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What today proves?
NOBODY KNOWS ANYTHING LOL
so everyone's comments good and bad should be taken into context
Wall street , got to love it!
Hedge funds bought 1,000,000 buys at .17, classic shake, by the end of October, $1-$2
Can this happen with WAMU? Can they find another deal for there shareholders?
U.S. futures up as Wachovia accepts Wells' bid dumps Citi'sFont size: A | A | A9:16 AM ET 10/3/08 | Marketwatch
RELATED QUOTES
8:02 PM ET 10/2/08
Symbol Last % Chg
WB 3.91 0.00%
WFC 35.16 0.00%
C 22.50 0.00%
AIG 4.00 0.00%
Real time quote.
NEW YORK (MarketWatch) -- U.S. stock futures pointed to a moderate rise on Friday after a troubled week, with the market reacting to a report showing 159,000 jobs lost in the last month, a new buyout deal for Wachovia Corp. and the House vote ahead on the $700 billion bailout package.
"Wells Fargo's bid for Wachovia is giving the market a lift this morning, but we all know that could change in a heartbeat," said Marc Pado, U.S. market strategist at Cantor Fitzgerald, pointing to the possibility of another House rejection of the rescue plan.
Futures for the Dow Jones Industrial Average $INDU gained 63 points to 10,620.
Futures for the S&P 500 $SPX rose 10.1 points to 1,134.50, while those for the Nasdaq 100 added 11.5 points to stand at 1,522.
Early data had the Labor Department reporting U.S. employment fell by 159,000 in September, the worst job losses since March 2003. Last month's losses were worse than expected and double the average monthly loss this year.
Economists surveyed by MarketWatch had forecast payrolls to fall 110,000. See Economic Report.
The dollar lost a bit of ground vs. the yen while oil futures dipped 18 cents to $93.79 a barrel.
Elsewhere, Wachovia (WB) reached a deal to be bought by Wells Fargo Co. (WFC) in a deal that won't require any Federal Deposit Insurance Corp. assistance, valued at $15.1 billion of Wells Fargo stock.
Citigroup Inc. (C) had previously reached a deal to buy Wachovia's banking operations with FDIC help. Wachovia said the new agreement was "superior."
The bailout package will be put before the House for a second time on Friday. A White House spokesman said some House members have said they will switch their no votes, though the outcome of the vote is still in doubt.
Mickey Levy, chief economist for Bank of America, said the lender now expects a half-point rate cut from the Federal Reserve at or before the scheduled Oct. 28-29 FOMC meeting.
"We place a high probability on an inter-meeting move, perhaps as soon as next week as a complement to the enactment of the Treasury bailout legislation," Levy told clients.
Kansas City Fed President Thomas Hoenig, in a question-and-answer session late Thursday, said rates were "accommodative." Hoenig doesn't get to vote on interest rate decisions.
American International Group Inc. (AIG) said it will focus on property and casualty insurance as it sells off assets to pay off the Fed's $85 billion loan.
U.S. stocks dropped sharply on Thursday as jobless claims and factory orders data overshadowed the Senate passage of the bailout passage. The Dow industrials lost 348 points, the Nasdaq Composite stumbled 92 points and the S&P 500 lost 46 points.
Now that is how you kill a deal for a better deal
Steel, former Treasury Undersecretary knows the rules and just helped out his shareholders
Bravo move on his part
http://en.wikipedia.org/wiki/Washington_Mutual
Great info, and asset information
Buffet:
On Wednesday, the Senate passed a $700 billion bailout package. The House is expected to vote on the revised bill on Friday, four days after rejecting an earlier version.
"It will cost more to solve this problem today than it did two weeks ago," said Buffett, referring to when Treasury Secretary Henry Paulson's first proposed that Congress help rescue Wall Street, which has seen the collapse of Lehman Brothers and Bear Stearns and the sale of Merrill Lynch. "It's that bad. If we don't get it solved next week, I may go back to delivering papers."
He didn't estimate how much more money would be needed to buy enough toxic mortgage investments in order to create a more stable market and get credit flowing
Looks like we going need more bills in the future
I absolutely LOVE the launch of the new 2.0 http://www.trustcash.com website.
Oh wait, it looks exactly as cheesy as the last one (oh wait it is the same one only with a green background).
Wish I never bought at .04
You got it Jim. Funny, I bought FRE at .33 and sold at 2.40. We must be on the same wave length
Congrats on this one too
Could be :) Question on taxes. If you are just in a refular tax bracket 28%-35% and you are also into trading stocks. Say you made a crazy amount like $100,000 on a short-term (less than 1 year), what would you give the government? I thought I heard it was 40%, so $40,000. Is that correct?
Yeah, this is so much bigger than any of us. Hopefully it is all for the good. You just can't explain million dollar buy and sells, without something behind it.
It would be cool to see, after looking under our mattress last night, we found another $5 billion
What anyone says on this board has no correlation to what is happening with this stock.
IHUB'ers are not known to buy/sell $100,000-$500,000 worth of stock.
Get off your soapbox
It's good news
I agree, when I saw a $123,000 buy at .082 I knew my .068 was a great investment, you don't invest that much unless you know something that the rest don't
1,500,000 buy at .0825
jaw drops
Steel is quality. He was the undersecretary of the Treasury and worked at Goldman Sachs, so has great connections with the Treasury, so I think they will work something out once we get everything under control again in the financial market which is just getting beaten down as you all know
Wachovia can still be aquired, hang onto your hats :)
Wachovia Securities Business May Look For PartnerFont size: A | A | A2:55 PM ET 9/29/08 | Dow Jones
RELATED QUOTES
3:02 PM ET 9/29/08
Symbol Last % Chg
C 19.48 -3.33%
MER 23.75 -13.19%
STD 14.60 -9.65%
WB 1.87 -81.30%
Real time quote.
By Jessica Papini and Brett Philbin
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Wachovia Securities will remain the second largest brokerage and intends to operate independently after Citigroup Inc. (C) acquired Wachovia's Corp. (WB) banking operation. Many observers, however, say the company could be ripe for an acquisition.
After being halted following some pre-market trades, Wachovia's stock finally reopened Monday afternoon and traded at $2, down 80% from its Friday close.
Monday, in a deal arranged by the federal government, Citigroup assumed most of Wachovia's assets and liabilities, but not its retail brokerage and asset management unit, which includes more than 14,600 financial advisors, according to Wachovia. The largest brokerage, Merrill Lynch, which was recently acquired by Bank of America (BAC), has 16,740 financial advisors. BofA and Merrill could together have more than 20,000 advisors.
Previously, Wachovia had pushed to integrate its banking and brokerage businesses. Wachovia's decision to operate as a stand alone brokerage house goes against the broader trend as brokerages are becoming part of banking giants.
Alois Pirker, senior analyst at Aite Group, does not believe "the stand-alone unit is a long-term opportunity for Wachovia," and the firm may not remain independent.
Wachovia Securities, Wachovia Corp.'s retail brokerage arm, includes A.G. Edwards, which it purchased for $6.8 billion. The integration is expected to be completed by the end of the first quarter of 2009. The brokerage unit manages more than $1.1 trillion in assets.
Brokers who recently joined Wachovia from A.G. Edwards are not looking forward to a possible sale. "We aren't even finished with this acquisition, so we definitely don't want to go through another one already," said a broker who was with A.G. Edwards when it was acquired. She said she is also worried about putting her clients through that change again.
Evergreen investments, Wachovia's asset management division, managed around $245 billion for U.S. investors as of June 20, 2008. However, the division has been hit by the financial crisis. Since the start of September, investors have yanked about $6.6 billion from the three Evergreen money market funds that Wachovia moved to shore up, cutting their assets by about one fifth, according to AMG Data Services.
Wachovia's unit could pique the interest of several types of companies. An insurance company that hasn't been tainted in the credit crisis and is accustomed to managing a large sales force, such as a MetLife (MET) or AXA, could be a buyer, said Andre Cappon, president of the CBM Group Inc., a New York consulting firm specializing in financial services.
Foreign investors looking to expand their presence in the U.S. might show interest in acquiring Wachovia, as other options are starting to dwindle. "A foreign bank that wanted to gain a retail footprint such as an HSBC" (HBC) might be a candidate, said Matthew Bienfang, senior research director of brokerage and wealth management at research firm TowerGroup.
Robert Ellis, senior vice president of the Wealth Management Group at Celent, a Boston-based financial research and consulting firm, agrees with Bienfang, stating that HSBC Holdings Plc could be interested in the unit.
HSBC has some wealth management in the U.S., but it is a minor presence compared to what it what it offers globally, said Ellis. HSBC operates a universal bank model, and by combining with a strong brokerage like Wachovia, would also have a universal banking model in the U.S.
Banco Santander SA (STD), reportedly was in talks with Wachovia and Washington Mutual Inc. (WM). The Spanish bank has no asset management or retail brokerage presence in the U.S. Ellis states that the bank could possibly still be interested in Wachovia Securities.
It appears Santander, Spain's largest bank, is in the market for acquisitions. The bank acquired U.K. lender Alliance & Leicester earlier this year, among other deals.
U.S. banks could also be contenders for Wachovia Securities. Charles "Chip" Roame, managing principal of Tiburon Strategic Advisors, a financial-services research and consulting firm, sees two possibilities for Wachovia Securities and Evergreen.
Wells Fargo (WFC), which had reportedly been in talks to acquire Wachovia, could buy those businesses, he said.
Roame also believes Wachovia could remain independent.
David Carroll, who runs Wachovia Securities, Evergreen Investments and Wachovia's retirement and investment products group, could also continue running those businesses as a standalone entity, Roame said.
If Wachovia is sold, and does not remain a stand-alone brokerage house, brokers will have some big changes ahead.
They won't have the lending capabilities or client referrals that they had when they were owned by a bank. "It's not necessarily a bad thing. But it's definitely a culture change for them," a broker at Merrill Lynch said.
Merrill brokers are going through the opposite change in that they are a stand-alone firm that is being bought by a bank.
A spokesperson for Santander declined to comment. HSBC representatives did not immediately return calls for comment.
Representatives from AXA and Wells Fargo & Co. said they don't comment on speculation or rumors. A MetLife representative wasn't immediately available for comment Monday afternoon.
Wow, and that concludes this stock, lost $500, could have been worst
Yes it will
They just got rid of billions in debt and bad mortgages
Keeping investment arm, and getting out of the banking side, which is good news IMO
There investment side:
Our retail brokerage operations under the Wachovia Securities brand name manage more than $1.1 trillion in client assets through 14,600 financial advisors in 1,500 offices nationwide.
Once dust settles should move back up
What does this mean? Good or Bad?
Freddie Mac to sell $2 billion bills in 2 issuesFont size: A | A | A10:45 AM ET 9/26/08 | Reuters
RELATED QUOTES
10:52 AM ET 9/26/08
Symbol Last % Chg
FRE 1.93 3.66%
Real time quote.
NEW YORK, Sept 26 (Reuters) - Freddie Mac (FRE) FRE.P on Friday said it plans to sell $2 billion of reference bills on Monday, Sept. 29, in two issues.
The scheduled offerings are $1 billion of three-month bills due Dec. 29, 2008 and $1 billion of six-month bills due March 30, 2009.
Settlement is Sept. 30.
The bills will be sold over the Internet in a Dutch auction. In such uniform price auctions, successful bidders pay only the price of the lowest accepted bid rather than the actual price as in a conventional multiple-price auction.
I agree, money to be made either way you look at it.
HUGE buys going down in A/H
This is toooooooo much fun
What would that mean as far as Marginal? Sorry kind of new to that part of stocks :) Good I hope LOL
HUUUUUUUUUUUUUUGE
New York Stock Exchange figures released late Wednesday showed that Fannie and Freddie were among the five companies with the biggest drop in short positions, but sizable positions still exist.
"Six trading days after conservatorship took share values to minimal levels, large short positions were still being carried on the exchange," FTN Financial analyst Jim Vogel wrote in a client note.
"We knew the shorts hadn't all been covered by the recent price action, but both companies remain at ridiculously high short sale levels, just several percentage points lower than the August 29 peaks," he said. He expects much more short covering through the fall unless the share price moves toward
$5.00.
In the options market, call activity in both Fannie and Freddie was active, reflecting expectations that the shares will continue moving higher.
An equity call allows an investor to buy the company's shares at a given price and time.
"People were buying Fannie Mae calls. This appears to be in reaction to the government bailout plan, which tentatively looks like it will be approved," said Joe Cusick," senior market analyst at online brokerage optionsXpress Holdings Inc in Chicago.
"The $2.50 and $3 October call strikes were the most active as investors speculate on a potential bullish move in Fannie Mae's stock price," he said.
Frederic Ruffy, options strategist at Web information site WhatsTrading.com, said heavy short-covering and hopes that the two companies could eventually move out of conservatorship were among reasons for the steep share rebound.
Some investors are betting that common shareholder rights will be fully restored, perhaps sooner than expected if the early results from the bailout plan prove to be working as policy-makers hope, he said on his website.
2.05 so far A/H
Great stuff, no brainer
Regulator:GSEs Could Participate In Tsy Plan To Buy Toxic AssetsFont size: A | A | A3:20 PM ET 9/25/08 | Dow Jones
RELATED QUOTES
3:43 PM ET 9/25/08
Symbol Last % Chg
FNM 1.94 11.49%
FRE 1.98 4.76%
Real time quote.
By Jessica Holzer
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The regulator for Fannie Mae (FNM) and Freddie Mac (FRE) said Thursday that the mortgage giants could participate in the U.S. Treasury Department's proposal to buy Wall Street companies' soured mortgage assets.
"In theory, some of their securities could be purchased as part of this program," Federal Housing Finance Agency Director James Lockhart told reporters after testifying before the House Financial Services Committee on his agency's takeover of the firms. "There's a variety of ways they could work together."
Asked whether this would be merely a cosmetic shift since the government took control of the firms earlier this month, Lockhart said it wouldn't.
"Fannie and Freddie's books are not the government's books. Fannie and Freddie's books are Fannie and Freddie's books," he said.
In prepared remarks to the committee, new Fannie Mae Chief Executive Herb Allison said that his company was "working closely with FHFA and Treasury to assist in government efforts," which he said included the Treasury proposal to buy toxic mortgage assets from banks.
$10 here :)
Guess they said , let us not fill the gap over a few day period, lets do it in 60 seconds. :)
Didn't sell one share. $10 by next week
This is FUN
$10 by the end of next week IMO
Watch CNN.com
Live Hearing with Lenders from Fannie and Freddie now
The only difference is this is such a unique situation in that this is not a typical trading pattern because this is the largest mortgage company in the world, with trillions in assets and debts and a unique time in governmental history with major turnover in the companies, investigations, pension, and 401k plans, and election year, so it could be life changing - both good and bad. so far - good :)
Hey Chef
Great to see you man
I have been in this since .33, nothing but smiles. I was in WM as well, probably get back around $2
Aren't the CEO's of both FRE and FNM talking to Congress today?
Not that I really listen to Cramer, but I know a lot do
He just said, this is a lotto play, that seems to be paying off and he said, when we get the final bailout news, look for a large spike, and then it is up to those playing it to decide to ride it or cash out
Sounds good to me.
I'll stay with my estimate of $6-10 after bailout news
My thoughts
If , just if this closes friday between $3-5 Friday, I think you will see it open or close double that $6-10 on Monday
McCain just called for postponing the debate to have him and Obama go to Washington Friday and meet with Congress and the President to hammer out the deal for no latter than Sunday.
Once news is released Sunday night, expect a double on Monday
I could be wrong, or could be right, but just my little opinion :)
Dude it is an IHUB board. INSTITUITIONS AND GOVERNMENTS are buying and selling this stock.
No pump, or dump would make a difference here.
You missed the boat, take your lumps and find something else to complain about.
ETRADE Pro seems back to normal now