Anti-Flippers Buy And Hold Cheap Homes and Valeant Acquiring Brazilian Firm, Factory
“We do brand-new everything: new roofs, new windows, new kitchens, new bathrooms, new plumbing,” he said. “We put granite in some of the properties. These are areas that have probably never seen granite tops.” The partners of ADP Properties target Cleveland’s inner-ring suburbs, which were hit hard by the subprime crisis.
Call these investors anti-flippers. Instead of buying homes to sell fast at a profit as flippers did in the boom they buy, hold and upgrade, improving blighted neighborhoods. Not dependent on ever-rising prices, they plan to ride out any value setbacks from future foreclosures.
Many homes along Cleveland streets have been boarded up and taken back by banks. Prices are down as much as 85% from the boom.
Pooling their cash, Gabrail’s trio has bought nearly 60 homes since last March, at an average $12,000 to $13,000. Counting rehabs, the final tally reaches $35,000 to $40,000. [Read the full article]
Valeant Pharmaceuticals International (VRX) said it would buy a Brazil-based generic and over-the-counter drugmaker for about $28 million to expand its generic and dermatology portfolio.
Separately, Valeant will also buy a new 165,000 square-foot manufacturing plant approved to produce solids, semisolids and liquids for about $28 million.
The Brazil-based private company that Valeant is targeting had annual sales of about $19 million in 2009. Valeant did not provide the firm’s name, but said a large portion of its product portfolio is in dermatology.
The new manufacturing plant will let the company close its current subscale manufacturing facility and eliminates the need for any third-party manufacturer, Chief Executive Michael Pearson said in a statement.
This is Valeant’s first buyout deal of 2010, but the company has been fairly acquisitive the past few years. In 2009 it announced three company buyouts, as well as a product acquisition. [Read the full article]
With a doctor’s prescription, the company, which makes systems to analyze genetic variations, will sequence your genome. That means it will catalogue, decode and analyze your body’s basic building blocks.
With that information, you can see which of your genes, if any, are defective. And with that knowledge, you can decide what to do about your possible predispositions to diseases that include cancer, multiple sclerosis or Alzheimer’s, among many.
Illumina, based in San Diego, Calif., grabbed a few headlines recently after revealing that Hollywood star Glenn Close was one of 10 people for whom the firm had done complete genome sequencing. The company did not respond to an interview request.
Close said in a statement that she was motivated by schizophrenia and bipolar disorder in her family, “conditions thought to have a genetic underpinning.”
The $48,000 she paid for genome sequencing is way out of reach for most individuals and insurers. [Read the full article]
The designer and retailer of yoga-inspired athletic clothes has recovered nicely after its business sagged in a frigid spending climate.
In the 2009 third quarter, earnings shot up 54% from a year earlier to 20 cents a share, reversing three straight quarters of declines. It was the sixth straight quarter that earnings topped views. Sales climbed 30% to $112.9 million. Same-store sales grew a hefty 10% vs. a year ago, excluding the effect of currency fluctuations.
Lululemon’s recovery was the result of better brand awareness, a good selection of quality products and a warming spending climate.
What’s its secret?Lululemon has struck a chord with fitness buffs and yogis by offering high-quality, premium products with distinctive features, analysts say. And it uses innovative grass-roots marketing to lure them into stores. [Read the full article]