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CNBC has Citigroup crisis special on tonight:
8:00PM EST.
Thanks westeffer!..Good posts tonight!
Some interesting ideas from J. Lebed:
The talk on Wall Street today is deflation, but the fact is... throughout history whenever central banks have printed gigantic amounts of money it has always led to inflation. Unfortunately, these short-term liquidations due to deleveraging of hedge funds have fooled Bernanke into believing deflation is the problem... and he is fighting the wrong war. By lowering interest rates to only 1%, he is insuring not only will we see inflation... but we will see hyperinflation that will destroy the value of the Dollar.
Bernanke has destroyed the balance sheet of the Federal Reserve while Paulson has destroyed the balance sheet of the U.S. Government. Our national debt is now approaching $11 trillion and we can't pay any of that money back because our country doesn't produce anything. With China likely to begin selling U.S. treasuries soon to fund their $586 billion stimulus, nobody is going to loan the U.S. anymore money and we will have to print trillions of Dollars out of thin air.
Ron Paul asked Bernanke last week if in his discussions with other central banks, the subject ever comes up of a new international reserve currency and if Gold is ever discussed to restore the confidence in currency. Bernanke had the audacity to lie and say that the subject of a new reserve currency never comes up and the only discussion of Gold is "sales that central banks are planning".
How is it possible for central banks to meet during this crisis and not discuss the reserve status of the U.S. Dollar and the possibility of returning to a Gold standard? I guarantee it is one of their main topics of discussion right now and Bernanke is afraid to admit they are talking about it.
Let's hope that Ford, GM, and Chrysler are allowed to go bankrupt. Believe me, $25 billion would only keep them in business for a couple of months. We would need to fund them hundreds of billions every year to keep them in business and never get any of that money back. Their healthcare/pension costs are out of control. At least in bankruptcy, competent people can acquire their assets and create new profitable automobile companies... that's how capitalism is supposed to work. By the government interfering, they are making the situation much worse.
It's possible that we have seen a selling climax in the DOW and it could make a major short-term rally, but ultimately... it will go much lower. What is important is not what price the DOW is at... but the price of the DOW when priced in Gold. The DOW is worth ten ounces of Gold right now... but eventually I believe it will be worth only one ounce of Gold. Gold is getting ready to pass the S&P 500, then it will pass the NASDAQ, and in a few years we could see Gold $5,000 per oz and DOW 5,000.
You need to invest where the fundamentals are unimpaired. While Best Buy might look cheap at 6 times earnings, major losses are ahead for the company. I predicted the bankruptcy of Circuit City earlier this year, and Best Buy will likely go bankrupt down the road. There are going to be thousands of U.S. businesses going bankrupt in the years ahead. Most companies connected to the U.S. consumer will go bankrupt unless they downsize and raise their prices.
Fortunes will be made during the next few years in commodities. Right now it is difficult for farmers and miners to get loans which is shrinking the supply of commodities... at the same time as major growth in China and India is increasing the demand.
I believe the biggest gains will be in Gold... because Gold is real money and will deserve a large monetary premium. Gold Mania is coming soon... it will be bigger than the dot-com and Real Estate booms. Once again, I believe the safest way to play it while still being aggressive is with DGP... but there are some Gold stocks I like that could make 1,000% to 10,000% gains in the years ahead.
Definitely a good trading stock with today's close of $3.23
I believe we will see $5.00 by end of next week, providing S&P doesn't tank.
That LVS analyst scared off a few investor/trades today.
Sheff, "Can you spare a dime?"
A depression is a severe economic downturn that lasts several years. Fortunately, the U.S. economy has not experienced a depression since The Great Depression of 1929, which lasted ten years. The GDP growth rates were of a magnitude not seen since:
1930 -8.6%
1931 -6.4%
1932 -13%
1933 -1.3%.
During the Depression, unemployment was 25% and wages (for those who still had jobs) fell 42%. Total U.S. economic output fell from $103 to $55 billion and world trade plummeted 65% as measured in dollars.
The Depression was aggravated by poor monetary policy. Instead of pumping money into the economy, and increasing the money supply, the Fed allowed the money supply to fall 30%. The "New Deal" created many government programs to end the Depression, but government programs alone could not end it. Unemployment remained in the double-digits until 1941, when the U.S. entry into World War II created defense-related jobs.
We probably won't see a depression like that again, simply because the government has learned how to avoid it. Many laws and government agencies were put in place because of The Great Depression with the express purpose of preventing that type of cataclysmic economic pain.
Good board snowcloud. I will be using info from here for the trading I am doing....boardmark from me!
Last year LVS was $144 a share.
Today it closed at $3.90 a share.
The CEO Adelson is worth 28 billion dollars.
He has pumprd 1-billion dollars of his own money into LVS ( Venetian, Pallazzo, etc. ).
When the market his bottom, this baby is going to run.
You are talking about TRICKLE UP POVERTY.
A depression is a severe economic downturn that lasts several years. Fortunately, the U.S. economy has not experienced a depression since The Great Depression of 1929, which lasted ten years. The GDP growth rates were of a magnitude not seen since:
1930 -8.6%
1931 -6.4%
1932 -13%
1933 -1.3%.
During the Depression, unemployment was 25% and wages (for those who still had jobs) fell 42%. Total U.S. economic output fell from $103 to $55 billion and world trade plummeted 65% as measured in dollars.
The Depression was aggravated by poor monetary policy. Instead of pumping money into the economy, and increasing the money supply, the Fed allowed the money supply to fall 30%. The "New Deal" created many government programs to end the Depression, but government programs alone could not end it. Unemployment remained in the double-digits until 1941, when the U.S. entry into World War II created defense-related jobs.
We probably won't see a depression like that again, simply because the government has learned how to avoid it. Many laws and government agencies were put in place because of The Great Depression with the express purpose of preventing that type of cataclysmic economic pain.
I am buying back in LVS this morning.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a_C6W34c.z0M
Man-o-man!..Nice job w/the shorting ETF's
SRS up a whopping $48.
Forget the spam and peanutbutter..head to Vegas!
LOL....Interesting article here on what is happening on "THE STRIP" ....
http://biz.yahoo.com/ap/081119/casino_industry.html?.v=3
Rain, Are you still in PBR?
Petrobras postpones 28 rig tenders
Wednesday, 19 November, 2008
http://www.upstreamonline.com/live/article166808.ece
Brazilian state oil company Petrobras has postponed construction tenders for 28 deep-sea drilling rigs to the coming year.
The rigs were to be tendered exclusively to Brazilian construction companies this year.
"These are no longer the conditions to issue the tender this year," said Jose Jorge de Moraes Jr, general manager for new business at the company's exploration and production department.
However, Moraes sees an upside to the current global economic crisis, in that it may lead to lower prices for rigs in the short term, said a Dow Jones Newswires report.
This would allow Petrobras to cut its oil exploration and production costs in the sub-salt layer off Brazil's southeastern coast.
According to Moraes, the current price of oil at around $60 a barrel is an impediment to developing the sub-salt layer, and this area is one of Petrobras' priorities.
Moraes also said that Petrobras plans to return to drilling in the Jupiter, Iara and Azulao (formerly Ogum) blocs in 2009.
Azulao is operated by ExxonMobil near the Tupi Block in the Santos basin, off the coast of Sao Paulo state.
It was hoped the company would have 14 rigs drilling in the blocks in 2012 and produce 1 million barrels a day in 2015, said Moraes.
The Duffey Company works with local, state, and federal agencies, as well as with private organizations and special interest groups, to address environmental concerns and to develop innovative transportation solutions and effective and environmentally responsive mitigation measures. The following are some of the clients with whom we have a working relationship:
California Department of Transportation (Caltrans)
California High Speed Rail Authority
CalTrain/Joint Powers Board
DesertXpress Enterprises, LLC
Florida Department of Transportation
Golden Gate Bridge, Highway, and Transportation District
Golden Gate National Recreation Area/National Park Service
Golden Gate Park Concourse Authority
Sacramento Regional Transit
San Francisco City Departments
Parking and Traffic
Planning, Major Environmental Analysis
Public Utilities Commission
Public Works
Recreation and Parks
San Francisco County Transportation Authority
San Francisco Municipal Transportation Agency
San Francisco Port Authority
DesertXpress has solid benefits that should help with environmental impact issues:
Environmental benefits of the project include:
Reduces use of fossil fuels, thus, reduces reliance on imported petroleum
Reduces car, bus and airplane exhaust emissions
Relieves overcrowded McCarran Airport
Reduces traffic demand on I-15
Reduces travel time and the stress of highway congestion
Reduces the risk of highway accidents and accident-related injuries and fatalities
Avoids the need to widen over 150 miles of I-15
Provides a potential future link to California’s proposed high speed rail system and the Metrolink system
Provides jobs during construction and hundreds of long term jobs thereafter, generating economic activity equivalent to several times more than the direct investment in the project.
Quiet day today!....SOON is a great $$$$$ opportunity.
Patiently waiting for news!
Good going!....now we all patiently wait for developments....
a good investment in my opinion.
I bought an additional 6000/shares at .20 a couple of minutes ago.
I am placing an order as well....been waiting all morning for a dip...well I guess this is it....looks like you picked-up around 1200 shares.
Cambridge Energy Research Associates is top shelf on Energy reports and statistics. Daniel Yergin author of Pulitzer Prize book THE PRIZE about the epic quest for oil money and power over the last 200 years is a main spokesperson for the CERA on various media outlets in which many of us posting here on I-HUB have seen over the years.
I am looking at investing in NYSE's - RIG & DO.
Thanks Rain....terrific DD here!
I have my homework cut out for me tonight catching up on all of todays SOON posts......>$$$$$
Ely, I have a lot of "cheap shares".
But, I am not selling any.
We are getting closer to some good news here.
I say maybe tomorrow....imho.
I'll bet you that perp is posting from the Rikers Island pokey....LOL.
Las Vegas "whales" will buy LVS tomorrow
and crush those shorting this stock.....this just might happen.
Adelson might have help from some of his very rich customers.
It will be an interesting stock to follow.
I don't own shares of LVS today, but maybe LVS will run GREEN tomorrow with this cash infusion from Adelson and also today's share dilution....it is a gamble!
Adelson sure is a big gambler, doubling down another 500 million dollars to prevent the Palazzo, Venetian, etc. from going into BK.
I hope it works. The Venetian is my favorite Vegas hotel.
I just got an offer for 4 free nights to stay at the Venetian for Nov. or December 2008.....They are desperate to fill rooms at this largest hotel in the world.
Usually gambling is pretty steady during recessions, but not this time....gambling is way down at casinos
Our economy has really scared a lot of people.
A tough day for LVS shareholders:
AP
Las Vegas Sands proposes $2.14B rescue plan
Tuesday November 11, 8:56 pm ET
By Ryan Nakashima, AP Business Writer
Adelson injects $525M in bid to save struggling Las Vegas Sands from default, bankruptcy
Billionaire Sheldon Adelson has doubled down on his half-billion dollar bet this fall on Las Vegas Sands Corp. in a plan intended to keep the casino company from defaulting on its debt and falling into bankruptcy.
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The plan for infusing $2.14 billion in new capital into the company dramatically reduces Adelson's controlling stake even as he agreed to invest another $525 million.
The casino giant with operations in Las Vegas and Macau will not seek shareholder approval for the emergency plan it announced Tuesday, even though it more than doubles the number of outstanding shares, massively diluting their value for current shareholders, claiming an exception in New York Stock Exchange rules.
The company warned that any delay caused by getting shareholder approval "would seriously jeopardize the ability to complete the offerings as well as the financial viability of the company."
The transactions are set to close Friday.
Trading in the Las Vegas-based company's stock on the New York Stock Exchange was halted briefly Tuesday. It closed down 33 percent, or $2.66, at $5.34, after trading resumed. The stock has traded between $4.32 and $122.96 during the past 52 weeks.
Analysts greeted the plan with caution.
"We view the capital raise as a mixed blessing," Morgan Stanley analyst Celeste Mellet Brown said in a research note. "While it appears the company has alleviated bankruptcy risk, it has done so at a heavily dilutive price."
"In this market, capital comes at a high price," noted Stifel Nicolaus analyst Steven Wieczynski, "and Las Vegas Sands is certainly paying for it."
The company said it would raise $1 billion in capital by selling 181.8 million new shares at $5.50 apiece and another $519.6 million in the form of new preferred stock priced at $100 each.
Adelson, the 75-year-old founder and chief executive, will buy with his wife Miriam $525 million in preferred stock and must convert into common stock the $475 million in convertible notes they purchased a month ago.
Investors in the preferred shares, including the Adelsons, received with each one a five-year option to buy another 16.7 common shares at $6 -- which could raise another $1.04 billion.
Some 460.5 million new common shares will be released on top of the 355.7 million already in circulation so -- despite the new investment -- the Adelson family's stake in the company will fall to just over 51 percent, down from 69 percent earlier this year. Once the plan goes through and the capital is raised, their stake will be about $2.2 billion.
The company's current situation is a remarkable setback for Adelson, once considered the third richest man in America by Forbes magazine with an estimated worth of $28 billion as recently as September 2007, much of which was tied up in shares.
Since hitting $145.57 on Oct. 2, 2007, Las Vegas Sands shares have lost 96 percent of their value.
The action follows Sands' announcement last week that it is in danger of breaching lending conditions and defaulting on $5.2 billion in credit facilities secured by its Las Vegas operations.
Construction on casino projects in Macau, Singapore, Pennsylvania and Las Vegas put the company in a financing squeeze as falling revenue from gamblers made it difficult to meet its debt obligations.
It faced the choice of canceling or delaying some projects, raising equity, or reducing debt, and its capital program is an attempt to address all those problems.
Sands reported weaker-than-expected results Monday for the third quarter and said it suspended several projects, including its $600 million St. Regis condominium tower in Las Vegas and two sites on the Cotai Strip in Macau.
The Macau sites cost $1.16 billion so far and would cost another $430 million through June to suspend.
On Tuesday, Macau's leader, Chief Executive Edmund Ho, said the government of Chinese gambling enclave was aware of Las Vegas Sands' funding difficulties, but was not in a position to intervene.
"Because of its over-leveraged borrowing in the U.S. and around the world, it's normal and expected that it has to suspend some of its projects," he said.
"Until now, the Macau government has no concrete measures to help it solve its financing difficulties immediately," he said.
Business Writers Jeremiah Marquez in Hong Kong and Kristen Lee in New York contributed to this report.
I picked up 9K for starters
at opening bell.
Contemplating on adding more shares.
This looks like a solid opportunity.
I am sitting on a sizeable amount of shares.
I want more shares. Maybe someone will have a margin call and sell me their shares/combined with the most sympathetic MM , I will gey lucky with a nice dip in share price...LOL.
CYBR is a great $$$$$ opportunity.
Granite Construction Company (GVA) NYSE..
This may also be a good investment side by side with SOON.
Currently at $33.00/share coming off last week's lows of $21/share.
Granite Construction Incorporated, together with its subsidiaries, operates as a heavy civil contractor and a construction materials producer for public and private sector clients in the United States. The company operates through two segments, Granite West and Granite East. The Granite West segment�s public sector projects include construction and improvement of streets, roads, highways, and bridges. Its private sector contracts include site preparation for housing and commercial development, including excavation, grading, and street paving, as well as installation of curbs, gutters, sidewalks, and underground utilities. This segment�s customers include departments of transportation of other states, county and city public works departments, and school districts, as well as developers and owners of industrial, commercial, and residential sites. The Granite East segment builds infrastructure projects, such as highways, dams, mass transit facilities, bridges, pipelines, canals, waterway locks and dams, and airport infrastructure. It also engages in the demolition, clearing, earthwork and grading, dewatering, drainage improvements, structural concrete, rail signalization, and concrete and asphalt paving activity. This segment�s customers include state departments of transportation, local transit authorities, and federal agencies. In addition, Granite Construction engages in the purchase, development, and sale of real estate projects, as well as in the provision of real estate services. The company was founded in 1922 and is based in Watsonville, California with additional offices in Alaska, Arizona, Florida, Nevada, New York, Texas, Utah, and Washington.
I watched BULLS & BEARS this morning on FOX network.
Gary B. Smith, Tobin Smith, Pat Dorsey, etc. ...all seem to believe that massive amounts of government spending in infastructure will create millions of jobs and propel us out of our recession. 8% unemployment will be here within 2-3 months. I can see SOON benefiting from this big time.
I have taken the monorail in Vegas dozens of times...the best air-conditioned way of moving around the STRIP.
The Desertexpress connecting to Vegas monorail will certainly relieve air-traffic at Mckarron Airport with the dozens of flights coming from LAX and regional S.Calif. airports daily.
I have no shares in SOON. I am buying in come Monday morning.
I am ready to jump on this with a 25% pullback.
It just isn't happening for me.
GREEN CLOSE here looks mighty fine
compared to the rest of the marketplace.
I think Rain should be on BULLS & BEARS doing battles with Tobin Smith and Gary P. Smith and crew on various stock picks.
or on FAST MONEY with Dillion Rattigan......He would have to keep his I--hub name THE RAINMAKER!!!!! on these shows..LOL.
No....But they have the DME...Dubai Mercantile Exchange.
Similar to our NYMEX in NYC. DME trades the sweet and sour crude futures market.
CYRD is up 56%...GANGBUSTERS!
CYRD - Board of Directors.....It will be nice to see who is on that BOD....I loaded up in CYRD shares two weeks ago.
This is one exciting stock that may hit $1.00/share in a matter of a few trading sessions, depending on the news in upcoming PR.
That is one SOLID POST you have here RAIN....GREAT DD!
Ely, Funny you mentioned the Golden Child.....I am listening to Michael Savage while I type..LOL.
Yea, I think 850 is the highest FICO score you can get on your credit report....GM is shutting out quite a few potential buyers.
Mike DiGiovanni, GM's executive director of global market and industry analysis, said the credit crisis and financial market turmoil are affecting the industry to a "frightening" level.
If GM's sales were adjusted for population growth, October would be the worst month of the post-World War II era, he said.
"Clearly we're in a very dire situation," he said.
Meanwhile, GM's financing arm, GMAC Financial Services, said it was tightening its lending standards to require a credit score of at least 700, potentially shutting out some buyers.