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Analyst, Investor Action at Skyline – What’s Happening?

May 5th, 2017 Comments off
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Credits: Skyline, Pinterest.

For Skyline Homes, a recent rough patch has analysts and investors making moves.

According to the Cerbat Gem, TheStreet downgraded shares of the company from a “c” rating to a “d” rating, in a research note issued to investors late last week.

The move comes as Skyline’s stock price has declined over 26 percent since September 2016, which the Daily Business News has followed closely in the daily market wrap.

Also of note is the announcement regarding the shutdown of their Mansfield, Texas production facility, and the subsequent announcement that Champion Homes will acquire it.

Skyline followed up that announcement on March 9th, saying that it had suspended operations at its Elkhart, Indiana plant.

It’s not that we didn’t have the orders or the business or the customer base,” said Skyline president and CEO Richard Florea. “Despite demand from manufactured housing dealerships and manufactured housing communities, the leased facility used for production prevented daily volumes to reach and maintain profitable efficiencies.

Skyline has taken steps to ensure the 90 or so employees affected by the move are not without work, offering them jobs at other Skyline facilities in Wisconsin or Ohio or connecting them with other job opportunities.”

The SEC filing from Skyline said that the company was unable to profitably operate the 50,000 square-foot facility, which it began leasing from Forest River last year.

Investor Activity 

These developments have investors making moves, with Renaissance Technologies LLC raising its position in Skyline by 51.6 percent in the fourth quarter, now with a value of just over $5 million.

Wells Fargo & Company increased its position in Skyline by 2.5 percent in the first quarter, and now owns nearly 1.2 million shares valued at $11,233,000.

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Skyline 1 year look. Credit: Bloomberg.

As Daily Business News readers are already aware, Skyline is also one of the industry stocks monitored each business day. For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

 

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

 

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RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Obamacare in the Crosshairs – What’s the President’s Plan?

April 14th, 2017 Comments off
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Credit: KPFA.

In the ongoing battle surrounding Obamacare, its repeal and its replacement, President Donald Trump is utilizing skills and tactics made famous in his book “Art of the Deal.”

In interviews this week, including one with the Wall Street Journal, President Trump said that he’s exploring the idea of withholding key Obamacare payments, a move designed to get Democrats to the table to negotiate.

I don’t want people to get hurt,” said President Trump.

What I think should happen — and will happen — is the Democrats will start calling me and negotiating.”

The move by the President could throw insurance markets into chaos, which in turn could put Democrats in a position to deal on repealing the law.

At the heart of the matter are the payments themselves, known as cost-sharing reductions (CSRs). The payments reimburse insurers for giving discounted deductibles to low-income Obamacare enrollees.

House Republicans have sued over the payments, arguing they are unconstitutional without a congressional appropriation.

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ObamaCare is a jobs killer as well as unpopular with tens of millions of voters. Double digit hikes are coming in 2017, if this bill isn’t repealed and replaced by a GOP president and Congress.

One prominent Democrat spoke out forcefully in response to the President’s proposed move.

President Trump is threatening to hold hostage health care for millions of Americans, many of whom voted for him, to achieve a political goal of repeal that would take health care away from millions more,” said Senate Democratic Leader Charles Schumer (N.Y.)

This cynical strategy will fail. Our position remains unchanged: drop repeal, stop undermining our health care system, and we will certainly sit down and talk about ways to improve the Affordable Care Act.”

President Trump has not said for sure whether he would actually seek to cancel the payments, or whether or not Congress should appropriate the money.

I might continue the payments so that I won’t be blamed for chaos in the system. That’s part of the reason that I may go the other way,” said President Trump.

The longer I’m behind this desk and you have Obamacare, the more I would own it.”

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Credit: Liberty Juice.

While the suit from House Republicans is ongoing, President Trump could simply drop the defense of it and cancel the payments, which would likely result in insurers either spiking premiums or dropping out of the Obamacare market altogether.

Insurers are also pushing for more certainty, as they decide whether or not they will participate in Obamacare next year. Some Congressional Republicans have also called for appropriating the money, which could override any decisions from the Trump administration, and keep payments going.

 

A Real, Practical Solution for Healthcare?

The Daily Business News recently covered the story of Dr. Josh Umbehr of Atlas MD, discussing a potential “best option” for Obamacare repeal and replacement in terms of controlling costs and providing cost-effective services.

Umbehr’s co-op model has already been proven in their clinic, and in other clinics that are doing something similar. For additional insight on this plan and how it would work in combination with the proposed health plan from the Freedom                                 Caucus, MHProNews reached out to a respected MD about the concept.

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Dr. David Murdock. Credit: Healthgrades.

I’ve always liked this type of practice. It doesn’t include hospital care or specialty care, but that could be covered by the catastrophic insurance with a large deductible,” Dr. David Murdock, a cardiologist from Wausau, WI, said to MHProNews when asked about this practice.

If I was a primary doctor, I would push this for my patients.”

Murdock explained that this proven medical care system was a case of back-to-the-future.

That’s actually a return to the way medical care was done in the years before Medicare and widespread insurance,” Murdock said. “It’s not new, it’s a return to how it worked well in the past.“ 

You can see the built in mechanism to contain cost,” said Murdock.

For more on Obamacare and its impact on the manufactured housing industry, click here. ##

 

(Image credits are as shown above.)

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

What’s Happening With Skyline Corp?

March 9th, 2017 Comments off
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Skyline HQ. Credit: Inside Indiana Business.

Fresh off of their announcement regarding the shutdown of their Mansfield, Texas production facility, and the subsequent announcement that Champion Homes will acquire it, Skyline Corp. (NYSE: SKY) announced yesterday that the company has suspended operations at its Elkhart, Indiana plant.

 

According to the South Bend Tribune, Skyline also announced that they have laid off the majority of the workforce at the facility.

It’s not that we didn’t have the orders or the business or the customer base. It’s that in a leased facility, it did not allow us to produce a high enough volume to achieve operational efficiency,said Skyline president and CEO Richard Florea.

Skyline has taken steps to ensure the 90 or so employees affected by the move are not without work, offering them jobs at other Skyline facilities in Wisconsin or Ohio or connecting them with other job opportunities.

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Credit: LinkedIn.

Florea also said that other measures have been taken to minimize the impact.

We allowed some other companies in town to come in and take applications from employees. We made it as easy as possible so people don’t have to go out and look for jobs,” said Florea.

The SEC filing from Skyline said that the company was unable to profitably operate the 50,000 square-foot facility, which it began leasing from Forest River last year.

Despite demand from manufactured housing dealerships and manufactured housing communities, the leased facility used for production prevented daily volumes to reach and maintain profitable efficiencies,” the company said in the filing.

The corporation anticipates having sufficient orders to maintain production at the Elkhart facility until March 8, 2017. The majority of the workforce is expected to be terminated shortly after production ceases.

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Skyline modular home, credit Skyline.

Once a pioneer in the manufactured housing industry, nine consecutive years of significant losses have contributed to Skyline’s struggle to regain profitability. It posted a $1.7 million profit in 2016.

As MHProNews reported in September, 2014, Skyline spun off its recreational vehicle division to Evergreen Recreational Vehicles. For that story, click here.

Even with the tough news, Florea did see a glimmer of hope.

Skyline could re-establish production in Elkhart if we find the right facility and the labor market improves,” said Florea.

The area is currently suffering from a labor shortage, due to a jobs boom in the manufactured housing and RV industries.

As Daily Business News readers are already aware, Skyline is also one of the industry stocks monitored each business day. For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

 

(Image credits are as shown above.)

 

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.