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Qniform

Qniform
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  • J.C. Penney Posted Strong Earnings But Fell On Potential Risks [View article]
    What a rhetorical gifts.

    "commitment of dedication" ...
    "stamp of assurance"...
    "will work relentlessly"...

    "massive loss of money has been curtailed"...
    "could return to profitability sooner than imaginable"...
    Aug 18, 2014. 10:12 AM | Likes Like |Link to Comment
  • Prudential Financial: Buying Opportunity In A Dividend Growth Stock [View article]
    I would suggest the correct peer group is TRV, MET, ACE. There is too much disruption in AIG to include it. Based on almost any metric, PRU is not the pick, except in the important (for insurance companies) book value. But for a conservative pick, they are overlevered, IMO.

    Only TRV and ACE have recovered to pre-2008 levels. A good tool to use for comparison is http://bit.ly/1rfEd7P. All set up to see these comps. This shows PEG as the highest in the group at 3.38. I'm not sure where the authors figure comes from. My overall pick is TRV.
    Aug 16, 2014. 07:43 PM | Likes Like |Link to Comment
  • Short Gilead: Sentiment Is Too Positive Ahead Of Q2 Earnings [View instapost]
    Revisionist per your 23 Jul, 09:28 PM comment. Of course, you covered.
    Aug 16, 2014. 06:07 PM | Likes Like |Link to Comment
  • J.C. Penney Posted Strong Earnings But Fell On Potential Risks [View article]
    A.H. trading really stands for "amateur hours."

    JCP is still losing money even with normalized margins? What next?
    Aug 16, 2014. 11:15 AM | 2 Likes Like |Link to Comment
  • How To Arbitrage The Upcoming Kinder Morgan Consolidation [View article]
    Whatever. Just saying that the difference between capital gain and marginal tax rate is radical - for me anyway. I'd rather deal with the non-existent UBTI.
    Aug 15, 2014. 01:35 AM | Likes Like |Link to Comment
  • How To Arbitrage The Upcoming Kinder Morgan Consolidation [View article]
    Hey Pen. You wouldn't want to hold KMR in an IRA. IRA distributions are taxed as ordinary income. You should be able to do better with LTCGs.
    Aug 14, 2014. 08:30 PM | Likes Like |Link to Comment
  • Paragon Offshore: Classic Spin-Off With High Dividend Yield [View article]
    Thanks for the very thoughtful and complete reply. Maybe I'm misreading Sec. 4.08. As I remember the several tests for any restricted payment (incl dividends) were according to calculations on pro forma TTF metrics (as if the payment were made at the beginning of the period). Of course future metrics don't exist. But there is a dollar cap and a cash balance requirement I think. I'll have to look again.

    I agree on the tough comp issue, which was why I asked. FWIW, NE is known for good maintenance, unlike some others. Someone I know said they were actually on a rig some years back and were impressed in that regard.
    Aug 14, 2014. 08:22 PM | Likes Like |Link to Comment
  • How To Arbitrage The Upcoming Kinder Morgan Consolidation [View article]
    A number of snide answers come to mind, but other than having already spent the cash collected, I can't think of a single one. Maybe there was a misunderstanding that tax deferred does not mean tax free.
    Aug 14, 2014. 05:55 PM | 5 Likes Like |Link to Comment
  • Paragon Offshore: Classic Spin-Off With High Dividend Yield [View article]
    I only have a short trading horizon for this one. The spec rig space is competitive, like the shipping space. It depends on rates determined by demand.

    It's essential to buy at the right price. I do think PGN is at the right price at 3x EBITDA. I've traded in and out once, and I'm in again right now. Not my normal thing, but it's worked so far.
    Aug 14, 2014. 11:12 AM | Likes Like |Link to Comment
  • Paragon Offshore: Classic Spin-Off With High Dividend Yield [View article]
    Roughly 84.7 million.
    Aug 14, 2014. 09:15 AM | Likes Like |Link to Comment
  • How To Arbitrage The Upcoming Kinder Morgan Consolidation [View article]
    Look at the chart for March 2014. It was an easy high premium sell. There was plenty of volume and volatility. I think funds and MMs use both sides of option trades to hedge as they make market.
    Aug 13, 2014. 07:44 PM | Likes Like |Link to Comment
  • Paragon Offshore: Classic Spin-Off With High Dividend Yield [View article]
    "There is no restriction on PGN paying dividends right now. Very straightforward."

    It is straightforward, but there are indeed restrictions. See section 4.08 of the link above, pp. 51-55. There are also the typical clauses about maintaining required leverage ratios.

    Out of curiosity, who do you consider a debt comp in the offshore drilling space?
    Aug 13, 2014. 07:36 PM | Likes Like |Link to Comment
  • Rhino Resource Partners: New Leadership, New Strategy? [View article]
    http://bit.ly/1rsNbdh
    Aug 13, 2014. 07:04 PM | Likes Like |Link to Comment
  • How To Arbitrage The Upcoming Kinder Morgan Consolidation [View article]
    Read the SEC Entry into a Material Agreement announcement (8/12/14).

    "The completion of the KMP Merger is also subject to the satisfaction or waiver of customary closing conditions, including: (i) approval of the KMP Merger Agreement by KMP’s unitholders;..."
    Aug 13, 2014. 06:39 PM | 1 Like Like |Link to Comment
  • How To Arbitrage The Upcoming Kinder Morgan Consolidation [View article]
    I have written KMR NOV$85 puts, for a equivalent KMI price in the $34 range (less premium collected). Since doing that, the premium has shrunk, so some arbitrage is already evident. I was already a heavy seller of KMI $32.50 puts with earlier expirations. Looks like I'll be keeping just the premium collected.

    As for the summary bullet "KMI consolidation will make the firm the third-largest oil company on the planet..." one would have to define the category very loosely.
    Aug 13, 2014. 06:36 PM | Likes Like |Link to Comment
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