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Mike Maher  

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  • Shares of Tesla Motors (TSLA +7.7%) power to a gain after the automaker's Q3 report doesn't raise anything too alarming to investors. In a letter (.pdf) to shareholders, the company calls the quarter a "fundamental turning point" for the company as it shifts into a higher gear of production. New showrooms and an expanded supercharger network are also in the works. [View news story]
    If the US really want to push for electric cars, the fact the most populated section of the country has been without power for almost a week should be a wake up call that the electric infrastructure needs billions and billions of dollars in upgrades and modernization.
    Nov 5, 2012. 01:16 PM | 3 Likes Like |Link to Comment
  • Too much regulation is standing in the way of natural gas development and in turn America's energy future, and removing barriers is just as critical as resolving the fiscal cliff, Jack Welch tells CNBC: "We have a chance in this country to make this the American century. This gas thing is huge. The gas that we have found is in the first inning - it's like the Internet in 1990." [View news story]
    I think he means the opportunity this creates for the US to build new chemical plants, natural gas processing plants, and refineries. Not sure what regulation is standing in the way though, except in NY. PA, Ohio, WV all have active drilling and devlopment of the Marcellus, so the Federal government doesn't seem to be getting in the way onshore. Offshore, is a different matter.
    Nov 5, 2012. 11:46 AM | Likes Like |Link to Comment
  • Buyback Should Provide Floor In American Capital Agency [View article]
    Boog,

    This is a name that pays a massive dividend, that was formed to pay a massive dividend, and whose shareholders expect it to pay a massive dividend. If you want capital appreciation mREITs are probably not the best place to look.
    Nov 3, 2012. 07:35 PM | 1 Like Like |Link to Comment
  • Cirrus Logic (CRUS -11.2%) added to yesterday's big post-earnings losses dramatic fashion: shares are now down 21% from Wednesday's close. Piper's report about ongoing iPhone 5 constraints probably didn't go over well, given Apple is now estimated to make up over 3/4 of Cirrus' sales, and Skyworks' guidance may have also been a concern. Apple image sensor supplier OmniVision (OVTI -3.8%) also had a rough day. (Cirrus results/guidance: I, II, III[View news story]
    CRUS got hit hard like this a few years back, sat low for a while, and then took off. This looks like the same thing all over again.
    Nov 2, 2012. 05:09 PM | Likes Like |Link to Comment
  • Buyback Should Provide Floor In American Capital Agency [View article]
    With so much slack in the labor force, its hard to be worried about rising wages. Prices of food and fuel are rising as we export them to other nations. Thats more of a global demand issue than a US inflation issue.
    Nov 2, 2012. 05:01 PM | Likes Like |Link to Comment
  • Buyback Should Provide Floor In American Capital Agency [View article]
    The barrier islands in Jersey are still very bad in parts, and I've heard that there's a fair amount of looting going on down there, as well as in Brooklyn and Queens that the news isnt reporting, so be careful if you end up as part of the relief effort. I've heard talks of lumber shortages due to beetle infestations in the Pacific Northwest, and I'm sure there will be a surge in demand as the rebuild gets under way, so lumber might be a good way to play it.
    Nov 2, 2012. 01:37 PM | Likes Like |Link to Comment
  • Buyback Should Provide Floor In American Capital Agency [View article]
    I see this has turned into a pretty active discussion. Sorry to have missed most of it, power is still out at my house in NJ, and my office just got power back last night. JCP&L is not a utility to own, any if anyone knows who makes the telephone poles, we're going to need thousands of them up here, so that might be an interesting investment idea.
    Nov 2, 2012. 08:50 AM | Likes Like |Link to Comment
  • Buyback Should Provide Floor In American Capital Agency [View article]
    The last time AGNC did a secondary was July 17/18, when shares were trading around $35. Today, they announced a buyback, if shares are below book. I think the buyback will make secondaries harder to justify doing, so this announcement may take that possibility off the table for a time, so long as a large premium to book value does not manifest.
    Oct 29, 2012. 06:13 PM | 1 Like Like |Link to Comment
  • Academics question the IEA’s expectations of a big fall in U.S. emissions due to increased use of shale gas. Manchester University researchers agree the U.S. is now burning less coal, but says it is exporting more, meaning it is just displacing its emissions. Coal is enjoying a renaissance in the U.K., with the biggest increase in use since the 1960s. [View news story]
    Usually if you Google the name of the article, you can read it for free through Google. It works with the FT and with the Wall St Journal, I dont know why those companies dont close that loophole, but it works for me.

    I agree tho, if other nations want to buy and burn our coal, we should sell them every ton they want. to buy.
    Oct 29, 2012. 04:56 PM | Likes Like |Link to Comment
  • Academics question the IEA’s expectations of a big fall in U.S. emissions due to increased use of shale gas. Manchester University researchers agree the U.S. is now burning less coal, but says it is exporting more, meaning it is just displacing its emissions. Coal is enjoying a renaissance in the U.K., with the biggest increase in use since the 1960s. [View news story]
    The article from the FT says that the idea that global greenhouse gas emmissions would decline as the US burns less coal is being called into question as the US exports more coal. The article basically says the drop in US emissions is because we are exporting the coal and it is being burned other places, so that the net change to global emissions is not as pronounced. The MC on SA is a little misleading.
    Oct 29, 2012. 04:04 PM | Likes Like |Link to Comment
  • Buyback Should Provide Floor In American Capital Agency [View article]
    Right, that big jump in BV was likely a one time gain, but it still managed to close the gap between where shares were and were book is. As for keeping your eye on the ball, I agree wholeheartedly, and its why I want to hear what AGNC has to say on their conference call.
    Oct 29, 2012. 04:00 PM | 2 Likes Like |Link to Comment
  • Buyback Should Provide Floor In American Capital Agency [View article]
    I'd argue it sounds like management adjusting to a new business climate. With the spread wide, and shares above book, you issue shares to expand the business. With shares below book, and the spread less wide, you buy back shares and take some profits on bonds that have run up in value. Active management should adjust the company's portfolio as the market ebbs and flows.
    Oct 29, 2012. 03:16 PM | 3 Likes Like |Link to Comment
  • American Capital Agency (AGNC): Q3 EPS of $3.98 may not be comparable to consensus of $1.08. (PR[View news story]
    Big increase in BV, another nice quarter from AGNC.
    Oct 29, 2012. 02:27 PM | Likes Like |Link to Comment
  • The Spanish bad bank plan is released: The first wave of purchases will total €45B (with €90B being the final sum). Purchases will include foreclosed assets, loans, land - all at severe discounts to face value. Land, for instance, will get a 79.5% discount. Yikes. Rajoy expects private investors to mostly fund the scheme, and aims for ROE of about 15%. [View news story]
    Discounts like that must have been what the PE execs have been talking about in terms of opportunities in Spain.
    Oct 29, 2012. 12:48 PM | Likes Like |Link to Comment
  • As Exxon (XOM) falls behind in discovering untapped oil fields, it may be forced to buy what it cannot find, some analysts say. Anadarko (APC) could be an M&A candidate because utilities from Singapore to Seoul would pay a premium to import gas it finds off Mozambique’s coast. EOG could rejuvenate XOM with its oil-rich reservoirs in the Eagle Ford shale in Texas. [View news story]
    Moving the needle with a big acquisition didnt work well with Range Resources. I think XOM, or any of the majors for that matter, will see better returns by going after smaller names that lack the funding and infrastructure to really exploit the acreage they have, and go from there. XOM could pick up 3 or 4 companies and get a huge foothold in the Bakken, Utica, or DJ Basin, bringing the money and expertise of a major. I agree it won't be game changing for XOM, but the company made $41 bil in 2011, so its going to be hard for any deal to move the needle significantly.
    Oct 28, 2012. 11:40 PM | 1 Like Like |Link to Comment
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