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Weatherford, JP Morgan "Incestuous Relationship" Outlawed Under Glass-Steagall PDF Print E-mail

ImageEarlier this month JP MorganChase (NYSE:JPM) and Morgan Stanley (NYSE:MS) led a surprise equity offering for Weatherford International (NYSE:WFT). Given Weatherford's highly-indebted status I assumed the equity markets were closed to it. With debt/EBITDA at 8x and about $1 billion in principal payments due within 15 months, Weatherford did not seem like a good candidate for an equity raise.

 
Thor Has Peaked PDF Print E-mail
Thor Industries (NASDAQ:THOR) reported quarterly earnings last week. The company's $975 million in revenue handily beat the $909 million expected; Thor delivered an earnings beat as well. THO has rallied over 8% since the report was released. I thought the quarter was not as positive as it appeared. While revenue trumped expectations, those expectations may have been a low bar. They had nearly a 12% sequential decline baked into. Actual were results were off 5% sequentially -- nothing to write home about. Read more:
 
Video: Steph's 3-Pointer Was Magnificent And Disrespectful All At Once PDF Print E-mail
This 3-pointer by Steph Curry was magnificent and disrespectful all at once. The media loves it, but it this was Gilbert Arenas or JR Smith would the media think it was so cute? Bu hey, I digress ... 
 
Did JP Morgan "Shady Stock Sale" Hand Bernie Sanders The Presidency? PDF Print E-mail

ImageThe battle between Hillary Clinton and Bernie Sanders has vacillated between reigning in drug companies to tamping down the cost of college to winning the black vote. Sanders' HCV rant in May 2015 was aimed at providing veterans with affordable HCV drugs. Hillary tried to trump that by attacking Turing and Valeant over price-gouging. However, Wall Street is Hillary's achilles heel. Sanders has suggested a return to Glass-Steagall which would break up banks into commercial and investment banking -- spot on. That would remove the incentive for banks to engage in wanton speculation. Hillary has countered that Glass-Stegall is unnecessary, Frank-Dodd is adequate and she has an even better plan. In my opinion, JP Morgan's recent shady stock offering for Weatherford International buttresses Sanders' argument and may ultimately make him the Democratic nominee.

 
Did Branden Dawson "Mess Up" His Money With Domestic Violence Charge? PDF Print E-mail

ImageAt tip-off Branden Dawson was not with the LA Clippers in their nationally televised game against the Cavaliers. According to TMZ Dawson was arrested on a domestic violence abuse charge and was still in jail on $50,000 bail:

Clippers forward Branden Dawson was arrested for felony domestic violence this morning… TMZ Sports has learned. We’re told he was taken into custody around 8:30 in LA this morning. He’s currently being held on $50,000 bail.

 
Video: Protesters, Police Clash At Trump Rally Chicago PDF Print E-mail
Donald Trump's rally in Chicago turned ugly Friday night as protesters clashed with supporters. The entire rally was shut down due to fears of violence. Shock Exchange: How Inner-City Kids From Brooklyn Predicted The Great Recession And The Pain Ahead foretold social unrest in America, and it has come to pass. The Trump campaign says the police shut it down, but the Chicago Police Department said it never spoke to Trump. Either way it got Trump the publicity he craved. He has been the talk of the elections over the past few days -- overshadowing Ted Cruz, Hillary and Bernie Sanders.
 
Video: Secret Service Circles Trump As Crowd Rushes Stage In Dayton, OH PDF Print E-mail
The country has become polarized since the financial crisis of '08. After $15 trillion in reparations and quantitative easing to Wall Street and none for the public, the country is angry. That anger is playing out in the current presidential campaigns. Donald Trump has tapped into the "Angry White Male" base of the country, and it just might make him President. The Donald's rally in Chicago was shut down due to fears of violence. On Saturday he was circled by secret service agents as the crowd attempted to rush the stage in Dayton, OH.
 
Trump Rally Chicago Shut Down Due To Security Concerns PDF Print E-mail
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Trump is center of attention. It could get him elected.
Presidential candidate Donald Trump is holding a rally in Chicago tonight. Chicago is one of the most diverse cities in the country so he had to have known it would have been divisive. Protesters have shown up en masse. Trump has become the front runner with a lot of straight talk against immigrants, African Americans, muslims, China ... you name it. He has captured the imagination of the "Angry White Man" and I believe his fan base will make him president. The economy is in the doldrums and politicians have no answers. While they have given $15 trillion in reparations to Wall Street, they have ignored a large segment of society. That segment will no longer be ignored.
 
Weatherford - JP Morgan's Shady Stock Offering Outlawed Under Glass-Steagall PDF Print E-mail
ImageI am on record saying that Weatherford International is insolvent. Even after its recent $630MM capital raise the Swiss Whale's company liquidation value is -$1.2 billion, and that's being kind. The fact that the rating agencies rate the debt at junk status and the bonds trade at cents on the dollar buttress my analysis.  JP MorganChase and Morgan Stanley were lead underwriters for the offering. Every analyst on the Street has turned bullish on Weatherford due to its increased liquidity and reduced debt load. The reality is that [i] the company's debt/EBITDA is at 7x -- junk status and [ii] the proceeds are expected to repay JP Morgan's $967 million revolving credit line. In effect, JP Morgan underwrote shares in an insolvent company and used the proceeds to repay itself. At a minimum the stock sale represents a conflict of interest for JP Morgan.
 
China's Exports Continue To Free Fall PDF Print E-mail
ImageChina's slowing economic growth has been a sign of worry for global investors. Its free falling February exports could add to those concerns. The country's exports fell 25% Y/Y in dollar terms -- the biggest drop since 2009. Imports fell 13.8%. The trade data follows January's disappointing results in which China's exports and imports declined Y/Y by 6.6% and 14.4%, respectively. A slowing China could hurt exports sales of the U.S. and emerging markets, and global financial markets to pull back. Disappointing China trade data could force the Fed to hold on rates despite a blow out February jobs report.
 
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