Seeking Alpha
  • Today - Thursday, December 18, 2014

  • 7:20 AM
    • The 28 properties were acquired from GE subsidiary Diamond Senior Living, and are currently net-leased to a new Aviv operator, Laurel Health Care at an initial cash yield of 8.5% for another 15 years.
    • AVIV entered into the agreement to buy these properties shortly after agreeing to sell itself to Omega Healthcare Investors (NYSE:OHI).
    • Source: Press Release
    • Previously: Aviv REIT buys 28-property portfolio for $305M (Nov. 5, 2014)
    | Comment!
  • 7:17 AM
    • William Stanley resigned from his board spot at New York REIT (NYSE:NYRT) thanks to American Realty Capital's new policy disassociating itself from any company where Nick Schorsch has a significant presence (he's chairman and CEO of NYRT).
    • His replacement is Randy Read, CEO of Nevada Strategic Credit Investments.
    • Source: Press Release
    • Previously: American Realty cutting all business ties with Schorsch (Dec. 15, 2014)
    | Comment!
  • 3:31 AM
    • BGC Partners (NASDAQ:BGCP) has increased its takeover offer for rival interdealer broker GFI Group (NYSE:GFIG) by 3.8%, raising its bid to $5.45 per share.
    • BGC’s chairman and chief executive officer, Howard Lutnick, is looking to consolidate the shrinking interdealer brokerage business by topping CME Group’s (NASDAQ:CME) takeover bid for GFI.
    • CME matched BGC’s previous $5.25 per share offer on Dec. 2.
    • Previously: BGC Partners extends GFI tender for another month (Dec. 09 2014)
    • Previously: CME boosts offer for GFI Group (Dec. 03 2014)
    | 1 Comment
  • Wednesday, December 17, 2014

  • 5:55 PM
    • At today's closing price, $50M would be good for nearly 11% of the float. Dynex (NYSE:DX) says it will only repurchase shares when the price of the stock is less than the company's most recent estimate of book value.
    • As of Sept. 30, book value was $9.14, putting today's close at nearly an 8% discount to book.
    • Source: Press Release
    | 1 Comment
  • 4:41 PM
    • Genworth (NYSE:GNW) originally hoped to have concluded the annual review of its long-term care business this year, but things are taking longer than anticipated, says CEO Tom McInerney.
    • The date for disclosing results now moves to 2015 Q1, on or before the time of the Q4 earnings call.
    • Source: Press Release
    • Previously: More on Genworth: Sell-side dour; now lower by 36% (Nov. 6, 2014)
    | Comment!
  • 4:30 PM
    • To review, current global head of FICC David Sobotka - comfortable with the progress the struggling business has made - reportedly set a retirement date for year's end.
    • He's to be replaced - reports the WSJ - by Bernard Mensah and James DeMare. Demare has been with BAC since 2008 and is currently head of global securitized products and real estate portfolio management. He'll continue to be based out of NYC.
    • Mensah joined BofA in 2010, and currently runs FICC trading for EMEA. He'll continue to be based in London.
    • Amid a tough time for FICC action in the banking industry, Bank of America managed to post an 11% Y/Y gain in Q3, though CEO Brian Moynihan has said Q4 isn't looking anywhere near as robust.
  • 4:19 PM
    • The NY State Gaming Facility Location Board has selected a subsidiary of Empire Resorts as EPR Properties' (NYSE:EPR) partner for the casino within EPR's planned Adelaar resort in the Catskills. The subsidiary, Montreign Operating Company will be the applicant for the gaming license.
    • Source: Press Release
    | Comment!
  • 4:10 PM
    • Citing "persistently difficult" suburban office market conditions, S&P lowers its outlook on Liberty Property Trust (NYSE:LPT) to stable from positive, while affirming the company's BBB credit rating.
    • "Persistently difficult conditions in the suburban office market, along with increased development spending over the next 12 months, will delay improvement to key credit metrics," say analyst Michael Souers. "We see limited downside risk to the ratings, unless development and acquisition activity accelerates significantly quicker than we anticipate."
    | Comment!
  • 3:41 PM
    • Popular high-yield ETFs HYG and JNK are each ahead by 2% in today's session as the energy sector - which makes up a sizable portion of the high-yield universe posts a strong rally, with the XLE higher by 4.1%.
    • BDCs can sort of be considered the equity equivalents of junk bonds, and they're putting in a big rally today as well.
    • Prospect Capital (PSEC +1.5%), Main Street (MAIN +4.1%), Blackrock Kelso (BKCC +2.4%), Triangle Capital (TCAP +6.4%), KCAP Financial (KCAP +2.6%), THL Credit (TCRD +3.5%), Medley Capital (MCC +2.2%), Fifth Street Finance (FSC +1.5%)
  • 3:23 PM
    • This time its the National Credit Union Administration Board, and it's suing Bank of America (NYSE:BAC) and U.S. Bancorp (NYSE:USB) over losses on $5.8B in MBS.
    • "Even after ample evidence came to light that the trusts were riddled with defective loans, defendants shut their eyes to such problems,” according to the complaint. “As participants in many roles in the securitization process, defendants were economically intertwined with the parties they were supposed to police.”
  • 2:35 PM
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  • 2:32 PM
    • Continuing a strategy of disposing of non-core assets, Chambers Street Properties (CSG +1.4%) unloads four office assets totaling 535K square feet for $66.3M. One was wholly-owned the others were part of a JV with Duke Realty.
    • Total 2014 dispositions now total $184.8M
    • Source: Press Release
    | 1 Comment
  • 2:24 PM
    • Unlike previous stock sales by the U.K. government, Morgan Stanley (NYSE:MS) is charging a fee of just £1 to handle the affair.
    • The bank has a six-month window to sell no more than 15% of the average volume of Lloyds, meaning somewhere in the area of about £3B of stock being sold by the end of June.
    • Charity? Not exactly. There's something called order flow, and Morgan Stanley will be allowed to charge commissions to investors when the shares are sold. Morgan was chosen for the work because of the job it did leading the sale of 7.7B Citigroup shares by the U.S. in 2010.
    • Previously: U.K. readies next sales of Lloyds stake (Dec. 17, 2014)
    | 1 Comment
  • 11:30 AM
    • Appearing on Bloomberg TV, Bill Ackman says he added "meaningfully" to his positions in Fannie Mae (OTCQB:FNMA +6.8%) and Freddie Mac (OTCQB:FMCC +6.5%) last week.
  • 10:33 AM
    • After pricing its 10M-share IPO at $20 (above a $16-$18 range), OnDeck (NYSE:ONDK) opened at $26.50 and is now at $26.75, up 33.8%.
    • The online small business lender is valued at $1.78B. Revenue for the nine months ending Sep. 30 was only $107.6M, albeit up 156% Y/Y. Net loss was $14.4M, and historical loan originations total $1.7B.
    • P2P lending giant LendingClub (LC +1.4%), which delivered a blockbuster IPO last week, is up modestly. Its gains come even though Compass Point has launched coverage with a Sell rating and $19 target.
    • SA author Larry Abrams suggests investors tread cautiously with OnDeck. "We would avoid investing in OnDeck's stock as the company's business is dependent on 'treadmill' leading practices that binds borrowers to ongoing refinance ... OnDeck is not LendingClub. It has substantial balance sheet risk as it books most of its originations with offsetting liability."
    • Prospectus, IPO preview
    | Comment!
  • 10:08 AM
    • Previous sales of Lloyds (LYG +0.2%) have taken the government's stake from around 40% to just under 25%, and the new sales could commence in the coming days.
    • Sales will not be made below the average price of the government's purchases, which is 73.6 pence. In London action today, Lloyds is trading lower by 1% to 76.07.
    | Comment!
  • 9:52 AM
    • Analyst Cheryl Pate expects accelerated U.S. card spend driven by 1) Ramping consumer spending, and 2) Higher merchant penetration through OptBlue. American Express (AXP +0.5%), she says, is highly leveraged to an improving economy and a higher stock market thanks to its "more affluent" client base.
    • Opt Blue, she adds, offers a "meaningful value proposition" to small merchants which could result in AmEx narrowing the merchant gap with competitors.
    • Alongside the Overweight rating is a $110 price target.
    | Comment!
  • 9:40 AM
    • XL Group (XL -3.7%) CEO Mike McGavick: "We both believe that we will be far better positioned and stronger together. We see this transaction as deeply accelerating the strategies of both companies."
    • He notes Catlin (OTCPK:CLNGF) is the leading presence at Lloyd's, and a purchase would immediately expand many of the lines of business in which XL has recently invested.
    • Source: Press Release
  • 9:17 AM
    • Located in Little Rock, Arkansas, the 260-unit apartment community was built in 2005 and has an average unit size of 962 square feet. Occupancy is 95%, with average monthly effective rent of $926. IRT closed on the purchased yesterday.
    • It's more business for RAIT Residential (NYSE:RAS) which will provide property management services.
    • Source: Press Release
    | Comment!
  • 9:07 AM
    • The Hyatt Ka'anapali Beach consists of 131 timeshare units on previously underutilized land adjacent to Host's (NYSE:HST) Hyatt Regency Maui Resort & Spa. Host contributed land and cash to the JV in exchange for a 67% interest, and hopes to realize benefits from the sale of the timeshare units and also synergies created with the existing hotel.
    • Host sill has 35 remaining acres of undeveloped land at this location with which it plans to pursue additional development.
    • Source: Press Release
    | Comment!
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