I will not be around much the next few days as I prepare to witness my New Orleans Saints, live in the Superdome, advance to the NFC Championship game. For those that don’t Know, RC is a huge Saints fan and have been with the team through thick and thin. It’s great to see Drew Brees carry the city of New Orleans (my hometown), on his back, and bring the city back to life. Excitement is back in the city, Mardi Gras is right around the corner, and NEW ORLEANS is back.
Ok, back to stocks. Here are some things to look for on Firday
#1 Airlines
Watch oil here, on weakness you will see “BTFO” moves in a few airlines. Check out these beauties:
Continental Airlines, Inc. [[CAL]]
UAL Corporation [[UAUA]]
US Airways Group, Inc. [[LCC]] One of Tradermarket24/7 favorites
#2 Financials
JakeGint likes the financials here, Chuck likes Citigroup Inc. [[C]] , and RC is on the lookout for the best chart in the group. I caught a crazy move in Pacific Capital Bancorp [[PCBC]] today, my man TMI24/7 caught a crazy move in Gramercy Capital Corp. [[GKK]] , and I believe more “BTFO” moves are to follow.
Your homework tonight/this morning will be to scan the financals for the best looking chart. I will be out most of the day, but feel free to share your results in the comment section. I will post a few myself.
Note: Click here for a custom screen I set up inside The PPT, sorted by highest daily hybrid change.
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Many great charts in the financials, here are a few:
HBAN: http://chart.ly/4pr9ta
SBIB: http://chart.ly/98qdza
WTNY: http://chart.ly/txegse
FMBI: http://chart.ly/f7sdn9
STSA: http://chart.ly/vvchwt
Really love the HBAN and STSA charts
ZION, MBI, BPOP – waiting for more volume out of MTG
That’s my list right now, currently long ZION and MBI and prepping for BIG pops out of both.
JPM earnings in am, should be a fun day.
Don’t forget RJET for the airlines.
Some southeastern banks to keep an eye on:
CZFC ($5.62) – Turned down a $9/sh offer from a competitor
FPBI ($2.15) – Flagging @ $2.13, major pop after a public offering to sell units each comprised of four shares of its common stock and one warrant to purchase one share of common stock. Each unit is being sold for $6.00 and the per share warrant exercise price is $2.00. Bank located in Port St Lucie, FL – $10 cash/sh and BV $7
FMFC ($3.10) – Flagging – $16/sh cash and BV $11.50
SUPR ($2.99) – Flagging – completed an exchange of $69 million of its Preferred Stock held by the U. S. Treasury for an identical amount of Superior’s newly issued Trust Preferred Securities. As a result of this exchange transaction, Superior will record an accounting gain of approximately $22.5 million after tax, reflecting the net benefit of the favorable interest rate terms of the newly issued Trust Preferred Securities compared to current market rates. On a pro forma basis, this accounting gain will increase Superior’s tangible common equity by approximately $1.93 per common share outstanding to $15.22 per share – cash/sh = $11 – they also approved an increase in the number of authorized shares of common stock (20m to 200m shs) that “will ensure that a sufficient number of shares are available, if needed, for issuance in connection with possible future opportunities.”
GRNB ($4.80) – Flagging – Recently turned down a proposal for a capital investment by a wealthy private investor – $26/sh cash ($347M) and $12 BV/sh – 10m float with 2m short (17%)
Some of these will be acquired, acquire others or be the recipient of a failed bank via FDIC, all catalysts for share appreciation … my favs are SUPR & GRNB (no position yet but soon)
FPBI breaking down ($1.92) … wait for $1.70
FMFC breaking out of flag since posted … now $3.35 (news pending???) … oops now $3.16
GRNB – have a bid in but thin and waiting
SUPR – bot @ $3 (200 dma holding strong)
Previous recs here:
BPFH – posted @ $5.50ish, currently $7ish looking to BO @ $7.26
CVBF – posted @ $8ish, currently $10ish
FPBI hit the target $1.70 but no fill here ……. then bounced to $2.01
GRNB – got initial stake @ $4.68
SUPR closed @ $3
FMFC closed @ $3.16 (no stake)
Dick Bove says “Buy the banks!”
Why do the Saints have the Priory of Sion symbol as their logo?
You mean the Fleur de Lis? Symbol of my City too.
Must have something to do w. rivers.
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Who dat dat was there last night…outstanding game for your Saints RC….
Game was AWESOME! Who Dat Nation is alive and well.
Tell Breezio to watch his back next week. Those Purple People Eaters are eatin’ peoples. Bush is going to need to be at his best like last week.
Send in Kim Kardashian!
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