Archive - Apr 21, 2009
Some Totally Unexpected REIT Lack Of Love From Merrill Lynch
Submitted by Tyler Durden on 04/21/2009 18:19 -0500Hey Regency, this is what happens when you don't tap ML as lead underwriter: you get the expected headline "Improving Balance Sheet" but no accompanying Upgrade or target price increase (in a note just released by Merrill Lynch/Bank of America which was somehow not a lead underwriter on this particular offering).
Some Totally Unexpected REIT Lack Of Love From Merrill Lynch
Submitted by Tyler Durden on 04/21/2009 18:19 -0500Hey Regency, this is what happens when you don't tap ML as lead underwriter: you get the expected headline "Improving Balance Sheet" but no accompanying Upgrade or target price increase (in a note just released by Merrill Lynch/Bank of America which was somehow not a lead underwriter on this particular offering).
Deep Thoughts From Ben Dover III
Submitted by Tyler Durden on 04/21/2009 18:09 -0500The inimitable Ben N. Dover III strikes again, providing lucid insight to the Securities And Exchange Commission.
So The Treasury Was Lying After All?
Submitted by Tyler Durden on 04/21/2009 17:54 -0500After all the brewhaha yesterday by the Treasury that they had nowhere, nohow released Stress test results, the Associate Press (a little more credibility than an alleged white supremacist) has just come out with an exclusive that claims it has seen a Federal Reserve document discussing the stress test implications - yes,
SPY Intraday VWAP Compression
Submitted by Tyler Durden on 04/21/2009 17:27 -0500
compliments of Creditresearch
SPY Intraday VWAP Compression
Submitted by Tyler Durden on 04/21/2009 17:27 -0500
compliments of Creditresearch
SPY Intraday VWAP Compression
Submitted by Tyler Durden on 04/21/2009 17:27 -0500
compliments of Creditresearch
SPY Intraday VWAP Compression
Submitted by Tyler Durden on 04/21/2009 17:27 -0500
compliments of Creditresearch
"Too Big To Fail Or Too Big To Save" - Testimony From Simon Johnson Of Baseline Scenario
Submitted by Tyler Durden on 04/21/2009 16:59 -0500TARP Prepayment: It's Not a Marathon, It's A Steroid Frenzied Sprint
Submitted by Tyler Durden on 04/21/2009 16:16 -0500Equity Private (here and here) has put together some interesting points of when/why/how/under what conditions the banks may cross the TARP repayment finish line first, and as a result doom the stragglers to another price pop of at least 50% (shh, the market works in mysterious ways these days).
Intraday Credit Commentary - The Schizophrenia Runs Amock
Submitted by Tyler Durden on 04/21/2009 16:07 -0500CDS market snapshot implies equities should be about 1% lower at this moment.
GS +12,
MS +5,
AXP +30,
GECC +45,
COF +25
Insurers, newspapers and builders all wider.
Yet the equity market is higher on its merry illiquid way to 30,000. (That guy will turn out smartest of all.)
Someone get the market some Geodon please.
In Advance Of The Life Insurance Default Tsunami
Submitted by Tyler Durden on 04/21/2009 15:35 -0500Some useful legal background from Sidley Austin to prepare readers for the key issues once the insurance dominoes start falling.
Eurofresh Tomatoes Obituary
Submitted by Tyler Durden on 04/21/2009 14:45 -0500After a long and painful fight with assorted tomato mosaic viruses, lack of cash flow and illiquidity, Arizona greenhouse tomato grower Eurofresh finally succumbed to a long overdue bankruptcy. Immediate causes for death were not given. Major creditors which include Apollo Management Inc (AINV) and Barclays will hold a wake and huddle up to discuss how to mark their worthless bonds at 40-50 cents on the dollar ahead of their next earnings call.
The Truth About Dead Cats and Leveraged ETF Dogs
Submitted by Tyler Durden on 04/21/2009 14:38 -0500All you ever wanted to know about leveraged ETFs from the people who know everything about them: Barclays Global Investors.
Some take aways:
"For example, a broad 1% move in the US equity market would result in additional Market On Close demand of about 17%, while a 5% move is associated with demands equal to 50% of the
close." - can someone spell massive convexity?
Open Letter To The SEC Regarding Wall Street's REIT Bait-And-Switch
Submitted by Tyler Durden on 04/21/2009 12:12 -0500Zero Hedge is well aware that our regulatory friends at the SEC and FINRA enjoy going through our articles in search of the "next big scam." We are always happy to make their lives a little easier and not only connect the dots but give them everything they need on a silver platter so that even a green securities lawyer, 4 hours fresh out of law school, would be able to comprehend and litigate.
