wndysrf Posted March 30, 2007 Report Share Posted March 30, 2007 Doug Noland often comments about the "enterprising speculators" on Wall St. who are always able to leap from one bubble to the next, or abandon one underperforming asset class and dream up of some other new way to make money. Mortgage bubbles, M & A binges, private equity takeovers, gunning some commodity group, whatever..... Foreign investors who are now shunning mortgage-backeds are now fleeing to the safety and security of corporate bonds. Another record quarter of issuance. Most of it issued in March, the worst month ever for the financial markets this year. Excerpts from WSJ. Sales of Corporates Set Record Companies Hurry To Market in Case Low Rates Vanish By MARINE COLE Investment-grade corporate borrowers tapped the U.S. bond market at record levels in the first quarter. Companies sold $253.8 billion of new bonds as of Wednesday, according to Thomson Financial, and more than $5 billion of new notes were announced yesterday from such borrowers as Verizon Communications Inc., Wal-Mart Stores Inc. and French bank Soci?t? G?n?rale. The bulk of the new bonds in the first quarter, more than $100 billion, were sold in March, even with rising uncertainty about the state of the economy and increasing problems with risky subprime mortgage loans. "This has been an impressive month in terms of issuance volume given all the negative karma in the financial markets," said Edward Marrinan, managing director of North American credit strategy at J.P. Morgan. ................. One last thing. Looks like there is an insatiable demand for $500 shoes and handbags, evidenced by the miraculous performance of the likes of COH. Now, some other high-end fashion houses are cashing in on the craze by going public: Excerpts from the WSJ. Versace to Consider IPO As Overhaul Takes Hold By STACY MEICHTRY In the latest sign that the buoyant European fashion industry is lining up a flurry of market debuts, Italian family-owned label Gianni Versace SpA said it would start considering an IPO on the Milan stock exchange at the end of 2008. A Versace IPO would be one of a raft of long-awaited market flotations in Europe's luxury-goods industry, rich with brands that are privately owned. Shoemaker Salvatore Ferragamo Italia SpA and luxury-accessories powerhouse Prada SpA are considering public offerings next year. I went to the Saks website to check out these Versace handbags. Here's one for $4,100. Then I check out the Ferragamo shoes. here. Here is a sandal for $450. Prada is not so bad. Here's a "Python" bag for $2,620 found here. Link to comment Share on other sites More sharing options...
mmoy Posted March 30, 2007 Report Share Posted March 30, 2007 Whatever happened to simple dark leather bags? The old Coach bags? Perhaps the new styles are to grab attention instead of staying stylishly understated with function and form. Fidelity is getting up to speed on the CVS/Caremark stuff and said that they would be accepting tenders next week. I'm going to call them every day next week until I get mine tendered. Fidelity thinks that they won't do the actual purchase until April 24th but Etrade indicated that I'd get the money in a few days. Fidelity was pretty surprised that Etrade was on the ball on this one. At any rate, it's a gamble and my first try at one of these. Link to comment Share on other sites More sharing options...
crazy_ate Posted March 30, 2007 Report Share Posted March 30, 2007 I just tendered my CVS shares through Etrade. I bought some yesterday at$34.50 and more for $34.something about 25 cents lower today. I'm going to keep my long-term shares though the position isn't that big over in that account. He said that the shares would be tendered and that the money should be in my account in a few days barring any problems. I asked him why there is such a big difference between the tender price and the market price and he thought it unusual. So should I buy another bundle of shares and try to do this again? Your risk is that they only take a % of the shares you tendered. I think the tender is 150M shares so if they get oversubscribed and say 300M are put up for the tender out of the 800M they have outstanding then the tender ratio will be 50% and you will only get $35 on the ones accepted (50% of the total shares you tendered) and you will be left with the remainder of your shares which will be exposed to market risks. Link to comment Share on other sites More sharing options...
elh Posted March 30, 2007 Report Share Posted March 30, 2007 I'm rather disappointed in all of you. For all these excessive posts on overpriced, ugly handbags, you missed out on the GodFather of them all. This is all yours for $100,000. Link to comment Share on other sites More sharing options...
Bungster Posted March 30, 2007 Report Share Posted March 30, 2007 I'm rather disappointed in all of you.? For all these excessive posts on overpriced, ugly handbags, you missed out on the GodFather of them all. This is all yours for $100,000. 572602[/snapback] Please forgive me........... and me... and me... You get the idea... Link to comment Share on other sites More sharing options...
wndysrf Posted March 30, 2007 Author Report Share Posted March 30, 2007 NYA closed 2% off its lifetime highs. And the 30-week put/call closed at a new 7-year high. Link to comment Share on other sites More sharing options...
I_Am_Madness Posted March 30, 2007 Report Share Posted March 30, 2007 I own a bunch of this junior uranium player (CVVUF) with an average price in the high .50s. They got a former U.S. Ambassador to join the team. http://biz.yahoo.com/prnews/070330/to228.html?.v=55 Link to comment Share on other sites More sharing options...
wndysrf Posted March 30, 2007 Author Report Share Posted March 30, 2007 Another Home Run missed. Link to comment Share on other sites More sharing options...
wndysrf Posted March 30, 2007 Author Report Share Posted March 30, 2007 OTC BB play of the day.... Link to comment Share on other sites More sharing options...
Bungster Posted March 30, 2007 Report Share Posted March 30, 2007 I own a bunch of this junior uranium player (CVVUF) with an average price in the high .50s. They got a former U.S. Ambassador to join the team. http://biz.yahoo.com/prnews/070330/to228.html?.v=55 572605[/snapback] I own a little uranium too..... I got in around 9.. Link to comment Share on other sites More sharing options...
mmoy Posted March 30, 2007 Report Share Posted March 30, 2007 I just tendered my CVS shares through Etrade. I bought some yesterday at$34.50 and more for $34.something about 25 cents lower today. I'm going to keep my long-term shares though the position isn't that big over in that account. He said that the shares would be tendered and that the money should be in my account in a few days barring any problems. I asked him why there is such a big difference between the tender price and the market price and he thought it unusual. So should I buy another bundle of shares and try to do this again? Your risk is that they only take a % of the shares you tendered. I think the tender is 150M shares so if they get oversubscribed and say 300M are put up for the tender out of the 800M they have outstanding then the tender ratio will be 50% and you will only get $35 on the ones accepted (50% of the total shares you tendered) and you will be left with the remainder of your shares which will be exposed to market risks. 572601[/snapback] Yup, I knew about that risk. Though if the stuff goes through Etrade immediately, then the risk looks to be small. CVS is a company that I'd be happy owning though. But at about 25% of my current position. I'll read the 38 pages and then readup on the merger. From what I've read so far, the merger looks like it results in a great company. Link to comment Share on other sites More sharing options...
Hausbare Posted March 30, 2007 Report Share Posted March 30, 2007 Windsurf; You are such a funny guy! I've noticed a constant refrain in your posts. Laughably excessive consumption. Also a bit of an unhealthy obsession with women and their clothing articles! Expensive shoes, purses, etc. And now I understand. Your avatar is ONE UGLY WOMAN... a cross dressing queen attempting a rock star personna. I live in "fly over" country and Kali Tattoo and Wives and Wannabes of Orange County culture is a hoot! Can't imagine why anyone would want to chase all that bling or how. (If those purses you showed weren't made from hand-choked unborn baby iguana then I hate to inform you they are "out"!) And at what cost? Anyone who manages grab the fruit is only envied and resented and the other fruitiers can't wait to see them brought down. (Koslowski and Skilling learned this the hard way... Lay was laid low.) But rat racers never seem to learn, risking all to "be somebody". And men.... the dumbest of all. Women can get them to do ANYTHING! (I'm shocked that Koslowski's wife is divorcing him! And after that wonderful Sardinian Bday party too! Bet she gets to keep all the art he didn't pay tax on. Guess he didn't learn a thing from reading about Capone.) Anyway, Keep up the good work! If that avatar is you, you look MAHVELOUS, DAHLING! Link to comment Share on other sites More sharing options...
Bungster Posted March 30, 2007 Report Share Posted March 30, 2007 Hausbare You're killing me... Link to comment Share on other sites More sharing options...
crazy_ate Posted March 30, 2007 Report Share Posted March 30, 2007 I just tendered my CVS shares through Etrade. I bought some yesterday at$34.50 and more for $34.something about 25 cents lower today. I'm going to keep my long-term shares though the position isn't that big over in that account. He said that the shares would be tendered and that the money should be in my account in a few days barring any problems. I asked him why there is such a big difference between the tender price and the market price and he thought it unusual. So should I buy another bundle of shares and try to do this again? Your risk is that they only take a % of the shares you tendered. I think the tender is 150M shares so if they get oversubscribed and say 300M are put up for the tender out of the 800M they have outstanding then the tender ratio will be 50% and you will only get $35 on the ones accepted (50% of the total shares you tendered) and you will be left with the remainder of your shares which will be exposed to market risks. 572601[/snapback] Yup, I knew about that risk. Though if the stuff goes through Etrade immediately, then the risk looks to be small. CVS is a company that I'd be happy owning though. But at about 25% of my current position. I'll read the 38 pages and then readup on the merger. From what I've read so far, the merger looks like it results in a great company. 572609[/snapback] Sounds like Etrade dosen't know their ass from their elbow. All the tenders have to be received first, and then the company determines the tender ratio. The tender doesn't close until April 24th...almost a month from now. Once April 24th gets here, then CVS will determine how many shares have been tendered and what the ratio will be. Apparently the tender represents 10% of their outstanding shares (so scrtch my 800M number above, must have increased due to the merger), so my guess is that it wll be easily 2-3 times oversubscribed. That means you will get $35 on your 33-50% of the shares they take and be left with the rest. Granted the tender provides a little bit of a floor on the stock but only a little, if the market were to take a header you will be at a loss on the shares they don't take. But if you are in for the "long term" on CVS then this point is moot and you'll get a nice little pick-up on the shares they accept. My point here is that there are idiots out there that grab thousands of shares and think they will get filled on the whole lot in the tender.....WRONG Link to comment Share on other sites More sharing options...
wndysrf Posted March 30, 2007 Author Report Share Posted March 30, 2007 Your avatar is ONE UGLY WOMAN... a cross dressing queen attempting a rock star personna. Anyway, Keep up the good work! If that avatar is you, you look MAHVELOUS, DAHLING! 572610[/snapback] Thanks Hausbare. My avatar is the greatest guitar player of all time. Photo was taken in 1971. Before he became a musician, he was a model in London... FWIW... Link to comment Share on other sites More sharing options...
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