This page has been archived and commenting is disabled.
The Latest Bad News For The State Of New Jersey: 460,000 Shares Of Coinstar
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
»
- 7836 reads
- Printer-friendly version
- Send to friend
- advertisements -
BlackRock
HAHAHAHAHAHAHAHAHA!!
+111111111111111111 i hate those assholes
This can't be real. Did WB7 make that chart ...
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.
It's a good thing NFLX and crAAPL can never go down or else BLK might lose their "L".
BREEHEEHEE!!
funny...+ 1 billion "L"
Danm, I guess i will have to go back to the coin wrappers. I used to hate wrapping coins
Times are good, even a vending machine can't make it.
Tinny Tim: "Please sir, can you spare a shot of booze?" -- Futurama
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.
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."
Was it easier to explain when it jumped by 24% on 10/29/10?
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.
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.
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.
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/
Tee Hee
From the article.. Yes telling the truth in politics in never a good idea...
Har. Coinstar. The place for morons to cash in legal tender at a 20% discount. Way to go N.J.
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.
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.
Machine verses machine. SkyNet wins!
All the cnbc hall of famers are on that list "thornberg, wells, larry fink, et al
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...
Why should they be able to borrow anyway? They will never pay it back.
FYI, Coinstar derives significant revenue from Redbox DVD rental machines, not just coin counters.
Wait, one of their main businesses is a vending machine coin counter? wth