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arctec,we need a complete overhaul for the oil cartel. opec made agreements but refuse to let the oil ppb come to reality again. i guess they figure it came from a low of $9.00 ppb and are making good for those low ppb back a few.
we got some gasoline on the road for $1.65 yesterday but i don't think it is a real down trend for consumers yet.
hi artec went away for a few,,,we had a very nice time and made a few bucks. we are still in the dog days of the summer jones.
looks like the commodities are perking up again.
i wonder what greenspan takes on next for our economy?
here are some briefings that maybe some interesting reviews for traders,,,
Aug 20 2004 6:04PM ******
Weekly Wrap :
If the stock market is going to behave all of the time like it did this week in the face of rising oil prices, then bring on $100/bbl oil. We're being facetious, but it is remarkable that the major indices enjoyed one of their finest all-around weeks in some time as oil prices for September delivery hit a record high of $49.40 on Friday. The fact that the indices did so well in the face of what was regarded as an overtly negative development just a week ago tells us two things: (1) the market was oversold and (2) there is validity in the notion that $50/bbl oil has already been discounted in stock prices.
Briefing.com, of course, has maintained a moderately bullish view of the stock market for some time, yet we weren't necessarily sold on this week's rally for the simple reason that it occurred on such lackluster volume. To that end, it took until the final hour of trading each day for volume at the NYSE to eclipse the 1.0 bln share mark; for the week volume averaged 1.26 bln shares. The anemic totals suggest that there wasn't a lot of institutional support behind the advance.
Be that as it may, a rally is a rally when you're an investor with a long position. Institutional support or no institutional support, you just want to see rising stock prices. In that regard the market disappointed few investors this week as the beaten-down technology sector led a widespread rebound effort. The broad-based participation in the move was reflected in the fact that only two S&P industry groups - Food Distributors (-4.75%) and Personal Products (-1.29%) - dropped more than 1.0% for the week.
With respect to the tech sector, it added a new general to its ranks on Thursday when ballyhooed Internet search service company, Google (GOOG), made its debut on the Nasdaq, advancing 18.0% in its first day of trading. It tacked on another 8.0% on Friday to close the week at $108.31. That favorable debut underpinned the bullish sentiment that prevailed this week, as it encouraged bargain hunting activity in the tech sector.
Favorable earnings reports and guidance from the likes of Lowe's (LOW), Home Depot (HD), Deere & Co. (DE), and Network Appliance (NTAP) also served as a catalyst for bargain hunting activity in the broader market, and consistent with the bullish bias of the week, overshadowed the less than inspiring earnings updates from the likes of Applied Materials (AMAT), Nordstrom (JWN), Hormel Foods (HRL), Synopsys (SNPS) and Ciena (CIEN).
As has been the case for some time, supply concerns were the driving factor for the run-up in crude futures. Wednesday's inventory report from the Dept. of Energy that showed a larger than expected drawdown in gasoline inventories, and an escalating battle with Shi'ite militants in Najaf, Iraq, that stirred concerns about the level of exports from that war-torn country, were the focal points of the week in the energy pits.
On Friday, oil prices for September delivery fell to $47.86 from their peak of $49.40 on news of the surrender of the Shi'ite militants. That pullback gave the stock market added reason to close the week on a winning note. October crude futures, meanwhile, slipped to $46.72 from their peak of $48.37.
The Treasury market flew under the radar screen for most of what turned out to be a flat week. Its resilience in the face of the stock market's strength, though, was another item suggesting the stock market rally was merely a bounce from oversold conditions. Separately, selling efforts were kept in check as a favorable CPI report July (core up just 0.1% and total down 0.1%) and a weaker than expected Philly Fed Index report for August provided a measure of support in the fixed income arena.
Next week is a popular vacation week for market participants, so expect trading activity to remain on the light side of things. One item to keep an eye on - outside of oil and the Olympics - is whether the S&P can clear some important resistance levels at its 50-day and 200-day moving averages, which stand at 1107.10 and 1109.10, respectively. A close above those levels on heavier than average volume, and a further drop in oil prices, would be a step in the right direction for attracting the institutional support that is needed to make the rallies like the one this week more convincing. -- Patrick J. O'Hare, Briefing.com
Index Started Week Ended Week Change % Change YTD
DJIA 9825.35 10110.14 284.79 2.9 % -3.3 %
Nasdaq 1757.22 1838.02 80.80 4.6 % -8.3 %
S&P 500 1064.80 1098.35 33.55 3.2 % -1.2 %
Russell 2000 517.39 547.92 30.53 5.9 % -1.6 %
Aug 20 2004 3:43PM ******
Novell (NOVL) 6.26 -0.13: Novell published Q3 pro-forma EPS of $0.04 on revenue of $304.597MM (+7.7% Y/Y) vs. Reuters Research consensus at $0.04 on $304.597MM. Gross margin increased 387 bps Y/Y to 65.9%. Operating margin increased 823 bps Y/Y to 10.5%.
The following table shows sales, gross margin and Y/Y variance by revenue segment. Segment Revenue Gross Margin
$ in MM % Sales Y/Y Growth (%) in % Y/Y Variance in bps
License 58.693 19 (15.3) 90.4 (106)
Professional Services 245.904 81 15.1 60.0 758
Total 304.597 100 7.7 65.9 387
Management commented the market environment for software products and services is challenging. Corporate executives remain cautious about the economy and tech spending; generally budgeting 3-5% growth for information technology budgets. The company is not seeing a slowdown in demand for Linux, but the sales cycles is elongating as customers take more time to evaluate alternatives.
The following table shows price multiples and Y/Y growth rates for NOVL compared against industry comps within the computer services and software & programming groups. Company *P/SG **P/OPG P/S Rev Growth (%)
TTM 2005E 2005E TTM 2004E 2005E
Novell (NOVL) 1.3 80.1 2.1 2.1 1.9 2.9 7.7 9.6
Microsoft (MSFT) 3.8 24.1 8.0 7.6 7.0 14.4 20.8 7.6
Computer Services 0.8 17.7 1.1 n/a 2.7 n/a
Software & Programming 2.5 29.2 4.5 6.7
Blended 1.8 23.9 2.7 5.9
*P/SG Ratio: Normalized Trailing 12 month (Price / Sales) / Growth ratio as of Aug 13, 2004.
**P/OPG Ratio: Normalized Trailing 12 month (Price / Operating Income) / Growth ratio as of Aug 13, 2004.
NOVL is off almost 32% since the Q2 review, Story Stocks, May 25, 2005. Shares are at fair value assuming sustained lower teens revenue growth from F06 and 15-16% operating margin. We would begin accumulating shares.
Turn around continues on track. Increase in deferred revenue to $337MM point to building sales momentum, which should accelerate as agreements with IBM and Hewlett-Packard take effect. Agreements allow IBM to ship or preload SUSE LINUX enterprise server across IBM's entire server line, and HPQ to standardize Linux distribution across desktop PCs and notebooks with SUSE LINUX in North America. HPQ program will eventually be extended to the EMEA and Asia/Pacific markets.--Ping Yu, Briefing.com
Aug 20 2004 12:50PM ******
AutoDesk (ADSK) 41.36 +4.00: AutoDesk reported Q2 EPS of $0.34 on revenue of $279.578MM (+32.1% Y/Y) vs. Reuters Research consensus at $0.30 on $267.31MM. Gross margin increased 264 bps Y/Y to 85.6%. Operating margin increased 1,239 bps Y/Y to 19.0%.
Americas revenue grew 36% Y/Y to $115MM; upgrade revenue up 65% Y/Y. EMEA revenue increased 25% Y/Y to $99MM; upgrade revenue up 80% Y/Y. Asia/Pacific revenue increased 37% Y/Y to $66MM; upgrade revenue up 114% Y/Y.
Management continues to see strong demand across geographies and all imaging groups. The company has not experienced a slowdown in business, and expects a robust upgrade cycle in H2.
Guided for Q3 pro-forma EPS and revenue to be approximately flat with Q2's $0.34 on $279.6MM (+13.2% Y/Y) vs. consensus at $0.28 on $253.07MM; and Q4 pro-forma EPS of $0.49-0.53 on $310-320MM vs. consensus at $0.52 on $300.91MM. F05 pro-forma EPS is expected to be $1.48-1.52 on $1.167-1.177B (+22.6-23.7% Y/Y) vs. consensus at $1.50 on $1.119B.
The following table shows price multiples and Y/Y growth rates for ADSK compared against the software & programming and computer systems & peripherals group. Company *P/SG Ratio **P/OPG Ratio P/S Y/Y Rev Growth (%)
TTM 2004E 2005E TTM 2004E 2005E
Autodesk (ADSK) 2.1 23.4 4.0 3.8 3.5 0.5 24.0 7.7
Apple Computer (AAPL) 0.9 38.2 1.6 1.5 1.3 28.8 29.5 15.3
Avid Tech (AVID) 1.4 18.1 2.8 2.5 2.1 15.2 20.1 18.9
Dassault Sys (DASTY) 2.6 12.8 5.3 5.9 5.5 2.9 (7.7) 6.9
Parametric Tech (PMTC) 1.1 (62.4) 1.9 1.9 1.8 (6.2) (1.7) 4.3
Silicon Graphics (SGI) 0.3 (6.9) 0.5 0.5 0.4 (7.4) (4.1) 1.9
Software & Programming 2.5 29.2 4.5 n/a 6.7 n/a
Computer Systems & Peripherals 0.9 14.1 4.9 9.9
Blended 1.4 18.6 2.2 9.0
*P/SG Ratio: Normalized trailing 12 month (Price / Sales) / Growth ratio as of Aug 13, 2004.
**P/OPG Ratio: Normalized trailing 12 month (Price / Operating Income) / Growth ratio as of Aug 13, 2004.
New product cycle is expected to drive sales for the next few quarters. Over the long-term, transition to an annual subscription model provides greater consistency and visibility to annual results. But with shares up almost 82% since the Q3 review, Story Stocks, November 21, 2003, the growth expectations priced into shares are materially above management's long-term target of lower teens revenue growth while operating margin expectations are in-line with management's long-term mid 20% target. We would lock in profits.--Ping Yu, Briefing.com
Aug 20 2004 11:31AM ******
salesforce.com (CRM) 12.68 +0.51: http://www.salesforce.com posted Q2 EPS of $0.01 on revenue of $40.581MM (+87.7% Y/Y) vs. Reuters Research consensus at $0.01 on $39.75MM. Gross margin declined 246 bps Y/Y to 79.8% due to investment in services. Operating margin increased 225 bps Y/Y to 2.9%.
Americas revenue increased 81% Y/Y to $32.5MM (80% of sales). Europe revenue increased 116% 5.8MM (14% of sales). Asia/Pacific revenue increased 120% Y/Y to $2.2MM (6% of sales). Deferred revenue increased 109% Y/Y to $61.6MM.
Guided for Q3 revenue of $43-45MM; consensus EPS is at $0.01 on $44.13MM. F05 EPS is expected to be $0.02-0.04 on $165-170MM; consensus is at $0.03 on $168.14MM. Gross margin is expected to remain in the 80% range.
The following table shows price multiples and Y/Y growth rates for CRM compared against peers in the software & programming group. Company *P/SG Ratio **P/OPG Ratio P/S Y/Y Rev Growth (%)
TTM 2004E 2005E TTM 2004E 2005E
http://www.Salesforce.com (CRM) 0.6 27.7 10.6 7.3 4.6 212.6 58.3 60.6
Oracle (ORCL) 2.8 9.3 5.3 4.9 4.6 7.2 7.2 8.3
PeopleSoft (PSFT) 1.1 72.6 2.4 2.3 2.1 33.9 9.7 7.4
Amdocs (DOX) 1.3 9.7 2.4 2.3 2.2 21.4 19.5 7.1
Chordiant (CHRD) 2.0 (31.3) 2.7 2.4 2.1 11.3 22.8 16.2
Dendrite Int'l (DRTE) 0.6 8.3 1.4 1.3 n/a 58.5 26.7 n/a
E.piphany (EPNY) 2.4 (30.4) 3.0 3.3 3.1 (28.3) (13.7) 9.5
Kana Software (KANA) 0.5 (4.1) 0.8 0.9 0.8 (21.9) (19.1) 7.4
Onyx Software (ONXS) 0.6 (22.5) 0.9 0.9 0.8 (14.4) 3.0 8.1
Siebel Systems (SEBL) 1.8 n/a 2.9 3.0 2.8 (7.0) (5.0) 6.5
Software & Programming 2.5 29.2 4.5 n/a 6.7 n/a
*P/SG Ratio: Normalized trailing 12 month (Price / Sales) / Growth ratio as of Aug 13, 2004.
**P/OPG Ratio: Normalized trailing 12 month (Price / Operating Income) / Growth ratio as of Aug 13, 2004.
Shares trade at a discount to peers on a price-to-sales-to-growth basis, and are at fair value assuming sustained 29-30% revenue growth from F07 and 20% operating margin. Management pegs the market for on-demand customer relationship management solutions at over $3.6B in 2008, representing a compound annual growth rate of over 40%. We would accumulate.
CRM is rewriting the rules on how software is sold. Organizations are increasingly reluctant to pay for large, standardized software packages with an uncertain return on investment. The company's customized on-demand relationship management software solution offers organizations a cost effective alternative with a faster return on investment.--Ping Yu, http://www.Briefing.com
Aug 20 2004 9:09AM ******
Ratings Briefing : Morgan Stanley upgrades Ciena (CIEN 1.97) to Equal Weight from Underweight, pointing out the 70% YTD decline limits downside risk in the near term, as net cash per share of $1.03 should provide support. However, the firm stipulates that the integration risk associated with recent acquisitions remains high due to disparate geographies and it is concerned over the lack of revenue growth from previous purchases. The metro optical space is becoming increasingly competitive, in its view, and a long-haul recovery is not likely until 2006. Still, improving fundamentals, including an inflection point in carrier capex and enterprise spending, and reasonable valuations, have led Morgan Stanley to expect CIEN to outperform the S&P over the next 6-12 months.
What It Means:
At Morgan Stanley, an Equal Weight rating means the stock's total return is expected to be in line with the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months.
Why the Call Should Move the Stock
As Morgan Stanley pointed out, CIEN has been dead money since the start of the year, steadily falling lower to its all-time lows at 1.67. Unlike other telecom equipment makers, Ciena has not seen much of a recovery in capital spending or customer order rates. The company has reported a quarterly loss for the last 11 quarters.
Morgan Stanley's call, therefore, is not an admission the tide is turning for Ciena: it merely means things are starting to improve, and that the stock should disproportionately respond to this (given its depressed levels).
The firm's upgrade is definitely a contrarian call, apt to prompt from short-covering on the part of traders. First, Ciena said in its Q3 (July) report that Q4 (Oct) revenues should be sequentially flat, 'reflecting ongoing customer uncertainty and caution.' Most analysts have reacted to this statement by reiterating their bearish stance (12 out of the 26 analysts that cover CIEN rate it a 'Sell' or 'Strong Sell')
Morgan Stanley had an Underweight rating on CIEN for over 16 months, in which the stock plunged 54% - lending some credence to today's call.
Sidenote:
The pre-market has CIEN up $0.06 (3.5%), to $2.03 - a penny above its highs from yesterday.
-- Heather Smith, http://wwww.Briefing.com
trader talk,,,how long before a big decline with increasing oil ppb? $35 ppb was a concern by greenspan,what does greenspan think now for inflation nearing the $50 ppb oil?
i have an arcticle for $100 oil but i thought they were out of the ballpark figures.
well,golf gaming???? we know that woods is going down because of the pressure for the gaming ind. he hasn't done much since they combined his four wins into the cycle winner between year wins.
when the big boys say lay down "you better listen to them".
i wonder if buzzy remembers woods menu for the din din after the game winners?
maybe b.j.,daly,els,mickelson,furek
will we see $750 gold ppo?
that could do in all of greenspan hard work interest rate exchange for foreign trade , domestic and the economy recovery soon.
hi arctec and good evening to all. i didn't get a chance to read the chat but i'm reading them shortly. $49 ppb oil?
i left it was at $44 ppb and it averaged about a dollar a day ppb north.
taipan predicted $60 to $70 ppb,,,
i didn't think it would go this high before 2005 ,etc.
ta bull rider, a very nice review for us for the democrat and republican reviews.
we know it is coming soon for these attacks on the u.s.a.
are we too late to gather all the terrorist stuff?
did ya ever notice someone will ask you a question and still know the surrounding areas? sometimes they seem to be friendly , but are they?
arctec welding is your field for play. have you ever done any welding on the transportation tankers for the energy sections?
continuation of the excerpt #3 for oil,natural gas and water,,,
WATER
The amount of oil we use in the U.S. is almost unfathomable.
Europe uses plenty. So does Japan. India and China may ultimately use more than all of us.
So how does all that oil move around the world? Tankers, of course. And what's one of the biggest challenges the oil industry faces today? A shortage of tankers.
And that indisputable fact is making us enormously richer at ChangeWave Investing. We've got a 51% gain in our favorite tanker stock already. And get this, it's paying an $8 per share dividend, too. That's RICH.
But why the tanker shortage? Thank environmentalists all around the world.
After a few tanker disasters, they really turned up the heat.
Not only in the U.S., but in Europe, as well. The result? A host of new regulations that mean ships are being scrapped faster than they can be replaced.
Which means, in turn, a bone fide bonanza for the shipping companies that got ahead of this curve. Like the firm I'm recommending to you today.
It's got a fleet of double-hulls that are raking in HUGE premiums. The spot market price for their free-to-hire tankers is still $100,000 a day with costs at just $18,000 a day-WOW!
Get the name and full details in "Sand, Oil & Water:" http://iplacereports.com/?sid=5EHC207
a continuation of the excerpts for oil,,,#2
OIL
At ChangeWave Investing, we feast on change, while most people meekly fear it.
DON'T be part of that crowd. As I've been telling you over and over again, this energy crisis is one of the biggest ChangeWaves we've EVER tracked.
It's coming at us from all sides. A huge natural gas shortage. Soaring oil prices. Big opportunities in fuel cells and hybrid cars. NIMBY attitudes are blocking new refineries, pipelines and even wind farms.
This creature is huge. It can crush you. Or it can make you rich.
Oil is sitting at record prices as I write. And if you think you're gonna see $20 oil again in our lifetimes, you're smoking crack!
Thanks to ever-increasing played-out wells and fields, the costs of oil extraction are rising fast. And much of the new supplies are coming from deeper wells, with a 25% higher cost of extraction.
You don't have to be a rocket scientist to figure this one out: With worldwide demand for oil growing...decreased yields from existing reserves...plus a terror premium, oil prices are a lock to stay high.
Here's what to do now.
This dynamic company is the CHEAPEST WAY to play the secular strength in oil and gas prices in the U.S. and abroad. Management's been really smart-they didn't hedge future production, which means, simply, that they can take full advantage of today's sky-high prices.
Man, I love everything about this stock-including its nice, fat dividend. And get this:
Credit Sights (a firm I use for credit analysis) in revising expected oil prices this year to the $35 a barrel range from $25,predicts this shift will result in a 77% boon to this company. This increase is NOT yet priced into the stock. You want to buy it now-NOT later.
Here's another windfall for the company-and smart investors, as well: Libya!
Everyone in the business knows that there are vast, untapped reserves off that country's coast. Problem is, with Qadhafi in control, economic sanctions prevented much new exploration and extraction-until now.
Now that Libya has finally admitted its guilt in the Lockerbie terror act, those sanctions have been lifted. And U.S. companies are free to do business there once more.
Who's first in line?
You guessed it. Ever since this company was driven out of the country by the sanctions, management has been itching to get back in. And-thanks to its history in Libya-it's first in line to do so.
And that's going to mean a HUGE increase in profits. Right now this stock is a bargain. When Libyan production comes online, it'll be a gold mine.
Get full details in my online Profit Bulletin "Sand, Oil & Water:" http://iplacereports.com/?sid=5EHC207
here are some excerpts for oil and goodies for the investor.
SAND
Few people know this, but Calgary, Alberta, has the BTU equivalent of another Saudi Arabia in the ground.
Problem was, all this oil is locked in "oil sands." And extracting oil from oil sands is not a drilling business, it's a mining business-and not, until recently, terribly profitable.
But my, how things have changed.
After years of throwing good money after bad in an attempt to unlock these reserves, a breakthrough new technology not only makes it feasible to do so...but highly profitable, as well.
And now, with oil prices through the roof-and zero chance of dropping under $30-$35 anytime soon-the profit potential in oil sands is staggering!
Listen up!!! This is THE long-term oil play in the world. And over the next few years, this oil-sands extraction technology will become the major source of new oil for the United States.
Our favorite play has locked-in earnings growth and already produces 250,000 barrels of oil a day in Alberta. It also controls a refinery to process its heavy oil-key in an industry with exceptionally tight capacity.
Most important, however, this company has virtually unlimited reserves-literally decades and decades of production-with 186 billion barrels of oil in Canadian tar sands up for grabs.
Conservatively, we'll DOUBLE our money over the near term. Realistically,we'll hold for several years and bank much bigger profits than that.
And you can get all the details online now in "Sand, Oil & Water" by following this link now: http://iplacereports.com/?sid=5EHC207
you could be on target with the higher ppb for oil and natural gas. we closer to $50/$55 than $22/$28 opec oil agreement.
there are some articles about abandoning the opec cartel.
here are some excerpts for the investors and today stuffy market indices,,,
August 10-11, 2004
***********************************************
***OPEC vs. the Fed.
***Oil hits one high after the other… US dollar is under pressure from the
euro… and Europe gets another dose of bad news.
***Critical S&P Timing Alert
Act within the next 48 hours and find out how you could make $68,271.29 -
no matter which way the market moves.
View the Special Alert Now:
http://www.youreletters.com/t/43055/1943956/560/0/
***********************************************
From the Desk of J. Christoph Amberger
Dear Friend,
Oil keeps hitting one high after the other… even if they are not adjusted for inflation.
Accordingly, the US dollar has again come under pressure from the euro.
It seems utterly illogical: the dollar drops on news that the US unemployment
rate - already just half that of Europe - has dropped even further, despite lower-than-expected job growth.
Meanwhile, US tax revenues are up. In Germany, Europe's largest
economy, the government is now facing revenue shortfalls - despite squeezing the maximum amount of taxes out of its constituents. US domestic spending is burgeoning, while European spending is stagnant if not regressing.
But there's more bad news for Europe, though by some magic it never finds resonance in the speculative vehicles of choice - currencies and precious metals.
German exports, long the saving grace that kept the country afloat, dropped for the first time in four months. Sales abroad fell 5.8% from May, when they rose 3.6%, the Federal Statistics Office in Wiesbaden declared. Foreign demand for German factory goods declined at the fastest pace in 18 months - and industrial production slipped the most in ten months.
Overall GDP growth in the euro region expanded at a snail's pace, just 0.6% in Q2.
Over 13% of German exports went to the US and to China. What will
happen if either of the two starts mending its consumerist ways?
***Greenspan came, saw… and raised interest rates another 25 basis points, leaving the Federal funds rate at 1.5%, up from the low of 1% that it hit in mid 2003.
Not quite unexpected, if I say so myself. But again, it is less the actual increase than the literary tea leaves the Fed offers speculators reading for clues as to what the future may hold.
As I mentioned yesterday, there was disagreement here among the Taipan editors not only as to what the Fed would do but also what it would mean.
So how did they react today?
Christian DeHaemer: "Cooper and Denholm were wrong. I was right. It means nothing."
Adam Lass: "Thus spake Alan Greenspan! These things have such a
preordained feeling to them. I don't even join in the fun upstairs anymore. (That's where Herr Amberger and his merry crew choose up sides as to where the Fed will come down.) In fact, this go-round I didn't even watch the QQQ gyrate in meaningless fury as Sir Greenspan cleared his throat and sipped water.
"It's a quarter point. You knew it. I knew it. The village idiot sitting on his wall juggling mud-balls knew it. Any intelligent speaker or writer who claims there was some suspense here was being disingenuous at best.
"Here's what I saw happen today that matters to me: IBM attempted to fill the gap, and failed. Tomorrow, the top of the gap, the top of the falling trend and the 20-day average meet to form a very strong resistance node. Within the 48 hours following that, I expect to see a new low at or around 82.00."
Bryan Bottarelli: "As everyone expected, the Fed raised interest rates a quarter point to 1.5% (the last time I checked, there was an 80% chance of a 25-basis-point rise). As everyone did not expect, the market rallied on the news. It appears the Fed's 'moderate' language gave investors a much-needed sign of relief on the status on the economy."
Brad Colburn: "So, Greenspan opened up his pie-hole today and out came a much-expected quarter-point rate hike. With his talk of 'measured' activity and economic softness, Greenspan has almost guaranteed market instability until the next Fed meeting."
Ann Sosnowski: "Yeah, so what, right? Everyone knew they were going to raise it. But no one knew how the investors would react, because, quite frankly, anything from a dripping ice cream cone to a raised terrorist threat could provoke a jump of 100 points on the market these days.
"Our DIA calls are up 14% on the news. Good for the short term. All I have to say is that the premise of this economy needs a serious balloon ride to the nearest mountain range if it's going to be actualized. And I'm sure Greenspan will start to mind when it costs him three dollars to the gallon to get to the next Fed meeting…"
hi and good evening to all.what will g.w.b. come up with for the convention talks? so far nothing is new for either party except a new appointment today for homeland security.
homeland stuff is getting a lot action since they gave the orange stuff around the important buildings,etc.
will iraq insurgents ever give up their forceful acts?
the turn around today,,,was it the interest rate or just a little oversold?
prime rate is very cheap and the mortgage rates aren't bad either.
gold is jumping around the $400 / $399 area today. there seems to be little interest in the gold fever stuff.
the greenspan message to the markets "1/4 point raise for the prime rate". it stands at 1-1/4 % for the prime stuff. i think the mortgage rate is about 6 % to 6-1/4 % for the new loans.
so the greenspamomics 1/4 % effective today for all.
novomira about the sweet dreams , did you have any of those night screamers last night?
that's kind of why i like the climate here although it is pretty warm,no bugs but some of those nasty nats get in the air from the plants and vegetation stuff. now sometimes a scorpion appears but i stand clear of those. my cat is a good watch cat for the scorpion crawlers. she got my attention last year and i got the edge on that one quickly with bug spray.
was the pool h2o warm to swim or a slight chill to it?
just think you got to use those legs and arms again and get some good exercise.
they raised the interest rate again today. 1/4 point took the indices to 9800 plus last week. now the 1/4 pt. raise should take it to new yearly lows. prime at 1-1/2 % now,,,hmmm
i see the last for DJT IS ABOUT $0.38 and the new symbol is DJTC.PK PROBABLY TO FOLLOW WITH A Q SOON.
hi to all and it is a very nice quiet morning ,especially with DJT.
thanx for the update chart for DJT,,,
it hasn't open for trading but indications of delisting too. sometimes they stay on the exch but there are not many like trump.
well done for pork is a good thing. those tape worms grow rather large when they get into the stomach ,etc.
i really appreicate the very nice welcome by the forum,thanx bullwinkle.
say that last message the #1124,that was my clock # 1124 where i use to work in chgo.,il.
these came in a couple minutes ago.
Symbol charts and ta stuff opinion,,,
------ -------------------- ---------------
AVN Most Actives 58 Long / 0 Short
Earnings Report
CDE Percentage Gainer 142 Long / 10 Short
Earnings Report
CAU Close Above the 50-day EMA 32 Long / 6 Short
Close Above the 13-day EMA
VGZ 39 Long / 1 Short
IMNR Record Price Low 46 Long / 1 Short
Percentage Loser
PROX Percentage Gainer 103 Long / 3 Short
XNVA 29 Long / 0 Short
DROOY 120 Long / 11 Short
CCEL Close Below the 13-day EMA 15 Long / 1 Short
AVII Record Price Low 33 Long / 2 Short
Analyst Downgrade
HEB 21 Long / 2 Short
HOGC Close Below the 13-day EMA 4 Long / 0 Short
NPCT Close Below the 13-day EMA 19 Long / 0 Short
IVAN Most Actives 94 Long / 4 Short
Percentage Loser
WHT Close Above the 13-day EMA 130 Long / 5 Short
Most Actives
Earnings Report
GWTR Record Price High 14 Long / 0 Short
MCEL Percentage Loser 37 Long / 2 Short
HIET Close Below the 13-day EMA 22 Long / 1 Short
MBTG Close Below the 13-day EMA 3 Long / 0 Short
NXG Close Above the 50-day EMA 46 Long / 0 Short
Close Above the 13-day EMA
Events for stocks in your Watch list(s):
Symbol charts and ta stuff opinion,,,
------ -------------------- ---------------
ALT Close Below the 13-day EMA 29 Long / 0 Short
Earnings Report
ANDW Record Price Low 30 Long / 6 Short
APPA 8 Long / 1 Short
AULT Close Below the 50-day EMA 3 Long / 0 Short
Close Below the 13-day EMA
NXTL Most Actives 175 Long / 43 Short
CSRV 3 Long / 0 Short
STEM 81 Long / 1 Short
DIS Most Actives 227 Long / 44 Short
DPTR 13-day EMA Cross Below 50-da 13 Long / 0 Short
GNLB Close Below the 13-day EMA 51 Long / 0 Short
SLGLF Record Price Low 2 Long / 0 Short
MCX 12 Long / 0 Short
MFIC 9 Long / 0 Short
ORCL Close Below the 13-day EMA 683 Long / 47 Short
Most Actives
SATC Earnings Report 32 Long / 1 Short
SBC Close Below the 13-day EMA 98 Long / 17 Short
Most Actives
SUNW Most Actives 648 Long / 42 Short
SUPG Close Below the 13-day EMA 32 Long / 3 Short
TLAB Close Below the 13-day EMA 115 Long / 9 Short
Most Actives
WAVX Percentage Gainer 98 Long / 1 Short
XOMA Record Price Low 55 Long / 2 Short
Percentage Gainer
Earnings Report
STKR Close Below the 13-day EMA 55 Long / 0 Short
SSRI Close Above the 50-day EMA 49 Long / 4 Short
Close Above the 13-day EMA
VTS Close Below the 13-day EMA 10 Long / 2 Short
Percentage Gainer
ITIG 22 Long / 5 Short
DROOY 120 Long / 11 Short
CVTX Record Price Low 27 Long / 3 Short
RIC Close Above the 50-day EMA 39 Long / 2 Short
AVII Record Price Low 33 Long / 2 Short
Analyst Downgrade
KRY Close Above the 50-day EMA 49 Long / 2 Short
HCT Close Below the 13-day EMA 0 Long / 0 Short
NXGIF Stochastic - Bullish 1 Long / 0 Short
ITRO Close Above the 13-day EMA 6 Long / 0 Short
PRVH Percentage Gainer 2 Long / 1 Short
MILL Close Below the 50-day EMA 0 Long / 0 Short
QTEK Close Below the 13-day EMA 2 Long / 1 Short
PMIC MACD - Bearish 0 Long / 0 Short
CGKY Close Above the 13-day EMA 1 Long / 0 Short
ASRNF MACD - Bullish 3 Long / 0 Short
CLN Close Below the 13-day EMA 44 Long / 0 Short
DOX MACD - Bearish 29 Long / 4 Short
INSA Close Below the 13-day EMA 3 Long / 0 Short
Stochastic - Bearish
EVRC 2 Long / 1 Short
IVAN Most Actives 94 Long / 4 Short
Percentage Loser
BPUR Percentage Loser 39 Long / 2 Short
AMHI Percentage Gainer 1 Long / 0 Short
GPXM Close Below the 13-day EMA 1 Long / 0 Short
Percentage Gainer
PFSW 45 Long / 1 Short
IW Close Below the 13-day EMA 5 Long / 1 Short
EP Close Below the 50-day EMA 68 Long / 9 Short
ELNK MACD - Bearish 95 Long / 3 Short
UPCS Percentage Gainer 24 Long / 0 Short
FATS 1 Long / 0 Short
FGWC Close Below the 13-day EMA 0 Long / 0 Short
GG Close Above the 13-day EMA 105 Long / 4 Short
NVTL MACD - Bearish 23 Long / 9 Short
HRCT Record Price Low 2 Long / 0 Short
TKRN Close Below the 50-day EMA 1 Long / 0 Short
Close Below the 13-day EMA
BSII Close Below the 13-day EMA 0 Long / 0 Short
Stochastic - Bullish
LRCM Percentage Gainer 0 Long / 0 Short
me,,, i like this ,,,keeping a close eye on this one,,,
GMED Close Below the 13-day EMA 0 Long / 0 Short
Stochastic - Bearish
Percentage Loser
SUMU Close Below the 50-day EMA 23 Long / 1 Short
Close Below the 13-day EMA
CDED Close Below the 50-day EMA 0 Long / 0 Short
IBCS Close Above the 50-day EMA 0 Long / 0 Short
Close Above the 13-day EMA
IBXG Percentage Gainer 0 Long / 0 Short
MIRKQ 46 Long / 5 Short
HLSH Close Below the 50-day EMA 59 Long / 2 Short
SNVBF Close Below the 13-day EMA 5 Long / 0 Short
Stochastic - Bullish
BIBO Most Actives 0 Long / 0 Short
nice review for google and co. i was thinking of buying some til i heard the going bids for them. maybe they will split it as soon as it becomes public.
me again bullwinkle, i see it is the dow transportation not djt stuff. got the indices wrong with the djt stuff.
i like the comparison for the indices vs the oil patch stuff.
the charts are very interesting to show indices to the oil gaming.
bull i was so interested in your ta / djt , i forgot to say hi to all and good evening from a newcomer.
hi bullwinkle, the djt thing you have in your ta. i see you have it going higher for 2004 with the chart stuff. the only concern is the news with a bk clause for the restructuring deal.
Donald J. Trump and Private Equity Arm of Credit Suisse First Boston Partner in Recapitalization Plan for Trump Hotels & Casino Resorts
Monday August 9, 7:53 pm ET
Proposed Plan Reduces Indebtedness by $544 Million, Lowers Interest Rate to 7.875%, Extends Maturity to Ten Years and Allows for up to $500 Million Line of Credit
aug.9,2004,,,djt
NEW YORK--(BUSINESS WIRE)--Aug. 9, 2004-- Trump Hotels & Casino Resorts, Inc. ("THCR" or the "Company") (NYSE: DJT - News) announced today that the Company, Donald J. Trump and DLJ Merchant Banking Partners III, L.P., a private equity fund of Credit Suisse First Boston ("CSFB"), have reached an agreement in principle with a significant portion of noteholders of the Company's largest series of bonds to restructure the Company's public indebtedness and to recapitalize the Company (the "Recapitalization Plan"). As part of the Recapitalization Plan, Mr. Trump and CSFB private equity would co-invest $400 million of equity into the recapitalized Company. Mr. Trump's investment in the recapitalized Company is intended to be approximately $70.9 million, $55 million of which would be in the form of a co-investment with CSFB private equity and the remainder of which would be invested through Mr. Trump's contribution of approximately $15.9 million principal amount of his Trump Casino Holdings' 17.625% Second Priority Mortgage Notes due 2010 (the "TCH Second Priority Notes") and the granting to the recapitalized Company a new license agreement, as described below. Mr. Trump's beneficial ownership of the recapitalized Company's common stock is expected to be approximately 25%, on a fully-diluted basis.
ADVERTISEMENT
The Company, Mr. Trump and a committee formed by certain holders of Trump Atlantic City Associates' 11.25% First Mortgage Notes due 2006 (the "TAC Notes") have entered into a restructuring support agreement reflecting an agreement in principle to support the Recapitalization Plan to restructure the existing TAC Notes, TCH Second Priority Notes and Trump Casino Holdings' 11.625% First Priority Notes due 2010 (the "TCH First Priority Notes," and together with the TCH Second Priority Notes, the "TCH Notes") for approximately $1.25 billion principal amount of new second priority secured notes (the "New Notes"), cash and common stock of the recapitalized Company (the "Restructuring Support Agreement"). The New Notes, which would be issued by the Company's holding subsidiary, would have a 10-year maturity and would be senior obligations of the issuer, guaranteed by substantially all of the Company's operating subsidiaries and secured by a lien on substantially all of such operating subsidiaries' assets, subject to a first priority lien for a new secured financing of up to $500 million.
If the Recapitalization Plan is successfully completed, the Company expects to achieve:
A reduction of total publicly-traded indebtedness of approximately $544 million, from approximately $1.8 billion to approximately $1.25 billion;
A reduction in average interest rates on the Company's publicly-traded indebtedness from a weighted average rate of approximately 12% to 7.875% per annum;
A reduction in annual cash interest expense of approximately $110.2 million;
An extension of the maturity of the Company's publicly-traded indebtedness to ten years;
Ability to obtain new financing of up to $500 million secured by a first priority lien on substantially all of the operating subsidiaries' assets;
Funding for deferred capital expenditures and future expansions at the Company's properties;
Significant liquidity to support growth in additional gaming jurisdictions and the ability to expand the Company's brand on a global basis;
Streamlining the public indebtedness of the Company's subsidiaries into a consolidated single issuer of publicly-traded debt; and
An ongoing relationship with DLJ Merchant Banking Partners III, L.P., an affiliate of CSFB, one of the world's largest financial institutions.
Mr. Trump commented on the developments, "I have had a wonderful long-standing working relationship with CSFB, and I am proud to be able to partner with them. I look forward to our recapitalized company being a major player in the evolving gaming industry." Scott C. Butera, the Company's Executive Vice President of Corporate & Strategic Development, commented further, "We are very pleased that the Company, Mr. Trump and CSFB private equity have successfully come to an agreement with the TAC noteholders. I strongly believe that our negotiations have resulted in a proposed capital structure that should provide immediate value to our stakeholders and position the company to be a significant competitor in the global gaming industry. Upon the successful completion of the recapitalization plan, the liquidity to be provided by Mr. Trump and CSFB private equity's investment, the reduction in our overall indebtedness and related interest expense and our flexibility to raise additional financing will enable us to upgrade our existing facilities as well as expand the world renowned Trump brand into new jurisdictions." Mr. Butera added, "The timing of our recapitalization plan is ideal, given the many changes taking place in the gaming industry and the many opportunities that we believe will become available."
Under the terms of the Recapitalization Plan, holders of the TAC Notes would exchange their notes, now approximately $1.3 billion aggregate principal amount, for approximately $228.2 million in cash, approximately $851.9 million aggregate principal amount of a new series of 7.875% senior second priority mortgage notes and approximately $107.2 million of common stock of the recapitalized Company (approximately 18.4% of the primary common shares), based on CSFB private equity's per share purchase price (the "Purchase Price"). The holders of the TCH First Priority Notes, now approximately $406.3 million aggregate accreted amount, would exchange their notes for approximately $55.9 million in cash, and approximately $350.4 million aggregate principal amount of the New Notes. The holders of the TCH Second Priority Notes, now approximately $68.8 million aggregate principal amount, would exchange their notes for approximately $500,000 in cash, approximately $47.7 million aggregate principal amount of the New Notes, and approximately $15.7 million of common stock of the recapitalized Company (approximately 2.7% of the primary common shares), based on the Purchase Price. In addition, the holders of the TAC Notes and TCH Notes would receive certain accrued interest as set forth on the term sheet attached to the Restructuring Support Agreement. CSFB and Mr. Trump are currently holders of a portion of the TCH Second Priority Notes and, in connection with the Recapitalization Plan, would contribute their cash and a portion of their equity recovery on such notes to the other holders of the TCH Second Priority Notes who vote for the Recapitalization Plan, on a pro rata basis.
Each of the existing stockholders of the Company, including Mr. Trump, would either keep their existing shares or, under certain circumstances, exchange their existing shares for new shares with the same economic terms as the Company's current shares. In addition, each stockholder would receive a 30-day right to purchase an amount, proportionate to that holder's existing ownership, of shares of the recapitalized Company's common stock, at the Purchase Price in a rights offering in the aggregate amount of $50 million (the "Rights Offering"). The right to purchase shares in the Rights Offering would be transferable only in connection with transfers or assignments of each holder's interests in the shares underlying the rights. If all holders of the existing shares, excluding Mr. Trump, or those holders' permitted transferees were to participate fully in the Rights Offering, they would invest approximately $22.8 million and own approximately 4% of the recapitalized Company's common stock, on a primary basis, or approximately 3.9% on a fully-diluted basis. If none of the holders or permitted transferees were to participate in the Rights Offering, their holdings would represent approximately 0.1% of the recapitalized Company's shares. Any shares of common stock purchased in the Rights Offering and amounts invested directly in the Company or its holding subsidiary by Mr. Trump would reduce CSFB private equity's investment in the recapitalized Company. If all holders of the existing shares, including Mr. Trump, or those holders' permitted transferees were to participate fully in the Rights Offering, CSFB private equity would own approximately 55.3% of the recapitalized Company's common stock, on a primary basis, or approximately 53.2% on a fully diluted basis, assuming Mr. Trump invested $55 million into the recapitalized Company.
CSFB private equity, the Company and Mr. Trump anticipate entering into an investment agreement establishing the definitive terms of CSFB private equity's equity investment in the recapitalized Company and/or its holding subsidiary. Also in connection with CSFB private equity's proposed investment, the Company has entered into a new exclusivity agreement and renewed a related letter agreement previously entered into with CSFB private equity. As part of the Recapitalization Plan, Mr. Trump would:
Invest up to $55 million in the equity of the recapitalized Company and/or its holding subsidiary, either directly or through the Rights Offering;
Contribute to the recapitalized Company approximately $15.9 million aggregate principal amount of the TCH Second Priority Notes owned by him;
Serve as the Chairman of the recapitalized Company's Board of Directors pursuant to a services agreement and terminate his existing executive agreement; and
Grant to the recapitalized Company a perpetual and exclusive worldwide trademark license, royalty free, to use his name and likeness and all related marks and intellectual property rights currently licensed to the Company in connection with any casino and gaming activities, subject to customary terms and conditions, and terminate his existing trademark license agreement with the Company.
Upon the successful recapitalization of the Company and assuming Mr. Trump's investment of $55 million into the recapitalized Company, Mr. Trump would beneficially own approximately 25% of the recapitalized Company's common stock, consisting of common stock and/or common stock equivalents, and warrants to purchase common stock. In consideration of Mr. Trump's equity investment and modifications to his contractual arrangements with the Company, Mr. Trump would also receive a parcel of land owned by the Company in Atlantic City, NJ constituting the former World's Fair site which may be developed for non-gaming related use and the Company's interest in the Miss Universe pageant. In addition, the recapitalized Company would enter into a renewable three-year development agreement with Mr. Trump pursuant to which The Trump Organization would have the right of first offer to serve as the Company's general contractor, on commercially reasonable arm's length terms, with respect to construction and development projects for casinos and casino hotels and related lodging at the Company's existing and future properties.
The recapitalized Company's Board of Directors would consist of nine members. Initially, CSFB private equity would have the right to nominate five members, and Mr. Trump would have the right to nominate three. CSFB private equity and Mr. Trump would mutually agree upon the nomination of one independent director and each would nominate one independent director out of their respective nominees, subject to applicable rules and regulations of the Securities and Exchange Commission, the governance requirements of the New York Stock Exchange or other exchanges on which the recapitalized Company's new common stock would be traded, and regulations of the gaming regulatory agencies. The number of directors that CSFB private equity or Mr. Trump would be able to nominate to the Board would be subject to adjustment based on their respective ownership of the recapitalized Company's common stock at any given time.
Given the large number of noteholders, the Company intends to effect the transactions in a chapter 11 proceeding pursuant to a pre-negotiated plan of reorganization in order to implement the Recapitalization Plan in an efficient and timely manner. The Company intends to commence its chapter 11 case by the end of September 2004 and expects the Recapitalization Plan to be consummated in the first quarter of 2005. The consummation of the Recapitalization Plan is subject to a variety of conditions discussed below. The Company intends to maintain its current level of operations during the pendency of the proceedings, expects that its patrons and vendors would experience no change in the way the Company does business with them, and anticipates that the proposed plan of reorganization would not impair trade creditor claims. The Company intends to arrange for up to $100 million debtor-in-possession financing during the proceedings.
In connection with the restructuring, the Company has held discussions with certain holders of the TCH Notes, which have formed a committee (the "TCH Noteholder Committee") to discuss a potential restructuring, and the TCH Noteholder Committee has engaged legal and financial advisors. However, the Company has not reached any specific agreement with the TCH Noteholder Committee or any other holders of the TCH Notes concerning a restructuring, and there is no assurance that the Company will reach such an agreement with such holders. The Company's current proposal contemplates a recovery by holders of TCH Notes of approximately the accreted value of the TCH Notes (approximately 95.6% of the aggregate principal face amount), which the Company believes is an appropriate recovery under the Bankruptcy Code.
The consummation of the Recapitalization Plan is subject to a number of conditions, the satisfaction of which cannot be assured, including, among other things, the negotiation of a definitive investment agreement with CSFB private equity, an indenture governing the New Notes, the documentation relating to the Company's proposed arrangements with Mr. Trump and a plan of reorganization. The plan of reorganization would also be subject to obtaining applicable governmental approvals, including court confirmation of the plan of reorganization and approval of the related solicitation materials, gaming regulatory authority approvals and relevant filings under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended. The definitive terms and conditions of the Recapitalization Plan would be outlined in a disclosure statement that would be sent to security holders and creditors entitled to vote on the plan of reorganization. There can be no assurances that the Recapitalization Plan will be officially proposed as described herein or consummated.
The recapitalized Company intends to apply to have its new common stock listed on the New York Stock Exchange or other national securities exchange upon the consummation of the Recapitalization Plan. The Company's announcement to implement the Recapitalization Plan is anticipated to cause the New York Stock Exchange to suspend the trading of the Company's current common stock.
None of the securities proposed to be issued in connection with the proposed recapitalization (including the New Notes and shares referenced herein) have been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and unless so registered may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. None of the Restructuring Support Agreement, the term sheet attached thereto or this press release constitutes an offer to sell or the solicitation of offers to buy any security or constitute an offer, solicitation or sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The Company has filed a Current Report on Form 8-K with the Securities and Exchange Commission and has furnished as exhibits to the report this press release as well as the Restructuring Support Agreement (including the term sheet provided to certain noteholders, Mr. Trump and CSFB private equity) executed by certain noteholders, Mr. Trump and the Company, the new exclusivity agreement and renewed letter agreement executed by the Company and CSFB private equity, and certain financial projections. Appendix C to the term sheet summarizes the parties' anticipated beneficial ownership of the recapitalized Company's common stock upon the consummation of the Recapitalized Plan. The Form 8-K and exhibits can be found on the SEC's website, www.sec.gov, or through the Company's website, www.trump.com, free of charge.
The Company will conduct a conference call at 11:00 a.m. on Tuesday, August 10, 2004 (EDT) during which representatives of the Company will discuss the Recapitalization Plan and other matters permitted under applicable securities laws. Members of the financial community and interested investors are welcome to participate in the conference call by calling toll free (877) 329-7570, or (201) 210-3415 for international callers, not earlier than 20 minutes before the call is scheduled to begin. A replay of the call will be available up to 5:00 p.m. (EDT) on August 12, 2004. The replay number is toll free (877) 347-9473, or (201) 210-3410 for international callers. The access code number for the replay is #287729.
About the Company:
Through its subsidiaries, THCR owns and operates four properties and manages one property under the Trump brand name. THCR's owned assets include Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk in Atlantic City, New Jersey, Trump Marina Hotel Casino, located in Atlantic City's Marina District, and the Trump Casino Hotel, a riverboat casino located in Gary, Indiana. In addition, the Company manages Trump 29 Casino, a Native American owned facility located near Palms Springs, California. Together, the properties comprise approximately 451,280 square feet of gaming space and 3,180 hotel rooms and suites. The Company is the sole vehicle through which Donald J. Trump conducts gaming activities and strives to provide customers with outstanding casino resort and entertainment experiences consistent with the Donald J. Trump standard of excellence. THCR is separate and distinct from Mr. Trump's real estate and other holdings.
UBS Investment Bank has been serving as the Company's financial advisors in connection with the Recapitalization Plan.
About CSFB and DLJ Merchant Banking Partners:
DLJ Merchant Banking (DLJMB) is a leading private equity investor that has a 19-year record of investing in leveraged buyouts and related transactions across a broad range of industries. DLJMB, with offices in New York, London, Houston and Buenos Aires, is part of Credit Suisse First Boston's Alternative Capital Division (ACD), which is one of the largest alternative asset managers in the world with more than $36 billion of assets under management. ACD is comprised of $20 billion of private equity assets under management across a diverse family of funds, including leveraged buyout funds, mezzanine funds, real estate funds, venture capital funds, fund of funds and secondary funds, as well as more than $16 billion of assets under management through its hedge fund (both direct and fund of funds), leveraged loan and CDO businesses.
Credit Suisse First Boston's Investment Banking Division has been serving as DLJMB's financial advisors in connection with the Recapitalization Plan.
Cautionary Statement Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements.
All statements and other information contained in this release relating to the proposed restructuring, or THCR's or its subsidiaries' plans, expectations, estimates, beliefs, performance, trends, operations or financial results, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "would," "could," "may" and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. In connection with certain forward-looking statements contained in this release and those that may be made in the future by or on behalf of THCR, there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements. The forward-looking statements contained in this release were prepared by management and are qualified by, and subject to, significant business, economic, competitive, regulatory and other uncertainties and contingencies (including those pertaining to the currently proposed restructuring), all of which are difficult or impossible to predict and many of which are beyond the control of THCR.
Important factors that could cause actual events or results of the Company to be materially different from the forward-looking statements include the negotiation and performance of definitive transaction documents in connection with the proposed restructuring; the Company's ability to obtain the required consents of noteholders and other constituencies to carry out the proposed recapitalization; the proposed investment by DLJMB and DLJMB's role in the recapitalized Company; the negotiation of the potential arrangements with Donald J. Trump in connection with the proposed restructuring; court approval of the Company's first day papers and other motions prosecuted by it from time to time; the ability of the Company to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to the chapter 11 case (or any significant delay with respect thereto); the risk that certain parties may challenge the enforceability of the Restructuring Support Agreement in connection with the Chapter 11 proceedings; risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for the Company to propose and confirm one or more plans of reorganization, or for the appointment of a chapter 11 trustee or to convert the case to a chapter 7 case; the ability of the Company to continue as a going concern; the ability of the Company to obtain trade credit, and shipments and terms with vendors and service providers for current orders; the Company's ability to maintain contracts that are critical to its operations; potential adverse developments with respect to the Company's liquidity or results of operations; the ability to fund and execute its business plan; the ability to attract, retain and compensate key executives and associates; and the ability of the Company to attract and retain customers; licenses and approvals under applicable laws and regulations, including gaming laws and regulations; adverse outcomes of pending litigation or the possibility of new litigation; changes in the competitive climate in which the Company operates; or a broad downturn in the economy as a whole. Accordingly, there can be no assurance that the forward-looking statements contained in this release will be realized or that actual results will not differ significantly from the terms expressed in this release.
The forward-looking statements in this release reflect the opinion of the Company's management as of the date of this release. This Company does not intend, however, to update the statements provided herein prior to its next release or unless otherwise required to do so. Readers of this release should consider these facts in evaluating the information contained herein. The inclusion of the forward-looking statements contained in this release should not be regarded as a representation by THCR or any other person that the forward-looking statements contained in the release will be achieved. In light of the foregoing, readers of this release are cautioned not to place undue reliance on the forward-looking statements contained herein.
Additional information concerning the potential risk factors that could affect the Company's future performance are described from time to time in the Company's periodic reports filed with the SEC, including, but not limited to, the Company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. These reports may be viewed free of charge on the SEC's website, http://www.sec.gov, or on the Company's website, http://www.trump.com.
Contact:
Trump Hotels & Casino Resorts, Inc.
Scott C. Butera, 212-891-1500
Source: Trump Hotels & Casino Resorts, Inc
me: so far there aren't a lot of o/s for djt,,,
any opinion for djt?
anyone?
thanx arctec, i was just reading this article for DJT,,,
any thoughts for the restructuring? i see the bankruptcy stuff in the acts of transferred stuff. this clause always bring concern with the bk stuff. it sounds like about a six month in the quiet period to hold off the creditors and debtors.
as bad as HLSH was in the blanks "they never did file any bk thing".
hi arctec, this one is right on target for the strainer with some good brew.
it is said well for all brewing factors. looks like a good antidote if some are over worked or a stress factor.
i like the 44 magnum part,goodby jake,,,
nice to see some humor for us tonight.
hi novomira and to all. i wished i kept my webber stuff. the gas grill isn't the way i like my stuff cooked. with the coals you know when to pull it. with the propane stuff , you never know when it is ready to eat. i do like my meat rare.
hi paulie,now sub in the action. novo? hmmm. today is nice and warm in the s.w.az. today,about as steamy as it can get for the outside temp. pool h2o hit 93* today. that is the warmest since i'm in az.
good evening to all. how is everything going for all of you? the weather here is something of a topic. nice and warm ,around 116* today.
that's about they what the weather was in chgo. in early june. weather reports say it has been a cool summer there too.
nothing special on the cooking items except if i knew you were coming i hired a band , the best in the land.
we baked a chocolate one for my daughter because it was her birthday and we took her to outback yesterday. aug.11 is her dated one for her.
hi novomira and good morning to all. wow! it surely was a hum dinger today. it was so warm i never got cool til i went into the pool. water hit 92* again. it must be the hottest day of the year in the foothills today.
i hope i can get connected to the play song thing.
onebgg,i'm trying to hear "sweet home chicago". this is a favorite from the bull/jordan era. loved all their rallies when i live there about 5yrs. ago. i'm letting it load from the message. is this the right way to hear the the song?
anyone?
I STARTED READING DOUG CASEY IN THE EARLY 80'S. then i invested in the u.s.a. mining in the spokane region. none of these panned out very good. he even wrote a book on the spokane mining regional stuff. i don't trust doug's but his theory works for buying and selling. i say "i use the doug casey rule many times".
sunshine mining was big back then but went aray because of their debts.
SRLM FINALLY GOT CONTROL OF THEM.
this company has done well in the rally for energy stuff.
CHK,,,
this is a very good analysis of the gold companies that are junior or just a startup. the gent is really giving some good attitude for gold and startups.