Posts for Ticker ‘G’

Media Digest 2/25/2009 Reuters, WSJ, NYTimes, FT, Bloomberg

newspaper13According to Reuters, Obama set out his goals in an address before Congress.

Reuters reports that UAW leaders are urging members to vote for the new Ford (F) contract.

Reuters reports that The San Francisco Chronicle may fold. Read More »

Posted on: February 25, 2009 – 3:59 am in Press Digest, , , , , , , , , , , , , ,

What Are The US Operations Of The Big Three Worth? Over $100 Billion

Batmobile512The easy answer to the question of what US operations of The Big Three are worth is that they are worth nothing. That assessment is entirely accurate based on the current encumbrances of union contracts, debt obligations, and supplier payables. Those are perfect calculations for a simpleton, but they don’t take into account the fact that based on the earnings of all the companies which have done business in the United States over the last two decades, the market is profitable.

Read More »

Posted on: December 23, 2008 – 5:23 am in Autos, , , ,

Top 10 Pre-Market Analyst Calls (ANF, BLK, BP, CKR, DO, G, RRGB, SPR, WMGI, ZRAN)

Below are the top 10 pre-market analyst calls that 247wallst.com is focusing on:

  • Abercrombie & Fitch (NYSE: ANF) cut to Neutral at JP Morgan.
  • BlackRock (NYSE: BLK) Cut to Market Perform from Outperform at Wachovia.
  • BP plc (NYSE: BP) raised to Overweight at JPMorgan.
  • CKE Restaurants (NYSE: CKR) started as Outperform at FBR.
  • Diamond Offshore (NYSE: DO) raised to Overweight at JPMorgan.
  • Genpact (NYSE: G) started as Outperform at Robert W. Baird.
  • Red Robin Gourmet (NASDAQ: RRGB) cut to market Perform at Wachovia.
  • Spirit Aerosystems (NYSE: SPR) started as Outperform at FBR.
  • Wright Medical (NASDAQ: WMGI) raised to Overweight at JPMorgan.
  • Zoran (NASDAQ: ZRAN) cut to Underperform at Jefferies & Co.

Jon C. Ogg
April 11, 2008

Jon Ogg produces the Special Situation Investing Newsletter.  He can be reached at jonogg@247wallst.com and he does not own securities in the companies he covers.

Posted on: April 11, 2008 – 6:32 am in Analyst Calls, , , , , , , , , ,

September NYSE Short Interest: Housing And Retail Under Pressure

The September short interest for NYSE stocks is out, and a number of big names in mortgages, retail ,and housing say bets against them move up. The figures compare shares short on September 14 compared to August 15, 2007.

Among the companies with the largest increase in short position were Jones Apparel (JNY), DR Horton (DHI), and Thornburg Mortgage (TMA),

Ford (F) topped that short list with 191.1 milion shares short, little changed from August. Countrywide, Home Depot, and Best Buy were also in the top ten.

Below is the short interest in selected companies.

Largest Short Positions

Company                                       Shares Short

Ford (F)                                          191.1 million shares short

Qwest (Q)                                        85.9 million shares short

AMD (AMD)                                     84.4 million shares short

Counrtywide (CFC)                           78.7 million shares short

Time Warner (TWX)                          64.9 million shares short

Home Depot (HD)                             63.8 million shares short

Best Buy (BBY)                               62.8 million shares short

GE (GE)                                          59.7 million shares short

GM (GM)                                         56.3 miillion shares short

Altria (MO)                                       50.1 million shares short

Sprint (S)                                         47.8 million shares short

Largest Increases In Short Position

Company                                         Increase

Marsh & McLennan                           Up 20.2 million

Jones Apparel                                   Up 19.9 million

Rolm & Haas                                    Up 16.1 million

Rite Aid                                            Up 10.7 million

DR Horton                                        Up 8.4 million

Delta                                                Up 6.8 million

Thornburg                                         Up 5.7 million

Texas Instruments (TXN)                    Up 5.3 million

MBIA                                                Up 4.1 million

Largest Decreases In Short Position

Company                                          Decrease

Tenet                                                Down 16.1 million

Wells Fargo                                       Down 15.6 million

CVS                                                  Down 15.5 million

Schering-Plough                                 Down 15.2 million

Fannie Mae                                        Down 14.6 million

Wachovia                                           Down 13.8 million

Bank of America (BAC)                       Down 9.5 million

Valero                                                Down 9.2 million

News Corp (NWS)                               Down 7.8 million

JP Morgan (JPM)                                 Down 7.7 million

Data from WSJ and NYSE

Douglas A. McIntyre

Posted on: September 21, 2007 – 4:13 am in Short Interest, , , , , , , , , , , , , , , , , ,

Media Digest 8/10/2007 Reuters, WSJ, NYTimes, FT, Barron’s

According to Reuters the Asia central banks put extra cash into the banking systems as markets there fell sharply.

Reuters writes that Man Group, the UK hedge fund, has delays its IPO.

Reuters writes that Toyota (TM) sees slower growth in the US.

Reuters writes that Buick tied Lexus in the JD Power reliability study, the first time the US brand has finished in first place.

The Wall Street Journal writes that Countrywide Financial (CFC) said the credit markets could affect its financial position.

The Wall Street Journal reports that the SEC is checking the books of banks including Bear Stearns (BSC) and Goldman (GS) to see whether they may be hiding mortgage investment loses.

The WSJ writes that profits at refiners are dropping as the price of gas comes down.

The WSJ writes that chip demand drove up profits at Nvidia (NVDA).

The WSJ reports that Electronic Arts (ERTS) and Hasbro (HAS) will create video games based on popular games like Monopoly.

The WSJ reports the niche channels are moving off cable to the internet.

The New York Times reports that Goldman Sachs (GS) size has not protected its stock price.

The NYT reports the Universal Music will begin selling music without copy protection.

FT writes that Chrysler is trying to expand in markets outside the US.

Barron’s reports that shares in Emulex (ELX) fell after it reported modest earnings

Douglas A. McIntyre

Posted on: August 10, 2007 – 3:19 am in Uncategorized, , , , , , , ,

Did The Genpact IPO Price Too Low? (G, GE)

There is one thing companies coming public hate to see, and that is a discounted pricing to their indicated trading range from the original prospectus terms.  Genpact Ltd. (NYSE:G) did just that.  If you consider that the former General Electric (NYSE:GE) unit priced at $14.00 instead of the $16.00 to $18.00 range and then walked right up the trading staircase after opening from $14.00 (and a tad under) up to $15.00 and then $16.00 and then a close of $16.75, you’ll want to scratch your head.  Sure the market closed up again at the end of the day.  That is crucial and the IPO market has been weak.  But what is obvious is that underwriting departments are probably feeling a little spooked after recent debacles in IPO’s of hedge funds, private equity, and even online travel. 

This may actually help some of the IPO’s out there if this stability in the market and a solid IPO close can come.  There are some negatives out there as it was pointed out how GE represents almost 75% of Genpact’s business and with GE still owning more than a 20% stake.  Most of these ex-Conglomerate subsidiaries tend to do well in the markets, so barring the cautionary stance it seems hard betting against one of the spin-offs with "Gen…" in the name.

GE’s business contract runs to 2013 according to the prospectus.  Shares traded over 18 million shares today.

Jon C. Ogg
August 2, 2007

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

Posted on: August 2, 2007 – 4:17 pm in Conglomerates, IPOs, , , , ,

IPO PRICING: Genpact (G, GE)

Genpact Ltd. has priced its IPO under the ticker "G" on the New York Stock Exchange of 35.294 milllion shares at a price of $14.00 per share.  Unfortunately, the estimates pricing range was originally set at $16.00 to $18.00.  The joint book runners for the offering were Citigroup, Morgan Stanley, and J.P.Morgan.  Co-managers are listed as Merrill Lynch, Wachovia, Banc of America, Deutsche Bank, Credit Suisse, and UBS.

This is now a former General Electric (NYSE:GE) GE unit, and it is a Bermuda-based offshore provider of business process outsourcing to General Electric and to many large global companies.  GE sold a 60% stake of Genpact back in 2004 to private equity, but it still held a minority stake and is the company’s largest customer with a contract through 2013.  Half of the shares are being sold by the company for funding and half of the shares are being sold by holders.

Here is the company’s own basic description of itself, and it sounds more like an outsourcing and cost containment operation that operates within other companies (mostly within GE now).  We manage business processes for companies around the world. We combine our process expertise, information technology expertise and analytical capabilities, together with operational insight derived from our experience in diverse industries, to provide a wide range of services using our global delivery platform. Our goal is to help our clients improve the ways in which they do business by continuously improving their business processes, including through the application of Six Sigma and Lean principles and by leveraging technology. We strive to be a seamless extension of our clients’ operations.

Genpact has more than 26,000 employees and operates in 9 countries. Its 2006 revenues were $613 million, and its business outside of GE is currently listed as 25.8%; so GE is almost 75% of its business for now.  Immediately following this offering, 206,409,349 common shares and no preference shares will be issued and outstanding.  GE is selling 5.88+ milliojn shares in the IPO, and based on the prospectus it appears that GE will continue to own a 22.65% stake in the company after the IPO.

Jon C. Ogg
August 2, 2007

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

Posted on: August 2, 2007 – 8:04 am in Conglomerates, IPOs, , , , ,