BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Year-to-date winners and losers of the S&P 500 Index]]>http://www.bloggingstocks.com/2008/11/26/year-to-date-winners-and-losers-of-the-sandp-500-index/http://www.bloggingstocks.com/2008/11/26/year-to-date-winners-and-losers-of-the-sandp-500-index/http://www.bloggingstocks.com/2008/11/26/year-to-date-winners-and-losers-of-the-sandp-500-index/#commentsFiled under: , , , , , , , , ,

With the end of the year fast approaching, it's time to start putting together "best of" and "worst of" lists for 2008. This entry is a little bit of both, but it's admittedly heavy on the "worst of." Among the current members of the S&P 500 Index (SPX), just 11 were sitting on a year-to-date gain as of the close of trading on Monday, November 24. Since Big Lots (NYSE: BIG) is unchanged, that means we have a whopping 488 securities sitting on a loss for the year.

Let's start with the bad news first. Among the worst-performing stocks on the SPX, the six top spots are claimed by stocks in the Insurance and Real Estate sectors. General Growth Properties (NYSE: GGP) has the dubious honor of dropping nearly 98% on the year, and -- not surprisingly -- American International Group (NYSE: AIG) isn't far behind.

Continue reading Year-to-date winners and losers of the S&P 500 Index

Year-to-date winners and losers of the S&P 500 Index originally appeared on BloggingStocks on Wed, 26 Nov 2008 10:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>barr pharmaceuticalsBarrPharmaceuticalsbest stocks 2008BestStocks2008bigbig lotsBigLotsfeaturedgeneral growth propertiesGeneralGrowthPropertiesggpnational cityNationalCitynccSP 500 IndexSp500IndexSPXworst stocks 2008WorstStocks2008Wed, 26 Nov 2008 10:00:00 EST<![CDATA[Treasury's actions hurt tangible equity]]>http://www.bloggingstocks.com/2008/10/27/treasurys-actions-hurt-tangible-equity/http://www.bloggingstocks.com/2008/10/27/treasurys-actions-hurt-tangible-equity/http://www.bloggingstocks.com/2008/10/27/treasurys-actions-hurt-tangible-equity/#commentsFiled under: , , , ,

This post is by a Minyanville contributor:

While regional banks are soaring on news that the U.S. Treasury is buying preferred stock in a number of banks, I would remind readers that while the Treasury's investment boosts "Tier 1 Capital", it does nothing for tangible common equity.

Why does this matter?

Because when losses come or common dividends are paid, they come out of common equity.

On Friday, when PNC Financial (NYSE: PNC) purchased National City (NYSE: NCC), PNC announced that thanks to the U.S. Treasury's purchase of preferred stock, the bank's Tier 1 ratio was increasing from 8.2% to 10%. At the same time, however, the bank disclosed that its tangible common ratio declined from 3.6% to 3.5%.

While it may not feel like it today, some day soon capital quality, not just capital volume, is going to matter.

Treasury's actions hurt tangible equity originally appeared on BloggingStocks on Mon, 27 Oct 2008 16:38:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>banksequityinthenewsNCCpncfinancialservicestreasuryMon, 27 Oct 2008 16:38:00 EST<![CDATA[Closing bell: Dow Jones, NASDAQ, S&P down, but not as bad as expected?]]>http://www.bloggingstocks.com/2008/10/24/closing-bell-dow-jones-nasdaq-sandp-down-but-not-as-bad-as-exp/http://www.bloggingstocks.com/2008/10/24/closing-bell-dow-jones-nasdaq-sandp-down-but-not-as-bad-as-exp/http://www.bloggingstocks.com/2008/10/24/closing-bell-dow-jones-nasdaq-sandp-down-but-not-as-bad-as-exp/#commentsFiled under: , , , , , ,

The comment that many in the media made throughout the day was that things could have been worse. Some markets in Asia and Europe closed down over 8%. The DJIA futures showed the US market might be down over 600 at the open.

It could have been worse, but for anyone who owned stocks is was awful. Many financial shares and some tech stocks were down close to 10%.

A look at the numbers:

DJIA: 8,377.12 down 3.61%
Nasdaq: 1,552.03 down 3.23%
S&P 500 876.48 down 3.48%

National City Corporation (NYSE: NCC), a regional bank that many analysts thought was in trouble, was sold for much less that where it traded yesterday. The buyer was PNC Financial Services (NYSE: PNC). The modest purchase price of $5.58 billion sent NCC down over 20% to $2.13.

Continue reading Closing bell: Dow Jones, NASDAQ, S&P down, but not as bad as expected?

Closing bell: Dow Jones, NASDAQ, S&P down, but not as bad as expected? originally appeared on BloggingStocks on Fri, 24 Oct 2008 16:07:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>AIGCSCOMSFTNCCPNCFri, 24 Oct 2008 16:07:00 EST<![CDATA[Financial foundation crumbles: First banks, now insurance]]>http://www.bloggingstocks.com/2008/10/07/financial-foundation-crumbles-first-banks-now-insurance/http://www.bloggingstocks.com/2008/10/07/financial-foundation-crumbles-first-banks-now-insurance/http://www.bloggingstocks.com/2008/10/07/financial-foundation-crumbles-first-banks-now-insurance/#commentsFiled under: , , ,

The banking system has been crumbling for over a year, but last month's collapse of American International Group (NYSE: AIG) -- which prompted an $85 billion government takeover -- suggests that insurance is not immune from the problems. As a reminder, AIG got snared in the $62 trillion Credit Default Swap (CDS) market whose growth was spurred by McCain advisor, Phil "Americans are Whiners" Gramm.

And as insurance crumbles, banks keep suffering. Bank of America (NYSE: BAC) and National City Corp. (NYSE: NCC) are both hurting. How much?

  • Bank of America's earnings plunged 68% to $1.18 billion, or $0.15/share -- missing by 60% analysts' forecast of 62 cents. Bank of America will raise capital by selling $10 billion of common stock and slashing its dividend in half from 64 cents to 32 cents. One analyst cut the bank's 2009 earnings estimate to $2.50 per share from $3 per share -- this is well below the $3.12 per share from a Thomson Reuters analyst poll -- and lowered his price target by $2 to $26.

  • National City Corp. and its National City Bank both suffered debt downgrades from Fitch. For instance, Fitch slashed the bank subsidiary's long and short-term Issuer Default Ratings (IDR) to A- from A. And it lowered the bank and holding company's Individual rating to C from B.

Continue reading Financial foundation crumbles: First banks, now insurance

Financial foundation crumbles: First banks, now insurance originally appeared on BloggingStocks on Tue, 07 Oct 2008 09:20:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>aigallianzallianzinsuranceamerican internationalamerican international groupAmericanInternationalAmericanInternationalGroupbacbank of americaBankOfAmericafannie macfannie maefannie maefreddie macFannieMacFannieMaeFannieMaefreddieMacfeaturedfnmfrehartfordfinancialhiglehman brothersLehmanBrothersnational citynational city banknational city corporationNationalCityNationalCityBankNationalCityCorporationnccTue, 07 Oct 2008 09:20:00 EST<![CDATA[Cramer on BloggingStocks: The selling's not done ]]>http://www.bloggingstocks.com/2008/10/07/cramer-on-bloggingstocks-the-sellings-not-done/http://www.bloggingstocks.com/2008/10/07/cramer-on-bloggingstocks-the-sellings-not-done/http://www.bloggingstocks.com/2008/10/07/cramer-on-bloggingstocks-the-sellings-not-done/#commentsFiled under: , , , , , , , , ,

TheStreet.com's Jim Cramer says the end-of-day bounce was just shorts afraid of a worldwide rate cut.

The shorts must have just gone on "ease watch." You can tell what that is. Some devastating news will come out, say, about once-proud Royal Bank of Scotland (NYSE: RBS) (Cramer's Take), some ratings downgrade, and boom, Britain is hit for a full percentage point decline. Then, as if by magic, it rallies almost back to unchanged as the shorts don't want to be hung before worldwide rate cuts.

I always thought this behavior was curious because I don't know of a short-seller who thinks that intervention even matters, or says it doesn't matter, for that matter!

In fact, though I think it can matter not so much to our country, it does matter to those countries in Europe that really would be doing well if money weren't so tight. Our markets lost a ready source of cash and business when Europe went away, particularly upon the disappearance of China from the world's economies.

Now, of all of the new measures I like hearing, the commercial paper intervention is intriguing as the government substitutes itself for buyers for this important funding. But again, I come back to the notion that we can't really be two sides of everything, can we?

Continue reading Cramer on BloggingStocks: The selling's not done

Cramer on BloggingStocks: The selling's not done originally appeared on BloggingStocks on Tue, 07 Oct 2008 08:35:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>cmeffeaturedfnmfregmjim cramerJimCramernccsovtmTue, 07 Oct 2008 08:35:00 EST<![CDATA[Closing Bell: The meltdown that almost was . . . NCC, HIG, SAP, DNDN]]>http://www.bloggingstocks.com/2008/10/06/closing-bell-the-meltdown-that-almost-was-ncc-hig-sap/http://www.bloggingstocks.com/2008/10/06/closing-bell-the-meltdown-that-almost-was-ncc-hig-sap/http://www.bloggingstocks.com/2008/10/06/closing-bell-the-meltdown-that-almost-was-ncc-hig-sap/#commentsFiled under: , , ,

Today was almost a totally depressing day of a bear market, but by the end of the session, it turned out to be less terrible -- just another bad day rather than a total write-off.

Hopes and rumors of coordinated global rate cuts or some form of coordinated intervention helped stabilize the stock market somewhat by the end of the day. However, the initial shock of Dow below 10,000 rapidly became Dow at 9,500+ before the market recovered sharply from being down 800 points.

The bad thing about today's major selloff is that there was no sense of capitulation and no sense that panic had engulfed Wall Street. Instead, this is just orderly panic where looters and vandals cue up to take action.

Here are today's unofficial closing bell levels:
DJIA 9,955.50 (-369.88; -3.58%)
NASDAQ 1,862.96 (-84.43; -4.34%)
S&P500 1,056.89 (-42.34; -3.85%)
10YR T-Note 3.426% (-0.218%)

National City (NYSE: NCC) was one of the most active of the worst performing banks. Shares were down 27% at $2.54 in the minutes right before the closed.

Continue reading Closing Bell: The meltdown that almost was . . . NCC, HIG, SAP, DNDN

Closing Bell: The meltdown that almost was . . . NCC, HIG, SAP, DNDN originally appeared on BloggingStocks on Mon, 06 Oct 2008 16:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>DNDNHIGNCCSAPMon, 06 Oct 2008 16:40:00 EST<![CDATA[Before the bell: Stocks to plunge; WB, WFC, C, BAC, NCC, LLY, IMCL, KO ...]]>http://www.bloggingstocks.com/2008/10/06/before-the-bell-stocks-to-plunge-wb-wfc-c-bac-ncc-lly-im/http://www.bloggingstocks.com/2008/10/06/before-the-bell-stocks-to-plunge-wb-wfc-c-bac-ncc-lly-im/http://www.bloggingstocks.com/2008/10/06/before-the-bell-stocks-to-plunge-wb-wfc-c-bac-ncc-lly-im/#commentsFiled under: , , , , , , , , , , , , , , , , ,

U.S. stock futures fell Monday morning, indicating a sharply lower open on Wall Street as the world's financial crisis rather than get a boost from the $700 billion rescue plan, seemed to have deepened in Europe. This as well as economic fears depressed world markets. Most major global markets plunged at least over 4%.

Wachovia Corp. (NYSE: WB) -- After a lower court decided in favor of Citigroup (NYSE: C), a state appeals court blocked the ruling late Sunday night, thus tilting the battle over Wachovia in favor of Wells Fargo (NYSE: WFC). Both banks want Wachovia for its deposits and branches. Despite that, WB shares are down about 18% in pre-market trade, WFC's down 2.7% and C's down 3.7%.

Bank of America (NYSE: BAC) -- a subsidiary has agreed to modify loans to tens of thousands of borrowers -- previously Countrywide Financial clients -- in 11 states that would enable them to keep their homes, or even help them move to a new home. If all 50 states were to join, the settlement could provide $8.7 billion in relief to 400,000 borrowers. BAC shares are down 4.3% in pre-market action.

National City Corp. (NYSE: NCC) shares are down over 22% in pre-market action as its debt was downgraded by Fitch Ratings.

Continue reading Before the bell: Stocks to plunge; WB, WFC, C, BAC, NCC, LLY, IMCL, KO ...

Before the bell: Stocks to plunge; WB, WFC, C, BAC, NCC, LLY, IMCL, KO ... originally appeared on BloggingStocks on Mon, 06 Oct 2008 08:13:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>adbebacbmycgoogimclinthenewskollynccsbuxwbwfcyhooMon, 06 Oct 2008 08:13:00 EST<![CDATA[Before the bell: Recovery expected; NCC, AAPL, GOOG, GS, FNM, WAG, WFC, INTC ...]]>http://www.bloggingstocks.com/2008/09/30/before-the-bell-recovery-expected-ncc-aapl-goog-gs-fnm-wa/http://www.bloggingstocks.com/2008/09/30/before-the-bell-recovery-expected-ncc-aapl-goog-gs-fnm-wa/http://www.bloggingstocks.com/2008/09/30/before-the-bell-recovery-expected-ncc-aapl-goog-gs-fnm-wa/#commentsFiled under: , , , , , , , , , , , , , , , , , , , , ,

U.S. stock futures were much higher Tuesday morning, following Monday's historic record plunge of 777.7 points in the Dow after the House of Representatives failed to pass the proposed $700 billion bailout plan. Investors hope a similar rescue package would pass soon and will tune in to listen to President Bush at 8:45 a.m. EST. Meanwhile, across the globe, Europe bailed out another bank, but markets in Europe are mixed. Asian markets, which close earlier, recorded mostly large declines. Also on tap today is data from the housing sector and a measure of Chicago-area manufacturing and consumer confidence for September.

It is also quite possible many have come in to buy at these prices for at least a short-term gain. If the VIX volatility index is any indication, then stocks may climb in the next few weeks.

Of stocks in focus:

National City Corp. (NYSE: NCC), whose stock plunged over 63% Monday on overall weakness but also as Moody's Investors Service placed its senior debt rating of A3 on review for a possible downgrade, is bouncing back over 15% 30% in pre-market trading.

Citigroup Inc. (NYSE: C), which MOnday agreed to acquire Wachovia's (NYSE: WB) banking business for a knock-down price of $2.16 billion, with help from the Federal Deposit Insurance Corp. is also seeing its stock recovering from the over11% drop Monday by about 5.5% in pre-market action.

Apple Inc. (NASDAQ: AAPL) - after leading a tech selloff Monday and setting a new 52-week low, AAPL shares are showing much of a rebound. Google Inc. (NASDAQ: GOOG), which closed at $381 Monday, is showing some signs of new life, bouncing over 3% to $394 in pre-market trade. Similarly RIM (NASDAQ: RIMM) is bouncing 3.8% this morning.

Continue reading Before the bell: Recovery expected; NCC, AAPL, GOOG, GS, FNM, WAG, WFC, INTC ...

Before the bell: Recovery expected; NCC, AAPL, GOOG, GS, FNM, WAG, WFC, INTC ... originally appeared on BloggingStocks on Tue, 30 Sep 2008 08:14:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>aaplanfcccfnmfregooggsintcinthenewsmsftnccpfewagwfcyhooTue, 30 Sep 2008 08:14:00 EST<![CDATA[Some of today's biggest losers: BAC, AXP, BK, FITB, NCC, FHN, MT, FCX, AAPL, CC]]>http://www.bloggingstocks.com/2008/09/29/some-of-todays-biggest-losers-bac-axp-bk-fitb-ncc-fhn-mt/http://www.bloggingstocks.com/2008/09/29/some-of-todays-biggest-losers-bac-axp-bk-fitb-ncc-fhn-mt/http://www.bloggingstocks.com/2008/09/29/some-of-todays-biggest-losers-bac-axp-bk-fitb-ncc-fhn-mt/#commentsFiled under: , , , , , , , , , , , , , , , , ,

There were two big trades on Wall Street today: One was the bailout trade, which included financial stocks obviously, but other than the big banks, investors also went after the second-tier firm -- the smaller, regional banks. The other big trade was the economy. As the U.S. and global economy slows down, retailers, techs and a variety of materials and industrials will suffer. Investors showed their concerns over the economy today, hammering down many of these stocks down.

Here are a few big losers from today:

Financials - obviously, financials depended on the bailout plan more than others, at least in the immediate future:

Bank of America Corp. (NYSE: BAC) declined 17.6%, while JPMorgan Chase & Co. (NYSE: JPM) slumped 15%. Citigroup (NYSE: C) declined nearly 12%, Goldman Sachs (NYSE: GS) sank 12.5% and Morgan Stanley (NYSE: MS) plunged over 15%.

American Express Co. (NYSE: AXP) was the Dow's biggest loser today with a 17.5% drop thanks to Citigroup cutting profit estimates of the credit card company.

Second-tier banks declined much more:

Bank of New York Mellon Corp. (NYSE: BK) slipped over 27%, CIT Group Inc. (NYSE: CIT) lost 25.5%, Fifth Third Bancorp (NASDAQ: FITB) fell 43.6%, FirstFed Financial Corp. (NYSE: FED) tumbled over 25%, First Horizon National Corp. (NYSE: FHN) slipped 35.7% and National City Corp. (NYSE: NCC) tumbled 63.3%.

Continue reading Some of today's biggest losers: BAC, AXP, BK, FITB, NCC, FHN, MT, FCX, AAPL, CC

Some of today's biggest losers: BAC, AXP, BK, FITB, NCC, FHN, MT, FCX, AAPL, CC originally appeared on BloggingStocks on Mon, 29 Sep 2008 18:20:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>aaplaksamznaxpbabacbkccccitcnxffcxfedfhnfitbgmgooggsjpmmmsmtnccnuerimmsksMon, 29 Sep 2008 18:20:00 EST<![CDATA[Analyst calls: AAPL, NCC, NT, TLAB, TTWO, TSCM, HOT, CHK ...]]>http://www.bloggingstocks.com/2008/09/29/analyst-calls-aapl-ncc-nt-tlab-ttwo-tscm-hot-mu-chk/http://www.bloggingstocks.com/2008/09/29/analyst-calls-aapl-ncc-nt-tlab-ttwo-tscm-hot-mu-chk/http://www.bloggingstocks.com/2008/09/29/analyst-calls-aapl-ncc-nt-tlab-ttwo-tscm-hot-mu-chk/#commentsFiled under: , , , ,

Analyst upgrades:
  • Oppenheimer upgraded shares of National City (NYSE: NCC) to Outperform from Perform on valuation as they believe the bank is not seeing a mass exodus of depositors.
  • Wachovia upgraded Brookfield Infrastructure (NYSE: BIP) to Outperform from Market Perform due to what the firm sees as the company's solid cash flow growth outlook, strong balance sheet, and discounted valuation.
  • Baird upgraded Tellabs (NASDAQ: TLAB) to Outperform from Neutral citing valuation and improving 2009 prospects from 8800, 8600, and 7100 products and better Opex management..
  • Take-Two (NASDAQ: TTWO) was upgraded to Outperform from Neutral at Cowen.
  • UBS raised Nortel Networks (NYSE: NT) to Buy from Neutral.
  • Borg-Warner (NYSE: BWA) was raised to Buy from Hold at Keybanc.
Analyst downgrades:
  • Merriman downgraded shares of TheStreet.com (NASDAQ: TSCM) and Bankrate (NASDAQ: RATE) to Neutral from Buy to reflect concerns about display advertising trends and the company's above average exposure to the financial vertical.
  • Baird downgraded Monaco Coach (NYSE: MNC) to Neutral from Outperform and Thor Industries (NYSE: THO) and Winnebago Industries (NYSE: WGO) to Underperform from Neutral citing valuations and checks that indicate "dreadful" fundamentals.
  • RBC Capital downgraded Apple (NASDAQ: AAPL) to Sector Perform from Outperform citing weakening consumer spending, reduced visibility, and risks to valuation. The company's target was lowered to $140 from $200.

Continue reading Analyst calls: AAPL, NCC, NT, TLAB, TTWO, TSCM, HOT, CHK ...

Analyst calls: AAPL, NCC, NT, TLAB, TTWO, TSCM, HOT, CHK ... originally appeared on BloggingStocks on Mon, 29 Sep 2008 12:46:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>AAPLACGLACVanalyst downgradesanalyst initiationsanalyst upgradesAnalystDowngradesAnalystInitiationsAnalystUpgradesBIPBWACHKCMMHOLXHOTHSTinthenewsMNCMUNCCNYRATESHOTBBKTHOTLABTSCMTTWOWGOMon, 29 Sep 2008 12:46:00 EST<![CDATA[Option Update: Wachovia and National City volatility elevated]]>http://www.bloggingstocks.com/2008/09/29/option-update-wachovia-and-national-city-volatility-elevated/http://www.bloggingstocks.com/2008/09/29/option-update-wachovia-and-national-city-volatility-elevated/http://www.bloggingstocks.com/2008/09/29/option-update-wachovia-and-national-city-volatility-elevated/#commentsFiled under: , , ,

Wachovia (NYSE: WB) is recently trading at $4.25 in pre-open trading, below its close of $10. WB October 10 straddle was priced at $7.20 on September 26, November 10 is at $8.40 according to Track Data, suggesting larger price movement.

National City (N&SE: NCC) is recently trading at $3.64 in pre-open trading, below its close of $3.71. NCC's share price declined 25% after JP Morgan (NYSE: JPM) purchased Washington Mutual (NYSE: WM) banking assets. BMO Capital says: "NCC is not in the same situation as WM was." NCC October 4 straddle is priced at $2.45; November 4 straddle is priced at $2.75; according to Track Data, suggesting large price fluctuations.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Option Update: Wachovia and National City volatility elevated originally appeared on BloggingStocks on Mon, 29 Sep 2008 08:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>inthenewsjpmNational CityNationalCitynccoption implied volatilityOptionImpliedVolatilitywbwmMon, 29 Sep 2008 08:30:00 EST<![CDATA[Worst 10-year performers: National City mauled by mortgage meltdown]]>http://www.bloggingstocks.com/2008/07/31/worst-10-year-performers-national-city-mauled-by-mortgage-meltd/http://www.bloggingstocks.com/2008/07/31/worst-10-year-performers-national-city-mauled-by-mortgage-meltd/http://www.bloggingstocks.com/2008/07/31/worst-10-year-performers-national-city-mauled-by-mortgage-meltd/#commentsFiled under: , , ,

In this series, we take a look at the 25 stocks on the S&P 500 Index (SPX) that have turned in the worst performance during the past decade -- what went wrong, and what happens next.

The suspense is over -- National City Corporation (NYSE: NCC) is the fourth and final Ohio-based regional bank to appear on our list of laggards. Based out of Cleveland, National City appeared to be faring well in the late 1990s. The bank had just completed some key acquisitions, and the stock was locked in a long-term uptrend. However, the next decade would prove considerably more challenging.

What went wrong? At number 6 on our list of SPX underdogs, NCC gave up 87% of its value from June 30, 1998 through June 30, 2008. The stock peaked at $40 in November 2005, and then edged sideways ... until it ran headlong into the subprime tsunami.

The first warning from NCC came in March 2007, when the bank said it would retain $1.6 billion previously set aside for non-conforming loans. In a filing with the Securities and Exchange Commission, NCC said it had recorded $11 million in write-downs through the first two months of the year, and suggested that a further write-down was "likely" before the loans were transferred.

Continue reading Worst 10-year performers: National City mauled by mortgage meltdown

Worst 10-year performers: National City mauled by mortgage meltdown originally appeared on BloggingStocks on Thu, 31 Jul 2008 13:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>mortgageNational City CorporationNationalCityCorporationNCCregional banksubprimeThu, 31 Jul 2008 13:30:00 EST<![CDATA[Newspaper wrap-up: Some banks consider selling money management units]]>http://www.bloggingstocks.com/2008/07/23/newspaper-wrap-up-some-banks-consider-selling-money-management/http://www.bloggingstocks.com/2008/07/23/newspaper-wrap-up-some-banks-consider-selling-money-management/http://www.bloggingstocks.com/2008/07/23/newspaper-wrap-up-some-banks-consider-selling-money-management/#commentsFiled under: , ,

MAJOR PAPERS:
  • The Wall Street Journal's "Fund Track" reported that some banks struggling to raise capital may sell their money management units. National City Corporation (NYSE: NCC) is selling its Allegiant Funds, Fifth Third Bancorp (NASDAQ: FITB) is considering selling its Fifth Third Asset Management, and KeyCorp (NYSE: KEY) will possibly sell its Victory Capital Management unit.
  • The Wall Street Journal also reported that Andrew Cuomo, the New York state Attorney General, is preparing to file civil securities-fraud charges against UBS AG (NYSE: UBS), possibly as early as this week. Sources said the lawsuit may include allegations of malfeasance by senior UBS executives.
WEB SITES:
  • Bloomberg reported that money manager John Paulson, the owner of Paulson & Co., is launching a hedge fund that will provide capital to financial firms which have been damaged by the housing crisis. Paulson, who wants to open the fund by December, used bets against the U.S. housing market to help him earn $3.7B in 2007.
  • After U.S. lawmakers reached a deal on legislation to alleviate the housing recession, the House of Representatives will today vote on a rescue plan for Fannie Mae -- Federal National Mortgage Association (NYSE: FNM) -- and Freddie Mac -- Federal Home Loan Mortgage Corporation (NYSE: FRE). Representative Barney Frank said that the package, which increases the likelihood Treasury Secretary Henry Paulson will get the authority to inject capital into the two, is "fully acceptable," Bloomberg reported.
  • Oil trading losses forced SemGroup LP, which used to be America's 12th largest private company, to declare bankruptcy yesterday. Reuters noted that SemGroup LP's parent company is SemGroup Energy Partners LP (NASDAQ: SGLP).

Newspaper wrap-up: Some banks consider selling money management units originally appeared on BloggingStocks on Wed, 23 Jul 2008 08:50:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Andrew CuomoAndrewCuomoAttorney GeneralAttorneyGeneralBarney FrankBarneyFrankFannie MaeFannieMaeFifth ThirdFifth Third BancorpFifthThirdFifthThirdBancorpFITBFNMFREFreddie MacFreddieMacHenry PaulsonHenryPaulsonJohn PaulsonJohnPaulsonKEYKeyCorpmoney managementMoneyManagementNational cityNationalCityNCCPaulson CoPaulsonCosecurities fraudSecuritiesFraudSemGroupSGLPUBSUBS AGUbsAgWed, 23 Jul 2008 08:50:00 EST<![CDATA[Cramer on BloggingStocks: Shorts are not and should not be equal ]]>http://www.bloggingstocks.com/2008/07/22/cramer-on-bloggingstocks-shorts-are-not-and-should-not-be-equal/http://www.bloggingstocks.com/2008/07/22/cramer-on-bloggingstocks-shorts-are-not-and-should-not-be-equal/http://www.bloggingstocks.com/2008/07/22/cramer-on-bloggingstocks-shorts-are-not-and-should-not-be-equal/#commentsFiled under: , , , , , , ,

TheStreet.com's Jim Cramer says they're not just the opposite of longs -- they have the power to destroy companies.

Today will be riotously ugly. Today's a day where you could take down a Capital One (NYSE: COF) (Cramer's Take) or a Citigroup (NYSE: C) (Cramer's Take) -- some bad credit card exposure there -- off of American Express (NYSE: AXP) (Cramer's Take). You can bang down Nat City (NYSE: NCC) (Cramer's Take) into oblivionville off of it and hammer Merrill Lynch (NYSE: MER) (Cramer's Take) to the point where you could hear the rumors fly of capital needs. Freddie (NYSE: FRE) (Cramer's Take), merciless Freddie, right at ya. Today's the day when the uptick rule would be the only friend to the notion of owning stocks without fear every minute, fear that they will break your stock. Today's the day that the uptick rule can save Lehman (NYSE: LEH) (Cramer's Take) from $14 or lower. Today's why we need it.

Yet, every time I do a piece that talks about the need to reinstate the uptick rule or enforce the naked short laws, I am immediately greeted with the same nonsense: why should the longs get protection the shorts shouldn't? In fact, other than the usual gang of two -- Patrick Byrne and David Patch -- I don't get any positive feedback on these pieces like the one I did last night on "Mad Money."

Continue reading Cramer on BloggingStocks: Shorts are not and should not be equal

Cramer on BloggingStocks: Shorts are not and should not be equal originally appeared on BloggingStocks on Tue, 22 Jul 2008 08:41:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>acpccoffeaturedfrejim cramerJimCramerlehmernccshortsuptick ruleUptickRuleTue, 22 Jul 2008 08:41:00 EST<![CDATA[Goldman Sachs goes to Washington . . . again]]>http://www.bloggingstocks.com/2008/07/21/goldman-sachs-goes-to-washington-again/http://www.bloggingstocks.com/2008/07/21/goldman-sachs-goes-to-washington-again/http://www.bloggingstocks.com/2008/07/21/goldman-sachs-goes-to-washington-again/#commentsFiled under: ,

For veterans of the finance world, the credit crunch is a mind-numbing conundrum. For example, Treasury Secretary Hank Paulson -- who was a former Goldman Sachs Group, Inc. (NYSE: GS) chief -- sometimes seems befuddled.

So, why not bring on board some other super smart finance folks?

Well, that's what Paulson is doing. In fact, this week he snagged Ken Wilson, who is the vice chairman of investment banking and chairman of financial institutions business at Goldman. Interestingly enough, he's been structuring some of the key banking deals over the past year, such as the financing of National City Corporation (NYSE: NCC) and advisory work for Wachovia Corporation (NYSE: WB).

True, Wilson's stint will be short-term (lasting until January 1st, when George Bush will leave the White House). But, for the US taxpayers, it's a pretty good deal. After all, he is going to forgo any compensation.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

Goldman Sachs goes to Washington . . . again originally appeared on BloggingStocks on Mon, 21 Jul 2008 18:22:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>credit crunchCreditCrunchHank PaulsonHankPaulsonken wilsonKenWilsonnccMon, 21 Jul 2008 18:22:00 EST<![CDATA[Cramer on BloggingStocks: The breadth of the danger is staggering]]>http://www.bloggingstocks.com/2008/07/15/cramer-on-bloggingstocks-the-breadth-of-the-danger-is-staggerin/http://www.bloggingstocks.com/2008/07/15/cramer-on-bloggingstocks-the-breadth-of-the-danger-is-staggerin/http://www.bloggingstocks.com/2008/07/15/cramer-on-bloggingstocks-the-breadth-of-the-danger-is-staggerin/#commentsFiled under: , , , , , , , , , , , , , , , , , , , , , , , ,

TheStreet.com's Jim Cramer says our problems are so widespread, he sees lots more IndyMacs before we're out.

You don't need me to tell you it's awful out there. You don't need me to tell you that there's no quick fix for any of these things. But what might help you understand why it feels so bad this time is that I have never, in my career, seen so many companies go off track at the same time. This is one unbelievable moment, and it is made more horrible by the day as companies' stocks just get pummeled, causing people to then question the very viability of the companies involved.

First, obviously, are Fannie Mae (NYSE: FNM) (Cramer's Take) and Freddie Mac (NYSE: FRE) (Cramer's Take). We don't know what will happen, but we do know that their futures are much darker than their pasts. Their best hope: a Democrat becomes president and shows the usual love to both. But as investments, they are pretty much perma-losers going forward. The losses are that heavy. Yes, it is true that two years from now they will be better, but will the government let them limp through to that? View them as calls on a Democratic win.

We all know that Citigroup (NYSE: C) (Cramer's Take), Wachovia (NYSE: WB) (Cramer's Take), Washington Mutual (NYSE: WM) (Cramer's Take) and National City (NYSE: NCC) (Cramer's Take) are in trouble. Bank of America (NYSE: BAC) (Cramer's Take) says it isn't in trouble, but obviously the market doesn't believe management because the stock failed to rally when it said its dividend was safe. Any short-selling hedge fund could hire 30 actors and have them line up at a Washington Mutual or two and get a bank run going. Then we would have to hear about a "hasty" Treasury department plan to bail out WM. Hasty? How can these guys not see it coming?

Continue reading Cramer on BloggingStocks: The breadth of the danger is staggering

Cramer on BloggingStocks: The breadth of the danger is staggering originally appeared on BloggingStocks on Tue, 15 Jul 2008 08:56:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>abkaigamdanbacbbtcchrschscmacnbdhiffeaturedfhnfitbfnmfregmgnwhbanhovimbjim cramerJimCramerkeykrxlehlenmmbimermimtgnccphmpmirfshldsovstiubsvcwbwmxlzionTue, 15 Jul 2008 08:56:00 EST<![CDATA[After IndyMac failure, another 150 banks?]]>http://www.bloggingstocks.com/2008/07/14/after-indymac-imb-failure-another-150-banks/http://www.bloggingstocks.com/2008/07/14/after-indymac-imb-failure-another-150-banks/http://www.bloggingstocks.com/2008/07/14/after-indymac-imb-failure-another-150-banks/#commentsFiled under: , ,

Analysts believe that another 150 banks in the U.S. could fail over the near-term. According to The New York Times, "as many as 150 out of the 7,500 banks nationwide could fail over the next 12 to 18 months, analysts say. " The failure of IndyMac (NYSE: IMB) puts more focus on the problem

That puts investors in region banks in a tough spot. Shareholders in firms like NCC (NYSE: NCC) have watched the value of their stock drop from $33.54 to $4.42 over the last year as the bank cut its dividend and raised money. These holders can get out now because they fear an event which could take shares down to pennies. Or, they can hang on and hope that, once the financial crisis has passed, they may make some of their money back.

In many cases, the stock price is an excellent indication of what stockholders might want to do. IndyMac shares are down 99%. NCC's are down 85%, and its viewed by most as a bank that will "make it" because it has raised more money.

It would appear that the banks that the market is most worried about are off 90% to 96%. The institutions in that category probably carry the greatest risk of failure, if the stock market is an accurate indicator. The "if" part is the hard part.

Douglas A. McIntyre is an editor at 247wallst.com.

After IndyMac failure, another 150 banks? originally appeared on BloggingStocks on Mon, 14 Jul 2008 09:39:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>banking systemBankingSystembankseconomyIMBinthenewsNCCMon, 14 Jul 2008 09:39:00 EST<![CDATA[Analyst downgrades: Nova Chemical, Tomkins Plc, OfficeMax]]>http://www.bloggingstocks.com/2008/07/09/analyst-downgrades-nova-chemical-tomkins-plc-officemax/http://www.bloggingstocks.com/2008/07/09/analyst-downgrades-nova-chemical-tomkins-plc-officemax/http://www.bloggingstocks.com/2008/07/09/analyst-downgrades-nova-chemical-tomkins-plc-officemax/#commentsFiled under: ,

MOST NOTEWORTHY: Nova Chemical, Tomkins Plc and Office Max were today's noteworthy downgrades:

  • Citigroup downgraded shares of Nova Chemical (NYSE: NCX) to Sell from Hold as they believe the ethylene cycle is trending downward due to economic uncertainty. Citigroup lowered their target to $21 and $25 and added the stock to the Top Picks Live List as a Sell.
  • Goldman cut Tomkins Plc (NYSE: TKS) to Sell from Neutral as they believe the slowing economy could impact sales.
  • Piper downgraded shares of OfficeMax (NYSE: OMX) to Neutral from Buy following the negative pre-announcement by competitor Office Depot (NYSE: ODP) on concerns of deteriorating industry fundamentals. Piper lowered their target on OfficeMax to $11 from $22.

OTHER DOWNGRADES:

Analyst downgrades: Nova Chemical, Tomkins Plc, OfficeMax originally appeared on BloggingStocks on Wed, 09 Jul 2008 12:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>DHRLINTANCCNCXODPOMXTKSWed, 09 Jul 2008 12:30:00 EST<![CDATA[Cramer on BloggingStocks: 'Bailout' is not a dirty word ]]>http://www.bloggingstocks.com/2008/07/07/cramer-on-bloggingstocks-bailout-is-not-a-dirty-word/http://www.bloggingstocks.com/2008/07/07/cramer-on-bloggingstocks-bailout-is-not-a-dirty-word/http://www.bloggingstocks.com/2008/07/07/cramer-on-bloggingstocks-bailout-is-not-a-dirty-word/#commentsFiled under: , , , , , , , , ,

TheStreet.com's Jim Cramer says beyond the long tradition, it's what we need now as a nation.

How did "bailout" become such a curse? The U.S. has a long history of bailouts, the big ones being most successful. The U.S. government saved Lockheed (NYSE: LMT) (Cramer's Take) in 1974 -- we need all the competition in military procurement we can get, considering how precious little of it there is -- so it's hard to judge that one a loser. The feds profited from the Chrysler bailout five years later .Not just profited, but had a huge success. The Mexican bailout in the 1990s saved that country's financials and gave the U.S. a tidy profit. The Resolution Trust bailout worked perfectly in restoring the banking system at a small cost, in retrospect, to the chaos we could have had.

Yet here's JPMorgan (NYSE: JPM) (Cramer's Take) taking on a lot of risk, in retrospect, given the junk nature of Bear's portfolio, and there's a tremendous amount of hand-wringing about it?

I say get used to it. General Motors (NYSE: GM) (Cramer's Take) and Ford (NYSE: F) (Cramer's Take) can't cut their way out of their jam, not with the F Series down 40% and GM still paying more for its labor force than it thought would have to. Both have strong, salvageable franchises, but they need capital, a la Chrysler in 1979. I think the feds should give it to them with contingencies that allow the U.S. to profit from any rebound.

Continue reading Cramer on BloggingStocks: 'Bailout' is not a dirty word

Cramer on BloggingStocks: 'Bailout' is not a dirty word originally appeared on BloggingStocks on Mon, 07 Jul 2008 08:52:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bacbailoutcmaffeaturedgmjim cramerJimCramerjpmlmtnccwbwmMon, 07 Jul 2008 08:52:00 EST<![CDATA[Cramer on BloggingStocks: JP Morgan made a huge mistake ]]>http://www.bloggingstocks.com/2008/06/20/cramer-on-bloggingstocks-jp-morgan-made-a-huge-mistake/http://www.bloggingstocks.com/2008/06/20/cramer-on-bloggingstocks-jp-morgan-made-a-huge-mistake/http://www.bloggingstocks.com/2008/06/20/cramer-on-bloggingstocks-jp-morgan-made-a-huge-mistake/#commentsFiled under: , , , , , , , , , , ,

TheStreet.com's Jim Cramer says the acquired Bear Stearns portfolio is worth even less than he thought.

How bad was that Bear Stearns portfolio? I am beginning to believe that JPMorgan's (NYSE: JPM) (Cramer's Take) buy of Bear is looking like a big mistake. It can only be justified by what might have been an even bigger problem for JPM -- the collapse of the trades that Bear made, which were being processed by JPM's clearing.

We are now beginning to get a real sense of the worthlessness of the mortgage portfolios. Not that we got any help from the SEC, which has taken a "we don't care what's in the mortgages as long as you tell us you have mortgages" attitude. That's been worthless for investors, and maybe even for JPMorgan.

The losses now exceed $400 billion, according to my modeling (if you simply assumed that 50% of the exotic mortgages that were issued from 2005 to 2007 eventually went into default). That's amazing, but it looks like I dramatically underestimated the losses. UNDERESTIMATED!

The most egregious issuers of these exotic mortgages were Bear, Merrill Lynch (NYSE: MER) (Cramer's Take) and Lehman Brothers (NYSE: LEH) (Cramer's Take). I believe that JPM has taken in a huge number of uninsurable, non-hedgeable mortgage instruments that are a pure write-off. And that means they are probably underwater on everything they took in.

Continue reading Cramer on BloggingStocks: JP Morgan made a huge mistake

Cramer on BloggingStocks: JP Morgan made a huge mistake originally appeared on BloggingStocks on Fri, 20 Jun 2008 08:57:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bacbank of americaBankOfAmericabankscfccountrywidefeaturedfinanacialsgoldman sachsGoldmanSachsgsjim cramerJimCramerjpmjpmorgan chaseJpmorganChaselehlehman brothersLehmanBrothersmermerrill lynchMerrillLynchnational cityNationalCitynccwachoviawashington mutualWashingtonMutualwbwmFri, 20 Jun 2008 08:57:00 EST