Punk Ziegel

ALSO NOTED: Fitch puts Countrywide on evolving credit watch; Bank of America ready to integrate LaSalle; and much more...

Tue, 06 May 2008 06:59:50 -0400

Company News:
> Interactive Brokers Group to sell shares in Dutch auction. Article
> Fitch puts Countrywide on evolving credit watch. Article
> Ladenburg Thalmann buys Punk, Ziegel & Co. Article
> First Marblehead to slash jobs, costs. Article
> More on Citigroup's Old Lane funds redemptions. Article
> Bank of America ready to integrate LaSalle. Article
> Eddie Lampert faces his shareholders. Article

Industry News:
> Asia pools $80 billion to address liquidity issues. Article

Regulatory News:
> Feds create subprime crime task force. Article
> SEC lowers the boom on Safevest commodities fund. Article

And Finally... Five ways to protect your job in tough times. Article

ALSO NOTED: Richard Bove bullish on many banks; Court aproves gender suit settlement at Citigroup; and much more...

Fri, 02 May 2008 06:59:50 -0400

Company News:
> Citi Investment Research analyst bullish on Lehman Brothers. Article
> Microsoft to announce Yahoo course of action soon. Article
> SunTrust buys Georgia bank. Article
> Wells Fargo buys Flatiron Credit. Article
> Bank of America launches card deal with Korean airline. Article
> Court aproves gender suit settlement at Citigroup. Article
> Al Gore closes on Climate Solutions Fund. Article
> Thomson Reuters profits rise. Article
> Cerberus breaks off talks with Blackwater. Article

Industry News:
> Richard Bove bullish on many banks right now. Article
> Mutual fund boards move to flat fee structure. Article
> Was the Bear Stearns "bailout" a mistake? Article

And Finally... Chicago Bulls mascot sued for high-five. Article

Credit crisis still fading?

Wed, 02 Apr 2008 07:59:59 -0400

We noted recently that ubiquitous analyst Richard Bove of Punk Ziegel has pronounced the credit crisis over. It seems more people are starting to agree. There will be more writedowns ahead, but the likelihood of major Bear Stearns-like pain now seems slim. A good indication is the reaction to the news that UBS would take $19 billion in writedowns and Deutsche Bank would take nearly $4 billion. The market rallied on the news. Not so long ago, such news would have prompted more anxiety. Another positive indication is all of the regulatory activity going on. The talk now is more about long-term solutions. That said, first quarter earnings may hold some surprises, but it's probably safe to say the surprises will not be major. They could potentially even be upside surprises. -Jim

Analyst: Credit crisis is over

Tue, 25 Mar 2008 07:59:54 -0400

Richard Bove of Punk Ziegel & Co. certainly knows how to get his name out there. He has emerged as a media go-to guy when it comes to financial stocks. He's now making waves by pronouncing the crisis over, according to the Financial Times. He says there will be more bad news to trickle out but the worst has passed. He thinks the Fed's action will prove decisive, as it gets to the heart of the problem. He doubts the Fed with just shy of $1 trillion in assets, will be overwhelmed. He also thinks real estate is now the 'bargain of the century.'

For more:
- here's an article in the Financial Times

Related Articles:
What's up with Bear Stearns? Article
Punk Ziegel analyst cuts Bear Stearns target price. Article
Credit crisis to worsen. Article
Credit crisis rolls on. Article

What's up with Bear Stearns?

Fri, 14 Mar 2008 07:59:57 -0400

Rumors have been swirling around Bear Stearns for the longest time. But they really kicked into high gear this week when the stock fell 20 percent, notes the AP. Prices for its credit default swaps have soared. The firm has tried to put a stop to it. CEO Alan Schwartz put the word out that the bank was comfortable with earnings estimates, and the firm says it does not face liquidity issues. But it can't shake talk that it has been forced to take a lot of collateral from hedge funds that cannot meet margin calls. That collateral, unfortunately, can easily be sold, meaning Bear may get stuck with a lot of worthless paper. Richard Bove of Punk Ziegel tells the AP that the Fed may have been reaching out to Bear when it unveiled plans to swap $200 billion in Treasuries for mortgage debt held by banks.

For more:
- here's the AP article

Related Articles:
More fallout from Bear Stearns hedge fund woes. Article
Bear Stearns joins the layoff parade. Article
Goldman Sachs hits one long, Bear Stearns whiffs. Article
Rumor: Bear Stearns looking to replace Cayne. Article

ALSO NOTED: Citigroup reorganizes in Japan; Punk Ziegel analyst cuts Bear Stearns target price; and much more...

Thu, 13 Mar 2008 07:59:50 -0400

Company News:
> Citigroup reorganizes in Japan. Article
> S&P downgrades another bond insurer. Article
> Bear Stearns comfortable with 1Q estimates. Article
> Put traders bet against Bear Stearns. Article
> Bear Stearns stock nothing to crow about. Article
> Schwab launches monthly income funds for retirees. Article
> Punk Ziegel analyst cuts Bear Stearns target price. Article

Industry News:
> Custodians tackle corporate actions issues. Article
> Hedge funds bounce back in February. Article

Regulatory News:
> Police detain another SocGen employee. Article

And Finally... Career lessons from the presidential candidates. Article