Posts related to ‘ADR’

Paulson Making Gold Rush Self-Fulfilling Prophecy (GLD, KGC, AU)

A broker noted something about this yesterday as a gold bug, and frankly it seemed far-fetched considering the size of the move we have already seen in recent weeks and months.  But the talk was about John Paulson, the great bank and financial short seller who cleaned up betting against housing and financials, opening a gold fund.  We noticed he held some miners, but after the chase up in gold bullion prices this seemed and still seems late to the party even if there is room to run.  Today’s report from the Wall Street Journal shows that this may be more of a reality than a hope.

Paulson already has large stakes in key gold exposure with SPDR Gold Trust (NYSE: GLD), Kinross Gold Corporation (NYSE: KGC), and Anglogold Ashanti Ltd. (NYSE: AU).  The tally on these three positions alone at today’s closing bell was about $5.5 billion if the stakes have remained the same.  His stakes already listed are as follows:

Posted on: November 18, 2009 – 5:23 pm in ADR, Activist Investor, Commodities, Metals, Rumors

Reviewing the New Smart Grid ETF (GRID, PBD, PZD, PBW, QCLN)

If you thought you might not see another green energy or less-dirty energy exchange traded-fund, there is a new ETF for you.  First Trust Advisors is launching the First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund of the First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (NASDAQ: GRID) today.  So far we are seeing a gain in the ETF by 0.8% to $30.39, but on fairly thin trading volume of about 134,000 shares as of 11:20 AM EST.  We have seen many other green ETFs, but this is actually the first designated ETF or ETN that is geared solely toward the smart-grid rather than just to green energy.  There will be some overlaps in this ETF with others, but that is often the case.

This ETF aims to track equity index called the NASDAQ OMX Clean Edge Smart Grid Infrastructure Index, which is designed to act as a “transparent and liquid benchmark” for the grid and energy infrastructure sector.  The most interesting aspect of this is that it may highlight which individual companies are making leaps and bounds here in the smart grid.  As you might expect, there are many overlaps in here with the other clean or green ETF products via the PowerShares Global Clean Energy (NYSE: PBD), PowerShares Cleantech (NYSE: PZD), PowerShares WilderHill Clean Energy (NYSE: PBW), and the First Trust NASDAQ Clean Edge Green Energy (NASDAQ: QCLN).
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Posted on: November 18, 2009 – 11:40 am in ADR, Alternative Energy, ETF, Editor's Picks, Green Biz, Infrastructure, Utilities, , , , ,

Underwriting Syndicate Bonanza Continues (FTNT, AWK, BZ, LFT, SII)

This morning we have a syndicate bonanza with a very solid IPO pricing and many secondary offerings getting priced.  Fortinet, Inc. (NASDAQ: FTNT) priced 12.5 million shares in IPO at $12.50, above the $9.00 to $11.00 range.   There are also many secondary offerings:  American Water Works (NYSE: AWK) 37.35 million shares priced at $21.63; Boise Inc. (NYSE: BZ) 17 million shares priced at $4.85; Longtop Financial Technologies Limited (NYSE: LFT) 3.7 million shares priced at $31.25; Smith International Inc. (NYSE: SII) priced 28 million shares priced at $26.50.

We have detailed information on the size, use of funds, underwriters, and performance on each below.
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Posted on: November 18, 2009 – 10:01 am in ADR, IPOs, Secondary Offering, , , , ,

DryShips Goes For Capital Raise, Again (DRYS)

DryShips Inc. (NASDAQ: DRYS) just hexed its investors who were hoping to see the stock keep running over the $7.00 hurdle.  The company just announced that it has commenced a public offering of $300 million aggregate principal amount of convertible senior notes.  The company listed the use of proceeds as being for vessel acquisitions, working capital, and other general corporate purposes.  These are under an existing shelf, but the offering method here may sour some investors who recently bought stock.
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Posted on: November 17, 2009 – 4:25 pm in ADR, Secondary Offering, Transports,

Chinese Hotel IPO: 7 Days Group Holdings Limited (SVN, HMIN)

china map7 Days Group Holdings Limited is national economy hotel chain based in China, and it has just filed to come public via an Inital Public Offering.  No terms were disclosed other than it will sell up to $100 million in common stock via ADRs.  It plans to list its stock under the “SVN” ticker on the New York Stock Exchange with J.P. Morgan and Citigroup as the lead underwriters.

To many investors, this will sound  like the story of Home Inns & Hotels Management Inc. (NASDAQ: HMIN).
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Posted on: November 2, 2009 – 4:38 pm in ADR, China, Entertainment, IPOs, ,

The DryShips Earnings Anchor (DRYS)

DryShip ImageDryShips Inc. (NASDAQ: DRYS) posted what some may take as mixed earnings despite the stock’s reaction in the after-hours session.  The headline figure looked disappointing at first with a report of $35.6 million net profit, or $0.12 in basic and diluted earnings on an EPS basis.  But the company noted that a loss of $39.3 million took earnings down by $0.15 per share tied to the valuation of interest rate swaps.  DryShips would have reported earnings at $74.9 million, or $0.27 EPS, outside of that.  The combined revenues from drilling and drybulk operations was down nearly $100 million from a year ago to $228.2 million.  Thomson Reuters had estimates pegged at $0.20 EPS and $215.55 million in revenues.
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Posted on: October 26, 2009 – 4:53 pm in ADR, Earnings, Transports,

Korea Joins China in Foreign Oil Acquisitions in Americas

oil-well-image11Harvest Energy Trust (NYSE: HTE) is a Canadian energy trust that has gone unnoticed by many Americans.  Yet today it is one of the top percentage gainers because the trust is being acquired by Korea National Oil Corp. in South Korea.  It seems that South Korea is joining in following the waves of Chinese acquisitions of oil and energy sources located throughout the world.  We have noted China’s insatiable appetite of securing these raw energy assets, and common sense would dictate that only more deals will come down the pipe.
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Posted on: October 22, 2009 – 2:49 pm in ADR, China, Commodities, Mergers and Buy Outs, Oil & Gas,

Claymore Brings New China Stock ETF (YAO, HAO, TAO)

china mapClaymore Securities is launching a new exchange-traded fund for investors to get one more method exposure to the Chinese stock market.  The new ETF is the Claymore/AlphaShares China All-Cap ETF (NYSE: YAO), and is Claymore’s third effort in a China-focused ETF.  The other two ETFs are the Claymore/AlphaShares China Small Cap Index ETF (NYSE: HAO), built on Chinese small-cap companies; and then there is the Claymore/AlphaShares China Real Estate ETF (NYSE: TAO), focused on real estate companies in China.
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Posted on: October 19, 2009 – 9:54 am in ADR, China, ETF, , ,

IPO Market Showing Concern (MG, TLCR, BSBR, EM, CLNY, RA, FIG, ARI, VITC, ECHO, CPC, GAME, SNDA, CYOU, SOHU, CPIX, OMER, BX)

bull-and-bear-image2It was just in August that practically every single initial public offering was trading above its IPO price.  The market had rallied significantly, and still rallied after that to just this week have a 10,000 handle on the DJIA.  Investors started warming to more risk-based capital, and investment bankers were finally able to get deals done.  Even waves and waves of secondary offerings were able to be absorbed merely by brokers being able to tell clients they could buy stock at an implied discount to the average price over the few days before.  But suddenly, the IPO market has turned out some real dogs with fleas.

Mistra Group (NYSE: MG) priced its offering at $12.50 on October 7.  While it traded as low as $12.17, it has escaped the hangman’s file of ‘busted deals’ as it is now a $13.51 stock.  The one thing that may have helped was that it priced under an initial range of $14 to $16 per share.  Talecris Biotherapeutics Holdings Corp. (NASDAQ: TLCR) also went into the busted category temporarily after hitting a low of $18.01 after a $19.00 pricing.  Fortunately, it is up at $19.97 so is also now out of the hangman’s eyes.  Still, an 8% gain and a 5% gain in this market might leave some investors feeling lonely.  Banco Santander Brasil S.A. (NYSE: BSBR) was a very large IPO of over 500 million shares at an implied $13.40, and this one got out of the “busted IPO” dungeon on Thursday and closed at $13.51 on Friday.  Before Thursday it had spent its 6 prior trading sessions as a busted IPO.

Emdeon Inc. (NYSE: EM) had traded above $18.00 briefly after its IPO priced at $15.50 in August. But now the healthcare revenue and payment cycle management solutions provider, which is supposed to be a healthcare winner ahead, closed down at $15.35 on Friday  and had been slightly lower during the week.  This was effectively a re-IPO as Emdeon had been public before after General Atlantic Partners acquired it and it also received an investment from Hellman & Friedman. It also has ties to James Clark, the Netscape founder and was part of Healtheon.

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Posted on: October 17, 2009 – 8:45 am in ADR, Biotech, Business Services, China, Editor's Picks, Entertainment, IPOs, Mergers and Buy Outs, Private Equity, REIT, Secondary Offering, Trading Alert, Value Investing, , , , , , , , , , , , , , , , , ,

IPO ALERT: China Real Estate Information Involves Other Companies (CRIC, EJ, SINA)

china mapChina Real Estate Information Corporation (NASDAQ: CRIC) has priced its 18 million share initial public offering at $12.00 per share.  While this is not an easy structure, this IPO has ramifications for two other big Chinese public companies.  CRIC is a subsidiary of E-House (China) Holdings Limited (NYSE: EJ) and it will merge with the online real estate business of SINA Corporation (NASDAQ: SINA) effective as of the closing of CRIC’s IPO.
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Posted on: October 16, 2009 – 9:21 am in ADR, Business Services, China, Mergers and Buy Outs, REIT, , ,

Chinese ADS IPO Filing: BJB Career Education Company (BJB)

BJB Career LogoLast night there was an initial public offering filing from a company called BJB Career Education Company, Limited.  This is a Chinese IT training company and it plans to list its ADS’s on the NYSE under the stock ticker “BJB.”  No financial terms of the deal were announced in the first filing from the company, but its amended filing showed the typical “up to $100 million in shares sold.”  It did list the underwriters as Credit Suisse and Goldman Sachs as the book-runners, and William Blair and Piper Jaffray as co-managers in the offering.
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Posted on: October 15, 2009 – 10:06 am in ADR, Business Services, China, IPOs, Technology,

DragonWave Debuts In U.S. Listing (DRWI, CLWR)

DragonWave LogoDragonWave Inc. (NASDAQ: DRWI) is not exactly a new company nor is it exactly an initial public offering.  The stock has traded on the Toronto Stock Exchange under the ticker “DWI” since 2007.  It has also been a very strong stock in the Canadian trading as it was under $2.00 at the start of 2009 and rose to over $10.00 (Canadian Dollars) recently. Today, will mark the initiation of the listing on NASDAQ.
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Posted on: October 15, 2009 – 9:50 am in ADR, IPOs, Insider Activity, Secondary Offering, Technology Companies, WiMAX, Wireless, ,

Regulatory Risks Hit Macau Casinos (WYNN, LVS, MPEL)

Burning Money PicNews out of Macau, China is crushing some of the gambling stocks that have direct operations in Macau.  It looks like the Chinese are considering curbing the number of gambling tables, the minimum age of gamblers that can enter the casinos, and other potential restrictions, according to the Wall Street Journal’s Asia reports.  While the full details and full implications are not yet out, Wynn Resorts Ltd. (NASDAQ: WYNN), Las Vegas Sands Corp. (NYSE: LVS), and Melco Crown Entertainment Ltd. (NASDAQ: MPEL) are all getting hit on the reports.
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Posted on: October 12, 2009 – 1:44 pm in ADR, Casinos, China, Regulation, , ,

52-Week High Club

American Eagle Outfiters Inc. (NYSE: AEO) hit a yearly high of $18.08 after the clothing vendor announced that it had raised its 3Q09 EPS estimate to $0.24-$0.26 from $0.22-$0.25.  

Anheuser-Busch InBev SA (NYSE: BUD) hit a yearly high of $48.19 after yesterday’s announcement that the company would be setting its theme park business to private equity firm Blackstone Group for $2.7 billion.

Colgate-Palmolive Company (NYSE: CL) hit a yearly high of $79.03 after the company declared a quarterly cash dividend of $0.44 per common share, payable on the 13th of November to all those in possession of the shares as of October 26th.

3Com Corporation (NASDAQ: COMS) hit s yearly high of %5.54 after yesterday’s annoumcement that the company had entered into contracts with the Republic of Korea Army and Republic of Korea Air Force to upgrade their local area networks.

Garrett W. McIntyre

Posted on: October 8, 2009 – 4:37 pm in ADR, Dividend, Food, Mergers and Buy Outs, Private Equity, Retail, Technology, , , ,

ITC Investigation: Toyota Hybrid Patents (TM)

Toyota LogoToyota Motor Corp. (NYSE: TM) is not trading lower on a patent investigation in the United States.  There is no way to know at this time just how broad the implications could be for Toyota or other hybrid makers, but the U.S. International Trade Commission, or the ITC, has voted to investigate patents that pertain to certain hybrid electric vehicles and their components in certain hybrid electric vehicles containing both an electric motor and an internal combustion engine, as well as components.  This specifically targets Toyota in the complaint, brought by Paice LLC of Bonita Springs, Florida.
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Posted on: October 6, 2009 – 1:55 pm in ADR, Autos, Law,

Brazil Olympic Stock Plays Feeling Lofty (EWZ, BRF, BZF, BBD, BRP, BTM, BAK, PDA, EBR, ABV, ELP, SID, CPL, ERJ, GFA, GGB, GOL, ITUB, NETC, PBR, TAM, TNE, TSP, VALE, VIV, VCP)

Rio Olympic ImageInvesting into emerging markets where the Olympics are headed is supposed to be a safe bet, in theory.  Despite a flat close for stocks in the U.S. on Friday, Brazilian shares rose almost across the board Friday after last week’s decision to send the 2016 Summer Olympics to Rio de Janeiro.  It was huge for the iShares MSCI Brazil (NYSE: EWZ) gaining 1.9% to $67.30 ($26.64 to $68.50 is the 52-week range) and the Market Vectors Brazil Small-Cap ETF (NYSE: BRF) rose 1.5% to $39.76 (its 52-week range is $23.68 to $40.42).  The WisdomTree Dreyfus Brazilian Real (NYSE: BZF) currency ETF rose 0.54% to $25.89.

Outside of the ETF investing, this story becomes one where stocks may still have great growth prospects.  But if you are a value investor or one who does not like to chase stocks when they are close to yearly or all-time highs, then there is a problem.  So many of these stocks are hitting highs or are so close that you have to wonder just how much upside is there.  Using 52-week highs and all-time highs is of course not the only metric for valuations, but you might be surprised as you read through a summary of the major Brazilian stock performances on Friday alone.  Throw in the Brazilian Real currency versus the US Dollar component as these are all ADRs and it adds in yet another element.

Banco Bradesco S.A. (NYSE: BBD) is the huge Brazilian bank and its shares rose 1.8% at $19.94, with a 52-week trading range of $7.40 to $20.20 and an all-time high north of $24.00.

Brasil Telecom Participacoes S.A (NYSE: BRP) is a telecom player in Brazil and its shares rose 2.9% to $52.33, with a 52-week trading range of $22.00 to $53.49 with highs in 2007 and 2008 hitting north of $80.00.

Brasil Telecom S.A. (NYSE: BTM) is a telecommunications services provider whose shares rose 3.3% to $26.28 and its 52-week trading range is $9.49 to $26.55 and it was in the mid-$30’s in early 2008.

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Posted on: October 5, 2009 – 7:01 am in ADR, Commodities, ETF, Economy, Emerging Markets, Entertainment, Financial Stocks, HI/LOW, Infrastructure, Large Cap Stocks, Politics, , , , , , , , , , , , , , , , , , , , , , , , , ,

52-Week High Club

3Com Corporation (NASDAQ: COMS) rallies over 6% to $5.39 following a positive earnings release on Thursday.

Aspect Medical Systems (NASDAQ: ASPM) rallies over 55% to $11.91 on news that Covidien had agreed to buy the company for $210 million.

Green Mountain Coffee (NASDAQ: GMCR) rallied over 6% today to $75, leading gains among its coffee-vending peers.

BanColombia S.A. (NSYS: CIB) hit a year high of $42.66 on no news but amid a continuing rally in Latin American bank ADRs.

Greenhill (NYSE: GHL) hits a new yearly high of $88.28 as boutique M&A firms continue to benefit from the instability of larger rivals.  

Garrett W. McIntyre

Posted on: September 28, 2009 – 4:42 pm in ADR, Autos, Banking, Biotech, Commodities, Cult Stock, Emerging Markets, Financial Stocks, Telecom, , , , ,

Solarfun Looks ‘Good Enough’ (SOLF)

Solar Panel PicSolarfun Power Holdings Co. Ltd. (NASDAQ: SOLF), a photovoltaic cell and PV module maker in China, is trading higher after the company gave guidance.  The outlook for the third quarter of 2009 is for revenues to be RMB918 to RMB984 million, which translates to roughly $134.46 million to $144.12 million after converting to US Dollars. The consensus estimates from Thomson Reuters is $163.13 million.  While this guidance looks soft, it appears to be good enough or close enough when you look at the other forecasts it gave.
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Posted on: September 17, 2009 – 9:48 am in ADR, Alternative Energy, China, Green Biz,

Shanda IPO Taking Shape (SNDA, GAME, CYOU, SOHU)

The spin-off IPO for Shanda Games Limited (NASDAQ: GAME) is coming next week and the company has set the expected price band for its 63+ million American Depositary Shares in range of $10.50 and $12.50 per share.  The company is a wholly-owned subsidiary of Shanda Interactive Entertainment Limited (NASDAQ: SNDA) and will in many ways continue after the IPO to effectively be under the parent.
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Posted on: September 16, 2009 – 4:05 pm in ADR, China, Entertainment, IPOs, Video Games, , , ,

Budweiser Returns For US Investors (BUD, TAP, SAM, HOOK)

Bud Image Budweiser is back for US investors.  It has been some time that US investors have been able to invest in an large beer company since  Anheuser-Busch was acquired by InBev.  But it is coming back to a US-stock-listing. Anheuser-Busch InBev has announced that starting Wednesday, September 16, its ADR will list on the NYSE under the old “BUD” ticker.  The NYSE listing upgrades the company´s existing Level I ADR program, which was launched on July 1, 2009.

It has been hard for US investors to invest in the beer market.  Molson Coors Brewing Company (NYSE: TAP) was the largest, and despite its Denver HQ many are under the impression that they are investing in the Canadian Molson beer company since Coors and Molson merged.  Besides that for US-beer plays, investors have only had Boston Beer Co. Inc. (NYSE: SAM) with a small $550 million market cap and the micro-cap stock Craft Brewers Alliance Inc.   (NASDAQ: HOOK) to invest in with its $57 million market cap.

Following the Peter Lynch mantra, investors can once again invest in the company of a brand they regularly use.

JON C. OGG
September 11, 2009

Posted on: September 11, 2009 – 12:42 pm in ADR, Buffett, Calendar, Consumer Goods, Editor's Picks, Exchange News, Food, Mergers and Buy Outs, Product Review, Retail, , , ,