Revenue is about $156 million and earnings about $71 million versus a $1 billion IPO size. The sellers expect to put $200 million into renovations over the next year. About $500 million went into the Empire State already.

My spin: Likely will be a hot seller on the basis of the name alone. As an investment, maybe long-term rather than short. Reports are that the Empire State building is 99% tenanted. As the marketing of ESB begins, we'll be reading a lot of Realtor fluff about "New York's booming real estate market." And don't forget HUGE European and Asian demand for New York City property!

Just remember last week's news was about a new mid-town office tower that is mostly vacant: 11 Times Square, which is 60% vacant. Prudential has taken a write-down on it.

The legendary 666 Fifth Avenue, the 1.8 billion dollar boon-doggle that sold just before real estate crashed in 2007, is 30% vacant. Its owners have done a re-structuring that is hailed as a model of modern real estate finance. In Florida, a reduction of principal and a cut in interest rates would be called a homeowner default. But the NY Times isn't writing the copy for the Florida papers.

As the world in general and finance in particular downsizes and moves to cheaper real estate in Jersey City or goes on-line, how much pricey Manhattan office space do you really need?

Just my opinion.

========

Empire State Building owner files for $1 bln IPO

http://www.reuters.com/article/2012/02/13/us-empirestate-idUSTRE81C0RZ20120213

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Speaking of menus (nice segue, thank you) the Reuters earnings list allows you to click on and investigate the listed companies. I like to click on the unfamiliar ones. You never know where you'll find the next Apple.

Speaking of Apple, (nice segue again, thank you) I found an odd name, "Tootie Pies" An impoverished youth left me with a great fascination with food. So I clicked.

Now, who would name a company "Tootie Pies?" Apparently a company in Texas known for its apple pies, originally baked by someone nick-named - you guessed it, Tootie.

Tootie Pies trades for $0.40, a bit under Apple. So far a chuckle. But like the other Apple, Tootie Pie apple pies have been selling like, well, iPhones. Sales in their 5 cafes have gone up 23% since last year. Two more cafes are on the way. And they have reported 23 consecutive months of increasing sales.

At those rates, chart freaks can start calculating which will happen first, an iPhone in everyone's pocket or a Tootie's apple pie on everyone's dinner table. Tootie's reports 4Q2011 on Wednesday

No position in either of the two apples, TOOT or AAPL, but darn it, now I'm hungry.

Just my opinion.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Followed by the head of BlackRock, a bond guy yet, telling everybody the only way to go was 100% stocks. Followed in the afternoon by a respected chartist, Louise Yamada, reputed to read every chart in the world. Yamada, usually bearish, was sounding very bullish. Noises are even emanating from Roubini's camp.

Not only that but we have --

-- The return of the dot-com bubble in which Facebook will be the next Apple or is it the next MySpace, dull thud. A truly long term investment, Facebook is on track to have 3 or 4 times the number of users that the world has people.

-- The reappearance of speculation in the form of IPO stocks like debt-laden Caesar's, up 71% in a day. They floated only 1.4% of the shares. Shares traded were 600% of - 6 times - the offering. Apparently under rules of the game hedge fund operators and other investors were allowed to unload shares. Whether they did so is not clear. Caveat emptor

-- Caesar's is a double-bubble, involving the other C-word, China. Sorry, I should call it by its official Wall Street name "Invest in Booming China." CZR's not operating in China (one casino on the way), but it might build 24 casinos. So some of CZR's IPO pop might be on the China hope. Sounds like the dot-com bubble.

-- Locally, I notice a few testimonials on the message boards about how untold riches have been earned in the market. Likely to pull in those late to the party who look forlornly at 0% on their CD's and gas at $3.50.

-- The mysterious disappearance (and perhaps abduction and killing) of an old friend from last year, volatility. Remember those weeks of up 3%, down 4%, up 3%, etc. All gone. Poof. It's just up a steady 0.5% a day every day, right?

-- A market that ignores bad news. Who needs Greece when Costco sells $8.99 platters of baklava. And heck, who needs jobs or senior citizens when the nouveau riche 30-year-olds are snapping up the $60,000 LandRovers? (Another Bloomberg tid-bit)

-- A Fed that's guaranteed low rates as far as the eye can see. Don't fight the Fed. They engineered the dot-com and the housing bubbles and haven't lost their touch.

In short we have a very happy world. No one's been tossed to the lions lately.

My spin: No charts, no fundamentals. No nothin', know nothin'. Just a queasy feeling in my stomach that the rally's gone too far too fast and will pause.

And Caesar? Just remember what the gladiators said to Caesar in the Coliseum: "Hail, Caesar. Those who are about to die salute you." The lions haven't lost their appetite. Invest accordingly.

Just my opinion.

==========

Fink: Investors Should Be 100% in Equities

http://www.bloomberg.com/news/2012-02-08/blackrock-s-fink-says-investors-should-be-100-in-equities-take-more-risk.html

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

They had an interview with Chryslers' CEO, Sergio Marchionne. Chrysler is bringing back an old name, the Dodge Dart, and putting it on a Euro cross platform that's got an Alfa-Romeo heritage. Still, the Dart is more solidly middle class than sexy. It promises 40-mpg from its 160-horses and is competitively priced to pick up market share, under $16,000. That puts it under the Cruze, the Focus and the Elantra.

Ford is talking up the Ford Fusion, available as a gas, a hybrid or a plug-in, opening prices from $20,000 to $28,000 and up.

GM is bringing a new compact Caddy sedan, the ATS, to its line. Whereas GM had rebadged Euro cars, and failed in the market, the ATS is a new platform. MPG expected to be 30-ish. GM needs a winner here. Caddy trails BMW, Mercedes and Lexus in the luxury market.

The auto dealers say sales are up with luxury selling particularly well. The average car is about 11 years old, an all time high. If you can push it in for the trade, the auto dealers are ready to help you drive out a new one. They've got money to lend.

Asked about a US recession, the parts guys say they don't see one, but they're are bragging about international diversification.

My spin: With the financial world in a spin from Europe to Asia to the US, no telling where auto sales will end up.

OT - for Detroiters only -- The Bloomberg reporters apparently took a driving tour of Mo-Town's sights (old factories and historic neighborhoods, even mentioned Stroh's brewery.) Apparently in some form of visual / cultural shock, one of the reporters has been babbling incoherently about the City's bad condition...And they didn't even get car-jacked.

-- The Mich Central Building - "OMG you can see right through it"
-- "We're in the historic district. There's the largest vacant historic office building in the country."
-- The original Model T factory - "terrible condition."
-- "So much vacant land in the City they are thinking of turning it agricultural." ( True.)
-- And best of all, "The weather here is like Northern California."

Long autos.

Just my opinion.

==========

See the USA in your Chevrolet - 60th Anniversary of this commercial
http://www.youtube.com/watch?v=jQ5tKh0aBDc&feature=related

Big Lots is the red headed kid. It has trouble getting respect in the discount business like Dollar Tree, Dollar general or Family Dollar. It rarely gets mentioned when they do.

It rejected a take-over bid which lead to an ugly sell off. It missed earnings after its acquisition of a Canadian chain and sold off again. Its price has only slowly come back.

BIG's just got a "Buy" recommendation from a brokerage firm as an undervalued discounter with a price target about 50% above current levels. The broker thinks BIG's margin pressures are from changing over to more consumables like toothpaste and less furniture. Consumbles build traffic and make for repeat customers. With good luck....

Long here.

Just my opinion.

=======

IBD Industry Themes - Will Big Lots Be The Dollar Store Phenom In 2012?

http://news.investors.com/article/596013/201112271553/dollar-tree-dollar-general-propel-discount-retail.htm

The new management team has upgraded its fashion look, but the turnaround has been slow and PSUN missed revenues last quarter.

It was widely expected that PacSun would be on the ropes this quarter. The NY Post business section just pronounced it all but dead. Its biggest outside shareholder stopped accumulationg shares. The bears ramped up their short positions and looked to be prepared to push it under with a wave of selling upon todays earnings release. 

Looks like PSUN is doing some tactical surfing around the rocks. In addition to better than expected results, it announced a multi-pronged recovery plan, including exiting unprofitable stores through deals with landlords, additional financing with a bank and PE group, and a shareholder rights program. Convertible prefered has been issued to the PE group.

The Street identified PSUN as a short squeeze candidate on positive earnings. The news is beyond earnings. With a large amount of shares owned by an overseas investment group, PSUN's float is less than its outstanding shares.

PSUN has been trading up after hours. After todays posditive news on Talbot's, another distressed retailer, tomorrow should prove interesting for PSUN.

Just my opinion.

http://finance.yahoo.com/news/Pacific-Sunwear-Announces-pz-1007165581.html?x=0