Posts for Ticker ‘AINV’

Top Pre-Market Analyst Downgrades (AFFX, APD, ACAS, AMLN, AMAT, AINV, CTXS, DRYS, XOM, IRBT, LRCX, NFLX, NSR, NHY, NYX, BTU, UPS)

Burning_money_picThese are some of the top pre-market analyst downgrades and cautious calls we are seeing this Thursday morning:

  • Affymetrix (AFFX) Cut to Underweight at JPMorgan.
  • Air Products (APD) Cut to Neutral at JPMorgan.
  • American Capital (ACAS) Cut to Underperform at KBW.
  • Amylin Pharma (AMLN) Cut to Sell at Canaccord.
  • Applied Materials (AMAT) Started as Sell with $8 target at Auriga.
  • Apollo Investment (AINV) Cut to Market Perform at KBW.
  • Citrix Systems (CTXS) Cut to Neutral at Credit Suisse.
  • DryShips (DRYS) Cut to Underperform at Oppenheimer.
  • Exxon Mobil (XOM) Cut to Neutral at Goldman Sachs.
  • iRobot (IRBT) Cut to Neutral at JPMorgan.
  • Lam Research (LRCX) Cut to Underperform at Credit Suisse.
  • Netflix (NFLX) Started as Sell at Maxim Group.
  • Neustar (NSR) Cut to Neutral at JPMorgan.
  • Norsk Hydro (NHY) Cut to Market Perform at Bernstein.
  • NYSE Euronext (NYX) Cut to Neutral at Piper Jaffray.
  • Peabody Energy (BTU) Cut to Market Perform at FBR.
  • United Parcel Service (UPS) Cut to Underweight at Morgan Stanley.

Jon C. Ogg
January 29, 2009

Posted on: January 29, 2009 – 7:57 am in Analyst Calls, , , , , , , , , , , , , , , , ,

Top Pre-Market Analyst Downgrades (AINV, BHI, BAC, WFR, MBT, OZM, SPWRA, STP, VIP, WMT)

Burning_money_picThese are some of the top pre-market analyst downgrades or cautious calls we are seeing from Wall Street this Wednesday morning:

  • Apollo Investment (AINV) Cut to Neutral from Overweight at JPMorgan.
  • Baker Hughes (BHI) Cut to Underweight at from Overweight at Morgan Stanley.
  • Bank of America (BAC) Cut to Neutral at Baird.
  • MEMC Electronics (WFR) Cut to Hold at Citigroup.
  • Mobile TeleSystems (MBT) Cut to Underperform at credit Suisse.
  • Och-Ziff Capital Management Group LLC (OZM) Cut to Market Perform at KBW.
  • Sunpower (SPWRA) Started as Neutral at Merriman Curhan Ford.
  • Suntech Power (STP) Started as Sell at Merriman Curhan Ford.
  • Vimpel Com (VIP) Cut to Neutral from Outperform at Credit Suisse.
  • Wal-Mart (WMT) Cut to Neutral from Outperform at Credit Suisse.

Jon C. Ogg
January 21, 2009

Posted on: January 21, 2009 – 7:40 am in Analyst Calls, , , , , , , , , ,

Top Pre-Market Analyst Downgrades (AINV, BHI, CNI, RDEN, KSU, PALM, RL, RRGB, SII, TER)

These are some of the top pre-market analyst downgrades on Wall Street this Tuesday morning:

  • Apollo Investment (AINV) Cut to Neutral at JPMorgan.
  • Baker Hughes (BHI) Cut to Underweight at Morgan Stanley.
  • Canadian National Railway (CNI) Cut to Neutral at Goldman Sachs.
  • Elizabeth Arden, Inc. (RDEN) Cut to Market Perform at Wachovia.
  • Kansas City Southern (KSU) Cut to Neutral at JPMorgan.
  • Palm (PALM) Cut to Neutral at JPMorgan.
  • Polo Ralph Lauren (RL) Cut to Sell at Goldman Sachs.
  • Red Robin Gourmet (RRGB) Cut to Equal Weight at Morgan Stanley.
  • Smith International (SII) Cut to Equal Weight at Morgan Stanley.
  • Teradyne (TER) Cut to Perform at Oppenheimer.

Jon C. Ogg
January 20, 2009

Posted on: January 20, 2009 – 7:51 am in Analyst Calls, , , , , , , , , ,

Second Round Analyst Downgrades (AINV, T, GSIC, MFE, NVLS, SNH, TSO, TXRH, VZ)

Burning_money_picIt seems that the early bird analyst calls did not capture the notion that analysts are starting 2009 with more opportunities to downgrade stocks.  Here are some additional pre-market analyst downgrades from Wall Street this Monday morning:

  • Apollo Investment Corporation (NASDAQ: AINV) Cut to Sell at Stifel Nicolaus; shares are down over 5% on the call.
  • AT&T (NYSE: T) Cut to Market Perform at Bernstein; shares down over 2%.
  • GSI Commerce (NASDAQ: GSIC) Cut to Hold at Stifel Nicolaus.
  • McAfee (NYSE: MFE) Cut to Neutral at Credit Suisse.
  • Novellus (NASDAQ: NVLS) Cut to Underperform at Credit Suisse.
  • Senior Housing (NYSE: SNH) Cut to Neutral at UBS; shares indicated down 2%.
  • Tessoro (NYSE: TSO) Cut to Sell at Soleil.
  • Texas Roadhouse (NASDAQ: TXRH) Cut to Neutral at Credit Suisse.
  • Verizon Communications (NYSE: VZ) Cut to Underperform at Bernstein; shares down almost 3%.

Here are the top 10 pre-market analyst upgrades and downgrades:

Jon C. Ogg
January 5, 2009

Posted on: January 5, 2009 – 9:24 am in Analyst Calls, , , , , , , , ,

Apollo Sells Stock, Pays Down Debt (AINV)

Apollo Investment Corporation (NASDAQ: AINV) has priced its proposed secondary stock offering this morning.  The company sold 22,327,500 shares at an offering price of $17.11 per share, in an approximate $382 million of gross proceeds.  As far as how this compares to the overall size of the company, Apollo’s market cap is roughly $2 Billion.

Leon Black, Chairman & CEO of "AGM" and Joshua Harris, President of "AGM" have each subscribed for $10 million and $2.5 million, respectively, at the offering price of $17.11 per share. 

Net proceeds of the offering to repay debt owed under its senior credit facility, to make investments in portfolio companies, and for general corporate purposes. 

J.P. Morgan was the sole book-runners, and co-managers were listed as Keefe Bruyette & Woods, SunTrust Robinson Humphrey, and BB&T Capital Markets.

Shares are down almost 1% at $17.12; the 52-week trading range is $12.49 to $24.17.

You can join our open email distribution list to hear about other secondary offerings, special financings, mergers, IPO’s, spin-offs, and other special situations.

Jon C. Ogg
May 13, 2008

Posted on: May 13, 2008 – 9:23 am in Financial Stocks, Private Equity, Secondary Offering,

SPAC IPO FILING: Transformation Capital… Public Hedge Fund? (TCY, TCY.U, AINV)

Transformation Capital is another special purpose acquisition company or SPAC that has filed to come public via an initial public offering.  The company has many options like all SPAC filings indicate, although it intends to initially focus on the alternative asset management sector.  In short, we’re about to have either a hedge fund or other alternative asset management company coming public.

Its plans to offer 15 million units at an expected price of $10.00 that will consist of a share of stock and one warrent per unit.  Transformation will list on the AMEX under the ticker "TCY.U." There is also an overallotment of 2.25 million units, so this could raise $172.5 million if fully subscribed.  Banc of America was listed as the sole book-running manager for the SPAC IPO.

Randall Yanker is the company’s CEO, and he is a former CEO of Lehman Brothers Alternative Investment Management.  According to the filing, he has more than 25 years of trading, investment management and biz-dev experience with investment banks including Salomon Brothers, Swiss Bank Corporation and Lehman Brothers. Randy is also a co-founder and senior partner of AAM, a private investment boutique focused on advising institutions on alternative asset management.

Elliot Stein Jr. is the chairman with more than 30 years, and he is a director of Apollo Investment Corporation (NASDAQ: AINV), a publicly traded closed-end, non-diversified management investment company.  Rodney Yanker is chief operating officer, secretary and director, and he worked at firms such as Deloitte & Touche and at Ramsey Financial. He is also co-founder of AAM.

It sure sounds like we are about to have another public hedge fund operator, or at least something close to it.

Jon C. Ogg
March 3, 2008

Posted on: March 3, 2008 – 12:51 pm in Financial Stocks, IPOs, , ,

Blackstone Expedites IPO Date (BX)

Blackstone Group LP (BX-NYSE) is now expecting to price its IPO on this Thursday evening for a Friday trade date, one week earlier than originally planned.  The company has apparently ended the road show on more than enough demand for its shares.  The good news is that this means all that negative publicity and all of the preemptive tax issues are not killing the stock.  This is also probably to stem all of the pre-IPO coverage around the company itself rather a key individual who keeps staying in the media.

The IPO is expected to be in the $4 Billion area raised as the company is selling roughly a 12% stake in partnership units at an indicated price of $29.00 to $31.00.  Last week we made a note that the press media giving near-Tabloid coverage to it could affect valuations and could even impact the timing.  Perhaps this will curb that notion.

Depending on how this is received, you are likely to see more private equity firms and hedge funds come public later this summer.  The only ‘recent’ IPO even close to this was the earlier IPO for Fortress Investment Group LLC (FIG-NYSE).  There are many other private equity and public investment firms that have been public for some time, and here is a list if you would like to review: American Capital Strategies (ACAS-NASDAQ), Allied Capital Corp (ALD-NYSE), Apollo Investment Corp (AINV-NASDAQ), and more.

Jon C. Ogg
June 19, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Posted on: June 19, 2007 – 9:32 am in IPOs, Private Equity, , , , ,