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Homebuilders are supposed to be a winners under the new tax incentive plan and with mortgages now priced at less than 5%. But after the close came a filing showing that Robert Toll, CEO of Toll Brothers Inc. (NYSE: TOL), unloaded roughly $11 million worth of common stock.
Daily Archives: January 6, 2009
Toll’s CEO Toll Still Unloading Toll Stock (TOL)
La Jolla Gets More Hope (LJPC, BMRN)
La Jolla Pharmaceutical Company (NASDAQ: LJPC) has been more than just a troubled biotech. It has even been considered an at-risk entity by some traders after it had been down more than 90% at one point, but the company may have just gotten a much needed lifeline.
It has signed a development and commercialization pact with BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) for its Riquent®. This is La Jolla’s investigational drug for lupus nephritis, a candidate being evaluated in a Phase 3 clinical study for orphan disease Lupus Nephritis. Under the terms of the agreement, BioMarin will receive a co-exclusive license to develop and commercialize Riquent. La Jolla could receive up to $289 million in cash if everything materializes properly.
Full details of the pact are available at BioHealthInvestor.com.
Jon C. Ogg
January 6, 2009
Enterprise Products Raising Cash (EPD)
Enterprise Products Partners L.P. (NYSE: EPD) has announced that it will sell 8,600,000 common units in a secondary offering. The units represent limited partner interests rather than traditional shares seen in most secondary offerings. Its market cap is nearly $10 billion. If it can maintain its currentdividend, the yield is roughly 9%.
Bank Of America (BAC) Won’t Hit Its Numbers
The Wall Street Journal has gotten a hold of some internal documents from Bank of America (BAC) which say that CEO Kenneth Lewis and his top people will not take bonuses.
There seems to be a good reason for that. Management now says the company will not make its forecasts for 2008. Perhaps buying Countrywide was not such a good idea after all.
Douglas A. McIntyre
More Observations On The Economy, And None Of Them Good
Going back a year it would have been very hard to find more than a handful of economists who believe that a global recession would potentially drive down GDPs in most of the world’s largest nations.
The Fed’s notes on its last meeting released today show that the agency was more concerned about the situation than they might of let on.
In the last few days, more experts have been willing to venture unusually pessimistic opinions.
Moody’s Cuts Wells Fargo Debt Ratings (WFC)
It really is a wonder how and why the debt ratings agencies still have any merit or use at all, but for now they still have some pull. Moody’s has announced that it has lowered the debt ratings of Wells Fargo & Company (NYSE: WFC) senior debt to Aa3 from Aa1. It has also cut the ratings on its lead bank, Wells Fargo Bank, N.A. long-term bank deposits to Aa1 from Aaa.
Is Liberty Exiting IAC/InteractiveCorp Entirely? (IACI, LINTA, LINTB, LMDIB, LCAPA, LCAPB)
John Malone and Barry Diller had their full round of the boxing match last year. But now it seems another fight may be under way. Liberty Media Corp. has been unloading shares of IAC/InteractiveCorp (NASDAQ: IACI). There have been steady reports and filings over the last week (and even in prior weeks) showingthat Liberty was unloading those shares. But a new filing shows that sales are continuing into 2009, and you have to wonder if Liberty is on its way to just calling it a day.
Market Dings Apple (AAPL) On iTunes Price Cut
Apple (AAPL) cut the prices of some of the songs available on its iTune music service and the market did not like it at all.
According to a number of media sources, some songs will be available for as little as $.69. Apple SVP Phil Schiller said the firm would have three levels of pricing at: $69, $.99, and $1.29.
It is not clear at this point what portion of the price cuts will be shared by record labels and their artists.
Fed Minutes: Pain & Unemployment Ahead… And Deep Recession
The minutes from the December FOMC meeting where rates were essentially taken to zero have now been released. What is interesting is that there is very little expected hope for anything great in 2009. The FOMC has noted substantially weaker conditions persisting. This quote pretty much sums it up, although even this minimizes the total commentary:
- "…investors seemed to become more concerned about the likelihood of a deep and prolonged recession."
Aladdin In Play? (ALDN)
Aladdin Knowledge Systems Ltd. (NYSE: ALDN) shares have risen sharply on new reports that the Israeli data security software provider was close to receiving a buyout offer from a Vector Capital Group affiliate. Israel’s ‘TheMarker’ financial news Web site reported a new offer from Vector’s Jasmine Holdco LLC in the works. This wouldn’t exactly be the first dance for this company, and if it does not come to pass it will not be the first disappointment.
German Billionaire Merckle Takes His Life Amidst Financial Crisis
Another prominent figure has reportedly taken his life amidst the turmoil of the financial markets. In this case, it appears that 74 year-old German billionaire Adolf Merckle has committed suicide. German newspaper Die Welt noted that the head of the family business empire was worth an estimated 7 billion euros (nearly $10 billion).
Pending Home Sales Depressing, Red Cross Looking For Blood Donors
"Manufacturing is the worst it has been in decades."
"Joblessness rose to its highest level in 37 years."
"Consumer confidence fell to it the lowest level since measurements began 16 years ago."
The "most down over the longest period" drive the most widely-read headlines in the business and general press today. The recession is biting hard and getting worse, and worse.
Logitech Slowly Becoming A Bargain (LOGI)
Shares of Logitech International (NASDAQ: LOGI) are trading lower after the company withdrew its guidance. What is interesting is that the stock of this Swiss computer and gaming peripheral leader is holding up far better than many may have guessed. There are reasons behind at least some of the relative stability despite the severity of the news.
Why Is Sprint (S) Up 30% In Three Days? A Day-Trader’s Dream
Three days ago, Sprint (S) traded at $1.79. Today, it hit $2.32 in early trading, up 30%.
AT&T (T) and Verizon (VZ) are down during the same period, to some extent because analysts have expressed concerns that consumers will cut back on use of landlines, cellphones, and handsets to send data.
Oppenheimer Flips Back to a Bullish Stance On Apple (AAPL) Following Jobs Health Disclosure
Analysts at Oppenheimer upgraded Apple (Nasdaq: AAPL) today following details from Steve Jobs about the condition of his health ahead of Macworld. If you remember, Oppenheimer downgraded Apple on December 17th following Jobs’ cancellation of his keynote at Macworld, saying the unexpected announcement underscored the greatest risk to Apple’s long-term success – its dependence on Jobs’ health and its apparent lack of a succession plan.
New Nukes for Florida (PGN, SGR, SCG)
Westinghouse Electric, a subsidiary of Japan’s Toshiba Corporation, has signed an engineering, procurement, and construction contract with the Florida subsidiary of Progress Energy, Inc. (NYSE:PGN) to build two new nuclear power plants in Florida. The Shaw Group, Inc. (NYSE:SGR) will partner with Westinghouse on the contract.
Weatherford: Raising Money the Old-Fashioned Way (WFT, SLB, HAL, BJS, BHI)
Oil field services company Weatherford International Ltd. (NYSE:WFT) announced that it has begun offering Senior Notes due in 2019. A subsidiary of Weatherford "will fully and unconditionally guarantee the notes on a senior unsecured basis." The company plans to use the proceeds, as yet unspecified, to repay its short-term debt.
LDK & More Solar Peer Pressure (LDK, FSLR, CSIQ, JASO, ESLR, SOLF)
LDK Solar Co., Ltd. (NYSE: LDK) is living up to the doubts that many investors had in this stock. When times were good for solar and alternative energy players, many questioned the Chinese company. Now times are tough, and the news looks tough inside the doors at LDK. Unfortunately, this is something solar investors have had to brace for now that the economy is softening and now that low energy prices are making many alternative energy projects not economically viable.
Jaguar: A Cautionary Tale for Future GM/Chrysler Buyers
By John Tamny RealClearMarkets
With England’s economy gasping in the mid 1970s due to a combination of nosebleed rates of taxation and a currency in freefall, the fortunes of many of its flagship companies similarly reflected the ailing health of a country in decline. High tax rates and inflation bat 1.000 when it comes to the disappearance of investors, and with Coventry-based carmaker Jaguar in major financial trouble, its executives went to the government for help.
Jaguar was effectively nationalized by the British government in 1975 thanks to skeptical credit markets, and it remained that way until Prime Minister Margaret Thatcher’s privatization program freed it from government control nine years later. Jaguar’s story as a ward of the state looms large as a cautionary tale for future GM and Chrysler buyers, two formerly great U.S. automakers who’ve recently asked for and received government help.
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