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OT. "A desperate plan to buy distressed assets from banks tipped the U.S. into an era of privatized profits and socialized losses, but this mother of all bailouts managed for now, to halt the frightened flight of funds from the U.S." Kopin Tan, "The Trader," page M3, Barron's 9/22/08.
Bow's worthless comment: So the investment banks, banks and others created these derivative instruments (credit default swaps, mortgage securities et. al.), probably made tens of billions and now the U.S. taxpayer is going to support these derivative instruments to the tune of $700B (probably over $1T after the dust settles).
from S.F. Chronicle, 9/21/08, page A12:
"He said the government is HOPING that if it buys bad loans from banks, they will use the money to make more home, business and consumer loans."
"The Treasury proposal does NOT require institutions that take government money to use it to make loans. They could use it to make acquisitions, bolster their capital, raise executive salaries or other things."
I suggest anyone who wants to understand the implications of this incredible moment in U.S. financial history read:
"The Creature from Jekyll Island- A Second Look at the Federal Reserve" by G. Edward Griffin, American Media, P.O. Box 4646 Westlake Village, CA 91359, 800-595-6596.
Then you would know the answer as to why the U.S. Government does not print it's own money, instead of selling bonds, which the U.S. taxpayer has to pay interest on (to the banks!), and allowing the Federal Reserve to print "dollars."
Currently the largest single Federal Government expense is the interest on the debt (paid to banks and other governments). Which in the end is why this action was taken last week by the U.S. Treasury et. al.
OT. "A desperate plan to buy distressed assets from banks tipped the U.S. into an era of privatized profits and socialized losses, but this mother of all bailouts managed for now, to halt the frightened flight of funds from the U.S." Kopin Tan, "The Trader," page M3, Barron's 9/22/08.
Bow's worthless comment: So the investment banks, banks and others created these derivative instruments (credit default swaps, mortgage securities et. al.), probably made tens of billions and now the U.S. taxpayer is going to support these derivative instruments to the tune of $700B (probably over $1T after the dust settles).
from S.F. Chronicle, 9/21/08, page A12:
"He said the government is HOPING that if it buys bad loans from banks, they will use the money to make more home, business and consumer loans."
"The Treasury proposal does NOT require institutions that take government money to use it to make loans. They could use it to make acquisitions, bolster their capital, raise executive salaries or other things."
I suggest anyone who wants to understand the implications of this incredible moment in U.S. financial history read:
"The Creature from Jekyll Island- A Second Look at the Federal Reserve" by G. Edward Griffin, American Media, P.O. Box 4646 Westlake Village, CA 91359, 800-595-6596.
Then you would know the answer as to why the U.S. Government does not print it's own money, instead of selling bonds, which the U.S. taxpayer has to pay interest on (to the banks!), and allowing the Federal Reserve to print "dollars."
Currently the largest single Federal Government expense is the interest on the debt (paid to banks and other governments). Which in the end is why this action was taken last week by the U.S. Treasury et. al.
"A desperate plan to buy distressed assets from banks tipped the U.S. into an era of privatized profits and socialized losses, but this mother of all bailouts managed for now, to halt the frightened flight of funds from the U.S." Kopin Tan, "The Trader," page M3, Barron's 9/22/08.
Bow's worthless comment: So the investment banks, banks and others created these derivative instruments (credit default swaps, mortgage securities et. al.), probably made tens of billions and now the U.S. taxpayer is going to support these derivative instruments to the tune of $700B (probably over $1T after the dust settles).
from S.F. Chronicle, 9/21/08, page A12:
"He said the government is HOPING that if it buys bad loans from banks, they will use the money to make more home, business and consumer loans."
"The Treasury proposal does NOT require institutions that take government money to use it to make loans. They could use it to make acquisitions, bolster their capital, raise executive salaries or other things."
I suggest anyone who wants to understand the implications of this incredible moment in U.S. financial history read:
"The Creature from Jekyll Island- A Second Look at the Federal Reserve" by G. Edward Griffin, American Media, P.O. Box 4646 Westlake Village, CA 91359, 800-595-6596.
Then you would know the answer as to why the U.S. Government does not print it's own money, instead of selling bonds which the U.S. taxpayer has to pay interest on (to the banks!) and allowing the Federal Reserve to print "dollars."
Currently the largest single Federal Government expense is the interest on the debt (paid to banks and other governments). Which in the end is why this action was taken last week by the U.S. Treasury et. al.
IDMI @$3.00. Might receive EMEA (CHMP) opinion this week, or next month, or sometime later this year.
From the IDM I-Hub mb:
Question from the YMB by cybitterman: (Note: PAI is Palo Alto Investors, holds 40% of float of IDM).
Cybear, Meixatech, Tzm, and others. 20-Sep-08 12:46 pm
What is your strategy under the following conditions?
CHMP issues a positive opinion.
Sell or hold?
Wait for EMEA approval?
Trade the swings?
Be patient, wait for company to be sold?
CHMP issues a negative opinion.
Sell immediately?
Hope EMEA disregards CHMP opinion and issues approval?
Sink with the ship?
Your sentiments are appreciated. I am still comtemplating my options. Next week will be VERY interesting. GLTA.
TZM: I have pretty high hopes for MTP's potential as a broad platform for cancer therapy so a positive CHMP opinion might not get the stock price high enough for me to consider selling. Sure I might take some profit on a spike but I have no problem holding my core in this stock all the way till quarterly sales reports on MTP come out.
Just as an example of my pps goals; If we get a positive opinion, I would not be willing to sell a single share below ten dollars as I would expect the company to be bought out for much more than that. I've seen a couple people on this board talk about 6 or 8 dollars upon approval and that is just crazy talk. Upon EMEA approval, this stock would have a takeover price range of 15 to 30 dollars (in my humble opinion) but you might have to be a little patient to get those prices.
A better question would be what do you expect PAI to do upon a positive opinion? I'd tend to think that they might actually hold on to all of their stock so that they can control their own destiny in a takeover scenario. I mean why would they want to sell down their 40 percent stake in IDM just when things start to get interesting? PAI is in this stock because they understand the darkhorse potential that MTP has to be a blockbuster oncology drug and if signs of that potential begin to emerge, look-out because then the takeover price range will be much higher.
Meixatech: I concur.
I am long IDMI. Do your own DD.
JT. Huge call on NGD early Friday morning, +100%+ for the day. Kudos.
Gardy & Notis, LLP Files Securities Fraud Class Action Against Synchronoss Technologies, Inc.
Synchronoss Technologies, Inc. announced that Gardy & Notis, LLP filed a securities fraud class action lawsuit on behalf of all investors who purchased or otherwise acquired the Company securities for a class period between February 4, 2008 and June 9, 2008, inclusive. The lawsuit is pending in the United States District Court for the District of New Jersey.
level 3 assets. phase 3 of credit crunch. coming 11/15/08.
http://www.themoneyblogs.com/urbandigs/my.blog/level-3-assets-credits-next-concern.html
that should be www.businessjive.com. sorry, I am tired and beat after this week!
see www.bisinessjive.com
In this game there is always one sacrificial lamb, to become the poster boy of "see what can happen?" Unfortunately in this case it was LEH.
So now the "powers that be" can throw trillions at FNM, FRE, AIG and who knows what is next, and most people will keep their mouths shut and be "thankful." JMHO.
OT: failure to deliver, have you seen www.businessjive.com on naked shorting, FTD's and the SEC being the "problem?"
On NBR tonight they asked a mutual fund manager why did the SEC drop the up-tick rule? His answer was "I do not know why, but they should put it back in force immediately."
I agree with you 100%. The SEC is the "problem."
Still, the "change" might do "something."
Looking at $INDU monthly chart: support at 10,000 (3/05);
about 9,700 (10/04, this is a huge support area);
if 9700 support breaks 8,000 (7/03) to 7,500 (Q2-03).
Holding above around 9,700 is the key right now.
These are all general support levels, + or - 100's of points.
Dow currently at about 10,600.
only 1,100 shares traded in AH.
Dow closing @10,609 today 9/17, broke support of July 15, 2008 low of 10,961. Not good. We could see Dow <10,000 and then some.
SEC press release: http://www.sec.gov/news/press/2008/2008-204.htm
It is ironic because Cox was the man who destroyed the naked shorting rule in the first place!
SEC bans naked short selling. http://www.thestreet.com/story/10437867/...
Shorts have three days to "close out" borrowed securties. This could get really interesting!
SEC bans naked short selling. http://www.thestreet.com/story/10437867/...
With U.S. taxpayer owning 80% of AIG, for your 20% to = $6, the share price of AIG would have to go to $24. Good luck on that trade.
five days ago AIG closed at $17.50, smartazz.
By the way, anyone LOL right now about AIG should go see a doctor ASAP!
Cramer says naked shorting brought down AIG, and others.
See www.businessjive.com re: naked shorting and that the SEC as part of the "problem."
Cramer also said Cox at the SEC is the one who abolished the up-tick rule, which allowed the naked short sales to take down these companies. Hard to understand the "logic" of this at this point in time.
Buffet looked into buying AIG and walked away. We all know Buffet would have loved to have bought AIG, right up his alley.
Ergo, there must be some very toxic waste at AIG. Why was the Fed (excuse me, the U.S. taxpayer) the only entity who would loan AIG the $85B!!
IMO, AIG will follow FNM and FRE to penny land. Sad but true.
My prayers go out to all AIG employees, except executive management, and LEH. Ten of thousands losing their jobs, and perhaps their savings.
<<here isn't any ONE person/entity responsible for this>>
respectfully disagree with you. This is not too complicated to figure out.
The SEC, and Chairman Cox are responsible for this financial disaster by eliminating the up-tick rule.
Sounds to simple? Perhaps, but look at Bear Sterns, LEH, FNM, FRE and now AIG. The naked short sellers drove these stock prices to the abyss, to the point where the companies could not acquire new capital because their share price was to low! Kind of like the tail wagging the dog.
The SEC must place the up-tick rule back in full force and effect.
"How the Housing Rescue Bill is Helping Banks, Not Taxpayers by Sean Olender, San Francisco Chronicle 9/14/08.
Go to sfgate.com and search the author for the article.
www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/09/14/INSD12Q9RC.DTL&hw=sean+olender&sn=001&sc=1000
"How the Housing Rescue Bill is Helping Banks, Not Taxpayers by Sean Olender, San Francisco Chronicle 9/14/08. Go to sfgate.com and search the author for the article.
www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/09/14/INSD12Q9RC.DTL&hw=sean+olender&sn=001&sc=1000
Anyone see Steel on Cramer tonight? Any comments?
"How the Housing Rescue Bill is Helping Banks, Not Taxpayers by Sean Olender, San Francisco Chronicle 9/14/08. Go to sfgate.com and search the author for the article.
www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/09/14/INSD12Q9RC.DTL&hw=sean+olender&sn=001&sc=1000
OT: "How the Housing Rescue Bill is Helping Banks, Not Taxpayers by Sean Olender, San Francisco Chronicle 9/14/08. Go to sfgate.com and search the author for the article.
www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/09/14/INSD12Q9RC.DTL&hw=sean+olender&sn=001&sc=1000
"How the Housing Rescue Bill is Helping Banks, Not Taxpayers by Sean Olender, San Francisco Chronicle 9/14/08. Go to sfgate.com and search the author for the article.
www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/09/14/INSD12Q9RC.DTL&hw=sean+olender&sn=001&sc=1000
Dow futures down about 360 pts., -3%.
I am referring to the rank and file employees of LEH and all the other people who have a job relating to LEH's business, the "common people" who always suffer the most. Think of the ripple effect all the way down the line to the janitors and suppliers.
The "big boys" will still probably walk away with millions, who caused the "problems" in the first place. I do not give a rats azz about them.
It is a crime, just like the CEO's of FNM and FRE walking away with 10's of millions after putting the American taxpayer on the hook for 10's of billions. Unbelievable.
End of my rant.
Let us not forget that thousands of LEH employees are looking over the abyss right now, possibly about to lose their jobs and savings. This is no laughing matter for them and their families.
No, it is not fun stuff at all, firemandave. Check out the websites, if you have the time. "The future" of "directed energy" weapons is already here.
(Oh, since we're at it, www.911mysteries.com)
No, they still can, www.mindjustice.org; www.mindcontrolforums.com
IDM @ $2.50 right on 50 day ma. Interesting that p&f chart has bullish p.o. of $8.00.
IMO p&f filters out much of the "noise" and "emotions" of the current "drama."
http://stockcharts.com/charts/gallery.html?IDMI
GLTA
p&f chart $21.00 bullish p.o. http://stockcharts.com/charts/gallery.html?SNCR
OK surf, thanks for letting me know. GLTU.
surf, must reply public, no private messages. Thanks for your note. I have been reviewing institutional holders with majority of holdings in healthcare: of course P.A., Dafna Capital, BB Biotech AG, BVF Inc., among others. Looking, the going is slow and tough.
How about PA's Q2-2008 holdings per nasdaq.com:
PALO ALTO INVESTORS, LLC, 470 UNIVERSITY AVE, PALO ALTO, CA 94301
650-325-0772
Position Statistics. Report Date: 6/30/2008
Total Positions: 89; New Positions: 11; Increased Positions: 40
Decreased Positions: 32; Positions With Activity: 72; Sold Out Positions: 14
Total Market Value (in $ millions): 1,413
Sector Weighting Percent Healthcare 59.2%; Energy 16%; Technology 9.6%; Services 6.2%; Consumer/Non-Cyclical 3.1%; Basic Materials 3%; Conglomerates 1.6% Financial 1.1%.
Company; Class; Value of Shares ($1000); Change in Value ($1000); % Change
in Value Shares Held:
ONYX PHARMACEUTICALS IN... COM $107,540 $10,569 10.90% 2,631,280
SAVIENT PHARMACEUTICALS... COM $105,053 ($45,153) (30.06%) 4,621,792
AUXILIUM PHARMACEUTICAL... COM $103,898 ($12,850) (11.01%) 2,643,041
CYBERONICS INC COM $73,808 $15,957 27.58% 3,440,947
AMAG PHARMACEUTICALS IN... COM $64,670 $12,896 24.91% 1,671,487
ALLIS CHALMERS ENERGY I... COM PAR $.01NW $50,979 ($9,399) (15.57%) 3,525,517
IMCLONE SYS INC COM $50,565 ($4,906) (8.84%) 785,170
GASTAR EXPL LTD COM $46,486 $1,408 3.12% 26,263,312
PEETS COFFEE & TEA INC COM $44,117 $0 0.00% 1,681,275
MEDIVATION INC COM $43,881 ($6,190) (12.36%) 1,770,114
VERASUN ENERGY CORP COM $42,612 $32,068 304.13% 7,397,976
CANADIAN SUPERIOR ENERG... COM $41,291 $463 1.13% 10,923,500
VIROPHARMA INC COM $34,815 $20,454 142.42% 2,376,466
AMICUS THERAPEUTICS INC COM $34,319 $8,875 34.88% 2,460,142
EV3 INC COM $32,877 $1,765 5.67% 2,692,595
IDM PHARMA INC COM $26,869 $181 0.68% 7,422,409
MEDICIS PHARMACEUTICAL ... CL A NEW $23,892 $10,299 75.76% 1,153,630
THE9 LTD ADR $23,432 $0 0.00% 1,280,450
XTREME COIL DRILLING CO... COM $22,250 $2,727 13.97% 2,650,100
LIMELIGHT NETWORKS INC COM $21,314 $0 0.00% 5,683,673
UNICA CORP COM $20,910 $4,399 26.65% 2,357,364
DIGITAL RIV INC COM $19,718 ($1,313) (6.24%) 450,700
UNITED THERAPEUTICS COR... COM $18,307 $6,465 54.60% 172,495
ARENA RESOURCES INC COM $17,868 $17,868 New 400,000
PORTFOLIO RECOVERY ASSO... COM $17,320 ($7,857) (31.21%) 407,145
ALIGN TECHNOLOGY INC COM $17,151 $797 4.87% 1,315,275
MOMENTA PHARMACEUTICALS... COM $17,013 ($2,026) (10.64%) 1,186,383
CACHE INC COM NEW $16,893 $0 0.00% 1,442,600
TOREADOR RES CORP COM $16,435 $649 4.11% 1,900,000
CISCO SYS INC COM $15,293 ($962) (5.92%) 635,900
ADVANCED MEDICAL OPTICS... COM $13,801 $13,801 New 638,060
BIOMIMETIC THERAPEUTICS... COM $13,708 $1,724 14.38% 1,189,946
F5 NETWORKS INC COM $12,733 $8,763 220.70% 373,300
BROADVISION INC COM NEW $12,553 $1,476 13.32% 17,434,659
GIGAMEDIA LTD ORD $12,009 $0 0.00% 1,029,941
CERAGON NETWORKS LTD ORD $11,717 $0 0.00% 1,322,500
EVERGREEN SOLAR INC COM $11,316 $0 0.00% 1,200,000
GENZYME CORP COM $11,106 ($14,928) (57.34%) 141,843
GUARANTY BANCORP DEL COM $8,867 $0 0.00% 1,574,900
WHOLE FOODS MKT INC COM $7,985 $0 0.00% 436,100
PETROHAWK ENERGY CORP COM $7,787 $7,787 New 225,000
PETROQUEST ENERGY INC COM $7,396 ($8,284) (52.83%) 400,000
AKAMAI TECHNOLOGIES INC COM $7,308 $0 0.00% 319,124
TESCO CORP COM $6,794 ($1,359) (16.67%) 200,000
WESTERN ALLIANCE BANCOR... COM $6,617 $304 4.82% 509,000
TRIANGLE PETROLEUM CORP COM $6,542 $527 8.75% 7,881,350
NUVASIVE INC COM $5,968 $0 0.00% 125,215
GENOMIC HEALTH INC COM $5,893 $3,488 145.01% 263,675
T-3 ENERGY SRVCS INC COM $5,583 ($12,846) (69.71%) 100,000
CUBIST PHARMACEUTICALS ... COM $5,578 $5,578 New 253,220
NXSTAGE MEDICAL INC COM $5,527 $240 4.55% 1,454,585
ST JUDE MED INC COM $5,491 ($10,777) (66.25%) 119,805
QUESTCOR PHARMACEUTICAL... COM $4,926 ($3,936) (44.42%) 902,122
PLAINS EXPL& PRODTN CO COM $4,851 ($29,106) (85.71%) 90,000
NVIDIA CORP COM $4,778 $3,546 287.69% 378,000
SUPERIOR ENERGY SVCS IN... COM $4,704 ($10,349) (68.75%) 100,000
CYPRESS BIOSCIENCES INC COM PAR $.02 $3,908 $188 5.06% 569,619
UTS ENERGY CORP COM $3,800 ($10,049) (72.56%) 1,000,000
AIRVANA INC COM $3,442 $3,442 New 676,243
EMBER RES INC COM $3,039 $0 0.00% 2,337,500
QUICKSILVER RESOURCES I... COM $3,024 $3,024 New 125,000
NORTHERN OIL & GAS INC ... COM $2,590 $2,590 New 350,000
SPREADTRUM COMMUNICATIO... ADR $2,558 $1,820 246.44% 787,108
INSPIRE PHARMACEUTICALS... COM $1,870 $1,870 New 415,600
CONCEPTUS INC COM $1,690 $1,690 New 100,000
COGO GROUP INC COM $827 $827 New 150,000
AMAZON COM INC COM $679 $0 0.00% 8,400
VANDA PHARMACEUTICALS I... COM $637 $32 5.29% 568,775
MARTEK BIOSCIENCES CORP COM $601 $0 0.00% 18,000
BIOMARIN PHARMACEUTICAL... COM $462 $19 4.36% 15,325
AETERNA ZENTARIS INC COM $450 $0 0.00% 395,000
MERCK & CO INC COM $365 $0 0.00% 10,225
GEERLINGS & WADE INC COM $250 $250 New 714,665
ALTUS PHARMACEUTICALS I... COM $141 $7 5.07% 88,560
ARBIOS SYS INC COM $30 $0 0.00% 461,539
POGO PRODS LTD COM $0 ($2) Sold Out 0
ANIKA THERAPEUTICS INC COM $0 ($237) Sold Out 0
BIOSCRIP INC COM $0 ($457) Sold Out 0
APPLE INC COM $0 ($797) Sold Out 0
CADENCE PHARMACEUTICALS... COM $0 ($925) Sold Out 0
$3.50 was the price of 7.1M share Rodam & Renshaw offering back in June, 2007, with an additional 2.4M at $4.06 per share.
Palo Alto kept buying to the low $3's in August, 2008.
IDMI @ $3.62 on 8/29/08. Palo Alto Investors (PA) has accumulated another 3.2M shares of IDM in Q3-2008, for a total holding of 10.6M shares (25.18M shares outstanding, about 20M+ float), about 1/2 of the float. At end of Q2-2008 PA held 7.4M shares. 8/28 SEC filing, http://secfilings.nasdaq.com/filingFrame...
As I have previously posted European (EMEA) Union approval/ non-approval of L-MTP-PE expected by year end 2008.
PA specializes in healthcare/ biotech.
Some speculate buyout offer coming soon.
Valuing biotech business (market cap): x5 expected sales three years from now(?).
Estimated expected sales of L-MTP-PE about $50M to $100M a year:
$50M x 5= $250 market cap or $9.75 a share;
$100M x 5= $500M or 19.50 a share.
Value of IDM's pipeline must be added to this in a buy-out offer .
Some very informed posters on IDM yahoo and I-Hub speculate IDM is worth about $11+ a share, or about +200% from current price.
GLTA do your own DD. I am long IDMI.
re: the 1.3M block traded today at about $3.55 +/- $0.05.
<< Obviously, Palo Alto Investors liquidated about 1/5 of their holdings. I am more interested in who bought. >> from cybear mn on Yahoo mb.
Any comments on this!?