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TD AMERITRADE Holding Corporation (NASDAQ: AMTD) has just filed an automatic shelf registration statement with the SEC today, which many rumor mongers may jump on and point to the notion that this lends more credibility to some buyout rumors from yesterday that it may want to acquire E*TRADE Financial Corporation (NASDAQ: ETFC). AMERITRADE did not offer any terms nor any size or timing, but the offering is solely for senior debt securities and for subsidiary guarantees. As with most automatic shelf registrations, no underwriters were mentioned by name.
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Posts related to ‘Brokerage Firms’
AMERITRADE Shelf Registration Spurs E*TRADE Speculation Further (AMTD, ETFC, SCHW)
Verisk Analysts, Lackluster Initiations (VRSK)
Verisk Analytics, Inc. (NASDAQ: VRSK) is seeing some very cautious or at least unexciting analyst initiations now that its quiet period has ended. This post-IPO has at least held its value, which is more than many other post-IPOs can claim. The risk management suite of actuarial data came public in early-October in a $1.9 billion IPO after it sold 85.25 million shares at $22.00 per share.
It turns out that many felt it was a fully priced deal. Yet the stock popped above the pricing and has never gone back close to it. Since the deal opened, it has traded in a trading range of $26.10 to $30.00. The problem is that today’s slate of analyst initiations has failed to give investors any solid endorsement nor any solid hope of a real growth of shares.
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Goldman Sachs’ Last Minute GDP Cut (GE)
Much of today’s weakness in the equity markets is not just due to a stronger dollar or an equity market that still may be ahead of itself. A strategist call from Goldman Sachs Group (NYSE: GS) with a lower target on Q3 Gross Domestic Product may have just piled on top of other weaker economic data. A weaker-than-expected durable goods this morning and a drop in new homes only added to the pressure. The call from Goldman Sachs is for Q3 GDP of 2.7%, down from a prior forecast 0f about 3.0%. The official Bloomberg estimate was still 3.0% for Q3.
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52-Week High Club
Autodesk Inc. (NASDAQ: ADSK) rallied over 5% to a yearly high of $27.26 after the company’s shares were upgraded to “buy” by Kaufman Brothers LP, who set their 12 month price target at $30.
Genex Corporation (NASDAQ: GNTX) jumped over 20% today after the vehicle mirror supplier announced a 3Q profit of $0.17, beating analyst estimates.
CNH Global NV (NYSE: CNH) jumped over 12% to a yearly high of $22.75 after the tractor maker reported a loss of $0.09 per share, beating analyst estimates.
Morgan Stanley (NYSE: MS) rallied over 5% to a yearly high of $35.00 after the company reported a 3Q profit of $0.38 per share and declared a dividend of $.05.
Garrett W. McIntyre
Bove Still Bullish, A Double For Citigroup (GS, C)
Calling for more and more gains after what we have seen in the troubled financial sector is a tough call on the surface. Yet, that is what Rochdale’s Dick Bove is calling for, again. He gave a quick CNBC interview today calling for more upside in some of the financial stocks. Bove called Goldman Sachs Group Inc. (NYSE: GS) the best managed of the financial sector leaders. But he also noted that Citigroup Inc. (NYSE: C) was the cheapest of the major financial stocks.
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The Financial Leader Theme: Profit Taking (GS, C, SCHW, JPM, FAS)
Goldman Sachs Group Inc. (NYSE: GS), Citigroup, Inc. (NYSE: C), and The Charles Schwab Corporation (NASDAQ: SCHW) have all reported earnings. All came in above or in-line with estimates and there is not really anything wrong with the numbers when you compare them to expectations, yet there is some disappointment on the trading floors. We noted yesterday how JPMorgan Chase & Co. (NYSE: JPM) set the bar extremely high for the rest of the financial leaders. As a result, the common theme here is profit taking in all of the majors. There is even enough profit taking that the highly volatile triple-leverage Direxion Daily Financial Bull 3X Shares (NYSE: FAS) ETF is selling off as well.
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Top Financial Earnings on Deck (JPM, GS, C, BAC, PRSP, FAS, FAZ)
This week is the week we have 6 DJIA components reporting earnings as the first real week of earnings season, but the big financial stocks reporting will set the tone for how the rest of the financial sector’s earnings are going to be received. In banking we have the cleanest bank in JPMorgan Chase & Co. (NYSE: JPM) reporting and the cleanest brokerage firm, ergo bank holding company with no bank, in Goldman Sachs Group Inc. (NYSE: GS). We also have Citigroup Inc. (NYSE: C) on Thursday and Bank of America Corporation (NYSE: BAC). While Prosperity Bancshares Inc. (NASDAQ: PRSP) is far from any national leadership bank, it is deemed by the investment community as one of the cleanest regional banks out there and its earnings are due Friday morning.
These earnings also going to have a direct impact each day in the trading of the highly volatile Direxion Daily Financial Bull 3X Shares (NYSE: FAS) and Direxion Daily Financial Bear 3X Shares (NYSE: FAZ). Be advised that Direxion has been making its own disclosures that these triple-leverage ETFs target effective moves during the trading session rather than how they trade through time and from closing bell to opening bell the next day. Our take is that you could easily see double-digit percentage moves in these two ETFs on Wednesday, Thursday, or Friday because of the sector volatility.
Meredith Whitney Dumps Goldman Sachs Ahead of Earnings (GS)
Goldman Sachs Group Inc. (NYSE: GS) is on deck for earnings this week. Its earnings news may have just been derailed by a key influential analyst call. Meredith Whitney, now with Meredith Whitney Advisory Group rather than Oppenheimer, has come out and downgraded the stock. Goldman Sachs was her only “BUY” rated stock before this morning, and now the rating has been taken down to “NEUTRAL” ahead of earnings.
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Citi Escapes Big Bonus Issue, Unloads Phibro to Occidental (C, OXY)
If you can’t take the heat, get out of the kitchen. That is what Citigroup, Inc. (NYSE: C) has done over its Phibro commodities trading unit. Occidental Petroleum Corporation (NYSE: OXY) has signed an agreement to acquire Phibro LLC from Citi “for approximately net asset value.” Interestingly enough, that net asset value was not disclosed, although Occidental disclosed that its net investment would come to about $250 million.
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The New Lehman Trade: Selling the Bankruptcy Claims (BAC, MS, CS)
There have been many ways which companies exit bankruptcy court. Historically, many companies have used tax loss carryforward strategies as well. But selling a claim against assets for recovery in bankruptcy is a strategy that is less well known by the public. If the Bloomberg reports are correct, then Bank of America Corporation (NYSE: BAC) may be selling claims against the Lehman bankruptcy. Based on what we saw last month, this would be at least the third firm to be selling Lehman claims.
Very Mixed Analyst Calls in Financial Stocks (GS, MS, BBT, CMA, FITB, PNC, PRSP, STI, WFC)
We are seeing a very mixed picture among the analyst calls this morning over banks and financial stocks. We are seeing some very positive “BUY” calls and we are also seeing some new “SELL” calls.
Goldman Sachs (GS) Started as Buy at Deutsche Bank.
Morgan Stanley (MS) Started as Buy at Deutsche Bank.
BB&T (BBT) Started as Sell at UBS.
Comerica (CMA) Started as Sell at UBS
Fifth Third Bancorp (FITB) Started as Sell at UBS.
PNC Financial (PNC) Started as Sell at UBS.
Prosperity Bancshares (PRSP) Cut to Underweight at Morgan Stanley.
SunTrust (STI) Started as Sell at UBS.
Wells Fargo (WFC) Started as Sell at UBS.
You can join our open email distribution list to get updates each morning on analyst upgrades and downgrades, top day trader alerts, IPO’s and secondary offerings, Warren Buffett and other guru activity, M&A and more.
JON C. OGG
October 8, 2009
52-Week High Club
BlackRock Inc. (NYSE: BLK) hits a yearly high of $220.17 on analyst upgrade from Deutsche Securities. Most other asset managers saw declines today.
Greenhill & Co. (NYSE: GHL) hit a yearly high of $87.02 , likely on recently optimism concerning a pick up in M&A activity. Goldman Sach (NYSE: GS) also hit a new yearly high.
Apple (NASDAQ: AAPL) hits a yearly high of $188.90 , potentially on news that regulators may change accounting rules in a away that will raise tech profits.
Garrett W. McIntyre
Secondaries Keep Flooding In (DVR, FSP, HBAN, MWA, NMM, HEAT, SAH, SXCI, VVUS, BRKR)
You know the market is still strong when secondary floodgates open up and are so well received that so many deals are seeing increased offerings. Some of the deals we have seen this morning alone are Cal Dive International Inc. (NYSE: DVR), Franklin Street Properties Corp. (NYSE: FSP), Huntington Bancshares Incorporated (NASDAQ: HBAN), Mueller Water Products, Inc. (NYSE: MWA), Navios Maritime Partners L.P. (NYSE: NMM), SmartHeat Inc. (NASDAQ: HEAT), Sonic Automotive Corp. (NYSE: SAH), SXC Health Solutions (NASDAQ: SXCI), and VIVUS Inc. (NASDAQ: VVUS). Of the deals that priced today, the total came to more than $1.4 billion. We have also seen a new filing out of Bruker Corporation (NASDAQ: BRKR) for selling family members not tied to the business. Full details and some added color on each deal are provided below.
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S&P Knocking Down Another $578 Billion in CDO Ratings
Standard & Poor’s Ratings Services is making a house-cleaning exercise which could have a broad impact on the ratings of thousands of already-troubled securities. S&P is changing its ratings criteria for collateralized debt obligations backed by corporate debt, or CDO’s. You know, those things that still can’t be properly valued by banks and that blew up the financial system…. As a result of this criteria recalibration, roughly 4,790 CDO tranches with an implied value of about $578 billion is now on watch for downgrade.
Bove Could Care Less About Mack Leaving (MS, GS, JPM)
Dick Bove of Rochdale Securities does not care about John Mack leaving Morgan Stanley (NYSE: MS). In fact. you might think he’s even glad to see some new blood managing the company. Bove called the brokerage firm’s, a.k.a. bank holding company without a bank, outlook positive. He noted that Morgan Stanley’s balance sheet is under control and believes that the firm is ready for major gains. He called the stock attractive and said it was poised to grow again.
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E*TRADE Almost Reverses Own Fortune (ETFC)
The analyst who upgraded E*TRADE Financial Corporation (NASDAQ: ETFC) at Citigroup is probably not feeling as confident as compared to about an hour ago. Citi raised its rating to BUY from Hold and raised its target to $2.30 from $1.50. This had shares marked up higher as per our “Volume Spike” alert service. But then at 9:20 AM EST, a headline hit saying that E*TRADE had terminated its stockholder rights plan and filed for an ATM (at-the-market) program to issue common stock. This is on the heels of the announced CEO departure last week.
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Whacking Mack (MS)
It turns out that all the rumors of the resignation or retirement of top dog John Mack turned out to be accurate. Better late than never… Morgan Stanley’s (NYSE: MS) Board of Directors announced today that Co-President James P. Gorman will become the new CEO as many had expected. The effective date will be January 1, 2010.
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Meredith Whitney Gets More Cautious, Mostly (GS)
Meredith Whitney has come out with some key takes this morning that may be raining on the bull’s parade. For starters, Whitney was just named as the #39on the list of Fortune’s 50 Most Powerful Women. But after that, the pleasantries slide away and she put on the roar of the bear once again. In a CNBC interview she panned banks, noting that the powers driving banks will not be the same in the near future.
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The Lame Blame on Short-Termism
There is a very silly notion being brought to you by the Aspen Institute Business & Society Program’s Corporate Values Strategy Group and what is admittedly a rather impressive list of names joining it. It is a call to end “Short-Termism” in the financial markets. Imagine a long-term financial utopia where investors did not have to trouble themselves with the day in and day out wranglings of the stock market or the economy.
Imagine if quarterly earnings, monthly same-store-sales, quarterly or annual guidance, key turns in the demand cycle, interruptions or obsolescence of a business model and other issues were just able to be smoothed over. Now imagine investing in this sort of a climate. This idea sounds great on paper and probably looks great on economic models and charts that are the basis for the notion because it goes along with the current theme of thinking for the long-haul and doing what is best for everyone else. The problem is that this is the most silly and perhaps dangerous notion for the public to embrace. This is a path for investors large and small to get drummed, slapped, duped, discouraged and a few other things we decided not to print.
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GAIN, or FOREX.COM, Files For IPO
GAIN Capital Holdings, Inc., and online provider of retail foreign exchange trading and related services with the FOREX.COM portal, has just filed to come public via an initial public offering. The IPO terms and shares are not disclosed, but for filing purposes it listed a sale as being up to $125 million in shares being sold. It also listed NASDAQ as the exchange it would trade on, but did not offer up a stock ticker. The two underwriters listed on the preliminary prospectus are Morgan Stanley and Deutsche Bank.
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