I usually have a lot to say. I just know when to keep it to myself.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Visa (VISA) - profile as of current info
Visa (VISA)
keep checking for amended S-1: http://www.sec.gov/Archives/edgar/data/1403161/000119312507242653/ds1.htm
The following charts show a comparison of total volume and total transactions relative to our major competitors for the 2006 calendar year:
Employees 5581
Revenues $3,343,000,000
Net Income $723,000,000
P.O. Box 8999
San Francisco, CA
Phone Number (415) 932-2100
http://www.visa.com
UNDERWRITERS
J.P. Morgan
Goldman Sachs
Banc of America
Citi
HSBC Corporation
Merrill Lynch
UBS Investment Bank
Wachovia Securities
Visa Plans $10 Billion Public Offering
NEW YORK (Dow Jones) -- Visa Inc. is moving forward with an initial public stock offering that will likely be the largest in years in the U.S.
According to a filing with the Securities and Exchange Commission on Friday, the San Francisco payments giant plans to sell shares in a deal that could be valued at $10 billion. While that number is viewed as a placeholder that could change as the event, expected early next year, gets closer, it would still make it the second-largest public offering by a U.S. company, behind AT&T Wireless Group's $10.62 billion IPO in 2000, according to research firm Dealogic.
Visa first announced plans to go public more than a year ago, but has been focused in recent months on a complicated restructuring that united its regional divisions under one company. At the time, Visa said it would sell a majority stake to the public. If that holds true, the offering could surpass $10 billion and approach last year's record IPO of Industrial & Commercial Bank of China.
Since October 2006, Visa's direct competitor MasterCard Inc. has seen its stock more than double, giving it a market value of $25 billion. Visa is expected to have a larger market value once it goes public.
Friday, Visa said its underwriting team will be led by the securities units of J.P. Morgan Chase & Co. and Goldman Sachs Group Inc. Visa is expected to use the IPO to help it form alliances and become less dependent on its bank owners. The move toward an IPO means Visa will be required to report more financial data than it has in the past.
The electronic-payments industry is rolling out products and services such as mobile payments through cellphones and checkout counters that read a fingerprint. Visa dominates the industry and has aggressively pursued new forms of payment, particularly in debit cards, which are linked directly to bank checking accounts.
In fiscal year 2006, Visa U.S.A. operating revenue grew to about $3 billion from $2.7 billion the prior year, driven mainly by increases in card services and data processing fees that came from a fast-growing market for payment volumes and transactions.
During 2006, Visa handled $3.2 trillion in 44 billion transactions, making it the largest player in the industry followed by MasterCard, American Express Co. and Discover Financial Services. Its net income for the three quarters ended June 30 was $771 million, up 76% from fiscal year 2006's $437 million.
http://www.smartmoney.com/bn/smw/index.cfm?story=20071112103106
re: VISA as of yesterday.........not sure if anyone has put this on the boards here yet......
Visa Plans $10 Billion Public Offering
NEW YORK (Dow Jones) -- Visa Inc. is moving forward with an initial public stock offering that will likely be the largest in years in the U.S.
According to a filing with the Securities and Exchange Commission on Friday, the San Francisco payments giant plans to sell shares in a deal that could be valued at $10 billion. While that number is viewed as a placeholder that could change as the event, expected early next year, gets closer, it would still make it the second-largest public offering by a U.S. company, behind AT&T Wireless Group's $10.62 billion IPO in 2000, according to research firm Dealogic.
Visa first announced plans to go public more than a year ago, but has been focused in recent months on a complicated restructuring that united its regional divisions under one company. At the time, Visa said it would sell a majority stake to the public. If that holds true, the offering could surpass $10 billion and approach last year's record IPO of Industrial & Commercial Bank of China.
Since October 2006, Visa's direct competitor MasterCard Inc. has seen its stock more than double, giving it a market value of $25 billion. Visa is expected to have a larger market value once it goes public.
Friday, Visa said its underwriting team will be led by the securities units of J.P. Morgan Chase & Co. and Goldman Sachs Group Inc. Visa is expected to use the IPO to help it form alliances and become less dependent on its bank owners. The move toward an IPO means Visa will be required to report more financial data than it has in the past.
The electronic-payments industry is rolling out products and services such as mobile payments through cellphones and checkout counters that read a fingerprint. Visa dominates the industry and has aggressively pursued new forms of payment, particularly in debit cards, which are linked directly to bank checking accounts.
In fiscal year 2006, Visa U.S.A. operating revenue grew to about $3 billion from $2.7 billion the prior year, driven mainly by increases in card services and data processing fees that came from a fast-growing market for payment volumes and transactions.
During 2006, Visa handled $3.2 trillion in 44 billion transactions, making it the largest player in the industry followed by MasterCard, American Express Co. and Discover Financial Services. Its net income for the three quarters ended June 30 was $771 million, up 76% from fiscal year 2006's $437 million.
http://www.smartmoney.com/bn/smw/index.cfm?story=20071112103106
I come and go a bit these days...but am here, jimmenknee! It was a holiday weekend afterall. (i.e...no school)
Just juggling many irons right now, and I imagine it will most likely be like this until the Christmas season is over.
I cannot speak for Serf, but hope to hear from him soon!
lady*o - and you, shmo*o
Hellllllllo!
add to favorites :)......
http://dictionary.reference.com/
Whoa, which one was this:
Posted by: dounome
In reply to: None Date:8/27/2007 8:13:02 PM
Post #of 1073318
IN TWO DAYS I WILL GIVE YOU ALL THE BIGGEST SUPERBADEST STOCK TO HIT THE MARKET IN 07.SEPTEMBER WILL BE ABOUT BLASTOFF TIME FOR THIS AMAZING STOCK THAT WILL PUT A FOOT IN THE ASS OF SOME MAJOR COMPAINES SOON.
TRUST ME THIS IS AS REAL AS REAL WILL GET.WHEN YOU READ THE WEB SITE
YOU (WILL) WILL SAY DAMN HOW IN THE HELL DID WE ALL MISS THIS ONE.
SEE YOU ALL IN A COUPLE DAYS,AND BE READY TO LOAD UP OR STAND BY AND WATCH,BUT WHICH EVERY YOU CHOOSE TELL YOUR FRIENDS ABOUT THIS POST SO THEY WILL HAVE IS ON THEIR RADAR.
YOU MAY REPOST THIS ALL OVER THE NET,BUT PLEASE BE READY YOURSELF
AND TELL ALL THE GUYS THAT SAY WHY CAN'T I GET A BIG BREAK?
ITS ABOUT TO HAPPEN FOR ALL WHO READ THIS AND SAY (I'M GOING TO CHECK IT OUT NOTHING TO LOSE.JUST BE CASH READY.
http://investorshub.advfn.com/boards/read_msg.asp?message_id=2240786
Tiki, let us recall the source:
Posted by: lady*b
In reply to: None Date:8/29/2007 10:23:20 PM
Post #of 63554
**RANDOM ACT OF KINDNESS update----
dounome
http://investorshub.advfn.com/boards/profile.asp?user=62730
is currently KEEPING US WAITING. We are UNSURE at this moment
what scenario has concealed his MONSTER stock pick.
I think a madman pinned him to an alley garbage can and perhaps
threatening him for his tip!! He must have obeyed or his future would be blacklisted and accounts would be
liquidated into an off-shore penny mob's family estate.
Perhaps he's teamed up with Leona Helmsley's 12 million dollar dog and is trading for Trouble as we speak.
What's in a name? GLTY Dounome. Good luck.
---------------------------
Posted by: dounome
In reply to: xbigshot1 who wrote msg# 1073268 Date:8/27/2007 8:00:39 PM
Post #of 1075139
Xman understand this,this is not a pump its an opportunity
you can look at the post or don't bother its your choice.
This is a RANDOM ACT OF KINDNESS.Be here in two days or
don't,everyone is not lucky and sometimes when opportunity knocks some people just won't get up and answer the door.
WHAT WILL YOU DO!
A reading? Sure, no problem. Lemme just check this charting
software that I just got....lol
(shake, shake, shake..........)
GHM (62.80) Graham Corporation Awarded $7 Million in New Orders
Tuesday November 6, 6:59 am ET
BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (AMEX: GHM - News) today announced that it has been awarded two orders with a combined value of $7 million. The first order is for ejector system components to be installed in a U.S. Gulf Coast oil refinery and the second order is for two surface condenser systems to be installed in a Russian oil refinery.
Shares Outstanding: 3.92M
Float: 3.63M
MELI- I STILL cannot get over your timing! OMG,
just a few days before it flew to the next leg up...
you posted on SEPTEMBER 14th!
Yes, not sure what made me think of it today. Wasn't trying to make you feel bad at all.
I thought I'd be congratulating you!
MELI Chart, lol:
Closed today at 43.53! Nice call!
TIKI, About 6 weeks ago you posted on your interest in MELI at 28.55.
Um, did you go with your instincts? (say yes! say yes! say yes!)
Too bad, as it did better since you last posted. lol
n'less ya got greeeeedy
WOW. COPY that. Roger. Over.
that's, imho, one of the more reliable ways to play earnings.
I have a hard time holding anything thru the release of the numbers. With a decent company all entries are "good" entries, but to swing it I don't mind jumping out the night before and see if it's worth it again after the face, IMHO
BX chart- a ride til Monday 11/12, imho:
BX: Blackstone Announces Third Quarter Earnings Conference Call
Monday , November 05, 2007 08:15ET
NEW YORK, Nov 05, 2007 (BUSINESS WIRE) -- The Blackstone Group L.P. (NYSE:BX), announced today that it will host its third quarter investor conference call Monday, November 12, 2007 at 10:30 am ET. Tony James, President and Chief Operating Officer; Michael Puglisi, Chief Financial Officer; and Joan Solotar, Senior Managing Director - Public Markets, will review The Blackstone Group L.P.'s third quarter earnings.
The conference call can be accessed by dialing (888) 680-0890 (U.S. domestic) and (617) 213-4857 (international) pass code 57287019. Additionally the conference call will be broadcast live over the Internet and can be accessed by all interested parties through the Investor Relations section of The Blackstone Group's website http://ir.blackstone.com/. For those unable to listen to the live broadcast, a replay will be available on our website or by dialing (888) 286-8010 (U.S. domestic) or (617)801-6888 (international) pass code number 65468460, beginning approximately two hours after the event.
To pre-register for the conference call please use the following link: http://www.theconferencingservice.com/prereg/key.process?key=PDPPXTM9B
A press release, including financial statements and segment information, will be released prior to the conference call on Monday, November 12, 2007. The release will be available on Business Wire and Blackstone's website.
About The Blackstone Group
The Blackstone Group is a leading global alternative asset manager and provider of financial advisory services. Its alternative asset management businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt vehicles, proprietary hedge funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com
SOURCE: The Blackstone Group L.P.
The Blackstone Group
John Ford, +1 212-583-5559
SVP Corporate Communications
ford@blackstone.com
Copyright Business Wire 2007
nice Mike
Tiki, insider buying ranks high- but would you hold into earnings or ride the anticipation wave..........hmmmmmm
WCG up 43 %premarket: WellCare Delaying 3rd-Quarter Results
Monday November 5, 7:45 am ET
WellCare Delaying 3rd-Quarter Results Until It Completes Probe Following Headquarters Raid
TAMPA, Fla. (AP) -- Health insurer WellCare Health Plans Inc. said Monday it is delaying its third-quarter financial results until it completes an independent investigation, following a raid by state and federal authorities and a request for information from the Securities and Exchange Commission.
Last month agents from the Federal Bureau of Investigation, the U.S. Department of Heath and Human Services and the Florida Attorney General's Medicaid Fraud Control Unit searched the company's Tampa headquarters, but WellCare and authorities did not say what the search was about.
WellCare said at the time it was fully cooperating with the investigations and that its patients' services had not been affected.
The company has formed a special committee of its board to conduct an independent investigation into matters raised as part of the ongoing investigations and inquiries. The committee will develop and recommend to the board any remedial measures it deems may be warranted, WellCare said.
The company also warned it may have to delay its full-year results, depending on when the committee completes its work. WellCare said it will not issue earnings guidance pending completion of the committee's investigation.
WellCare said it learned a former employee of its special investigations unit filed a "qui tam" or whistleblower action late last month against several defendants including the company and one of its subsidiaries. The complaint is sealed, which WellCare said prevents it from determining if the allegations relate to federal and state investigations or a report in the Wall Street Journal. The report claims the investigations relate to WellCare inflating the amount it spent on mental health care so it could keep money it should have refunded to the state's Medicaid program.
In preliminary results, WellCare said total third-quarter revenue climbed 42 percent to $1.43 billion primarily on increased membership and Medicare product growth.
Wellcare shares rose $12.94, or 47.3 percent, to $40.32 in premarket trading after closing at $27.37 on Friday.
http://biz.yahoo.com/ap/071105/wellcare_delay.html?.v=1
NOVC Yikes! Ouch! Novacea Ends Drug Study, Citing Deaths
Monday November 5, 7:49 am ET
Novacea Ends Late-Stage Study of Prostate Cancer Drug Candidate After Unexpected Deaths
SOUTH SAN FRANCISCO, Calif. (AP) -- Biotechnology company Novacea Inc. said Monday it ended a late-stage study of its cancer drug candidate Asentar because of an "imbalance" of deaths.
The drug was being developed as a treatment for patients with androgen-independent prostate cancer. Patients received either Asentar with the chemotherapy drug Taxotere or placebo with Taxotere. More than 900 patients were enrolled in the study out of a planned 1,200 patients.
The company said the results were "surprising and disappointing" and that it will further analyze the data to find the possible causes of the deaths.
Shares of Novacea closed at $7.19 Friday.
http://biz.yahoo.com/ap/071105/novacea_study.html?.v=1
MDVN Chart:
Shares Outstanding: 27.80M
Float: 23.08M
MDVN: 21.15- Medivation's MDV3100 Demonstrates Substantial PSA Reductions in First Patient Groups Treated in Phase 1-2 Hormone Refractory Prostate Cancer Trial
Monday November 5, 7:00 am ET
- Early study data from the two lowest dose groups show dose-dependent PSA declines to date in all patients -
- Conference call to be held today at 8:30 A.M. Eastern time -
SAN FRANCISCO, Nov. 5 /PRNewswire-FirstCall/ -- Medivation, Inc. (Nasdaq: MDVN - News) today announced that its selective androgen receptor modulator, MDV3100, to date has reduced serum levels of prostate specific antigen (PSA), a marker of tumor growth, in the six patients enrolled in the first two dose groups of its ongoing Phase 1-2 trial in hormone refractory prostate cancer. PSA declines were seen in a dose-dependent manner in these patients. In the lowest dose group, after two months of treatment PSA levels declined 45 percent to 66 percent. PSA levels in the second lowest dose group declined 75 percent to 89 percent after the first month of treatment. MDV3100 has been well tolerated to date in both dose groups.
The ongoing Phase 1-2 trial is an open-label U.S. study enrolling prostate cancer patients who have failed standard hormonal therapies. The study is enrolling patients in up to seven dose groups of three patients each at escalating doses, with each group continuing treatment for at least three months barring any safety issues. The six patients enrolled to date comprise the two lowest dose groups, which to date have completed one and two months of treatment. Patient accrual for higher dose groups is ongoing. Once a maximum tolerated dose has been established, treatment at that dose level will be expanded to 20 patients. The study endpoints include safety, tolerability, pharmacokinetics, effects on serum PSA levels and disease progression.
"While these results are still preliminary, the declines in PSA observed at these lowest doses are encouraging and provide proof of concept that castration resistant prostate cancers can still be sensitive to alternative hormone therapies like MDV3100," said the study's principal investigator Howard Scher, MD, Chief of the Genitourinary Oncology Service and the D. Wayne Calloway Chair in Urologic Oncology at Memorial Sloan-Kettering Cancer Center.
"The significant, rapid onset PSA declines experienced to date by our first six hormone refractory prostate cancer patients treated with MDV3100 mark an auspicious beginning to this trial," said David Hung, MD, president and chief executive officer of Medivation. "These declines occurred in a clearly dose-dependent manner at the lowest doses of MDV3100 tested, which suggests that higher doses may produce even greater PSA declines."
"It is important to consider these data in their proper context," continued Dr. Hung. "These PSA reductions are early data from a small number of patients. We do not yet know whether they will be confirmed at the end of the study, and even if they are confirmed we do not know if PSA reductions will correlate with an improvement in overall survival, the standard registration endpoint used in most pivotal Phase 3 studies for hormone-refractory prostate cancer. Nonetheless, we believe these early data provide strong proof of concept for MDV3100, and we eagerly await additional study data from these first two groups as well as from the higher dose groups still to come."
Medivation expects to complete the study, and report final top-line study results, in 2008. If these results are positive, Medivation expects to seek U.S. Food and Drug Administration (FDA) agreement in 2008 to enter pivotal Phase 3 registration studies in hormone refractory prostate cancer.
Teleconference/Webcast
Medivation will host a teleconference at 8:30 a.m. Eastern time today to discuss the data. To participate in the live call by telephone, please dial 800-930-7616 from the United States and Canada or +1913-312-0684 internationally. The conference ID is 5441900. Please dial in approximately ten minutes prior to the start of the call. Individuals interested in listening to the live call via webcast may do so by visiting http://www.medivation.com and clicking on the "Investor Relations" section. A replay of the webcast will be available on the Company's website for 30 days.
About Prostate Cancer
Prostate cancer is the most common noncutaneous malignancy in men and accounts for approximately 10 percent of cancer-related deaths in the United States. The American Cancer Society estimates that approximately 219,000 new cases of prostate cancer will be diagnosed in the United States, and 27,000 men will die of metastatic disease, in 2007. Prostate tumors that have stopped responding to, or are growing despite the use of, active hormone treatment strategies are characterized as hormone-refractory. Median survival in patients with hormone-refractory prostate cancer is about 10 to 18 months.
About Medivation
Medivation, Inc. is a biopharmaceutical company that acquires promising technologies in the late preclinical development phase and develops them quickly and cost-effectively. Medivation's current portfolio consists of small molecule drugs in clinical development to treat three large, unmet medical needs -- Alzheimer's disease, Huntington's disease and hormone-refractory prostate cancer. The Company intends to build and maintain a portfolio of four to six development programs at all times. For more information, please go to http://www.medivation.com.
This press release contains forward-looking statements, including statements regarding the anticipated timing of clinical and regulatory milestones, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ significantly from those projected. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. You are also cautioned that none of the Company's product candidates has been approved for sale, that significant additional animal and human testing is required in order to seek marketing approval for any of its product candidates, and that Medivation cannot assure you that marketing approval can be obtained for any of its product candidates. Medivation's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-KSB for the year ended December 31, 2006, include more information about factors that could affect the Company's financial and operating results.
--------------------------------------------------------------------------------
Source: Medivation, Inc.
http://biz.yahoo.com/prnews/071105/aqm092.html?.v=23
pink sheet tool found on another board:
http://www.pinkslurpee.com/
non-stock: DOES ANYBODY see this? I cannot.
Exploding Comet Visible to the Naked Eye
Posted: 2007-11-04 20:41:20
Filed Under: Science News
KNOXVILLE, Tenn. (Nov. 4) - A comet that has unexpectedly brightened in the past couple of weeks and now is visible to the naked eye is attracting professional and amateur interest.
Paul Lewis, director of astronomy outreach at the University of Tennessee, is drawing students to the roof of Nielsen Physics Building for special viewings of Comet 17P/Holmes.
The comet is exploding and its coma, a cloud of gas and dust illuminated by the sun, has grown to be bigger than the planet Jupiter. The comet lacks the tail usually associated with such celestial bodies but can be seen in the northern sky, in the constellation Perseus, as a fuzzy spot of light about as bright as the stars in the Big Dipper.
Tell Us
"This is truly a celestial surprise," Lewis said. "Absolutely amazing."
Until Oct. 23, the comet had been visible to modern astronomers only with a telescope, but that night it suddenly erupted and expanded.
A similar burst in 1892 led to the comet's discovery by Edwin Holmes.
"This is a once-in-a-lifetime event to witness, along the lines of when Comet Shoemaker-Levy 9 smashed into Jupiter back in 1994," Lewis said.
Scientists speculate the comet has exploded because there are sinkholes in its nucleus, giving it a honeycomb-like structure. The collapse exposed comet ice to the sun, which transformed the ice into gas.
"What comets do when they are near the sun is very unpredictable," Lewis said. "We expect to see a coma cloud and a tail, but this is more like an explosion, and we are seeing the bubble of gas and dust as it expands away from the center of the blast."
Experts aren't sure how long the comet's show will last, but estimate it could be weeks - if not months. Using a telescope or binoculars help bring the comet's details into view, they said.
http://news.aol.com/story/_a/exploding-comet-visible-to-the-naked-eye/20071103173609990001?ncid=NWS00010000000001
For some reason, I feel as if the below excerpt from that press relates to a position in the sub-prime "investing" as well. Did this guy ever have a pink sheet listing?
But Citigroup's stumbles were particularly grievous, given the bank's size, history and CEO, who had been telling shareholders for years to give his strategy a chance. Even in October, Prince said in a call to analysts: "I think any fair-minded person would say that strategic plan is working."
HUH?????????????
Sin in The Second City- Karen Abbott- Young author with an old soul and a formidable talent for research.
She was in Chicago over the weekend doing chats and signings
of her book, her first, and just has hit NYT Bestseller list.
Down to earth with a sense of humor- book to match personality-
my pleasure to meet her.
Book picks up (timeline wise) where Devil in the White City
leaves off after The World Fair.
Discovers and highlights the lives of two famous sisters in the progressive era, Madams Minna and Ada Everleigh.
Her myspace page:
http://profile.myspace.com/index.cfm?fuseaction=user.viewprofile&friendID=144289621
BOOK AND AUTHOR PICS
Blackstone May Tighten
China Ties With Nufarm
Firm, ChemChina
Prepare Higher Bid
Of up to $4 Billion
By LAURA SANTINI
November 5, 2007
HONG KONG -- The unsolicited bid for Australia's Nufarm Ltd., which is being pursued by Blackstone Group LP and a Chinese state-owned chemical company, would tighten the U.S. private-equity firm's ties to China.
China National Chemical Corp., known as ChemChina, and Blackstone are in the preliminary stages of putting together a higher offer for the Australian agrichemical company, one that could approach US$4 billion, people close to the process say. Nufarm, which makes products for protecting crops against pests, weeds and disease, rejected an earlier offer that the bidders made in a letter dated Oct. 31, which would have valued the company at about US$2.7 billion, or 17.10 Australian dollars (US$15.79) a share, the people say.
Nufarm shares surged 13% Wednesday to A$15.60, but trading has been halted since then. Nufarm told the Australian Securities Exchange that it plans to make an announcement before trading begins Monday.
A ChemChina spokesman declined to comment.
Blackstone, the world's largest private-equity firm by fund size, has raised its profile in China in recent months, after having entered the market much later than many of its rivals. In September, Blackstone bought 20% of a ChemChina subsidiary called China National BlueStar (Group) Corp.
The deal followed two groundbreaking announcements: The Chinese government in May acquired a $3 billion stake in Blackstone's management company and this summer Blackstone played an advisory role in China Development Bank's $13.5 billion investment in British bank Barclays PLC.
Blackstone's prowess on the deal scene is expected to give ChemChina an advantage in getting a deal done relatively swiftly. Private-equity funds clamoring for transactions on the mainland have pitched their deal expertise to Chinese companies as a clear benefit to partnering with them. One prominent example of this occurred in 2005, when TPG invested in Lenovo Group, providing US$350 million in capital that was used to finance the purchase of International Business Machines Corp.'s personal-computer unit.
ChemChina has been scouting opportunities to acquire new assets, especially overseas, establishing contacts in Europe, Australia and domestically, says Zhang Wenlei, secretary-general of the China Chlor-Alkali Industry Association. Australia has had US$94.7 billion in mergers and acquisitions so far this year, 9% higher than in 2006, according to Dealogic.
--Ellen Zhu in Shanghai contributed to this article.
http://online.wsj.com/article/SB119399573273580325.html?mod=yahoo_hs&ru=yahoo
Citigroup CEO Resigns; Interim Named
Sunday November 4, 7:41 pm ET
By Madlen Read, AP Business Writer
Citigroup Chairman and CEO Prince Resigns, Replaced As Chairman by Former Treasury Secy Rubin
NEW YORK (AP) -- Citigroup Inc. Chairman and Chief Executive Charles Prince, beset by the company's billions of dollars in losses from investing in bad debt, resigned Sunday and is being replaced as chairman by former Treasury Secretary Robert Rubin.
The nation's largest banking company announced Prince's widely expected departure in a statement following an emergency meeting of its board. Citi also said Sir Win Bischoff, chairman of Citi Europe and a Member of the Citi management and operating committees, would serve as interim CEO. Rubin, a former co-chairman of Goldman, Sachs & Co., has served as the chair of Citi's executive committee, and it was also expected he would take a greater role in leading the company.
In a separate statement, Citi, which took a hit of $6.5 billion from asset writedowns and other credit-related losses in the third quarter, said it would take an additional $8 billion to $11 billion in writedowns.
"It was the honorable course, given the losses we are now announcing," Rubin said of Prince's resignation in an interview with The Associated Press.
Prince joined former Merrill Lynch & Co. CEO Stan O'Neal, who resigned from the investment bank last month, as the highest-profile casualties of the debt crisis that has cost billions at other financial institutions as well.
Prince, 57, became chief executive of Citigroup in October 2003. Many shareholders criticized him openly for much of his tenure, as Citigroup's stock lagged its peers while Prince executed what was called an umbrella model of corporate organization, with several separate lines of business. Shares closed Friday at $37.73, about 20 percent below where they were when Prince became CEO.
Prince's position looked especially shaky after the company on Oct. 1 estimated that third-quarter profit would decline about 60 percent to some $2.2 billion after seeing nearly $6 billion in credit costs and write-downs of overly leveraged corporate debt and souring home mortgages. At that time, Prince said the bank's earnings would return to normal in the fourth quarter.
But when Citigroup released its third-quarter results two weeks later, the write-downs and credit costs exceeded $6 billion, and Chief Financial Officer Gary Crittenden indicated the outlook going forward wasn't as upbeat as Prince had predicted.
Citigroup wasn't alone in its third-quarter turmoil. When borrowers with poor credit stopped paying their mortgages, many banks not only had to take losses on those subprime mortgages, they also saw instruments in their portfolios backed by mortgages plummet in value.
But Citigroup's stumbles were particularly grievous, given the bank's size, history and CEO, who had been telling shareholders for years to give his strategy a chance. Even in October, Prince said in a call to analysts: "I think any fair-minded person would say that strategic plan is working."
The umbrella model that Sanford I. Weill created and Prince touted looked like a giant mess compared to its conglomerate counterpart JPMorgan Chase & Co. -- now led by Weill's former protege, Jamie Dimon. JPMorgan's writedowns were smaller, and strength in asset management, security services, card services and commercial banking units made up for weakness in other areas. Having cut costs and built up cash reserves in previous quarters, the bank was better prepared for a tough lending climate.
Meanwhile, Citigroup's expenses outweighed revenues, it botched its fixed income trading operations, and its cash-to-debt ratio dipped.
The anger toward Prince was so intense that during a conference call last month, Deutsche Bank analyst Mike Mayo told Prince that investors wanted a significant change in management. His supporters, though, argue that he was dealt a tough hand when his predecessor Weill gave him the reins, and that matching the hefty profit gains Citigroup saw in the 1990s would be difficult for any CEO.
Weill was a fairly popular leader, building Citigroup through various mergers and acquisitions over the course of about 20 years into the huge conglomerate that it is today. When he stepped down as chairman in 2006 and handed the position to Prince, Weill -- now a board member -- got two standing ovations from shareholders and a big blue banner from employees that read, "Thank you, Sandy!"
Prince, whose compensation came to nearly $25 million last year, is leaving under a much darker cloud.
Citigroup, along with JPMorgan Chase & Co. and Bank of America Corp., is trying to create a fund to buy up distressed securities in the tight credit markets, a move some industry experts say smacks of desperation. Citigroup is the only major U.S. bank to manage "structured investment vehicles," or SIVs, and may end up having to take losses on them because demand for the assets that fund them has dropped.
Rubin, 69, after 26 years at Goldman Sachs, became President Bill Clinton's chief economic adviser in 1993 before leading the Treasury Department. His experience steering the U.S. economy during the Mexican and Asian financial crises could come in handy as Citigroup attempts to navigate the tight credit markets.
Bischoff was the chairman of the British investment bank Schroders PLC, then joined Salomon Smith Barney Inc., a subsidiary of Citi, when it acquired Schroders. He began his current position in May 2000.
"There's no change of strategy that we see, actually, going forward," Bischoff said, noting that the company still plans to focus on international expansion, at least until a new CEO is chosen.
It was not known whether Bischoff was in the running to replace Prince as CEO. Before Sunday's meeting, many ideas for Prince's replacement were floated by industry watchers; one name that has come up often is John Thain, who was once president of Goldman Sachs and is now CEO of NYSE Euronext.
But it may take more than a figurehead change to restore shareholders' confidence in Citigroup, considering how much bad debt it has on its hands and its hard-to-shed image of a rule-flouting old boys club.
In 2004, Citigroup had to close its Japan Private Bank amid allegations of improper activities. And in January, former head of global wealth management Todd Thomson resigned, reportedly having been forced out for extravagant spending and dealings with CNBC anchor Maria Bartiromo.
Citigroup did a minor reshuffing in early October, combining its investment banking and alternative investments businesses into one unit led by Vikram Pandit, who had led Citigroup's alternative investments unit. Tom Maheras, co-CEO of the investment banking unit, left.
At the time, Rubin and Saudi Arabian Prince Alwaleed bin Talal -- Citigroup's biggest individual shareholder and once a critic of Prince -- expressed their support for the bank's embattled CEO.
http://biz.yahoo.com/ap/071104/citigroup_ceo.html?.v=17
Investor Alert: KGS Announces That WSB Financial Shareholders Have Until December 31, 2007 to Request Lead Plaintiff Position in Securities Class Action Lawsuit
Sunday November 4, 2:34 pm ET
NEW ORLEANS, Nov. 4, 2007 (PRIME NEWSWIRE) -- Kahn Gauthier Swick, LLC (``KGS') announces that shareholders of WSB Financial, Inc. (``WSB' or the ``Company') (NasdaqGM:WSFG - News) who purchased securities of the Company pursuant to its December 2006 Initial Public Offering (``IPO') have until December 31, 2007 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the Western District of Washington. No class has yet been certified in this action.
UNTIL A CLASS IS CERTIFIED, YOU ARE NOT PERSONALLY REPRESENTED BY COUNSEL UNLESS YOU RETAIN AN ATTORNEY.
If you purchased securities of WSB, you are urged to contact Lewis Kahn, Managing Partner, KGS, toll free 1-866-467-1400, ext. 100, via cell phone at 504-301-7900 after hours, or email to lewis.kahn@kgscounsel.com to learn about your legal rights and how this action may benefit you. For further information on KGS, please visit http://www.kgscounsel.com.
WSB and certain of its officers and directors, and the Company's underwriters -- collectively, ``defendants' -- are charged with including, or allowing the inclusion of, materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the IPO, in violation of the Securities Act of 1933.
According to the complaint, the company's registration statement for the IPO failed to disclose that it had been violating certain banking laws and regulations relating to the origination, administration and monitoring of construction and mortgage loans. Due to the company's misleading statements the WSB stock was traded as high as $21 per share during the class period.
Beginning in September of 2007 a series of announcements and investigations into the company's lending practices caused the WSB stock to plummet. In late September the company announced that due to the reduced demand of mortgage loans in the market 33 jobs would be eliminated in the mortgage division of the company, and that WSB's executive vice president of sales and lending at Westsound Bank was terminated. As a result stock price fell from $15.30 to $12.40. In a final blow, the company announced that state and federal regulators were looking into possible fraud and misconduct in its real estate lending practices. Within two days of this announcement the company's stock dropped nearly 60 percent, from $11.20 on October 24, 2007 to $4.73 on October 25, 2007.
SPECIAL NOTICE: Courts will generally appoint only one law firm to prosecute a securities class action on behalf of the shareholders based upon the amount of losses its ``lead plaintiffs' have suffered. Accordingly, while KGS urges you to sign up with the firm, KGS also encourages you to carefully evaluate any other firm you may consider to represent your interests in the WSB class action, should you be considering another firm. Critical components of a law firm's ability to successfully prosecute this action and obtain a strong recovery for you include the resources it will dedicate to prosecution of the case, including the number of lawyers the firm has available for the WSB action in particular, AND especially the quality of the firm's work. Interested shareholders are encouraged to call for consultation and to request more information about KGS.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primenewswire.com/ca.
Contact:
Kahn Gauthier Swick, LLC
Lewis Kahn
866-467-1400, ext. 100
lewis.kahn@kgscounsel.com
--------------------------------------------------------------------------------
Source: Kahn Gauthier Swick, LLC
http://biz.yahoo.com/pz/071104/130525.html
edit
Recently Postponed IPOs
Postponed IPOs
Company Name* Symbol File Date Underwriter Date Postponed
Affinion Group Holdings AFI 6/27/07 Morgan Stanley 10/9/07
Venture Financial Group VNBK 7/17/07 Keefe Bruyette Woods 9/27/07
CCS Medical CCSM 5/11/07 Lehman Brothers 8/15/07
Tully's Coffee TULY 4/27/07 KeyBanc Capital 8/13/07
NanoDynamics NDMX 5/4/07 Jefferies 8/8/07
GeoVera Insurance GEOV 3/26/07 J.P. Morgan 6/13/07
Photowatt Technologies PHWT 9/1/06 BMO Capital Markets 3/22/07
IPO Lockup Period Dates
Upcoming IPO Lockup Period Dates
Company Name Symbol Offer Date Lockup Days Lockup Expires
Aecom Technology Corporation ACM 5/9/07 180 11/5/07
Biodel BIOD 5/10/07 180 11/6/07
JMP Group JMP 5/10/07 180 11/6/07
Continental Resources CLR 5/14/07 180 11/10/07
Insulet PODD 5/14/07 180 11/10/07
Pinnacle Gas Resources PINN 5/14/07 180 11/10/07
Skilled Healthcare Group SKH 5/14/07 180 11/10/07
CAI International CAP 5/15/07 180 11/11/07
China Sunergy CSUN 5/16/07 180 11/12/07
Eurand EURX 5/16/07 180 11/12/07
TechTarget TTGT 5/16/07 180 11/12/07
EnerNOC ENOC 5/17/07 180 11/13/07
TriMas Corporation TRS 5/17/07 180 11/13/07
B&G Foods BGS 5/22/07 180 11/18/07
RSC Equipment Rental RRR 5/22/07 180 11/18/07
Sirtris Pharmaceuticals SIRT 5/22/07 180 11/18/07
Greenlight Capital Re GLRE 5/23/07 180 11/19/07
Helicos BioSciences HLCS 5/23/07 180 11/19/07
STARLIMS LIMS 5/23/07 180 11/19/07
Clean Energy Fuels CLNE 5/24/07 180 11/20/07
Amicus Therapeutics FOLD 5/30/07 180 11/26/07
Jazz Pharmaceuticals JAZZ 5/31/07 180 11/27/07
LDK Solar LDK 5/31/07 180 11/27/07
Response Genetics RGDX 6/4/07 180 12/1/07
Starent Networks STAR 6/5/07 180 12/2/07
Infinera Corporation INFN 6/6/07 180 12/3/07
Einstein Noah Restaurant Group BAGL 6/7/07 180 12/4/07
FBR Capital Markets FBCM 6/7/07 180 12/4/07
Limelight Networks LLNW 6/7/07 180 12/4/07
Yingli Green Energy YGE 6/7/07 180 12/4/07
BWAY Holding Company BWY 6/12/07 180 12/9/07
BioFuel Energy BIOF 6/13/07 180 12/10/07
Care Investment Trust CRE 6/21/07 180 12/18/07
AuthenTec AUTH 6/26/07 180 12/23/07
ComScore SCOR 6/26/07 180 12/23/07
Data Domain DDUP 6/26/07 180 12/23/07
Spectra Energy Partners SEP 6/26/07 180 12/23/07
Spreadtrum Communications SPRD 6/26/07 180 12/23/07
Polypore International PPO 6/27/07 180 12/24/07
PROS Holdings PRO 6/27/07 180 12/24/07
ShoreTel, Inc. SHOR 7/2/07 180 12/29/07
Dice Holdings DHX 7/17/07 180 1/13/08
Encore Bancshares EBTX 7/17/07 180 1/13/08
SemGroup Energy Partners SGLP 7/17/07 180 1/13/08
Silver State Bancorp SSBX 7/17/07 180 1/13/08
Limco-Piedmont LIMC 7/18/07 180 1/14/08
MF Global Ltd. MF 7/18/07 180 1/14/08
Netezza Corporation NZ 7/18/07 180 1/14/08
Airvana AIRV 7/19/07 180 1/15/08
hhgregg HGG 7/19/07 180 1/15/08
Orbitz Worldwide OWW 7/19/07 180 1/15/08
Meruelo Maddux Properties MMPI 1/24/07 360 1/19/08
BladeLogic BLOG 7/24/07 180 1/20/08
Monotype Imaging TYPE 7/24/07 180 1/20/08
Rex Energy REXX 7/24/07 180 1/20/08
Validus Re VR 7/24/07 180 1/20/08
ImaRx Therapeutics IMRX 7/25/07 180 1/21/08
Perfect World PWRD 7/25/07 180 1/21/08
Voltaire Ltd. VOLT 7/25/07 180 1/21/08
lululemon athletica LULU 7/26/07 180 1/22/08
Alternative Asset Management Acquisition AMV-U 8/1/07 180 1/28/08
Dolan Media DM 8/1/07 180 1/28/08
Genpact Limited G 8/1/07 180 1/28/08
Sucampo Pharmaceuticals SCMP 8/1/07 180 1/28/08
Concho Resources CXO 8/2/07 180 1/29/08
Virtusa VRTU 8/2/07 180 1/29/08
Quicksilver Gas Services LP KGS 8/6/07 180 2/2/08
E-House (China) Holdings EJ 8/7/07 180 2/3/08
HireRight HIRE 8/7/07 180 2/3/08
Masimo Corporation MASI 8/7/07 180 2/3/08
DemandTec DMAN 8/8/07 180 2/4/08
WuXi PharmaTech WX 8/8/07 180 2/4/08
MercadoLibre MELI 8/9/07 180 2/5/08
Paragon Shipping PRGN 8/9/07 180 2/5/08
VMware VMW 8/13/07 180 2/9/08
Encore Energy Partners ENP 9/11/07 180 3/9/08
athenahealth ATHN 9/19/07 180 3/17/08
Babcock & Brown Air LTD FLY 9/26/07 180 3/24/08
China Architectural Engineering RCH 9/27/07 180 3/25/08
Duff & Phelps DUF 9/27/07 180 3/25/08
Constant Contact CTCT 10/2/07 180 3/30/08
China Digital TV STV 10/4/07 180 4/1/08
MAP Pharmaceuticals MAPP 10/4/07 180 4/1/08
Compellent Technologies CML 10/9/07 180 4/6/08
Targanta Therapeutics TARG 10/9/07 180 4/6/08
Textainer Group Holdings TGH 10/9/07 180 4/6/08
Virgin Mobile USA VM 10/10/07 180 4/7/08
Rodman & Renshaw Capital RODM 10/15/07 180 4/12/08
TranS1 TSON 10/16/07 180 4/13/08
NRDC Acquisition NAQ 10/17/07 180 4/14/08
DuPont Fabros Technology DFT 10/18/07 180 4/15/08
Maxcom Telecommunications MXT 10/18/07 180 4/15/08
Noah Education Holdings NED 10/18/07 180 4/15/08
CVR Energy CVI 10/22/07 180 4/19/08
Fuqi International FUQI 10/22/07 180 4/19/08
Longtop Financial Technologies LFT 10/23/07 180 4/20/08
Vanguard Natural Resources VNR 10/23/07 180 4/20/08
FGX International Holdings FGXI 10/24/07 180 4/21/08
Pzena Investment Management PZN 10/24/07 180 4/21/08
Ulta Beauty ULTA 10/24/07 180 4/21/08
Power Medical Interventions PMII 10/25/07 180 4/22/08
Genoptix GXDX 10/29/07 180 4/26/08
012 Smile.Communications SMLC 10/30/07 180 4/27/08
CNinsure Inc. CISG 10/30/07 180 4/27/08
Deltek PROJ 10/31/07 180 4/28/08
Giant Interactive Group GA 10/31/07 180 4/28/08
Nanosphere NSPH 10/31/07 180 4/28/08
SoundBite Communications SDBT 10/31/07 180 4/28/08
Neutral Tandem TNDM 11/1/07 180 4/29/08
Cosan Limited CZZ 8/15/07 1095 8/14/10
IPO Quiet Period Dates
Upcoming IPO Quiet Period Dates
Company Name Symbol Offer Date Lead Underwriter Quiet Period Expires
Babcock & Brown Air LTD FLY 9/26/07 Morgan Stanley 11/5/07
China Architectural Engineering RCH 9/27/07 Westpark Capital 11/6/07
Duff & Phelps DUF 9/27/07 Goldman Sachs 11/6/07
Constant Contact CTCT 10/2/07 CIBC World Markets 11/11/07
China Digital TV STV 10/4/07 Morgan Stanley 11/13/07
MAP Pharmaceuticals MAPP 10/4/07 Merrill Lynch 11/13/07
Compellent Technologies CML 10/9/07 Morgan Stanley 11/18/07
Targanta Therapeutics TARG 10/9/07 Credit Suisse 11/18/07
Textainer Group Holdings TGH 10/9/07 Credit Suisse 11/18/07
Virgin Mobile USA VM 10/10/07 Lehman Brothers 11/19/07
Rodman & Renshaw Capital RODM 10/15/07 Sandler O'Neill 11/24/07
TranS1 TSON 10/16/07 Lehman Brothers 11/25/07
NRDC Acquisition NAQ 10/17/07 Banc of America 11/26/07
DuPont Fabros Technology DFT 10/18/07 Lehman Brothers 11/27/07
Maxcom Telecommunications MXT 10/18/07 Morgan Stanley 11/27/07
Noah Education Holdings NED 10/18/07 Deutsche Bank 11/27/07
CVR Energy CVI 10/22/07 Goldman Sachs 12/1/07
Fuqi International FUQI 10/22/07 Merriman Curhan Ford 12/1/07
Longtop Financial Technologies LFT 10/23/07 Goldman Sachs 12/2/07
Vanguard Natural Resources VNR 10/23/07 Citi 12/2/07
FGX International Holdings FGXI 10/24/07 William Blair 12/3/07
Pzena Investment Management PZN 10/24/07 Goldman Sachs 12/3/07
Ulta Beauty ULTA 10/24/07 J.P. Morgan 12/3/07
Power Medical Interventions PMII 10/25/07 Jefferies 12/4/07
Genoptix GXDX 10/29/07 Lehman Brothers 12/8/07
012 Smile.Communications SMLC 10/30/07 CIBC World Markets 12/9/07
CNinsure Inc. CISG 10/30/07 Morgan Stanley 12/9/07
Deltek PROJ 10/31/07 Credit Suisse 12/10/07
Giant Interactive Group GA 10/31/07 Merrill Lynch 12/10/07
Nanosphere NSPH 10/31/07 Credit Suisse 12/10/07
SoundBite Communications SDBT 10/31/07 Cowen & Company 12/10/07
Neutral Tandem TNDM 11/1/07 Morgan Stanley 12/11/07
Virtual Radiologic, a health instruments company, announces terms for its IPO
11/2/2007
A leading provider of remote diagnostic image interpretation services to hospitals, radiology practices and clinics, Virtual Radiologic, plans to offer 4 million shares at a price range of $16 to $18. Goldman Sachs is the lead manager on the deal
http://www.ipohome.com/marketwatch/iponews.asp
CreditCards.com announces terms for its IPO
11/2/2007
CreditCards.com, which enables consumers to search for, compare and apply for credit cards and offer credit card issuers an online channel to acquire qualified applicants, announced terms Friday. The company plans to sell 10.7 million shares, of which 2.3 million are being sold by insiders, at a price range of $13 to $15. Credit Suisse and Citi are the joint book runners on the deal.
http://www.ipohome.com/marketwatch/iponews.asp