The Bullish Set-Up In Platinum

The last year hasn't been kind to the precious metals sector. As the recovery has taken hold, gold, silver and a host of other metals have lost their luster. Many of the factors that pushed them to lofty heights, higher inflation expectations, a weakling dollar etc., have materialized in the medium term. That prompted investors to flee the sector in spades. The popular SPDR Gold Shares (NYSE:GLD) has seen its assets under management fall significantly since the start of the year.

However, the recent price drops could spell a bargain in at least one of the precious metals. That would be platinum.

Things are looking up for the platinum group of metals as a variety of conditions are pointing to a bullish time ahead. After the price drop, now could be the best time to snag up the metal and its producers.

A Huge Supply Deficit

Despite the recent price drop, there's plenty to be bullish about when it comes to rising platinum prices. Aside from its precious metal moniker, the platinum group metals (PGM) is more about industrial production than just being a store of value. Finding their way into everything from catalytic converters and coal emissions equipment to LCD monitors and hard disk drives, platinum demand is surging. According to precious metals refiner Johnson Matthey's (OTCBB: JMPLY) latest PGM review, gross demand for platinum could hit a record 8.42 million ounces this year. That's up 4.8% versus last year's demand. Investment demand alone is set to rise 68% to a record 750,000 ounces.

Meanwhile, things aren't looking too good from a supply stand point.

The bulk of the world's platinum- and its sister metal palladium- is mined in South Africa. Unfortunately, the nation is still undergoing various labor strikes at its PGM mines. Those strikes have been actually quite bloody, with riots and deaths being reported. With South Africa's National Union of Mineworkers preparing for a possible strikes against top producers- like Anglo American Platinum ! (OTCBB: AGPPY) and Impala Platinum (OTCBB:IMPUY) –analysts estimate that at least half of global output of platinum and palladium could be at risk.

These factors prompted Johnson Matthey to estimate that platinum will see a supply deficit of around 605,000 ounces. That's the third year of supply deficits and the largest since 1999. Meanwhile, the firm also predicts another year of deficits for the palladium market. Overall, these supply constraints in the face of rising demand should push prices up for platinum and palladium to $1580 and 815 an ounce, respectively.

Making A Platinum Play

Given that this is the third year of supply/demand issues for the metal, higher PGM prices could be coming to the market. More importantly, platinum's 24% drop since the beginning of the year offers a great entry point to play that rise. Investors may want to bet on the sector.

The easiest way to do so is though the physically backed ETFS Physical Platinum Shares (NASDAQ:PPLT). The exchange traded fund holds platinum bullion in a vault and allows investors to directly track the price of the white metal. PPLT charges just 0.60% in expenses and sit closer to its 52-week low than high. Likewise, fund sponsor ETF Securities also has a physical fund that tracks palladium- the ETFS Physical Palladium Shares (NASDAQ:PALL). Investors looking to use futures to get their platinum metals fix can use the iPath DJ-UBS Platinum ETN (NYSE:PGM).

Another interesting choice could be the Sprott Physical Platinum and Palladium Trust (NASDAQ:SPPP). As a closed-end fund (CEF), SPPP can trade at either premiums or a discount to its net asset value. Currently, the fund is at a 1.55% discount to underlying holdings of physical bullion. That means investors are able to buy platinum at even cheaper prices than spot.

Finally, as with gold and silver, investors can gain additional leverage by betting on the miners of platinum. For a broad bet, the First Trust ISE Global Platinum Index (NASDAQ:PLTM) can be used. However, North American Palladium (NYSE:PAL) and Stillwater Mining (NYSE:SWC) have seen their share prices dwindle as the precious metals fallout has taken place. Yet, the pair offer a chance to participate in the growth of the domestic mining sector- far away from the ills facing South African miners.

The Bottom Line

The recent precious metals rout has unearthed plenty of bargains. One of the biggest could be in platinum. Analysts predict another year of supply constraints in the face of rising demand. For investors, the time to pounce on platinum could be ! now. The previous picks make ideal choices to play the metals rise.

Disclosure - At the time of writing, the author did not own shares of any company mentioned in this article.

Dividend-Paying Gold Stocks are Very Alluring After Janet Yellen's Remarks

An important bit of business news on Thursday.

In testimony before the Senate Banking Committee, Dr. Janet Yellen, nominated to replace Federal Reserve Chairman Ben Bernanke, said she favors continuing Quantitative Easing III. That program has the Federal Reserve acquiring $85 billion monthly in Treasury securities and mortgage bonds through expanding its balance sheet, in an effort to keep interest rates low.

And this news now results in dividend-paying gold stocks, such as Yamana Gold (NYSE: AUY), Gold Fields (NYSE: GFI) and Newmont Mining (NYSE: NEM) being attractive as both short-term and long-term investments.

In the short term, the dividend income stream from each makes the stock appealing in a low interest rate environment.

The dividend yield for Yamana Gold is 2.74 percent. For Newmont Mining, it is 2.85 percent. Gold Fields has a dividend yield of 3.04 percent. The average dividend for a member of the Standard & Poor's 500 Index is around 1.9 percent. Ten-year Treasury bonds now yield 2.69 percent.

Over the long term, these stocks are alluring -- as quantitative easing measures should result in inflation, which increases the value of gold assets.

Since 2007, the Federal Reserve balance sheet has expanded from around $700 billion to over $4 trillion. It is increasing at a rate of around $1 trillion yearly, thanks to Quantitative Easing III. Eventually the value of the U,S. dollar should fall from so many more greenbacks being created without the corresponding economic growth.

In an interview with The Wall Street Journal, former Secretary of the Treasury and Secretary of State George Shultz said it's "startling that in the last year, three-quarters of the debt that's been issued has been bought by the Fed and the balance has been bought by other countries, so U.S. citizens and institutions are not on net buying U.S. debt."

"The Fed," he continued, "doesn't have an unlimited capacity because when it buys the debt what it's doing is monetizing the debt. Sooner or later that has got to get out into the economy. Can't be held forever. And when it does in that kind of volume -- as Milton Friedman taught us, inflation is a monetary phenomenon -- it's gonna be hard to control."

In other words, inflation from this will reduce the value of the U.S. dollar and other fiat currencies while increasing the price of gold.

That is long overdue. After Ben Bernanke introduced Quantitative Easing II in August 2010, gold and silver assets rose in value on the exchange traded fund gold, SPDR Gold Shares (NYSE: GLD). It also sent the exchange traded fund for silver, iShares Silver Trust (NYSE: SLV), soaring.

Initially that also happened after Quantitative Easing III was announced in September 2012. But, due to the massive amounts of currencies being created by quantitative easing from central banks around the world, gold and silver markets were overwhelmed. From that, the price of gold and silver soon fell in favor of assets with more liquidity, such as oil.

This is easily seen in the share prices of Yamana, Gold Fields, and Newmont Mining.

For 2013, Yamana Gold is down more than 40 percent. Over the same period, Newmont Mining is off by over 35 percent. Since the first of the year, Gold Fields has fallen nearly 60 percent. Each has jumped in recent market action, however.

For shareholders, with Yellen continuing quantitative easing, the rises should be even more over the long term, with the dividends increasing the total return.

Posted-In: Gold gold mining Janet Yellen metals and miningBonds Long Ideas News Sector ETFs Commodities Treasuries Global Economics Federal Reserve Markets Trading Ideas ETFs Best of Benzinga

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

  Around the Web, We're Loving... Come Learn 6 Proven Trading Strategies at Our Holliday Trading Summit Learn to Use Trading Platforms Like Hedge Fund Traders do Rumsfeld: Denial of Benefits to Fallen Soldiers' Families 'Inexcusable' Come See How the Pro's Trade in this Exclusive Webinar Facebook, Baidu Lead Big Caps Beating Shutdown What Should You Know About AMZN? Most Popular General Electric to Spin-Off Retail Finance Unit in an IPO 3 Reasons Every Family Office Should Own Oil and Natural Gas Stocks 10 Stocks Below Their 50-Day Moving Average Apple Breaks Out of Six Day Trading Range Benzinga's Top #PreMarket Gainers 6 Ways to Tell if the Market is About to Crash Related Articles (AUY + GFI) Dividend-Paying Gold Stocks are Very Alluring After Janet Yellen's Remarks 3 Reasons Family Offices Should Invest in Gold Gold Short Sellers Seek Direction (AU, NEM, NGD) Does Barrick Gold's Axing its CEO and Founder Signal a Market Bottom? Top 4 Mid-Cap Stocks In The Gold Industry With The Highest Dividend Yield 3 Reasons to be Bullish about Gold View the discussion thread. Partner Network #marketfy-ae-block { display: none; border: 2px solid #0a3f75; overflow: hidden; width: 300px; height: 125px; text-align: center; background-color: #45719E; position: relative; z-index: 1; } #marketfy-ae-block a { display: block; width: 300px; height: 125px; position: relative; z-index: 2; color: #ffffff; text-decoration: none; } #marketfy-ae-block-countdown-text { color: #f9fc99; padding: 0px 0 0 0; font-size: 19px; font-weight: bold; line-height: 19px; } #marketfy-ae-block-countdown-text-start { font-size: 12px; } #marketfy-ae-block-countdown { padding: 5px 0 5px 0; font-size: 26px; } #marketfy-ae-block-signup { padding: 5px 47px; } #marketfy-ae-block-signup:hover { background-color: #457a1a; } #marketfy-ae-block #marketfy-ae-block-logo { display: block; padding: 3px 0 0 0; margin: 0; } #marketfy-ae-block-logo { text-indent: -9999px; } #marketfy-ae-block-free { display: block; position: absolute; top: 7px; right: -23px; width: 80px; height: 16px; line-height: 16px; text-align: center; opacity: 1; -webkit-transform: rotate(45deg); -moz-transform: rotate(45deg); -ms-transform: rotate(45deg); transform: rotate(45deg); font-size: 13px; font-weight: normal; color: #333333; background-color: yellow; z-index: 500; text-shadow: 1px 1px #999999; } #marketfy-ae-block-arrow { position: relative; width: 60px; height: 60px; z-index: 10; margin: -80px 0 13px -21px; } #marketfy-ae-block-arrow img { height: 60px; width: auto; } Marketfy's International
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Hurricane Sandy, One Year Later: Following the Recovery Money

APPoint Pleasant Beach, N.J. in the days after Sandy. NJSpotlight.com -- Hurricane Sandy was without a doubt the most destructive storm to hit New Jersey in modern times, causing dozens of deaths, damaging or destroying nearly 350,000 buildings, and leaving 7 million residents in the dark. Official estimates put statewide losses at around $37 billion, but one recent study speculated that once factors like loss of economic activity and tourism dollars, borrowing costs, infrastructure repairs, and storm mitigation are taken into account, the cost could rise billions or even tens of billions higher.

Will Facebook Reach All-Time Highs?

With shares of Facebook (NASDAQ:FB) trading around $44, is FB 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

Facebook is engaged in building social products in order to create utility for users, developers, and advertisers. People use Facebook to stay connected with their friends and family, to discover what is going on in the world around them, and to share and express what matters to them with the people they care about. Developers can use the Facebook platform to build applications and websites that integrate with Facebook to reach its global network of users, building personalized and social products. Advertisers can engage with more than 900 million monthly active users on Facebook — or subsets of its users — based on information they have chosen to share.

Facebook's privacy policy is coming under fire from some privacy groups, which wrote a letter to the Federal Trade Commission asking the government agency to block some upcoming changes to the policy that would allow Facebook to give personal information about its users to advertisers. "Facebook users who reasonably believed that their images and content would not be used for commercial purposes without their consent will now find their pictures showing up on the pages of their friends endorsing the products of Facebook's advertisers," the letter noted.

Facebook is inching closer to reaching its all-time high of $45 that the stock hit on May 18, 2012. After reporting second-quarter earnings that blew analyst expectations out of the water last month, the stock has continued its surge higher. Investors will be watching the stock closely today to see if it can reach or surpass $45.

T = Technicals on the Stock Chart Are Strong

Facebook stock has been exploding higher in the last couple of months. The stock is currently trading at highs for the year and near the key $45 per share price level. 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, Facebook is trading above its rising key averages, which signal neutral to bullish price action in the near-term.

(Source: Thinkorswim)

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

	Implied Volatility (IV)	30-Day IV Percentile	90-Day IV Percentile
Facebook Options	41.23%	86%	85%

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	Flat	Average
October Options	Flat	Average

As of today, there is an average demand from call buyers or sellers and low demand by put buyers or high demand by put sellers, all neutral to bullish 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 bullish 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 Improving 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 Facebook's stock. What do the last four quarterly earnings and revenue growth (Y-O-Y) figures for Facebook 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)	58.33%	0.00%	-89.46%	-120.00%
Revenue Growth (Y-O-Y)	53.13%	37.81%	40.14%	32.29%
Earnings Reaction	29.61%	5.61%	-0.83%	19.12%

Facebook has seen improving earnings and rising revenue figures over the last four quarters. From these numbers, the markets have been excited about Facebook's recent earnings announcements.

P = Excellent Relative Performance Versus Peers and Sector

How has Facebook stock done relative to its peers Microsoft (NASDAQ:MSFT), Google (NASDAQ:GOOG), LinkedIn (NASDAQ:LNKD), and sector?

	Facebook	Microsoft	Google	LinkedIn	Sector
Year-to-Date Return	66.91%	16.91%	24.72%	120.20%	35.46%

Facebook has been a relative performance leader, year-to-date.

Conclusion

Facebook looks to provide a valuable social networking experience to its users, developers, and advertisers. The company is under fire once again due to privacy issues as it gets closer to previous all-time high prices. The stock has been exploding higher in recent months and is now trading at highs for the year. Over the last four quarters, earnings have been improving while revenues have been rising which have left investors excited about the company. Relative to its peers and sector, Facebook has been a year-to-date performance leader. Look for Facebook to OUTPERFORM.

Reality After Ballmer and Gates: Microsoft Now Just Another Tech Stock

Microsoft Corp. (NASDAQ: MSFT) was the beneficiary late last week on news that Steve Ballmer has decided to retire. The news drove shares up roughly 7% to $34.75 on massive trading volume, and shares are currently giving back some of the great gains on Monday. The news is a positive in the sense that investors will no longer have Ballmer to blame for a lack of new catalysts and sitting on the laurels of the past. The problem is that in the post-Bill Gates, and now post-Ballmer, era, Microsoft will be evaluated just like any other technology stock. Microsoft may also have the problem that there is no other known “next Steve Jobs” candidates, and it is possible that an internal candidate may have to rise to the occasion.

Over the weekend came reports from Barron’s that Wall Street is cheering Ballmer’s exit. Then Barron’s wrote on Monday questioning whether Microsoft has become a graveyard for new ideas. 24/7 Wall St. has even gone as far as to try to see which other CEOs from outside may be solid candidates to take over as Microsoft CEO.

So, back to how the valuation will start to take place. Bill Gates and Steve Ballmer are no ordinary men, even if the Microsoft stock performance over the past decade has been less than ordinary. These two men did help drive Microsoft to still be one of the most powerful corporations in the world. The growth and expansion of Microsoft has created billions in wealth, including the world’s richest man. Without the co-founders, Microsoft likely will be evaluated no differently than any other technology stocks.

First and foremost, any new CEO will have to evaluate the very recent Ballmer reorganization that left many outsiders scratching their heads. The company’s next fiscal year-end is June of 2014, and the $2.75 consensus in earnings per share from Thomson Reuters gives Microsoft a valuation of 12.4 times expected earnings. That is not expensive for the stock market by any means, but there are many technology giants trading at cheap valuations.

A new CEO has to evaluate Microsoft devices such as the tablets and smartphones, as well as the Xbox One. The company is ripe for a breakup, even if that is truly a risky strategy. Until we have a new CEO announcement, Microsoft’s valuation is likely going to garner no premium and may even trade at a discount compared to other technology giants.

Intrinsic Value ... Why Bother

Calculating intrinsic value is great if it was dependable and possible to calculate accurately. The 1938 thesis by John Burr Williams, "The Theory of Investment Value," was groundbreaking and introduced us to fundamental analysis. He proposed calculating intrinsic value of a stock by discounting all future cash flows to the present. No argument, as investors we know this.

But chances are we don't come close to the true present value as the future is speculative. Change any of the inputs and we get widely different present value calculations. The timing of future cash flows, growth rates, discount rates, future shares outstanding or future debt, terminal value and ultimately the market's interpretation of its risk and fair value.

So what can we do? Give up? No. We can try to reduce the portion of our investment thesis that's based on forecasting or speculating. Lets attempt to increase our odds of determining fair value at least in the short term. We could try a few approaches. But for this article I'm going to lean on the teachings of Ben Graham. We all know this is not the only approach to reach for alpha.

Having said that we will start with the balance sheet. This starting point to determine fair value is easier in comparison to forecasting future cash flow, discount rates, growth rates and the other inputs: cash, receivables, inventory, prepaid expenses, property plant and equipment, long-term investments.

So if we can come up with a reasonable fair value of these assets and compare it to our liabilities we may be a step closer. Once we make adjustments like the fair value of real estate, equipment or inventory, and then include our liabilities, we have a number. That number is kind of like book value but adjusted up or down for fair market value of real estate and the certainty of items like cash or net receivables. Once we have a value we will compare that value against the market's value for the stock.

The difference between step one of our more certain estima! te versus the market must be reconciled and challenged. Can this variance be justified by our intrinsic value estimates of future cash flows discounted to the present? So the market is assigning a premium or discount versus our step-one calculations using the balance sheet. Hopefully, this will help us to uncover over-looked value with more certainty and make the discounting future cash flow a more reasonable and useful portion of the valuation process.

Joel Greenblatt made the point that if you can find a company that is undervalued, in time the market will recognize and adjust. Two examples of Ben Graham-like stocks that reported additional insider buying today (06/18/12) and are sitting on assets that could prove the markets value as temporary insanity:

LGL: The LGL Group (LGL) was founded in 1917. LGL manufactures electronic components.

The per-share current book value is $9.65. But within that $9.65 book value per share is cash of $5.15, net PPE of 1.79, inventory of 2.24, and AR of 1.83. Furthermore, current assets less current liabilities is $6.62 per share. LGL's current price is $6.54.
Real estate owned: One building in Orlando Florida along with 7 acres of land. Two buildings in Yankton, South Dakota, located on 11 acres of land.
Market Cap: $17.93M
Enterprise Value: $7.82M
Historical low valuations based on EV/Sales at .33 and EV/Book at .45. coupled with strong insider buying.

2012 Insider buys by Mario Gabelli

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RIMG: Rimage Corporation (RIMG)

"Helps businesses deliver digital content directly and securely to their customers, employees and partners"
Market Cap: $83.72M
Enterprise Value: $16.93M

At this time the market is placing a low valuation on the business. Yahoo says it has a current enterprise value of $16.93 mill! ion; if y! ou add current liabilities it's closer to $37 million. So the market is giving us TTM sales of $82 million and $42 million in gross profit for a $16 million enterprise value or $37 million including current liabilities.

The current market price is $8.05 per share versus per-share value of current assets less current liabilities of $9.35. EV to book and sales are trading at historical lows. Current dividend yield is 8.20%.

Last week insiders made some purchases.

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SHADOWSTOCK.BLOGSPOT.COM
Related links:Joel GreenblattMario Gabelli

Today in Business History: Beer, Patents, and Doughnuts

On this day in economic and business history ...

Two of the world's largest brewers agreed to become Anheuser-Busch InBev (NYSE: BUD  ) on July 13, 2008 in a $52 billion deal, bringing an occasionally acrimonious month-long takeover battle to a close. The drama had started in mid-June, when InBev -- which had become the world's largest brewer when it was created in a megamerger four years earlier -- made a $46 billion offer to buy Anheuser-Busch. This unsolicited offer was rebuffed two weeks later, and InBev began legal wrangling and shareholder cajoling to tilt the deal to its side. In the end, raising the all-cash offer to $70 a share from the previous level of $65 was enough to bring everyone to the table to get the deal done.

Five years after the $52 billion deal process began, AB InBev made another big splash in the acquisition market by purchasing Mexico's Grupo Modelo for $20.1 billion. That deal enhanced AB InBev's already-dominant stature in the global beer market, creating a super-brewer that accounts for more than 20% of all beer sales around the world. No other company claimed more than 10% of the market at the time.

The first (numbered) patent
The United States has been granting patents almost from the day it gained its independence, but during the early decades of U.S. history, none of these patents were numbered. That changed on July 13, 1836, when the patent office granted Patent No. 1 to John Ruggles for an improved steam locomotive wheel design. Ruggles' position as first in line was no accident -- as a senator from Maine, Ruggles chaired the Committee on Patents and the Patent Office, and his legislative efforts to modernize the patent system earned him the moniker "Father of the U.S. Patent Office."

Ruggles' first numbered patent also managed to hold on to its number because of a fire that would sweep through the Patent Office in the winter of 1836, destroying many of the unnumbered patents and thus preventing anyone from going back and putting them all in proper numeric order. Those unnumbered patents, numbering nearly 10,000 (the exact total was lost in the fire), were later known as the X-Patents and had covered such historically important inventions as Eli Whitney's cotton gin and Samuel Colt's revolver. After nearly 180 years of numbering patents, the U.S. Patent Office has processed more than 9 million of them, including nearly 700,000 design patents and more than 23,000 plant patents. Nearly 600,000 patent applications are now filed each year, resulting in nearly 300,000 new patents.

Patents over the airwaves
Another important patent was granted on July 13: Guiglielmo Marconi was awarded the first U.S. patent that would define radio technology on July 13, 1897. This invention, popularly called the "wireless telegraph" in its early days, would earn Marconi the Nobel Prize in 1909, after years of increasingly ambitious tests proved that the only limit to radio's transmission range would be the technology used to send and receive its signals.

Marconi established the Wireless Telegraph and Signal Company a week later in Britain, and this company soon expanded its reach across the Atlantic. World War I pushed Marconi out of the American market, when government agents seized his corporate assets and patents for wartime use. Rather than return the patents to an Italian inventor, the U.S. government decided to transfer ownership to an American company created by General Electric (NYSE: GE  ) : the Radio Corporation of America, or RCA. RCA eventually became more powerful than Marconi had ever been, which forced the government to cleave it off from GE after helping to create it in the first place.

Mmm, doughnuts
The first Krispy Kreme (NYSE: KKD  ) opened its doors in Winston-Salem, N.C., on July 13, 1937. It was one of the first doughnut stores to make inroads in the American South, and it was also one of the earliest such stores to use a mechanical production line. The first Krispy Kreme was built on such a shoestring budget that founder Vernon Rudolph had to cajole a local grocer into lending him the necessary ingredients for his first batch. The Krispy Kreme business model that's familiar to its fans was in evidence at this first location -- Rudolph focused on selling large amounts of doughnuts wholesale to nearby grocery stores, but he also made sure to entice customers by giving them a clear view of the production process as the doughnut machinery did its work. The sugary glazed donuts that came out of that bakery conveyor belt quickly caught on with North Carolinians, and then with the rest of the world. Today there are nearly 800 Krispy Kreme stores worldwide.

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AFC Enterprises Beats on Revenue, Matches Expectations on EPS

AFC Enterprises (Nasdaq: AFCE  ) reported earnings on May 29. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended April 21 (Q1), AFC Enterprises beat expectations on revenues and met expectations on earnings per share.

Compared to the prior-year quarter, revenue increased. GAAP earnings per share increased significantly.

Gross margins grew, operating margins dropped, net margins increased.

Revenue details
AFC Enterprises recorded revenue of $60.4 million. The three analysts polled by S&P Capital IQ foresaw revenue of $59.1 million on the same basis. GAAP reported sales were 14% higher than the prior-year quarter's $52.8 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $0.40. The four earnings estimates compiled by S&P Capital IQ averaged $0.40 per share. GAAP EPS of $0.40 for Q1 were 18% higher than the prior-year quarter's $0.34 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 68.2%, 20 basis points better than the prior-year quarter. Operating margin was 26.8%, 10 basis points worse than the prior-year quarter. Net margin was 15.9%, 20 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $45.3 million. On the bottom line, the average EPS estimate is $0.31.

Next year's average estimate for revenue is $200.9 million. The average EPS estimate is $1.39.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 73 members out of 90 rating the stock outperform, and 17 members rating it underperform. Among 25 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 21 give AFC Enterprises a green thumbs-up, and four give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on AFC Enterprises is outperform, with an average price target of $36.38.

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Add AFC Enterprises to My Watchlist.

BlackBerry's Oxymoronic Opinion of Tablets

BlackBerry (NASDAQ: BBRY  ) CEO Thorsten Heins is just sounding silly now. In a recent interview with Bloomberg, Heins expresses skepticism over the broader tablet movement.

"In five years I don't think there'll be a reason to have a tablet anymore," Heins is quoted as saying, "Maybe a big screen in your workspace, but not a tablet as such. Tablets themselves are not a good business model."

Oddly enough, Heins goes on to say, "In five years, I see BlackBerry to be the absolute leader in mobile computing -- that's what we're aiming for. I want to gain as much market share as I can, but not by being a copycat."

That's an oxymoron if I've ever heard one. Mobile computing includes a secular shift toward smartphones and tablets, but you could also arguably include shifting from desktops to laptops within the PC market. Of the three devices that embody mobile computing -- smartphones, tablets, and laptops -- BlackBerry only sells one.

It's certainly true that tablets have not been a good business for BlackBerry. Shortly after jumping into the market with the PlayBook, the company promptly recorded a pre-tax non-cash charge of $485 million related to a glut of unsold inventory. While PlayBook unit shipments haven't been consistent, to the company's credit they're holding up relatively well for a device that's two years old and only received minor upgrades. That may also be a function of the price dropping from $500 to under $200 over the past two years.

Source: BlackBerry. Fiscal quarters shown.

The tablet market is also much harder to crack competitively. Not only does BlackBerry have to compete with market leader Apple (NASDAQ: AAPL  ) and its iPad and iPad Mini, but on the low end habitual disrupters Amazon.com (NASDAQ: AMZN  ) and Google (NASDAQ: GOOG  ) are perfectly content selling hardware at cost.

The e-tail and search giants have ensured that there really isn't much in the way of hardware margins down there, which is where the PlayBook is currently positioned. Of course, the tablet market is proving to be a good business model for Apple, Amazon, and Google. The iPad remains Apple's fastest-growing new product category, Amazon has expanded its content ecosystem, and Google has dramatically broadened the global reach of its ads and services.

Just because BlackBerry's tablet business isn't good doesn't mean others can't enjoy it. Sorry, Heins, but it's simply not possible to become the "absolute leader in mobile computing" without tablets.

There's a debate raging as to whether Apple remains a buy. The Motley Fool's senior technology analyst and managing bureau chief, Eric Bleeker, is prepared to fill you in on reasons to buy and reasons to sell Apple, and what opportunities are left for the company (and your portfolio) going forward. To get instant access to his latest thinking on Apple, simply click here now.

Weekly CEO Sells Highlight

According to GuruFocus Insider Data, these are the largest CEO sales during the past week: VF Corp, Infinera Corp, Eaton Vance Corp, and Envision Healthcare Holdings Inc.VF Corp (VFC): Chairman, President & CEO Eric C Wiseman sold 454,800 SharesChairman, President & CEO of VF Corp (VFC) Eric C Wiseman sold 454,800 shares during the past week at an average price of $66.76. V.F. Corporation, a Pennsylvania corporation was organized in 1899. Vf Corp has a market cap of $29.18 billion; its shares were traded at around $67.68 with a P/E ratio of 24.00 and P/S ratio of 2.56. The dividend yield of Vf Corp stocks is 1.55%. Vf Corp had an annual average earnings growth of 8.90% over the past 10 years. GuruFocus rated Vf Corp the business predictability rank of 4-star.VF Corp announced its 2014 third quarter results. The Company reported revenues of $3.5 billion and net income of $470.5 million.Chairman, President & CEO Eric C Wiseman sold 454,800 shares of VFC stock in October. CFO Robert K Shearer sold 63,407 shares of VFC stock in August and October. Sr. Vice President - Americas Steven E Rendle, VP-VF Direct/Customer Teams Michael T Gannaway, Director Bedout Juan Ernesto De, and Director Raymond G Viault sold 65,852 shares of VFC stock in October.Infinera Corp (INFN): CEO Thomas J Fallon sold 220,000 SharesCEO of Infinera Corp (INFN) Thomas J Fallon sold 220,000 shares on 10/27/2014 at an average price of $13.56. Infinera Corporation or Infinera was founded in December 2000, originally operated under the name 'Zepton Networks'. Infinera Corp has a market cap of $1.82 billion; its shares were traded at around $14.53 with and P/S ratio of 2.91.Infinera Corp. reported revenues of $165.4 million and net income of $4.8 million for its 2014 second quarter financial results.CEO Thomas J Fallon sold 440,000 shares of INFN stock from August to October. CFO Brad Feller bought 25,000 shares of INFN stock on 05/16/2014 at the average price of 8.25. President David F Welch, Director Carl Redfield¸ Director! Paul J Milbury, and Director Mark A Wegleitner sold 188,500 shares of INFN stock in October.Eaton Vance Corp (EV): CEO Thomas E Jr Faust sold 219,000 SharesCEO of Eaton Vance Corp (EV) Thomas E Jr Faust sold 219,000 shares on 10/29/2014 at an average price of $36.32. Eaton Vance Corporation is incorporated in the State of Maryland. Eaton Vance Corp has a market cap of $4.37 billion; its shares were traded at around $36.83 with a P/E ratio of 16.10 and P/S ratio of 3.15. The dividend yield of Eaton Vance Corp stocks is 2.47%. Eaton Vance Corp had an annual average earnings growth of 9.60% over the past 10 years. GuruFocus rated Eaton Vance Corp the business predictability rank of 3.5-star.Eaton Vance Corp announced its 2014 third fiscal quarter results. The Company reported revenues of $367.6 million and net income of $81.3 million.CEO Thomas E Jr Faust sold 219,000 shares of EV stock on 10/29/2014 at the average price of 36.32. CFO Laurie G Hylton sold 31,092 shares of EV stock on 10/28/2014 at the average price of 36.3. Chief Income Officer Payson F Swaffield, Chief Administrative Officer Jeffrey P Beale¸ and Director Winthrop H Jr Smith sold 172,425 shares of EV stock in August, September, and October.Envision Healthcare Holdings Inc (EVHC): President & CEO of EmCare, EVP Todd G Zimmerman sold 125,000 SharesPresident & CEO of EmCare, EVP of Envision Healthcare Holdings Inc (EVHC) Todd G Zimmerman sold 125,000 shares on 10/24/2014 at an average price of $35. Envision Healthcare Holdings Inc offers an array of healthcare-related services to consumers, hospitals, healthcare systems, health plans and local, state and national government entities. Envision Healthcare Holdings Inc has a market cap of $6.38 billion; its shares were traded at around $34.95 with a P/E ratio of 323.60 and P/S ratio of 1.58.Envision Healthcare Holdings Inc. announced its 2014 second quarter results with revenues of $1.08 billion and net loss of $2.0 million.President & CEO of EmCare, EVP Todd G Zimmerman sold 210,0! 00 shares! of EVHC stock in July and October. EVP, COO and CFO Randel G Owen sold 449,375 shares of EVHC stock in July, September, and October. President of AMR Horne Edward Van, Director Michael L Smith, and Chief Medical Officer Dighton Packard sold 66,746 shares of EVHC stock in September and October.For the complete list of stocks that bought by their CEOs, go to: Insider Buys.

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VFC STOCK PRICE CHART 67.68 (1y: +24%) $(function(){var seriesOptions=[],yAxisOptions=[],name='VFC',display='';Highcharts.setOptions({global:{useUTC:true}});var d=new Date();$current_day=d.getDay();if($current_day==5||$current_day==0||$current_day==6){day=4;}else{day=7;} seriesOptions[0]={id:name,animation:false,color:'#4572A7',lineWidth:1,name:name.toUpperCase()+' stock price',threshold:null,data:[[1383544800000,54.658],[1383631200000,54.938],[1383717600000,55.615],[1383804000000,54.263],[1383890400000,54.685],[1384149600000,54.763],[1384236000000,54.458],[1384322400000,55.753],[1384408800000,56.128],[1384495200000,56.39],[1384754400000,56.11],[1384840800000,56.065],[1384927200000,56.185],[1385013600000,56.133],[1385100000000,58.025],[1385359200000,58.35],[1385445600000,58.6],[1385532000000,58.733],[1385704800000,58.645],[1385964000000,58.935],[1386050400000,58.51],[1386136800000,58.388],[1386223200000,58.25],[1386309600000,58.393],[1386568800000,58.235],[1386655200000,57.813],[1386741600000,57.3],[1386828000000,58.06],[1386914400000,58.62],[1387173600000,58.673],[1387260000000,58.768],[1387346400000,59.835],[1387432800000,59.62],[1387519200000,61.448],[1387778400000,60.96],[1387864800000,61.2],[1388037600000,62.08],[1388124000000,61.58],[1388383200000,62.07],[1388469600000,62.34],[1388642400000,62.38],[1388728800000,62.11],[1388988000000,61.71],[1389074400000,61.84],[1389160800000,61.67],[1389247200000,62.29],[1389333600000,62.47],[1389592800000,60.23],[1389679200000,60.44],[1389765600000,60.22],[1389852000000,59.21],[1389938400000,58.79],[1390284000000,58.78],[1390370400000,59],[1390456800000,58.15],[1390543200000,57.77],[1390802400000,57.91],[1390888800000,58.68],[1390975200000,57.58],[1391061600000,59.41],[1391148000000,58.45],[1391407200000,56.49],[13914936000

Celeb safety is big business at World Cup

Wealthy World Cup attendees will spend millions on extra security. NEW YORK (CNNMoney) Brazil is beefing up security for the World Cup, but corporate executives and wealthy soccer fans are sparing no expense when it comes to their safety.

The month-long soccer tournament kicks off today and attracts thousands of celebrities, high net-worth individuals and business leaders from the world's largest companies.

These elite fans will spend hundreds of thousands of dollars on armored cars, body guards and -- if need be -- a helicopter to airlift them out of a sketchy situation.

An estimated 30,000 to 60,000 people will spend between $10,000 and $20,000 per person on "enhanced security services" at the World Cup, according to iJET, a security company that advises multinational corporations.

That translates to a windfall of up to $12 million for the private security industry.

Underestimating the risks: John Rose, chief operating office at iJET, said many of these people are attending the tournament on official business. The World Cup is a major marketing event and many companies send their top executives there to woo clients.

"These companies are sending their most valuable assets and customers down there," said Rose. "They're wondering, what do I need to do to protect them?"

"A lot of companies have failed to understand what the risks are," he added.

Rose said his firm has a few high-profile individuals among its clients, though he declined to name them for security reasons.

'We do ransom negotiations.' The services range from advice on which neighborhoods to avoid after dark and "intelligence" reports on protests that could shut down traffic, to more drastic measures such as "extractions" and ransom negotiations.

Rose said extractions -- helping a client escape a threatening environment -- account for about 20% of iJET's business. The company also has experience dealing with kidnapers.

"We do ransom negotiations," he said. "We take those calls."

After Mexico and Nigeria, Brazil is the country with the highest risk of kidnapping in the world, according to Rose. He said organized crime groups will demand between $250,000 and $2 million in ransom.

Still, the odds of being kidnapped are relatively low. Rose said foreigners are more likely to be mugged, adding that petty crime in Brazil "tends t! o be more violent."

The biggest thing World Cup travelers need to worry about is the risk of "mass public disruptions" caused by protests, he added.

Tensions below the surface. While Brazil is considered the "spiritual home" of soccer, many Brazilians are upset that the government has spent an estimated $11 billion to build stadiums at a time when the nation's economy is struggling.

Brazil is plagued by gross inequality and some are concerned that the World Cup will be marred by civil unrest.

Thousands took part in street protests and riots in major cities across Brazil during last year's Confederations Cup, the top soccer tournament in the Americas.

  Squatters protest high rents at World Cup

Brazil has been conducting a controversial "pacification" program in urban slums since 2008. But the authorities are planning a major show of force for the World Cup.

The security budget for the World Cup is about $840 million, according to analysts at research firm IHS who study business risks in Latin America.

That's nearly five times what South Africa spent on security for the 2010 World Cup.

Brazil is expected to deploy roughly 170,000 security personnel, including members of the military, to help maintain order and secure the nation's borders.

Logistical challenges loom large. Security experts say traveling between the various host cities will be logistically challenging.

"The big question right now is transportation," said Joe Biundini, president of the Brazil division of FAM International Group, a global security firm. "How do you move clients from point A to point B, especially with all the protests."

Biundini also works mainly with big corporations, including one that is sending 140 empl! oyees to ! a single game. In addition, his firm provides protection for the private jets and crews that fly top executives in and out of Brazil.

Given the concerns about transportation, Biundini said demand for armored cars in Brazil has exploded. Prices range between $1,500 and $3,000 per day, including an armed chauffeur, he said.

Biundini said he has been working on contingency plans and alternative routes to stadiums in case the roads are blocked by protesters. But if things get really out of hand, he has a helicopter standing by to fly clients to safety.

Delamaide: Fed isn't letting up on bank rules

WASHINGTON — Even as the dwindling number of top officials threatens to impair its functioning, the Federal Reserve shows no signs of letting up on new requirements for big banks to build up capital against potential losses if another crisis hits.

In March, the Fed barred Citigroup from proceeding with a planned dividend hike and share buyback because the bank failed its "stress test" of having enough capital cushion in a crisis scenario.

Last month, the Fed rescinded its March approval for Bank of America's dividend boost and buyback after the bank discovered it had been under-reporting its capital by $4 billion.

All this while departures from the Fed's Board of Governors may reduce it from its full complement of seven to an unprecedented three members before the end of this month and the Senate, crippled by politics and its own arcane rules, delays approving pending nominations for two new members.

But that's not stopping the remaining members — notably Chairman Janet Yellen and Governor Daniel Tarullo — from talking tough about beefing up bank requirements even further.

Last month, Yellen warned that the Fed was not satisfied that current or planned regulations include sufficient protection against runs on short-term funding for banks — one of the triggers in the financial crisis. The Fed staff is working on new measures to address this issue, she told a conference in Atlanta.

And last week, Tarullo suggested that it was time to abandon international guidelines that allow banks to set their own capital requirements according to how they assess the risk of their assets.

Federal Reserve Board Governor Daniel Tarullo testifies on Feb. 6 before the Senate Banking, Housing and Urban ! Affairs Committee in Washington, DC.(Photo: Chip Somodevilla Getty Images)

The Fed governor, who is the point man on banking regulation, said the "internal risk-based" requirements adopted by the international Basel Committee on Banking Supervision in 2004 apparently aimed to reduce capital requirements, an objective that seems "misguided" in the wake of the financial crisis. The time has come to "consider discarding" this approach, he said.

"The combined complexity and opacity of risk weights generated by each banking organization for purposes of its regulatory capital requirement," he said at a conference in Chicago, "create manifold risks of gaming, mistake, and monitoring difficulty."

For Tarullo, a combination of a higher capital ratio for all assets, including added requirements for the biggest banks, and the annual stress tests conducted under the Fed's supervision will do a better job of protecting against risk not only for the institution but for the financial system as a whole.

This latest suggestion, which could result in banks needing even more capital, follows a number of other measures the Fed is implementing under the Dodd-Frank financial reform act.

All banks of a certain size – currently set at $50 billion or more in assets – will be subject to "enhanced" supervision, including the supervisory stress tests, plans for maintaining capital (requiring approval for dividends and buybacks), a plan for winding down the bank in the face of bankruptcy, credit limits vis-à-vis individual counterparties, and a new "Liquidity Coverage Ratio" to ensure funding during a crisis.

In addition, those banks with at least $250 billion are subject to even more robust requirements in each category and the eight U.S. firms designated as "global systemically important banks" will be subject to additional capital surcharges, higher leverage ratio, and a long-term debt requirement that will support an orderly resolution process.

In rattling off all these new regulat! ions, Tar! ullo acknowledged that more needs to be done to streamline the regulatory process, and especially to simplify compliance for small community banks.

In that regard, he suggested carving out exemptions for banks with less than $10 billion in assets, and reducing supervision to those smaller than $1 billion. Moreover, he suggested it might make sense to raise the threshold for enhanced supervision from $50 billion to $100 billion.

As for the largest banks, getting rid of the risk-based capital measures as he proposed would be a good way to simplify their regulatory regime in the wake of all the added requirements.

Both Yellen and Tarullo observed in passing in these recent speeches that clamping down on banks' risk-taking might encourage other types of financial institutions, the so-called "shadow banking system," to take on these risks.

Without going into details, they warned that the Fed was ready to extend regulations to these institutions as well if necessary to preserve stability in the financial system as a whole.

It is this concern for systemic stability, Tarullo emphasized in his speech, that is re-defining just how different categories of institutions will be supervised, "sometimes by paring back or foregoing regulation for certain kinds of firms, and sometimes by adding a regulatory measure," he said.

Even if they are the last two standing, it seems, Yellen and Tarullo are not going to let go of tougher limits for banks.

Darrell Delamaide has reported on business and economics from New York, Paris, Berlin and Washington for Dow Jones news service, Barron's, Institutional Investor and Bloomberg News service, among others. He is the author of four books, including the financial thriller Gold.

Apple’s Latest Quarter Performance Shows What Potential It Holds

It's again the time of the year when tech companies start reporting their results and one name that everyone waits for the most is Apple (AAPL). The Cupertino based tech giant finally came out with its fiscal 2014 second quarter earnings very recently and what a quarter it has delivered! The company has given its stakeholders ample reasons to rejoice and also to worry less on losing market share concerns. Along with all this, Apple is also looking at a stock split and better returns to the shareholders.Let's take a look at what all the company has been up to and what the investors can look forward to.A sneak-peek in to the quarter and its numbersEvery year the iPhone maker launches something new that drives its top-line and bottom-line across the year. Last year the company had launched the highly awaited iPhone 5S, followed by iPad Air, and many analysts were questioning if these will be enough to drive Apple's growth this time also or not. It seems, they were concerned for no reason at all. Some were also a little shocked by the numbers and the decisions taken by Apple. Carl Icahn (Trades, Portfolio) even tweeted that he fails to understand the company.The iPhone maker's top-line surged 4.6% YoY as the company reported revenue totaling $45.6 billion, translating to a bottom-line of $11.62 per share, turning out to be better than even what the company has expected earlier. The numbers took the Wall Street by shock as it not only topped analyst estimates, but also topped the company's guidance. The Wall Street was expecting Apple to report $43 billion worth of sales and an EPS of $10.18.Like always, iPhones contributed massively (57.1%) to Apple's wonderful top-line. The company sold as many as 43.4 million iPhone units during the period, way above the street expectation of 37 million. However, iPad sales took a beating and were lower than expectation at 16.3 million as against the anticipated 19.7 million, but still accounted for almost 20% of the total top-line. Even the Mac and iPod nu! mbers were encouraging at 4.1 million and 2.7 million respectively. The company was also reported substantial increase in iTunes users which now stands at 800 million, up almost 40% since last year June.What investors can look forward toNumbers reported by the company are pretty encouraging. Along with that, Apple has also come out with the guidance for the next quarter. The company expects to report revenue between $36 and $38 billion; however this is lower than what the analysts thought.The tech mammoth even has plans to give back more to its shareholders and for that it has announced its plans of increasing its stock buyback and a seven-for-one stock split. Apple was already in the process of buying back $60 million worth of stocks according to the previous pledge and now it will be buying back another $30 million of its stocks, pulling up the total buyback value to $90 million. Not only this, the shareholders will also receive better dividends as the company decided to raise the quarterly returns amount to $3.29 per share, resulting in an 8% increase.Another point that the company announced which has raised much interest from investors and analysts is the stock-split decision. In the past nine years this is the first time that Apple's board approved the seven-for-one stock split decision that will take place on June 2, 2014, and with this Apple shares will be available to a broader segment of investors. Industry experts are of the opinion that post stock-split the shares of the company will be more accessibly priced. Currently the stock is trading at $571.94 and taking the stock-split into account, the price per share will be reduced to $81.7, making it possible for more individual buyers to purchase moreDeparting ThoughtsApple surely rocked the stage with its fiscal 2014 second quarter results and this gives a huge boost to what can be expected from the company in the coming days. Apple has several strong products in its pipeline which are expected to hit the market this year and with these the c! ompany'! s performance should shoot up substantially. Tim Cook in his statement said that Apple didn't ship the first smartphone or the first mp3 player or the first tablet. But, Apple surely shipped the first successful smartphone, mp3 player and tablet and more of such things can be expected from Apple.The company is offering investors, analysts and industry experts with what they seek in a stock – growth potential, strong product line-up, better return to shareholders and near to the ground institutional ownership – and all this makes Apple a must have for ones portfolio.

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Apple's Siri yaks in Ferrari for auto show splash

Normally, some breathtaking car model is what those attending a big auto show remember. But this year, at the Geneva Motor Show, the big winner may be Apple.

Apple didn't just introduce its new CarPlay in-car system at one of the world's most prominent shows. It did in grand fashion, demonstrating the system before huge crowds attending Ferrari, Mercedes-Benz and Volvo presentations.

They are among the first brands that will get the technology. Many other brands are signed up as well, including those that have been developing in-car systems in conjunction with other suppliers.

What high-tech maker wouldn't want to have their new product showcased first in one of the most stunning and evocative cars on the planet, the Ferrari FF sedan?

What the crowds saw was a system that integrates the Apple iPhone into the car, transferring key apps like navigation, music and others to the car's center stack and making the whole thing voice activated using Siri, the iPhone's digital guide. The icons that appear on the screen are large to minimize driver confusion and concerns about distraction. And it's intended to simple and intuitive like an iPhone.

Of course, Apple executives, including Chairman Arthur Levinson, were in Geneva to revel in the attention.

Bud Light? No Thanks. Beer Drinkers Shifting to Darker, Flavorful Imports

Shutterstock/Boule

Bud Light may still be America's best-selling beer -- it has been for more than a decade -- but retail sales of this and other leading lower-calorie lagers such as Bud Light Lime, Miller Lite, and Natural (aka Natty) Light, declined in 2013, according to data from IRI, a Chicago market research firm. Not that this spells the end of light beers, which still make up a significant chunk of the market. Even as big brewers push into the craft segment, some big-name labels are still experiencing an uptick. Case sales of Coors Light, which became the No. 2 beer brand in the U.S. in 2012, grew nearly 1.8 percent last year, according to IRI. Michelob Ultra Light sales were also up, although it is an outlier in a fast-declining Michelob franchise. "There will always be a place for 'Big Lager' as it's more drinkable in the sense that one can have many lagers but only a few dark beers," says Euromonitor International analyst Edward Hsyeh. "The dark beers are heavy in body, so there can only be so much 'share of the stomach' they possess." Still, big challenges loom: First, Americans' growing thirst for darker, more flavorful brews can't be ignored. Volume sales of lager-a lighter style of beer-have fallen every year since 2009 except 2012, according to Euromonitor's data, though the vast majority of beer consumed in the U.S. is still lager. Sales of pale ales, on the other hand, were up by 13 percent in 2013 alone, and wheat beer grew by 6 percent. The shift is reflected in the recent craft beer boom (volume sales grew 13 percent in the first half of 2013) in which India Pale Ale has become popular. Second, aside from craft, the big brands are seeing competition from imports, too. Modelo Especial volume sales, for example, more than doubled since 2009, according to IRI, and sales of Corona were up 11 percent. Last, hard ciders and new beer-like varieties such as AB InBev's (BUD) Bud Light Lime Straw-Ber-Rita, which sold more than 7 million cases since launching last year, are stealing market share. AB InBev said in its last earnings report that "the Ritas" (Bud Light Lime Straw-Ber-Rita and Bud Light Lime Lime-A-Rita) achieved a combined market share of 0.8 percent in the third quarter of 2013. AB InBev, which owns Bud and Natural, declined to comment because it's in a quiet period ahead of its next earnings report. MillerCoors, a joint venture between SABMiller and Molson Coors (TAP), reported that sales to retailers fell 2.8 percent in 2013, due to declines in such premium light brands as Miller Lite and in value brands that include Miller High Life and Keystone. Molson Coors Chief Financial Officer Gavin Hattersley said at a conference last year that beer drinkers are simply "looking for more flavors, they're looking for more options than ever before." Meanwhile, sales of Milwaukee's "the beast" Best haven't done any better.