Frontrunning: November 12

  • Jefferies to be bought by Ian Cumming's Leucadia in an all-stock deal for $3.59 billion or about $17/share (WSJ)
  • FBI Scrutinized on Petraeus (WSJ)
  • Identity of second woman emerges in Petraeus' downfall (Reuters)
  • SEC staffers used government computers for personal use (Reuters)
  • Japan edges towards fifth recession in 15 years  (FT)
  • Europe Finance Chiefs Seek Greek Pact as Economy Gloom Grows (BBG)
  • Americans Say Europe Lesson Means Act Now as Austerity Will Fail (BBG) - of course it would be great if Europe had ever implemented austerity...
  • Greece battles to avert €5bn default  (FT)
  • You don't bail out the US government for nothing: No Individual Charges In Probe of J.P. Morgan (WSJ)
  • Israel Warns of Painful Response to Fire From Gaza, Syria (BBG)
  • Greece's far-right party goes on the offensive (Reuters)
  • Don’t fear fiscal cliff, says Democrat  (FT)
  • Apple Settles HTC Patent Suits Shifting From Jobs’ War (BBG)
  • Man Set on Fire in Argentina Over Debt (EFE)
  • Iraq cancels $4.2-billion weapons deal with Russia over corruption concerns (Globe and Mail)
  • An Honest Guy on Wall Street (Bloomberg)

Daily Highlights: 9.2.2010

  • Asian stocks rise to two-week high on US manufacturing data; Canon gains.
  • Australia Q2 GDP grows 1.2% - fastest pace in three years.
  • Bernanke, Bair to present views of crisis to inquiry panel.
  • Brazil holds rate at 10.75%, meeting expectations.
  • Economy seen avoiding recession relapse as US data can't get much worse: Survey.
  • Indian sugar production may jump 38% next year on higher planting, rains.
  • Manufacturing in US grows at faster pace as factories extend recovery.
  • Trichet may say ECB to keep emergency lending measures in place into 2011.

Daily Highlights: 6.29.10

  • Asian stocks were mostly lower Tuesday in choppy trade as China falters.
  • BIS warns countries about risks of debt, on keeping interest rates low for too long.
  • China Resources acquires Hong Kong's pacific coffee, to take on Starbucks
  • China's Shanghai Composite slumps 4% in late trade on concerns over flows into equity.
  • Fed adjusts $1.25 trillion plan to end mortgage-bond purchases on supply.
  • IMF Chief says yuan revaluation won't occur 'very rapidly'.
madhedgefundtrader's picture

Not for a while. The bad news is that a truly economic, price competitive lithium battery is still some ways off. The problem with exploding batteries. The Department of Energy is pouring money into lithium research on an amazingly wide front. The car companies aren’t buying it, and are sticking with proven nickel metal hydride batteries. Unlike past battery car movements, this one is not going to end up crushed in a junkyard. (SQM), (ENS), (XIDE), (CHP), (ZBB).

Guest Post: Jeffrey Gendell's Hedge Fund Tontine Associates: The Rebirth

Jeffrey Gendell's Tontine Associates had an atrocious 2008 and that's putting it politely. Founded 12 years ago, Tontine is a multi-billion dollar hedge fund firm that focuses on investing in macro themes by taking large, concentrated positions in companies poised to benefit from various theses. Prior to founding Tontine, Gendell graduated from Duke and worked in Corporate Finance for Smith Barney. While Tontine posted 100% returns in 2003, they posted nearly the polar opposite in 2008. After all, they closed down funds and were amongst the worst hedge fund performers of the year with some of their funds returning a whopping -63.6% and -91.5%. The highly ironic and (admittedly) humorous part of this whole fiasco is the fact that Tontine is named after an older annuity created by Lorenzo de Tonti where investors desire to be 'the last one standing.' In this arrangement, investors pool their money and as they die off the remaining investors split the deceased's stake. The last investor standing then inherits the riches. By naming his firm as such, Gendell's desire is obviously to be the last man standing. The problem here is that he nearly fell flat on his face last year. But with a new year comes a figurative and literal new light.

Daily Highlights: 6.9.09

  • AIG is raising about $1.14 billion in the offering of the reinsurer’s stock.
  • Barclays in talks to sale BGI, with Blackrock for $12 billion.
  • BlackRock said to offer $13B cash, stock for Barclays Global Unit.
  • Boston Newspaper Guild turned down the Globe's proposal in a 277-265 vote.
  • High Court stymies quick sale of Chrysler.
  • Callaway Golf cuts dividend by 86%, to sell $110M in stock.
  • Citi's $58B swap of preferred shares into common stock will go forth this week.
  • Court’s one-sentence order puts Chrysler reorganization into uncertaint

Daily Highlights: 6.5.09

  • Initial Unemployment claims in US decrease, signal worst of slump ending.
  • Oil climbs higher in Asia, nearing $70 a barrel ahead of US jobs report.
  • ABM Industries beats by $0.05; posts Q2 EPS of $0.32. Revs fell 5.6% to $855.7M.
  • AIG may raise $988M selling portion of Transatlantic Holdings stake.
  • Abercrombie & Fitch's May same-store sales drops 28%.
  • American Apparel's May same store sales at -10% vs. cons est.