Archive - Feb 3, 2009
Year-To-Date Equity Market Overview By Sector
Submitted by Tyler Durden on 02/03/2009 23:55 -0500Today's curious equity market performance would lead many to believe that the market may truly have hit a bottom. Bad news gallored when stripped of their media spin, yet the market was up a solid 1.5%.
Another P/E Casualty: Indalex Holdings To Restructure
Submitted by Tyler Durden on 02/03/2009 21:15 -0500Sun Capital portfolio company Indalex, maker of extruded aluminum products, announced today it has not made the coupon payment on its 11.5% Notes due 2014 and has hired Jefferies as an advisor for its upcoming restructuring. Indalex said in a statement "The extrusion industry has experienced a deep and unprecedented downturn, and it is unclear when the downturn will end." The Company was acquired in 2006 by Sun Capital in a $425 million purchase from Honeywell International.
Spectrum Brands Files for Bankruptcy
Submitted by Tyler Durden on 02/03/2009 21:01 -0500
Maker of all things commodity (Rayovac batteries, Remington grooming products and manure) just filed for bankruptcy protection (Western District of Texas, 09-50456).
Spectrum Brands Files for Bankruptcy
Submitted by Tyler Durden on 02/03/2009 21:01 -0500
Maker of all things commodity (Rayovac batteries, Remington grooming products and manure) just filed for bankruptcy protection (Western District of Texas, 09-50456).
Freddie Mac To Outsource Delinquent Collections
Submitted by Tyler Durden on 02/03/2009 18:59 -0500
In a curious turn, Freddie just announced that it is piloting a new program designed to "keep more at-risk borrowers in their homes" which will be accomplished by using third-party servicers that specialize in servicing Alt A and other types of higher risk mortgages.
GM January Sales Out: Even Uglier
Submitted by Tyler Durden on 02/03/2009 18:50 -0500Total down -48.8% vs -39.3% Estimates.
Cars down -57.9%, trucks down -42.4%
Q1 2009 production forecast at 380,000 vehicles
Curious tidbits: there were no sales of the following cars and trucks in January countrywide:
Monte Carlo, SSR, GTO, Ion, Rendezvous, and Hummer H1
Working to calculate SAAR at this point, but it looks waaaaay lower than 10 million
Daschle Withdraws Nomination To Be Health and Human Services Secretary
Submitted by Tyler Durden on 02/03/2009 17:50 -0500Daschle Withdraws Nomination To Be Health and Human Services Secretary
Submitted by Tyler Durden on 02/03/2009 17:50 -0500More On Homeowner and Renter Vacancy Rates
Submitted by Tyler Durden on 02/03/2009 17:46 -0500
This is the summarized data on the troubling vacancy rates:
More On Homeowner and Renter Vacancy Rates
Submitted by Tyler Durden on 02/03/2009 17:46 -0500
This is the summarized data on the troubling vacancy rates:
Ford January Sales Out: Just Terrible
Submitted by Tyler Durden on 02/03/2009 17:05 -0500Actual -42.1%. Street consensus was -33%. Fleet sales down 65%!
The Default-3 cranking along nicely... Will keep you posted on the other 2 of the D-3
Buffett Buying Harley-Davidson Bonds
Submitted by Tyler Durden on 02/03/2009 16:45 -0500
Harley Davidson stock was up 15% today after news emerged that Berkshire Hathaway was buying $300 million of the company's bonds in a private transaction. HOG raised a total of $600 million in debt, with the remaining $300 million purchased by Davis Selected Adviser, the largest holder of Harley stock.
New York Times to Start Charging From Some Or All Online Content
Submitted by Tyler Durden on 02/03/2009 16:05 -0500Developing story: per executive editor Bill Keller online commentary.
Good way to alienate the remaining 10 internet readers
Nancy Killefer Is Third Tax-Avoider in Obama Camp In Hot Water
Submitted by Tyler Durden on 02/03/2009 15:33 -0500
What is it with Democrats? Geithner and Daschle are apparently not enough. There is breaking news of another person in the Obama camp who is in hot water due to tax issues.





