Posts for Ticker ‘PCK’

California Muni Bond Funds Defy Hangman (AB, BLK, EV, MS, AKP, BCK, RAA, BFZ, BCL, BJZ, MUC, CEV, EVM, CCA, IIC, IQC, ICS, NUC, NVX, NAC, NZH, NXC, PZC, PCK)

Burning Money PicIt seems that even the Governator is having a hard time saving California, and many are blaming him for the state’s ballooning budget deficit.  The company is facing billions in deficits and the headlines around the web put the state only weeks away from a financial meltdown.  The state entered another moratorium for foreclosures, yet ask anyone from outside of the state if they think property has yet to get dirt cheap there.  There are probably 20 or so single-state closed-end municipal bond funds that investors own.  These come from AllianceBernstein Holding L.P. (NYSE: AB), BlackRock, Inc. (NYSE: BLK), Eaton Vance Corp. (NYSE: EV), Morgan Stanley (NYSE: MS), Nuveen, and PIMCO.  Interestingly enough, most of these municipal bond funds are up on the day.  This is also not the full list in the entirety of the California single-state muni funds and does not include the open-ended funds:
Read More »

Posted on: June 16, 2009 – 12:00 pm in Bonds, Dividend, Mutual Funds, Politics, , , , , , , , , , , , , , , , , , , , , , , ,

Top Pre-Market Analyst Downgrades (ALU, BRLI, GPS, GD, PCK, PSO, PAS, PTR, PKX, RTP, COL, WXS)

Burning_money_picThe rate of downgrades versus upgrades is still coming out with a much more negative bias from Wall Street.  These are some of the downgrades and negative research calls we have seen from Wall Street analysts this Friday morning:

  • Alcatel-Lucent (NYSE: ALU) Cut to Equal Weight at Morgan Stanley.
  • Bio-Reference Labs (NASDAQ: BRLI) Cut to Perform at Oppenheimer.
  • Gap Inc. (NYSE: GPS) Cut to Hold at Citigroup.
  • General Dynamics (NYSE: GD) Cut to Neutral at Goldman Sachs.
  • Patriot Coal (NYSE: PCX) Started as Sell at Citigroup.
  • Pearson (NYSE: PSO) Cut to Sell at Goldman Sachs.
  • PepsiAmericas (PAS) Cut to Sell at Goldman Sachs.
  • PetroChina (NYSE: PTR) Cut to Neutral at JPMorgan.
  • Posco (NYSE: PKX) Cut to Neutral at Goldman Sachs.
  • Rio Tinto (NYSE: RTP) Cut to Hold at Deutsche Bank.
  • Rockwell Collins (NYSE: COL) Cut to Sell at Goldman Sachs.
  • Wright Express Corp. (NYSE: WXS) Cut to Neutral at JPMorgan.

Jon C. Ogg
January 9, 2009

Posted on: January 9, 2009 – 7:17 am in Analyst Calls, , , , , , , , , , , ,

California Crisis & California Muni Funds (BCK, BFZ, BCL, BJZ, BZA, MYC, CEV, EVM, CCA, IIC, NAC, NQC, NCA, NVC, PCQ, PCK, VCV)

California_imageBurning_money_picWith ‘the Governator’ saying California is on the verge of financial Armageddon, there is concern about billions of investor dollars in municipal bond funds.  This raises many questions about that sustainability of municipal bonds that are issued specifically in California, which are widely held by closed-end funds (and open-end mutual funds).  There are many California-only closed-end funds that trade actively.  Keep in mind that some funds have seen dividend interruptions and others may based upon discount to net asset values and an inability from some funds to pay dividend series.

We have outlined some of the many California funds and sorted the screened funds by name and ticker, with prices, 52-week trading ranges, indicated dividend yield (some suspended), and by market cap.

Read More »

Posted on: December 11, 2008 – 6:39 am in Bonds, Economy, , , , , , , , , , , , , , , , ,