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Maybe if I tie two rocks together, they will float.
If you don't have anything nice to say Nemo...
Say it to a Homebuilder!
Its full circle for Centex. Last building boom they were the ones buying everyone... Eat or get eaten I guess.....
................
Nemo thats funny.....
Big Savings: they will only need one set of bankruptcy lawyers when they file chapter 11.
Worthless company buying another worthless company. Great marriage.
Too big to fail.
Long pork: the other other white meat.
Minimizes bankruptcy costs: one filing instead of two.
Just had to stop by and cheer on about Ruby Tuesday after yesterday's after-hours earnings report debate. Could be the stock is a long-term zero still, but the market liked the upside earnings guidance they gave. Stock is up almost 60% today!
This is really good because ,...too many homebuilders,” said Vicki Bryan, a senior high-yield bond analyst
Bond Girl is that you? Just kidding, I have a much higher appreciation of your analytical skills.
Why do we need publicly traded homebuilders?
"Vicki Bryan, a senior high-yield bond analyst for New York-based Gimme Credit LLC"
There is a company called "Gimme Credit"?
Just woke up from hibernation............I see I didn't miss much.........must..go..back..to..sleep...
Bully Pulte, woolly Pulte
hi everybody! im having a teaparty with donuts! we shall show those bankers who's the boss!
Who the eff eats at Ruby Tuesday's? Awful. Almost as bad as Applebee's.
"Why do we need publicly traded homebuilders?"
So investment banks have something to skim a percentage of.
Oops, I mean,
So ordinary Americans can continue to participate in the prosperity after all the other jobs have gone to India and China.
Now We are too big to fail!!!
Tow drunks leaning on each other nothing more.
On Casual Dining:
People it is reheated frozen food!
Ruby Tuesdays is people! It's PEOPLE!!
Save $350 million annually, like how? Not build next to each other? Instead of two vacant homes, we have one. Good thinkin'.
Maybe if I tie two rocks together, they will float.
Nemo, I see you are a man of science!
YouTube - She's a witch!
What? No TARP?
I've noticed a new trend emerging, I think it started with the Boston Taxday Tea Party people as a symbol of their commitment to take back control of our government.
They are giving the all seeing eye on the back of the one dollar bill a black eye with a black marker, or they are cutting out the eye with a hole punch. I hope this doesn't upset anybody.
http://hosting02.imagecross.com/image-hosting-08/7981Black-eye.jpg
Cannibalizing is the hallmark of a vibrant sector !
These are not two drunks leaning on each other, because tomorrow, those two drunks would be sober.
I like the Donner party metaphor from a previous thread even better than the two drunks...
I think this merger makes sense from the cost savings. The fact that its taking place is probably an indicator that management sees homebuilding as being difficult for a prolonged period of time.
More tea-bagging today...ugh
Some interesting names being sold on strength...
Money Flows: Selling on Strength - Markets Data Center - WSJ.com
Why do we need publicly traded homebuilders?
we dont'....they need dopes, to buy their paper mache homes, to buy their stock.
Insurers to get more insurance, by way of government handouts to the rich: http://www.marketwatch.com/news/story/Federal-government-writing-a-policy/story.aspx?guid={F97F00A9-F5E6-4DC9-B90A-98132265E284}
Can someone please explain to me the logic of viewing mergers and acquisitions in a positive light? Certainly it can be good for the companies involved, though not necessarily, but why do the markets in general view takeovers in a positive light? Is reduced competition always viewed positively? Are they waiting for the day when there is one company that owns everything? How would anyone prosper under such a scenario?
Dinosaurs mating on the eve of extinction. Next.
I am still amazed none of the top 5 homebuilders has gone under..the banks must be really relaxing their debt agreements. I would assume they have all violated their loan covenants and missed a few payments
I guess we know who the next shorting target will be: Pulte homes. Housing is no where near the bottom (remember this month last year, after the Bear Stearns collapse, everyone was like "That was the big one, this is the bottom, buy Buy BUY! .... whoops")
Reduced competition means a larger ability to dictate both expenses (for instance of workers experienced in that industry) and revenues (reduced price competition). Therefore, mergers are good for the entire industry's profitability, and therefore approved of by Wall Street, even though they are by definition anti-competitive and contrary to popular conceptions of free market capitalism.
Big supernova called US economy is blowing up, fire everybody which moves and their dogs and commit fusion until you drop dead. Meanwhile, toxic crap called derivatives are nicely forming giant black hole in the middle, sucking everything into it.
Pulte Homes Inc. agreed to buy Centex Corp. for $1.3 billion in an all-stock deal that creates the largest U.S. homebuilder by revenue ...
Didn't anyone tell them that adding two negative numbers together doesn't give you a larger amount? Tricky concept I know, but then again, maybe this qualifies them for TARP funds somehow.
You forgot, so they can lose more money and go further into debt. Then they can pose systemic risk and get bailout money.
"Why do we need publicly traded homebuilders?"
So investment banks have something to skim a percentage of.
Oops, I mean,
So ordinary Americans can continue to participate in the prosperity after all the other jobs have gone to India and China."
Mergers and acquisitions in the positive light depends on your perspective. If you're a rich guy at the top, you benefit, because you buy their stock the second you hear of the merger, then dump it at the end of the day when the frenzy is over and you've made your cash.
On the bottom, you get screwed - either you're one of the people laid off during the acquisition, or you were on the wrong side of the stock bet, or you were on the right side but your broker fees wiped out your money making, etc.
TCA --
So many quotes leap to mind... But I will demur.
All Stock transaction. The last time that this was popular was during the dot com bubble.
Nemo - Your F5 Monkey combines wit with speed.
"It is not the business of the law to make anyone good or reverent or moral or clean or upright."
Murray Rothbard
You are right, that is the job of the boy scouts.
Deja pew --
throw out mark to market, and curb short selling. That'll fix things just fine.
New Nouriel Roubini Interview Video:
'The Hour', CBC, April 7, 2009
Globeandmail.com
Softwood's Back: yesterday, new shots were fired. But who's to blame?
Campbell Clark and Bertrand Marotte
This page is available to GlobePlus subscribers
Time for volleyball. Are there any Canadians on the board? We were wrong about a few things and you were .....? Trust? Friend?
If you ask me, mega subdivisions are on the out for a long time. Building that will be done, will be on a wildcat basis where owner picks a contractor personally to build on their lot within an existing neighbourhood. A return to the normal way of building homes. Having a national presence doesn't help much there. Plus a contractor's crew working for themselves will always work harder than one working for a giant corporation, even if the pay adds up to the same in the end
I'm finding the retailers strength this runup hilarious! JWN is starting to look like good short opportunity...
one would think this news is not relevant\
Yahoo! 404 - Page Not Found
Dinosaurs mating.
Pulte does a lot of Section 42 affordable housing projects as well. I guess there won't be as much demand for that, what with all the foreclosure sales that aren't happening due to the shadow inventory of foreclosed properties that will ultimately be sold at tax sales since the banks won't pay their property taxes.
Titanic and Iceberg merged, too.
Magical Thinking,
I'm Canadian. The whole deal was terrible. Bush ended up imposing tariffs on wood, whose price was set by auction (done as a response to the initial complaint), and paying revenue directly to American lumber industry (basically a lot of loggers down south running piece meal operations couldn't compete with the boreal rainforest). Harper came in as Canadian prime minister and signed the deal the previous government had refused. Only a part of the money was paid back. Canada had won every NAFTA and WTO ruling, but the sycophant Harper sold out and settled. It had got to the point where NAFTA would have had to been broken because the US was then in direct violation of the binding arbitration mechanism (last level of appeal).
There was a similar trade fight between the US and EU where Bush protected the Steel industry which made Europe fairly mad, but I don't know the details of it.
EHP,
In the same vein, consumer credit through Feb.:
http://web-xp2a-pws.ntrs.com:80/content//media/attachment/data/econ_research/0904/document/dd040709.pdf
YouTube - Burning Spear - Slavery Days - Original 1981
Happy Passover to anyone celebrating.
"Parachute? I thought you had a parachute. That's why we jumped together."
Part of Today's results:
_______________________ Tendered _________ Accepted
Competitive ___________ $84,498,500,000 __ $34,961,475,000
Noncompetitive ________ $38,525,600 ______ $38,525,600
FIMA (Noncompetitive) _ $0 _______________ $0
Subtotal4 ____________ $84,537,025,600 ___ $35,000,000,6005
SOMA ________________ $557,034,000 ______ $557,034,000
Total ________________ $85,094,059,600 __ $35,557,034,600
_______________________ Tendered __________ Accepted
Primary Dealer6 _______ $65,890,000,000 ___ $20,464,100,000
Direct Bidder7 ________ $1,876,000,000 ____ $1,046,000,000
Indirect Bidder8 ______ $16,732,500,000 ___ $13,451,375,000
Total Competitive _____ $84,498,500,000 ___ $34,961,475,000
What does this mean?
Normally in the food chain, the higher ranked predetor has to do something (and expend some energy [metaphor: money] to earn his living. Swim around, attack some fish schools, go to the best places to hunt, etc.
In this (and other) cases, the predetor just slows to a stall speed, opens his mouth, and the meal for the day swims inside, taps on the roof of the mouth to indicate submission, and the mouth slowly closers. Digestion begins. Waste is eliminated. But since this was a painless (energyless) meal, the top dog fish justs get obese, and less likely to hunt successfully in the future. Free calories are not always a blessing.
DJ's wire with a headsup on Econo blogs....and CR get's a nod
The pump-meisters calling this a merger of heavyweights and is indicative of a resuscitation of the market is pure B.S.
This is merging of lepers, each are hoping that by combing what's left of rotting body parts, may constitute one complete body, and even that is far from certain.
There will be more of this as all the players in the Commercial RE space realize they too don't have the requisite body parts to function alone any longer.
(with apologies to Mr. Ed)
A corpse is a corpse
Of course of course
And no one can lend to a corpse,
Of course
That is, of course
Unless the corpse
Is given the money by the Fed!
Go right to the source
And ask the corpse
He'll give you the answer that you'll endorse
He's always on a steady course
Talk to Mister Fed!
People yakkity-yak a streak
And waste your time of day
But Mister Fed will never speak
Unless he has something to say!
Oh, a corpse is a corpse
Of course, of course
And this one'll talk 'til his voice is hoarse
You never heard of a talking corpse?
Well, listen to this:
. . . He is Mister Fed!
Massachusetts sailors defeat pirates
: Crew: Captain Still Being Held By Pirates - Most Popular News Story - WCVB Boston
Yogi, looks like the President is holding a seder tomorrow night for the White House staff: FOXNews.com - Obama to Host Seder at White House
Which is the builder who wired their houses with out a ground and electcuted the Dad in front of his daughter on her 8th birthday?
Canada should just apply to be a state. You're in line behind the District of Columbia and Guam.
If canada wants to retaliate: put a tariff on TV and movies that people actually want to watch. That will hurt the US economy.
nova, it was Lennar Homes: Mish's Global Economic Trend Analysis: Electrocution Prompts Lawsuit Against Lennar
Michael, do you eat your boogers? You remind of that kid in elementary school who gobbled them up and everybody said, "Ewwww."
Quit eating your boogers and spouting stupid Glenn Beckish Tea Bag crap.
Magical Thinking,
I see the new tariff only affects the Eastern provinces. The industry is only significant in Ontario and Quebec. They also have to face layoffs regardless because of the market. Both of them tend to get preferential treatment by the government because of their votes. BC which is the largest lumber producer has a very efficient industry now, well what's left of it. From the logging to the mills, they are the world's lowest cost producer (thanks to earlier softwood lumber trade fights/pacts)
Between less paper demand, and less construction demand there ought to be a lot of layoffs in the more expensive areas. Longer term there is the prospect of using lignin, currently a waste product of pulp/paper mills, to make plastic are cost-competitive prices to oil-based processes.
Can you feel the exits being blocked?
YouTube -
I am reminded of the graves dug for the indigent and/or unknown persons- one atop the other.
michael makes me miss Jas...
there I said it...
Landmark Equitable building in foreclosure
By PAUL DONSKY
The Atlanta Journal-Constitution
Wednesday, April 08, 2009
Downtown Atlanta’s Equitable building, an iconic 30-plus story office tower that once dominated the city’s skyline, has fallen into foreclosure.
A foreclosure notice said the 40-year-old skyscraper is scheduled to be auctioned on the Fulton County courthouse steps on May 5.
The building’s owners, Equastone 100 Peachtree LLC, owes $52 million on the mortgage to Capmark Bank, a Utah lender. San Diego-based Equastone bought the building in May 2007 for $56.8 million.
According to Fulton County property tax records, the building has fallen in value and is now worth about $44.8 million, including the land.
The Equitable Building sits next to Woodruff Park on the site of the old Piedmont Hotel, once one of the city’s poshest hotels. Current tenants include offices of U.S. Rep. John Lewis (D-Atlanta.)
Not a chance Canada would agree to become a State. Not even a remote chance.
This is about survival and how do I at least get something for this piece of paper.
Thanks Monkey. That made me want to hurt someone.
If your Hagaddah isn't too old school it really is a fun feast.
This is a great deal.
It reminds me of when @Home acquired Blue Mountain Arts in an all-stock deal.
What a great way to create new wealth!
EHP
Hemp-all the bias -set it free.
Jas is dark and odd (at least to a born and bred dope like me) but he did make a certain sense .
Michael is simply a nitwit chasing the boogie men Rush and Hannity send in his dreams.
So amazingly, the repos find themself sitting on a 25% approval rating after 8 years of destroying the country, when the realization must have hit them...
We can fool 25% of the people all of the time, which is the platform they are using-telling people to load up on guns & ammo and fomenting revolution all the while.
For shame!
Rich, what is your outlook here? Are you still long PMs, or have you shifted more to shorting equities?
Regarding Canada never becoming a state, can you say C'ANshluss?
Anshluss
Oops. Was that a Godwin?
I like Mike! He reminds me of a passionate, caring individual who is totally commited to his art, his way of life, and the American flag!
Someday, hopefully not, but you never know, Mikey will be there for the Higher Order (HO)
serving in the field. Wherever injustice needs to be done Mike and his cohorts will be there! Speak it Loud! Say It Proud!
I'm buff and bullhorned!
New post: March FOMC Minutes: Outlook Revised Down
best to all
Jas and michael might actually be quite happy together....
an eternal punching bag paired with tireless verbal assault...a true symbiosis..
(In honor of baseball starting up)
NEW THREAD HEEEEYAH, GET YER NEW THREAD!: March FOMC Minutes: Outlook Revised Down | Hoocoodanode?
Is instant Tea tacky at a Tea Party?
all clear fed sees 5% growth and 4.5% unemployment rate in 2011 ith 3.5% growth in 2010. Would someone please abolish this abortion.
Puntex?
an eternal punching bag paired with tireless verbal assault...a true symbiosis..
S & M for dopes.
When I read that it sent a chill up my spine.
Hows this for the new name--PulteCent Homes (rhymes with putrescent)
I sold to both of these companies in the Phoenix market during the boom. Centex came to our market late and really jumped on the bandwagon. Pulte had some problems here and was considered a smaller player at times. Funny how things worked out. Both these builders had good and bad products, but both attempted to stand behind them with customer service and warranties.
I wonder how that's doing now?