cowen generated $56m of incentive fees/investment gains. at the same time, very little of those fees/gains were captured as profits. Company posted just $18M of earnings. so what happened? is this going to happen every time there are trading gains? it seems like the incremental expenses on trading gains/fees is about 70%.
yeah looks good. I honestly don't know much about the company but I liked the way buyers soaked up all the shares after earnings and now I've got my fingers crossed and a tight stop
it went up on no volume. the stock seems stuck in a limbo between former growth stock and potential growth stock and people are kind of unsure what to make of it.
it makes no sense to look at liquidation value because it won't be liquidating. the dta is fine there will be cap gains. so other than good will book is solid. look at what ISI went for FBR still has a decent franchise and would be valuable to cowen or piper jaffray once all the tax assets are burned off. i think this could go for $35 - $40 in a sale. I realize that Hendricks would be putting himself out of a good job but he has stock options too.
NMIH was a once in a generation thing. they have to make money the old fashioned way, ripping off clients.
crain says no margin expasion with new wheels deal. but the whole point of the deal was to get the $170M of Clipper wheels capacity on the Radiant line haul network and drive down the transportation cost. that's the point. so it's disingenuous to say that margin expansion/cost reductions aren't a part of the deal. Crain just doesn't want to answer the inevitable "so how are the cost reductions going" questions plus he needs a cookie jar for future deals. crain is already on the record saying that most of the gross margin of any acquired truck broker would fall to the bottom line that was the whole point of acquiring a truck broker and a LTL network. the whole point.
so so stupid to downgrade the stock here. this is the sweet spot in the margin curve and multiple curve. crain has been building up to this moment for years. this is where all the groundwork laid up in the last few years pays off. not the point to downgrade