Pj568

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  • General Electric: Not Quite a Value Trap, More Like a Value Pit
    Every company with a large financial services segment now has a bad balance sheet. Its amazing that the stellar balance sheets from two years ago, haven't changed significantly and are now viewed in an entirely different light. Look at Caterpillar, IBM and Boeing where the financing arms play a major role just like at GE. If they have higher quality investments than the banks did, they should be able to delever with less pain although they will take some hits along the way.

    The pitiful GM balance sheet even improved significantly when they sold controlling interest in GMAC and no longer had to include it in their consolidated statements.
    Dec 29 08:54 am |Rating: +8 -1 |Link to Comment |View article
  • The Corporate Junkyard Is Full of Kitchen Sinks
    The expectation for write offs makes sense. What do you see Boston Scientific doing? They have yet to record any impairment on the 20B of intangibles acquired with their Guidant purchase in 2006. Is this the year? Will it be 5B, 10B, more or none?
    Dec 26 12:31 pm |Rating: 0 0 |Link to Comment |View article
  • Hanes Unfairly Treated by Mistaken Association with Gildan
    Didn't read the GMRA report, but the leverage factor of 12 along with a net deficiency in tangible assets makes me wonder why this is a good investment in todays market.
    Dec 22 14:33 pm |Rating: 0 0 |Link to Comment |View article
  • Ken Lewis on Bank Accounting: Sensible Talk from a Surprising Source
    It seems quite rational that earning increase in good times and decrease during bad times. Why does Lewis and Brown think otherwise? The twisted squirrel analogy is weak.

    There's nothing in the accounting rules that prevent companies from increasing capital during good times, when available & cheap (fall) and saving it for the bad times, not available and costly (winter). Isn't this really the message behind squirrel analogy?

    What's sad is that the bankers seem to believe that the problem is in the accounting and not in common sense.
    Dec 05 10:53 am |Rating: 0 0 |Link to Comment |View article
  • Who'll Blink First: Sirius, Loral or the Banks?
    Does anyone really think that Loral would allow Sirius to draw on the above mentioned facility? Banks everywhere are cutting off credit lines and renegotiating agreements. My guess is Loral will have a different interpretation of the agreement.
    Nov 16 14:48 pm |Rating: +4 0 |Link to Comment |View article
  • Hormel Foods Could Be a Good Addition to Your Shopping List
    Although the author warns of his lack of knowledge, I wonder if he realizes what a "gold mine" Spam is when joking about it. Spam is essentially trimmings of other products packaged into a premium priced product. A major benefit is, being precooked in the can at the plant, there is no refigeration required to prevent spoilage. Created in the late 30's, it became a prime source of protein for soldiers and other countries around the world during the war years when little else was available. As it still serves that function, it continues to be popular in many countries today.
    Nov 16 14:25 pm |Rating: 0 0 |Link to Comment |View article
  • Why AIG Was in the CDS Business
    It seems like Paulson & Co and Goldman were two of the earlier firms to recognize and act on the problems in the market by becoming major CDS buyers either in 06 or early 07. Anyone know when AIG recognized their problem and how they attempted to mitigate their loss.
    Nov 15 11:36 am |Rating: 0 0 |Link to Comment |View article
  • Dell: Absurdly Cheap
    Sorry, leverage is 10 not 9. They might have to use that 3.78 money in the bank to pay the 5.60 of accounts payable. (both are per share numbers)
    Nov 14 13:39 pm |Rating: 0 0 |Link to Comment |View article
  • Dell: Absurdly Cheap
    Leverage of 9 to 1 might be a concern.
    Nov 14 13:11 pm |Rating: 0 0 |Link to Comment |View article
  • Sirius Reverse Split Only "to Satisfy Listing Requirements"
    Company history. Formed in 1990, IPO 1994, first revenue 2002, number of profit years 0.
    Nov 11 07:02 am |Rating: +1 0 |Link to Comment |View article
  • Caterpillar Is Undervalued
    Besides your projected cash numbers did you also consider the current state of their lending operations since they have a significant role in financing their customers? What's their status on access to capital, renewal timeframes and cost of debt. What about bad debt expense and reserves? There is a lot more than a simple cash flow guestimate at work in the market today.
    Nov 03 01:20 am |Rating: +1 0 |Link to Comment |View article
  • Volkswagen Shorts: Who Goes Under?
    This doesn't seem like silence, the article states

    "Funds including Greenlight Capital, headed by David Einhorn, and Odey Asset Management have recently told clients that they had big short positions in VW"
    Nov 03 01:02 am |Rating: 0 0 |Link to Comment |View article
  • Is a Reverse Split in the Cards for Sirius?
    The reverse split has to happen to stay listed. Yes, it reinforces the weakness in the company and the revised share value will probably fall by a significant percent within days or weeks of the event. Tyler forgot to mention that many institutions, even if the price criteria is met, can't buy companies with less than an investment grade credit rating. Who knows though, there may be some extreme risk oriented entity out there.
    Oct 17 12:00 pm |Rating: 0 0 |Link to Comment |View article
  • The Paulson Plan: Compelling Banks to Lend at Bazooka Point
    Isn't WFC on record saying they were going to raise 20B in new capital to support the Wachovia 7B stock acquisition? This seems cheaper and less dilutive than what their other options were.
    Oct 15 11:02 am |Rating: 0 0 |Link to Comment |View article
  • Common Size Comparisons: Coke vs. Pepsi
    Misleading is too kind. Also when comparing beverage co's you have to ascertain whether they've retained bottling operations or have spun then off into controlled but minority owned (non consolidated) subsidiaries as Coke and Pepsi have.
    Oct 03 10:31 am |Rating: 0 0 |Link to Comment |View article

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