YRC Worldwide Announces Preliminary Voting Results from Annual Stockholder Meeting; Board of Directors Approves Reverse Stock Split
by Insider Scoop - November 30th, 2011 12:00 pm
Courtesy of Benzinga.
YRC Worldwide Inc. (NASDAQ: YRCW) announced the preliminary results of its Annual Meeting of Stockholders held today, November 30, 2011, in Overland Park, Kan. During the meeting, security holders authorized the company’s board of directors to effect a reverse stock split of YRC Worldwide’s common stock and to proportionately reduce the number of authorized shares of common stock with the ratio and timing of implementation of the reverse stock split at the discretion of the company’s board of directors.
The company plans to amend its certificate of incorporation on December 1, 2011 to implement a reverse stock split with a ratio of 1:300. The reverse stock split will be effective on the NASDAQ exchange on December 2, 2011, at which time the company’s ticker symbol will temporarily change from “YRCW” to “YRCWD” in accordance with NASDAQ rules. The ticker symbol will revert back to “YRCW” on January 3, 2012. The reverse stock split will reduce the number of authorized common shares to approximately 33.3 million from the current 10 billion and reduce the number of outstanding common shares to approximately 6.8 million from the current approximately 2 billion.
For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.
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DiggFed Cancels POMO Due To “System Difficulties”
by Zero Hedge - November 30th, 2011 11:33 am
Courtesy of ZeroHedge. View original post here.
Submitted by Tyler Durden.
Ok, what the hell is going on? This is the first POMO ever cancelled in QE/Lite/Twist history. As a reminder, today the Fed was supposed to sell $8 billion in 2013 bonds: a liquidity withdrawing operation. Just how little liquidity is there in the “system”?
Did The Fed Leak The European Bailout Decision On Monday Morning? A Visual Exhibit
by ilene - November 30th, 2011 11:22 am
Courtesy of ZeroHedge. View original post here.
We talked about the total disconnect between US equities and the rest of the global financial market on Monday morning. At the time, many market participants commented that they had not seen this kind of disconnect so broadly and how strange it was – and with reasonable volume (unusual for an upswing). Well, now we have some details on what exactly was said and done on Monday with the Fed decision, perhaps it is clear that someone somewhere was tipped off that this was coming as the rest of the world’s risk assets leaked inexorably lower and US equities hugely outperformed.
Instead of comparing ES (the e-mini S&P Futures Contract) against each and every risk asset, we use CONTEXT (which attempts to aggregate many of the global risk drivers into one indicator). Its clear at least from the chart that regimes shifted dramatically on Monday and we also noted that European equities were so dramatically disconnected from credit that evidently someone was ‘guessing’ really well with a large amount of flow.
Chart: Bloomberg
Fed Made Decision To Bail Out Europe On Monday
by Zero Hedge - November 30th, 2011 11:17 am
Courtesy of ZeroHedge. View original post here.
Submitted by Tyler Durden.
It appears that the Fed decision to bail out Europe was not made this morning, or yesterday, but on Monday as per the following two headlines:
- LACKER DISSENTED AGAINST FOMC SWAP DECISION ON NOV. 28
- LACKER VOTED INSTEAD OF PLOSSER, WHO WAS UNAVAILABLE
It also means that the decision was leaked on Monday, and explains the relentless surge in stocks since then despite progressively worse news out of Europe. Q.E.D. – a plan so good Hank Paulson could have leaked it to his hedge fund buddies.
Alleged Securities Case Against Life Partners Ruled Frivolous by Texas District Court
by Insider Scoop - November 30th, 2011 11:15 am
Courtesy of Benzinga.
Life Partners Holdings, Inc. (Nasdaq: LPHI) announced today that a Texas state court has determined that a legal case filed against its subsidiary, Life Partners, Inc., for purported violations of the securities registration provisions and for securities fraud under the Texas Securities Act was frivolous.
The 14th Judicial District Court of Dallas County, Texas ruled that the case brought by Plaintiffs Michael and Janet Arnold, the South Living Trust, Dr. John S. Ferris and Christine Duncan against Life Partners, Inc. was “frivolous and without basis in fact or in law.” Previous courts have held that the life settlements facilitated by Life Partners are not securities under either the federal securities laws or under the Texas Securities Act. The Court had previously dismissed Plaintiffs’ claims by summary judgment.
Before hearing testimony on the amount of sanctions to be paid to Life Partners, the Court ordered the parties to mediation to see if they can agree on how much the Plaintiffs must pay.
For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.
ATLaS MuGGeD
by Zero Hedge - November 30th, 2011 11:09 am
Courtesy of ZeroHedge. View original post here.
Submitted by williambanzai7.
Atlas was permitted the opinion that he was at liberty, if he wished, to drop the Earth and creep away; but his opinion was all he was permitted. --Franz Kafka
Fed Made Decision To Bail Out Europe – On Monday
by ilene - November 30th, 2011 11:04 am
Courtesy of ZeroHedge. View original post here.
Submitted by Tyler Durden.
It appears that the Fed decision to bail out Europe was not made this morning, or yesterday, but on Monday as per the following two headlines:
- LACKER DISSENTED AGAINST FOMC SWAP DECISION ON NOV. 28
- LACKER VOTED INSTEAD OF PLOSSER, WHO WAS UNAVAILABLE
It also means that the decision was leaked on Monday, and explains the relentless surge in stocks since then despite progressively worse news out of Europe. Q.E.D. – a plan so good Hank Paulson could have leaked it to his hedge fund buddies.
Wedbush Neutral on OmniVision; $12 PT
by Insider Scoop - November 30th, 2011 11:01 am
Courtesy of Benzinga.
In a note out today, Wedbush reiterated a neutral rating on OmniVision Technologies (Nasdaq: OVTI) with a 12-month price target of $12, implying limited upside from where the shares currently trade. On Tuesday, OmniVision announced a $100 million share buyback plan.
“While we don’t see much downside risk from here following yesterday’s selloff given the $7.43 in cash per share as a backstop, we think in the near-term it could be dead money as we don’t see, with the exception of the buyback, any positive catalysts to drive shares higher,” Wedbush said in a note.
Wedbush said risks to its price target include slowing demand in the camera phone, notebook/netbook/tablet, and entertainment end markets, greater-than-expected ASP declines, BSI-2 process technology node transition miss-execution, slower transition to higher ASP and megapixel (MP) sensors, and market share loss at Tier I smartphone OEMs.
For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.
Did A Large European Bank Almost Fail Last Night?
by Zero Hedge - November 30th, 2011 10:40 am
Courtesy of ZeroHedge. View original post here.
Submitted by Tyler Durden.
Need a reason to explain the massive central bank intervention from China, to Japan, Switzerland, the ECB, England and all the way to the US? Forbes may have one explanation: “It appears that a big European bank got close to failure last night. European banks, especially French banks, rely heavily on funding in the wholesale money markets. It appears that a major bank was having difficulty funding its immediate liquidity needs. The cavalry was called in and has come to the successful rescue.” Granted the post is rather weak on factual backing and is mostly speculative, but it would certainly make sense. That said, it harkens back to our original question: just how bad was the situation if the global central banking cabal had to intervene all over again, and just what was not being told to the general public? Lastly, and most important, slapping liquidity bandaids on solvency gangrenes does nothing but buy a few days at most. Furthermore, we now expect the stigmata associated with borrowing from the Fed to haunt each and every European bank as vigilantes will now use the weekly ECB update on borrowings from the Fed as a signal to hone in on this and that weak Italian and French, pardon, European bank.
These are the type of actions that were being taken during the financial crisis in 2008. Now most knowledgeable experts agree that not rescuing Lehman Brothers was a mistake. The authorities are not about to make the same mistake again. The only explanation for the massive action is that central banks were concerned about a pending failure that is not publically known. The readers may want to make their own judgment from the following excerpts from a statement by the Federal Reserve.
These central banks have agreed to lower the pricing on the existing temporary U.S. dollar liquidity swap arrangements by 50 basis points so that the new rate will be the U.S. dollar overnight index swap (OIS) rate plus 50 basis points. This pricing will be applied to all operations conducted from December 5, 2011. The authorization of these swap arrangements has been extended to February 1, 2013. In addition, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank will continue
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Anti Tilson Once Again Best Performing Investment As It Trades At Lifetime High
by Zero Hedge - November 30th, 2011 10:34 am
Courtesy of ZeroHedge. View original post here.
Submitted by Tyler Durden.
While being caught short stocks in the face of the global Bernanke Put, or long Chinese IPOs this year, it seems relative-value trades remain preferential from a risk-reward perspective. That is of course unless you are our old friend Whitney Tilson. The Anti-Tilson ETF (Long GMCR / Short NFLX) is up 8% today and stands at an impressive +43% (lifetime highs) in the 20 days since we recommended it. NFLX weakness this morning attributed to Wedbush’s 30% downside target downgrade.
Chart: Bloomberg
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