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Qualcomm (QCOM)
Qualcomm (QCOM) was founded in 1985 and is a leader in the development and commercialization of digital communication technologies called CDMA (Code Division Multiple Access) and OFDMA (Orthogonal Frequency Division Multiple Access), including LTE (Long Term Evolution). The company owns significant intellectual property applicable to products that implement any version of CDMA and OFDMA, including patents, patent applications, and trade secrets. In fact, Qualcomm has over 46,000 granted patents, with about another 107,000 pending. Any company in the mobile communications industry trying to develop, manufacture, and/or sell products using CDMA and/or LTE standards usually requires a patent license from Qualcomm. The company also develops other technologies used in handsets and tablets, including certain audio and video technologies, [...]
Consolidated Edison (ED)
Consolidated Edison (ED) was founded in 1884 and serves as a regulated electric and gas utility to the New York metro areas and Westchester County, NY. Con Ed's principal business segments are: Con Edison of New York (93% of earnings when combined w/Orange & Rockland): provides electric service to approximately 3.3 million customers and gas service to approximately 1.1 million customers in New York City and Westchester County. The company also provides steam service in parts of Manhattan for heating purposes. Orange & Rockland (93% of earnings when combined w/Con Edison of New York): provides electric service to more than 300,000 customers in southeastern New York and adjacent areas of northern New Jersey and eastern Pennsylvania and gas service to [...]
Public Storage (PSA)
Public Storage (PSA) was founded in 1972 and is America’s largest self-storage REIT, owning over 2,500 storage rental properties in 38 states and seven European countries. The company also owns a 42% stake in PS Business Parks (PSB), which leases out commercial space to small and mid-size businesses. U.S. self-storage operations account for approximately 86% of company-wide net operating income, followed by commercial properties (6%), ancillary businesses (6% - reinsurance policies, locks and cardboard boxes), and European self-storage (3%). In total, Public Storage serves over one million customers. The company's business model provides great short-term visibility because customers typically sign month-to-month leases. This gives the REIT some protection against inflation because it can continually adjust rents to account [...]
Magellan Midstream Partners, L.P. (MMP)
Magellan Midstream Partners is one of America’s larger MLPs and specializes in refined petroleum products. Magellan’s pipeline systems primarily transport products such as gasoline and diesel fuel from refineries, helping them eventually reach gasoline stations, truck stops, airports, and other end users. The partnership’s 13,000 miles of pipelines and over 50 storage terminals (100 million barrels of capacity) supply it with extremely steady distributable cash flow, or DCF, courtesy of the long-term contracts it has that are generally insensitive to commodity prices. Source: Magellan Midstream Partners Investor Presentation In fact, only 10% of Magellan’s operating margin has any commodity exposure at all, and management uses hedging to reduce that risk even further. Source: Magellan Midstream [...]