Seeking Alpha
  • Today - Wednesday, November 26, 2014

  • 12:00 PM
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  • 10:10 AM
    • Manulife Financial (MFC -0.3%) announces a Canadian public offering of 8M preferred shares priced at $25/share, to raise gross proceeds of $200M.
    • The expected closing date for the offering is Dec. 3.
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  • 9:24 AM
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  • 9:15 AM
    • Daniel Houston has been named president and COO of Principal Financial Group (NYSE:PFG), effective immediately. Larry Zimpleman continues as chairman and CEO.
    • Houston has been with Principal for more than 30 years, and president of retirement, insurance, and financial services since 2009.
    • Source: Press Release
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  • 8:46 AM
    • Current Chief Risk Office Paul Richardson - who has served in the role for a number of years - will remain a partner and chief risk officer of Two Harbors' (NYSE:TWO) external manager, Pine River Capital Management.
    • He's being replaced, effective January 1, by Robert Rush who has been managing director, risk management since September of 2013.
    • Source: Press Release
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  • 8:42 AM
    • The 204K square foot warehouse and distribution facility in Morrow, Georgia is 100% leased through December 2019 to a global sourcing company for stainless steel and alloy material.
    • The initial cap rate is 7.2%, and annual rent escalations allow for a 7.6% annualized straight-line cap rate.
    • GPT acquired the property for about $7M in an all-cash deal.
    • Source: Press Release
    | 1 Comment
  • 7:45 AM
    • The bank is looking to transfer its 26.8% stake in Tonopah Solar Energy, LLC to a new holding company, with two Canadian public pension funds each holding about a one-third interest in the JV, reports the WSJ. Financial terms weren't disclosed and Santander (NYSE:SAN) is currently seeking regulatory approval for the move.
    • In other news, the bank yesterday agreed to buy a $300M consumer loan portfolio from the Mexican unit of Scotiabank, and Santander says about 90% of the more than 47K clients in the portfolio represent new business opportunities.
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  • 7:23 AM
    • In declaring its $0.54 per share quarterly dividend (inline with previous), Triangle Capital (NYSE:TCAP) announces a $0.05 supplemental Q4 payout.
    • Source: Press Release
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  • 1:54 AM
    • The U.S. Justice Department is investigating whether an HSBC (NYSE:HSBC) employee leaked confidential client information to a major hedge fund.
    • The alleged leak is believed to have taken place in March 2010, while the bank was advising Prudential on a huge acquisition and was working on a related multibillion-dollar currency transaction.
    • The probe comes as HBSC pleads guilty to charges that its Swiss private banking unit helped Americans evade taxes. HSBC will pay $12.5M to settle those claims.
    | 1 Comment
  • Tuesday, November 25, 2014

  • 5:03 PM
    • Raising his earnings estimates for "the biggest beneficiaries," BlackRock (NYSE:BLK) and Legg Mason (NYSE:LM), Wells Fargo's Chris Harris, notes few assets followed Bill Gross to Janus (NYSE:JNS), but instead went to large fixed-income shops with strategies consistent with Gross' style.
    • Harris says the 20%+ redemption rate for Gross' previously-managed funds is well below the 40-60% rate seen in cases of other high-profile PM departures, leading him to believe institutional withdrawals - slower to react - are likely to pick up. Competitors like BLK and LM are likely to see an incremental $80B of inflows over the next 8-10 months.
    • Don't just focus on the Total Return Fund (MUTF:PTTAX), says Harris (it's lost $30B), noting $5B of redemptions at Pimco Low Duration (MUTF:PTLAX) and nearly $8B at Pimco Unconstrained Bond (MUTF:PUCPX).
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  • 4:47 PM
    • Auto loan originations were $105B in Q3, according to the New York Fed's Household Debt and Credit report, with auto loan balances - now at $934B - up for the 14th consecutive quarter.
    • The 90-day delinquency rate of 3.1% fell 20 basis points from Q2.
    • Among those watching with interest are sizable auto lenders like Capital One (NYSE:COF), Santander Consumer (NYSE:SC), and Ally Financial (NYSE:ALLY).
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  • 4:38 PM
    • The NECB board authorizes the repurchase of up to 255K shares through a Rule 10b5-1 plan.
    • Source: Press Release
    | 1 Comment
  • 4:33 PM
    • CNinsure (NASDAQ:CISG): Q3 EPS of $0.11
    • Revenue of RMB542.33M (+25.9% Y/Y).
    • Press Release
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  • 4:33 PM
    • It's American Capital's (NASDAQ:ACAS) fifth CLO deal since the financial crisis and its sixth overall. The annual management fee is 50 basis points on total assets.
    • The CLO has invested the proceeds in broadly syndicated senior secured floating-rate loans purchased in the primary and secondary markets, and American Capital Asset Management (soon to be spun off) now manages about $2.8B of these loans in six CLOs and American Capital Senior Floating, Ltd.
    • Source: Press ReIease
    | 1 Comment
  • 4:24 PM
    • Leucadia National (NYSE:LUK) has added another 5M shares to its holdings of Harbinger Group (NYSE:HRG), bringing its stake in the firm up to 22%, reports Bloomberg.
    • Previously: Phil Falcone to leave Harbinger Group
    • Harbinger closed higher by 3.6% in the regular session following news of Falcone's exit. HC2 Holdings (OTCQB:HCHC), where Falcone will apparently be able to concentrate more of his considerable deal-making skills, closed higher by 6.8%, and is now more than a double in the less-than-three months since SA Pro's Whopper Investments brought the barely-followed name to the attention of investors.
    | 1 Comment
  • 4:15 PM
    • Silver Bay (NYSE:SBY) adds 2.5M shares to its repurchase program (good for 6.6% of the float). The company in Q3 repurchased 743.5K shares and reported an estimated NAV of $19.97 per share, putting today's close of $16.26 at a near- 20% discount to that value.
    • Source: Press Release
    • Q3 Investor Presentation
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  • 3:47 PM
    • The 158.4K square foot industrial building is located at Skyport Industrial Park near the K.C. airport. The property is net-leased to Bunzi Distribution Midcentral for seven years.
    • It's Monmouth's (NYSE:MNR) fourth purchase in FQ1 (which began on Oct. 1), and the total portfolio now contains 11.8M total square feet.
    • Source: Press Release
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  • 3:06 PM
    • The decision to shutter the unit - which has $2B in AUM, and invests money across a range of external hedge fund managers - was made after a major client asked for its money back, reports the WSJ.
    • “Following a comprehensive review of our business, we have decided to exit the business of investing in third party hedge funds,” says an Aviva (AV -1.2%) spokesman. “We are working with our affiliates and the underlying hedge fund managers on an orderly transition plan.”
    • Aviva continues to be under pressure this week after announcing plans for a takeover of Friends Life Group in a deal which would create the largest insurance, savings, and asset-management company in the U.K.
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  • 2:43 PM
    • Elbit Imaging (NASDAQ:EMITF): Q3 Net loss of NIS32M
    • Revenue of NIS317.7M (+165.5% Y/Y).
    • Press Release
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  • 1:18 PM
    • Phil Falcone is resigning as CEO and Chairman of Harbinger Group (HRG +1.2%) effective Dec. 1, when he is expected to focus the continuing liquidation of his Harbinger Capital Partners hedge fund, developing HC2 Holdings (OTCQB:HCHC) and fighting for assets in the Lightsqaured bankruptcy proceeding.
    • Falcone became one of the investing stars of the financial crisis after anticipating the housing collapse, and at one point managed $26B; last year, he was barred from the industry for at least five years as part of a settlement with U.S. regulators after improperly borrowing money from his fund to pay his personal taxes and giving preferential treatment to some investors.
    • Board member and Leucadia National (NYSE:LUK) Chairman Joseph Steinberg will become HRG's chairman, and the company will launch a search for a new CEO.
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