<div style="float: right; margin: 15px 0 20px 20px;"><table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td colspan="2"><a href="http://static6.businessinsider.com/category/chart-of-the-day"> <img src="http://static3.businessinsider.com/image/2237544b39b8324a71969a00/button-more-charts.gif" border="0" alt="button more charts" /></a></td></tr><tr><td><a href="http://www.businessinsider.com/chart-shiller-pe-returns-2013-3"><img src="http://static1.businessinsider.com/image/2237544b42b8324a7a969a00/button-chart-prev.gif" border="0" alt="button chart prev" /></a></td><td><a href="http://www.businessinsider.com/chart-insider-selling-2013-3"><img src="http://static2.businessinsider.com/image/2237544b4db8324a85969a00/button-chart-next.gif" border="0" alt="button chart next" /></a></td></tr></tbody></table></div><keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword> has for some time been subsidizing its solar industry and betting big on clean energy.
But the huge bet seems to be crumbling now, and at the center of it is <keyword id="193649" type="CITY" weightage="60" keywordseo="Suntech">Suntech</keyword> Power Holdings, one of the world's biggest solar panel-makers.
In November, <a href="http://www.nytimes.com/2012/10/11/business/global/us-sets-tariffs-on-chinese-solar-panels.html">a U.S. trade panel approved tariffs of between 24 - 36 percent on Chinese solar-panel imports, </a>after it ruled that domestic solar panel-makers were hurt by illegal dumping.
They argued that Chinese solar panel manufacturers could sell their products dirt cheap because they were extremely heavily subsidized by their government. Suntech was subject to an even higher 36 percent tax.
Suntech has also been the subject of controversy for some time over its finances. <a href="http://www.bloomberg.com/news/2013-03-14/suntech-falls-after-maxim-predicts-likely-default-bankruptcy.html">Bloomberg reports</a> that the company had been amassing debt for quite a while and that it reached close to $2 billion as of August 2012.
Another huge blow to the company was its discovery that <a href="http://ir.suntech-power.com/phoenix.zhtml?c=192654&amp;p=irol-newsArticle&amp;ID=1719689&amp;highlight=">€554.2 million in German government bonds</a> that it was given as collateral for its investment in Global Solar Fund "may not have existed and the company may have been a victim of fraud." That dispute was settled last week.
Then, Suntech announced that it <a href="http://ir.suntech-power.com/phoenix.zhtml?c=192654&amp;p=irol-newsArticle&amp;ID=1794390&amp;highlight=">had entered a forbearance agreement</a> with holders of $541 million in bonds due today, and said it will not make the payment but is working with bondholders to restructure the debt.
<a href="http://ir.suntech-power.com/phoenix.zhtml?c=192654&amp;p=irol-newsArticle&amp;ID=1794390&amp;highlight=">In a March 11 press release</a>, the company said it had worked with holders of 60 percent of the company's three percent convertible notes and they had agreed not "to exercise their rights under the Notes and the related indenture" until May 15, 2013.
Now they could be sued by bondholder Trondheim Capital Partners LP, <a href="http://uk.reuters.com/article/2013/03/15/suntech-bondrepayment-idUKL3N0C7O4P20130315">according to Reuters.</a> Suntech is also in talks to be bailed out by the government of Wuxi, China where it is based. 
<a href="https://twitter.com/prchovanec/status/312623140859674625">Patrick Chovanec,</a> chief strategist at Silvercrest Asset Management, tweeted "we may be on the verge of the first major Chinese bankruptcy since GITIC in 1999."
Chovanec has previously said the Chinese solar industry has "a dozen Solyndras." A quick refresher: Solyndra got a massive loan from the Obama administration right before it went bankrupt. Concerns were raised about the impact of political fundraising. <a href="http://www.businessinsider.com/npr-whats-going-wrong-with-chinas-solar-industry-2012-12">From his interview with NPR: </a>
"Well, they have a dozen Solyndras. They basically have tried to build up an industry by pouring subsidies into trying to pick winners in that industry and right now those companies are failing badly because there’s a massive amount of overcapacity that’s been created."
Suntech's stock is down nearly 98 percent since 2008 as this chart shows. In the past year, it's been down nearly 80 percent:
<div class="image-container click-to-enlarge" style="width:618px"><div class="image"><a title_source="Yahoo Finance" title_caption="" class="zoomin" href="http://static1.businessinsider.com/image/514379b6eab8ea7c7b000005-960/moneygame-cotd-031513.jpg"><img src="http://static1.businessinsider.com/image/514379b6eab8ea7c7b000005-940-705/moneygame-cotd-031513.jpg?maxX=618" border="0" alt="Chart of the day shows the stock performance of Suntech Power Holdings, march 2013" width="618" /></a></div>Yahoo Finance</div>

CHART OF THE DAY: China's Solyndra Implodes

By Namita Tewari New Delhi, Apr 26 () Thousands of Indian seafarers are currently stuck aboard cruise and cargo vessels in far off waters, and the country may face disruption in supply chain if they are not brought back, maritime bodies said on Sunday. With the Indian airspace remaining closed for domestic and international passenger flights, the bodies have sought intervention of the Prime Minister's Office (PMO) for devising a strategy to bring back such "essential supply workers". India is the second largest supplier of seafarers, after the Philippines. As per industry estimates, about one lakh seafarers are engaged in Indian and foreign flag cargo vessels across the globe. Presently, Indian seafarers aboard only those vessels which call at Indian ports are allowed to disembark, after following the standard operating procedures as specified by the Directorate General of Shipping. Leading ship management companies operating in India said they are facing huge challenges as crew change aboard cargo vessels worldwide is not happening as none of the leading airports in the country have become fully or partially operational so far. Capt Nalin Pandey, CMD of Mumbai-based Pentagon Shipping, told : "Currently, about 4,000 Indian seafarers are sailing aboard various cargo vessels worldwide on extended contracts. By May end, this figure is expected to cross 15,000. This means, at least 400 Indian ship management companies across the country will have to arrange for domestic plus overseas transportation of at least 30,000 Indian seafarers to facilitate the crew change aboard around 10,000 cargo ships across the globe." Pandey said if some strategy is not evolved for seafarers, India's participation in terms of global seafarers will take a hit as sources say there are instances where China has offered all support to its seafarers. Leading ship management firm Suntech Crew Management said it has suspended the crew change temporarily. "Replacement of staff on-board all our vessels across the globe stand suspended at least till third week of May. Our foremost responsibility remains to keep Indian seafarers protected from any form of health risk arising due to travel as they remain vulnerable to being stranded at airports or ports, where they may be unable to leave or get sufficient assistance," said Capt Sanjay Srivastava, CEO, Suntech Crew Management. Capt Agyapal Khuman, chairman of top marine travel company ATPI India, said, "To address this problem, it is essential that Indian government soon allows international travel of Indian seafarers through chartered flights as Indian airspace currently remains open for transport of essential goods and essential workers." Khuman said as a global travel company, ATPI and other bodies are committed to lend required assistance in this endeavour. Various maritime bodies have sought PMO intervention in this, he added. Khuman further said the government can allow special charter flights to important crew change airports such as Singapore, Manila, Hong Kong, Dubai, Rotterdam and others. Directorate General of Shipping recently started issuing 'e-passes' to Indian seafarers enabling them to travel by road on a permitted route to reach home after disembarking at a port, or reach the port to board a vessel. However, the country head of a global ship management company operating in Mumbai, who did not wished to be named, said, "Most merchant navy officers residing in Maharashtra currently fear travelling by road to board cargo vessels calling on ports of Kandla, Kochi, Paradip, Vizag, etc after the violent incident of Palghar lynching in presence of policemen." "On an average, at least 150 senior merchant navy seafarers refuse me in a week to join the vessels calling at ports located outside Maharashtra due to this fear psychosis," the executive said. Director General of Shipping Amitabh Kumar could not be contacted for comments. Earlier, the government had come out with a standard operating procedure (SOP) for Indian seafarers at domestic ports. Shipping Minister Mansukh L Mandaviya had termed it a welcome step. "Change of crew of ship (seafarers) is an important measure for operation of merchant-ships. The Ministry of Home Affairs has issued SOP... This SOP has been formulated to streamline the sign-on/sign-off of Indian seafarers at Indian ports for merchant shipping," the government had said. NAM ABMABM

COVID-19: Maritime bodies seek PMO intervention to bring back stuck seafarers

<div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5d0aae1d97ad7645413accc7-2400/gettyimages-875249534.jpg" border="0" alt="remote workers" data-mce-source="Getty Images" /></div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/how-to-create-connections-at-work-in-the-age-of-isolation-2019-4">Remote workers</a> often sacrifice family obligations and work over time to prove to their boss they are committed, a new study out of the University of California-Santa Barbara finds.</li><li>Remote workers are "always on" and attend meetings at odd hours more so than in-office employees just to get access to the same projects.</li><li>This research has implications for the growing body of remote workers in the country.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>To some, working remote means never having to leave your house or put <a href="https://www.fastcompany.com/3064295/what-happened-when-i-dressed-up-to-work-from-home-for-a-week">proper pants</a> on.In reality, new research finds, many remote employees work harder than in-office employees for the same benefits and promotions. The <a href="https://pubsonline.informs.org/doi/10.1287/orsc.2018.1265">study</a>, published in Organizational Science and authored by a pair of University of California-Santa Barbara (UCSB) researchers, finds that employees who are physically present in the office are seen as more committed, more productive, and harder working than colleagues who working away from the office. Across employees, perceptions of hard work and commitment translate to better performance reviews and quicker promotions, the study finds.Because of their need to show that they too are committed, remote workers are forced to being "always on" and they attend meetings at odd hours more than their in-office colleagues, all to gain access to the same opportunities. This is a trend affecting more and more people: The number of US employees who worked from home at least half the time <a href="https://www.businessinsider.com/fields-hiring-more-remote-workers-than-ever-2019-1">grew 115% in the last 12 years</a>, from 1.8 million employees in 2005 to 3.9 million in 2017.To co-author and UCSB management professor Paul Leonardi, this means that remote workers are especially at risk for things like disengagement, overwork, and <a href="https://www.businessinsider.com/excessive-collaboration-leads-to-burnout-and-hurts-productivity-2019-6">burnout</a>. "Even if remote employees are successful in getting promoted and achieve their career goals, they will have already 'died trying' in the process and compromised their work-life balance," he tells Business Insider over email. "Paradoxically, even after achieving career goals, employees often express career dissatisfaction."Read more: <a href="https://www.businessinsider.com/the-main-reason-an-employee-would-quit-a-job-2019-6">Bosses, take note: Workers say lack of engagement is a top reason they'd quit their jobs</a>It's an extension of earlier findings on <a href="https://onlinelibrary.wiley.com/doi/abs/10.1002/job.229">"face time,"</a> or how connecting with your boss at the water cooler or in meetings can help build trust. Leonardi and his co-author Ioana C. Cristea looked into how managers at two Fortune 100 companies, SunTech and Autoworks, perceived their remote employees. They found remote workers were more likely to sacrifice a family obligation or work overtime to prove they are committed, moreso with larger differences in time zones. Remote workers do have a couple tools they can lean on to get more face time in. Turning your video on during meetings, quickly responding to emails, and actively participating in video meetings signal commitment to managers, Leonardi said. He advises managers to minimize the time zone differences between themselves and remote workers, as well as impose mandatory maximum working hours and vacation.

More people are working from home than ever before, but there's a hidden drawback that can keep them from getting promoted

<div class="image-container float_right" style="width:400px"><div class="image"><img src="http://static4.businessinsider.com/image/51501c5aecad04ce0200001e-523-392/byd-chinese-car-company.jpg?maxX=400" border="0" alt="BYD chinese car company" width="400" /></div><a href="http://images.newscred.com/be442290906a222e10256504e80e0f3b?width=700&amp;height=393">Agence France Presse</a></div>Chinese electric car producer BYD, which is partly backed by US investment titan <keyword id="6358963" type="PERSON" weightage="60" keywordseo="Warren-Buffett">Warren Buffett</keyword>, said its net profit plunged more than 94 percent year-on-year in 2012, hit by slowing growth in the country.
The company, based in the southern boomtown of Shenzhen, said in a statement Sunday that net profit came in at 81.38 million yuan ($12.92 million) last year, down from 1.38 billion yuan in 2011.
A subsidiary of Buffett's Berkshire Hathaway owns 9.56 percent of BYD.
"Under the impact of slower economic growth, the automobile industry in the PRC (People's Republic of China) remains weak," the statement said.
China is the world's biggest auto market, with total sales rising 4.3 percent year-on-year in 2012 to 19.31 million vehicles.
But slowing domestic economic growth, limits on car numbers by some cities and a political row between China and Japan that hurt sales of Japanese-brand cars weighed on the market last year.
China's economy expanded 7.8 percent in 2012, its slowest pace for 13 years, in the face of weakness at home and in key overseas markets.
BYD, which makes both conventional as well as hybrid and electric cars, sold 420,000 vehicles last year, which it said was a "slight decrease" from 2011 but gave no comparative figure.
"The solar energy business was under great pressure due to the sluggish photovoltaic industry, resulting in considerable adverse effect on the overall results of the group," it added.
BYD also produces telephone handsets, rechargeable batteries and solar products including cells and panels.
The global solar industry has been burned by the economic slowdown in Europe and the United States, together with weak prices blamed on Chinese companies which sought to build market share by undercutting competitors.
Last week, China's Suntech -- once the world's largest solar panel producer -- said its main subsidiary was facing bankruptcy.
BYD closed up 0.47 percent to 23.51 yuan in Shenzhen trading on Monday but its Hong Kong-listed shares were down 0.40 percent at HK$24.85 ($3.23) in late afternoon trade.
<div class="nc_footer">
Copyright (2013) AFP. All rights reserved.
</div>
<img class="nc_pixel" src="http://pixel.newscred.com/px.gif?key=YXJ0aWNsZT1hMWEwMDBjMmI3ODliN2ZiN2M1YTYxYjBjMDFjNTgxMyZvd25lcj0xYjhjMzM1YzkwMmFjNGFiMTI4ZWU4ZWQ3NzNiZWUwNCZub25jZT1hNGFhZGFmYy0wNjNiLTQyZDEtYTRhYy1kNGQ2OTFiNDcwYjAmcHVibGlzaGVyPThjMDBmYmVlNjFkNWJjZjBjNjA5MmQ4YjkyZWJiY2Ex" border="0" alt="" width="1" height="1" />

Warren Buffett's Favorite Chinese Car Company Saw Profits Plummet

<div class="image-container float_right" style="width:400px"><div class="image"><img src="http://static3.businessinsider.com/image/514c7c8decad04302900000b-546-409/china-masks-1.png?maxX=400&amp;maxY=299" border="0" alt="china masks" width="400" height="299" /></div><a href="http://www.flickr.com/photos/47223993@N03/6375115157/">Flickr / Jonathan Kos-Read</a></div>Last year, collapsing Chinese industries were bringing light to what appeared to be <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s <a href="http://www.businessinsider.com/chinese-sectors-non-peforming-loan-nightmare-2012-8">bad debt nightmare.</a>
The <a href="http://www.businessinsider.com/chinese-company-suntech-implodes-2013-3">implosion of Suntech Power Holdings</a> and China's decision to <a href="http://www.businessinsider.com/china-reorganizes-its-government-2013-3">split the Ministry of Railways (MoR)</a> and transfer all its debt to a state owned enterprise have once again raised questions about government debt. 
We have previously reported on how local governments were underplaying the bad debt problem and actually making it worse by plying <a href="http://www.businessinsider.com/bofa-china-zombie-companies-hitting-chinese-economy-2012-8">"zombie companies"</a> with more cash.
First, in doing so, the government has made sure the bond market has had no defaults, but countered efforts to "develop a functional bond market." From Societe Generale's Wei Yao:
"In light of these developments, it could be said that all the debt of the state-owned or state-holding enterprises, which stands at about 100% of GDP, should have been included in the calculation of the government’s liability. Furthermore, the debt of private companies deemed too big to fail in certain local economies may have been included as well.
"Nevertheless, we see this opaque debt ownership more as a medium-term uncertainty rather than posing imminent financial or sovereign risk. No clear debt ownership means no straightforward mechanism to resolve potential debt default. Such uncertainty usually leads to either complacency or panic in the financial markets."
Second, and more worrisome is the impact this has had on the local government debt burden which has increased to about 17 - 18 trillion yuan.
Local government debt can be traced through 1. Bond issuance 2. Bank loans by local government financing vehicles (LGFV). 3. LGFV bond issuance. 4. Trust financing. Here's the breakdown from SocGen:
<div class="image-container" style="width:583px"><div class="image"><img src="http://static5.businessinsider.com/image/514c72fd6bb3f7940e000012-732-501/screen shot 2013-03-22 at 11.04.45 am.jpg" border="0" alt="china local government debt chart" width="583" height="399" /></div>Societe Generale</div>
While the recent rise land prices could ease pressure on the local government, the recent property curbs announced by the government could "darken the outlook" in the second half of the year, according to Yao. And this in turn could impact troubled companies.
"These measures together with more restrictions on financing mean that 2013 is unlikely to be an easy year for local governments or infrastructure financing," writes Yao. "If local governments have a hard time covering their own financing needs, the possibility of them letting go of troubled corporates will rise. We will look for signs of stress in the domestic bond market as well as trust products."

We Could See A Big Jump In Chinese Corporate Defaults This Year

<div class="image-container float_right"><div class="image"><img src="http://static5.businessinsider.com/image/52cab703eab8eaf0762ac3f3-1200-924/dream-team-michael-jordan-larry-bird-scottie-pippen-clyde-drexler.jpg?maxX=480" border="0" alt="dream team michael jordan larry bird scottie pippen clyde drexler" width="480" />REUTERS/Ray StubblebineThe Dream Team.</div></div>With 2013 officially over, it's accountability time.
We spoke to <a href="http://tipranks.com/">TipRanks</a>, a service that allows you to track the success of market <keyword id="49628" type="PERSON" weightage="60" keywordseo="analysts">analysts</keyword> based on comments they make in the media, to find out who on Wall Street made the best calls last year.
TipRanks measures analysts' "success rate" based on how their calls perform relative to the <keyword id="123873" type="UNKNOWN" weightage="60" keywordseo="SP-500">S&amp;P 500</keyword> and the statistical difficulty of their calls.*
Here's what they found:
1. Corey Davis, Jefferies
Pharmaceuticals [Vanda (VNDA), Acelrx Pharmaceuticals (ACRX), Elan Corporation (ELN), Forest Labs (FRX), Endo Health (ENDP), Valeant Pharmaceuticals (VRX), Salix (SLXP), Antares Pharmaceuticals (ATRS)]
Success Rate: 92%
Average Return: +16.6%
<a href="http://finance.yahoo.com/news/acelrx-pharma-rises-analyst-starts-164839449.html">Most successful recommendation of 2013</a>: AcelRx (+76.7%) "We see a clear market opportunity for ARX-01 given the current standard of care for post-op pain control is fraught with drawbacks."
2. Daniel Fannon, Jefferies
Asset Management [T. Rowe Price (TROW), Intercontinetal Exchange (ICE), The Blackstone Group (BX), Affiliated Managers (AMG), CME Group (CME), Invesco Ltd. (IVZ), Icahn Enterprises L.P. (IEP)]
Success Rate: 88%
Average Return: +5.3%
<a href="http://www.benzinga.com/analyst-ratings/analyst-color/13/04/3474562/update-jefferies-raises-pt-on-invesco-ltd-on-1q13-previe">Most successful recommendation of 2013</a>: Invesco Ltd. (+15.9%) "Our estimates are moving modestly higher, mostly due to domestic equity market gains, as well as improving fee rates and generally higher flow assumptions. We believe AMG and IVZ are poised for strong flows and positive earnings revisions."
3. Ella Ji, Oppenheimer
Chinese consumer and business service companies [E-House (China) (EJ), Noah Holdings (NOAH), Melco Crown (MPEL), China Distance Education, Holdings Ltd. (DL), New Oriental Education (EDU), Suntech Power (STPFQ)]
Success Rate: 100%
Average Return: +33.8%
<a href="http://www.benzinga.com/analyst-ratings/analyst-color/13/05/3615921/update-oppenheimer-upgrades-china-distance-education-hol">Most successful recommendation of 2013</a>: China Distance Education Holdings (+60.5%) "We are upgrading DL to Outperform from Perform and introducing an $8 target. Momentum in its core accounting test prep services has picked up, and we anticipate a 23%/35% revenue/EPS CAGR for FY12-14."
4. Mark Mahaney, RBC Capitalist
Internet Stocks [Twitter (TWTR), Yahoo! Inc. (YHOO), Wix.com Ltd. (WIX), Facebook (FB), Netflix (NFLX), Google (GOOG), Priceline.com (PCLN), Pandora (P), Amazon (AMZN), Ebay (EBAY), AOL Inc. (AOL)]
Success Rate: 72%
Average Return: +12.5%
<a href="http://www.marketwatch.com/story/twitter-a-buy-with-33-price-target-says-rbc-2013-11-06">Most successful recommendation of 2013</a>: Twitter (+126.4%) "Twitter is becoming an essential service for consumers, businesses, media companies, and advertisers."
5. Arvind Bhatia, Sterne Agee
Interactive Entertainment, Digital Entertainment and Consumer [Electronic Arts (EA), Groupon Inc. (GRPN), Facebook Inc. (FB), GameStop (GME)]
Success Rate: 78%
Average Return: +11.4%
<a href="http://www.marketwatch.com/story/groupon-analyst-says-buy-much-more-upside-in-groupon-stock-price-2013-05-15">Most successful recommendation of 2013</a>: Groupon (+41.9%) "Eric and Ted will bring in a new CEO with a strong operating background to move the company forward, so they not only grow the top line but more importantly the bottom line." 
6. William Plovanic, Canaccord Genuity
Medical Technology [Enteromedics Inc. (ETRM), MIMedx Group (MDXG),Stryker (SYK), Dexcom (DXCM), Insulet Corp. (PODD), NuVasive (NUVA)
Globus Medical (GMED), Cyberonics (CYBX)]
Success Rate: 100%
Average Return: +11.9%
<a href="http://www.benzinga.com/analyst-ratings/analyst-color/13/10/3967795/update-canaccord-genuity-initiates-coverage-on-mimedx-gr?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+benzinga+(Benzinga+News+Feed">Most successful recommendation of 2013</a>: MiMedX (+72.7%) "By our estimates, the dermal substitute segment of the advanced wound care market generated ~$345M of revenues in 2012, growing ~23% per year since 2009."
7. Christopher O'Cull, KeyBanc
Food Service [Domino's Pizza (DPZ), Red Robin Gourmet Burger (RRGB), Jack In The Box (JACK), Brinker International (EAT), Ignite Restaurant Group (IRG), Texas Roadhouse (TXRH), Buffalo Wild Wings (BWLD)]
Success Rate: 100%
Average Return: +11.2%
<a href="http://www.businessweek.com/ap/2013-03-22/ignite-shares-rise-after-keybanc-upgrade-to-buy">Most successful recommendation of 2013</a>: Ignite Restaurant Group (+23.7%) "The company's profits will eventually get a boost from it acquisition of Romano's Macaroni Grill."
8. Michael Olson, Piper Jaffray
Online Media, Online Travel and Video Games [Chegg Inc. (CHGG), Universal Electronics (UEIC), TiVo Inc. (TIVO), Stratasys (SSYS), GameStop (GME), OpenTable (OPEN), Priceline (PCLN), Electronic Arts (EA), HomeAway (AWAY), Take-Two (TTWO)]
Success Rate: 81%
Average Return: +8.7%
<a href="http://blogs.barrons.com/stockstowatchtoday/2013/02/20/ready-for-playstation-4-here-are-some-bullish-video-game-calls/">Most successful recommendation of 2013</a>: GameStop (+44.0%) "We expect the PS4 will be a meaningful growth driver for GameStop as the retailer's hardware market share has grown from 20% during 2006 [the time of the PS3's launch] to 35% today."
9. Gary Balter, Credit Suisse
Home Improvement [Container Store Group (TCS), Sears Holdings (SHLD), Best Buy Co. (BBY), Bed Bath and Beyond (BBBY), Ulta Salon (ULTA)]
Success Rate: 90%
Average Return: +12.6%
<a href="http://www.benzinga.com/analyst-ratings/analyst-color/13/03/3419859/update-credit-suisse-upgrades-ulta-salon-to-outperform-o">Most successful recommendation of 2013</a>: Ulta Salon (+24.9%) "While not having a permanent CEO and weaker gross margins in Q1 raise concerns, the question we asked is do we believe in the growth potential of the concept. … Given that our answer is yes, and given that yes implies a growth rate of 25% to 30% at a low 20's multiple, we now like that risk reward. 
10. John Baugh, Stifel Nicolaus
Home Furnishings [Mohawk Industries (MHK), Conn's (CONN), Tempur Sealy (TPX), Owens Corning (OC), Select Comfort Corporation (SCSS), Furniture Brands (FBN), La-Z-Boy Inc. (LZB), Mattress Firm (MFRM)]
Success Rate: 90%
Average Return: +12.1%
<a href="http://www.bizjournals.com/stlouis/news/2013/08/07/furniture-brands-shares-fall-on-stifel.html">Most successful recommendation of 2013</a>: Furniture Brands (+56.6%) "We believe some form of liquidation of the company or bankruptcy filing is imminent."
11. Timothy Ramey, D.A. Davidson
Food, Beverage and Nutrition Industries [Herbalife (HLF), NuSkin (NUS), Tyson Foods (TSN), Flowers Foods (FLO), Smithfield Food (SFD), Balchem Corp (BCPC), Constellation Brands Inc. (STZ)]
Success Rate: 77%
Average Return: +5.8%
<a href="http://www.streetinsider.com/Analyst+Comments/UPDATE%3A+DA+Davidson+Upgrades+Nu+Skin+Enterprises+(NUS)+to+Buy/8764029.html">Most successful recommendation of 2013</a>: NuSkin (+38.0%) " I am valuation sensitive on NUS as it has reestablished a somewhat premium evaluation."
12. Victor Anthony, Topeka Capital
Media and Internet Sectors [Twitter (TWTR), Google (GOOG), Ebay Inc. (EBAY), Amazon (AMZN), Facebook (FB), AOL Inc. (AOL), Shutterfly (SFLY)]
Success Rate: 67%
Average Return: 9%
<a href="http://www.streetinsider.com/Analyst+Comments/Twitter+%28TWTR%29+2014+Year-End+Target+%2454%3B+Topeka+Capital+Starts+at+Buy/8826827.html">Most successful recommendation of 2013</a>: Twitter (+125.9%) "We believe that Twitter's user and advertising monetization platform is in the early innings. We see a well-defined ecosystem with strong network effects developing around Twitter that should lead to out-sized shareholder returns for years to come. As such, we recommend investors buy the shares of Twitter to capture upside from Twitter's value creation engine."
------------------------------------------------ *Here's the methodology from TipRanks:
TipRanks looks at a variety of benchmarks, including the traditional % average over the S&amp;P 500 and performance success rate. But, we go far beyond this information in our ranking over the analysts.
When it comes to evaluating adviser performance, we not only measure how much an analyst outperforms a specific benchmark, but also how consistent they are in doing so.
As such, TipRanks uses the statistical Z-test to determine the statistical viability / consistency of financial advisers stock recommendations against a benchmark.
Z-test enables answering tough questions when it comes to comparing financial advisor performance, for example:
· Which adviser has a better success rate, one that gave 10 recommendations out of which 7 outperformed the benchmark (70%) or one that gave 100 recommendations out of which 68 outperformed the benchmark (68%)? While 70% is greater than 68%, achieving a 68% success rate over 100 recommendations is "statistically harder" than achieving 70% over 10.
· Which adviser has a higher excess return over the benchmark, one that gave 10 recommendations and outperformed the benchmark by 3.2% or one that gave 100 recommendations and outperformed the benchmark by 'only' 3%? To measure the adviser performance against the benchmark, TipRanks calculates the Z-score the recommendation set given by each adviser and can thus compare an adviser with 10 recommendations to an adviser that gave 100 recommendations.

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