Aussie, et. al.,
The sell-off is due to the possibility of delisting occurring in the near future.
While the delisting decision can be appealed, and ultimately pushed back to March 2015, it is discretionary, and it is very possible that the NASDAQ could decide to proceed with the delisting immediately after the appeals process is complete (and from what I understand, that is likely to occur in 4 weeks or less).
Also, we are getting close to the end of the quarter. By Nov 15th, many institutions must disclose their holdings as of 9/30. I am sure that there are some that don't want to show ADES holdings in their portfolios...perhaps they will buy back in early October.
The bottom line is that this puppy is cute but dirty. Everyone loves the look of it, but can't stand the stench, so they will watch it, but they won't touch it, pet it, or play with it. Once this puppy has had a good bath, everyone will want a piece. Unfortunately, we just don't know how long that it will take.
A company may remain listed while deficient in its filing obligations for a maximum period of 360 days from the due date of the initial late periodic report (as extended by Exchange Act Rule 12b-25, if applicable).
When a company is late in filing a required periodic report with the SEC, NASDAQ Staff will ordinarily request that it submit a plan of compliance within 60 days. Upon review of the plan of compliance, Staff may allow the company to remain listed for up to 180 days from the due date of the filing. If a company is not current in its filings at the end of the 180 day period, Staff will send a delisting determination in a letter to the company.
In certain cases, Staff may determine that the circumstances which gave rise to the late filing raise public interest concerns pursuant to Listing Rule 5101 and that the company should be required to submit its plan of compliance within a shorter period of time. It is also possible that Staff may determine that the circumstances leading to a late filing, coupled with the resulting lack of publicly available information, requires the imposition of a trading halt. Staff will request further information from the company during the halt to enable it to determine whether public disclosures can be made that would allow a resumption of trading and whether the continued listing of the company on NASDAQ is appropriate. The length of a trading halt can vary and there are no prescribed rules that limit how long trading may be halted.
Any Staff determination to delist a company for failing to file financial reports or related public interest concerns can be appealed to a Hearings Panel. A request for a hearing before a Panel will automatically stay delisting action for 15 days from the date the request for an appeal is due. A company may request that a Panel extend the stay until a hearing takes place and the Panel issues a decision. A hearing to consider such matters is typically scheduled within four weeks of the date of the company's request. After review of a company's plan of compliance and a hearing, a Panel may grant the company additional time to remain listed or determine that the company should be delisted. A Panel may not, however, grant an extension which would exceed 360 days from the due date of the initial late filing. A Panel also has no authority to lift a trading halt during the pendency of an extension.
A company may appeal a Panel decision to the NASDAQ Listing and Hearing Review Council (the "Listing Council"). An appeal to the Listing Council does not stay a Panel's decision to delist a company's securities. Therefore, any subsequent trading in the company's securities will take place in the over-the-counter markets and any trading halt which was imposed by NASDAQ will not continue after that date.
halevay, et. al.,
my guess is that Brean has been doing the equivalent of "channel-checking" by talking to utilities who plan to keep their coal-fired power plants running. they have probably discovered that most of these utes are planning to work with our beloved little hot mess of a company. i see this upgrade as validation.
Q: "What do you call 1,000 lawyers at the bottom of the ocean?"
A: "A good start."
This move shows me that the BOD understands its fiduciary responsibility to its shareholders, and therefore is a good start. Hopefully, this is followed by a stream of good news on the operational side of things.
You're right, Truman was the one who put us on the slippery slope to the conflict in Vietnam.
Truman was a Democrat. Oh, and he presided over the start of the Korean War.
halevay, I don't think the intent was to only use this presentation for all of the conferences...if there is another deal signed, I am sure that they will update the presentation before the next conference, and file another submission with the SEC.
spot on, halevay. I back you on everything you've said. I hope you travel to the annual meeting, we need to voice our concerns to the BOD in person.
I doubt that the tax credits will be extended -- this administration is so anti-coal, I don't think that they will do anything to benefit a "dirty" industry. Maybe if the Repbulicans pick up the Senate this fall, then there could end up being a grand bargain, but I think the more likely scenario would be a veto by this president, with the spin that he is "against corporate welfare for polluters"
Sorry, guys, but I have little faith in this management team to reinvest any cash into something productive. More likely, they will step into a big pile of cr@pola.
Pay a dividend that distributes most of the cash to patient shareholders. Let us reinvest it as we see fit.
Just my two cents worth.
the only moron here is you...I dislike the Republicans, but you are nothing but a bleeding heart Dem shill -- just as bad as the brainless tea partiers.
The President's job is to execute the law. I see nothing wrong with Congress forcing the President to adhere to the law that was passed, even if they were against it. The President plays footloose and fancy-free with the Constitution and the law, enforcing the laws he likes and turning a blind eye to other laws that don't fit his viewpoint or his electorate.
I would bet against an Ameritrade purchase of ETFC...AMTD wouldn't know what to do with the bank. Goldman would know exactly how to maximize the loan portfolio, and exploit the trading platform. Can you imagine GS underwritten IPOs being available to GS and ETFC clients only? That would be SWEET.
I'm guessing $0.25/share...$0.27/share excluding one-time costs (I am thinking of the termination of the high-cost wholesale funding that they discussed in April on the conf call).
Hoping for better results than this, but Q2 and Q3 are usually slower than Q4 and Q1 (for the trading business).
Flurry and Krillion are not competitors. They perform very different functions. I know this firsthand, as we used Flurry analytics in our mobile apps.
I do agree that Krillion could be worth hundreds of millions of dollars at some point in the future. But Flurry is not a good comparison.
liz, that is a very difficult question to answer, because we do not necessarily know exactly how much of those loans were made from wholesale funding sources, and how much were from E*Trade assets. If you assume worst case (100% of loans were funded from external sources), and you stick with your assumption that they get full (original) value for the loans, then the only thing that would drop to the bottom line would be the amount of the remaining loan loss provisions, which I think was around $400 million IIRC. This might be a poor assumption, though, because one of the reasons that ETFC got into the loan-making business was to be able to invest its excess cash into loans that generated better returns than they were getting at the time.
plus, the company sold $800 million in TDR loans in April (at a slight net gain, according to management conference call)
"Job creation at record high." - patently false...unless the "record" you are referring to begins in Jan 2009. try looking up the facts at the BLS website.
"Stocks at record levels." - nominally this is true. but not if you adjust for inflation. and if you are going to give credit for the stock market levels to anyone, then you should be praising Bernanke and the Fed. Easy money policies have pushed the stock markets to new highs -- not for anything that the Obama Administration nor Congress have done.
The reality is that the Democrats AND Republicans are to blame -- they both suck. They are complicit. But keep drinking the Kool-Aid and spouting half-truths, just like your puppet masters want. You are a slave, you just don't know it.
great article in Bloomberg about a utility in NH having to import coal from Russia because inventories are low. Apparently, this is a problem across the board. If you do a search, you should find it. Good reading.
No, the sale of the $800 million of the loans was done at a slight gain to the net value of the loans (full amount minus write downs and provisions). They will take in $800 million in cash...I just don't know how it will be deployed (I was speculating that it would be used to reduce liabilities elsewhere on the balance sheet...there is no need for cash at this company right now, we need to eliminate debt to increase EPS).