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.
SL Green Shares Boosted As It Hangs Tough In DownturnLast update: 1/27/2009 11:20:29 AM
By A.D. Pruitt
Of Dow Jones Newswires
NEW YORK (Dow Jones)--Despite growing doom-and-gloom about New York City's commercial real estate market, SL Green Realty Corp. (SLG) heartened Wall Street with better-than-expected fourth quarter results. Although the Big Apple's largest commercial landlord is seeing some pain amid mounting vacancy rates and corporate layoffs, the results point to SL Green's durability in this economic downturn, analysts say. "The underlying market conditions were modestly better than people had anticipated," said Dave Rodgers, an analyst at RBC Capital Markets. "It proved...that commercial real estate is not necessarily residential," where people default on their mortgages and then they're gone. SL Green's stock price soared over 8% in early trading, but differing opinions of the writedowns and property performance deflated some of those gains, Rodgers said. The company's share price was recently up 22 cents, or 1.42%, at $15.68 in recent and volatile trading. The company reported after Monday's market close that fourth-quarter net income dropped 29%, while revenue came in above Wall Street expectations. However, funds from operations, a key measure of profitability for real-estate investment trusts, fell a penny a share short of estimates. SL Green is expected to bear the brunt of layoffs in financial services this year. The company also is a big lender to other landlords, both from its balance sheet and through ailing Gramercy Capital Corp. (GKK), a commercial real estate finance and property investment company that got caught flatfooted in the credit crunch. The company's Manhattan exposure, comprising the bulk of its portfolio, had served SL Green well during boom times. SL Green was able to deliver impressive returns while becoming a star in the REIT industry. Concerns about SL Green come as the outlook for commercial real estate gets more dire amid few indications that frozen credit markets will thaw soon. National office vacancies stood at 14.19% at the end of the fourth quarter of 2008, compared to 12.6% at the same period in the prior year, according to a recent report by Colliers International. For Manhattan, the vacancy rate rose to 10.2% last year in downtown and midtown from 6.8% in 2007, the report said. To preserve capital, SL Green last month cut its quarterly dividend by more than half. The company said the move would generate about $95 million in savings which would go toward investments or paying down debt. SL Green reported net income of $91.6 million, or $1.60 a share, down from $128.7 million, or $2.16 a share, a year earlier. The latest results included a $238.6 million gain on a property sale, gains of $117.9 million on early retirement of debt and a loss of $147.5 million on its investment in its ailing spinoff, Gramercy Capital Corp. (GKK). The prior-year quarter's results benefited from a gain of $114.7 million from a property sale. Excluding items, funds from operations, a key measure of REIT profitability, rose to $1.30 a share from $1.24. Revenue grew 9.1% to $276.1 million, and net rental revenue rose 5.4%. Analysts' estimates were for per-share funds from operations of $1.31 on revenue of $212.1 million, according to a poll by Thomson Reuters. "The results confirm our view that SLG should outperform NYC in downturn," UBS said in a report. The REIT record $84.8 million of loan loss reserves, primarily against non-New York City structured finance investments. In its Manhattan portfolio, SL Green signed 53 leases totaling 1.5 million square feet, finishing the quarter at 96.7% occupancy compared with 96.5% on Sept. 30. The leases' average starting rent was up 65% from a year earlier to $71.49 per rentable square foot. In its suburban portfolio, the REIT signed 19 leases totaling 154,319 square feet and had 90.8% occupancy at the end of the quarter, compared with 91.9% on Sept. 30. Average starting rent was up 1.7% at $29.35 per rentable square foot. "SL Green's....fourth quarter results were messy, as the structured finance investment exposure and an objective to delever produced a series of gains and losses," wrote Jordan Sadler of KeyBanc Capital Markets. "Importantly, the core portfolio held up well and should remain a strong driver of cash flow in 2009, though signs of weakness continue to crop up," he added. -By A.D. Pruitt, Dow Jones Newswires, 201-938-2269, angela.pruitt@dowjones.com (Kathy Shwiff contributed to this report) (END) Dow Jones Newswires
UBRG please TIA
thanks landm19 for your work and sharing
and not Friday's gap
Short Interest
SATYAM COMPUTER SERVICES ADR $ 1.71
SAY 0.64
Short Interest (Shares Short) 4,660,000
Days To Cover (Short Interest Ratio) 0.4
Short Percent of Float 1.38 %
Short Interest - Prior 4,448,500
Short % Increase / Decrease 4.75 %
Short Squeeze Ranking™ -1
% From 52-Wk High ($ 29.84 ) -1645.03 %
% From 52-Wk Low ($ 0.01 ) 99.42 %
% From 200-Day MA ($ 15.66 ) -815.79 %
% From 50-Day MA ($ 7.74 ) -352.63 %
Price % Change (52-Week) -95.40 %
AKAM please -- TIA
8000 even for me
short SPG pre-opening 45.20
thanks Jang for reposting-
thanks rkor, scary, had to listen 2xs
and has he subtracted the loss of capital gains tax that will be lost from his 100 Billion?
$INDU chart please tia
wow - can't imagine that, would cost hundreds of $ a day even for part time traders like me. thanks Sulphur
thanks Gateway, I see that. I probably should not post after a few drinks!!
Not a equity
gotta love days like this!! PLD LVS my first short and long in the same stock in one day.
oops yes Dyslexic
PDL- more downward today -.83 premarket @11.54 low this a.m. 11.10
Friedman cuts US REITs to underweight
http://www.reuters.com/article/marketsNews/idINBNG31850320090112?rpc=44
CBL chart looking to short this week debt $6B mc .5B short %38+
and this = Goldman Sachs downgrades 4 REITs, Thu Jan 8, 2009 11:16am EST
http://www.reuters.com/article/marketsNews/idESBNG40607820090108?rpc=44
thanks MWM - Good Stuff - CBL looks prime for a drop of at least a $1 IMO, will be watching, Really like this =
CBL $6B $.5B
MBI 5 month chart great swing/roller
http://stockcharts.com/h-sc/ui thanks langlui
GGP anyone tia
AVR short interest:
AVENTINE RENEWABLE ENERGY HOLDINGS INC. $ 0.63
AVR -0.02
Short Interest (Shares Short) 1,966,600
Days To Cover (Short Interest Ratio) 2.7
Short Percent of Float 6.34 %
Short Interest - Prior 1,982,100
Short % Increase / Decrease -0.78 %
Short Squeeze Ranking™ -16
% From 52-Wk High ($ 12.79 ) -1930.16 %
% From 52-Wk Low ($ 0.31 ) 50.79 %
% From 200-Day MA ($ 3.55 ) -463.49 %
% From 50-Day MA ($ 0.67 ) -6.35 %
Price % Change (52-Week) -94.90 %
Shares Float 31,020,000
Total Shares Outstanding 42,970,988
% Owned by Insiders 0.13 %
% Owned by Institutions 88.90 %
Market Cap. $ 27,071,722
Trading Volume - Today 1,439,102
Trading Volume - Average 734,300
Trading Volume - Today vs. Average 195.98 %
Earnings Per Share -0.17
PE Ratio
Record Date 2008-DecB
Sector Basic Materials
Industry Specialty Chemicals
Exchange NY
wow I did, must be my advanced charting skills, or maybe that lucky dart.
was up .20 in ah. will be watching pre tomarrow. thanks
lurker here says have a good/restful time off
RIG please tia
oil dropped to 35.50
GM Friday close = $4.34
I have 2 hats I'll sell you for $6.50 ea. as is
Fed mulls interest rate cut, maybe to all-time low
Sunday December 14, 3:38 pm ET
Fed ready to slash key interest rate, perhaps to all-time low, to halt downward spiral
WASHINGTON (AP) -- With the country spiraling deeper into recession, the Federal Reserve is ready to slash its key interest rate -- perhaps to an all-time low-- in hopes of cushioning some of the economic fallout felt by many struggling Americans.
To battle the worst financial crisis since the 1930s, Fed Chairman Ben Bernanke and his colleagues already have ratcheted down their main lever for influencing the economy -- the federal funds rate -- to 1 percent, a level seen only once before in the last half-century.
The Fed opens a two-day meeting Monday to assess to economy and decide its next move on rates. Another reduction to the funds rate, the interest banks charge each other on overnight loans, is all but certain to be announced Tuesday.
Many economists predict the Fed will cut its rate in half -- to just 0.50 percent. A few think the Fed could opt for an even more forceful action -- lowering rates by a whopping three-quarters percentage point or more. If that larger cut occurs, it would be the lowest on records that track the monthly average of the targeted funds rate going back to 1954.
Even an aggressive rate reduction won't turn the economy around, analysts said.
"It is not so much going to give the economy a big push forward. It's more a case of trying to help the economy from being pushed further backward by all these negative events," said Stuart Hoffman, chief economist at PNC Financial Services Group.
However deeply the Fed decides to cut rates, the prime rate -- now at 4 percent -- for many consumer and small-business loans would drop by a corresponding amount. The prime lending rate is used to peg rates on home equity loans, certain credit cards and other consumer loans. Cheaper rates could give pinched borrowers a dose of relief.
The goal of lower borrowing costs is to entice people and businesses to spend more, which would revive the flat-lined economy. So far, though, the Fed's aggressive rate reductions have failed to lift the country out of a recession that started last December.
Clobbered by the financial crisis, worried banks have hoarded their cash and been extremely reluctant to lend money to customers. Fearful consumers, watching jobs vanish and their investments tank, have sharply cut back their spending, including big-ticket purchases like homes and cars that typically involve financing.
The negative forces have fed off each other, creating a vicious cycle that Bernanke and Treasury Secretary Henry Paulson have been desperately trying to break.
To unlock lending and get financial markets to operate more normally, the U.S. has resorted to a string of radical actions, including a $700 billion financial bailout where the government is making cash injections in banks in return for partial ownership stakes.
In terms of rate cuts, the Fed is getting ever closer to running out of ammunition.
It can lower the funds rate only so far -- to zero. Even if that were to happen -- a point of debate among economists -- the prime rate would fall to 3 percent but no lower.
Against that backdrop, Bernanke says the central bank is exploring other ways to stimulate the economy.
The Fed could buy longer-term Treasury or agency securities on the open market in substantial quantities, Bernanke says. This might lower rates on these securities and help spur buying appetites.
Another option the Fed has mulled: issuing its own debt, which would give the central bank cash and more flexibility to battle the financial crisis. To do that, however, the Fed would need new powers from Congress.
"The Fed wants to show that it has tools and options and is not out of tricks because interest rates are very low," said Michael Feroli, economist at JPMorgan Economics. "The problems holding back the economy are fairly long lived in nature."
To combat the financial crisis, the Fed already has created first-of-its-kind programs, such as getting cash directly to companies by buying up mounds of "commercial paper," the short-term debt firms use to pay everyday expenses such as payroll and supplies.
It also recently launched massive programs to boost the availability of consumer credit, including that for cars, student loans, homes and credit cards. The Fed also is making loans to banks, is providing a financial backstop to the mutual fund industry, and has injected billions of dollars in financial markets here and abroad.
The Fed could opt to expand programs by enlarging loans it's now making, providing loans to other types of companies, or buying more and different types of debt. The Fed's balance sheet has ballooned to $2.2 trillion, from close to $900 billion in September, reflecting some of those other activities to get credit flowing again.
Even with all the bold moves, the economy continues to sink deeper into despair.
Skittish employers axed 533,000 jobs in November alone. That drove the unemployment rate up to 6.7 percent, a 15-year high.
Since the start of the recession, the economy has shed nearly 2 million jobs. Analysts predict another 3 million more will be lost between now and the spring of 2010.
Last week alone, Bank of America Corp., tool maker Stanley Works and Sara Lee Corp., known for food brands such as Jimmy Dean and Hillshire Farm, announced job cuts.
General Motors Corp., Chrysler LLC and Ford Motor Co., meanwhile, are fighting for their survival. GM and Chrysler have said they're in danger of running out of money within weeks. The White House is exploring new ways to help Detroit after rescue efforts collapsed in Congress.
With the employment market eroding and consumers retrenching, the economy could stagger backward at a shocking 6 percent rate in the current October-December quarter, analysts predict. It shrank at a 0.5 percent pace in the third quarter.
President-elect Barack Obama is advocating an economic recovery plan that includes spending on big public works projects to bolster jobs. His plan also includes tax cuts to spur consumers to spend more and businesses to step up investment and hiring.
Americans are sorely feeling the toll of the housing, credit and financial crises.
Households' net worth fell 4.7 percent in the third quarter to $56.5 trillion as people watched the value of their homes and investments tank. It marked the fourth straight quarterly decline, the Fed said.
just broke 101
leaves may be onto something buys = 58325 sells =17002 ? = 27665
http://ih.advfn.com/p.php?pid=trades&cb=1228874211&symbol=NB^DPDW&java_vm=sun&java_vm_ver=1.6.0_11&fp=10.0.12
no borrows on DRYS with Ameritrade