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DiggParkway Purchases Phoenix Asset for $39.4M
by Insider Scoop - June 30th, 2011 4:50 pm
Courtesy of Benzinga
Parkway Properties, Inc. (NYSE: PKY) announced today the purchase of Hayden Ferry Lakeside I on behalf of Parkway Properties Office Fund II, L.P. for a purchase price of $39.4 million. Hayden Ferry is a 203,000 square foot, Class A+ office building constructed in 2002 and is located in the Tempe submarket of Phoenix. The property is currently 52.3% leased to 15 customers.
Steven G. Rogers, President and Chief Executive Officer at Parkway, stated “The purchase of Hayden Ferry is consistent with our FOCUS Plan strategy of investing in newer, high-quality assets that have greater potential for future growth. Tempe is a highly desirable submarket in Phoenix because of its central location and access to mass transportation. The lower occupancy of Hayden Ferry provides an attractive opportunity to add value and it complements the core assets we already own in Phoenix and in the balance of our Fund II portfolio. Additionally, Parkway’s selection by the seller was based in large part on our ability to perform within a short period and close with all cash.”
Slick Willie Calls For Broad Principal Mortgage Writedowns
by Zero Hedge - June 30th, 2011 4:39 pm
Courtesy of Tyler Durden
Bill Clinton, in what appears to be an attempt to succeed where the IEA failed so miserably to score some brownie points for the president, told Bloomberg’s Al Hunt during an interview, that Bank of America Corp.’s accord with mortgage-bond investors may give more “underwater” homeowners a chance to cut the principal on their home loans. "You’d relieve the anxiety of countless Americans who would know they could hold onto their homes." That you would also bring moral hazard to the masses and demonstrate to the public that the alternative of prudent monetary management is not insolvency, but yet more bailouts, apparently was lost on the slick one. And confirming that he still has no clue how anything in the ponzi system works, he added: "You lift not only an economic, but a psychological burden off of the homeowners and the banks,” he said. “And we’re free to start lending again, we’re free to engage in normal economic activity." Apparently marking down one’s assets, which would in turn lead to massive Tier 1 capital (as artificial as it may be) erosion, and a need to funnel hundreds of billions of new cash in on the balance sheet, while at the same time setting off a chain reaction whereby everyone else is forced to remark their assets (all currently at par thanks to FASB encouraged Mark to Unicorn), an act which QE 1, Lite and 2 have been doing all they can to avert, is stimulative to "lending". And this is the thought process of the person credit with generating the last American budget surplus…
This is one of those rare occasions when one must commiserate with Brian Moynahan:
Brian T. Moynihan, 51, the chief executive officer of Charlotte, North Carolina-based Bank of America, said in April that “we do not see broad-based principal reduction as a sound policy decision” for the country.
“It’s hard to see how we could justify reducing principal for many delinquent customers who represent a small portion of borrowers, but not for the vast majority of our customers who have stayed current on their loans,” he said in the prepared text of a speech.
There really is nothing more to say on this one. Which means that Clinton’s "modest proposal" will likely be enacted very shortly.
Current Market Snapshot: Four Strong Days to End the Month
by Chart School - June 30th, 2011 4:35 pm
Courtesy of Doug Short
The S&P 500 rallied again today, up 1.01%, the fourth consecutive day of strong performance but still ended the month in the red, down 1.83%. The index is now up 5.01% year-to-date but down 3.15% from the interim high set on April 29.
From an intermediate perspective, the index is 95.2% above the March 2009 closing low and 15.6% below the nominal all-time high of October 2007. Below are two charts of the index — with and without the 50 and 200-day moving averages.
Below are two charts of the index – with and without the 50 and 200-day moving averages.
For a better sense of how these declines figure into a larger historical context, here’s a long-term view of secular bull and bear markets in the S&P Composite since 1871.
For a bit of international flavor, here’s a chart series that includes an overlay of the S&P 500, the Dow Crash of 1929 and Great Depression, and the so-called L-shaped “recovery” of the Nikkei 225. I update these weekly.
These charts are not intended as a forecast but rather as a way to study the current market in relation to historic market cycles.
Flagstone Re Provides Estimate for Second Quarter Loss Activity of $25-30M
by Insider Scoop - June 30th, 2011 4:33 pm
Courtesy of Benzinga
Flagstone Reinsurance Holdings, S.A. (NYSE: FSR) today announced its preliminary estimates for losses occurring in the second quarter of 2011. Losses related to the severe weather activity in the United States that occurred in April and May 2011, are expected to be $25-$30 million, net of reinstatement premiums and retrocession. The Company’s estimated loss is based on an industry loss of between $15 billion and $20 billion.
In addition, due to updated loss estimates for catastrophes that occurred during the first quarter, the Company expects that its collective loss estimate related to these catastrophes will impact the second quarter by $20-$25 million, net of reinstatement premiums and retrocession.
David Brown, Flagstone CEO, commented: “Though only at its midpoint, 2011 is already one of the most unprecedented years for significant global catastrophes the industry has ever seen. Despite these incidents, there was no material impact on our capital, our renewals in the market have been solid, and our overall capital levels remain strong.”
RANsquawk Market Wrap Up – Stocks, Bonds, FX etc. – 30/06/11
by Zero Hedge - June 30th, 2011 4:25 pm
Courtesy of RANSquawk Video
H&Q Life Sciences Investors Announces Share Repurchase Program for 12% of Common Stock
by Insider Scoop - June 30th, 2011 4:22 pm
Courtesy of Benzinga
H&Q Life Sciences Investors (NYSE: HQL) announced today that the Board of Trustees authorized a share repurchase program. The program will allow the Fund to purchase in the open market up to 12% of its outstanding common shares for a one year period beginning July 11, 2011.
The Board authorized the share repurchase program as a result of its periodic review of the options available to enhance shareholder value and potentially reduce the discount between the market price of the Fund’s shares and the net asset value per share. The share repurchase program is intended to increase the Fund’s net asset value per share and could also have the benefit of providing additional liquidity in the trading of shares.
Puts in Demand at Dendreon
by Option Review - June 30th, 2011 4:19 pm
Today’s tickers: DNDN, EW, IO & CCI
DNDN - Dendreon Corp. – The biotechnology company today announced the U.S. FDA approved its cancer immunotherapy manufacturing facility in Los Angeles. The approval allows the company to increase the availability of its prostate cancer treatment, Provenge. Shares in the biotechnology company are off their lows of the session, but are still down 0.90% on the day to stand at $40.14 as of 12:20 pm ET. Dendreon options are a-buzz with bearish activity today despite the approval of the Los Angeles facility. Calls and puts are active, particularly in the front month. Trading patterns in put options paint a pessimistic picture of Dendreon’s share price performance in the near-term, while trading in calls suggests investors hold mixed opinions. Volume in DNDN options in heaviest at the July $38 strike where more than 4,600 puts changed hands against open interest of 1,465 contracts. It looks like most of the put options were purchased for an average premium of $1.07 apiece. Put buyers at this strike profit if shares in Dendreon Corp. drop 8.0% to breach the average breakeven point on the downside at $36.93 at expiration next month. Bears purchased puts at the July $40 and $39 strikes, as well. Lighter volume in deep out-of-the-money puts expiring in July also appears to be largely driven by traders initiating bearish stances on the stock. Dendreon is scheduled to report second-quarter earnings on August 2 after the bell. Options implied volatility on the stock rose 5.3% to 48.09% in early afternoon trade.
EW - Edwards Lifesciences Corp. – Options activity on the world’s biggest maker of heart valves suggests shares in Edwards Lifesciences Corp. may be on track to appreciate in the next couple of months. The price of the underlying stock currently trades 0.80% higher on…
H&Q Healthcare Investors Announces Share Repurchase Program of Up to 12% of Common Shares
by Insider Scoop - June 30th, 2011 4:18 pm
Courtesy of Benzinga
H&Q Healthcare Investors (NYSE: HQH) announced today that the Board of Trustees authorized a share repurchase program. The program will allow the Fund to purchase in the open market up to 12% of its outstanding common shares for a one year period beginning July 11, 2011. The Board authorized the share repurchase program as a result of its periodic review of the options available to enhance shareholder value and potentially reduce the discount between the market price of the Fund’s shares and the net asset value per share. The share repurchase program is intended to increase the Fund’s net asset value per share and could also have the benefit of providing additional liquidity in the trading of shares.
The amount and timing of repurchases will be at the discretion of Hambrecht & Quist Capital Management LLC, the Fund’s investment adviser. There is no assurance that the Fund will purchase shares at any specific discount levels or in any specific amounts or on any specific date. The Fund’s repurchase activity will be disclosed in its shareholder report for the relevant fiscal period. There is no assurance that the market price of the Fund’s shares, either absolute or relative to net asset value, will increase as a result of any share repurchases. The Board will monitor the effect of the share repurchase program on the Fund’s market price and net asset value per share, expense ratio and investment strategy over time.
Xyratex Guides Q3 EPS $0.10-$0.28 vs. $0.21 Est; Revenues $336-376M vs. $349.8M Est
by Insider Scoop - June 30th, 2011 4:13 pm
Courtesy of Benzinga
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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...
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