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Synovus Financial posts

Closing Bell: A Jobs and Trade Deficit Victory (AIG, C, TEAR, SNV, CLNE)

Posted Mar 11th 2010 4:20PM by Jon Ogg (RSS feed)
Filed under: Citigroup Inc. (C), Amer Intl Group (AIG)

A final hour of a rally put the market back in positive territory. But overall this was yet another day where the real close was not clear until the final minutes. The trade deficit was a non-event and the weekly jobless claims were a very slight improvement by 6,000 to 462,000 for the week. Even Senator Dodd going alone on a financial reform bill didn't hurt the markets.

Here were today's unofficial closing bell levels:

Dow 10,611.84 +44.51 (0.42%)
S&P 500 1,150.23 +4.62 (0.40%)
Nasdaq 2,368.46 +9.51 (0.40%)

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Continue reading Closing Bell: A Jobs and Trade Deficit Victory (AIG, C, TEAR, SNV, CLNE)

Synovus Financial Slides on SEC Inquiry

Posted Mar 3rd 2010 2:20PM by Elizabeth Harrow (RSS feed)
Filed under: SEC Filings, Bad News

Late Tuesday, Synovus Financial (SNV) confessed that it's facing an informal inquiry by the Securities & Exchange Commission (SEC). In a regulatory filing, Synovus disclosed that the SEC is attempting "to determine whether any person or entity has violated the federal securities laws." The financial firm was first informed of the informal investigation in a letter from the SEC dated Dec. 15, 2009.

Synovus said it intends to cooperate fully with the SEC's inquiry, but declined to provide further information on the matter. "We cannot discuss any details of the informal inquiry," explained spokesman Gregory Hudgison. "As stated in our public filings, the SEC has not asserted that Synovus or any person or entity has committed any securities violations."

Continue reading Synovus Financial Slides on SEC Inquiry

Cramer's two financial service buyout picks

Posted May 21st 2007 7:50PM by Jon Ogg (RSS feed)
Filed under: Private Equity, Automatic Data Proc (ADP)

Jim Cramer came onto MAD MONEY tonight saying he thinks that Total Systems Services Inc. (NYSE: TSS) is one that can be taken over next in a sector and $40 would be a fair price based on Alliance Data prices. Synovus Financial Corp. (NYSE: SNV) is the parent and Third Point is now being an activist investor. The earnings growth of 18% is reason enough to own this. Cramer did note that he is concerned that Automatic Data Processing Inc. (NYSE: ADP) might be acquired first.

Before you trust Cramer, there are some other instances to look at: Alliance Data Systems (NYSE: ADS) was just acquired, First Data Corp. (NYSE: FDC) is going private, and even Bisys Group Inc. (NYSE: BSG) got gobbled up. Keep in mind that some of the premiums in this sector have been small. ADS was nearly a 20% stock jump, but BSG was a horrible low-premium buyout. In making any "buyout projections" you really need to make sure that these stocks are ones you want to own on your own. Picking a company for a buyout just "for the speculation of a buyout" is a strategy that can be more than painful regardless of how nutty private equity deals get.