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.
UPDATE: GMAC Exploring Partial ResCap Sale
Dow Jones Newswires - November 21, 2007 1:20 PM ET
Related Quotes
Symbol Last Chg
GM Trade 26.77 +0.48
Real time quote.
DOW JONES NEWSWIRES
GMAC Financial Services and its troubled home-lending arm, Residential Capital LLC, or ResCap, have hired advisors to explore the sale of certain parts of ResCap's operations.
Among possible transactions under consideration is GMAC acquiring a large non-U.S. mortgage-lending institution and merging ResCap's local mortgage business with the acquired institution, the companies said.
ResCap also said it launched a cash tender offer for up to $750 million of its debt securities. The offer will expire at midnight on Dec. 19. The debt buyback is to ensure that ResCap complies with its debt covenants, the companies said. They added that GMAC management intends to recommend a capital infusion to ResCap.
"The purchase of the notes in this tender offer at a discount and the retirement of the notes will increase ResCap's income" in the fourth quarter, the companies said.
ResCap, a once hugely profitable mortgage operation partly owned by General Motors Corp. (GM) through its 49% stake in GMAC, reported a big loss for the third quarter. Investors are now searching for the bottom at ResCap, trading the unit's debt securities at levels usually associated with a company that could soon seek bankruptcy-court protection. GMAC and ResCap have indicated no such plan. Last week, GMAC said it will bring in a new chief financial officer, and executives say ResCap is working to reduce its payroll and its lending operations.
Because of ResCap's exposure to subprime loans, GM was forced to inject $1 billion of equity into GMAC during the first quarter, and it may have to put up yet more cash.
In recent trading, GM shares were at $27.52, up $1.23, or 4.7%.
-By Mike Barris, Dow Jones Newswires; 201-938-5658; mike.barris@dowjones.com
> Dow Jones Newswires
11-21-07 1320ET
Copyright (c) 2007 Dow Jones & Company, Inc.
1:09 PM GM Shares Jump 4% As GMAC Mulls Sale Of Parts Of ResCap Dow Jones Newswires
All I can find is the headline. No link to this article through my etrade yet. Looks like some shorters got nervous after feasting on this POS over the past two weeks. Looks like a scare tactic put out to try and scare the shorts away.
I was watching Fast Money when Adami called GM "The Widowmaker" lol
yikes, are shorters covering this afternoon?
RIMM AAPL GOOG NDAQ all turning green.
Looks like a nice day to buy puts....
I went to high school here in Georgia with a Prashant Bhatia! lol
Hope it wasn't him that brought etrade down or I'll have to grill him at the next reunion. lol
DISH: Park Place indeed today!
Let's chop those gas prices DOWN!! lol
[Suppressed Sound Link]
wtg on the .02 call Buckey! lol congrats all in :)
Is DLAV the first multi bagger subbie in quite some time or what?
NDAQ I wonder if CNBC's Dubai coverage will mention the OMX/Nasdaq Borse Dubai pending Q1 2008 acquisition sometime this week??
C'mon Erin B. I need ya honey!!! :))
DLAV: just when I had 'bout given up on the subbies lol
thanks! I'll keep you all updated. Just watching for now. Playing with monopoly money in my head! lol
Got my OPTIONS account upgrade!! :)
Congrats all in FRTW, DLAV!
MEMC Electronic Materials Inc. (WFR) [NYSE] Produces wafers for the semiconductor and solar industries.
I like that list you posted SL! Thanx.
$66.50 and I'll take it. ;)
Nice chattin SL and Matty! I'll try to pop in tomorrow to wish everybody happy Friday. Maybe even play a song or two for you all.
'night! :)))
I've never traded options before but I'm gonna be VERY patient and choose wisely.
NDAQ: that's what I'm thinking. Probably one to slowly acquire through this murky Novemeber/December. The OMX deal should pass the regulatory approval by Q1 2008.
NYX is now NYSE Euronext right? I have no idea cause I've had my nose deep in the Nas lately. I just thought it was odd that Cramer has *no idea* lol how the Nasdaq is working on acquiring ownership of the Scandanavian/European OMX exchanges in cooperation with Bourse Dubai.
I just got my account upgraded for options. Wish I had bought soem options late Monday afternoon cause I just knew Tuesday was gonna be the Green Day it was after the Veteran's Day holiday.
Sweden approves Borse Dubai as possible OMX owner
Reuters - November 12, 2007 8:20 AM ET
STOCKHOLM, Nov 12 (Reuters) - Sweden's Financial Services Authority said on Monday that Borse Dubai fulfilled the requirements to be the owner of exchange firm OMX OMX.ST, for which it has bid $4.9 billion.
Buyers wanting to take a significant position in or ownership of OMX, which owns and operates exchanges in the Nordic and Baltic regions, must seek approval from the regulator.
"The FSA judges that Borse Dubai meets the legal requirements of a buyer of a qualified stake in OMX," the watchdog said in a statement.
Borse Dubai hopes to buy OMX and then transfer ownership to U.S. bourse firm Nasdaq (NDAQ) in a complex deal which will see Borse Dubai take a 20 percent stake in the combined group.
The regulator has already approved Nasdaq as a potential owner of OMX.
EDIT
Quote:
OMX AB (publ) (Page 89)
OMX owns and operates exchanges in Sweden, Finland, Denmark, Iceland, Estonia, Latvia and Lithuania and provides technology solutions to exchanges and other marketplaces. OMX was established as OM Gruppen AB in 1984 in Stockholm, Sweden and today over 800 companies are traded on the Nordic Exchange (including its alternative market, First North). OMX’s technology solutions enable efficient securities transactions for more than 60 marketplaces in over 50 countries.
OMX operates in three business areas: Nordic Marketplaces, Information Services & New Markets and Market Technology. The Nordic Marketplaces business area constituted approximately 46% of OMX’s revenues for the year ended December 31, 2006 (calculated based on the revenues for the business area in question divided by the sum of revenues for all three business areas) and comprises OMX’s exchange operations in Sweden, Finland, Denmark and Iceland. The Information Services & New Markets business area constituted approximately 20% of OMX’s revenues for the year ended December 31, 2006 and comprises OMX’s information services, its exchanges and central securities depositories, which we refer to as CSDs, in the Baltic States and its business unit Broker Services. The Market Technology business area constituted approximately 34% of OMX’s revenues for the year ended December 31, 2006 and comprises the delivery of technology and services to marketplaces throughout the world.
For the nine months ended September 30, 2007, based on financial statements prepared in accordance with International Financial Reporting Standards, which we refer to as IFRS, OMX generated SEK 3,021 million in revenues and SEK 841 million in net profit from continuing operations.
OMX Shares are listed on the Nordic Exchange under the symbol “OMX.” The address of OMX’s registered office is SE-105 78, Stockholm, Sweden, and its telephone number is +46 8 405 60 00. Its website is www.omxgroup.com. Information contained on OMX’s website does not constitute part of this Proxy Statement.
Borse Dubai Limited and BD Stockholm AB
Borse Dubai was incorporated on August 7, 2007 in the Dubai International Financial Centre, which we refer to as the DIFC, and is registered with the DIFC Registrar of Companies with registered number CL0447. Borse Dubai is 60% owned by the Investment Corporation of Dubai, 20% by Dubai Group LLC (a member of the Dubai Holding Group) and 20% by DIFC Investments LLC. Borse Dubai’s sole business purpose is to act as a holding company for investments in stock exchanges, including the Dubai Financial Market and the Dubai International Financial Exchange.
Borse Dubai’s stock is not publicly listed on any securities market. The address of Borse Dubai’s registered office is Level 14, The Gate, Dubai International Financial Centre, PO Box 74777, Dubai, UAE, and its telephone number is +9714 330 0707. Its website is www.borsedubai.ae. Information contained on Borse Dubai’s website does not constitute part of this Proxy Statement.
BD Stockholm AB is a wholly-owned Swedish subsidiary of Borse Dubai. BD Stockholm AB is a limited liability Swedish company with corporate registration number 556732-9940. The company was established on May 22, 2007 under the name Goldcup D 3097 AB and registered with the Swedish Companies Registration Office (Sw: Bolagsverket) on July 2, 2007. BD Stockholm AB has never conducted and at present does not conduct any business and its sole purpose is to make the Borse Dubai Offer and take all actions to finance and complete the Borse Dubai Offer.
Nasdaq receives $2.2 billion acquisition facility
Fri Nov 9, 2007 7:05pm EST
NEW YORK (Reuters) - Nasdaq Stock Market Inc. (NDAQ.O: Quote, Profile, Research) has a new credit facility expected to provide up to $2.2 billion in financing for its acquisition of Nordic market operator OMX (OMX.ST: Quote, Profile, Research), which it agreed to buy for about $4.9 billion in a deal struck jointly with Borse Dubai.
Bank of America (BAC.N: Quote, Profile, Research) and JPMorgan Chase (JPM.N: Quote, Profile, Research) are backing the facility, according to the filing, which includes a $75.0 million revolving credit facility and two term loans totaling over $2 billion.
Nasdaq, the No. 2 U.S. stock exchange, also recently agreed to acquire the Philadelphia Stock Exchange for $652 million and the Boston Stock Exchange for $61 million.
SL check out my NDAQ DD and tell me what you think....
My NDAQ DD
CRAMER DISSED my NDAQ last night! :lol:
http://www.cnbc.com/id/21772606/
Well...actually he didn't diss it, he just pumped the NYX instead. I figure he has more friends there. :roll:
Cramer said that NDAQ has done "..a good job, but in the end NASDAQ is an American Company while the NYX is a European company with an American tail..." He suggested people think American companies are the DOGS right now, that's why he loves the NYX's European exposure.
So I'm scratching my head going....OK, european exposure?? :?: :arrow: :idea: :idea: Does Cramer not read the news? or is this just on his backburner until 2008??
Bank of America and the Rockefeller Bank, (probably 2 of the NYX's biggest financial players), have both just pledged billion dollar credit lines in support of the NASDAQ's pending acquistion of the European/Scandanavian OMX exchanges with cooperation from the Petrodollars in Dubai. Sounds like foreign exposure to me! Warren Buffett just uped his stake in Bank of America so we know he likes what he sees from them at least.
hmmmmm I guess this might regulate NDAQ to a buy and hold status although I still think it will double top out around $49, pullback, and trade sideways until the OMX deal is complete. If this deal does go through (and I believe it will, so does BOA, so does Rockefeller, so does WB) then NDAQ will soar past $50 imo.
So yeah, I'm calling a minimum 20% bump from these levels by the Spring if everything stays on schedule*
SL you have led one amazing life so far bud! :)) I so enjoy reading what you share here.
SL is right. You can gauge the entire Naz market on AAPL, GOOG, RIMM, and Powershares QQQQ. Today I saw a lot of late late buying on the weakness just like on Monday. We'll see what happens tomorrow.
Wow. Interesting story SL. Thanks for sharing.
thanks for the insight SL! always appreciated :)
Hey SL! I've been reading into options trading while I've been "away" from the LOTTO board.
Any advice for newbie options traders???
TIA
wow Noticed that DRYS has been quite volatile lately as well.
I'm doing fine thanks! I found nice entries into RIMM, NDAQ, and FSLR. Probably just hold those for a while but I'll be checking in here from time to time.
CREG takes the cake Unbeleivable! An OTC that is actually trading higher than it was two months ago. Congrats all longs!
EPGL whoa!! It's not even February yet lol
Very positive outlook for SOYO. nice
Afternoon LOTTO! Hope you're all riding a nice rally!
Loaded the boat on RIMM FSLR and NDAQ 20 min ago. I'll check in to see how you guys are doing though.
lol yes but I prefer CLASSIC limbo!
[Suppressed Sound Link]
RIMM FSLR can't be faded