Posts related to ‘Exchange News’

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, , , ,

The Lame Blame on Short-Termism

Bull and Bear ImageThere 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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Posted on: September 9, 2009 – 12:10 pm in Accounting, Activist Investor, Brokerage Firms, Buffett, Economy, Editor's Picks, Exchange News, Labor & Unions, Regulation, Research, Shareholder Issues, Utilities, Value Investing, , , , , , ,

Fannie’s NYSE Listing Satisfaction, Celebrating Pain (FNM, FRE)

burning-money-picFannie Mae (NYSE: FNM) made an announcement that the troubled mortgage giant and GSE received notice yesterday from the New York Stock Exchange that it has regained compliance with the NYSE’s minimum price standard for continued listing of its common stock.  It was back in November 2008 that the NYSE notified the company that it had failed to satisfy the $1.00-rule.
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Posted on: September 4, 2009 – 8:53 am in Exchange News, Financial Stocks, Housing, Regulation, ,

Instinet Making Options Platform Acquisition (NMR)

Money Stack ImageInstinet is often thought of as one of the oldest electronic communications networks, or ECN’s, which traders have used for years for equities trading; but now it is effectively an agency broker.  It looks like Instinet’s platform is about to be expanded  into options with an acquisition.  This morning came an announcement that Instinet has agreed to acquire substantially all the business and assets of TORC Financial, LLC.  TORC is a provider of derivatives trading technologies.  Instinet noted that this will give immediate access to TORC’s suite of options-focused and ‘broker-agnostic solutions’ for institutional derivatives trading. As far as what the terms were, financial terms were not disclosed in the announcement.
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Posted on: August 26, 2009 – 10:20 am in Brokerage Firms, Exchange News, Financial Stocks,

New Pre-IPO Financing Model, With NYSE Rather Than Around NYSE (NYX)

Money Stack ImageInsideVenture was there for the open at the NYSE Euronext (NYSE: NYX) today, and the company is trying to open up wider markets for venture-backed and late-stage companies to come public.  These models look more like a quasi-public model rather than full initial public offerings being sold to the public on an exchange.
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Posted on: June 1, 2009 – 11:40 am in Exchange News, IPOs, Private Equity, Secondary Offering,

Is Carbon Trading or Cap and Trade Dying On The Vine? (ICE, CME, NDAQ, BRK-A)

carbon-emission-imageOne of the Obama proposals to fight global warming and climate change may be up against the ropes.  This is emissions trading, or what the media calls “cap and trade.” There are many who consider this type of emissions trading to be the Holy Grail, and there are many who claim it does nothing other than create a business expense or hidden tax.  It could represent a huge new market for the IntercontinentalExchange, Inc. (NYSE: ICE) and the CME Group Inc. (NYSE: CME), as well as Climate Exchange plc (OTC-CXCHF) as the owner of the Chicago Climate Exchange.  Climate Exchange plc (LSE: CLE.L) is an AIM listed company which owns the world’s leading environmental exchanges.

We think that it is probably too early to call “cap & trade” a dead idea.  But what is looking more likely is that at best what will be headed to a Congressional vote is a greatly watered-down version of cap & trade.  If a watered-down version does not come first, then we have many reasons to believe that this may be an issue to debate in 2011 rather than 2009.

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Posted on: May 4, 2009 – 1:45 pm in Banking, Commodities, Exchange News, Financial Stocks, Green Biz, Infrastructure, Politics, Regulation, , , ,

NASDAQ Offers Life To Hundreds of Stocks (NDAQ, CHTR, FNSR, LVLT, OPWV, PEIX, PWAV, PWAV, RFMD, SANM, SIRI, SPSN)

Money_stack_pic_4Nasdaq_logoThe NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) is making it easier for the army of relatively new penny stocks to maintain their listings on NASDAQ.  The exchange filed with the SEC to extend its suspension of the rules requiring a minimum $1.00 bid price and its minimum market value of publicly held shares.  This was initially set to expire in January, but the terms will now be extended until Monday, April 20, 2009.  With as many stocks that have violated that $1.00 mark in recent weeks and months, this is hardly a surprise and it would even go against the exchange’s own interests to boot this many stocks off the exchange.

We ran a screen for NASDAQ stocks with active trading volume, share prices under $1.00, and those which have traded over $1.00 in the last 52-weeks.  Some of the most usual suspects here are as follows:

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Posted on: December 19, 2008 – 10:26 am in Cult Stock, Exchange News, Small Cap Stocks, Trading Alert, , , , , , , , , , ,

Madoff: The $50 Billion Ponzi Man (NDAQ)

Bernie Madoff, the former non-executive Chairman of the NASDAQ (NASDAQ: NDAQ), has been arrested on an investor fraud case that has massive implications over trust and legitimacy on Wall Street.  The good news is that this fraud does not appear to be a systematic risk event.  The bad news is that the losses may be well into the "billions" of dollars.  The second bit of bad news is that this is just another mark against an already tarnished image on Wall Street.

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Posted on: December 12, 2008 – 9:34 am in Exchange News, Financial Stocks, Law, Management Change, SEC,

Delisting Roulette (NT)(F)(FNM)(FRE)(AIG)(SIRI)(JAVA)

95129cThe Nasdaq and NYSE have all sorts of rules about what a company has to have in terms of total shareholders, stock price, and balance sheet ratios to get listed. Both operations also have regulations about what it takes to stay a listed company.

One of the key benchmarks is that corporations cannot trade below a dollar for too long. In most cases that period is 30 days. If a firm does not comply, it usually has some time to put together a plan to fix the trouble. In many instances that involves a reverse-split. In others the companies may put together spreadsheets and documents to predict how their business will get better thereby pulling investors into their shares.

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Posted on: December 12, 2008 – 6:16 am in Exchange News, , , , , ,

CME’s Mixed Bag (CME)

CME Group Inc. (NYSE: CME) has reported earnings of $2.81 GAAP EPS on revenue of $681 million, but non-GAAP earnings were $4.13 EPS if you include NYMEX and CME merger operations. 

The numbers today are going to be harder for analysts and traders to interpret because of all the combined businesses.

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Posted on: October 29, 2008 – 3:13 pm in Earnings, Exchange News,

CME Owners Bracing For Earnings (CME)

Cme_logoCME Group Inc. (NYSE: CME) is set to report earnings after the close of trading today.  The futures and commodities exchange giant estimates (from First Call) are $3.98 EPS and $644.3 million in revenues.  Exchanges and financial companies do not offer guidance, but next quarter estimates are $4.02 EPS and almost $712 million in revenues.

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Posted on: October 29, 2008 – 9:47 am in Earnings, Exchange News,

Quick Cheat Sheet On Circuit Breakers & Limit Down Futures

Down_arrow_redWe wanted to give you a brief snapshot of how futures work in "limit down" mode pre-market and then give you a quick hit on how the actual stock market circuit breakers work.  Today we may actually see the circuit breakers come into play after the stock market opens for trading.

Broken_merger_torn_moneyDJIA futures are down 550 points, S&P Futures are halted at -60 points at 855.20, and NASDAQ at -85 points at 1168.50.  These levels can extend to -10% after the open before circuit breakers come back into play.  The way this works is that the futures can reopen if the bids magically come back and the markets would rise, but otherwise futures are halted until the stock market open.  after -10% is reached in futures there is a 2 minute halt, then the limit is extended to allow for -20% with a halt for 2 minutes, and then the limit is extended to 30% down.

Here are the CIRCUIT BREAKERS FOR THE DJIA after the market opens:

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Posted on: October 24, 2008 – 6:46 am in Economy, Exchange News, HI/LOW, Trading Alert

Rite Aid Problems Mounting (RAD)

Rite_aid_logo_2The problems are mounting for Rite Aid Corporation (NYSE: RAD).  Yesterday, the  drug store operator received a non-compliance letter from the NYSE over its shares trading under $1.00 for the last 30-day period.  The company is taking a special step to fix this issue, but it has continued issues that it require its attention.

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Posted on: October 17, 2008 – 8:14 am in Exchange News, Retail, Shareholder Issues, Stock Splits,

What A CDS Exchange Means To Debt Issuers & To You

Money_stack_pic_2There has been talk of creating a central exchange and clearing mechanism for the widely unknown and illiquid Credit Default Swaps, and now that talk has materialized into an actual effort.  The requirements for trading and the sizes of contracts still needs to be worked out.  But the CME Group (NYSE: CME) and Citadel Investment Group have now entered into an arrangement to launch a joint venture for an electronic trading platform integrated with a central counterparty clearing facility for these instruments.  What is more important than the news are the ramifications of this new exchange.  We have taken a very simplified and general approach to this in order to explain how this can ultimately impact corporate America and ultimately the average investor.

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Posted on: October 8, 2008 – 5:14 am in Bonds, Economy, Exchange News, Financial Stocks

Prediction Market Betting on Congress Bailout Passage

Intrade_logoThe government’s bailout package is likely to pass if you believe in the new event-driven alternative futures markets.  The latest active contract on intrade.com, perhaps the most liquid of the "prediction markets," is still indicating a done deal.  These event driven futures work like many with a quote of 50 meaning break even odds, 0 being what it sounds like, and 100 being a prediction of 100% certainty.  For the deal passage to come on or before October 31, 2008, there havebeen 6,102 contracts traded and the last trade seen was 87.0.

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Posted on: October 2, 2008 – 11:30 am in Economy, Exchange News

NASDAQ Cancels Google Trades As Erroneous (GOOG)

Google_image_2Today was a very strange day in Google Inc. (NASDAQ: GOOG) as far as a stock.  As we suspected and went out with after seeing this too many times, NASDAQ has made a determination which will probably only cause minimal pain rather than catastrophic pain to many traders and investors.  We do not have a new adjusted closing price besides that $341.43 as of yet, but you can bet one will be coming. 

Here are NASDAQ comments from 5:01 PM EST:

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Posted on: September 30, 2008 – 4:07 pm in Exchange News, HI/LOW, Internet,

Possible Erroneous Trades Affect Google Close (GOOG)

Google_imageIf you have ever seen odd trading, Google Inc. (NASDAQ: GOOG) saw its fair share of odd trading.  Shares had been up the entire day and right before today’s close there was a massive drop in the price of the stock.  The close was $341.43, which would be an astronomic intraday drop after yesterday’s move and would mark a 52-week low. Its shares fell roughly $50.00 to $381.00 on Monday during the market meltdown.  Today’s move was something else entirely.  Unfortunately, this is the sort of thing that can major problems beyond just how it appears because this was also the end of the quarter. This is likely trading errors or a glitch of some sort, but below is more data.

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Posted on: September 30, 2008 – 3:32 pm in Exchange News, HI/LOW, Internet,

NASDAQ Heads to Vietnam (NDAQ)

The NASDAQ OMX Group, Inc. (NASDAQ: NDAQ) has signed a memorandum of understanding with Vietnam’s Ho Chi Minh Stock Exchange (HOSE).  This is Vietnam’s largest stock exchange.  The exchanges intend to support development of the Vietnamese securities market using NASDAQ OMX’s technology and market experience to strengthen infrastructure, efficiency and liquidity at HOSE and the Vietnamese capital market as a whole.

Before thinking this will add significantly to NASDAQ any time soon, you might want to look at the English version of the active stock page trading volume there.

Jon C. Ogg
September 23, 2008

Posted on: September 23, 2008 – 2:09 pm in Emerging Markets, Exchange News, ,

If NYSE Reinstated Trading Curbs… (NYX)

Once upon a time, on a trading floor not so long ago… The NYSE Euronext, Inc.(NYSE:NYX) used to implement Trading Curbs that were different than the current Circuit Breakers.  This was just when it was the goold old NYSE.  These trading curbs implemented the uptick rule and downtick rule.  They affected program trading and were, as they sound, curbs. These weren’t market fixes in times or turmoil but did theoretically keep the swings in check.  In the days of "bringing on the free-for-all" these were done away with as being ineffective and unnecessary.  There are circuit breakers which can kick into effect, but it now takes a 1,200 point move in the DJIA to kick in. It also results in trading halts rather than just curbs.

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Posted on: September 18, 2008 – 2:38 pm in Exchange News, Index,

Exchange Wars: What Will NYSE Get From Qatar? (NYX, NDAQ, CME)

NYSE Euronext (NYSE Euronext: NYX) has signed a strategic partnership with the State of Qatar in a bid that may transform the Doha Securities Market.  The visibility is aimed to make Doha’s market an international player in the global exchange space and to give the NYSE Euronext with a foothold presence in the Middle East.  NYSE Euronext will purchase a 25% stake in the Doha Securities market for $250 million in cash (US Dollars), in what was said to be the most attractive offer as part of a competitive bidding process.

The State of Qatar and NYSE Euronext to build a new, internationally integrated cash and derivatives exchange in Doha. This will be aligned through equity participation, technology integration and market structure similarity.  The NYSE will get 3 of the 11 board seats on the exchange and the State of Qatar will retain 75% ownership and 8 of the 11 board seats.

This will enhance Doha’s existing cash equities business and provide a platform for derivatives trading and related clearing services.  The NYSE Euronext will act as a partner managing the operation of the new exchange and will appoint the senior management team and providing technology services.  After this is all said and done, Qatar expects to end up with a total market infrastructure capability and will solidify its position as a regional capital market.

The closing of the transaction is subject to regulatory approval and is expected to close during Q4-2008.

If you want to compare this implied $1 Billion market cap based upon the terms of the deal, that compares to a $15+ Billion market cap for NYSE Euronext and compares to a $5.98 Billion market cap for NASDAQ OMX Group Inc. (NASDAQ: NDAQ).  CME Group Inc. (NYSE: CME) has a market cap of $23.9 Billion as of last look.

Jon C. Ogg
June 24, 2008

Posted on: June 24, 2008 – 10:58 am in Exchange, Exchange News, , ,