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’Covert transfers and the SMP
We are indebted to Marc Ostwald of Monument Securities for this:
AMSTERDAM, Dec 20 (Reuters) – The Dutch central bank cancelled its interim dividend, thereby increasing the government’s budget deficit,
John Pluthero – Thank you and goodnight
When we last looked at the Cable & Wireless Worldwide share price (about seven hours ago) it was down around 12 per cent.
By the close of play in London it was down 26 per cent.
John Pluthero what have you done?
The answer,
John Pluthero – my work here is done
Farewell then John Pluthero, chairman, chief executive and all powerful being at Cable & Wireless Worldwide.
It’s fair to say you won’t be missed by shareholders, who seem to have come to the conclusion that you aren’t the right man to take the company forward.
Bob’s Petroleum
The incoming boss of BP has been striking a confident tone in recent meetings with City analysts.
The message that Bob Dudley has been keen to convey is that BP is financially sound, the provisions made against the costs of dealing with the aftermath of the Macondo spill should cover the liabilities,
What are BP dividend swaps telling us?
When BP finally resummes dividend payments after the 2010 moratorium how much can cash are shareholders expect to receive?
The answer, via the dividend swaps market, is a lot less than the 56 cents (or 14 cents a quarter) BP has paid for the past couple of years.
BP’s dividend decision
Payments axed for the rest of the year.
Other breaking news: independent claims fund to be administered by Ken Feinberg, head of the 9/11 compensation fund, BP to make initial payments of $3 and $2bn,
‘If you drill, and you spill, we’re going to make you pay the bill’
That soundbite is from the Democratic majority leader in the Senate, who helped trigger Monday’s 10 per cent slide in the BP share price with his call for a $20bn escrow account. From his website:
Nevada Senator Harry Reid,
BP short interest, other facts and stuff (updated)
Readers have been asking for short interest data on BP and here, via Data Explorers, it is:
As you can see from the graph, stripping out the spike related to the last (?) dividend payment, the underlying level of stock outstanding on loan (SOOL) has barely budged since the spill
So,
The ‘Sinofication of BP’: Thinking the unthinkable
The ignominies continue to pile up for BP as its share price continues to plunge (it’s now down more than 40 per cent since the April oil-rig explosion and at the lowest level since April 1997) and continuing oil-leak woes.
Danger! Falling broadsword
Meanwhile, traders claim BP’s CDS has traded at 510bps on Thursday morning, up from 386 at the close on Wednesday.
A further indignity for BP?
Nigerian spammers are now trying to profit from its woes, according to Bronte Capital’s John Hempton, who (ahem, ahem, cough, cough) found the following in his inbox on Wednesday:
From: Dudley Caruthers Esq (Barrister at Law)
Subject:
Danger! Knife falls even further
The price action in BP shares just after 10.30am (BST) on Wednesday.
The latest lurch lower seems to have been sparked by talk of a dividend suspension and reports of a blow out in the BP CDS.
From a City broker:
Danger! Knife still falling
Wednesday’s early price action in BP:
Aside from Obama’s kick ass comment, weighing on the share price this morning is news that 42 members of Congress have sent a letter to BP CEO Tony Hayward demanding the dividend be suspended until the spill in the Gulf of Mexico is cleaned up.
Reasons to buy high yielders
Morgan Stanley’s Graham Secker offered three reasons, to be precise. But first a bit of context.
Secker calculates that since 1926, the real price return on European stocks has been just 1.3 per cent per annum,