Tender Offer

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Stocks Squeeze Higher On "Super Tuesday" As Poor Macro Is Offset By Jack Lew's Soothing Words





With markets happy to put February in the history books because it marked the fourth consecutive monthly decline in global stocks, we move on to March 1st, which doubles down as 'Super Tuesday' in the US when Trump's presidential candidacy will almost certainly be sealed and a day in which stocks decided to join the super fun by super surging overnight on nothing but bad global macro and economic which however was promptly ignored and instead the focus was on ongoing central bank intervention and even more jawboning.

 
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Deutsche Bank Rallies On Modest Debt Buyback Plan, Schaeuble Proclaims "Strong, Resilient Bank"





Deustche Bank stock is ripping 10% higher after confirming old news that it will undertake a modest debt buyback of $2 billion and €3 billion (not including the CoCos). Have no fear though as Wolfgang Schaeuble proclaimed Deutsche Bank is a "strong bank" that ios "resilient" and "well positioned."

 
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European Banks Soar On Rumor ECB May Monetize Bank Stocks; Japan Crash Continues





While algos patiently await the only thing that matters for US stocks today which is Janet Yellen's testimony before Congress. expected to be released at 8:30 am (and previewed here), the rest of the world this morning is a hot mess of schizophrenic highs and lows.

 
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In Duel With Valeant, Ackman; Is Judge David Carter The "New Jed Rakoff?"





In his rejection of an SEC settlement with Citigroup, Judge Jed Rakoff vowed to "see that the truth emerges." After presiding over the most high-profile insider trading cases since the crisis -- including Raj Rajaratnam and Rajit Gupta -- Judge Rakoff has come to symbolize the mantra that "nobody is above the law." In determining that Valeant and hedge fund manager Bill Ackman must face insider trading charges for their failed takeover of Allergan, U.S. District Judge David Carter may be the "new Rakoff."

 
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Corporate Buybacks: Connecting The Dots To The F-Word





Corporate executives offer three main reasons for share repurchases: 1. Buybacks are investments in our undervalued shares signaling our confidence in the company’s future; 2. Buybacks allow the company to offset the dilution of EPS when employee stock options are exercised or stock is granted to employees; or 3. The company is mature and has limited investment opportunities, therefore we are obligated to return unneeded cash to shareholders. The logic behind each of these explanations is in the vast majority of cases is flawed, to be kind, and deceptive to be blunt.

 

 
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These Stocks Are Most Likely To Get A Fake "Buyout Offer" Next





Since yesterday's fake AVP tender offer was nothing but a targeted attempt to force a short squeeze in one of the market's most shorted stocks, the best way to be positioned for future such criminal activity is to go long precisely the most shorted stocks, the names which in any other universe would be the first to crash, burn and file bankruptcy, but in this parallel centrally-planned universe may just be the biggest winners.

 
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As If 85 Million Avon Shares Short Suddenly Cried Out And Were Suddenly Silenced... By A Fake LBO Letter





How do you make what had been a very good couple of years for tens of thousands of Avon Products shorts into an absolute nightmare of a day? By doing what PTG Partners just did when moments ago it announced that, out of the blue, it would like to purchase AVP for a price of $18.75 or nearly three times higher than the Avon stock price moments before the announcement. Because why pay double when triple would do.

 
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Here We Go Again: Verizon To Buy AOL Marking Another Tech Bubble Top





The last time AOL was involved in a mega merger was January 2000, when AOL acquired Time Warner for $182 billion in what was the mega deal of the last tech bubble, creating a $350 billion behemoth. Fast forward 15 years and here is AOL again in yet another period-defining if far, far smaller transaction once again, when moments ago Verizon announced that it would acquire AOL for $50/share, a deal value of $4 .4billion. And with that the golden age of digital (and in many cases robotic) content, has now been top-ticked.

 

 
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Frontrunning: January 12





  • Earnings Pessimism Jumps as Oil Threatens S&P 500 Growth (BBG)
  • It’s Amateur Hour in the Booming Chinese Stock Market (BBG)
  • France mobilizes 10,000 troops at home after Paris shootings (Reuters)
  • European Stocks Gain With S&P 500 Futures While Oil Drops (BBG)
  • Nasdaq Looks to Operate Dark Pools for Banks (WSJ)
  • This Guy Called Bonds in ’14. You Listening This Time? (BBG)
  • Paris attacks boost support for Dutch anti-Islam populist Wilders (Reuters)
  • OPEC price war in Asia intensifies as oil falls below $50 (Reuters)
 
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Frontrunning: December 24





  • Russia says NATO turning Ukraine into 'frontline of confrontation' (Reuters)
  • Oil Drillers Under Pressure to Scrap Rigs to Cope With Downturn (BBG)
  • Demonstrators Defy NYC Mayor's Call to Suspend Police Protests (BBG)
  • U.S. to send more private contractors to Iraq (Reuters)
  • ISIS Shoots Down Jet From U.S.-Led Coalition, Syrian Monitors Say (NYT)
  • Russians Race to Secure Mortgages Before Costs Spiral (BBG)
  • Abe Brings in Former Soldier Nakatani as Defense Minister (BBG)
  • At Coke, Newest Flavor Is Austerity (WSJ)
  • Fear and retribution in Xi's corruption purge (Reuters)
  • UBS Raises Flag on China’s $1 Trillion Overseas Debt Pile (BBG)
 
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Frontrunning: December 23





  • Christmas rally enters sixth day in Europe (Reuters)
  • Downing North Korea's Internet not much of a scalp (Reuters)
  • North Korean Internet Access Restored After Hours-Long Outage (BBG)
  • At U.N. council, U.S. calls life in North Korea 'living nightmare' (Reuters)
  • Ukraine Cuts Gold Reserve to Nine-Year Low as Russia Buys (BBG)
  • De Blasio Seeks to Heal Rifts With Police After Officers Slain (BBG)
  • Oil steady around $60 on hopes of strong U.S. data (Reuters) - so it fell below $60 because...
  • Australian Dollar Hits Four and a Half Year Low on Chine Growth Worries (Reuters)
 
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