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  • Petrobras cuts oil reserves to 14-year lows  [View news story]
    Petrobras Global Notes 6.25 3/17/2024 traded Friday at 72.5...January 20th it was 65.5...December 31st around 72....September 30th.. 73
    Jan 30, 2016. 08:43 AM | Likes Like |Link to Comment
  • Austrians Insist The Sky Is Falling - It's Not  [View article]
    Best thing abut Austrian economics is the strudel.....
    Jan 30, 2016. 04:34 AM | Likes Like |Link to Comment
  • Q4 GDP growth of 0.7% just misses expectations  [View news story]
    Lost in all the noise...Year over Year Structural Investment ex Mining Exploration
    Structural Investment was up 15%.....
    Jan 29, 2016. 04:37 PM | 1 Like Like |Link to Comment
  • At the close  [View news story]
    Everything is green on my screen except for the Swiss Franc....
    Jan 29, 2016. 04:10 PM | Likes Like |Link to Comment
  • Q4 GDP growth of 0.7% just misses expectations  [View news story]
    Nominal Gasoline and other energy goods consumption down to its lowest level since 2nd qtr 2009....
    Jan 29, 2016. 09:07 AM | Likes Like |Link to Comment
  • Q4 GDP growth of 0.7% just misses expectations  [View news story]
    Mining exploration:Shafts and Wells Structural Investment is now at its lowest
    level since 4th qtr 2009..... down 56% from its high made in 2nd qtr 2014....
    Jan 29, 2016. 08:56 AM | 1 Like Like |Link to Comment
  • 3 Things: Fed Error, Houston R/E, No Bounce?  [View article]
    Year over year Houston employment.. + 0.86%

    Year over Year Dallas employment +2.96%
    Year over Year San Antonio employment +3.47%
    Year over year Austin employment +3.74%
    Jan 29, 2016. 07:06 AM | Likes Like |Link to Comment
  • S&P 500 Weekly Update: Is This The Early Stages Of Something More Dramatic, Or Just A Short-Term Pullback?  [View article]
    Article from Barrons....

    "Aside from HY debt holders, many see U.S. banks as another potential casualty of crashing oil prices. Some sources point to total exposure of U.S. banks to the oil and gas industry to 3-5% of their assets. Last November, a joint review by the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) assessed the risks coming from U.S. banks’ aggregate oil portfolio2, which totaled USD 276.5 billion (or 7.1 percent of the total USD 3.9 trillion syndicated loan portfolio of large U.S. banks in all industries). While many banks have been reporting an increase in their provisions against potential losses coming from oil and gas loans in their 2015 Q4 earnings reports, we think that crashing oil prices are unlikely to cause much more disruption to the U.S. banking system. In our view, while it is true that U.S. banks have underperformed lately, this is more related to growth worries of the economy than to the demise of oil…In our view, low oil prices are not a systemic risk to U.S. banks."
    Jan 28, 2016. 05:26 PM | Likes Like |Link to Comment
  • PulteGroup EPS of $0.64  [View news story]
    "PulteGroup's backlog of 6,731 homes, valued at $2.5 billion, is its highest year-end backlog since 2007, and is up from prior year backlog of 5,850 homes, valued at $1.9 billion. Reflecting the continued mix shift toward the Company's higher priced Pulte Homes brand, average selling price in backlog increased 10% over the prior year to $365,000."

    Texas backlog increased yoy 5.7%
    Jan 28, 2016. 07:50 AM | Likes Like |Link to Comment
  • New homes sales surge in Dec., complete best year since 2007  [View news story]
    Number of Completed New Homes for Sale...53,000

    20 year average....93,000
    Jan 27, 2016. 05:57 PM | Likes Like |Link to Comment
  • Cullen/Frost Bankers misses by $0.11  [View news story]
    Cullen Frost earnings call....

    "Using our consistent methodology for reserve requirements we added $12 million in reserves for the fourth quarter of 2015. You will recall that a year ago we shared the results of the stress test at $37 a barrel, which did not require any general energy industry provision. This year we did the same sensitivity analysis at $28.13 a barrel. As a result of the sensitivity analysis at $28.13 a barrel, we allocated $15 million for production credits and $7 million for non-production credits, or an additional $22 million for energy industry exposure. This brings the provision total to $34 million.

    Now let me drill down on our energy portfolio. Outstanding energy loans as of December 31 totaled $1.76 billion or approximately 15.3% of total loans. Our energy loan segments at the end of 2015, production $1.25 billion or 71% of our energy loans, $106 million as our problems; services $273 million or 15.5% of the energy portfolio, we recognized $46 million as a problem; manufacturing, $65.6 million or 3.7% of our energy loans, we considered $19.8 million of that as a problem. The remaining 10% of the portfolio consist of mid-stream, refining, traders and private client or wealthy individuals. We have zero identified problems with these loans."
    Jan 27, 2016. 04:27 PM | 1 Like Like |Link to Comment
  • When Will The Beatings Cease?  [View article]
    The largest high yield energy bond issuer position in HYG is Sabine Pass Liquefaction LLC ...00.98%....Sabine is a subsidiary of Cheniere Energy....Seth Klarman has a sizable position
    in Cheniere....
    Jan 27, 2016. 04:44 AM | 1 Like Like |Link to Comment
  • Apple posts mixed results, issues light guidance  [View news story]
    "Revenue in the Americas region fell 4% from a year earlier. Apple does two-thirds of its revenue overseas. Europe was up 4%, while Japan –a much smaller share of the pie — was down 12%. The “rest of” Asia was up 4%"

    "The Greater China area had $18.37 billion, up 14% from a year earlier. The better comparison for Apple’s growth in China, when putting numbers up against a year ago, will come next quarter, when Apple’s business there is more fully reflected."

    Earnings call
    Jan 26, 2016. 05:39 PM | 2 Likes Like |Link to Comment
  • Apple posts mixed results, issues light guidance  [View news story]
    "Maestri said Apple is looking at a 4% hit. He didn’t mention the double digit decline forecast specifically, but said Apple sees a five to 10% decline on a “constant-currency” basis.

    He said Apple is increasing prices in some international markets to protect margins and counter the volatility. He recognizes that higher prices can affect demand."

    Talking about next quarter,,,yoy basis
    Jan 26, 2016. 05:36 PM | Likes Like |Link to Comment
  • Apple posts mixed results, issues light guidance  [View news story]
    $38 cash per share....($216 billion)
    Jan 26, 2016. 05:22 PM | 2 Likes Like |Link to Comment