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AGM - Wade, I sold all my shares and options at around $8.00 right after earnings. I could tell that the momo players (thelion, etc) were jumping on board and pushing it for a ride. So, it was eventually going to settle, and $6 - $6.50 looks like the place for now.
I'm guessing that many investors want to see another quarter of solid results before the real retail players and institutions jump in. With the latest ethanol bankruptcy (saw on the news yesterday ~ lots of discussion about this bubble), I imagine some are still worried about AGM's ethanol exposure even though it is very minor.
I'm looking for an entry point below $6 (not sure if it will ever get there), but I can easily see a double from here if they can report a solid Q2 or if any institutions come sniffing around.
Well...I bought 50k today at .125 I've been watching for a week or two since someone brought it up on the VMC board (either Rawnoc or SSKILLZ1, I believe) and really like the potential here. I freed up my largest holding today (AGM - with its amazing run), and am looking for new enticing plays.
I really like the growth story here, and I appreciate all the DD on this board!
AGM - Yeah, I sold all my shares at $8 and my $5 May calls at $3 (from my purchase price of .12 avg) just a few minutes ago. I feel like this could easily trade at $10 with latest results, but some of this is momo playing, so will wait for it to settle some before (and if) I decide to buy back in.
Regardless, this was a great find by all the board members, and my best trade of the year thus far.
AGM - NICE! Congratulations! Man, you bought them at .05?! My average was about .12. I sold them all at $3 as well (all but 7 of them), so I'm in celebration mode!
AGM - Anyone jump on this one last week? I bought 55 AGM $5 MAY calls at an average of .12 last week. I just sold them all at $3!!!! My first successful lotto!
AGM - $5 May CALLS finally traded at $3.00 (a $2.90 premium over my purchase price of .10). Congratulations on an excellent buy! Trying to decide whether to sell my shares or hold out for a push towards $10 per share!
AGM - SWEEET! I also have 4,000 shares and 55 $5 MAY Calls that look like they might be in the money! Earnings of 3.31 (core earnings of .47) should shoot this stock to $8-$9 or so IMO.
AGM - I agree, very impressive given the current share price. I have some $5 MAY calls that I assumed would expire worthless, but pre-market says otherwise :).
The fact that the loan loss provisions continue to increase (mostly due to ethanol loans) has me a bit worried, but this is already more than baked into the current sp (and what financial institution doesn't have provisions during these recessionary times?)
I'm trying to figure out with the VeraSun loan if there is either any continued exposure (after their Q4 recognition of loss allowance) or if there is a potential one-time gain yet to occur (on sale of assets). Can anyone translate this from the 10-Q:
"During fourth quarter 2008, VeraSun Energy Corporation and its subsidiaries filed for Chapter 11 bankruptcy. VeraSun’s subsidiaries operated four ethanol plants that, as of March 31, 2009, secured $43.9 million of outstanding loan participations in Farmer Mac’s portfolio, with the largest single exposure to any one plant of $12.4 million. In April 2009, the lending group that includes Farmer Mac acquired those four ethanol plants as part of the VeraSun bankruptcy proceedings, with the lender credit bid prevailing at the bankruptcy auction. The lending group is actively engaged in marketing the four plants with the goal of selling the plants for fair market value in the near term. As of March 31, 2009, Farmer Mac provided a specific allowance for loan losses of $12.1 million for the VeraSun subsidiary loans, which is a component of Farmer Mac’s total allowance for losses of $21.3 million as of March 31, 2009. During first quarter 2009, Farmer Mac also charged off an additional $2.0 million on a non-VeraSun ethanol loan."
I'm guessing it will all depend on the sale of the assets, but don't know enough about VeraSun to determine if we hold a reasonable loss provision, or if there is potential exposure.
AGM - Earnings of $3.31 per share! Most of it is based on gains on financial derivatives and one-time events, but core earnings stand at .47! But, I don't mind seeing $3.31 in all the headlines :)
For non-ethanol loans, delinquencies are at only .61% of portfolio (and 1.90 percent with ethanol loans). Loan loss provisions continued in Q1, though nowhere near the provision level in Q4. A key statement "As we look ahead, we expect any credit losses to remain within manageable levels"
Sounds to me like Farmer Mac is still performing well with core earnings. I'm fairly pleased with the Q1 results, though I need to digest more of the ethanol details, provisions, and financial derivatives, etc.
AGM - Wade, it was a momentum play, so I think today was profit taking. A site called thelion.com started pumping it on Tuesday and again yesterday, so it just ran out of steam.
Unfortunately, the buyers on the latest move were just manipulating this since the float is rather low. I don't think it has anything to do with earnings, and certainly the buyers weren't institutional in nature (which is what we really need for a big move). So, I'm still hopeful that earnings next week will be solid and provide Farmer Mac with some decent exposure.
But, you're right...it is very disappointing to see such weakness.
466% Gain today. LOL!
I've noticed that shares aren't available on the ask anymore, so it was nice to see a buy at .51 this morning even though it was only 2,500 shares. I think .51 is much more indicative of AHFP's value based on increasing sales and outlook.
I still hold 10,000 shares which is pretty small, but I've never had a 466% gain in a day before. LOL. Not that I could sell even if I wanted to (the bid is back down to .10), but I think I'll continue to hold indefinitely.
AGM - Nobody playing this today? Up 15% right now and hit a high of 4.41 (verses yesterday's close of 3.59). This low floater can sure fly given some higher than average volume. I hope it's earnings related (earnings due next week) and not just a momo play, but I'll take it either way :)
Earnings play? AGM May $5 Calls for .20. Stock has run from $3 to $4.41 in the past two days ahead of earnings (On May 11th or 12th, I believe). Not sure if this is momentum/day trading or just a run into earnings, but the calls look fairly cheap.
AGM hasn't run with the financials, but is actually in so much better shape than the banks. The Agriculture industry has been recession proof to date, and other than some large losses on preferred stock holdings last year (Lehman, FNM, FRE) and one ethanol loan going bad, core earnings have continued to remain impressive. Plus, after selling $354m in loans last month, Farmer Mac is well capitalized.
Lastly, low float stocks can move quite quickly. It might be worth a lotto ticket.
AGM - Touched $4.41, but taking a breather now. I actually bought some $5 May calls yesterday for .10 and scooped up a few more today for .15.
I hope there's more gas left in the tank for this one. Earnings to be released on May 11th or 12th, I believe and core earnings should look great!
AGM - Touched 4.35. I'm still not convinced this isn't just some momentum play orchestrated by some day traders. That said, I did buy some MAY $5 Options for .10 yesterday just in case we get some real traction from here.
Even though I imagine that AGM's ethanol loans are probably not doing so well, we should see some nice gains on both the sale of verasun assets (I think AGM wrote off all, but should get some money back since the sale of assets was larger than expected), and with their remaining stock holdings in financials. Financials have improved considerably as a whole over the last few months, and though AGM was trying to divest in their holdings. I'm sure they still hold some stock that has increased in value of late.
Plus, liquidity shouldn't be an issue now since Farmer Mac sold $354m in loans to Rabobank Group last month.
AGM up 15%. I hope its earnings related, but I just don't think this stock gets enough interest or exposure to facilitate a run on earnings anticipation.
Lots of volume today, so more likely a newsletter or stock site has picked this for a run. I'd prefer to be wrong though, and hope there's some event or substance behind the run. AGM hasn't moved much with the financials, so maybe its just due.
Apparently private investors/market aren't too thrilled about the government and the UAW now owning part of the US auto industry while bondholders had to bend over and take it in the rear.
I scooped up some BIDU $200 MAY puts for $1.20 today. They look good so far, but BIDU is so heavily manipulated, that I may take my 20% gain and run while the getting is good.
HAMP - Nice call KiK. Trading around 3.00 now, so that's a nice gain for you! I hope you bought a boat load!
News not announced yet (probably on earnings call). It's on the site though when you log into your etrade account, or you can download the app here:
http://www.apptism.com/apps/e-trade-mobile-pro
Question for you options experts...
Given a scenario where you can buy a call "in the money" trading on par with the current stock price verses a call "out of the money", which offers a better value.
Take C for example. We all know that Citi will either pop or drop on the results of the stress test due May 5th. If I were to way to play a call, for example which scenario offers better returns:
C stock price is currently at 3.25
1. May $1 calls trade for $2.25 (right on par with stock price)
2. May $4 calls trade for $0.23 but are obviously out of the money.
Which provides a greater chance of return if the share price were to move to $4-$5? I assume that out of the money calls offer a bigger premium (due to risk), but want to make sure I'm understanding this correctly.
Thanks for your advice!
I hope $2 holds. I can't figure out what exactly is moving ETFC so violently (though I'm not complaining). Simple market sentiment can't be the answer. It could be some kind of short squeeze, but why now unless there is some kind of momo run. I read where someone said "Citadel is going to let it run", so maybe this is some kind of staged event.
Earnings leak? TARP? I have no clue, but I'll certainly not argue with the tape as long as we keep heading north.
ETFC was rising so rapidly, I didn't want to jinx it!
I hear ya. There are certainly a bunch of catalysts out there for investors to be excited about Financials in general, and ETrade specifically.
Here are the ones I can think of off the top of my head:
General:
1. M2M rule change
2. Uptick rule
3. Govt purchase of toxic assets
4. Big banks forecasting Q1 profits
5. New home sales up ~ positively impacts financials
6. Many banks repaying TARP
ETrade:
1. TARP Approval
2. ETrade declines TARP, says its not needed (hopefully)
3. Continued falling loan delinquencies
4. ETrade in beta to bring Mobile Pro to iPhone (confirmed)
5. Q1 results (either much smaller increase in loss reserve, or maybe even a reduction(?) - Potential M2M change notwithstanding
6. March metrics should be outstanding as trading volumes have exploded for brokers this month
7. Huge short interest - Any positive news will cause massive short covering
All it would take is for a few of these to come together, and we could see a serious move in share price. I'm certainly hoping so!
Can I borrow your rose colored glasses, please? I'm definitely up for a .60-.80 pop today! Bring it on!
I've been watching FPP since it is the only one on the list I seem to be able to short with E*Trade. At $2 and change, I don't think it's really a good short candidate yet. But, if I see the thing spike to $$3.50 - $4.00 or more again (heck, I think it hit over $8 in the summer), you better believe I'll jump back in on the short side. FPP is one of my most memorable gainers from a short perspective as I rode it down from over $7.50 a share.
Financials - Just about every financial is up BIG in pre-market (I'm talking 20% to 40% for some). I wonder if this will carry into market open... Either the financials have been beaten down to absolute extreme levels, or this pop will be very temporary. Anyone think financials are at least a short-term buy now, or is the hype already overdone? I'm holding ETFC and AGM, and my mouth is watering since they're both up around 20% in pre-market.
I'm thinking its profit taking time, but I also have to consider the impact of mark-to-market changes, this latest round of Fed buying of mortgage backed securities, etc.
We'll see how today shapes up, but I hope financials continue to stay hot for the next few days at the very least...
I'm seeing $1.55 now. Man, I really hope this carries over to market open. Part of me wants to take some profits, but I'm hoping that the financial sector still has more legs...
What a nice run in a week. I wish I had bought more in the .60's, but 15k shares will have to do. Great to close at the HOD, and I hope there is still some more momentum left. Unfortunately, I also have 3k shares I bought back in the $3's, so am finally in the green with today's run. It feels good.
It's possible that we give back some of the gains in the next few days, but any continued bullishness for the financial sector in general should keep us moving in positive territory (mark-to-market suspension, short sell uptick rule, TARP, etc). There are plenty of catalysts to be found if they just come to fruition.
I'm actually looking forward to seeing Q1 results (in late April). We'll still have to reserve more $'s, I'm sure, but it should be substantially less than prior quarters. I'm even hopeful we could show a single digit loss to breakeven for the quarter (-.09 - .00). We'll see...
I still like AGM and think it should have a solid future. Agriculture tends to remain fairly solid in the face of a recession, so should be a fairly safe sector given the nature of the financial markets. As a positive today, the big ethanol loan for VeraSun that AGM has taken a write-down on may turn out to bear some fruit after all. An article today says that VeraSun's ethanol plants for sale in the bankruptcy auction are drawing multiple bidders, so will hopefully generate more than expected income to pay off creditors (a la AGM).
I'm hopeful that AGM will perform well especially now that the broader financials sector is warming up (due to mark-to-market discussions, big banks having positive results in Jan/Feb, potential short sell uptick rule reinstatement, etc).
I don't have a large position, and it could get bumpy, but I am still very optimistic about AGM and I'm not surprised that it held close to $3 today in the face of a miserable Q4.
That would make sense, though I haven't seen any confirmation. I would imagine that in order to receive TARP, E*Trade would be required to lend again with the TARP funds. So, maybe what we're seeing with the mortgage business is E*Trade's attempt to be ready to hit the ground running when they are approved for TARP.
Thanks for the rumor. One one hand, I'd like to finally resolve the TARP discussion with a nice cash infusion, but on the other hand, I'd prefer for E*Trade to shake off this "insolvency" discussion on its own and prove that they are in recovery mode without any government involvement (ie additional dilution).
It seems too many people are hung up on the expectation of TARP, so unless we get TARP confirmation, the share price just isn't going to strengthen substantially for another couple of quarters IMO.
Anyone see that E*Trade is apparently back in the active mortgage lending business? I think this is HUGE news, but it's thus far not been mentioned by the Company nor has it been picked up my any media outlets.
Check this:
https://mortgage.etrade.com/info/70307/landscape?jpid=SecureHome
Or, just go to the main E*Trade site, click "Banking" from the top, then find the Mortgages section and click on the "30-Year Fixed Rate" link. There, you can read all of the details on the Mortgage loan program.
The best news of all about this is that we're lending without even having secured any TARP funds. So, this tells me that either the TARP funds are imminent or E*Trade is comfortable enough with its capital requirements to begin lending anew (albeit with much more stringent loan requirements, etc)
I'm a buyer here. The news just confirmed that E*Trade is not insolvent and should be fine as long as any losses are spread over many quarters. If there were an immediate loss scenario, E*Trade would fall below the Tier1 Capital Ratio, but, then again...so would Schwab, Raymond James, etc.
I didn't think the news was bad, but more effectively addressed what we already know; that E*Trade could continue to incur further write-downs. Yet, for a .68 stock, the potential of a continued strong brokerage business and manageable losses over several quarters far outweighs the negatives for me.
It's a gamble, but with strong brokerage revenues, the ability to manage further loan losses, the possibility of a change to uptick and mark to market accounting rules, and even some worst case $ support from TARP make it unlikely for E*Trade to go belly up, and offer some potential upside.
Probably a trading position for me, but I do want to be around when the Tard shakes the shorts and pulls through this mess.
GORO - Isn't Hochschild Mining the Company that really tried to stick it to Minera Andes (MAI.TO) recently? They basically forced Minera to either sell the company to them (at a premium to shareholders, but nowhere worth value in ground), or to heavily dilute. Maybe no big deal, but Hochschild does seem a bit ruthless...
This from the Northern Miner on 2/11 regarding Minera's problem and their work-over by Hochschild:
The company's current financial predicament stems entirely from its producing mine. Minera owns 49% of the San Jose gold-silver mine in Santa Cruz province, Argentina. Hochschild Mining (HOC-L) owns the other 51% and operates the mine, which achieved production in mid-2007.
As part of its efforts to finance development at San Jose, Minera borrowed US$17.5 million from Macquarie Bank in 2007. The debt facility was predicated on the expectation that San Jose would achieve positive cash flow in 2008, allowing Minera to repay the debt. Minera used its assets to secure the loan;
the agreement stipulated that the company could not dilute its interest in San Jose without defaulting. Hochschild brought San Jose online in August 2007 and even before the high grade, underground gold-silver mine reached full commercial production the major decided to expand the operation. Initially the mine was built to process 265,000 tonnes of ore each year; Hochschild embarked on an expansion to bring annual capacity to 530,000 tonnes.
Minera has essentially no control over decisions at San Jose. The company that owns San Jose, of which Hochschild owns 51% and Minera 49%, is controlled by a five-member board of directors. Three of those members are from Hochschild; the other two are from Minera. Both partners expected to fund the expansion using cash flow. Unfortunately development work cost more than expected and in December Hochschild told Minera it needed cash. Specifically, Hochschild said the partners needed to provide US$23 million to fund the expansion, which meant Minera Andes needed to hand over US$11.3 million within 60 days. That's when things got interesting. The company had some $2.5 million in the bank - not nearly enough to fund the cash call - and because San Jose was not producing positive cash flow, Minera was already in breach of one of the covenants on its Macquarie loan. In short, the company needed US$28.8 million almost immediately and rather unexpectedly.
"We asked in the summer if there would be any cash calls in the fall and Hochschild said no," says McEwen. "Then in December, all of a sudden, ops there's a cash call and it's due in 60 days.
Minera evaluated its options. McEwen says the board tried to raise interest in an equity financing but, not surprisingly, found the equity markets unresponsive. One institution offered to try a best-efforts financing, provided McEwen participated, but best-efforts financings in the current market offer no
certainty. Minera also tried to re-negotiate its loan but instead of finding willingness to extend or increase the amount the bank said it wanted to accelerate the repayment schedule.
"So we're not getting much luck on the equity front, we're not getting much luck on debt refinancing, and so we're looking at a situation where, if we don't make this cash call, our interest in San Jose goes from 49% to 38%," says MwEwen.
And there's the rub. The other major covenant controlling the Macquarie loan is that a dilution in Minera's stake in San Jose defaults the loan, allowing the bank to demand full repayment in seven days. When Minera failed to repay the US$17.5 million, the bank could step in and seize the company's assets.
That's when McEwen made his $40-million offer and left the directors' meeting. The tricky part is that convening a shareholder meeting to approve the significant, insider share issuance would take months but Minera only has until Mar. 3rd to pay the cash call or essentially it's all over. So the company applied to the TSX for exemption from the requirement for shareholder approval according to Section 604(e), the financial hardship exemption.
The next day, Hochschild made two offers to Minera. The major first made a bid for the entire company, offering 0.22 Hochschild share for each Minera share. The takeover bid valued Minera at 62¢, a 100% premium to the company's closing price on Feb. 5th. Alternately, Hochschild offered to buy Minera's 49% interest in San Jose US$70 million in cash.
At the same time Hochschild also appealed to the TSX to "re-examine and reconsider" the availability of the hardship exemption.
DNG.to - I have a small position in Dynacor and am excited to see it's positive cash flow. The only trouble with Dynacor is that it's primarily a milling operation, so doesn't receive the multiples that gold producers get. That said, I hear that Dynacor is finding great gold shows on their property. If they could only mill/produce their own ore as opposed to milling for other local miners than we'd have a home run.
Still, with positive cash flow (and lots more coming with double milling capacity and $1k gold), this is a great little company with plenty of potential.
AGM - Here's a nice article on Farmer Mac...
Farmer Mac head Junkins working to offset meltdown
By Cindy Iutzi/Gate City Staff Writer
Published: Tuesday, January 27, 2009 2:11 PM CST
A Lee County resident is involved in keeping the effects of the nation's economic meltdown from hurting the agriculture sector.
As acting chairman of the Federal Agricultural Mortgage Corporation board of directors, Lowell Junkins of Montrose recently joined other American financial leaders in shoring up Farmer Mac's defenses against such perils as investments in Fannie Mae and Freddie Mac.
Farmer Mac, a $9 billion company, does not lend directly to farmers but instead stays behind the scenes. By providing a secondary market, the company helps finance the financial institutions farmers use.
“We tend to bring lower cost money to financial institutions and hopefully the low cost money is passed on to the farmer,” Junkins said. “We facilitate getting the cost of the loan down.”
Banks that deal with farmers, ranchers or rural utilities can go to Farmer Mac to buy qualified agricultural or rural housing mortgage loans or to guarantee the timely payment of interest and principal of securities backed by pools of qualified loans. Farmer Mac buys the loans and sells them to the secondary market.
Specifically, the mission of Farmer Mac is to provide a secondary market for qualified agricultural mortgage loans, rural housing mortgage loans and portions of loans guaranteed by the U.S. Department of Agriculture (held by financial institutions including commercial banks, Farm Credit System institutions, insurance companies and other private lenders) as well as rural utility loans to cooperative borrowers made by cooperative lenders.
The Farm Credit Administration and U.S. Securities and Exchange Commission oversee Farmer Mac business.
Farmer Mac was created in 1987 by Congress after the earlier crash of the savings and loan banking system to ensure that affordable, long-term credit would be available to the agricultural community.
Small farms account for 65 percent of Farmer Mac financial commitments, Junkins said.
Twenty years later, Farmer Mac is back near where it began - in an economic disruption larger than the savings and loan debacle that resulted in its creation.
Farmer Mac had losses of $92 million in September 2008 because of two non-program investments - in Fannie Mae preferred stock and Lehman Brothers senior debt securities - that it previously had made to provide liquidity and manage short-term surplus funds.
Also, the farm economy, although so far in better shape than the overall economy, is not insulated from the nation's financial condition, Junkins said.
“Sure we're (farm economy) in harm's way,” he said. “But there is reason for hope that we will come out all right. I would point at how we came out of the '80s. We are stronger because we came out of the '80s. With the proper financial tools in the tool box, we will be all right.
“But this (economic meltdown) is like a new strain of the flu. We don't know quite how to deal with it yet. I don't know if things will respond the way things did in the past. There is no CAD program to design this from. That's what private enterprise and the government and worldwide financial institutions are going through right now.”
To diminish the effects of the crash, Farmer Mac management and Junkins and his board raised $65 million in capital on Oct. 1, 2008, by issuing senior preferred shares that were picked up by the five banks of the Farm Credit System and Zions Bancorporation.
Then on Dec. 15, 2008, Farmer Mac raised an additional $50 million in new capital through sales of preferred stock to a large institutional investor and National Rural Utilities Cooperative Finance Corporation, a cooperative lender to the nation's cooperative rural utilities.
Farmer Mac was successful in sufficiently raising funds to keep it strong and was able to do so without using federal assistance.
When asked to comment about how he believes the United States will emerge from the global financial crisis, Junkins remained positive about the eventual outcome.
“I'm sure the country will emerge stronger and better than we were before,” Junkins said. “I believe there will be firm foundations underneath our economy and it will be strong in America long term.”
The Farmer Mac board is comprised of 15 members: five from banks and private lending institutions; five from ag banks and lending institutions; and five who serve “at the pleasure of the president.” The other board members are elected by Farmer Mac stockholders.
Junkins was appointed to the board in 1996 by former President Bill Clinton and was reappointed by former President George W. Bush at the request of Sen. Tom Harkin. He is the only Farmer Mac board member who was appointed by two presidents of different parties. The other four public members were changed when Bush assumed the presidency in 2000.
The sitting president chooses Farmer Mac's board chairman and the vice chairman is elected by the board members. Junkins served as vice chairman of the board of directors starting in April 2002 and stepped up to acting chair in September 2008. In December 2008 he was reelected to both positions. As acting chair, Junkins is paid $30,000 per year plus expenses.
Candidates for the five public seats cannot be involved in financial institutions and are generally not experts in finance. They are appointed to represent the interests and needs of farmers and ranchers.
“I've gotten my doctorate in finance in the last 12 years,” Junkins said. “Through the first 11 years I served on various committees of the corporation and got insight from service in the financial, credit world. There was nothing this challenging in the first 11 years - until September 2008 when the world woke up to a whole new day.”
Junkins said that when the financial community makes waves, very few financial institutions can avoid being affected. However, they may immunize themselves to minimize the affects.
“That's what brought me to the table,” Junkins said. “Everyone in the financial community had sailed against the wind. Some didn't make shore and others are still struggling.
“We were capable of providing the type of security, the capital in the corporation to keep us afloat. Our corporation also has new management and at the board level we have done an outstanding job. Our acting management and board together is doing a miraculous job. We were able to raise more than $100 million in investments in our corporation. We kept our eye on the mission and at the end of the day our financial situation is grounded in the mission.”
Junkins said the Farmer Mac board started a search for a new CEO and new CFO in November 2008.
“It is important to note that while the housing and consumer sectors of the economy have experienced significant credit issues, the ag economy has remained comparatively strong, as has Farmer Mac's guarantee portfolio,” Junkins said. “Farmer Mac is seeing a strong demand in its business pipeline and by addressing its capital needs, Farmer Mac is moving forward to address this demand.”
Junkins also serves as chair of Farmer Mac's Executive Committee and Corporate Governance Committee.
Locally, he owns and operates Integrated Energy, a start-up company based in Montrose that does planning for alternative energy operations. Integrated Energy brings together businesses, takes equity interest in some and wholly owns others.
“It's quite exciting,” he said. “I got interested in alternative energy when I was at the Lee County Economic Development Group. That's a niche that holds some promise.”
Junkins was the LCEDG executive director for 5 1/2 years before leaving to establish Integrated Energy.
Wade - AGM - Absolutely it will help AGM, but in more of an indirect nature. Though AGM doesn't have much in the way of toxic assets, their exposure to financial equities is quite extensive. So, I'd expect AGM to move along with financials as a whole. Let's hope for a good, strong day for once...
AGM - Umm...I think $3.73 was a good buying opportunity after all. It's currently up 10% today, trading at 4.43. It just spiked a couple of minutes ago, so we'll see if it holds...
AGM - Mike, I've been trying to nibble the past week or two, and have noticed that AGM has been strong at market open, then weakens throughout the day (only to tick back up by EOD). So, you may still get a chance today if the seller reappears.
Of course, having said that, I've probably single-handedly changed the trading pattern by simply predicting the stock movement (which is fine I guess, since I have my shares :) )
Good luck.
AGM - I added shares yesterday at $3.52. There was such low volume that the MM's were simply driving the price lower in 100 share increments. I'm hoping to add a few more next week if there is increasing weakness. I think we'll see a nice jump here in January (assuming the financials don't bottom out again).