Archive - Feb 24, 2009 - Story

Much more information provided in SEC filing than in last night's press release. Also a lot more detail on debt covenant compliance and operating statistics.

Based on the 8K the company is on the verge of breaking most of its leverage and coverage covenants but hasn't done so yet. However with Zales as a top ten tenant, the writing is on the wall.

Much more information provided in SEC filing than in last night's press release. Also a lot more detail on debt covenant compliance and operating statistics.

Based on the 8K the company is on the verge of breaking most of its leverage and coverage covenants but hasn't done so yet. However with Zales as a top ten tenant, the writing is on the wall.

• Microsoft provides guidance, sees tough times ahead, loses share to Apple (Silicon Alley Insider)
• Obama to continue talking as economy flails (Bloomberg)
• Sir Stanford exclusively marketed fund run by Joe Biden family members (WSJ)
• Thain set to testify on bonuses today at 4 PM (

• Asian stocks drop to five year low (Bloomberg)
• Separating Eastern European's wheat from chaff (NYT) [Funny how this stuff develops.
  

Company reported Core Funds From Operations of $0.72 versus consensus of $0.86.

Dennis Lockhart (not related to FHFA's much more clueless James), President of the Atlanta Fed and voting member of the Fed's policy-setting committee, had some surprisingly insightful commentary today, most notably recognizing that debt backing the commercial real estate market is doomed.

Our friend Felix Salmon has written a very insightful article for Wired magazine on the implications of the Gaussian copula function for the capital markets. We recommend that anyone, who is curious about why correlation and index arbs desks are doomed in this high vol environment, should read it.