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.
I'll have what he's been smoking : ( though there is a possibility that office space requirements will actually increase as social distancing becomes more of a reality- the potential need for more square footage isn't so unfeasible. Though in my opinion unlikely. )
Vornado CEO Is Bullish on New York Real Estate, Sees Facebook Lease as Validation -- Barrons.com
12:35 pm ET August 4, 2020 (Dow Jones) Print
By Andrew Bary
Vornado Realty Trust CEO Steve Roth offered an upbeat assessment of New York City and its commercial real estate market on the company's earnings conference call on Tuesday, while acknowledging that it "may take a couple of years" for New York's "ecosystem to return to normal."
Roth said he remained skeptical that work-from-home trend would last "forever."
"I don't believe it and I'm betting against it," he said. "In the end, culture, innovation, talent, and collaboration happen in office buildings."
Roth, the longtime CEO of Vornado (ticker: VNO) and a leader in Manhattan's real-estate community, said that the deal announced late Monday to lease to Facebook (FB) all of the office space in a new low-rise structure within the huge Farley building in Manhattan is "a dramatic statement in the midst of a pandemic that New York will continue to be the place to be and further validates the West Side of Manhattan as the place to be."
Roth declined to provide any financial details of the transaction. He said that there was "some give and take" in the negotiations given the current environment, but that the transaction was within the company's financial expectations.
Vornado projected a cash yield of 7.4% on the Farley development in its second-quarter earnings report and that forecast was unchanged from previous financial reports.
The Farley deal has lifted Vornado's depressed shares, which were up $1.92, or 5.6%, on Tuesday, to $35.94. While the deal was long rumored, there was some concern that the pandemic would prompt Facebook to pull back from leasing more space in Manhattan.
Facebook's "signing of the Farley Building (730,000 square fee) is proof that businesses intend to return to the office," Piper Sandler analyst Alexander Goldfarb wrote in a client note. "This lease had long been in the works and thus comes more as a 'mazol tov' that it finally crossed the finish line, as it provides a big boost to VNO's $2 billion transformation of the Penn District."
Vornado stock, however, is off over 40% this year as investors worry about the health of Manhattan's commercial real estate market. Many companies are talking about extending the work from home trend past the pandemic. And many office buildings are at a fraction of capacity.
Other real-estate investment trusts focused on the Manhattan office market -- SL Green Realty (SLG) and Empire State Realty Trust (ESRT) -- have also seen their share prices hit this year.
Using a strong balance sheet with over $2 billion in cash, Vornado is moving ahead to redevelop two large buildings around Penn Station, Penn 1 and Penn 2, as it seeks to transform the area around the station and benefit from interest from big corporate tenants in the Hudson Yards commercial development on the far West Side.
Roth said "it's a great time to be looking through the fog" and putting money to work in Manhattan.
The company continues to harvest cash from a lucrative condominium development at 220 Central Park South in Midtown. Vornado closed on the sale of four condos for $157 million in the second quarter, bringing total sales to 76 units for a total of $2.2 billion, generating profits of $810 million. Roth called the development along "Billionaires Row" near Central Park, which is largely sold, "the most successful residential project ever."
The company is considering tearing down a building it owns at 350 Park Ave. and replacing it with a new tower that could open late in the current decade. Vornado said on the call that there was interest in that the project. When an analyst suggested on the call that a potential tenant is the Blackstone Group (BX), which now has space on Park Avenue, Roth said the analyst might be jumping to a wrong conclusion.
The company reported second-quarter funds from operations, or FFO, of $1.06 a share, six cents better than the consensus estimate and up from 86 cents in the year-earlier period. Adjusting for various items, however, FFO was 55 cents in the second quarter, down from 91 cents in the year-earlier period.
Reflecting tougher conditions in Manhattan and pressure on its bottom line, Vornado recently cut its quarterly dividend by 20%, to 53 cents a share.
Write to Andrew Bary at andrew.bary@barrons.com
(END) Dow Jones Newswires
August 04, 2020 12:35 ET (16:35 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
I'm so glad I took profits closing GLD when I did. You know I'm torn also, I'm well ( or unfortunately ) placed in Oils and Real Estate REITS. No exposure in pure plays like industry and airlines but still bustling with hotels though I've closed a few.
SLV looks like it's taking a minor hit today. My cost basis is in jeopardy, but the amount per share as compared to GLD is much less, and exposure is nominal.
So I'm watching SLV and SRNE today.
Out of SRNE 43.15% return on todays close at 17.12
And a BIG Thanks to HB for his recent atta boys !
SF, SRNE was with tight stops the entire way up and down. Ameritrade tells me that stops don't work pre and post market. That would explain W and FSLY. I can't accept that. Comments ?
My stop on W was 306. I got out with 297. still a handsome 21 buck per, but not 306.
That other stop on FSLY would have kept me whole with a minor loss and not another liability.
Looks like ETSY is getting killed this morn.
A play right out of the trump/putin playbook. trump has hydroxychloroquine and putin has anecdotal evidence that russia has a covid vaccine.
Perfect.
No such thing as science with these two.
Trimmed ETSY at 133.54 from a recent buy at 131.60.
Trimmed SRNE today at $18.19 from $12.12 on 8/4/20- 48.95%
Now if that doesn't deserve an atta boy, I don't know what would.
Added to WKHS at 15.38
Added to AMTD at 36.50
Trimmed CGC 17.98- 8.77%
Trimmed EPD at 18.16- 1.5%
Trimmed NRZ at 8.44- 4.70%
Trimmed KNOP at 13.50- 3.11%
Trimmed SBRA at 15.88- 2.37%
Added to DKNG 30.91
Added to MA at 324.45
Trimmed WMG 29.30- 2.67%
Quickly closed W today at 297 from 276 on 8/5/2020. Again, it blasted through a 306 stop loss and fortunately I received an alert on my phone that it had crossed the threshold.
$21 a share is $21 a share, so I'll take it.
Nick? ... Anyone? ... Atta boy ?
And, SF, I wouldn't do anything without my Verizon cable service ( premium to boot ) with the DVR option to FF thru commercials. Call me old school. My Roku TV loves the VZ apps I get as a bonus ( Roku though doesn't like the idea that I bundled all those premium channels without paying them and paying VZ though. )
Nice Logo. I like it.
Thanks Nick for the atta boy. Much appreciated, but not anywhere near the appreciation for that pretty BP logo that Elroy posted.
Aquifer water shortages and salt water intrusion in FLA have been the concern for may years.
SF your take on TSLA is preposterous, It's not Air BNB. Sorry.
SF, I have Sunpower panels going on 6 years now keeping my electricity to minus numbers and being quite happy in the process.
Tell congress, and the administration which requires full prefunding of postal retirements. That alone is killings the postal service.
Added to TDOC and LVGO 193 and 121 respectively.
Enjoy the weekend everyone.
I am out of here !
For the last few years in Woodbridge NJ BP had a solar production facility next to it's office tower. Presaged this move perhaps ?
Closed GLD from 184.90 at 189.60
Opened SLV at 25.70
Trimmed T at 29.96
Added to MA at 325.50
Trimmed SLQT at 19.99
Added to CGC at 16.73
Trimmed EPD at 18.10
The stop was set for that price activation and execution Nick. I think what may have happened was it went down over night and opened lower.
Added to NFBK at 9.58
Trimmed NFBK at 9.89
Well, fsly blasted past my stop loss at 88.49 that now I'm stuck again with another slug.
In my estimation there's a 2/3 or 66% chance of a favorable outcome. So I'll maintain my position.
1. Trumps edict will take down this and many other companies doing business with/in China.
2. Microsoft buys tic tock and fsly skyrockets.
3. Tic tock becomes an American company and fsly skyrockets. Other companies having a China connection will cave due to China's response.
So, there's that.
I like IRM also Elroy, I own some, but I don;t like it as much as you do. However, I must say that I'm liking it more as the stock price inflates.
I get the impression Elroy that you really like Iron Mountain.
Just keep in mind. The set up IS in. Monumental stock market price increases and a general overall feel good VIX. I tend to remind about The Spanish Inquisition and need to emphasize my concern at this point because Nobody (except Nick) really Expects that possibility.
Nibbled on FSLY at 89.49, famous last words.
SF,
Seems that with all of that technical info you utilize well you are predicting the future.
So I've been looking at comparisons of the two major chip manufacturers chips. I wasn't surprised that INTC still produces the fastest chips regardless of size or process.
I'm an Intel man, not an Apple or AMD man. This for my laptops and desk tops. So when I look at chip comparisons it amazes me that AMD is cleaning Intels financial clock largely because of the hype around it's newest process.
Intel may be playing catch up for the time being, but this isn't new. For many years AMD and Intel have been back and forth and for a time before that Intel was a clear winner. Since I build my own desktops I have some insight into what goes into the "next" computer.
Having had AMD computers in the past I shy away from their product. You see, that just because a chip is smaller or less expensive doesn't mean it's better.
Eventually the investing community will realize this.
https://www.tomshardware.com/reviews/cpu-hierarchy,4312.html
Incidentally I'm really showing a lot of restraint not reducing my stake in FB at 145.87% return
Incidentally SF, I owe you an atta boy for your astute add purchase in ABBV.
Very nice!
So far today 2 primary portfolios yielding a 0.95% rise in value and 0.14% reduction in value.
Good idea HB, wait till the next Spanish Inquisition, which, as you know, Nobody Expects...and your joke was hilarious.
ET calling home is not too great a long distance call right now, This is a long term accumulation Nick.
Added to CGC @ 18.08
Markets are losing traction...
i need to see it down more before I commit further 87-90
Thanks SF, Nick. I'll be on the watch to add. The chart does look terrible. I'll be watching to gain insight to the technicals when to add.
Trimmed SBRA at $15.19 3.79%
Added to BP $23.52
Added to ET $6.55
Trimmed NRZ 1.33%
Good Morning,
Nick, et al what's your take on ABBV at these levels ?
trimmed IRM 2.5%
Added to NYCB $9.92
Oh stop Nick flattery will get you everywhere ! It's nothing really. Having 2 screens would be the only way I could get with your trades. Still lagging but trying. I know that TDOC and LVGO may have limited upside., My cost basis is almost met today at - 3% at this point. If I can get out at the top end purchase and hold the bottom end FIFO I'll be fine, If not I'll try to stop out at my cost or better at some point.
MA 315 up- to 329 today. Nice move up ... Some analyst upgrades today.
8:55 am ET August 3, 2020 (Benzinga)
Credit Suisse lifted Charter Communications Inc (NASDAQ: CHTR) price target from $620 to $640. Charter Communications shares climbed 2.9% to close at $580.00 on Friday.
Raymond James boosted the price target for Marsh & McLennan Companies, Inc. (NYSE: MMC) from $105 to $130. Marsh & McLennan shares fell 0.1% to close at $116.60 on Friday.
RBC Capital raised the price target on Weyerhaeuser Company (NYSE: WY) from $30 to $33. Weyerhaeuser shares fell 0.8% to $27.59 in pre-market trading.
Deutsche Bank boosted Yum! Brands, Inc. (NYSE: YUM) price target from $80 to $107. Yum! Brands shares fell 0.6% to close at $91.05 on Friday.
Rosenblatt boosted the price target for Pinterest, Inc. (NYSE: PINS) from $21 to $30. Pinterest shares rose 2.8% to $35.25 in pre-market trading.
B of A Securities boosted the price target for Floor & Decor Holdings, Inc. (NYSE: FND) from $59 to $77. Floor & Decor shares rose 1.2% to $66.72 in pre-market trading.
KeyBanc lifted the price target for Mastercard Incorporated (NYSE: MA) from $300 to $340. Mastercard shares rose 0.5% to $310.00 in pre-market trading.
HC Wainwright & Co. lifted the price target for Immunic, Inc. (NASDAQ: IMUX) from $45 to $60. Immunic shares rose 39% to $23.91 in pre-market trading.
Needham raised the price target on Etsy, Inc. (NASDAQ: ETSY) from $88 to $130. Etsy shares rose 2.6% to $121.48 in pre-market trading.
Goldman Sachs boosted Merck & Co., Inc. (NYSE: MRK) price target from $91 to $105. Merck shares rose 1.5% to $81.41 in pre-market trading.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
SF- Re: SRNE Still 34% shorts in this, despite that it's been higher. I think there may be a squeeze. You may wish to take a look... It's being knocked down after being about 15% up in my portfolio earlier today.
Nick, still down on LVGO and TDOC but only 5% which ain't half bad considering that I was down 15% earlier in the day. But you know- that anything can happen and usually does. And you thought I was going to say that Nobody Expects the Spanish Inquisition . You see how wrong you were ?
Added to BP at 24.36
Added to EPD 17.78
Closed AMZN a\@ 3175 from a cost of 3100.
Trimmed KNOP 13.33- This was opened and partially filled yesterday and today.
Your're always on top of things, I need to have minimum 2 screens open at all times.One for stocks and one for The Safe Portfolio. I too was on the hunt but for a different reason. Costing out of those two.
Added to LVGO @ 134
Added to TDOC @ 212
Good morning Nicholas,
Thanks Nick for the kudos. I feel like it's around the Christmas holidays. "trimming" the tree.
Just trace back the posts to my original conversation with Homeboy...
...and yes I did go back to sleep, it's so easy to trade stocks I could do it in my sleep.
Doesn't mean I'd make any money doing it though. LOL !
Didn't put the stops in for those, but risk capital was nominal. I'll cost out if I have to. My bad, what goes down must go up, or something like that. Still up on the day with other buys and sells, so there's that. Nice rationalization anyway.
Trimmed W from 278 cost trimmed at 292.
LVGO and TDOC down 15% so far. Fixating on this will take attention away from other things I can control.
Good Morning there SF,
I understand it's a 15 minute test which doesn't require that severe nose swab. It uses saliva.
That was still amazing yesterday Nick and DIS at 114. What a topper!!!
Trimmed GLD 3.88%
Getting killed on TDOC and LVGO...
Didn't get stops in.
Opened LVGO at 150.70
Opened TDOC at 238
Merger talks of these two New Age health service providers.at open
Actually trimmed PFE 38.48 at open
Trimmed CARR 16.89%
Good morning Court,
Thank you...
Sometimes you feel like a nut, sometimes you don't.
Dow futures up. I'll roll the dice
Opened RH Elroy, at 294.12
Trimmed PFE 15.70%
Trimmed PDCO 26.68%
Trimmed FEYE 22.49%
...and I wouldn't tell him that NVAX was 190.02 pre market.
That .02 could be the straw that breaks the camels back.
Trimmed SRNE at $14.08 15.92% from yesterday's open.
Added to W at 276
Trimmed W at 290 from 280 cost
I still wouldn't tell him it was up to 170.
And speaking of gambling,
Opened ETSY with the sunrise- 131.60
and
Opened W with my first yawn at 280.
Reopened ABBV with my first cup of coffee 94.79
Stops in, I'm going back to sleep.
Don't tell him it was at 170.
NVAX up to 170
Added to WMG 28.80- 28.95
Not down too much... so far. Tell you what, if it goes to 107 again I'll buy and hold. LOL. It's now at 147. Hold on !
Added to WKHS at 16.99
Trimmed SBRA at 14.63
Trimmed ET at 6.93