Replies to post #24774 on Langlui's Big Board and Options Plays

[MBoomer17]

Holding FITB and CNO...

Watching for possible entry on CDR, FRP, RHIE, SHS and/or VRNM. All are pinchers, havent run big yet, and indicators turning up....Thanks to anyone who brought any of those to my attention....Alot of the other stuff I see out there looks toppy...

Daily DOW looks like we need a down day or two, but I think the week closes Green with M2M changes and some surprising earnings...

...but WTF do I know!

Have a drink and enjoy the ride!!!!

[langlui]

FITB more news.. weeeeeeeeeeeeee!

Fifth Third sells stake in processing business
Fifth Third sells 51 percent stake in payments-processing business to Advent International
Monday March 30, 2009, 5:34 pm EDT

http://finance.yahoo.com/news/Fifth-Third-sells-stake-in-apf-14789249.html

CINCINNATI (AP) -- Fifth Third Bancorp said Monday it is selling a majority stake in its payments-processing business to global buyout firm Advent International for $561 million.

Cincinnati-based Fifth Third said it will retain a 49 percent stake in the new company, Fifth Third Processing Solutions LLC, which is valued at $2.35 billion, before any adjustments. The unit processes electronic payments such as debit, credit and merchant transactions.

The new company will be capitalized, in part, by senior secured notes totaling $1.25 billion. Those notes will be payable to subsidiaries of Fifth Third. Cincinnati-based Fifth Third will also receive warrants from the new entity.

The move follows a $3.4 billion injection late last year from the goverment into Fifth Third. The deal announced Monday is expected to boost the regional bank's tangible common equity and Tier 1 capital by about $1.2 billion; both are common measures that attempt to estimate a bank's financial health.

Amid the ongoing recession and credit crisis, nearly all banks have been hard hit by rising loan defaults as more customers fall behind on payments. As those losses have mounted, banks have been forced to raise new capital. Fifth Third lost nearly $2.2 billion in the fourth quarter, mainly due to rising defaults on loans, charges on goodwill and credit costs.

Fifth Third said it expects the deal with Advent will close during the second quarter.

Advent, whose North America headquarters is based in Boston, is a global buyout firm with offices in 15 countries.

Shares of Fifth Third jumped 13 cents, or 5.5 percent, to $2.48 Monday.