Morgan Stanley: Sell the Rally in Financials
April 28, 2008
Morgan Stanley (NYSE: MS) advised clients on Monday to sell into the rally in financial stocks. Morgan analysts Betsy Graseck, Cheryl Pate and Justin Kwong anticipate further dividend cuts, increased dilutive equity offerings and the continued deterioration in the credit markets. Read more »
Libor Rises Unexpectedly: More Pain for Borrowers (and Lenders)
April 19, 2008
Between April 14th and April 18th, the Libor rate jumped sharply to 2.9%, up from 2.7%. This increase, which was unexpected, will “add billions of dollars to the interest bills of home-owners, companies and other borrowers around the world, ” according to the Wall Street Journal. Read more »
Lehman & Max Pain
April 15, 2008
The month of April has been quite intense for Lehman Brothers. The flood of bad news both from the financial and housing sectors has caused Lehman stock to fluctuate wildly - sometimes as much as 10% or more per day. With April options expiring on Friday, it is my belief that we will see the stock approach it’s max pain price - which is between $45 and $50 per share. Read more »
A Tally of Bank and IBank Write Downs
April 12, 2008
The following is a list of write-downs from major banking and investment banking institutions. The numbers are current and cover write-downs from November, 2007. The write-downs include the following: subprime mortgage loans, leveraged loan commitments and other assets. Read more »
Credit Crunch Resolution: A Catch-22
April 9, 2008
There is a lot of talk about how the credit crunch currently gripping the world economy can be resolved. The most popular view, by far, is that this cannot happen until the housing market begins to stabilize. Unfortunately we find ourselves in a “catch-22.” Read more »
Mortgage Mess: The Blame Game
April 7, 2008
Not surprisingly, no one has taken any credit for the current mess we find ourselves in. It’s quite apparent that we’re in a recession, as Fed Chief Ben Bernanke implied last week at his congressional testimony. What isn’t apparent, at least in the eyes of those who oversee the economy, is who’s to blame. Read more »
Alesco Financial: A Rose Among Thorns
March 12, 2008
Alesco is one of the few companies in the Specialty REIT space that has been able to maintain earnings and dividend guidance in spite of very difficult times. Though there have been billions in write-downs for the company, some real and some purely on paper, the company has maintained financial strength. Read more »
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