Six months after the initiation of the investigation by the SEC of illegal short selling during the period of capital increases, the SEC opened the first folder [where] the wild-profit game was set initially at Eurobank and a few days later with National Bank.
Especially in the case of the National in May had revealed that large investors found themselves unable to cover their positions after short selling 5.7 million shares before the listing of 1.13 billion new shares on the board. In this case to avoid jeopardizing the system with "hole" had mobilized millions from the stock market authorities called 'method 6 Spot1, in order to find a total of 100 packages with 5.6 million shares which the parties were forced to pay more than 18% compared the stock price to close the position. Goo DOT gl SLASH xWevmM
Wonder what Method 6 Spot 1 is? If found guilty and fined, maybe this will put a stop to any illegal practices that may be continuing and negatively impacting the PPS.
Very difficult to figure out. Maybe the float has something to do with it, supply and demand. When AGFEY was ahead of ALPHA.GA, maybe it was b/c more investors preferred to trade the ADR than the Athens stock and there was a limited number of shares in the float?
Yes, you’re right, my bad. Thanks for your assistance. Ha, yesterday when trading at 0.16, the ADR was out of parity, actually favored the ADR. I haven't followed MTL but that sounds like strange. I've not heard of any other ADRs that remain out of parity.
Five EU banks being sued for sending $ to Iran!
In fact, today Eurobank is the only bank stock that didn't close lower in Athens. Though I know this has happened before with ADRs and eventually EGFEY will catch up, does anyone else know how much out of parity an ADR can get?
according to Capital.gr. In 2014, Greeks liquidated positions totaling 1.02 billion euros while foreigners invested 3.2 billion euros in the last 24 months. Goo DOT gl SLASH Ktlfno
Individuals, including both foreigners and local citizenry, comprised more than one-half of purchases of Eurobank’s share capital increase of 4/7/14. According to the share register, young investors, defined as “natural and legal persons not existing shareholders,” totaled 5.46 billion while specific institutional investors totaled 4.43 billion.
Perhaps the share composition explains some of the volatility as individuals may be more short-sighted and swayed by every report that comes out while institutions/pension funds invest long term.
EGFEY total deposits 42.7 billion euros vs Alpha 43.5 B; NPLs 33% vs Alpha 33.6%; decline 11.4% in operating cost vs Alpha 5% decline; loans to deposits decline from 103.4% to 99.8%.vs Alpha 110%; Common Equity Tier I ratio (CET1) 16.1%. vs Alpha 15.9%.
Yes, it's on the IR page of Eurobank and also reported by wsj.
Re SBRCY, i don't know if I can trade it as I've never tried.
Correction: WSJ author states: “It added that deposits expanded by 772 million euros to 42.7 billion euros at the end of the third quarter period."
Taken directly from Eurobank’s report, it states: Customer deposits increased by Euro772ek. and reached Euro 42,7dis. the third quarter of 2014.
A person from Greece informed me that ek stands for million and dis must stand for billion.
Note that is 379 M euros net interest income for Q3. Total net interest for first 9 mos is 26.9 percent higher (1.121 M euros) for the corresponding period last year.
Looks like the ADR will wait on Athens response to report on Monday.
This will boost Eurobank’s capital adequacy 318 points. Are there any other ramifications?
If you want to mail me the funds, I'd be happy to invest for you. Ha - you could draw up a legal contract to reassure you I'd not run off with your $.
Piraeus and National closed down 10 percent today also. However Eurobank’s volume was only 20 M. Maybe a good Q report will lessen the impact on the ADR and Athens will respond positively on Monday when market reopens.
Greeks expect it will involve too much surveillance by the IMFt. However, conditions have not been clarified yet and Greeks are imagining the worse. IMO just a temporary phenomenon – all markets hate uncertainty. Goo DOT gl SLASH FZakNb
I've had good luck with insurance stocks, i.e., MTG.
Re your stalker, I'd approach it the same way a poster approachs GNW: “My advice would be to wait for this to settle out. May miss some slight upside but won't suffer more downside." However your Intuition has worked for you on this one before.
Have a nice evening.
After reading more, I’m not sure GNW will bounce back much. Sounds like a good long term inv but dead money near term.
During a lengthy conference call Thursday morning to detail results of its extensive study of its claims reserves related to the long-term-care policies, Genworth didn't rule out more bad news.
J.P. Morgan Chase & Co. analyst Jimmy Bhullar said in a research note he is concerned another charge could be coming as soon as the fourth quarter. Genworth's third-quarter results "were poor and affirm our cautious long-term view of the company," he wrote.
Of course there’ll be lawsuits due to the CEO’s misrepresentation. In a Barron’s Sept article before the current Q rpt, they recommend GNW, stating even with a $1 B reserve charge the stock’s BV would be $29/share based on one calc, or 24.31 based on another calc.
Ha, I didn't have time to sell something so didn't get a chance to buy anyway. Hope you made/make the right moves!