Below are press releases from company’s with preferred stock and/or baby bonds outstanding–or just news of general interest. News will be rather slow until the the end of the quarter and start of earnings season in early October.
UMH PROPERTIES, INC. Q3 2024 OPERATIONS UPDATE
Lincoln Financial to Report 2024 Third Quarter Results on October 31
RenaissanceRe Schedules Third Quarter 2024 Financial Results Conference Call
Alta Equipment Group Announces Preferred Stock Dividend
Reinsurance Group of America Announces Third Quarter Earnings Release Date, Webcast
Texas Capital Bancshares, Inc. Announces Date for Q3 2024 Operating Results
Jackson to Report Third Quarter 2024 Financial Results
Prudential Financial, Inc. to Announce Third Quarter 2024 Earnings; Schedules Conference Call
Kite Realty Group to Report Third Quarter 2024 Financial Results on October 30, 2024
10Y spiked to 3.95% this morning…
A lot of At The Market (ATM…funny acronym like atm machine which many are!! ) common stock sales by these REITs (UMH) I guess it is better than debt? of course that is REITdom. A few mo ago I said on a Brad Thomas article why does no one here cover BFS BF Saul.. well lo and behold he writes on them. I went at it with him a little. The Brad Thomas conglomerate over there, w all the associates I think there are 10 now, he took over Hoya which did good work, I like Retired Investor in that group nice guy lost his dad and wife around the same time early this year I think, sad. No REIT common stocks now some pfds only.
Strong jobs report I figured that was coming sold a few things yesterday in the ROTH I was overweight on that had 15-20% gains. The economy is strong for sure.
Bea
Bea, you trying to move the markets so you can sell a little?! I have a few stink bids in on several REIT preferred, but like you note the economy is doing ok. I’ll wait until spring to see if the housing market wakes up. But if long term rates hold up it will be hard to say.
well so far they are holding up ignoring the rise in rates, our pfds bb’s..good..the report was really strong wages income etc. It is tempting to cash out earn 4% for a year and hide after my gains in 2023 and YTD ’24 for sure! I am building muni cef EIM in my taxable to cut my ‘taxable’ div/int for 2025 so I can finish up Traditional IRA rollovers w/o paying more tax. Taking SS messed up my tax planning but only in a small way and I can tweak things I think, working on that.
Might work. I am just going to stay the course as my thinking is the shorter-term rates settle downward while the long side stays like it is (10Y at 4% give or take 25 basis points). Using like spikes like this to (hopefully) add some preferreds and BBs. We shall see.
I looked at my wife’s account which I consider more important. Very few holdings in the red and a lot in the green. A lot with large capital gains and I have already decided we want the income, so unless something is being called I don’t plan on selling. That leaves the ones in the green without much capital gains. So the question is why and do I want to do anything about it?
Good question. In thinking about it I always come back to the safe harbor or the bear and the honey. When things go bad, interest shifts to safety or when things are going good the bears always come back to the honey. Those preferred and BB are ones to buy low and hold. Time and again early 80’s , early 2000’s and 2009 to 2010 and recently 2020.
Every time I got a good deal and sold all to reap capital gains I regretted it. Not to say if you hold an oversized position you might want to trim and harvest a little.
So the question becomes what happened with those holdings that are not showing much gains? Hold, sell or buy more.
There is also the question of a few with large capital gains if they will continue. We all know the closer something gets to getting called at par those capitol gains can disappear fast.
Some not showing great gains are close to par with investors expecting them to be called. Others don’t have a lot of volume hence not a lot of interest or movement in the price. Others were issued recently and not a lot of history on what they will do. Then there is the question of history. If the stock has a history of going lower did I buy it at the right price? If the stock has a history of a lower price, should I buy more if it goes lower to cost average or take my small profit and run? That becomes a question of what you think the market will do. There are ways to lessen the risk. Most I am not interested in.
10/3/2024 Spirit Airlines consider bankruptcy
03/04/2024 DOJ prevented JBLU taking over Spirit.
10,000 employees told to pound sand by guess who?
https://www.justice.gov/opa/pr/justice-department-statements-jetblue-terminating-acquisition-spirit-airlines
“Today’s decision by JetBlue is yet another victory for the Justice Department’s work on behalf of American consumers,” said Attorney General Merrick B. Garland.
Spirit is a terrible carrier and sealed their own fate. It was likely that many of those employees would have been RIF’ed anyway, if another airline purchased them (and the total is closer to 13,000!). Failing concerns and consolidations is the ‘nature of the beast’ in the airline community – has been since the 60s.
Then why thrawt a take over by jet blue? And crow about how smart you are??
Spirit’s board was advised by their attorneys that the JetBlue transaction was likely to fail on antitrust concerns; they decided to go ahead with it anyway.
“When all you’ve got is a hammer, everything looks like a nail”, and when all you’ve got is Fox News Brain, everything looks like the Biden admin’s fault.
It absolutely is Biden’s fault for appointing Kahn to lead the FTC. Her reign has been marked by aggressively challenging nearly all mergers solely for their political optics (“protecting employees”, hating on Giant Evil Corporations like AMZN, etc). Of course they haven’t yet stacked the courts (not that they haven’t said they’d try), and so consequently nearly all these merger challenges have failed – resulting numerous legal losses for the FTC, a large waste of taxpayer resources, and vast destruction of shareholder value in the form of legal efforts fighting them for a year or more to complete each merger and probably moreso in lost value for many mergers where the threatening stance of Kahn’s FTC has deterred them from even bothering to pursue an economically reasonable merger that would lead to stock gains, improved efficiency, lower prices for customers, etc.
https://insights.som.yale.edu/insights/the-ftcs-antitrust-overreach-is-hurting-us-competitiveness-and-destroying-value
You have only to look at the asinine arguments that she’s “protecting the consumer” from the Coach merger. The typical consumer of $3k handbags might face higher prices? do you think they might manage?
https://www.reuters.com/legal/government/column-michael-kors-coach-merger-challenge-ftcs-case-is-not-bag-2024-04-25/
Xerty, I love her!! I am up so much on my Capri trade due to her “protecting” we women from handbags!! If my ship comes in, I am using it to purchase a real luxury handbag. I love photos of her with her designer clothing and handbags. Let’s keep her around. She is great for arbitrage. I am going to suggest she go after ladies shoes next.
I sold my altg pfd when I saw that the second lien bonds were trading at 12%.
We little people can’t buy them since they are 144a but I cannot justify owning a junior piece of paper 250 basis points tighter than a 5 year secured bond.