I am wondering what the total amount Gross spent on SLRC stock buybacks in Q4 2013, instead of
using those same funds to originate loans and partially rebuild the quarterly NII, as acceptable loan
deals represent themselves.
I think Gross is the only guy buying SLRC now.
I would have bought more SLRC shares, at better yields at lower prices, if Gross would have stayed
out of the shares. Who is Gross helping by artificially supporting the share price. Anybody who
stayed with SLRC when Gross cut the dividend 33 % would have stayed with a SLRC price at
$ 18 AND more transparent CC comments by Gross.....
....I bet Gross's mother-in-law owns a ton of SLRC at $ 21.75.....!!
I don't expect much improvement or progress by Gross on fixing the SLRC portfolio or NII mess
when results are released on Feb 25. Basically the high yield market was stable/strong in Q4 2013....
Could be an isolated store problem......
Are you a TJX shareholder ? Send Myerowitz, et al a message regarding the problem and store
location and see what happens.
Our Home Goods store runs smoothly, here in the Midwest.
Hard lines sales support from Home Goods does help corp TJX deliver metrics in this time of low
clothing sales industry wide.
Don't come crying to this board when LMT stock price drops, possibly far, and you feel that someone then
owns you a retirement........!!!!!
With more 7th generation drill-rigs being delivered to the likes of SDRL, PACD, VTG & ORIG, to name
a few, its odd to hear the news of the current "off-shore day rate crash".......
If you own older rigs with weak BOPs that are only capable of drilling 4000 feet from the water's surface,
then your day rates might be crashing, because the global E&P firms known there are more and more
7th gen rigs,with proven op metrics, that make the core fleets of RIG or NE unneeded.
This is NOT the case with PACD (or SDRL or ORIG) who have new 7th generation drill rigs & semis
that can operate deeper, safer and more efficiently than any offshore platform built before 2000....
Off-shore drilling is entering a new era. There will soon be 2 real and different markets. One for
major global E&P firms who will go into any environment, based on seismic data which points to
huge crude plays. The other market based of smaller, shallower finds that are leased by producers
led by politics or budgetary constraints. This 2rd tier group might settle for the older tech rigs and their
cheap day rate contracts.
The future surely lays with global E&P firms who will take on harsh and ultra deep sources of
crude and will demand the best possible off-shore drilling assets.....because its just good business.
I look for PACD to announce new very strong, multi-year drilling contracts with the very best day
rates reported thus far. PACD owns a fleet of "best of class" UDW drill-ships that are proving everyday
that $ 600K per day is a great deal for its clients...!!
If we see a $ 10 for PACD during this current off-shore scare, I will be buying more. Around
$ 9.50 I will be a aggressive buyer at a "steal price".
I agree with your overall comments. Offshore & even ultra deep offshore drilling day
rates are bifurcated by the quality or technical advancement of the drilling assets.
New 7th generation semis & drill-ships still command increasing day rates.
However Rig and other larger, old offshore drilling contractors have many older rigs
that are now getting crowded out of the drilling marketplace.......for NE or RIG market comments to be extrapolated for the entire offshore drilling industry is an investing mistake.For the past few years older rigs could still find firms that would contract their
older assets, now as rig fab firms deliver more and more new & high tech drilling
platforms, those firms left with an older portfolio are left to "beg" for the scrapes of
the expanding offshore drilling leasing opportunities.......
Brent and Nat gas have not dropped markedly in price, so I would think the global
E&P firms are NOT cancelling major offshore projects, its just that the global E&P
firms now can demand & obtain better quality, newer rigs to drilling with......investors
have known for at least the last 3 years that older rigs would have to be stacked,
the brokerage analysts only now feel comfortable enough to state the obvious to
I am long PACD & SDRL, never in RIG or NE
Thanks for the added info from the Upstream source.
Sounds like Beckett has made the commitment for the
next 2 rigs.
I guess we will hear more when the deal signing is
announced by PACD in the near future.
Bullish sign, I would think, for PACD estimates on daily
rates for 7th generation drill-ships, given current low cost
of capital & the strong PACD balance structure. If these
next 2 rigs are designed as sister ships to the first 8, then
op-ex & ROI metrics for # 9 & 10 should be the same
as our current fleet's & additional excellent financial performance should be expected.
As an long investor in PACD my only hope is that Beckett
does not aggressively expand the current float to fund the
next round of rig purchases. PACD used extra cash flow
in Q3 to pay for fabrication costs, instead of drawing down
its revolver. Maybe he can fund future rig fab costs with
gains in 2014 FCF from 7 working drill-ships, instead of
Quick FCF calc for 2014.......
Each drill-ship can generate about $ 130 million FCF per year.
PACD has 5 rigs working now, that's $ 650 million FCF for 2014. A new Samsung drill-ship costs PACD approx $ 600 million. PACD can use or keep the extra FCF from rigs
# 5 & 6 (partial year operational) for Gen Adm & Finance
expenses. ......no real need to do a SPO in 2014 to fund
rig # 9 & # 10 manufacturing costs ?
By mid 2015 PACD will have 8 drill-ships on daily drilling
contracts...that's a annualized FCF rate of $ 1.025 billion !
Thanks again, Bill
Good CEO & good model that is now in a weak sector.
Still excellent long term retail hold. I also like SKT, but prefer TJX.
Its in the exact correct niche of the retail market with the USA economy
growing at less than 3.5 % and flat wage growth.
Look to add at lower levels (
Looks like TJX is getting knocked down again, in a flat overall stock tape. I would say, that besides BBY and
GPS, most of the 20 retail stocks I follow are negative.........TJX now trading at $ 59.30, much below $ 60.
Given the divergence between the general market and the retail sector, I am thinking of watching TJX for
the next couple of trading sessions, to see where the price goes to on a near term bottom. I am thinking
I would like to see a retail sector and a TJX bottom prior to an entry. Maybe $ 55...?
After MSGAX operating for one month...........looks like JAVTX, the fund Schaub & Meade used to
managed at Janus, is beating the returns by about a third.
MSGAX might be putting cash to work, but they still should not be getting beat with so few of assets,
as compared to JAVTX
bill & Two Plus again.....
A quick review of the PACD IR website showed no news on the
Samsung/PACD 9th drill-ship deal........
Could the news regarding a 9th drill-ship be related to the commencement of drilling operations by P Khamsin off the
Nigerian coast, which occurred on Dec 16th ?
No offense to your posts, just wondering if this is what Tradewinds
& Upstream were referring to regarding PACD drill-ship activities.
P Khamsin was delivered by Samsung.
I think PACD stock goes higher by Q3 2014, once 3 new drill-ships are operating
and contributing to revenues.......IMO, a larger event than initiation of a dividend.
........looks like in 2015 PACD has only 2 contracts that will need to be closed.
One for a new drill-ship and an extension lease for the P. Mistral. So not a lot of
new revenue growth as a % of existing revenues in 2015.
I don't think Beckett will initiate a large dividend in 2015, maybe a
Bill & Two Plus
Thanks for the info.........I would think Beckett would order/commit to drill-ships
in pairs, as in the past. So maybe Samsung is reserved for 2 more PACD
This would lead me to believe that PACD has excellent leasing visibility for
FIVE additional drill-ships than now operating. # currently being constructed
and the new deal you mention.
You should have bought LMT about 18 months ago and enjoyed the stock appreciation like
ALL shareholders, poor or rich, have realized. I am NOT a LMT executive but I am getting
richer....wish you were too.
I am thinking there appears to be a generalized fear in the market that grocery store food
brands will have a problem in the future.....
Higher P/E names in the grocery store business (BGS) are getting hit harder & quicker than
the sector as a whole.........and the sector is not "on fire" either.
Lastly, as we get closer to the BGS earnings release the market gets more volatile, as more
investors "place their bets" in front of the news....... above $ 32 in front of the earnings would
be a good place for the stock, indicating that investors are set for "an OK report" Above $ 34.50
and BGS can't possibly deliver numbers to support further stock price gains higher......
........I sure hope New York Style & Pirate's come through on revenues...!!
I have been watching TJX for many quarters......wife shops at both TJ Maxx & Home Goods.
I also like the CEO and her ability to deliver the required metrics.....
While looking at a one year price chart on TJX.....I note what looks to be a classic "double top" in the stock.
I am not a technical investor, but this price action since Nov 2013 has caught my eye......
I am thinking of entering TJX below $ 60..........how much below $ 60, I can not tell yet.
What is this board's opinion on why TJX is breaking down ? Is it sector action or is there a unique
TJX problem that the market has found....??
Any insights would be appreciated
Didn't look like INTC made any progress with mobile from this week's earnings release.......
Maybe INTC has to work harder to develop cheaper chips for tablets, as its inroad into
mobile.......but there is no signs yet of any success in the handset market for INTC.
ARMH PEG of 2 is not bad.......less risk than betting INTC overturns the handset
mobile chip market ...!!
ARMH continues to innovate ahead and away from INTC in low power mobile chip