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We'll need much more than that. Look at the news today. I'm glad I got out yesterday with a small profit. Today it's on the downfall.
Yeah, actually they will do much better on the long-term. This will increase my money day by day.
Ambac downgrade requires $3.2 bln more collateral
NEW YORK, Nov 6 (Reuters) - Ambac Financial Group (ABK.N: Quote, Profile, Research, Stock Buzz) will need to post an additional $3.2 billion in collateral, after Moody's Investors Service on Wednesday cut its ratings on the bond insurer, according to research firm CreditSights.
The collateral needs could also leave the company with a $2.8 billion cash shortfall at its financial services unit, CreditSights analysts said in a report late on Wednesday.
Moody's cut Ambac Assurance Corp's rating four notches to "Baa1," the third-lowest investment grade, from "Aa3."
Ambac's third-quarter loss and the possibility of even greater expected losses in extreme stress scenarios were both reasons for the downgrades, Moody's said.
The diminished ability of Ambac to write new business and its impaired financial flexibility were also reasons, the rating agency added.
Ambac's shares fell 22.6 percent on Thursday to $1.55.
The cost to insure Ambac Financial's debt for five years with credit default swaps jumped to an upfront cost of 35 percent the sum insured on Thursday, from 26 percent on Wednesday, in addition to annual premiums of 5 percent, according to CMA DataVision.
That means it would cost $3.5 million in a lump sum to insure $10 million for five years, plus payments of $500,000 per year.
Ambac said in a statement that it "can find no justification for Moody's actions," and that the downgrade will increase pressure on its financial services business.
This business is comprised of Ambac's swap agreements and Guaranteed Investment Contracts.
"Ambac noted in its conference call that it is working closely with its regulators to receive permission to use the resources of Ambac Assurance to support this liquidity issue," CreditSights said.
"Meanwhile, $1.1 billion of the company's $9.9 billion fixed income investment portfolio is backed by short-term investments which may be sold to shore up cash," it added.
Ambac said that Moody's action fails to account for federal efforts to improve liquidity of financial institutions, as well as early termination of some of its contract exposures.
For example, Lehman Brothers' bankruptcy is expected to result in the early terminations of approximately $1.2 billion in GIC liabilities, Ambac said. Approximately $900 million is also expected to terminate before the end of September and the remaining $300 million by the end of October, the bond insurer said.
Moody's also cut its ratings on Ambac Financial Group's unsecured debt into junk territory, with a four-notch downgrade to "Ba1," one step below investment grade, from "A3."
Ambac is attempting to revive its business by reactivating its Connie Lee Insurance Co as a new municipal bond insurer.
"Ambac's current capital position is solid but its longer-term viability is in serious jeopardy," CreditSights said. (Reporting by Karen Brettell; Editing by James Dalgleish)
I'm glad I invested in the growing chinese markets. Doesn't matter how the quote looks today, GLCC has proven it's strength several times before and a lot of traders made big money on short-time investments with this stock. Can't nobody deny the facts and that's all I need to know. GLTA!
This will jump when you least expect it. Good news over the last couple of weeks and it's just a matter of time, until we see the breakout. Maybe I will take a trip to China at the meantime and buy me a lunch at Haorizi's.
That's the same with all Pennystocks, Strongtower. Most have no audited financials, especially in China, but still they rise and fall on a regular. That's why you and I are here.
Have seen it all before. The charts always tell the truth. I'm holding my GLCC shares and wait for the comeback. In my opinion this fast growing company on the chinese market is worth much more than 0,003 $ per share.
Yes and this is just the beginning. GLCC strikes back!
Ahead of the Bell: Ambac Financial falls,
Thursday November 6, 9:15 am ET
Analysts concerned about increasing capital strain at Ambac after 3rd-qtr loss, debt downgrade
CHARLOTTE, N.C. (AP) -- Shares of Ambac Financial Group Inc. tumbled in premarket trading Thursday, as concern loomed about the bond insurer's capital position after it reported a third-quarter loss and its debt rating was downgraded to junk.
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Analysts lowered estimates and price targets on the company, a day after Ambac said its third-quarter loss widened sharply and Moody's Investors Service downgraded the firm's debt ratings to junk status.
Shares fell nearly 11 percent to $1.79 in premarket trading, after closing at $2.01 Wednesday.
"Strategic options for Ambac are shrinking as the company's capital flexibility is even more limited than previously expected after reporting third quarter results," wrote Friedman, Billings, Ramsey & Co. analyst Steve Stelmach in a research note to clients. "Liquidity could be an added concern if the company's primary regulatory does not allow for intercompany support following last night's downgrade by Moody's."
Stelmach cut his price target on Ambac shares to $2 from $5, citing increasing strain on the franchise. He rates the insurer "Market Perform," but said he remains "cautious" on the company's shares "following what was a drastically lower-than-expected earnings result.
Deutsche Bank analyst Darin Arita lowered his yearly outlook, and said he now expects Ambac to report an operating loss of $14.93 per share for the year, reflecting the higher than expected quarterly loss at the firm. He previously forecast a loss of $7.10 per share.
Arita slashed his price target to $1 from $3, but maintained a "Hold" rating on the stock.
Ambac said Wednesday that it lost $2.43 billion, or $8.45 per share, during the third quarter, compared with a loss of $360.6 million, or $3.53 per share, in the year ago period.
The strain came as the New York-based firm increased loss reserves for mortgage-backed securities and took write-downs on credit derivatives.
Analysts surveyed by Thomson Reuters, on average, forecast a loss of 50 cents per share for the quarter.
Moody's late Wednesday downgraded Ambac's debt ratings to junk status due to expectations for continued losses, the company's diminished business prospects and its "impaired financial flexibility."
The ratings agency cut Ambac's senior unsecured debt rating by four notches to Ba1, which is considered non-investment grade, or "junk" status, from A3.
Moody's also cut the insurance financial strength rating of Ambac Assurance Corp. and Ambac Assurance UK Ltd. to Baa1, which remains investment grade, from Aa3.
"It appears that this rating action has been precipitated by our earnings announcement," David W. Wallis, president and chief executive of Ambac, said in a statement Thursday. "It is disappointing that Moodys has come to a ratings conclusion without the benefit of completing its own analysis of our portfolio."
Many bond insurers continue to deal with the expectation of mounting losses on exposure to insuring troubled mortgage-backed securities. As mortgages have increasingly defaulted since the middle of 2007, expectations for defaults on bonds backed by pools of the troubled loans has grown.
Because of those expected losses, bond insurers like Ambac continue to set aside increasing amounts of cash to cover potential future losses.
"Should Ambac's regulatory capital position continue to deteriorate, there would be further negative pressure on the firm's ratings," Moody's said in a statement.
Great news! This could be the turning-point for GLCC.
And that's how they save a lot of money. Money, they can use for their stores in China. Go GLCC!
It's all possible. Have seen much higher rebounds from much lower levels.
That was months ago when the quote was ten times higher than now. Don't you think it will come to an end? Of course there will be a rebound. imo
Time for a rebound!
Kodiak Discovers High Grade Uranium
Thursday October 23, 2:42 pm ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Oct 23, 2008 -- Kodiak Exploration Limited (CDNX:KXL.V - News)(Frankfurt:KX3.F - News) is very pleased to announce that it is on track with two discoveries of outcropping uranium on its 100% controlled properties located in Quebec's Otish Basin.
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On the UR East property, the newly discovered Big Bang outcrop returned multiple readings of 66,000 counts per second (equivalent to more than 10,000 ppm U or 1.18% U3O8) from an extensive uranium-rich shear zone at least three metres wide that occurs near the intersection of several major regional structures. These readings of 66,000 cps are the maximum levels detectable by the RS-125 spectrometer used for the program. The actual values could be significantly higher. The RS-125 Spectrometer is calibrated in the factory against measured standards, and self-calibrates in the field by adjusting to changing levels of background radiation.
The regional structures hosting the outcrop, defined by geophysical magnetic linears, are at least 10 km long and are open in all directions, and have been identified as gabbro dykes similar to those associated with Strateco's Matoush uranium deposit (16.8 million pounds of U3O8) where drill intercepts have assayed as high as 2.13% U3O8 over 15.2 metres. The entire discovery outcrop is uranium mineralized, and another radioactive outcrop has been found 1,100 metres along strike to the east-northeast of the initial discovery site, demonstrating impressive potential for a large, well mineralized system. More than 15 additional priority targets have been identified for follow-up. Analysis of geophysical and field data is ongoing, and more than 90 km of major magnetic structures and numerous radiometric lineaments remain to be investigated on the property. Wet chemical analysis is pending, and drilling is planned to test the economic potential of this significant new discovery.
The Big Bang discovery is located at the base of the unconformity in an erosional outlier of sandstone east of the Otish Basin. The discovery of the Big Bang mineralization at surface confirms that this is an excellent environment for the discovery of shallow, unconformity-style uranium deposits hosted in basement rock. The discovery outcrop is biotite and chlorite-altered, and cut by felsic veins. Stripping of bedrock uncovered a wide zone of sheared black amphibolite stained with yellow uranophane from a large new mineralized structure at surface.
The second discovery, Kodiak's Big Yellow outcrop, is located on the 100% controlled 308 West property, also located in Quebec's Otish Basin area. The Big Yellow is a radioactive 30 x 30 metre outcrop of flat-lying, rusty conglomeratic sandstone that gave scintillometer readings up to 10,000 cps. This outcrop is located close to the intersection of two magnetic structures. These structures strike NE and NNW, and are approximately 7 and 8.5 km long respectively. A NE-trending gabbro dyke was found near the discovery outcrop, confirming the magnetic interpretation, and indicating a geologic setting very similar to Matoush. Over 90 km of prospective magnetic structures remain to be explored on this property.
"We are extremely excited about these new discoveries," said Mr. Bill Chornobay, Kodiak's President. "These early results clearly demonstrate the potential for additional uranium discoveries in this highly prospective area, and we are very pleased to be working in Quebec, which consistently ranks among the most favorable places in the world for mineral exploration and development. Drilling of these new discoveries in the Otish Basin is planned and, with multiple priority targets yet to be explored, our Uranium Division is on track for achieving it's objectives by unlocking the full value of the energy assets to our shareholders. We look forward to the future exploration results with great anticipation."
Kodiak's Uranium Division has a total of 11 properties containing multiple technically sound uranium targets in the Otish Basin, which is often compared to Saskatchewan's Athabasca Basin in terms of its uranium potential. Concurrently with the issue of this release, a new section on Kodiak's Otish Basin uranium projects has been posted on Kodiak's website.
Kodiak's West Millenium Uranium Project on Track in Athabasca Basin
Kodiak is preparing a winter drill program to test multiple uranium targets on its 100% controlled 213.3 square kilometre West Millenium property in the Athabasca Basin. Kodiak's land package lies within the Key Lake-MacArthur River corridor, one of the most prolific uranium mining districts in the world, and it is located on a parallel northeast structure adjacent only 3 km west of Cameco's Millenium Deposit (56.5 million pounds U3O8).
The property remains virtually unexplored, with only one recorded drill hole testing the basement unconformity. Hole CX-011 was drilled by Cameco in 1988 on the main conductive trend. It intersected 35 m of pyrite and graphite-rich metasediments at the basement interface, along with anomalous uranium values in the basement rock, and pervasive bleaching and alteration of the sandstone above the unconformity.
"Alteration has proved to be the key to finding unconformity-type uranium deposits in the Athabasca Basin," stated Mr. Keith Metcalfe, P. Geo., Senior Project Geologist. "These deposits are surrounded by a strong alteration halo of clay and chlorite, and are usually located within 25 to 75 m of a graphitic basement conductor. Hole CX-011 presents a 35 m wide radioactive structural zone characterized by significant uranium mineralization within graphite/pyrite/grey clay alteration, and abundant slickensides, hosted by a highly attractive pelitic unit. This setting strongly resembles the lithologic and structural features intimately associated with World class unconformity-type uranium deposits in the Athabasca basin. A target defined by a drill hole intercept that contains all the characteristics of a strongly uranium-mineralized system in a World-class setting are extremely rare. Permitting to test the economic potential of this target is underway and drilling will commence soon."
Hercules Update
Kodiak's 2008 exploration program on the Golden Mile and multiple other stand alone gold projects in Ontario's Beardmore-Geraldton gold camp is ongoing. A large batch of assay results is being compiled and interpreted for release in the near future.
The geological information contained in this news release and the geological information on Kodiak's uranium projects posted on Kodiak's website has been reviewed and approved by Paul Gann, senior geologist, who is a qualified person under the definitions established by National Instrument 43-101.
Kodiak is a mineral exploration company with properties located in Canada. You can now view maps, as well as additional photographs, geological details and additional information, on our Web site: www.kodiakexp.com.
On behalf of the board of Directors
KODIAK EXPLORATION LIMITED
William S. Chornobay, Director, President
The statements made in this release may contain forward-looking statements or relate to programs that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Kodiak Exploration Limited
William S. Chornobay
Director, President
(604) 688-9006
(604) 688-9029 (FAX)
Email: info@kodiakexp.com
Website: http://www.kodiakexp.com
--------------------------------------------------------------------------------
Source: Kodiak Exploration Limited
Yeah, but if GLCC makes it through those resistance lines there will be no holding back. Go GLCC!
WAMUQ is on the SEC List. Isn't that something to worry about?
Would be good if we end the day with a plus before the weekend.
Agree. Go MONA!
MonArc Corp (MONA) Game Warring the Three Kingdoms Readies For A Christmas Launch,
Friday October 31, 10:17 am ET
BEIJING, Oct. 31 /PRNewswire-FirstCall/ - www.monacorporation.com PINKSHEETS: MONA.PK is providing the following update vis-a-vis its operating subsidiary PP365.Com
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PP365 is pleased to report that since the open beta test of the web game "Warring the Three Kingdoms", the game has been well received by the player because of the simple operation, its new game form, the friendly interface and a variety of playabilities.
After more than 2 months of closed development, the developers rewrote most of the code and all of the bugs found have been corrected. The process also further improved the functionality of the game. The company plans to begin the commercial release by the beginning of December for the holiday launch.
In other company news, Mr.Yang Yves a company spokesman said "We continue our discussion with the cash buyer for PP365, and also with the previous merger candidate. We are keeping all of the options open, and business as usual in the meantime, during this process. We are also in the final stages of negotiations for a merger with Andrea SA Gold Mine in Peru and all indicators are telling us that we should have a firm closed deal on PP365 and on Andrea SA Peru Gold Mine by the end of the year".
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Certain information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competition.
Get the Facts Right. The issuer works hard to continue to keep our shareholders informed, and news is updated frequently via Press Releases, Pink Sheet www.pinksheets.com filings, and updates to our websites. Other websites not sponsored, or recognized by the Company may provide misleading or disinformation to investors in order to manipulate trading patterns for a given stock. Always look for original content from trusted sources, rather than relying on 'excerpts' or discussion boards that may not give you the whole story. The Securities and Exchange Commission requires financial institutions or brokerage firms to provide their clients with documentation, describing the risks of investing in penny stocks.
CONTACT: For corporate matters contact: corporate@monacorporation.com
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Source: MonArc Corporation (MONA
What's up with that merger? Waiting for updates.
GLCC keeps expanding in a fast pace. That's the most important thing for the future.
I don't think so, but some will burn their fingers as always. I had to learn my lessons, too. But not so many traders would be in it if there was no option to win with this stock.
Time to hold and be patient.
MONA is up 100 % in Germany today.
This is so much undervalued. The turnover needs to come soon.
But why it's going down at the end of the day? Damned! This should go the other way.
The "10000 Towns and 1000 Villages" business model project is a big step for GLCC in the right direction. It keeps me optimistic for the future.
NEWS!
Press Release Source: Good Life China Corporation
Good Life China (GLCC) 10000 Towns and 1000 Villages Update
Tuesday October 28, 2:19 pm ET
BEIJING, Oct. 28 /PRNewswire-FirstCall/ - Further to the issuer's news announcement of Aug 18, 2008 where amongst other things the issuer announced that Good Life China was chosen to become a "10000 Towns and 1000 Villages" business model project Enterprise in North China.
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Ms. Jia, Good life China CEO, said, "At present, there is not any enterprise which is the same with the business type of Haorizi Co., Ltd* in Chinese consumer markets in rural areas. Many chain corporations operating single area of E-commerce, logistic distribution and delivery and retail are existing, however, only those that provide full service to clients, especially those from rural areas, can gain a larger share of the market, according to the development demand of the market in the future. Haorizi Co., Ltd has a business type of putting logistic distribution and delivery, information and capital flow into a platform, meeting the clients' requirements from different aspects. Moreover, Chinese government departments identify and support the business type of Haorizi Co., Ltd. As a pilot enterprise of "Market Project of Thousands of Villages and Townships" and "New Countryside Modern Circulation Network Project" by Ministry of Commerce, as well as a demonstration E-commerce enterprise chosen by Hebei Commerce Department, the logistic project of Haorizi Co., Ltd is approved as Priority Project of Hebei Modern Logistics by Hebei Provincial Government. Its E-commerce platform covering the rural areas is a technological support project and innovation to fund project of science and technology intensive enterprise approved by Hebei Department of Science and Technology."
The issuer's operating subsidiary Haorizi Co., Ltd received support fund of total RMB 3.88 million yuan (about $500,000 USD) from the government over the past few years.
* Haorizi is the retail banner under which the Company conducts
business in China.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Certain forward information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competition.
Get the Facts Right. The issuer works hard to continue to keep our shareholders informed, and news is updated frequently via Press Releases, Pink Sheet www.pinksheets.com filings, and updates to our websites. Other websites not sponsored, or recognized by the Company may provide misleading or disinformation to investors in order to manipulate trading patterns for a given stock. Always look for original content from trusted sources, rather than relying on 'excerpts' or discussion boards that may not give you the whole story. The Securities and Exchange Commission requires financial institutions or brokerage firms to provide their clients with documentation, describing the risks of investing in penny stocks.
CONTACT: corporate@goodlifechina.com
--------------------------------------------------------------------------------
Source: Good Life China Corporation
Like your wishful thinking. But reality tells otherwise.
Thank's for the DD, Triforce! I'm holding my Monarc shares and think about adding some more.
Recent information shows that this stock is worth much more than this:
What is a stock worth where the company is bankrupt? Answer yourself.
After selling it's buying.
A Merger with a mining company to bring in more cash for Monarc Corp and raise the share value. Sounds great so far. Let's wait until there are more details shown.
Oh good! They are expanding their warehouse facilities in Cangzhou, Hebei Province to increase capacity by 25%. First step in the right direction.
Will buy more at these levels.
Good finish today. Let's see if there will be better news next week.
Don't worry, be happy! One day people will realize the immense potential of Good Life China's fast growing convenience stores chain. Just a matter of time. I personally get all I can at these low levels and lay back. Until that very day I advice to watch the Haorizi videos on:
www.GoodLifeChina.com
Have a nice weekend!
I'll try to get some more MONA shares at this level. Might be the last chance. Have never seen it so low before.
Could these buys from Monarc be related to the buy-back-programm? Maybe a new one is starting soon?