Seeking Alpha
  • Today - Tuesday, September 16, 2014

  • 4:39 AM
    • Hedge funds are cutting their long positions on cable, as the gap between "yes" and "no" votes for Scottish independence narrows.
    • According to French asset management group Lyxor, investors on average have cut their positions from from 5% of their net assets at the end of May to -1.3% in early September.
    • Last week, the pound fell to $1.60, its weakest level in nearly a year, due to the uncertainty of Scotland's future.
    • Sterling is lower by 0.4% vs. the dollar to $1.6168. FTSE -0.4%.
    • Pound ETFs: FXB, GBB
    • British equity ETFs: EWU, EWUS, FKU, DXPS, DBUK, QGBR
    | Comment!
  • 2:23 AM
    • Blackstone (NYSE:BX) has issued marketing documents and is looking to raise approximately $16B for its newest buyout fund, Blackstone Capital Partners VII.
    • The new fund will replace Blackstone Capital Partners VI, which raised just over $16B in investments, and closed in 2012 due to the global financial crisis.
    | Comment!
  • Monday, September 15, 2014

  • 11:25 PM
    • Full Circle Capital (NASDAQ:FULL): FQ4 NII of $0.15 misses by $0.01.
    • Total Investment Income of $3.41M (+2.4% Y/Y) misses by $0.2M.
    • Press Release
    | Comment!
  • 5:14 PM
    | Comment!
  • 4:52 PM
    • The self-administered test shows Ciitgroup's(NYSE:C) Basel III Common Equity Tier 1 ratio falling as low as 8.6% under the severely adverse scenario. It was 14.6% in Q1. The Tier 1 Leverage Ratio falls as low as 5.3% vs. 8.9% in Q1. Both levels are above current guidelines.
    | Comment!
  • 4:26 PM
    • Zions (NASDAQ:ZION) is making an "Any and All Tender Offer" for its 4.5% senior notes due in 2017, of which there is $400M outstanding.
    • In the "Waterfall Tender Offer," Zions is offering to purchase its 4% senior notes due in 2016 and 4.5% senior notes due in 2023, up to an aggregate total purchase (along with the 2017 paper) of $500M.
    • Press release
    | Comment!
  • 4:24 PM
    • AMREP Corporation (NYSE:AXR): FQ1 GAAP EPS of $0.82.
    • Revenue of $17.93M (-12.5% Y/Y).
    • Press Release
    | Comment!
  • 4:22 PM
    • The severely adverse scenario used by BB&T (NYSE:BBT) was designed to be "substantially more severe" than the Fed's assumptions. It includes a peak unemployment rate of 11.2% by 2015's end, a 27% decline in home prices, and an inverted yield curve, with the 10-year yield inverted by 62 basis points.
    • "BB&T’s performance under the BB&T Severely Adverse scenario indicated that BB&T would maintain strong capital levels to withstand a severe recession."
    | Comment!
  • 4:07 PM
    • The Hampton Inn & Suites in downtown Austin in the first property owned by Summit Hotel Properties (NYSE:INN) in the home of its corporate offices.
    • The property has 209 rooms and was purchased for $53M. Summit anticipates putting $2.4M in improvements into the hotel and a post-renovation cap rate of 8-8.5%.
    • Source: Press Release
    | Comment!
  • 2:58 PM
    • CME Clearing chief since 2004, Kim Taylor will become President , Global Operations, Technology & Risk. She'll be replaced as head of CME Clearing by her current deputy, Sunil Cutinho.
    • Chief Commercial Officer Bryan Durkin will take on a newly created role designed to serve and support "our global client base by ensuring the development, delivery and maintenance of industry leading products, platforms and services."
    • Sean Tully will be in charge of CME Group Interest rate, Equity, Foreign exchange, and OTC businesses. He previously led the Interest rate and OTC businesses.
    • Also with expanded roles are Derek Sammann and Robert Zagotta.
    • Source: Press Release
    | Comment!
  • 1:30 PM
    • Joining Carlyle's (CG -1.6%) Islamorada portfolio are the Postcard Inn Beach Resort and La Siesta Resort. The four properties in the portfolio will be grouped in the newly formed Islamorada Hotel Company and be managed by Trust Hospitality. The equity for the deals comes from Carlyle Realty Partners VII, a $2.34B U.S. real estate fund.
    • Carlyle plans a total of $18M in renovations to the two newest properties.
    • Source: Press Release
    | Comment!
  • 1:11 PM
    • The role is key one for AIG and its new CEO Peter Hancock, who - prior to becoming CEO and now - believes investment in technology will pay large dividends for the insurer.
    • Named today to the role is Philip Fasano who joins AIG from Kaiser Permanente, where he held the same position. He'll report directly to Mr. Hancock.
    • Source: Press Release
    | Comment!
  • 12:48 PM
    • The 215-room DoubleTree Grand Key Resort was purchased by RLJ Lodging (RLJ -0.9%) for $358K per key.
    • RLJ plans to put about $7M into renovations next year, and expects the purchase price plus capex to represent a forward cap rate of 8% based on anticipated 2016 NOI.
    • Key West as a whole saw RevPAR growth of 17.8% in 2013, and this hotel's RevPAR is nearly 50% higher than the overall RLJ portfolio.
    • Source: Press Release
    | Comment!
  • 12:16 PM
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  • 11:47 AM
    • Kelly Walters stepped into the CEO role at Supertel (SPPR +1.9%) in April 2009, and has presided as the company struggles to regain its footing following the pop of the real estate bubble, leading the divestiture of legacy properties and paying down of debt.
    • He'll remain as CEO until the earlier of a replacement being hired, or Dec. 31, 2014.
    • Source: Press Release
    | Comment!
  • 11:40 AM
    • Rexford's (REXR -2.1%) $30.5M, or $96 per square foot purchase of 9120 Mason Avenue - a 320K square foot building in Chatsworth, CA - brings YTD acquisition volume above $260M.
    • This new property is 100% leased through 2020 to two occupants and fully renovated in 1999.
    • Source: Press Release
    | Comment!
  • 10:56 AM
    • In connection with ACP Re's closing of its purchase of Tower Group (TWGP) today, ACP's controlling shareholder, AmTrust Financial (AFSI -1%) has acquired from ACP the renewal rights to Tower's commercial lines business.
    • CEO Barry Zyskind: "AmTrust is confident that it has the expertise, capital strength and technology to help grow the premium and profit potential of Tower's Commercial Lines Business."
    • During 2014's H1, the business generated over $400M in premium for AmTrust.
    • Source: Press Release
    • Previously: ACP Re, closes on purchase of Tower Group
    | Comment!
  • 10:01 AM
    • Camden Property Trust (CPT -1.2%) is an outlier to the downside in the apartment REIT sector after Off Wall Street - citing overbuilding in Texas and D.C. - rates the stock a Strong Sell, with price target of $59.70.
    | Comment!
  • 9:55 AM
    • Taking a look at whether boosted defense spending in reaction to The Islamic State (ISIS) will positively impact Booz Allen Hamilton (BAH +3.5%), analyst Cai von Rumohr upgrades the stock to Outperform, with price target lifted to $28 from $25.
    | Comment!
  • 9:50 AM
    • Pebblebrook Hotel Trust (PEB -0.2%) and Sunstone Hotel Investors (SHO +0.2%) are each upgraded to Buy from Neutral at ISI, with the price target lifted to $41 from $38 for Pebblebrook, and $15 from $14.50 at Sunstone.
    • Pebblebrook has had the hot hand this year, up 21% vs. a 5% gain for Sunstone.
    | Comment!
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