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Hey Ken,
Guys on StockFetcher.Com trying to build a scan for your magic box setup. Mention you by name.
http://forums.stockfetcher.com/sfforums/?q=view&fid=1002&tid=37510&qrid=
WOW!!! PACR 3.60....Glad I jumped back in yesterday...WU ROCKS!!!! No Sh!t....Aggie...
Got me a little COIN....Aggie..
Back in PACR @ 3.00....aggie...
FTK rebounding a bit. 1.94 up from a low of 1.77
PNX - $5 target here Chart? Any pending news you think might push it here? or just inertia? Aggie...
PACR - Had to lock in my profits here @ 3.25 from 2.62, 2.69, and 2.76 entries. Will look to reenter on any dips.
Huge day for DRL out 3.50 from 2.52 and still going up fast.
Out GSL @ 1.54 from 1.28
Out CPF @ 3.38 from 3.27
Holding PNX, SCLN, CT, FTK, ICAD, CHB and AI
WU rocks....No sh!t....Aggie....
PACR 2.90 PM....Aggie...
Wow Geaux, CPF just took off. Bought 1K shares @ 3.20, looked 15 minutes later and at 3.52.....Aggie...
Anyone besides me still in DRL. Reported earnings after the bell. Ameritrade shows 43.82% of float short.
Doral Financial Corporation Reports Earnings for the Second Quarter Ended June 30, 2009
5:57p ET August 6, 2009 (Market Wire)
Doral Financial Corporation (NYSE: DRL) ("Doral" or the "Company"), the holding company of Doral Bank, a leading community bank based in Puerto Rico, today announced the filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 reporting net income of $8.2 million, compared to a net income of $1.6 million for the comparable 2008 period.
Doral also announced that having successfully completed its preferred stock conversion, the Company further strengthened its capital position by increasing tangible common equity by $100.6 million. It also continues to exceed well capitalized levels with an 8.2% Tier 1 Leverage Capital Ratio.
"As we report earnings, we are seeing the results of the prudent decisions we've made during the past two years. Doral is stronger today because we addressed the weaknesses in the housing market, reduced the exposure in construction, and continued to lower our operating costs," said Glen R. Wakeman, President and CEO of Doral Financial Corporation.
"Even though we are operating in a deteriorating economic environment, we have made solid progress in our key fundamentals as we opened thousands of new accounts, improved compliance and controllership and continue to assist homeowners through our loss mitigation programs while improving the quality of life in our communities."
Doral experienced significant improvements in key fundamentals:
-- Opened more than 58,000 new retail deposit accounts since the beginning of the year. -- Sustained cost-cutting initiatives, which allowed the Company to absorb an increase of $4.2 million related to the FDIC special assessment expense during the quarter without increasing its non-interest expense. -- Decreased non-performing loans $6.1 million from the March 31, 2009 non-performing loan balance of $811.8 million. -- Assisted more than 15,000 families to stay in their homes through Doral's loss mitigation and restructuring programs. -- Eliminated the last remaining enforcement action between the FDIC and Doral Bank with the June 30, 2009 termination by the FDIC of the September 15, 2008 Memorandum of Understanding relating to Bank Secrecy Compliance.
FINANCIAL HIGHLIGHTS
-- Net income for the quarter ended June 30, 2009 amounted to $8.2 million, compared to a net income of $1.6 million for the comparable 2008 period. Doral Financial's performance for the second quarter of 2009, compared to the corresponding 2008 quarter, resulted from (1) a $6.8 million decrease in net interest income due to the compression of net interest margin and increasing non-performing loans in a declining interest rate and credit environment and slightly lower interest earning assets; (2) a $5.8 million decrease in non-interest income due principally to other- than-temporary impairment ("OTTI") charges related to the investment portfolio; offset by (3) a decrease in normal non-interest expenses of $4.3 million offset by the one-time FDIC deposit insurance special assessment of $4.2 million; and (4) the recognition of an income tax benefit of $12.7 million, compared to an income tax expense of $5.8 million for the corresponding 2008 period. -- On May 7, 2009, the Company announced the commencement of an offer to exchange a stated amount of its shares of common stock and a cash payment in exchange for a limited number of its shares of outstanding preferred stock. The transaction was settled on June 11, 2009 and resulted in the retirement of $105.6 million in preferred stock and an increase in common equity of $100.6 million. -- Net income attributable to common shareholders for the second quarter of 2009 of $14.5 million, resulted in a diluted earnings per share of $0.27, compared to a net loss attributable to common shareholders for the corresponding 2008 period of $6.7 million, or a diluted loss per share of $0.12. The $0.39 improvement in earnings per share was due to net income attributable to common shareholders of $5.2 million, before the effect of the preferred stock conversion, which resulted in $0.10 per share for the quarter, and to the results of the preferred stock conversion effected in June of 2009 of $0.17 per share. -- Net interest income for the second quarter of 2009 was $42.1 million, compared to $48.9 million for the comparable period in 2008. The decrease of $6.8 million in net interest income for 2009, compared to 2008, resulted from a reduction in interest income of $21.1 million, partially offset by a reduction in interest expense of $14.3 million. The reduction in net interest income resulted from (a) a 0.70% reduction in yield on assets reflecting the lower market interest rate environment, and (b) the $367 million decrease in average interest earning assets, particularly $1.2 billion floating rate securities sold in May 2009, offset by growth in loans, mortgage backed securities, and other investment securities. The decrease in interest expense resulted from a 0.62% decrease in yield on liabilities primarily reflected in lower costs of deposits and certain loans payable combined with slightly lower average interest-bearing liabilities. Average interest-earning assets decreased from $9.7 billion for the second quarter of 2008 to $9.4 billion for the corresponding 2009 period, while the average interest-bearing liabilities decreased from $8.6 billion to $8.5 billion, respectively. The reduction in leverage, combined with a decline in interest expense, resulted in a contraction of net interest margin from 2.02% in the second quarter of 2008 to 1.80% in the corresponding 2009 period. -- Doral Financial's provision for loan and lease losses for the quarter ended June 30, 2009 amounted to $10.1 million, compared to $10.7 million for the corresponding 2008 period. Second quarter results were impacted by the effects of continuing deterioration of the Puerto Rico economy on the residential real estate market, causing lower home absorption rates on new construction, increased defaults on existing mortgages and weakening economic situation of existing borrowers. An increase in the provision for the residential mortgage portfolio of $3.1 million was offset by decreases of $1.6 million and $2.3 million in the provision for loan and lease losses of the commercial and construction portfolios, respectively. -- Non-interest income for the second quarter of 2009 was $19.1 million, compared to $24.9 million for the corresponding period in 2008. The decrease in non-interest income of $5.8 million for the second quarter of 2009, compared to the same period in 2008, resulted from $6.8 million other- than-temporary impairment realized on investment securities in the 2009 second quarter and a $5.2 million gain recognized in the second quarter of 2008 from the redemption of shares of VISA, Inc., pursuant to their global restructuring agreement partially offset by a gain on investment securities of $4.8 million related to the sale of approximately $1.2 billion of its floating rate securities and lower losses on trading activities of $2.1 million. -- Non-interest expense for the second quarter of 2009 was $55.5 million, compared to $55.6 million for the corresponding period in 2008. Although total non-interest expenses for the second quarter of 2009 remained flat compared to 2008 the results were impacted by decreases in operating expenses for compensation and benefits, advertising, occupancy and depreciation and amortization expenses, largely offset by: (i) an increase of $4.2 million related to the FDIC special assessment expense during the quarter; and (ii) an increase of $1.1 million in EDP expenses. -- An income tax benefit of $12.7 million for the second quarter of 2009 was related to a net release of unrecognized tax benefits of $15.5 million. The release of unrecognized tax benefits was due to the expiration of the statute of limitations and was net of an accrual for unrecognized tax benefits of $3.6 million. -- The Company reported other comprehensive losses of approximately $4.2 million for the second quarter of 2009 compared to $42.7 million for the corresponding 2008 period. The Company's other comprehensive loss for the second quarter of 2009 resulted principally from the reduction in value of securities in its available for sale investment portfolio. As of June 30, 2009, the Company's accumulated other comprehensive loss (net of income tax benefit) totaled $140.2 million, compared to $123.2 million as of December 31, 2008. -- Doral Financial's loan production for the second quarter of 2009 was $291.9 million, compared to $383.3 million for the comparable 2008 period, a decrease of approximately 24%. The decrease in Doral Financial's loan production for the second quarter of 2009 reflects the reduction in Puerto Rico real estate purchase and mortgage lending activity caused by the end of the Puerto Rico government tax incentive program for the purchase of new homes, changes in laws and regulations and to the general economic conditions in Puerto Rico. -- Total assets as of June 30, 2009 amounted to $9.8 billion compared to $10.1 billion as of December 31, 2008. A decrease of $569.5 million in the Company's securities portfolio was partially offset by increases in cash and due from banks of $81.1 million and money market investments of $46.0 million. Total liabilities were $8.9 billion at June 30, 2009, compared to $9.2 billion at December 31, 2008. Total liabilities declined due to a decrease of $338.5 million in deposits, which was driven by a decrease of $448.0 million in brokered deposits offset by an increase in money markets of $141.6 million, and a decrease of $131.3 million in securities sold under agreements to repurchase that was partially offset by an increase of $205.4 million in other short-term borrowings. -- Non-performing assets as of June 30, 2009 were $889.8 million, an increase of $110.6 million since December 31, 2008. Non-performing loans (which are included in non-performing assets) as of June 30, 2009 were $805.7 million, an increase of $88.0 million since December 31, 2008. However, non-performing assets have increased only $7.6 million from the March 31, 2009 non-performing asset balance of $882.2 million, and non- performing loans decreased $6.1 million from the March 31, 2009 non- performing loan balance of $811.8 million.
CAPITAL RATIOS
As of June 30, 2009, Doral Bank PR and Doral Bank NY were in compliance with the regulatory defined well capitalized floors applicable to a state non-member bank and federal savings bank, respectively (i.e., total capital and Tier 1 capital to risk weighted assets of at least 10% and 6%, respectively, and Tier 1 capital to average assets of at least 5%).
REGULATORY CAPITAL RATIOS AS OF JUNE 30, 2009 ------------------------------------- DORAL DORAL DORAL FINANCIAL(2) BANK PR BANK NY ----------- ----------- ----------- Total Capital Ratio (Total capital to risk-weighted assets) 15.2% 13.7% 15.9% Tier 1 Capital Ratio (Tier 1 capital to risk-weighted assets) 13.3% 12.4% 15.4% Leverage Ratio(1) 8.2% 6.4% 10.8% (1) Tier 1 capital to average assets in the case of Doral Financial and Doral Bank PR and Tier 1 capital to adjusted total assets in the case of Doral Bank NY. (2) Doral Financial was not subject to regulatory capital requirements as of June 30, 2009. Ratios were prepared as if the company were subject to the requirement for comparability purposes.
FORWARD-LOOKING STATEMENTS
This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, Doral Financial Corporation (the "Company") may make forward-looking statements in its other press releases, its other filings with the Securities and Exchange Commission ("SEC") or in other public or shareholder communications and its senior management may make forward-looking statements orally to analysts, investors, the media and others.
These forward-looking statements may relate to the Company's financial condition, results of operations, plans, objectives, future performance and business, including, but not limited to, statements with respect to the adequacy of the allowance for loan and lease losses, market risk and the impact of interest rate changes, capital markets conditions, capital adequacy and liquidity, and the effect of legal proceedings and new accounting standards on the Company's financial condition and results of operations. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts, and are generally identified by the use of words or phrases such as "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "believe," "expect," "may" or similar expressions.
Doral Financial cautions readers not to place undue reliance on any of these forward-looking statements since they speak only as of the date made and represent Doral Financial's expectations of future conditions or results and are not guarantees of future performance. The Company does not undertake and specifically disclaims any obligations to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of those statements.
Forward-looking statements are, by their nature, subject to risks and uncertainties. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain important factors that could cause actual results to differ materially from those contained in any forward-looking statement:
-- the continued recessionary conditions of the Puerto Rico and the United States economies and the continued weakness in the performance of the United States capital markets leading to, among other things, (i) a deterioration in the credit quality of our loans and other assets, (ii) decreased demand for our products and services and lower revenue and earnings, (iii) reduction in our interest margins, and (iv) decreased availability and increased pricing of our funding sources, including brokered certificates of deposits; -- the strength or weakness of the real estate markets and of the consumer and commercial credit sectors and its impact in the credit quality of our loans and other assets which may lead to, among other things, an increase in our non-performing loans, charge-offs and loan loss provisions; -- a decline in the market value and estimated cash flows of our mortgage- backed securities and other assets may result in the recognition of other- than-temporary impairment of such assets under generally accepted accounting principles in the United States of America ("GAAP"); -- our ability to derive sufficient income to realize the benefit of the deferred tax assets; -- uncertainty about the legislative and other measures adopted by the Puerto Rico government in response to its fiscal situation and the impact of such measures on several sectors of the Puerto Rico economy; -- uncertainty about the effectiveness of the various actions undertaken to stimulate the United States economy and stabilize the United States financial markets, and the impact of such actions on our business, financial condition and results of operations; -- changes in interest rates, which may result from changes in the fiscal and monetary policy of the federal government, and the potential impact of such changes in interest rates on our net interest income and the value of our loans and investments; -- the commercial soundness of our various counterparties of financing and other securities transactions, which could lead to possible losses when the collateral held by us to secure the obligations of the counterparty is not sufficient or to possible delays or losses in recovering any excess collateral belonging to us held by the counterparty; -- our ability to collect payment of a receivable from Lehman Brothers, Inc. ("LBI"), which results from the excess of the value of securities owned by Doral Financial that were held by LBI above the amounts owed by Doral Financial under certain terminated repurchase agreements and forward agreement; -- higher credit losses because of federal or state legislation or regulatory action that either (i) reduces the amount that our borrowers are required to pay us, or (ii) limits our ability to foreclose on properties or collateral or makes foreclosures less economically feasible; -- developments in the regulatory and legal environment for financial services companies in Puerto Rico and the United States as a result of, among other things, recent legislative and regulatory proposals made by the federal government; -- changes in our accounting policies or in accounting standards, and changes in how accounting standards are interpreted or applied; -- general competitive factors and industry consolidation; -- potential adverse outcome in the legal or regulatory actions or proceedings described in Part I, Item 3 "Legal Proceedings" in the Company's 2008 Annual Report on Form 10-K, as updated from time to time in the Company's future reports with the SEC; and -- the other risks and uncertainties detailed in Part I, Item 1A "Risk Factors" in the Company's 2008 Annual Report on Form 10-K, as updated from time to time in the Company's future reports filed with the SEC.
Contacts: Investor Relations: Roberto Reyna SVP Investor Relations Email Contact 787-474-5498 Media: Lucienne Gigante VP Public Relations Email Contact 787-474-6298
RDN, Book Value 25.12/Share....
Radian Reports Second Quarter Financial Results
8:00a ET August 5, 2009 (PR NewsWire)
Radian Group Inc. (NYSE: RDN) today reported net income for the quarter ended June 30, 2009, of $231.9 million, or $2.82 per diluted share. This compares to a net loss of $392.5 million, or $4.91 per diluted share, for the prior-year quarter. Book value per share at June 30, 2009, was $25.12.
"We are pleased that Radian generated net income in the second quarter, despite a difficult environment with rising delinquencies. These earnings were driven primarily by loss management efforts that positively impacted our provision for mortgage insurance losses and by unrealized gains on derivatives," said Chief Executive Officer S. A. Ibrahim. "While there are positive signs in today's economy, we remain aware of the challenges and uncertainties Radian continues to face in the near term, and the condition of the U.S. housing market. Our primary focus is on increasing our capital strength and financial flexibility, continuing to write high-quality new business, and positioning Radian for growth and success when markets recover."
SECOND QUARTER HIGHLIGHTS
-- The mortgage insurance provision for losses of $142.8 million reflects higher delinquency counts, offset significantly by Radian's ongoing loss management efforts. -- Mortgage insurance claims paid of $167.7 million again were lower than the company's forecast and consisted of $149.4 million of first liens and $18.3 million of second liens. In the third quarter, total first- and second-lien claims paid are expected to be approximately $275 million to $300 million. For the full year 2009, Radian has reduced its expectations from $1.2 billion to $1.4 billion, to a current estimate in the $1.1 billion range. -- Radian is encouraged by the many government and private initiatives to help borrowers and has programs in place to provide assistance to lenders and their borrowers who are struggling with mortgage payments. The company is ready to handle the anticipated increase in volume from government-sponsored programs and through other lender-initiated refinance or modification programs. Radian continues to expect an increase in delinquencies throughout the remainder of 2009, which could result in a higher provision and reserve for losses. -- Over the past year, Radian has successfully transformed its mortgage insurance business, producing a 2009 book that consists of loans with excellent risk characteristics. For example, of the total primary new mortgage insurance written in the quarter of $5.5 billion: -- 99.9 percent was prime credit quality; -- 98.4 percent had a FICO score of 680 or greater, with 72.9 percent at 740 or above; -- all had loan-to-value (LTV) ratios of 95 percent or below, and 73 percent had LTV ratios of 90 percent or below; -- 99.5 percent were fixed-rate mortgages; and -- we have observed a significant decrease in early default activity in the 2009 vintage, which is an example of improved underwriting. In addition, Radian's market share has grown steadily in 2009 and represents a significant increase over historical levels. -- Unrealized gains on derivatives were $272.3 million on total pre-tax income of $353.7 million. -- Radian's current cash position is strong, with approximately $480 million immediately available to the parent company after having received a $105 million tax refund in May. -- Radian Asset Assurance Inc. the company's principal financial guaranty subsidiary, continues to serve as an important source of capital support for Radian Guaranty Inc., the company's mortgage insurance subsidiary, and is expected to continue to provide Radian Guaranty with cash infusions over time. -- As of June 30, 2009, Radian Asset had more than $900 million in statutory capital with an additional $1.84 billion in total claims- paying resources. -- At the end of June, Radian Asset paid an ordinary dividend of approximately $100 million to Radian Guaranty.
RECENT EVENTS
-- On July 17, the Company filed a $1 billion securities shelf registration. -- On July 20, Radian Asset entered into a Commutation and Release Agreement, effective as of July 1, 2009, with Ambac Assurance Corporation and Ambac Assurance UK Limited to commute $9.8 billion of Radian Asset's reinsurance portfolio assumed from Ambac, decreasing Radian Asset's total insured portfolio by 10 percent. As a result, the statutory surplus of Radian Asset (and Radian Guaranty) will be positively impacted in the third quarter 2009 by approximately $40 million.
RDN, Book Value 25.12/Share....
Radian Reports Second Quarter Financial Results
8:00a ET August 5, 2009 (PR NewsWire)
Radian Group Inc. (NYSE: RDN) today reported net income for the quarter ended June 30, 2009, of $231.9 million, or $2.82 per diluted share. This compares to a net loss of $392.5 million, or $4.91 per diluted share, for the prior-year quarter. Book value per share at June 30, 2009, was $25.12.
"We are pleased that Radian generated net income in the second quarter, despite a difficult environment with rising delinquencies. These earnings were driven primarily by loss management efforts that positively impacted our provision for mortgage insurance losses and by unrealized gains on derivatives," said Chief Executive Officer S. A. Ibrahim. "While there are positive signs in today's economy, we remain aware of the challenges and uncertainties Radian continues to face in the near term, and the condition of the U.S. housing market. Our primary focus is on increasing our capital strength and financial flexibility, continuing to write high-quality new business, and positioning Radian for growth and success when markets recover."
SECOND QUARTER HIGHLIGHTS
-- The mortgage insurance provision for losses of $142.8 million reflects higher delinquency counts, offset significantly by Radian's ongoing loss management efforts. -- Mortgage insurance claims paid of $167.7 million again were lower than the company's forecast and consisted of $149.4 million of first liens and $18.3 million of second liens. In the third quarter, total first- and second-lien claims paid are expected to be approximately $275 million to $300 million. For the full year 2009, Radian has reduced its expectations from $1.2 billion to $1.4 billion, to a current estimate in the $1.1 billion range. -- Radian is encouraged by the many government and private initiatives to help borrowers and has programs in place to provide assistance to lenders and their borrowers who are struggling with mortgage payments. The company is ready to handle the anticipated increase in volume from government-sponsored programs and through other lender-initiated refinance or modification programs. Radian continues to expect an increase in delinquencies throughout the remainder of 2009, which could result in a higher provision and reserve for losses. -- Over the past year, Radian has successfully transformed its mortgage insurance business, producing a 2009 book that consists of loans with excellent risk characteristics. For example, of the total primary new mortgage insurance written in the quarter of $5.5 billion: -- 99.9 percent was prime credit quality; -- 98.4 percent had a FICO score of 680 or greater, with 72.9 percent at 740 or above; -- all had loan-to-value (LTV) ratios of 95 percent or below, and 73 percent had LTV ratios of 90 percent or below; -- 99.5 percent were fixed-rate mortgages; and -- we have observed a significant decrease in early default activity in the 2009 vintage, which is an example of improved underwriting. In addition, Radian's market share has grown steadily in 2009 and represents a significant increase over historical levels. -- Unrealized gains on derivatives were $272.3 million on total pre-tax income of $353.7 million. -- Radian's current cash position is strong, with approximately $480 million immediately available to the parent company after having received a $105 million tax refund in May. -- Radian Asset Assurance Inc. the company's principal financial guaranty subsidiary, continues to serve as an important source of capital support for Radian Guaranty Inc., the company's mortgage insurance subsidiary, and is expected to continue to provide Radian Guaranty with cash infusions over time. -- As of June 30, 2009, Radian Asset had more than $900 million in statutory capital with an additional $1.84 billion in total claims- paying resources. -- At the end of June, Radian Asset paid an ordinary dividend of approximately $100 million to Radian Guaranty.
RECENT EVENTS
-- On July 17, the Company filed a $1 billion securities shelf registration. -- On July 20, Radian Asset entered into a Commutation and Release Agreement, effective as of July 1, 2009, with Ambac Assurance Corporation and Ambac Assurance UK Limited to commute $9.8 billion of Radian Asset's reinsurance portfolio assumed from Ambac, decreasing Radian Asset's total insured portfolio by 10 percent. As a result, the statutory surplus of Radian Asset (and Radian Guaranty) will be positively impacted in the third quarter 2009 by approximately $40 million.
RDN Book value 25.12/Share.....
Radian Reports Second Quarter Financial Results
8:00a ET August 5, 2009 (PR NewsWire)
Radian Group Inc. (NYSE: RDN) today reported net income for the quarter ended June 30, 2009, of $231.9 million, or $2.82 per diluted share. This compares to a net loss of $392.5 million, or $4.91 per diluted share, for the prior-year quarter. Book value per share at June 30, 2009, was $25.12.
"We are pleased that Radian generated net income in the second quarter, despite a difficult environment with rising delinquencies. These earnings were driven primarily by loss management efforts that positively impacted our provision for mortgage insurance losses and by unrealized gains on derivatives," said Chief Executive Officer S. A. Ibrahim. "While there are positive signs in today's economy, we remain aware of the challenges and uncertainties Radian continues to face in the near term, and the condition of the U.S. housing market. Our primary focus is on increasing our capital strength and financial flexibility, continuing to write high-quality new business, and positioning Radian for growth and success when markets recover."
SECOND QUARTER HIGHLIGHTS
-- The mortgage insurance provision for losses of $142.8 million reflects higher delinquency counts, offset significantly by Radian's ongoing loss management efforts. -- Mortgage insurance claims paid of $167.7 million again were lower than the company's forecast and consisted of $149.4 million of first liens and $18.3 million of second liens. In the third quarter, total first- and second-lien claims paid are expected to be approximately $275 million to $300 million. For the full year 2009, Radian has reduced its expectations from $1.2 billion to $1.4 billion, to a current estimate in the $1.1 billion range. -- Radian is encouraged by the many government and private initiatives to help borrowers and has programs in place to provide assistance to lenders and their borrowers who are struggling with mortgage payments. The company is ready to handle the anticipated increase in volume from government-sponsored programs and through other lender-initiated refinance or modification programs. Radian continues to expect an increase in delinquencies throughout the remainder of 2009, which could result in a higher provision and reserve for losses. -- Over the past year, Radian has successfully transformed its mortgage insurance business, producing a 2009 book that consists of loans with excellent risk characteristics. For example, of the total primary new mortgage insurance written in the quarter of $5.5 billion: -- 99.9 percent was prime credit quality; -- 98.4 percent had a FICO score of 680 or greater, with 72.9 percent at 740 or above; -- all had loan-to-value (LTV) ratios of 95 percent or below, and 73 percent had LTV ratios of 90 percent or below; -- 99.5 percent were fixed-rate mortgages; and -- we have observed a significant decrease in early default activity in the 2009 vintage, which is an example of improved underwriting. In addition, Radian's market share has grown steadily in 2009 and represents a significant increase over historical levels. -- Unrealized gains on derivatives were $272.3 million on total pre-tax income of $353.7 million. -- Radian's current cash position is strong, with approximately $480 million immediately available to the parent company after having received a $105 million tax refund in May. -- Radian Asset Assurance Inc. the company's principal financial guaranty subsidiary, continues to serve as an important source of capital support for Radian Guaranty Inc., the company's mortgage insurance subsidiary, and is expected to continue to provide Radian Guaranty with cash infusions over time. -- As of June 30, 2009, Radian Asset had more than $900 million in statutory capital with an additional $1.84 billion in total claims- paying resources. -- At the end of June, Radian Asset paid an ordinary dividend of approximately $100 million to Radian Guaranty.
RECENT EVENTS
-- On July 17, the Company filed a $1 billion securities shelf registration. -- On July 20, Radian Asset entered into a Commutation and Release Agreement, effective as of July 1, 2009, with Ambac Assurance Corporation and Ambac Assurance UK Limited to commute $9.8 billion of Radian Asset's reinsurance portfolio assumed from Ambac, decreasing Radian Asset's total insured portfolio by 10 percent. As a result, the statutory surplus of Radian Asset (and Radian Guaranty) will be positively impacted in the third quarter 2009 by approximately $40 million.
I know you can just pack you bags and stop posting your picks anytime you like. I do hope you get some benefit via increased volume from all your followers like me. I also know that Ihub, being a public forum, you get the occasional idiot with an agenda. I just want you to know that this trader very much appreciates what you do. Same to Ken, Sheff and Geux Fish. I have never asked a question, no matter how stupid, that someone did not take the time to answer. Really starting to learn how to trade. If I can just learn to take that small lose before the hole gets to deep to crawl out of. LOL. Hope I have the oppurtunity to shake everyones hand someday. Aggie....
PACR Earnings....
Pacer International Reports Second Quarter 2009 Results
4:17p ET August 5, 2009 (Business Wire)
Pacer International, Inc. (Nasdaq: PACR), a leading North American freight transportation and logistics services provider, today reported financial results for the three- and six-month periods ended June 30, 2009.
SECOND QUARTER RESULTS
Revenues decreased $139.9 million to $376.7 million compared to $516.6 million for the quarter ended June 27, 2008.
Income from operations declined $34.7 million to a loss of $11.8 million compared to an income of $22.9 million in the 2008 quarter.
Net income declined from $13.4 million in the 2008 quarter to a net loss of $7.3 million in the 2009 quarter.
During the quarter the company entered into an amendment to its credit agreement which, among other things, waived compliance with the leverage ratio covenant for the second quarter through August 31, 2009, and also received $22.5 million from SAP America, Inc. as part of an amendment to the software license agreement with SAP.
Intermodal segment income from operations decreased $37.3 million from the 2008 quarter to a loss of $5.7 million compared to an operating income of $31.6 million in the 2008 quarter. Volumes showed improvement from the first quarter of 2009, but are still below the 2008 quarter.
Logistics segment income from operations improved by $0.3 million to a loss of $1.4 million compared to a loss of $1.7 million in the 2008 quarter. Increased warehousing business and reduced truck services losses were the main contributors.
Corporate costs for the 2009 quarter were $2.3 million less than the 2008 quarter principally due to the lack of a performance incentive accrual in the 2009 quarter.
Sale of Truck Services - On July 24, 2009, the company entered into an agreement with Universal Truckload Services, Inc. and UTS Leasing, Inc. to sell certain assets of its truck services business. The completion of the transaction is subject to customary closing conditions and is expected to occur in August 2009.
"While demand and economic conditions in general remained very difficult leading to a second quarter loss, there were some positive signs that our business levels were stabilizing and even improving in some key areas during the quarter," said Brian C. Kane, Chief Financial Officer of Pacer. "We continue to take the steps necessary to reduce our costs to benchmark competitive levels and provide the financial resources needed to position Pacer for future growth. Operating cash flows were much improved for the second quarter compared to the first quarter, and we anticipate returning to positive cash flow and earnings during the second half of 2009."
"Additional organizational simplification and workforce reduction initiatives were implemented during the quarter moving Pacer significantly closer to the organizational integration, process improvement, and cost reduction goals we have established," added Michael E. Uremovich, Chairman and CEO of Pacer. "We are continuing to implement a number of key initiatives supporting these goals, including actions that will further integrate our Cartage and Intermodal Operations teams that will result in improved door-to-door service delivery while reducing costs through increased density and improved driver coordination."
"Though these remain extremely challenging times, we are very encouraged with the progress of our organizational improvement initiatives. Also encouraging is the number of new customers and new business opportunities with existing customers that we are winning, particularly in our retail intermodal services area where both volume and market share improved year-over-year in the second quarter."
YEAR-TO-DATE RESULTS
Revenues for the six months ended June 30, 2009 decreased $284.1 million to $735.3 million compared to $1,019.4 million for the six months ended June 27, 2008.
Income from operations, which includes a $200.4 million pre-tax, non-cash goodwill impairment charge (of which $31.4 million related to our logistics segment and $169.0 million related to our intermodal segment), was a loss of $234.9 million compared to income of $46.0 million in the 2008 period. Excluding the first quarter impairment charge, income from operations was a loss of $34.5 million.
Net income declined from $26.8 million in the 2008 period to a net loss of $184.7 million in the 2009 period. Net income includes the impact of the goodwill impairment charge ($162.1 million after-tax, or $4.67 per share). Excluding the impairment charge, net income was a loss of $22.6 million, or $0.65 per diluted share.
Intermodal segment income from operations decreased $251.4 million from the 2008 period to a loss of $189.4 million (including a $169.0 million goodwill impairment charge) compared to an operating income of $62.0 million in the 2008 period. Excluding the impairment charge, the intermodal segment recorded a $20.4 million operating loss.
Logistics segment income from operations decreased $33.6 million to a loss of $36.1 million (including a $31.4 million goodwill impairment charge) compared to a loss of $2.5 million in the 2008 period. Excluding the impairment charge, the logistics segment recorded a $4.7 million operating loss.
Corporate costs for the 2009 period were $4.1 million less than the 2008 period principally due to the lack of a performance incentive accrual in the 2009 period.
Note: A tabular reconciliation detailing the adjustments made to arrive at the adjusted financial results set forth above and elsewhere in this press release from financial results determined in accordance with accounting principles generally accepted in the United States of America ("GAAP") is contained in the financial summary statements attached to this press release.
Down day today overall on Market. BUT, Almost all of my WU picks were up. WU kicks major a@@. Currently holding WU picks GSL, PACR, CT, PNX, FTK, MDTL, HSWI, FRP and OCLS. All the hard work Chart and Ken do is amazing. Their willingness to share their TA and picks makes this board the best on IHUB. Believe me, I have been to them all...LOL... Chart/Ken and all the contributors here, you are all the best. Finding this board in December of last year has been a life changer for me. Even though I do not post often (dont want to clutter up the board with my babble), I want everyone to know I am truly thankful for everything this board has done for me. Lots of good people here who are willing to help the "uneducated". Keep up the great work as I will continue to follow...Aggie.....
Ken what is your take on SNV. Been on quite the roll since 07/20....TIA...Aggie...
SNV continues to climb. Testing 3.72.....Aggie...
Prof Chart - What are we targeting here. I need to set a GTC sell as I will be away from the computer all day, but do not want to sell to early. Currently up 3%...TIA...Aggie....
DRL up +15% today. Currently HOD @ 2.47
My appologies to Jimmenknee...I cant read a calendar...Carry on!...Aggie...
Jimmenknee my man. Now I am really confused. The initial alert from Chart was on 07/16/2009. I had to took a peak at your posting history and you were posting on the EWRC board as early as 07/02/2009. Doesnt add up why the Wealth University board is causing you grief. You were all over EWRC two weeks before this board alerted. Not sure what you complaint is. EWRC is a pink, buyer beware. JMO...Aggie...
Very sad and disappointing Chart—there is a difference between “bashing” and discussing real and very true dynamics which considerably increase the risk and thus the odds to not make a profitable trade. EWRC is in the riskiest category...
Is “enter at your own peril” while alerting the University to a buy and hold as part of a “Model Portfolio” really the depth of the lesson/discussion provided by WU Professors now?
If I am not mistaken the alert occurred at .0003, currently .0009 (3 bagger). I see no problems with this. Everyone who entered at this price has had to oppurtunity to triple (or much better) their money. If they did not sale, that is their problem.
Here is the original alert.
Posted by: Chartinator Date: Friday, June 12, 2009 10:17:02 AM
In reply to: None Post # of 101852
University Alert!
A little Friday fun. Picked up 10 million shares of EWRC at .0003. Targeting .12 area 4-6 week hold
Chart - Is DRL still in play? Any thoughts? TIA...Aggie...
DRL - Still holding. Down huge at this point, what are the university's thoughts?
Aggie...
DRL - Still holding. Down huge at this point, what are the university's thoughts?
Aggie...
DRL - Still holding. Down huge at this point, what are the university's thoughts?
Aggie...
LAB looking strong PM....Aggie...
Ken - Do you use Stockfetcher for your scans. I just became a subscriber and trying to learn how to program the scans. If you do use Stockfetcher, was wondering if you would mind sharing some tips for a newbe...Thanks...Aggie...
In for 500 RINO @ 10.85 and 1000 ATPG @ 7.03...GLTA...Aggie...
XOMA taking a big dump today after what I assumed was positive news yesterday. Anyone have thoughts?
Aggie..
SSP making a move today. UP .26 (12.81%)...One more tick and I am at break even.....Aggie...
EWRC - had a buy order in all afternoon at .0011 and got no shares. Special options None, so if shares were avail at this price I should have had a partial fill. I look for this to inch back up tomorrow. IMO...Aggie...
Dont get hung up on the price of the stock. If you have $800 to invest you get 1000 @ 1.00 or 100 @ 8.00. A 10% move gives you the same result in the end.
Got 1K at 2.45...4th time to ride this horse...Aggie....
What is your target here Chart? In with you on SSP and CHLN...Aggie...
What is our target here Chart. Trading near 52Week high. I need to have a sell target in mind. TIA...Aggie...
JASO (5.62) making a move...Up 7% and climbing....Aggie...
yeah. The one time you hit one of these does not make up for all the ones you loose your @ss on. Still hold plenty of bags for my "pinkie" days. Like the strategy here much better. Aggie...
I dont play pinks anymore. However, I did nicely on SPNG....Aggie...
01/15/2009 11:32:24 Bought 10000 SPNG @ 0.018 -189.99 ---
03/27/2009 09:43:21 Bought 30000 SPNG @ 0.0074 -231.99 ---
06/10/2009 11:55:34 Sold 40000 SPNG @ 0.20 7990.01 ---