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In the video interview below, Motley Fool CEO Tom Gardner speaks with Middleby (NASDAQ: MIDD ) CEO Selim Bassoul. Since becoming CEO in 2000, Bassoul has led a remarkable transformation at Middleby, the cooking equipment maker, turning the stock into a nearly 50-bagger over that time. In the video below, Bassoul discusses the ways his acquisitions are able to succeed with Middleby. Middleby is one of Tom Gardner's favorite stocks, but you can never have too many great companies in your portfolio. If you're looking for more ideas, our chief investment officer has selected a different stock as his favorite for this year. Find out which stock it is in the free report: "The Motley Fool's Top Stock for 2013." Just click here to access the report and find out the name of this under-the-radar company. Tom Gardner: What about integration? How can an outside investor follow Middleby and know how to understand how integration is happening? Because that's another problem area for companies that make acquisitions. The cultures are different, the compensation philosophy is different and the attempt to force that business; we had the chief customer officer of Land's End. Land's End was an incredible business, an incredible stock. It was an absolutely incredible stock in the '80s and '90s, and the founder decided to sell the company. And he sold it to Sears and that utterly destroyed Land's End. The culture of Sears crushed the innovation, the love of company that employees had at Land's End, and is not the same company at all today. So I understand management remains in place; that's one thing that keeps that culture intact, but what are you trying to integrate into Middleby and what are you trying to allow to be decentralized in...? Selim Bassoul: Middleby has been buying a lot of privately held companies, mostly family owned or an entrepreneurial founder. We try to keep the management in place. We don't have people sitting on the bench at Middleby. We're (unclear), so we don't take people from Middleby and turn them over to the new acquisition. If we don't believe that management is capable to stay at that company, we do not buy that company. That's No 1. No. 2: It's literally a mixture between an IPO and a private equity what Middleby buys. We provide liquidity to that management or to that founder/entrepreneur. Then when they come into us, that company could not have been able to go to China, Brazil, India, Middle East, Mexico, without our infrastructure, so it gives them an access, immediate access to international. In many cases, those companies also have not the ability to build the relation they have with the supplier, given the scale we have, so the first thing becomes another leverage. No. 3: The most exciting for us is we provide earnout. There's an earnout to make sure that those people retain value as they help us make the money we're going to make as investors into that company, and we leave them autonomy. They continue operating on their own. We leave them getting that patent technology going; however, in many instances they lack credibility within the chains. The most important -- we'll talk about it later -- is our no-quibble warranty. Now, suddenly, I take a company that has a disruptive technology, that has no ability to get to a Olive Garden or Red Lobster, just because there's no president or VP of operation at an Olive Garden that has 850 stores, that's going to come in and take a company that's $20 million, hasn't been tested and roll it, gives them an order as big as that company is. And at Middleby, we give that guarantee. We've had a relationship with those customers and they understand. If something was wrong, we're going to stand behind it. We're going to train; we're going to implement it right. We're going to take it overseas, in the case, for example, for Yum! where we take that technology overseas, and we're going to basically train their people, whether it's in India or in China or in the Philippines in our own test kitchen, which a small company could not do. Middleby is one of Tom Gardner's favorite stocks, but you can never have too many great companies in your portfolio. If you're looking for more ideas, our chief investment officer has selected a different stock as his favorite for this year. Find out which stock it is in the free report: "The Motley Fool's Top Stock for 2013." Just click here to access the report and find out the name of this under-the-radar company.
Delta Air Lines reported a net income of $213 million for the January-through-March quarter. Company stock was cleared for takeoff on the news: Shares climbed 4.3% to $36.46 in morning trading. Delta said its results were impacted by the season's persistent poor weather, which forced airlines to cancel tens of thousands of flights during the quarter as a series of winter stories snarled airports across large parts of the U.S. Delta said it alone grounded more than 17,000 flights due to severe weather in January and February, twice the number of flights it cancelled because of weather last year. These cancellations cost the airline $90 million, and lowered its pre-tax income by $55 million. "The March quarter's record results in the face of unprecedented weather show the strength and resilience of Delta," Delta CEO Richard Anderson said in a statement. "Our work is not finished, and there is great opportunity ahead as we expect the June quarter to produce 14%-16% operating margins. We are transforming Delta into a high-quality S&P 500 company that consistently delivers strong earnings growth and shareholder returns." Delta Air Lines, whose merger with Northwest Airlines in 2008 has been hailed as one of the more seamless airline tie-ups, has gotten high marks recently for its performance and increasing customer satisfaction. Earlier this month, the carrier was ranked number four among U.S. carriers in an annual performance survey released by Embry-Riddle Aeronautical University and Wichita State University's W. Frank Barton School of Business. The researchers noted that while the merger of two major carriers usually leads to declining performance, Delta saw customer complaints and its number of mishandled bags dip last year. And the carrier is holding its own against lower-cost peers who often top customer satisfaction ! surveys. For the last quarter of 2013, Delta reported a $558 million profit as it carried more passengers, and reaped higher fares.
BEIJING (TheStreet) -- Elon Musk is getting more attention than a Korean pop star in China this week, even though his Tesla Motors (TSLA) last year sold only one-tenth of 1 percent as many cars worldwide as Chinese consumers bought. The buzz in the media and among Chinese stock analysts is all about the fact that Musk's plans for building electric cars and solar-powered charging stations in China match the goals of Beijing, Shanghai and central government officials. Officials want to cut auto emissions in a country where a record-breaking 22 million vehicles were sold last year. They also want to diversify the economy by promoting so-called "new energy" manufacturers of electric cars, batteries, wind turbines and the like. Musk pushed all the right buttons by announcing that Tesla would open a research center in China and work with the cities of Beijing and Shanghai to build charging networks. His most welcome announcement was that the U.S. company might start manufacturing cars in China in three years. The buzz began Sunday at the annual Beijing auto show, where Tesla's electric Model S took center stage. It continued Monday when Chen Weihong, the Charlie Rose of state-run CCTV television, interviewed Musk on a nationally broadcast talk show. The American billionaire chatted with Chen about Tesla's IPO, the Paypal business, colonizing Mars, his family and selling cars in China. "China is very important for the future of Tesla's market. We'll make huge investments," Musk said. "Our sales, our services will be customized for the Chinese." "The most important message I want to convey (is that) we believe that China is a very, very important country. We will do a lot of investing in China, to ensure that anyone who buys a car has a very good experience." Musk made another big media splash Tuesday while meeting several buyers of the California-made Model S at a Tesla showroom in Beijing. In a private interview with Hu Shuli, a well-known business magazine editor, he said driving the decision to manufacture in China was the fact that "importing cars into China from California is not reasonable." Indeed, Tesla has cited taxes, trans-Pacific shipping costs and import duties for a Model S sticker price in China that tops the U.S. price by more than $40,000. The buzz was scheduled to continue Wednesday, when Musk was due to appear in Shanghai for more photo ops and handshakes. State media said he planned to meet high-level city government officials while unveiling plans to open the company's China headquarters in the city's Jinqiao district. Meanwhile, stock analysts who've been following Musk are telling investors that Tesla's expansion is likely to open doors for all sorts of electric car-affiliated businesses that trade on the Shenzhen and Shanghai stock markets. Recommended buys this week included lithium-ion battery makers Capchem, Camel and Shanshan. Due to low consumer interest and a lack of charging stations, China's original electric-car company BYD (BYDDY) in recent years has switched its focus to gasoline-powered vehicles. Much more successful in China are companies that make battery-powered motorbikes. At the time of publication, the author held no positions in any of the stocks mentioned. This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff. Stock quotes in this article: TSLA, BYDDY
Need any more proof that the market for initial public offerings is showing cracks? Look no further than the ten companies that went public last week. Eight of those 10 U.S.-listed IPOs priced below their expected range, the most in a single week since July of 2004, according to Dealogic. The lower pricing didn’t help the stocks once they began trading either. The average one-day pop for last week’s IPOs was 6.2%, well below this year’s average of 16.2%, according to Dealogic.  High-profile offerings from boutique investment bank Moelis(MC) & Co. and travel-technology firm Sabre Corp.(SABR) sold fewer shares at a lower price than both expected lat week. On the day they debuted, shares of the two companies rose 4.6% and 3%, respectively. The two companies that sold their shares within their marketed range—China’s Leju Holdings Ltd.(LEJU) and Weibo Corp.(WB)—both opted the day of their offerings to sell fewer shares than planned. For the first two months of the year, as the broader market struggled, IPOs delivered strong returns for investors. The average gain for IPOs on its first day of trading was nearly 20%. But beginning last month, stocks of high-flying biotech, social media and cloud-computing companies began taking a beating. The Nasdaq Biotechnology Index tumbled 14% over the past month, and the Nasdaq Internet Index fell 9%. The turmoil quickly caused investors to pull back from IPOs. Shares of King Digital Entertainment(KING) PLC, maker of the “Candy Crush Saga” mobile videogame and one of the most anticipated IPOs of the year, debuted on March 26 and plunged 16% that day. Two weeks later, two of April’s biggest IPOs --the $2.4 billion sale of Ally Financial Inc.(ALLY) and the $650 million offering of hotel chain La Quinta Holdings Inc(LQ).–priced shares cautiously. Ally priced at the low end of its expected range, while La Quinta priced below its expected range. Then came last week, with its series of offerings that fell short. With only a handful of small offerings this week, there’s no immediate catalyst looming that will give a fresh jolt to the IPO market.
Investors are widely expecting Apple (NASDAQ: AAPL ) to get into the mobile payments game sooner or later, especially after CEO Tim Cook mentioned that the company now has 575 million active iTunes accounts with credit card information just a click or tap away. That makes its active user base nearly three times that of Amazon.com, the largest e-commerce company in the world.  Passbook in iOS 6. Source: Apple. Apple's stepping stone until then is Passbook, which aggregates other wallet-related items like gift cards, loyalty cards, and more. Even though Passbook doesn't offer any type of uniform payment method that links to a credit card, the app is already taking off in popularity among retailers and merchants. GigaOM recently spoke with CashStar marketing exec Gene Cornfield about Passbook's potential. CashStar helps many well-known retailers create digital gift cards, so it has valuable insight into how Passbook is progressing. The company says that approximately 33% of gift cards that are sent are opened on a smartphone, and 66% of these smartphones run iOS 6. Roughly 30% of these gift cards are subsequently added to Passbook. Cornfield told GigaOM that many retailers were skeptical at first, but eventually warmed up to the idea as users began to understand its value proposition. Using gift cards is currently the best way for users to spend money at retailers, with CashStar saying "millions of dollars" have been processed through Passbook. The location-based reminders also help users remember to redeem cards once they are near a store. Companies only recognize gift card dollars as revenue once the funds are spent. Reloadable store-specific cards are also helping retailers make payments. I use the Starbucks card in my Passbook all the time to buy coffee, which reloads automatically. Apple gave no hints of a payments service at WWDC earlier this month, but considering Passbook's early success, this is an important opportunity for the Mac maker. Like most of its services, payments will likely generate negligible operating income and instead will be positioned as a complementary offering that spurs device sales. Google Wallet has mostly failed to make a dent in the payments market, leaving a wide opening for Apple. It's incredible to think just how much of our digital and technological lives are almost entirely shaped and molded by just a handful of companies. Find out "Who Will Win the War Between the 5 Biggest Tech Stocks?" in The Motley Fool's latest free report, which details the knock-down, drag-out battle being waged by the five kings of tech. Click here to keep reading.
U.S. auto sales numbers for May were released this past week, and one trend was clear: Pickup trucks are hot. Ford (NYSE: F ) saw sales of its F-Series line rise 31% over last May's totals. That led rivals' gains -- but nearly all of the pickup makers saw sales jump. What's going on? In this video, Fool contributor John Rosevear looks at the economic forces driving these big jumps in full-sized pickup sales -- and at what they mean for profits at Ford and rival General Motors (NYSE: GM ) . Big pickup sales are just one of sevearl good reasons to think that Ford still has big growth opportunities ahead. We've outlined those opportunities in detail in the Fool's premium Ford research service. If you're looking for some freshly updated guidance to Ford's prospects in coming years, just click here to get started now. #pitch{ margin-bottom: 15px; } More Expert Advice from The Motley Fool The Motley Fool's chief investment officer has selected his No. 1 stock for the next year. Find out which stock in our brand-new free report: "The Motley Fool's Top Stock for 2013." I invite you to take a copy, free for a limited time. Just click here to access the report and find out the name of this under-the-radar company.
DELAFIELD, Wis. (Stockpickr) -- Professional traders running mutual funds and hedge funds don't just look at a stock's price moves; they also track big changes in volume activity. Often when above-average volume moves into an equity, it precedes a large spike in volatility.
>>5 Rocket Stocks for a Tumbling Market
Major moves in volume can signal unusual activity, such as insider buying or selling -- or buying or selling by "superinvestors."
Unusual volume can also be a major signal that hedge funds and momentum traders are piling into a stock ahead of a catalyst. These types of traders like to get in well before a large spike, so it's always a smart move to monitor unusual volume. That said, remember to combine trend and price action with unusual volume. Put them all together to help you decipher the next big trend for any stock.
>>5 Stocks Insiders Love Right Now With that in mind, let's take a look at several stocks rising on unusual volume recently. Post
Post (POST) manufactures, markets and distributes ready-to-eat cereals, snacks and active nutrition products in the U.S. and Canada. This stock closed up 5.6% to $54.73 in Wednesday's trading session.
Wednesday's Volume: 1.72 million
Three-Month Average Volume: 576,016
Volume % Change: 202%
From a technical perspective, POST ripped higher here right above its recent low of $50.45 with strong upside volume. This move briefly pushed shares of POST back above its 50-day moving average of $55.52, before the stock closed just below that level at $54.73. Shares of POST are now quickly moving within range of triggering a near-term breakout trade. That trade will hit if POST manages to take out some near-term overhead resistance levels at $55.71 to Wednesday's high of $55.76 with high volume.
Traders should now look for long-biased trades in POST as long as it's trending above Wednesday's low of $51.83 and then once it sustains a move or close above those breakout levels with volume that hits near or above 576,016 shares. If that breakout materializes soon, then POST will set up to re-test or possibly take out its next major overhead resistance levels at $59.97 to its 52-week high at $60.63.
SodaStream International
SodaStream International (SODA) engages in the development, manufacture and sale of home beverage carbonation systems that enable consumers to transform ordinary tap water instantly into carbonated soft drinks and sparkling water. This stock closed up 8.1% at $40.75 in Wednesday's trading session.
Wednesday's Volume: 3.98 million
Three-Month Average Volume: 1.55 million
Volume % Change: 143%
From a technical perspective, SODA gapped up sharply higher here and closed right on its 50-day moving average of $40.75 with strong upside volume. This gap is coming after shares of SODA recently pulled back from $45.20 to its recent low of $37.16. That low occurred right near some previous support at $37. Market players should now look for a continuation move higher in the short-term if SODA manages to take out Wednesday's high of $42.25 to more resistance at $42.50 with strong volume.
Traders should now look for long-biased trades in SODA as long as it's trending above Wednesday's low of $40.20 or above $39 and then once it sustains a move or close above $42.25 to $42.50 with volume that this near or above 1.55 million shares. If that move materializes soon, then SODA will set up to re-test or possibly take out its next major overhead resistance level at $45.20. Any high-volume move above $45.20 will then give SODA a chance to re-fill some of its previous gap-down-day zone from January that started just above $50.
Voxeljet AG
Voxeljet AG (VJET) provides three-dimensional printers and on-demand parts services to industrial and commercial customers. This stock closed up 9.2% at $16.17 in Wednesday's trading session.
Wednesday's Volume: 1.36 million
Three-Month Average Volume: 541,534
Volume % Change: 165%
From a technical perspective, VJET skyrocketed sharply higher here right above some near-term support at $14.06 with strong upside volume. This stock has been downtrending badly over the last month and change, with shares moving lower from its high of $37.49 to its recent low of $14.06. During that slide, shares of VJET have been consistently making lower highs and lower lows, which is bearish technical price action. That move pushed shares of VJET into oversold territory, since its current relative strength index reading is 23.60. Shares of VJET are now starting to rip higher off oversold levels and it has started to trade inside of its gap-down-day zone from earlier this month that started above $20.
Traders should now look for long-biased trades in VJET as long as it's trending above Wednesday's low of $14.90 and then once it sustains a move or close above Wednesday's high of $16.65 with volume that hits near or above 541,534 shares. If we get that move soon, then VJET will set up to re-fill some more of that gap-down-day zone that started just above $20. To see more stocks rising on unusual volume, check out the Stocks Rising on Unusual Volume portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.
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At the time of publication, author had no positions in stocks mentioned.
Roberto Pedone, based out of Delafield, Wis., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.
Here at The Motley Fool, I've long cautioned investors to keep a close eye on inventory levels. It's a part of my standard diligence when searching for the market's best stocks. I think a quarterly checkup can help you spot potential problems. For many companies, products that sit on the shelves too long can become big trouble. Stale inventory may be sold for lower prices, hurting profitability. In extreme cases, it may be written off completely and sent to the shredder. Basic guidelines
In this series, I examine inventory using a simple rule of thumb: Inventory increases ought to roughly parallel revenue increases. If inventory bloats more quickly than sales grow, this might be a sign that expected sales haven't materialized. Is the current inventory situation at Crane (NYSE: CR ) out of line? To figure that out, start by comparing the company's inventory growth to sales growth. How is Crane doing by this quick checkup? At first glance, OK, it seems. Trailing-12-month revenue increased 0.6%, and inventory decreased 2.4%. Comparing the latest quarter to the prior-year quarter, the story looks decent. Revenue dropped 2.8%, and inventory contracted 2.4%. Over the sequential quarterly period, the trend looks OK but not great. Revenue dropped 0.4%, and inventory grew 2.0%. Advanced inventory
I don't stop my checkup there, because the type of inventory can matter even more than the overall quantity. There's even one type of inventory bulge we sometimes like to see. You can check for it by examining the quarterly filings to evaluate the different kinds of inventory: raw materials, work-in-progress inventory, and finished goods. (Some companies report the first two types as a single category.) A company ramping up for increased demand may increase raw materials and work-in-progress inventory at a faster rate when it expects robust future growth. As such, we might consider oversized growth in those categories to offer a clue to a brighter future, and a clue that most other investors will miss. We call it "positive inventory divergence." On the other hand, if we see a big increase in finished goods, that often means product isn't moving as well as expected, and it's time to hunker down with the filings and conference calls to find out why. What's going on with the inventory at Crane? I chart the details below for both quarterly and 12-month periods.  Source: S&P Capital IQ. Data is current as of latest fully reported quarter. Dollar amounts in millions. FY = fiscal year. TTM = trailing 12 months.  Source: S&P Capital IQ. Data is current as of latest fully reported quarter. Dollar amounts in millions. FQ = fiscal quarter. Let's dig into the inventory specifics. On a trailing-12-month basis, work-in-progress inventory was the fastest-growing segment, up 9.4%. On a sequential-quarter basis, work-in-progress inventory was also the fastest-growing segment, up 9.4%. Crane seems to be handling inventory well enough, but the individual segments don't provide a clear signal. Crane may display positive inventory divergence, suggesting that management sees increased demand on the horizon. Foolish bottom line
When you're doing your research, remember that aggregate numbers such as inventory balances often mask situations that are more complex than they appear. Even the detailed numbers don't give us the final word. When in doubt, listen to the conference call, or contact investor relations. What at first looks like a problem may actually signal a stock that will provide great returns. And what might look hunky-dory at first glance could actually be warning you to cut your losses before the rest of the Street wises up. Looking for alternatives to Crane? It takes more than great companies to build a fortune for the future. Learn the basic financial habits of millionaires next door and get focused stock ideas in our free report, "3 Stocks That Will Help You Retire Rich." Click here for instant access to this free report. Add Crane to My Watchlist.
The latest fund flow figures from Morningstar show that investors added close to $40 billion to long-term U.S.-domiciled mutual funds in March. This movement included “strong flows” to developed international markets as well as “a rebound” in flows to intermediate-term bond funds. “Core intermediate-term bond funds attracted $4.3 billion in inflows, the first monthly inflow for the category in 11 months and the strongest since January 2013,” explained Michael Rawson, CFA, in a study released Monday. “With the U.S. equity market appearing fully valued, investors may be taking the opportunity to rebalance into bonds,” Rawson said. But fixed income giant PIMCO continued to see outflows: $7.4 billion moved out of its funds in March, while $15.5 billion was withdrawn by investors in the first quarter, Morningstar reports. PIMCO’s flagship Total Return Fund (PTTRX), for instance, experienced $3.1 billion in outflows in March. Other intermediate-term bond funds had $7.4 billion of inflows during the month. PIMCO Picture One factor influencing PIMCO’s shift in popularity is Morningstar’s recently lowering of PIMCO’s overall fund-family rating — or Parent Pillar score — to neutral from positive; the fund group, though, has reaffirmed PIMCO Total Return’s Gold rating. (Other factors include the departure of then-CEO Mohamed El-Erian in January, and emotional discussions about it by co-founder Bill Gross.) “Given PIMCO’s fixed-income focus, it came as no surprise that the firm faced large outflows in 2013 as interest rates rose,” noted Rawson. Still, PIMCO kept losing assets in the first quarter of 2014, when other mutual fund firms saw $141 billion in inflows. “For example, the annualized first-quarter organic growth rate for PIMCO Total Return was negative 13%,” he added. Though the overall category contracted 1% in the first quarter, the intermediate-term bond category would have had an inflow if the $232 billion PIMCO Total Return Fund had been excluded. Other asset losers in early 2014 are the PIMCO Unconstrained Bond (PFIUX), PIMCO EM Fundamental Index-Plus AR Strategy (PEFIX) and PIMCO International Fundamental Index-Plus AR Strategy (PTSIX). The PIMCO Income Fund (PIMIX), though, has experienced stronger inflows than its category. Two funds recently launched by the group received inflows “that likely corresponded to the outflows from PEFIX and PTSIX,” according to Morningstar: the PIMCO EMG International Low Volatility RAFI-Plus AR (PLVLX) and PIMCO International Low Volatility RAFI-Plus AR (PLVTX), which drew $2.4 billion and $1.9 billion, respectively. There’s also mixed news for the PIMCO All Asset All Authority Fund, which averaged $544 million of inflows per month for the trailing three years through 2013. In Q1’14, the fund had monthly outflows of $865 million on average. Equity Movement The $2.8 billion inflow into U.S. equity mutual funds in March didn’t really explain investor sentiment for the period, Rawson says. During the month, Fidelity moved some $6.5 billion from equity mutual funds to collective investment trusts. “Adding that transfer back would result in a $9.3 billion inflow for U.S equity funds,” he noted. “In the trailing five months through February 2014, U.S. equity mutual fund inflows averaged $8.2 billion, so last month’s adjusted inflow was in line with that average.” The three Fidelity funds that had transfers to CITs are the Fidelity Contra Fund (FCNKX), Fidelity Growth Company Fund (FGCKX) and Fidelity Low-Priced Stock Fund (FLPKX). As for international equity funds, foreign large-blend experienced the greatest inflow, at $6.6 billion. The Vanguard Total International Stock Index Fund (VTSAX) topped the category, with inflows of $1.8 billion, followed by the Dodge & Cox International Stock Fund (DODFX) with $834 million and the Oppenheimer International Growth Fund (OIGAX) with $720 million. Diversified emerging-markets funds, which had outflows in February, attracted $1.1 billion in March. The Thornburg Developing World Fund (THDAX), for instance, attracted close to $200 million. In the alternatives category, the Gotham Absolute Return Fund (GARIX) and BlackRock Global Long/Short Equity (BDMIX) now top $1 billion of assets, after being launched in late 2012. “If we add back the transfer of Fidelity fund assets to Fidelity collective investment trusts, PIMCO was the only fund provider among the top 10 to experience net outflows during the first quarter,” Rawson said. Fund Families The top three fund families, Vanguard, Fidelity and American Funds, remain in the dominant positions as of March 31. There market shares are 18%, 11% and 10% respectively. With some $2 trillion in fund assets, Vanguard had inflows of $13.8 billion in March and $35.5 billion in the first quarter. Fidelity has about $1.2 trillion in fund assets overall. It had outflows of $1.4 billion in March and $3.7 million in the first quarter; again, during the past month, Fidelity transferred some $6.5 billion from funds to collective investment trusts. American Funds had inflows of nearly $900 million in March and close to $1 billion for the quarter. Its overall fund asset base is $1.1 trillion. Vanguard’s inflows of $35.5 billion put it at the top of the list for the quarter. JPMorgan drew about $8 billion during the period, followed by Dimensional Fund Advisors with $7.7 billion and T. Rowe Price with $7.5 billion. In March, when Vanguard had nearly $14 billion of inflows, JPMorgan experienced $2.4 billion of inflows, and DFA some $2.2 billion.
Steve Jobs said in a 2007 interview, "People want to own their music. The subscription model has failed so far... never say never, but customers don't seem to be interested in it."�Looking just at the surface of iTunes' current state, Apple's� (NASDAQ: AAPL ) former CEO seems to be right. iTunes is a $17 billion a year business. And this year, the company will see its 100 billionth download. Well, it seems Jobs was wrong. When you look at the history of Pandora� (NYSE: P ) , it looks like the subscription model is here to stay. Not only did Pandora go public in 2010, but it also has over 200 million registered users. Its daily active users are still growing and stands at 65 million. Additionally, the company's revenues have grown by 50% the last year. It's no wonder that�Google� (NASDAQ: GOOG ) is trying to get in on this space with its own streaming service. While this is all great news for Pandora, the reality is that Pandora lost its innovative luster. Instead, there's a new company on the market that Pandora didn't forsee: Spotify. Top 10 Wireless Telecom Companies To Watch In Right Now: Sprint Corp (S&LS) Sprint Corporation, incorporated on May 10, 2012, offers a range of wireless and wireline communications services to consumers, businesses and government users. On July 10, 2013, the Company, SoftBank Corp. and Sprint Nextel Corporation (Sprint Nextel) completed the merger. In the Merger, Sprint Corporation was merged into Sprint Nextel, New Sprint became the parent company of Sprint Nextel, with Sprint Nextel becoming its direct wholly owned subsidiary, and Sprint Nextel changed its name to Sprint Communications, Inc. The Company develops, engineers and deploys technologies, including the first wireless fourth generation (4G) service from a national carrier in the United States; offering mobile data services, prepaid brands, including Virgin Mobile USA, Boost Mobile, and Assurance Wireless; instant national and international push-to-talk capabilities, and a global Tier 1 Internet Service. The Company also offers unlimited data services. Advisors' Opinion: - [By Holly LaFon]
Since Wilmers & Co. took over M&T Bank in 1983 the bank has acquired 23 banks and Savings and Loans (S&Ls) ��expanding from a single state to seven ��and assets have grown from $2 billion to $110 billion. M&T's branch count has grown from 60 to over 870. The bank currently boasts a customer base of over 2 million retail household customers and nearly 220,000 commercial customers.
Top 10 Wireless Telecom Companies To Watch In Right Now: Stream Group Ltd (SGO) Stream Group Limited, formerly LongReach Group Limited, is an Australia-based company operating in the information and communications technology (ICT) sector. The Company is engaged in the design, integration, installation and maintenance of integrated information and communications technology based products and services to the defense, public safety and security sectors, as well as for government, telecommunications and corporate customers, both locally and internationally. The Company together with its subsidiaries is also engaged in the provision of consulting services to certain key defense organizations. In January 2013, the Company sold its C4i business. Advisors' Opinion: - [By Jonathan Morgan]
Saint-Gobain (SGO) dropped 3.7 percent to 36.87 euros. Morgan Stanley cut its rating on the stock to underweight, similar to a sell recommendation, from equal weight, saying it doesn�� see a recovery yet in the European building industry and the contribution from emerging markets will slow.
KDDI CORPORATION is a telecommunications company. The Mobile Telecommunication segment is engaged in the provision of mobile communications services, including voice and data services, and mobile WIMAX services, as well as the sale of mobile communication terminals and the provision of contents. The Fixed-line Telecommunication segment provides broadband services, including fiber to the home (FTTH) and cable television (TV) services, as well as domestic and overseas communication services, data center services and information and communication technology (ICT) solution services. The Others segment is involved in the operation of call centers and the development of research and advanced technology. On December 2, 2013, it transferred all shares of a wholly owned subsidiary, JAPAN CABLE NET LIMITED to another subsidiary. In December 2013, the Company acquired the entire share capital in Yugen Kaisha Cosmos. Advisors' Opinion: - [By MARKETWATCH]
LOS ANGELES (MarketWatch) -- With the yen holding on to its gains and investors cautious as earnings season kicks off, Japanese stocks slid lower Friday after closing the previous day with some late-session gains. The Nikkei Stock Average (JP:NIK) fell 0.9% to 14,358.28, with the Topix down 0.8%, as the dollar bought 97.36 yen, little changed from 24 hours earlier. The relatively strong yen weighed on some names with high global exposure, as Sharp Corp. (JP:6753) (SHCAF) lost 1%, Pioneer Corp. (JP:6773) (PNCOF) dropped 1.6%, and Bridgestone Corp. (JP:5108) (BRDCF) fell 1.2%. An outlook cut from Canon Inc. (JP:7751) (CAJ) helped send its shares down 1%, while rival Nikon Corp. (JP:7731) (NINOF) lost 1.8%, though Olympus Corp. (JP:7733) (OCPNF) gained 1%. Telecoms were weak, with Softbank Corp. (JP:9984) (SFTBF) falling 2.5%, KDDI Corp. (JP:9433) (KDDIF) down 1.7%, and NTT DoCoMo Inc. (JP:9437) (NTDMF) - [By MARKETWATCH]
LOS ANGELES (MarketWatch) -- Japanese stocks opened sharply higher Monday, with the Nikkei Stock Average (JP:NIK) advancing 1.1% to 14,242.86 after falling 2.8% Friday, as end-of-the-week gains for U.S. shares and some earnings news helped lift the market. The Topix also saw solid gains, up 0.8% in early moves. Major advances included a 2.5% rise for Hitachi Ltd. (JP:6501) (HTHIF) , a 4.1% surge for Mitsubishi Motors Corp. (JP:7211) (MMTOF) , and a 2.6% improvement for KDDI Corp. (JP:9433) (KDDIF) after the Nikkei business daily said the telecom will report a 50% increase for operating profit in the fiscal first half compared to a year earlier. Sony Corp. (JP:6758) (SNE) added 2% after scoring a Credit Suisse upgrade to outperform. Shares of NTT DoCoMo Inc. (JP:9437) (NTDMF) traded 1.1% higher after posting above-forecast quarterly results Friday, while JFE Holdings Inc. (JP:5411) (JFEEF) fell 3.2% after the steel producer also reported earnings. - [By Daniel Inman]
In Tokyo, KDDI (JP:9433) � (KDDIF) �gained 0.6% after the telecommunications company reported a record-high and consensus-beating operating profit for the first half of the fiscal year, due to a stronger-than-expected increase in subscription and a rise in usage revenue.
Top 10 Wireless Telecom Companies To Watch In Right Now: Rewards Nexus Inc (ERNI) Rewards Nexus Inc., formerly NIS Holdings Corp., incorporated on June 21, 2004, through its subsidiaries, operates in the loyalty/rewards industry. The Company has launched the Earn IQ rewards program, a consumer loyalty platform-coupled with marketing and advertising services for various industries. The Company provides consumers with opportunities to interact and engage with online and mobile products. It primarily focuses on various business sectors, including the customer loyalty management market, the gift card industry, the online food ordering industry, and the marketing consulting industry Advisors' Opinion: - [By Peter Graham]
Small cap stocks Rewards Nexus Inc (OTCMKTS: ERNI), MyEcheck Inc (OTCMKTS: MYEC) and ITonis Inc (OTCMKTS: ITNS) fell 29.6%, 18.92% and 9.09%, respectively, last Friday. Moreover, some of these small cap stocks are already making big moves again this morning - perhaps in part because they have all been the subject of recent paid promotions. So where are these small cap heading this week and for the long term? Here is a quick reality check:
Top 10 Wireless Telecom Companies To Watch In Right Now: Eutelsat Communications SA (ETL) Eutelsat Communications SA is a France-based holding company that provides fixed satellite services. It provides four types of services, including broadcast services, such as direct-to-home and professional broadcasting; broadband services, comprising broadband Internet access; telecoms and data services to ensure permanent communications links from all points of the globe, establish or restore communications in an emergency and multicast content; as well as mobile and maritime communications, such as fleet management and on- and off-shore broadband maritime communications. It operates a fleet of satellites covering Europe, the Middle East, North and sub-Saharan Africa, as well as parts of Asia and the Americas. In January 2014, it acquired Satelites Mexicanos, S.A. de C.V. and together with SES SA have completed the sale to EchoStar Corp. of Solaris Mobile Ltd. Advisors' Opinion: - [By Sofia Horta e Costa]
Eutelsat Communications SA (ETL) declined 6.2 percent to 21.02 euros after predicting sales will grow by more than 2.5 percent for the year 2013 to 2014. The company, which operates 31 satellites, forecast growth of more than 5 percent for the following two years through June 2016. JPMorgan Chase & Co. cut its price target for the stock to 24 euros from 33 euros, saying analysts��will probably reduce their estimates following the company�� revised guidance.
Top 10 Wireless Telecom Companies To Watch In Right Now: Tim Participacoes SA (TIMP3) TIM Participacoes SA (TIM) is a Brazil-based holding company engaged in the telecommunications segment. Through its wholly-owned subsidiaries, TIM Celular SA (TIM Celular) and Intelig Telecomunicacoes Ltda (Intelig), it provides telecommunication services throughout Brazil. TIM Celular and Intelig are active as Public Switched Telephony Network (PSTN) providers in the local and national and international long-distance modalities in all Brazilian states. Additionally, the Company provides multimedia communication services and personal mobile services, mobile data services and a third generation (3G) network, as well as international roaming agreements, multimedia messaging services, blackberry services and sale of related equipment. Advisors' Opinion: - [By Jonathan Morgan]
Telecom Italia SpA (TIT) jumped 6.2 percent to 65.6 euro cents. The phone company that was stripped of its investment-grade rating is seeking at least 9 billion euros for its controlling stake in Brazilian wireless carrier Tim Participacoes SA (TIMP3), according to a person with direct knowledge of the matter. - [By Inyoung Hwang]
Telecom Italia climbed 5.2 percent to 64.2 euro cents, its highest price since May. The telecommunications operator would gain enough funds to improve its domestic business if it sells at least 4 billion euros ($5.4 billion) of shares or its stake in Tim Participacoes SA (TIMP3) in Brazil, according to Goldman Sachs. - [By Zahra Hankir]
Brazil�� Ibovespa extended its weekly decline to 3.3 percent. Mobile carrier Tim Participacoes SA (TIMP3) sank after parent Telecom Italia SpA (TIT)�� chief executive officer said its Brazilian assets are strategic, damping speculation the local unit will be sold.
Top 10 Wireless Telecom Companies To Watch In Right Now: Intelsat SA (I) Intelsat S.A., incorporated on July 18, 2011, is a satellite services business, providing a layer in the global communications infrastructure. The Company operates satellite capacity, holds orbital location rights, contract backlog, serve commercial customers and deliver services. It provides diversified communications services to the world�� media companies, fixed and wireless telecommunications operators, data networking service providers for enterprise and mobile applications, multinational corporations and Internet service providers (ISPs). It is also the provider of commercial satellite capacity to the United States government and other select military organizations and their contractors. The Company has a satellite fleet comprised of more than 50 satellites, covering 99% of the Earth�� populated regions. Its fleet, combined with the IntelsatOne terrestrial fiber network and a collection of teleports, form a singular unmatched global infrastructure to meet any communications requirement. As the provider of satellite services, the Company provides mission critical communication services. Advisors' Opinion: - [By Rich Duprey]
Satellite services provider�Intelsat (NYSE: I ) announced yesterday its second-quarter dividend of $0.799 per share on its 5.75% Series A mandatory convertible junior non-voting preferred stock, which trades on the NYSE under the symbol I.PRA. - [By The Specialist]
Subject to ongoing evaluation and analysis, the Reporting Person may consider certain plans or proposals to increase shareholders' value that may relate to or may result in (I) a change in the present board of directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board; and/or (ii) a material change in the present dividend policy of the Issuer
Top 10 Wireless Telecom Companies To Watch In Right Now: CalAmp Corp (CAMP) CalAmp Corp. (CalAmp) develops and markets wireless technology solutions that deliver data, voice and video for critical networked communications and other applications. The Company has two business segments: Wireless DataCom, which serves commercial, industrial and government customers, and Satellite, which focuses on the North American Direct Broadcast Satellite (DBS) market. In May 2012, CalAmp Corp announced that it has entered into a five-year supply agreement to provide fleet tracking products to Navman Wireless. As part of the transaction, CalAmp has acquired certain products and technologies from Navman Wireless and established a research and development center in Auckland, New Zealand. The assets acquired by CalAmp include technology for Mobile Display Terminals (MDT) and an MDT product line marketed to telematics original equipment manufacturers (OEMs) globally. In March 2013, it completed the acquisition of the operations of Wireless Matrix Corporation. Wireless DataCom The Wireless DataCom segment provides wireless technology, products and services for industrial Machine-to-Machine (M2M) and Mobile Resource Management (MRM) market segments for a range of applications, including optimizing and automating electricity distribution and ancillary utility functions; facilitating communication and coordination among emergency first-responders; increasing productivity and optimizing activities of mobile workforces; improving management control over valuable remote and mobile assets, and enabling emerging applications in a wirelessly connected world. The Company's Wireless DataCom segment is comprised of a Wireless Networks business and an MRM business. CalAmp's Wireless Networks business provides products, systems and services to industrial, utility, energy and transportation enterprises and state and local governmental entities for deployment where the ability to communicate with mobile personnel or to command and control remote assets is crucial. Utilities! , oil and gas, mining, railroad and security companies rely on CalAmp products for wireless data communications to and from outlying locations, permitting real-time monitoring, activation and control of remote equipment. Applications include remotely measuring freshwater and wastewater flows, pipeline flow monitoring for oil and gas transport, automated utility meter reading, remote Internet access and perimeter monitoring. CalAmp is among the leaders in the application of wireless communications technology to Smart Grid power distribution automation for electric utilities. MRM wireless solutions include global positioning system (GPS) location, cellular data modems and programmable events-based notification firmware as key components, allowing customers to know where and how their assets are performing, no matter where those mobile assets are located. Commercial organizations, vehicle finance providers, city and county governments, and a range of other enterprises rely on CalAmp products and systems to optimize delivery of services and protect valuable assets. Applications include fleet management, asset tracking, student and school bus tracking and route optimization, stolen vehicle recovery, remote asset security, remote vehicle start, and machine-to-machine communications. In addition to functioning as an OEM supplier of location and communications hardware for MRM applications, CalAmp is a total solutions provider of turn-key systems incorporating location and communications hardware, cellular airtime and Web-based remote asset management tools and interfaces. The Company competes with Motorola Solutions, GE-MDS, Freewave, Sierra Wireless, GenX, Spireon, Novatel Wireless-Enfora and Xirgo. Satellite The Satellite segment develops, manufactures and sells DBS outdoor customer premise equipment and whole home video networking devices for digital and high definition satellite television (TV) reception. CalAmp's satellite products are sold primarily to ! EchoStar,! an affiliate of Dish Network. The Company's DBS reception products are installed at subscriber premises to receive television programming signals transmitted from orbiting satellites. These DBS reception products consist principally of outdoor electronics that receive, process, amplify and switch satellite television signals for distribution over coaxial cable to multiple set-top boxes inside the home that can acquire, recognize and process the signal to create a picture. The Company competes with Sharp, Wistron NeWeb Corporation, Microelectronics Technology, Pro Brand and Global Invacom. Advisors' Opinion: - [By Jason Shubnell]
Yesterday, CalAmp (NASDAQ: CAMP) issued a downbeat outlook for the fourth quarter. CalAmp expected adjusted earnings of $0.19 to $0.23 per share on revenue of $60 million to $63 million. However, analysts were estimating earnings of $0.24 per share on revenue $63.2 million. - [By Monica Gerson]
CalAmp (NASDAQ: CAMP) reported upbeat fiscal second-quarter results. CalAmp shares jumped 9.90% to $20.54 in the after-hours trading session. Analysts expect Xyratex (NASDAQ: XRTX) to post its Q3 earnings at $0.05 per share on revenue of $209.31 million. Xyratex shares gained 0.18% to close at $11.16 yesterday. - [By Monica Gerson]
CalAmp (NASDAQ: CAMP) issued a downbeat outlook for the fourth quarter. CalAmp shares dipped 8.35% to $25.26 in the after-hours trading session. Anworth Mortgage Asset (NYSE: ANH) announced an additional 5 million share repurchase program. Anworth Mortgage shares rose 0.97% to $4.18 in after-hours trading.
Top 10 Wireless Telecom Companies To Watch In Right Now: KongZhong Corp (HOA) KongZhong Corporation, incorporated on May 6, 2002, is a provider of digital entertainment services for consumers in the People�� Republic of China. The Company operates in three main business units: Wireless Value-Added Services (WVAS), mobile games and Internet games. In addition to developing and operating its self-developed Internet games, such as Loong, Demon Code and Kung Fu Hero, it is an operator of the World of Tanks game for the People�� Republic of China Internet games market. In addition, it is also the licensee in the People�� Republic of China for the Guild Wars 2 game developed by ArenaNet, Offensive Combat game developed by U4iA Games and Hawken game developed by Meteor Entertainment. The Company conducts substantially all of its business in the People�� Republic of China through its wholly owned subsidiaries KongZhong Beijing, KongZhong China and Simlife Beijing. It operates WVAS, mobile games and Internet games through Beijing AirInbox, Beijing WINT, Beijing Chengxitong, BJXR, Mailifang, Xinreli and Dacheng, all of which are based in the People�� Republic of China. Wireless Value-Added Services (WVAS) Business The Company provides interactive entertainment, media and other interactive services to mobile phone users in China through various second generation (2G) standard, technology platforms, including short message services (SMS), Interactive Voice Response services (IVR) and color ring back tone (CRBT), and through various second and a half generation standard (2.5G), technology and operating platforms, including wireless application protocol (WAP) and multimedia messaging services (MMS), which offer graphics, richer content and more interactivity than 2G wireless services. Its WVAS are tailored to the technical or other requirements of its telecommunications operator partners, through whom it deliver most of its WVAS, and to various billing systems for WVAS. Its WVAS are also delivered and marketed through various media partners, i! ncluding handset manufacturers, television stations, radio stations, print media and Internet sites. Its WVAS revenues accounted for 41.7% of its total revenues during the year ended December 31, 2012. The Company offers a variety of WVAS, such as mobile games, pictures, karaoke, electronic books, mobile phone personalization features, entertainment news, chat and message boards. It provides its services mainly pursuant to its cooperation arrangements with the telecommunications operators and their provincial subsidiaries, the terms of which are generally for one year or less. Mobile Games Business The Company is a developer and publisher of mobile games for mobile phone users in the People�� Republic of China (PRC). The mobile games it develops include action, role-playing and leisure games. During 2012, it acquired Noumena, a developer of cross-platform smartphone mobile game engines. Internet Games Business The Company develops Internet games internally based mainly on its technologies, which include its game engine (Dazzler three dimension (3D)), game development platforms and online game billing system, all developed by its internal team. In particular, its Dazzler 3D game engine enables the Company to create 3D graphics and visual effects, and provides the technical foundation for creating features in its games. Its game development platforms give the Company the capacity to develop Internet games within approximately six to 24 months and to update Its Internet games frequently in response to players��preferences. The Company uses an item-based revenue model for its games, whether internally developed or licensed, under which players can play its games on the Internet free of charge, but have to pay for purchases of in-game virtual items, such as in-game currencies, performance-enhancing clothing, weapons, accessories and pets. It distributes its electronic prepaid game cards and game points, which can be used to pur! chase in-! game virtual items, to players through multiple payment channels. The Company competes with Sina Corporation, Sohu.com Inc., TOM Online Inc., Phoenix New Media Limited, Wireless Arts, Perfect World Co. Ltd, Shanda Interactive Entertainment Limited, Netease.com, Inc., Changyou.com Limited, Giant Interactive Group Inc. and Tencent Holdings Limited. Advisors' Opinion: Top 10 Wireless Telecom Companies To Watch In Right Now: TechnoConcepts Inc (TCPS) TechnoConcepts, Inc. (TCI), incorporated in May 2003, is in the business of designing, developing, manufacturing and marketing wireless communications semiconductors. The Company has begun manufacturing wireless transmitter and receiver microchips, based on its technology, and produced its engineering run in August 2006. The technology, which TCI calls True Software Radio, is designed to improve the way that wireless signals are received and transmitted, by making possible device-to-device communication across otherwise incompatible networks and wireless standards. On October 17, 2005, the Company, through its wholly owned subsidiary, Asante Acquisition Corp. completed reorganization with RegalTech Inc. RegalTech's name was changed to Asante Networks Inc. (Asante). In December 2005, the Company formed Jinshilin Techno Ltd. (Jinshilin Techno) as its wholly owned subsidiary based in Shanghai, China. The Company organized Jinshilin Techno to provide marketing, sales and technical support for True Software Radio technology in China. On April 21, 2006, Jinshilin Techno acquired Internet television (IPTV) set-top box (STB) technology through license agreements with Jinshilin Technologies Development Company Ltd. (Jinshilin). Jinshilin Techno offers an IPTV set-top box that features voice over Internet protocol (VOIP), capability and can receive Internet protocol (IP) data transmissions through the household electrical power grid. Asante Networks Inc. provides Ethernet networking solutions for Apple Computer and the small-to-medium business retail markets, offering the IntraCore and FriendlyNET product families, integrating voice, data, and video over wireless and wired networks with unified management and authentication. In April 2006, Asante announced the release of 2-chip switch solution, the IntraCore 38480. The IntraCore 38480 provides no frame loss and full-wire speed with minimized latency. With 96-gigabit switching fabric, the IntraCore 38480 supports full-wire speed on all ! ports. It has advanced traffic control based on L2-L7 data of incoming frames. The Company's True Software Radio technology makes possible for wireless transmitters and receivers, as well as the radio signal processing, to be fully controlled and reconfigured by software commands across a range of frequencies and frequency bands. Its True Software Radio technology is a delta-sigma microchip architecture that converts radio frequency signals directly into digital data for the wireless receiver and directly from digital data into radio signals for the wireless transmitter. True Software Radio microchips replace the analog front end, intermediate frequency (I/F) processing, analog-to-digital conversion (ADC), and digital filtering sections of conventional wireless transmitters and receivers. Advisors' Opinion: - [By Peter Graham]
Small cap tech stocks TechnoConcepts, Inc (OTCMKTS: TCPS), Unisource Corporation (OTCMKTS: USRC) and Strategic Global Investments, Inc (OTCMKTS: STBV) have been getting some attention lately in various investment newsletters thanks to promotions. Of course, there is nothing wrong with properly disclosed promotions, but they can backfire on the unwary as its really up to investors or traders alike to do their own due diligence before investing or trading. With that in mind, here is a quick reality check about three small cap tech stocks getting a bit of attention lately: TechnoConcepts, Inc (OTCMKTS: TCPS) Has the Yield Sign Replaced on Its OTC Page Small cap TechnoConcepts is a wireless technology company currently holding patents and other intellectual property. On Friday, TechnoConcepts fell 0.45% to $15.58 for a market cap of $415.28 million plus TCPC is up 1.1% over the past year and up 6% since April 2012 according to Google Finance.
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Donald Sterling, shown in 2010, bought the San Diego Clippers in 1981 and has been a presence in the Los Angeles sports scene since moving his team north in 1984. Flip through this gallery for more of Sterling. Mark J. Terrill, APFullscreen
Sterling and former Los Angeles mayor Tom Bradley pose for a photo in 1987. Andrew D. Bernstein, NBAE/Getty ImagesFullscreen
Sterling and LaLa Vazquez sit next to each other at a Clippers-Nuggets playoff game, where Vazquez's future husband, Carmelo Anthony, starred for Denver. Garrett Ellwood, NBAE/Getty ImagesFullscreen
Sterling and former GM Elgin Baylor pose after Baylor, who later sued the team for wrongful termination, won the 2005-06 NBA Executive of the Year Award. Andrew D. Bernstein, NBAE/Getty ImagesFullscreen
Sterling smiles during the first round of the 2012 playoffs, when the Clippers beat the Grizzlies. Jayne Kamin-Oncea, USA TODAY SportsFullscreen
Sterling and wife Shelly attend a game in November 2013. Kirby Lee, USA TODAY SportsFullscreen
Sterling sits courtside at a December 2012 game. Jayne Kamin-Oncea, USA TODAY SportsFullscreen
Sterling greets fans during December 2012. Jayne Kamin-Oncea, USA TODAY SportsFullscreen
Sterling takes in player introductions during the 1997 playoffs, when his team lost to the Jazz. Robert Hanashiro, USA TODAY SportsFullscreen
Sterling has a laugh with former Clippers star Elton Brand in 2001. Catherine Steenkeste, NBAE/Getty ImagesFullscreen
Sterling talks with former Clippers star Lamar Odom before a 2000 game. Robert Hanashiro, USA TODAY SportsFullscreen
Sterling and former NBA commissioner David Stern meet with officials before a Clippers 2012 second-round playoff game vs. the Spurs. Jayne Kamin-Oncea, USA TODAY SportsFullscreen
Sterling and wife Shelly pose for a photo before a 2012 playoff game. Andrew D. Bernstein NBAE/Getty ImagesFullscreen
Sterling during the 2012 NBA playoffs. Jayne Kamin-Oncea, USA TODAY SportsFullscreenLike this topic? You may also like these photo galleries:Replay
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