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Unisys Corporation (NYSE: UIS) has filed to sell up to $660 million in a mixed securities shelf. The securities listed are any combination of debt securities, common stock, preferred Stock, warrants, and stock purchase contracts. This is an interesting filing and there are ramifications here above and beyond normal filings.
Monthly Archives: November 2008
Unisys Corporation Files To Raise Cash (UIS)
India ETF’s & Funds Hold Up After Terror Attacks in Mumbai (PIN, EPI, IIF, IFN, INP)
Fresh terrorist attacks targeted against foreigners in Mumbai, India have failed to thwart a market rally today. Reports have foreigners being taken hostage at premiere hotels frequented by the wealthy and by business travelers. Some 60 deaths have been reported. Interestingly enough, this has also failed to take the wind out of the Indian ETF’s and Indian ADR’s which are actively traded in the US. ETF and fund price moves are as follows:
- PowerShares India (NYSE: PIN) up 4.5% at $11.31
- WisdomTree India Earnings (NYSE: EPI) up 4.1% at $10.37
- Morgan Stanley India Investment Fund, Inc. (NYSE: IIF) up 1.4% at $12.39
- India Fund, Inc. (NYSE: IFN) up 4.1% at $17.47
- iPath MSCI India Index ETN (NYSE: INP) up 4% at $28.72
We also added in an after-report list to the ADR’s and active stocks we track that trade in the U.S. to show a broad interest as well.
Jon C. Ogg
November 26, 2008
GM (GM) And Ford (F): What Bailout?
Are the markets still unstable? Are they subject to sharp moves on a rumor or a whim?
Ford (F) and GM (GM) are both up about 30% today. The reason is astonishingly thin. In a research note, Deutsche Bank said that financiers and politicians are worried that if they do nothing to help Detroit, its fall will hurl the economy further into a hole.
Indian ADR’s Unphased By Terror Attacks (INFY, IBN, REDF, SAY, SLT, TTM, WIT)
Fresh attacks that appear to be targeted against foreigners in Mumbai, India have failed to thwart a market rally today even in Indian stocks. Reports have foreigners being taken hostage at premiere hotels frequented by the wealthy and by business travelers and some 60 deaths have been reported. Interestingly enough, this has also failed to take out the wind of the Indian ETF’s and Indian ADR’s which are actively traded here in the US. Stock Moves in ADR’s:
- Infosys Technologies Ltd. (NASDAQ: INFY) up 6.3% at $24.61
- ICICI Bank (NYSE: IBN) down 2.7% at $13.26 (had been up before)
- Rediff.com India Ltd. (NASDAQ: REDF) up 5.6% at $2.06
- Satyam Computer Services (NYSE: SAY) up over 3% at $12.78
- Sterlite Industries (NYSE: SLT) up 7% at $4.80
- Tata Motors (NYSE: TTM) down 2.3% at $4.59 (was down most of day)
- Wipro Ltd. (NYSE: WIT) up 4.3% at $7.48
We also added in an after-report list to the ETF’s and closed-end funds we track to show a broad interest as well.
Jon C. Ogg
November 26, 2008
No Merry Christmas For Banks
A note from Reuters:
U.S. banks will incur about $44 billion in write-downs and loss provisions in the fourth quarter, and much of the U.S. Treasury capital will be diverted to plug holes on their balance sheets, prominent banking analyst Meredith Whitney said.
Douglas A. McIntyre
New Bear Market Financial Terms
We have created a new take on many traditional stock market and financial terms for the new economy. Some of these are gut busters and some may hit a little close to home. Sometimes the lighter side of Wall Street (or a lot more money) is what we all need to get through the hard times.
Below is the long list:
BCE Merger Suddenly In Jeopardy (BCE)
There is one huge going-private transaction which has yet to close and has been pending for what feels like an eternity. BCE, Inc. (NYSE: BCE) in Canada has been in the works for more than a year. This morning the company made an announcement which may throw the going-private deal led by the Ontario Teachers Pension Plan in jeopardy.
Kinder Morgan Predicts Future (KMP)
Kinder Morgan Energy Partners (NYSE:KMP) announced this week that it expects to distribute $4.20/common unit as its dividend in 2009. The company will distribue $4.02/unit in 2008. The company based its projections on a crude oil price of $68/b in 2009.
NRG Says No; Exelon Says Please (NRG, EXC, JPM)
It took NRG Energy (NYSE:NRG) almost two weeks to figure out that shareholders should reject the exchange offer from Exelon Corporation (NYSE:EXC). That’s odd because NRG had already rejected the same offer before Exelon decided to go directly to shareholders.
Recession Watch: Jobs, Durables, Income, Spending
If you were looking for good news before the holiday, you might need to look at retail discounts for retail or might want to read some nice childrens’ books. The economic data does not have any good news in it to speak of unless your nickname is Dr. Pangloss.
Top Pre-Market Analyst Downgrades (BBL, CBE, CPRT, DT, GPC, MPW, SAP, TRIN)
These are the top downgrades and cautious calls we have seen from Wall Street analysts this Wednesday morning:
- BHP Billiton plc (BBL) Cut to Hold at Canaccord.
- Cooper Industries (CBE) Cut to Neutral at UBS.
- Copart (CPRT) Cut to Neutral at Baird.
- Deutsche Telecom (DT) Cut to Underperform at Bernstein.
- Genuine Parts (GPC) Started as Underperform at FBR.
- Medical Properties trust (MPW) Cut to Neutral at UBS.
- SAP (SAP) Cut to Sell from Hold at Societe Generale.
- Thomson Reuters plc (TRIN) Cut to Sell at RBS.
Jon C. Ogg
November 26, 2008
Top Pre-Market Analyst Upgrades (EQIX, HLS, ITRI, MPEL, RTP, RTIX, UL, WSM)
These are the few upgrades and positive research calls we have seen from Wall Street analysts this Wednesday morning:
- Equinix (EQIX) Started as Overweight at JPMorgan.
- Healthsouth (HLS) Raised to Buy at Jefferies.
- Itron (ITRI) Raised to Buy at UBS.
- Melco Crown PBL (MPEL) Raised to Buy but target cut at Goldman Sachs.
- Rio Tinto (RTP) Raised to Buy at Canaccord.
- RTI Biologics (RTIX) Started as Buy at Canaccord.
- Unilever (UL) Started as Buy at Jefferies.
- William Sonoma (WSM) Raised to Neutral from Sell at UBS.
Jon C. Ogg
November 26, 2008
When Toyota (TM) Has A Rating Cut, The Auto Business Really In Trouble
Detroit is in real trouble. There has been some hope that the really healthy Japanese and European car companies could hold on to their credit ratings. Toyota (TM) has a bullet proof balance sheet compared with almost any other company in the world, leaving the firms in its own industry aside.
Will The $800 Billion Work?
Get the money out and get it out fast. If the Fed’s new facility can push $800 billion into part of the economy which supports consumer lending, the ability for people to buy homes, cars, and charge on their credit cards will improve. Even if they cannot afford to repay any of it.
Some analysts don’t think the program will work. It will be another chance for financial firms to take federal money and sock it away to bolster their capital positions.
Mourning China
Who has not read the accounts of China becoming the world’s largest economy, perhaps in a month or two? Or a year? Or a decade?
It will dwarf the economies of the US, EU, and Japan.
China’s GDP has been growing fast enough to make its preeminence a reasonable deduction, at least until it is not.
AIG (AIG): Recycling Debt Without Paying Anyone Back
AIG is ready to repay the Fed $40 billion. The money will come from preferred shares it raised with backing from Treasury. If AIG defaults, the federal government gets the bag. That is the great part of the bailout. The capital supplied from the Fed and Treasury works on a merry-go-round.
Paulson Tells Insurance Companies That There Is No Room At The Inn
Since almost every sector of the economy from autos to cities is asking Henry Paulson for a bit of his $700 billion fund, why should the insurance companies be any different? They are different after a fashion. Paulson has told them “no”.
The insurance industry fancies itself as one of the major buyers of corporate bonds. Its logic for getting capital is that, if it does not, the market for corporate debt will dry up.
Media Digest 11/26/2008
According to Reuters, Paulson has turned his back on giving insurance companies part of the bailout
Reuters reports that Rio Tinto (RTP) is faced with selling assets,
Reuters reports that the head of Citigroup (C) says banks "went wrong" on real estate.
Asia Markets 11/26/2008
Markets in Asia were mixed.
The Nikkei fell 1.3% to 8,213.
The Hang Seng was up 3.3% to 13,302.
The Shanghai Composite was up .2% to 1,894.
Douglas A. McIntyre
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Today’s top tickerspy Indexes Cement Stocks +2.3% Platinum and Pall... +2.2% Nanotech Stocks +1.9% Department Store ... +1.7% Gold and Silver S... +1.6% 
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