24/7 Wall St. » LUM

The 52-Week Low Club (LUM)(RAI)(UNH)(CLX)(GRMN)

247wallst — Wed, 30 Apr 2008 14:50:40 +0000

Luminent (LUM) Company proposes to restructure. Shares down to $.24 from 52-week high of $10.78.

Reynolds American (RAI) Falling profit and lower guidance. Drops to $52.17 from 52-week high of $72.

International Paper (IP) Increased costs hurt earnings. Sells down to $25.81 from 52-week high of $41.57.

Unitedhealth Group (UNH) Healthcare sector still selling off. Dips to $32.50 from 52-week high of $59.46.

The Clorox Company (CLX) Moving down ahead of earnings. Falls to $52.86 from 52-week high of $68.36.

Garmin (GRMN) Profit misses estimates. Shares down to $38.75 from 52-week high of $125.68.

Douglas A. McIntyre

NYSE Delisting Candidates, Headed To The Pink Sheets?

247wallst — Thu, 17 Apr 2008 09:10:02 +0000

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

After More Than 90% Plunges, Investors May Be Nibbling In Mortgage Land (LUM, LEND, NLY)

247wallst — Mon, 20 Aug 2007 07:23:05 +0000

Luminent Mortgage Capital Inc. (NYSE:LUM) and Arco Capital Corporation Ltd. have entered into a Letter of Intent outlining current and proposed transactions intended to address Luminent’s current liquidity issues that arose due to unanticipated disruptions in mortgage credit markets. There are conditions of course, but ARCO will repurchase approximately $65 million in mortgage securities, has been issued warrants by Luminent to purchase up to a 49% voting equity stake and 51% economic interest in Luminent (at $0.18 per common share exercisable over a 5-year period). The Board of Directors of Luminent will resolve to elect four new members to the Board of Directors and four existing directors will submit their resignations from the Board, conditioned upon the newly elected members agreeing to serve on the Board.

Additional transactions in the letter of intent would provide Luminent with access to up to approximately $60 million in additional capital through repurchase agreements or secured credit arrangements with the intention of addressing current or impending margin calls and financing maturities.

While additional notices of default and margin calls remain a possibility in the current environment, as of August 17, 2007, Luminent has outstanding notices of default for unfunded outstanding margin calls totaling approximately $30.9 million, with approximately $6.1 million of cash being held to effectuate refinancing, for a net total current need of approximately $24.8 million. As Luminent previously announced, a default occurred under the indenture relating to $90 million of Luminent’s 8.125% Convertible Senior Notes due 2027. The trustee under the indenture has subsequently notified Luminent of an event of default, but has not yet declared those notes to be immediately due and payable.

According to the Letter of Intent, going forward, Luminent’s business strategy is expected to include acting as a multi-channel manager for asset- backed securities. So investors are starting to snap up more and more assets on the cheap it looks like. A letter of Intent is not binding per se because the conditions would allow it to back out, but maybe the buying on the cheap will come up more. Luminent shares closed at $0.75 on Friday, and its 52-week trading range is $0.36 to $10.84.

Elsewhere, Accredited Home Lenders Holding Co. (NYSE:LEND) shares are up another 3% pre-market at $6.97. If you will recall, just on Friday we showed how this Chimera IPO filing with Annaly Mortgage (NASDAQ:NLY) was actually a vulture fund set up to buy mortgage and loan assets on the cheap.

Jon C. Ogg
August 20, 2007

Pre-Market Analyst Calls (August 6, 2007)

247wallst — Mon, 06 Aug 2007 07:02:53 +0000

AMTD raised to Buy at UBS.
ANN raised to Hold at Citigroup.
AUTH started as Overweight at Lehman; started as Outperform at Bear Stearns.
CVH raised to Neutral at B of A.
CFR raised to Outperform at RBC.
CKFR cut to Neutral at JPMorgan.
CSE cut to Outperform at JMP.
DFC cut to Mkt Perform at JMP.
ERTS raised to Outperform at Bear Stearns.
IMH cut to Hold at Deutsche Bank.
LUM cut to Underweight at JPMorgan.
MER raised to Buy at UBS.
MMR raised to Overweight at JPMorgan.
O raised to Outperform at Credit Suisse.
PRSP raised to Outperform at RBC.
PVG cut to Sector Perform at RBC.
SCOR started as Outperform at Credit Suisse; started as Hold at Jefferies; started as Mkt Perform at FBR; started as Buy at Deutsche Bank.
SEP started as Overweight at Lehman; started as Buy at Citigroup.; started as Outperform at Wachovia.
SPG raised to Outperform at Credit Suisse.
SPRD started as Overweight at Lehman; started as Outperform at Piper Jaffray.
TTWO raised to Peer Perform at Bear Stearns.
VOD raised to Buy at Citigroup.

Jon C. Ogg
August 6, 2007

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