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Coatue weighs selling part of ByteDance stake, The Information reports
Coatue Management, a New York investment firm that was an early and substantial backer of ByteDance and has a seat on the company's board, is considering selling part of its stake in the TikTok parent, The Information's Jing Yang, Erin Woo and Juro Osawa report. According to people familiar with the talks, Coatue has talked to brokers in the secondary market for private stocks to gauge the interest of possible buyers, and is considering selling hundreds of millions of dollars worth of shares out of its multibillion-dollar stake. The firm only wants to sell if it can get a price that values ByteDance at $230B-$240B, one of the people says. Publicly traded companies in the social media space that compete with TikTok include Meta Platforms (META), Alphabet (GOOGL), Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).
Sweetgreen call volume above normal and directionally bullish
Bullish option flow detected in Sweetgreen with 5,737 calls trading, 1.6x expected, and implied vol increasing almost 3 points to 64.56%. Sep-24 41 calls and Sep-24 38 calls are the most active options, with total volume in those strikes near 3,100 contracts. The Put/Call Ratio is 0.19. Earnings are expected on November 7th.
$RDFN $11s
Sweet molasses
U.S. new home sales sharply beat estimates
U.S. new home sales sharply beat estimates with a 10.6% July bounce to a 14-month high clip of 739k after a hefty 102k in revisions, leaving sales above assumptions thus far in 2024. The share of new homes built in the south now sits at a whopping 57%. Strength in home completions is providing ongoing support for new home sales, alongside the partial and erratic pullback in mortgage rates since a 23-year high in October of 2023. The median price rose 3.1% to $429,800 after upward revisions, leaving a -1.4% y/y drop. Prices are below the all-time high of $460,300 in October of 2022, but are still well above the pre-pandemic all-time high of just $343,400 in November of 2017. Home inventories fell -1.1% to 462k from 16-year highs of 467k in both June (was 476k) and May (was 472k). The months' supply of homes fell to 7.5 from 8.4 (was 9.3), versus a 16-month low of 7.3 in July of 2023 and a 13-year high of 10.6 in July of 2022.
Morning rant if you missed -> https://www.optionmillionaires.com/jb-pre-market-rant-august-23rd-2024/
$ROKU call holders thank you Guggenheim
Fed's Bostic said he changed to a more dovish stance
Fed's Bostic said he changed to a more dovish stance as inflation has moved down a lot faster than he expected, in a Bloomberg TV interview. The employment side also factored in as the unemployment rate has moved up to suggested more balanced conditions. He does not believe it is hard to stay out of the political maelstrom. The worst thing the Fed can do is "not do the right thing," so the Fed can't be drawn into shorter run issues. The Fed is hearing the demand for products is weakening but is still solid. Businesses are not looking to expand but are also not looking to layoff a lot of employees. These conditions have given the Fed the space to be patient. What's your outlook over the next 6 months and how has that changed since the last couple of weeks. To him, "gradual" means taking 1 step at a time and then looking around. The first step will depend on the next couple of data points. If the data come in as expected, it would argue for a moderate cut. Were inflation to accelerate the Fed could remain on hold, while weaker than expected numbers could see a bigger cut. His long run rate is around 3%.
Jackson Hole
Investors today are looking to Wyoming, and it's not to book a national park getaway before the summer comes to an end. The annual Jackson Hole symposium hosted by the Kansas City Fed is underway, with Chairman Jerome Powell set to take the stage at 10 AM ET. The theme of the 2024 conference is titled "Reassessing the Effectiveness and Transmission of Monetary Policy," and could provide further clues on the magnitude of policy easing with the next cycle that's slated to start in September.
Some history: Back at Jackson Hole in 2020, Powell unveiled a policy of "Flexible Average Inflation Targeting," which basically stated that the central bank would accept higher inflation to allow for a quick labor market recovery from the pandemic. As price pressures spiraled out of control in 2021, the Fed Chair doubled down on his infamous "transitory" call before making a serious U-turn that led to an aggressive tightening cycle. A technical recession ensued in the first half of 2022, but the U.S. economy has been resilient since then despite bearish fears and countless calls for a recession. Here's a recap of Powell's Jackson Hole speeches
The equation has changed in recent months as inflation moved closer to the Fed's 2% target. Instead of putting a focus on the "price stability" portion of the central bank's dual mandate, attention has turned to the "maximum employment" part, given an uptick in the unemployment rate. Add to that this week's major downward revision in non-farm payrolls data, which was the biggest since the global financial crisis, and will give Powell plenty to talk about when discussing expectations for the broader economy.
SA commentary: "I believe the theme of this year’s event suggests the possibility of more comprehensive discussions on how supply-side factors influence monetary policy," Analyst Justin Purohit adds in a 2024 Jackson Hole Preview. "While the restrictive effects of short-term rates are evident in certain areas, like credit conditions, the broader economy’s continued growth despite these restrictive measures presents a puzzling challenge to traditional views on monetary policy transmission. I can see this paradox being a potential focal point at this year's symposium." (14 comments)
Hollywood drama
Skydance Media, which inked a deal to merge with Paramount (PARA) last month, is accusing the company of breaching the terms of their agreement by extending the time it has to engage with other bidders. "While Skydance is not currently exercising its right to terminate the agreement, we reserve the right to do so in the future," its attorneys wrote in a letter. Paramount extended the go-shop period to solicit other offers from its original deadline to Sept. 5, after Edgar Bronfman sweetened his offer for National Amusements and a minority stake in Paramount from $4.3B to $6B. (34 comments)
Go-Go Robo!
Uber (UBER) has announced a multiyear strategic partnership to bring General Motors' (GM) Cruise robotaxis to the ride-sharing company's platform. Last October, Cruise paused operations of its autonomous vehicles in San Francisco after the California Department of Motor Vehicles suspended its driverless testing permits following a hit-and-run incident. However, Cruise said it plans to resume fully autonomous rides in 2024 after improving its technology, repairing relationships with regulators and meeting tougher safety standards. (8 comments)
Forced arbitration
Canada's government has ordered the country's two main railroads to enter binding arbitration to resolve their disagreements with a labor union that disrupted North American freight traffic. Canadian National Railway (CNI) and Canadian Pacific Kansas City (CP) rail networks could resume work "within days," Labor Minister Steve MacKinnon said, although the parties "remain very, very far apart." In response, CN ended its staff lockout and initiated its recovery plan, while CPKC is prepared to resume service once the Canada Industrial Relations Board issues its order. (15 comments)
Today's Markets
In Asia, Japan +0.4%. Hong Kong -0.2%. China +0.2%. India flat.
In Europe, at midday, London +0.4%. Paris +0.6%. Frankfurt +0.7%.
Futures at 7:00, Dow +0.4%. S&P +0.6%. Nasdaq +0.8%. Crude +1.1% to $73.84. Gold +0.7% to $2,534.20. Bitcoin -0.4% to $60,952.
Ten-year Treasury Yield -1 bp to 3.85%.
Today's Economic Calendar
Jackson Hole Economic Symposium
10:00 AM New Home Sales
10:00 AM Jerome Powell Speech
01:00 PM Baker Hughes Rig Count
Companies reporting earnings today »
What else is happening...
Moderna, Pfizer (PFE) updated mRNA COVID shots get FDA nod.
Mpox outbreak: Thailand reports first case in Asia linked to new strain.
CAVA (CAVA) soars to all-time high as comp sales, margins stun.
Peloton (PTON) shares race higher on progress towards profitability.
Oil tanker attacked by Houthis in Red Sea poses environmental risk.
India passes China to become Russia's top oil buyer amid sanctions.
Disney, Reliance mull ways to get antitrust nod for $8.5B India deal.
Baidu (BIDU) dips on sales miss as online marketing revenue falls.
Workday (WDAY) spikes after earnings beat; inks Equifax (EFX) deal.
Nestlé (OTCPK:NSRGY) CEO to quit, company veteran to take over.
Morning Watch List : https://www.optionmillionaires.com/august-23rd-2024-watch-list/
$SE with its highest close since May of 2023 yesterday - more coming...
AppLovin price target raised to $66 from $48 at Benchmark
Benchmark raised the firm's price target on AppLovin (APP) to $66 from $48 and keeps a Sell rating on the shares. While stating that AppLovin has delivered "impressive Software Platform" momentum in the last twelve months, the firm cites five primary reasons it maintains a Sell rating. Namely, the firm expects FY25 Software Platform flow-through to adjusted EBITDA below consensus' mid-70% estimate; it expects FY25 investment in the company's e-commerce initiative to add unanticipated weight to margin expectations; it expects MAX-driven Software Platform gains to steadily decelerate; it believes early positive relative ROAS from testing of its closed loop ecosystem suggest limited and perhaps more balanced MAX share/economics in FY25; and the firm expects Apple (AAPL) to further tighten iOS fingerprinting restrictions enroute to their own DSP plans, which it would see "meaningfully impacting" AppLovin platform economics.
Ulta Beauty price target lowered to $485 from $525 at Baird
Baird lowered the firm's price target on Ulta Beauty to $485 from $525 and keeps an Outperform rating on the shares. The firm anticipates Q2 results near consensus as mixed demand and higher promos through the quarter appear consistent with consensus figures. Choppy demand indicators and more aggressive promotions are understandably weighing on sentiment, and the firm is reducing 2H24 estimates to reflect reduced confidence in comp acceleration.
Todays top Increases in stock option open interest $NU $NVDA $TSLA $GLW $PTON $SNAP $AMZN $AVGO $CVNA $DIS $COIN
HCA Healthcare price target raised to $405 from $378 at RBC Capital
RBC Capital raised the firm's price target on HCA Healthcare to $405 from $378 and keeps an Outperform rating on the shares after hosting meetings with management this week. HCA management offered clients insight into the strong demand trends seen through the first half of the year and expected through year-end, the opportunity for continued share gains through in-market investment, and the significant opportunity ahead in the near and long term for efficiency gains in AI, the analyst tells investors in a research note.
up
With 89% of companies reported, S&P 500 Operating EPS are up 7% year-over-year, the 6th consecutive quarter of positive YoY growth. $SPXhttps://t.co/l5IYmkf6Ih pic.twitter.com/0slagC3Ol7
— Charlie Bilello (@charliebilello) August 22, 2024
BILI =--
Bilibili upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Jiong Shao upgraded Bilibili to Overweight from Equal Weight with a price target of $19, up from $14.
Citi cuts Ulta Beauty target, opens 'negative catalyst watch'
Citi analyst Kelly Crago lowered the firm's price target on Ulta Beauty to $375 from $400 and keeps a Neutral rating on the shares. The analyst also opened a "90-day negative catalyst" on the shares. The firm anticipates a Q2 earnings miss versus consensus, driven by weaker comps and lower gross margin. Ulta is facing headwinds from weakening category trends and increased competition that are making it difficult to drive traffic this year, the analyst tells investors in a research note. Given Ulta's commitment to protecting market share, Citi anticipates the company will rely more on promotions and marketing investments to drive traffic in the second half of 2024. As a result, it anticipates management will lower fiscal 2025 enrings per shared guidance to a range around $24.50 versus the current outlook of $25.20-$26.00. It also finds it likely that Ulta will reduce its long-term margin targets at the October 16 analyst day. Citi thinks the stock's risk/reward "skews negative" into the Q2 earnings print.
BoJ's Ueda hints at more rate hikes.
BoJ's Ueda hints at more rate hikes. Ueda told parliament that the BoJ "will continue to adjust the degree of monetary easing if analysts can confirm a rising certainty that the economy and prices will stay in line with our forecasts." He also warned that "financial and capital markets at home and abroad remain volatile", and that it "is necessary to monitor (the markets) with a high sense of urgency." The yen rallied on the comments, although given that core inflation edged higher in July and remains well above the bank's target, Ueda's remarks confirm a tightening bias, rather than an immediate necessity to act. USD-JPY hit a low of 145.29 amid a wider rally in the yen.
Alibaba to add Hong Kong primary listing from August 28, FT reports
Alibaba plans to add a primary listing in Hong Kong by the end of August, making it dual primary listed in the Chinese territory and on the New York Stock Exchange, The Financial Times' Arjun Neil Alim reports. Alibaba will be subject to the full rules of Hong Kong's stock exchange as well as those of New York.
Afternoon Ramble:
Bilibili upgraded to Outperform from Hold at Daiwa
Daiwa analyst John Choi upgraded Bilibili to Outperform from Hold with a $16 price target.
Nestle may walk away from margin guidance, says Jefferies
Jefferies keeps a Hold rating on Nestle after the company said Mark Schneider will step down and appointed Laurent Freixe as new CEO, effective September 1. After an increasingly difficult year, it's not a total surprise to see a CEO change at Nestle, the analyst tells investors in a research note. The firm says Freixe's appointment "feels like a sign that the board wants to rebuild Nestle culture." With rising commodity costs and what looks like the start of a pricing reset in Q2 results, combined with the CEO change, Jefferies says Nestle may walk away from its current 17.5%-18.5% fiscal 2025 margin guidance at the upcoming capital markets day on November 19.
Commodity price changes over last year...
Cocoa: +122%
Coffee: +65%
Gold: +33%
Silver: +26%
Zinc: +23%
Aluminum: +17%
Copper: +12%
US CPI: +2.9%
Lumber: -4%
WTI Crude: -9%
Brent Crude: -9%
Wheat: -11%
Natural Gas: -16%
Cotton: -17%
Gasoline: -18%
Corn: -18%
Sugar: -25%
Heating Oil: -26%
Soybeans: -28%
Commodity price changes over last year...
Cocoa: +122%
Coffee: +65%
Gold: +33%
Silver: +26%
Zinc: +23%
Aluminum: +17%
Copper: +12%
US CPI: +2.9%
Lumber: -4%
WTI Crude: -9%
Brent Crude: -9%
Wheat: -11%
Natural Gas: -16%
Cotton: -17%
Gasoline: -18%
Corn: -18%
Sugar: -25%
Heating Oil: -26%
Soybeans: -28%
Iovance Biotherapeutics call volume above normal and directionally bullish
Bullish option flow detected in Iovance Biotherapeutics with 3,849 calls trading, 1.0x expected, and implied vol increasing almost 12 points to 83.09%. Oct-24 11 calls and Sep-24 13 calls are the most active options, with total volume in those strikes near 1,300 contracts. The Put/Call Ratio is 0.09. Earnings are expected on November 5th.
Nestle S.A. appoints Laurent Freixe as CEO, Mark Schneider leaves
The board of directors of Nestle has appointed Laurent Freixe, currently Executive Vice President and CEO Zone Latin America, or LATAM, as Chief Executive Officer Nestle S.A., effective September 1. The board has also nominated Laurent Freixe as a candidate for the board of directors at the 2025 Annual General Meeting. Mark Schneider, Chief Executive Officer, has decided to relinquish his roles as CEO and member of the board of directors, the company stated. Paul Bulcke, Chairman of the Board of Directors, said: "The Board of Directors is delighted to announce the appointment of Laurent as the new CEO. I have known Laurent for a long time and highly regard him as a talented leader with strategic acumen, extensive in-market experience and expertise as well as a deep understanding of markets and consumers. He has demonstrated his ability to deliver results in challenging market conditions. Laurent's curiosity fuels his passion for innovation and positive change. Laurent is the perfect fit for Nestle at this time. Under his leadership, Nestle will further strengthen its position as a dependable, reliable company through consistent and sustainable value creation."
Philly Fed's Harker said he's ready to start cutting rates
Philly Fed's Harker said he's ready to start cutting rates if data cooperate, in a Reuters interview. And he wants a gradual, methodical course. Policy is in a good place currently, not overly restrictive. He suspects the Fed's easing cycle will end around 3%. Harker is not a voter this year or next.
Treasuries remain heavy, holding overnight losses in conjunction with European bonds after stronger PMIs. The market is also correcting from yesterday's rally after the FOMC minutes and the -818k downward revision in payrolls that is now being brushed off. Short dated yields are up about 4 bps with the 2-year at 3.964%, while the 10-year is 2 bps cheaper at 3.82%. Look for churn today as analysts wait for Chair Powell's remarks tomorrow. Wall Street futures are marginally firmer, extending yesterday's small gains. The NASDAQ is 0.4% higher, with the S&P 500 and Dow up 0.24% and 0.1%, respectively. The VIX has fallen back -1.4% to 16.04 as the market settles down ahead of Powell. The DXY is back over 101. Oil is up 0.58% to $72.35 per barrel. Gold is down -0.58% to $2498.46 per ounce, slipping from the record high close of $2513.99 from Tuesday.
UPB ind a HIZZLE
Notable open interest changes for August 22nd
Wednesday's total option volume of 39.1 million contracts resulted in net open interest growth of 4.89 million calls and 4.21 million puts. American Airlines (AAL), NVIDIA (NVDA), Sirius XM (SIRI) and JD.com (JD) saw the greatest growth. Top five new positions opened include 100k American Airlines (AAL) Nov-24 8 puts, 97k American Airlines (AAL) Nov-24 9 puts, 59k Sirius XM (SIRI) 8/30 weekly 3 puts, 36k American Airlines (AAL) Dec-25 5 puts and 34k Peloton Interactive (PTON) Sep-24 4.5 calls.
MOVERS
HIGHER -
Deutsche Bank (DB) up 2% after announcing that it has made "significant" progress in its conversations with plaintiffs in the litigation concerning the takeover of Postbank and the offer price paid to former Postbank shareholders
Paramount (PARA) up 1% after Edgar Bronfman Jr. raised his offer to acquire National Amusements, the parent company of Paramount
UP AFTER EARNINGS -
Peloton (PTON) up 14%
Bilibili (BILI) up 2%
Agilent (A) up 2%
Zoom Video (ZM) up 1%
DOWN AFTER EARNINGS -
Advance Auto Parts (AAP) down 20%
WIlliams-Sonoma (WSM) down 10%
BJ's Wholesale (BJ) down 6%
Urban Outfitters (URBN) down 14%
Snowflake (SNOW) down 9%
Morning Watch List : https://www.optionmillionaires.com/august-22nd-2024-watch-list/
There's still ongoing chatter about the huge revision to U.S. job growth seen yesterday and what it might signify for the economy and markets. 818,000 jobs were wiped out in the 12 months through March 2024 (or 68,000 per month), resulting in the biggest downward adjustment since the global financial crisis. Data revisions are common, but usually not to that degree, even with the large standard deviation typically assigned to non-farm payroll figures.
Not an exact science: The Bureau of Labor Statistics usually surveys 100K-150K businesses each month, but the department then extrapolates from those surveys to get an estimate of how many jobs were created in the entire economy. Later on, the quarterly re-estimation process looks at 60M business records, many of which were not available at the time of the initial monthly payroll releases. The records can include unemployment benefits, seasonal hiring for the holidays, and unavoidable lags, such as delayed payroll data, which can give a better picture of overall economic activity.
Technically, the BLS could publish the data once it has all the reports to avoid revisions. However, many participants need access to the earliest possible read on labor market developments, like policymakers and lawmakers, as well as business owners and investors. Initial estimates are generally in line with trends, but the accuracy of the BLS data has been called into question more recently, with requests to revise the birth-death models of corporations or other influential factors including undocumented migrants.
What it means: Despite the major revision that had largely been expected, trends still appear to be positive. Instead of 250K payroll additions per month, the figure was around the 185K-200K mark on average, which likely would have led to the same monetary policy regime from the Fed over the past year. That might look different going forward given the rising unemployment rate, thereby cementing a Fed rate cut in September. The dovishness even got markets excited on Wednesday, especially after FOMC minutes showed such an action was likely, with stocks rising amid chatter of deeper rate cuts.
See a full breakdown of the industry revisions, which largely focused on the most cyclically sensitive sectors.
Union lockout
It's official! Canada's two main freight rail companies, Canadian Pacific Kansas City (CP) and Canadian National Railway (CNI), have shut down their rail networks in the country after contract negotiations broke down. Rating agency Moody's projected that the lockout, which will take 75% of Canada's freight rail traffic offline, could cost the economy over C$341M ($251M) per day, which is equal to more than 4% of its GDP. About a third of the traffic moved by CN Rail and CPKC also makes its way into the U.S., likely impacting cross-border trade and disrupting North American supply chains. (3 comments)
Succession planning
Disney (DIS) has chosen board member and Morgan Stanley (MS) executive chairman James Gorman to lead the committee that will find a successor for top boss Bob Iger. Other executives in the group include Disney chairman Mark Parker, as well as board members like GM (GM) CEO Mary Barra. The move marks a significant step forward in the succession process for Iger since Disney formed the committee last January. Iger left Disney in 2020 and picked Bob Chapek as his successor, but was brought back to the company in November 2022. (5 comments)
EV strategy
Ford (F) is overhauling its electric vehicle strategy, which includes dropping a plan for a new electric SUV and pivoting toward hybrid versions. The Detroit automaker's EV business has continued to bleed money, with prior forecasts that it would lose between $5B and $5.5B in 2024. The strategy shift is expected to cost Ford up to $1.9B, including a $400M non-cash charge for the write-down of SUV manufacturing assets. It will also delay the successor to the F-150 Lightning, trim capex on pure EVs, and ramp up U.S. battery production. (2 comments)
Today's Markets
In Asia, Japan +0.7%. Hong Kong +1.4%. China -0.3%. India +0.2%.
In Europe, at midday, London +0.2%. Paris +0.2%. Frankfurt +0.2%.
Futures at 7:00, Dow +0.1%. S&P +0.1%. Nasdaq +0.2%. Crude +0.5% to $72.27. Gold -0.1% to $2,543.90. Bitcoin +3.1% to $61,271.
Ten-year Treasury Yield +2 bps to 3.83%.
Today's Economic Calendar
Jackson Hole Economic Symposium
08:30 AM Jobless Claims
08:30 AM Chicago Fed National Activity Index
09:45 AM PMI Composite Flash
10:00 AM Existing Home Sales
10:30 AM EIA Natural Gas Report
11:00 AM Kansas City Fed Mfg Index
04:30 PM Fed Balance Sheet
Companies reporting earnings today »
What else is happening...
Report: Bronfman sweetens Paramount (PARA) offer to $6B.
Apple (AAPL) App Store head Matt Fischer to leave in October.
Macy's (M) shares see worst day in a year on bearish outlook.
TD sets aside $2.6B to settle U.S. probe, sells Schwab shares.
Big investment from McDonald's (MCD) in the U.K. and Ireland.
Microsoft (MSFT) updates 2025 investor metrics and segments.
Snowflake (SNOW) boosts guidance, but billings disappoint.
Zoom (ZM) results, outlook crush estimates; CFO to resign.
Enbridge cuts pipeline tolls as Trans Mountain adds competition.
RFK Jr. planning to drop out of presidential race, endorse Trump.
More $TERN strikes added(calls & puts) :
Oct $14/$16 calls
Jan $14/$16 calls
Apr $14/$15/$16 calls
iQiyi reports Q2 EPS 3c, consensus 0c
Reports Q2 revenue $1B, consensus $1.04B. "We believe the vibrant competition within the long-form video sector in the second quarter is constructive for the industry, enhancing its appeal over other entertainment formats," commented Mr. Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. "The key to long-term success hinges on consistently delivering premium content that balances artistic merits and commercial benefits, to which we remain committed."
Citi opens 'positive catalyst watch' on JD.com shares
Citi opened a "30-day positive catalyst watch" on shares of JD.com while keeping a Buy rating on the name with a $41 price target. The company fully utilizing its $3B share buyback authorization announced in March demonstrates its commitment towards shareholder return, the analyst tells investors in a research note. The firm finds it highly likely that JD announces a new buyback program between now and the Q3 print, which would support the share price. Citi views JD's current share price as "quite appealing."
$BIDU reporting before the open tomorrow. Stock up 1.4% today but weekly options up 40%+, and Sept strikes up 20%+
Premium build baby
Fed Minutes: Participants Warn Delaying Easing Could Weaken Economy, While Moving Too Soon Risks Inflation Reversal; Noted Progress Toward 2% Inflation Target, But Economic Growth Outlook Downgraded Due To Weaker Labor Market
Fed Minutes: Majority At July Meeting Support Easing Policy If Data Aligns, Citing Confidence In Inflation Moving Toward 2% And Increased Employment Risks; Some Backed A 25-Basis-Point Rate Cut
Oaktree in talks to acquire stakes in two B. Riley units, Bloomberg says
Oaktree Capital (OAK) is in exclusive talks to acquire a majority stake in two businesses owned by B. Riley Financial (RILY), Gillian Tan of Bloomberg reports, citing people with knowledge of the matter. Oaktree is in talks to buy a stake of 51% to 55% in B. Riley's appraisal and valuation services arm and its retail, wholesale and industrial solutions unit, a source told Bloomberg. A deal, which could be announced next week, values the units at around $380M, the person added. Shares of B. Riley are up 5% to $5.75 following the report.
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