public debt than other 'AAA' sovereigns," wrote Fitch.

Translation: Don't be surprised if the net result of a lame debt ceiling deal is a Fitch downgrade within the next couple of weeks.

So what kind of impact might a Fitch downgrade have on the U.S. credit markets, or, for that matter, stocks and other investments?

For answers to these questions, we turn to Money Morning Chief Investment Strategist Keith Fitz-Gerald...

What the Fitch Downgrade over the Debt Ceiling Deal Would Mean

Any downgrade by a credit rating agency like Fitch would have an immediate negative short-term impact on the markets, Fitz-Gerald said Wednesday afternoon as Congress deliberated over the merits of the latest debt ceiling deal.

But he's not worried about short-term impacts and says investors shouldn't, either. What matters is what happens in the long term.

"Long term, their downgrade will lead to the U.S. dollar strengthening," Fitz-Gerald said.

While that may seem counterintuitive, it makes sense if you think about it.

"The reason is the U.S. government and the Federal Reserve is going to want to earn that AAA rating back," he said. "They're going to do all they can to stabilize things."

In fact, this is exactly what happened the last time Congress went to the brink over raising the debt ceiling in the summer of 2011 when Standard & Poor's downgraded the United States from AAA to AA+.

Back then, Fitz-Gerald was one of the very few to predict that in the long run, the S&P downgrade would be good for the dollar and U.S. credit.

Sure enough, interest rates on Treasuries dropped in the months following the S&P downgrade. That should bode well for U.S. stocks and other dollar-denominated investments.

"Barring a default, they will enjoy the ride," Fitz-Gerald said.

He cautioned, however, that Fitch and its fellow credit rating agencies have historically not exactly been ahead of the curve in fulfilling their duty of warning investors of looming credit risk.

"That they're basing their decision on the quality of the debt ceiling deal is an exercise in irony," Fitz-Gerald said, pointing out that Fitch, along with the other major agencies, failed to warn of the dire credit problems that led to the 2008 financial crisis. "Their track record on evaluating credit quality stinks."

Nevertheless, yesterday's warning matters to investors, he said.

"We need to pay attention because this means that the cost of the debt is becoming so big, even they can't ignore it," Fitz-Gerald said.

Note: While the debt ceiling deal should settle Washington's budget issues - at least for a few months - the next big government headache is already under way. That would be the launch of Obamacare. The technical problems with the web sites are so deep and so severe that they alone could destroy the healthcare law...

Related Articles:

Money Morning:
Here's What Happens When We Hit the Debt Ceiling Money Morning:
The Most Disturbing Fact About the U.S. Economy Today Fitch Ratings:
Fitch Places United States' 'AAA' on Rating Watch Negative

Why the Government Shutdown Will Be Good for You

Story updated Oct. 1.

The government shutdown everyone dreaded became reality as of midnight Monday, but that simply means the game is afoot for investors.

Anticipating the failure to compromise, the markets fell in Monday's trading – the Dow Jones Industrial Average shed 128.57 points, or 0.84%, and the Standard & Poor's 500 Index lost 10.20 points, or 0.6%.

Contrary to expectations, markets were up slightly on Tuesday as many investors clung to the hope that the two sides would soon find a way to break the impasse and end the government shutdown.

"People expect this will be relatively short-term, with the impact hopefully minimal, but the longer it goes on, the more pressure Washington will face," Robert Pavlik, chief market strategist at Banyan Partners LLC in New York, told Reuters.

"If this lasts longer than a few days, you'll really start to see volatility pick up."

House Republicans refused to back down in their attempt to attach a provision to either delay or defund Obamacare to a "continuing resolution" that would have funded government operations until Dec. 15.

Democrats were just as determined that Obamacare must stand untouched.

The next few days will determine just how big the market fireworks will be, although as we'll see, an ugly week or two on Wall Street could have its benefits.

But even if the two parties in the House and the Senate somehow reach an agreement and engineer an escape from this self-made trap, the government shutdown threat will not be over.

That's because continuing resolutions only cover a few months, whether it's mid-December (as in the House version) or mid-November (as in the Senate version). Then it's right back to where we are now.

Top 5 Blue Chip Stocks To Own Right Now

Then there's the looming fight over the debt ceiling, which has even deeper implications for the markets because it also holds the threat of a default.

Congress is close to its limit on borrowing and needs to raise the debt ceiling by Oct. 17. Otherwise the federal government won't be able to borrow any more money - a big problem when you borrow 40 cents of every dollar you spend.

The last debt ceiling fight in the spring and summer of 2011 also featured threats of a government shutdown, as well as a near-default that dinged the nation's credit rating, which lopped about 15% off both the S&P 500 index and the Dow Jones Industrial Average.

Given the potential for more -- and even more serious -- budget battles between now and the end of the year, investors need to make sure their portfolio is ready for whatever happens.

And strange as it may sound, it's not all bad...

How the Markets Will React to a Government Shutdown

Before we get to what investors should do in the event of a government shutdown, we need to talk about what to expect.

Most markets will react negatively to an actual government shutdown, of course, though not all:

Stocks: Equities will go down. Most experts anticipate a drop of at least 5%. Bonds: Interest rates will rise while yields fall. During the budget battles of 2011, yields on 10-year Treasury notes fell from 3.18% on July 1 to 2.61% on Aug. 2, eventually dropping to 1.88% by December. U.S. Dollar: The U.S. currency will weaken if there's a government shutdown, but could be in serious trouble if the U.S. fails to raise the debt ceiling and actually defaults. Gold and Silver: Precious metals will rise as investors flee other investments for their favorite safe haven. The weaker dollar will also help push prices up. Commodities: Most commodities, such as oil, will rise on a weaker dollar.

All that said, investors also need to understand that at some point Washington will resolve its fiscal issues, at least to the point where the government is funded and functioning.

And that's where the opportunity arises...

Keep Emotions Out of the Equation

As hard as it may be to stand by and watch the markets go crazy, investors need to keep their heads and resist joining the stampede.

As stocks head south, for example, be ready to buy or add to favorites that had gotten a bit too pricey.

Precious metals and other commodities, on the other hand, will give back their gains after the budget antics in Washington end. Savvy investors will hold off and buy on that dip, rather than buying during the surge.

Past experience shows this strategy could pay off nicely.

Back in 1995-1996, Republicans instigated a government shutdown in a budget battle with President Bill Clinton.

During the weeks of the government shutdown, the S&P 500 lost 3.7%. But in the month after it ended, the index rose 10.6%. Investors who bought in the midst of the crisis were rewarded with a very tidy 11% to 14% short-term gain.

Not too shabby.

And it's a lesson well worth studying as the knuckleheads in Congress bumble their way through a government shutdowns and look ahead to even more damaging budget battles.

"Any market drawdown would be temporary in nature," Chris Hyzy, who helps oversee about $325 billion as chief investment officer of U.S. Trust, told Bloomberg. "Sentiment is still skittish across the board. We've seen the Polaroid photo before; we've gotten ourselves through it in a much more difficult time than we are today."

Note: Avoiding falling victim to the herd mentality at any time, not just when there's a government shutdown, is one of the tenets of the Money Map Method, a book prepared specially for subscribers of the Money Map Report. You can read an excerpt from this insightful book here...

Related Articles:

Money Morning:
U.S. Debt Ceiling Debate: What Will Happen Money Morning:
Will Congress Defund Obamacare by October 1? Associated Press:
Shadow of Shutdown Looms Over Markets Bloomberg:
U.S. Stocks at Risk with Government Shutdown Looming

5 Stocks Ready to Break Out

DELAFIELD, Wis. (Stockpickr) -- Trading stocks that trigger major breakouts can lead to massive profits. Once a stock trends to a new high, or takes out a prior overhead resistance point, then it's free to find new buyers and momentum players that can ultimately push the stock significantly higher.

One example of a successful breakout trade I flagged recently was specialty retailer Aeropostale (ARO), which I featured in Sept. 16's "5 Stocks Ready for Breakouts" at around $8.90 a share. I mentioned in that piece that shares of ARO had recently been downtrending badly from $15.73 to its 52-week low of $7.78 a share. During that trend, shares of ARO were making lower highs and lower lows, which is bearish price action. Shares of ARO were just starting to spike higher off that $7.78 low and it was quickly moving within range of triggering a major breakout trade. That trade was set to hit if ARO managed to clear its gap down day high of $9.55 a share.

Guess what happened? Shares of ARO didn't wait long to trigger that breakout, since the stock broke out above its gap down day high the following day with monster upside volume. Shares of ARO gapped up big to the upside and the stock hit an intraday high of $10.47 a share. That represents a quick gain of 20% for anyone who bought shares of ARO in anticipation of that breakout.

Breakout candidates are something that I tweet about on a daily basis. I frequently tweet out high-probability setups, breakout plays and stocks that are acting technically bullish. These are the stocks that often go on to make monster moves to the upside. What's great about breakout trading is that you focus on trend, price and volume. You don't have to concern yourself with anything else. The charts do all the talking.

Trading breakouts is not a new game on Wall Street. This strategy has been mastered by legendary traders such as William O'Neal, Stan Weinstein and Nicolas Darvas. These pros know that once a stock starts to break out above past resistance levels, and hold above those breakout prices, then it can easily trend significantly higher.

With that in mind, here's a look at five stocks that are setting up to break out and trade higher from current levels.

First Solar

One solar player that's starting to move within range of triggering a near-term breakout trade is First Solar (FSLR), which designs, manufactures and sells solar electric power modules using a proprietary thin film semiconductor technology. This stock has been in play with the bulls so far in 2013, with shares up sharply by 30%.

If you take a look at the chart for First Solar, you'll notice that this stock has been uptrending modestly over the last month, with shares moving higher from its low of $35.59 to its intraday high of $41.07 a share. During that uptrend, shares of FSLR have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of FSLR back above its 200-day moving average, and it's quickly pushing the stock within range of triggering a near-term breakout trade.

Traders should now look for long-biased trades in FSLR if it manages to break out above its 50-day at $42.04 a share and then once it clears its gap down day high from August at $42.25 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average volume of 4.67 million shares. If that breakout hits soon, then FSLR will set up re-fill some of its previous gap down zone that started near $49 a share.

Traders can look to buy FSLR off any weakness to anticipate that breakout and simply use a stop that sits right below its 200-day at $38.34 a share, or below more support at $37.50 a share. One can also buy FSLR off strength once it takes out those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

Vanda Pharmaceuticals

Another biotechnology player that looks poised to trigger a big breakout trade is Vanda Pharmaceuticals (VNDA), which is focused on the development and commercialization of clinical-stage drug candidates for central nervous system disorders. This stock has been on fire so far in 2013, with shares up a whopping 258%.

If you take a look at the chart for Vanda Pharmaceuticals, you'll notice that this stock has recently broke out above some near-term overhead resistance levels at $12.34 to $12.66 a share with solid upside volume. So far, this breakout has held and now shares of VNDA are quickly moving within range of triggering an even bigger breakout trade.

Traders should now look for long-biased trades in VNDA if it manages to break out above its 52-week high at $13.30 a share with high volume. Look for a sustained move or close above that level with volume that hits near or above its three-month average action 908,467 shares. If that breakout hits soon, then VNDA will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $15 to $17 a share.

Traders can look to buy VNDA off any weakness to anticipate that breakout and simply use a stop that sits right below some near-term support at $12 a share. One could also buy VNDA off strength once it takes out $13.30 a share with volume and then simply use a stop that sits a comfortable percentage from your entry point.

Boyd Gaming

One gaming player that's rapidly moving within range of triggering a big breakout trade is Boyd Gaming (BYD), which owns and operates gaming entertainment facilities located in Nevada, Mississippi, Illinois, Louisiana and Indiana. This stock has been blazing a trail to the upside so far in 2013, with shares up sharply by 115%.

If you look at the chart for Boyd Gaming, you'll notice that this stock has been uptrending strong over the last month and change, with shares moving sharply higher from its low of $11.27 to its intraday high of $14.38 a share. During that move, shares of BYD have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of BYD into breakout territory above resistance at $13.79 a share, and it's quickly pushing the stock within range of another big breakout trade.

Traders should now look for long-biased trades in BYD if it manages to break out above its 52-week high at $14.50 a share with high volume. Look for a sustained move or close above that level with volume that hits near or above its three-month average action of 2.34 million shares. If that breakout triggers soon, then BYD will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are $18 to $20 a share.

Traders can look to buy BYD off any weakness to anticipate that breakout and simply use a stop that sits right below some near-term support at $13 a share. One can also buy BYD off strength once it takes out $14.50 a share with volume and then simply use a stop that sits a comfortable percentage from your entry point.

SunEdison

Another semiconductor player that's starting to move within range of triggering a near-term breakout trade is SunEdison (SUNE), which provides technology solutions to corporations, utilities, governments and chip manufacturers to transform lives around the world. This stock has been red hot so far in 2013, with shares up big by 150%.

If you look at the chart for SunEdison, you'll notice that this stock recently formed a double bottom chart pattern at $7.08 to $7.13 a share. Following that bottom, shares of SUNE have started to spike higher and move within range of its 50-day moving average at $8.30 a share and close to triggering a near-term breakout trade.

Traders should now look for long-biased trades in SUNE if it manages to break out above its 50-day at $8.30 a share and then once it takes out more key resistance levels at $8.35 to $8.41 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 5.81 million shares. If that breakout triggers soon, then SUNE will set up to re-fill some of its previous gap down zone from August that started at $10 a share. If this stock gets into that gap with volume, then this stock could easily re-test or take out its 52-week high at $10.47 a share.

Traders can look to buy SUNE off any weakness to anticipate that breakout and simply use a stop that sits right below those double bottom support levels at $7.13 to $7.08 a share. One can also buy SUNE off strength once it takes out that breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.

TriQuint Semiconductor

My final breakout trading prospect is TriQuint Semiconductor (TQNT), which designs, develops and manufactures advanced high-performance RF solutions for the devices and networks that carry voice, video and data. This stock is a favorite target of the bulls so far in 2013, with shares up huge by 68%.

If you look at the chart for TriQuint Semiconductor, you'll notice that this stock has been uptrending strong for the last two months, with shares moving higher from its low of $7.41 to its recent high of $8.28 a share. During that uptrend, shares of TQNT have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of TQNT within range of triggering a near-term breakout trade.

Traders should now look for long-biased trades in TQNT if it manages to break out above some near-term overhead resistance levels at $8.28 a share to its 52-week high at $8.29 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 1.96 million shares. If that breakout triggers soon, then TQNT will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $11 to $12 a share.

Traders can look to buy TQNT off any weakness to anticipate that breakout and simply use a stop that sits right below its 50-day at $7.69 a share, or below more support at $7.40 a share. One could also buy TQNT off strength once it clears those breakout levels with volume and then simply use a stop that sits a conformable percentage from your entry point.

To see more breakout candidates, check out the Breakout Stocks of the Week portfolio on Stockpickr.

-- Written by Roberto Pedone in Delafield, Wis.

Test Drive: 2014 Mazda3 is strong but flawed up…

HELL, Mich. -- It's a real place, and it's where jurors who vote on the North American Car and Truck of the Year gather each fall for final wheel time in cars they've driven, fresh time in ones they haven't.

It's the perfect opportunity for the arrested-development types among otherwise high-minded auto scribes to get a dirty word into print, legitimately. Who could resist?

Sited at the Forbidden Wheels motorcycle club on a corner of the Hell Creek Ranch, the event features the year's array of new or significantly updated vehicles vying for the annual North American Car and Truck of the Year awards announced at the Detroit auto show in January.

The Hell drive — all those nifty new models — starts a craving for the perfect blend of attributes, some from this car, some from that one, a few in the one over there.

In this case, the compact 2014 Mazda3, a full-scale redesign, on sale since September, has you wishing for a mix that would include the Mazda's own exceptional steering and brakes, the redesigned Toyota Corolla's general roominess and interior serenity and Ford Focus' outstanding chassis. Even though good handling is part of Mazda's "zoom-zoom" schtick, the Focus is nonpareil among mainstream compacts.

But never mind, you quickly decide that Mazda3's about right as-is. At least for the warm-blooded, elevated-pulse folk the brand targets, and perhaps quite a few others.

It's available as a four-door sedan and a "five-door" hatchback. Interestingly, the hatchback is about 5 inches shorter than the sedan. Otherwise they're the same.

Models with the 2-liter engine are designated "i" and those with the optional 2.5-liter are "s."

The Mazdas driven here were a 2-liter, four-door Grand Touring sedan ($25,085) and a 2.5-liter Grand Touring hatchback ($29,185), both with six-speed automatics.

A 2-liter Grand Touring sedan with six-speed manual ($24,035) was tested back home in Northern Virginia suburbs.

The drawbacks we see are:

Roa! d noise. Tires on test cars here sent up an awful racket on the coarsest local roads, even though other vehicles didn't. Nor did the Mazda3 tested in Virginia.

Seems obviously road-related, but your path won't always be well-paved, so it's useful to caution about the tire noise.

Tight back seat. Illogical. The car's bigger for 2014. The wheelbase — distance between front and back wheels, which dictates how much leg and knee room is available — grew 3 inches. But Mazda lists 0.4 of an inch less rear legroom in the new one. And it feels tighter than that.

Front visibility. It'll depend a bit on where you position the front seat, but for many drivers, the windshield pillar, called the A pillar, can block your view of pedestrians and cars angling from the side.

But the good things are quite enriching.

The six-speed manual on the Virginia car awakened the 2-liter four-cylinder dramatically. That's the same engine that's marginal in the CX-5 small SUV and, when hooked to an automatic in the 3, is willing but unexciting.

The 2.5-liter is to get a manual next year.

What makes it a good manual? Smooth, quick shift mechanism with enough mechanical feel to let you know you're not operating a wimpy electronic selector. A clutch that doesn't require an artist to operate smoothly. Pedal positioning that lets you sit far enough from the steering wheel and still hit the floor with the clutch pedal when shifting.

Mazda says 12% to 15% of 2-liter buyers will choose the manual, and 15% to 20% of 2.5-liter buyers will opt for a stick shift.

Typically, just 3% to 7% of compact buyers ask for a manual on other brands.

Chassis tuning blends responsive, firm-feeling brakes, snappy handling that makes you seek "S" corners and tempts you to take them faster than you probably should, and excellent steering. It is responsive without being twitchy, and holds straight-ahead without constant little steering motions.

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You pay for the crisp cornering with a ride that's bumpier than on, say, a Sentra or Corolla.

Interior layout and comfort are exceptional. The console-mounted infotainment joystick control on the Grand Touring test models wasn't the easiest to use, however.

The navigation/backup-camera/everything-else screen is big and stands tall rather than being sunk into the dashboard, same as in a Mercedes-Benz CLA. It's easy to read. But it'll look like an aftermarket add-on to some folks.

The new Mazda3's good mpg, well-tuned chassis, and some upmarket interior touches should broaden the car's appeal outside Mazda-loyal driving enthusiasts, without disappointing that group.

MAZDA3 DETAILS

What? Re-do of the brand's best-seller, a front-drive, four-door, five-passenger compact. Available as four-door sedan or "five-door" hatchback. 2-liter engine models designated "i"; 2.5-liter as "s."

When? On sale since September.

Where? Made at Hofu, Japan.

How much? Starts at $17,740 including $795 shipping, for i SV base model with six-speed manual. 2.5-liter models, $25,390-up. Most popular, the i Touring, 2-liter, automatic, starts at $21,440.

What makes it go? 2-liter, four-cylinder gasoline engine rated 155 horsepower at 6,000 rpm, 150 pounds-feet of torque at 4,000 rpm. Six-speed manual is standard, six-speed automatic optional.

2.5-liter four-cylinder rated 184 hp at 5,700 rpm; 185 lbs.-ft. at 3,250 rpm. All have six-speed automatic; manual planned next year.

How big? About 1 inch bigger all around than Honda Civic sedan. Hatch, about 5 inches shorter than Mazda3 sedan, otherwise identical. Weight, 2,781- 2,982 lbs.

Trunk (four-door), 12.4 cubic feet. Cargo space (hatchback), 20.2 cu. ft. behind rear seat, 47. 1 cu. ft. with rear seat folded.

How thirsty? 2-liter rated 29 or 30 mpg in the city, 40 or 41 highway, 33 or 34 combined c! ity/highw! ay. 2.5-liter: 27 or 28 city, 37 or 39 highway, 31 or 32 combined.

Test cars: 2.5-liter, automatic got 32 mpg (3.13 gallons per 100 miles) in hard driving on rural two-lanes. 2-liter, automatic: 30.8 mpg (3.25 gal./100 mi.) similar driving but more wide-open throttle. 2-liter manual, 25.9 mpg (3.86 gal./100 mi.) in vigorous suburban driving.

Burns regular, holds 13.2 gal.

Overall: Stylish, quick, fun. Noisier, stiffer-riding than others.

Stocks Hitting 52-Week Highs

Hot Construction Companies For 2015

Union Pacific (NYSE: UNP) shares gained 3.32% to touch a new 52-week high of $174.10 after the company reported a gain in its fourth-quarter profit.

Southwest Airlines Co (NYSE: LUV) shares reached a new 52-week high of $21.99 after the company reported a strong rise in its fourth-quarter profit.

Netflix (NASDAQ: NFLX) shares touched a new 52-week high of $392.023 after the company reported better-than-expected fourth-quarter results.

Silicom (NASDAQ: SILC) shares reached a new 52-week high of $60.71 as the company announced upbeat quarterly results.

Posted-In: 52-Week HighsNews Intraday Update Markets Movers

(c) 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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As Workers Strike for Higher Wages, Public Shows Support for Unions

As retail and fast-food workers strike across 60 cities as a means to get their employers to raise wages as high as $15 an hour, most Americans support the labor union system, a fact that will not help the protesters at all.

A new Gallup poll on support for unions shows that:

Heading into Labor Day weekend, a majority of Americans, 54%, approve of labor unions, a slight increase from 52% in 2012 and six percentage points above the all-time low observed in 2009. Thirty-nine percent disapprove of labor unions.

The 2009 dip might be accounted for because many believed that strong unions that had gotten high wages for their members damaged auto manufacturers like General Motors Co. (NYSE: GM), which eventually filed for Chapter 11. That caused the layoffs of tens of thousands of workers. The incident was not isolated. Unions had helped push up compensation to levels that often were unsustainable in a brutal downturn.

Labor’s success has been blunted as big industries like fast food and large retailers largely have kept them out. Several industries, like newspapers, have pushed labor out across many years of bitter strikes. The labor movement lost much of its momentum over the past three decades. One other conclusion of the Gallup poll is that most people believe unions will weaken more over time.

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It will be difficult for strikers who have challenged wages that are barely above those allowed by law to have any success. Their primarily argument is that $8, $9 or even $10 does not constitute a living wage — one that will pull them above the poverty level. McDonald’s Corp. (NYSE: MCD), Wal-Mart Stores Inc. (NYSE WMT) and other large retail and fast-food firms have countered that much higher hourly compensation would ravage their bottom lines. That would harm investors, consumers who will have to pay higher prices to offset labor’s advance, and workers themselves as companies resort to layoffs to balance out soaring worker compensation.

The public’s say in the strikes around the country matters little. For the most part, CEOs of public corporations do not care what the general population thinks, unless they begin their own “buyer strikes” and withdraw as customers. Most people are unwilling to change their habits and support people they do not know. The heads of the companies that the “$15 an hour crowd” has challenged know the movement will die out. It lacks support outside itself, and therefore, cannot be sustained.

GTSO Negotiates Potentially Lucrative International E-Waste Transaction (OTCBB:GTSO)

Green Technology Solutions, Inc. (GTSO)

Today, GTSO surged (+10.29%) up +0.0035 at $.0375 with 55,329 shares in play thus far (ref. google finance Delayed: 12:20PM EDT August 27, 2013).

Green Technology Solutions, Inc. is negotiating a potentially lucrative spot transaction with joint venture partner Chilerecicla to export a large quantity of e-waste to one of the largest smelters in the world.

According to the terms of the spot transaction, GTSO joint venture partner Chilerecicla will collect several metric tons of e-waste from suppliers based in Bolivia and Chile, and then ship materials to a smelter overseas. The buyers consist of the world's largest smelter, who has meticulously screened Chilerecicla to become one of its suppliers. The smelter has noted that its capacity to purchase e-waste from Chilerecicla exceeds our partner's current e-waste forecast for the near and present future.

Green Technology Solutions, Inc. (GTSO) 5 day chart:

A Rental Housing REIT

The Intelligent REIT Investor's Brad Thomas discusses a new rental housing REIT and shares his view on whether it is something that investors should consider.

SPEAKER 1:  My guest today is Brad Thomas and we are talking about housing rates.  Hi, Brad, and thanks for joining me.

BRAD:  Glad to be here, thank you.

SPEAKER 1:  Yeah, I know there is a new IPO of a company.  It is called American Homes 4 You.

BRAD:  4 Rent, American Homes 4 Rent.

SPEAKER 1:  4 Rent, okay, and that is a REIT that it is my understanding is they go out into the single-family housing market, they buy some of these properties that need to be renovated, and then they are not selling them or flipping them, they are renting them.  Is that correct?

BRAD:  That is correct, and first of all, I want to make a point about this company specifically.  When you invest in a REIT today, you are not only investing in these hard assets, which in this case, would be single-family housing for rent, but you are also investing in the management team. 

SPEAKER 1:  Sure.

BRAD:  When you invest in a company, one value that you have in a REIT structure is you have not only the liquidity, the transparency, and the diversification but you also get a management team.  One thing I can tell you about American Homes 4 Rent is that they have an exceptional management team.  One of the key figures behind the company is a guy named Wayne Johnson.  Wayne has a long history of creating shareholder value in a company that he created many years ago called Public Storage, which is the largest public storage company in the world.  Mr. Johnson is, every year, in the Fortune billionaire list.  He has made a large wealth but he has also made a lot of wealth for his shareholders so I want to point that out.  That is what backing American Homes 4 Rent.  Now, the business model itself is fairly new.  We have only had I think now two public rental housing REITS, the other one being Silver Bay, that came out with their IPO I believe in December of last year.

SPEAKER 1:  Correct, and they were a division of another larger company, right?

BRAD:  That is correct.  I believe they were an offshoot as well.  Now, American Homes 4 Rent is now the second largest in the sector.  The largest is actually a private equities firm.

SPEAKER 1:  It is Blackstone.

BRAD:  Blackstone, that is correct.  American Homes 4 Rent, they are very scalable.  Obviously, their name, American Homes, they are scaling this, trying to create the critical mass, so there are some questions out there in terms of how they can manage effectively at such a large portfolio and all of these multiple markets.  My opinion is I think I would, on this particular IPO, I would wait it out.  There is nothing better than patience and seeing how this company performs.  I would personally like to see that company create the track record for managing the large groups of housing because, again, they are in subdivisions.  It is not like an apartment complex where you are aggregated. 

SPEAKER 1:  Exactly.

BRAD:  They are in a lot of different places so I would like to see some management track record and I would also like to see, for most investors, the most important thing is the dividend track record.  I would like to see that.

SPEAKER 1:  Sure, sure.  And you are not a big fan of REIT IPOs in general.

BRAD:  Correct.  I mean, I think, you know, there is really no reason to invest in a REIT today who comes out.  Let’s wait on that company to perform and let’s wait on a bargain.  I like to buy with a margin of safety so let’s wait on that stock to fall, it will come down, and then you can pounce on it then and if you want to load up the truck, load up the truck.

SPEAKER 1:  Are there any other housing type REITS that you like?

BRAD:  You know there are.  There is a niche sector, which is the modular housing sector, and they are not mobile homes.  That is a misconception.

SPEAKER 1:  Yes, right, right.

BRAD:  The one I really like is called UMH.  They are headquartered up in New Jersey, run by a fellow named Sam Landy.  The family has been around a long, long time.  They invest mostly in the Northeastern markets.  They are getting down to the Southeast now but they have a really attractive dividend in the seven-plus range

SPEAKER 1:  That is very healthy.

BRAD:  It is and they have been able to sustain that more recently so I like that sector some.  I think there is a lot of demand for that space and, again, they are not mobile homes.  They are really providing attractive housing for families.

SPEAKER 1:  That is sort of like the Habitat for Humanity homes, right.  Those are modular homes, that they bring in the walls.

BRAD:  Exactly.  I tell you, Warren Buffett owns a piece of Clayton Home, so that will tell you something.

SPEAKER 1:  Sure, yes, exactly.  Thanks for being here, Brad.

BRAD:  Thank you.

SPEAKER 1:  And thanks for joining us at the MoneyShow.com video network. 

S&P 1500 Pension Plan Funding at Highest Point Since 2008

Constant talk of underfunded pensions and municipal bankruptcies does little to quell anxiety in the topsy-turvy market, but a new report from research and consulting firm Mercer could lessen fears.

It finds funding levels of pension plans sponsored by S&P 1500 companies continued a strong rebound in 2013, with the aggregate deficit decreasing by $10 billion during the month of July to $212 billion. While deficits in the billions might seem worrisome, it’s actually the lowest level since the economic crisis first hit in 2008.

Equity markets staged a strong performance during the month with the S&P 500 index rising 5.1%. However, discount rates dropped back slightly in July after sharp increases in May and June, dampening the improvement slightly.

According to Mercer analysis, an estimated 17% of plan sponsors had assets in excess of their pension obligations as of July 31, compared to only 4% at Dec. 31, 2012. Mercer also estimates that if discount rates rose another 1%, the number of sponsors with fully funded pension obligations could exceed 40%.

“So far, plan sponsors are having a great year in terms of funded status improvement,” Jonathan Barry, a partner in Mercer’s Retirement consulting group, said in a statement.  “As a result, many sponsors are beginning to take preparatory steps not only in terms of asset allocation changes but also in preparing for pension buyouts and cash outs that entail a series of transition, legal and administrative steps. Sponsors don’t want to be caught napping as these opportunities arise“

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The estimated aggregate value of pension plan assets of the S&P 1500 companies as of Dec. 31, 2012, was $1.59 trillion, compared with estimated aggregate liabilities of $2.14 trillion. Allowing for changes in financial markets through July 31, 2013, changes to the S&P 1500 constituents and newly released financial disclosures, the estimated aggregate assets were $1.76 trillion, compared with the estimated aggregate liabilities of $1.98 trillion.

-----

Check out The Hunt for a Pension Crisis Fix at ThinkAdvisor.

Inflation Indexed Bonds: Points to remember

Below is the verbatim transcript of Mashruwala's interview with CNBC-TV18.

Q: How retail investors should approach inflation indexed bonds and what are the points that should be kept in mind?

A: The Reserve Bank of India (RBI) has made an announcement about inflation-indexed bonds and the finance minister spoke about this. However, it is a bit early to say. I appreciate the product and it is much better compared to a standard bond whereby principal amount remains intact, same throughout the tenure irrespective of inflation and to that extent if one loses to inflation then they are talking about linking it to Wholesale Price Index (WPI).

The problem is that wholesale price index is not the inflation that a common man suffers. He suffers much higher inflation but it is still better than not having anything. The principal amount will nominally get adjusted based on the inflation numbers. So, if inflation goes up as it usually does then principal amount will be automatically treated to be a higher amount and on that one would pay the interest rate.

Things that a common man should look into while investing into it is (a) what is the initial coupon rate, what is the initial rate of interest because while principal amount nominally will keep going up if the rate of interest is lower compared to what is being offered in other bonds right now then it is not too much of any interest to a person (b) is there liquidity option. There is a good possibility of this happening whereby there will be listing on the stock exchange though we yet to get complete details but after that do small size trade happen.

Therefore, what a retail investor should look for is what is the eventual coupon rate that comes up and the liquidity having said that this is a better product compared to a product whereby for a 10-year the principal remains irrespective of rate of inflation. So, better product but wait and watch.

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House Passes $1.1 Trillion Government Budget

Jan. 15 (Bloomberg) -- The House passed a $1.1 trillion bipartisan spending bill that would finance the federal government through Sept. 30 and avoid a repeat of October’s partial shutdown.

Lawmakers voted 359-67 to send the measure to the Senate, which is set to pass it later this week. Because current funding had been scheduled to lapse tonight, both chambers passed a separate measure pushing the deadline to Jan. 18.

The White House-backed spending bill includes $1.01 trillion for U.S. government operations and additional funds for war financing. To reach an agreement, Republicans ceded on their demands to block funding for President Barack Obama’s health- care law, while Democrats voted to spend far less than they proposed earlier this year.

“In this agreement, no one gets everything they want,” Representative Nita Lowey of New York, the top Democrat on the House Appropriations Committee, said in an interview today. “It’s a good bill, a solid bill.”

Lawmakers agreed on the $1.01 trillion base spending level in December as part of a two-year budget plan.

Today’s bill would continue Congress’s trend toward reducing discretionary funds. Spending in fiscal year 2010, including wars and disaster aid, totaled $1.275 trillion, according to the House Appropriations Committee. That compares with today’s $1.1 trillion measure for fiscal 2014, which began Oct. 1 and runs through Sept. 30.

16 Days

After a 16-day shutdown in October and years of automatic spending cuts and stopgap bills that took the government from crisis to crisis, lawmakers said they were glad they were finally able to vote on a comprehensive plan.

“We ought to recognize that while we’ve had some partisan differences, the legislation was crafted in a bipartisan way,” said Oklahoma Republican Tom Cole, chairman of the subcommittee that oversees legislative operations. “It’s something that we frankly ought to take some pride in.”

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Appropriators in the House and Senate worked throughout the holidays to craft the bill, and they announced the agreement Jan. 13.

Several lawmakers complained they and their staff members didn’t have time to read the whole measure. Massachusetts Democrat Jim McGovern said on the House floor he expected that lawmakers may soon learn it contains provisions they wouldn’t have wanted.

Shutdown Alternative

Still, he said lawmakers had to back the bill because “the alternative is shutting the government down.”

Taxpayers for Common Sense, a Washington-based advocacy group that opposes government waste, said a person would have to read the bill at more than a page a minute, without sleep, to understand the entire measure in time for the vote.

“While we’re happy Congress is finally getting its work done -– albeit more than three months late -- this is not how legislation that is funding all of government should be done,” Steve Ellis, vice president for Taxpayers for Common Sense, said in an e-mail.

House Appropriations Chairman Hal Rogers, a Kentucky Republican, told the Rules Committee yesterday he hoped the rush was a one-year-only event.

“I only wish we could consider each and every bill in this package separately, but unfortunately, the timing gives us one shot and one shot only to get it done,” Rogers said.

Regular Cycle

Lawmakers have said a more regular appropriations cycle will reduce the threat of shutdowns and provide certainty to businesses and investors.

U.S. dollar volatility in the last 90 days fell to 4.52 percent from its one-year high of 7.34 percent last September as a shutdown and debt crisis loomed, according to the Bloomberg U.S. Dollar Index. The index, an indicator of market uncertainty, represents 10 major currencies weighted by liquidity and trade flows.

Lowey and Rogers said they intend to pass 12 individual spending bills for fiscal year 2015 before it begins Oct. 1. The last time Congress passed all of its spending bills on time was during the mid-1990s.

This week’s agreement will allow Congress to “get the train back on track,” Rogers said.

The $1.1 trillion measure is H.R. 3547. The three-day stopgap is H.J.Res. 106.

75 economists back minimum wage hike

NEW YORK (CNNMoney) A Democratic proposal to raise the federal minimum wage to $10.10 an hour got the backing Tuesday of 75 leading economists.

The group includes seven Nobel laureates, among them Joseph Stiglitz and Peter Diamond, and several former Obama and Clinton administration economists.

They lent their support to legislation known as the Fair Minimum Wage Act, introduced in the House by Rep. George Miller and in the Senate by Sen. Tom Harkin.

"The vast majority of employees who would benefit are adults in working families, disproportionately women, who work at least 20 hours a week and depend on these earnings to make ends meet," the group wrote.

The legislation would phase in the minimum wage increase from today's $7.25 an hour to $8.20 in the first year, then to $9.15 the year after and to $10.10 in the third year. Thereafter, it would be indexed to inflation.

If the legislation passed, a full-time minimum wage worker would see a bump in pay from about $15,000 a year to roughly $21,000. That could put a family of three above the poverty line.

Only about 1.6 million hourly workers currently earn the minimum wage, according the Congressional Research Service.

But the Economic Policy Institute, a liberal think tank that organized release of the letter, estimates that another 17 million hourly workers who now earn between $7.25 and $10.10 an hour would see higher wages over the three years of a phased-in increase.

And millions more who make above $10.10 would indirectly benefit if employers adjust pay scales commensurate with a minimum wage increase, EPI estimates.

The Miller-Harkin proposal would also raise the hourly base for workers paid in tips, initially to $3 from $2.13. After that, the proposal calls for their base to be adjusted annually so t! hat it matches 70% of the federal minimum wage.

The economists asserted in their letter that "research suggests that [an increase] could have a small stimulative effect on the economy as low-wage workers spend their additional earnings, raising demand and job growth."

Critics say a higher minimum wage will hurt jobs. Their argument: employers will hire fewer people or reduce their hours. And they may compensate for the extra expense in other ways that can hurt consumers, for instance by raising prices.

Academic research on this issue, however, is not conclusive.

In any case, political analysts don't think there's much chance for passage of a minimum wage hike this year.

"I just don't see it getting through the House," said Greg Valliere, chief political strategist for the Potomac Research Group.

  Wage wars: The fight for higher pay

But the idea is likely to feature prominently in stump speeches during this midterm election year.

"This is all about Democrats positioning to run in the elections on an inequality theme. Republicans are going to have a tough time responding, but I highly doubt the response will be to allow a minimum wage hike," said Sean West, U.S. policy director for the Eurasia Group.

States don't have to adopt the federal minimum wage, but in states where the minimum wage is different, "the employee is entitled to the higher wage of the two," according to CRS.

Just this month, the minimum wage rose in 13 states and four cities.

Can You Trust the Cash Flow at American Midstream Partners?

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 American Midstream Partners (NYSE: AMID  ) , 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, American Midstream Partners burned $3.5 million cash while it booked a net loss of $11.8 million. That means it burned through all its revenue and more. That doesn't sound so great.

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 American Midstream Partners 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.

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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 16.3% of operating cash flow coming from questionable sources, American Midstream Partners investors should take a closer look at the underlying numbers. Within the questionable cash flow figure plotted in the TTM period above, stock-based compensation and related tax benefits provided the biggest boost, at 12.1% of cash flow from operations. Overall, the biggest drag on FCF came from capital expenditures.

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.

Can your retirement portfolio provide you with enough income to last? You'll need more than American Midstream Partners. Learn about crafting a smarter retirement plan in "The Shocking Can't-Miss Truth About Your Retirement." Click here for instant access to this free report.

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

Add American Midstream Partners to My Watchlist.

Is Your Superstore Retailer Digital Proof?

There's a digital divide among superstore chains in an era where digital delivery is rendering a lot of physical selling space obsolete. 

In this video, longtime Fool contributor Rick Munarriz explains why Bed Bath & Beyond (NASDAQ: BBBY  ) and Costco (NASDAQ: COST  ) are holding up well at a time when Barnes & Noble (NYSE: BKS  ) and Best Buy (NYSE: BBY  ) are turning to dramatic makeovers to remain relevant.

Learn to profit from retail's changing ways
To learn about two retailers with especially good prospects, take a look at The Motley Fool's special free report: "The Death of Wal-Mart: The Real Cash Kings Changing the Face of Retail." In it, you'll see how these two cash kings are able to consistently outperform, and how they're planning to ride the waves of retail's changing tide. You can access it by clicking here.

Tesla's Elon Musk Channels the Late Steve Jobs

Tesla (NASDAQ: TSLA  ) dazzled a crowd last Thursday night during the electric-vehicle maker's battery swap event in California. The company's CEO, Elon Musk, took the stage to host a demonstration of how Model S owners can recharge their all-electric cars in half the time it takes to refill a traditional car with gas.

Seeing is believing
It's game on for gas cars versus EV technology. In just 90 seconds, Tesla can replace your EV's empty battery with a fully charged one. During the presentation Musk explained:

When you come to a Tesla supercharging station you have the choice of the supercharger, which is and always will be free... Or, you have the choice of a battery pack swap, which is faster than you can fill a gas tank. ... The only decision that you have to make when you come to one of our Tesla stations is do you prefer faster or free?

The audience responded with laughter and you couldn't help feeling as though you'd witnessed the rebirth of the late Steve Jobs.

Dressed all in black, Musk's showmanship really drove home the point that electric cars can be just as, if not more, convenient than their gas-guzzling equivalents. With its network of supercharging stations, Tesla is working to address the lack of charging infrastructure that plagues EV adoption in the United States.

From the pump to the plug
The swap solution for Tesla's battery pack, will be an option that's available at all Tesla supercharger stations. For about the cost of a tank of gas, between $60 and $80, Tesla drivers can swap their battery for a fully charged one in less than 90 seconds time. According to Reuters, "Drivers who choose to swap must reclaim their original battery on their return trip or pay the difference in cost for the new pack."

That seems fair. Meanwhile, for Tesla, the hope is that this added convenience would entice even more drivers to become Tesla EV owners. It's worth mentioning that these battery-swap stations could cost Tesla as much as $100 million to build, according to Musk. Still, that's a worthy investment if it helps Tesla turn more skeptics into believers and more drivers into Tesla EV owners.

Electric is the future
Tesla's plan to disrupt the global auto business has yielded spectacular results. From the company's innovative retail strategy to its most recent battery-swap solution. However, giant competitors are already moving to disrupt Tesla. Will the company be able to fend them off?

Top 5 Growth Companies To Buy For 2014

A recent Motley Fool report, "2 Automakers to Buy for a Surging Chinese Market", names two global giants poised to reap big gains that could drive big rewards for investors. You can read this report right now for free -- just click here for instant access.

Best Heal Care Stocks To Invest In Right Now

"I hesitated to write about this trend. It's disturbing. Many of its facets are also politically charged. But as an investor, I have to avoid politics. There's no money to be made by laying blame or opining about what should be. My only job is to find strong trends that support an investable idea."

So noted Amy Calistri in the introduction to the most recent issue of Stock of the Month.

I'll get to Amy's "investable idea" in a moment.

First, some grim realities...  

Four out of five American adults struggle with joblessness, near-poverty or reliance on welfare at some point in their lives. That's what The Associated Press reported in late July, based on what it said was exclusive survey data.

Best Heal Care Stocks To Invest In Right Now: Tim Hortons Inc.(THI)

Tim Hortons Inc. develops, franchises, and operates quick service restaurants primarily in Canada and the United States. Its restaurants serve coffee and other hot and cold beverages, baked goods, sandwiches, soups, and other food products. As of April 03, 2011, the company and its restaurant owners operated 3,169 restaurants in Canada and 613 restaurants in the United States under the Tim Hortons name; and had 274 primarily self-serve licensed locations in the Republic of Ireland and the United Kingdom Tim Hortons Inc. was founded in 1964 and is based in Oakville, Canada.

Advisors' Opinion:

• [By Rich Duprey]

  Canadian restaurant chain�Tim Horton's� (NYSE: THI  ) �declared today�its regular quarterly dividend of $0.26 per share, slightly higher than the $0.2534 per share it paid back in February.�

• [By Eric Volkman]

  Tim Hortons (NYSE: THI  ) will have a new nameplate on the door of its chief executive's office starting this summer. The company announced that it has named Marc Caira as CEO, effective July 2. He succeeds Paul House, who will remain in his post as chairman of the board.

• [By Chad Fraser]

  Tim Hortons (NYSE: THI) is Canada’s leading coffee chain, with 3,468 outlets in the country, as well as 807 in the U.S. and 29 in the Middle East.

Best Heal Care Stocks To Invest In Right Now: Kaiser Federal Financial Group Inc.(KFFG)

Kaiser Federal Financial Group, Inc. operates as the holding company for Federal Bank that provides retail and commercial banking services to individuals and business customers in California. The company?s deposit products include savings accounts, money market accounts, demand deposit accounts, and certificate of deposit accounts. Its loan portfolio comprises real estate loans consisting of one-to-four family residential, multi-family residential, and commercial real estate loans; and consumer loans, including home equity lines of credit, new and used automobile loans, and loans secured by savings deposits, as well as unsecured loans. The company also offers automated teller machine, bill payment, and Internet banking services. It provides its services through three branch offices and six financial service centers located in California. The company was formerly known as K-Fed Bancorp and changed its name to Kaiser Federal Financial Group, Inc. on November 15, 2010. Kaise r Federal Financial Group, Inc. was founded in 1953 and is headquartered in Covina, California.

Top 10 Penny Companies To Watch In Right Now: Solitaro Exploration & Royalty (SLR.TO)

Solitario Exploration & Royalty Corp., a development stage company, engages in the exploration and acquisition of precious and base metals in Peru, Brazil, Mexico, and Bolivia. The company primarily explores for gold, silver, platinum, palladium, copper, lead, and zinc metals. As of December 31, 2011, it had interests in 12 exploration properties in Peru, Bolivia, Mexico, and Brazil; 2 royalty properties in Peru; and 1 royalty property in Brazil. The company was formerly known as Solitario Resources Corporation and changed its name to Solitario Exploration & Royalty Corp. in June 2008. Solitario Exploration & Royalty Corp. was founded in 1984 and is based in Wheat Ridge, Colorado.

Best Heal Care Stocks To Invest In Right Now: Sinobest Technology Hldgs Ltd. (T80.SI)

Sinobest Technology Holdings Ltd., an investment holding company, provides computer and network system integration, building integration, application software development, and technical services in the People's Republic of China. It offers e-archive management, social security allied office, public security joint approving, e-document exchange center, e-regulation and policy, e-conference, e-financial management, and performance assessment solutions for the government; and government internal Website portal, short message service, office automation, email, decision making support, information service management, and service management information solutions for public servants. The company also offers online applying and approving, and enterprise information service solutions for businesses; community service, e-Medicare, online applying and approving, public information service, e-identity verification, and hotline service solutions for public; and application support, ser vice application, and network infrastructure solutions. It primarily serves government bureaus and departments, and state-owned enterprises in the sectors of telecommunication service, power supply, railway and transportation, immigration and customs, public security, labor and social insurance, universities, land and resources, taxation and finance, and food and drugs, as well as privately-owned enterprises. The company was founded in 1997 and is headquartered in Guangzhou, the People's Republic of China Sinobest Technology Holdings Ltd. is a subsidiary of Profit Saver International Limited.

Best Heal Care Stocks To Invest In Right Now: First Financial Northwest Inc.(FFNW)

First Financial Northwest, Inc. operates as the holding company for First Savings Bank Northwest that provides community-based savings bank services in Washington. Its deposit products include noninterest bearing accounts, NOW accounts, money market deposit accounts, statement savings accounts, and certificates of deposit. The company?s loan products portfolio comprises one-to-four family residential loans, multifamily loans, commercial real estate loans, construction/land development loans, and business loans, as well as consumer loans, including home equity loans, personal lines of credit, second mortgage loans, and savings account loans. First Financial Northwest, Inc., through another subsidiary, First Financial Diversified, Inc., offers escrow services. The company primarily serves customers in the King, Pierce, Snohomish, and Kitsap counties of Washington through a full-service banking office in Renton, Washington. First Financial Northwest, Inc. was founded in 1923 and is based in Renton, Washington.

Advisors' Opinion:

• [By Jim Royal]

  One of my favorite reasons to reinvest in stocks I already own is when an uncertain, but favorable catalyst occurs, but the stock does little. So my Special Situations portfolio is adding $1,000 to each of the following three stocks: Cincinnati Bell (NYSE: CBB  ) , Bridgepoint Education (NYSE: BPI  ) , and First Financial Northwest (NASDAQ: FFNW  ) . Read on to see why.

Best Heal Care Stocks To Invest In Right Now: Network Equipment Technologies Inc.(NWK)

Network Equipment Technologies, Inc. (NET), together with its subsidiaries, engages in the design, development, manufacture, and sale of voice and data telecommunications equipment for multi-service networks and associated services used by government organizations, enterprises, and carriers worldwide. The company offers voice solutions, such as the VX Series and the Quintum Series of switching media gateways that provide enterprise customers with voice interoperability solutions, IP-based solutions to government agencies, and traditional VoIP switching gateway solutions for SMBs and smaller branch offices within large enterprises. It offers multi-service solutions, which comprise Promina product line, a multi-service platform that provides network reliability and security; NX1000 platform, which offers a WAN switching solution to enable applications to integrate and aggregate into IP-based networks; and NX5010 platform that enables secure interconnection and extension of g eographically distributed grid computing clusters and storage area networks, providing data transfer. The company also offers SmartSIP product that allows standard SIP phones to be provisioned and used as extensions in a Microsoft Lync Server 2010 deployment. In addition, it provides installation and other professional services; hardware and software maintenance programs, parts repair, remote and on-site technical assistance, and customer training; and Web-based services. The company serves government customers, which include various federal and international agencies and organizations, such as civilian and defense agencies, and resellers to such entities; and enterprise customers comprising large enterprises, and small-to mid-sized businesses in various sectors. NET sells its products directly, as well as through relationships with integrators, resellers, and vendors of related technologies. The company was founded in 1983 and is headquartered in Fremont, California.

A Tax "Loophole" That Will Help You Pay for Your Dream Vacation Home

I bet you've never heard of this...   It's a special government loophole... that allows you to earn extra cash, totally tax-free. It's 100% legal and simple to use. It can even help you pay for a dream vacation home.   This loophole is not for everyone. But if you qualify, you should start collecting this income right away.   I call this loophole the "Masters exemption."   That's because every year, visitors flock to Augusta, Georgia for the Masters Golf Tournament. And many years ago, the very wealthy course owners lobbied their buddies in Washington, asking for special "consideration"...   In exchange for the hospitality of the locals, they convinced the lawmakers to allow them to "hide" two weeks of rental income from the IRS...   The best part is the loophole isn't just for landowners in Augusta. The IRS allows anyone to rent a vacation or rental property (not a primary residence) anywhere in the country for up to 14 days each year... and pay no taxes on the rental income.   Plus, there's NO limit on the amount you can charge and collect tax-free.   I've personally taken advantage of the "Masters exemption" for the last decade.   I own a home within earshot of the course where they hold the Masters. Every year, I rent it for the week (or two) of the tournament. Every year, I recoup nearly four months of mortgage payments and property taxes, all tax-free.   It's simple to find renters, too... Today, I rely on word of mouth to find my tenants. But I have used Craigslist and the local papers. (The Masters Tournament has a section on its website where you can post your rental listing... although it takes 7% of your income if you do it through them.)   First, I conduct an informal personal background check. I contact their office, their landlord (if they have one), and any other references they provide. And I've never really had a problem. One tenant smoked in the house... but I charged him around $500 for cleaning costs. He paid the charge, no questions asked.   So if you own a rental or vacation property anywhere in the U.S., you should immediately consider taking advantage of the "Masters exemption" yourself.   It's especially easy if you're in a city that's hosting a Super Bowl, World Series, or any sort of professional championship. But wherever your home is... and whatever the season is... here's an opportunity for you to capture easy, tax-free income.   That's true even if you already rent your property out the rest of the year... You just need to have a clause (like I do) that requires your tenants to vacate the property during the "high season." This is how many of the homeowners in Augusta do it.   Obviously, this loophole won't work for everyone. But if you have a second home, the Masters exemption is a low-risk way to put it to work for you.   You can earn safe, tax-free income. And you can potentially make enough money every year to pay for the cash costs and upkeep on your own home.   I do it every year. And you can do it, too.   Here's to our health, wealth, and a great retirement,   Dr. David Eifrig

Third Avenue Management Comments on SemGroup

In early August SemGroup (SEMG), an owner and operator of oil and gas midstream assets, including pipelines and storage and blending facilities, closed on an opportunistic purchase of assets from Chesapeake Energy. The assets nicely complement SemGroup's existing core assets that stretch from Colorado to Oklahoma. While SemGroup will have to spend money to complete the assets—money that financially distressed Chesapeake likely could not justify—we view the expenditures favorably given their high return characteristics.From Third Avenue Management's fourth quarter 2013 commentary.

Also check out: Third Avenue Management Undervalued Stocks Third Avenue Management Top Growth Companies Third Avenue Management High Yield stocks, and Stocks that Third Avenue Management keeps buying

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Latest Guru Picks	Value Strategies
Warren Buffett Portfolio	Ben Graham Net-Net
Real Time Picks	Buffett-Munger Screener
Aggregated Portfolio	Undervalued Predictable
ETFs, Options	Low P/S Companies
Insider Trends	10-Year Financials
52-Week Lows	Interactive Charts
Model Portfolios	DCF Calculator
RSS Feed	Monthly Newsletters
The All-In-One Screener	Portfolio Tracking Tool

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