Intrinsic value of Tootsie Roll Industries - TR

Previous Close

$30.15

  Intrinsic Value

$13.58

stock screener

  Rating & Target

str. sell

-55%

Previous close

$30.15

 
Intrinsic value

$13.58

 
Up/down potential

-55%

 
Rating

str. sell

We calculate the intrinsic value of TR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  529
  542
  555
  571
  588
  607
  628
  650
  675
  701
  728
  758
  789
  823
  858
  896
  936
  978
  1,022
  1,069
  1,119
  1,171
  1,226
  1,284
  1,345
  1,410
  1,477
  1,549
  1,624
  1,702
Variable operating expenses, $m
  435
  444
  455
  467
  480
  495
  511
  528
  547
  567
  564
  587
  611
  637
  664
  694
  724
  757
  791
  828
  866
  907
  949
  994
  1,041
  1,091
  1,144
  1,199
  1,257
  1,318
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  435
  444
  455
  467
  480
  495
  511
  528
  547
  567
  564
  587
  611
  637
  664
  694
  724
  757
  791
  828
  866
  907
  949
  994
  1,041
  1,091
  1,144
  1,199
  1,257
  1,318
Operating income, $m
  95
  97
  101
  104
  108
  112
  117
  122
  128
  133
  164
  171
  178
  186
  194
  202
  211
  221
  231
  241
  253
  264
  277
  290
  304
  318
  334
  350
  367
  384
EBITDA, $m
  163
  167
  171
  176
  181
  187
  194
  201
  208
  216
  224
  234
  243
  254
  265
  276
  288
  301
  315
  330
  345
  361
  378
  396
  415
  435
  455
  477
  501
  525
Interest expense (income), $m
  0
  0
  1
  1
  1
  1
  2
  2
  3
  3
  4
  4
  5
  5
  6
  7
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  22
  23
Earnings before tax, $m
  94
  97
  100
  103
  107
  110
  115
  119
  124
  130
  160
  166
  173
  180
  187
  195
  203
  212
  221
  231
  241
  252
  263
  275
  288
  301
  315
  330
  345
  361
Tax expense, $m
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  43
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  78
  81
  85
  89
  93
  98
Net income, $m
  69
  71
  73
  75
  78
  81
  84
  87
  91
  95
  117
  121
  126
  131
  137
  142
  148
  155
  161
  168
  176
  184
  192
  201
  210
  220
  230
  241
  252
  264

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  874
  894
  917
  942
  971
  1,002
  1,036
  1,073
  1,113
  1,156
  1,202
  1,250
  1,302
  1,358
  1,416
  1,478
  1,544
  1,613
  1,687
  1,764
  1,846
  1,932
  2,023
  2,119
  2,220
  2,326
  2,438
  2,555
  2,679
  2,809
Adjusted assets (=assets-cash), $m
  874
  894
  917
  942
  971
  1,002
  1,036
  1,073
  1,113
  1,156
  1,202
  1,250
  1,302
  1,358
  1,416
  1,478
  1,544
  1,613
  1,687
  1,764
  1,846
  1,932
  2,023
  2,119
  2,220
  2,326
  2,438
  2,555
  2,679
  2,809
Revenue / Adjusted assets
  0.605
  0.606
  0.605
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
Average production assets, $m
  437
  447
  458
  471
  485
  501
  518
  537
  557
  578
  601
  625
  651
  679
  708
  739
  772
  807
  843
  882
  923
  966
  1,011
  1,059
  1,110
  1,163
  1,219
  1,278
  1,339
  1,405
Working capital, $m
  44
  45
  46
  47
  49
  50
  52
  54
  56
  58
  60
  63
  66
  68
  71
  74
  78
  81
  85
  89
  93
  97
  102
  107
  112
  117
  123
  129
  135
  141
Total debt, $m
  12
  17
  22
  28
  34
  42
  49
  58
  67
  77
  87
  99
  111
  123
  137
  151
  166
  182
  199
  217
  236
  255
  276
  298
  322
  346
  372
  399
  427
  457
Total liabilities, $m
  201
  206
  211
  217
  223
  231
  238
  247
  256
  266
  276
  288
  300
  312
  326
  340
  355
  371
  388
  406
  425
  444
  465
  487
  511
  535
  561
  588
  616
  646
Total equity, $m
  673
  688
  706
  726
  748
  772
  798
  827
  857
  890
  925
  963
  1,003
  1,045
  1,090
  1,138
  1,189
  1,242
  1,299
  1,358
  1,421
  1,488
  1,558
  1,632
  1,709
  1,791
  1,877
  1,968
  2,063
  2,163
Total liabilities and equity, $m
  874
  894
  917
  943
  971
  1,003
  1,036
  1,074
  1,113
  1,156
  1,201
  1,251
  1,303
  1,357
  1,416
  1,478
  1,544
  1,613
  1,687
  1,764
  1,846
  1,932
  2,023
  2,119
  2,220
  2,326
  2,438
  2,556
  2,679
  2,809
Debt-to-equity ratio
  0.020
  0.020
  0.030
  0.040
  0.050
  0.050
  0.060
  0.070
  0.080
  0.090
  0.090
  0.100
  0.110
  0.120
  0.130
  0.130
  0.140
  0.150
  0.150
  0.160
  0.170
  0.170
  0.180
  0.180
  0.190
  0.190
  0.200
  0.200
  0.210
  0.210
Adjusted equity ratio
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  69
  71
  73
  75
  78
  81
  84
  87
  91
  95
  117
  121
  126
  131
  137
  142
  148
  155
  161
  168
  176
  184
  192
  201
  210
  220
  230
  241
  252
  264
Depreciation, amort., depletion, $m
  68
  69
  71
  72
  73
  75
  77
  78
  80
  83
  60
  63
  65
  68
  71
  74
  77
  81
  84
  88
  92
  97
  101
  106
  111
  116
  122
  128
  134
  140
Funds from operations, $m
  137
  140
  143
  147
  151
  156
  160
  166
  171
  177
  177
  184
  191
  199
  207
  216
  225
  235
  246
  257
  268
  280
  293
  307
  321
  336
  352
  368
  386
  404
Change in working capital, $m
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
Cash from operations, $m
  136
  139
  142
  146
  150
  154
  159
  164
  169
  175
  175
  182
  189
  196
  204
  213
  222
  232
  242
  253
  264
  276
  289
  302
  316
  331
  346
  362
  380
  398
Maintenance CAPEX, $m
  -43
  -44
  -45
  -46
  -47
  -49
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
New CAPEX, $m
  -9
  -10
  -11
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
Cash from investing activities, $m
  -52
  -54
  -56
  -59
  -61
  -65
  -67
  -70
  -74
  -77
  -81
  -84
  -89
  -93
  -97
  -102
  -107
  -112
  -118
  -123
  -129
  -135
  -142
  -149
  -156
  -164
  -172
  -181
  -190
  -199
Free cash flow, $m
  85
  85
  86
  87
  88
  90
  92
  93
  96
  98
  94
  97
  100
  104
  107
  111
  115
  120
  125
  130
  135
  141
  147
  153
  159
  167
  174
  182
  190
  199
Issuance/(repayment) of debt, $m
  4
  5
  5
  6
  7
  7
  8
  8
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  4
  5
  5
  6
  7
  7
  8
  8
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
Total cash flow (excl. dividends), $m
  90
  90
  91
  93
  95
  97
  99
  102
  105
  108
  105
  108
  112
  116
  121
  125
  130
  136
  141
  147
  154
  160
  167
  175
  183
  191
  200
  209
  218
  229
Retained Cash Flow (-), $m
  -13
  -15
  -18
  -20
  -22
  -24
  -26
  -28
  -31
  -33
  -35
  -38
  -40
  -42
  -45
  -48
  -51
  -53
  -57
  -60
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
Prev. year cash balance distribution, $m
  74
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  151
  75
  74
  73
  73
  73
  73
  74
  74
  75
  69
  71
  72
  74
  76
  78
  80
  82
  85
  88
  91
  94
  97
  101
  105
  109
  114
  118
  123
  128
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  145
  68
  64
  60
  56
  53
  49
  46
  43
  39
  33
  30
  27
  25
  22
  20
  17
  15
  13
  11
  9
  8
  6
  5
  4
  3
  2
  2
  1
  1
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Tootsie Roll Industries, Inc. and its subsidiaries are engaged in the manufacture and sale of confectionery products. The Company offers a range of candy, chocolate and bubble gum brands. Its products are marketed in a range of packages designed to be suitable for display and sale in different types of retail outlets. The Company sells its products under the brand names TOOTSIE ROLL, TOOTSIE POPS, CHILD'S PLAY, CARAMEL APPLE POPS, CHARMS, BLOW-POP, CHARMS MINI POPS, CELLA'S, DOTS, JUNIOR MINTS, CHARLESTON CHEW, SUGAR DADDY, SUGAR BABIES, ANDES, FLUFFY STUFF, DUBBLE BUBBLE, RAZZLES, CRY BABY, NIK-L-NIP and TUTSI POP (Mexico). As of December 31, 2016, its products were sold through approximately 30 candy and grocery brokers and by the Company itself to customers throughout the United States. Its customers include wholesale distributors of candy and groceries, supermarkets, variety stores, dollar stores, chain grocers, drug chains, discount chains and cooperative grocery associations.

FINANCIAL RATIOS  of  Tootsie Roll Industries (TR)

Valuation Ratios
P/E Ratio 28.2
Price to Sales 3.7
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 19.4
Price to Free Cash Flow 23.1
Growth Rates
Sales Growth Rate -3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 1.1%
Total Debt to Equity 1.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 7.4%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 9.5%
Ret/ On T. Cap. - 3 Yr. Avg. 9.3%
Return On Equity 9.7%
Return On Equity - 3 Yr. Avg. 9.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 38.4%
Gross Margin - 3 Yr. Avg. 37.5%
EBITDA Margin 22.6%
EBITDA Margin - 3 Yr. Avg. 21.4%
Operating Margin 17.7%
Oper. Margin - 3 Yr. Avg. 16.8%
Pre-Tax Margin 18.8%
Pre-Tax Margin - 3 Yr. Avg. 17.6%
Net Profit Margin 13.1%
Net Profit Margin - 3 Yr. Avg. 12.3%
Effective Tax Rate 31.6%
Eff/ Tax Rate - 3 Yr. Avg. 30.5%
Payout Ratio 32.4%

TR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TR stock intrinsic value calculation we used $519 million for the last fiscal year's total revenue generated by Tootsie Roll Industries. The default revenue input number comes from 2017 income statement of Tootsie Roll Industries. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TR stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for TR is calculated based on our internal credit rating of Tootsie Roll Industries, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Tootsie Roll Industries.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TR stock the variable cost ratio is equal to 82.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Tootsie Roll Industries.

Corporate tax rate of 27% is the nominal tax rate for Tootsie Roll Industries. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TR are equal to 82.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Tootsie Roll Industries operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TR is equal to 8.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $734 million for Tootsie Roll Industries - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 65 million for Tootsie Roll Industries is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Tootsie Roll Industries at the current share price and the inputted number of shares is $2.0 billion.

RELATED COMPANIES Price Int.Val. Rating
RMCF Rocky Mountain 10.65 4.88  str.sell
HSY Hershey 92.23 51.09  sell
JBSS John B. Sanfil 77.29 24.80  str.sell
WMT Walmart 87.72 68.29  sell

COMPANY NEWS

▶ How Long Should You Own a Stock?   [Jun-20-18 06:43PM  Zacks]
▶ Why Competitive Moats Are Here to Stay   [May-15-18 09:20AM  Motley Fool]
▶ Two Billionaires Butt Heads Over the Economic Moat   [May-10-18 02:44PM  Motley Fool]
▶ Heres the 411 on Elon Musks sweet, new business   [May-07-18 10:44AM  Yahoo Finance Video]
▶ Tootsie Roll: 1Q Earnings Snapshot   [Apr-24-18 06:55PM  Associated Press]
▶ The best and worst commercials of Super Bowl LII   [Feb-05-18 10:17AM  Yahoo Finance Video]
▶ Activist Spotlight: Dislodging the Family at Tootsie Roll   [Nov-04-17 09:40AM  TheStreet.com]
▶ Tootsie Roll posts 3Q profit   [Oct-26-17 10:44AM  Associated Press]
▶ [$$] Tootsie Roll Could Get Chewed Out   [10:46AM  Barrons.com]
▶ 3 Great Income Stocks Whose Dividends Should Double   [Oct-11-17 08:34AM  Motley Fool]
▶ Americans to spend $9.1 billion on Halloween   [Sep-22-17 12:55PM  Yahoo Finance Video]
▶ Tootsie Roll posts 2Q profit   [Jul-27-17 04:04PM  Associated Press]
▶ Sugar Commodities Futures Update as of July 11   [Jul-13-17 10:15AM  Market Realist]
▶ Tootsie Roll Stock Is Not Such a Sweet Deal   [Jul-11-17 05:16PM  Motley Fool]
▶ Sugar Reverses Gains for Week Ending June 30   [Jul-05-17 03:52PM  Market Realist]
▶ Cocoa before Now: Futures Update for Last Week   [Jun-20-17 12:35PM  Market Realist]
▶ The Top Candy Stock in 2017   [Jun-04-17 01:41PM  Motley Fool]
▶ Tootsie Roll posts 1Q profit   [Apr-25-17 05:58PM  Associated Press]
▶ 3 Dividend Champions We Refuse to Buy   [Mar-27-17 10:51AM  Motley Fool]
▶ 3 Dividend Champions We Refuse to Buy   [10:51AM  at Motley Fool]
▶ Go Long Tootsie Roll, Short Twinkies   [Mar-01-17 06:00AM  TheStreet.com]
▶ Tootsie Roll posts 4Q profit   [03:40PM  Associated Press]
▶ Short sellers are suffering since Donald Trump won   [Nov-22-16 02:54PM  at CNBC]
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.