In a home run for troubled credit markets, Goldman Sachs (GS) raised $5 billion with backing from the FDIC. It is likely that a number of other US financial firms will follow quickly,
The terms for the debt were at a remarkably reasonable yield of 3.367% and matures in 2012.
JP Morgan (JPM) and Morgan Stanley (MS) are expected to come to market with offerings are early as next month.
State Street Corp. (NYSE: STT) has filed for the potential resale of preferred stock, common stock, and warrants which was purchased by Uncle Sam in a recent transaction. This allows for the resale of up to $2.0 billion in series B cumulative perpetual preferred stock and up to $300 million in warrants and underlying shares.
ZymoGenetics, Inc. (NASDAQ: ZGEN) has filed an SEC registration which would allow the company to sell up to $100 million of its common stock from time to time. What is important to note is that this is intended to replace the company’s previously filed shelf registration statement set to expire on December 1, 2008. What is also important to note is that the filing is essentially of little benefit to the company.
Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) has filed to sell up to 25 million shares of common stock in a public secondary offering. Underwriters were not listed. Arena is a clinical-stage biotech company focused on discovering, developing and commercializing oral drugs in four major therapeutic areas: cardiovascular, central nervous system, inflammatory and metabolic diseases.
Zale Corporation (ZLC) Loss and withdraws annual forecast. Drops to $5.15 from 52-week high of $30.89.
Rio Tinto (RTP) BHP withdraws takeover bid. Falls to $93.42 from 52-week high of $558.65.
Lee Enterprises (LEE) Newspaper company hit with downgrade. Drops to $.85 from 52-week high of $15.97.
Douglas A. McIntyre
We covered an IPO Filing back in August for a company called US Power Generating Company. The company is a wholesale power generation company in New York which had filed to sell up to $500 million in stock via an initial public offering. You can guess why we are referring to this in the past tense.
Universal Corporation (NYSE: UVV) has filed an automatic shelf registration statement with the SEC that will allow it from time to time to sell securities. The leaf tobacco merchant and processor will be able to sell any combination of debt securities, preferred stock, common stock, warrants, stock purchase contracts, and units.
After months of hunting, there still may be no single solution to the market and economic problems that are driving GM (GM) out of business.
Any steps will have to bring together creditors, suppliers, the UAW, management, and probably the US government.
The FDIC is going to be working overtime.
The agency increased the number of "troubled" banks on its list of firms it may have to shut down.
The open question is where the FDIC will get the extra billions it will need?
E*TRADE Financial Corporation (NASDAQ: ETFC) announced this morning that it is continuing to work with regulators through each phase of its TARP application and that it "remains optimistic that it will receive the necessary approvals and expects to make an announcement in the near future." There is more to this story than meets the eye.
Coca-Cola Bottling Co. (NASDAQ: COKE) filed with the SEC to sell up to $300,000,000 in a mixed securities shelf. The company listed Debt Securities, Preferred Stock, Common Stock, and Class C Common Stock as the possible combination of securities that the company could sell under this offering.
After the close yesterday, Bill Ackman’s Pershing Square Capital hedge fund disclosed a 7.5% stake (20,080,690 shares) in embattled REIT General Growth Properties Inc. (GGP).
Pershing Square purchased the subject shares and the swaps, for a total consideration of $9,261,789. Trading data reveled with the filing, showed the firm was buying common stock in the $0.35-$0.51 range in November. Shares of GGP closed at $1.00 yesterday, with a 52-week low recently set at $0.24.
By John Tamny RealClearMarkets
While stocks staged a relief rally leading up to the presidential election, U.S. share indices have mostly been down ever since. Major media accounts would suggest that weak markets have revealed themselves thanks to economic indicators pointing to an unfortunate economic outlook.
Long after the market closed yesterday, Black Hills Corporation (NYSE:BKH) seriously reduced its guidance for 2008 and its outlook for 2009. Full-year EPS is now expected to come in at $2.00-$2.10, about 7.5% lower than earlier EPS guidance of $2.15-$2.25. For 2009, the company lowered its sights from EPS of $2.40-$2.65 to $1.95-$2.25, a drop of of more than 18%. Both estimates were made on a non-GAAP basis.
The reports out of DRAMexchange are showing some good trends and some bad trends. The good trend is that every day DRAM and computing power is getting cheaper and cheaper for you and me. The bad news is that the business side for producers continues to get worse and worse. As you will see, being a DRAM manufacturer may be the world’s worst business to be in.
We’ve already conducted the post-mortem on the failed bid by Australia’s BHP Billiton (NYSE:BHP) for Britain’s Rio Tinto (NYSE:RTP). There are just a couple of details worth noting.
Ethanol maker VeraSun (VSUNQ) is currently in Chapter 11, and is spreading the suffering to growers because it has stopped buying feedstock (corn) that it can’t pay for. But never fear, help is on the way. Maybe.
These are some of the positive analyst calls and upgrades we are seeing early this Tuesday morning:
Jon C. Ogg
November 25, 2008
These are some of the top downgrades and negative calls we are seeing from Wall Street analysts this Tuesday morning:
Jon C. Ogg
November 25, 2008
| Today’s top tickerspy Indexes | |
| Regional Bank Sto... | +1.4% |
| Hospital Stocks | +1.1% |
| Rubber and Plasti... | +1.0% |
| Casino Stocks | +1.0% |
| Hotel Stocks | +0.9% |
 | |
| |
RSS Updates
Email Updates
