New 3.8% surtax means new tax strategies for business owners

As advisers ready clients for year-end tax planning, they continue to grapple with complexities tied to clients' ownership of business interests: Will they or won't they be subject to the 3.8% Medicare surtax?

Tax gurus have spent a good part of 2013 helping clients navigate the American Taxpayer Relief Act of 2012, a key piece of legislation that was passed hastily Jan.1 to avert the fiscal cliff. They're particularly befuddled by the 3.8% Medicare surtax, which is also known as the net investment income tax, which will apply to income from rentals, annuities and capital gains if a taxpayer has modified- adjusted-gross income over $200,000 for those who are single, or $250,000 for those who are married and filing jointly.

In the simplest terms, taxpayers who have a “material” interest in a business are not subject to the 3.8% Medicare surtax. But if their interest is “passive” — such as a landlord who collects rent from a tenant who maintains the property — they will owe the surtax.

Though tax experts have crafted a couple of workarounds to mitigate the impact the tax will have on clients' investment portfolios, there are still questions aplenty about how to help those who own rental properties and businesses.

The problem is that the tax code is vague with respect to how to define a trade or a business activity, which can leave certain clients in limbo – namely, those who own property and rent out the space, as well as certain trusts that hold real estate. Planning around the 3.8% surtax with respect to those business interests can be hazy.

“Is the trustee actively involved in the real estate? To what degree are you materially participating in the management of the business?” asked Ronni Davidowitz, head of Katten Muchin Rosenman's trusts and estates practice. “We're looking for guidelines around what those bright-line tests are. What will be viewed as material participation in the management of the asset?”

The tax code dictates what's considered “material participation” in a business: Basically, a taxpayer works on a regular, continuous and substantial basis in operations. That individual must spend at least 500 hours per year in an active role in the business. On the other hand, the IRS considers collecting rent a passive activity.

But those lines can be blurry in certain cases, according to Mark W. Miller, a partner at Sikich LLP. For example, it is unclear what to do in a situation where an individual owns property and their business is situated there. Whether that person participates passively or materially depends on how he or she interacts with the property.

“Someone who owns a 256-unit apartment building and arranges landscaping and snow-plowing, and perhaps this building has a clubhouse — this is clearly a trade or business activity,” said Mr. Miller. “This trade or business [itself] isn't subject to the 3.8% surtax.” Bear in mind, however, the rental i! ncome the owner receives — regardless of his or her relationship to the business — will still be subject to the surtax.

There are plenty of gray areas on both the level of activity and who is carrying out the services. For instance, one of the conditions that need to be met in order to be considered a “material participant” in the business, the IRS requires that the taxpayer perform substantially all the work in the activity.

But there are situations where this might not be clear: A property like a warehouse might not require a lot of service from the owner. The facts and circumstances of a given case are a major factor in the extent to which the owner interacts with the property, Mr. Miller said.

Aside from assessing the facts and circumstances of these clients and their properties to determine whether they are passive or material participants, tax gurus are coming up with a couple of strategies for certain entrepreneurs to make sure they are able to meet that 500 hour requirement and avoid the 3.8% surtax.

For instance, there's grouping, wherein related business or trades owned by one individual are pulled together to form what the IRS calls an “appropriate economic unit.” Generally, the businesses need to have common ownership, share resources and have a common geographical location. Multiple businesses that are grouped can be treated as one activity, permitting the owner to meet the 500-hour threshold necessary to be a material participant.

“It behooves people to keep contemporaneous books and records [for appropriate economic units] and to document your participation,” said Bill Zatorski, a partner in the personal financial services department at PricewaterhouseCoopers. “We like to see clients be involved in management decisions.”

The Medicare surtax rules permit a one-time regrouping election, which can be made in 2013 or 2014, according to Mr. Miller. Again, grouping alo! ne does n! ot mean that the rental income won't be subject to the Medicare surtax. Further, grouping tends to be an irrevocable decision.

Finally, in some situations, it's worth considering whether a client with an ownership in a business wants to adjust his or her participation in an activity to either be a material or passive participant.

For instance, a retired father and his son have a 50-50 ownership in a business. If the father isn't a material participant in the business, his interest in it will be subject to a 3.8% surtax. If he is a material participant, he could potentially be subject to a self-employment tax of 15.3%.

Mr. Miller warned that advisers and clients need to consider the real-life implications of changing an owner's role in the business and not just fixate on tax savings.

“I may want to have a 50-50 say in the business, and if I give that up, there are economic considerations,” he said. “It's not just whether you want to give up those rights, but rather, you are ceding business decisions to the other person in the business.”

9 Stocks That Will Shine in a Weak Holiday Season

Retailers are increasingly worried about the holiday spending season. And so is Wall Street.

But investors — whether they've been naughty or nice — can reap profits in the retail sector even if holiday spending is sluggish.

Wall Street is once again clueless when it comes to gauging the spending of American consumers. During the Great Recession they missed the birth of a new spending pattern — I call it  "The New Frugal"  – and they are about to do it again.

This new spending pattern means Americans, whether spending less, more or the same as last year, are diverting their spending to buy fewer items of higher quality for the gift season. They'll buy quality brands and items from Apple (AAPL), Coach (COH), Ralph Lauren (RL) and Williams Sonoma (WSM).  These retailers will benefit.

There is too much money to be made when cognitive dissonance on Wall Street creates opportunities for those who invest — literally — and shop with their eyes open.

Holiday spending on the skids

Why will it be a weak-to-lousy spending season this year?

Thanksgiving  comes very late this year, Nov. 28, meaning six fewer shopping days. The government shutdown and related insanity in Washington hurt consumer confidence and business spending. That will translate into reduced holiday sales. Mild December weather is forecast by the National Weather Service. This is not good news for clothing retailers. The new iPhone is going to suck an additional $5 billion or more out of other retail sales, maybe more. Many families are ignoring Ted Cruz and husbanding cash to buy their first ever meaningful health insurance policy. If the number hits five million households in March and savings begin now, that is another $5 billion to $10 billion not spent oh holiday purchases (my estimates).

You get the picture. Recent surveys by the best source I have ever used, ChangeWave Research (part of the 451 Group), is predicting it will be a very soft season.

To quote the ChangeWave survey: "The Oct. 1-16 survey of 2,074 consumers also shows a significant downturn in consumer expectations and sentiment. And as we saw in last month's survey, the ongoing uncertainty surrounding the U.S. debt limit and government funding is largely responsible for the drop from already weakening levels."

Top Bank Companies For 2014

This is confirmed by the most recent Michigan consumer confidence data.

What does this mean? Is everyone staying home, despite Macy's (M) announcement that it will open on Thanksgiving?

A trend toward quality goods

Nope, people will spend as they did during the birth of The New Frugal. They'll spend the same amount, spend perhaps a little more, spend perhaps a little less, but spend on fewer, higher quality items and brands. An iPhone from Apple. A Coach leather backpack. A Tiffany (TIF) flask. A Ralph Lauren (RL) blazer from an outlet store. Or perhaps a new cooker from Williams Sonoma (WSM).

These customers are going to spend less at Kohl's (KSS) and Target (TGT) and low-income customers are going to break Wal-Mart's (WMT) heart (Well, given how they pay their employees, it's won't be a broken heart, it will be a broken holiday season).

I do believe as Wal-Mart gets hurt, the dollar stores will do a little better – especially Dollar General (DG), but don't overlook  Dollar Tree (DLTR). Wall Street is worried about Costco (COST) but I believe it will actually outperform expectations. Costco seems to have figured out how to grow much faster than Wal-Mart and still provide affordable health insurance for most employees.

Investors should not miss the opportunities this holiday season. There is too much money to be made when cognitive dissonance on Wall Street creates opportunities for those who invest — literally — and shop with their eyes open.

Take a look at the New Frugal yourself: go to a mall or an outlet mall and gauge what's happening. Then take a look at your portfolio and opportunities from the supposedly weak spending season on the horizon.

Where Will Hewlett-Packard Go Post-Earnings?

With shares of Hewlett-Packard (NYSE:HPQ) trading around $27, is HPQ an OUTPERFORM, WAIT AND SEE, or STAY AWAY? Let's analyze the stock with the relevant sections of our CHEAT SHEET investing framework:

T = Trends for a Stock’s Movement

Hewlett-Packard provides products, technologies, software, solutions, and services to individual consumers, small and medium businesses, and large enterprises worldwide. The company offers commercial notebooks and desktops, consumer notebooks, desktops, software, and services for the commercial and consumer markets. The services segment provides consulting, outsourcing, and technology services to infrastructure, applications, and business process domains. The diverse technological products and services offered by Hewlett-Packard make it a leading provider that sees increased demand through global expansion.

Hewlett-Packard announced financial results for its fiscal fourth-quarter and fiscal year ended October 31, 2013. ”Through improved execution, strong cost management, and with the support of our customers and partners, HP ended fiscal 2013 on a high note,” said Meg Whitman, HP president and chief executive officer. “Our Q4 results demonstrate that HP’s turnaround remains on track heading into fiscal 2014. While we still have much more work to do, our business units and their core assets are delivering on HP’s strategy to help customers thrive by providing solutions for the New Style of IT.”

T = Technicals on the Stock Chart Are Strong

Hewlett-Packard stock has performed well over the last several months. The stock is currently trading near highs for the year and looks set to continue. Analyzing the price trend and its strength can be done using key simple moving averages. What are the key moving averages? The 50-day (pink), 100-day (blue), and 200-day (yellow) simple moving averages. As seen in the daily price chart below, Hewlett-Packard is trading above its rising key averages, which signal neutral to bullish price action in the near-term.

(Source: Thinkorswim)

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

	Implied Volatility (IV)	30-Day IV Percentile	90-Day IV Percentile
Hewlett-Packard options	32.10%	3%	0%

What does this mean? This means that investors or traders are buying a very small amount of call and put options contracts as compared to the last 30 and 90 trading days.

	Put IV Skew	Call IV Skew
December Options	Flat	Average
January Options	Flat	Average

As of today, there is an average demand from call buyers or sellers and low demand by put buyers or high demand by put sellers, all neutral to bullish over the next two months. To summarize, investors are buying a very small amount of call and put option contracts and are leaning neutral to bullish over the next two months.

On the next page, let’s take a look at the earnings and revenue growth rates and the conclusion.

E = Earnings Are Decreasing Quarter-Over-Quarter

Rising stock prices are often strongly correlated with rising earnings and revenue growth rates. Also, the last four quarterly earnings announcement reactions help gauge investor sentiment on Hewlett-Packard’s stock. What do the last four quarterly earnings and revenue growth (Y-O-Y) figures for Hewlett-Packard look like and more importantly, how did the markets like these numbers?

	2013 Q3	2013 Q2	2013 Q1	2012 Q4
Earnings Growth (Y-O-Y)	-120.93%	-14.00%	-31.25%	-13.70%
Revenue Growth (Y-O-Y)	-2.77%	-8.23%	-10.14%	-5.58%
Earnings Reaction	8.19%*	-12.45%	17.09%	12.28%

Hewlett-Packard has seen decreasing earnings and revenue figures over the last four quarters. From these numbers, the markets have been pleased with Hewlett-Packard’s recent earnings announcements.

* As of this writing

P = Excellent Relative Performance Versus Peers and Sector

How has Hewlett-Packard stock done relative to its peers, Dell (NASDAQ:DELL), IBM (NYSE:IBM), Apple (NASDAQ:AAPL), and sector?

	Hewlett-Packard	Dell	IBM	Apple	Sector
Year-to-Date Return	90.53%	36.69%	-6.62%	2.13%	11.73%

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

Conclusion

Hewlett-Packard is a software an technology bellwether that provides essential products and services to consumers and companies worldwide. The company announced financial results for its fiscal fourth-quarter and fiscal year ended October 31, 2013. The stock has been moving higher in recent months and is now trading near highs. Over the last four quarters, earnings and revenues have been declining. However, investors are pleased with recent earnings announcements. Relative to its peers and sector, Hewlett-Packard has been a year-to-date performance leader. Look for Hewlett-Packard to OUTPERFORM.

U.S. methane emissions may be 50% more than EPA…

U.S. emissions of methane, a potent heat-trapping greenhouse gas, may be 50% higher than federal estimates, reports a team of Harvard and other researchers today.

Nationwide, emissions from cows and livestock operations may be twice as high as previously thought, and in the south-central region, those from fossil fuel extraction and refining may be almost five times higher than calculated by the U.S. Environmental Protection Agency, according to a study in the Proceedings of the National Academy of Sciences.

"It's really a very clear signal," of how much methane U.S. industry and other sources emit, says co-author Anna Michalak of the Carnegie Institution of Science's Department of Global Ecology. She says the study of the continental U.S. combines an unprecedented amount of data, taken by federal agencies from the tops of telecommunication towers, with newer statistical tools and meteorological models to calculate how much methane is actually in the atmosphere and where it likely came from.

This top-down approach is notably different from EPA's bottom-up estimates, which calculate emissions based on the amount of methane typically released per cow or per unit of coal or natural gas sold.

"The main result is significant," says Colm Sweeney of the University of Colorado, Boulder, who leads the aircraft group that does flyovers to measure methane for NOAA's Earth System Research Laboratory Global Monitoring System. Sweeney, who was not involved in the new study, says it provides a helpful overall picture, quantifies the discrepancy between the two approaches and shows the need for more observing stations.

"We don't know why" there's such a discrepancy, says study co-author Steven Wofsy, an atmospheric and environmental professor at Harvard University's School of Engineering and Applied Science. Wofsy says it may be that the EPA is not measuring every possible source such as broken natural gaspipes that are leaking methane.

He says this top-down analysis echoes the overa! ll findings of an earlier study he did in 2006 but offers much finer detail that will be used to create a national methane database. Yet he says while it may indicate what role the natural gas industry plays, it can't distinguish whether emissions come from drilling, processing or refining.

"This study seems very plausible," says David Archer, a climate scientist at the University of Chicago's Department of Geophysical Sciences who was not involved in the research. He says if there are more methane emissions than previously thought, "that means there's more we can cut."

He says unlike carbon dioxide, which accumulates and lingers in the atmosphere for hundreds of years, methane tends to degrade in a decade or so. Also, unlike CO2, he notes that U.S. methane concentrations have held fairly steady in the last 20 years.

A Roth Conversion Formula

Congress has placed some of your money on a bait pedal. Can you deftly remove it without getting trapped? I think you can.

The bait is something called a Roth conversion, wherein you pay taxes on retirement savings now in return for a permanent tax shield on the portfolio. It's a scary business, since you could be injured by future tax law changes. But this is an occasion to take a calculated risk.

I'll assume that you have both assets in a tax-deferred IRA or 401(k) and some spare cash outside that account. Say you have a $50,000 slice of your retirement pot that you might convert, you are in a 40% tax bracket (federal and state combined) and you have $20,000 sitting around. If you do the conversion, $50,000 gets added to your taxable income this year and you hand over the 20 grand to grateful tax collectors.

Let's suppose that you won't be spending this retirement money for a few decades, and that it will have quadrupled by then. The transaction leaves you with $200,000 free and clear at the back end.

What if you don't convert? The $50,000 still turns into $200,000 inside the account, but to get it out you have to pay tax. If your bracket remains the same, the retirement account will be worth only $120,000 to you.

By choosing not to convert, you would also have the $20,000 to invest. But this sum won't quadruple. Outside your tax shelter, it gets whacked every year for taxes and compounds slowly. You'll be lucky if it grows to $60,000. Aftertax spending money for the nonconverter: $180,000, or $20,000 less.

5 Best Cheap Stocks To Watch Right Now

The usual advice on Rothifying goes like this: If your tax bracket at retirement will be the same or higher, go ahead and convert, but if your tax bracket is likely to be lower, don't do it.

I think that advice is too timid. In this case the Roth choice wouldn't hurt even if your tax rate falls by a fourth, to 30%.

You can, in fact, calculate how far your tax rate has to fall before the conversion becomes a loser. My rough rule of thumb: Rothifying is a bad idea if your tax bracket falls in retirement by the fraction RTN, where R is your annual portfolio return, T is the tax rate on your portfolio, and N is the number of years until you're going to be pulling money out of the IRA.

Say your stocks make 7% a year, you pay a 20% tax on dividends and capital gains, and the money will stay put for 18 years. Then the question is whether your tax bracket for ordinary income is going to fall by the fraction 7% times 20% times 18, or a fourth.

This RTN shortcut overstates the case for Rothifying a bit, so give yourself a margin of safety. Convert only if your bracket is likely to fall by a lot less than that RTN fraction, and convert only a portion of your account. If you're 52 and can stay invested for 18 years, and if your bracket is likely to fall only a little (say, from 40% to 35%), snatch the Roth bait.

It's scary to prepay taxes, and, yes, there is some chance that Congress will spring the trap, taxing Roth account holders. But this would instantly end the flow of accelerated revenue from conversions, to which the government is now addicted. So I think the risk is low. More likely are rising tax rates, with the result that your conversion pays off better than you expected.

Leave some savings unconverted, so that you or a surviving spouse can do a strategic Roth conversion later. You might want it to offset a large deduction, such as for nursing home expenses.

A further refinement for Roth investors is to carve up a blended portfolio into separate accounts in order to maximize the potential value of your right to undo a conversion if an account goes down in value. If you are Rothifying a diversified bond fund, chop it into separate high-grade and junk positions.

Similarly, you can cut up your equity exposure into separate accounts for U.S. and foreign stocks. If there's enough money involved, it may make sense to slice the baloney even thinner, with separate funds invested in large and small stocks or value and growth stocks.

I explain the carve-up strategy here. If you take this route, use low-cost exchange-traded funds for the different investing styles. Tickers of ETFs that work for this purpose are: for high-grade bonds, SCHZ; for junk corporate bonds, JNK; for foreign stocks, VEA; for large, medium and small U.S. stocks, SCHX, VO and SCHA.

I explain one kind of strategic Roth conversion in an article about annuities, A 10% Annual Payout For Retirees.

Top 5 Warren Buffett Stocks To Buy For 2014

Warren Buffett knows what he likes -- and he gets what he likes. While he is widely known for investing in consumer product companies, another industry has also captured his attention and his money. Here are three things Buffett really likes about health care.

1. Keep it simple
Buffett likes to keep things simple and understand the business before he buys. DaVita Healthcare Partners (NYSE: DVA  ) is a great example of this desired simplicity. The company provides dialysis services for patients with chronic kidney disease or end stage renal disease. Patients with these diseases can't survive without dialysis. DaVita provides the service. It doesn't get much more simple than that.

Buffett's Berkshire Hathaway (NYSE: BRK-B  ) owns 14% of DaVita, valued at more than $1.9 billion and growing. The stock has a one-year return of nearly 34%.Keeping it simple can pay off.

2. Investing for the long run
Some might look at a company like GlaxoSmithKline (NYSE: GSK  ) and run for the hills. Just last year, the British pharma lost an estimated $35 billion in sales due to generic competition as key drugs lost patent protection. But Buffett first bought the stock in 2008 -- with full knowledge that the patent cliff was coming. Why? Buffett looks at the long run. His ideal holding period is "forever."�

Top 5 Warren Buffett Stocks To Buy For 2014: Aldridge Minerals Inc. (AGM.V)

Aldridge Minerals Inc., a junior exploration company, engages in the identification, exploration, and development of mineral properties in Turkey. Its principal property consists of the Yenipazar gold-silver-copper-zinc-lead deposit located in Turkey. The company was incorporated in 1994 and is based in Toronto, Canada.

Top 5 Warren Buffett Stocks To Buy For 2014: Benvest New Look Income Fd (BCI.TO)

New Look Eyewear Inc. provides eye care products and services in eastern Canada. It offers high definition digital lenses, frames, and sunglasses, as well as contact lenses. The company also offers eye exams and other eye care services. As of March 31, 2012, it operated 69 corporately owned eye care stores, including 61 in Qu茅bec province and 8 in Ontario region; and an eyewear transformation laboratory. The company was formerly known as Benvest New Look Income Fund and changed its name to New Look Eyewear Inc. in March 2010. New Look Eyewear Inc. is headquartered in Montr茅al, Canada.

Top 5 Performing Companies For 2014: China Natural Resources Inc.(CHNR)

China Natural Resources, Inc., through its subsidiaries, engages in the acquisition and exploitation of mining rights. The company involves in the exploration, extraction, processing, and sale of iron, zinc, and other nonferrous metals extracted or produced at mines primarily located in Anhui Province in the People?s Republic of China. It also involves in the exploration, acquisition, construction, development, and operation of coal mines located in Guizhou Province, the People?s Republic of China. The company is based in Central, Hong Kong.

Top 5 Warren Buffett Stocks To Buy For 2014: Met-Pro Corporation (MPR)

Met-Pro Corporation manufactures and sells product recovery and pollution control equipment for the purification of air and liquids, fluid handling equipment, and filtration and purification products. The company�s Product Recovery/Pollution Control Technologies segment provides solutions and products for product recovery and pollution control applications in metal finishing and plating, wastewater treatment, composting, food processing, ethanol production, chemical, petrochemical, printed circuit, semiconductor, steel pickling, battery manufacturing, groundwater remediation, automotive, aerospace, furniture, painting, electronics, printing, and pharmaceutical industries. Its Fluid Handling Technologies segment manufactures horizontal, vertical, and in-tank centrifugal pumps used for the pumping of acids, brines, caustics, bleaches, seawater, waste liquids, and high temperature liquids for industrial and commercial applications. This segment serves various industrial mark ets, including the chemical, petrochemical, refinery, pharmaceutical, plastics, pulp and paper, and food processing industries, as well as commercial users, such as hospitals, universities, and laboratories. The company�s Mefiag Filtration Technologies segment designs, manufactures, and sells filtration systems. Its Filtration/Purification Technologies segment offers chemicals for the treatment of municipal drinking water systems, and boiler and cooling tower systems; cartridges and filter housings; filtration products for industrial air and liquid applications; custom pleaters, filter cartridges, and standard filters; and water treatment compounds. The company markets and sells its products through its personnel, distributors, representatives, agents, regional sales managers, market-based distributors, and original equipment manufacturers in the United States and internationally. Met-Pro Corporation was founded in 1966 and is headquartered in Harleysville, Pennsylvania.

Top 5 Warren Buffett Stocks To Buy For 2014: Resolute Energy Corporation(REN)

Resolute Energy Corporation, an independent oil and gas company, engages in the acquisition, exploration, exploitation, and development of oil and gas properties in the United States. It primarily holds interests in the Aneth Field properties that cover approximately 43,000 gross acres on the Navajo Reservation in southeast Utah. The company? producing properties are located in the Powder River Basin, Wyoming; the Bakken shale trend of the Williston Basin in North Dakota; and the Permian Basin of Texas It also owns exploration properties in the Permian Basin of Texas; and the Big Horn and Powder River Basins of Wyoming. As of December 31, 2011, the company had estimated net proved reserves of approximately 64.8 million equivalent barrels of oil. Resolute Energy Corporation is based in Denver, Colorado.

JPM, Wells Fargo Keep Growing While BofA, Citi Shrink

At the top of the list sits JPMorgan Chase JPMorgan Chase with a whopping $2.46 trillion in assets followed by Bank of America Bank of America with $2.12 trillion. The two banks are the only ones with assets exceeding $2 trillion.

Citigroup Citigroup, the third largest bank by assets, isn't too far behind with $1.89 trillion and San Francisco-based Wells Fargo Wells Fargo is fourth with $1.48 trillion.

From there the 5th largest bank's assets, Bank of New York Mellon Bank of New York Mellon, drop off dramatically to $371 billion.

The ranking comes from SNL Financial which compiles the data each quarter.

There's hasn't been much change at the top of the ranking since 2011 when JPM claimed the #1 spot from BofA.

Ever since, JPM has held a steady lead over the rest of the nation's banks–a lead that keeps getting bigger. Just a year ago in the third quarter 2012, JPM's assets stood at $2.32 trillion; they've since increased 6%.

It will be interesting to see how JPM's assets evolve over the next 12 months. 2013 wasn't JPM's best. CEO Jamie Dimon reported the bank's first quarterly loss under his watch, it paid $13 billion to settle a big case with the Department of Justice and paid out billions in other suits as well. It was also the first time the bank made a big announcement recently about shutting down a line of business; in September JPM announced it would no longer accept applications for student loans.

Wells Fargo, though #4, has also been steadily growing its asset base at a rate even higher than JPM. Over the last 12 months, Wells, lead by CEO John Stumpf, has seen its total assets jump 8% from $1.37 trillion in the third quarter of 2012. That's the biggest increase among the big four banks.

Much of Wells' growth is due to some key loan purchases the bank has been making overseas. The bank has picked up several loan portfolios on the cheap from banks in Europe as the market there has been struggling and institutions there look to off-load assets.

Wells CFO Tim Sloan spoke about the bank's overall loan growth at a conference last week and noted the foreign loans. "Foreign loans grew $6.9 billion or 17%, which included $4 billion from the UK CRE acquisition we completed in the third quarter, as well as growth in our trade finance business," he said.

Meanwhile both Citi and Bank of America have seen their assets drop over the last few years. Just over the last 12 months both banks shed assets by about 2%.

Both bank have been actively selling non-core assets since the peak of the crisis in order to meet both regulator and shareholder demands.

Back in early 2009, BofA's assets were $2.32 trillion, or 8.4% more than where they stand today.

SNL notes that Citi's assets will decline even further by approximately $3.91 billion from the planned sale of its Brazilian credit card and consumer finance business.

There was only one new bank on the most recent list from SNL. Santa Clara, Calif.-based SVB Financial Group was the lone new entry coming in at #50 with $23.7 billion in assets.

SNL's rankings include banks and thrifts operating in the U.S. with a deposits-to-assets ratio of at least 25%. That means big firms like Goldman Sachs and Morgan Stanley don't make the cut since they don't hold significant deposits.

America's 10 Biggest Banks

Best Safest Companies To Buy For 2014

European stocks have done well in 2013. The Vanguard FTSE Europe ETF and iShares Europe ETF may still be good bets.

NEW YORK (CNNMoney) Stocks are surging in the United States this year. Japan has done even better.

But if you're looking for the next big opportunity, Europe could very well be the best place to invest right now. The long recession in Europe may finally be over. And that could lead to stronger profits from European-based companies.

So what's the safest way to try and ride a European rebound?

Investing through a mutual fund: Many funds from big money managers have a fair amount of European exposure.

Take the widely held Fidelity Worldwide Fund (FWWFX), which has 30% of its assets invested in Europe. Holdings include Swiss bank UBS (UBS), German automaker Volkswagen (VLKAY) and French food and consumer products giant Danone (DANOY).

Best Safest Companies To Buy For 2014: Under Armour Inc.(UA)

Under Armour, Inc. develops, markets, and distributes performance apparel, footwear, and accessories for men, women, and youth primarily in the United States, Canada, and internationally. It offers products made from moisture-wicking synthetic fabrics designed to regulate body temperature and enhance performance regardless of weather conditions. The company provides its products in three fit types: compression (tight fitting), fitted (athletic cut), and loose (relaxed) extending across the sporting goods, outdoor, and active lifestyle markets. Its footwear offerings comprise football, baseball, lacrosse, softball, and soccer cleats; slides; performance training footwear; and running footwear. The company also provides baseball batting, football, golf, and running gloves, as well as licenses bags, socks, headwear, custom-molded mouth guards, and eyewear that are designed to be used and worn before, during, and after competition. Under Armour sells its products through retai l stores, as well as directly to consumers through its own retail outlets and specialty stores, Website, and catalogs. The company was founded in 1996 and is headquartered in Baltimore, Maryland.

Advisors' Opinion:

• [By Andrew Marder]

  One way that apparel companies are pushing the boundaries is by expanding their consumer base. Companies that had focused on men's clothing are offering women's lines, and vice versa. Two brands that are seeing some great success already are Under Armour (NYSE: UA  ) and Coach (NYSE: COH  ) . The gender expansion plays a big role in these companies' futures, and their actions are laying out a path for others to follow.

Best Safest Companies To Buy For 2014: Fluor Corporation(FLR)

Fluor Corporation, through its subsidiaries, provides engineering, procurement, construction, maintenance, and project management services worldwide. Its Oil & Gas segment offers design, engineering, procurement, construction, and project management services to upstream oil and gas production, downstream refining, chemicals, and petrochemicals industries. This segment also provides consulting services comprising feasibility studies, process assessment, and project finance structuring and studies. The company?s Industrial & Infrastructure segment offers design, engineering, procurement, and construction services to the transportation, wind power, mining and metals, life sciences, manufacturing, commercial and institutional, telecommunications, microelectronics, and healthcare sectors. Its Government segment provides engineering, construction, logistics support, contingency response, management, and operations services to the United States government focusing on the Departme nt of Energy, the Department of Homeland Security, and the Department of Defense. The company?s Global Services segment offers operations and maintenance, small capital project engineering and execution, site equipment and tool services, industrial fleet services, plant turnaround services, temporary staffing services, and supply chain solutions. Its Power segment provides engineering, procurement, construction, program management, start-up and commissioning, and operations and maintenance services to the gas fueled, solid fueled, plant betterment, renewables, nuclear, and power services markets. The company also offers unionized management and construction services in the United States and Canada. Fluor Corporation was founded in 1912 and is headquartered in Irving, Texas.

Advisors' Opinion:

• [By Louis Navellier]

  Fluor Corporation (FLR) is one of the world�� leading heavy construction and engineering firms. I don’t want to imply that this is a bad company because it is actually a very good one. However, Fluor has divisions including Oil & Gas, Industrial Infrastructure, Government, Global Services and Power. Virtually all of them are seeing limited spending as a result of the global slowdown and reduced government spending around the world. The stock is up more than 23% this year, but earnings are actually down on flat revenues. Analysts have been lowering their estimates for the rest of this year as well as 2014, and the stock is currently rated as a by Portfolio Grader. When the economy recovers, I expect will see this company’s fundamentals improve substantially … but until that happens investors should avoid the stock.

• [By CRWE]

  Fluor Corporation�� (NYSE:FLR) Chairman and Chief Executive Officer, David Seaton, and Chief Financial Officer, Biggs Porter, will give a presentation to investors at the Credit Suisse 2012 Engineering & Construction Conference in New York on Thursday, June 7 at 9:00 a.m. Eastern Daylight Time.

• [By The Energy Report]

  JH: One of the areas where the U.S. for decades has been the leading technological power is in small nuclear reactors. We've used them on our aircraft carriers and on our nuclear submarines safely and efficiently. The U.S. has an advantage in understanding small modular nuclear reactors. One of the companies that we have followed for a long time that's working on that is Babcock & Wilcox Co. (BWC). There's also Fluor Corp. (FLR), which is working on small modular nuclear reactors. President Obama and the Department of Energy are funding research on the implementation of small modular nuclear reactors.

• [By Rich Duprey]

  South America has become an unsettled region to mine in. Newmont Mining (NYSE: NEM  ) had its Peruvian Conga project brought to a short stop over environmental concerns, while Vale (NYSE: VALE  ) recently abandoned an Argentinean project because of the country's policies.�Costs for Pascua-Lama have ballooned over the past decade and now stand at about $8.5 billion, putting it at risk of becoming an albatross around the miner's neck even before the court decision. Barrick even resorted to bringing in engineering specialist Fluor (NYSE: FLR  ) to expand the scope of its project management before the court order.

Top 10 Value Companies To Invest In 2014: Petroleo Brasileiro S.A.- Petrobras(PBR)

Petroleo Brasileiro S.A. primarily engages in oil and natural gas exploration and production, refining, trade, and transportation businesses. The company?s Exploration and Production segment involves in the exploration, production, development, and production of oil, liquefied natural gas (LNG), and natural gas in Brazil. This segment supplies its products to the refineries in Brazil, as well as sells surplus petroleum and byproducts in domestic and foreign markets. Its Supply segment engages in the refining, logistics, transportation, and trade of oil and oil products; export of ethanol; and extraction and processing of schist, as well as holds interests in companies of the petrochemical sector in Brazil. The Gas and Energy segment involves in the transportation and trade of natural gas produced in or imported into Brazil; transportation and trade of LNG; and generation and trade of electric power. In addition, the segment has interests in natural gas transportation and d istribution companies; and thermoelectric power stations in Brazil, as well engages in fertilizer business. The Distribution segment distributes oil products, ethanol, and compressed natural gas in Brazil. The International segment involves in the exploration and production of oil and gas, as well as in supplying, gas and energy, and distribution operations in the Americas, Africa, Europe, and Asia. Further, the company involves in biofuel production business. Petroleo Brasileiro was founded in 1953 and is based in Rio de Janeiro, Brazil.

Advisors' Opinion:

• [By WALLSTCHEATSHEET.COM]

  Petrobras participates in an area that is essential to many consumers, businesses, and overall global growth. The stock has been in a range this past quarter, but is currently trading at highs slightly below its all time highs. During the last four quarters, the stock has seen decreasing earnings and revenue figures, leaving investors with mixed feelings. Relative to its peers and sector, Petrobras has trailed in performance by a significant margin. STAY AWAY from Petrobras for now.

• [By Tyler Crowe and Aimee Duffy]

  Brazil's oil production numbers are up, but the 3.8% jump in April over the previous month doesn't sound as pretty when compared to year-over-year production, which is still down 4.9%. With Petrobras (NYSE: PBR  ) bringing several of its aging offshore rigs back on line after maintenance, the renaissance of Brazil's oil business will not be found in its production numbers... not yet.

• [By Aimee Duffy]

  Transocean is as good a bellwether as any, given it's the world's largest offshore driller. The company's most recent fleet status report shows that a number of rigs that were idle are now booked for work. Seadrill (NYSE: SDRL  ) is no slouch either, with its fleet of 61 drillships and rigs. It just inked a massive $2.7 billion contract with Brazil's state-owned oil company, Petrobras (NYSE: PBR  ) .

Best Safest Companies To Buy For 2014: Goldman Sachs Group Inc.(The)

The Goldman Sachs Group, Inc., together with its subsidiaries, provides investment banking, securities, and investment management services to corporations, financial institutions, governments, and high-net-worth individuals worldwide. Its Investment Banking segment offers financial advisory, including advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense, risk management, restructurings, and spin-offs; and underwriting securities, loans and other financial instruments, and derivative transactions. The company?s Institutional Client Services segment provides client execution activities, such as fixed income, currency, and commodities client execution related to making markets in interest rate products, credit products, mortgages, currencies, and commodities; and equities related to making markets in equity products, as well as commissions and fees from executing and clearing institutional client transactions on stock, options, and fu tures exchanges. This segment also engages in the securities services business providing financing, securities lending, and other prime brokerage services to institutional clients, including hedge funds, mutual funds, pension funds, and foundations. Its Investing and Lending segment invests in debt securities, loans, public and private equity securities, real estate, consolidated investment entities, and power generation facilities. This segment also involves in the origination of loans to provide financing to clients. The company?s Investment Management segment provides investment management services and investment products to institutional and individual clients. This segment also offers wealth advisory services, including portfolio management and financial counseling, and brokerage and other transaction services to high-net-worth individuals and families. In addition, it provides global investment research services. The company was founded in 1869 and is headquartered in New York, New York.

Invesco offers a new twist on risk parity

Invesco Ltd. has opened up a new fund to financial advisers that takes its balanced-risk strategy and adds a tactical flair.

The Invesco Global Markets Strategy Fund (GMSDX) launched last September but was only made available to non-accredited investors this month. The fund is managed by the same portfolio management team as the $12.7 billion Invesco Balanced-Risk Allocation Fund (ABRZX).

The Balanced-Risk Allocation Fund is a flavor of risk parity, an increasingly popular alternative to the classic 60/40 portfolio of stocks and bonds.

Risk parity operates under the notion that in a classic portfolio stocks take up way more of the risk than their allocation, so the allocation to stocks is lowered and less risky assets such as bonds and commodities get a higher weighting. The historically less risky asset classes are then boosted by leverage to try and match the same returns as a 60/40 portfolio, with less overall risk.

The Global Markets Strategy Fund starts with the same basic notion but has more freedom to maneuver between asset classes.

Its goal is to derive about 80% of returns from tactical bets and 20% from asset allocation, which is the reverse of the balanced-risk allocation fund, portfolio manager Scott Wolle said.

It can even go short if the outlook for a particular asset class, such as bonds, is grim.

“It can be better positioned within global markets if we have a large number of assets falling,” Mr. Wolle said.

The increased flexibility has paid off this year for the Global Markets Strategy Fund.

In the second quarter, when interest rates skyrocketed from 1.6% to about 2.5%, the balanced-risk allocation fund, which is long-only and has at least 16% of risk coming from bonds, lost more than 5%,

FINRA Broker Bonus Plan Would Be ‘Nonevent’ for Many Reps: Henschen

The Financial Industry Regulatory Authority announced Thursday that its Board of Governors approved a proposal requiring brokers to disclose recruitment compensation paid to them as an incentive to move to a new firm.

The regulator raised the threshold of payments that would need to be reported. The rule would apply to recruitment compensation — including signing bonuses, up-front or back-end bonuses, loans, accelerated payouts, and transition assistance — of $100,000 or more, and to future payments (trade-based or asset-based) contingent on performance criteria.

Earlier this year, FINRA proposed a $50,000 threshold. Jon Henschen (right) of the BD recruiting firm Henschen & Associates calls the change a "positive" development.

"This higher amount will make this a nonevent for many of the independent reps making moves since most of the independent packages fall under this benchmark," he says.

However, he adds, "for those independent broker-dealers that offer higher forgivable notes up to 40%, this [higher disclosure amount] will have a negative impact on recruiting efforts. But for the firms that stick to notes in the 10%-20% range, or for the majority of firms that only cover initial transition expenses, this will have little to no impact on daily recruiting efforts."

The proposal will be submitted to the Securities and Exchange Commission for review and approval. The SEC could then put the proposal out for public comment or approve it.

If ultimately approved, brokers would need to disclose their recruitment compensation to any customers that choose to follow them to their new firm for a full year after the broker's move.

“This proposal is about making sure the customer can make a fully informed decision to follow a broker to a new firm and understand the costs associated with transferring his or her account,” said FINRA CEO Richard Ketchum, in a statement. “This proposal reflects our commitment to transparency and investor protection.”

The proposal contains two components: a disclosure obligation and reporting to FINRA on "significant increases in total compensation" paid to newly recruited reps.

Firms would be required to disclose to their customers the compensation paid to the transferring representative in ranges. The first range would be $100,000 to $500,000; the next would be $500,000 to $1 million; increasingly larger bands would follow.

In addition, firms would be required to report to FINRA significant increases in total compensation paid to a newly recruited representative during the first year.

“The trigger for reporting would be an expected increase of 25% or $100,000 over the prior year's compensation, whichever is greater,” FINRA says. “This information will be used in risk-based examination targeting to look for sales abuses that may be motivated by the increased compensation and to inform any future rulemaking related to compensation incentives.”

Firms also would be required to disclose whether costs would accrue if a customer decides to transfer assets to the new firm and that certain assets may not be transferrable.

Top 5 Clean Energy Companies To Watch In Right Now

Henschen notes that "up to this point, there is no evidence that their has been any harm to clients from representatives taking transition money, so you have to wonder what motivates regulators to even push through such a measure." He adds: "With wirehouses offering transition packages up to 300% of trailing 12-month production, there is no question as to who is pulling the strings of regulators."

---

Check out Making Sense of the Nonsensical Broker Comp Rule on ThinkAdvisor.

Best Value Companies To Invest In Right Now

NEW YORK (TheStreet -- Cancelled stocks are the walking dead in penny stock land.

They are set to die but continue to trade. These stocks are usually collateral damage from a bankruptcy ruling based on creditors demands to protect their assets, usually in bonds. Most often, a judge will divvy up the company's carcass, leaving the largest slice to bondholders while equity investors watch helplessly as a stock is cancelled.

Most sane investors would question why in such cases anyone would buy a soon-to-be-cancelled. The answer is simple: the low price, often in pennies, seems too good to pass up.

"A bunch of people trade in the Q's," said Zvi Rhine of Sabra Capital Partners, referring to companies in bankruptcy which have a "Q" added to their ticker. "Every now and then a Q stock will rip." Cathy Hershcopf is a corporate bankruptcy lawyer at Cooley LLP who said she's always surprised that investors trade in equities that have almost no value and little prospects for improvement. "When a company declares bankruptcy, there usually isn't enough money left for the creditors to be paid in full, much less give any value to the equity," Hershcopf said. Investors often lose money because they fall prey to speculation and rumor, the currency of Internet chat rooms. A common rumor is that an 'equity committee' will be formed to save a stock, thereby pushing the shares higher and sucking-in unsuspecting buyers. However, these rumors rarely pan out. Once a judge hears from creditors and declares a cancellation, the stock's life comes to an abrupt end, and shareholders lose all their money. Rick Szambel of Albert Fried specializes in bankrupt stocks and says he's a frequent target of the bankrupt-stock rumor mongering. "Even when I'm right, I am criticized as being wrong,'' Szambel said. "I quote directly from the disclosure documents, so I'm not wrong. Most regular people don't know where to find these documents or know how to understand them." Nonetheless, anyone can say anything on the Internet, Szambel said. "Just because someone says it on the Internet, doesn't mean it's true."

Best Value Companies To Invest In Right Now: Caterpillar Inc.(CAT)

Caterpillar Inc. manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives worldwide. It operates through three lines of businesses: Machinery, Engines, and Financial Products. The Machinery business offers construction, mining, and forestry machinery, including track and wheel tractors, track and wheel loaders, pipelayers, motor graders, wheel tractor-scrapers, track and wheel excavators, backhoe loaders, log skidders, log loaders, off-highway trucks, articulated trucks, paving products, skid steer loaders, underground mining equipment, tunnel boring equipment, and related parts. It also manufactures diesel-electric locomotives; and manufactures and services rail-related products and logistics services for other companies. The Engines business provides diesel, heavy fuel, and natural gas reciprocating engines for Caterpillar machinery, electric power generation systems, marine, petrol eum, construction, industrial, agricultural, and other applications. It offers industrial turbines and turbine-related services for oil and gas, and power generation applications. This business also remanufactures Caterpillar engines, machines, and engine components; and offers remanufacturing services for other companies. The Financial Products business provides retail and wholesale financing alternatives for Caterpillar machinery and engines, solar gas turbines, and other equipment and marine vessels, as well as offers loans and various forms of insurance to customers and dealers. It also offers financing for vehicles, power generation facilities, and marine vessels. The company markets its products directly, as well as through its distribution centers, dealers, and distributors. It was formerly known as Caterpillar Tractor Co. and changed its name to Caterpillar Inc. in 1986. Caterpillar Inc. was founded in 1925 and is headquartered in Peoria, Illinois.

Advisors' Opinion:

• [By John Divine]

  That said, there was a modicum of more straightforward logic behind today's slump: Dow Jones Industrial Average (DJINDICES: ^DJI  ) component Caterpillar (NYSE: CAT  ) issued a gloomy outlook for the coming year and disappointed on earnings. The Dow ended with 25-point, or 0.2%, losses, closing at 15,542.

• [By Dan Caplinger]

  Caterpillar (NYSE: CAT  ) lost half a percent, even as gold and silver prices posted modest gains. Caterpillar finds itself in a difficult position, as low metals prices will likely force many of its mining-company clients to delay or downsize purchases of capital equipment. Ordinarily, cyclical economic improvement would bode well for the company, but to the extent that improving conditions lead to less monetary accommodation from central banks, prices of metals could fall further, and jeopardize that part of Caterpillar's business, even if construction and infrastructure activity pick up. That will be a difficult line for the company to walk in the year ahead.

Best Value Companies To Invest In Right Now: Tupperware Corporation(TUP)

Tupperware Brands Corporation operates as a direct seller of various products across a range of brands and categories through an independent sales force. The company engages in the manufacture and sale of kitchen and home products, and beauty and personal care products. It offers preparation, storage, and serving solutions for the kitchen and home, as well as kitchen cookware and tools, children?s educational toys, microwave products, and gifts under the Tupperware brand name primarily in Europe, Africa, the Middle East, the Asia Pacific, and North America. The company provides beauty and personal care products, which include skin care products, cosmetics, bath and body care, toiletries, fragrances, nutritional products, apparel, and related products principally in Mexico, South Africa, the Philippines, Australia, and Uruguay. It offers beauty and personal care products under the Armand Dupree, Avroy Shlain, BeautiControl, Fuller, NaturCare, Nutrimetics, Nuvo, and Swissgar de brand names. The company sells its Tupperware products directly to distributors, directors, managers, and dealers; and beauty products primarily through consultants and directors. As of December 26, 2009, the Tupperware distribution system had approximately 1,800 distributors, 61,300 managers, and 1.3 million dealers; and the sales force representing the Beauty businesses approximately 1.1 million. The company was formerly known as Tupperware Corporation and changed its name to Tupperware Brands Corporation in December 2005. The company was founded in 1996 and is headquartered in Orlando, Florida.

Advisors' Opinion:

• [By Monica Gerson]

  Tupperware Brands (NYSE: TUP) is expected to report its Q3 earnings at $1.03 per share on revenue of $623.34 million.

  Varian Medical Systems (NYSE: VAR) is projected to post its Q4 earnings at $1.12 per share on revenue of $779.02 million.

• [By John Udovich]

  Everyone is familiar with�the Tupperware brand from�consumer products stock Tupperware Brands Corporation (NYSE: TUP) and you are probably familiar with the brands�of mid cap stock Jarden Corp (NYSE: JAH) along with small cap stocks Libbey Inc (NYSEMKT: LBY) and Lifetime Brands Inc (NASDAQ: LCUT); but what about the stocks themselves? Chances are, their brands or products are right under your nose at home and you probably don�� know anything about the mid cap or small cap stock behind them.

Top 5 Performing Companies To Watch In Right Now: Dollar Tree Inc.(DLTR)

Dollar Tree, Inc. operates discount variety stores in the United States and Canada. Its stores offer merchandise primarily at the fixed price of $1.00. The company operates its stores under the names of Dollar Tree, Deal$, Dollar Tree Deal$, Dollar Giant, and Dollar Bills. Its stores offer consumable merchandise, including candy and food, and health and beauty care, as well as household consumables, such as paper, plastics, household chemicals, in select stores, and frozen and refrigerated food; variety merchandise, which includes toys, durable housewares, gifts, party goods, greeting cards, softlines, and other items; and seasonal goods, such as Easter, Halloween, and Christmas merchandise. As of April 30, 2011, it operated 4,089 stores in 48 states and the District of Columbia, as well as 88 stores in Canada. The company was founded in 1986 and is based in Chesapeake, Virginia.

Advisors' Opinion:

• [By Paul Ausick]

  Dollar General�� share price is up less than 6% in the past 12 months, but since the beginning of the year shares have risen more than 22%. And even then, Dollar General�trails Dollar Tree Inc. (NASDAQ: DLTR) in share price growth since January 1. Dollar Tree stock is up 30%.

• [By Lawrence Meyers]

  As a convenience store, it doesn’t have direct competition from�Dollar Tree (DLTR) or Family Dollar (FDO) because these dollar stores aren�� exclusively focused on food (and they have no gasoline or cigarette sales), and they��e targeted at the folks who are trying to save money over convenience, not vice versa. The convenience angle is another reason why�Walmart (WMT) and Costco (COST)�aren’t competitors, since those behemoths are about a total shopping experience.

Best Value Companies To Invest In Right Now: Schlumberger N.V.(SLB)

Schlumberger Limited, together with its subsidiaries, supplies technology, integrated project management, and information solutions to the oil and gas exploration and production industries worldwide. The company?s Oilfield Services segment provides exploration and production services; wireline technology that offers open-hole and cased-hole services; supplies engineering support, directional-drilling, measurement-while-drilling, and logging-while-drilling services; and testing services. This segment also offers well services; supplies well completion services and equipment; artificial lift; data and consulting services; geo services; and information solutions, such as consulting, software, information management system, and IT infrastructure services that support oil and gas industry. Its WesternGeco segment provides reservoir imaging, monitoring, and development services; and operates data processing centers and multiclient seismic library. This segment also offers variou s services include 3D and time-lapse (4D) seismic surveys to multi-component surveys for delineating prospects and reservoir management. The company?s M-I SWACO segment supplies drilling fluid systems to improve drilling performance; fluid systems and specialty tools to optimize wellbore productivity; production technology solutions to maximize production rates; and environmental solutions that manages waste volumes generated in drilling and production operations. Its Smith Oilfield segment designs, manufactures, and markets drill bits and borehole enlargement tools; and supplies drilling tools and services, tubular, completion services, and other related downhole solutions. The company?s Distribution segment markets pipes, valves, and fittings, as well as mill, safety, and other maintenance products. This segment also provides warehouse management, vendor integration, and inventory management services. Schlumberger Limited was founded in 1927 and is based in Houston, Texas.

Advisors' Opinion:

• [By Tyler Crowe]

  Surprisingly, our energy boom could help China, but not in the way you might think. The energy sector in the U.S. has been an incubator for innovative drilling techniques and technologies over the past few years. Now we have a near monopoly on the technology. Like the U.S., China has massive shale gas deposits, and the technology we possess could help them develop domestic sources and allow them to become more energy self-sufficient. We're starting to see it happen. Royal Dutch Shell (NYSE: RDS-A  ) has signed a deal with PetroChina (NYSE: PTR  ) to spend $1 billion a year to develop shale resources there. Also, fracking�specialists�Haliburton (NYSE: HAL  ) and Schlumberger (NYSE: SLB  ) are partnering with various Chinese companies to supply the country with hydraulic fracturing equipment and specialty fluids.�

• [By Seth Jayson]

  Schlumberger (NYSE: SLB  ) reported earnings on July 19. Here are the numbers you need to know.

  The 10-second takeaway
  For the quarter ended June 30 (Q2), Schlumberger met expectations on revenues and beat expectations on earnings per share.

• [By Eric Volkman]

  A day before it's to release its latest quarterly results, Schlumberger (NYSE: SLB  ) has declared a fresh dividend. The company announced it will hand out a $0.3125 per share common stock distribution on October 11 to shareholders of record as of September 4. That maintains Schlumberger's dividend policy, as it has paid that amount in both of its preceding quarters. The most recent of the pair was disbursed last Friday. Prior to that, the firm paid $0.275 per share.

• [By Aaron Levitt]

  With fracking and advanced drilling techniques becoming the norm — both onshore and off — the firms that do all of that heavy lifting are set to win big over the longer term. And there are none bigger than Halliburton (HAL) and Schlumberger (SLB). Both remain the undisputed kingpins of fracking and oil services.

5 Things I Wish I'd Done in College

The StressTest column appears every Thursday on Fool.com. Check back weekly and follow @TMFStressTest.

Photo credit: Aurimas Liutikas.

Most of us could easily fill a book with the coulda/shouldas in our lives. And, for the most part, it's not a good use of time to dwell on those shadows of the past.

But I recently received an email from a college sophomore asking for advice. After I finished wondering how far down the list he had to go before deciding to email me with that question, I started pondering what I wish I'd done in my college days.

1. Buy more stocks
I did buy a few stocks while I was in college -- and, sigh, AOL/Time Warner was on that list right before it upended. But I wish I'd purchased more. 

That's not because I assume I'd be rich and retired now if I had. Instead, it's because I've found that having money on the line goes a long way to stimulate learning. It doesn't have to be a lot of money -- just a couple of shares, depending on the stock -- but having something at risk has always driven me to do more work than I might otherwise.

This may simply not be an option for some college students. In that case, there are great mock portfolios that can be built online -- with The Motley Fool's CAPS system at the top of my list. There's no money on the line in that case, but pride and bragging rights aren't a bad alternative. (Find me on CAPS.)

2. Read more of the good stuff
Sure, I did plenty of reading in college. Unfortunately, most of it was along the lines of how to better build an econometric model, optimize economic relationships between fictitious countries, or separate debits from credits.

It wasn't until later that I was introduced to the "good stuff." To me, that header includes the following:

Warren Buffett's letters to Berkshire Hathaway  (NYSE: BRK-A  ) (NYSE: BRK-B  ) shareholders (they're available for free here) Ben Graham's The Intelligent Investor Peter Lynch's One Up on Wall Street Seth Klarman's Margin of Safety Jim Collins' Good to Great Howard Marks' The Most Important Thing (if it had been published when I was still in school)

This is far from a complete list -- and if I were to add to it, I'd add more business books as opposed to investing books -- but my 2013 self would have benefited if my college self had made it through that list.

3. Run with the right crowd
You can find a lot of different types of people in college. Admittedly, I spent a little too much time trying to figure out which people were the "cool" ones. A decade later, I'm wearing a bow tie and spending my days talking about bank stocks. So much for cool.

Were I to do it over again, I would definitely seek out my university's investment club -- or, at least, some other students that like to geek out over stock talk. One of the core strengths of The Motley Fool is the community that has sprung up around it. Whether that's the discussion boards, CAPS blogs, or the ongoing conversations David Hanson and I have with listeners of Where the Money Is (we're on Twitter @TMFFinancials), Foolish investors are constantly exchanging views.

I wouldn't know nearly as much about investing as I do today if it weren't for the other investors I've interacted with -- whether that's meant them sharing their ideas or challenging mine. I'm sure I'd be in an even better place today if I'd found that sort of community in college.

4. Don't fear the SEC
All publicly held companies have to file periodic reports with the Securities and Exchange Commission to disclose what's going on with the business. These filings can be seriously intimidating. Bank of America's (NYSE: BAC  ) most recent annual filing, for instance, is nearly 300 pages and includes sections that are positively impenetrable for the uninitiated. 

However, there are sections of the filings that are generally much easier to parse. Three of my favorites in the 10-K annual filing are the business section, the risk factors section, and management's discussion and analysis. Those sections are even relatively digestible in Bank of America's filing.

There are also some companies that strive to make their filings easy to follow and have an obvious desire to make sure investors understand their business. Specialty insurer Markel  (NYSE: MKL  ) is a superb example of that. While I wouldn't say that an insurance newbie will sail through Markel's filings, the writing and explanations are about as accessible as one could hope for from a fairly complex business.

What's even better for the broke college students out there is that the SEC has all of these filings up on its website for free.

5. Start a business
Of all the things I've learned about investing, the most important has been that to be a great investor, it's essential to really understand business. Not margin ratios. Not valuation metrics. Not the capital asset pricing model. Business.

Reading lots of SEC filings and books about business can help build that understanding, but there isn't a better way to learn than to start a business yourself. And who knows? You just might end up the next Mark Zuckerberg.

One stock that's crushing it
This incredible tech stock is growing twice as fast as Google and Facebook and more than three times as fast as Amazon.com and Apple. Watch our jaw-dropping investor alert video today to find out why The Motley Fool's chief technology officer is putting $117,238 of his own money on the table, and why he's so confident this will be a huge winner in 2013 and beyond. Just click here to watch!

Mondelez International’s Starbucks Windfall No Game Changer for Either

Following the close of the stock market yesterday, news broke that Starbucks (SBUX) would have to pay Mondelez International (MDLZ) nearly $2.8 billion for ending a deal between the two companies early.

Bloomberg

Bloomberg has the details:

Starbucks Corp. said it would pay Mondelez International Inc. $2.79 billion to settle a dispute over distribution in the coffee-shop chain's bagged-coffee unit, as grocery-store sales become a growing part of the business.

The payment, ordered by an arbitrator, consists of $2.23 billion in damages and $557 million in interest and attorneys' fees, Seattle-based Starbucks said today in a filing. The company said it has adequate cash and borrowing capacity to fund the payment and will book it as a charge to its fiscal 2013 operating expenses.

The ruling settles a dispute that began in 2010, when Starbucks offered $750 million to end an agreement through which Mondelez, then known as Kraft Foods Inc., distributed its coffee to food retailers. Kraft rejected the offer. Starbucks sought to wrest control of its packaged coffee business as revenue grew and surpassed gains in other segments.

Call JPMorgan’s Ken Goldman surprised by the amount of the award:

The arbitrator concluded that Kraft/MDLZ is entitled to $2.23B in pre-tax damages from SBUX, as well as $527MM in prejudgment and attorneys' fees, for a total of $2.76B. We were anticipating somewhere between $1.5B and $2.0B.

The net proceeds (after a 37% tax rate) are equivalent to ~3% of MDLZ’s market cap. MDLZ said it would use proceeds to repurchase shares.

Shares of Starbucks are little changed at $80.62 after being down as much as 1.8% this morning, while Mondelez has risen 1.9% to $33.04. Kraft Foods (KRFT) has ticked up 0.1% to $52.02.

Morgan Stanley’s Matthew Grainger and team call the award “a net positive” but not “thesis-changing” for Mondelez:

Clearly the proceeds from this arbitration do not address the fundamental issues (execution issues, slowing category growth trends, mixed returns on investments) that have hampered MDLZ in recent quarters. However, we view this as a clear (if modest) positive for the stock, as: (i) it provides a cash windfall equivalent to ~3% of the company's market cap; (ii) allows for the potential to further accelerate share repurchases (we assume $2 billion in 2014, but each additional $500 million would add close to $0.01 to EPS); and (iii) could allow for further flexibility for debt tenders / refinancing by providing both additional balance sheet capacity and providing North America profitability with a source of taxable profit that can be used to offset any premium associated with early debt retirement. Net, while this outcome is not entirely unexpected, both the magnitude of the award and the associated financial flexibility are supportive of our Overweight rating on the stock and expectation of accelerating earnings growth beyond 2015.

William Blair’s Sharon Zackfia and team have similar thoughts about Starbucks:

Excluding the actual judgment itself, we expect that the arbitration will prove roughly $0.02 to $0.03 dilutive to our fiscal 2014 estimate on lost interest income, versus our prior estimate of $2.65, guidance of $2.55 to $2.65, and consensus of $2.66.

While there is a fair question as to whether the pay‐off from Starbucks' decision to take direct control of the package coffee business was worth the pay‐out, the company likely would not have been able to pursue other opportunities such as K‐Cups while still tied to Kraft (which owns Tassimo). All told, we suspect the arbitration outcome is likely to modestly crimp our estimates, but we continue to like Starbucks' shares given robust sales trends, still‐strong expansion prospects, and extraordinarily high visibility on 15% to 20% annual EPS growth.

Starbucks has gained 50% this year, while Mondelez has risen 30%.

Fighting Low Stock Prices, Annaly Insiders Buy Shares

Annaly Capital Management, Inc. (NYSE: NLY) is in the crazy world of mortgage-backed securities real estate investment trusts. These MBS REITs can be incredibly volatile, and they generally come with massive dividend yields to boot. Now we have seen some fresh insider buying of shares on the open market after shares have sold off.

This REIT is one which we just featured in the special report called Five Dangerous Dividends Yields Above 10%. While Annaly is a dangerous dividend, its management team is supposed to be among the best among of their peers when it comes to public MBS REITs. We have seen two key insiders buying shares, which means other employees may follow suit.

Wellington Denahan, Chairman of the Board of Directors and Chief Executive Officer was shown in an SEC filing from Tuesday to have purchased some 93,000 common shares on November 8 at $10.68 per share. This gives a direct ownership of 1,288,081 shares plus another 850,000 or so in stock options. Kevin Keyes, President, was also shown to have purchased some 100,000 common shares on November 12 at $10.43 per share. That takes the net holdings up to 300,000 shares.

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On a side-bar note, Citigroup maintained a Neutral rating, but we heard that the price target was downgraded to $10 from $12 for the stock.

Annaly shares closed up 1.25 at $10.51 on more than 24 million shares on Tuesday against a 52-week trading range of $10.30 to $16.18. Its dividend has proven to be dangerous as its direction has been a lower quarterly payment trend for about three years. That being said, investors love seeing insider buying trends as well.

AllianceBernstein: Value, Growth, and Yield

This asset management firm trades at 14.1 times latest earnings per share, offers a huge dividend yield, and has begun a major turnaround, says J. Royden Ward in Cabot Benjamin Graham Value Investor.

AllianceBernstein LP (AB), a master limited partnership, is one of the largest US investment advisors. It actively manages stock and bond accounts for institutions, mutual funds, and well-heeled clients.

France-based AXA owns 61% of AllianceBernstein units. One-third of AllianceBernstein's assets under management belong to clients domiciled outside the US.

Improved inflows into the company's target-date retirement funds, and strong sales in Asian operations will help push revenues and earnings higher during the next 12 months.

AllianceBernstein has begun a major turnaround. The company produced weak sales and earnings from 2008 through mid-2012, caused by poor investment advice to its debt and equity institutional clients.

During the past 12 months, though, the company's investment advice to clients has been among the best in the industry. Its new success has attracted many new clients seeking market-beating returns in the equity and debt markets.

Sales advanced 7% and EPS rebounded 65% during the 12 months ended September 30, 2013. Lower costs and higher performance fees helped earnings to surge.

The company's turnaround should strengthen during the next 12 months. My forecast includes a revenue increase of 10% and an EPS jump of 27% to $2.01.

During the most recent quarter, revenues were unchanged because of slow demand for bonds, due to the debt ceiling fiasco and uncertainty over the direction of US interest rates.

The lackluster sales caused the stock price to stagnate, thereby offering you an excellent opportunity to buy AB.

The dividend, which is directly correlated to profits, is now 85% higher than a year ago, and provides a high-yield of 7.0%. Dividend payments should climb further during the next 12 months.

AB shares are clearly undervalued. I expect the stock price to reach my minimum sell price target of $33.33 within two years.

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Top Five Stocks Held by International Gurus

By using GuruFocus' Aggregated Portfolio Screener, we filtered through the gurus to see what stocks were the most popular amongst the 21 international gurus. The top five most popular stocks are all held by at least five international gurus.

Nestle SA (XSWX:NESN)

Nestle is currently held by the most gurus with eight international gurus backing the company. During the second quarter there were five gurus making buys into the company and none selling their stake in Nestle. Together the eight gurus hold a 27.80% stake in the company.

The company's top holders include:

1. David Herro with 4,853,000 shares, representing a 0.15% stake and 2% of his total portfolio.
2. Charles de Vaulx with 2,841,261 shares, representing a 0.09% stake and 4% of his total portfolio.
3. Tweedy Brown with 2,781,120 shares, representing a 0.09% stake and 3.6% of their total assets.
4. IVA International with 1,383,562 shares, representing a 0.04% stake and 5.4% of their assets.
5. Wintergreen with 857,976 shares, representing a 0.03% stake and 3.9% of their total portfolio.

Nestle SA manufactures and markets food products. The Company's product line includes milk, chocolate, confectionery, creamer, coffee, food seasoning, bottled water and pet foods among others.

Nestle's historical pricing:

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Nestle's historical revenue and net income:

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The analysis on the company reports that the revenue has been in decline over the past five years, the company has issued CHF6.3 billion of debt over the past year, the operating margin is expanding and P/E and P/B ratios are nearing 1-year lows.

The company recently announced First Half 2013 results which highlighted:

· Sales up! 5.3% to CHF45.2 billion, 4.1% organic growth.
· Real internal growth up 2.7% for the first half.
· EPS up 3.4%.
· Operating cash flow of CHF 5 billion.

The Peter Lynch Chart suggests that the company is currently overvalued:

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Nestle SA has a market cap of CHF196.39 billion. Its shares are currently trading at around CHF60.90 with a P/E ratio of 18.02, a P/S ratio of 2.06 and a P/B ratio of 3.12. The company had an annual average earnings growth of 6.6%.

British American Tobacco PLC (LSE:BATS)

British American Tobacco is currently held by six internationally focused gurus as well as Tom Russo. These gurus hold a combined weighting of 19.94%. During 2013Q2 four gurus made buys into British American Tobacco and none made any sells.

British American Tobacco's top holders include:

1. Tom Russo with 4,722,175 shares, representing a 0.25% stake and 2.8% of his total portfolio.
2. Wintergreen with 1,834,526 shares, representing a 0.1% stake and 6.1% of their total portfolio.
3. Tweedy Brown with 1,325,000 shares, representing a 0.07% stake and 1.3% of their total assets.
4. Causeway with 1,287,140 shares, representing a 0.07% stake and 2.7% of their total portfolio.
5. MS Global with 998,029 shares, representing a 0.05% stake and 9.9% of their total portfolio.

British American Tobacco PLC is a holding company that owns, directly or indirectly investments in the numerous companies constituting the British American Tobacco Group of companies. Its brand portfolio includes Dunhill, Kent, Lucky Strike and Pall Mall. The company is headquartered in London.

British American Tobacco's historical pricing:

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British American Tobacco's historical revenue and net income:

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The analysis on British American Tobacco reports that the company's revenue has slowed down over the past year, the company has no debt, the dividend yield is at a 3-year high and the company's operating margin is expanding.

The half yearly report highlighted:

· Group revenue up 4%.
· Profit was 3% higher at £2,807 million.
· Diluted EPS rose by 8% to 109.1p.
· Group cigarette volume was 332 billion, a decline of 3.4%.

British American Tobacco has a market cap of £61.91 billion. Its shares are currently trading at around £32.54 with a P/E ratio of 15.80 and a P/S ratio of 4.10. The company currently maintains a dividend yield of 4.23%. British American Tobacco had an annual average earnings growth of 10.8% over the past ten years.

GuruFocus rated British American Tobacco the business predictability rank of 2-star.

Toyota Motor Corp. (TSE:7203)

Toyota Motor is currently held by five international gurus. These gurus hold a combined weighting of 14.62%. During the second quarter three gurus made buys or added to their position in the company and one made a reduction in their holdings.

The top three holders of Toyota stock are:

1. David Herro holds 3,981,000 shares, representing a 0.13% stake and 1.5% of his total portfolio.
2. Causeway holds 1,314,000 shares, representing a 0.04% stake and 3.2% of their total portfolio.
3. T. Rowe Price Japan holds 213,700 shares, representing a 0.01% stake and 5% of their portfolio.

Toyota Motor Corp designs, manufactures and sells sedans, minivans, compact cars, sport-utility vehicles, trucks and related parts and accessories. The Company also provides financing, vehicle and equipment leasing & certain other financial services. The company is headquartered in Toyota, Aichi, Japan.

Toyota's historical pricing:

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Toyota's historical revenue and net income:

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The analysis on Toyota Motor reports that the price is nearing a high of ¥6470, the company has issued ¥1153.3 billion of debt over the past three years and the company has also had an operating loss over the past three years.

The company reported today that its car, the Toyota Corolla, has been named the world's most popular car. The cumulative global sales of the Corolla surpassed 40 million in July, reaching 40.01 million units.

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The Peter Lynch Chart suggests that the company is currently overvalued:

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Toyota Motor has a market cap of ¥19740.3 billion. Its shares are currently trading at around ¥6230.00 with a P/E ratio of 16.00, a P/S ratio of 0.87 and a P/B ratio of 1.55. The company had an annual average earnings growth of 17.3% over the past five years.

Roche Holding AG (XSWX:ROG)

There are currently five international gurus that hold a position in Roche Holding as well as Tom Russo and the PRIMECAP Management. The internationally based gurus hold on to a combined weighting of 11.61%. Although several international gurus hold on to Roche Holding, they are not the largest shareholders of the stock.

Top 3 Holders of Roche Holding:

1. PRIMECAP Management with 10,513,329 shares, representing a 1.22% stake and 3.7% of their total portfolio.
2. Vanguard Health Care Fund with 4,159,833 shares, representing a 0.48% stake and 3.8% of their total portfolio.
3. Tweedy Browne Global with 984,000 shares, representing a 0.11% stake and 4.8% of their total assets managed.

Roche Holding AG manufactures and develops pharmaceutical product. It produces drugs for cardiovascular, infectious, dermatology, autoimmune, and respiratory diseases. Roche Holdi! ng's he! adquarters are located in Basel, Switzerland.

Roche Holding's historical pricing:

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Roche Holding's historical revenue and net income:

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The analysis on the company reports that the revenue has been in decline over the past five years, the operating margin is expanding and that the price is sitting near a 5-year high.

The company's first half results reported:

· Group sales 5% higher at 23.3 billion Swiss francs.
· EPS 12% higher at 7.58 Swiss francs; net income rose to 6 billion Swiss francs.
· Pharmaceutical sales rose 6%.
· Diagnostics sales increased 3%.

The Peter Lynch Chart suggests that the company is currently overvalued:

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Roche Holding AG has a market cap of CHF203.05 billion. Its shares are currently trading at around CHF235.40 with a P/E ratio of 17.95, a P/S ratio of 4.37 and a P/B ratio of 11.86. The company had an annual average earnings growth of 11.1% over the past ten years.

Honda Motor Co (TSE:7267)

Honda Motor is held by five global gurus as of the second quarter. During the previous quarter there were three gurus making buys into Honda and there was one making a reduction. The gurus hold a combined weighting of 11.07%.

Honda's top three largest guru shareholders:

1. David Herro with 9,200,000 shares, representing a 0.51% stake and 2.1% of his total portfolio.
2. Tweedy Browne with 1,577,500 shares, representing a 0.09% stake and 1.2% of their portfolio.
3. Matthews Japan with 302,100 shares, representing a 0.02% stake and 4.2% of their portfolio.

Honda Motor Co Ltd develops, produces, and manufactures motor products, including small general-purpose engines and scooters and specialty sports cars.

Honda ! Motor's! historical pricing:

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Honda Motor's historical revenue and net income:

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The analysis on the company reports that the company has issued ¥407.1 billion of debt over the past three years and that the gross margin has been in a long-term decline.

The Peter Lynch Chart suggests that the company is currently overvalued:

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Honda Motor has a market cap of ¥6623.44 billion. Its shares are trading at around ¥3675.00 with a P/E ratio of 18.52, a P/S ratio of 0.64 and a P/B ratio of 1.27. The company had an annual average earnings growth of 1.1% over the past ten years.

You can check out more stocks that are widely bought by international gurus here.

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Middle East Consumers Lead the Digital Way

Top Performing Stocks To Own For 2014

Despite the fact that the percentage of tech-savvy consumers in countries like the US, UK, and Australia is high, it pales in comparison to the number of consumers in the Middle East, writes Gillian Duncan, of The National.

Consumers in the Middle East are better connected than those in more mature markets such as the United States, the United Kingdom, or Australia.

A survey of more than 2,500 people by the loyalty card management company Aimia, in the UAE and Saudi Arabia, revealed that 85% of respondents own a smartphone.

Almost the same number, 86%, own a laptop, and 48% have a tablet device.

Nearly 90% of those who took part in the survey use email regularly, and two in every three were active on Facebook at least once a day.

"We compared our Middle East consumer to Generation Y consumers [those born between the late 1970s and 1990s] in other markets that we operate in and have researched," said Paul Lacey, the managing director for coalition development at Aimia in the Middle East.

"And what we found is that the [Generation Y] consumer here is significantly more connected, more social, and probably more willing to engage than in other markets as well," he added.

And many use their connections to help to source a better deal.

Just under half, 46% use their mobiles to perform price comparisons in-store, while 44% search for reviews, and the same number seek opinions from social networks before making their purchases.

But men are more likely to use their mobiles to carry out price comparisons.

Almost half of males, 49%, said they carried out a search to see how other stores compared with 39% of women.

Aimia, which operates the Air Miles program in the Middle East, carried out the research in an effort to better understand consumers in the region.

"About five years ago, at the start of the global financial meltdown, we were in the process of developing a further presence in mainland Europe and in some more traditional markets," said Rupert Duchesne, Aimia's group chief executive.

"But we felt at the time that it was far smarter when traditional markets were in meltdown to put our development resources into developing markets around the world.

"In the last four or five-year period, we have significantly increased our presence here in the Middle East. As a global company, we are very focused on working out where the future is, and the future is in markets like this."

Read more from The National here…

Stocks Hitting 52-Week Highs

Santarus (NASDAQ: SNTS) shares surged 37.64% to touch a new 52-week high of $31.96 after Salix Pharmaceuticals (NASDAQ: SLXP) announced its plans to buy Santarus for around $2.12 billion. Santarus and Pharming also announced new data from open-label repeat treatment study with RUCONEST.

Kona Grill (NASDAQ: KONA) shares rose 2.76% to reach a new 52-week high of $14.95. Kona Grill shares have jumped 66.10% over the past 52 weeks, while the S&P 500 index has gained 26.62% in the same period.

Salix Pharmaceuticals (NASDAQ: SLXP) shares jumped 15.26% to touch a new 52-week high of $82.19 after the company announced its plans to buy Santarus for around $2.12 billion. Janney Capital upgraded Salix from Neutral to Buy and lifted the price target from $60.00 to $95.00.

KeyCorp (NYSE: KEY) shares gained 3.61% to create a new 52-week high of $12.91. KeyCorp's trailing-twelve-month revenue is $4.04 billion.

Posted-In: 52-Week HighsNews Intraday Update Markets Movers

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

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