Apparently, there is an explosion in new equity offerings and even new debt offerings coming from the REIT sector. The Real Estate Investment Trusts are raising cash from investors while they can, and high-profile deals have already gotten done by Simon Properties (SPG) and Kimco (KIM). From FT: There is an appetite from institutional investors…
Goldman Pegs China's GDP at Lucky Number 8
From FT: Goldman Sachs has hiked its forecasts for Chinese GDP and reckons the magical growth figure of 8 per cent could be reached this year. The bank says better than expected results from November’s huge fiscal stimulus package and aggressive policy easing are behind its upgrade. Maybe Goldman understands this or maybe not, but…
Market Recap: The Battle
[youtube=http://www.youtube.com/watch?v=AMahxoftUFc] The Reformed Broker, AKA Buddy Lembeck, here with today’s Market Recap… Much like Rhymefest* gives up the battle to Big Daddy Kane in the above video (my favorite of ’09 so far), the bears had to give it up to the bulls today as banks and techs stole the show. The airlines went berzerk…
CEO Dead Pool: Pandit Vs Lewis
CEO Vikram Pandit Kenneth Lewis Company Going Against Him Slow to cut costs, snowballing losses, spins all results positively, voracious consumer of taxpayer funds Bad acquisition of Countrywide, worse deal for Merrill, bonus scandal, gorged on i-bankers at peak of market Going For Him Engineering background, Suaveness. Southern…
BONY Mellon Spits the Bit
From Reuters: Bank of New York Mellon Corp (BK) lowered its dividend 63 percent to build capital, after a decline in fees resulting from falling equity markets caused first-quarter profit to decline more than expected. Net income attributable to common shareholders declined 57 percent to $322 million, or 28 cents per share, from $746 million,…
The Somali Pirate Takes Manhattan!
This has FARCE written all over it… From the New York Times: A Somali teenager has arrived to face what are believed to be the first piracy charges in the United States in more than a century…Abduhl Wali-i-Musi, the sole surviving Somali pirate from the hostage-taking of an American ship captain, was handcuffed with a…
My Two-Word Response to New York Mag's "The Rage of the Rich"
x My Two-Word Response to New York Magazine’s “The Rage of the Rich“? x x F@ck You. x x Read the full whining, whinging tragedy here: The Rage of the Rich (NYMag) Read Also: “But We Can’t Afford to Lose the Talent” and Other Bullsh*t
Market Recap: Stocks Go Their "Separate Ways"
[youtube=http://www.youtube.com/watch?v=lUYe0XLe4o8&feature=PlayList&p=F5713BA3870442B9&index=0&playnext=1] Stocks and investors went their “Separate Ways” today, so I thought it appropriate to pass along this video of the band Recess doing a cover of Journey‘s hit by that name. The singer is 9 years old, guys. Today, the 6 week stock market rally stalled as investors digested the earnings from Bank of…
Goldman & Citi: The Pot and The Kettle
So Goldman Sachs (GS) doesn’t like how Citigroup (C) made it’s numbers last week. Well neither do the rest of us, but we also don’t like how Goldman made their own numbers! From Bloomberg: While Citigroup posted first-quarter net income of $1.6 billion last week, the New York-based bank suffered an “underlying” loss of 38 cents a…
Stress Test: Capitalism Without Competition?
We’ve removed competition from just about every facet of American life for our children: No dodgeball or football in elementary school for fear of the more aggressive kids dominating the meeker kids Everyone who shows up to a spelling bee or a sporting event gets a ‘participant” award, just for having a pulse There is…
