Looking for A Pretty Quiet Day

Stock futures are off a bit this morning and interest rates are a bit lower as well, but overall we think it will be kind of a quiet day as investors await the employment report tomorrow.

The Fed announcement yesterday, of course, was a non event. There is a little inflation, but to us folks that are a bit older getting excited about 2% inflation is kind of a joke. As we all likely believe the Fed will raise short rates at least once more this year (in June) and any further hikes will be “data dependent”. These higher rates on the short end have been positive to us conservative folks in that at least we get a little interest on excess cash holdings. I got a piece of mail from American Express yesterday trumpeting their ‘savings account’ paying 1.55%–that’s better than nothing–in fact after getting zero for years it is pretty good.

As we noted early this week we have a couple new buys we are looking to execute, but we are awaiting the clearance that our $$$ has arrived in our new account. We have had to transfer a small amount of money to a new account to buy a new investment. We like to “eat what we cook” on this site–so we want to make a real investment in a new item we found from a suggestion of one of our readers. More info to come soon (I hope).

I also want to do a bit of a deeper dive into Sutherland Asset Management (NYSE:SLD) who has issued a new baby bond. Also really want to get in deeper on Eagle Point Credit (NYSE:ECC) who has a couple baby bonds and term preferreds outstanding.

3 thoughts on “Looking for A Pretty Quiet Day”

  1. BGCP – Did you BGCA lovers see the earning results of BGC Partners?

    They announced outstanding numbers.

    Earnings up bigly. Revenue up 22%. Amazing stuff…

    Select Results Compared to the Year-Earlier Period2 Highlights of Consolidated Results (USD millions)
    1Q18 1Q17 Change
    Revenues $956.6 $783.2 22.1%
    GAAP inc from ops b4 taxes 133.2 57.8 130.5%
    GAAP net inc for fully diluted shares 88.8 56.6 56.7%
    Pre-tax Adj Earnings 184.7 119.3 54.8%
    Post-tax Adjusted Earnings 154.3 103.1 49.7%
    Adjusted EBITDA 236.9 141.4 67.6%
    Adjusted EBITDA b4 alloc to units 245.9 150.8 63.1%
    Per Share Results 1Q18 1Q17 Change GAAP net income per fully diluted share $0.19 $0.13 46.2%
    Post-tax Adjusted Earnings per share $0.32 $0.23 39.1%

  2. We like to “eat what we cook” on this site–

    This is one of the major reasons we respect your work so much, Tim.

    Thank you !

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