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No signs of dilution, so likelihood of R/S slim in my opinion.
They ARE done.
DRL - THURSDAY EARNINGS Doral Financial Corporation (NYSE: DRL) ("Doral" or the "Company"), the holding company of Doral Bank and Doral Bank FSB, with operations in Puerto Rico and the U.S., announced it will hold a conference call to discuss its financial results on Thursday, November 10th, at 10:00 am ET.
PEIX falling, down 11% at .545, on watch
DRL earnings tomorrow, on watch
healthy pullback on PEIX
DYN up 24% in premarket, high of 3.72
Nice! @DMND
Thank you! Alot of peeps don't seem to be getting the history here.
Whoa, DYN, hit 2.35, now up to 3.05...nuts
Must read all past prs and updates. They are complete imo
Maybe, I don't know. Will be putting bids in. GLTU
At this point, the convertibles are likely done = no more pressure on pps.
Whats happening now + forward is normal profit taking.
PEIX this year had R/S, was pressured down by convertibles, which are now nearly done (see last PR)...which means that the stock can now move, and with a much much lower float than prior to r/s. Please read past prs.
nice call MTG
DMND appeared to have turned, bounce
Because of this:
Selling pressure subsided.
S
ACRAMENTO, Calif., Nov. 2, 2011 (GLOBE NEWSWIRE) -- Pacific Ethanol, Inc. (Nasdaq:PEIX - News), the leading marketer and producer of low-carbon renewable fuels in the Western United States, provided an update on its senior convertible notes.
The aggregate unpaid principal balance of the notes, originally $35.0 million as of October 6, 2010, has declined to $820,000 as of November 1, 2011. The principal balance was $8.4 million as of October 3, 2011, the date of the Company's last update. To date, a total of $33.0 million in principal has been converted into 58.4 million common shares, at an average conversion price of $0.56 per share.
"We are pleased to report that we have retired nearly all the convertible debt six months ahead of schedule," said the company's president and CEO, Neil Koehler, "The proceeds raised under these notes allowed us to secure our ownership interest in the Pacific Ethanol plants and significantly improve our cash position. Through retiring the convertible notes and reporting positive financial results for the third quarter, we are building shareholder value and positioning the company for continued growth and profitability."
As previously announced, Pacific Ethanol elected to make its November 1, 2011 installment payment in cash. As a result of voluntary conversions by certain note holders, the November payment was reduced to less than $10,000. In addition, on November 1, 2011, Pacific Ethanol elected to pay its December 1, 2011 installment, also in an amount less than $10,000, in cash. Further, the company intends to pay any remaining amounts, subject to voluntary conversions by the note holders, in cash. As of November 1, 2011, Pacific Ethanol had approximately 75.6 million common shares outstanding.
DMND, down 16% at 38.50 - any thoughts on bottom??
Report in Sept, up 100% since, just passing along.
Still lots of room north for PEIX, especially after the last qtr and update on the converts
Zacks upgrades PEIX to "outperform" with $3 price target.
Quote:
The stock has been under pressure due to the probable reduction in the ethanol subsidy, which goes to the gasoline blenders and not to the ethanol producer. In our opinion the subsidy will be reduced but not eliminated. We are rating the stock “outperform” with a price target of $3.00.
http://www.dailymarkets.com/stock/2011/09/21/initiating-coverage-of-pacific-ethanol-as-outperform/
1.2m market cap, 12 million shares, buyout possibliity
TNCC
In its earnings release, the company said that as of its Sept. 30 call report, which it turned in yesterday, Tennessee Commerce is considered “critically undercapitalized,” which is the lowest category under the Prompt Corrective Action section of the Federal Deposit Insurance Act.
Under that classification, regulators can place a bank into conservatorship or receivership within 90 days, unless it raises capital, merges with another institution or the FDIC approves “other action,” the bank said in its release. Observers believe the bank’s options are limited to finding a buyer, given the difficulty of raising capital.
http://www.bizjournals.com/nashville/news/2011/11/01/tennessee-commerce-bank-regulators.html
DMND falling another 8% today
PEIX going
CECO bounce
TNCC and PEIX on watch
PEIX nearly done with debt convert, moving up
MDR moving up
GGAL moving up
Among the non-U.S. banks, we recommend Grupo Financiero Galicia S.A. (Nasdaq: GGAL) with a Zacks #1 Rank (Strong Buy).
ITT down 59%
Morning!
TNCC bounce today from yesterday tank
http://nashvillepost.com/news/2011/10/31/tennessee_commerce_craters_on_preliminary_q3_report
EXEL 4.90 down 37%, off day lows of 4.53
BBX up 100% premarket
BB&T Corporation (NYSE: BBT) announced today the signing of a definitive agreement to acquire Fort Lauderdale, Fla.-based BankAtlantic, the wholly-owned subsidiary of BankAtlantic Bancorp (NYSE: BBX). The strategic acquisition of BankAtlantic expands BB&T's presence in Southeast Florida, bringing in $3.3 billion in predominantly core, low-cost deposits to BB&T, boosting its market share to No. 6 in the Miami market.
Under the terms of the agreement, BB&T will acquire approximately $2.1 billion in loans and assume approximately $3.3 billion in deposits for an estimated premium of $301 million above the net asset value of BankAtlantic at closing. This represents a 9% deposit premium based on Sept. 30 balances. The acquisition excludes all of BankAtlantic's non-performing and other criticized assets identified at Sept. 30. No BankAtlantic Bancorp obligations are being assumed in the transaction.
"I want to warmly welcome our new clients and employees to BB&T," said Chairman and Chief Executive Officer Kelly S. King. "This acquisition of BankAtlantic is a compelling strategic expansion into important long-term markets in Southeast Florida. It significantly accelerates the build-out of our franchise in the Miami and Port St. Lucie markets. The bank, founded in 1952, has a reputation for strong retail-oriented deposit-gathering, which fits very well with BB&T's culture.
"The acquisition of BankAtlantic is accretive to earnings per share and comfortably exceeds our internal rate of return objective," King said. "The agreement expressly excludes non-performing and other criticized assets, as well as other risks, which satisfies our criteria with respect to risk management."
"Joining our banks is an exciting move for both BankAtlantic and BB&T," said BankAtlantic Chief Executive Officer Jarett Levan. "BB&T's community banking approach is a great fit with our client-focused model. Our combined organization will assume a leadership position in the South Florida market. In addition, BB&T shares our focus on financial literacy, education and a long-standing commitment to support the communities in which we operate."
BankAtlantic is one of the largest banks based in Florida with a network of 78 branches between Port St. Lucie and Miami. This transaction improves BB&T's market share in the Miami metropolitan statistical area (MSA) from No. 14 to No. 6 and significantly accelerates BB&T's expansion in the region.
Nearly 90% of BankAtlantic's deposits are core, low-cost funds. The premium paid by BB&T is subject to adjustment based on actual deposit balances at close, but in no event will it exceed $316 million. BB&T expects the transaction to be accretive to earnings per share in 2012, excluding one-time merger costs, and to comfortably exceed BB&T's internal rate of return target.
The transaction has been approved by the boards of directors of both companies. Federal and state regulatory approvals will be required.
Deutsche Bank Securities Inc. provided financial advice and Squire, Sanders & Dempsey LLP provided legal counsel to BB&T in this transaction.
EEGI will surprise imo, can get to .01
Earnings this week - EK will be an interesting trading opportunity from now until then, after getting tanked yesterday on the S&P switch
LEAP afterhour mover on earnings
As of close today, EK being replaced on the S&P MidCap 400 by ITT, explains the volume
COCO earnings tomorrow