Hot Industrial Disributor Stocks To Buy For 2015

On this day in economic and business history ...

The company now known as Verizon (NYSE: VZ  ) was first created when Bell Atlantic announced its acquisition of rival telecom GTE on July 28, 1998. The $52.8 billion megadeal immediately vaulted the as-yet-unnamed Verizon (it would be nearly two years before "Verizon" was chosen as the new telecom's corporate name) into the highest levels of American telecom power. Of course, a deal of this size prompted federal regulators to announce plans for a close examination, as Bell Atlantic was already the largest local phone company in the United States, and the two telecoms would also combine to serve 10.6 million wireless subscribers, nearly a sixth of the entire U.S. wireless market at the time.

It took two years for the deal to work its way through the regulatory process, and by the time the two companies officially merged into Verizon, they served 77 million wired-line subscribers. Verizon became the 10th-largest company by revenue in the U.S. in its first year of operation, and its wireless partnership has long held on to the subscriber lead, with more than 106 million subscribers reported in its 2012 fiscal year a nearly fivefold improvement over the 23 million subscribers reported after the merger closed. Verizon's importance to the engines of American prosperity earned it a spot on the Dow Jones Industrial Average (DJINDICES: ^DJI  ) a mere four years after its creation.

Hot Industrial Disributor Stocks To Buy For 2015: Cabot Microelectronics Corporation(CCMP)

Cabot Microelectronics Corporation engages in the development, manufacture, and sale of chemical mechanical planarization (CMP) consumables to the semiconductor industry primarily in the United States, Asia, and Europe. CMP is a polishing process used by integrated circuit (IC) device manufacturers to planarize or flatten the multiple layers of material that are deposited upon silicon wafers in the production of advanced ICs. The company offers CMP slurries, which are liquid solutions composed of high-purity deionized water, proprietary chemical additives, and engineered abrasives that chemically and mechanically interact with the surface material of the IC device at an atomic level; and CMP polishing pads that are engineered polymeric materials designed to distribute and transport the slurry to the surface of the wafer and distribute it evenly across the wafer. Its CMP slurries are used for various polishing applications, including materials that conduct electrical signal s, such as tungsten, copper, tantalum, and aluminum; the dielectric insulating materials that separate conductive layers within logic and memory IC devices; and the disk substrates and magnetic heads used in hard disk drives. The company also designs and produces precision polishing and metrology systems to attain shape and surface finish on various optical components, such as mirrors, lenses, and prisms. It serves producers of logic IC devices and memory IC devices, as well as IC foundries. The company was founded in 1999 and is headquartered in Aurora, Illinois.

Advisors' Opinion:

• [By Nikolaj Gammeltoft]

  Not all of Granville�� best calls were in the distant past. On March 11, 2000, the day after the Nasdaq Composite Index (CCMP) jumped to a record 5048.62, Granville wrote that investors in technology stocks ��ill soon be burned.��The index, heavy on computer-related companies, tumbled about 78 percent before bottoming on Oct. 9, 2002.

• [By Whitney Kisling]

  That alert proved too optimistic and the exchange pushed back the open another 15 minutes. By 3:25 p.m., Nasdaq stocks started ticking again. With the close about 35 minutes away, both the Nasdaq Composite Index (CCMP) and the Nasdaq 100 Index began to rise.

Hot Industrial Disributor Stocks To Buy For 2015: Volcano Corporation(VOLC)

Volcano Corporation designs, develops, manufactures, and commercializes intravascular ultrasound (IVUS) and fractional flow reserve (FFR) products used in the diagnosis and treatment of vascular and structural heart disease. It offers multi-modality consoles, which are marketed as stand-alone units that can be integrated into hospital-based interventional surgical suites, such as catheterization laboratories. The company provides IVUS products, including single-procedure disposable phased array and rotational IVUS imaging catheters; and additional functionality options comprising virtual histology tissue characterization, and ChromaFlo stent apposition analysis. It also offers FFR products, such as pressure and flow consoles, and single-procedure disposable pressure and flow guide wires used to measure the pressure and flow characteristics of blood around plaque enabling physicians to gauge the plaque?s physiological impact on blood flow and pressure. In addition, the com pany develops and manufactures optical monitors for the telecommunication industry; laser and non-laser light sources; optical engines used in the medical OCT imaging systems and advanced photonic components; and sub-systems used in spectroscopy and other industrial applications. Its products under development include image-guided therapy device and micro and thrombectomy catheters. The company?s ongoing clinical studies comprise assessment of dual anti-platelet therapy with drug-eluting stents; vascular evaluation for revascularization; fractional flow reserve and intravascular ultrasound relationship study; adensonine vasodilation independent stenosis evaluation; and evaluation of XIENCE PRIME. It sells its products through direct sales force and distributors, as well as through third parties supply and distribution agreements primarily in the United States, Japan, Europe, the Middle East, Africa, and internationally. The company was founded in 2000 and is headquartered i n San Diego, California.

Advisors' Opinion:

• [By Ben Levisohn]

  Strategist Andrew Garthwaite and team explain why companies like Sprint (S),� American Water Works (AWK), Volcano (VOLC), Southern (SO) and Level 3 Communications�(LVLT) could get hit by the taper:

• [By Teresa Rivas]

  Shares of Volcano (VOLC) were up 8% in afternoon trading, following the company�� better-than-expected second-quarter earnings report and a spate of positive analyst commentary.

  The medical device company said it earned 3 cents a share, whereas analysts were expecting a one cent per share loss. Revenues of $101.3 million also topped consensus estimates of $97.9 million.

  Volcano also issued mixed guidance for the full year, saying it expects to earn between 3 and 5 cents a share on revenue of $394 million to $400 million. Analysts are modeling for earnings per share of a nickel on $395.8 million in sales.

  Analysts were also largely positive about the quarter. Canaccord Genuity�� Jason Mills and Jeffery Chu upgraded the stock from Hold to Buy and boosted their price target by $5 to $26 on the news. ��olid or improving revenue growth trends and margin expansion are tried and true drivers of small-cap med-tech multiples. However, since October 2010, VOLC has lost over 20% of its value amid declining growth (admittedly from a high level) and inconsistent gross margin performance, which drove multiple contraction to its current discount relative to the broad comp group. However, improving trends in the core IVUS business, easing Y/Y comps, strong margin expansion potential via manufacturing transition to Costa Rica in 2014, and several catalysts on the horizon (e.g., new products, clinical data), portend a more favorable risk/reward profile in the stock at current trading levels.��/p>

  Raymond James analyst Jayson Bedford reiterated an Outperform rating on the stock and boosted his target price by $1 to $25. �� re-acceleration to double-digit constant currency growth and guidance that was maintained should help improve investor sentiment. At 2.5x EV/Sales, we do not believe investors are giving Volcano credit for its 9-11% top-line growth profile, with visibility into 70% gross margins. Additionally, we expect investor enthusiasm to inc

• [By Ben Levisohn]

  Instead of an eruption, Volcano (VOLC) got an earnings-induced collapse instead.

  Associated Press

  Medical-device maker Volcano said its third quarter profit would miss Wall Street forecasts, and 2013 sales would also disappoint. And 2014? Well, that didn’t look too exciting other.

  JPMOrgan analyst Christopher Pasquale and team have had enough:

  We are downgrading VOLC shares to Neutral from Overweight following the company�� negative 3Q preannouncement and disappointing initial 2014 growth outlook Monday after the close. While we continue to see significant long-term potential for Volcano�� technologies, we are concerned by persistent headwinds to its core IVUS franchise and slowing FFR growth. With our conviction in a pipeline-driven reacceleration reduced and visibility into meaningful new growth drivers unlikely for several quarters, we are moving to the sidelines.

  Canaccord Genuity’s Jason Mills and Jeffrey Chu also cut Volcano to Hold–just a quarter after upgrading it–and even today’s drop might not make it worth buying. They explain why:

  Our upgrade of VOLC last quarter was predicated on the improving trends in the core IVUS business, FFR continuing as a long-term growth engine, and the potential material gross margin expansion. While Q3 results included pockets of good news, adverse trends predominated.
  While US IVUS rebounded modestly, driven by peripheral IVUS (+40% Y/Y), IVUS and FM results in Japan were very disconcerting to us (-19%, +8%, respectively), and portend share loss, in our estimation. Also, while we still expect significant gross margin expansion long term, it seems we may have to wait longer than expected.

  In sum, we would not aggressively buy weakness unless the stock is over-penalized on these results – i.e. below $20.

  While shares of Volcano have dropped 15% to $20.74, large-cap medical device companies are having a solid day. Boston Scienti

Top 5 India Companies To Watch For 2015: Market Vectors Steel ETF (SLX)

Market Vectors Steel ETF (the Fund) seeks to replicate as closely as possible the price and yield performance of the NYSE Arca Steel Index (STEEL or the Index) by investing in a portfolio of securities that generally replicates STEEL. STEEL, calculated by the NYSE Alternext, is a modified market capitalization-weighted index consisting of publicly traded companies predominantly involved in the production of steel products or mining and processing of iron ore. The Index includes companies primarily involved in a variety of activities related to steel production, including the operation of manufacturing mills and fabrication of steel products. Companies eligible for inclusion in Index should be engaged in solar power and related products and services, deriving at least 66% of revenues from it with market cap exceeding $100 million, and should have three-month trading volume equal to or greater than $1 million per day. Its investment advisor is Van Eck Associates Corporation. Advisors' Opinion:

• [By Ben Levisohn]

  In our late October report on X, we noted the Company was “scratching the surface” on operational improvement, and we expected shares to edge higher over the near term. While X shares have appreciated by 16% since that report vs. the S&P 500 of +4% and the [Market Vectors Steel ETF (SLX)] of +3%, we believe shares have more room to run based on our positive carbon hot-rolled steel pricing revisions for 2014: meaningful raw material cost tailwinds (coal, scrap, iron ore); low Street EPS and EBITDA expectations for 2014-2015; an ever-increasing interest rate environment (benefits for pension exposure); more evidence of European macro stability; and above-average likelihood of incremental operational efficiency announcements such as a joint venture or tolling agreement with Allegheny Technologies Incorporated (ATI).

• [By John Udovich]

  On Monday, Goldman Sachs upgraded the whole steel sector from Cautious to Neutral and specifically upgraded small cap and mid cap steel stocks AK Steel Holding Corporation (NYSE: AKS), United States Steel Corporation (NYSE: X) and Steel Dynamics Inc. (NASDAQ: STLD) to Buy with price targets of $6, $30 and $22, respectively, but should you go for one of these individual steel stocks or for the Market Vectors Steel ETF (NYSEARCA: SLX)? To begin with, Goldman Sachs says that the�supply-demand fundamentals for steel are starting to look more appealing as some supply has been taken out plus they have a very bearish view on input costs (as in iron ore)���which bodes well for steel producers in the long run. Moreover, recently filed trade cases could provide some tailwind���if they are successful.�Of course a rising tide can lift all ships, but Goldman Sachs suggests that you go for the following�small cap or mid cap steel stocks:�

Hot Industrial Disributor Stocks To Buy For 2015: First Mexican Gold Corp (FMG)

First Mexican Gold Corp. (First Mexican) is exploration-stage company engaged principally in the acquisition, exploration and development of precious mineral properties through its wholly owned subsidiary, Cornelius Exploration S. de R.L. de C.V., in Mexico. The Hilda Properties consist of three properties: Hilda 30 property, the Hilda 37/38 property and Hilda 31/32 property. On January 1, 2011, the Company signed an agreement to acquire the Claim of Santa Martha, which consists of approximately 68 hectares in the district of Yecora, State of Sonora, Mexico. On February 4, 2011, the Company signed a letter of intent to acquire the claims of Vianney Fraccion III, San Martin and El Panda. On February 14, 2011, the Company signed a letter of intent to acquire the claims of El Hoyo and Santa Maria. On January 24, 2012, the Company completed its 80% option earn-in on the Guadalupe property in Sonora State, Mexico. On February 15, 2012, it acquired 100% interest of Guadalupe project. Advisors' Opinion:

• [By Adam Haigh]

  Fortescue Metals Group Ltd. (FMG) sank 4.2 percent after Teck Resources Ltd. sold a stake worth about A$500 million ($473 million) in Australia�� third-biggest iron-ore exporter. Sony Corp., a TV maker that gets 68 percent of sales outside Japan, lost 2.7 percent after the yen yesterday surged against the dollar, curbing the outlook for exporters. Samsung Electronics Co. preferred shares declined 5 percent in Seoul after Citigroup Inc. managed the sale of a $350 million stake in the electronics firm.

Hot Industrial Disributor Stocks To Buy For 2015: ACE Ltd (ACE)

ACE Ltd (ACE) is a holding company of the ACE Group of Companies. ACE is a global insurance and reinsurance organization, serving the needs of customers in more than 170 countries. It offers commercial insurance products and service offerings, such as risk management programs, loss control and engineering and complex claims management. It also provides specialized insurance products ranging from Directors & Officers (D&O) and professional liability to various specialty-casualty and umbrella and excess casualty lines to niche areas, such as aviation and energy. In addition, it supplies personal accident, supplemental health, and life insurance to individuals in select countries. ACE operates in four business segments: Insurance-North American, Insurance-Overseas General, Global Reinsurance, and Life. In December 2011, it acquired Rio Guayas Compania de Seguros y Reaseguros, a general insurance company in Ecuador. On November 30, 2011, it acquired Penn Millers Holding Corporation (PMHC). On April 1, 2011, it acquired the operations of New York Life�� Hong Kong. On February 1, 2011, ACE acquired New York Life�� Korea operations. In September 2012, it acquired 80% of PT Asuransi Jaya Proteksi in Indonesia.

Insurance-North American

ACE�� Insurance-North American segment consists of the operations in the United States, Canada, and Bermuda. This segment includes the operations of ACE USA (including ACE Canada), ACE Bermuda, ACE Commercial Risk Services, ACE Private Risk Services, ACE Westchester, ACE Agriculture, and various run-off operations. During the year ended December 31, 2011, Insurance-North American segment accounted for 45% of its consolidated net premiums earned. During 2011, ACE USA represented approximately 49% of Insurance-North American�� net premiums earned.

ACE USA is the North American retail operating division which provides a broad array of P&C, A&H, and risk management products and services to a diverse group of commercial and non-commercia! l enterprises and consumers. ACE Bermuda provides commercial insurance products on an excess basis mainly to a global client base, covering exposures that are generally low in frequency and high in severity. ACE Commercial Risk Services addresses the insurance needs of small to mid-sized businesses in North America by delivering an array of specialty product solutions for targeted industries. ACE Private Risk Services provides personal lines coverages for high net worth individuals and families in North America.

ACE Westchester specializes in the North American wholesale distribution of excess and surplus P&C, environmental, professional and inland marine products. ACE Agriculture provides Multi-Peril Crop Insurance and crop/hail insurance protection to customers throughout the United States and Canada through Rain and Hail and Agribusiness insurance through Penn Millers Insurance Company. The run-off operations include Brandywine, Commercial Insurance Services, residual market workers��compensation business, pools and syndicates not attributable to a single business group, and other exited lines of business. Run-off operations do not actively sell insurance products, but are responsible for the management of existing policies and settlement of related claims.

Insurance-Overseas General

During 2011, ACE�� Insurance- Overseas General segment accounted for 37% of its consolidated net premiums earned. Insurance-Overseas General segment consists of ACE International, its global retail insurance operations, the wholesale insurance business of ACE Global Markets, and the international A&H and life business of Combined Insurance. ACE International is its retail business serving local companies and insureds to large multinationals outside the United States, Bermuda, and Canada. ACE Global Markets, its London-based excess and surplus lines business, includes Lloyd�� of London (Lloyd��) Syndicate 2488 (Syndicate 2488). ACE provides a fund at Lloyd�� to support und! erwriting! by Syndicate 2488, which is managed by ACE Underwriting Agencies Limited. The reinsurance operation of ACE Global Markets is included in the Global Reinsurance segment.

Property insurance products include traditional commercial fire coverage, as well as energy industry-related, construction, and other technical coverages. Principal casualty products are commercial primary and excess casualty, environmental, marine and general liability. ACE International specialty coverages include D&O professional indemnity, energy, aviation, political risk and specialty personal lines products. The A&H operations primarily offer personal accident and supplemental medical products to meet the insurance needs of individuals and groups outside of United States insurance markets. ACE International�� personal lines operations provide specialty products and services designed to meet the needs of specific target markets and include property damage, auto, homeowners, and personal liability.

Global Reinsurance

During 2011, ACE�� Global Reinsurance segment, which accounted for 7% of its consolidated net premiums earned. Global Reinsurance segment represents ACE�� reinsurance operations comprising ACE Tempest Re Bermuda, ACE Tempest Re USA, ACE Tempest Re International, and ACE Tempest Re Canada. The Global Reinsurance segment also includes ACE Global Markets��reinsurance operations. Global Reinsurance markets its reinsurance products worldwide under the ACE Tempest Re brand name and provides a range of coverage to a diverse array of primary P&C companies. ACE Tempest Re Bermuda principally provides property catastrophe reinsurance, on an excess of loss basis globally to insurers of commercial and personal property. ACE Tempest Re Bermuda underwrites reinsurance principally on an excess of loss basis, meaning that its exposure only arises after the ceding company�� accumulated losses have exceeded the attachment point of the reinsurance policy. ACE Tempest Re Bermuda also writes ! other typ! es of reinsurance on a limited basis for selected clients.

ACE Tempest Re USA writes all lines of traditional and specialty P&C reinsurance for the United States market, principally on a treaty basis, with a focus on writing property per risk and casualty reinsurance. ACE Tempest Re USA underwrites reinsurance on both a proportional and excess of loss basis. ACE Tempest Re International provides P&C treaty reinsurance to insurance companies worldwide. ACE Tempest Re Canada offers an array of traditional and specialty P&C reinsurance to the Canadian market, including casualty, property risk and property catastrophe.

Life

During 2011, ACE�� Life accounted for 11% of 2011 consolidated net premiums earned. Life includes ACE�� international life operations (ACE Life), ACE Tempest Life Re (ACE Life Re), and the North American supplemental A&H and life business of Combined Insurance. ACE Life provides individual life and group insurance, including Egypt, Indonesia, Taiwan, Thailand, Vietnam, the United Arab Emirates, throughout Latin America, selectively in Europe, as well as China through a non-consolidated joint venture insurance company.

ACE Life offers a portfolio of protection and savings products, including whole life, endowment plans, individual term life, group term life, group medical, personal accident, universal life, and unit linked contracts. ACE Life sells to consumers through a range of distribution channels, including agency, bancassurance, brokers, and direct to consumer marketing. ACE Life Re helps clients (ceding companies) manage mortality, morbidity, and lapse risks embedded in their books of business. ACE Life Re�� business is a Bermuda-based operation, which provides reinsurance to primary life insurers, focusing on guarantees included in certain fixed and variable annuity products and also on more traditional mortality reinsurance protection. ACE Life Re is a United States-based traditional life reinsurance operation. Combined I! nsurance ! distributes specialty individual accident and supplemental health and life insurance products targeted to middle income consumers in the United States and Canada.

Advisors' Opinion:

• [By Ben Levisohn]

  For the past several years, Berkshire has contrasted its own cost-free float provided by profitable underwriting against the industry�� (unimpressive) tendency to lose money on underwriting while generating net returns from investment income. So far, so good. Less edifying, though, is the repeated contrast of Berkshire�� track record of profitability to State Farm��…even though, as a mutual company, State Farm�� profitability goals are inherently different from for-profit insurers like Berkshire. It�� true that through year-end 2013, Berkshire�� underwriters have ��ow operated at an underwriting profit for eleven consecutive years,��but so have ACE (ACE), American Financial (AFG),� AmTrust Financial (AFSI), Arch Capital (ACGL), Chubb (CB), HCC (HCC), Progressive (PGR), RLI (RLI), and W.R. Berkley (WRB), any or all of whom provide a more meaningful comparison than contrasting Berkshire�� results to a company that�� not out to produce a profit in the first place.

• [By Dividends4Life]

  This week a few companies answered the call and rewarded their shareholders with higher cash dividends:
  
  Consolidated Edison Inc. (ED) engages in regulated electric, gas, and steam delivery businesses. January 16th the company increased its quarterly dividend 2.4% to $0.63 per share. The dividend is payable March 15, 2014, to stockholders of record on February 12, 2014. The yield based on the new payout is 4.7%.
  
  Cousins Properties Incorporated (CUZ), a real estate investment trust (REIT), owns, develops, and manages real estate portfolio, as well as performs certain real estate-related services. January 16th the company increased its quarterly dividend 66.7% to $0.075 per share. The dividend is payable February 24, 2014, to stockholders of record on February 10, 2014. The yield based on the new payout is 2.8%.
  
  Wisconsin Energy Corporation (WEC) generates and distributes electric energy, as well as distributes natural gas. The company operates in two segments, Utility Energy and Non-Utility Energy. January 16th the company increased its quarterly dividend 2% to $0.3900 per share. The dividend is payable March 1, 2014, to stockholders of record on February 14, 2014. The yield based on the new payout is 3.8%.
  
  BlackRock Inc. (BLK) is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors. January 16th the company increased its quarterly dividend 14.9% to $1.93 per share. The dividend is payable March 24, 2014, to stockholders of record on March 7, 2014. The yield based on the new payout is 2.4%.
  
  ONEOK Inc. (OKE) operates as a diversified energy company in the United States. January 15th the company increased its quarterly dividend 5.3% to $0.40 per share. The dividend is payable February 18, 2014, to stockholders of record on February 10, 2014. The yield based on the new payout is 2.5%.
  
  Omega Healthcare Investors Inc. (OHI) is a real es

• [By gurujx]

  ACE Ltd (ACE) Reached the 52-Week High of $104.92

  ACE Ltd is a holding company which, until July 18, 2008, was incorporated with limited liability under the Cayman Islands Companies law. Ace Ltd has a market cap of $35.43 billion; its shares were traded at around $104.92 with a P/E ratio of 10.20 and P/S ratio of 1.86. The dividend yield of Ace Ltd stocks is 2.17%. Ace Ltd had an annual average earnings growth of 7.20% over the past 10 years. GuruFocus rated Ace Ltd the business predictability rank of 2-star.

Hot Industrial Disributor Stocks To Buy For 2015: Westlake Chemical Corporation(WLK)

Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and fabricated building products. It operates in two segments, Olefins and Vinyls. The Olefins segment provides ethylene, polyethylene, styrene monomer, and various ethylene co-products, such as chemical grade propylene, crude butadiene, pyrolysis gasoline, and hydrogen. The Vinyls segment offers polyvinyl chloride (PVC), vinyl chloride monomer, ethylene dichloride, chlorine, caustic soda, and ethylene. This segment also manufactures and sells products fabricated from PVC, including water, sewer, irrigation, and conduit pipes; window and door profiles; and fences. The company?s products are used in various applications, such as consumer and industrial markets comprising flexible and rigid packaging, automotive products, coatings, and residential and commercial construction, as well as in other durable and non-durable goods. Westlake Chemical Corporation provides its products for chem ical processors, plastics fabricators, construction contractors, municipalities, and supply warehouses in the United States, Canada, Singapore, and internationally. The company was founded in 1985 and is headquartered in Houston, Texas.

Advisors' Opinion:

• [By Jake L'Ecuyer]

  Westlake Chemical (NYSE: WLK) shot up 2.14 percent to $120.83 after analysts at Susquehanna upgraded the stock from Neutral to Positive and lifted the target price from $118 to $145.

• [By Rich Duprey]

  Specialty chemicals producer�Westlake Chemical� (NYSE: WLK  ) �has acquired�the PVC pipe, fittings, profiles, and foundation business of CertainTeed now that�all the closing conditions, including a regulatory review, have been met.

• [By Johanna Bennett]

  Dow isn�� the only chemical play gaining on the news. �Axiall (AXLL) rose 9.3% to $49.58 in Monday market action. Olin (OLN) rose 6.1% to $26.36. And Westlake Chemical (WLK) rose 2.2% to $115.10.

Hot Industrial Disributor Stocks To Buy For 2015: Excel Trust Inc (EXL)

Excel Trust, Inc., incorporated on December 15, 2009, is a vertically integrated, self-administered, self-managed real estate investment trust (REIT). The Company�� principal objective is to acquire, finance, develop, lease, own and manage value-oriented community and power centers, grocery anchored neighborhood centers and freestanding retail properties. The Company conducts all of its business through Excel Trust, L.P., a limited partnership, or its operating partnership. The Company operates through three reportable business segments: retail properties, multi-family properties and office properties. The multi-family segment consists of apartment units at one retail property, West Broad Village, which is located in Richmond, Virginia. The office segment consists of two properties, Excel Centre, a portion of which is utilized as its headquarters, and the Promenade Corporate Center. The Company is the sole general partner of its operating partnership. Excel Trust leases its properties to national and regional supermarket chains, big-box retailers and select national retailers that offer necessity and value oriented items and generate regular consumer traffic. In October 2012, the Company acquired six shopping centers. On January 24, 2013, the Company completed the acquisition of Tracy Pavilion, a retail shopping center with approximately 162,000 square feet of gross leasable area located in Tracy, California. In September 2013, the Company announced the sale of Grant Creek Town Center.

As of December 31, 2012, the Company owned a portfolio consisting of 30 retail properties totaling approximately 5.1 million square feet of gross leasable area, which were approximately 93.4% leased. The Company owns two commercial office properties, Excel Center, a portion of which is utilized as its corporate headquarters, and the Promenade Corporate Center. As of December 31, 2012, the Company had ownership interests in two unconsolidated retail properties totaling 225,113 square feet of gross leasable! area, which were approximately 65.5% leased.

Advisors' Opinion:

• [By Marc Bastow]

  Commercial and retail property owner-operator and real estate investment trust Excel Trust (EXL) raised its quarterly dividend 3% to 17.5 cents per share, payable on Jan. 15 to shareholders of record as of Dec. 31.
  EXL Dividend Yield: 6.04%
  

Hot Industrial Disributor Stocks To Buy For 2015: Legg Mason Inc (LM)

Legg Mason, Inc. (Legg Mason), incorporated in 1981, is a global asset management company. The Company, through its subsidiaries, provides investment management and related services to institutional and individual clients, company-sponsored mutual funds and other pooled investment vehicles. It offers these products and services directly and through various financial intermediaries. The Company provides its asset management services through a number of asset managers, each of which generally markets its products and services under its own brand name and, in many cases, distributes retail products and services through a centralized retail distribution network. Its investment advisory services include discretionary and non-discretionary management of separate investment accounts in a number of investment styles for institutional and individual investors. Legg Mason�� investment products include mutual funds ranging from money market and other liquidity products to fixed income and equity funds managed in a variety of investment styles, other domestic and offshore funds offered to both retail and institutional investors and funds-of-hedge funds. As of March 31, 2012, assets under management were $643.3 billion. During the fiscal year ended March 31, 2012 (fiscal 2012), the Company sold Bartlett & Co., a Cincinnati-based wealth manager.

Asset Managers

The Company conducts its business primarily through 12 asset managers. Its asset managers are individual businesses, each of which generally focuses on a portion of the asset management industry in terms of the types of assets managed (primarily equity or fixed income), the types of products and services offered, the investment styles utilized, the distribution channels used, and the types and geographic locations of its clients. The Company�� asset managers provide a range of separate account investment management services to institutional clients, including pension and other retirement plans, corporations, insurance companies, ! endowments and foundations and governments, and to high-net-worth individuals and families. In addition, its asset managers also sponsor and manage various groups of the United States mutual funds, including the Legg Mason Funds, The Royce Funds and the Western Asset Funds, funds-of-hedge funds and a number of equity, fixed income, liquidity and balanced funds that are domiciled and distributed in countries worldwide, and provide investment advisory services to a number of retail separately managed account programs. Western Asset Management Company is a global fixed income asset manager for institutional clients. Western Asset's operations include investment operations in New York City, the United Kingdom, Japan, Brazil, Australia and Singapore. Western Asset offers a range of products spanning the yield curve and encompassing the bond markets, including a suite of limited duration and core products, emerging market and high yield portfolios, municipal portfolios and a variety of sector-oriented and global products. Among the services Western Asset provides are management of separate accounts and management of mutual funds, closed-end funds, international funds and other structured investment products.

ClearBridge Advisors is an equity asset management firm. ClearBridge Advisors provides asset management services to 29 of the equity funds (including balanced funds and closed-end funds) in the Legg Mason Funds, to retail separately managed account programs, to certain of its international funds and, primarily through separate accounts, to institutional clients. ClearBridge also sub-advises domestic mutual funds that are sponsored by third parties. Royce & Associates is investment advisor to all of The Royce Funds and to certain of the Company�� international funds. In addition, Royce & Associates manages other pooled and separate accounts, primarily institutional. Brandywine Global Investment Management manages fixed income, including global and international fixed income, and equity portf! olios for! institutional and, through wrap accounts, high-net-worth individual clients.

Batterymarch Financial Management manages the United States, international and emerging markets equity portfolios for institutional clients. Permal Group Ltd. is a global funds-of-hedge funds management firm. With a headquarters in London and other offices in New York City, Boston, Dubai, Paris, Tokyo, Hong Kong, Singapore and Nassau, Permal manages products, which include both directional and absolute return strategies, and are available through multi-manager and single manager funds, separately managed accounts and structured products sponsored by a number of financial institutions. Legg Mason Capital Management is an equity asset management business that manages both institutional separate accounts and mutual funds. Legg Mason Capital Management manages 12 Legg Mason Funds, and also sub-advises the mutual fund managed by the joint venture described below and investment products sponsored by its other subsidiaries, including certain of the Company�� international funds.

Legg Mason Investment Counsel & Trust Company, National Association is a national banking association with authority to exercise trust powers. Legg Mason Investment Counsel & Trust Company provides services as a trustee for trusts established by its individual and employee benefit plan clients and manages fixed income and equity assets. Legg Mason Investment Counsel, LLC, a subsidiary of Legg Mason Investment Counsel & Trust, manages equity, fixed income and balanced portfolios for high-net-worth individual and institutional clients and a number of its mutual funds. Legg Mason Investment Counsel operates out of offices in New York City, Cincinnati, Philadelphia, Easton, Maryland, and Bryn Mawr, Pennsylvania. Esemplia Emerging Markets is an emerging markets equities investment manager. Esemplia offers a range of portfolio management strategies, including core long-only and alpha-extension portfolios, to institutional investors worl! dwide, in! cluding pension funds and sovereign wealth funds.

Private Capital Management manages equity assets for high-net-worth individuals and families, institutions, endowments and foundations in separate accounts and through limited partnerships. Legg Mason's business in Poland engages in portfolio management, servicing and distribution of both separate account management services and local funds in Poland. The firm provides portfolio management services primarily for equity assets to institutions, including corporate pension plans and insurance companies, and, through funds distributed through banks and insurance companies, individual investors. Legg Mason Australian Equities is an Australian asset management business that offers Australian equity products, Australian property trusts and asset allocation products. As of March 31, 2012, Legg Mason Australian Equities managed assets with a value of $1billion.

United States Mutual Funds

The Company�� United States mutual funds business primarily consists of three groups of mutual and closed-end funds, the Legg Mason Funds, The Royce Funds and the Western Asset Funds. The Legg Mason Funds invest in a range of domestic and international equity and fixed income securities. The Royce Funds invest primarily in smaller-cap company stocks using a value investment approach. The Western Asset Funds invest primarily in fixed income securities. The Legg Mason Funds consist of 113 mutual funds and 27 closed-end funds in the United States, almost all of which are sub-advised by its subsidiary asset managers. The mutual funds and closed-end funds within the Legg Mason Funds include 63 equity funds (including balanced funds) that invest in a spectrum of equity securities. The fixed income and liquidity mutual funds and closed-end funds within the Legg Mason Funds include 77 funds. As of March 31, 2012 , the Legg Mason Funds included $114.7 billion in assets, respectively, in their mutual funds and closed-end funds, of which approximate! ly 30% an! d 27%, respectively, were equity assets, approximately 24% and 18%, respectively, were fixed income assets and approximately 46% and 55%, respectively, were liquidity assets.

The Royce Funds consist of 32 mutual funds and three closed-end funds, most of which invest primarily in smaller-cap company stocks. The Royce Funds are distributed through non-affiliated fund supermarkets, its centralized funds distribution operations, non-affiliated wrap programs, and direct distribution. In addition, two of the portfolios in The Royce Funds are distributed only through insurance companies. The Company�� mutual funds business also includes the Western Asset Funds, a family of nine mutual funds and two closed-end funds. The mutual funds are marketed primarily to institutional investors and retirement plans through the Company�� institutional funds marketing group. Western Asset Management Company manages these funds. The funds primarily invest in fixed income securities.

International Funds

The Company, outside the United States, manages, supports and distributes a number of funds across an array of global fixed income, liquidity and equity investment strategies. Its international funds include a range of cross border funds that are domiciled in Ireland and Luxembourg and are sold in a number of countries across Asia, Europe and Latin America. The Company�� international funds also include local fund ranges that are available for distribution in the United Kingdom, Australia, Japan, Singapore, Poland, Hong Kong and Canada. All of its international funds are distributed and serviced by Legg Mason's global distribution group. Its international funds include equity, fixed income, liquidity and balanced funds that are primarily managed or sub-advised by Batterymarch Financial Management, Brandywine Global, ClearBridge, Esemplia, Legg Mason Capital Management, Private Capital Management, Royce & Associates, Western Asset Management and its global asset allocation team. In a! ggregate,! the Company sponsors and manages more than 220 of these international funds.

Retail Separately Managed Account Programs

The Company is a provider of asset management services to retail separately managed account programs, commonly known as managed account or wrap programs. These programs typically allow securities brokers or other financial intermediaries to offer their clients the opportunity to choose from a number of asset management services. It provides investment management services to a number of retail separately managed account programs sponsored by a number of financial institutions.

Distribution

The Company�� centralized global distribution group distributes and supports its United States and international funds and retail separately managed account program business. The United States-based operations of the Company�� global distribution group support and distribute the Legg Mason Funds, The Royce Funds and the Western Asset Funds, and include its mutual fund wholesalers and its institutional funds marketing group. The Company�� mutual fund wholesalers distribute the Legg Mason Funds through a number of third-party distributors. The Company�� institutional funds marketing group distributes institutional share classes of the Legg Mason Funds and the Western Asset Funds to institutional clients and also distributes variable annuity sub-advisory services provided by its asset managers to insurance companies. Its institutional liquidity funds are primarily distributed by Western Asset's distributors. In addition to its centralized funds distribution group, Royce & Associates' distributors also distribute The Royce Funds. In addition to distributing funds, the wholesalers in the Company�� global distribution operations also support its retail separately managed account program services. These services are provided through programs sponsored by Morgan Stanley Smith Barney's retail business, as well as other financial institutions.

! The international distributors within the Company�� global distribution group offer its investment management services to individual and institutional investors across Asia, Europe and the Americas. These distributors operate out of distribution offices in 18 cities in 14 countries and are the sole distributors of its cross border funds globally and its international local funds in their respective countries. Legg Mason Investments is responsible for the distribution and servicing of cross border and local fund ranges across Europe, the Americas and Asia. Legg Mason Investments has offices in locations including London, Paris, Milan, Geneva, Frankfurt, Madrid, Singapore, Hong Kong, Taipei, Miami, Santiago and New York. In addition to Legg Mason Investments, the Company�� global distribution group includes separate distribution operations in Australia, Canada and Japan. In Australia, its distribution operations distribute local and cross border pooled investment vehicles sub-advised by the Company�� asset managers primarily to retail investors, pension plans, fund-of-funds managers, insurance companies and government funds/agencies. In Canada, its distribution operations distribute Legg Mason-managed products primarily to pension plans, endowments, foundations, banks and mutual fund companies and separately managed account programs. In Japan, the Company�� distribution operations distribute domestic investment funds, cross border funds and institutional separate accounts primarily to the retail market, which includes retail banks, private banks, asset managers, funds platforms and insurance companies.

Advisors' Opinion:

• [By Shauna O'Brien]

  Susquehanna International reported on Wednesday that it has maintained a “Negative” rating on Legg Mason Inc (LM).

  The firm has reiterated a “Negative” rating on LM, but has increased the company’s price target from $23 to $24. This new price target suggests an 18% decline from the stock’s current price of $32.74.

  An analyst from the firm noted: ��e are raising our f2Q14 estimate to $0.6 Negative. 0 from $0.48 reflective of a lower tax rate and some revenue benefits from the market lift in September. We are modeling a 15% GAAP tax rate in f2Q as a result of new U.K. corporate tax reductions that were put into place. Our calendar 2013 and 2014 estimates are now $1.70 and $2.00 compared to $1.61 and $1.90, previously. The calendar 2014 revision is reflective of higher buybacks and some flow-through with higher equity asset levels to end the current quarter. Our target is now $24 or 12x our new calendar 2014 estimate. We expect net long-term outflows of $5 billion-$6 billion this quarter or a 4% organic decay rate, the worst since December 2012. Frankly, we do not think estimates or flow matter all that much to shares. The ability to repurchase stock remains the most important driver of the equity.��/p>

  Legg Mason shares were up 14 cents, or 0.43%, during Wednesday morning trading. The stock is up 27% YTD.

Hot Industrial Disributor Stocks To Buy For 2015: Cosan Ltd (CZZ)

Cosan Limited (Cosan), incorporated on April 30, 2007, is a holding company. The Company is engaged in the production of ethanol and sugar, the marketing and distribution of fuel and lubricants in Brazil, and logistics services in the state of Sao Paulo, Brazil. The Company imports, exports, produces and sells ethanol, sugar, sugarcane and other sugar by-products. It distributes and sells fuel and other fuel by-products. The Company produces and markets electricity, steam and other co-generation by-products. During the fiscal year ended March 31, 2011 (fiscal 2011), it operated 24 mills. On February 18, 2011, Cosan, through its subsidiary Cosan S.A. Acucar e Alcool acquired 100% of the voting corporate capital of Cosan Araraquara Acucar e Alcool Ltda., (Usina Zanin).

The Company operates in three in segments: sugar and ethanol (S&E), fuel distribution and lubricants (CCL) and sugar logistics (Rumo Logistica). The sugar and ethanol segment operates and produces a range of sugar products, including raw, organic, crystal and refined sugars and consumer products under the Da Barra and Uniao brands, which are sold to a range of customers in Brazil and abroad, as well as produces and sells hydrous, anhydrous and industrial ethanol, which are sold to the Brazilian market. The sugar and ethanol segment also includes energy co-generation activities and land development businesses. Its fuel distribution and lubricants segment includes the distribution and marketing of fuels, mainly through franchised network of service stations under the brand Esso throughout the national territory, and production, distribution and marketing of lubricants licensed from ExxonMobil International Holdings B.V.. Its sugar logistics segment provides logistics services for the transport, storage and port lifting of sugar.

Sugar and Ethanol segment

As of March 31, 2011 the Company leased 437,698 hectares, through 2,128 land lease contracts with an average term of five years. During fiscal 2011,! it harvested from owned or leased lands 27.4 million tons, of the sugarcane and purchased from third-party growers the 26.8 million tons of sugarcane. During fiscal 2011, its accumulated sugar extraction was 139.0 kilograms of total sugar recovered (TSR) per ton of sugarcane and its agricultural yield was 91.4 tons of sugarcane per hectare. It produces ethanol through a chemical process called yeasting. It produces and sells three types of ethanol: hydrous ethanol and anhydrous ethanol for fuel and industrial ethanol. It sells ethanol through gasoline distributors in Brazil mainly at the mill that sell it to retailers that then sell it at the pump to customers.

During fiscal year 2011, the Company sold 4.3 million tons of sugar. The Company produces a range of standard sugars, including raw sugar, crystal sugar and organic sugar, and refined sugars, including granulated refined white sugar, amorphous refined sugar, refined sucrose liquid sugar and refined inverted liquid sugar. Its Sao Francisco mill and the Da Barra mill produce refined sugar. It also sells industrial alcohol, which is used in the chemical and pharmaceutical sectors. It sells sugar to a range of customers in Brazil and in the international markets. Its customers in Brazil include retail supermarkets, foodservice distributors and food manufacturers, for which it sells refined and liquid sugar.

Fuel distribution and lubricants

The Company�� fuel distribution business is engaged in sourcing, storing, blending and distributing primarily gasoline, ethanol, diesel and fuel oil through its retail network of approximately 4,500 Esso and Shell-branded stations. During fiscal 2011, it sold approximately 1.03 billion liters of fuels, consisting of 96.0% diesel and 4.0% gasoline, ethanol and other fuels to its industrial and wholesale clients. During fiscal 2011, Cosan Combustiveise Lubrificantes S.A. (CCL) sold a total of 166.4 million liters of lubricants. Its lubricant operations consist of a wholly o! wned Lubr! icants Oil Blending Plant (LOBP), located in Rio de Janeiro, with annual production capacity of 1.4 million barrels of lubricants per year, including 48,000 barrels of grease per year.

Sugar Logistics

The Company owns and operates a sugar-loading terminal at the Port of Santos in the State of Sao Paulo through its subsidiary Rumo Logistica. It offers logistics solution to sugar producers located in the Center South of Brazil by transporting sugar from the mill by truck or rail to be loaded at its bulk sugar port terminal in Santos. It also offer sugar storage services.

The Company competes with Copersucar, Sudzucker AG, Petrobras, Ultrapar S.A., Shell Brasil Ltda. and AleSat Combustiveis S.A.

Advisors' Opinion:

• [By Monica Gerson]

  Cosan (NYSE: CZZ) is estimated to post its Q1 earnings at $0.16 per share.

  ViaSat (NASDAQ: VSAT) is projected to post its Q4 earnings at $0.11 per share on revenue of $348.98 million.

• [By Maxx Chatsko]

  Lesson learned
  The financial situation at Amyris is less than enviable. Whereas fellow industrial biotech company Solazyme has hit every major milestone and had no problem raising funds, Amyris has had to take the more dilutive route for shareholders. Still, large commercial partners Total (NYSE: TOT  ) and Cosan (NYSE: CZZ  ) haven't backed down in their support of the company. Total upped its investment in Amyris during several rough patches in the past year after incurring significant paper losses on the roughly 20% stake in the company. Total even has its own webpage for the partnership, which speaks to its long-term vision for Amyris' platform, especially in renewable diesel.

• [By Dan Caplinger]

  ADM's renewable-fuel business grabs most of the attention from investors. The drought has also had a big impact in this segment as well, as ADM has had to idle ethanol production facilities because of low corn supplies following the drought. Moreover, with sugar-based ethanol competitors Bunge (NYSE: BG  ) and Cosan (NYSE: CZZ  ) already benefiting from pricing disparities between sugar and corn, prospects of potential tariffs on U.S. ethanol in Europe could give Brazilian sugar-based ethanol a competitive advantage, further hurting ADM.

Hot Industrial Disributor Stocks To Buy For 2015: UBS AG (UBSN.VX)

UBS AG, incorporated on February 28, 1978, is a client-focused financial services company that offers a combination of wealth management, asset management and investment banking services on a global and regional basis. UBS AG is the parent company of the UBS Group (Group).The operational structure of the Company consists of the Corporate Center and four business divisions: Wealth Management & Swiss Bank, Wealth Management Americas, Global Asset Management and the Investment Bank. As of December 31, 2011, the Company operated about 877 business and banking locations worldwide, of which about 42% were in Switzerland, 42% in the Americas, 11% in the rest of Europe, Middle East and Africa, and 5% in Asia-Pacific. During the year ended December 31, 2011, it completed acquisitions in Global Asset Management and in the equities business of the Investment Bank. In November 2011, investment management responsibility for a private equity fund of funds was transferred to Global Asset Management from Wealth Management & Swiss Bank. In October 2011, Global Asset Management acquired ING Investment Management Limited business in Australia. In July 2011, the infrastructure and private equity fund of funds businesses were transferred from its alternative and quantitative investment area to its infrastructure investment area. In January 2011, investment management responsibility for a multi-manager alternative fund was transferred to Global Asset Management from Wealth Management & Swiss Bank.

Wealth Management

Wealth Management provides wealthy private clients with financial advice, products and tools to fit their individual needs. As of December 31, 2011, Wealth Management had presence in over 40 countries and approximately 200 wealth management and representative offices, half of which are outside Switzerland, mostly in Europe, Asia Pacific, Latin America and the Middle East. During 2011, the Company had CHF 750 billion of invested assets. The Company offers products and services to private! clients, focusing in particular on the ultra-high-net-worth (clients with investable assets of more than CHF 50 million) and high-net-worth client segments (clients with investable assets between CHF 2 million and CHF 50 million). In addition, it also provides wealth management solutions, products and services to financial intermediaries. Wealth Management has a presence in over 40 countries and approximately 200 wealth management and representative offices, half of which are outside Switzerland, mostly in Europe, Asia Pacific, Latin America and the Middle East.

The Company�� Global Financial Intermediaries (Global FIM) business serves approximately 1,700 asset managers. It provides its clients with the financial advice, products and tools. The Company�� clients can trade a range of financial instruments from single securities, such as equities and bonds, to various investment funds, structured products and alternative investments. Additionally, it offers structured lending, corporate finance and wealth planning advice on client needs, such as funding for education, inheritance and succession. For its ultra high net worth clients, it offers institutional-like servicing that provides access to its Investment Bank and Global Asset Management offerings. Wealth Management also gives clients access to the knowledge, and product and service offerings from Global Asset Management and the Investment Bank, complemented by an open product platform providing access to an array of products from third-party providers.

The Company competes with Credit Suisse, Julius Bar, HSBC, Deutsche Bank, JP Morgan, Citigroup, Barclays and Unicredit.

Retail & Corporate

The Company delivers financial products and services to its retail, corporate and institutional clients. The Retail & Corporate unit is a core element of UBS Switzerland�� universal bank delivery model. As of December 31, 2011, the Company had a network of around 300 branches, 1,250 automated teller machines! , self-se! rvice terminals and customer service centers, alongside e-banking and mobile banking. The Company�� retail clients have access to offering, including cash accounts, payments, savings and retirement solutions, investment fund products, residential mortgages, as well as life insurance and advisory services. It provides financing solutions to its corporate clients, offering access to capital markets (equity and debt capital), syndicated and structured credit, private placements, leasing and traditional financing. The Company�� transaction banking offers solutions for payments and cash management services, trade and export finance, receivable finance, as well as global custody solutions to institutional clients.

The Company competes with Credit Suisse, Raiffeisen and PostFinance.

Wealth Management Americas

Wealth Management Americas provides advice-based relationships through its financial advisors, who deliver a range of wealth management solutions. On December 31, 2011, the business division had CHF 709 billion in invested assets. Wealth Management Americas consisted of branch networks in the United States, Puerto Rico and Canada, with 6,967 financial advisors as of 31 December 2011. Most corporate and operational functions of the business division are located in the home office in Weehawken, New Jersey. In the United States and Puerto Rico, Wealth Management Americas operates through direct and indirect subsidiaries of UBS AG. Securities and operations activities are conducted primarily through two broker-dealers, UBS Financial Services Inc. and UBS Financial Services Incorporated of Puerto Rico. Its banking services in the United States include those conducted through the UBS AG branches and UBS Bank USA, a federally regulated Utah bank, which provides Federal Deposit Insurance Corporation (FDIC) insured deposit accounts. It includes the domestic US business, the domestic Canadian business and international business booked in the United States.

Ca! nadian we! alth management and banking operations are conducted through UBS Bank (Canada). The Company�� include wealth accumulation and preservation, income generation and portfolio diversification. The Company�� advisors work closely with internal consultants in areas, such as wealth planning, portfolio strategy, retirement and annuities, alternative investments, managed structured products, banking and lending, equities, and fixed income accounts, structured products, banking and lending, equities, and fixed income retirement and annuities, alternative investments, managed accounts, structured products, banking and lending, equities, and fixed income. It also offers lending and cash management services, such as securities-backed lending, the resource management account, FDIC-insured deposits, mortgages and credit cards. For corporate and institutional clients, it offers a range of solutions, including equity compensation, administration, investment consulting, defined benefit and contribution programs and cash management services. It offers a range of equity and fixed income instruments.

The Company competes with Bank of America, Morgan Stanley and Wells Fargo.

Global Asset Management

The Company serves third-party institutional and wholesale clients and the clients of UBS�� wealth management businesses. The Company�� fund services unit, a global fund administration business, provides professional services, including legal fund set-up, accounting and reporting. Invested assets totaled CHF 574 billion and assets under administration were CHF 375 billion on December 31, 2011. Global Asset Management serves third-party institutional and wholesale clients, and the clients of UBS�� wealth management businesses. Global Asset Management�� business lines include traditional investments (equities, fixed income and global investment solutions); alternative and quantitative investments; global real estate; infrastructure and private equity, and fund services.

Global ! investment solutions offer asset allocation, currency, multi-manager, structured solutions, risk advisory and strategic investment advisory services. Alternative and quantitative investments has two primary business lines-Alternative Investment Solutions (AIS) and O��onnor. AIS offers a range of hedge fund solutions and advisory services, including multi-manager strategies. O��onnor is a provider of single-manager global hedge funds. Global real estate manages real estate investments globally and regionally within Asia, Europe, Switzerland and the United States. Infrastructure and private equity manages direct infrastructure investment and multi-manager infrastructure and private equity strategies for both institutional and high net worth investors. Infrastructure asset management manages direct investments in core infrastructure assets worldwide. Fund services, the global fund administration business, provides professional services, including legal set-up, reporting and accounting for retail and institutional investment funds, hedge funds and other alternative products.

The Company competes with Fidelity Investments, AllianceBernstein Investments, BlackRock, JP Morgan Asset Management and Goldman Sachs Asset Management.

Investment Bank

The Investment Bank provides a range of products and services in equities, fixed income, foreign exchange and commodities to corporate and institutional clients, sovereign and government bodies, financial intermediaries, alternative asset managers and UBS�� wealth management clients. The Investment Bank has three business areas: equities, fixed income, currencies and commodities (FICC), and the investment banking department. The Company operates through branches and subsidiaries of UBS AG. Securities activities in the United States are conducted through UBS Securities LLC, a broker-dealer. Securities research provides investment analysis across a range of asset classes of more than 3,400 companies worldwide.

The ! Company p! articipates in the primary and secondary markets for cash equity and equity-related products, including listed options, structured products, equity-linked securities, swaps, futures and over-the-counter (OTC) derivative contracts. Cash equities provide clients with liquidity, investment advisory, trade execution and related consultancy services. It offers trade execution for single stocks and portfolios, including capital commitment, block trading, small-cap execution and commission management services. In addition, it also provides clients with a range of electronic trading algorithms and analytical tools. Derivatives and equity-linked provides a range of flow, structured, synthetic and equity-linked products with worldwide access to primary and secondary markets.

Prime services offer brokerage business, including clearing and custody, capital consultancy, financing, securities lending and equity swaps execution. The FICC business area delivers products and solutions to corporate, institutional and public-sector clients in all markets, as well as to private clients via targeted intermediaries. Macro consists of the foreign exchange, money market and interest rate sales and trading businesses, as well as cash and collateral trading. It provides a range of foreign exchange, precious metals, treasury, and liquidity management solutions to institutional and private clients via targeted intermediaries. Credit sales and trading consists of the origination, underwriting, trading and distribution of cash and synthetic products across the credit spectrum - bonds, derivatives, notes and loans.

The investment banking department provides advice and a range of capital markets execution services to corporate clients, financial institutions, financial sponsors, sovereign clients and hedge funds. The Company also provides liquidity in local markets across foreign exchange, credit, rates and structured products. The advisory group assists in acquisitions and sale processes, and also advises on! reviews ! and corporate restructuring solutions. Global capital markets is a joint venture with the securities business. It offers financing and advisory services that cover all forms of capital raising, as well as risk management solutions. Global leveraged finance provides event-driven (acquisition, leveraged buyout) loans, and bond and mezzanine leveraged finance to corporate clients and financial sponsors.

The Company competes with Bank of America/Merrill Lynch, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan Chase and Morgan Stanley.

Advisors' Opinion:

• [By Paul Vigna]

  After rising as high as 1897 intraday, the S&P 500 took a straight dive down, and is now bouncing and churning around this key support level. The index tested it briefly at the open, falling to 1841.95, bounced off it again, then came back to it again. The day’s low, so far, is 1839.92. UBS's(UBSN.VX) Art Cashin puts the critical range between 1837-1840. John O’Hara at FBN thinks the market is going to churn in the 1820-1840 area this week, and test that lower boundary. “That would be a good set-up for a rally into week’s end,” he wrote.

• [By Telis Demos]

  UBS AG(UBSN.VX) has named a new head of its U.S. group that works on complex stock financings and investments for companies and wealthy individuals.