Posts for Ticker ‘FMT’

NYSE Delisting Candidates, Headed To The Pink Sheets?

With the sudden delisting of the Journal Register, it is interesting to look at who else is on the NYSE list of companies who could get delisted. The NYSE is generally very good about this and lets the companies have time to get into compliance. Below are the lists. They are grouped based on why the NYSE has problems with them.

Issuers that are noncompliant with its quantitative and corporate governance listing standards:

Fremont General Corporation (FMT)

Fremont General Financing I (FMTPR)

Impac Mortgage Holdings, Inc. (IMH)

Impac Mortgage Holdings, Inc. (IMHPRB)

Impac Mortgage Holdings, Inc. (IMHPRC)

Journal Register Co. (JRC)

Luminent Mortgage Capital, Inc. (LUM)

Medifast, Inc. (MED)

Milacron Inc. (MZ)

NIS GROUP CO., LTD. (NIS)

Scottish Re Group Limited (SCT)

Scottish Re Group Limited (SCTPRB)

Sun-Times Media Group, Inc. (SVN)

Zarlink Semiconductor, Inc. (ZL)

Companies as delayed in filing both Annual and Interim Reports:

Beazer Homes USA, Inc. (BZH)
Diebold, Incorporated (DBD)
International Rectifier Corporation (IRF)
Penn Treat American Corporation. (PTA)

Sunrise Senior Living, Inc. (SRZ)
Symmetry Medical Inc. (SMA)
VeriFone Holdings, Inc. (PAY)
W Holding Company, Inc. (WHI)
WellCare Health Plans, Inc. (WCG)

Companies as delayed in filing an Annual Report:

China Yuchai International Limited (CYD)
Fremont General Corporation. (FMT)
Fremont General Financing I (FMTPR)
Impac Mortgage Holdings, Inc. (IMH)
    Impac Mortgage Holdings, Inc. (IMHPRB)
    Impac Mortgage Holdings, Inc. (IMHPRC)
Mesa Royalty Trust (MTR)
Schawk, Inc. (SGK)

Some firms make it on to more than one list, and some, like JRC and FMT, have already left for the "pink sheets"

Douglas A. McIntyre

Posted on: April 17, 2008 – 9:10 am in Exchange News, , , , , , , , , , , , , , , , , , , ,

The 52-Week Low Club (BORL)(SIGM)(NVTL)(AFFX)(CROX)

Fremont General  (FMT) Down 50% today. Finally delisted. Hit bottom at $.26 against 52-week high of $13.80.

Avnet (AVT) Warns on profits. Slips to $27.76 from 52-week high of $44.68.

Kinetic Concepts (KCI) Sells convertible notes to fund acquisition. Drops to $40.27 from 52-week high of $66.77.

Northrop Grumman (NOC) Company plans to take first quarter charge. Sells down to $71.39 from 52-week high of $85.21.

Tesoro Corporation (TSO) Bad day for oil refiners. Concerns about margins. Falls to $25.06 from 52-week high of $65.98.

Gannett (GCI) Part of bath newspaper companies are taking. Sells off to $27.26 from 52-week high of $61.68.

Crocs (NASDAQ:CROX) Warns on numbers. Falls to $10.10 from 52-week high of $75.21.

Affymetrix (AFFX) Revised forecast for 2008 down. Drops to $10.08 from 52-week high of $31.95.

Novatel Wireless (NVTL) Company says it will miss Q1 numbers. Sells off to $7.42 from 52-week high of $29.14.

Sigma Designs (SIGM) Analyst says company is losing market share. Drops to $15.31 from 52-week high of $73.

Borland Software (BORL) No news. Project management software company shares move down to $1.40 from 52-week high of $6.22.

Douglas A. McIntyre

Posted on: April 15, 2008 – 3:00 pm in HI/LOW, , , , , , , , , , ,

Fremont General Teeters (FMT)

Fremont General Corporation (NYSE: FMT) has received a regulatory letter from the Federal Deposit Insurance Corporation, of the FDIC, with an order to recapitalize itself.

Fremont does business primarily through its wholly-owned bank subsidiary, Fremont Investment & Loan.  The letter was concurrence  with the California Department of Financial Institutions issuance of a Supervisory Prompt Corrective Action Directive to the bank operation.  Fremont General and Fremont General Credit Corporation, have also been advised.

The Directive requires the bank, the company, and its credit arm to take one or more of the following actions to recapitalize the Bank by May 26, 2008:

  • Sell enough voting shares or obligations to be "adequately capitalized" under FDIC regulations.
  • Accept an offer for the bank to be acquired by another depository institution, or combine with another insured depository institution.
  • Fremont General and Fremont’s credit unit shall divest themselves of the Bank.

The FDIC has deemed the bank as undercapitalized and this will limit and restrict certain business operations of the bank.  This directive will require that for many of the normal operations to resume it must be adequately capitalized for four straight quarters unless he FDIC lifts the directive.

On February 28, 2008, Fremont and its Bank hired Credit Suisse and Sandler O’Neill as advisors to develop and implement strategic initiatives in an attempt to raise additional capital and/or to sell the bank.

Fremont shares surged on Monday and have traded above $0.60 since with a $0.61 close on Thursday.  Shares are indicated down at $0.54 this morning.  The 52-week high was $13.80 and from 2004 to 2006 this traded between $20 and $30 for much of the time.  Help or no help, this one’s uglier than 40 miles of bad road.

Jon C. Ogg
March 28, 2008

Posted on: March 28, 2008 – 8:26 am in Banking, Financial Stocks, Regulation,

The 52-Week Low Club (FNSR)(TRSA)(C)(S)

Fremont General (FMT) Fear of Chapter 11 grows. Falls to $.39 from 52-week high of $13.80.

Verasun Energy (VSE) High commodity prices kill ethanol stocks. Down to $7.76 from 52-week high of $21.47.

Hertz Global Holdings (HTZ) Low travel, high fuel costs. Sells down to $10.59 from 52=week high of $27.20.

McClatchy (MNI) Picture for newspapers gets worse by the month. Drops to $9 from 52-week high of $36.97.

Citigroup (C) Concern that bank will need more money. Drops to $21.23 from 52-week high of $55.55.

Sprint (S) Market still worried that competition is taking subscribers. Sells off to to $6.70 from 52-week high of $23.42.

Cell Therapeutics (CTIC) Company issues senior notes and pushes debt sky-high. Sells down to $.67 from 52-week high of $7.56.

Tessera Technologies (TRSA) Patent lawsuit stayed by ITC. Shares down to $11.11 from 52-week high of $46.43.

Finisar (FNSR) Misses quarterly numbers. Drops to $1.15 from 52-week high of $4.21.

Douglas A. McIntyre

Posted on: March 4, 2008 – 4:32 pm in HI/LOW, , , , , , , ,

The 52-Week Low Club (SCA)(DFR)(TMA)(FMT)

Security Capital Assurance (SCA) Warns of loss and hires investment bank to help out of trouble. Stock drops to $.67 from 52-week high of $34.58.

Deerfield Capital (DFR) Big loss on impairment charges. Seels off to $2.75 from 52-week high of $17.44.

Thornburg Mortgage (TMA) Chapter 11 worries. Falls to $3.53 from 52-week high of $28.40.

Fremont General (FMT) Company may be on the block. S&P ratings cut. Down to $.58 fom 52-week high of $13.80.

Stereotaxis (STXS) Quartely loss and delay of catheter product. Runs down to $3.82 from 52-week high of $16.88.

Douglas A. McIntyre

Posted on: March 3, 2008 – 4:19 pm in HI/LOW, , , , ,

The 52-Week Low Club (FMT)(RHD)(S)(JRC)(LLNW)(IACI)

Fremont General (FMT) Threatens more write-downs. Falls to $.73 from 52-week high of $13.80.

R H Donnelley  (RHD) Downgrades after poor earnings. Hits bottom of $6.26 from 52-week high of $84.49.

MF Global (MF) Still falling after trading loss. Drops to $14 down from 52-week high of $32.20.

Sprint Nextel (S) Still being punished for earnings. Falls to $7.08 from 52-week high of $23.42.

Journal Register (JRC) Newspaper company. Falls to $.78 from 52-week high of $7.23.

Limelight Networks (LLNW) Loses patent suit. Sells off to $3.82 from 52-week high of $24.33.

IAC Interactive (IACI) Underperforming e-commerce company. Drops to $19.76 from 52-week high of $39.06.

Douglas A. McIntyre

Posted on: February 29, 2008 – 4:13 pm in HI/LOW, , , , , , ,

The 52-Week Low Club

Fremont General (FMT) Mortgage company debt rating cut. Falls to $1.81 from 52-week high of $17.30.

Valeant Pharmaceuticals (VRX) Drops on downgrade. Drops to $10.35 from $18.82.

Nordstrom (JWN) Retailers keep hurting. Drops to $33.71 from 52-week high of $59.70.

Merrill Lynch (MER) CEO gone. Big losses. Drops to $53.86 from 52-week high of $98.68.

Citigroup (C) CEO gone. Bigger loses. Drops to $35 from 52-week high of $57.

Novacea (NOVC) Drug trial blows up. Falls to $2.21 from 52-week high of $17.25.

Vertex Pharmaceuticals (VRTX) Problem with one of its drugs. Downgraded by analyst. Falls to $22.92 from 52-week high of $45.38.

Douglas A. McIntyre

Posted on: November 5, 2007 – 4:41 pm in HI/LOW, , , , , , ,

The 52-Week Low Club

Fremont General (FMT) Mortgage company talks with investor fall apart. Stock drops to $2.74 from 52-week high of $17.30.

Watts Industries (WTS) Downgraded after poor earnings. Falls to $27.91 from 52-week high of $46.71.

Time Warner Cable (TWC) Cable loses exclusive franchise in apartment complexes. Drops to $27.55 from 52-week high of $44.

Merge Technologies (MRGE) Company says it will restate some earlier financial results. Shares drop to $1.84 from 52-week high of $8.16.

Lca-Vision (LCAV) Two downgrades on poor earnings outlook. Falls to $16.90 from 52-week high of $50.69.

Douglas A. McIntyre

Posted on: October 31, 2007 – 3:03 pm in HI/LOW, , , , ,

Cramer’s Sell Block (April 19, 2007)

Stock Tickers: CHTR, SIRI, XMSR, CMGI, KRY, VG, FMT

Jim Cramer featured his SELL BLOCK series, where he reviews his pigs and prizes for Buy, Sell, or Hold strategies out of his past picks.  These were all reviews from the CNBC "Favorite Stocks" out of the CNBC Investing Challenge that is going on right now.

Charter Communications (CHTR-NASDAQ) is the only one he’d buy, but you can take some profits.  These are some of Cramer’s Sell’s or Avoids:

Sirius Satellite Radio (SIRI-NASDAQ):  No he can’t say buy because of the hard time they are getting over the XM Satellite Radio (XMSR-NASDAQ) merger after 4 Congressional hearings.  He thinks XM may fold if the deal doesn’t go through.

CMGI (CMGI-NASDAQ) is one that Cramer would stay away from since it has changed business models to many times and is now masquerading as a supply chain logistics company.  Oddly enough, he was fairly positive on this one before.

Crystallex (KRY), the gold mine he’s caught a double in but he wants to stay away and won’t back anything tied to Chavez risks like this one is.

Vonage Holdings (VG-NYSE) is one he wouldn’t touch ever.  He thinks it may have to bankrupt and is one of the worst stocks he’s ever seen.

Fremont General (FMT-NYSE) is a subprime play, and he’d rather see you in others.

Some of these are cult stocks, and Cramer probably just slapped a few of them down.  I guess BooYah, went to Doh!

Jon C. Ogg
April 19, 2007

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

Posted on: April 19, 2007 – 6:05 pm in Cramer, , , , , , ,