All of a sudden, good news is flooding the sector, despite poor fundamentals.
Today, MBI is cutting the heads off of short sellers, on a funding agreement.
via Briefing.com:
Co announces it has entered into a definitive agreement with Warburg Pincus, which will commit to invest up to $1 bln in MBI through a direct purchase of MBI common stock and a backstop for a shareholder rights offering. The co said the investment will, among other things, increase MBIA’s already substantial capital and claims-paying resources and enable MBIA to grow its business profitably at a time when market conditions present it with attractive opportunities. Under the agreement, Warburg Pincus will make an initial investment of $500 mln in MBI through the acquisition of 16.1 mln shares of MBIA common stock at a price of $31.00/share.
As a result of this financing, SCA, ABK, MTG, PMI, RDN, CFC, NFI, ETFC, WM and a variety of homebuilders are shooting higher.
Again, my favorite, for a trade, is ACF.
Unlike houses, the bastards from ACF can send a fleet of tow trucks out to “collect” collateral.
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I have been banking coin with the Homies for a week now and you still give them no love 🙁
Liar!
I’ve said repeatedly, “long SPF for a trade.”
Fly wins again.
“Secatogue Henry†drives a tow truck for ACF. He’s also a satisfied customer. Odd no.
Guy on Bloomberg was touting that stock this morning.
VMI is coming back nicely I looking for 96-97. What say other interested parties.
mrkcbill,
Listen, watch what you say about “Secatogue.” He hears you saying he drives a tow truck and there could be trouble in Kansas.
“Secatogue Henry” is a highly skilled, professional “photoshopper.”
-DT
FLY…no soup for you…come back thursday at 2:30.
MVIS+
http://www.engadget.com/2007/12/10/wiimote-repurposed-for-multi-point-interactive-whiteboard/
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