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Monday 10/29/18

|About: CBL & Associates Properties, Inc (CBL)
Summary

I have decided to try posting daily stuff to the instablog and updating it as things come across the transom.

I post to my instablog, but very very few people read it, making it somewhat futile.

Ever the optimist.

Trying something new.  My comments in bold italics.

CBL (CBL) earnings after close today.  CBL & Associates 3Q FFO per share as adjusted estimate 41c (range 39c to 43c) (Bloomberg data);  4Q FFO per share as adjusted estimate 45c (range 41c to 47c) (BD);  FY FFO per share as adjusted estimate $1.74 (range $1.70 to $1.77) (BD).  Hoping for "less bad" news (WPG style) and clarity on the divvie.

BTIG:  KIMCO (KIM) Solid Fundamentals and a Modest Guidance Raise; Maintain Buy.  $19 pt  - Like to see this.  Equity up 2.4%

Capstead Mortgage (CMO) Keefe, Bruyette & Woods analyst Eric Hagen downgraded the recommendation on Capstead Mortgage Corp. to underperform from market perform.  PT lowered to $5.50 from $8.50, implies 24% decrease from last close. Capstead Mortgage average PT is $5.50 - As the "cheap" get cheaper.

As bond pare losses, equities are paring gains.

3:00 Buzz Kill:

There will be value in cannabis stocks, but beware the madness of crowds.

CBL:   “A major financial priority for CBL is to preserve liquidity and the flexibility of our balance sheet," commented Lebovitz. "As we discussed on our second quarter earnings call, we have been evaluating an adjustment to our dividend to a level that maximizes available cash flow for investing in our properties and debt reduction. In order to accomplish this goal, we are reducing the common dividend for 2019 to an annualized rate of $0.30 per share from $0.80 per share. The reduction will preserve an estimated $100 million of cash on an annual basis.  They wanted to, they needed to, they did.  Not sure its enough though.