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The Wax Report

When reasonable people come together and make reasonable decisions, much can be achieved. That was my belief when I formed Wax Ink, and that is my belief today.

Through all of the highs and lows that are investing, I have tried to show interested investors that a portfolio that buys great companies at great prices, and then holds those great companies for extended periods of time, will yield superior returns when compared to a portfolio in which the holdings are continuously changed.

I invite you to follow the Wax Ink Portfolio as I continue my journey through a world never intended for working class investors.

The Wax Report – Week Ending 04/29/2016
The Wax Ink Portfolio was down 0.6% for the week.

By comparison, the Dow was down 1.3%, the Nasdaq was down 2.7%, the S&P 500 was down 1.3%, the Russell 2000 was down 1.4%, and the Volatility Index, commonly known as the VIX, was up 18.8%.

Year to date, the Wax Ink portfolio is down 7.6%, the Dow is up 2.0%, the Nasdaq is down 4.6%, the S&P 500 is up 1.0%, the Russell 2000 is down 0.4%, and the VIX is lower by 13.8%.

The portfolio breakdown remains roughly 60% cash, 40% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $34.08. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio was $30.57, making the current portfolio growth factor 10.31%.

Fair Warning
There was no change to the number of shares held in the portfolio during the prior week.

Hydrocarbon Prices
I have started to include the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) in my weekly performance reports and just wanted folks to understand what it is that I am talking about.

WTI Crude ended the week at $45.92, up 5.0%, while Brent Crude ended the week at $47.37, up 5.0%, creating a crude price spread of $1.45, an increase of 5.1% for the week. Distillate RBOB Gasoline ended the week at $1.6044, up 4.8%, and Heating Oil ended the week at $1.3860, up 5.9%, moving the Gulf Coast 3:2:1 Crack Spread to $19.02, up 5.4% for the week. Natural Gas ended the week at $2.18, up 1.9%.

Year to date WTI Crude is higher by 24.0%, Brent Crude is higher by 27.1%, Natural Gas is lower by 6.8%, RBOB Gasoline is higher by 26.2%, Heating Oil is higher by 23.0%, and the Gulf Coast 3:2:1 Crack Spread is higher by 26.3%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.27, down 5.2%, while the 10 Year Treasury ended the week at 1.81, down 3.2%. The 5 Year AAA Municipal Bond ended the week at 0.79, up 2.6%, and the 10 Year AAA Municipal Bond ended the week at 1.45, up 23.9%. Lastly, the 5 Year AAA Corporate closed the week at 1.21, down 6.2%, with the 10 Year AAA Corporate ending the week up 2.2% at 2.31.

Year to date the 5 Year Treasury is down 27.0%, the 10 Year Treasury is down 19.6%, the 5 Year AAA Muni is down 36.3%, the 10 year AAA Muni is down 32.2%, the 5 Year AAA Corporate is down 36.3%, and the 10 Year AAA Corporate is down 20.9%.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Cal-Maine Foods, Inc. (Nasdaq: CALM) – FYE 05/2015

Kaman Corporation (Nasdaq: KAMN) – FYE 12/2015

Valero Energy Corporation (NYSE: VLO) – FYE 12/2015

Hess Corporation (NYSE: HES) – FYE 12/2015

Phillips 66 (NYSE: PSX) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Cal-Maine ($46-$54), Kaman Corporation ($37-$42), Valero Energy ($98-$112), Hess Corporation ($68-$69), and Phillips 66 ($69-$74).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

The Wax Report – Week Ending 04/22/2016
The Wax Ink Portfolio was up 1.8% for the week.

By comparison, the Dow was up 0.1%, the Nasdaq was down 0.6%, the S&P 500 was up 0.5%, the Russell 2000 was up 1.4%, and the Volatility Index, commonly known as the VIX, was down 2.9%.

Year to date, the Wax Ink portfolio is down 7.1%, the Dow is up 3.3%, the Nasdaq is down 2.0%, the S&P 500 is up 2.3%, the Russell 2000 is up 1.0%, and the VIX is lower by 27.4%.

The portfolio breakdown remains roughly 58% cash, 42% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $34.08. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $31.02, making the current value spread (8.98%).

Fair Warning
There was no change to the number of portfolio during the prior week.

Hydrocarbon Prices
I have started to include the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) in my weekly performance reports and just wanted folks to understand what it is that I am talking about.

WTI Crude ended the week at $43.73, up 8.3%, while Brent Crude ended the week at $45.11, up 4.7%, creating a crude price spread of $1.38, an decrease of 49.6% for the week. On the other side of the floor Natural Gas ended the week at $2.4, up 12.6%, RBOB Gasoline ended the week at $1.5309, up 4.8%, and Heating Oil ended the week at $1.3089, up 5.9%. This adjusted the Gulf Coast 3:2:1 Crack Spread to $18.04, down 2.0% for the week.

Year to date WTI Crude is higher by 18.1%, Brent Crude is higher by 21.0%, Natural Gas is lower by 8.5%, RBOB Gasoline is higher by 20.4%, Heating Oil is higher by 16.2%, and the Gulf Coast 3:2:1 Crack Spread is higher by 19.8%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.34, up 12.6%, while the 10 Year Treasury ended the week at 1.87, up 21.4%. The 5 Year AAA Municipal Bond ended the week at 0.77, up 1.3%, and the 10 Year AAA Municipal Bond ended the week at 1.17, up 4.5%. Lastly, the 5 Year AAA Corporate closed the week at 1.29, up 9.3%, with the 10 Year AAA Corporate ending the week up 1.3% at 2.26.

Year to date the 5 Year Treasury is down 23.0%, the 10 Year Treasury is down 16.9%, the 5 Year AAA Muni is down 37.9%, the 10 year AAA Muni is down 45.3%, the 5 Year AAA Corporate is down 32.1%, and the 10 Year AAA Corporate is down 22.6%.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Cash America International, Inc. (NYSE: CSH) – FYE 12/2015

Lear Corporation (NYSE: LEA) – FYE 12/2015

Layne Christensen Company, Inc. (Nasdaq: LAYN) – FYE 01/2016

Ulta Salon Cosmetics and Fragrance, Inc. (Nasdaq: ULTA) – FYE 01/2016

The Home Depot, Inc. (NYSE: HD) – FYE 01/2016

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Cash America ($52-$62), Lear Corporation ($86-$90), Layne Christensen ($3-$3), Ulta Salon ($62-$73), and Home Depot ($64-$66).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink


Performance – Week Ending 04/15/2016
The Wax Ink Portfolio was up 1.3% for the week.

By comparison, the Dow was up 2.3%, the Nasdaq was up 1.8%, the S&P 500 was up 1.6%, the Russell 2000 was up 3.4%, and the Volatility Index, commonly known as the VIX, was down 11.3%.

Year to date, the Wax Ink portfolio is down 8.8%, the Dow is up 3.2%, the Nasdaq is down 1.4%, the S&P 500 is up 1.8%, the Russell 2000 is down 0.4%, and the VIX is lower by 25.2%.

The portfolio breakdown remains roughly 58% cash, 42% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $34.33. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $29.91, making the current value spread (12.90%).

Fair Warning
I have started to include the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) in my weekly performance reports and just wanted folks to understand what it is that I am talking about.

Hydrocarbon Prices
WTI Crude ended the week at $40.36, up 1.6%, while Brent Crude ended the week at $43.10, up 2.8%, creating a crude price spread of $2.72, an increase of 23.4% for the week. On the other side of the floor Natural Gas ended the week at $1.90, down 4.5%, RBOB Gasoline ended the week at $1.4612, down 0.2%, and Heating Oil ended the week at $1.2357, down 10.3%. This adjusted the Gulf Coast 3:2:1 Crack Spread to $18.40, up 5.4% for the week.

Year to date WTI Crude is higher by 9.0%, Brent Crude is higher by 15.6%, Natural Gas is lower by 18.8%, RBOB Gasoline is higher by 15.0%, Heating Oil is higher by 9.7%, and the Gulf Coast 3:2:1 Crack Spread is higher by 22.2%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.19, up 5.3%, while the 10 Year Treasury ended the week at 1.54, down 9.4%. The 5 Year AAA Municipal Bond ended the week at 0.76, up 1.3%, and the 10 Year AAA Municipal Bond ended the week at 1.12, down 6.7%. Lastly, the 5 Year AAA Corporate closed the week at 1.18, up 0.9%, with the 10 Year AAA Corporate ending the week unchanged at 2.23.

Year to date the 5 Year Treasury is down 31.6%, the 10 Year Treasury is down 31.6%, the 5 Year AAA Muni is down 38.7%, the 10 year AAA Muni is down 47.7%, the 5 Year AAA Corporate is down 37.9%, and the 10 Year AAA Corporate is down 23.6%.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Lakeland Industries, Inc. (Nasdaq: LAKE) – FYE 01/2015

CF Industries Holdings, Inc. (NYSE: CF) – FYE 12/2015

Dorman Products, Inc. (Nasdaq: DORM) – FYE 12/2015

Snap-On, Inc. (NYSE: SNA) – FYE 12/2015

Harley-Davidson, Inc. (NYSE: HOG) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Lakeland Industries ($31-$52), CF Industries ($16-$20), Dorman Products ($47-$55), Snap-On ($84-$91), and Harley-Davidson ($42-$46).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 04/08/2016
The Wax Ink Portfolio was down 0.2% for the week.

By comparison, the Dow was down 1.2%, the Nasdaq was down 1.3%, the S&P 500 was down 1.2%, the Russell 2000 was down 2.1%, and the Volatility Index, commonly known as the VIX, was up 17.3%.

Year to date, the Wax Ink portfolio is down 10%, the Dow is up 0.9%, the Nasdaq is down 3.1%, the S&P 500 is up 0.2%, the Russell 2000 is down 3.7%, and the VIX is lower by 15.7%.

The portfolio breakdown remains roughly 58% cash, 42% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $34.33. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $29.58, making the current value spread (13.86%).

Fair Warning
I have started to include the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) in my weekly performance reports and just wanted folks to understand what it is that I am talking about.

Since many of the companies on my watch list (there are 1951 of them) have their fiscal years ending in December, the latter part of February and all of March can get pretty hectic for me as I work through reviewing these filings and updating baseline valuation estimates for these companies.

With the current market volatility, I hope to be able to find several companies that I can add to the portfolio, putting some of my cash to work.

Hydrocarbon Prices
WTI Crude ended the week at $39.72, up 8%, while Brent Crude ended the week at $41.94, up 8.5%, creating a crude price spread of $2.22, an increase of 18.1% for the week. On the other side of the floor Natural Gas ended the week at $1.99, up 3.1%, RBOB Gasoline ended the week at $1.4637, up 4.4%, and Heating Oil ended the week at $1.112, down 1.0%. This adjusted the Gulf Coast 3:2:1 Crack Spread to $17.46, down 7.2% for the week.

Year to date WTI Crude is higher by 7.2%, Brent Crude is higher by 12.5%, Natural Gas is lower by 15%, RBOB Gasoline is higher by 15.2%, Heating Oil is lower by 0.6%, and the Gulf Coast 3:2:1 Crack Spread is higher by 16.0%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.13, down 5%, while the 10 Year Treasury ended the week at 1.70, down 2.9%. The 5 Year AAA Municipal Bond ended the week at 0.75, down 11.8%, and the 10 Year AAA Municipal Bond ended the week at 1.20, down 16.1%. Lastly, the 5 Year AAA Corporate closed the week at 1.17, down 2.5%, with the 10 Year AAA Corporate ending the week at 2.23, down 3.5%.

Year to date the 5 Year Treasury is down 35.1%, the 10 Year Treasury is down 24.4%, the 5 Year AAA Muni is down 39.5%, the 10 year AAA Muni is down 43.9%, the 5 Year AAA Corporate is down 38.4%, and the 10 Year AAA Corporate is down 23.6%.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Parker Hannifin Corporation (NYSE: PHI) – FYE 06/2015

Encore Wire Corporation (Nasdaq: WIRE) – FYE 12/2015

Fastenal Company, Inc. (Nasdaq: FAST) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Parker Hannifin ($71-$71), Encore Wire ($43-$53), and Fastenal ($34-$43).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink


Performance – Week Ending 04/01/2016
The Wax Ink Portfolio was up 0.6% for the week.

By comparison, the Dow was up 1.6%, the Nasdaq was up 3.0%, the S&P 500 was up 1.8%, the Russell 2000 was up 3.5%, and the Volatility Index, commonly known as the VIX, was down 11.1%.

Year to date, the Wax Ink portfolio is down 9.8%, the Dow is up 2.1%, the Nasdaq is down 1.8%, the S&P 500 is up 1.4%, the Russell 2000 is down 1.6%, and the VIX is lower by 28.1%.

The portfolio breakdown remains roughly 58% cash, 42% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $34.33. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $29.76, making the current value spread (13.33%).

Fair Warning
I have started to include the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) in my weekly market reports and just wanted folks to understand what it is that I am talking about.

Since many of the companies on my watch list (there are 1951 of them) have their fiscal years ending in December, the latter part of February and all of March can get pretty hectic for me as I work through reviewing these filings and updating baseline valuation estimates for these companies.

With the current market volatility, I hope to be able to find several companies that I can add to the portfolio, putting some of my cash to work.

Hydrocarbon Prices
WTI Crude ended the week at $39.79, down 6.8%, while Brent Crude ended the week at $38.67, down 4.4%, creating a crude price spread of $1.88, an increase of 91.8% for the week. On the other side of the floor Natural Gas ended the week at $1.96, up 8.3%, RBOB Gasoline ended the week at $1.4016, down 4.4%, and Heating Oil ended the week at $1.137, down 5.5%. This adjusted the Gulf Coast 3:2:1 Crack Spread to $18.81, down 4.8% for the week.

Year to date WTI Crude is down 0.7%, Brent Crude is up 3.7%, Natural Gas is down 16.2%, RBOB Gasoline is up 10.3%, Heating Oil is up 0.5%, and the Gulf Coast 3:2:1 Crack Spread is up 24.9%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.19, down 12.5%, while the 10 Year Treasury ended the week at 1.75, down 6.9%. The 5 Year AAA Municipal Bond ended the week at 0.85, down 6.6%, and the 10 Year AAA Municipal Bond ended the week at 1.43, down 19.7%. Lastly, the 5 Year AAA Corporate closed the week at 1.20, down 21.6%, with the 10 Year AAA Corporate ending the week at 2.31, down 8.0%.

Year to date the 5 Year Treasury is down 31.6%, the 10 Year Treasury is down 22.2%, the 5 Year AAA Muni is down 31.5%, the 10 year AAA Muni is down 33.2%, the 5 Year AAA Corporate is down 36.8%, and the 10 Year AAA Corporate is down 20.9%.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

United Technologies Corporation (NYSE: UTX) – FYE 12/2015

Danaher Corporation (NYSE: DHR) – FYE 12/2015

Spectrum Energy Corporation (NYSE: SE) – FYE 12/2015

Lydall, Inc. (NYSE: LDL) – FYE 12/2015

Caterpillar, Inc. (NYSE: CAT) – FYE 12/2015

Lydall, Inc. (NYSE: LDL) – FYE 12/2015

Huntington Ingalls Industries, Inc. (NYSE: HII) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for United Technologies ($47-$61), 3M ($64-$92), Danaher Corporation ($43-$50), Spectrum Energy ($19-$25), Lydall ($36-$45), Caterpillar ($43-$51), and Huntington Ingalls ($73-$77).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

The Wax Ink Portfolio was down 0.7% for the week.

By comparison, the Dow was down 0.5%, the Nasdaq was down 0.5%, the S&P 500 was down 0.7%, the Russell 2000 was down 2.0%, and the Volatility Index, commonly known as the VIX, was up 5.1%.

Year to date, the Wax Ink portfolio is down 10.3%, the Dow is up 0.5%, the Nasdaq is down 4.7%, the S&P 500 is down 0.4%, the Russell 2000 is down 5.0%, and the VIX is lower by 19.1%.

The portfolio breakdown remains roughly 60% cash, 40% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $34.33. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $29.32, making the current value spread (14.60%).

Fair Warning
Since many of the companies on my watch list (there are 1951 of them) have their fiscal years ending in December, the latter part of February and all of March can get pretty hectic for me as I work through reviewing these filings and updating baseline valuation estimates for these companies.

With the current market volatility, I hope to be able to find several companies that I can add to the portfolio, putting some of my cash to work.

Hydrocarbon Prices
WTI Crude ended the week at $39.46, up 0.1%, while Brent Crude ended the week at $40.44, down 1.8%, creating a crude price spread of $0.98. On the other side of the floor Natural Gas ended the week at $1.81, up 5.2%, and RBOB Gasoline ended the week at $1.4659, up 2.7%.

Year to date WTI Crude is up 6.5%, Brent Crude is up 8.5%, Natural Gas is down 22.6%, and RBOB Gasoline is up 15.3%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.36, up 3.8%, while the 10 Year Treasury ended the week at 1.88, up1.1%. The 5 Year AAA Municipal Bond ended the week at 0.91, down 1.1%, and the 10 Year AAA Municipal Bond ended the week at 1.78, up 1.7%. Lastly, the 5 Year AAA Corporate closed the week at 1.53, up 12.5%, with the 10 Year AAA Corporate ending the week at 2.51, up 2.0%.

Year to date the 5 Year Treasury is down 21.8%, the 10 Year Treasury is down 16.4%, the 5 Year AAA Muni is down 26.6%, the 10 year AAA Muni is down 16.8%, the 5 Year AAA Corporate is down 19.5%, and the 10 Year AAA Corporate is down 14.0%.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Cummins, Inc. (NYSE: CMI) – FYE 12/2015

3M Company (NYSE: MMM) – FYE 12/2015

Ingersoll-Rand, plc (NYSE: IR) – FYE 12/2015

Honeywell International, Inc. (NYSE: HON) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Cummins ($87-$91), 3M ($64-$92), Ingersoll-Rand ($35-$38), and Honeywell ($53-$70).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 03/18/2016
The Wax Ink Portfolio was unchanged for the week.

By comparison, the Dow was up 2.2%, the Nasdaq was up 1.0%, the S&P 500 was up 1.4%, the Russell 2000 was up 1.4%, and the Volatility Index, commonly known as the VIX, was down 15.0%.

Year to date, the Wax Ink portfolio is down 9.7%, the Dow is up 1.0%, the Nasdaq is down 4.2%, the S&P 500 is up 0.3%, the Russell 2000 is down 3.0%, and the VIX is lower by 23.0%.

The portfolio breakdown is 60% cash, 40% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $34.33. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $29.78, making the current value spread (13.25%).

Fair Warning
Since many of the companies on my watch list (there are 1951 of them) have their fiscal years ending in December, the latter part of February and all of March can get pretty hectic for me as I work through reviewing these filings and updating baseline valuation estimates for these companies.

With the current market volatility, I hope to be able to find several companies that I can add to the portfolio, putting some of my cash to work.

Hydrocarbon Prices
WTI Crude ended the week at $39.44, up 2.4%, while Brent Crude ended the week at $41.20, up 2.0%, creating a crude price spread of $1.76. On the other side of the floor Natural Gas ended the week at $1.91, up 4.9%, and RBOB Gasoline ended the week at $1.4273, down 1.2%.

Year to date WTI Crude is up 6.5%, Brent Crude is up 10.5%, Natural Gas is down 18.4%, and RBOB Gasoline is up 12.3%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.31, down 10.9%, while the 10 Year Treasury ended the week at 1.86, down 5.1%. The 5 Year AAA Municipal Bond ended the week at 0.92, up 4.5%, and the 10 Year AAA Municipal Bond ended the week at 1.75, down 0.6%. Lastly, the 5 Year AAA Corporate closed the week at 1.36, down 13.9%, with the 10 Year AAA Corporate ending the week at 2.46, down 2.8%.

Year to date the 5 Year Treasury is down 24.7%, the 10 Year Treasury is down 17.3%, the 5 Year AAA Muni is down 25.8%, the 10 year AAA Muni is down 18.2%, the 5 Year AAA Corporate is down 28.4%, and the 10 Year AAA Corporate is down 15.8%.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Pilgrim’s Pride Corporation (NYSE: PPC) – FYE 12/2015

DXP Enterprises, Inc. (Nasdaq: DXPE) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Pilgrim’s Pride ($34-$43), and DXP Enterprises ($22-$25).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink


Performance – Week Ending 03/11/2016
The Wax Ink Portfolio was down 0.1% for the week.

By comparison, the Dow was up 1.2%, the Nasdaq was up 0.7%, the S&P 500 was up 1.1%, the Russell 2000 was up 0.4%, and the Volatility Index, commonly known as the VIX, was down 2.1%.

Year to date, the Wax Ink portfolio is down 9.7%, the Dow is down 1.2%, the Nasdaq is down 5.2%, the S&P 500 is down 1.1%, the Russell 2000 is down 4.4%, and the VIX is lower by 9.4%.

The portfolio breakdown is 60% cash, 40% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $34.33. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $29.53, making the current value spread (13.99%).

Fair Warning
Since many of the companies on my watch list (there are 1951 of them) have their fiscal years ending in December, the latter part of February and all of March can get pretty hectic for me as I work through reviewing these filings and updating baseline valuation estimates for these companies. With the current market volatility, I hope to be able to find several companies that I can add to the portfolio, putting some of my cash to work.

I have completed my the updates to the baseline valuation worksheets for the stocks I hold in the Wax Ink Portfolio. The new average baseline valuation for all stocks in the portfolio is $34.33, an approximate 9.5% valuation reduction year over year.

Also starting this week, I have removed the Winners, Losers, and Portfolio Duds sections of the Performance Report. To see the specific winners and losers every week, please download the Wax Ink Portfolio.

Hydrocarbon Prices
WTI Crude ended the week at $38.50, up 7.2%, while Brent Crude ended the week at $40.39, up 4.3%, creating a crude price spread of $1.89. On the other side of the floor Natural Gas ended the week at $1.82, up 9.0%, and RBOB Gasoline ended the week at $1.4443, up 8.4%.

Year to date WTI Crude is up 3.9%, Brent Crude is up 8.3%, Natural Gas is down 22.2%, and RBOB Gasoline is up 13.6%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.47, up 8.9%, while the 10 Year Treasury ended the week at 1.96, up 5.9%. The 5 Year AAA Municipal Bond ended the week at 0.88, up 3.5%, and the 10 Year AAA Municipal Bond ended the week at 1.76, up 7.3%. Lastly, the 5 Year AAA Corporate closed the week at 1.58, up 2.6%, with the 10 Year AAA Corporate ending the week at 2.53, down 3.4%.

Year to date the 5 Year Treasury is down 15.5%, the 10 Year Treasury is down 12.9%, the 5 Year AAA Muni is down 29.0%, the 10 year AAA Muni is down 17.8%, the 5 Year AAA Corporate is down 16.8%, and the 10 Year AAA Corporate is down 13.4%.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Schweitzer-Maudit International, Inc. (NYSE: SWM) – FYE 12/2015

General Electric Company (NYSE: GE) – FYE 12/2015

Agrium, Inc. (NYSE: AGU) – FYE 12/2015

Corning Incorporated (NYSE: GLW) – FYE 12/2015

Western Refining, Inc. (NYSE: WNR) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Schweitzer-Maudit ($33-$40), General Electric ($17-$23), Agrium ($64-$65), Corning ($27-$34), and Western Refining ($56-$64).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 02/26/2016
The Wax Ink Portfolio was up 1.1% for the week.

By comparison, the Dow was up 1.5%, the Nasdaq was up 1.9%, the S&P 500 was up 1.6%, the Russell 2000 was up 2.7%, and the Volatility Index, commonly known as the VIX, was down 3.5%.

Year to date, the Wax Ink portfolio is down 12.2%, the Dow is down 4.5%, the Nasdaq is down 8.3%, the S&P 500 is down 4.7%, the Russell 2000 is down 8.7%, and the VIX is higher by 8.8%.

The portfolio breakdown is 60% cash, 40% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $36.75. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $27.97, making the current value spread (23.88%).

Fair Warning
Since many of the companies on my watch list (there are 1951 of them) have their fiscal years ending in December, the latter part of February and all of March can get pretty hetic for me as I work through reviewing these filings and updating baseline valuation estimates for these companies. With the current market volatility, I hope to be able to find several companies that I can add to the portfolio, putting some of my cash to work.

Hydrocarbon Prices
WTI Crude ended the week at $32.78, up 10.6%, while Brent Crude ended the week at $35.10, up 6.3%, creating a crude price spread of $2.32. On the other side of the floor Natural Gas ended the week at $1.79, down 9.1%, and RBOB Gasoline ended the week at $1.0166, up 6.0%.

Year to date WTI Crude is down 11.5%, Brent Crude is down 5.8%, Natural Gas is down 23.5%, and RBOB Gasoline is down 20.0%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.23, up 1.7%, while the 10 Year Treasury ended the week at 1.74, up 0.6%. The 5 Year AAA Municipal Bond ended the week at 0.73, up 14.1%, and the 10 Year AAA Municipal Bond ended the week at 1.46, up 5.8%. Lastly, the 5 Year AAA Corporate closed the week at 1.12, down 8.9%, with the 10 Year AAA Corporate ending the week at 2.39, down 3.2%.

Year to date the 5 Year Treasury is down 29.3%, the 10 Year Treasury is down 22.7%, the 5 Year AAA Muni is down 41.1%, the 10 year AAA Muni is down 31.8%, the 5 Year AAA Corporate is down 41.1%, and the 10 Year AAA Corporate is down 18.2%.

Weekly Winners
This week’s portfolio winners were offshore rig contractor McDermott International (NYSE: MDR), up 31%, independent oil and gas company Marathon Oil Corporation (NYSE: MRO), up 19%, and municipal construction company Layne Christensen (Nasdaq: LAYN), up 13%.

Weekly Losers
This week’s portfolio loser was cigarette paper maker Shweitzer-Maudit International (NYSE: SWM), down 7%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 59% since being added to the portfolio, and offshore supply boat company Tidewater, down 54% since being added to the portfolio, independent oil and gas company Marathon Oil Corporation, down 45% since being added to the portfolio, and building materials company Griffon Corporation down 18% since being added to the portfolio.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

The Goodyear Tire and Rubber Company (NYSE: GT) – FYE 12/2015

Kinder Morgan, Inc. (NYSE: KMI) – FYE 12/2015

Alcoa, Inc. (NYSE: AA) – FYE 12/2015

Sanderson Farms, Inc. (Nasdaq: SAFM) – FYE 10/2015

ConocoPhillips (NYSE: COP) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Goodyear Tire and Rubber ($34-$40), Kinder Morgan ($22-$28), Alcoa ($24-$29), Sanderson Farms ($87-$92), and ConocoPhillips ($46-$51).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 02/19/2016
The Wax Ink Portfolio was down 1.6% for the week.

By comparison, the Dow was up 2.6%, the Nasdaq was up 3.8%, the S&P 500 was up 2.8%, the Russell 2000 was up 3.9%, and the Volatility Index, commonly known as the VIX, was down 19.2%.

Year to date, the Wax Ink portfolio is down 13.2%, the Dow is down 5.9%, the Nasdaq is down 10.0%, the S&P 500 is down 6.2%, the Russell 2000 is down 11.1%, and the VIX is higher by 12.7%.

The portfolio breakdown is 60% cash, 40% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $37.17. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $26.98, making the current value spread (27.41%).

Fair Warning
WR Grace completed the separation of its construction products business on February 3, 2016 via a one for one distribution meaning for every share of WR Grace stock I owned, I received a like number of shares in the new company. The name of the new company is GCP Applied Technologies, Inc. (NYSE: GCP) and began trading on February 4, opening at $16.27. I am in the process of figuring out how to adjust the cost basis of my WR Grace shares and create a cost basis for the new shares. But for now I have added the new shares to the portfolio.

Hydrocarbon Prices
WTI Crude ended the week at $29.64, up 0.7%, while Brent Crude ended the week at $33.01, down 1.0%, creating a crude price spread of $3.37. On the other side of the floor Natural Gas ended the week at $1.80, down 8.6%, and RBOB Gasoline ended the week at $0.9594, down 8.0%.

Year to date WTI Crude is down 20.0%, Brent Crude is down 11.5%, Natural Gas is down 23.1%, and RBOB Gasoline is down 24.5%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.21, up 2.5%, while the 10 Year Treasury ended the week at 1.73, unchanged. The 5 Year AAA Municipal Bond ended the week at 0.64, unchanged, and the 10 Year AAA Municipal Bond ended the week at 1.38, down 10.4%. Lastly, the 5 Year AAA Corporate closed the week at 1.23, up 33.7%, with the 10 Year AAA Corporate ending the week at 2.47, down 5.0%.

Year to date the 5 Year Treasury is down 30.5%, the 10 Year Treasury is down 23.1%, the 5 Year AAA Muni is down 48.4%, the 10 year AAA Muni is down 35.5%, the 5 Year AAA Corporate is down 35.3%, and the 10 Year AAA Corporate is down 15.4%.

Weekly Winners
This week’s portfolio winners were municipal construction contractor Layne Christensen (Nasdaq: LAYN), up 13%, offshore supply boat company Tidewater, Inc. (NYSE: TDW), up 9%, and construction products company GCP Applied Technologies (NYSE: GCP), up
4%.

Weekly Losers
This week’s portfolio losers were cigarette paper maker Shweitzer-Maudit International (NYSE: SWM), down 20%, independent oil and gas producer Marathon Oil (NYSE: MRO), down 10%, and agricultural chemicals company Agrium, Inc. (NYSE: AGU), down
1%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 63% since being added to the portfolio, and offshore supply boat company Tidewater, down 58% since being added to the portfolio, independent oil and gas company Marathon Oil Corporation, down 54% since being added to the portfolio, building materials company Griffon Corporation down 20% since being added to the portfolio, and offshore construction contractor McDermott International down 22% since being added to the portfolio.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

McCormick and Company Incorporated (NYSE: MKC) – FYE 11/2015

Hormel Foods Corporation (NYSE: HRL) – FYE 10/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for McCormick and Company ($41-$44), and Hormel Foods ($39-$46).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 02/12/2016
The Wax Ink Portfolio was down 0.3% for the week.

By comparison, the Dow was down 1.4%, the Nasdaq was down 0.6%, the S&P 500 was down 0.8%, the Russell 2000 was down 1.4%, and the Volatility Index, commonly known as the VIX, was up 8.6%.

Year to date, the Wax Ink portfolio is down 11.8%, the Dow is down 8.3%, the Nasdaq is down 13.4%, the S&P 500 is down 8.8%, the Russell 2000 is down 14.4%, and the VIX is higher by 39.5%.

The portfolio breakdown is 60% cash, 40% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $37.17. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $27.47, making the current value spread (26.10%).

Fair Warning
WR Grace completed the separation of its construction products business on February 3, 2016 via a one for one distribution meaning for every share of WR Grace stock I owned, I received a like number of shares in the new company. The name of the new company is GCP Applied Technologies, Inc. (NYSE: GCP) and began trading on February 4, opening at $16.27. I am in the process of figuring out how to adjust the cost basis of my WR Grace shares and create a cost basis for the new shares. But for now I have added the new shares to the portfolio.

Hydrocarbon Prices
WTI Crude ended the week at $29.44, down 4.7%, while Brent Crude ended the week at $33.36, down 2.1%, creating a crude price spread of $3.92. On the other side of the floor Natural Gas ended the week at $1.97, down 4.4%, and RBOB Gasoline ended the week at $1.043, up 5.1%.

Year to date WTI Crude is down 20.5%, Brent Crude is down 10.5%, Natural Gas is down 15.8%, and RBOB Gasoline is down 17.9%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.18, down 3.3%, while the 10 Year Treasury ended the week at 1.73, down 4.4%. The 5 Year AAA Municipal Bond ended the week at 0.64, down 9.9%, and the 10 Year AAA Municipal Bond ended the week at 1.54, down 0.6%. Lastly, the 5 Year AAA Corporate closed the week at 0.92, down 10.7%, with the 10 Year AAA Corporate ending the week at 2.60, unchanged.

Year to date the 5 Year Treasury is down 32.2%, the 10 Year Treasury is down 23.1%, the 5 Year AAA Muni is down 48.4%, the 10 year AAA Muni is down 28.0%, the 5 Year AAA Corporate is down 51.6%, and the 10 Year AAA Corporate is down 11.0%.

Weekly Winners
This week’s portfolio winners were rubber and tire king Goodyear Tire and Rubber Company (NYSE: GT), up 9%, cigarette paper maker Schweitzer-Maudit International (NYSE: SWM), up 3%, and specialty chemical company WR Grace and Company (NYSE: GRA), up 1%.

Weekly Losers
This week’s portfolio losers were offshore supply boat company Tidewater (NYSE: TDW), down 21%, offshore construction contractor McDermott International (NYSE: MDR), down 12%, and independent oil and gas company Marathon Oil and Corporation (NYSE: MRO), down 10%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 68% since being added to the portfolio, and offshore supply boat company Tidewater, down 62% since being added to the portfolio, independent oil and gas company Marathon Oil Corporation, down 48% since being added to the portfolio, building materials company Griffon Corporation down 21% since being added to the portfolio, and offshore construction contractor McDermott International down 24% since being added to the portfolio.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Cintas Corporation (Nasdaq: CTAS) – FYE 05/2015

Ulta Salon, Cosmetics and Fragrance, Inc. (Nasdaq: ULTA) – FYE 01/2015

The Home Depot, Inc. (NYSE: HD) – FYE 01/2015

Paychex, Inc. (Nasdaq: PAYX) – FYE 05/2015

Linear Technology Corporation (Nasdaq: LLTC) – FYE 06/2015

The Boeing Company (NYSE: BA) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Cintas Corporation ($47-$53), Ulta Cosmetics ($53-$65), Home Depot ($63-$64), Paychex ($33-$41), Linear Technology ($38-$45), and Boeing ($56-$71).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 02/05/2016
The Wax Ink Portfolio was down 7.0% for the week.

By comparison, the Dow was up 1.6%, the Nasdaq was down 5.4%, the S&P 500 was down 3.1%, the Russell 2000 was down 4.8%, and the Volatility Index, commonly known as the VIX, was up 15.7%.

Year to date, the Wax Ink portfolio is down 11.5%, the Dow is down 7.0%, the Nasdaq is down 12.9%, the S&P 500 is down 8.0%, the Russell 2000 is down 13.2%, and the VIX is higher by 28.4%.

The portfolio breakdown is 59% cash, 41% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $37.17. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $27.79, making the current value spread (25.22%).

Fair Warning
WR Grace completed the separation of its construction products business on February 3, 2016 via a one for one distribution meaning for every share of WR Grace stock I owned, I received a like number of shares in the new company. The name of the new company is GCP Applied Technologies, Inc. (NYSE: GCP) and began trading on February 4, opening at $16.27. I am in the process of figuring out how to adjust the cost basis of my WR Grace shares and create a cost basis for the new shares. But for now I have added the new shares to the portfolio.

Hydrocarbon Prices
WTI Crude ended the week at $30.89, down 8.1%, while Brent Crude ended the week at $34.06, down 5.4%, creating a crude price spread of $3.17. On the other side of the floor Natural Gas ended the week at $2.06, down 10.4%, and RBOB Gasoline ended the week at $0.993, down 12.3%.

Year to date WTI Crude is down 16.6%, Brent Crude is down 8.6%, Natural Gas is down 12.0%, and RBOB Gasoline is down 21.9%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.22, down 6.2%, while the 10 Year Treasury ended the week at 1.81, down 4.7%. The 5 Year AAA Municipal Bond ended the week at 0.71, down 9.0%, and the 10 Year AAA Municipal Bond ended the week at 1.55, down 0.6%. Lastly, the 5 Year AAA Corporate closed the week at 1.03, down 25.9%, with the 10 Year AAA Corporate ending the week at 2.60, down 1.9%.

Year to date the 5 Year Treasury is down 29.9%, the 10 Year Treasury is down 19.6%, the 5 Year AAA Muni is down 42.7%, the 10 year AAA Muni is down 27.6%, the 5 Year AAA Corporate is down 45.8%, and the 10 Year AAA Corporate is down 11.0%.

Weekly Winners
This week’s portfolio winners were offshore supply boat company Tidewater, Inc. (NYSE: TDW), up 11%, municipal construction company Layne Christensen Company (Nasdaq: LAYN), up 4%, and construction products company GCP Applied Technologies, Inc. (NYSE: GCP), up 1%.

Weekly Losers
This week’s portfolio losers were oil company Marathon Oil Corporation (NYSE: MRO), down 13%, refiner HollyFrontier Corporation (NYSE: HFC), down 11%, and building materials company Griffon Corporation (NYSE: GFF), down 8%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 66% since being added to the portfolio, and offshore supply boat company Tidewater, down 52% since being added to the portfolio, independent oil and gas company Marathon Oil Corporation, down 42% since being added to the portfolio, building materials company Griffon Corporation down 22% since being added to the portfolio, and offshore construction contractor McDermott International down 14% since being added to the portfolio.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

DXP Enterprises, Inc. (Nasdaq: DXPE) – FYE 12/2014

Lydall, Inc. (NYSE: LDL) – FYE 12/2014

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for DXP Enterprises ($44-$45), and Lydall ($32-$40).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 01/29/2016
The Wax Ink Portfolio was down 0.5% for the week.

By comparison, the Dow was up 2.3%, the Nasdaq was up 0.5%, the S&P 500 was up 1.7%, the Russell 2000 was up 1.4%, and the Volatility Index, commonly known as the VIX, was down 9.6%.

Year to date, the Wax Ink portfolio is down 4.8%, the Dow is down 5.5%, the Nasdaq is down 7.9%, the S&P 500 is down 5.1%, the Russell 2000 is down 8.8%, and the VIX is higher by 10.9%.

The portfolio breakdown is 59% cash, 41% equities, and 0% bonds, with no change in the number of shares held.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $37.00. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $30.98, making the current value spread -16.26%.

Hydrocarbon Prices
WTI Crude ended the week at $33.62, up 4.4%, while Brent Crude ended the week at $35.99, up 11.8%, creating a crude price spread of $2.37. On the other side of the floor Natural Gas ended the week at $2.30, up 7.5%, and RBOB Gasoline ended the week at $1.132, up 4.4%.

Year to date WTI Crude is down 9.2%, Brent Crude is down 3.5%, Natural Gas is down 1.7%, and RBOB Gasoline is down 10.9%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.30, down 11.0%, while the 10 Year Treasury ended the week at 1.90, down 6.4%. The 5 Year AAA Municipal Bond ended the week at 0.78, down 3.7%, and the 10 Year AAA Municipal Bond ended the week at 1.56, up 1.3%. Lastly, the 5 Year AAA Corporate closed the week at 1.39, down 6.7%, with the 10 Year AAA Corporate ending the week at 2.65, down 2.6%.

Year to date the 5 Year Treasury is down 25.3%, the 10 Year Treasury is down 15.6%, the 5 Year AAA Muni is down 37.1%, the 10 year AAA Muni is down 27.1%, the 5 Year AAA Corporate is down 26.8%, and the 10 Year AAA Corporate is down 9.2%.

Weekly Winners
This week’s portfolio winners were municipal construction contractor Layne Christensen (Nasdaq: LAYN), up 9%, upstream oil company Marathon Oil Corporation (NYSE: MRO), up 8%, and conglomerate General Electric (NYSE: GE), up 3%.

span style=”font-family: Arial; font-size: 9pt;”>Weekly Losers
This week’s portfolio losers were specialty chemical company WR Grace and Company (NYSE: GRA), down 6%, building materials company Griffon Corporation (NYSE: GFF), down 6%, and supply boat company Tidewater, Inc. (NYSE: TDW), down 3%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 68% since being added to the portfolio, and offshore supply boat company Tidewater, down 57% since being added to the portfolio, independent oil and gas company Marathon Oil Corporation, down 33% since being added to the portfolio, building materials company Griffon Corporation down 15% since being added to the portfolio, and offshore construction contractor McDermott International down 12% since being added to the portfolio.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Wynn Resorts, Ltd. (Nasdaq: WYNN) – FYE 12/2014

3M Company (NYSE: MMM) – FYE 12/2014

Packaging Corporation of America (NYSE: PKG) – FYE 12/2014

Silgan Holdings, Inc. (Nasdaq: SLGN) – FYE 12/2014

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Wynn Resorts ($48-$55), 3M Company ($72-$74), Packaging Corporation of America ($44-$51), and Silgan Holdings ($36-$39).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 01/22/2016
The Wax Ink Portfolio was up 2.1% for the week.

By comparison, the Dow was up 0.7%, the Nasdaq was up 2.3%, the S&P 500 was up 1.4%, the Russell 2000 was up 1.3%, and the Volatility Index, commonly known as the VIX, was down 17.3%.

Year to date, the Wax Ink portfolio is down 4.4%, the Dow is down 7.6%, the Nasdaq is down 8.3%, the S&P 500 is down 6.7%, the Russell 2000 is down 10.1%, and the VIX is higher by 22.7%.

The portfolio breakdown is 58% cash, 42% equities, and 0% bonds, with no change in the number of shares held.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $37.00. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $31.48, making the current value spread -14.91%.

Hydrocarbon Prices
WTI Crude ended the week at $32.19, up 9.4%, while Brent Crude ended the week at $32.18, up 11.2%, creating a crude price spread of ($0.01). On the other side of the floor Natural Gas ended the week at $2.14, up 1.9%, and RBOB Gasoline ended the week at $1.084, up 6.2%.

Year to date WTI Crude is down 13.1%, Brent Crude is down 13.7%, Natural Gas is down 8.5%, and RBOB Gasoline is down 14.7%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.39, down 2.8%, while the 10 Year Treasury ended the week at 1.96, down 3.0%. The 5 Year AAA Municipal Bond ended the week unchanged, and the 10 Year AAA Municipal Bond ended the week at 1.64, down 1.2%. Lastly, the 5 Year AAA Corporate closed the week at 1.69, up 1.2%, with the 10 Year AAA Corporate ending the week at 2.82, up 0.7%.

Year to date the 5 Year Treasury is down 20.1%, the 10 Year Treasury is down 12.9%, the 5 Year AAA Muni is down 18.5%, the 10 year AAA Muni is down 23.4%, the 5 Year AAA Corporate is down 11.1%, and the 10 Year AAA Corporate is down 3.4%.

Weekly Winners
This week’s portfolio winners were independent oil and gas company Marathon Oil Corporation (NYSE: MRO), up 11%, refiner Holley Frontier Corporation (NYSE: HFC), up 6%, and building materials company Griffon Corporation (NYSE: GFF), up 5%.

Weekly Losers
This week’s portfolio losers were municipal construction contractor Layne Christensen (Nasdaq: LAYN), down 11%, specialty chemical company WR Grace and Company (NYSE: GRA), down 6%, and really big company General Electric (NYSE: GE), down 1%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 70% since being added to the portfolio, and offshore supply boat company Tidewater, down 55% since being added to the portfolio, independent oil and gas company Marathon Oil Corporation, down 38% since being added to the portfolio, and building materials company Griffon Corporation down 10% since being added to the portfolio.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Enbridge, Inc. (NYSE: ENB) – FYE 12/2014

The Williams Companies, Inc. (NYSE: WMB) – FYE 12/2014

Peabody Energy Corporation (NYSE: BTU) – FYE 12/2014

Newell Rubbermaid, Inc. (NYSE: NWL) – FYE 12/2014

Tupperware Brands Corporation (NYSE: TUP) – FYE 12/2014

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Enbridge ($17-$18), FMC Technologies ($37-$44), Core Laboratories ($52-$65), Gibraltar Industries ($21-$27), Newell Rubbermaind ($27-$28), and Tupperware ($42-$43).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 01/15/2016
The Wax Ink Portfolio was down 2.7% for the week.

By comparison, the Dow was down 2.2%, the Nasdaq was down 3.3%, the S&P 500 was down 2.2%, the Russell 2000 was down 3.7%, and the Volatility Index, commonly known as the VIX, was unchanged.

Year to date, the Wax Ink portfolio is down 6.4%, the Dow is down 8.2%, the Nasdaq is down 10.4%, the S&P 500 is down 8.0%, the Russell 2000 is down 11.3%, and the VIX is higher by 48.4%.

The portfolio breakdown is 58% cash, 42% equities, and 0% bonds, with no change in the number of shares held.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $37.00. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $57.88, making the current value spread 56.43%.

Hydrocarbon Prices
WTI Crude ended the week at $29.42, down 11.3%, while Brent Crude ended the week at $28.94, down 13.7%, creating a crude price spread of ($0.48). On the other side of the floor Natural Gas ended the week at $2.10, down 15.0%, and RBOB Gasoline ended the week at $1.0212, down 9.5%.

Year to date WTI Crude is down 20.6%, Brent Crude is down 22.4%, Natural Gas is down 10.3%, and RBOB Gasoline is down 19.7%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.43, down 7.1%, while the 10 Year Treasury ended the week at 2.02, down 3.8%. The 5 Year AAA Municipal Bond ended the week at 1.01, up 2.0%, and the 10 Year AAA Municipal Bond ended the week at 1.66, down 2.4%. Lastly, the 5 Year AAA Corporate closed the week at 1.67, down 6.7%, with the 10 Year AAA Corporate ending the week at 2.80, up 0.4%.

Year to date the 5 Year Treasury is down 17.8%, the 10 Year Treasury is down 10.2%, the 5 Year AAA Muni is down 18.5%, the 10 year AAA Muni is down 22.4%, the 5 Year AAA Corporate is down 12.1%, and the 10 Year AAA Corporate is down 4.1%.

Weekly Winners
This week’s portfolio winners were municipal contractor Layne Christensen Company (Nasdaq: LAYN), up 9%, agricultural chemicals company Agrium, Inc. (NYSE: AGU), up 3%, and specialty chemical maker WR Grace and Company (NYSE: GRA), up 1%.

Weekly Losers
This week’s portfolio losers were independent oil and gas company Marathon Oil Corporation (NYSE: MRO), down 21%, refiner Holly Frontier Corporation (NYSE: HFC), down 9%, and offshore supply boat contractor Tidewater, Inc. (NYSE: TDW), down 7%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 67% since being added to the portfolio, and offshore supply boat company Tidewater, down 55% since being added to the portfolio, and independent oil and gas company Marathon Oil Corporation, down 44% since being added to the portfolio.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Oceanerring International, Inc. (NYSE: OII) – FYE 12/2014

FMC Technologies Corporation (NYSE: FTI) – FYE 12/2014

Core Laboratories NV (NYSE: CLB) – FYE 12/2014

Gibraltar Industries, Inc. (Nasdaq: ROCK) – FYE 12/2014

Baker Hughes, Inc. (NYSE: BHI) – FYE 12/2014

Pioneer Natural Resources Company (NYSE: PXD) – FYE 12/2014

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Oceaneering International ($48-$55), FMC Technologies ($37-$44), Core Laboratories ($52-$65), Gibraltar Industries ($21-$27), Baker Hughes ($61-$66), and Pioneer Natural Resources ($70-$72).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink


Performance – Week Ending 01/08/2016
The Wax Ink Portfolio was down 3.8% for the week.

By comparison, the Dow was down 6.2%, the Nasdaq was down 7.3%, the S&P 500 was down 6.0%, the Russell 2000 was down 8.1%, and the Volatility Index, commonly known as the VIX, was up 48.3%.

Year to date, the Wax Ink portfolio is down 3.8%, the Dow is down 6.2%, the Nasdaq is down 7.3%, the S&P 500 is down 6.0%, the Russell 2000 is down 8.10%, and the VIX is higher by 48.3%.

The portfolio breakdown remains 55% cash, 45% equities, and 0% bonds, with no change in the number of shares held.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $37.00. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $59.47, making the current value spread 60.73%.

Hydrocarbon Prices
WTI Crude ended the week at $33.16, down10.5%, while Brent Crude ended the week at $33.55, down 10.0%, creating a price spread of $0.39. On the other side of the floor Natural Gas ended the week at $2.47, up 5.6%, and RBOB Gasoline ended the week at $1.128, down 11.3%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.54, down 11.5%, while the 10 Year Treasury ended the week at 2.10, down 6.7%. The 5 Year AAA Municipal Bond ended the week at 0.99, down 20.2%, and the 10 Year AAA Municipal Bond ended the week at 2.14, down 20.6%. Lastly, the 5 Year AAA Corporate closed the week at 1.79, down 5.8%, with the 10 Year AAA Corporate ending the week at 2.79, down 4.5%.

Weekly Winners
There were no portfolio winners this week.

Weekly Losers
This week’s portfolio losers were offshore oil rig contractor McDermott International, Inc. (NYSE: MDR), down 6%, independent oil and gas company Marathon Oil Corporation (NYSE: MRO), down 18%, and offshore supply boat contractor Tidewater, Inc. (NYSE: TDW), down 15%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 69% since being added to the portfolio, and offshore supply boat company Tidewater, down 52% since being added to the portfolio, and Marathon Oil Corporation, down 29% since being added to the portfolio.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Agrium, Inc. (NYSE: AGU) – FYE 01/2015

Sensient Technologies Corporation (NYSE: SXT) – FYE 12/2014

Continental Resources, Inc. (NYSE: CLR) – FYE 12/2014

Cameron International Corporation (NYSE: CAM) – FYE 12/2014

Helix Energy Solutions Group, Inc. (NYSE: HLX) – FYE 12/2014

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Agrium ($48-$50), Sensient Technologies ($36-$45), Continental Resources ($40-$50), Cameron International ($62-$68), and Helix Energy ($23-$28).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – 2015
After the application of dividends and stocks splits, and after adjusting for stock purchases and sales, as well as allowing for reinvestment of captial (thank you to friends with access to very powerful software), something I only do at the end of the year, the Wax Ink Portfolio ended 2015 with a loss of 2.04%, compared to 2014 in which the portfolio lost 2.55%. Admittedly not exactly a glowing endorsement for yours truly as a portfolio manager but better I suppose than the proverbial poke in the eye with a sharp stick .

By comparison, the Dow closed the year down 2.2%, with the Nasdaq up 5.7%, the S&P 500 down 0.7%, the Russell 2000 down 5.7%, and the Volatility Index, commonly known as the VIX, was up 32.7%.

I do not anticipate many changes to the portfolio for 2016. As many of you have noted, I took positions in additional oil industry stocks during the later part of 2015, however, I do not expect those investments to yield much in the way of positive returns during 2016. Certainly there are events in the world that may alter that statement, such as the recent execution by Saudi Arabia of an Iranian cleric, or the election of Donald Trump as President of the United States. But I am not counting on such events to improve my portfolio returns. If things such as those do, then good for me.

All in all while there may be a some positive changes during 2016, I do not really see a vast improvement in the portfolio until 2017. But since my end date for the portfolio is not until 2023, I believe I have taken positions that should do well within that particular time frame.

One of the things I am planning to add to my weekly Performance Report, are the week ending prices for crude oil, natural gas, and gasoline. Since the markets were driven during 2015 in large part by the price of hydrocarbons, I thought it may be of value to some readers if I started to include this information in my reports,

I wish everyone a fruitful year in 2016, I expect it to be an interesting time for the entire investing community. Cheers!


Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 12/31/2015
The Wax Ink Portfolio was down 0.8%for the week.

By comparison, the Dow was down 0.7%, the Nasdaq was down 0.8%, the S&P 500 was down 0.8%, the Russell 2000 was down 1.6%, and the Volatility Index, commonly known as the VIX, was up 15.7%.

Year to date, the Wax Ink portfolio is down 18.7%, the Dow is down 2.2%, the Nasdaq is up 5.7%, the S&P 500 is down 0.7%, the Russell 2000 is down 5.7%, and the VIX is higher by 32.7%.

The portfolio breakdown remains 55% cash, 45% equities, and 0% bonds, with no change in the number of shares held.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $38.00. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $61.82, making the current value spread 62.68%.

Weekly Winners
This week’s portfolio winners were municipal construction contractor Layne Christensen Company (Nasdaq: LAYN), up 10%, really big company General Electric (NYSE: GE), up 1%, and specialty chemical company WR Grace and Company (NYSE: GRA), up 0.4%.

Weekly Losers
This week’s portfolio loser was independent oil and gas company Marathon Oil Corporation (NYSE: MRO), down 10%, offshore oil rig contractor McDermott International, Inc. (NYSE: MDR), down 6%, and oil refiner Holly Frontier Corporation (NYSE: HFC), down 4%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 67% since being added to the portfolio, and offshore supply boat company Tidewater, down 43% since being added to the portfolio, and Marathon Oil Corporation, down 13% since being added to the portfolio.

Fair Warning
I have added my Baseline Valuation Estimates for each stock in the portfolio. Remember that baseline valuations are just that, estimates of the intrinsic value of a stock, and as such they will change. I update mine on an annual basis in accordance with the financial data filed with the U.S. Securities and Exchange Commission.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

REX American Resources Corporation (NYSE: REX) – FYE 01/2015

Titan Machinery, Inc. (Nasdaq: TITN) – FYE 01/2015

Tech Data Corporation (Nasdaq: TECD) – FYE 01/2015

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their

own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Reasonable value estimates were established or revised this week for REX American Resources at $94-$95, Titan Machinery at $25-$33, and Tech Data at $76-$81.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 12/25/2015
The Wax Ink Portfolio was up 1.6%for the week.

By comparison, the Dow was up 2.5%, the Nasdaq was up 2.5%, the S&P 500 was up 2.8%, the Russell 2000 was up 3.0%, and the Volatility Index, commonly known as the VIX, was down 24.0%.

Year to date, the Wax Ink portfolio is down 18.1%, the Dow is down 1.5%, the Nasdaq is up 6.6%, the S&P 500 is up 0.1%, the Russell 2000 is down 4.1%, and the VIX is higher by 14.7%.

The portfolio breakdown remains 55% cash, 45% equities, and 0% bonds, with no change in the number of shares held.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $38.00. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $62.33, making the current value spread 64.02%.

Weekly Winners
This week’s portfolio winners were municipal construction contractor Layne Christensen Company (Nasdaq: LAYN), up 20%, independent oil and gas company Marathon Oil Company (NYSE: MRO), up 12%, and offshore supply boat company Tidewater, Inc. (NYSE: TDW), up 11%.

Weekly Losers
This week’s portfolio loser was refiner Holly Frontier Corporation (NYSE: HFC), down 1%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 70% since being added to the portfolio, and offshore supply boat company Tidewater, down 42% since being added to the portfolio, and b>Marathon Oil Corporation, down 4% since being added to the portfolio.

Fair Warning
I have added my Baseline Valuation Estimates for each stock in the portfolio. Remember that baseline valuations are just that, estimates of the intrinsic value of a stock, and as such they will change. I update mine on an annual basis in accordance with the financial data filed with the U.S. Securities and Exchange Commission.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Kennametal, Inc. (NYSE: KMT) – FYE 06/2015

Kulicke and Soffa Industries, Inc. (Nasdaq: KLIC) – FYE 09/2015

VeriFone Holdings, Inc. (NYSE: PAY) – FYE 10/2015

Deere and Company (NYSE: DE) – FYE 10/2015

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their

own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Reasonable value estimates were established or revised this week for Kennametal at $37-$45, Kulicke and Soffa Industries at $25-$33, VeriFone Holdings at $20-$24, and Deere and Company at $69-$79.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 12/18/2015
The Wax Ink Portfolio was down 0.7%for the week.

By comparison, the Dow was down 0.8%, the Nasdaq was down 0.2%, the S&P 500 was down 0.3%, the Russell 2000 was down 0.2%, and the Volatility Index, commonly known as the VIX, was down 15.1%.

Year to date, the Wax Ink portfolio is down 19.3%, the Dow is down 3.9%, the Nasdaq is up 3.9%, the S&P 500 is down 2.6%, the Russell 2000 is down 6.9%, and the VIX is higher by 50.9%.

The portfolio breakdown remains 55% cash, 45% equities, and 0% bonds, with no change in the number of shares held.

Weekly Winners
This week’s portfolio winners were specialty chemical maker WR Grace and Company (NYSE: GRA), up 2%, and cigarette paper maker Schweitzer-Maudit International (NYSE: SWM), up 2%.

Weekly Losers
This week’s portfolio losers were municipal contractor Layne Christensen (Nasdaq: LAYN), down 18%, offshore supply boat company Tidewater, Inc. (NYSE: TDW), down 13%, and independent oil and gas company Marathon Oil Corporation (NYSE: MRO), down 13%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 75% since being added to the portfolio, and offshore supply boat company Tidewater, down 48% since being added to the portfolio, Griffon Corporation, down 5% since being added to the portfolio, and Marathon Oil Corporation, down 14% since being added to the portfolio.

Fair Warning
I have added my Baseline Valuation Estimates for each stock in the portfolio. Remember that baseline valuations are just that, estimates of the intrinsic value of a stock, and as such they will change. I update mine on an annual basis in accordance with the financial data filed with the U.S. Securities and Exchange Commission.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Sally Beauty Holdings, Inc. (NYSE: SBH) – FYE 09/2015

AECOM Technology Corporation (NYSE: ACM) – FYE 09/2015

Rofin-Sinar Technologies, Inc. (Nasdaq: RSTI) – FYE 09/2015

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Reasonable value estimates were established or revised this week for Sally Beauty Holdings at $24-$25, AECOM Technology at $19-$23, and Rofin-Sinar at $35-$44.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 12/11/2015
The Wax Ink Portfolio was down 2.9%for the week.

By comparison, the Dow was down 3.3%, the Nasdaq was down 4.1%, the S&P 500 was down 3.8%, the Russell 2000 was down 5.0%, and the Volatility Index, commonly known as the VIX, was up 64.7%.

Year to date, the Wax Ink portfolio is down 18.7%, the Dow is down 3.1%, the Nasdaq is up 4.2%, the S&P 500 is down 2.3%, the Russell 2000 is down 6.7%, and the VIX is higher by 77.8%.

The portfolio breakdown remains 55% cash, 45% equities, and 0% bonds.

Weekly Winners
There were no Wax Ink stocks with positive gains for the week. None. Nada. Zilch. Zip. Goose Egg.

Weekly Losers
This week’s portfolio losers were municipal contractor Layne Christensen (Nasdaq: LAYN), down 17%, offshore supply boat company Tidewater, Inc. (NYSE: TDW), down 11%, and independent oil and gas company Marathon Oil Corporation (NYSE: MRO), down 7%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 69% since being added to the portfolio, and offshore supply boat company Tidewater, down 40% since being added to the portfolio, Griffon Corporation, down 2% since being added to the portfolio, and Marathon Oil Corporation, down 1% since being added to the portfolio.

Fair Warning
I have added my Baseline Valuation Estimates for each stock in the portfolio. Remember that baseline valuations are just that, estimates of the intrinsic value of a stock, and as such they will change. I update mine on an annual basis in accordance with the financial data filed with the U.S. Securities and Exchange Commission.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Helmerich and Payne, Inc. (NYSE: HP) – FYE 09/2015

Dawson Geophysical, Inc. (Nasdaq: DWSN) – FYE 12/2014

Griffon Corporation (NYSE: GFF) – FYE 09/2015

Whole Foods Market, Inc. (NYSE: WFM) – FYE 09/2015

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Reasonable value estimates were established or revised this week for Helmerich and Payne at $75-$79, Dawson Geophysical at $19-$25, Griffon Corporation at $12-$16, and Whole Foodsat $27-$37.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 12/04/2015
The Wax Ink Portfolio was down 10.8%for the week.

By comparison, the Dow was up 0.3%, the Nasdaq was up 0.3%, the S&P 500 was up 0.1%, the Russell 2000 was down 1.6%, and the Volatility Index, commonly known as the VIX, was down 4.3%.

Year to date, the Wax Ink portfolio is down 16.3%, the Dow is up 0.1%, the Nasdaq is up 8.6%, the S&P 500 is up 1.6%, the Russell 2000 is down 1.8%, and the VIX is higher by 7.9%.

The portfolio breakdown remains 55% cash, 45% equities, and 0% bonds. The total number of shares was increased this week as I added 5000 shares of Tidewater to the portfolio.

Weekly Winners
This week’s portfolio winners were building materials company Griffon Corporation (NYSE: GFF), up 4%, agricultural chemicals company Agrium, Inc. (NYSE: AGU), up 2%, and rubber and tire king Goodyear Tire (NYSE: GT), up 0.2%.

Weekly Losers
This week’s portfolio losers were refiner Marathon Oil Corporation (NYSE: MRO), down 8%, offshore supply boat company Tidewater, Inc. (NYSE: TDW), down 8%, and offshore rig contractor McDermott International, Inc. (NYSE: MDR), down 7%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 63% since being added to the portfolio, and offshore supply boat company Tidewater, down 33% since being added to the portfolio.

Fair Warning
I have added my Baseline Valuation Estimates for each stock in the portfolio. Remember that baseline valuations are just that, estimates of the intrinsic value of a stock, and as such they will change. I update mine on an annual basis in accordance with the financial data filed with the U.S. Securities and Exchange Commission.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

The Greenbriar Companies, Inc. (NYSE: GBX) – FYE 08/2015

Ashland, Inc. (New) (NYSE: ASH) – FYE 09/2015

KMG Chemicals, Inc. (NYSE: KMG) – FYE 07/2015

Cabot Corporation (NYSE: CBT) – FYE 09/2015

Atwood Oceanics, Inc. (NYSE: ATW) – FYE 09/2015

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Reasonable value estimates were established or revised this week for Greenbriar Companies at $77-$79, Ashland at $36-$38, KMG Chemcials at $27-$34, Cabot Corporationat $46-$52, and Atwood Oceanics at $84-$89.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 11/27/2015
The Wax Ink Portfolio was up 0.3%for the week.

By comparison, the Dow was down 0.1%, the Nasdaq was up 0.4%, the S&P 500 was unchanged, the Russell 2000 was up 2.3%, and the Volatility Index, commonly known as the VIX, was up 0.4%.

Year to date, the Wax Ink portfolio is down 6.2%, the Dow is down 0.1%, the Nasdaq is up 8.3%, the S&P 500 is up 1.5%, the Russell 2000 is down 0.2%, and the VIX is higher by 12.8%.

The portfolio breakdown remains 55% cash, 45% equities, and 0% bonds. The total number of shares remained the same this week.

Weekly Winners
This week’s portfolio winners were building materials company Griffon Corporation (NYSE: GFF), up 6%, cigarette paper maker Schweitzer-Maudit International (NYSE: SWM), up 3%, and rubber and tire king Goodyear Tire (NYSE: GT), up 2%.

Weekly Losers
This week’s portfolio losers were offshore construction contractor McDermott International (NYSE: MDR), down 2%, mega company General Electric (NYSE: GE), down 1%, and refiner Holly Frontier (NYSE: HFC), down 1%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 63% since being added to the portfolio, and offshore supply boat company Tidewater, down 44% since being added to the portfolio. Building supply company Griffon Corporation was finally removed from the list and is now in positive territory, up 2% since being added to the portfolio.

Fair Warning
I have added my Baseline Valuation Estimates for each stock in the portfolio. Remember that baseline valuations are just that, estimates of the intrinsic value of a stock, and as such they will change. I update mine on an annual basis in accordance with the financial data filed with the U.S. Securities and Exchange Commission.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Aceto Corporation (Nasdaq: ACET) – FYE 06/2015

Stratasys, Ltd (Nasdaq: SSYS) – FYE 12/2014

Monsanto Company (NYSE: MON) – FYE 08/2015

WD40 Company, Inc. (Nasdaq: WDFC) – FYE 08/2015

A. Schulman, Inc. (Nasdaq: SHLM) – FYE 08/2015

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Reasonable value estimates were established or revised this week for Aceto Corporation at $28-$36, Stratasys, Ltd at $16-$21, Monsanto at $55-$59, WD-40at $46-$54, and A. Schulman at $21-$24.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 11/20/2015
The Wax Ink Portfolio was up 0.8%for the week.

By comparison, the Dow was up 3.4%, the Nasdaq was up 3.6%, the S&P 500 was up 3.3%, the Russell 2000 was up 2.5%, and the Volatility Index, commonly known as the VIX, was down 25.6%.

Year to date, the Wax Ink portfolio is down 6.5%, the Dow is unchanged, the Nasdaq is up 7.8%, the S&P 500 is up 1.5%, the Russell 2000 is down 2.5%, and the VIX is higher by 12.8%.

The portfolio breakdown is roughly 56% cash, 44% equities, and 0% bonds. The total number of shares remained the same this week.

Weekly Winners
This week’s portfolio winners were rubber king Goodyear Tire and Rubber (NYSE: GT), up 7%, refiner Holley Frontier Corporation (NYSE: HFC), up 5%, and specialty chemical company WR Grace (NYSE: GRA), up 3%.

Weekly Losers
This week’s portfolio losers were offshore construction contractor McDermott International (NYSE: MDR), down 24%, marine support vessel company Tidewater, Inc. (NYSE: TDW), down 16%, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 4%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation, down 4% since being added to the portfolio, municipal construction company Layne Christensen down 64% since being added to the portfolio, and offshore supply boat company Tidewater, down 44% since being added to the portfolio.

Fair Warning
I have added my Baseline Valuation Estimates for each stock in the portfolio. Remember that baseline valuations are just that, estimates of the intrinsic value of a stock, and as such they will change. I update mine on an annual basis in accordance with the financial data filed with the U.S. Securities and Exchange Commission.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

3D Systems Corporation (NYSE: DDD) – FYE 12/2014

Supreme Industries, Inc. (NYSE: STS) – FYE 12/2014

Wabash National Corporation (NYSE: WNC) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Reasonable value estimates were established or revised this week for 3D Systems at $16-$23, Supreme Industries at $18-$25, and Wabash National at $22-$29.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 11/13/2015
The Wax Ink Portfolio was down 1.2%for the week.

By comparison, the Dow was down 3.7%, the Nasdaq was down 4.3%, the S&P 500 was down 3.6%, the Russell 2000 was down 4.4%, and the Volatility Index, commonly known as the VIX, was up 45.2%.

Year to date, the Wax Ink portfolio is down 7.2%, the Dow is down 3.2%, the Nasdaq is up 4.1%, the S&P 500 is down 1.7%, the Russell 2000 is down 4.8%, and the VIX is higher by 51.6%.

The portfolio breakdown is roughly 56% cash, 44% equities, and 0% bonds. The total number of shares remained the same this week.

Weekly Winners
This week’s portfolio winners were offshore contractor McDermott International (NYSE: MDR), up 6%, cigarette paper maker Schweitzer-Maudit International, Inc. (NYSE: SWM), up 1%, and really big company General Electric (NYSE: GE), up 1%.

Weekly Losers
This week’s portfolio losers were municipal construction contractor Layne Christensen (Nasdaq: LAYN), down 9%, marine support vessel company Tidewater, Inc. (NYSE: TDW), down 7%, and independent oil and gas company Marathon Oil Corporation (NYSE: MRO), down 6%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation, down 6% since being added to the portfolio, municipal construction company Layne Christensen down 62% since being added to the portfolio, and offshore supply boat company Tidewater, down 34% since being added to the portfolio.

Fair Warning
As I continue to rework my rather large watch list, please remember that I am a value investor seeking to buy stocks, regardless of the sector, that I believe will double over a 60 month hold.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

WPX Energy, Inc. (NYSE: WPX) – FYE 12/2014

Alon USA Energy, Inc. (NYSE: ALJ) – FYE 12/2014

CVR Refining, LP (NYSE: CVRR) – FYE 12/2014

CVR Energy, Inc. (NYSE: CVI) – FYE 12/2014

Ensco plc (NYSE: ESV) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for WPX Energy at $46-$56, Alon USA Energy at $31-$38, CVR Refining at $31-$39, CVR Energy at $42-$50, and Ensco plc at $71-$74.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 11/06/2015
The Wax Ink Portfolio was up 0.6%for the week.

By comparison, the Dow was up 1.4%, the Nasdaq was up 1.8%, the S&P 500 was up 1.0%, the Russell 2000 was up 3.3%, and the Volatility Index, commonly known as the VIX, was down 4.9%.

Year to date, the Wax Ink portfolio is down 6.1%, the Dow is down 0.5%, the Nasdaq is up 8.7%, the S&P 500 is up 2.0%, the Russell 2000 is down 0.4%, and the VIX is higher by 4.4%.

The portfolio breakdown is roughly 56% cash, 44% equities, and 0% bonds. The total number of shares remained the same this week.

Weekly Winners
This week’s portfolio winners were offshore contractor McDermott International (NYSE: MDR), up 17%, ag chemical company Agrium, Inc. (NYSE: AGU), up 4%, and independent refiner Holly Frontier Corporation (NYSE: HFC), up 3%.

Weekly Losers
This week’s portfolio losers were offshore supply boat company Tidewater, Inc. (NYSE: TDW), down 8%, and specialty chemical company WR Grace and Company (NYSE: GRA).

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation, down 1% since being added to the portfolio, municipal construction company Layne Christensen down 58% since being added to the portfolio, and offshore supply boat company Tidewater, down 29% since being added to the portfolio.

Fair Warning
As I continue to rework my rather large watch list, please remember that I am a value investor seeking to buy stocks, regardless of the sector, that I believe will double over a 60 month hold.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Aegean Marine Petroleum Network, Inc. (NYSE: ANW) – FYE 12/2014

Denbury Resources, Inc. (NYSE: DNR) – FYE 12/2014

Sanchez Energy Corporation (NYSE: SN) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Aegean Marine Petroleum at $17-$22, Denbury Resources at $27-$28, and Sanchez Energy at $38-$57.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 10/30/2015
The Wax Ink Portfolio was down 0.2%for the week.

By comparison, the Dow was up 0.1%, the Nasdaq was up 0.4%, the S&P 500 was up 0.2%, the Russell 2000 was down 0.4%, and the Volatility Index, commonly known as the VIX, was up 0.6%.

Year to date, the Wax Ink portfolio is down 6.6%, the Dow is down 0.9%, the Nasdaq is up 6.7%, the S&P 500 is up 1.0%, the Russell 2000 is down 3.6%, and the VIX is higher by 9.8%.

The portfolio breakdown is roughly 56% cash, 44% equities, and 0% bonds. The total number of shares remained the same this week.

Weekly Winners
This week’s portfolio winners were refiner Holly Frontier Corporation (NYSE: HFC), up 4%, specialty chemical company WR Grace and Company (NYSE: GRA), up 3%, and independent oil and gas company Marathon Oil Company (NYSE: MRO), up 0.44%.

Weekly Losers
This week’s portfolio losers were offshore contractor McDermott International (NYSE: MDR), down 17%, offshore supply boat company Tidewater, Inc. (NYSE: TDW), down 12%, and municipal contracting company Layne Christensen (Nasdaq: LAYN), down 4%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 4% since being added to the portfolio, municipal construction company Layne Christensen down 60% since being added to the portfolio, and offshore supply boat company Tidewater, down 23% since being added to the portfolio.

Fair Warning
As I continue to rework my rather large watch list, please remember that I am a value investor, so regardless of the sector, if I can take a position in a stock that I believe can double over a 60 month hold it becomes a candidate, which is the reason I am over weighted to the oil sector, and may become more so over the coming months.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Worthington Industries, Inc. (NYSE: WOR) – FYE 05/2015

Carpenter Technology Corporation (NYSE: CRS) – FYE 06/2015

Globe Specialty Metals, Inc. (NYSE: GSM) – FYE 06/2015

Twin Disc, Inc. (Nasdaq: TWIN) – FYE 06/2015

The L.S. Starrett Company (NYSE: SCX) – FYE 06/2015

Oil- Dri Corporation of America (NYSE: ODC) – FYE 07/2015

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Worthington Industries at $29-$36, Carpenter Technology at $34-$40, Globe Specialty Metals at $10-$14, Twin Disc at $32-$40, LS Starrett at $28-$36 and, Oil-Dri Corporation at $32-$39.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 10/23/2015
The Wax Ink Portfolio was down 0.8%for the week.

By comparison, the Dow was up 2.5%, the Nasdaq was up 3.0%, the S&P 500 was up 2.1%, the Russell 2000 was up 0.3%, and the Volatility Index, commonly known as the VIX, was down 3.9%.

Year to date, the Wax Ink portfolio is down 6.4%, the Dow is down 1.0%, the Nasdaq is up 6.2%, the S&P 500 is up 0.8%, the Russell 2000 is down 3.2%, and the VIX is higher by 5.4%.

The portfolio breakdown is roughly 56% cash, 44% equities, and 0% bonds. The total number of shares remained the same this week.

Weekly Winners
This week’s portfolio winners were cigarette paper maker Schweitzer-Maudit International (NYSE: SWM), up 4%, offshore contractor McDermott International (NYSE: MDR), up 3%, and really big company General Electric (NYSE: GRA), up 2%.

Weekly Losers
This week’s portfolio losers were offshore supply boat company Tidewater (NYSE: TDW), down 10%, refiner Holley Frontier Corporation (NYSE: HFC), down 7%, and independent oil and gas company Marathon Oil (NYSE: MRO), down 5%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 2% since being added to the portfolio, municipal construction company Layne Christensen down 58% since being added to the portfolio, and offshore supply boat company Tidewater, down 10% since being added to the portfolio.

Fair Warning
I continue to rework my rather large watch list. Hopefully over the course of the next several weeks I will have few stocks to share with you. While I am well aware that my portfolio is heavily weighted to the oil sector, do not be surprised to see additions to existing holdings as well as new holdings in the same sector. After all, the sector can’t stay in the crapper forever.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Lear Corporation (NYSE: LEA) – FYE 12/2014

Bristow Group, Inc. (NYSE: BRS) – FYE 03/2015

Computer Sciences Corporation (NYSE: CSC) – FYE 03/2015

Plantronics, Inc. (NYSE: PLT) – FYE 03/2015

American Woodmark Corporation (Nasdaq: AMWD) – FYE 03/2015

Finisar Corporation (Nasdaq: FNSR) – FYE 04/2015

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Lear Corporation at $80-$88, Bristow Group at $39-$40, Computer Science Corporation at $52-$69, Plantronics at $49-$55, American Woodmark at $42-$51 and, Finisar Corporation at $16-$22.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 10/16/2015
The Wax Ink Portfolio was up 0.1%for the week.

By comparison, the Dow was up 0.8%, the Nasdaq was up 1.2%, the S&P 500 was up 0.9%, the Russell 2000 was down 0.3%, and the Volatility Index, commonly known as the VIX, was down 11.9%.

Year to date, the Wax Ink portfolio is down 5.7%, the Dow is down 3.4%, the Nasdaq is up 3.2%, the S&P 500 is down 1.3%, the Russell 2000 is down 3.5%, and the VIX is higher by 9.7%.

The portfolio breakdown is roughly 56% cash, 44% equities, and 0% bonds. The total number of shares remained the same this week.

Weekly Winners
This week’s portfolio winners were maker of lots of stuff General Electric (NYSE: GE), up 3%, tire and rubber king Goodyear Tire and Rubber (NYSE: GT), up 3%, and speciality chemical company WR Grace (NYSE: GRA), up 2%.

Weekly Losers
This week’s portfolio loser was offshore supply boat company Tidewater (NYSE: TDW), down 10%, municipal construction contractor Layne Christensen (Nasdaq LAYN), down 9%, and refiner Marathon Oil (NYSE: MRO), down 2%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 3% (down 1% for the week) since being added to the portfolio, municipal construction company Layne Christensen down 57% since being added to the portfolio, and offshore supply boat company Tidewater, down 3% since being added to the portfolio.

Fair Warning
I continue to rework my rather large watch list. Hopefully over the course of the next several weeks I will have few stocks to share with you.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below. However, because I was away last week, I was unable to update any worksheets. So what is below is from the prior week.

Douglas Dynamics, Inc. (Nasdaq: PLOW) – FYE 12/2014

Hanesbrands, Inc. (NYSE: HBI) – FYE 12/2014

Superior Industries International, Inc. (NYSE: SUP) – FYE 12/2014

Gentex Corporation (Nasdaq: GNTX) – FYE 12/2014

Mentor Graphics Corporation (Nasdaq: MENT) – FYE 01/2015

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Douglas Dynamics at $30-$31, Hanesbrands at $40-$42, Superior Industries International at $19-$24, Gentex at $23-$31, and Mentor Graphics at $29-$37.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 10/09/2015
The Wax Ink Portfolio was up 2.6%for the week.

By comparison, the Dow was up 3.7%, the Nasdaq was up 2.6%, the S&P 500 was up 3.3%, the Russell 2000 was up 4.6%, and the Volatility Index, commonly known as the VIX, was down 18.4%.

Year to date, the Wax Ink portfolio is down 5.8%, the Dow is down 4.1%, the Nasdaq is up 2.0%, the S&P 500 is down 2.1%, the Russell 2000 is down 3.3%, and the VIX is higher by 24.5%.

The portfolio breakdown is roughly 56% cash, 44% equities, and 0% bonds. The total number of shares remained the same this week.

Weekly Winners
This week’s portfolio winners were refiner Marathon Oil Corporation (NYSE: MRO), up 18%, offshore contractor McDermott International (NYSE: MDR), up 18%, and really big company General Electric (NYSE: GE), up 10%.

Weekly Losers
This week’s portfolio loser was refiner Holly Frontier Corporation (NYSE: HFC), down 0.45%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 3% (up 7% for the week) since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 53% (up 9% for the week) since being added to the portfolio. Offshore supply company Tidewater, Inc. (NYSE: TDW), (up 16% for the week) is no longer a Portfolio Dud.

Fair Warning
I have begun to rework my rather large watch list, consisting of some 1980 stocks, which I had been neglecting since I was on a markets exiting strategy. As noted last week I am reconsidering that decision.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below. However, because I was away last week, I was unable to update any worksheets. So what is below is from the prior week.

Myers Industries, Inc. (NYSE: MYE) – FYE 12/2014

Sonoco Products Company (NYSE: SON) – FYE 12/2014

Gilead Sciences, Inc. (Nasdaq: GILD) – FYE 12/2014

Under Armour, Inc. (NYSE: UA) – FYE 12/2014

BorgWarner, Inc. (NYSE: BWA) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own

due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Myers Industries at $6-$11, Sonoco Products at $32-$38, Gilead Sciences at $69-$70, Under Armour at $28-$40, and BorgWarner at $38-$45.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 10/02/2015
The Wax Ink Portfolio was down 3.8%for the week.

By comparison, the Dow was up 1.0%, the Nasdaq was up 0.5%, the S&P 500 was up 1.0%, the Russell 2000 was down 3.8%, and the Volatility Index, commonly known as the VIX, was down 11.3%.

Year to date, the Wax Ink portfolio is down 8.1%, the Dow is down 7.6%, the Nasdaq is down 0.6%, the S&P 500 is down 5.2%, the Russell 2000 is down 7.5%, and the VIX is higher by 52.6%.

The portfolio breakdown is roughly 56% cash, 44% equities, and 0% bonds. The total number of shares increase by 2000.

Weekly Winners
This week’s portfolio winners were refiner Marathon Oil Corporation (NYSE: MRO), up 6%, cigarette paper maker Schweitzer-Maudit International (NYSE: SWM), up 3%, and really big company General Electric (NYSE: GE), up 2%.

Weekly Losers
This week’s portfolio losers were ag chemical company Agrium, Inc. (NYSE: AGU), down 2%, offshore contractor McDermott International (NYSE: MDR), down 3%, and rubber king Goodyear Tire and Rubber (NYSE: GT), down 2%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 10% (up 2% for the week) since being added to the portfolio, municipal construction company Layne Christensen (Nasdaq: LAYN), down 56% (up 14% for the week) since being added to the portfolio, and offshore supply company Tidewater, Inc. (NYSE: TDW), down 7% (up 3% for the week) since being added to the portfolio.

Fair Warning
As I noted I last week I would be doing, I was able to increase my position in Tidewater during the week, adding 2000 shares. Over the past several years I have been positioning the portfolio in a manner consistent with exiting the markets altogether, given that my working life is nearing its end. But I am now rethinking that decision, and considering adding some longer term additions to the portfolio. Stay tuned.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Myers Industries, Inc. (NYSE: MYE) – FYE 12/2014

Sonoco Products Company (NYSE: SON) – FYE 12/2014

Gilead Sciences, Inc. (Nasdaq: GILD) – FYE 12/2014

Under Armour, Inc. (NYSE: UA) – FYE 12/2014

BorgWarner, Inc. (NYSE: BWA) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Myers Industries at $6-$11, Sonoco Products at $32-$38, Gilead Sciences at $69-$70, Under Armour at $28-$40, and BorgWarner at $38-$45.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 09/25/2015
The Wax Ink Portfolio was down 0.01%for the week.

By comparison, the Dow was down 0.4%, the Nasdaq was down 2.9%, the S&P 500 was down 1.4%, the Russell 2000 was down 3.5%, and the Volatility Index, commonly known as the VIX, was up 6.0%.

Year to date, the Wax Ink portfolio is down 4.5%, the Dow is down 8.5%, the Nasdaq is down 1.0%, the S&P 500 is down 6.2%, the Russell 2000 is down 6.8%, and the VIX is higher by 72.2%.

The portfolio breakdown is roughly 58% cash, 42% equities, and 0% bonds. The total number of shares held was unchanged.

Weekly Winners
This week’s portfolio winners were refiner Holley Frontier Corporation (NYSE: HFC), up 7%, cigarette paper maker Schweitzer-Maudit International (NYSE: SWM), up 3%, and really big company General Electric (NYSE: GE), up 0.5%.

Weekly Losers
This week’s portfolio losers were ag chemical company Agrium, Inc. (NYSE: AGU), down 8%, offshore contractor McDermott International (NYSE: MDR), down 4%, and rubber king Goodyear Tire and Rubber (NYSE: GT), down 2%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 12% (down 1% for the week) since being added to the portfolio, municipal construction company Layne Christensen (Nasdaq: LAYN), down 62% (down 9% for the week) since being added to the portfolio, and offshore supply company Tidewater, Inc. (NYSE: TDW), down 19% (down 8% for the week) since being added to the portfolio.

Fair Warning
In addition to continuing to look for great companies trading at substantial discounts to my baseline valuations, I will be adding to my position in Tidewater should the price reach or breakthrough $14.30.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Pentair plc (NYSE: PNR) – FYE 12/2014

Roper Industries, Inc. (NYSE: ROP) – FYE 12/2014

Crane Company, Inc. (NYSE: CR) – FYE 12/2014

Dover Corporation (NYSE: DOV) – FYE 12/2014

Bristol-Meyers Squibb Company (NYSE: BMY) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Pentair at $37-$41, Roper Industries at $55-$75, Crane Company at $39-$39, Dover Corporation at $46-$46, and Bristol-Meyers Squibb at $25-$34.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 09/18/2015
The Wax Ink Portfolio was unchanged for the week.

By comparison, the Dow was down 0.3%, the Nasdaq was up 0.1%, the S&P 500 was down 0.2, the Russell 2000 was up 0.5%, and the Volatility Index, commonly known as the VIX, was down 0.4%.

Year to date, the Wax Ink portfolio is down 4.5%, the Dow is down 8.1%, the Nasdaq is up 1.9%, the S&P 500 is down 4.9%, the Russell 2000 is down 3.4%, and the VIX is higher by 62.4%.

The portfolio breakdown is roughly 58% cash, 42% equities, and 0% bonds. The total number of shares held was unchanged.

Weekly Winners
This week’s portfolio winners were oil and gas company Marathon Oil Corporation (NYSE: MRO), up 5%, offshore contractor McDermott International. (NYSE: MDR), up 3%, and rubber king Goodyear Tire and Rubber Company (NYSE: GT), up 3%.

Weekly Losers
This week’s portfolio losers were maker of lots of stuff General Electric (NYSE: GE), down 1%, refiner Holley Frontier Corporation (NYSE: HFC), down 3%, and agricultural chemicals company Agrium, Inc. (NYSE: AGU), down 3%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 11% (down 1% for the week) since being added to the portfolio, municipal construction company Layne Christensen (Nasdaq: LAYN), down 58% (up 4% for the week) since being added to the portfolio, and offshore supply company Tidewater, Inc. (NYSE: TDW), down 11% (up 7% for the week) since being added to the portfolio.

Fair Warning
I continue to look for great companies trading at substantial discounts to my baseline valuations, that will integrate with my investment strategy of long term growth at a reasonable price.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Huntington Ingalls Industries (NYSE: HII) – FYE 12/2014

MSA Safety Incorporated (NYSE: MSA) – FYE 12/2014

Heska Corporation (Nasdaq: HSKA) – FYE 12/2014

EnPro Industries, Inc. (NYSE: NPO) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Huntington Ingalls Industries at $60-$83, MSA Safety at $38-$45, Heska Corporation at $21-$28, and EnPro Industries at $30-$36.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 09/11/2015
The Wax Ink Portfolio was up 1.9% for the week.

By comparison, the Dow was up 2.1%, the Nasdaq was up 3.0%, the S&P 500 was up 2.1, the Russell 2000 was up 1.9%, and the Volatility Index, commonly known as the VIX, was down 16.5%.

Year to date, the Wax Ink portfolio is down 4.5%, the Dow is down 7.8%, the Nasdaq is up 1.8%, the S&P 500 is down 4.8%, the Russell 2000 is down 3.9%, and the VIX is higher by 69.1%.

The portfolio breakdown is roughly 58% cash, 42% equities, and 0% bonds. The total number of shares held was reduced by 750 with the sale of Darling Ingredients.

Weekly Winners
This week’s portfolio winners were refiner Holly Fronties Corporation (NYSE: HFC), up 4%, maker of lots of stuff General Electric (NYSE: GE), up 4%, and agricultural chemicals company Agrium, Inc. (NYSE: AGU), up 3%.

Weekly Losers
This week’s portfolio losers were oil and gas company Marathon Oil Corporation (NYSE: MRO), down 8%, offshore contractor McDermott International. (NYSE: MDR), down 1%, and cigarette paper maker Schweitzer-Maudit International, Inc. (NYSE: SWM), down 1%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 10% (down 0.3% for the week) since being added to the portfolio, municipal construction company Layne Christensen (Nasdaq: LAYN), down 60% (down 14% for the week) since being added to the portfolio, and offshore supply company Tidewater, Inc. (NYSE: TDW), down 17% (down 8% for the week) since being added to the portfolio.

Fair Warning
I was able to close my position in Darling Ingredients this week, selling 750 shares at $12.42 net of fees. As noted above I currently have an almost 60% cash position in my portfolio, and am actively working to reduce that number when good companies with reasonable valuations are discovered.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Copper Tire and Rubber Company (NYSE: CTB) – FYE 12/2014

Basic Energy Services, Inc. (NYSE: BAS) – FYE 12/2014

Kraton Performance Polymers, Inc. (NYSE: KRA) – FYE 12/2014

AECOM Technology Corporation (NYSE: ACM) – FYE 09/2014

Scholastic Corporation (Nasdaq: SCHL) – FYE 05/2015

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Copper Tire and Rubber at $42-$48, Basic Energy at $53-$67, Kraton Performance Polymers at $33-$39, AECOM Technology at $29-$37, and Scholatic Corporation at $52-$61.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 09/04/2015
The Wax Ink Portfolio was down 1.1% for the week.

By comparison, the Dow was down 3.2%, the Nasdaq was down 3.0%, the S&P 500 was down 3.4, the Russell 2000 was down 2.3%, and the Volatility Index, commonly known as the VIX, was up 6.7%.

Year to date, the Wax Ink portfolio is down 6.2%, the Dow is down 9.7%, the Nasdaq is down 1.1%, the S&P 500 is down 6.7%, the Russell 2000 is down 5.7%, and the VIX is higher by 102.6%.

The portfolio breakdown is roughly 57% cash, 43% equities, and 0% bonds. The total number of shares held was unchanged.

Weekly Winners
This week’s portfolio winners were offshore oil rig contractor McDermott International (NYSE: MDR), up 1%.

Weekly Losers
This week’s portfolio losers were maker of lots of stuff General Electric (NYSE: GE), down 5%, agricultural chemicals company Agrium, Inc. (NYSE: AGU), down 4%, and cigarette paper maker Schweitzer-Maudit International, Inc. (NYSE: SWM), down 3%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 10% (down 2% for the week) since being added to the portfolio, municipal construction company Layne Christensen (Nasdaq: LAYN), down 53% (up 0.4% for the week) since being added to the portfolio, and offshore supply company Tidewater, Inc. (NYSE: TDW), down 9% (down 5% for the week) since being added to the portfolio.

Fair Warning
My plan was to close my position in Darling Ingredients this week. That did not happen as my job got in the way. Needless to say, the stock is still on the for sale bubble.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

EOG Resources, Inc. (NYSE: EOG) – FYE 12/2014

Occidental Petroleum Corporation (NYSE: OXY) – FYE 12/2014

Pitney Bowes, Inc. (NYSE: PBI) – FYE 12/2014

AGCO Corporation (Nasdaq: AGCO) – FYE 12/2014

Honeywell International, Inc. (NYSE: HON) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for EOG Resources at $89-$99, Occidental Petroleum at $94-$104, Pitney Bowes at $21-$24, AGCO Corporation at $56-$65, and Honeywell at $57-$59.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 08/28/2015
The Wax Ink Portfolio was down 7.1% for the week.

By comparison, the Dow was up 1.1%, the Nasdaq was up 2.6%, the S&P 500 was up 0.9, the Russell 2000 was up 0.5%, and the Volatility Index, commonly known as the VIX, was down 7.1%.

Year to date, the Wax Ink portfolio is down 5.2%, the Dow is down 6.6%, the Nasdaq is up 1.9%, the S&P 500 is down 3.4%, the Russell 2000 is down 3.5%, and the VIX is higher by 89.9%.

The portfolio breakdown is roughly 57% cash, 43% equities, and 0% bonds. The total number of shares held changed increased by 4000 with the addition of Marathon Oil.

Weekly Winners
This week’s portfolio winners were offshore oil rig contractor McDermott International (NYSE: MDR), up 25%, agricultural chemicals company Agrium, Inc. (NYSE: AGU), up 6%, and independent oil company Marathon Oil Corporation (NYSE: MRO), up 6%.

Weekly Losers
This week’s portfolio losers were chicken grease king Darling Ingredients (NYSE: DAR), down 2%, and refiner HollyFrontier Corporation (NYSE: HFC), down 2%, down 9%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 8% (down 0.06% for the week) since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 54% (up 1% for the week) since being added to the portfolio, and offshore supply company Tidewater, Inc. (NYSE: TDW), down 4% (down 9% for the week) since being added to the portfolio.

Fair Warning
As noted last week, I concentrated on adding at least one stock to the portfolio this week, and was able to add 4000 shares of Marathon Oil Corporation with an average cost basis if $14.52. Also as noted over the past several months, I think it is time for Darling Ingredients to go. I will be watching for opportunities to close my position over the coming weeks.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

AeroVironment, Inc. (Nasdaq: AVAV) – FYE 04/2015

Marathon Oil Corporation (NYSE: MRO) – FYE 12/2014

TransOcean, Ltd. (NYSE: RIG) – FYE 12/2014

Dorman Products, Inc. (Nasdaq: DORM) – FYE 12/2014

Ampco-Pittsburgh Corporation (NYSE: AP) – FYE 12/2014

Tredgear Corporation (NYSE: TG) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for AeroVironment at $23-$31, Marathon Oil Corporation at $53-$58, TransOcean at $78-$79, Dorman Products at $43-$52, Ampco-Pittsburgh at $32-$39, and Tredgear Corporation at $24-$30.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 08/21/2015
The Wax Ink Portfolio was down 2.9% for the week.

By comparison, the Dow was down 5.8%, the Nasdaq was down 6.8%, the S&P 500 was down 5.8, the Russell 2000 was down 4.6%, and the Volatility Index, commonly known as the VIX, was up 118.5%.

Year to date, the Wax Ink portfolio is up 3.5%, the Dow is down 7.6%, the Nasdaq is down 0.6%, the S&P 500 is down 4.3%, the Russell 2000 is down 4.0%, and the VIX is higher by 104.3%.

The portfolio breakdown is roughly 58% cash, 42% equities, and 0% bonds. The total number of shares held changed was unchanged.

Weekly Winners
Forget it. There were no winners this week. Probably won’t be any next week either.

Weekly Losers
This week’s portfolio losers were offshore oil rig contractor McDermott International (NYSE: MDR), down 14%, refiner HollyFrontier Corporation (NYSE: HFC), down 9%, and rubber and tire king Goodyear Tire and Rubber Company (NYSE: GT), down 9%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 8% (down 4% for the week) since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 54% (down 12% for the week) since being added to the portfolio. In addition, offshore supply company Tidewater, Inc. (NYSE: TDW) joined the list of duds this week, down 10% (down 9% for the week) since being added to the portfolio.

Fair Warning
The high speed computer traders are moving the markets. Huge positions are being sold off in under a second. I would expect this trend to continue over the course of the next several weeks. Since cash is roughly 58% of my portfolio I am actively looking for stocks to add to my portfolio instead of increasing positions in stocks I already own.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Layne Christensen Company (Nasdaq: LAYN) – FYE 01/2015

Abaxis, Inc. (Nasdaq: ABAX) – FYE 03/2015

Graham Corporation (NYSE: GHM) – FYE 03/2015

RPM International, Inc. (NYSE: RPM) – FYE 05/2015

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Layne Christensen at $6-$6, Abaxis at $31-$40, Graham Corporation at $34-$42, and RPM International at $30-$31.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 08/14/2015
The Wax Ink Portfolio was down 2.0% for the week.

By comparison, the Dow was up 0.6%, the Nasdaq was up 0.1%, the S&P 500 was up 0.7, the Russell 2000 was up 0.5%, and the Volatility Index, commonly known as the VIX, was down 4.2%.

Year to date, the Wax Ink portfolio is up 6.5%, the Dow is down 1.9%, the Nasdaq is up 6.6%, the S&P 500 is up 1.6%, the Russell 2000 is up 0.7%, and the VIX is lower by 6.5%.

The portfolio breakdown is roughly 58% cash, 42% equities, and 0% bonds. The total number of shares held changed with the sale of Kaman Corporation and the addition of Tidewater, Inc.

Weekly Winners
This week’s portfolio winners were chicken grease processor Darling Ingredients (NYSE: DAR), up 12%, refiner HollyFrontier Corporation (NYSE: HFC), up 5%, and tire and rubber king Goodyear Tire and Rubber Company (NYSE:GT), up 5.0%.

Weekly Losers
This week’s portfolio losers were cigarette paper maker Schweitzer-Maudit International, Inc. (NYSE: SWM), down 4%, offshore oil rig contractor McDermott International (NYSE: MDR), down 3%, and offshore supply company Tidewater, Inc. (NYSE: TDW), down 1%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 5% (down 1% for the week) since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 58% (up 3% for the week) since being added to the portfolio.

Fair Warning
As noted several weeks ago, I closed my position in Kaman Corporation this week, selling 2000 shares with a cost basis of $24.29, at $39.52 for a 63% return over a 2611 day hold. In addition, I have added Tidewater, Inc. to the portfolio, purchasing 3000 shares with a cost basis of $17.77 including fees.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Tidewater, Inc. (NYSE: TDW) – FYE 03/2015

Modine Manufacturing Company (NYSE: MOD) – FYE 03/2015

Orbital ATK, Inc. (NYSE: OA) – FYE 03/2015

Patterson Companies, Inc. (Nasdaq: PDCO) – FYE 04/2015

Triumph Group, Inc. (NYSE: TGI) – FYE 03/2015

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Tidewater at $67-$70, Modine Manufacturing at $19-$21, Orbital ATK at $17-$23, Patterson Companies at $37-$45, and Triumph Group at $44-$47.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 08/07/2015
The Wax Ink Portfolio was down 0.3% for the week.

By comparison, the Dow was down 1.8%, the Nasdaq was down 1.7%, the S&P 500 was down 1.2, the Russell 2000 was down 2.6%, and the Volatility Index, commonly known as the VIX, was up 10.5%.

Year to date, the Wax Ink portfolio is up 8.6%, the Dow is down 2.5%, the Nasdaq is up 6.5%, the S&P 500 is up 0.9%, the Russell 2000 is up 0.2%, and the VIX is lower by 2.4%.

The portfolio breakdown is roughly 57% cash, 43% equities, and 0% bonds. The total number of shares held remains the same.

Weekly Winners
This week’s portfolio winners were refiner HollyFrontier Corporation (NYSE: HFC), up 4.0%, rubber and tire king Goodyear Tire and Rubber Company (NYSE: GT), up 3.0%, and offshore oilfield contractor McDermott International, Inc. (NYSE: MDR), up 2.0%.

Weekly Losers
This week’s portfolio losers were cigarette paper maker Schweitez-Maudit International, Inc. (NYSE: SWM), down 7%, chicken grease processor Darling Ingredients (NYSE: DAR), down 4%, and maker of damn near everything General Electric, down 1%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 4% (unchanged for the week) since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 50% (down 4% for the week) since being added to the portfolio.

Fair Warning
I had intend to close my position in Kaman Corporation this week, but I was simply too busy at work to worry about it. Regardless, it is still on the chopping block.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

WESCO International, Inc. (NYSE: WCC) – FYE 12/2014

Xerox Corporation (NYSE: XRX) – FYE 12/2014

BestBuy Company, Inc. (NYSE: BBY) – FYE 02/2015

Airgas, Inc. (NYSE: ARG) – FYE 03/2015

Hawkins, Inc. (Nasdaq: HWKN) – FYE 03/2015

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for WESCO International at $57-$60, Xerox Corporation at $21-$27, BestBuy at $50-$56, Airgas at $68-$70, and Anixter International at $67-$75.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 07/31/2015
The Wax Ink Portfolio was up 0.9% for the week.

By comparison, the Dow was up 0.7%, the Nasdaq was up 0.8%, the S&P 500 was up 1.2, the Russell 2000 was op 1.0%, and the Volatility Index, commonly known as the VIX, was down 11.8%.

Year to date, the Wax Ink portfolio is up 9.0%, the Dow is down 0.7%, the Nasdaq is up 8.3%, the S&P 500 is up 2.2%, the Russell 2000 is up 2.8%, and the VIX is lower by 11.7%.

The portfolio breakdown is roughly 57% cash, 43% equities, and 0% bonds. The total number of shares held remains the same.

Weekly Winners
This week’s portfolio winner was refiner HollyFrontier Corporation (NYSE: HFC), up 4.0%, rubber and tire king Goodyear Tire and Rubber Company (NYSE: GT), up 3.0%, and specialty chemical maker WR Grace and Company (NYSE: GRA), up 2.0%.

Weekly Losers
This week’s portfolio losers were aerospace and defense contractor Kaman Corporation (Nasdaq: KAMN), down 2%, and chicken grease processor Darling Ingredients (NYSE: DAR), down 1%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 4% (up 10% for the week) since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 47% (down 2%for the week) since being added to the portfolio.

Fair Warning
I intend to close my position in Kaman Corporation, selling at the open, on Monday.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Vertex Energy, Inc. (Nasdaq: VTNR) – FYE 12/2014

Bloomin’ Brands, Inc. (Nasdaq: BLMN) – FYE 12/2014

AutoNation, Inc. (NYSE: AN) – FYE 12/2014

Murphy USA, Inc. (NYSE: MUSA) – FYE 12/2014

Annixter International, Inc. (NYSE: AXE) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Vertex Energy at ($2)-($5), Bloomin’ Brands at $22-$26, AutoNation at $45-$51, Murphy USA at $68-$71, and Anixter International at $67-$75.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 07/24/2015
The Wax Ink Portfolio was down 1.1% for the week.

By comparison, the Dow was down 2.9%, the Nasdaq was down 2.3%, the S&P 500 was down 2.2, the Russell 2000 was down 1.1%, and the Volatility Index, commonly known as the VIX, was up 15.0%.

Year to date, the Wax Ink portfolio is up 8.0%, the Dow is down 1.4%, the Nasdaq is up 7.4%, the S&P 500 is up 1.0%, the Russell 2000 is up 1.8%, and the VIX is higher by 0.1%.

The portfolio breakdown is roughly 57% cash, 43% equities, and 0% bonds. The total number of shares held remains the same.

Weekly Winners
This week’s portfolio winner was refiner HollyFrontier Corporation (NYSE: HFC), up 0.17%.

Weekly Losers
This week’s portfolio losers were offshore construction company McDermott International (NYSE: MDR), down 11%, maker of lots of stuff General Electric (NYSE: GE), down 5%, and rubber king Goodyear Tire and Rubber, (NYSE: GT), down 4%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 13% (down 3% for the week) since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 46% (down 4%for the week) since being added to the portfolio.

Fair Warning
As I noted last week, I closed my position in Worthington Industries selling 600 shares with a cost basis of $15.34, at $27.91 for an 82% return over a 3216 day hold.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Owens Corning (NYSE: OC) – FYE 12/2014

Aegion Corporation (Nasdaq: AEGN) – FYE 12/2014

Orion Marine Group, Inc. (NYSE: ORN) – FYE 12/2014

Clean Harbors, Inc. (NYSE: CLH) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Owens Corning at $35-$42, Aegion Corporation at $25-$33, Orion Marine Group at $16-$23, and Clean Harbors at $50-$58.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 07/17/2015
The Wax Ink Portfolio was up 0.7% for the week.

By comparison, the Dow was up 1.8%, the Nasdaq was up 4.3%, the S&P 500 was up 2.4, the Russell 2000 was up 1.2%, and the Volatility Index, commonly known as the VIX, was down 29.0%.

Year to date, the Wax Ink portfolio is up 7.5%, the Dow is up 1.5%, the Nasdaq is up 10.0%, the S&P 500 is up 3.3%, the Russell 2000 is up 5.2%, and the VIX is lower by 12.9%.

The portfolio breakdown is roughly 56% cash, 44% equities, and 0% bonds. The total number of shares held remains the same.

Weekly Winners
This week’s portfolio winners were rubber and plastics king Goodyear Tire and Rubber Company (NYSE: GT), up 5%, and maker of almost everything General Electric (NYSE: GE), up 4%, and refiner HollyFrontier Corporation (NYSE: HFC).

Weekly Losers
This week’s portfolio losers were offshore construction company McDermott International (NYSE: MDR), down 5%, steel cylinder maker Worthington Industries (NYSE: WOR), down 4%, and chicken grease recycler Darling Ingredients, (NYSE: DAR), down 3%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 10% (unchanged for the week) since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 44% (up 3%for the week) since being added to the portfolio.

Fair Warning
I will close my position in Worthington Industries, selling at the open on Monday.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Kulicke and Soffa Industries (Nasdaq: KLIC) – FYE 09/2014

Gulf Island Fabrication, Inc. (Nasdaq: GIFI) – FYE 12/2014

Olympic Steel, Inc. (Nasdaq: ZEUS) – FYE 12/2014

Albany International Corporation (NYSE: AIN) – FYE 12/2014

The Dixie Group, Inc. (Nasdaq: DXYN) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Kulicke and Soffa Industries at $26-$34, Gulf Island Fabrication at $30-$37, Olympic Steel at $43-$51, Albany International at $34-$40, and The Dixie Group at $7-$10.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 07/10/2015
The Wax Ink Portfolio was down 0.4% for the week.

By comparison, the Dow was up 0.2%, the Nasdaq was down 0.2%, the S&P 500 was unchanged, the Russell 2000 was up 0.3%, and the Volatility Index, commonly known as the VIX, was up 0.2%.

Year to date, the Wax Ink portfolio is up 6.8%, the Dow is down 0.4%, the Nasdaq is up 5.5%, the S&P 500 is up 0.9%, the Russell 2000 is up 3.9%, and the VIX is higher by 22.4%.

The portfolio breakdown is roughly 57% cash, 43% equities, and 0% bonds. The total number of shares held decreased by 1000 this week with the sale of LB Foster Company.

Weekly Winners
This week’s portfolio winners were specialty chemical maker WR Grace and Company (NYSE: GRA), up 1%, and refiner HollyFrontier Corporation (NYSE: HFC), up 1%.

Weekly Losers
This week’s portfolio losers were chicken grease processor Darling Ingredients (NYSE: DAR), down 4%, tire and rubber king The Goodyear Tire and Rubber Comapny (NYSE: GT), down 4%, and steel cylinder maker Worthington Industries, (NYSE: WOR), down 3%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 10% (up 1% for the week) since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 46% (down 1% for the week) since being added to the portfolio.

Fair Warning
I closed my position in The LB Foster Company, selling at $33.83 for an 18% gain. I still believe the reason for the purchase, replacement of America’s infrastructure, was sound. Where this holding went south, was my reliance on the government since TARP money was supposed to pay for much of this work. So for me the lesson is to remember that the government consists of 537 primary players, all of whom are worthless souls.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

RigNet, Inc. (Nasdaq: RNET) – FYE 12/2014

SPX Corporation (NYSE: SPW) – FYE 12/2014

Tennant Company. (NYSE: TNC) – FYE 12/2014

The Timken Company (NYSE: TKR) – FYE 12/2014

Snap-On Incorporated (NYSE: NCR) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for RigNet at $36-$44, SPX Corporation at $73-$83, Tennant Company at $48-$55, Timken Company at $43-$50, and Snap-On at $78-$82.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 07/02/2015
The Wax Ink Portfolio was up 4.9% for the week.

By comparison, the Dow was down 1.2%, the Nasdaq was down 1.4%, the S&P 500 was down 1.2%, the Russell 2000 was down 2.5%, and the Volatility Index, commonly known as the VIX, was up 19.8%.

Year to date, the Wax Ink portfolio is up 4.5%, the Dow is down 0.5%, the Nasdaq is up 5.8%, the S&P 500 is up 0.9%, the Russell 2000 is up 3.6%, and the VIX is higher by 22.4%.

The portfolio breakdown is roughly 55% cash, 45% equities, and 0% bonds. The total number of shares held decreased by 2000 this week with the sale of ArcBest Corporation.

Weekly Winners
This week’s portfolio winners were oil refiner HollyFrontier Corporation (NYSE: HFC), up 7%, and agricultural chemicals company Agrium, Inc. (NYSE: AGU), up 2%.

Weekly Losers
This week’s portfolio losers were offshore engineering and construction company McDermott International (NYSE: MCD), down 5%, tire and rubber king The Goodyear Tire and Rubber Company (NYSE: GT), down 4%, and infrastructure supplier LB Foster Company, (Nasdaq: FSTR), down 4%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 10% (down 1% for the week) since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 46% (down 1%for the week) since being added to the portfolio.

Fair Warning
I am currently considering closing my position in infrastructure company The LB Foster Company.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Lawson Products, Inc. (Nasdaq: LAWS) – FYE 12/2014

Forward Air Corporation (Nasdaq: FWRD) – FYE 12/2014

Matson, Inc. (Nasdaq: MATX) – FYE 12/2014

Kansas City Southern (NYSE: KSU) – FYE 12/2014

NCR Corporation (NYSE: NCR) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Lawson Products at $12-$16, Forward Air Corporation at $46-$52, Matson at $32-$39, Kansas City Southern at $56-$61, and NCR Corporation at $20-$26.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 06/26/2015
The Wax Ink Portfolio was up 0.3% for the week.

By comparison, the Dow was down 0.4%, the Nasdaq was down 0.7%, the S&P 500 was down 0.4%, the Russell 2000 was down 0.4%, and the Volatility Index, commonly known as the VIX, was up 0.4%.

Year to date, the Wax Ink portfolio is down 0.4%, the Dow is up 0.7%, the Nasdaq is up 7.3%, the S&P 500 is up 2.1%, the Russell 2000 is up 6.2%, and the VIX is higher by 2.2%.

The portfolio breakdown remains roughly 53% cash, 47% equities, and 0% bonds.

Weekly Winners
This week’s portfolio winners were steel cylinder maker Worthington Industries (NYSE: WOR), up 11%, agricultural chemicals company Agrium, Inc. (NYSE: AGU), up 3%, and cigarette paper maker Schweitzer-Maudit International, Inc. (NYSE: SWM), up 3%.

Weekly Losers
This week’s portfolio losers were trucking company ArcBest Corporation (Nasdaq: ARCB), down 5%, chicken grease processor Darling Ingredients, Inc. (NYSE: DAR), down 4%, and offshore construction contractor McDermott International, Inc. (NYSE: MDR), down 4%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 9% (unchanged for the week) since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 45% (up 9% for the week) since being added to the portfolio.

Fair Warning
Please note I will close my position in trucking company ArcBest Corporation on Monday 06/29/2015, selling at the open.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Friedman Industries, Inc. (AMEX: FRD) – FYE 03/2015

FMC Corporation (NYSE: FMC) – FYE 12/2014

World Fuel Services Corporation (NYSE: INT) – FYE 12/2014

ConocoPhillips (NYSE: COP) – FYE 10/2014

Adams Resources and Energy, Inc. (NYSE: AE) – FYE 12/2014

Molson Coors Brewing Company (NYSE: TAP) – FYE 12/2014

Sally Beauty Holdings, Inc. (NYSE: SBH) – FYE 09/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Friedman Industries at $11-$16, FMC Corporation at $38-$44, World Fuel Services at $47-$55, ConocoPhillips at $79-$81, Adams Resources and Energy at $70-$79, Molson Coors Brewing at $35-$36, Sally Beauty Holdings at $25-$26.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 06/05/2015
The Wax Ink Portfolio was up 1.4% for the week.

By comparison, the Dow was up 0.3%, the Nasdaq was down 0.3%, the S&P 500 was up 0.1%, the Russell 2000 was up 0.3%, and the Volatility Index, commonly known as the VIX, was down 0.4%.

Year to date, the Wax Ink portfolio is down 0.8%, the Dow is up 0.4%, the Nasdaq is up 6.7%, the S&P 500 is up 1.7%, the Russell 2000 is up 5.0%, and the VIX is higher by 0.4%.

The portfolio breakdown remains roughly 53% cash, 47% equities, and 0% bonds. There total number of shares held decreased by 500 with the sale of LS Starrett Company.

Weekly Winners
This week’s portfolio winners were specialty chemicals maker WR Grace and Company (NYSE: GRA), up 2%, chicken parts processor Darling International (NYSE: DAR), up 1%, and tire king Goodyear Tire and Rubber (NYSE: GT), up 1%.

Weekly Losers
This week’s portfolio losers were infrastructure supply company LB Foster Company (Nadaq: FSTR), down 5%, trucking company ArcBest Corporation (Nasdaq: ARCB), down 4%, and cylinder maker Worthington Industries (NYSE: WOR), down 2%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 9% (down 1% for the week) since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 38% (up 27% for the week) since being added to the portfolio.

Fair Warning
As noted last week, I closed my position in the The LS Starrett Company selling at $16.52 for a 59% gain. There are other holdings, LB Foster, ArcBest Corporation, Kaman Corporation and Worthington Industriesthat have passed my minimum 1825 day hold requirement and as such it may be time to sell since they are not performing as intended.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Deere and Company (NYSE: DE) – FYE 10/2014

Best Buy Company, Inc. (NYSE: BBY) – FYE 02/2014

Superior Energy Services, Inc. (NYSE: SPN) – FYE 12/2014

VeriFone Holdings, Inc. (NYSE: PAY) – FYE 10/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Deere and Company at $82-$85, Best Buy at $36-$43, Superior Energy Services at $53-$60, and VeriFone Holdings at $15-$20.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 06/05/2015
The Wax Ink Portfolio was down 0.2% for the week.

By comparison, the Dow was down 0.9%, the Nasdaq was unchanged, the S&P 500 was down 0.7%, the Russell 2000 was up 1.2%, and the Volatility Index, commonly known as the VIX, was up 2.7%.

Year to date, the Wax Ink portfolio is down 2.2%, the Dow is up 0.1%, the Nasdaq is up 7.0%, the S&P 500 is up 1.6%, the Russell 2000 is up 4.7%, and the VIX is higher by 3.6%.

The portfolio breakdown remains roughly 53% cash, 47% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week’s portfolio winners were oil rig engineering and construction contractor McDermott International, Inc. (NYSE: MDR), up 5%, steel cylinder maker Worthington Industries (NYSE: WOR), up 4%, and trucking company ArcBest Corporation (Nasdaq: ARCB), up 4%.

Weekly Losers
This week’s portfolio losers were small tool maker LS Starrett (AMEX: SCX), down 5%, cigarette paper maker Schweitzer-Maudit International (NYSE: SWM), down 2%, and tire maker Goodyear Tire and Rubber Company (NYSE: GT), down 2%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 8% (up 3% for the week) since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 52% (down 8% for the week) since being added to the portfolio.

Fair Warning
I am closing my position in the The LS Starrett Company as soon as the markets open on Monday. While I have nice gain (60%) in the stock, it is just too small a position and of late, to volatile a stock to maintain.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Chicago Bridge and Iron Company NV (NYSE: CBI) – FYE 12/2014

International Game Technology plc (NYSE: IGT) – FYE 09/2014

Unit Corporation (NYSE: UNT) – FYE 12/2014

Diamond Offshore, Inc. (NYSE: DO) – FYE 12/2014

Stone Energy Corporation (NYSE: SGY) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Chicago Bridge and Iron at $43-$45, International Game Technology at $21-$25, Unit Corporation at $72-$74, Diamond Offshore at $40-$43, Stone Energy at $31-$33.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 05/29/2015
The Wax Ink Portfolio was down 0.6% for the week.

By comparison, the Dow was down 1.2%, the Nasdaq was down 0.4%, the S&P 500 was down 0.9%, the Russell 2000 was down 0.5%, and the Volatility Index, commonly known as the VIX, was up 14.1%.

Year to date, the Wax Ink portfolio is down 1.4%, the Dow is up 2.3%, the Nasdaq is up 7.5%, the S&P 500 is up 3.3%, the Russell 2000 is up 3.9%, and the VIX is lower by 11.6%.

The portfolio breakdown remains roughly 53% cash, 47% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week’s portfolio winners were oil rig engineering and construction contractor McDermott International, Inc. (NYSE: MDR), up 17%, small tool maker LS Starrett Company (AMEX: SCX), up 2%, and chicken grease collection king Darling Ingredients (NYSE: DAR), up 1%.

Weekly Losers
This week’s portfolio losers were infrastructure supplier LB Foster Company (Nasdaq: FSTR), down 5%, trucking company ArcBest Corporation (Nasdaq: ARBC), down 4%, and agricultural chemical company Agrium (NYSE: AGU), down 4%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 11% (down 1% for the week) since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 48% (down 5% for the week) since being added to the portfolio.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Carlisle Companies, Inc. (NYSE: CSL) – FYE 12/2014

Ingersoll-Rand plc (NYSE: IR) – FYE 12/2014

AO Smith Corporation (NYSE: AOS) – FYE 12/2014

GameStop Corporation (NYSE: GME) – FYE 01/2015

World Food Market, Inc. (NYSE: WFM) – FYE 09/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Carlisle Companies at $55-$61, Ingersoll-Rand at $38-$43, AO Smith at $39-$48, GameStop Corporation at $47-$58, World Food Market at $27-$37.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 05/22/2015
The Wax Ink Portfolio was down 0.1% for the week.

By comparison, the Dow was down 0.2%, the Nasdaq was up 0.8%, the S&P 500 was up 0.2%, the Russell 2000 was up 0.7%, and the Volatility Index, commonly known as the VIX, was down 2.0%.

Year to date, the Wax Ink portfolio is down 1.4%, the Dow is up 2.3%, the Nasdaq is up 7.5%, the S&P 500 is up 3.3%, the Russell 2000 is up 3.9%, and the VIX is lower by 11.6%.

The portfolio breakdown remains roughly 53% cash, 47% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week’s portfolio winners were rubber king The Goodyear Tire and Rubber Company (NYSE: GT), up 3%, specialty chemical maker WR Grace and Company (NYSE: GRA), up 2%, and maker of almost everything General Electric (NYSE: GE), up 2%.

Weekly Losers
This week’s portfolio losers were small tool maker The LS Starrett Company (AMEX: SCX), down 6%, cigarette paper maker Schweitzer-Maudit International (NYSE: SWM), down 5%, and infrastructure supplier LB Foster Company (Nasdaq: FSTR), down 3%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 10% (down 2% for the week) since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 45% (up 2% for the week) since being added to the portfolio.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Rowan Companies PLC (NYSE: RDC) – FYE 12/2014

Contango Oil and Gas Company, Inc. (NYSE: MCF) – FYE 12/2014

Sigma-Aldrich Corporation (Nasdaq: SIAL) – FYE 12/2014

Tesoro Corporation (NYSE: TSO) – FYE 12/2014

Valero Energy Corporation (NYSE: VLO) – FYE 12/2014

Western Refining, Inc. (NYSE: WNR) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Rowan Companies at ($1-$2), Contango Oil and Gas at $73-$76, Sigma-Aldrich at $63-$69, Tesoro Corporation at $88-$103, Valero Energy at $84-$90, and Western Refining at $74-$76.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 05/15/2015
The Wax Ink Portfolio was up 0.3% for the week.

By comparison, the Dow was up 0.4%, the Nasdaq was up 0.9%, the S&P 500 was up 0.3%, the Russell 2000 was up 0.7%, and the Volatility Index, commonly known as the VIX, was down 3.7%.

Year to date, the Wax Ink portfolio is down 1.3%, the Dow is up 2.5%, the Nasdaq is up 6.6%, the S&P 500 is up 3.1%, the Russell 2000 is up 3.3%, and the VIX is lower by 9.8%.

The portfolio breakdown remains roughly 53% cash, 47% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week’s portfolio winners were chicken grease recycler Darling Ingredients, Inc. (NYSE: DAR), up 11%, tire and rubber king The Goodyear Tire and Rubber Company (NYSE: GT), up 5%, and tire and cylinder maker Worthington Industries, Inc. (NYSE: WOR), up 2%.

Weekly Losers
This week’s portfolio losers were offshore oil rig contractor McDermott International, Inc. (NYSE: MDR), down 13%, trucking company ArcBest Corporation (Nasdaq: ARCB), down 3%, and infrastructure supplier LB Foster Company (Nasdaq: FSTR), down 2%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 8% (up 3% for the week) since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 46% (down 3% for the week) since being added to the portfolio.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Rudolph Technologies, Inc. (Nasdaq: RTEC) – FYE 12/2014

Swift Energy Company, Inc. (NYSE: SFY) – FYE 12/2014

Imperial Oil Limited (NYSE: IMO) – FYE 12/2014

Nabors Industries Ltd (NYSE: NBR) – FYE 12/2014

Oasis Petroleum, Inc. (NYSE: OAS) – FYE 12/2014

Ultra Petroleum Corporation (NYSE: UPL) – FYE 12/2014

EP Energy Corporation (NYSE: EPE) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Rudolph Technologies at $12-$17, Swift Eneergy at $23-$29, Imperial Oil at $46-$52, Nabors Industries at $38-$43, Oasis Petroleum at $15-$17, Ultra Petroleum at $39-$45, and EP Energy at $69-$79.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 05/08/2015
The Wax Ink Portfolio was up 0.5% for the week.

By comparison, the Dow was up 0.9%, the Nasdaq was unchanged, the S&P 500 was up 0.4%, the Russell 2000 was up 0.6%, and the Volatility Index, commonly known as the VIX, was up 1.3%.

Year to date, the Wax Ink portfolio is down 1.6%, the Dow is up 2.1%, the Nasdaq is up 5.6%, the S&P 500 is up 2.8%, the Russell 2000 is up 2.5%, and the VIX is lower by 6.3%.

The portfolio breakdown remains roughly 53% cash, 47% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week’s portfolio winners were refiner HollyFrontier Corporation (NYSE: HFC), up 6%, agricultural chemicals company Agrium, Inc. (NYSE: AGU), up 4%, and tire and rubber king Goodyear Tire and Rubber Company (NYSE: GT), up 4%.

Weekly Losers
This week’s portfolio losers were cigarette paper maker Schweitzer-Maudit International (NYSE: SWM), down 4%, cylinder maker Worthington Industries (NYSE: WOR), down 2%, and small tool maker LS Starrett (NYSE: SCX), down 1%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 11% (2% for the week) since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 45% (up 28% for the week) since being added to the portfolio.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

American Railcar Industries, Inc. (Nasdaq: ARII) – FYE 12/2014

Maxwell Technologies, Inc. (Nasdaq: MXWL) – FYE 12/2014

Rofin-Sinar Technologies, Inc. (Nasdaq: RSTI) – FYE 09/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for American Railcar at $24-$27, Maxwell Technologies at $5-$7, and Rofin-Sinar at $32-$41.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 05/01/2015
The Wax Ink Portfolio was down 0.3% for the week.

By comparison, the Dow was down 0.3%, the Nasdaq was down 1.7%, the S&P 500 was down 0.4%, the Russell 2000 was down 3.1%, and the Volatility Index, commonly known as the VIX, was up 3.3%.

Year to date, the Wax Ink portfolio is down 2.0%, the Dow is up 1.1%, the Nasdaq is up 5.7%, the S&P 500 is up 2.4%, the Russell 2000 is up 1.9%, and the VIX is lower by 7.4%.

The portfolio breakdown remains roughly 53% cash, 47% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week’s portfolio winners were offshore rig contractor McDermott International (NYSE: MCD), up 5%, tire and rubber king The Goodyear Tire and Rubber Company (NYSE: GT), up 2%, and maker of everything General Electric (NYSE: GE), up 2%.

Weekly Losers
This week’s portfolio losers were infrastructure supplier LB Foster (Nasdaq: FSTR), down 7%, trucking company ArcBest Corporation (Nasdaq: ARCB), down 5%, and small tool maker LS Starrett (NYSE: SCX), down 5%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 9% since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 57% since being added to the portfolio.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

**Apache Corporation (NYSE: APA) – FYE 12/2014

Callon Petroleum Company (NYSE: CPA) – FYE 12/2014

Diamondback Energy, Inc. (Nasdaq: FANG) – FYE 12/2014

Noble Energy, Inc. (NYSE: NBL) – FYE 12/2014

Schlumberger, NV (NYSE: SLB) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

**Do your homework with this stock!!. I spent several hours with this company’s SEC filings and finally concluded I simply do not believe their financial statements.

This company is roughly 60% the size of ExxonMobil, yet to me, it has financial statements 10 times more complex. So please, be careful with this one!!

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Apache Corporation at $104-$111, Callon Petroleum at $8-$10, Diamondback Energy at $59-$60, Noble Energy at $39-$45, and Schlumberger at $64-$67.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 04/24/2015
The Wax Ink Portfolio was up 0.7% for the week.

By comparison, the Dow was up 1.4%, the Nasdaq was up 3.2%, the S&P 500 was up 1.8%, the Russell 2000 was up 1.3%, and the Volatility Index, commonly known as the VIX, was down 11.5%.

Year to date, the Wax Ink portfolio is down 1.7%, the Dow is up 1.4%, the Nasdaq is up 7.5%, the S&P 500 is up 2.9%, the Russell 2000 is up 5.2%, and the VIX is lower by 10.4%.

The portfolio breakdown remains roughly 53% cash, 47% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week’s portfolio winners were refiner HollyFrontier Corporation (NYSE: HFC), up 5%, trucking company ArcBest Corporation (Nasdaq: ARCB), up 4%, and cylinder maker Worthington Industries (NYSE: WOR), up 3%.

Weekly Losers
This week’s portfolio losers were offshore rig contractor McDermott International (NYSE: MDR), down 3%, maker of all things necessary General Electric (NYSE: GE), down 2%, and ag chemical company Agrium (NYSE: AGU), down 1%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 3% since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 63% since being added to the portfolio.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Chart Industries, Inc. (Nasdaq: GTLS) – FYE 12/2014

Mueller Industries, Inc. (NYSE: MLI) – FYE 12/2014

Energizer Holdings, Inc. (NYSE: ENR) – FYE 09/2014

Reliance Steel and Aluminum Company (NYSE: RS) – FYE 12/2014

Patterson-UTI Energy, Inc. (Nasdaq: PTEN) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Chart Industries at $28-$36, Mueller Industries at $44-$51, Energizer Holdings at $59-$77, Reliance Steel at $68-$73, and Patterson-UTI at $51-$57.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 04/17/2015
The Wax Ink Portfolio was down 0.7% for the week.

By comparison, the Dow was down 1.3%, the Nasdaq was down 1.3%, the S&P 500 was down 1.0%, the Russell 2000 was down 1.0%, and the Volatility Index, commonly known as the VIX, was up 10.4%.

Year to date, the Wax Ink portfolio is down 2.4%, the Dow is up 0.02%, the Nasdaq is up 4.1%, the S&P 500 is up 1.1%, the Russell 2000 is up 3.9%, and the VIX is higher by 1.2%.

The portfolio breakdown remains roughly 53% cash, 47% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week’s portfolio winners were offshore contractor McDermott International (NYSE: MDR), up 5%, small tool maker LS Starrett (NYSE: SCX), up 2%, and refiner HollyFrontier (NYSE: HFC), up 1%.

Weekly Losers
This week’s portfolio losers were cylinder maker Worthington Industries (NYSE: WOR), down 5%, maker of all things necessary General Electric (NYSE: GE), down 4%, and paper maker Schweitzer-Maudit International (NYSE: SWM), down 3%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 6% since being added to the portfolio, and municipal construction company Layne Christensen (Nasdaq: LAYN), down 65% since being added to the portfolio.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

ExxonMobil Corporation (NYSE: XOM) – FYE 12/2014

Harley-Davidson, Inc. (NYSE: HOG) – FYE 12/2014

Halliburton Company (NYSE: HAL) – FYE 12/2014

Trinity Industries, Inc. (NYSE: TRN) – FYE 12/2014

Valmont Industries, Inc. (NYSE: VMI) – FYE 12/2014

Caterpillar, Inc. (NYSE: CAT) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for ExxonMobil at $86-$87, Harley-Davidson at $49-$52, Halliburton at $52-$57, Trinity Industries at $52-$53, Valmont Industriesat $89-$98, and Caterpillar at $64-$65.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 04/10/2015
The Wax Ink Portfolio was up 0.7% for the week.

By comparison, the Dow was up 1.7%, the Nasdaq was up 2.2%, the S&P 500 was up 1.7%, the Russell 2000 was up 0.7%, and the Volatility Index, commonly known as the VIX, was down 14.2%.

Year to date, the Wax Ink portfolio is down 1.7%, the Dow is up 1.3%, the Nasdaq is up 5.5%, the S&P 500 is up 2.1%, the Russell 2000 is up 5.0%, and the VIX is lower by 8.3%.

The portfolio breakdown remains roughly 53% cash, 47% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week’s portfolio winners were offshore contractor McDermott International (NYSE: MDR), up 17%, maker of all things General Electric (NYSE: GE), up 14%, and ag chemicals company Agrium (NYSE: AGU), up 2%.

Weekly Losers
This week’s portfolio losers were infrastructure supplier LB Foster (Nasdaq: FSTR), down 5%, small tool maker LS Starrett (NYSE: SCX), down 4%, and helicopter wizard Kaman Corporation (Nasdaq: KAMN), down 1%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 3% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 67% since being added to the portfolio.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

PBF Energy, Inc. (NYSE: PBF) – FYE 12/2014

Hess Corporation (NYSE: HES) – FYE 12/2014

Murphy Oil Corporation (NYSE: MUR) – FYE 12/2014

Phillips 66 (NYSE: PSX) – FYE 12/2014

Alcoa, Inc. (NYSE: AA) – FYE 12/2014

NACCO Industries, Inc. (NYSE: NC) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for PBF Energy at $24-$28, Hess Corporation at $94-$102, Murphy Oil Corporation at $96-$108, Phillips 66 at $77-$79, Alcoaat $33-$38, and WR Grace at $38-$40.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 04/03/2015
The Wax Ink Portfolio was up 2.0% for the week.

By comparison, the Dow was up 0.3%, the Nasdaq was down 0.1%, the S&P 500 was up 0.3%, the Russell 2000 was up 1.2%, and the Volatility Index, commonly known as the VIX, was down 2.7%.

Year to date, the Wax Ink portfolio is down 2.4%, the Dow is down 0.3%, the Nasdaq is up 3.2%, the S&P 500 is up 0.4%, the Russell 2000 is up 4.2%, and the VIX is higher by 6.9%.

The portfolio breakdown was altered this week as I closed my position in Myers Industries (NYSE: MYE). While I did note a couple of weeks ago that the company has some accounting issues with its Brazilian operations, that news did not enter in to my decision to close my position. I had owned the stock for 12 years, and it was just time to replace it with one that has greater appreciation potential.

Weekly Winners
This week’s portfolio winners were offshore contractor McDermott International (NYSE: MDR), up 15%, cylinder maker Worthington Industries (NYSE: WOR), up 4%, and tire king Goodyear Tire and Rubber Company (NYSE: GT), up 2%.

Weekly Losers
This week’s portfolio losers were refiner HollyFrontier Corporation (NYSE: HFC), down 4%, trucker ArcBest Corporation (Nasdaq: ARCB), down 2%, and ag chemicals company Agrium, Inc. (NYSE: AGU), down 1%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 3% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 67% since being added to the portfolio.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

American Woodmark Corporation (Nasdaq: AMWD) – FYE 04/2014

CARBO Ceramics, Inc. (NYSE: CRR) – FYE 12/2014

Celanese Corporation (NYSE: CE) – FYE 12/2014

E. I. du Pont de Nemours and Company (NYSE: DD) – FYE 12/2014

Quaker Chemical Corporation (NYSE: KWR) – FYE 12/2014

WR Grace and Company (NYSE: GRA) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for American Woodmark Corporation at $31-$39, CARBO Ceramics at $40-$47, Celanese Corporation at $32-$41, du Pont at $50-$54, Quaker Chemicalat $59-$64, and WR Grace at $38-$40.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 03/27/2015
The Wax Ink Portfolio was down 0.5% for the week.

By comparison, the Dow was down 2.3%, the Nasdaq was down 2.7%, the S&P 500 was down 2.2%, the Russell 2000 was down 2.0%, and the Volatility Index, commonly known as the VIX, was up 15.7%.

Year to date, the Wax Ink portfolio is down 4.3%, the Dow is down 0.6%, the Nasdaq is up 3.3%, the S&P 500 is up 0.1%, the Russell 2000 is up 3.0%, and the VIX is higher by 9.8%.

The portfolio breakdown remains roughly 55% cash, 45% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week’s portfolio winners were offshore contractor McDermott International (NYSE: MDR), up 10%, small tool maker LS Starrett Company (NYSE: SCX), up 3%, and container maker Myers Industries (NYSE: MYE), up 2%.

Weekly Losers
This week’s portfolio losers were trucking company ArcBest Corporation (Nasdaq: ARCB), down 8%, steel cylinder maker Worthington Industries (NYSE: WOR), down 5%, and refiner HollyFrontier Corporation (NYSE: HFC), down 3%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 3% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 72% since being added to the portfolio.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Oil States International, Inc. (NYSE: OIS) – FYE 12/2014

National Oilwell Varco, Inc. (NYSE: NOV) – FYE 12/2014

Fastenal Company, Inc. (Nasdaq: FAST) – FYE 12/2014

Olin Corporation (NYSE: OLN) – FYE 12/2014

The Brink’s Company (NYSE: OLN) – FYE 12/2014

Whiting Petroleum Corporation (NYSE: WLL) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for Oil States International at $71-$73, National Oilwell Varco at $69-$77, Fastenal at $32-$41, Olin Corporation at $29-$37, The Brink’s Companyat $9-$14, and Whiting Petroleum Corporation at $25-$27.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 03/20/2015
The Wax Ink Portfolio was up 0.3% for the week.

By comparison, the Dow was up 2.1%, the Nasdaq was up 3.2%, the S&P 500 was down 2.7%, the Russell 2000 was up 2.8%, and the Volatility Index, commonly known as the VIX, was down 18.6%.

Year to date, the Wax Ink portfolio is down 3.8%, the Dow is up 1.7%, the Nasdaq is up 6.1%, the S&P 500 is up 2.4%, the Russell 2000 is up 5.1%, and the VIX is lower by 5.1%.

The portfolio breakdown remains roughly 55% cash, 45% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week’s portfolio winners were steel cylinder maker Worthington Industries (NYSE: WOR), up 7%, building materials company Griffon Corporation (NYSE: GFF), up 6%, and refiner HollyFrontier Corporation (NYSE: HFC), up 4%.

Weekly Losers
This week’s portfolio losers were municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 8%, container maker Myers Industries (NYSE: MYE), down 6%, and small tool maker LS Starrett (NYSE: SCX), down 5%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 3% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 71% since being added to the portfolio.

Fair Warning

Myers Industries
On March 16, 2015, Myers Industries notified the SEC that they would not be able to file their FYE 2014 Form 10-K on time. The reason cited was the discovery of accounting irregularities in their Brazilian office.

Layne Christensen
It appears to me that the markets are pricing Layne Christensen for bankruptcy. Indeed there have been any number of folks that have asked me why I have not cut my losses and moved on. I remember the same discussion several years ago regarding Griffon Corporation. At one point I was down almost 50% and I would not sell. Today I am down 3% in that stock. The point is, stuff happens and when it does you either believe in your analysis or you do not.

In my opinion the same thing will, over time, happen for Layne. While I believe management is inept, ignorant would be a better word actually, I don’t believe them to be dishonest. Certainly they have no understanding at all for the economies they serve. And during this time of economic crisis, a crisis of their own making, I would be paying more attention to my business than I would Wall Street were I management, but as I have just said, I now realize just how inept management is. Regardless, it is in my portfolio and it is staying in my portfolio until it recovers to a point that I can sell it for a profit, or becomes worthless.

Opportunity Cost
Lastly, yes, I understand lost opportunity cost. But it has been my experience that the folks that start bringing up opportunity cost have no idea what opportunity costs are, or how they apply. Remember, lost opportunity costs are never known until an investor is no longer invested.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

The L.S. Starrett Company (NYSE: SCX) – FYE 06/2014

ArcBest Corporation (Nasdaq: ARCB) – FYE 12/2014

General Electric Company (NYSE: GE) – FYE 09/2014

Penn National Gaming, Inc. (Nasdaq: PENN) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for The L.S. Starrett Company at $31-$40, ArcBest Corporation at $37-$45, General Electric at $35-$45, and Penn National Gaming at ($6)-($8).

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 03/13/2015
The Wax Ink Portfolio was down 0.3% for the week.

By comparison, the Dow was down 0.6%, the Nasdaq was down 1.1%, the S&P 500 was down 0.9%, the Russell 2000 was up 1.2%, and the Volatility Index, commonly known as the VIX, was up 5.3%.

Year to date, the Wax Ink portfolio is down 4.1%, the Dow is down 0.4%, the Nasdaq is up 2.9%, the S&P 500 is down 0.3%, the Russell 2000 is up 2.3%, and the VIX is higher by 16.6%.

The portfolio breakdown remains roughly 55% cash, 45% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week’s portfolio winners were infrastructure supplier LB Foster (Nasdaq: FSTR), up 20%, building materials company Griffon Corporation (NYSE: GFF), up 2%, and trucking company ArcBest Corporation (Nasdaq: ARCB), up 2%.

Weekly Losers
This week’s portfolio losers were municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 20%, small tool maker LS Starrett (NYSE: SCX), down 6%, and chicken grease king Darling Ingredients (NYSE: DAR), down 5%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 8% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 68% since being added to the portfolio.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Darling Ingredients (NYSE: DAR) – FYE 12/2014

Schweitzer-Maudit International (NYSE: SWM) – FYE 12/2014

Griffon Corporation (NYSE: GFF) – FYE 09/2014

The Goodyear Tire and Rubber Company (NYSE: GT) – FYE 12/2014

LB Foster Company (Nasdaq: FSTR) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established this week for Darling Ingredients at $20-$24, Schweitzer-Maudit International at $42-$49, Griffon Corporation at $11-$17, Goodyear Tire and Rubber at $35-$42, and LB Foster Company at $49-$58.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 03/06/2015
The Wax Ink Portfolio was down 1.7% for the week.

By comparison, the Dow was down 1.5%, the Nasdaq was down 0.7%, the S&P 500 was down 1.6%, the Russell 2000 was down 1.3%, and the Volatility Index, commonly known as the VIX, was up 13.9%.

Year to date, the Wax Ink portfolio is down 3.8%, the Dow is up 0.2%, the Nasdaq is up 4.0%, the S&P 500 is up 0.6%, the Russell 2000 is up 1.1%, and the VIX is higher by 10.8%.

The portfolio breakdown remains roughly 55% cash, 45% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week’s portfolio winners were offshore rig contractor McDermott International (NYSE: MDR), up 33%, and cigarette paper maker Schweitzer-Maudit (NYSE: SWM), up 1%.

Weekly Losers
This week’s portfolio losers were infrastructure supplier LB Foster (Nasdaq: FSTR), down 24%, chicken grease king Darling Ingredients (NYSE: DAR), down 15%, and refiner HollyFrontier (NYSE: HFC), down 10%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 10% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 60% since being added to the portfolio.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Amphenol Corporation. (NYSE: APH) – FYE 12/2014

Bemis Company (NYSE: BMS) – FYE 12/2014

McDermott International (NYSE: MDR) – FYE 12/2014

Kaman Corporation (Nasdaq: KAMN) – FYE 12/2014

HollyFrontier Corporation (NYSE: HFC) – FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established this week for Amphenol Corporation at $33-$39, Bemis Company at $35-$41, McDermott International at $5-$7, Kaman Corporation at $41-$49, and HollyFrontier Corporation at $49-$59.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

WaxPerformance – Week Ending 02/27/2015
The Wax Ink Portfolio was up 0.6% for the week.

By comparison, the Dow was unchanged, the Nasdaq was up 0.2%, the S&P 500 was down 0.3%, the Russell 2000 was up 0.1%, and the Volatility Index, commonly known as the VIX, was down 6.7%.

Year to date, the Wax Ink portfolio is down 2.2%, the Dow is up 1.7%, the Nasdaq is up 4.8%, the S&P 500 is up 2.2%, the Russell 2000 is up 2.4%, and the VIX is lower by 2.8%.

The portfolio breakdown remains roughly 55% cash, 45% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week’s portfolio winners were container maker Myers Industries (NYSE: MYE), up 12%, agricultural chemicals company Agrium (NYSE: AGU), up 7%, and oil refiner HollyFronier Corporation (NYSE: HFC), up 7%.

Weekly Losers
This week’s portfolio losers were municipal services contractor Layne Christensen (Nasdaq: LAYN), down 14%, cylinder maker Worthington Industries (NYSE: WOR), down 13%, and offshore contractor McDermott International (NYSE: MDR), down 6%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 9% since being added to the portfolio, municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 59% since being added to the portfolio, and McDermott International (NYSE: MDR), down 20% since being added to the portfolio.

Worksheets
Archived worksheets may be download by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

MRC Global, Inc. (NYSE: MRC) – FYE 12/2014

Anadarko Petroleum Corporation (NYSE: APC) – FYE 12/2014

Chevron Corporation (NYSE: CVX) – FYE 12/2014

Kinder Morgan, Inc. (NYSE: KMI) – FYE 12/2014

Deluxe Corporation (NYSE: DLX) – FYE 12/2014

Superior Uniform Group (NYSE: SGC) – FYE 12/2014,

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established this week for MRC Global at $23-$29, Anadarko Petroleum at $91-$101, Chevron Corporation at $106-$116, Kinder Morgan at $19-$25, Deluxe Corporation at $39-$42, and Superior Uniform Group at $23-$31.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 02/20/2015
The Wax Ink Portfolio was up 0.8% for the week.

By comparison, the Dow was up 0.7%, the Nasdaq was up 1.3%, the S&P 500 was up 0.6%, the Russell 2000 was up 0.7%, and the Volatility Index, commonly known as the VIX, was down 2.7%.

Year to date, the Wax Ink portfolio is down 2.8%, the Dow is up 1.8%, the Nasdaq is up 4.6%, the S&P 500 is up 2.5%, the Russell 2000 is up 2.2%, and the VIX is higher by 4.2%.

The portfolio breakdown remains roughly 55% cash, 45% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week’s portfolio winners were specialty paper company Schweiter-Maudit International (NYSE: SWM), up 7%, rubber and tire king Goodyear Tire and Rubber Company (NYSE: GT), up 7%, and trucking company ArcBest Corporation (NYSE: ARCB), up 4%.

Weekly Losers
This week’s portfolio losers were municipal services contractor Layne Christensen (Nasdaq: LAYN), down 4%, offshore contractor McDermott International (NYSE: MDR), down 4%, and oil refiner HollyFrontier Corporation (NYSE: HFC), down 2%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 10% since being added to the portfolio, municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 52% since being added to the portfolio, and McDermott International (NYSE: MDR), down 15% since being added to the portfolio.

Worksheets
Archived worksheets may be download by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

3D Systems Corporation (NYSE: DDD) – FYE 12/2013

Sprague Resources LP (Nasdaq: SRLP) – FYE 12/2013

Lorillard, Inc. (NYSE: LO) – FYE 12/2013

Lorillard, Inc. (NYSE: LO) – FYE 12/2014

Dawson Geophysical Company (Nasdaq: DWSN) – FYE 09/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Value Alerts
There were no company Value Alerts issued this week.

Research
This is a placeholder for companies I am researching. Please remember that fair research takes time, something I have little of.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 02/13/2015
The Wax Ink Portfolio was up 1.9% for the week.

By comparison, the Dow was up 1.1%, the Nasdaq was up 3.1%, the S&P 500 was up 2.0%, the Russell 2000 was up 1.5%, and the Volatility Index, commonly known as the VIX, was down 15%.

Year to date, the Wax Ink portfolio is down 3.6%, the Dow is up 1.1%, the Nasdaq is up 3.3%, the S&P 500 is down 1.9%, the Russell 2000 is up 1.5%, and the VIX is higher by 7.1%.

The portfolio breakdown remains roughly 55% cash, 45% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week’s portfolio winners were specialty paper company Schweiter-Maudit International (NYSE: SWM), up 8%, oil refiner HollyFrontier Corporation (NYSE: HFC), up 8%, and agricultural chemical company Agrium, Inc. (NYSE: AGU), up 3%.

Weekly Losers
This week’s portfolio losers were container maker Myers Industries (NYSE: MYE), down 2%, rail and pipe supplier LB Foster (Nasdaq: FSTR), down 2%, and defense contractor Kaman Corporation (Nasdaq: KAMN), down 1%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 13% since being added to the portfolio, municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 50% since being added to the portfolio, and McDermott International (NYSE: MDR), down 11% since being added to the portfolio.

Worksheets
Archived worksheets may be download by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Hawkins, Inc. (Nasdaq: HWKN) – FYE 03/2014,
Callon Petroleum Company (NYSE: CPE) – FYE 12/2013,
Chevron Corporation (NYSE: CVX) – FYE 12/2013,
Twin Disc, Inc. (Nasdaq: TWIN) – FYE 06/2014,

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Value Alerts
There were no company Value Alerts issued this week.

Research
This is a placeholder for companies I am researching. Please remember that fair research takes time, something I have little of.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 02/06/2015
The Wax Ink Portfolio was up 2.6% for the week.

By comparison, the Dow was up 3.8%, the Nasdaq was up 2.4%, the S&P 500 was up 3.0%, the Russell 2000 was up 3.4%, and the Volatility Index, commonly known as the VIX, was down 17.5%.

Year to date, the Wax Ink portfolio is down 5.4%, the Dow is unchanged, the Nasdaq is up 0.2%, the S&P 500 is down 0.2%, the Russell 2000 is up 0.1%, and the VIX is higher by 26%.

The portfolio breakdown remains roughly 55% cash, 45% equities, and 0% bonds. There was no change to the total number of shares held.

Weekly Winners
This week’s portfolio winners were specialty chemical company WR Grace (NYSE: GRA), up 16%, container maker Myers Industries (NYSE: MYE), up 8%, and refiner HollyFrontier Corporation (NYSE: HFC), up 7%.

Weekly Losers
This week’s portfolio losers were small tool maker The LS Starrett Company (NYSE: SCX), down 8%, and agricultural chemicals company Agrium, Inc. (NYSE: AGU), down 2%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 13% since being added to the portfolio, municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 53% since being added to the portfolio, and McDermott International (NYSE: MDR), down 13% since being added to the portfolio.

Worksheets
Archived worksheets may be download by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

Aegean Marine Petroleum Network, Inc. (NYSE: ANW) – FYE 12/2013,
Murphy USA, Inc. (NYSE: MUSA) – FYE 12/2013,
AK Steel Holding Corporation (NYSE: AKS) – FYE 12/2013,
Pioneer Natural Resources Company (NYSE: PXD) – FYE 12/2013,

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Value Alertswere issued this week for:
There were no company Value Alerts issued this week.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 01/30/2015
The Wax Ink Portfolio was down 0.5% for the week.

By comparison, the Dow was down 2.9%, the Nasdaq was down 2.6%, the S&P 500 was down 2.8%, the Russell 2000 was down 2.0%, and the Volatility Index, commonly known as the VIX, was up 25.9%.

Year to date, the Wax Ink portfolio is down 7.4%, the Dow is down 3.7%, the Nasdaq is down 2.1%, the S&P 500 is down 3.1%, the Russell 2000 is down 3.3%, and the VIX is higher by 52.8%.

The portfolio breakdown remains roughly 55% cash, 45% equities, and 0% bonds. There was no change to the total number of shares held.

For those of you that have asked what is different about the portfolio, please remember that last year I spent the entire year without consideration for cash, meaning cash was not included in the portfolio value. This year I have included the value of the portfolio cash.

Weekly Winners
This week’s portfolio winners were refiner HolleyFrontier Corporation (NYSE: HFC), up 6%, cylinder maker Worthingtion Industries (NYSE: HFC), up 5%, and small tools maker LS Starrett (NYSE: SCX), up 4%.

Weekly Losers
This week’s portfolio losers were trucking company ArcBest Corporation (NYSE: ARCB), down 9%, oilfield and infrastructure supplier LB Foster Company (Nasdaq: FSTR), down 6%, and rubber and tire king Goodyear Tire and Rubber Company (NYSE: GT), down 5%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 18% since being added to the portfolio, municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 49% since being added to the portfolio, and McDermott International (NYSE: MDR), down 28% since being added to the portfolio.

Worksheets
Archived worksheets may be download by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

AeroVironment, Inc. – (Nasdaq: AVAV) – FYE 04/2014
The Hershey Company – (NYSE: HSY) – FYE 12/2013
Newell Rubbermaid, Inc. – (NYSE: NWL) – FYE 12/2013
Questar Corporation – (NYSE: STR) – FYE 12/2013
Alon USA Energy, Inc. – (NYSE: ALJ) – FYE 12/2013
ConocoPhillips – (NYSE: COP) – FYE 12/2013
Nabors Industries, Ltd. – (NYSE: NBR) – FYE 12/2013
Enco plc – (NYSE: ESV) – FYE 12/2013.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Value Alerts were issued this week for:
There were no company Value Alerts issued this week.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 01/23/2015
The Wax Ink Portfolio was up 0.8% for the week.

By comparison, the Dow was up 0.9%, the Nasdaq was up 2.7%, the S&P 500 was up 1.5%, the Russell 2000 was up 1.0%, and the Volatility Index, commonly known as the VIX, was down 20.5%.

Year to date, the Wax Ink portfolio is down 7.4%, the Dow is down 0.8%, the Nasdaq is up 0.5%, the S&P 500 is down 0.2%, the Russell 2000 is down 1.3%, and the VIX is higher by 21.4%.

The portfolio breakdown remains roughly 55% cash, 45% equities, and 0% bonds. There was no change to the total number of shares held.

Past Weeks
I was finally able to work through my server issues and am once again up and running. If anyone is interested in the how the portfolio looked for week ending 01/10/2015, you may view or download the portfolio for that week by clicking here, and for those interest in how the portfolio looked for the week ending 01/16/2015, you may download the portfolio for that week by clicking here.

For those of you that have asked what is different about the portfolio, please remember that last year I spent the entire year without consideration for cash, meaning cash was not included in the portfolio value. This year I have included the value of the portfolio cash.

Weekly Winners
This week’s portfolio winners were cylinder maker Worthington Industries (NYSE: WOR), up 11%, refiner HolleyFrontier Corporation (NYSE: HFC), up 10%, and small tools maker LS Starrett (NYSE: SCX), up 8%.

Weekly Losers
This week’s portfolio losers were specialty chemicals company WR Grace and Company (NYSE: GRA), down 3%, trucker ArcBest Corporation (Nasdaq: ARCB), down 3%, and grease recycling king Darling International (NYSE: DAR), down 2%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 24% since being added to the portfolio, municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 47% since being added to the portfolio, and McDermott International (NYSE: MDR), down 25% since being added to the portfolio.

Worksheets
Worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry.

Value Alerts were issued this week for:
There were no value alerts issued this week.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 01/02/2015
The Wax Ink Portfolio was down 1.5% for the week.

By comparison, the Dow was down 1.2%, the Nasdaq was down 1.7%, the S&P 500 was down 1.5%, the Russell 2000 was down 1.4%, and the Volatility Index, commonly known as the VIX, was up 22.7%.

Year to date, the Wax Ink portfolio is down 0.0%, the Dow is up 0.1%, the Nasdaq is down 0.2%, the S&P 500 is down 0.0%, the Russell 2000 is down 0.5%, and the VIX is higher by 29.7%.

The portfolio breakdown remains roughly 53% cash, 47% equities, and 0% bonds. There was no change to the total number of shares held.

2014 Results
After adjusting the portfolio for dividends and re-balancing to account for the change in the number of shares held, the Wax Ink portfolio ended 2014 down 2.61%.

By comparison, the Dow ended 2014 up 7.5%, the Nasdaq ended up 13.4%, the S&P 500 ended up 11.4%, the Russell 2000 ended up 3.5%, and the Volatility Index, commonly known as the VIX, ended up 39.9%.

Weekly Winners
This week’s portfolio winners were offshore oil rig contractor McDermott International (NYSE: MDR), up 4%, small tool maker The LS Starrett Company (NYSE: SCX), up 1%, and container maker Myers Industries (NYSE: MYE), up 1%.

Weekly Losers
This week’s portfolio losers were specialty chemicals company WR Grace and Compnay (NYSE: GRA), down 3%, trucking company ArcBest Corporation (Nasdaq: ARCB), down 3%, and we make everything company General Electric (NYSE: GE), down 3%.

Portfolio Duds
The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 26% since being added to the portfolio, municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 36% since being added to the portfolio, and McDermott International (NYSE: MDR), down 23% since being added to the portfolio.

Worksheets
I continue to update worksheets. Once I get my server repaired I will include a list with the appropriate links in these pages.

Value Alerts were issued this week for:
There were no value alerts issued this week.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Performance – Week Ending 12/26/2014
The Wax Ink Portfolio was up 2.2% for the week.

By comparison, the Dow was up 1.4%, the Nasdaq was up 0.9%, the S&P 500 was up 0.9%, the Russell 2000 was up 1.6%, and the Volatility Index, commonly known as the VIX, was down 12.1%.

Year to date, the Wax Ink portfolio is down 12.3%, the Dow is up 8.9%, the Nasdaq is up 15.1%, the S&P 500 is up 13.0%, the Russell 2000 is up 4.4%, and the VIX is higher by 5.7%.

The portfolio breakdown remains roughly 53% cash, 47% equities, and 0% bonds. There was no change to the total number of shares held.

This week’s portfolio winners were offshore oilrig contractor McDermott International (NYSE: MDR), up 16%, small tool maker The LS Starrett Company (NYSE: SCX), up 11%, and trucking company ArcBest Corporation (Nasdaq: ARCB), up 7%.

This week’s portfolio losers were cigarette paper maker Schweiter-Maudit International (NYSE: SWM), down 1%, chicken grease processor Darling International (NYSE: DAR), down 0.44%, and agricultural chemical company Agrium (NYSE: AGU), down 0.16%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 25% since being added to the portfolio, municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 35% since being added to the portfolio, and McDermott International (NYSE: MDR), down 26% since being added to the portfolio.

Worksheets were updated this week for:
I am current experiencing a server failure and as a result am unable to upload new and/or revised worksheets. Once I am able to replace the server this feature will continue.

Value Alerts were issued this week for:
There were no value alerts issued this week.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 12/19/2014
The Wax Ink Portfolio was up 2.9% for the week.

By comparison, the Dow was up 3.0%, the Nasdaq was up 2.4%, the S&P 500 was up 3.4%, the Russell 2000 was up 3.8%, and the Volatility Index, commonly known as the VIX, was down 21.8%.

Year to date, the Wax Ink portfolio is down 14.2%, the Dow is up 7.4%, the Nasdaq is up 14.1%, the S&P 500 is up 12.0%, the Russell 2000 is up 2.8%, and the VIX is higher by 20.2%.

The portfolio breakdown remains roughly 47% equities, 53% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s portfolio winners were small tool maker The LS Starrett Company (NYSE: SCX), up 24%, municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), up 21%, and building materials company Griffon Corporation (NYSE: GFF), up 7%.

This week’s portfolio loser was cylinder maker Worthington Industries (NYSE: WOR), down 15%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 28% since being added to the portfolio, municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 37% since being added to the portfolio, and McDermott International (NYSE: MDR), down 37% since being added to the portfolio.

Worksheets were updated this week for:
Valero Energy Corporation (NYSE: VLO), Helmerich and Payne, Inc. (NYSE: HP), Atwood Oceanics (NYSE: ATW), and Harley-Davidson, Inc. (NYSE: HOG).

Value Alerts were issued this week for:
There were no value alerts issued this week.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 12/12/2014
The Wax Ink Portfolio was down 4.5% for the week.

By comparison, the Dow was down 3.8%, the Nasdaq was down 2.7%, the S&P 500 was down 3.5%, the Russell 2000 was down 2.5%, and the Volatility Index, commonly known as the VIX, was up 78.3%.

Year to date, the Wax Ink portfolio is down 16.7%, the Dow is up 4.2%, the Nasdaq is up 11.4%, the S&P 500 is up 8.3%, the Russell 2000 is down 1.0%, and the VIX is higher by 53.6%.

With the sale of Cubist Pharmaceuticals this week, the portfolio breakdown is now 46% equities, 54% cash, and 0% bonds.

This week’s portfolio winner was municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), up 9%.

This week’s portfolio losers were offshore construction contractor McDermott International (NYSE: MDR), down 26%, oil refiner HollyFrontier Corporation (NYSE: SWM), down 6%, and cylinder maker Worthington Industries (NYSE: WOR), down 6%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 33% since being added to the portfolio, municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 48% since being added to the portfolio, and McDermott International (NYSE: MDR), down 38% since being added to the portfolio.

Worksheets were updated this week for:
Anadarko Petroleum Corporation (NYSE: APC), Marathon Oil Corporation (NYSE: MRO), Hess Corporation (NYSE: HES), Tesoro Corporation (NYSE: TSO).

Value Alerts were issued this week for:
There were no value alerts issued this week.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 12/05/2014

The Wax Ink Portfolio was up 0.6% for the week.

By comparison, the Dow was up 0.7%, the Nasdaq was down 0.2%, the S&P 500 was up 0.4%, the Russell 2000 was op 0.8%, and the Volatility Index, commonly known as the VIX, was down 11.3%.

Year to date, the Wax Ink portfolio is down 7.3%, the Dow is up 8.3%, the Nasdaq is up 14.5%, the S&P 500 is up 12.3%, the Russell 2000 is up 1.6%, and the VIX is lower by 13.8%.

The portfolio breakdown remains roughly 50% equities, 50% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s portfolio winners were infrastructure materials supplier LB Foster (Nasdaq: FSTR), up 8%, municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), up 6%, container maker Myers Industries (NYSE: MYE), up 4%.

This week’s portfolio losers were offshore construction contractor McDermott International (NYSE: MDR), down 6%, oil refiner HollyFrontier Corporation (NYSE: SWM), down 2%, and We Make Everything company General Electric (NYSE: GE), down 2%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 29% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 52% since being added to the portfolio, and McDermott International (NYSE: MDR), down 15% since being added to the portfolio.

Worksheets were updated this week for:
Mine Safety Appliances Company (NYSE: MSA), Honeywell International (NYSE: HON), Roper Industries, Inc. (NYSE: ROP), Hanesbrands, Inc. (NYSE: HBI), Under Armour, Inc. (NYSE: UA), Caterpillar, Inc. (NYSE: CAT), Under Armour, Inc. (NYSE: UA).

Value Alerts were issued this week for:
There were no value alerts issued this week.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 11/28/2014
The Wax Ink Portfolio was down 1.2% for the week.

By comparison, the Dow was up 0.1%, the Nasdaq was up 1.7%, the S&P 500 was up 0.2%, the Russell 2000 was op 0.1%, and the Volatility Index, commonly known as the VIX, was up 3.3%.

Year to date, the Wax Ink portfolio is down 7.9%, the Dow is up 7.6%, the Nasdaq is up 14.7%, the S&P 500 is up 11.9%, the Russell 2000 is up 0.8%, and the VIX is lower by 2.8%.

The portfolio breakdown remains roughly 50% equities, 50% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s portfolio winners were small tool maker The LS Starrett Company (NYSE: SCX), up 4%, tire and rubber king Goodyear Tire and Rubber Company (NYSE: GT), up 4%, and tire and drug maker Cubist (Nasdaq: CBST), up 3%.

This week’s portfolio losers were offshore construction contractor McDermott International (NYSE: MDR), down 16%, oil refiner HollyFrontier Corporation (NYSE: SWM), down 8%, and agricultural chemical company Agrium (NYSE: AGU), down 5%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 31% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 55% since being added to the portfolio.

Worksheets were updated this week for:
A.O. Smith Corporation (NYSE: AOS), Ingersoll-Rand, plc (NYSE: IR), CR Bard, Inc. (NYSE: BCR), Pentair plc (NYSE: PNR), and Erikson Incorporated (NYSE: EAC).

Value Alerts were issued this week for:
There were no value alerts issued this week.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 11/21/2014
The Wax Ink Portfolio was up 0.5% for the week.

By comparison, the Dow was up 1.0%, the Nasdaq was up 0.5%, the S&P 500 was up 1.2%, the Russell 2000 was down 0.1%, and the Volatility Index, commonly known as the VIX, was down 3.1%.

Year to date, the Wax Ink portfolio is down 6.7%, the Dow is up 7.4%, the Nasdaq is up 12.8%, the S&P 500 is up 11.6%, the Russell 2000 is up 0.8%, and the VIX is lower by 6.0%.

The portfolio breakdown remains roughly 50% equities, 50% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s portfolio winners were container maker Myers Industries (NYSE: MYE), up 6%, oil refiner HollyFrontier (NYSE: HFC), up 4%, and tire and drug maker Cubist (Nasdaq: CBST), up 4%.

This week’s portfolio losers were infrastructure supplier LB Foster Company (Nasdaq: FSTR), down 6%, cigarette paper maker Schweiter-Maudit International (NYSE: SWM), down 5%, and small tool maker The LS Starrett Company (NYSE: SCX), down 5%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 30% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 52% since being added to the portfolio.

Worksheets were updated this week for:
Derma Sciences, Inc. (Nasdaq: DSCI), Delux Corporation. (NYSE: DLX), DepotMed, Inc. (Nasdaq: DEPO), Penn National Gaming, Inc. (Nasdaq: PENN), Mueller Industries, Inc. (NYSE: MLI).

Value Alerts were issued this week for:
There were no value alerts issued this week.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 11/14/2014
The Wax Ink Portfolio was down 0.2% for the week. By comparison, the Dow was up 0.3%, the Nasdaq was up 1.2%, the S&P 500 was up 0.4%, the Russell 2000 was unchanged, and the Volatility Index, commonly known as the VIX, was up 1.4%.

Year to date, the Wax Ink portfolio is down 7.2%, the Dow is up 6.4%, the Nasdaq is up 12.3%, the S&P 500 is up 10.4%, the Russell 2000 is up 0.9%, and the VIX is lower by 3.0%.

The portfolio breakdown remains roughly 50% equities, 50% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s portfolio winners were trucking company McDermott International (NYSE: MDR), up 6%, agricultural chemicals company Agrium (NYSE: AGU), up 2%, and tire and rubber king Goodyear Tire and Rubber (NYSE: GT), up 2%.

This week’s portfolio losers were crude oil refiner Holly Frontier (NYSE: HFC), down 4%, and infrastructure supplier LB Foster Company (Nasdaq: FSTR), down 2%, and drug maker Cubist Pharmaceuticals (Nasdaq: CBST), down 2%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 29% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 54% since being added to the portfolio.

Worksheets were updated this week for:
Douglas Dynamics, Inc. (Nasdaq: PLOW), The Greenbriar Companies, Inc. (NYSE: GBX), Trinity Industries, Inc. (NYSE: TRN), Lawson Products, Inc. (NYSE: LAWS), Airgas, Inc. (NYSE: ARG), Whole Food Market, Inc. (NYSE: WFM).

Value Alerts were issued this week for:
There were no value alerts issued this week.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 11/07/2014
The Wax Ink Portfolio was up 0.6% for the week. By comparison, the Dow was up 1.1%, the Nasdaq was unchanged, the S&P 500 was up 0.7%, the Russell 2000 was unchanged, and the Volatility Index, commonly known as the VIX, was down 6.5%.

Year to date, the Wax Ink portfolio is down 7.0%, the Dow is up 6.0%, the Nasdaq is up 10.9%, the S&P 500 is up 9.9%, the Russell 2000 is up 0.8%, and the VIX is lower by 4.4%.

The portfolio breakdown remains roughly 50% equities, 50% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s portfolio winners were trucking company ArcBest Corporation (Nasdaq: ARCB), up 10%, chicken parts collector Darling International, Inc. (NYSE: DAR), up 7%, and offshore construction contractor McDermott International, Inc. (NYSE: MDR), up 5%.

This week’s portfolio losers were aerospace contractor Kaman Corporation (Nasdaq: KAMN), down 4%, and infrastructure supplier LB Foster Company (Nasdaq: FSTR), down 3%, and drug maker Cubist Pharmaceuticals, Inc. (Nasdaq: CBST), down 3%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 30% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 52% since being added to the portfolio.

Worksheets were updated this week for:
Generac Holdings, Inc. (Nasdaq: GNRC), Tennant Company (NYSE: TNC), Clean Harbors, Inc. (NYSE: CLH), Hasbro, Inc. (NYSE: HAS).

Value Alerts were issued this week for:
There were no value alerts issued this week.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 10/31/2014
The Wax Ink Portfolio was up 4.9% for the week. By comparison, the Dow was up 3.5%, the Nasdaq was up 3.3%, the S&P 500 was up 2.7%, the Russell 2000 was up 4.9%, and the Volatility Index, commonly known as the VIX, was down 12.9%.

Year to date, the Wax Ink portfolio is down 7.5%, the Dow is up 4.9%, the Nasdaq is up 10.9%, the S&P 500 is up 9.2%, the Russell 2000 is down 0.8%, and the VIX is higher by 2.3%.

The portfolio breakdown remains roughly 50% equities, 50% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s portfolio winners were tire king company The Goodyear Tie and Rubber Company, Inc. (NYSE: GT), up 16%, infrastructure supplier LB Foster Company (Nasdaq: FSTR), up 12%, and municipal/industrial contractor Layne Christensen (Nasdaq: LAYN), up 14%.

This week’s portfolio losers were container maker Myers Industries (NYSE: MYE), down 9%, and offshore construction contractor McDermott International (NYSE: MDR), down 6%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 32% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 54% since being added to the portfolio.

Worksheets were updated this week for:
Crane Company, Inc. (NYSE: CR), Ampco-Pittsburgh Corporation (NYSE: AP), Sonoco Products, Inc. (NYSE: SON), Kraton Performance Polymers, Inc. (NYSE: KRA), Contango Oil and Gas Company (NYSE: MCF), Noble Energy, Inc. (NYSE: NBL), Noble Energy, Inc. (NYSE: NBL).

There were no Value Alerts issued this week.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 10/24/2014
The Wax Ink Portfolio was up 5.4% for the week. By comparison, the Dow was up 2.6%, the Nasdaq was up 5.3%, the S&P 500 was up 4.1%, the Russell 2000 was up 3.4%, and the Volatility Index, commonly known as the VIX, was down 24.3%.

Year to date, the Wax Ink portfolio is down 11.9%, the Dow is up 1.4%, the Nasdaq is up 7.4%, the S&P 500 is up 6.3%, the Russell 2000 is down 3.9%, and the VIX is higher by 17.4%.

The portfolio breakdown remains roughly 50% equities, 50% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s portfolio winners were agricultural chemical company Agrium, Inc. (NYSE: AGU), up 12%, cigarette paper maker Schweitez-Maudit International (NYSE: SWM), up 8%, and drug maker Cubist Pharmaceuticals (Nasdaq: CBST), up 8%.

This week’s portfolio losers were municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 28%, and chicken parts collector Darling International (NYSE: DAR), down 1%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 36% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 60% since being added to the portfolio.

Worksheets were updated this week for:
Exxo Mobile Corporation (NYSE: XOM), Abaxis, Inc. (Nasdaq: ABAX), EOG Resources, Inc. (NYSE: EOG), and Dover Corporation (NYSE: DOV).

There were no Value Alerts issued this week.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 10/17/2014
The Wax Ink Portfolio was up 2.2% for the week. By comparison, the Dow was down 1%, the Nasdaq was down 0.4%, the S&P 500 was down 1%, the Russell 2000 was up 2.8%, and the Volatility Index, commonly known as the VIX, was up 0.2%.

Year to date, the Wax Ink portfolio is down 16.4%, the Dow is down 1.2%, the Nasdaq is up 2%, the S&P 500 is up 2.1%, the Russell 2000 is down 7%, and the VIX is higher by 55.2%.

The portfolio breakdown is 50% equities, 50% cash, and 0% bonds. There was a 3000 share change during the week with the addition of McDermott International (NYSE: MDR) to the portfolio.

This week’s portfolio winners were small tool maker LS Starrett Company (NYSE: SCX), up 7%, infrastructure supplier LB Foster Company (Nasdaq: FSTR), up 6%, and container maker Myers Industries (NYSE: MYE), up 6%.

This week’s portfolio losers were agricultural chemical company Agrium (NYSE: AGU), down 2%, and cigarette paper maker Schweitzer-Maudit International (NYSE: SWM), down 1%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 40% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 45% since being added to the portfolio.

Worksheets were updated this week for:
McDermott International, Inc. (NYSE: MDR), , Helmerich and Payne, Inc. (NYSE: HP), Oceaneering International, Inc. (NYSE: OII), Adams Resources and Energy, Inc. (NYSE: AE), and Core Laboratories NV (Nasdaq: CLB).

There were no Value Alerts issued this week.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 10/10/2014
The Wax Ink Portfolio was down 4.8% for the week. By comparison, the Dow was down 2.7%, the Nasdaq was down 4.5%, the S&P 500 was down 3.1%, the Russell 2000 was down 4.7%, and the Volatility Index, commonly known as the VIX, was up 46%.

Year to date, the Wax Ink portfolio is down 13.6%, the Dow is down 0.2%, the Nasdaq is up 2.4%, the S&P 500 is up 3.1%, the Russell 2000 is down 9.5%, and the VIX is higher by 54.8%.

The portfolio breakdown is 50% equities, 50% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s portfolio winners were…there were no winners. All stocks ended the week in the red.

This week’s portfolio losers were container maker Myers Industries, Inc. (NYSE: MYE), down 13%, the world’s most ignorantly named trucking company ArcBest Corporation (Nasdaq: ARCB), down 10%, and rubber king Goodyear Tire and Rubber Company (NYSE: GT), down 10%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 40% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 48% since being added to the portfolio.

Worksheets were updated this week for:
SPX Corporation (NYSE: SPW), FMC Corporation (NYSE: FMC), Air Products and Chemicals, Inc. (NYSE: APD), Sensient Technologies Corporation (NYSE: SXT), Sigma-Aldrich Corporation (Nasdaq: SIAL), Murphy USA, Inc. (NYSE: MUSA), Packaging Corporation of America (NYSE: PKG).

There were no Value Alerts issued this week.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 10/03/2014
The Wax Ink Portfolio was down 3.4% for the week. By comparison, the Dow was down 0.6%, the Nasdaq was down 0.8%, the S&P 500 was down 0.8%, the Russell 2000 was down 1.3%, and the Volatility Index, commonly known as the VIX, was down 2%.

Year to date, the Wax Ink portfolio is down 9.3%, the Dow is up 2.6%, the Nasdaq is up 7.2%, the S&P 500 is up 6.5%, the Russell 2000 is down 5.1%, and the VIX is higher by 6%.

The portfolio breakdown is 50% equities, 50% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s portfolio pot-o-gold stock was drug maker Cubist Corporation (Nasdaq: CBST), up 2%.

This week’s portfolio green weenie stocks were ag chemical company Agrium, Inc. (NYSE: AGU), down 7%, small tool maker The LS Starrett Company (NYSE: SCX), down 7%, and refiner HollyFrontier Corporation (NYSE: HFC), down 6%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 37% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 43% since being added to the portfolio.

Worksheets were updated this week for:
Gamestop Corporation (NYSE: GME), Helix Energy Solutions Group, Inc. (NYSE: HLX), Bloomin’ Brands, Inc. (Nasdaq: BLMN), ITT Corporation (NYSE: ITT), Methanex Corporation (Nasdaq: MEOH), Murphy USA, Inc. (NYSE: MUSA), and Packaging Corporation of America (NYSE: PKG).

There were no Value Alerts issued this week.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 09/26/2014
The Wax Ink Portfolio was down 2.7% for the week. By comparison, the Dow was down 1%, the Nasdaq was down 1.5%, the S&P 500 was down 1.4%, the Russell 2000 was down 2.4%, and the Volatility Index, commonly known as the VIX, was up 22.6%.

Year to date, the Wax Ink portfolio is down 6.1%, the Dow is up 3.2%, the Nasdaq is up 8%, the S&P 500 is up 7.3%, the Russell 2000 is down 3.8%, and the VIX is higher by 8.2%.

The portfolio breakdown is 50% equities, 50% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s portfolio pot-o-gold stocks were the ignorantly named trucking company ArcBest Corporation (Nasdaq: ARCB), up 1%.

This week’s portfolio green weenie stocks were container maker Myers Industries, Inc. (NYSE: MYE), down 5%, cylinder maker Worthington Industries, Inc. (NYSE: WOR), down 5%, and small tool maker The LS Starrett Company (NYSE: SCX), down 5%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 33% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 35% since being added to the portfolio.

Worksheets were updated this week for:
Tupperware Brands Corporation (NYSE: TUP), The Babcock and Wilcox Company (NYSE: BWC), Anixter International, Inc. (NYSE: AXE), Huntington Ingalls Industries, Inc. (NYSE: HII), Brunswick Corporation (NYSE: BC), Cytec Industries, Inc. (NYSE: CYT).

There were no Value Alerts issued this week.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 09/12/2014
The Wax Ink Portfolio was down 2.7% for the week. By comparison, the Dow was down 0.9%, the Nasdaq was down 0.3%, the S&P 500 was down 1.1%, the Russell 2000 was down 0.8%, and the Volatility Index, commonly known as the VIX, was up 10.1%.

Year to date, the Wax Ink portfolio is down 3.5%, the Dow is up 2.5%, the Nasdaq is up 9.4%, the S&P 500 is up 7.4%, the Russell 2000 is down 0.3%, and the VIX is lower by 3.0%.

The portfolio breakdown is 50% equities, 50% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s winners were…none. The portfolio had no holdings that moved higher.

This week’s bed pan winners were refiner HollyFrontier Corporation (NYSE: HFC), down 8%, infrastructure company LB Foster Company (Nasdaq: FSTR), down 4%, and rubber king Goodyear Tie and Rubber Company(NYSE: GT), down 2%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 32% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 31% since being added to the portfolio.

Worksheets were updated this week for:
Gentex Corporation (Nasdaq: GNTX), Oshkosh Truck Corporation (NYSE: OSK), WESCO International, Inc. (NYSE: WCC), Chicago Bridge and Iron Company, NV (NYSE: CBI), Albemarle Corporation (NYSE: ALB).

There were no Value Alerts issued.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 09/05/2014
The Wax Ink Portfolio was down 0.4% for the week. By comparison, the Dow was up 0.2%, the Nasdaq was up 0.1%, the S&P 500 was up 0.2%, the Russell 2000 was down 0.4%, and the Volatility Index, commonly known as the VIX, was up 0.9%.

Year to date, the Wax Ink portfolio is down 0.8%, the Dow is up 3.4%, the Nasdaq is up 9.7%, the S&P 500 is up 8.6%, the Russell 2000 is up 0.6%, and the VIX is lower by 11.9%.

The portfolio breakdown is 50% equities, 50% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s winners were cigarette paper maker Schweitzer-Maudit International (NYSE: SWM), up 4%, chicken grease processor Darling International (NYSE: DAR), up 1%, and cylinder maker Worthington Industries (NYSE: WOR), up 1%.

This week’s bed pan winners were small tool maker The LS Starrett Company (NYSE: SCX), down 5%, plastic container maker Myers Industries (NYSE: MYE), down 3%, and rubber king Goodyear Tie and Rubber Company(NYSE: GT), down 3%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 30% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 30% since being added to the portfolio.

Worksheets were updated this week for:
Alliant Techsystems, Inc. (NYSE: ATK), CVR Refining, LP (NYSE: CVRR), Computer Sciences Corporation (NYSE: CSC), and Silgan Holdings, Inc. (Nasdaq: SLGN).

There were no Value Alerts issued this week.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 08/29/2014
The Wax Ink Portfolio was up 0.7% for the week. By comparison, the Dow was up 0.6%, the Nasdaq was up 0.9%, the S&P 500 was up 0.8%, the Russell 2000 was up 1.2%, and the Volatility Index, commonly known as the VIX, was up 4.4%.

Year to date, the Wax Ink portfolio is down 0.4%, the Dow is up 3.1%, the Nasdaq is up 9.7%, the S&P 500 is up 8.4%, the Russell 2000 is up 0.9%, and the VIX is lower by 12.7%.

The portfolio breakdown is 50% equities, 50% cash, and 0% bonds. The total number of shares held decreased this week by 4000 with the sale of URS Corporation (NYSE: URS) and International Rectifier Corporation(NYSE: IRF).

This week’s winners were small tool maker The LS Starrett Company(NYSE: SCX), up 6%, drug maker Cubist Corporation (Nasdaq: CBST), up 4%, and round rubber king Goodyear Tire and Rubber Company (NYSE: GT), up 4%.

This week’s punch bowl floaters were stupidly renamed trucking company ArcBest Corporation (Nasdaq: ARCB), down 3%, refiner HollyFrontier Corporation (NYSE: HFC), down 2%, and chicken parts processor Darling International(NYSE: DAR), down 1%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 31% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 28% since being added to the portfolio.

Worksheets were updated this week for:
Greif, Inc. (NYSE: GEF), AutoNation, Inc. (NYSE: AN), Unifirst Corporation (NYSE: UNF), MasTec, Inc. (NYSE: MTZ), Bemis Company (NYSE: BMS), and Rowan Companies plc (NYSE: RDC).

Rounding out the week, a Value Alert was issued for Autonation, Inc. (NYSE: AN).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 08/22/2014
The Wax Ink Portfolio was up 3.9% for the week. By comparison, the Dow was up 2.0%, the Nasdaq was up 1.6%, the S&P 500 was up 1.7%, the Russell 2000 was up 1.6%, and the Volatility Index, commonly known as the VIX, was down 12.8%.

Year to date, the Wax Ink portfolio is up 1.3%, the Dow is up 2.6%, the Nasdaq is up 8.7%, the S&P 500 is up 7.6%, the Russell 2000 is down 0.3%, and the VIX is lower by 16.4%.

The portfolio breakdown is 55% equities, 45% cash, and 0% bonds. The total number of shares held increased this week with addition of 2000 shares of Layne Christensen.

This week’s winners were semiconductor maker International Rectifier Corporation(NYSE: IRF), up 52%, stupidly renamed trucking company ArcBest Corporation (Nasdaq: ARCB), up 7%, and small tool maker LS Starrett Company (NYSE: SCX), up 7%.

This week’s punch bowl floaters were cigarette paper maker Schweiter-Maudit International (NYSE: SWM), down 2.0%, chicken parts recycler Darling International (NYSE: DAR), down 0.1%, and steel cylinder maker Worthington Industries(NYSE: WOR), down 0.1%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 31% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 28% since being added to the portfolio.

Worksheets were updated this week for:
Snap-On, Inc. (NYSE: SNA), Valmont Industries, Inc. (NYSE: VMI), Actuant Corporation (NYSE: ATU), Sally Beauty Holdings, Inc. (NYSE: SBH), and Olin Corporation (NYSE: OLN).

There were no Value Alerts issued this week.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 08/15/2014
The Wax Ink Portfolio was up 2.0% for the week. By comparison, the Dow was up 0.7%, the Nasdaq was up 2.2%, the S&P 500 was up 1.2%, the Russell 2000 was up 0.9%, and the Volatility Index, commonly known as the VIX, was down 16.6%.

Year to date, the Wax Ink portfolio is down 2.4%, the Dow is up 0.5%, the Nasdaq is up 6.9%, the S&P 500 is up 5.8%, the Russell 2000 is down 1.9%, and the VIX is lower by 4.2%.

The portfolio breakdown is 55% equities, 45% cash, and 0% bonds. There was no change to the total number of shares held. Consideration is currently being given to adding shares to the portfolio for selected issues.

This week’s winners were drug maker Cubist Pharmaceuticals(Nasdaq: CBST), up 4%, semiconductor maker International Rectifier Corporation (NYSE: IRF), up 4%, and infrastructure supply company LB Foster Company (Nasdaq: FSTR), up 3%.

This week’s punch bowl floaters were container maker Myers Industries (NYSE: MYE), down 0.1%, helicopter king Kaman Corporation (Nasdaq: KAMN), down 0.1%, and maker of all things company General Electric(NYSE: GE), down 0.1%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 35% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 48% since being added to the portfolio.

Worksheets were updated this week for:
Applied Industrial Technologies (NYSE: AIT), Deluxe Corporation (NYSE: DLX), Mentor Graphics Corporation (Nasdaq: MENT), and AGCO Corporation (Nasdaq: AGCO).

Rounding out the week, Value Alerts were issued for Mentor Graphics Corporation.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 08/08/2014
The Wax Ink Portfolio was up 1.9% for the week. By comparison, the Dow was up 0.4%, the Nasdaq was up 0.4%, the S&P 500 was up 0.3%, the Russell 2000 was up 1.5%, and the Volatility Index, commonly known as the VIX, was down 7.4%.

Year to date, the Wax Ink portfolio is down 4.4%, the Dow is down 0.1%, the Nasdaq is up 4.7%, the S&P 500 is up 4.5%, the Russell 2000 is down 2.8%, and the VIX is higher by 14.9%.

The portfolio breakdown is 55% equities, 45% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s winners were infrastructure supplier LB Foster Company (Nasdaq: FSTR), up 9%, refiner HollyFrontier Corporation (NYSE: HFC), up 4%, and small tool maker LS Starrett Company (AMEX: SCX), up 4%.

This week’s punch bowl floaters were newly renamed trucking company ArcBest Corporation (Nasdaq: ARCB), down 1%, agricultural chemicals maker Agrium, Inc. (NYSE: AGU), down 0.1%, and drug maker Cubist Pharmaceuticals(Nasdaq: CBST), down 0.5%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 37% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 47% since being added to the portfolio.

Worksheets were updated this week for:
Energizer Holdings, Inc. (NYSE: ENR), Plantronics, Inc. (NYSE: PLT), Elbit Systems Ltd. (Nasdaq: ESLT), and Owens Corning (NYSE: OC).

Rounding out the week, Value Alerts were issued for Plantronics, Inc..

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 08/01/2014
The Wax Ink Portfolio was down 4.0% for the week. By comparison, the Dow was down 2.8%, the Nasdaq was down 2.2%, the S&P 500 was down 2.7%, the Russell 2000 was down 2.6%, and the Volatility Index, commonly known as the VIX, was up 34.2%.

Year to date, the Wax Ink portfolio is down 6.2%, the Dow is down 0.5%, the Nasdaq is up 4.2%, the S&P 500 is up 4.2%, the Russell 2000 is down 4.2%, and the VIX is higher by 24.1%.

The portfolio breakdown is 55% equities, 45% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s winners were container maker Myers Industries (NYSE: MYE), up 1%, and refiner HollyFrontier Corporation (NYSE: HFC), up 0.09%.

This week’s punch bowl floaters were newly renamed trucking company ArcBest Corporation (Nasdaq: ARCB), down 20%, tire king Goodyear Tire and Rubber Company (NYSE: GT), down 13%, and small tools maker LS Starrett(AMEX: SCX), down 8%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 42% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 48% since being added to the portfolio.

Worksheets were updated this week for:
Finisar Corporation (Nasdaq: FNSR), Patterson Companies, Inc. (Nasdaq: PDCO), CVR Energy, Inc. (NYSE: CVI), Ashaland, Inc. (NYSE: NCR).

Rounding out the week, Value Alerts were issued this week for Cabot Corporation, and NCR Corporation.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 07/25/2014
The Wax Ink Portfolio was down 1.5% for the week. By comparison, the Dow was down 0.8%, the Nasdaq was up 0.4%, the S&P 500 was up 0.2%, the Russell 2000 was down 0.6%, and the Volatility Index, commonly known as the VIX, was up 5.2%.

Year to date, the Wax Ink portfolio is down 2.3%, the Dow is up 2.3%, the Nasdaq is up 6.4%, the S&P 500 is up 7.0%, the Russell 2000 is down 1.6%, and the VIX is lower by 7.5%.

The portfolio breakdown is 55% equities, 45% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s winners were refiner HollyFrontier Corporation (NYSE: HFC), up 4%, agricultural chemicals company Agrium, Inc. (NYSE: AGU), up 1%, and rubber king Goodyear Tire and Rubber Company (NYSE: GT), up 1%.

This week’s punch bowl floaters were municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 10%, pill maker Cubist Corporation (Nasdaq: CBST), down 4%, and maker of almost everything General Electric(NYSE: GE), down 3%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 39% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 46% since being added to the portfolio.

Worksheets were updated this week for:
Reliance Steel and Aluminum Company (NYSE: RS), Cabot Corporation (NYSE: CBT), The Western Union Company (NYSE: WU), NCR Corporation (NYSE: NCR), Ingredion Incorporated (Nasdaq: INGR), and Tidewater, Inc. (NYSE: TDW).

Rounding out the week, Value Alerts were issued this week for NCR Corporation, and Cabot Corporation.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 07/18/2014
The Wax Ink Portfolio was up 1.7% for the week. By comparison, the Dow was up 0.9%, the Nasdaq was up 0.4%, the S&P 500 was up 0.5%, the Russell 2000 was down 0.7%, and the Volatility Index, commonly known as the VIX, was basically unchanged.

Year to date, the Wax Ink portfolio is down 0.8%, the Dow is up 3.2%, the Nasdaq is up 6.1%, the S&P 500 is up 7.0%, the Russell 2000 is down 1.0%, and the VIX is lower by 12.1%.

The portfolio breakdown is 55% equities, 45% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s winners were specialty contractor URS Corporation (NYSE: URS), up 13%, specialty chemicals company WR Grace Company (NYSE: GRA), up 5%, and agricultural chemicals company Agrium, Inc. (NYSE: AGU), up 4%.

This week’s punch bowl floaters were pill maker Cubist Pharmaceuticals, Inc. (Nasdaq: CBST), down 4%, building materials company Griffon Corporation (NYSE: GFF), down 3%, and infrastructure supplier LB Foster Company(Nasdaq: FSTR), down 2%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 38% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 40% since being added to the portfolio.

Worksheets were updated this week for:
Seaboard Corporation (AMEX: SEB), Western Refining, Inc. (NYSE: WNR), Pitney Bowes, Inc. (NYSE: PBI), and Diamond Offshore Drilling, Inc. (NYSE: DO).

Rounding out the week, Value Alerts were issued this week for Seaboard Corporation, and Pitney Bowes, Inc..

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 07/11/2014
The Wax Ink Portfolio was down 3.3% for the week. By comparison, the Dow was down 0.7%, the Nasdaq was down 1.6%, the S&P 500 was down 0.9%, the Russell 2000 was down 4.0%, and the Volatility Index, commonly known as the VIX, was up 17.1%.

Year to date, the Wax Ink portfolio is down 2.4%, the Dow is up 2.2%, the Nasdaq is up 5.7%, the S&P 500 is up 6.4%, the Russell 2000 is down 0.3%, and the VIX is lower by 12.0%.

The portfolio breakdown is 55% equities, 45% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s winners were specialty contractor URS Corporation (NYSE: URS), up 3%, and small tool maker The LS Starrett Company (NYSE: SCX), up 2%.

This week’s punch bowl floaters were municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 14%, building materials company Griffon Corporation (NYSE: GFF), down 9%, and cigarette paper maker Schweitzer-Maudit International(NYSE: SWM), down 6%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 36% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 41% since being added to the portfolio.

Worksheets were updated this week for:
Denbury Resources, Inc. (NYSE: DNR), Swift Energy Company (NYSE: SFY), Lear Corporation (NYSE: LEA), The Timken Company (NYSE: TKR), Triumph Group, Inc. (NYSE: TGI), Joy Global, Inc. (NYSE: JOY).

Also, Value Alerts were issued this week for Denbury Resources, Inc., and Baker Hughes.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 07/03/2014
The Wax Ink Portfolio was up 1.8% for the week. By comparison, the Dow was up 1.3%, the Nasdaq was up 2.0%, the S&P 500 was down 1.2%, the Russell 2000 was up 1.6%, and the Volatility Index, commonly known as the VIX, was down 8.3%.

Year to date, the Wax Ink portfolio is up 0.9%, the Dow is up 3.0%, the Nasdaq is up 7.4%, the S&P 500 is up 7.4%, the Russell 2000 is up 1.6%, and the VIX is lower by 24.8%.

The portfolio breakdown is 55% equities, 45% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s winners were specialty contractor URS Corporation (NYSE: URS), up 12%, municipal contractor Layne Christensen Company (Nasdaq: LAYN), up 7%, and infrastructure supplier LB Foster Company (Nasdaq: FSTR), up 4%.

This week’s punch bowl floaters were small tool maker The LS Starrett Company (NYSE: SCX), down 3%, steel cylinder maker Worthington Industries (NYSE: WOR), down 1%, and ag chemicals company Agrium(NYSE: AGU), down 1%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 30% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 32% since being added to the portfolio.

Worksheets were updated this week for:
Transocean Ltd. (NYSE: RIG), Baker Hughes, Inc. (NYSE: BHI), Kodiak Oil and Gas Corporation (NYSE: KOG), Modine Manufacturing Company (NYSE: MOD), and Kinder Morgan, Inc. (NYSE: KMI).

Also, Value Alerts were issued this week for Modine Manufacturing , and Baker Hughes.

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 06/27/2014
The Wax Ink Portfolio was down 1.3% for the week. By comparison, the Dow was down 0.6%, the Nasdaq was up 0.7%, the S&P 500 was down 0.1%, the Russell 2000 was up 1.0%, and the Volatility Index, commonly known as the VIX, was up 3.8%.

Year to date, the Wax Ink portfolio is down 0.9%, the Dow is up 1.7%, the Nasdaq is up 5.3%, the S&P 500 is up 6.1%, the Russell 2000 is up 2.2%, and the VIX is lower by 17.9%.

The portfolio breakdown is 55% equities, 45% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s winners were infrastructure wholesaler L.B. Foster Company (Nasdaq: FSTR), up 3%, cylinder maker Worthington Industries (NYSE: WOR), up 2%, and industrial distributor Kaman Corporation (Nasdaq: KAMN), up 1%.

This week’s punch bowl floaters were refiner HollyFrontier Corporation (NYSE: HFC), down 11%, government contractor Layne Christensen Company (Nasdaq: LAYN), down 4%, and drug kingpin Cubist Pharmaceuticals(Nasdaq: CBST), down 4%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 31% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 36% since being added to the portfolio.

Worksheets were updated this week for:
Peabody Energy Corporation (NYSE: BTU), Celanese Corporation (NYSE: CE), and World Fuel Services Corporation (NYSE: INT).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 06/20/2014
The Wax Ink Portfolio was up 2.2% for the week. By comparison, the Dow was up 1.0%, the Nasdaq was up 1.3%, the S&P 500 was up 1.4%, the Russell 2000 was up 2.2%, and the Volatility Index, commonly known as the VIX, was down 10.9%.

Year to date, the Wax Ink portfolio is up 0.5%, the Dow is up 2.2%, the Nasdaq is up 4.6%, the S&P 500 is up 6.2%, the Russell 2000 is up 2.1%, and the VIX is lower by 20.9%.

The portfolio breakdown is 55% equities, 45% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s winners were tire maker The Goodyear Tire and Rubber Company (NYSE: GT), up 6%,refiner HollyFrontier Corporation (NYSE: HFC), up 5%, and drug maker Cubist Pharmaceuticals (Nasdaq: CBST), up 5%.

This week’s punch bowl floaters were muncipal contractor Layne Christensen (Nasdaq: LAYN), down 9%, government contractor URS Corporation (NYSE: URS), unchanged, and conglomerate General Electric(NYSE: GE), unchanged.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 32% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 34% since being added to the portfolio.

Worksheets were updated this week for:
RigNet, Inc. (Nasdaq: RNET), Oil States International, Inc. (NYSE: OIS), Orion Marine Group, Inc. (NYSE: ORN), Dynamic Materials Corporation (Nasdaq: BOOM), Unit Corporation (NYSE: UNT), and Harsco Corporation (NYSE: HSC).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 06/13/2014
The Wax Ink Portfolio was down 1.1% for the week. By comparison, the Dow was down 0.9%, the Nasdaq was down 0.2%, the S&P 500 was down 0.7%, the Russell 2000 was down 0.2%, and the Volatility Index, commonly known as the VIX, was op 13.5%.

Year to date, the Wax Ink portfolio is down 1.7%, the Dow is up 1.2%, the Nasdaq is up 3.5%, the S&P 500 is up 4.8%, the Russell 2000 is down 0.1%, and the VIX is lower by 11.2%.

The portfolio breakdown is 55% equities, 45% cash, and 0% bonds. There was no change to the total number of shares held.

This week’s winners were specialty chemical company W.R. Grace and Company (NYSE: GRA), up 2%, semiconductor maker International Recifier Corporation (NYSE: IRF), up 2%, and chicken grease king Darling International (NYSE: DAR), up 1%.

This week’s punch bowl floaters were new reenamed trucker ArcBest Corporation (Nasdaq: ARBC), down 5%, container maker Myers Industries (NYSE: MYE), down 4%, and helicopter parts maker Kaman Corporation(Nasdaq: KAMN), down 4%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 33% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 27% since being added to the portfolio.

Worksheets were updated this week for:
Superior Industries International (NYSE: SUP), AECOM Technology Corporation (NYSE: ACM), Forward Air Corporation (Nasdaq: FWRD), Quaker Chemical Corporation (NYSE: KWR), KMG Chemicals, Inc. (NYSE: KMG), Scholastic Corporation (Nasdaq: SCHL), Adams Resources and Energy, Inc. (NYSE: AE).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 06/06/2014
The Wax Ink Portfolio was up 0.5% for the week. By comparison, the Dow was up 1.2%, the Nasdaq was up 1.9%, the S&P 500 was up 1.3%, the Russell 2000 was up 2.7%, and the Volatility Index, commonly known as the VIX, was down 5.9%.

Year to date, the Wax Ink portfolio is down 0.6%, the Dow is up 2.1%, the Nasdaq is up 3.5%, the S&P 500 is up 5.5%, the Russell 2000 is up 0.1%, and the VIX is lower by 21.8%.

The portfolio breakdown is 55% equities, 45% cash, and 0% bonds. There was a change to the total number of shares held with the close of the Dorman Products position.

This week’s winners were newly renamed trucker ArcBest Corporation (Nasdaq: ARBC), up 5%, drug maker Cubist Pharmaceuticals (Nasdaq: CBST), up 5%, and cylinder maker Worthington Industries (NYSE: WOR), up 4%.

This week’s punch bowl floaters were rubber and plastic container maker Myers Industries (NYSE: MYE), down 4%, refiner HollyFrontier Corporation (NYSE: HFC), down 3%, and small tool maker The LS Starrett Company(NYSE: SCX), down 2%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 32% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 25% since being added to the portfolio.

Worksheets were updated this week for:
Gentherm Incorporated (Nasdaq: THRM), Koninklijke Philips Electronics N.V. (NYSE: PHG), Cooper Tire and Rubber Company (NYSE: CTB), Forest Laboratories, Inc. (NYSE: FRX), Jabil Circuit, Inc. (NYSE: JBL), Rofin-Sinar Technolgies, Inc. (Nasdaq: RSTI), and Apple, Inc. (Nasdaq: AAPL).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 05/30/2014
The Wax Ink Portfolio was up 0.3% for the week. By comparison, the Dow was up 0.7%, the Nasdaq was up 1.4%, the S&P 500 was up 1.2%, the Russell 2000 was up 0.7%, and the Volatility Index, commonly known as the VIX, was down 0.4%.

Year to date, the Wax Ink portfolio is down 1.2%, the Dow is up 0.8%, the Nasdaq is up 1.6%, the S&P 500 is up 4.1%, the Russell 2000 is down 2.5%, and the VIX is lower by 16.9%.

The portfolio breakdown is 65% equities, 35% cash, and 0% bonds. There was no change in the total shares held.

This week’s winners were infrastructure supplier LB Foster Company (Nasdaq: FSTR), up 3%, pharmaceutical company Cubist Pharmaceuticals (Nasdaq: CBST), up 3%, and rubber and tire king The Goodyear Tire and Rubber Company (NYSE: GT), up 3%.

This week’s punch bowl floaters were small tool maker The LS Starrett Company (NYSE: SCX), down 4%, after market auto parts company Dorman Products (Nasdaq: DORM), down 2%, and cigarette paper maker Schweiter-Maudit International(NYSE: SWM), down 2%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 35% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 25% since being added to the portfolio.

Worksheets were updated this week for:
Ultra Petroleum Corporation (NYSE: UPL), McDermott International, Inc. (NYSE: MDR), Dawson Geophysical Company (Nasdaq: DWSN), Matrix Service Company. (Nasdaq: MTRX), Sanchez Energy Corporation (NYSE: SN), Aegion Corporation (Nasdaq: AEGN), and National Oilwell Varco, Inc. (NYSE: NOV).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 05/23/2014
The Wax Ink Portfolio was up 0.9% for the week. By comparison, the Dow was up 0.7%, the Nasdaq was up 2.3%, the S&P 500 was up 1.2%, the Russell 2000 was up 2.1%, and the Volatility Index, commonly known as the VIX, was down 8.7%.

Year to date, the Wax Ink portfolio is down 1.5%, the Dow is up 0.2%, the Nasdaq is up 0.2%, the S&P 500 is up 2.8%, the Russell 2000 is down 3.2%, and the VIX is lower by 17.2%.

The portfolio breakdown is 65% equities, 35% cash, and 0% bonds. There was no change in the total shares held.

This week’s winners were cylinder maker Worthington Industries, Inc. (NYSE: WOR), up 5%, building materials company Griffon Corporation (NYSE: GFF), up 5%, and infrastructure supplier LB Foster Company (Nasdaq: FSTR), up 4%.

This week’s punch bowl floaters were chicken grease collector Darling International (NYSE: DAR), down 2%, refiner Holly Frontier (NYSE: HFC), down 2%, and drug maker Cubist Pharmaceuticals(Nasdaq: CBST), down 2%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 35% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 25% since being added to the portfolio.

Worksheets were updated this week for:
Integra Life Sciences Holding Corporation (Nasdaq: IART), NACCO Industries, Inc. (NYSE: NC), EnPro Industries, Inc. (NYSE: NPO), The Dixie Group, Inc. (Nasdaq: DXYN), and Diamond Offshore Drilling, Inc. (NYSE: DO).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 05/16/2014
The Wax Ink Portfolio was down 0.1% for the week. By comparison, the Dow was down 0.6%, the Nasdaq was up 0.5%, the S&P 500 was unchanged, the Russell 2000 was down 0.4%, and the Volatility Index, commonly known as the VIX, was down 3.7%.

Year to date, the Wax Ink portfolio is down 2.4%, the Dow is down 0.5%, the Nasdaq is down 2.1%, the S&P 500 is up 1.6%, the Russell 2000 is down 5.2%, and the VIX is lower by 9.3%.

The portfolio breakdown is 65% equities, 35% cash, and 0% bonds. There was no change in the total shares held.

This week’s winners were were small tool maker The LS Starett Company (NYSE: SCX), up 12%, container manufacturer Myers Industries (NYSE: MYE), up 6%, and cylinder maker Worthington Industries, Inc. (NYSE: WOR), up 3%.

This week’s punch bowl floaters engineering and technical services contractor URS Corporation (NYSE: URS), down 7%, chicken grease collector Darling International (NYSE: DAR), down 4%, and after market auto parts maker Dorman Products(Nasdaq: DORM), down 3%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 38% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 26% since being added to the portfolio.

Worksheets were updated this week for:
Transocean, Ltd. (NYSE: RIG), Attwood Oceanics (NYSE: ATW), E. I. du Pont de Nemours and Company (NYSE: DD), Watts Water Technologies, Inc. (NYSE: WTS), Vertex Energy, Inc. (Nasdaq: VTNR), Xerium Technologies, Inc. (NYSE: XRM), Gulf Island Fabricators, Inc. (Nasdaq: GIFI).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 05/09/2014
The Wax Ink Portfolio was down 2.3% for the week. By comparison, the Dow was up 0.4%, the Nasdaq was down 1.3%, the S&P 500 was down 0.1%, the Russell 2000 was down 1.9%, and the Volatility Index, commonly known as the VIX, was up 0.1%.

Year to date, the Wax Ink portfolio is down 2.3%, the Dow is unchanged, the Nasdaq is down 2.5%, the S&P 500 is up 1.6%, the Russell 2000 is down 4.8%, and the VIX is lower by 5.8%.

The portfolio breakdown is 65% equities, 35% cash, and 0% bonds. There was no change in the total shares held.

This week’s winners were container maker Myers Industries (NYSE: MYE), up 6%, chicken grease collector Darling International (NYSE: DAR), up 3%, and semiconductor maker International Rectifier (NYSE: IRF), up 2%.

This week’s turds in the punch bowl were small tool maker The LS Starett Company (NYSE: SCX), down 7%, after market auto parts maker Dorman Products (Nasdaq: DORM), down 6%, and drug maker Cubist Pharmaceutials (Nasdaq: CBST), down 6%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 37% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 25% since being added to the portfolio.

Worksheets were updated this week for:
Gilead Sciences, Inc. (Nasdaq: GILD), Aceto Corporation (Nasdaq: ACET), International Game Technology (NYSE: IGT), Diamondback Energy, Inc. (Nasdaq: FANG), Kansas City Southern (NYSE: KSU), Alcoa, Inc. (NYSE: AA), WPX Energy, Inc. (NYSE: WPX), Heska Corporation (Nasdaq: HSKA), Superior Energy Services, Inc. (NYSE: SPN).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 05/02/2014
The Wax Ink Portfolio was up 1.2% for the week. By comparison, the Dow was up 0.9%, the Nasdaq was up 1.2%, the S&P 500 was up 1.0%, the Russell 2000 was up 0.5%, and the Volatility Index, commonly known as the VIX, was down 8.2%.

Year to date, the Wax Ink portfolio is unchanged, the Dow is down 0.4%, the Nasdaq is down 1.3%, the S&P 500 is up 1.8%, the Russell 2000 is down 3.0%, and the VIX is lower by 5.9%.

The portfolio breakdown is 65% equities, 35% cash, and 0% bonds. There was no change in the total shares held.

This week’s winners were drug maker Cubist Pharmaceuticals (Nasdaq: CBST), up 14%, building materials company Griffon Corporation (NYSE: GFF), up 7%, and industrial/aerospace parts maker Kaman Corporation (NYSE: KAMN), up 4%.

This week’s losers were municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 10%, rubber and tire company maker The Goodyear Tire and Rubber Company (NYSE: GT), down 8%, and container maker Myers Industries (NYSE: MYE), down 6%.

The portfolio’s worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 36% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 23% since being added to the portfolio.

Worksheets were updated this week for:
Snyder-Lance, Inc. (Nasdaq: LNCE), Monster Beverage Corporation (Nasdaq: MNST), Bristol-Myers Squibb Company (NYSE: BMY), Cambrex Corporation (NYSE: CBM), Basic Energy Services, Inc. (NYSE: BAS), Schlumberger Ltd. (NYSE: SLB), Haliburton Company (Nasdaq: HAL), Key Energy Services, Inc. (NYSE: KEG).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 04/25/2014
The Wax Ink Portfolio was down 1.8% for the week. By comparison, the Dow was down 0.3%, the Nasdaq was down 0.5%, the S&P 500 was down 0.1%, the Russell 2000 was down 1.3%, and the Volatility Index, commonly known as the VIX, was up 5.2%.

Year to date, the Wax Ink portfolio is down 1.2%, the Dow is down 1.3%, the Nasdaq is down 2.4%, the S&P 500 is up 0.8%, the Russell 2000 is down 3.5%, and the VIX is higer by 2.5%.

The portfolio breakdown is 65% equities, 35% cash, and 0% bonds. There was no change in the total shares held.

This week’s winners were cigarette paper maker Schweiter-Maudit International (NYSE: SWM), up 3%, refiner HollyFrontier Corporation (NYSE: HFC), up 2%, and rubber and tire king The Goodyear Tire and Rubber Company (NYSE: GT), up 2%.

This week’s losers were rubber and plastic container maker Myers Industries (NYSE: MYE), down 18%, specialty chemical maker W.R. Grace and Company (NYSE: GRA), down 7%, municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 4%.

The portfolio’s worst performing stocks remain garage door and telephone headset maker Griffon Corporation (NYSE: GFF), down 40% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 15% since being added to the portfolio.

Worksheets were updated this week for:
L.B. Foster Company (Nasdaq: FSTR), Cubist Pharmaceuticals (Nasdaq: CBST), URS Corporation (NYSE: URS), General Electric Company (NYSE: GE), The Goodyear Tire and Rubber Company (NYSE: GT), International Rectifier Corporation (NYSE: IRF), WABCO Holdings, Inc. (NYSE: WBC), Albany International Corporation (NYSE: AIN), and Approach Resources, Inc. (Nasdaq: AREX).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 04/18/2014
The Wax Ink Portfolio was up 3.2% for the week. By comparison, the Dow was up 2.4%, the Nasdaq was up 2.4%, the S&P 500 was up 2.7%, the Russell 2000 was up 2.4%, and the Volatility Index, commonly known as the VIX, was down 21.6%.

Year to date, the Wax Ink portfolio is down 0.6%, the Dow is down 1.0%, the Nasdaq is down 1.9%, the S&P 500 is down 0.9%, the Russell 2000 is down 2.2%, and the VIX is lower by 2.6%.

The portfolio breakdown is 65% equities, 35% cash, and 0% bonds. There was no change in the total shares held.

This week’s winners were refiner HollyFrontier Corporation (NYSE: HFC), up 10%, rubber and tire king Goodyear Tire and Rubber Company (NYSE: GT), up 7%, and rubber and plastic container maker Myers Industries (NYSE: MYE), up 6%.

This week’s losers were muncipal and heavy construction contractor Layne Christensen (Nasdaq: LAYN), down 3%, and small tools maker The L.S. Starrett Company (NYSE: SCX), down 1%.

The portfolio’s worst performing stocks remain garage door and telephone headset maker Griffon Corporation (NYSE: GFF), down 38% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 12% since being added to the portfolio.

Worksheets were updated this week for:
Myers Industries (NYSE: MYE), Dorman Products (Nasdaq: DORM), W.R. Grace and Company (NYSE: GRA), Darling International (NYSE: DAR), Worthington Industries (NYSE: WOR), Agrium, Inc. (NYSE: AGU), Schweitzer-Mauduit International (NYSE: SWM), Griffon Corporation (NYSE: GFF), Arkansas Best Corporation (Nasdaq: ABFS), Kaman Corporation (Nasdaq: KAMN), HollyFrontier Corporation (NYSE: HFC), The L.S. Starrett Company (NYSE: SCX).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 04/11/2014
The Wax Ink Portfolio was down 3.1% for the week. By comparison, the Dow was down 2.4%, the Nasdaq was down 3.1%, the S&P 500 was down 2.6%, the Russell 2000 was down 3.6%, and the Volatility Index, commonly known as the VIX, was up 22.0%.

Year to date, the Wax Ink portfolio is down 2.5%, the Dow is down 3.3%, the Nasdaq is down 4.2%, the S&P 500 is down 1.8%, the Russell 2000 is down 4.5%, and the VIX is higher by 24.1%.

The portfolio breakdown is 65% equities, 35% cash, and 0% bonds. There was no change in the total shares held.

This week’s winners were rubber and plastics container maker Myers Indudstries (NYSE: MYE), up 10%, rail, piling, and tubular products maker LB Foster (Nasdaq: FSTR), up 2%, and municipal and heavy construction contractor Layne Christensen (Nasdaq: LAYN), up 0.3%.

This week’s losers were steel cylinder maker Worthingtion Industries (NYSE: WOR), down 8%, drug maker Cubist Corporation (Nasdaq: CBST), down 8%, and cigarette paper king Schweitzer-Maudit International (NYSE: SWM), down 5%.

The portfolio’s worst performing stocks remain garage door and telephone headset maker Griffon Corporation (NYSE: GFF), down 38% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 9% since being added to the portfolio.

Worksheets were updated this week for:
Avon Products (NYSE: AVP), Ecolab, Inc. (NYSE: ECL), Spartan Motors (Nasdaq: SPAR), Supreme Industries (NYSE: STS), Wabash National Corporation (NYSE: WNC), and BorgWarner, Inc. (NYSE: BWA).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 04/04/2014
The Wax Ink Portfolio was up 0.8% for the week. By comparison, the Dow was up 0.5%, the Nasdaq was down 0.7%, the S&P 500 was up 0.4%, the Russell 2000 was up 0.1%, and the Volatility Index, commonly known as the VIX, was down 3.1%.

Year to date, the Wax Ink portfolio is up 0.6%, the Dow is down 1.0%, the Nasdaq is down 1.2%, the S&P 500 is up 0.9%, the Russell 2000 is down 0.9%, and the VIX is higher by 1.7%.

The portfolio breakdown is 65% equities, 35% cash, and 0% bonds. There was no change in the total shares held.

This week’s winners were grease and chicken parts collection company Darling International (NYSE: DAR), up 7%, rubber and plastics container maker Myers Industries (NYSE: MYE), up 6%, and trucking company Arkansas Best Corporation (Nasdaq: ABFS), up 5%.

This week’s losers were agricultural chemicals company Agrium (NYSE: AGU), down 2%, drug maker Cubist Corporation (Nasdaq: CBST), down 2%, and rubber and tire king Goodyear Tire and Rubber Company (NYSE: GT), down 1%.

The portfolio’s worst performing stocks remain garage door and telephone headset maker Griffon Corporation (NYSE: GFF), down 35% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 10% since being added to the portfolio.

Worksheets were updated this week for: Carters, Inc. (NYSE: CRI), Superior Uniform Group, Inc. (NYSE: SGC), Deckers Outdoor Corporation (Nasdaq: DECK), and Tredgear Corporation (Nasdaq: TG).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 03/28/2014
The Wax Ink Portfolio was down 1.2% for the week. By comparison, the Dow was up 0.1%, the Nasdaq was down 2.8%, the S&P 500 was down 0.5%, the Russell 2000 was down 3.5%, and the Volatility Index, commonly known as the VIX, was down 3.9%.

Year to date, the Wax Ink portfolio is down 0.2%, the Dow is down 1.5%, the Nasdaq is down 0.5%, the S&P 500 is up 0.5%, the Russell 2000 is down 1.0%, and the VIX is higher by 5.0%.

The portfolio breakdown is 65% equities, 35% cash, and 0% bonds. During the course of the week, I closed my position in AAR Corporation (NYSE: AIR), having owned the stock 4513 days. The gain, net of all fees, was 241%.

This week’s winners were agricultural chemical company Agrium, Inc. (NYSE: AGU), up 3%, lots of stuff maker General Electric (NYSE: GE), up 2%, and technical services company URS Corporation (NYSE: URS), up 0.15%.

This week’s losers were cylinder maker Worthington Industries, Inc. (NYSE: WOR), down 10%, drug maker Cubist Corporation (Nasdaq: CBST), down 7%, and trucking company Arkansas Best Corporation (Nasdaq: ABFS), down 5%.

The portfolio’s worst performing stocks remain garage door and telephone headset maker Griffon Corporation (NYSE: GFF), down 34% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 13% since being added to the portfolio.

Worksheets were updated this week for: Gilbraltar Industries, Inc. (Nasdaq: ROCK), Olympic Steel, Inc. (Nasdaq: ZUES), and Arch Coal, Inc. (NYSE: ACI).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 03/21/2014
The Wax Ink Portfolio was up 0.8% for the week. By comparison, the Dow was up 1.5%, the Nasdaq was up 0.7%, the S&P 500 was up 1.4%, the Russell 2000 was up 1.0%, and the Volatility Index, commonly known as the VIX, decreased by 15.8%.

Year to date, the Wax Ink portfolio is up 1.0%, the Dow is down 1.7%, the Nasdaq is up 2.4%, the S&P 500 is up 1.0%, the Russell 2000 is up 2.6%, and the VIX is higher by 9.3%.

The portfolio breakdown remains roughly 66% equities, 34% cash, and 0% bonds. There was no change in the total shares held.

This week’s winners were trucking company Arkansas Best Corporation (Nasdaq: ABFS), up 5%, small tool maker The L.S. Starrett Company (NYSE: SCX), up 5%, and cylinder maker Worthington Industries (NYSE: WOR), up 4%.

This week’s losers were aircraft repair company AAR Corporation (NYSE: AIR), down 6%, restaurant grease collection company Darling International (NYSE: DAR), down 1%, and cigarette paper maker Schweitzer-Maudit International (NYSE: SWM), down 1%.

The portfolio’s worst performing stocks remain garage door and telephone headset maker Griffon Corporation (NYSE: GFF), down 31% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 11% since being added to the portfolio.

Worksheets were updated this week for: Continental Resources, Inc. (NYSE: CTL) CARBO Ceramics, Inc. (NYSE: CRR), and Exterran Holdings, Inc. (NYSE: EXH).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 03/14/2014
The Wax Ink Portfolio declined 2.3% for the week. By comparison, the Dow was 2.4% lower, the Nasdaq was 2.1% lower, the S&P 500 was 2.0% lower, the Russell 2000 was down 1.8%, and the Volatility Index, commonly known as the VIX, increased by 26.3%.

Year to date, the Wax Ink portfolio is up 0.2%, the Dow is down 3.1%, the Nasdaq is up 1.6%, the S&P 500 is down 0.4%, the Russell 2000 is up 1.5%, and the VIX is higher by 29.9%.

The portfolio breakdown remains roughly 66% equities, 34% cash, and 0% bonds. There was no change in the total shares held.

This week’s winners were refiner HollyFrontier Corporation (NYSE: HFC), up 5%, and helicopter company Kaman Corporation (Nasdaq: KAMN), up 1%.

This week’s losers were small tool maker The L.S. Starrett Company (NYSE: SCX), down 13%, municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 6%, and semiconductor maker International Rectifier Corporation (NYSE: IRF), down 4%.

The portfolio’s worst performing stocks remain garage door and telephone headset maker Griffon Corporation (NYSE: GFF), down 32% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 14% since being added to the portfolio.

Worksheets were updated this week for Gordman’s Stores, Inc. (Nasdaq: GMAN), Williams-Sonoma, Inc., (NYSE: WSM), Pep Boys (NYSE: PBY), Dick’s Sporting Goods, Inc. (NYSE: DKS), Hibbett Sports, Inc. (Nasdaq: HIBB), Tiffany and Company, Inc. (NYSE: TIF), Coldwater Creek, Inc. (Nasdaq: CWTR), Francesca’s Holding Corporation (Nasdaq: FRAN), Staples, Inc. (Nasdaq: SPLS), Tech Data Corporation (Nasdaq: TECD), Mitcham Industries, Inc. (Nasdaq: MIND), Ulta Salon Cosmetics and Fragrance, Inc. (Nasdaq: ULTA), Sea Change International, Inc. (Nasdaq: SEAC), Sigma Designs, Inc. (Nasdaq: SIGM), and Semtech Corporation (Nasdaq: SMTC).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access the worksheets for this post, click on the associated company name.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 03/07/2014
The Wax Ink Portfolio was increased 2.1% for the week. By comparison, the Dow was 0.8% higher, the Nasdaq was 0.7% higher, the S&P 500 was 1.0% higher, the Russell 2000 was up 1.7%, and the Volatility Index, commonly known as the VIX, increased by 0.8%.

Year to date, the Wax Ink portfolio is up 2.6%, the Dow is down 0.7%, the Nasdaq is up 3.8%, the S&P 500 is up 1.6%, the Russell 2000 is up 3.4%, and the VIX is higher by 2.8%.

The portfolio breakdown remains roughly 66% equities, 34% cash, and 0% bonds. There was no change in the total shares held.

This week’s winners were trucking company Arkansas Best Corporation (Nasdaq: ABFS), up 12%, airplane repair company AAR Corporation (NYSE: AIR), up 7%. and refiner Holly Frontier Corporation (NYSE: HFC), up 4%.

This week’s losers were cigarette paper maker Schweitzer-Maudit International, Inc. (NYSE: SWM), down 5%, container maker Myers Industries, Inc. (NYSE: MYE), down 3%, and drug company Cubist Pharmaceuticals, Inc. (Nasdaq: CBST), down 3%.

The portfolio’s worst performing stocks remain garage door and telephone headset maker Griffon Corporation (NYSE: GFF), down 29% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 9% since being added to the portfolio.

Worksheets were updated this week for New York and Company, Inc. (NYSE: NWY), Ross Stores, Inc. (Nasdaq: ROST), Shoe Carnival, Inc. (Nasdaq: SCVL), SteinMart, Inc. (Nasdaq: SMRT), The Buckle, Inc. (NYSE: BKE), The Cato Corporation (Nasdaq: CATO), The Children’s Place Retail Stores, Inc. (Nasdaq: PLCE), The Men’s Warehouse, Inc. (NYSE: MW), The Wet Seal, Inc. (Nasdaq: WTSL), Zumies, Inc. (Nasdaq: ZUMZ), J.C. Penny Company, Inc. (NYSE: JCP), The Bon-Ton Stores, Inc. (Nasdaq: BONT), Big Lots, Inc. (NYSE: BIG), Dollar General Corporation (NYSE: DG), Fred’s, Inc. (Nasdaq: FRED), The Kroger Company, Inc. (NYSE: KR), Conn’s, Inc. (Nasdaq: CONN),Lowe’s Companies, Inc. (NYSE: LOW).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access the worksheets for this post, click on the associated company name.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 02/28/2014
The Wax Ink Portfolio was up 2.4% for the week. By comparison, the Dow was up 1.4%, the Nasdaq was up 1%, the S&P 500 was up 1.3%, the Russell 2000 was up 1.6%, and the Volatility Index, commonly known as the VIX, decreased by 4.4%.

Year to date, the Wax Ink portfolio is up 0.5%, the Dow is down 1.5%, the Nasdaq is up 3.1%, the S&P 500 is up 0.6%, the Russell 2000 is up 1.7%, and the VIX is higher by 2%.

The portfolio breakdown remains roughly 66% equities, 34% cash, and 0% bonds. There was no change in the total shares held.

This week’s winners were container maker Myers Industries, Inc. (NYSE: MYE), up 9%, pipe, rail, and piling company L.B. Foster (Nasdaq: FSTR), up 9%, and airplane repair company AAR Corporation (NYSE: AIR), up 6%.

This week’s losers were garage door and telephone headset maker Griffon Corporation (NYSE: GFF), down 1%, refiner Holly Frontier Corporation (NYSE: HFC), down 1%, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 1%.

The portfolio’s worst performing stocks remain garage door and telephone headset maker Griffon Corporation (NYSE: GFF), down 31% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 13% since being added to the portfolio.

Worksheets were updated this week for G-III Apparel Group, Ltd.. (Nasdaq: GIII), lulumon athletica, inc. (Nasdaq: LULU), Oxford Industries, Inc. (NYSE: OXM), Perry Ellis International, Inc. (Nasdaq: PERY), Phillips Van Husen Corporation (NYSE: PVH), Brown Shoe Company, Inc. (NYSE: BWS), Vera Bradley, Inc. (NYSE: VRA), Krispy Kreme Doughnuts (NYSE: KKD), Pandora Media, Inc. (NYSE: P), Aeropostale, Inc. (NYSE: ARO), American Eagle Outfitters, Inc. (NYSE: AEO), Ann, Inc. (NYSE: ANN), Destination XL Group, Inc. (Nasdaq: DXLG), Citi Trends, Inc. (Nasdaq: CTRN), DSW, Inc. (NYSE: DSW), Express, Inc. (Nasdaq: EXPR), Foot Locker, Inc. (NYSE: FL), Genesco, Inc. (NYSE: GCO), Guess?, Inc. (NYSE: GES), Jos. A. Bank Clothiers, Inc. (Nasdaq: JOSB).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access the worksheets for this post, click on the associated company name.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 02/21/2014
The Wax Ink Portfolio was up 1.8% for the week. By comparison, the Dow was down 0.3%, the Nasdaq was up 0.5%, the S&P 500 was down 0.1%, the Russell 2000 was up 1.3%, and the Volatility Index, commonly known as the VIX, increased by 8%.

Year to date, the Wax Ink portfolio is down 1.9%, the Dow is down 2.9%, the Nasdaq is up 2.1%, the S&P 500 is down 0.7%, the Russell 2000 is up 0.1%, and the VIX is higher by 6.8%.

The portfolio breakdown remains roughly 66% equities, 34% cash, and 0% bonds. There was no change in the total shares held.

This week’s darlings of the portfolio were after market auto parts maker Dorman Products (Nasdaq: DORM), up 7%, drug maker Cubist Pharmaceuticals (Nasdaq: CBST), up 6%, and technical and government services contractor URS Corporation (NYSE: URS), up 6%.

This week’s portfolio stinkers were maker of lots of stuff General Electric Company (NYSE: GE), down 3%, pipe, rail, and piling company L.B. Foster (Nasdaq: FSTR), down 2%, and steel cylinder maker Worthington Industries (NYSE: WOR), down 2%.

The portfolio’s worst performing stocks remain garage door and telephone headset maker Griffon Corporation (NYSE: GFF), down 31% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 12% since being added to the portfolio.

Worksheets were updated this week for Nordstrom, Inc. (NYSE: JWN), Kohl’s Corporation (NYSE: KSS), The TJX Companies, Inc. (NYSE: TJX), Target Corporation (NYSE: TGT), Wal-Mart Stores, Inc. (NYSE: WMT), Titan Machinery, Inc. (Nasdaq: TITN), Verint Systems, Inc. (Nasdaq: VRNT), and Raven Industries, Inc. (Nasdaq: RAVN).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access the worksheets for this post, click on the associated company name.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 02/14/2014
The Wax Ink Portfolio was up 2.2% for the week. By comparison, the Dow was up 2.3%, the Nasdaq was up 2.9%, the S&P 500 was up 2.3%, the Russell 2000 was up 2.9%, and the Volatility Index, commonly known as the VIX, decreased by 11.2%.

Year to date, the Wax Ink portfolio is down 3.7%, the Dow is down 2.5%, the Nasdaq is up 1.6%, the S&P 500 is down 0.5%, the Russell 2000 is down 1.2%, and the VIX is lower by 1.1%.

The portfolio breakdown remains roughly 66% equities, 34% cash, and 0% bonds. There was no change in the total shares held.

This week’s darlings of the portfolio were rubber king Goodyear Tire and Rubber (NYSE: GT), up 14%, municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), up 9%, and small tool maker The LS Starrett Company (NYSE: SCX), up 7%.

This week’s portfolio stinkers were technical services company URS Corporation (NYSE: URS), down 9%, and after market auto parts maker Dorman Products (Nasdaq: DORM), down 1%.

The portfolio’s worst performing stocks remain garage door and telephone headset maker Griffon Corporation (NYSE: GFF), down 31% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 13% since being added to the portfolio.

Worksheets were updated this week for Autodesk, Inc. (Nasdaq: ADSK), Marvel Technology Group, Ltd. (Nasdaq: MRVL), Virco Manufacturing Corporation (Nasdaq: VIRC), Movado Group (NYSE: MOV), Blyth, Inc. (NYSE: BTH), Aerosonic Corporation (NYSE: AIM), TiVo, Inc. (Nasdaq: TIVO), Abercrombie and Fitch Company, Inc. (NYSE: ANF),The Gap, Inc. (NYSE: GPS).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency

Performance – Week Ending 02/07/2014
The Wax Ink Portfolio was down 1.7% for the week. By comparison, the Dow was up 0.6%, the Nasdaq was up 0.5%, the S&P 500 was up 0.8%, the Russell 2000 was down 1.3%, and the Volatility Index, commonly known as the VIX, decreased by 16.9%.

Year to date, the Wax Ink portfolio is down 5.7%, the Dow is down 4.7%, the Nasdaq is down 1.2%, the S&P 500 is down 2.8%, the Russell 2000 is down 4.0%, and the VIX is higher by 11.4%.

The portfolio breakdown remains roughly 66% equities, 34% cash, and 0% bonds. There was no change in the total shares held.

This week’s darlings of the portfolio were container maker Myers Industries (NYSE: MYE), up 3%, small tool maker The L.S. Starrett Company (NYSE: SCX), up 3%, and specialty chemical company W.R. Grace and Company (NYSE: GRA), up 2%.

This week’s portfolio stinkers were trucking company Arkansas Best Corporation (Nasdaq: ABFS), down 10%, steel cylinder maker Worthington Industries (NYSE: WOR), down 6%, and cigarette paper maker Schweiter-Maudit International (NYSE: SWM), down 5%.

The portfolio’s worst performing stocks remain garage door and telephone headset maker Griffon Corporation (NYSE: GFF), down 30% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 20% since being added to the portfolio.

Worksheets were updated this week for Alco Stores, Inc. (Nasdaq: ALCS), Rex American Resources, Inc. (NYSE: REX), Hastings Entertainment, Inc. (Nasdaq: HAST), Trans World Entertainment Corporation (Nasdaq: TWMC), Petsmart, Inc. (Nasdaq: PETM).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 01/31/2014
The Wax Ink Portfolio was down 0.6% for the week. By comparison, the Dow was down 1.1%, the Nasdaq was down 0.6%, the S&P 500 was down 0.4%, the Russell 2000 was down 1.2%, and the Volatility Index, commonly known as the VIX, increased by 1.5%.

Year to date, the Wax Ink portfolio is down 4.0%, the Dow is down 5.3%, the Nasdaq is down 1.7%, the S&P 500 is down 3.6%, the Russell 2000 is down 2.8%, and the VIX is higher by 34.2%.

The portfolio breakdown remains roughly 66% equities, 34% cash, and 0% bonds. There was no change in the total shares held.

This week’s darlings of the portfolio were trucking company Arkansas Best Corporation (Nasdaq: ABFS), up 6%, rubber king The Goodyear Tire and Rubber Company (NYSE: GT), up 3%, and paper company Schweitzer-Maudit International (NYSE: SWM), up 2%.

This week’s portfolio stinkers were garage door and telephone headset maker Griffon Corporation (NYSE: GFF), down 10%, municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 3%, and semiconductor maker International Rectifier Corporation (NYSE: IRF), down 3%.

This week’s straining to go stocks remain garage door and telephone headset makerGriffon Corporation (NYSE: GFF), down 30% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 16% since being added to the portfolio.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 01/24/2014
The Wax Ink Portfolio was down 2.7% for the week. By comparison, the Dow was down 3.5%, the Nasdaq was down 1.7%, the S&P 500 was down 2.6%, the Russell 2000 was down 2.1%, and the Volatility Index, commonly known as the VIX, increased by 45.8%.

Year to date, the Wax Ink portfolio is down 3.5%, the Dow is down 4.2%, the Nasdaq is down 1.2%, the S&P 500 is down 3.1%, the Russell 2000 is down 1.7%, and the VIX is higher by 32.2%.

The portfolio breakdown remains roughly 66% equities, 34% cash, and 0% bonds. There was no change in the total shares held.

This week’s darlings of the portfolio were small tool maker The L.S. Starrett Company (NYSE: SCX), up 5%, after market auto parts maker Dorman Products (Nasdaq: DORM), up 2%, and pill maker Cubist Pharmaceuticals (Nasdaq: CBST), unchanged.

This week’s portfolio stinkers were mega company General Electric (NYSE: GE), down 6%, rubbers king Goodyear Tire and Rubber (NYSE: GT), down 6%, and specialty chemicals company W.R> Grace (NYSE: GRA), down 5%.

This week’s straining to go stocks remain garage door and telephone headset maker Griffon Corporation (NYSE: GFF), down 22% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 14% since being added to the portfolio.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink

Performance – Week Ending 01/17/2014
The Wax Ink Portfolio was up 0.1% for the week. By comparison, the Dow was up 0.1%, the Nasdaq was up 0.5%, the S&P 500 was down 0.2%, the Russell 2000 was up 0.3%, and the Volatility Index, commonly known as the VIX, increased by 2.5%.

Year to date, the Wax Ink portfolio is down 0.6%, the Dow is down 0.7%, the Nasdaq is up 0.5%, the S&P 500 is down 0.5%, the Russell 2000 is up 0.4%, and the VIX is lower by 9.3%.

The portfolio breakdown remains roughly 67% equities, 33% cash, and 0% bonds.

This week’s darlings of the portfolio were pill maker Cubist Pharmaceuticals (Nasdaq: CBST), up 6%, metals processor Worthington Industries (NYSE: WOR), up 4%, and agricultural chemicals company Agrium (NYSE: AGU), up 3%.

This week’s portfolio stinkers were after market auto parts maker Dorman Products (Nasdaq: DORM), down 7%, rubbers king Goodyear Tire and Rubber (NYSE: GT), down 6%, and oil refiner Holly Frontier (NYSE: HFC), down 4%.

This week’s straining to go stocks remain garage door and telephone headset maker Griffon
Corporation
(NYSE: GFF), down 21% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 9% since being added to the portfolio.

Wax

Performance – Week Ending 01/10/2014
The Wax Ink Portfolio was up 0.5% for the week. By comparison, the Dow was down 0.2%, the Nasdaq was up 1.0%, the S&P 500 was up 0.6%, the Russell 2000 was up 0.7%, and the Volatility Index, commonly known as the VIX, was down 11.8%.

Year to date, the Wax Ink portfolio is down 0.8%, the Dow is down 0.8%, the Nasdaq is unchanged, the S&P 500 is down 0.3%, the Russell 2000 is up 0.1%, and the VIX is down 11.5%.

The portfolio breakdown remains roughly 67% equities, 33% cash, and 0% bonds.

This week’s darlings of the portfolio were rubbers king Goodyear Tire and Rubber (NYSE: GT), up 11%, municipal and heavy industry constructor Layne Christensen Company (Nasdaq: LAYN), up 10%, and small tool maker The L.S. Starrett Company(NYSE: SCX), up 7%.

This week’s stinkers of the portfolio were after market auto parts maker Dorman Products (Nasdaq: DORM), down 3%, metals processor Worthingtion Industies (NYSE: WOR), down 3%, and chicken gonand processor Darling International (NYSE: DAR), down 2%.

This week’s straining to go stocks remain garage door and telephone headset maker Griffon Corporation (NYSE: GFF), down 23% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 8% since being added to the portfolio.

Wax

Performance – Week Ending 01/03/2014
The Wax Ink Portfolio was down 0.6% for the week. By comparison, the Dow was down 0.1%, the Nasdaq was down 0.6%, the S&P 500 was down 0.5%, the Russell 2000 was down 0.4%, and the Volatility Index, commonly known as the VIX, was down 0.2%.

Year to date, the Wax Ink portfolio is down 1.2%, the Dow is down 0.6%, the Nasdaq is down 1.1%, the S&P 500 is down 0.9%, the Russell 2000 is down 0.7%, and the VIX is up 0.3%.

The portfolio breakdown remains roughly 67% equities, 33% cash, and 0% bonds.

This week’s darlings of the portfolio were heavy industry constructor Layne Christensen Company (Nasdaq: LAYN), up 3%, cylinder maker Worthington Industries (NYSE: WOR), up 2%, and small tool maker The L.S. Starrett Company (NYSE: SCX) was up 2%.

This week’s portfolio smellers were airplane repair company AAR Corporation (NYSE: AIR), down 6%, container maker Myers Industries (NYSE: MYE), down 5%, and cigarette papers maker Schweitzer-Maudit International (NYSE: SWM), down 2%.

This week’s straining to go stocks remain garage door and telephone headset maker Griffon Corporation (NYSE: GFF), down 23% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 17% since being added to the portfolio.

Wax

2013 Portfolio Performance
The Wax Ink Portfolio closed up 48.5% for the year. By comparison, the Dow was up 26.5%, the Nasdaq was up 38.3%, the S&P 500 was up 29.6%, the Russell 2000 was up 37%, and the Volatility Index, commonly known as the VIX, was down 10%.

By way of year-over-year comparison, the Wax Ink portfolio closed 2012 up 18.2%, while the Dow 2012 closed up 7.3%, the Nasdaq closed up 15.9%, the S&P 500 closed up 13.4%, and the Russell 2000 closed up 14.6%.

The portfolio ended the year with roughly 66% of holdings in equities, 34% in cash, and 0% in bonds.

Admittedly, had it not been for the Federal Reserve keeping bond yields artificially low during 2013, there is no way the portfolio could have performed as it did last year.

So thank you Mr. Bernanke, my portfolio is sad to see you go.

Wax

Performance – Week Ending 12/27/2013
The Wax Ink Portfolio was up 1.2% for the week. By comparison, the Dow was up 1.6%, the Nasdaq was up 1.3%, the S&P 500 was up 1.3%, the Russell 2000 was up 1.3%, and the Volatility Index, commonly known as the VIX, was down 9.6%.

Year to date, the Wax Ink portfolio is up 47.6%, the Dow is up 25.7%, the Nasdaq is up 37.7%, the S&P 500 is up 29.1%, the Russell 2000 is up 36.7%, and the VIX is down 18.2%.

The portfolio breakdown remains roughly 66% equities, 34% cash, and 0% bonds.

This week’s moving on up stocks were rubber and heavy industry constructor Layne Christensen Company (Nasdaq: LAYN), up 5%, keep on truckin’ company Akansas Best Corporation (Nasdaq: ABFS), up 3%, and small tool maker The L.S. Starrett Company (NYSE: SCX) was up 3%.

This week’s floaters in the bunch bowl were airplane repair company AAR Corporation (NYSE: AIR), down 2%, container maker Myers Industries (NYSE: MYE), down 2%, and after- market auto parts maker Dorman Products (Nasdaq: DORM), down 2%.

With the recent changes to the portfolio, the new portfolio choke and puke stocks are garage door and telephone headset makerGriffon Corporation (NYSE: GFF), down 26% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 19% since being added to the portfolio.

Wax

For use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D. Always consult a registered securities advisor before considering any information contained herein.

Wax Ink is a baseline equity research company not licensed or registered with any government agency

Copyright © 2014 Wax Ink