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new york shock exchange
new york shock exchange

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Seahawks' Jeremy Lane Sits Through National Anthem In Support Of Kaepernick PDF Print E-mail
The San Francisco 49ers' Colin Kaepernick kept his promise by sitting during the National Anthem of the team's preseason game with the Chargers. He was booed unmercifully by the fans; I do not ever remember a back up quarterback garnering this much attention. To everyone's surprise he was joined in his protest by teammate Eric Reid. Meanwhile, Seahawks defensive back, Jeremy Lane, also protested the Anthem during their game against he Oakland Raiders.
Weatherford Asks Employees To Buy Its Worthless Stock ... Just Like Enron PDF Print E-mail


Thursday Weatherford's (WFT) stock inexplicably surged over 8% to $6.29 on nearly twice the daily average trading volume. I am on record that WFT is insolvent by $3.1 billion. Weatherford needs a strong stock price in case it needs to issue more equity to fund its insolvency. To keep its stock from tanking, market chatter suggests the company has asked employees to participate in a stock repurchase program. The odd part is that management has allegedly stopped matching funds to the company's 401k program -- removing a major employee incentive to participate. Why would Weatherford then entice employees to invest in an insolvent company? The move is reminiscent of Enron right before it collapsed.

Teammate Joins Kaepernick In Flag Protest PDF Print E-mail
Image The "Colin Kaepernic Watch" continues. Kap has vowed not to honor the flag of a country that oppresses African Americans. In Thursday's preseason game with the San Diego Chargers he took a knee while the National Anthem was being played. To everyone's surprise this time he was joined (  http://www.cbssports.com/nfl/news/look-one-of-kaepernicks-teammates-joins-him-in-sitting-for-national-anthem/  ) by teammate Eric Reid. 
Kaepernick: "I Will Not Show Pride In Flag For Country That Oppresses Black People" PDF Print E-mail

ImageColin Kaepenick has been making national news lately, but none of it has anything to do with his play on the field. His refusal to salute the flag during the National Anthem has garnered supporters and made others apoplectic. The U.S. is a powder keg. The country is still in the throws of a recession and stories of police brutality against African Americans has launched protests across the country. I know a little about Kaepernick's background, but his decision to sit during Anthem took me by surprise:

Weatherford International: The Oil Industry's Bernie Madoff? PDF Print E-mail

Image Awash in $100 oil prices after the Financial Crisis of 2008, Weatherford International (WFT) spent billions on capex to help clients drill for oil. It also splurged on a string of acquisitions to expand operations. The Fed's quantitative easing ("QE") program came to an end in Q2 2014. Oil prices then diverged to the downside, taking Weatherford's business prospects with it. When principal payments came due on Weatherford's $8 billion debt load in Q1 2016, it created a strain on the company's liquidity. Bernie Madoff, Chairman and head of Madoff Investment Securities LLC ("BMIS"), faced a similar problem in December 2008.

Weatherford Is Insolvent By $3.1 Billion PDF Print E-mail
ImageCorporations have feasted on record low interest rates, particularly energy companies. When oil prices were above $100 Weatherford International borrowed billions to fund acquisitions and capex. Now that oil is more than 50% off its Q2 2014 peak, Weatherford is sitting on $3.2 billion of goodwill and intangibles, and $5.3 billion of PP&E that are practically worthless. Year-to-date the company has raised $630 million in equity and over $2.7 billion in debt to fund principal payments and operating losses. However, the company continues to lose money and burn through cash. Q2 revenue and EBITDA fell Y/Y by 41% and 67%, respectively. Year-to-date it has experienced free cash flow of -$400 million. Its cash burn -- even as the business contracts -- should come as no surprise. I am on record that based on liquidation value Weatherford is insolvent. At Q2 2016 it is now insolvent by over $3 billion.
Shaunae Miller Dives For Gold In The 400 Meters PDF Print E-mail
Allyson Felix entered the 400 meters race with a chance to become the most decorated Olympic champion in U.S. women's history. At stake was a fifth gold medal and in her way was Shaunae Miller of the Bahamas, the most consistent 400 meters sprinter this year. Miller had height (6'1") and speed to challenge Felix in the final 200 meters. That's exactly how it played out as Miller had a three step lead with 50 meters to go and then this happened:
PwC Faces $1B MF Global Malpractice Lawsuit. Are Weatherford's Auditors At Risk? PDF Print E-mail
ImageDespite the pain investment banks created during the financial crisis, no bankers went to jail. Pursuant to the MF Global debacle, executives too were exonerated for betting their own capital. However, PwC which audited the company, now faces a $1 billion malpractice lawsuit. I have recently questioned whether assets have been overstated at certain energy-related companies. The question remains, "If or when Weatherford International goes belly up will its auditors be at risk?"
Weatherford International: How Low Can It Go? PDF Print E-mail
Weatherford International (NYSE:WFT) released Q2 earnings Wednesday after-hours and the stock has been on a wild ride ever since. The company confirmed it raised $2.7 billion in debt, practically removing near term bankruptcy risk. Shorts had to cover their bets -- likely one of the catalysts that drove WFT from $5.73 on Wednesday to as high at $6.29 Thursday. The price action reminded me of the scene from Trading Places when everyone was waiting for the crop report. With no more positive catalysts in sight WFT hit a two month low of $5.19 Monday. 
Genesee & Wyoming: Falling Traffic, Paltry Margins Could Weigh PDF Print E-mail

Genesee & Wyoming (NYSE:GWR) reports Q2 earnings on Monday. Analysts expect revenue of $490.5 million and eps of $0.78. The revenue estimate implies a 2% increase sequentially.  Investors should focus on the following key items:

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