Reuters: The US faces a long period of economic stagnation.
Reuters: Obama will release plans for a financial market overhaul.
Reuters: The White House will not help California fix its deficit.
Reuters: Large US company bankruptcies are accelerating.
Retuers: News Corp’s (NWS) MySpace fired 30% of its staff. Read More
It seems that even the Governator is having a hard time saving California, and many are blaming him for the state’s ballooning budget deficit. The company is facing billions in deficits and the headlines around the web put the state only weeks away from a financial meltdown. The state entered another moratorium for foreclosures, yet ask anyone from outside of the state if they think property has yet to get dirt cheap there. There are probably 20 or so single-state closed-end municipal bond funds that investors own. These come from AllianceBernstein Holding L.P. (NYSE: AB), BlackRock, Inc. (NYSE: BLK), Eaton Vance Corp. (NYSE: EV), Morgan Stanley (NYSE: MS), Nuveen, and PIMCO. Interestingly enough, most of these municipal bond funds are up on the day. This is also not the full list in the entirety of the California single-state muni funds and does not include the open-ended funds:
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With ‘the Governator’ saying California is on the verge of financial Armageddon, there is concern about billions of investor dollars in municipal bond funds. This raises many questions about that sustainability of municipal bonds that are issued specifically in California, which are widely held by closed-end funds (and open-end mutual funds). There are many California-only closed-end funds that trade actively. Keep in mind that some funds have seen dividend interruptions and others may based upon discount to net asset values and an inability from some funds to pay dividend series.
We have outlined some of the many California funds and sorted the screened funds by name and ticker, with prices, 52-week trading ranges, indicated dividend yield (some suspended), and by market cap.
| Today’s top tickerspy Indexes | |
| Bill Collector St... | +9.1% |
| Airline Stocks | +5.3% |
| Vehicle Rental St... | +5.1% |
| Home Furnishing R... | +4.5% |
| Gold and Silver S... | +4.2% |
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