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Ooops, should have waited a bit!
WAC: Out 2K shares at $34.80, +$4K. Good call Dave, thanks!
OK, thanks, like I said seems like a very complicated situation.
If you like biotechs that crash, keep your eye on BLRX this morning: just had an epic fail on a Schizophrenia drug trial, currently halted, should have a very ugly opening.
ECT: I was curious and tried to read-up and understand just what's going on there, but it is one heck of a complicated deal, too much for me. One writer: "basically, ECT shareholders are getting screwed."
NBG: When it first touched under $1 it reacted very quickly back over, it doesn't like it down there. It dipped under $1 again, I expected the same violent reaction back up, and precisely that day was when the Cyprus crap started.
That nonsense is not really settled yet, but eventually it will be, and wherever NBG is on that day I'm expecting a huge jump up over $1.
NBG has become a character in a soap opera, not really what I wanted. Have over 100K shares so I'm more than just interested.
WAC: Still holding 2K shares, going to see what happens today.
Reporting .64 EPS when analysts guessed at .68 and then taking that kind of a hit: ridiculous.
I've been looking at ACRX for awhile, almost bought in this morning but I was waiting for something else to sell, obviously I'm glad I didn't.
Any idea why the drop today? TIA
WAC: Just a tad, still looking for $35 tomorrow.
NBG: I now own about half the friggin' bank but I really don't want to own property in Greece, so I hope it moves up soon.
WAC Added a few more end of day 33.
Probably why I'm not jumping back in, not really sure what's going to happen. I thought there'd be more of a pop today, at least over $6, maybe a delayed reaction tomorrow??????
I don't think the EU saying that they'll temporarily stick their finger in the Cyprus dike will really solve the fundamental problem, but here's hoping that NBG reacts positively!
Perhaps if our government threatened to give everyone who has money in the bank a 10% haircut, the EU would step in and help.
You can say that again. The older I get the more I'm willing to teach but the less attitude I'm willing to put up with.
Too low an offer combined with the banks acting like they're dealing from a position of strength rather than desperation.
Let's see what happens.
The Cyprus banks are toast, regardless of the immediate outcome of this fiasco.
IMO the best solution, and a real possibility, is a merger with a stronger local financial entity. National Bank of Greece (NBG) just merged with Eurobank and they would be a great fit.
WAC- In the mid-33's now, looking for 35 tomorrow. Still money to be made here if you're not in.
Exactly. A great company, a tiny miss, a huge over-reaction.
It is the case, well known there. You can bet that incredible pressure was put on Cyprus politicians and high-level business people to reject this idea.
Today is a very stupid sell-off of a solid, money-making company. Up $2K on it already.
Maybe, I think people finally realizing what a stupid, stupid sell-off this is of a solid, money-making company
WAC My target $35 tomorrow.
Cyprus has been the off-shore bank for questionable Russian money for 20 years, they never envisioned something like this happening.
Bought WAC in the 33's & 32's, today's drop way overdone.
They made more total revenue, more per share than last quarter, but only .64 instead of analysts' guess of .68!!!
Shows how nervous and over-reactive the market is.
WAC added $32.20
I know the company, they're a huge underwriter for mainly non-conforming mortgages.
They made 10 mil more in revenue, more in Q4 EPS, but this sell-off is because they reported EPS of 0.64 instead of analysts' guess of 0.68!!!!
Just stupid!
In some WAC 33.25
FWIW, IMHO: The moderator of this board or any other iHub board doesn't owe anyone crap.
If that displeases you, start your own board.
Yep, wearing full body armor.
Unconfirmed rumor on Reuters that the Cyprus finance minister has resigned under pressure from their president.
My guess is that he's been chosen as the Designated Scapegoat.
There's many people of Russian descent in Cyprus, so there's a cultural link.
More importantly, in the 90's a lot of the Russian rich (both legal and not-so-legal) began putting their cash into Cyprus banks because those banks did not ask many questions about where the money came from.
Probably about 1/3 of all the deposits in Cyprus banks are Russian. You can bet that they've put a lot of pressure on Cyprus politicians!
NBG Added again at .88
My wife's family on both sides are from Cyprus!
It will be settled, and I'm betting that their parliament just ditches the whole crazy idea. But when they re-open the banks, there's still going to be a massive run. And those people need to put their money somewhere, and most of them will look a few hundred miles west to Greece and the National Bank of Greece.
NBG- Turning into another CLF!
Great add!
Added NBG .93
Out SKUL at $5.80. Thanks for the idea!
Because this implant delivers 6-months worth of drug after a single visit. More risk.
Assuming that there is an initial round of selling--and I agree that there will be--do you plan on selling then or are you going to hold?
TIA.
I knew that you were a brave man but didn't realize that you liked to play Russian roulette with five rounds in the cylinder.