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The latest news from the New York Shock Exchange



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:

 
Will American Railcar Derail Again? PDF Print E-mail

American Railcar (NASDAQ:ARII) reports Q2 earnings Friday. Analysts expect revenue of $147.4 million and eps of $0.99. The revenue estimate implies a 16% sequential decline. The company's bread and butter is the shipment of railcars. Rail traffic is in decline, which means railroads might have less demand for railcars. For the first 28 weeks of 2016 cumulative U.S. carloads fell 12% Y/Y. Meanwhile, Q1 railcar orders for the entire industry were off 58% Y/Y.

 
General Electric: The Future Is Clear As Mud PDF Print E-mail
General Electric (NYSE:GE) reported Q2 earnings last week. If financial statements are designed to paint a clear picture for investors then GE's results were as clear as mud. The company is in the process of divesting certain business units while simultaneously growing others via acquisitions. GE reported revenue of $33.5 billion and eps $0.51. Both exceeded expectations. Below is my take on the quarter:
 
Dril-Quip's Declining Backlog Is Disconcerting PDF Print E-mail
Dril-Quip (NYSE:DRQ) reported Q2 revenue of $142.4 million and eps of $0.96. The company beat on earnings but missed on revenue by over $6 million. The stock sold off over 1% on the news. Dril-Quip's revenue is in free fall . Total revenue fell 14% Q/Q and 34% Y/Y; the company has now suffered three consecutive quarters of revenue declines. Revenue from Subsea Technology was even worse, falling 17% sequentially and 37% Y/Y. According to a Wood Mackenzie study billions in deep water projects are being delayed and there are expected to be a dearth of orders going forward.
 
Philando Castille Girlfriend: "Not One, Two, Three, Four, But Five Shots" PDF Print E-mail
Philando Castile's girlfriend, Diamond Reynolds, was visibly shaken and enraged after her boyfriend was shot and killed in front of her and her four year old daughter. Every time another African-American is shot by the cops the media and politicians attempt to change the narrative to "too many guns" and "cops sure have a dangerous job."
 
Weatherford: Financing Venezuela's PDVSA Could Amplify Negative Cash Flow PDF Print E-mail
ImageLast month Venezuela state-owned oil company PDVSA announced it signed financing agreements with oil services companies Weatherford (NYSE:WFT) and Halliburton (NYSE:HAL) to help alleviate its payment difficulties. PDVSA has more than $20 billion in unpaid bills which had prompted Schlumberger (NYSE:SLB) and Halliburton to halt or slow work. Both Weatherford and Halliburton have been struggling to find new sources of revenue amid the slump in oil prices and E&P. Venezuela is one of the world's largest oil producers and a loss of its business would have stung the oil services giants.
 
"Shock Exchange" Author Says Congress Plagiarized Idea To Tax College Endowments PDF Print E-mail

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Orrin Hatch, Paul Ryan eating off inner-city black kids' plates?

The cost of college has been growing at over three times the rate of inflation for over a decade, yet politicians have been loathe to do anything about it. The critically acclaimed, Shock Exchange: How Inner-City Kids From Brooklyn Predicted The Great Recession And The Pain Ahead, recommended taxing colleges with the biggest endowments as a practical plan to tamp down these rising costs. Now Congress is listening. In October Congressman Tom Reed (NY) recommended taxing colleges with the largest endowments. In April the Senate Finance and House Ways and Means committees queried the 56 wealthiest private colleges about the size of their endowments and how they were being managed. However, Congress never cited Shock Exchange as the source of its information. Below is a synopsis of the June 5, 2016 "cease and desist" letter I sent to the House Ways and Means and Senate Finance Committees:

 
Did Clippers Cut Branden Dawson Over Domestic Violence Charge? PDF Print E-mail
ImageThe Clippers officially waived Branden Dawson after having only played in six games for the Clippers last season. The former McDonald's All-American high school player was the typical Michigan State spartan -- gritty, hard-nosed and fundamentally sound. However, he didn't do much his rookie season and according to ( http://nba.nbcsports.com/2016/07/17/clippers-waive-branden-dawson/?utm_source=dlvr.it&utm_medium=twitter ) NBC Sports, the move was driven by the Clippers' need to cut costs.
 
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