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gotcha...thx. You have any thoughts on the CVU earnings, which as per Hweb, doesn't jive when you look at pretax earnings of full year less nine months.. or at least they are not telling you what adjustment they made to get to nine cents.
IB - thanks Larry, r59, and Hweb for all that info
Larry, I primarily want to use it to buy in pre-pre market. And mostly dinky stocks. Is it just once in a while that these restrictions hit, or is it like 25%. Any way to quantify?
re InteractiveBrokers I am thinking about setting up an account at IB, but what you describe does scare me. I mean I get up in general super early, so I can actually trade often at those weeee early hours where once in a while you see some wacky trades that I'd like to try and take advantage of.
AXTI raises q1 rev estimates from $20 - $21 mil to $22.4 - $22.7 mil
thats interesting
CVU anyone get a chance to review the numbers, and any thoughts?
CVU in with a strong quarter, seems like .09/share fully taxed on an adjusted basis. And their backlog grew sequentially by a tad. I added pmkt.
Lisa Abramowicz
@lisaabramowicz1
The S&P 500 hasn't had a -2% day since February 21, 2023. "This is the 12th longest such streak since 1928:" Citi's Stuart Kaiser
5:03 AM · Apr 8, 2024
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22.3K
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hweb, do you still have an account at IB, and if so, is that hassle where they restrict trade on certain stocks b/c of investor affiliation concerns still ongoing?
true, and I have no idea about the econ going forward, it just seems fine to me at a snapshot at this moment.
But my point really was not about the econ doing well or not; but rather that these people I mentioned, from the ages in their late twenties to near seventy; now have jobs that on average require them to go to the office well under half of the time, and I think that is having a heavy influence on the decline of office vacancy rates rather than the economy in general as you cited.
best.
I disagree. From what I see the job market is still very strong. Vacancies, imho, have more to do with everybody working from home. Anecdotal, but I have a friend who is 69 years old who quit his job abruptly b/c he didn't really like his new boss. Told the headhunting agency that he wanted a job where he can work 100% at home. Within a week he was offered a high paying job where he has to come in to the NY office once per quarter. My daughter just found a new job with a large international 'spirits' company pretty quickly at what I consider to by very strong salary for her experience. And she has to come in 3 days per week. My brother-in law is an attorney with the Attorney Generals office for the State of New York. He only goes in like once or maybe twice per week (he does have to go to some trials obviously). My daughter's good friend, who is an epidemiologist, she goes into the office at most once per week. That's at a private company, before that she worked for the City of New York Dept of Health, and even there she only had to go in twice per week. And really, on and on....
Things can change quickly in the job market, but up till right now, I think its a pretty hot market.
Dylan being Dylan https://www.youtube.com/shorts/MYhEPfRcph4
AXTI ($3.35) I picked some up... got hit big yesterday on a short report. Forgetting about that for a second, it looks to me like they started turning things around. My memory is gone, but some analyst came to their defense big this morning criticizing the short report. And B Riley raised them to a Buy and raised the PT to $5.
Interesting stuff, .... he was the manager of Clarence Gatemouth Brown, hopefully didn't rip him off too badly. Saw him at SOB's on Varick... years back, great venue, used to have loads of great acts. I'm sure you've been. Its still around... one of the few.
Just Like A Woman
Perhaps not as big a coinkydink as your first impression. Matthew and Luke, the second and third gospels chronologically, have many similarities. And from those similarities, biblical historians hypothesize that both Matthew and Luke draw much of their content from two earlier books.. the Gospel of Mark (the earliest of the 'four gospels'), as well as another even earlier gospel historians have called the 'Gospel of Q' (which they believe was solely comprised of the sayings of the historical Jesus) and which no modern person has ever seen. Nevertheless this Q source book has actually been 'derived' from the Matthew and Luke, and you can buy a copy at your local bookstore.
What 'by God' does this have to do with the coincidence of the 'Left Bankes' Pretty Ballerina duel posts? Well I believe I have, through rigorous and voluminous research and detective work...I have found 'Q', the source for both of our posts. Q is a youtube channel that I like a lot, find really interesting... The Wings of Pegasus youtube channel posted this just one day back
But before post it... when I first heard this song, I found similarities to it and some Velvet Underground/Lou Reed songs. I mean not all the flourishes, but I could definitely 'hear' Lou Reed singing it with that same melody but in his own voice and arrangement. Both from NYC, both around the same time, but I don't think anyone finds the two bands similar. Except I kind of do. Am I crazy? best:
nice. .. Neil Young and Crazy Horse - Come on Baby Lets Go Downtown
The Left Banke - Pretty Ballerina
Blind Boys of Alabama w/Susan Tedeschi - People Get Ready, live at Tipitina's in the Big Easy
surfer... srry for the confusion... unfortunately I fibbed to those gentleman. I was not the guy who followed the Tedeschi Trucks band around the country. Well, I was that guy for the ten minutes I had shots with them.
Watching the Wheels - The Nelson Brothers with their dad, Willie, cover this Lennon Classic as a tribute on Lennon's birthday a few years back.. pretty sweet imho, esp when Willie joins in
great info murray!
nice.. saw them like five years back at the Warner Theater in Washington DC... they kicked arse. Two guys came up to me at that show and asked me if I was 'that guy' who went to all the Tedeschi Trucks shows around the country... I said yes, and they poured me a shot...
TGB not sure.
VIRC my position has dwindled away to small as well, even with the add this morning.
VIRC I added a few VIRC in the low elevens, of course my original order of $10.92 didnt get hit it went as low as $10.93. Anyway, the new investor presentation, which I actually can't find on the VIRC website (I only see the one from June), but they say some good things in their pr.. notably backlog plus orders up dramatically in the January quarter.
Does anyone see the actual investor presentation which also gives their revenue for the year and margins and other stuff?
TGB ARREF I own those two in copper. Also a small position in WIRE
luv it!
PSIX given their guidance, you'd think they should be able to reduce debt more this year ... considering they reduced it by what, around $65 million last year. However, it is possible that they pushed out necessary capex in order to focus on debt reduction. Anyway, we will see.
PSIX Standard Chartered Bank Loan ($130 mil with $50 mil currently outstanding) extended one year. Rate increases a smidge of a smidge, from SOFR + 3.35% to SOFR + 3.45%. The $30 million (with $19.8 mil outstanding) Weichai Loan also extended one year. They are 'working' with Weichai to extend their other two loans, the $25 million all outstanding one maturing on May 20, 2024, and the $50 million all outstanding loan maturing November 20, 2024.
From SA
Power Solutions International Announces Extension to Credit Agreement
Mar. 28, 2024 4:09 PM ETPower Solutions International, Inc. (PSIX)
WOOD DALE, Ill., March 28, 2024 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (PSIX) (the “Company” or “PSI”) amended its $130 million uncommitted senior secured revolving credit agreement (the “Fourth Amended and Restated Credit Agreement”), with Standard Chartered Bank, as administrative agent (“Standard Chartered”), and the lenders party thereto from time to time. The Fourth Amended and Restated Credit Agreement extends the maturity date of loans outstanding under its previous credit facility to the earlier of March 21, 2025 or the demand of Standard Chartered. The Fourth Amended and Restated Credit Agreement has an outstanding principal balance of $50 million with no principal payments scheduled as of the date of this release.
The Fourth Amended and Restated Credit Agreement is subject to customary events of default and covenants, including minimum consolidated EBITDA and Consolidated Interest Coverage Ratio covenants for the second and third quarters of 2024. Borrowings under the Fourth Amended and Restated Credit Agreement will incur interest at either the alternate base rate or the Secured Overnight Financing Rate (“SOFR”) plus 3.45% per annum.
The obligations under the Fourth Amended and Restated Credit Agreement are unconditionally guaranteed, on a joint and several basis, by certain wholly-owned, existing and subsequently acquired or formed direct and indirect domestic subsidiaries of the Company, subject to customary exceptions. The obligations under the Fourth Amended and Restated Credit Agreement are secured by substantially all assets of the Company and the Company’s wholly-owned subsidiaries.
In connection with the Fourth Amended and Restated Credit Agreement, on March 22, 2024, the Company also amended one of its existing shareholder’s loan agreements with its majority stockholder, Weichai America Corp. (“Weichai”), to among other things, extend the maturity date thereof. The Company and Weichai agreed not to renew the first shareholder’s loan agreement, which expired on March 24, 2024, providing the Company with a $130.0 million subordinated loan under which Weichai was obligated to advance funds solely for purposes of repaying outstanding borrowings under the Third Amended and Restated Uncommitted Revolving Credit Agreement dated as of March 24, 2023 among the Company, certain subsidiaries of the Company party thereto, Standard Chartered, as administrative agent, and the lenders party thereto from time to time if the Company was unable to pay such borrowings. The shareholder’s loan agreement providing the Company with a $30 million subordinated loan at the discretion of Weichai at an annual interest rate equal to SOFR plus 4.05% per annum (the “$30 Million Second Amended and Restated Shareholder’s Loan Agreement”) was amended to extend the maturity date from March 31, 2024 to March 31, 2025. Further, if the applicable term SOFR is negative, the interest rate per annum shall be deemed to be 4.05% per annum. If the interest rate for any loan is lower than Weichai’s borrowing cost, the interest rate for such loan shall be equal to Weichai’s borrowing cost plus 1%. The $30 Million Second Amended and Restated Shareholder’s Loan Agreement is subject to customary events of default and covenants. The Company has covenanted to secure any amounts borrowed under the $30 Million Second Amended and Restated Shareholder’s Loan Agreement upon payment in full of all amounts outstanding under the Fourth Amended and Restated Credit Agreement.
As of March 22, 2024, the Company had borrowed approximately $19.8 million under the $30 Million Second Amended and Restated Shareholder’s Loan Agreement.
The Company also previously entered into two other loan agreements with Weichai, including the $25 million Second Amended and Restated Shareholder’s Loan Agreement (the “$25 Million Second Amended Shareholder’s Loan Agreement”) and the $50 Million Second Amended and Restated Shareholder’s Loan Agreement (the “$50 Million Second Amended Shareholder’s Loan Agreement”). The $25 Million Second Amended Shareholder’s Loan Agreement will mature on May 20, 2024 and the $50 Million Second Amended Shareholder’s Loan Agreement will mature on November 30, 2024. The Company intends to work with Weichai to extend both the $25 Million Second Amended Shareholder’s Loan Agreement and the $50 Million Second Amended Shareholder’s Loan Agreement as the maturity date of each agreement approaches. As of March 22, 2024, both the $25 Million Second Amended Shareholder’s Loan Agreement and the $50 Million Second Amended Shareholder’s Loan Agreement have been fully drawn.
regrets, I've had a few....
AMS ... I am going to try and listen too.. listened to three live already this morning... all short though
AMS added some, I thought earnings were solid
"The Kobeissi Letter
@KobeissiLetter
How out of control is US government spending?
"Since 1800, there have been 52 countries that saw a Debt-to-GDP above 130%, 51 of those countries have defaulted." -
@TKL_Adam
with
@cvpayne
Currently, the US has a Debt-to-GDP ratio of 124% which is up over 20% since 2020.
The US will be above that 130% threshold by 2033 based on the current trajectory.
According to the US CBO itself, Debt-to-GDP is on track to hit 150%+ by 2050.
Meanwhile, a $1.2 trillion budget was just passed and the debt ceiling is uncapped until 2025.
How is this ever sustainable?"
DRCT in with a loss of .08/share.. and its still bidding over twice what I sold it for........
GTLS nice close at $157
BKTI @$15.30. Great call Larry !!!
MLR responds to activist letter:
MILLER INDUSTRIES ISSUES STATEMENT IN RESPONSE TO SHAREHOLDER LETTER
Mar. 21, 2024 1:14 PM ETMiller Industries, Inc. (MLR)
CHATTANOOGA, Tenn., March 21, 2024 /PRNewswire/ -- Miller Industries, Inc. (MLR) ("Miller Industries" or the "Company"), the World's Largest Manufacturer of Towing and Recovery Equipment, today responded to a public statement issued by Advisory Research, a shareholder in Miller Industries, calling on the Miller Industries Board of Directors (the "Board") to form a special committee and conduct a strategic review process.
Ted Ashford, Lead Independent Director commented, "Our Board routinely reviews our corporate strategy and is willing to discuss and challenge management's plans for value creation. At this time, the Board believes that the execution of our current plan and growth strategy, which has driven 48.4% in total shareholder return over the past year, is the best means to maximize long-term shareholder value and drive continued positive change. We're disappointed, but perhaps not surprised that after months of earnest engagement, Advisory Research has concluded that it is not willing to put its thesis to a vote to shareholders, but has instead decided to make a self-serving and short-sighted public complaint, with spurious allegations and no credible path for long-term value creation."
"We welcome engagement with our shareholders and are always looking for ways to maximize value at Miller Industries. Thus far, Advisory Research's interactions with the Company have been consistently focused on near-term issues and share price performance. We are surprised by the persistent urgency in which they have insisted we move, particularly in light of the Company's share price performance over the past year. It appears that Advisory Research is operating based on faulty assumptions about the Company's fundamentals," continued Mr. Ashford.
The Miller Industries management team and Board have been in regular dialogue with Advisory Research since it initiated its position in August 2022. The management team has regularly made themselves available both in person at conferences, as well as virtually, scheduling calls with the Advisory Research team following quarterly earnings. In an effort to continue to engage in good faith, the Company also facilitated multiple Board-level meetings between Advisory Research and Miller Industries' Lead Independent Director, Ted Ashford, and Chair of the Nominating & Governance Committee, Leigh Walton. During these interactions, Advisory Research provided numerous and shifting critiques about Miller Industries, including ideas on strategy, margin expansion and leadership changes. Ultimately, Advisory Research plainly stated that its desire was for the Company to be sold. After the meetings, the two directors shared Advisory Research's perspectives with the entire Board for consideration.
Additionally, Advisory Research put forward two names for the Company to consider as potential additions to the Board. The Company thoroughly considered the candidates and conducted formal evaluations consisting of issuing and reviewing questionnaires, facilitating site visits with management and holding interviews with multiple Board members. Following the completion of that process, the Nominating & Governance Committee, as well as the full Board, determined the two candidates that Advisory Research put forth did not add any incremental value or skills beyond those the Company already has on its recently refreshed Board of Directors.
Mr. Ashford concluded, "We are proud of the current state of our business. Our backlog remains at near-record levels and our management team has been able to drive full year records for both net income and EPS in 2023, with high single digit growth expected on the horizon in 2024. We believe the Company and this management team, led by Chief Executive Officer William G. Miller, II., is well positioned to continue delivering excellent financial results, particularly given the strong macroeconomic backdrop ahead and the oversight of a highly effective Board of Directors."
MLR some investor activist news re 3.25% owner 'Advisory Research':
Advisory Research Sends Letter to Miller Industries’ Board of Directors Regarding Opportunities to Enhance Shareholder Value
Mar. 21, 2024 9:30 AM ETMiller Industries, Inc. (MLR)
Calls on the Board to Initiate a Review Process that Involves Comparing a Credible, Long-Term Plan to Strategic Alternatives, Including a Sale of the Business
Highlights Operational and Strategic Issues Contributing to Miller’s Lagging Operating Margins and Valuation
Sees Opportunity for Miller to Deliver Substantially More Value for Shareholders by Implementing a Margin Improvement Plan or Selling to a Well-Capitalized Strategic Buyer
Lots more in the full letter here: https://www.businesswire.com/news/home/20240321329378/en/Advisory-Research-Sends-Letter-to-Miller-Industries%E2%80%99-Board-of-Directors-Regarding-Opportunities-to-Enhance-Shareholder-Value
CURI saw that last night, but right after the huge surge