RSS feedGeneral Electric
’Fannie and Freddie’s revenge — the details [updated]
– By John McDermott and Cardiff Garcia
The details of the US government’s attempted bank raid are coming in on Friday afternoon.
The Federal Housing Finance Agency has filed 17 lawsuits against banks operating in the US.
A nuclear primer from BarCap
Here’s a nice piece of research from Barclays Capital.
The UK bank has enlisted the help of a former nuclear safety employee to discuss events at Fukushima Daiichi, the Japanese nuclear plant hovering on the edge of meltdown.
Snap news
Breaking pre-market news on Monday,
- Ingenico says potential buyer not in position to submit acceptable offer — statement.
- KKR fails in A$1.75bn bid to buy Perpetual — FT.
- 888 Holdings confirms in early discussions over possible transaction with Ladbrokes — statement.
Snap news
Breaking -re-market news on Monday,
- Wellstream recommends £800m (780p a share) cash offer from GE; to pay a 6p special dividend — statement.
- Capital Shopping Centres knocks back latest proposal from Simon Property Group — statement.
Snap news
Breaking pre-market news on Wednesday,
- Liverpool FC board agrees sale to Boston Red Sox owners — statement.
- GE says Wellstream rejected 750p per share offer — statement.
- DNO International may face $45m-$65m loss from Iraq arbitration award – statement.
Guess the bidders – Wellstream edition
At last — some de-equitisation.
From RNS on Tuesday:
The Board of Wellstream has noted the movement in its share price and confirms that it has received a number of preliminary approaches regarding a possible offer for the Company.
GE’s sukuk
Largely untested Islamic finance structures have, as we all know, been drawing unwanted scrutiny due to Dubai World’s recent debt-standstill antics.
However, that hasn’t stopped western corporates from adopting Islamic debt structures in a bid to raise much needed financing from alternative non-Western sources.
General Electric net earnings fall 47% in the second quater
General Electric earnings fell 47 per cent in the second quarter to $2.9bn, a number that was mostly in line with market expectations.
Here are the highlights from the statement:
2Q ’09 Highlights (Continuing Operations attributable to GE)
• Earnings per share (EPS) of $.26,
GE profits fall 35 per cent in Q1
GE has just reported its first quarter results fell 35 per cent on the year– a little less than analysts had estimated. Here’s the statement:
GE reports 1Q ’09 EPS of $.26;
Technology & Energy Infrastructure Earnings +11%;
Moody’s downgrades GE and GE Capital to Aa2
The GE rating cuts continue – and Moody’s is harsher than its peers, cutting GE two notches.
What is worth noting in the statement is the credit rating agency’s particular concern about GE Capital’s UK exposure.
GE hit by credit-rating cut
General Electric on Thursday lost its triple A debt rating as S&P downgraded the company, citing mounting concerns over its finance arm. S&P, which first assigned GE a triple A in 1956, dropped the group and its lending division,
Ebitdo
Earnings before interest, depreciation and obfuscation…
John Hempton at Bronte Capital has been running some punchy posts about General Electric and its apparent addiction to voodoo maths and weasel words.
Just another Monday melt and GE profit warning rumours
Holiday over, back to the stress mill. Grinding lower on Monday:
- Dow Jones down 4%
- S&P down 4.5%
- Nasdaq 4.7%
and in London…
- FTSE 100 4.3%
- Great British Krona at $1.4861
Elsewhere
- Dollar/Yen trading under 94
- Brent Spot under $50 a barrel
- Gold down 3%,
GE tests Fed’s CP facility with $5bn loan
General Electric tested the Fed’s latest effort to restore liquidity to the US credit markets, borrowing less than $5bn from the US government yesterday through a new short-term loan facility. The Fed
GE plans to use Fed facility next week
Reuters reports General Electric plans to use the Fed’s new short-term funding facility when it’s launched on Monday. The US conglomerate and its finance arm, General Electric Capital Corp, have registered as users of the facility,
Big Macs for all
But more for some.
Recall on Monday that Pimco, the world’s biggest bond manager, attempted to explain the shortfall in lending (interbank and commercial paper) thusly:
Imagine yourself at the drive-thru ordering a Big Mac.
CDS report: fragile markets
European credit default swap markets tightened on Thursday amid light flows as the financial crunch continues to hit liquidity.
The market followed equities, which pushed higher on the back of rising banking stocks following the passage of the $700bn bail-out package through the US Senate.
You’re on my list
Here’s a big, flashing warning sign to SELL, if ever there was one.
Companies are actively campaigning to be put on the SEC’s list of stocks that can’t be short-sold. From CNBC:
General Electric is expected to be added to a list of financial stocks that can no longer be sold short,
GE’s Shenzhen hopes dashed
China’s soaring equity markets have dashed General Electric’s hopes of acquiring a 7 per cent stake in Shenzhen Development Bank after the bank’s board terminated a share sale agreement signed two years ago.