JPM, Wells Fargo Keep Growing While BofA, Citi Shrink

At the top of the list sits JPMorgan Chase JPMorgan Chase with a whopping $2.46 trillion in assets followed by Bank of America Bank of America with $2.12 trillion. The two banks are the only ones with assets exceeding $2 trillion.

Citigroup Citigroup, the third largest bank by assets, isn't too far behind with $1.89 trillion and San Francisco-based Wells Fargo Wells Fargo is fourth with $1.48 trillion.

From there the 5th largest bank's assets, Bank of New York Mellon Bank of New York Mellon, drop off dramatically to $371 billion.

The ranking comes from SNL Financial which compiles the data each quarter.

There's hasn't been much change at the top of the ranking since 2011 when JPM claimed the #1 spot from BofA.

Ever since, JPM has held a steady lead over the rest of the nation's banks–a lead that keeps getting bigger. Just a year ago in the third quarter 2012, JPM's assets stood at $2.32 trillion; they've since increased 6%.

It will be interesting to see how JPM's assets evolve over the next 12 months. 2013 wasn't JPM's best. CEO Jamie Dimon reported the bank's first quarterly loss under his watch, it paid $13 billion to settle a big case with the Department of Justice and paid out billions in other suits as well. It was also the first time the bank made a big announcement recently about shutting down a line of business; in September JPM announced it would no longer accept applications for student loans.

Wells Fargo, though #4, has also been steadily growing its asset base at a rate even higher than JPM. Over the last 12 months, Wells, lead by CEO John Stumpf, has seen its total assets jump 8% from $1.37 trillion in the third quarter of 2012. That's the biggest increase among the big four banks.

Much of Wells' growth is due to some key loan purchases the bank has been making overseas. The bank has picked up several loan portfolios on the cheap from banks in Europe as the market there has been struggling and institutions there look to off-load assets.

Wells CFO Tim Sloan spoke about the bank's overall loan growth at a conference last week and noted the foreign loans. "Foreign loans grew $6.9 billion or 17%, which included $4 billion from the UK CRE acquisition we completed in the third quarter, as well as growth in our trade finance business," he said.

Meanwhile both Citi and Bank of America have seen their assets drop over the last few years. Just over the last 12 months both banks shed assets by about 2%.

Both bank have been actively selling non-core assets since the peak of the crisis in order to meet both regulator and shareholder demands.

Back in early 2009, BofA's assets were $2.32 trillion, or 8.4% more than where they stand today.

SNL notes that Citi's assets will decline even further by approximately $3.91 billion from the planned sale of its Brazilian credit card and consumer finance business.

There was only one new bank on the most recent list from SNL. Santa Clara, Calif.-based SVB Financial Group was the lone new entry coming in at #50 with $23.7 billion in assets.

SNL's rankings include banks and thrifts operating in the U.S. with a deposits-to-assets ratio of at least 25%. That means big firms like Goldman Sachs and Morgan Stanley don't make the cut since they don't hold significant deposits.

America's 10 Biggest Banks

How To Navigate A Fixed-Income Bear Market

Despite the recent brush with default, the credit risk of U.S. Treasury securities is extremely low, but be aware that Treasuries are not void of volatility.

The chart below shows the max drawdowns for a variety of fixed income indices during 2013.  Maximum drawdown is calculated as the percentage loss that an index or investment incurs from its peak net asset value to its lowest value.  The right column details the 3-year annualized performance for each index.

The recent volatility hit many investors like a ton of bricks.  The bond bull market that began in 1981 had lulled many fixed income investors into believing annual returns would always be high and downside risk would always be low.  Even industry professionals are being caught off guard and scrambling for solutions not only for their fixed income clients but also for their bond exposure within their clients' asset allocation models.  Also, the "buy-and-hold" fixed income investors seem to be scratching their heads wondering how their yields will keep up with prevailing interest rates as they ratchet higher.  Let's take a quick look at the various types of risk inherent in the fixed income markets, before we proceed further with some recommendations to help navigate this type of interest rate cycle.

Along with credit risk, bonds also face other risks.  Market risk,  or interest rate risk, is simply the risk of selling bonds prior to maturity at a price lower than they were initially purchased–or of locking in low yields and not benefiting from rising interest rates.  Event risk is the risk that bonds will drop in value due to unforeseen circumstances such as a tsunami, earthquake, war or global financial crisis.  Inflation risk is the risk that the purchasing power of your initial investment is worth less when it is sold.  Foreign exchange risk is essentially the currency risk of owning International bond ETFs that are invested in sovereign or foreign currencies.

I mention these risks because the best way to navigate a rising U.S. interest rate environment is to own a variety of low correlated fixed income instruments.  Each of these investments carry risks that are above and beyond the typical Treasury bond portfolio.  Although there are additional risks, I believe looking outside of traditional fixed income asset classes is essential to weathering a rising interest rate environment.  The chart below looks at a variety of bond asset classes and their correlations to one another.

Owning different fixed income asset classes can possibly smooth out the ride.  For instance, corporate bonds correlate to global fixed income 22% of the time.  This means there are times when global fixed income is going up while U.S. corporates are falling, and vice versa.

My firm currently owns the SPDR Barclay's International Treasury Bond ETF (BWX), both as a currency as well as a yield play, because the underlying bonds are denominated in local currencies, not U.S. dollars.  Investors should only own this particular ETF when the dollar is stable or falling against the basket of currencies that make up the ETF.

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The other international ETF that we have the ability to rotate into is the PowerShares Emerging Markets (PCY).  This is another currency and yield play, and there are added risks (foreign exchange risk, country specific risk, credit risk) that need to be considered, but emerging market debt exhibits a low correlation to other fixed income asset classes and can be a valuable component to smooth out returns during a rising U.S. interest rate cycle.  The yield is nearly 5%.

BP plc (BP) Remains Undervalued

BP plc (BP) has outperformed its super-major production and exploration peers in the past year, but we think the oil giant is still playing catch-up and has more room to run.

Of course, the big cloud hanging over London-based BP has been the fallout from the Gulf oil spill and the horde of plaintiffs seeking compensation, but we think lawyers' pockets have been sufficiently stuffed and that investors will continue to focus on BP's promising fundamentals and a valuation that still lags its peers in significant ways.

Consider these metrics:

Based on 2014 estimates, BP trades at a price-to-earnings ratio of 9.58, compared with 12.45 for Chevron Corp. (CVX) and 12.53 for Exxon Mobil Corp. (XOM).  Earnings per share are expected to increase 15.45% next year at BP, versus 2.5% for CVX and 5.20% for XOM. On a price-to-book value basis, BP is at 1.19, versus 1.59 for CVX and 2.54 for XOM. Meanwhile, BP sports a heft dividend yield of 4.65% compared with 3.32% for CVX and 2.57% for XOM.

[Related -Call Options Active in Yahoo! Inc. (YHOO)and BP plc (ADR) (BP)]

Given those comparisons, the market still hasn't fully embraced BP, despite its outperformance in the past year. BP is up more than 17% in the past year, compared with 7.32% and 9.84% for CVX and XOM, respectively.

One big investor thinks the way we do.  David Einhorn disclosed this week his hedge fund Greenlight Capital has bought a "medium" stake in BP, saying its improved return on capital is still unrecognized.  In a letter to clients Einhorn said he bought BP American depositary shares (ADS) at $47.39 and sees a net asset value of $70.  The ADS closed yesterday at $49.04, up 1.05%.

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So, what are we and Einhorn looking at?  Here's a sketch of BP's opportunities:

A focus on growth areas and a retreat from non-core assets.  BP has sold refineries in California and Texas, retaining three in the U.S. that have a competitive advantage, which should improve returns.  In addition, the company brought online upgrades to its Whiting facility in Indiana, which will improve its ability to refine heavy Canadian oil.

New Success in the Gulf of Mexico.  BP said last month that it and partner ConocoPhillips made what it called "a huge find" at its Gila prospect in the deepwater Gulf of Mexico.  It was the first major oil find by BP in the gulf since the Deepwater Horizon rig blowout in 2010.

Strong natural gas positions in the Fayetteville, Eagle Ford and other shale formations.

Oil companies lagged the broad market performance in 2013, largely due to the stagnation of oil and gas prices, and this remains the biggest risk for BP and its peers.  But if global economic conditions continue to improve, energy prices should hold their own or rise.

BP will report fourth-quarter results on Feb. 4, and analysts are expecting earnings per ADS of $1.08, down from $1.27 in the year-ago period.  The company beat expectations in the third quarter, reporting EPADS of $1.17 versus a consensus estimate of $0.97.

Federal judge allows fee-only case against CFP Board to proceed

A federal judge ruled on Sunday that a case against the Certified Financial Planner Board of Standards Inc. revolving around compensation definitions can continue and expand in scope.

Judge Richard J. Leon of the U.S. District Court in the District of Columbia ruled that the plaintiffs, Jeffrey and Kimberly Camarda, can seek monetary damages and pursue antitrust violations against the CFP Board.

The Camardas originally filed a suit against the CFP Board last summer, alleging that the organization had unfairly disciplined them for violating its rules. The board found that the Camardas, who are managing members of Camarda Financial Advisors, held themselves out as fee-only advisers when an arm of their firm, Camarda Consultants, sells insurance.

In addition to allowing an expansion of the suit, Mr. Leon also rejected an effort by the CFP Board to prevent the Camardas from seeking subpoenas targeting members of its staff.

“We see [the ruling] as allowing the process to move forward, and that's good,” said Donald Hannaford, a spokesman for the Camardas.

The CFP Board said that it will eventually prevail in the case, despite the procedural setback.

“There has been no decision on the merits,” CFP Board spokesman Dan Drummond said in a statement. “CFP Board will continue to vigorously defend this case.”

But an industry observer said that the ruling creates a new threat for the CFP Board.

“In the process of accepting the Camardas' amended complaint, the court will now be considering issues that speak to the very legitimacy of the CFP Board as an organization seeking to promote the CFP certificant and oversee its CFP certificants,” Michael Kitces, a partner at Pinnacle Advisory Group, wrote Tuesday morning on his blog, Nerd's Eye View.

In an interview, he said that the CFP Board faces a serious threat because the Camardas' amended suit includes allegations that the organization has misled the public about the CFP credential, which it is promoting in a four-year, $40 million awareness campaign.

“This is not just a case about the definition of fee-only anymore,” Mr. Kitces said. “It would be a serious blow to the organization if the court found it guilty of false advertising to the public about the standards of CFP certificants.”

The CFP Board has been struggling with controversies over compensation definitions ever since it first filed its case against the Camardas in March 2011.

In November 2012, the organization removed Alan Goldfarb as its chairman for mischaracterizing his compensation on the Financial Planning Association website.

Last September, the CFP Board temporarily removed the “fee-only” description from its website and told the 8,0! 00 CFPs using the label to re-evaluate whether they complied with CFP rules before resetting the label on their profiles.

The CFP Board grants the CFP mark and upholds the ethical and education standards surrounding it. There are about 69,000 CFPs in the United States.

Solar Energy Installer SolarCity Earnings — Partly Sunny

Source: ThinkstockSolarCity Corp. (NASDAQ: SCTY) reported third quarter 2013 earnings after markets closed Wednesday. For the quarter, the solar PV installer posted an adjusted earnings per share (EPS) loss of $0.43 on revenues of $48.6 million. In the same period a year ago, the company reported an unadjusted EPS loss of $3.41 on revenues of $31.97 million. Third-quarter results compare to the Thomson Reuters consensus estimates for an adjusted EPS loss of $0.44 and $42.52 million in revenues.

On a GAAP basis SolarCity posted EPS of $0.04 which excludes a line item loss of $0.47 per share attributed to common stockholders.

The company's outlook for the fourth quarter includes an adjusted EPS loss of $0.55 to $0.65. SolarCity expects to deploy 101 megawatts of new solar projects during the quarter, with a gross margin of 30% to 40%. Revenues from leasing are expected at $22 to $24 million and systems sales revenues are expected at $18 to $22 million. Operating expenses are pegged at $50 to $55 million.

SolarCity expects to deploy 278 megawatts in 2013, rising to a total of 475 to 525 megawatts in 2014. That's a jump of 71% to 89%. That number is worth paying attention to.

The leasing revenue forecast is lower than the $24.8 million that SolarCity booked in the third quarter, and the mid-point of the anticipated sales revenue is about equal to actual third quarter revenue of $23.8 million. Operating expense forecast are also forecast higher, above actual third quarter expenses of $46.2 million.

Prior to today's results the consensus analysts' estimate for the third quarter included an EPS loss of $0.47 on revenues of $40.45 million. The low end of SolarCity's revenue guidance ($40 million) is a little short of consensus, and the EPS loss outlook is considerably larger.

SolarCity's estimated nominal contracted payments remaining on long-term leasing deals total $1.74 billion, up 23% sequentially.

The stock is up 400% year-to-date and about 430% since the company's IPO last December. A secondary offering and a private note placement have added about $450 million to the company's coffers without damaging the share price. That has to count for something.

Shares are down about 0.1% in after-hours trading at $59.55 in a 52-week range of $9.20 to $65.30. The consensus target price for the shares was around $50.60 before today's report.

Secondaries Flying off the Shelves -- Bullish Sign?

(Originally published on Real Money's Columnist Conversation.)

NEW YORK (TheStreet) -- IPOs are grabbing the headlines, with Twitter the latest to feed the frenzy, but the real story isn't IPOs at all -- but secondaries.

"They're outpacing IPOs at what feels like an exponential rate," says David Menlow of the IPO Financial Network. "Last Friday, we priced 18 of them against one IPO."

Menlow has been tracking IPOs and secondaries for 25 years and he says whenever there is a burst of secondaries like this, he sees it as a bullish sign for the economy. "It's a huge indicator for corporate strength and the jobless recovery," he says. Of course, these secondaries could also be viewed little more than insiders taking advantage of the red-hot stock market by getting out while the getting is good. And there's plenty of that. Just look at Five Below (FIVE) Tuesday, whose latest secondary represented little more than bailing by private-equity insiders. By contrast, Pandora's (P) recently announced secondary was less insider sales, more raising cash for corporate purposes. And that's Menlow's point as it applies to the economy: Key to many of these sales, he says, is to raise cash for general corproate purposes and to pay off debt and otherwise have cash in the coffers so they can pounce on future acquisitions or business opportunities. That, he says, is a bullish sign. "When they want to make that move, they have the money in hand," he says. As for investors, he says, many of the deals, like Pandora, have been winners -- rising after the deal. Reality: Of course, in this stock market, things that used to go down go up -- secondaries, no exception. --Written by Herb Greenberg. Follow @herbgreenberg >To submit a news tip, send an email to: tips@thestreet.com.

Accuride Corp.

Our top speculative pick for 2014 is a company that produces wheels and related components for trucks and other commercial vehicles, suggests George Putnam, editor of The Turnaround Letter.

Because of a very leveraged balance sheet, the company—Accuride Corp. (ACW)—could not survive the 2008-09 recession, and it filed for bankruptcy in October 2009.

The company emerged from Chapter 11 in February 2010, with a much improved balance sheet, but then manufacturing problems surfaced at several operating units, which reduced volumes, hurt quality, and raised costs.

Just as the company began to get a handle on the production issues, orders for new trucks softened, causing results to decline further.

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Accuride has been investing heavily in its operations, with the result, that it has not only fixed the earlier problems, but also become leaner and more efficient. In addition to streamlining its operations, the company is also selling non-core assets to re-focus on wheels and related components.

While industry wide sales have remained soft in recent quarters, longer term trends look favorable. The demand for trucking services is on the rise at the same time as aging truck fleets will require higher replacement levels.

Accuride is now well-positioned to profit from any upturn in demand for trucks and other commercial vehicles.

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Jobs Numbers Paint Unclear Picture for Fed Tapering

Friday’s jobs report released by the Labor Department created uncertainty among market watchers as to whether the Fed will start tapering any time soon.

The economy created 169,000 jobs in August, the report said, fewer than the 180,000 expected, and unemployment dipped to 7.3%.

“Ultimately, we view the jobs report to be mostly noise from month to month, especially with a fairly ‘middle of the road’ report like this one with some pluses and minuses,” Michael Kitces, director of research for Pinnacle Advisory Group, a private wealth management firm located in Columbia, Md., and a ThinkAdvisor blogger, told ThinkAdvisor on Friday.

Like other market watchers, Kitces says the real issue heading into the fall is whether the Fed begins to taper or not. “There doesn’t seem to be much indication from today’s jobs report that definitively confirms the taper will or will not get under way soon.”

But David Kelly, chief global strategist at J.P. Morgan Funds, noted in his weekly commentary, released Monday, that “in light of last week’s upward revision to second-quarter GDP, a number of 150,000-plus on payrolls and 7.4% on unemployment would probably be enough to keep the Fed on track to begin a wind down to QE, with an announcement likely coming in a press release and Bernanke news conference following the Sept. 17-18 FOMC meeting.”

Reuters columnist Felix Solomon opined that the August report showed “that the reality of the economy was not as good as we thought it was, and that the market probably got ahead of itself in anticipating a taper beginning very soon.”

The Financial Times opined that at its Sept. 17 Federal Open Market Committee meeting, Fed Chairman Ben Bernanke “will have to decide whether the [August jobs] report reflects a weakening labor market — in which case it may want to delay a taper of asset purchases — or whether it is further evidence that the unemployment rate can keep coming down despite feeble overall growth. In that case it may choose to go ahead with tapering in September.”

Indeed, the Twittersphere was full of tweets labeling the jobs report as “lousy,” but Senate Majority Leader Harry Reid, D-Nev., opined that Friday’s employment report “shows that we are moving in the right direction, but not fast enough.”

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Congress, Reid says, “has a choice when it comes to the economy: we can choose policies that accelerate job creation and expand the middle class, or the path to European-style austerity favored by Tea Party Republicans.”

Predictably, House Majority Leader Eric Cantor, R-Va., placed the bame elsewhere. "While the unemployment number dropping looks good on the surface, the details show otherwise," he said. He added that persistent long-term unemployment, "discouraged people leaving the work force, and millions taking part-time jobs because they have no choice are not signs of a strong recovery. The president’s policies are holding back strong job creation.”

---

Check out Specter of Fed Chairman Summers Yields Pessimism, Uncertainty on ThinkAdvisor.

How Will Recent Headlines Affect BlackBerry?

With shares of BlackBerry (NASDAQ:BBRY) trading around $10, is BBRY an OUTPERFORM, WAIT AND SEE or STAY AWAY? Let's analyze the stock with the relevant sections of our CHEAT SHEET investing framework:

T = Trends for a Stock’s Movement

BlackBerry is a designer, manufacturer, and marketer of wireless solutions for the worldwide mobile communications market. Through the development of integrated hardware, software, and services, it provides platforms and solutions for seamless access to information, including email, voice, instant messaging, SMS, Internet, intranet-based applications, and browsing. Its products and services include the BlackBerry wireless solution, the Research In Motion Wireless Handheld product line, the BlackBerry PlayBook tablet, software development tools, and other software and hardware.

BlackBerry's Q10 full-keyboard smartphone has had highly disappointing sales, and that's putting it lightly. While BlackBerry hasn't released any figures, carriers and retailers have reported that the device has not done well despite BlackBerry's assertions that it owns the keyboard phone market. One store operator told The Wall Street Journal, “We saw virtually no demand for the Q10 and eventually returned most to our equipment vendor.”

T = Technicals on the Stock Chart are Weak

BlackBerry stock has not done very well over the last several years. The stock is currently searching for value near lows for the year. Analyzing the price trend and its strength can be done using key simple moving averages. What are the key moving averages? The 50-day (pink), 100-day (blue), and 200-day (yellow) simple moving averages. As seen in the daily price chart below, BlackBerry is trading below its key averages which signal neutral to bearish price action in the near-term.

(Source: Thinkorswim)

Taking a look at the implied volatility (red) and implied volatility skew levels of BlackBerry options may help determine if investors are bullish, neutral, or bearish.

	Implied Volatility (IV)	30-Day IV Percentile	90-Day IV Percentile
BlackBerry Options	75.10%	93%	90%

What does this mean? This means that investors or traders are buying a very significant amount of call and put options contracts as compared to the last 30 and 90 trading days.

	Put IV Skew	Call IV Skew
September Options	Steep	Average
October Options	Steep	Average

As of today, there is an average demand from call buyers or sellers and high demand by put buyers or low demand by put sellers, all neutral to bearish over the next two months. To summarize, investors are buying a very significant amount of call and put option contracts and are leaning neutral to bearish over the next two months.

On the next page, let’s take a look at the earnings and revenue growth rates and the conclusion.

E = Earnings Are Decreasing Quarter-Over-Quarter

Rising stock prices are often strongly correlated with rising earnings and revenue growth rates. Also, the last four quarterly earnings announcement reactions help gauge investor sentiment on BlackBerry’s stock. What do the last four quarterly earnings and revenue growth (Y-O-Y) figures for BlackBerry look like and more importantly, how did the markets like these numbers?

	2013 Q2	2013 Q1	2012 Q4	2012 Q3
Earnings Growth (Y-O-Y)	86.87%	-78.23%	-96.08%	-171.43%
Revenue Growth (Y-O-Y)	9.13%	-41.26%	-47.21%	-31.07%
Earnings Reaction	-25.20%	-0.89%	-22.73%	5.04%

BlackBerry has seen decreasing earnings and revenue figures over the last four quarters. From these numbers, the markets have been very disappointed with BlackBerry’s recent earnings announcements.

P = Weak Relative Performance Versus Peers and Sector

How has BlackBerry stock done relative to its peers Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG), Nokia (NYSE:NOK), and sector?

	BlackBerry	Apple	Google	Nokia	Sector
Year-to-Date Return	-13.00%	-6.94%	21.52%	0.38%	5.35%

BlackBerry has been a poor relative performer, year-to-date.

Conclusion

BlackBerry provides innovative wireless communication products to consumers and companies worldwide. The company has not experienced great s wi=ommryd greati0 full-keyboard phe rC andisappointedg eadetailmryd gestor ssThe coock dos nocrelin grinhe last fosenuraluarters. nd coinot wrade.g eanr-t lowmmryd e laar-t. Or the last four quarters. C anrnings and revenue fhave been vecreasing eawhi wes noleft gestor ssery disappointed w.elative Pe its peers%Cnd sector? anackBerry has been a powk Rear-to-date.%erformer%2. WAIT AND SEEawh s ackBerry hadoethanicommug eaarters.0D

Slowdown in Germany: What Will Happen to These German ADRs?

According to Destatis, the official German statistics agency, Germany's GDP grew just 0.4% in 2013. This is the lowest growth rate since the 5.1% drop registered in 2009, during the global financial crisis. The German government also finished the year with a 0.1% deficit, versus a 0.1% surplus in 2012. So, although it remains stable, the country might start to revert trends and fall into recession. Given the circumstances, let's see how some German ADRs are performing.

Still unaffected
First, Fresenius Medical Care (NYSE: FMS  ) is the No. 1 global provider of dialysis equipment. It enjoys leading market share of almost 33% in its home country.

Fresenius continues to report good results despite the performance of the German economy. The first three quarters of 2013 showed a 9% growth in sales and a 12% increase in net income.

The combination of an aging global population and Fresenius' vertically integrated equipment division makes the company a competitive player in the health services industry. In fact, rising rates of obesity and diabetes can only raise demand for dialysis services going forward. So fundamentals are on the company's side.

Fresenius, which already has a broad geographic reach, continues to expand internationally to bolster its market share, economies of scale, and payer diversification. Globally, the dialysis market is extremely fragmented, opening opportunities through acquisition strategies.

One risk the company faces is its exposure to government-based reimbursements in the U.S. and abroad. In fact, Medicare and Medicaid account for 30% of the company's consolidated top line. These reimbursements could drop as a result of the adjustments under the Affordable Care Act.

A discouraging diagnosis
Second, here's a well-known global leader in most of its key businesses: Siemens AG (NYSE: SI  ) .

In this case, the company reported a lackluster fourth quarter, with a year-over-year decrease in both revenue and earnings. Revenue and orders dropped 1% to 21.2 billion euros and 21 billion euros, respectively.

Throughout 2013, the company executed its "Siemens 2014" program, aiming at raising its total-sectors profit to at least 12% by fiscal 2014. Nonetheless, its total-sectors profit declined to 1.6 billion euros, driven by charges from the same program.

If we consider the fundamentals, global macroeconomic and financing conditions are still reducing consumer spending, business confidence, and capital expenditures for Siemens. These symptoms are reflected in short-cycle industries such as automotive, manufacturing, and lighting, which accounted for 24.2% of revenue in fiscal 2013. The case for longer-cycle energy and infrastructure customers is not optimal, either, as the worst scenario would be the postponement or cancellation of potential new business. The energy and infrastructure segments together accounted for 58% of revenue in fiscal 2013, so it's no joke.

The impact of a slowdown in Germany, however, is still uncertain, as Siemens generates a significant portion of its revenue outside the country.

This isn't play money
Finally, here's German financial institution Deutsche Bank AG (NYSE: DB  ) .

Third-quarter results were not encouraging for Deutsche Bank either. Although the adverse 1.2 billion euro litigation expenses were the main driver of the disappointing results, overall undisciplined expense-management was reflected, along with a deteriorating top line. As a result, net income was only 51 million euros, which is not much for a huge bank like this one.

Deutsche Bank's strategy is to build its capital level, and in fact, its capital position for the quarter remains strong, showing a common-equity tier 1 capital ratio of 13%, up from 11.4% at the end of 2012.

Despite the revenue drop during the nine months ended last September, the bank holds a good revenue growth record. And considering that the bank's compound annual growth rate, or CAGR, from 2008 to 2012 is 19.9%, Deutsche Bank should get its growth back on track.

However, expenses also surged at a CAGR of 11.3% over the same period, elevating exposure to operational risks.

Final thoughts
Although local demand in Germany remains strong, it could not offset the persistent recession in some European countries and the slowdown of the global economy.

Fresenius operates in a market that is pretty resistant to variations in GDP. Plus, its global reach reduces its exposure to the German economy. Thus its growth outlook will depend primarily on its management's ability to expand overseas and control costs.

Siemens should perform in line with the broader market. However, it will be hard to expect a recovery of its short-cycle businesses until late in its fiscal year at least. It is a company very dependent on the evolution of the global economy.

Given the stressed operating environment, it will be hard to see significant improvements in earnings for Deutsche Bank in the upcoming quarters. The bank still has a fair amount of exposure to Germany, and because it's in a highly regulated industry with a narrow margin for innovation, a slowdown in the country will only compound the impact on the bank. Let's not forget that the financial institutions' prices are the first to adjust when markets make a correction.

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CBS Extends Content Deal - Analyst Blog

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CBS Corporation (CBS) further strengthened its ties with Netflix, Inc. (NFLX) by announcing the extension of its multiyear streaming video deal for select library content. However, the terms of the deal were not disclosed.

The move is a strategic fit for CBS as the company continues to benefit from its streaming deals, evident from the strong double-digit growth in streaming revenues during first-quarter 2013. Moreover, the company's strategy of adding diverse revenue streams makes it less susceptible to economic woes.

CBS has entered into long-term streaming deals for CW content with Netflix and Hulu, which is expected to boost its operating results. Moreover, the company entered into a deal with Amazon.com Inc. (AMZN) that extends the latter's archive of television shows and films currently available on its streaming video site, Amazon Prime Instant Video. These measures facilitate CBS in monetizing its TV content.

As per the extended licensing agreement, new titles such as L.A. Complex, 4400 and CSI: NY will now be available to Netflix subscribers.

Going forward, CBS Corporation's sustained focus on increasing subscription based revenue channels is expected to be a long-term growth driver. We expect the company to benefit from reverse compensation from affiliates, strong demand of its content, digital distribution, syndication sales and retransmission consent.

Alongside, CBS Corporation acquired the remaining 50% stake in TV Guide Digital, including the TVGuide.com and TV Guide Mobile properties from Lions Gate Entertainment Corp. (LGF). The addition of TVGuide.com to CBS' impressive portfolio is believed to be a major boost for the company's digital business as both TVGuide.com and TV Guide Mobile enjoy a strong audience in the lucrative TV information category.

Despite these positives, CBS currently holds a Zacks Rank #4 (Sell! ) as secular headwinds remain a concern for broadcast-driven media companies in the near term.

Broadcom Boosts NFC-Enabled Printers - Analyst Blog

Leading semiconductor solutions provider Broadcom Corp (BRCM) recently announced that its Near Field Communication (NFC) and Wi-Fi technology will be integrated into Brother Industries' multi-function printers.

Broadcom's low power-consuming BCM20792 NFC controller offers wireless connectivity and flexible solutions and will provide flawless printing experience by pairing NFC and Wi-Fi-enabled multi-function printers.

The NFC-compliant printers deliver tap-to-print and tap-to-scan capabilities for its users. Consumers can tap their NFC and Wi-Fi-enabled smart devices to the printer and utilize WLAN transmission to print documents. Broadcom is uniquely positioned to lead the NFC market with its vast intellectual property (IP) portfolio and expertise in developing standard-based integrated solutions.

The high-performance and highly-integrated NFC solutions, including Wi-Fi, are enjoying increasing demand. The NFC solutions also offer the scope for the next generation wireless innovation.

Broadcom is well placed in the fast-growing wired and wireless communications markets with cutting-edge solutions for a growing number of connected users, who are demanding more content and bandwidth.

Based in Irvine, Calif., Broadcom is engaged in designing and marketing semiconductor components of network voice, video, and data traffic for various applications. The company continues to drive innovation and engineering excellence across a broad range of communication end markets to help its customers enhance device performance and overall efficiency.

Broadcom currently has a Zacks Rank #4 (Sell). Other stocks that look promising and are worth a look in the industry include Marvell Technology Group Ltd (MRVL), TriQuint Semiconductor, Inc. (TQNT) and PMC-Sierra Inc (PMCS), each carrying a Zacks Rank #2 (Buy)

AT&T Makes One Small Step For Leap

Top Dividend Companies To Invest In Right Now

Maybe AT&T (NYSE:T) was insurmountably frustrated in its rumored attempt to buy all or part of Telefonica (NYSE:TEF), or maybe there never was any substance to that rumor. In any case, in lieu of the $150 billion or so that Telefonica would have cost, AT&T's surprising announcement Friday night that it was acquiring Leap Wireless (Nasdaq:LEAP) for $4 billion seems like a much smaller step.

This is a curious deal on multiple fronts. Leap is not a particularly strong company, and it is not as thought AT&T is badly hurting for spectrum. Instead, this may be a case of AT&T flexing its financial muscles to make life harder on its competition (especially T-Mobile (Nasdaq:TMUS) and Sprint (NYSE:S)) and deny this asset to other potential bidders.

SEE: What Makes An M&A Deal Work?

The Bid – Surprising, But Reasonable
AT&T announced that it reached an agreement to acquire Leap Wireless for $1.2 billion in cash, plus the assumption of $2.8 billion in net debt. For that, AT&T is getting spectrum covering approximately 137M POPs, the network assets and retail stores, and about 5 million subscribers. AT&T is also getting Leap's sizable pre-paid business, and I'll have more on this in a moment.

Leap Wireless shareholders will be getting $15 per share in cash from AT&T, but there's more to the deal than that. Once the deal has closed, AT&T will be looking to sell a 700MHz spectrum license in Chicago that it acquired from Verizon (NYSE:VZ) in 2012, and the proceeds will be passed to Leap shareholders through a non-transferable contingent value right. While there could be some challenges in selling this asset (apparently there are interference issues with DirecTV (NYSE:DTV) Channel 51), most analysts are valuing this asset at something in the neighborhood of $2.50 per Leap share.

Out of its own pocket, AT&T is paying about 8x estimated EBITDA for Leap. That's not unreasonable for the spectrum that Leap holds, but it is quite a bit more (100%-plus) than the market was willing to pay for Leap given the company's serious operating issues. In fact, that's arguably the most surprising part of the deal – the general assumption around Leap was that other companies were circling, but waiting for the company to weaken further before making low-ball bids for the spectrum.

Growing The Pre-Paid Business
Leap is all about pre-paid service, and the addition of this company will increase AT&T's prepaid customer base by more than 70%. As such, it definitely adds scale to this part of AT&T's business (which will now be about 10-12% of the business post-deal) and constitutes a real threat to the pre-paid businesses at Sprint and T-Mobile.

That strategic/competitive aspect is likely what is fueling this deal. While it's true that Leap has an under-utilized asset base, I don't believe AT&T is doing this deal because it believes it can produce major synergies from the combination. Rather, this pre-paid business gives the company a new front line for growth in the U.S. market.

This may also be a case of AT&T using its strength to do a deal that others cannot. Given recent transactions, I'm not sure Sprint and T-Mobile will be in a position to make a counterbid for Leap, though either could certainly use the asset. The bigger unknown is the perennial bridesmaid in the game of wireless musical chairs – Dish Network (Nasdaq:DISH). That Leap Wireless is really not the ideal match for Dish Network may run second to the fact that Dish is rapidly running out of options in the U.S. wireless space.

The Bottom Line
AT&T wouldn't have proposed this deal if they didn't believe they could get regulatory clearance, but I'm sure shareholders remember that the company had to abandon its bid for T-Mobile (and pay some hefty break-up fees) when it couldn't satisfy the concerns of regulators. Leap is small enough (and weak enough) that this deal may be more tolerable to regulators, but I wouldn't put the odds of regulatory objections at 0%.

All told, this looks like a relatively low-risk way for AT&T to deploy some capital in the pursuit of growth and a better competitive position. I don't see this deal being transformative for AT&T, but it's a worthwhile opportunity at this price and wouldn't preclude a larger move overseas if the right opportunity should appear.

Asian Stocks Fall Ahead of Release of U.S. Economic Data

Asian stocks fell as investors await economic data from the U.S. and amid concern gains in equities over the past two months have outpaced prospects for earnings.

Toyota Motor Corp. (7203), the world's biggest carmaker, lost 1.3 percent in Tokyo after its net-income forecast fell short of analyst estimates. Ausdrill Ltd. (ASL) slumped 29 percent in Sydney after the drilling contractor said its expects a lower profit. GungHo Online Entertainment Inc. gained 2.5 percent as Japan Exchange Group Inc. and Nikkei Inc. said the Internet-game maker will be included in their new index.

The MSCI Asia Pacific Index dropped 0.5 percent to 140.71 as of 2:04 p.m. in Hong Kong, with nine of the 10 industry groups on the gauge falling. The measure rose 9.3 percent this year through yesterday amid unprecedented stimulus from the Bank of Japan and optimism the Federal Reserve will continue its monthly bond buying into 2014.

"It is hard to see where the global economy can surprise significantly on the upside to provide a further leg up for major indexes," Matthew Sherwood, head of investment markets research in Sydney at Perpetual Investments, which manages about $25 billion, said in an e-mail. "The markets have bid prices up and are likely to 'side trend' for a period, so that earnings can catch up with investor optimism."

Japan's Topix index declined 0.6 percent. Australia's S&P/ASX 200 Index fell 0.2 percent, dragged lower by banks as Australia & New Zealand Banking Group Ltd. and National Australia Bank Ltd. traded without the right to the current dividend. Ausdrill tumbled 29 percent to 98 Australian cents, its largest one-day drop on record.

Asian Earnings

New Zealand's NZX 50 Index lost 0.4 percent and South Korea's Kospi index retreated 0.5 percent. Singapore's Straits Times Index added 0.1 percent. Hong Kong's Hang Seng Index (HSI) declined 0.6 percent and China's Shanghai Composite slid 0.3 percent. Taiwan's Taiex index was little changed.

U.S. growth and jobs data to be released today may help investors gauge the time line for stimulus cuts after two Federal Reserve officials said the level of slack in the economy justifies an accommodative policy stance.

Of the companies on the MSCI Asia Pacific Index that have reported quarterly results this season and for which Bloomberg compiles estimates, about half exceeded analysts' estimates on profit, while 53 percent posted better-than-expected revenue.

Relative Value

The Asia-Pacific gauge climbed the past two months, pushing valuations on the measure to 13.7 times estimated earnings, up from a multiple of 12.7 at the end of August, according to data compiled by Bloomberg. That compares with a current multiple of 16 on the Standard & Poor's 500 Index and 15 for the Stoxx Europe 600 Index, the data show.

China's leaders meet in Beijing from Nov. 9-12 to map out a blueprint for reform. A private survey this week showed services industries expanded after an official non-manufacturing gauge rose to the highest this year.

Futures on the S&P 500 slid 0.2 percent. Yesterday, the Dow Jones Industrial Average rose 0.8 percent to a record and the S&P 500 gained 0.4 percent. Microsoft Corp. climbed 4.2 percent as Nomura Holdings Inc. said the software company may exit its money-losing consumer business under a new chief executive officer.

The U.S. economy probably grew at a 2 percent annualized rate in the third quarter, compared with a 2.5 percent increase in the previous three months, according to a Bloomberg survey before today's report. Economists predict data will show payrolls climbed by 120,000 in October and the unemployment rate increased to 7.3 percent from 7.2 percent in the previous month, according to a separate survey before data tomorrow. The U.S. will publish data on jobless claims today.

Toyota Forecast

Toyota lost 1.3 percent to 6,270 yen in Tokyo after its net-income forecast fell short of analyst estimates.

Daihatsu Motor Co. lost 0.9 percent to 1,808 yen, slumping for a fifth day and taking the carmaker's decline to 6.8 percent since cutting its full-year profit forecast on Oct. 31.

GungHo gained 2.5 percent to 57,900 yen. Japan Exchange, the main bourse operator in the world's second-biggest equity market, and Nikkei will create an index that selects members based on return on equity in a bid to highlight the nation's best stocks. The measure, set to start on Jan. 6, will comprise 400 shares.

Lenovo Group Ltd., the world's largest maker of personal computers, jumped 2.3 percent to HK$8.61 in Hong Kong on higher earnings.

Top 10 Financial Stocks For 2014

Our portfolio -- based on stocks that have announced share buyback programs --� is beating the S&P 500 by more than 77% since its inception� in 2000. �

Two of our latest additions to this portfolio are in the financial sector -- Discover Financial Services (DFS), where anagement has reduced shares outstanding by 6.2% in the last 12 months, and State Street Corp. (STT), whose management has reduced shares outstanding by 6.4% over the last year.

Discover Financial is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. We last bought the stock in October 2012 and sold it two months later for a small gain.

Top 10 Financial Stocks For 2014: Fortune Real Estate Inv Trust (F25U.SI)

Fortune Real Estate Investment Trust, through its subsidiaries, engages in the ownership and investment of retail shopping malls in Hong Kong. As of December 31, 2008, it holds a portfolio of 11 retail malls and properties located in Hong Kong. The company was founded in 2003 and is based in Singapore, Singapore.

Top 10 Financial Stocks For 2014: Development Secs(DSC.L)

Development Securities PLC engages in property development, trading, and investment operations primarily in the United Kingdom. Its property portfolio includes retail, mixed-use, industrial, office, and residential properties. The company is based in London, the United Kingdom.

Best Small Cap Companies To Buy Right Now: Carolina Trust Bank(CART)

Carolina Trust Bank provides general commercial and retail banking products and services for individuals, professionals, and small mid-sized businesses in the Lincoln County and surrounding areas in North Carolina. It accepts various deposit products, including non-interest bearing checking accounts, interest bearing checking and savings accounts, money market accounts, individual retirement accounts, and certificates of deposit. The company?s loan portfolio comprises home improvement, personal, automobile, vacation, school/education, home equity, mortgage, business, real estate, commercial, and equipment and collateral loans. Its other services include ATM, telephone banking, Internet banking, ATM/Visa check cards, credit cards, automatic funds transfer, direct deposit/ACH, accounts viewing, stop payments placing, pay bills, and payroll services, as well as safe deposit boxes services. As of July 23, 2010, the company operated six full service branches in Lincoln and Cat awba Counties; and a loan production office in Rutherford County. Carolina Trust Bank was founded in 2000 and is headquartered in Lincolnton, North Carolina.

Top 10 Financial Stocks For 2014: First Citizens BancShares Inc.(FCNCA)

First Citizens BancShares, Inc. operates as the holding company for First-Citizens Bank & Trust Company that provides various banking products and services to retail and commercial customers in the United States. It offers transaction and savings deposit accounts, commercial and consumer loans, deposit and treasury services and products, cardholder and merchant services, wealth management services, and other commercial banking services. The company also operates as a broker-dealer in securities that provides investment services, including the sale of annuities and third party mutual funds, as well as title insurance agency services. In addition, it owns and leases real estate properties. The company provides its services through branch, telephone and online banking, and automated teller machine network. It operates branches in 17 states and the District of Columbia. The company was founded in 1893 and headquartered in Raleigh, North Carolina.

Top 10 Financial Stocks For 2014: MHI Hospitality Corporation(MDH)

MHI Hospitality Corporation, a real estate investment trust (REIT), engages in the ownership and operation of upper upscale and midscale hotels in the mid-Atlantic and southeastern United States. As of March 15, 2006, the company operated seven upper upscale and midscale hotels with 1,673 rooms under the brand names ?Hilton? and ?Holiday Inn?. It also owns leasehold interests in the commercial spaces of the Shell Island Resort, a condominium resort property. The company has elected to be treated as a REIT for federal income tax purposes. As a REIT, it would not be subject to federal income tax, provided it distributes at least 90% of its taxable income to its shareholders. MHI Hospitality has strategic alliance agreement with MHI Hotels Services LLC. The company was founded in 1957 and is based in Williamsburg, Virginia.

Top 10 Financial Stocks For 2014: Northeast Bancorp(NBN)

Northeast Bancorp operates as a bank holding company for Northeast Bank that provides a range of financial services to individuals and companies in western and south-central Maine, and southeastern New Hampshire. It offers various deposit products, including demand deposits and escrow accounts, NOW accounts, money market accounts, savings accounts, certificates of deposit, and brokered time deposits. The company?s lending activities comprise origination and purchase of mortgages for the purpose of financing or refinancing one-to-four family residential properties. The company also provides various commercial real estate loans; commercial business loans, such as term loans, lines of credit, and equipment and receivables financing; commercial and residential loans; and construction loans. In addition, it offers consumer loans secured by automobiles, recreational vehicles, boats, as well as provides second mortgages, home improvement and mobile home loans, and personal and d eposit account collateralized loans. Further, the company offers property and casualty insurance products to personal and commercial customers; and investment brokerage services, which include investment and financial planning products and services. As of June 30, 2011, it operated 10 banking offices, 1 financial center, 3 loan production offices, and 10 insurance offices in western and south-central Maine, and southeastern New Hampshire. The company was founded in 1872 and is headquartered in Lewiston, Maine.

Top 10 Financial Stocks For 2014: Indl Alliance Ins Com Npv(IAG.TO)

Industrial Alliance Insurance and Financial Services Inc., a life and health insurance company, engages in the provision of various insurance products, savings and retirement plans, and other financial products and services in the United States and Canada. The company offers various individual products and services, such as insurance products comprising life insurance, health insurance, disability insurance, and mortgage insurance products; and wealth management products, including registered retirement savings plans, non-registered retirement savings plans, registered education savings plans, tax free savings accounts, registered retirement income funds, life annuities, and fixed-term annuities, as well as segregated funds, mutual funds, and securities. It also provides various group insurance products consisting of employee plans, such as life and health insurance, accidental death and dismemberment, dental care insurance, short and long-term disability insurance, critic al illness insurance, home care insurance, and medical insurance; and creditor insurance products, such as life, disability, and critical illness insurance products to automobile and other motor vehicle dealers, and financial institutions. In addition, the company provides accidental death and dismemberment insurance, and other specialized insurance products to employers and associations, as well as travel and health insurance, and term life insurance to alumni associations and other affinity groups. Further, it offers mutual fund management, mutual fund brokerage, securities brokerage, trust services, investment management, and financial services brokerage. The company was formerly known as Industrial-Alliance Life Insurance Company and changed its name to Industrial Alliance Insurance and Financial Services Inc. in 2000. Industrial Alliance Insurance and Financial Services Inc. was founded in 1892 and is headquartered in Quebec City, Canada.

Top 10 Financial Stocks For 2014: Generali(GASI.MI)

Assicurazioni Generali S.p.A. provides various insurance and financial products and services worldwide. The company offers life insurance products that include savings and protection policies, such as automobile third party liability, personal injuries, industrial plants, and family protection, as well as individual and group pension schemes. It also provides unit-linked and supplementary pension policies, and health insurance products. In addition, the company offers assistance services in the areas of motor, travel, health, home, and family businesses. Further, it provides asset management, properties and financial services, and private banking services. The company was formerly known as Assicurazioni Generali Austro-Italiche and changed its name to Assicurazioni Generali S.p.A. in 1848. Assicurazioni Generali S.p.A. was founded in 1831 and is headquartered in Trieste, Italy.

Top 10 Financial Stocks For 2014: Farmers Capital Bank Corporation(FFKT)

Farmers Capital Bank Corporation, a bank holding company, provides financial services to individual, business, agriculture, government, and educational customers. The company?s deposit products include checking, savings, and term certificate accounts. Its lending products comprise residential mortgage, commercial lending and leasing, and installment loans. The company also offers other services, such as cash management, issuing letters of credit, safe deposit box rental, and funds transfer. In addition, it acts as a trustee of personal trusts; an executor of estates; a trustee for employee benefit trusts; and a registrar, a transfer agent, and a paying agent for bond issues. Further, the company serves as an agent in providing credit card loans; offers investments and other services; and performs data processing services for nonaffiliated entities. As of December 31, 2009, it had 36 banking locations in 23 communities in central and northern Kentucky. The company was foun ded in 1850 and is headquartered in Frankfort, Kentucky.

Top 10 Financial Stocks For 2014: Aviva(AV.L)

Aviva plc provides insurance, savings, and fund management products and services worldwide. It offers life insurance and savings products, which comprise pensions products, such as personal and group pensions, stakeholder pensions, and income drawdown; annuities; protection products, including term assurance, mortgage life insurance, flexible whole life, and critical illness cover; bonds and savings comprising single premium investment bonds, regular premium savings plans, mortgage endowment products, and funding agreements; and investment products consisting of unit trusts, individual savings accounts, and open ended investment companies, as well as equity release and structured settlements. The company also provides general and health insurance products that include personal lines of insurance products, such as motor, household, travel, and creditor insurance; commercial lines of insurance products consisting of fleet, liability, and commercial property insurance; health insurance products comprising private health, income protection, personal accident, and corporate healthcare insurance products; and insurance for corporate and specialty risks. In addition, it offers fund management products and services for institutional, pension fund, and retail clients. Aviva plc sells its products through various distribution channels, including direct sales forces, intermediaries, corporate partnerships, bancassurance, and joint ventures, as well as through the telephone and Internet. The company was formerly known as CGNU plc and changed its name to Aviva plc in July 2002. Aviva plc is headquartered in London, the United Kingdom.

Higher Yielding Basic Materials Stocks with Growing Dividends

Top High Tech Companies To Watch For 2014

The Basic Materials Sector includes companies involved with the discovery, development and processing of raw materials. This includes companies engaged in the mining and refining of metals, chemical production and forestry products.

The basic materials sector is highly cyclical. It relies on a strong economy to create demand for its raw materials. Since most of its products are considered to be commodities, the sector is sensitive to supply and demand fluctuations, with end-users able to substitute based on price.

Historically, yields in this sector have been on the lower end of the scale. However, with the increased demand for certain raw materials, the stocks in this sector are beginning to see higher yields with increased profitability. In addition, depressed prices on some companies have also boosted yields.

This week, I screened my dividend growth stocks database for Basic Materials companies with a yield above 2.0% and that have increased their dividends for at least 10 consecutive years. The results are presented below:

RPM International Inc. (RPM) makes specialty coatings and products for structural waterproofing and corrosion control, as well as products for the consumer, do-it-yourself and hobby markets. The company has paid a cash dividend to shareholders every year since 1969 and has increased its dividend payments for 40 consecutive years. Yield: 2.3%

Air Products and Chemicals Inc. (APD) is a major producer of industrial gases and electronics and specialty chemicals also has interests in environmental and energy-related businesses. Air Products and Chemicals Inc. is a major producer of industrial gases and electronics and specialty chemicals also has interests in environmental and energy-related businesses. Yield: 2.5%

Nucor Corporation (NUE) is the largest minimill steelmaker in the U.S., Nucor has one of the most diverse product lines of any steelmaker in the Americas. Nucor Corporation is the largest minimill steelmaker in the U.S., Nucor has one of the most diverse product lines of any steelmaker in the Americas. Yield: 2.7%

Alliance Resource Partners LP (ARLP) produces and markets coal primarily to utilities and industrial users in the United States. It offers low-sulfur coal, medium-sulfur coal, and high-sulfur coal. Alliance Resource Partners LP produces and markets coal primarily to utilities and industrial users in the United States. It offers low-sulfur coal, medium-sulfur coal, and high-sulfur coal. Yield: 6.1%

As with past screens, the data presented above is in its raw form. Some of the the companies would be disqualified for poor dividend fundamentals. However some of the others may be worth additional due diligence.

My database, D4L-Data, is an Open Office spreadsheet containing more than 20 columns of information on the 230+ companies that I track. The data is sortable and has built-in buttons and macros to make it easy to use. Companies included in the list are those that have had a history of dividend growth. The D4L-Data spreadsheet is a part of D4L-Premium Services and is updated each Saturday for subscribers.

Full Disclosure: Long NUE in my Dividend Growth Portfolio. See a list of all my dividend growth holdings here.

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- 6 High-Yield REITs With Growing Dividends
- International Diversification May Be Closer than You Think
 

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2.7 Millions Reasons for BlackBerry to Worry

In the end, BlackBerry (NASDAQ: BBRY  ) couldn't live up to its own hype.

Shares of the smartphone pioneer are getting crushed today after posting disappointing quarterly results, but the most damaging nugget in the bloodbath is that BlackBerry moved just roughly 2.7 million Z10 and Q10 devices. 

I wasn't the only one bracing for a bad report. The surprising loss wasn't much of a surprise. The sequential crush in gross margins during a new product cycle, and the spike in marketing overhead to get noticed, weren't shockers. However, clearing just 2.7 million of the new devices -- and that's how the cruel math plays out when BlackBerry concedes that just 40% of its 6.8 million shipped smartphones during the quarter were handsets running its new BB 10 mobile operating system -- is the ultimate deal-breaker.

When Apple (NASDAQ: AAPL  ) sold just 5 million iPhone 5 devices in its debut weekend in the fall, many pegged that as a disappointment. When Samsung announced that it cleared 10 million Samsung Galaxy S4 smartphones in its first month, the discussion eventually evolved into inevitable slowdowns at the supplier level.

Top Insurance Stocks To Own Right Now

How does it feel to ship as many new model smartphones in three months as Apple cleared in a little more than a day?

BlackBerry isn't going anywhere. This isn't about that. Thankfully its balance sheet is flush with billions in cash. However, the ball of hype that found the stock nearly tripling at one point between bottoming out last summer and peaking earlier this year with the BB 10 unveiling has lost its bounce. 

When iOS and Android devices ran into resistance a few months ago, it seemed as if this was an opportunity for the fringe players. BlackBerry seemed to be introducing a substantial upgrade to its mobile operating system at the ideal time.

Shares of Nokia (NYSE: NOK  ) and BlackBerry went on to more than double off of last year's lows. The market sensed that the time was ripe for Nokia's Lumia smartphones, and BlackBerry's BB 10 handsets, to carve out sustainable niches in a market that seemed to be fragmenting.

Well, it isn't happening.

It's not just BlackBerry crashing down on the reality that even a sliver of a seemingly booming market may not be enough. Bernstein analyst Pierre Ferragu reiterated his bearish rating on Nokia yesterday, and his $1.95 price target implies that the stock will shed half of its value.

We may one day come to an era where smartphones are truly operating system-agnostic, just as PCs are now becoming in an era of cloud-based solutions. However, for now, that's just not happening. It's an iPhone and Android world, and that's just not changing. 

BlackBerry bulls probably thought that more of the platform's more than 70-million users would hop on the new BB 10 devices within months of hitting the market. They overestimated the fan base, and it will be hard to believe in BB 10's long-term prospects now.

Another way to play mobile
The mobile revolution is still in its infancy, but with so many different companies, it can be daunting to know how to profit in the space. Fortunately, The Motley Fool has released a free report on mobile named "The Next Trillion-Dollar Revolution" that tells you how. The report describes why this seismic shift will dwarf any other technology revolution seen before it, and also names the company at the forefront of the trend. You can access this report today by clicking here -- it's free.