Seeking Alpha

MF Global Holdings Ltd. (MFGLQ)

- OTC Markets
MFGLQ is defunct.
  • Nov. 3, 2011, 12:27 PM
    Jefferies (JEF -7.1%) defends itself against claims of heavy EU sovereign exposure made by Egan-Jones, saying on a "net" basis, the company is actually short to the tune of $38M - just 1% of capital. Without taking sides, FTAlpha notes MF Global (MF) also claimed it was hedged against its Europe exposure. Hedges aren't always perfect and there's that pesky counterparty risk.
  • Nov. 3, 2011, 10:13 AM
    Of note concerning Jefferies (JEF -11.9%) is a downgrade by Egan-Jones noting $2.7B of "sovereign obligations" - equal to 77% of shareholders equity. The agency would prefer a lower leverage ratio than the current 12.9:1, though noting it's not in the same ballpark as MF Global's (MF) 40:1.
  • Nov. 1, 2011, 9:37 AM
    Still trying to distance itself from MF Global (MF), Jefferies (JEF -19.7%) issues a statement saying it "has no meaningful exposure to the sovereign debt of the PIIGS," nor does it have "any repo-to-maturity actiity or related off balance-sheet derivative activity."
  • Oct. 31, 2011, 3:48 PM
    Private equity firm J.C. Flowers could record a $47.8M loss on account of its stake in MF Global (MF), according to Bloomberg TV. Jefferies (JEF -7.8%) says its exposure to MF Global amounts to less than $9M, but shares are nonetheless falling hard today. (more)
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  • Oct. 31, 2011, 9:46 AM
    As MF Global (MF) unravels (I, II), it looks like CEO Jon Corzine could take much of the heat. The WSJ notes Corzine "started making big bets" on the sovereign debt of at-risk eurozone countries in late 2010, and that the former NJ governor often "placed orders himself based on a list of prices left with an assistant."
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  • Oct. 28, 2011, 2:28 PM
    Speculation swirls around who ultimately will pick up the pieces of MF Global (MF -2.8%). WSJ lists Goldman Sachs (GS), State Street (STT) and Macquarie as potential bidders for all or parts. NY Post says CEO Jon Corzine asked Barclays (BCS) about a deal, but that it is unlikely to come through. Any move could happen fast, given MF's loss of some customer assets and declining stock price.
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  • Oct. 28, 2011, 9:49 AM
    MF Global (MF -11.9%) bounces sharply off its premarket low of 0.86 instigated by reports that the company drew down its credit lines. CNBC reports MF is in "advanced negotiations" with a narrow field of bidders to sell its struggling futures brokerage, hoping to reach a deal by Monday or sooner.
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  • Oct. 28, 2011, 9:05 AM
    Premarket gainers: CLWR +10%. AMD +10%. GT +10%. CX +8%. BIDU +7%. BRCD +5%. CLF +4%. TEX +4%. LVS +4%. TTM +3%. NMR +3%. AEZS +3%. JASO +3%. MRK +3%.
    Losers: MF -27%. WHR -11%. CSTR -8%. ING -7%. RBS -7%. MT -5%. OAS -4%. FRO -4%. ERTS -4%. BCS -4%.
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  • Oct. 28, 2011, 8:11 AM
    MF Global (MF) continues to slide, down 21% premarket following a report it has drawn down its credit lines and Moody's joining Fitch in cutting the firm's credit rating to junk.
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  • Oct. 27, 2011, 7:06 PM
    Another alarming sign of financial distress for MF Global (MF): the firm has reportedly drawn down and exhausted all its revolving credit lines over the past few days, according to a Bloomberg report, after stating as early as last Tuesday that it still had around $1.3B remaining. Shares -5% AH.
  • Oct. 27, 2011, 1:11 PM
    Fitch downgrades MF Global's (MF -14.4%) issuer default rating (IDR) to BB+ (junk) from BBB. "Volatile capital markets present MF with significant headwinds in executing its strategic transformation from a pure broker to a broker-dealer and, longer term, to a full investment bank without outsized incremental risk."
  • Oct. 27, 2011, 11:15 AM
    All over the place today, MF Global (MF +1.8%) pops higher on word it hopes to find a buyer for its futures unit within days. It's not quite clear why this should move the shares higher as, presumably, this is the firm's key money-making division.
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  • Oct. 27, 2011, 9:00 AM
    Premarket gainers: FRO +16%. MF +15%. DB +15%. RBS +13%. CFX +13%. CTXS +13%. ING +12%. BCS +12%. SNV +11%. NBG +10%. KYG 99 BBVA +9%. JASO +8%. CMED +8%. UBS +8%. PHM +8%. BAC +8%. MT +8%. MS +7%. RIO +7%. MTW +7%. COG +7%. C +7%. STD +7%. ANR +7%. HOV +6%. RF +6%. FCX +6%. NOK +6%. IRE +6%. FSLR +6%. PHG +6%. JPM +6%. DRYS +6%. HBC +6%. PNC +6%. MPEL +6%. BHP +6%. VLO +6%.
    Losers: MDR -21%. TQNT -17%. AVP -13%. VNET -9%. AGNC -4%. APIL -4%.
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  • Oct. 27, 2011, 8:06 AM
    MF Global (MF) is shooting higher, +18% premarket, following the last two days' drubbing. The move really started yesterday as the stock moved 61% off the low to close down just 8.6%. It's likely well-heeled buyers are kicking the tires.
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  • Oct. 26, 2011, 11:59 AM
    If Jon Corzine gets booted from the CEO chair in any MF Global (MF -26.6%) takeover, his reputation may take a hit but not his wallet. MF Global this spring estimated Corzine could collect ~$12.1M in severance pay, pro-rated bonus and other benefits if he loses his job in connection with a takeover.
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  • Oct. 26, 2011, 10:31 AM
    MF Global (MF) will explore strategic options, sources say, following yesterday's 48% dive, and after its bonds tumbled into distressed territory. Shares began the day higher, but are plunging again, recently -24% to $1.37. Investors are panicked about MF's $6B in exposure to European sovereign debt.
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Company Description
We are a leading intermediary offering customized solutions in the global cash and derivatives markets. We provide execution and clearing services for products in the exchange-traded and over-the-counter, or OTC, derivative markets, as well as for products in the cash market. We provide our... More