Mid Cap / Transportation
Delta - US Airways Agreement Closed
On December 13, 2011, Delta Air Lines (NYSE: DAL) and US Airways (NYSE: LCC) announced the closing of their agreement to transfer takeoff and landing rights at New York's LaGuardia and Washington D.C.'s Reagan National airports. The agreement was approved on October 10, 2011, by the U.S. Department of Transportation, which concluded that the transaction is in the public interest because of the service benefits and efficiencies that would result in both New York and Washington, D.C. Under the agreement, Delta acquired 132 slot pairs at LaGuardia from US Airways and US Airways acquired from Delta 42 slot pairs at Reagan National, as well as the rights to operate additional daily service to Sao Paulo, Brazil in 2015. In addition, the airlines divested 16 slot pairs at LaGuardia and eight slot pairs at Reagan National to airlines with limited or no service at those airports.
Read More Purchase Recommendation Updates
Identify & Profit from Distressed Investing
Turnaround Investing Blog
In nearly every case, the shares of a company in bankruptcy become worthless. In very rare cases, however, they can become great investments. W.R. Grace (NYSE:GRA) shares produced a 75-fold return, as an example. With California utility PG&E (NYSE:PCG) now in bankruptcy, the range of possible outcomes for its equity is wide.
EV/EBITDA: What Is It & Why Are We Using It More?
In reading recent editions of The Turnaround Letter, you have probably noticed that we are increasingly using EV/EBITDA as a valuation measure, rather than the better-known price/earnings multiple. We thought it might be useful to describe this measure and why we like it.
Turnaround Letter Stock Pick Named Top Performer of 2017
What Last Year's Top Stock Pickers Are Buying in 2018
This Forbes write-up follows up on the recent Top Stock Tips report--naming The Turnaround Letter's Crocs recommendation the top performer of 2017: With 90% gains, CROX beat out 100 other investment ideas included in the report; and the stock continues to have value investing appeal, according to Putnam.
George notes, "We see additional upside for the stock in 2018 as management's efforts continue to bear fruit, though the gains will likely be more muted than we saw in 2017."
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