CXS: CreXus Investment Corporation Instablogs

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Thursday, May 23, 3:01 PM Agency MBS fail to bounce from the "massive liquidation" following Bernanke's testimony yesterday, according to CIBC's Tom Tucci. Suggestions of a tapering of Fed purchases sent Fannie Mae MBS with 3% coupons to their lowest levels of the year. "Right now it seems the only source of demand is the Fed," says BAML's Brad Scott. Unsurprisingly, pure agency mREITs like AGNC and ARR hit 52-week lows today. Annaly (NLY) - now diversified into the commercial space with the CXS purchase - outperforms. 13 Comments [Financials]
Wednesday, May 1, 5:03 PM With the CreXus (CXS) acquisition set to close on May 23, Annaly (NLY) announces the hiring of a number of industry veterans to build out its commercial real estate platform. The team will be led by Robert Restrick who joined Annaly's asset management unit (FIDAC) in 2010 and has been COO of CreXus since 2011. (earnings earlier) (PR) Comment! [Financials]
Wednesday, April 17, 9:09 AM Annaly Capital (NLY) and CreXus (CXS) announce the expiration of the tender, with Annaly accepting for purchase 55.2M shares of CreXus for $13.05/share (includes prorated dividend payment). The merger is expected to close on May 23. (PR) Comment! [Financials, M&A]
Monday, March 18, 7:05 AM Annaly Capital (NLY) commences its tender all shares of CreXus Investment (CXS) it does not already own for $13/share, plus the prorated portion of any dividend that would have been earned in Q2. Annaly also appoints former Morgan Stanley executive John Schaefer to the board. (PR) 2 Comments [Financials, M&A]
Thursday, March 14, 5:36 PM CreXus Investment (CXS) declares $0.25/share quarterly dividend. For shareholders of record Mar. 29. Payable Apr. 25. Ex-div date Mar. 27. (PR) Comment! [Dividends]
Wednesday, February 20, 6:50 AM CreXus (CXS): Q4 EPS of $0.23 inline. Book value/share of $11.85 vs. $11.93 last quarter. The company remains in the 45-day period in which it can solicit offers better than Annaly's (NLY) $13/share. (PR) 5 Comments [Financials, Earnings]
Tuesday, February 19, 10:50 AM A "strategic shift" is afoot at the mortgage REITs, says Wunderlich's Merrill Ross, as the gorilla in agency MBS (the Fed) has some looking at assets like commercial mortgages and private label securitizations. Exhibit A is Annaly's (NLY) purchase of CreXus (CXS). "It's like the Yankees saying they are going to diversity out of baseball," says Jefferies' wary Daniel Furtado. 11 Comments [Financials]
Tuesday, February 12, 2:23 PM CMBS appears to be the asset du jour for the hedge fund crowd, getting a mention as a favored spot from Boaz Weinstein, Tom Kempner, and Jamie Dinan at a recent conference. Formally just a residential player, Annaly (NLY) is buyer with its proposed acquisition of CreXus (CXS). Among stocks benefitting from better commercial real estate performance: WD, ARI, SFI, GKK. Others? 1 Comment [Financials]
Thursday, February 7, 3:13 PM The opportunity for CreXus (CXS) from sitting on Annaly's (NLY) far-larger balance sheet should be "exponential" says Annaly CEO Denahan on the earnings call. Annaly is also receiving large principal pay downs each month - money that used to go to new MBS purchases, or (lately) share buybacks, but now can go to the higher-yielding commercial space (the acquisition is not yet a done deal). 5 Comments [Financials, M&A]
Thursday, January 31, 9:13 AM Premarket gainers: ORCC +82%. WMS +55%. FTNT +20%. SGMS +15%. JDSU +14%. KERX +14%. ALGN +13%. SWKS +13%. CTXS +12%. ERIC +11%. DCTH +7%. PBI +8%. QCOM +6%. ALU +6%. CXS +6%. FNSR +6%. LVS +6%. UA +5%. IGT +5%.
Losers: CLSN -79%. LQDT -15%. FIO -14%. RIMM -7%. AFFY -7%. RMD -6%. FB -6%. VNR -5%. 1 Comment [On the Move]
Thursday, January 31, 7:04 AM CreXus (CXS) shareholders wake up to a nice surprise, with the board accepting a raised buyout offer from Annaly (NLY) - $13/share in cash from $12.50 previously. The company has 45 days to solicit and review offers from other parties, and Annaly will not add to its 12.4% stake in CreXus during this period. (PR) 5 Comments [Financials, M&A]
Wednesday, December 19, 2012, 5:05 PM CreXus Investment (CXS) declares $0.32/share quarterly dividend, in line with previous. Forward yield 10.31%. For shareholders of record Dec. 31. Payable Jan. 24. Ex-div date Dec. 27. (PR) Comment! [Dividends]
Tuesday, December 4, 2012, 10:04 AM Leveraging a bond yielding 1.5%-2% by 8X is not a great business, writes David Schawel, remaining bearish on pure-agency mREITs. Dividends - and share prices along with them - will be cut more than expected next year. How about non-agency? Maybe too popular, he says. "Every hedge fund is suddenly an expert." (other ideas instead: I, II) 22 Comments [Financials]
Tuesday, November 13, 2012, 3:40 PM CreXus Investment (CXS) is downgraded to Hold from Buy at Deutsche Bank following Annaly's $12.50 cash bid. Deutsche expects no other bidders will emerge, and the CreXus board will accept the offer. With the stock trading at $12.40, it doesn't leave a lot of upside. Comment! [Financials, M&A]
Tuesday, November 13, 2012, 12:57 PM Annaly's (NLY -4.2%) play for CreXus (CXS -0.3%) is the start of a shift of assets away from the Agency MBS sector, says Citi, which wouldn't be surprised to see another bidder emerge (CXS turned down a $14 bid by Starwood in 2011). With a $130B MBS portfolio, Annaly's needle won't be moved a whole lot by CreXus' $840M in assets. For commercial REITs, Citi's favorite is STWD, in the non-Agency space, it's PennyMac (PMT). 2 Comments [Financials]
Tuesday, November 13, 2012, 7:17 AM CreXus (CXS) is downgraded to Neutral from Overweight at JPMorgan after yesterday's purchase offer from Annaly took the stock above book value and nearly to the level of the acquisition price. If CreXus shareholders haven't sold yet, they may want to think about it as pretty much only bad things can happen to the stock price from here. 3 Comments [Financials]

CXS CreXus Investment Corporation

CXS

CreXus Investment Corporation