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The Latest Bad News For The State Of New Jersey: 460,000 Shares Of Coinstar

Tyler Durden's picture




 

It has not been a good day for New Jersey. First, governor Christie dared to tell the truth (i.e., that the state could go bankrupt on increasing... yes you read that right - INcreasing - health care costs) which pretty much cost the state a successful bond auction as we reported earlier, and now we find that one of the casualties in today's Coinstar collapse is none other than the State of New Jersey, which owns a (less than) whopping 460,000 shares. Granted the loss for NJ is only $8.2 million but it is never nice to kick a man down as he is on the very of insolvency. The table below shows all the biggest losers in today's after hours wipe out in Coinstar. Notably, at position 4, is Jim O'Neill's latest fiefdom, Goldman Sachs Asset Management, which continues to live up to its reputation of one of the worst asset managers on Wall Street.

Source: CapitalIQ

 

 

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Thu, 01/13/2011 - 18:37 | 874607 buzzsaw99
buzzsaw99's picture

BlackRock

HAHAHAHAHAHAHAHAHA!!

Thu, 01/13/2011 - 20:02 | 874831 kornholio
kornholio's picture

+111111111111111111 i hate those assholes

Thu, 01/13/2011 - 18:41 | 874618 Spalding_Smailes
Spalding_Smailes's picture

This can't be real. Did WB7 make that chart ...

Thu, 01/13/2011 - 18:40 | 874619 Ragnarok
Ragnarok's picture

Perhaps Cristie wants to make borrowing impossible for New Jersey and therefore massive cuts and reorganization the only option.... or maybe they're over a barrel.

Thu, 01/13/2011 - 18:42 | 874623 buzzsaw99
buzzsaw99's picture

It's a good thing NFLX and crAAPL can never go down or else BLK might lose their "L".

 

BREEHEEHEE!!

Thu, 01/13/2011 - 18:48 | 874643 Rainman
Rainman's picture

funny...+ 1 billion "L"

Thu, 01/13/2011 - 18:43 | 874628 plocequ1
plocequ1's picture

Danm, I guess i will have to go back to the coin wrappers. I used to hate wrapping coins

Thu, 01/13/2011 - 18:45 | 874630 patience...
patience...'s picture

Times are good, even a vending machine can't make it.

Fri, 01/14/2011 - 00:00 | 875291 StychoKiller
StychoKiller's picture

Tinny Tim:  "Please sir, can you spare a shot of booze?" -- Futurama

Thu, 01/13/2011 - 18:45 | 874631 prophet
prophet's picture

All time high six weeks ago.  Unless a shareholder bought it since the spring of 2010 they are still in the black.  1998 IPO price of around 13.

Thu, 01/13/2011 - 18:59 | 874678 AnarchoCapitalist
AnarchoCapitalist's picture

You try explaining to a client why their holdings in a particular stock lost 25% overnight. When yesterday their statement stated $100k in CSTR holdings and today it states $75k, it will not comfort them that "they are still in the black."

Thu, 01/13/2011 - 22:53 | 875192 prophet
prophet's picture

Was it easier to explain when it jumped by 24% on 10/29/10?

Fri, 01/14/2011 - 13:36 | 876496 AnarchoCapitalist
AnarchoCapitalist's picture

I don't have any clients in that particular stock, I was simply trying to illustrate a point to you since you seem so flippant about a 25% downward move. It is apparent that you do not manage anyone else's money but your own. When you have a fiduciary responsibility, your attitude is much different.

Fri, 01/14/2011 - 20:13 | 877917 prophet
prophet's picture

That was a dodge. 

Suitability, Fiduciary, or Prudent Investor standard, all would approach the client by focusing them on the long term (i.e. being in the black) and not one day moves. 

Look at all the excitement around here about munis, fx, etc. when in fact they are simply making a round trip.  Even Dow components are moving intraday by multi-percent and its happening frequently.  When you extrapolate that kind of range out to stocks like CSTR you need to set expectations for these kinds of moves especially since it has done so on previous occasions. 

Sat, 01/15/2011 - 15:59 | 878923 AnarchoCapitalist
AnarchoCapitalist's picture

You're right about the short term volatility which is why I do not have many clients in stocks, but a 25% drop overnight is still a 25% drop in value. How long is long term for a client that is 5 years away from retirement? Moves like that can send people back years. 

Don't get me wrong, your most recent reply is completely correct... it was just your flippant attitude about a 25% drop just seemed strange to me.

The only clients that I have in individual stocks are those with speculative objectives or those with such a low cost basis that selling would cause a tax nightmare.

 

 

Thu, 01/13/2011 - 19:00 | 874680 ThirdCoastSurfer
ThirdCoastSurfer's picture

Damn, mffais has gone subscription (shows how long I've been out). It'd almost be worth it to sign up for the free trial to see if NJ is listed, to check out just what the State is invested in and what's it's up to as far as buy/sell/hold. 

That I have to compete in a market with an entity that is using my tax dollars to "speculate" instead of "create value" seems the very definition of a morally bankrupt hazard. On the other hand, I no longer need to complain about my taxes, I'll just take it all back and then some by taking the opposite side of their positions on selected trades (provided I ever get back in and owe taxes). 

http://www.mffais.com/

Thu, 01/13/2011 - 19:09 | 874700 EvlTheCat
EvlTheCat's picture

Before investing, consider the funds’ investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information.  Read it carefully.

Tee Hee

“Mr. Christie made a rookie mistake,” Pietronico said. “The market is very sensitive to the word ‘bankrupt.’”

From the article..  Yes telling the truth in politics in never a good idea...

Thu, 01/13/2011 - 19:46 | 874802 William F. Dulle
William F. Dulle's picture

Har. Coinstar. The place for morons to cash in legal tender at a 20% discount. Way to go N.J.

Thu, 01/13/2011 - 21:34 | 875053 Big Corked Boots
Big Corked Boots's picture

I suspect the investment was made under Jon S. Corzine's administration.... the Genius of Wall Street, formerly of Continental Illinois and Goldman Sachs.

New Jersey clearly benefiting from his skilled leadership. 

Thu, 01/13/2011 - 20:47 | 874960 famousamos
famousamos's picture

Turned in all my zinc pennies last week for an Amazon gift certificate. My .01 gram scale from amazon showed up today!
Need more silver. Buying another f'ing dip.

Thu, 01/13/2011 - 21:04 | 874992 espirit
espirit's picture

Machine verses machine. SkyNet wins!

Thu, 01/13/2011 - 21:58 | 875107 Brokenarrow
Brokenarrow's picture

All the cnbc hall of famers are on that list "thornberg, wells, larry fink, et al

Fri, 01/14/2011 - 00:14 | 875311 HungrySeagull
HungrySeagull's picture

Once saw one of those machines being used by someone recently, asked wife if she knew anything about it. Yea, drop in a bag of change, lose some change.

Only a moron would use this service.

 

Now with that said, there in Europe are vending machines that dispense gold now. Hmm...

Fri, 01/14/2011 - 07:36 | 875581 johnnymustardseed
johnnymustardseed's picture

Why should they be able to borrow anyway? They will never pay it back.

Fri, 01/14/2011 - 09:31 | 875671 just_looking
just_looking's picture

FYI, Coinstar derives significant revenue from Redbox DVD rental machines, not just coin counters.

Fri, 01/14/2011 - 15:22 | 876966 Hicham
Hicham's picture

Wait, one of their main businesses is a  vending machine coin counter? wth

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