Guess that's better than my credo: "buy high, sell low" but where is the low? You're saying positively silver won't go lower. Precious metals are all knocking on the 52 week lows. I hold some 1,000k face value silver coins, just in case............Cost basis "0"
Vin, I'm sure they thought long and hard about that possibility. There are still quite a few lawsuits looking for lead plaintiffs. So far up about 5% pre market but not significant volume. They're actually only paying book value for the company which might take the problems into consideration.
Now JK knows why the shareprice has been rising:
NEW YORK, NEW YORK AND GEORGE TOWN, GRAND CAYMAN--(BUSINESS WIRE)-- New Residential Investment Corp. (NYSE:NRZ, “New Residential”, the “Company”) and Home Loan Servicing Solutions, Ltd. (NASDAQ: HLSS, “HLSS”) today announced a definitive agreement under which New Residential will acquire all of the outstanding shares of HLSS for $18.25 per share in cash, totaling approximately $1.3 billion. The purchase price represents a 9% premium to HLSS’ closing price of $16.76 on February 20, 2015.
“We are pleased to announce this landmark transaction with HLSS,” said Michael Nierenberg, Chief Executive Officer of New Residential. “The acquisition will significantly add to the value of our book of mortgage servicing assets and expand our relationships with mortgage servicers to include both Nationstar Mortgage and Ocwen Financial Corp., which are the two largest non-bank servicers in the United States. We are confident that this transaction will enhance our earnings growth potential and our ability to generate strong returns for our shareholders.”
John Van Vlack, Chief Executive Officer of HLSS commented, “I am pleased that this transaction offers our investors cash equivalent to the book value of their shares and addresses the uncertainty associated with our future financing obligations. Of the strategic proposals received, New Residential’s was the most attractive for a variety of reasons including valuation and certainty of execution. We believe that New Residential is well positioned to provide support and act as a strategic financing party to Ocwen over the long-term.”
The acquisition has been approved by the Board of Directors of each company and is expected to close in the second quarter of 2015, subject to HLSS shareholder approval and other customary closing conditions.
mark: At the beginning of this week CNBC listed many of the funds 13F holdings and many had sold out of their AAPL positions, so your premise about Goldman is most likely correct, following the herd.
(Bloomberg) -- The world’s supertankers are sailing at the fastest speeds in 2 1/2 years as a collapse in crude oil prices spurs demand for cargoes and drives up daily returns owners can make from deliveries.
Very large crude carriers, each about 1,000-feet long and able to transport 2 million barrels of oil, sailed at an average of 12.57 knots this month, according to data from RS Platou Economic Research, an Oslo-based firm. The fleet, whose steel weight is about 27 million metric tons, last moved that fast in August 2012.
Tanker rates have surged amid signals that China accelerated purchases of crude to fill its stockpiles after Brent crude, the global benchmark, collapsed last year. Prices plunged in part because the Organization of Petroleum Exporting Countries pledged to keep pumping oil amid a global oversupply. The ships earned an average of more than $71,000 a day since the start of January, the best start to a year in Baltic Exchange data that begin in mid-2008.
“Freight rates are high because there’s a lot of oil trade at the moment,” Frode Moerkedal, an Oslo-based analyst at Platou Markets, an investment adviser linked to the research company, said by phone on Thursday. “OPEC has refused to cut production so there’s more oil being shipped.”
VLCC speeds from 14-to-16 Feb. were 6.7 percent higher than 14-to-16 Nov., according to Platou. The speed for the ships when voyaging without cargoes rose 10 percent over the same period to 13.31 knots.
The daily average rate to hire a VLCC on the benchmark Middle East-to-East Asia route was $71,772 so far in the first quarter, compared with an average of $47,614 in the fourth quarter, according to Baltic Exchange data.
VesselsValue Ltd., a London-based firm that provides shipping data, also estimates VLCCs are sailing at the fastest since 2012. The acceleration is in part because falling oil prices have cut fuel costs and made it more profitable for owners to transport cargoes, said Kaizad Doctor, analyti
keebon: Yahoo posted the NM report and none of the others. You would think since I own NMM they would have posted theirs instead of the NM. Thanks for the clarification.
NLY is not a financial, it is an mREIT, and no where near the best of that category. A quick bit of DD should show you it's history and problems. I owned it a few years back before the dividend reductions started. JMHO.
keebon, they discussed earnings for NMM as well as their other divisions in the report so I'd ASSume her statement covered all the companies. I doubt there'll be a separate report for the other divisions.
jk: It annoys me to no end that HLSS, WAC and OCN could weather the problems with the SEC and regulators, get big fines and have their share prices get crushed but still outperform NRZ, which to me is a better company all around. I'm sitting with a huge position (for me) in NRZ and although I'm content to collect their nice and increasing divvy I was certainly hoping for a share price appreciation by now.
kee: From NMM"s earnings report this morning:
Angeliki Frangou, Chairman and Chief Executive Officer, stated, "We are pleased with our results for the fourth quarter of 2014. We reported revenue of $148.8 million and adjusted EBITDA of $37.8 million. We also announced a 6 cent dividend, representing a yield of about 6.0%."
Mrs. Frangou continued: "We are experiencing the lowest dry bulk rate environment in the 30 years the Baltic dry index has been recorded. In addition, the current charter rates are below the actual vessel operating costs. Typically, a depressed rate environment like this would cause accelerated scrapping and reduced deliveries, and we are seeing both. Year to date, scrapping has accelerated to 4.2 million DWT, more than half of one percent of the global fleet. We are also witnessing deliveries being delayed and a significant reduction in new orders compared to last year. Should the current market environment continue, we may also see layups of vessels. These developments suggest the market is rationalizing and given the continued strong demand for the underlying commodities, we should expect a healthier market in the medium term."
I'd like to know if they are experiencing any problems with the port strike in CA. Noted that there's, many ships and many BILLIONS of $$$ sitting idle at anchor right now and even if settled will take over 6 months to get back to NEAR normal operations.
The port strike in CA has to have some impact on the shippers. There are 100's of bulkers and containerships lying at anchor off of CA. Even if the strike is settled today they've stated that the ports won't get back to normal operations for over 6 months. Hopefully NMM's ships are all heading in the opposite direction :~).
Speaking of tankers:
SINGAPORE/MILAN, Feb 13 (Reuters) – Over a dozen liquefied natural gas (LNG) tankers are parked, many idle, in and around Singapore – one of the world’s biggest trading hubs for the fuel – in a sign that the slowdown engulfing world gas markets may be worsening into a crisis.
With Asian spot LNG prices down by almost two-thirds since February 2014 as slowing demand combines with rising output, shippers are parking their tankers close to ports like Singapore where unused ships can be easily maintained and serviced until new orders come in.
Leading ship brokers estimate over one-tenth of the global fleet of 400 LNG tankers is currently unused because of slowing growth in Asia’s biggest economies. The impact just in Singapore suggests the problem could be worse.
“There are currently 30 to 40 (oil and gas) tankers sitting in Singapore, many without anything to do,” said Javier Moret, head of LNG origination at Germany’s biggest power producer RWE during a conference in Singapore this week.
According to shipping data on Thomson Reuters, seven tankers have been sitting idle off the east coast of Johor, Malaysia, for over two weeks, and another two ships have been anchored south of Batam, Indonesia, for several months. Half a dozen LNG tankers are in Singaporean docks.
The 15 ships have a combined capacity to carry 2.26 million cubic metres of LNG, about two weeks worth of Singapore’s gas demand.
For ship owners, idled tankers mean a loss of $60,000 in daily chartering fees per vessel. The gas these 15 tankers can carry would be worth over $200 million in current market terms.
Around a year ago, that amount of LNG would have been worth almost $600 million.
Singapore’s location between producers in the Middle East, Australia and the Atlantic basin and large consumers in Japan, South Korea and China means that most tankers stop by here to take on fuel or undergo repair and maintenance work.
I have not looked at the crack spread for the refiners for a long while. That is usually a good indication of how they've performed the previous quarter. Last I looked the spread favored the refiners but that was before the meltdown in crude prices at the end of the summer.. Haven't the faintest what's happened since.