Posts for Ticker ‘MI’

Paulson Takes Huge Stake In Citigoup, Dumps Goldman

Money ImageJohn Paulson is rather notorious, and wealthy, for how much he picked up by shorting financial stocks on the way down.  But the financial world found out in August that Paulson & Co. had bought up many key financial and banking stocks.  Paulson & Co. Inc. is out with a 13-F filing after the close showing he is still in many key financial stocks.

The famed hedge fund manager took a massive stake in Citigroup and sold his entire interest in Goldman Sachs

  • Bank of America (NYSE: BAC) was listed as 159,794,229 shares, down from 167,990,464 shares.
  • Capital One Financial Corp. (NYSE: COF) was static as a stake of 17,000,000 shares of common stock.
  • Citigroup Inc. (NYSE: C) is listed as 300,000,000 (three-hundred million) of common stock.
  • Fifth Third Bancorp (NASDAQ: FITB) was static as a 5,000,000 share stake.
  • First Horizon National Corp. (NYSE: FHN) was 7.11 million, up from a stake of 3,000,000 shares in August.
  • JPMorgan Chase & Co. (NYSE: JPM) was down to 2,000,000 shares, down from an August stake of 7,000,000 shares of common stock.
  • Marshall & Ilsley Corp. (NYSE: MI) was static at 12,000,000 shares of common stock.
  • People’s United Financial Inc. (NASDAQ: PBCT) was static at 2,750,000 shares of common stock.
  • Regions Financial Corp. (NYSE: RF) was static at 35,000,000 shares of common stock.
  • SunTrust Bank Inc. (NYSE: STI) was static at 1,500,000 shares of common stock.

We had also noted back in October how Conseco, Inc. (NYSE: CNO) had scored a Paulson investment.

Goldman Sachs Group Inc. (NYSE: GS) was NOT in the new filing compared to the August filing where he listed 2,000,000 shares of common stock in the August filing.  State Street Corp. (NYSE: STT) was NOT in the filing versus a stake of 700,000 shares of common stock in August.

JON C. OGG

Posted on: November 13, 2009 – 5:50 pm in Activist Investor, Banking, Financial Stocks, , , , , , , , , , , ,

Key Secondary Offerings (BEXP, MAC, MI, NARA, WTNY, EURX)

Money ImageWe have many key secondary offerings on deck today.  Brigham Exploration (NASDAQ: BEXP), Macerich Co. (NYSE: MAC), Marshall & Ilsley (NYSE: MI), Nara Bancorp (NASDAQ: NARA), and Whitney Holding (NASDAQ: WTNY) all priced secondary offerings.  Eurand NV (NASDAQ: EURX) is also on deck with a secondary offering, but no formal pricing has yet been seen.
Read More »

Posted on: October 22, 2009 – 9:28 am in Banking, Secondary Offering, , , , , ,

Paulson, Esteemed Bank Short Seller, Now Long Financials (BAC, COF, GS, JPM, FITB, FHN, MI, PBCT, SKF, RF, STT, STI)

John Paulson has been well known as a hedge fund manager because of the profits he made from short selling many of the key financial stocks.  Yet his new filing shows a large long position as of the quarter-end June 30, 2009. For example, it lists a huge stake in Bank of America Corp. (NYSE: BAC).  There were many smaller company stakes, but some of the medium-sized stakes (for Paulson that is) are in Capital One Financial Corp. (NYSE: COF), Goldman Sachs Group Inc. (NYSE: GS), and JPMorgan Chase & Co. (NYSE: JPM).  Below are the rest of his financial holdings: Read More »

Posted on: August 12, 2009 – 5:11 pm in Activist Investor, Banking, Financial Stocks, Insider Activity, , , , , , , , , , , ,

Heads Of Bailed Out Firms Still Love Their Private Jets

airplaneThe Wall Street Journal, in a bit of investigative reporting, found that the CEOs of companies that have received federal bailout funds are still having fun using their firms’ private jets. Or, in some cases, these executives make the case that it is better to use the jets than fly commercial.

The situation is not as bad as the paper makes it out to be. Read More »

Posted on: June 19, 2009 – 3:56 am in Banking, Compensation, , , , , ,

Secondary Issuers Getting Hit (AMP, ATPG, ERIC, MI, VMC)

We are seeing some active trading in the stocks which raised capital via secondary offerings today.  These are all down except for one and today’s hopper has Ameriprise Financial Inc. (NYSE: AMP), ATP Oil & Gas Corp. (NASDAQ: ATPG), LM Ericsson Telephone Co. (NASDAQ: ERIC), Marshall & Ilsley Corporation (NYSE: MI), and Vulcan Materials Company (NYSE: VMC).
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Posted on: June 12, 2009 – 10:24 am in Secondary Offering, Trading Alert, , , , ,

The 52-Week Low Club (MI)(STI)(MGM)(AIG)(COF)(PRGO)

Sad_clownMarshall & Ilsley (MI) Dragged down by big drop in financial sector. Hits a low of $3.47 off a 52-week high of $29.97.

SunTrust Banks (STI) Credit concerns cause big sell-off in regional banks. Drops to $8.84 from 52-week high of $67.25.

MGM Mirage (MGM) Moody’ cuts rating. Sells down to $6.555 from 52-week high of $75.08.

American International Group (AIG) Will federal government have to dump more money in? Sells off to $1 from 52-week high of $55.96.

Capital One (COF) CEO to forgo pay, but that is the only good news. Credit write-offs just off stage. Drops to $14.82 from 52-week high of $63.50.

Perrigo (PRGO) Poor quarterly results and forecast. Down to $22.11 from 52-week high of $43.08.

Douglas A. McIntyre

Posted on: February 3, 2009 – 5:04 pm in HI/LOW, , , , , ,

UBS Echoes Meredith Whitney: More 2009 Bank Losses (CMA, FHN, FITB, KEY, MI, RF, ZION, BAC, WFC, JPM)

Burning_money_pic_2UBS has a research report out for the banking sector, and the report may take away some thunder from those who are hoping that banks will return to profits sooner rather than later.  This estimates that large banks are likely to report losses in the fourth quarter and next year.  It also notes that many banks need to cut their sacred dividends even further.  Most of these banking stocks are trading lower today.

Read More »

Posted on: December 11, 2008 – 1:47 pm in Analyst Calls, Banking, Financial Stocks, , , , , , , , , ,

The 52-Week Low Club (MNI)(BAC)(C)(MER)(GHS)(MI)(FRE)(FNM)

Fannie Mae (FNM) hit by rumors that it and Freddie Mac may have to raise $75 billion. Drops to $14.65 from 52-week high of $70.57.

Freddie Mac (FRE) sells down to $10.28 from 52-week high of $67.20.

Marshall & Ilsley (MI) Analyst predicts loss for company. Dips to $12.24 from 52-week high of $48.37.

Gatehouse (GHS) The plight of debt-laden newspapers gets worse. Sells off to $2.13 from 52-week high of $19.10.

Merrill Lynch (MER) may have to raise more money. Moves down to $29.84 from 52-week high of $89.23.

Citigroup (C) hits a new low almost every day. Drops to $15.80 from 52-week high of $52.97.

Bank of America (BAC) gets sucked under by sell-off in financials. Dips to $21.10 from 52-week high of $52.96.

McClatchy (MNI) Another newspaper company hits bottom at $5.11 from 52-week high of $28.73.

Douglas A. McIntyre

Posted on: July 7, 2008 – 2:50 pm in HI/LOW, , , , , , , ,

Goldman Sachs Conviction List Changes (LO, STT, MI, NGG)

Goldman Sachs has made some changes to its highly watched "CONVICTION" lists this morning.

  • Lorillard (NYSE: LO) and State Street (NYSE: STT) were both added to the CONVICTION BUY LIST this morning.
  • Marshall & Ilsley (NYSE: MI) and National Grid (NYSE: NGG) were put on the bulge bracket firms CONVICTION SELL LIST this morning.

Jon C. Ogg
June 11, 2008

Posted on: June 11, 2008 – 6:42 am in Analyst Calls, , , ,

Goldman Sachs Pans Financials (FNM, FRE, MI, JPM, BSC, LEH, MER, WM)

Goldman Sachs has made some key downgrades in the financial sector today.  The firm has cut both Fannie Mae (NYSE: FNM) and Freddie mac (NYSE: FRE) from an already "neutral" rating, with implied negative, down to the loathed "SELL" rating.

It has also removed it rating on Marshall & Ilsley (NYSE: MI) down to a Neutral from a Buy rating. 

Goldman Sachs has also lowered estimates on Bear Stearns (NYSE: BSC), J.P.Morgan Chase (NYSE: JPM), Lehman Brothers (NYSE: LEH), Merrill Lynch (NYSE: MER), Morgan Stanley (NYSE: MS), and Washington Mutual (NYSE: WM).  Others were hit as well, but these are the major calls.

The firm wants investors to stay defensive regardless of bailout pacts.  It believes that Freddie mac is a short ahead of earnings this week and believes you can own a Put Spread in Wa-Mu.

Jon C. Ogg
February 25, 2008

Posted on: February 25, 2008 – 9:04 am in Analyst Calls, Financial Stocks, , , , , , , ,

Baird on Banks (BAC, BBT, CMA, FITB, KEY, MI, MTB, PNC, STI, USB, WB, WFC)

ROBERT W.BAIRD has initiated mostly cautious coverage on Banks and Financials this morning.  Most are Neutral rated, although there are a few Outperform ratings in the coverage group. Here are the initiations.

NEUTRAL ratings initiated on:

  • Bank of America (BAC),
  • BB&T (BBT),
  • Fifth Third (FITB)
  • Keycorp (KEY),
  • Marshall & Isley (MI),
  • SunTrust (STI),
  • US Bancorp (USB),
  • Wachovia (WB),
  • and Wells Fargo (WFC).

OUTPERFORM ratings initiated on:

  • Comerica (CMA),
  • M&T Bank (MTB),
  • and PNC Bank (PNC).

Jon C. Ogg
January 8, 2008

Posted on: January 8, 2008 – 8:28 am in Analyst Calls, Banking, , , , , , , , , , , ,