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NLY

Annaly Capital Management, Inc.

5/25/2013, 3:35 PM ET

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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]
Thursday, May 16, 12:43 PM It's a nice bounce for the mortgage REITs (MORT +1.3%) today as a string of weak economic data leads to a big drop in Treasury yields, the 10-year off 6 bps to 1.88%. Leading gains is Western Asset Mortgage (WMC +3.3%) following yesterday's 8% post-earnings drubbing. CEO Jim Gavin took advantage, adding 12.8% to his stake by buying about $42K worth of stock at $19.96 each. Other movers include: (CMO +2.1%), (NLY +1.9%), (ARR +2.6%), (IVR +1.8%). 6 Comments [Financials, On the Move]
Monday, May 13, 4:20 PM Annaly Capital (NLY) CEO Wellington Denahan exercised on May 9 options to purchase 100K shares of company stock at $13.25 each (today's close $14.73), upping her stake in the company 11% to more than 1M shares. 4 Comments [Financials]
Monday, May 13, 12:43 PM The mortgage REITs are lit up bright red (MORT -1.9%), again led by American Capital Agency (AGNC -3.5%) and American Capital Mortgage (MTGE -3%), with Annaly (NLY -3.1%) not far behind. Yes, the 10-year Treasury yield is a 3 bps higher, but there's also rare action in Fed Funds futures, now pricing in a whopping 50 bps in rate hikes by this time 2016. AGNC presents at the JMP Conference at 2 ET. 39 Comments [Financials, On the Move]
Friday, May 10, 2:39 PM Gary Kain-led American Capital Agency (AGNC -2.8%) and American Capital Mortgage (MTGE -2%) lead the decline in an all-red mREIT sector (MORT -1%) today, with AGNC taking out its post-earnings low from last week. On the earnings call, Kain said upward pressure on rates had cooled to start Q2 and book value was headed higher, but markets may not be cooperating. The 10-year yield is up 8 bps today to a near 2-month high. Others: Annaly (NLY -1.2%), Invesco (IVR -1.2%), MFA (MFA -1.8%), Western Asset (WMC -1.3%). 12 Comments [Financials, On the Move]
Monday, May 6, 4:34 PM New Annaly Capital (NLY) director John Schaefer aligns his interests with those of the shareholders, starting a stake in the company with a 25K share purchase at $15.16/share. (Form 4) 6 Comments [Financials]
Monday, May 6, 9:50 AM More sell-side on the mREITS (MORT): Maxim keeps a Buy with $33 PT on AGNC expecting the annual dividend to be maintained at $5/share thanks to $1.08 of undistributed taxable income in the kitty (KBW agrees). Jefferies is cautious, calling AGNC's Q1 tale an example of how even a well-run mREIT can run afoul. "Price and extension risk inherent in agency MBS (NLY, HTS, CYS, CMO, ANH, ARR, WMC) today are risks most investors underestimate." 10 Comments [Financials]
Friday, May 3, 7:25 AM A check of some other mortgage REITs premarket after AGNC reported a big loss in Q1: NLY -1%, IVR -0.4%, HTS -0.7%, CYS -0.7%, MFA -0.3%, CMO -2.3%, DX -1.8%, WMC -3.3%.
3 Comments [Financials, On the Move]
Thursday, May 2, 10:16 AM "The Summer of the Shark" is the title of Annaly (NLY -1.9%) CEO Denehan-Norris' opening remarks on the earnings call. She reminds the 2001 shark attack panic was much ado about nothing and, likewise, today's concerns about mREITs are par for the course for an industry that survived and thrived through previous refi panics, Fed tightening cycles, and the global financial crisis. 5 Comments [Financials, On the Move]
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, May 1, 4:57 PM More on Annaly Capital (NLY) Q1 earnings: Income of $0.47/share compares to $0.46 in Q4, $0.54 a year ago. Company disposed of $17.2B of Investment Securities for gain of $182.8M vs. $5.3B for gain of $80.3M a year ago - net income in 2013 Q1 was $464.4M. Net interest spread of 91 bps, off 4 bps from Q4 and 80 bps from a year ago. Leverage of 6.6:1 vs. 6.5:1 a year ago. Book value/share of $15.19 vs. $15.85 on Dec. 31, $16.18 a year ago. Conference call tomorrow at 10 ET. Shares up marginally AH. (PR) 2 Comments [Earnings, Financials]
Wednesday, May 1, 4:46 PM Annaly Capital (NLY): Q1 EPS of $0.47 beats by $0.13. Shares +0.8% AH. (PR) 3 Comments [Earnings, Financials, Breaking News]
Wednesday, May 1, 12:10 AM Notable earnings after Wednesday’ s close: ALL, ARI, ARR, ATML, ATO, ATW, AXLL, AXTI, BKD, BMR, CACI, CAR, CBS, CJES, CNQR, CSOD, CVD, CVI, CVRR, CWT, CXO, DVR, DX, DXCM, DXPE, EDMC, ESS, EXPD, EXXI, FB, FNF, FRT, G, GLUU, GNK, GTAT, HNSN, HR, IPI, IPXL, IVR, JDSU, KIM, LNC, LOCK, LVS, MAC, MAR, MET, MUR, NAVB, NGD, NLY, NTRI, PHH, POL, PRU, PSE, PXD, QUIK, ROVI, SAM, SFLY, SGMO, SLTM, SNCR, STX, TEG, TGI, TPC, TSO, TTEK, UAN, UNM, V, VVC, WES, WLT, YELP Comment! [Earnings]
Tuesday, April 30, 5:35 PM Notable earnings after Wednesday’ s close: ALL, ARI, ARR, ATML, ATO, ATW, AXLL, AXTI, BKD, BMR, CACI, CAR, CBS, CJES, CNQR, CSOD, CVD, CVI, CVRR, CWT, CXO, DVR, DX, DXCM, DXPE, EDMC, ESS, EXPD, EXXI, FB, FNF, FRT, G, GLUU, GNK, GTAT, HNSN, HR, IPI, IPXL, IVR, JDSU, KIM, LNC, LOCK, LVS, MAC, MAR, MET, MUR, NAVB, NGD, NLY, NTRI, PHH, POL, PRU, PSE, PXD, QUIK, ROVI, SAM, SFLY, SGMO, SLTM, SNCR, STX, TEG, TGI, TPC, TSO, TTEK, UAN, UNM, V, VVC, WES, WLT, YELP 2 Comments [Earnings]
Thursday, April 18, 11:17 PM Mortgage REITs (MORT) catch the eye of D.C., with the Financial Stability Oversight Council reportedly set to cite the industry as a potential source of market vulnerability. The companies have seen assets quadruple to over $400B since 2009, but Annaly (NLY) CEO Wellington Denahan notes their capital bases have risen as well. A Two Harbors (TWO) presentation (page 8) shows mREITs are relatively small players in the MBS market. Maybe the Fed and the GSEs just don't like the competition. Annaly and American Capital (AGNC) are the 2 biggest mREITs, with Two Harbors a distant 3rd. 42 Comments [Financials]
Wednesday, April 17, 1:01 PM Often a spot to hide during big selloffs, mortgage REITs (MORT -2.3%) slide sharply as well, particularly the hybrids (exposed to credit risk through non-agency MBS holdings). IVR -2.3%, TWO -3.3%, DX -2.5%. The sector giants: NLY -2.2%, AGNC -1.3%. One trader reminds mREITs are small caps and the Russell 2000 (IWM -2.2%) has been particularly hard hit of late. The 10-15% yields offer a nice palliative. 2 Comments [Financials, On the Move]

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