First off, many thanks and praise to those of you who took the leap of faith and subscribed to iBankCoin’s Godly premium service. May one thousand pleasantries of whores be thrusted upon your person.
On a very private level, “The Fly” enjoyed all sorts of victories this week, from wins in SWHC, RGR, GLW to outright triumphs in DUG/ERY.
Truth be told, on the eyes of Jupiter, I am up more than 14% year to date, with today’s perfect moves. My timing has been much better than Woodshedder’s and leagues better than all of you combined. During this weekend, “The Fly” intends to celebrate his wins, via cowboy cut ribs eyes, a little fine aged red and a small plate of Gruyere cheese.
GE is a piece of dog shit. God willing, they shall go into receivership, effectively disconnecting those wretched women on CNBC from the world.
In closing, I cannot stress enough how much I despise XOM and all of the fund managers who are long it. Moreover, I intend to dispatch such said characters, without remorse, over the coming weeks.
At the time of this post, HORATIO CLAWHAMMER was short FRT, ESS and a small quantity of CPT.
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Fly is God. Thanks for all you do. Made money on longs and shorts today, thanks to your fine guiding hand and godly PPT service.
mrkcbill’s 401K is 100% invested in Circuit City
What think you of the end-of-day sell off? You were fairly bullish earlier today, but that close didn’t look so bullish. Just curious if that changed your views of the overall market.
Nice work Horatio! Enjoying the PPT wins and looking forward to digging deeper over the weekend.
WB
It did.
Earlier on PPT I said ERY will likely close near the highs. It was a bit of time machine action I lent to you.
However, my recent longs, CY, GLW and WNR held firm.
Haven’t had time to sign up yet, Fly, but certainly made enuf $$ from KIM and Danny’s short SSRI idea to warrant double secret Gentlemen of the Shade status…
Congrats to Phil for hitting STC at the high and all my best to those defenders of family, liberty and socialized medicine who frequent this site.
If Fly can have three tiers for the PPT, health care can have at least two…
At the end of the day we are all fucked with nationalization talk to an egregious tax hike on earners. I would not be surprised if Obama released news of 10 more bailouts funded by a tax increase to 75% on people earning more than 250k, to this man these people are the devil and root of all that is evil. How you can expect a market to rise with this talk is beyond me. Anyone want to buy BAC shares? Sure why not, come Sunday night they will be owned by the government anyway and you will not be allowed to short them. Oh did you hear about the new fun proposal, LET’S TAX TRADERS! Yay that will work out well, if we tax them then they won’t short stocks. Now that is a novel idea. Let’s tax our markets until they just don’t trade at all and we have a fucking 3 point bid ask spread on every trade, fucking genius. Fuck one and fuck all, I am off to practice my Russian Comrades. We will all meet at the red square soon.
Top Pick: Long the Mexican Caribbean where you can pay off the tax man.
thx.
MGM MGM Mirage: Moody’s downgraded MGM MIRAGE’s CFR to B3; PDR to Caa1, ratings remain on review for downgrade (3.50 -0.98) -Update-
Moody’s downgraded MGM Mirage’s Probability of Default rating to Caa1 from B1 and its corporate family rating to B3 from B1. The downgrade reflects the difficulty the company faces in shoring up its liquidity profile. Moody’s estimates that internally generated cash, net proceeds from the pending sale of Treasure Island together with the revolver draw and cash on hand will be barely sufficient to fund the co’s operations — including its CityCenter obligations — and required bond maturities through year-end 2009. MGM faces bond maturities of ~$300 mln and $800 mln in the second and third quarters of 2010, respectively. Additionally, the inability of the MGM and its joint venture partner, Dubai World, to raise the remaining $1.2 bln of the targeted $3.0 bln debt raise for CityCenter has exacerbated the MGM’s liquidity situation.
mrkcbill’s 401K is 100% invested in Circuit City
Now that’s some funny shit Jed! ROFLMAO
Fly:
What exactly is wrong with JPM?
Thought you were comparing it to C and BAC few posts ago.
Fly, thanks for the P.P.T. Made money today because it. Thanks
What does P.P.T. really stand for?
JAKE – This appeared on BOOM’s PR realease announcing earns on 3/6. Do you have any read why they are calling this out?
Management is currently working with its auditors and valuation consultants to complete goodwill impairment testing on the Company’s Oilfield Products segment, which was included in DMC’s Nov. 2007 acquisition of DYNAenergetics. The Oilfield Products Segment accounted for approximately 11% of DMC’s total revenue through the first nine months of fiscal 2008. Upon completion of the annual impairment test, which is being performed as of Dec. 31, 2008, the Company will issue final audited financial results.
“…wretched women on CNBC” haha, congrats oh humble one!
Itchy & Scratchy PPT = Phat Profits Today
Boomer … sounds like they overpaid for the new division, have decided to mark it to market and the difference (Goodwill) is to be written off in some manner once the CPA’s decide what’s equitable … caution: I’m better at accounting than interpreting press releases.
What E8 said….plus, I think you can take it one step further.
Why do they feel they paid too much? Because that segment isn’t performing how they anticipated it would. That means they’re going to take an impairment charge to write down goodwill AND that segment is almost certainly going to produce disappointing revenues/earnings.
Boomer – goodwill is buyout premium. So if the company they bought out had $10 in stuff and they paid $14 to shareholders, GW is $4.
Each year they test to see if that premium is still there, and if it isn’t there is an impairment charge, which goes on the income statement, thus affecting earnings.
^^^^^
Give that fucker a job at PWC, dammit!
Amended — I didn’t realize that query was originally directed to me. Yes, I’d agree with the kid’s take, with the nuanced second comment that they are probably girding up shareholder loins for a pretty big slap. I’ve found that in shit times, firms will try to get rid of goodwill as quick as they can and use the cover of a shitty market to take the excuse to do so.
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Have a great weekend everyone!
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Thanks Jake, and that is another good point – BOOM is likely one of a bajillion cos that will be impairing all kinds of crap they bought over the years in the next q.
I guess tonights bank failure(s) is west of the Mississippi again, don’t see it on the wires yet
Fly:
Great call on C, horrible call on MOS!
Depressions make for good “kitchen sink” clean-outs …. things are so bad nobody is surprised and hence, write it all off and start fresh.
Goodwill premium is never really there … until or unless the new division earns it’s keep and reduces the “goodwill” paid. Hence the impairment indicates they don’t expect it to contribute to earnings or reduce the goodwill paid anytime soon.
Thanks guys. The company they bought was a clad competitor with this division that did some explosive drilling thing. It is a non-core biz. Interesting.
“With today’s new intraday bear market lows in the SPX/DOW we need to start looking for a potential completed downtrend. This last wave down, Minor 5, has met the minimum requirements by making a new low. The pivot at SPX 734 held well today, just as it did at the Nov 2008 low. Will take a close look at all the markets this weekend.”
Jed- orders at Starbucks..Grande Java Chip Frappacino with a shot of cinnamon, topped with whipped cream, hold the fudge. And a Straw please.
To a man everyone is in agreement, the sky is falling, it’s TEOTWAWKI. CNBC & Fly and every other trading board expects lights out, fear is rampant. Interesting.
Thanks Jake, and that is another good point – BOOM is likely one of a bajillion cos that will be impairing all kinds of crap they bought over the years in the next q.
That will mean lots of non-cash hits to earnings. For individual companies, investors can do a pretty good job of evaluating earnings net of the one-time, non-cash charges. i don’t think they do quite as well when looking at broad-index earnings. So, value measurements like the S&P’s PE will look that much worse due to the goodwill impairments.
Are you calling bottom? Fear support!
Final Wave Down (???)
Don’t think so. Might meet minimum but 650 or so wold be more like it..just my take, and thats a sanguine one
Are you calling bottom?
Nothing of the sort, just making an observation.
“GE is a piece of dog shit. God willing, they shall go into receivership, effectively disconnecting those wretched women on CNBC from the world.”
too effing good.
This must be said again, so I will continue to say it. Obama and the liberal “led” Congress are fucking economic illiterates. These motherfuckers are raising taxes on the only ones capable of lifting us out of this shitstorm. It’s goddam infuriating. Mark my fucking words. There will be fucking tax riots in the streets and burning of liberal asshats in effigy soon. Very fucking soon. There are no mustard seeds to speak of other than that there is another election in 2 years…
Junk Spread , you’re assuming that everyone thinks like us. They don’t. In a zero sum world which is what the O’man is creating 50% of the population wants to rip off the other 1/2.
Middle class people don’t fight on the streets.
The O’man is creating government by the Ghetto and he doesn’t give a shit about markets.
This is the mistake everyone seems to fucking make about this guy. You all think he thinks the same way we do. He doesn’t give a shit about economic laws or how the market is doing. His only interest is redistribution from one section of the population to his voters. That’s all.
J excellent post. You hit the nail on the head.
These goddamn fucking assholes will fuck this country up so bad it will take generations to recover. Half of this country is just like a gold-digging whore. Obama will smile and nod with satisfaction while his fucking pitbull drags its ass across the presidential seal in the oval office.
Hey Phil,
Do they need english speaking computer programmers in Brazil?
Pissed off fan out.
I killed off the dinosaurs. Obama made me do it.
Fly you were blessed because “obama” loves you.
Wow, Limbaugh calling the troops to arms on national teevee (CPAC speech). Setting the parameters.
He has gained back ALL that weight, too… sheesh.
Good speech, though.
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This is the mistake everyone seems to fucking make about this guy. You all think he thinks the same way we do. He doesn’t give a shit about economic laws or how the market is doing. His only interest is redistribution from one section of the population to his voters. That’s all.
My theory as well. Of course, confirmation also renders any member of the producing class (defined as those who contribute to the economy in a positive manner, “net cash flow” as it were) who voted for this joker and his cohorts complete asshats.
Rooks, fools, maroons, etc.
So expect some blowback for your comments. 😉
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I have been to “customer service” at PPT and it was good. I relished in being called body part names and personally being threatened by the FLY (a long time goal of mine).
Through all the FLY bluster, my issue was resolved immediately. Which made me realize that the FLY is just another lying sack of shit. He goes around threatening old men and my mustache, but really he is just a softie wanting to please. Sorry, FLY, you have been found out.
Go fuck yourself old man.