***Official*** 2008 Stock Market Thread

Page 18 - Seeking answers? Join the AnandTech community: where nearly half-a-million members share solutions and discuss the latest tech.
Toggle sidebar Toggle sidebar
R

Ricochet

Diamond Member
Oct 31, 1999
6,390
19
81
Considering the stock was as high as $140 there's absolutely no way you can appease the majority of the shareholders. I see that it went to almost $14 this morning. Those who were brave enough to buy on Friday got real lucky. There were quite a few short sellers who got screwed in the process, though.

 
ponyo

ponyo

Lifer
Feb 14, 2002
19,688
2,811
126
Sold my Costco shares and bought some April puts on Oracle. Oracle looks like it's headed to $23 looking at the chart and with earnings tomorrow, it very well could. After the last earnings back on Dec 19, it gapped up next day. But I'm going to play the otherside of the trade.
 
ponyo

ponyo

Lifer
Feb 14, 2002
19,688
2,811
126
Oracle misses the earning and reports revenue and profit less than expected. Analysts were looking for 30 cents/ share and $5.4 billion in revenue. Company reported 26 cents/ share and $5.3 billion in revenue instead. Stock is down about $1.50 afterhours but that could change with CC at 5pm. Market sentiment is more favorable at the moment and Oracle might get a pass if the guidance is good.
 
ponyo

ponyo

Lifer
Feb 14, 2002
19,688
2,811
126
closed out my Oracle puts this morning for 120% gain. :) Not bad for a day's work. Now time to leave for real work. :(
 
I

imported_Lothar

Diamond Member
Aug 10, 2006
4,559
1
0
Bear Stearns Chairman Cayne Sells His Entire Stake

March 27 (Bloomberg) -- James ``Jimmy'' Cayne, chairman of Bear Stearns Cos., sold his shares in the crippled securities firm for $61 million prior to a vote on the company's pending takeover by JPMorgan Chase & Co.

Cayne sold 5.66 million shares at $10.84 apiece on March 25, according to a regulatory filing today. The value of his stake plummeted from almost $1 billion last year, when the shares peaked at $171.50 before the collapse of the subprime mortgage market toppled two of the firm's hedge funds and prompted a contraction in credit markets worldwide.

Cayne, 74, led Bear Stearns as chief executive officer for 15 years until January, when he stepped down after the New York- based firm posted the first loss in its 85-year history. Once the biggest underwriter of mortgage-backed bonds, the company was forced to seek funding from the Federal Reserve and then submit to a takeover by JPMorgan after a run on the securities firm drained cash reserves. JPMorgan is paying $10 a share.

``This is another sign that this is a done deal at $10,'' said William Fitzpatrick, equity analyst at Racine, Wisconsin- based Optique Capital Management, which oversees $1.6 billion. ``It tells me Cayne has reached the conclusion that there isn't going to be a better offer or JPMorgan won't raise the price once more.''

Bear Stearns spokesman Russell Sherman had no comment on why or to whom Cayne sold his stock. Brian Marchiony, spokesman at New York-based JPMorgan, declined to comment.

Quadrupled Offer
Last weekend Bear Stearns's board, which Cayne heads as a non-executive chairman, said its members would vote their shares in favor of the acquisition. Cayne's stake in the firm was the biggest among the board members. CEO Alan Schwartz has about 1 million shares.

The value of Cayne's holdings fell to $168 million on March 14, the day Bear Stearns obtained emergency funding from the central bank. The stake dwindled to about $27 million on March 17, the day after the JPMorgan purchase was announced.

The bank quadrupled its initial offer for Bear Stearns to $10 a share last weekend and struck a deal to buy 39.5 percent of the company without a shareholder vote, making it unlikely opponents can block the takeover.

Cayne and the company's largest shareholder, billionaire investor Joseph Lewis, had tried to recruit investors to counter JPMorgan's offer, the New York Post reported last week, citing people familiar with the situation.

Legal Challenges
Bear Stearns investors seeking a higher price than the JPMorgan bid asked a Delaware judge on March 25 to delay Bear Stearns's plan to issue 95 million new voting shares as part of the sale. Requests for a restraining order were made by the Wayne County Employees' Retirement System of Michigan and the Police and Fire Retirement System of the City of Detroit.

The securities firm agreed to issue the new shares to JPMorgan without seeking shareholder approval, giving the bank a stake of about 40 percent to vote in favor of the merger.

Bear Stearns also faces investor suits in New York. One filed March 17 in Manhattan federal court accuses the company of misleading investors about its finances.
Click to expand...

http://www.bloomberg.com/apps/...QGdvTYw0dHc&refer=home
 
ponyo

ponyo

Lifer
Feb 14, 2002
19,688
2,811
126
Lothar, I see Americredit is in the low 10. Have you pulled the trigger?
 
her209

her209

No Lifer
Oct 11, 2000
56,336
11
0
Originally posted by: Naustica
Originally posted by: her209
I just doubled my number of shares of AMD today.
Click to expand...
Trade or investment?
Click to expand...
Investment at this point. Trying to bring down the average price per share.

($25.36 + $5.94) / 2 = $15.65
 
ponyo

ponyo

Lifer
Feb 14, 2002
19,688
2,811
126
Originally posted by: her209
Originally posted by: Naustica
Originally posted by: her209
I just doubled my number of shares of AMD today.
Click to expand...
Trade or investment?
Click to expand...
Investment at this point. Trying to bring down the average price per share.

($25.36 + $5.94) / 2 = $15.65
Click to expand...

Good luck. You know the saying. Investment is just trade gone bad.
 
I

imported_Lothar

Diamond Member
Aug 10, 2006
4,559
1
0
Originally posted by: Naustica
Lothar, I see Americredit is in the low 10. Have you pulled the trigger?
Click to expand...

Yes.
I picked up 100 shares @ $10.10/share on Friday.
I plan to dollar cost average.
Total spent so far: $1010.
$1-2k more to go and I'll be completely in. Keeping one foot in the door, and one foot out.
As I buy more shares, I'll update.

KMX is releasing their earnings on April 2nd.
KMX fell recently because some investors think the estimated 2009 numbers are too bullish.

There's also really no telling how the market would react on Monday to Treasury Secretary Henry Paulson's new plan for regulation.
Anytime the word "regulation" is mentioned, people on Wall Street scream bloody murder.

*EDIT #1*
Bought another 100 shares @ $9.98/share.

*EDIT #2*
I was wrong, Dow rose on Paulson's remark and closed positive.

*EDIT #3*
KMX topped analyst estimates. Should have bought $2k worth of shares when it was in the $18 range.
 
B

bonkers325

Lifer
Mar 9, 2000
13,076
1
0
MOS put out extraordinary Q1 numbers today. agriculture, solar, and techs are going up in premarket

MON and POT go up respectively, thanks to MOS earnings/guidance
 
R

Ricochet

Diamond Member
Oct 31, 1999
6,390
19
81
Surprisingly, that job report had little effect on the market. It is the biggest monthly job decline in five years yet Wall St is scoffing it off.
 
B

bonkers325

Lifer
Mar 9, 2000
13,076
1
0
strong Q1 earnings from big companies boosted investor confidence the past few days. might see some major selloff in the closing hour
 
B

bonkers325

Lifer
Mar 9, 2000
13,076
1
0
VMW earnings tomorrow - up to $51.50 in early morning trading. hope some of u got in when VMW was in the 40's :)

anyone know what to expect for earnings tomorrow?
 
I

imported_Lothar

Diamond Member
Aug 10, 2006
4,559
1
0
Originally posted by: bonkers325
VMW earnings tomorrow - up to $51.50 in early morning trading. hope some of u got in when VMW was in the 40's :)

anyone know what to expect for earnings tomorrow?
Click to expand...

I wouldn't get in even if it was in the 20's. :)
 
ponyo

ponyo

Lifer
Feb 14, 2002
19,688
2,811
126
Originally posted by: bonkers325
VMW earnings tomorrow - up to $51.50 in early morning trading. hope some of u got in when VMW was in the 40's :)

anyone know what to expect for earnings tomorrow?
Click to expand...

I don't follow VMW but its earning isn't scheduled until April 22. I don't know where you're getting the earnings are tomorrow. :confused:

As for the overall market, I'm becoming bearish again for a trade. We're coming up on resistance and I wager the indexes fail to breakthrough. Sentiment has definitely improved across the board to the positive and people are getting little more confident evidence by action in the betas and the financials. You had UBS with $19 billion writedown, Lehman and WaMu diluting itself and all three stocks rallied along with the market. Will it and can it continue? Sure, but earnings season is coming up and I think that's going to drown out lot of this enthusiasm. If I had to guess the direction tomorrow, I think the Bears will come out on Turnaround Tuesday and take control to the downside.
 
I

imported_Lothar

Diamond Member
Aug 10, 2006
4,559
1
0
Originally posted by: Naustica
Originally posted by: bonkers325
VMW earnings tomorrow - up to $51.50 in early morning trading. hope some of u got in when VMW was in the 40's :)

anyone know what to expect for earnings tomorrow?
Click to expand...

I don't follow VMW but its earning isn't scheduled until April 22. I don't know where you're getting the earnings are tomorrow. :confused:
Click to expand...

I see April 22 as well.
 
You must log in or register to reply here.

TRENDING THREADS

COMPANY
RESOURCES
FOLLOW
Top Bottom