Cube's notorius shorter(?), Rocker Partners...
is a major Cubie, even though he sold a 38k shares this past quarter, he still holds 368k shares
13F Advance: Rocker Buys Into Micro Warehouse Inc.
03/25/99
Federal Filings Newswires
(Copyright (c) 1999, Dow Jones & Company, Inc.)
FORM TYPE: 13F
QUARTER ENDED: 12/31/98
FILER: ROCKER PARTNERS, L.P.
ISSUER: MICRO WAREHOUSE INC.
SYMBOL: MWHS
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Rocker Buys Into In Micro Warehouse Inc.
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Computer Retailer To Invest $8M In 1999 To Support Website Growth
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Report From the Federal Filings Investment Research Group
March 25, 1999
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MANAGER CONTACT: David A. Rocker
New York, NY
(212) 397-1220
INVESTMENT PHILOSOPHY: HEDGE
EQUITY PORTFOLIO SIZE: $96.8M NUMBER OF STOCKS: 25
Rocker Partners' equity management style focuses on stock
selection based on fundamental, bottom-up analysis. Being compensated
on absolute performance, rather than relative performance, Rocker's
primary emphasis is capital preservation. Consequently, the firm
refrains from making market calls, taking positions only when the
potential reward appears substantially greater than the risk to capital.
For long positions, Rocker seeks relative value. Equity holdings
are generally characterized by strong balance sheets featuring little
debt and low price-to-earnings, low price-to-cash flow, and low price-
to-book ratios.
Short positions usually reflect the obverse.
FOCUS: Micro Warehouse Inc. (MWHS)
Recent Price: $13.88 1999 EPS (E): $1.37*
52-Week H/L: $47-11 2000 EPS (E): $1.58*
Price/Book: 1.3x 1999 P/E (E): 10.1x
L-T Debt/Cap: nil 2000 P/E (E): 8.8x
Div/Yield: nil 5-Yr EPS Gr. (E): 19.0%*
Shares Out: 34.9M S&P 500: 1268.59
*Source: Zacks Investment Research
Rocker Partners was not very active in the fourth quarter
according to the firm's Schedule 13F, with new positions in Newmont
Mining Co. (NEM), UAL Corp. (UAL) and Santa Fe Energy Resources Inc.
(SFR). The money manager also eliminated several positions in the
quarter, including stakes in Amazon.com Inc. (AMZN), Baan Co. N.V.
(BAANF) and ENSCO International Inc. (ESV).
At the end of the year, C-Cube Microsystems Inc. (CUBE),
Brookstone Inc. (BKST) and Opta Food Ingredients Inc. (OPTS) ranked as
the money manager's top three holdings based on market value.
One of the more interesting additions to Rocker's portfolio
during the fourth quarter was Micro Warehouse Inc. (MWHS), of which the firm purchased 57,800 shares valued at $2.0 million as of Dec. 31,
making it the money manager's seventh largest holding at the end of the year based on market value.
[snip]
TOP TEN HOLDINGS BY MARKET VALUE
HOLDING CHANGE
VALUE SHARES SHARES
($ MMs) OWNED OWNED
C-CUBE MICROSYSTEMS INC. $10.0 368,200 (38,500)
BROOKSTONE INC. 5.4 313,400 (18,100)
OPTA FOOD INGREDIENTS INC. 4.4 1,095,250 (6,600)
NEWMONT MINING CORP. 3.9 213,000 213,000
CAMPBELL RESOURCES INC. 2.2 8,698,000 1,204,000
UAL CORP. 2.1 35,000 35,000
MICRO WAREHOUSE INC. 2.0 57,800 57,800
MARINE DRILLING COS. 1.5 197,200 (32,800)
THORN APPLE VALLEY INC. 1.2 465,675 (27,325)
HOMESTAKE MINING CO. 1.0 114,500 (48,500)
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