Into some AGQ @ 32.44. This is a 2 X long for silver bullion price. Started the day with over 75% cash. Need a little BANG (!) in my portfolio.
Also grabbed a little MEMP @ 2.23. Looking at MRK in the $53 area.
Grabbed some down at 2.24 after the EPS report and CC tumble. Felt lucky to exit around 2.50. Now up around 3.25. Weird stock. Why did it tumble so badly and why did it turn around so quickly?
SDOC (Sandridge Energy) was already on the ropes, near 3 cents, and considered on the brink of bankruptcy. Well, in the big oil short covering rally SDOC went from 4 cents up to 15 cents in 3 (yes three) trading days. Now trading around 9 - 10 cents. Still considered to be near BK, but quite a percentage move. I had it for part of the move.
VRX way overdue for a short covering rally IMHO.
Was this an unusual fall in that it has fallen from about $70 down to $27 without any significant short covering rally? Relentless as any crash I've ever seen.
Pretty good call. Very close to the top. Ran into this ETF when I was searching for a play for small biotechs. Might buy if we get a market selloff. Certainly not with the market at current highs.
Was looking at some of the June calls for a possible buy / write. June $35 call strike trading around $5. Interesting.
Are you saying the FED is trying to keep the economy strong to make Obama look good and therefore benefit the Democrats? You might be right...(:^)
And, what happens to the next President of either party........rates go up and the budget deficit rises by the tune of $200 billion annually for each 1% rise in interest rates. And.....the next President looks very bad in comparison to "The Great One,".....Barack Hussein Obama. Make one more space on Mt. Rushmore???
Kel.............with my tongue in my cheek
Look at ACAD. Some FDA dates very near. March 29 date for Advisory committee (AdCom for short). And a May 1 PDUFA decision date. Been in and out a few times at profits. Might move next week. You sound brave.
Also there's SG&A at a nearly $3 billion annual run rate (over $700 mil in Q 3 of 2015). Has to be some padding in that number.
R&D running about $400 million annually. Room to make some surgical cuts there too.
**annual interest is now about $1.7 billion per year..
**cash flow in the $5 billion area annually.
**the plan........All cash flow and anymore that can be realized with cost cutting, etc., must go to debt reduction. Get the debt down below $20 billion (now about $31 bil) and reduce interest costs.
**Rationalize the product line. Has to be some things that don't fit well that can be sold off. Many buyers out there for niche products that can produce royalties and / or revenues....companies like PDLI, HZNP, LGND, etc.
** any $$ amounts raised from these types of deals goes straight to debt reduction.
**Just so much that can be done. Just need a new CEO that has the ability to turn this mess around.
Is the AdComm meeting later in the day on Tuesday, the 29th? Thought I read that somewhere.
Kab......trying to pass this message to you where few others are likely to see it. Was thinking about the value of the preferred now that the div is gone, at least temporarily.
If it now only has value as it is convertible to the common, it should be worth less than the current approx $19 price.
Wouldn't it only be worth the maximum conversion rate of 2.17 X $7.90 (current SWN price) or about $17.15 per share??? The premium value was mostly related to its ability to produce income, which is now gone, perhaps for good.
Not absolutely positive about my logic here, just the way it seems to me.
Not holding either the common or the pfd at this time.
Wouldn't be a huge amount as the quarterly interest expense on the Preferred was about $27 million. Might be able to dig up more info in SEC filings regarding any limitations on how many shares can be issued. Did some poking around, but ran out of time. The pertinent SEC filings are dated about 1-21-15 as that's when debt and the preferred stock was issued.
So far, there's no SEC filing for this dividend declaration. Not sure if it would generate the need for a filing.