Kerkorian dumps entire stake in Ford originally appeared on BloggingStocks on Mon, 29 Dec 2008 18:00:00 EST. Please see our terms for use of feeds.

The week between Christmas and New Year's is supposed to be slow. No one expected a little war in the Middle East, which pushed oil prices up, at least for a couple of days. Toward the end of trading, billionaire Kirk Kerkorian's holding company said it had sold of its Ford (NYSE: F) shares, and that pushed the stock down 5%.

The day opened with the market reacting to Kuwait pulling out on its $17 billion joint venture with Dow Chemical (NYSE: DOW). The news hammered DOW down 20%.

The market was down most of the day but moved toward even at the close. The primary concern of traders still seems to be the poor retail sales from the holidays and whether consumer spending will stay weak well into next year. Certainly nothing happened to make traders glad they came back after a weekend off.

Today's unofficial closing numbers:

Douglas A. McIntyre is an editor at 24/7 Wall St.

Closing bell: Weak markets; Kerkorian dumps Ford, oil tips up originally appeared on BloggingStocks on Mon, 29 Dec 2008 16:09:00 EST. Please see our terms for use of feeds.

This post is part of our feature on Money Losers of 2008. See all 20.

Our series of Money Losers for 2008 has its share of millionaires and billionaires on it. Personally, I think that is just wrong. While these people may have lost billions of dollars this past year, it doesn't seem fair to call them money losers. They will certainly survive this troubled time and still have their house, their cars, and (at least some of) their fortune. However, on the flip side, no one would read an article about Frank the farmer from Iowa who lost 50% of his life savings.

Kirk Kerkorian made his fortune by developing real estate and hotels in Las Vegas and by buying and selling movie studio MGM three times over. According to the Forbes 2008 list, he is the world's 41st-richest person with a net worth of $16.0 billion.

This year has seen some bumps in the road for Mr. Kerkorian. His private investment corporation Tracinda owns about 55% of MGM Mirage (NYSE: MGM) and made a very prominent bad call on Ford (NYSE: F) earlier this year.

MGM peaked around October of last year with a stock price upwards of $95. At that time, Tracinda's 55% state would have been worth about $14.5 billion. However, with today's share price of just $13.50, that chunk of MGM is "only" $1.5 billion. Of course these are only paper gains and paper losses at this point, but it still stings a little bit to look at the bottom line.

Continue reading Money losers of 2008: Kirk Kerkorian takes hits from MGM and Ford

Money losers of 2008: Kirk Kerkorian takes hits from MGM and Ford originally appeared on BloggingStocks on Wed, 24 Dec 2008 10:00:00 EST. Please see our terms for use of feeds.

As we begin the trek to grandmother's house, it's worth reflecting on what we have to be thankful for. The answer? When it comes to money, most of us have a lot less than we did a year ago. But for those of you who have your health and your families to comfort you, it will cost much less to buy the gasoline to visit than it would have in July. And as you're driving to visit those families -- consider how much less you lost in the last year than the world's 10 biggest losers.

According to the web site, The Business Sheet, those unfortunate people suffered a mind-boggling $176 billion in lost stock market value in the last 12 months. It turns out that 52% of the losses were suffered by three executives based in India. Here they are:

• Anil Ambani - $32.5 billion. Ambani heads Reliance Communications that invested $500 million in Dreamworks earlier this year.
• Lakshmi Mittal - $30.5 billion. Mittal heads ArcelorMittal which has suffered from a decline in the price of steel.
• Mukesh Ambani -$28.2 billion is Anil's brother and controls Reliance Industries, a petrochemical manufacturer.

• Sheldon Adelson -$30 billion. I did consulting work for Adelson about 22 years ago and he is quite a character. His Las Vegas Sands (NYSE: LVS) casino is suffering from the economic slowdown and he's had some trouble with debt.
• Warren Buffett -$13.6 billion. As I posted, Buffett's Berkshire Hathaway (NYSE: BRK.A) has had some problems this year.

Continue reading The world's 10 biggest losers

The world's 10 biggest losers originally appeared on BloggingStocks on Wed, 26 Nov 2008 17:05:00 EST. Please see our terms for use of feeds.

Continue reading Is Ford running on empty?

Is Ford running on empty? originally appeared on BloggingStocks on Thu, 24 Jul 2008 09:13:00 EST. Please see our terms for use of feeds.

Continue reading Kerkorian increases Ford stake to 6.5%, buys another 20 million shares

Kerkorian increases Ford stake to 6.5%, buys another 20 million shares originally appeared on BloggingStocks on Thu, 19 Jun 2008 11:59:00 EST. Please see our terms for use of feeds.

Kirk Kerkorian, who always has a tan and is a billionaire to boot, will end up with 5.5% of Ford (NYSE: F) when his current tender offer is done. If things don't get better at the car company, he may use that big chunk of stock to force some changes.

The founding Ford family owns 40% of the voting shares in Ford. For the time being, they can probably block any moves that Kerkorian would want to make. But, according to The Wall Street Journal (subscription required), "The next few weeks and months could show how well the team of the activist investor and the company's management co-exist."

They aren't going to get along very well. Much of the trouble at Ford cannot be fixed by Ford. If gas prices stay high, the car market is going to stay tough for every company selling autos in the U.S. If a recessions spread to Europe and Asia, things will be even worse.

What Ford didn't do in the past is also going to keep damaging sales. The firm still makes too many trucks and SUVs and designing enough smaller cars and putting them into production will take several quarters.

Kerkorian, and any other Ford shareholders for that matter, may ask the company to cut more costs. But, Ford may be close to the bone now, and it is impossible to say what there is left to take out of expenses without deeply damaging the company's chance of ever getting its market share back.

Owning a lot of shares in Ford may get Kerkorian a voice, but he may not have anything to say.

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

Kerkorian: A sort of takeover of Ford? originally appeared on BloggingStocks on Sat, 07 Jun 2008 16:10:00 EST. Please see our terms for use of feeds.

Continue reading Kerkorian still willing to pay up for Ford

Kerkorian still willing to pay up for Ford originally appeared on BloggingStocks on Fri, 30 May 2008 12:45:00 EST. Please see our terms for use of feeds.

Continue reading Kerkorian adds $100 million to capital to buy Ford shares

Kerkorian adds $100 million to capital to buy Ford shares originally appeared on BloggingStocks on Fri, 23 May 2008 12:30:00 EST. Please see our terms for use of feeds.

"Ford Motor Co. (NYSE: F) recently surprised Wall Street by posting its first profit in ages," notes Mark Skousen in The Turnaround Trader. Here's the advisor's bullish outlook on the auto maker.

"Ford announced a $100 million profit in the quarter, even though sales lagged General Motors and Toyota. I see Ford as a deeply undervalued company that finally is producing good quality cars, both here and abroad, and I don't think higher gasoline prices will have much effect on the turnaround.

"Ford must be seen as a global producer. And foreign sales are booming for Ford and GM. Moreover, now that Ford has decided to include Microsoft's Nuance-powered Sync voice control system in some of its 2008 models, it could help improve sales dramatically here in U.S. showrooms.

"If the profitable quarter continues, Ford now is selling for only 14 times next year's earnings. With revenues of close to $40 billion in the quarter, a smart business person certainly could cut the fat from that and turn a profit, and that is exactly what turnaround specialist CEO Alan Mulally is doing.

"Under his guidance, Ford saved $1.7 billion from cost reductions in the quarter and agreed to sell Jaguar and Land Rover. Wall Street likes what Mulally is doing, and so does billionaire investor Kirk Kerkorian, who is buying its stock. Let's join him by buying Ford."

Each day, Steven Halpern's TheStockAdvisors.com offers the latest market commentary and favorite investment ideas from the nation's leading financial newsletter advisors.

There's also the bearish case: Ford (F): No short seller faith in turnaround

Ford (F): A bullish case for a turnaround originally appeared on BloggingStocks on Mon, 12 May 2008 09:52:00 EST. Please see our terms for use of feeds.

Ford Motor Co.

Continue reading Ford's Alan Mullaly backed by Kirk Kerkorian

Ford's Alan Mullaly backed by Kirk Kerkorian originally appeared on BloggingStocks on Mon, 28 Apr 2008 08:55:00 EST. Please see our terms for use of feeds.

Ford (NYSE: F) is up over 7% on news that Kirk Kerkorian has taken a major position in the company.

Sohu (NASDAQ: SOHU) is up over 13% on good earnings.

Wrigley (NYSE: WWY) is up almost 26% on news of a buy-out by Mars and Warren Buffett.

Medarex (NASDAQ: MEDX) is off 12% on news of a delay in FDA action on one of its drugs.

Douglas A. McIntyre is an editor at 247wallst.com and the author of Ten Stocks Under $10.

Pre-market movers (F) (WWY) originally appeared on BloggingStocks on Mon, 28 Apr 2008 07:57:00 EST. Please see our terms for use of feeds.

Book review: Winner Takes All: Steve Wynn, Kirk Kerkorian, Gary Loveman, and the Race to Own Las Vegas originally appeared on BloggingStocks on Fri, 28 Mar 2008 06:47:00 EST. Please see our terms for use of feeds.

It's been three weeks since our Money Face-Off feature ran here at BloggingStocks and on AOL, offering you the opportunity to share who you though had the financial edge in a series of twenty head-to-head match-ups. So I thought I'd take another look and see how things have worked out.

It's hard to pick just one big winner. In terms of the largest lead over a rival, Ivanka Trump easily beats Paris Hilton with 89% of the vote. Others holding big leads over their opponents include Tiger Woods, Warren Buffett, Steven Spielberg, and Rupert Murdoch.

In terms of receiving the most votes, the clear leader is the Oprah Winfrey vs. Martha Stewart match-up, with just short of 150,000 votes. Other big vote getters were Tiger Woods vs. David Beckham, Rudy Giuliani vs. Michael Bloomberg, and Bill Gates vs. Steve Jobs. In terms of the liveliest discussions in the comments, the winners are Oprah Winfrey vs. Martha Stewart, Erin Burnett vs. Maria Bartiromo, and Bono vs. Angelina Jolie. Also check out the comments for the J.K. Rowling vs. J.R.R Tolkien, Tiger Woods vs. David Beckham, and Ivanka Trump vs. Paris Hilton posts.

As for the face-off posts here that got the most attention, the clear winner is Erin Burnett vs. Maria Bartiromo, with more than 13,000 hits. Lindsay Lohan vs. Britney Spears and Oprah Winfrey vs. Martha Stewart also attracted lots of readers.

Results for all the face-offs follow below, but keep in mind that the voting is still open. It's not too late to add your vote or let us know what you think.

Continue reading Money Face-Off Big Winners: Oprah, Tiger Woods, Ivanka Trump, Erin Burnett

Money Face-Off Big Winners: Oprah, Tiger Woods, Ivanka Trump, Erin Burnett originally appeared on BloggingStocks on Sat, 06 Oct 2007 12:40:00 EST. Please see our terms for use of feeds.

It's been a week since our Money Face-Off posts ran here on BloggingStocks and less than a week since the Money Face-Offs were featured on the AOL welcome page, and the response has been terrific. Many of the face-off polls have more than 50,000 votes thus far, and some of the match-ups are very close.

The closest of all is the face-off of CNBC anchors Erin Burnett and Maria Bartiromo: 50/50 with more than 61,000 votes so far. And the post has garnered 39 comments so far. The commenters have strong opinions, whether defending Bartiromo or Burnett, wishing other anchors had been included, complaining about the photos, or even questioning the Money Face-Off feature itself. Be sure to check it out.

The face-off between the former and current New York City mayors, Rudy Giuliani and Michael Bloomberg, garnered more than 67,000 votes. While Bloomberg has his defenders, presidential candidate Giuliani currently has a small lead in this match-up, with a little over half the votes. Can he hold on to that lead, though?

The match-up of supermodels turned businesswomen, Tyra Banks vs. Heidi Klum, also has more than 50,000 votes so far. In this case, it's Klum in the lead with about 55 percent of the vote. Only one reader, a Tyra Banks fan, has commented so far. Feel free to add your thoughts about which former supermodel you think is more successful.

Continue reading Money Face-Off recap: The 'Money Honey' catfight, and Giuliani's slim lead here too

Money Face-Off recap: The 'Money Honey' catfight, and Giuliani's slim lead here too originally appeared on BloggingStocks on Sun, 23 Sep 2007 09:40:00 EST. Please see our terms for use of feeds.

This post is part of our Money Face-Offs feature. Let us know who you think comes out ahead in this head-to-head match-up, and check out our other Money Face-Off posts.

In this corner, hailing from Beverly Hills and Las Vegas, is 91-year old billionaire investor Kirk Kerkorian, one-time amateur boxer know as "Rifle Right Kerkorian." And in the other corner, hailing from New York, is 71-year-old corporate raider and activist private equity investor, Carl Icahn, who is never afraid to go toe to toe with an opponent.

Let's get ready to rumble.

Round One begins: Kerkorian drops out of school and becomes a pilot. He gets his start in business buying surplus planes after World War II, as well as Las Vegas properties, becoming the landlord of Caesar's Palace. Icahn, meanwhile, establishes his reputation as a corporate raider during his hostile takeover of TWA in 1985, and becomes one of the inspirations for the character of Gordon "Greed Is Good" Gekko, the antagonist of the 1987 film Wall Street.

Continue reading Money Face-Off: Kirk Kerkorian vs. Carl Icahn

Money Face-Off: Kirk Kerkorian vs. Carl Icahn originally appeared on BloggingStocks on Sat, 15 Sep 2007 10:10:00 EST. Please see our terms for use of feeds.

Continue reading Dubai gambles on Las Vegas (MGM)

Dubai gambles on Las Vegas (MGM) originally appeared on BloggingStocks on Wed, 22 Aug 2007 09:45:00 EST. Please see our terms for use of feeds.

MAJOR PAPERS:

• The Wall Street Journal reported that Toyota Motor Corporation (NYSE: TM), which launched a factory-building blitz five years ago, is now being urged by senior members of the founding family to stop building factories in the United States on fears it will hurt the company's efficiency.
• Kirk Kerkorian, who controls MGM Mirage (NYSE: MGM), had planned to buy the Bellagio Hotel and Casino and the $7.4B Project City Center from MGM. But that deal now appears to be off, according to the Wall Street Journal.

• The U.K. Times reported that News Corporation (NYSE: NWS) has had preliminary talks with Yahoo Inc (NASDAQ: YHOO) about giving its social networking site MySpace to the online search company, in exchange for a 25% stake in Yahoo!.
• The New York Times reported that NYC Mayor Michael Bloomberg will leave the Republican Party and register as an Independent.
• The New York Times also reported that Microsoft Corporation (NASDAQ: MSFT) will pay Take-Two Interactive Software (NASDAQ: TTWO) $50M for two exclusive downloadable episodes of Grand Theft Auto for the Xbox 360.

Newspaper wrap-up 6-20-07: Kerkorian deal for the Bellagio off originally appeared on BloggingStocks on Wed, 20 Jun 2007 09:15:00 EST. Please see our terms for use of feeds.

Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) -- volatility Elevated on renewed Kerkorian speculation. HOT, a leading hotel and leisure company, is frequently mentioned as a private equity break up/recapitalization candidate. Chatter is circulating that Kirk Kerkorian's Tracinda has a mid-$90's offer on the table for HOT. HOT is recently up $0.63 to $70.64. HOT has a market cap of $15 billion with long term debt of $1.8 billion. HOT reported quarterly March 2007 total revenue of $1.4 billion. HOT July option implied volatility of 34 is above its 26-week average of 27 according to Track Data, suggesting larger risk.

Countrywide Financial Corp. (NYSE: CFC) -- volatility not confirming renewed takeover speculation. CFC, the largest U.S. home mortgage lender, is recently up 26 cents to $38.16. CFC July option implied volatility of 36 is near its 26-week average of 34 according to Track Data, suggesting slightly larger price fluctuations.

Option volume leaders today are: Apple Inc. (NASDAQ: AAPL), Freeport McMoran (NYSE: FCX), Goldman Sachs Group (NYSE: GS) and Valero Energy Corp. (NYSE: VLO).

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

Option update 6-14-07: Starwood up on renewed Kerkorian speculation originally appeared on BloggingStocks on Thu, 14 Jun 2007 12:30:00 EST. Please see our terms for use of feeds.

Kerkorian's new target: Kerkorian originally appeared on BloggingStocks on Tue, 22 May 2007 13:05:00 EST. Please see our terms for use of feeds.