With the moves of the last two days- exits in GUT, OCZ & NRGY, I now have even more cash to work on deploying. The Trading ac took the bigger hit in Oct. Actually, most of the hit. The others accountscombined probably dropped less than the Trading ac, and those accounts are more than 83% of theport. JF again. Golar announced a new initiative wrt an older LNG tanker- a Floating Liquified Natural Gas Vessel (FLNGV). The first one is a test case. It might be implemented on all threeolder LNG vessels.http://www.golar.com/index.php?name=seksjon/Stock_Exchange_R...I'm guessing that means these are no longer candidates for FSRU conversion. It is probablybecause ordering an FSRU newbuild is more cost effective than spending the extra money on aconversion.Whoa! another move the next day. Drop-down of Golar Grand to GMLP for $265M. I wonderif that was the reason for the recent GMLP bond offering? The proceeds for that went to repay theGLNG loan. But will GMLP tap that parent loan facility again to pay for its latest acquisition?
What's the deal with PSEC's drop? Oh, they just decided to have a large offering- 35M shares!http://finance.yahoo.com/news/prospect-capital-corporation-p...That's not a trivial number, about 20% dilution. With over-allotment, about 23% The companyhad some carry-over income that should help on the dividend side. But then the concern becomesthe dividend safety with the huge share dilution. I added more shares @ $10.95/sh, but nowI am wondering if I need to poke at this idea a little more. I don't really want to replayan AINV type pull-back, followed by a dividend cut a few months down the road. Shares anothersimilarity with AINV- PSEC is my second largest individual holding, while AINV was my largestfor many months.I noticed the OSG bounce today (11/2). I'm guessing this has something to do with today's Jones Actannouncement. I have tried my hand at short term trading but OSG is not one of those typesof ideas. Way too many unresolved issues.Speaking of penny ideas, SQNS was continuing its downward spiral, then suddenly caught awave- up nicely in the last hour or two.
PSEC, repeated Note issuances, more Revolver capacity, and now this.With all this capital being added, maybe they're getting ready to use it?
PSEC, repeated Note issuances, more Revolver capacity, and now this.With all this capital being added, maybe they're getting ready to use it? The Notes didn't bother me too much. Yes, its debt, but it isn't share dilution. The sharevolume yesterday suggest the offering was priced below $11. Probably still above book value,but not by much. PSEC has done a decent job announcing "a quarter plus a little more" as far asmonthly dividends go. It might be worth monitoring whether that drops off.
11/8FAX has been a good investment since the market collapse, but today it exited my top 10. Willlook at trying this one again as a DRIP idea, but in the Mizone ac. A GUT replacement, at $7.25-ish.The tanker observation of a rough Q3 remains consistent with TNK reporting today. Like DHT,a divvie cut on lower revenue numbers. More severe div cut than I expected- I was thinking5-7c, not 2c. TOO also reported results. The div being maintained was announced several weeks prior.Tinkering with the idea of starting an AAII mini-basket of ideas in the Mizone ac. Perhaps4 or 5 ideas. That's also how they recommend one starts a portfolio based on their microcap screen. The tricky part will be tracking individual ideas if they include ideas from thescreen, but not in the actual AAII port. Pure conjecture on my part, but it seems like microcapshave above-average volatility in the Dec-Jan timeframe, as ports get reset for tax-relatedreasons.
- Nibbled on TNK @ $2.70/sh today. Price headed still lower. I will probably take another bite.Q3 was going to be bad, that was a known. If I hadn't read the Earnings call transcript, I would not have noticed the number of vessels/days of off-hire being another cause of lower rev. Onlyone vessel off-hire in Q4. Will do a sanity check on fleet vs debt before I make that leap.- TOO looks interesting also.- I'm guessing the BDCs are getting hammered because of the whole higher-tax on dividendissue. The thing is, most BDC dividend is non-qualified, and is income anyway. Watching, but maylook beyond existing holding PSEC and FSC.
11/15A few ideas really bouncing around more than expected- NKA, PGP, FRO, GNI, KCG. - Added to PGP position- purchased in the Trading ac. - Add more TNK in Trading ac. Crunching back-of-envelope numbers for fleet, FMV of fleetexceeds the debt. If I were TNK mgmt, I would be buying back shares in the market. Parent entity, TK,could do also- it would be in their interests to do so. - Closing out EXC in DRIP ac
Why close out EXC? I'd think that after that merger this year with Constellation that made them an even stronger company and with a dip in share price you might add shares. Or do you see them cutting the divi after this next one $0.525 payable Dec 10. The date of record was today. You still get that divi right?
Or do you see them cutting the divi after this next one $0.525 payable Dec 10. The date of record was today. You still get that divi right? I believe the CEO hinted that a dividend cut was likely. I hadn't checked the dividend date prior to the transaction. But record date is after ex-div date,so a shareholder selling on record date would still get the prior dividend. What I have toverify is, did I turn off the DRIP feature for EXC? I hope so. Else I have an annoying fractional share.
- Put in a limit order on GMLP when it was at $26-ish. Didn't fill.- Add more VZ in DRIP ac- Yay! a timely PGP bounce, one day after I essentially doubled down on the idea :) - I thought about it, thought about it, ... pulled the trigger on TNK in Roth ac. I guessI should have changed one letter and picked up TNP yesterday prior to the bounce today ;)- Good day for Roth ac, as CMLP and KCG also got nice bounces.
11/21The good stuff continues ... "BOOM!", Trading ac bounced almost 5% yesterday with the after-hoursannouncement from MEMS. Someone wants to buy the company out for $4/sh. I had trimmed some highercost shares in Oct 2012, but glad I didn't make the CBK blunder on this idea. Own some higherpriced shares in the Roth ac too- so a gain there.Another tanker company whacks its payout. Like TNK, I was not surprised when TNP announced a divvie cut. Like TNK, the severity of the cut surprised me. I was thinking perhaps an 8-10c divvie,not 5c. Market reaction surprised me. TNP has pulled back from over-$6 to below-$4, so perhapsthe dividend cut was already built in. Then again, the timing of Thanksgiving could alsohave reduced the number of traders. Dumped the Trading ac position for a small gain.ORI quietly inching up. Need to make a decision on this one in both Roth ac (green) and DRIP ac (red).Leaning towards a piece-meal exit in DRIP ac.
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