Ivanka Trump -- the daughter of comedy icon Donald Trump and a director at his flailing casino company, Trump Entertainment Resorts (NASDAQ: TRMP) -- is back from a trip to Israel where she was scouting out possible investment opportunities.
In an interview with Haaretz.com, she said that it was her first trip to Israel and that she saw tremendous opportunities for investment in Israel. If you care about her opinions on the US market, she feels that "now is the time to buy" and that prices will "go right back up."
It was only a few years ago that the Israeli government established the laws to make real estate investments trusts available there. Excellence Investments' "REIT 1" became the first REIT to trade on the Tel Aviv stock exchange.
Once an Israeli REIT lists its stock on the US market as an ADR, American investors will have an easy opportunity to follow Ivanka into Israel.
Trump Entertainment Resorts, Inc. (NASDAQ: TRMP) has sold its Trump Marina Hotel to New York-based Coastal Marina for $316 million. In a self-congratulatory press release, Trump chairman "Donald J. Trump" said that the hotel "has been an important part of our company with a loyal customer base and a dedicated team."
Well then it's good news that they sold it. In the past year, shares of Trump Entertainment Resorts have gone from $16 to as low as $2.29. The stock is up more than 20% today, but it's still a tiny fraction of its former high. Who knows: maybe if they sell all the important parts of the company the stock will go back over $5. Trump Entertainment Resorts really is that bad, having reported a pre-tax loss of $249 million last year.
But good news for my fellow Donald Trump haters: Coastal Marina is planning to rename the hotel "Margaritaville." Trump Entertainment CEO Mark Juliano commented that "The execution of this transaction will provide us with additional financial flexibility to effectively master-plan the future path of our company in the midst of an overall transformation which has already been marked by many successes."
Reality check: the company has lost $252 million since inception. Whatever its "many successes" are, they have been heavily outweighed by failures.
Donald Trump has a new show in the works: naughty girls are sent to a finishing school where they learn the manners they'll need to behave like socialites. Sounds tasteful.
Now The New York Daily News is reporting that Mr. Trump, as he likes to be called, is looking to get Eliot Spitzer's call girl, Ashley Alexandra Dupre, to come on his show. Jo Piazza's Full Disclosure column writes that "A production source confirmed that the group reached out to the singing floozy and former call girl on Thursday, but have yet to hear back from her. But The Donald told us that he would love to get the chance to class her up in front of a national audience."
Where to begin? I'd be willing to bet that Ms. Dupre already has infinitely more class than The Donald. He is the one who needs to be sent to finishing school. Is a man who goes on WWE, calls Rosie O'Donnell "a pig," and has been married 3 times, really in a position to be putting anyone through charm school? This is to say nothing of his heinous coif, personality, and numerous failures in the business world.
I'm sure this show will be a flop with or without Ms. Dupre, but here's my advice to her: If you go on TV with Donald Trump, having sex with Eliot Spitzer for $5 thousand per hour could be seen by some people out there as the classiest thing you've ever done.
The proxy statement for flailing Atlantic City casino operator Trump Entertainment Resorts (NASDAQ: TRMP) is out. Just for fun, I'm including below the stock chart the company showed investors in its 10-K filed with the SEC -- which provides evidence of what a destroyer of value this company has been since its predecessors reorganized in 2005.
And yet its namesake, Donald J. Trump, has made quite a bit of money as it bleeds red.
Mr. Trump was paid $2 million for serving as chairman in 2007 -- a sum that I would say is completely undeserved, given the company's lack of performance while he devoted his time to sparring with Rosie O'Donnell on daytime talk shows. And then there's this gem:
This post is one of several on business heirs apparent. Let us know in the comments whether you think about Ivanka Trump, and be sure to check out the other heir apparent posts.
Ivanka Trump, 26, daughter of Donald Trump, is an heir apparent to her dad's real estate and entertainment holdings. Her business title is the vice president of real estate development and acquisitions at the Trump Organization, which is a holding company for many of Trump's businesses (Trump's casinos are part of Trump Entertainment Resorts (NASDAQ: TRMP).
Ivanka, while arguably the most famous of Trump's children, isn't his only heir apparent. Her siblings Donald, Jr., and Eric are also currently executive vice presidents, according to Wikipedia. But she stands out as the one likely to claim the top job given her love of the limelight -- she is a frequent cover girl and has appeared on the Apprentice -- as well as her oft-proclaimed drive to succeed in business.
However, I for one am getting sick of all the talk about her heir apparent status. Money-losing casinos, licensing deals for everything from hotels to cologne, and a TV show that's been in rapid decline since the end of its first season? That empire? What's second prize, 50 shares of Bear Stearns?
New York-based Saks Inc. (NYSE: SKS), the operator of Saks Fifth Avenue department stores, reported that its fourth-quarter profit almost doubled, helped by solid sales, cost controls, and one-time gains.
Earnings came to $39.5 million, or 26 cents per share, during the period that ended February 2, compared with $21.5 million, or 14 cents per share, in the same period of the prior year. Sales rose almost 5% to $999.7 million in the fourth quarter. Analysts had expected EPS of 20 cents on revenue of $993.61 million, according to a survey by Thomson Financial.
For the year, Saks earned $47.5 million, or 31 cents per share, compared with $53.7 million, or 40 cents per share, a year earlier. Sales rose to $3.28 billion, almost 12% higher than the previous year.
"I remain very positive about the long-term prospects for the luxury sector and specifically for our Saks Fifth Avenue business, " said Chief Executive Stephen Sadove. However, privately-held Neiman Marcus Inc., which reported fiscal second-quarter results today, saw only a modest rise of 8% in profits and 6% in revenue.
As you may have noticed, I regularly scan the internet for stories that give me an opportunity to trash one of my least favorite people in the financial world: Donald Trump.
TMZ is reporting that Nights at Vegas, Inc. is suing Trump's royal derriere and combover for $4 billion, alleging that he made it impossible for the company, which leases units at the hotel bearing his name in Las Vegas, to do business by barring them from using the name "Trump" in their advertising.
The company is seeking $1 billion in compensatory damages and $3 billion in punitive, just for fun.
TMZ adds that "Donald Trump is being sued for $4 billion. No big whoop, unless you're only worth around $2 billion."
In his great book, TrumpNation, Timothy L. O'Brien claims that there are reasons to doubt Trump's claims of being a billionaire.
If TMZ and O'Brien are right, maybe the winner of Celebrity Apprentice can donate the money to Trump's legal defense fund -- although that might disappoint the 11 people who watch the show.
It seems like there are almost weekly opportunities to blast Donald Trump here on BloggingStocks, and the latest comes courtesy of Perez Hilton who reports (with a great illustration that is too vulgar for AOL) that "Last Thursday's Celebrity Apprentice came in at third place with a lousy 8.2 million viewers. That's down a sharp 26% from its previous week premiere. At its heyday, the show could get close to 20 million viewers per episode."
What went wrong, other than the fact that Trump has overexposed himself to the point where everyone wishes he and his comb-over would take a hike? Part of the problem is that the whole Celebrity Apprentice thing lacks the appeal of watching hungry up-and-comers duke it out for a shot at wealth. It's a little bit like watching Warren Buffett play Deal or No Deal -- Who cares? There's no drama, and watching Gene Simmons dial up his friends to buy a $5,000 hot dog so his team can beat Omarosa in a contest just isn't very interesting.
But then again, the whole Apprentice show has gotten stale -- and its applications to the real-life business world have always been highly overrated. It's a made-for-TV reality show full of over-produced melodrama.
But the flop of the celebrity edition probably spells the end of the series, and now Donald Trump can go back to focusing on his business ventures rather than his insatiably narcissistic appetite for publicity. And judging from the performance of Trump Entertainment Resorts (NASDAQ: TRMP), his real-life ventures could use some attention.
After eBay Inc. (NASDAQ: EBAY) has pulled out of Japan a few years back due to Yahoo's domination there, today it announced a partnership with Yahoo Japan Corp., owned one third by Yahoo! Inc. (NASDAQ: YHOO). The two agreed to team up in online auctions, planning services for next year that will make it easier for consumers to buy things over the Internet from the U.S. and Japan and make cross-border bids and trading.
Trump Entertainment Resorts (NASDAQ: TRMP) announced yesterday its Chief Financial Officer Dale Black has resigned, effective Dec. 14, to take a similar position with another casino and entertainment company. TRMP shares declined in late trading, continued to slide in after hours and are now trading down over 14.6% in premarket action.
Today is the expiration date on the FCC's 180-day review period for the proposed purchase of XM Satellite Radio Holdings Inc. (NASDAQ: XMSR) by Sirius Satellite Radio Inc. (NASDAQ: SIRI). Analysts thinks the purchase may not be approved by today. While some analysts are think that the FCC may yet approve the merger, the Justice Department may not act under the same time constraints. Consensus seems to be, though, that the review will slip past the 180-day period. A Cowen & Co. analyst warned shares of the two satellite radio companies may tumble if the deal is rejected, XM shares may drop between 20-30% and Sirius may decline about 20%. In premarket action SIRI shares are down 4.8% and XMSR shares down 8.4%.
Ladies and gentlemen, I am officially declaring an end to the comeback of Donald Trump. The signs have been there for awhile: rampant overexposure, a feud with Rosie O'Donnell, declining ratings on "The Apprentice," a falling stock price on Trump Entertainment Resorts (NASDAQ: TRMP), a terrible book with the clown of personal finance, Robert Kiyosaki, and an appearance on World Wrestling Entertainment (NYSE: WWE).
But now it's all over. I stumbled upon Donald Trump's much-hyped cologne "Trump: The Fragrance" at Marshalls -- but it wasn't just at TJMaxx (NYSE: TJX). It was on clearance at Marshalls: $8 a bottle, way, way below its suggested retail price of $48.
I was going to get it for my dad as a gag gift (the one person I know who can stand Trump less than I can), but decided to save the money. When I told my dad about it, his reaction is a pretty good indicator of why the cologne was obviously a huge flop. Here's what he said:
If I want to smell like Donald Trump, I'll save the $8 and go roll around in dog crap.
Following Chrysler's lead to cut costs in relation to slowing sales, Ford Motor Company (NYSE: F) may cut its 2008 spending by 15%, according to the Wall Street Journal (subscription required).
The Writers Guild of America, battling with Hollywood film and TV producers, is expected to call for a strike, reported the Wall Street Journal.
Siemens AG (NYSE: SI) CEO Peter Loscher is getting ready to implement aggressive earnings targets for the company's senior managers, as well as thousands of job cuts, reported the Financial Times (subscription required).
Investors may now be looking at AT&T (NYSE: T) as a "high-quality stock for the long haul," says Justin Hellman of Value Line.
While many investors may be looking at Clinical Data's (NASDAQ: CLDA) possible blockbuster antidepressant drug and genetic test, they are banking on the company's Chairman Randal Kirk, who controls 40% of the stock.
MoneyGram International (NYSE: MGI) may be looking for buyers, and John Bendall, CEO of Hermitage Capital, thinks it is worth $30 a share.
Trump Entertainment Resorts Inc. (NASDAQ: TRMP) shares are on the rise after today's quarterly report, as the company announced higher profit on lower costs. Trump earned 21 cents per share on the quarter, 50% above analysts' expectations of 14 cents per share. If you think that the company won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on TRMP.
After hitting a one-year high of $23.80 in November 2006, the stock tumbled to a 52-week low of $5.15 in August. TRMP opened this morning at $7.98. So far today the stock has hit a low of $7.83 and a high of $8.66. As of 11:05, TRMP is trading at $8.26, up $0.50 (6.4%). The chart for TRMP looks bullish and steady, while S&P gives the stock its highest 5 STARS (out of 5) strong buy rating.
Shares of Trump Entertainment Resorts (NASDAQ: TRMP) are up 17% after the Star Ledger of Newarkreported that the Cordish Co., a Baltimore developer looking to get into the casino industry, is looking a buying the company.
Shares of Trump have plummeted in recent months after the company dismissed an offer from Dennis Gomes as too low.
According to The Ledger, "Analysts have long said finding a buyer for Trump Resorts is a long shot. The company carries a heavy debt load -- $1.25 billion plus a $500 million line of credit -- and would be an expensive proposition. A buyer also would have to pay a premium on the price of the company's bonds. And Trump has veto power over the sale of any of the casinos. If he waives that right, the company would have to pay up to $100 million to cover taxes he would owe in a sale."
The huge jump in the stock price is hard to fathom. Merrill Lynch spent months searching for a buyer with little success even as the stock price tanked which, in theory, should have made it a more attractive target.
Trump is bloated and in terrible shape, lacking the funds to revitalize itself. Oh, and Trump Entertainment Resorts is in a similar situation too.
I'll be shocked if anything comes of this latest rumor.
Yesterday morning I reported that shares of Trump Entertainment Resorts (NASDAQ: TRMP) were flat after the company reported a lousy quarter. I suggested that could be the sign of a bottom and, by the end of the day, the stock was up 26.5%. Today's Wall Street Journaltakes a look at the company, and it isn't too impressed.
The stock was up ostensibly because investors have some level of confidence in the new CEO Mark Juliano, and his ability to transform the company's casinos from venues for senior citizen day-trippers into higher-end resorts.
The problem is that the company, like Donald Trump's ego, is bloated with debt, and will have difficulty making the investments to compete with better-financed players. The piece quotes analysts Justin Sebastiano: "They don't have the assets to compete on the level that they have to."
That the company failed to find a buyer and saw its stock plummet after that failure is a sign that others agree: There isn't a lot of value to be had here, and the company will be losing money for at least the next 2 years.
The piece also says that "A big part of Wall Street's discomfort with Trump Entertainment is that it is most vulnerable to the downturn in Atlantic City and hasn't successfully diversified away from that market after failing to win a slots operating license in Pennsylvania."
The stock may look cheap, but it isn't. The balance sheet's a mess and it isn't profitable. It may already have bottomed for now, but this looks like a stock investors should take a pass on.