Mark, funny, I sent an email to a friend about 10 minutes ago saying just the same thing. Tepper, the perma bull for the last few years has spooked the market. Also want to hear your take on the 10 year, as I remember you use it as a strong market indicator, now down to 2.478%.
Bill, you won't regret it. I also own ARCC which for some reason is up almost 2.5% this morning (.38). Looking for news but can't find any.
Well, PSEC tanking on seemingly good news. My take SEC decision on taking BDCs out of Russell has been made (out) and some funds have gotten the inside word and are already selling. Drop dead date for SEC decision is Thursday. Almost 12 millions shares traded already in first 1 1/2 hours. Just added a large chunk on this gift horse
Gee, no one mentioned NRZ with a nice .18 (2.89%) pop ahead of earnings tomorrow. PSEC also came out this morning clarifying no impact on income or earnings from the SEC request, also good news.
Stagg: Read the Bloomberg article but also read play-tow's follow up posts about Capesizes being an "albatross" around shippers necks, which VLCCF owns 25% of. Without that settlement they would have earned just below .05 for the quarter, barely beating estimates. I also follow the BDI and question why it has had major resistance getting back above 1000 with such a rosy picture painted by Bloomberg. Glad you're doing well with VLCCF but just keep a close eye on it. Nice 2.5 cent dividend hike too. Everyone gets a share of the claim settlement.
Stagg: VLCCF reports .35 earnings for 1Q vs. .03 estimates. Caveat: Those "earnings" include over 9 million claim settlement and payment for cancelled charter.
budfox: In case you didn't see this yet Credit Suisse upgraded CLMT today from neutral to outperform with a price target going from $29 to $35.
Mark, I saw that but usually the share price would react with just the announcement. Most secondaries sell off the day before the pricing.
SDRL closed in Oslo at $36.71, a full buck higher than current SDRL price on the NYSE. Strange because they're usually pretty much in sync in price. Hear that, Gambler?
Mark, WMC falling hard, $13.68. I'd be wary if I were you about adding here unless you would be planning on selling well before next divvy anouncement somewhere around the middle of June. I'd certainly expect another divvy reduction and another sell off.
I feel yesterday's sell off was exacerbated by some Russel components accelerating their divestiture of BDCs in advance of the target date. It was a "shoot first and ask questions later" knee jerk reaction to the SEC request, which was just that, a request which the company will most likely appeal. Very minor, every day event at the SEC and much ado about nothing. A "formal inquiry" would be a lot more serious. I added more this morning at $10.30 and will continue to add on any additional weakness. If my opinion is correct it will be much less shares that will have to be divested going into the June divest date.
I think yesterday's big sell off was a knee jerk reaction to an easily corrected SEC question. I also think the sell off included some of the Russel components which accelerated their divesting of their BDC shares in advance of the target date. At $10.30 and an almost 13% yield I feel it's a no brainer. Will continue to add if it wobbles any lower.
last night and SDRL is reacting very nicely this morning, up almost $1.25 in pre market. It's also trading up significantly on the Oslo Exchange. Hopefull the RIG CC this morning won't cast a shadow over the previous quarter with a down forward projection.