WMC opened today at 22.32.
It has risen to 22.40.
As of now I,m sitting tight with a much lower buy order(21.50).
Did the Philly Fed. guy single handedly douse the market?
Did he also sign his own walking papers, and deservedly so?
I, for one, hope he gets ridden out of town on a rail, a pretty pink one at that.
WMC SECOND QUARTER 2012 HIGHLIGHTS
Successfully completed IPO and concurrent private placements, raising over $200 million in equity
Declared a $0.38 per share dividend for the 47-day period ending June 30, 2012
Generated net income of $4.3 million, or $0.41 per share
Generated core earnings of $4.8 million, or $0.47 per share
$20.17 net book value of as of June 30, 20121
3.04% weighted average portfolio yield
0.38% weighted average cost of financing
3.21% weighted average portfolio yield, including IO securities2
0.76% weighted average effective cost of financing, including swaps2
2.45% weighted average net interest spread, including IO securities and swaps2
Entered into repurchase agreements with nine (9) counterparties, providing in excess of $1.9 billion in available financing
8.3x leverage as of June 30, 2012
I decided to sell out of my position at 22.32 and was more than content with the 7% profit in one month span. With the shear size of the SPO I think it trades sideways or down for the next 2-3 weeks. If it goes back to the 21.50 levels, I may become a buyer again as well
This is the board to be on! A wide array of great options discussed here (WMC, BMY, EPD.... the hits keep on coming). Other boards quickly deteriorate into name-calling and politics.
Thanks to Doc and his entire team of contributors - thanks for your generous sharing of your trades, research and opinions.
Not sure if you're gonna get your buy at 21.50. The SPO priced at 22.20. It did happen with NYMT, where the market was trading below the SPO price, but somehow I don't think it'll do that here.
I bought some at 22.28, and I'm working on a few more now. :-)