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1,745 thoughts on “READER INITIATED ALERTS”

  1. Another Day, Another AT&T breach…

    WSJ – AT&T today says hacker stole cell, text data on nearly all of its wireless customers. AT&T points finger at Snowflake as a 3rd party cloud storage source. AT&T, Santander Bank, & Ticketmaster all recently breached using Snowflake. Snowflake down today in an up market and also down from $234 to $134 in 4 months.

    Maybe carrier pigeons will make a comeback!

    1. Franchise Group Inc. investors sued ex-CEO Brian Kahn and investment partner B. Riley Financial Inc., claiming shareholders were shortchanged in a $2.6 billion take-private buyout of the operator of franchised-retail brands.
      Kahn and his allies are accused in the suit of using their control of the company to wrongfully push through a $30-per-share buyout in 2023. The firm’s brands include Vitamin Shoppe, Representatives of Kahn and B. Riley didn’t immediately respond to email and phone messages after regular business hours seeking comment. and Sylvan Learning.

  2. ABR probed by DOJ over lending practices. Anybody know what this is about? Stock drops 12% Preferreds drop 4 to 6%
    A buying opportunity or were the negative nellie’s right about them?

    1. I would assume a follow up to all the short attack stuff in the recent past. DOJ just poking in to see if anything is true.

      1. And the preferreds go ex div on Monday, here’s hoping they make a statement before the close.

        1. Just bought some of the D shares. Thanks to those who sold at $16.60!
          Company already commented that they are confident in their portfolio and looking forward to their next quarterly earnings call.

  3. July 11

    * CPI Y/Y…Now 3.0%, Prior 3.3%

    * Core CPI Y/Y…Now 3.3%, Prior 3.4%

    * 7-Eleven…annual FREE small slurpees all day on 7/11. 🙂

    1. Hilarious you threw in the free Slurpee anniversary. Love it.

      Thanks for the periodic stats btw

      1. Cusip 89116CKP1

        Etrade description Callable 07/29@100 – Fixed to Float – 7.25% FIXED until 07/31/2029 then 5YR CMT + 297.7BP – Conditional Calls.

        BAA1 (Moodys) BBB(SP) credit rating

        Ugh – Blue Sky Restrictions: This bond is not available to the legal residents of the following states/territories: Arkansas, American Samoa, Federated States of Micronesia, Florida, Illinois, Louisiana, New Hampshire, New York, North Dakota, North Marianas, Ohio, Pennsylvania, Tennessee, Texas.

        1. BS – I am going to try and buy it anyway. If my broker refuses, I can move money back to a broker where I don’t have to call the bond desk to buy. Can we just get rid of the expert market and state-level restrictions?

          Does anybody have experience with Blue Sky restrictions at a state level?

          1. Steve,
            I tried to get a price on that at Schwab, unavailable to purchase. Assume that was same answer you got?

            1. They took the Cusip number at 10:30am EST today. Waiting a call back to see if they can acquire it. No response as of 12:00 today. I called in and it is still out for a bid.

                  1. I like Canadian banks and find the note interesting. I called to inquire at Fido. They told me par and 200 min. I asked if they would lower the min, verify the tax witholding / Canada treatment, and whether the tax is qualified. If they tell me anything, I’ll share it.

                    It’s an attractive coupon.

                    I bought the somewhat comparable State street issue. (still) Considering the Citi issue, and know some people consider it TBTF, but as is pointed out here, the Canadian banks are yet more attractive for various reasons.

                    appreciate all of your commentary and continue to learn a lot from the group.

                    1. This one is interesting to me too. Thanks in advance for sharing your results.

        2. Steve—the two sites I looked at (Schwab and Finra), indicate this issue is a fixed rate issue. Where can I go to actually see the variable rate info? Thanks.

                1. My read on the prospectus (tax implications) is this may be subject to the under the Canada-US TAX treaty. It also may or may not be considered a dividend. Clear as mud, to me. If it falls under the Canada-US tax treaty, I guess that it would need to be in an IRA account to get the full “dividend” payment.

                  Do any others care to weigh in?

                  1. Steve,
                    I have lots of Canadian bank bonds in various IRA accounts, dividends are paid in US dollars and not subject to taxes. Was worried about that coming over to Schwab, but all seems well on that front.

                    1. Pig what is the history with Canadian banks? Seems with TD having to pay 7.25% indicates a higher risk?

                    2. Charles,
                      Most all the Canadian Bank bonds I’ve seen come with that ‘Bail In” clause which essentially in a crisis allows the banks to convert your bonds to common stock. So they usually have a slightly higher coupon that what you maybe are used to with American banks. Having said that, 7.25% for this TD offering seems a little on the high side. But maybe with the float feature they had to go that high to get interest. TD also has had that recent issue where their employees were busted for drug running or something. Perhaps TD paying a price for those shenanigans. But, I have multiple TD Bonds and wouldn’t hesitate to keep buying as Canadian Banks are solid and arguably more properly regulated than their US counterparts.

        3. Steve – I looked at buying this on Etrade and find there appears to be a 200 ($200K) minimum. (Let me qualify this by saying I really have no experience in the purchase of corporate bonds, and, therefore, might not be attempting this correctly). Anyway, is there anyway to purchase less than 200 of this bond?

          1. I see that on Etrade also. But if you look at the trade history. I see trades of 50 and 200.

            1. Yes. I see that on the trade history as well. Interesting. I’ll just keep checking back to see if there are smaller lots being offered. Thanks.

  4. Good news today regarding progress with Hawaiin Electric Industries settlement with last years maladies/fires. Common up 15% +/- and preferred issues up today as well. DYODD.

  5. Hump Day Top 10 MMFs…

    1. VMRXX…5.28%
    2. VUSXX…5.28%
    3. VMFXX…5.27%
    4. GABXX…5.26%
    5. DTGXX…5.25%
    6. IDSXX…5.17%
    7. SWVXX…5.14%
    8. FZDXX…5.14%
    9. TSCXX…5.09%
    10. PRTXX..5.04%

    Dogs Of Dow Barking Loudest Dividend Yields…

    1. Verizon…..6.63%
    2. Dow………5.43%
    3. Chevron…4.43%
    4. IBM………3.79%
    5. Cisco…….3.54%
    6. J&J……….3.41%
    7. Coca-Cola…3.17%
    8. Amgen….2.93%
    9. McDonalds…2.88%
    10. 3M…….2.82%

    Building Permits & Lumber…straining under higher interest rates

    * M/M US Building Permits…March (-5%), Apr (-3%), May (-2.8%)
    * Lumber (USD/1000bf)……..$617 (March 11)…$436 (July 10)
    * 30yr Fixed Mortgage….7%

    1. The old “expert market” catch-22, limits the ability to buy/sell and just screws over the average retail investor.

    2. Look at the stock price trend over the last year or so and you will see these type of swings aren’t unusual. I own some of GMLPF due to being asleep at the wheel and now stuck with it unless I am willing to enter the casino and sell into this black hole called the expert market. At least the dividend is paid (so far!). Sometimes I wonder what New Fortress plans to do with GMLPF. They stated earlier this year they plan to support the dividends for another year. Will they call it at par, do a tender offer between par and where it bounces around at, or simply abandon it? I think New Fortress wants to protect their reputation and access to the credit market, but also wants to get out as cheaply as possible.

  6. New issue at Schwab
    Jeffries 47233WFW4 6.3% 7/17/39, call 7/17/29 (5 years)
    BBB Baa2 senior

    Opinions on Jeffries?

    1. Man.. a long time ago I used to work for Corning in their division that made passive wavelength division multiplexing devices (think fiber). That company was always HOT or COLD. I was so very thankful I exited my shares at a peak but I learned a valuable lesson back then with everyone else that trees do not grow to the sky.

      I would never invest in that company unless I was buying at a recent historical low but the company still seemed very viable in multiple ways. Their customers are brutal. One moment ordering everything they have and the next canceling orders left and right.

      1. Fc local company that does metallic coating of glass you might know about. Same with them, always hiring and laying people off depending on how they are doing. Think computer screens and the windows in the Apollo space capsules. Then they found another use for their powdered coatings. Even the janitor became a millionaire who held company stock. That was if they sold it at the right time. Look at any countries currency including the US and look at how the color changes on the ink. Wish I had bought stock in the company at the time.

    1. I read all the big banks passed and GS and others increased their dividends.
      So what should I believe? As usual no one.

  7. Friday Bank Bonds…

    * Goldman Sachs – 6.05%
    38150AUL7, A2/BBB+, Senior, Semi-annual, price 100.21
    YTM 9/15/38 6.026%, YTC 9/15/26 5.938%

    * Morgan Stanley – 6.0%
    61766YPY1, A1/A-, Senior, Semi-annual, price 100.35
    YTM 8/31/38 5.962%, YTC 8/31/25 5.672%

    * Wells Fargo – 6.05%
    95001DG53, A1/BBB+, Senior, Semi-annual, price 101.03
    YTM 5/6/34 5.909%, YTC 5/6/26 5.445%

    * Bank of America – 6.0%
    06055JCJ6, A1/A-, Senior, Semi-annual, price 100.71
    YTM 9/21/35 5.911, YTC 9/21/25 5.374

    * JPM – 6.0%
    48130CNW1, A1/A-, Senior, “Annual”, price 100.20
    YTM 6/21/44 5.982%, YTC 6/21/26 5.884%

    1. Thank you sir. I was looking at bonds earlier today. Nothing appealed to me. But I did notice all my bonds are up for the day.

  8. Beware if you are holding NEWTL at Fidelity. Redemption date is Aug. 1 @ $25 par. Fidelity sent out a maturing alert claiming it is $10 par. After 45 minutes on the phone with them and multiple supervisor the best they could do was first tell me it was “in their system” at $10 per par, per a communication from the company. I invited them to read the prospective and also noted there is no such communication from the company. They insisted it is to be redeemed at $10 par and offered to transfer me to yet another department, which I declined. I ended up selling it today, which cost me some $$ as I figured they had wasted enough of my time.

    1. My daughter got that notification and I told her just to hold it while they get it straightened out. If enough people get cold feet there may be a buying opportunity here.

      2WR is our resident expert on all things NEWT. Maybe he can chime in.

      1. it was Fidelity that was wasting your time, not NEWT….. That’s just bad info. I own NEWTL at Fido but did not get the same notice… Email notification is what you got? That’s just bad info… That’s just bad info that will cause you no harm upon maturity…

        1. Exactly 2WR. My issue is with Fidelity, not NEWT so didn’t mean for it to come out any other way. Yes, email alert is what prompted me to call and then they continued to claim it was a $10 redemption.. What was really unimpressive is that after talking to 3 people none of them could describe the supposed “communication” they recently received notifying them that is was a $10 redemption. Just incompetent.

        2. There was slick banker named Barry,
          Of him, several were quite wary
          He went by the name of Sloane,
          King of the Alternative Loan
          Feet first was his final carry

          And yes, I do still own NEWTG

  9. Bought some more EICB today. Had a GTC order out for 24.26 and it hit. Have to see it I am over my 3% rule and if so I may flip some.

      1. Gumfighter I guess I am stubborn. I have set a price usually based off the yield I would like to get. I don’t have a RSS or alerts set up. Maybe old school or lazy I don’t know. Some of my GTC is probably wishful thinking. As long as I am getting around 5% on my cash I am content to let it sit there.

  10. 5:00 today after market close, NYCB announced a 3 for 1 reverse stock split. If they can get the price to stabilize at 10.00 or above this will allow institutional funds to hold their stock.

    1. That ol’ RSS is usually an indicator of cloudy skies ahead for a company. 6 months ago this had a stock upgrade then collapsed 3 months later after acquiring the assets of failed Signature Bank. Hopefully they can get things turned around.

    1. Isn’t Via Renewables now a private company and this sounds like a tender offer to convert your preferred shares into cash? It is a ridiculous offer considering it was north of $23 per share a couple of days ago. They can delist the preferred and move it to the expert market at their will where the price will crash and all you can do is sell it at lord knows what price. Be there and done this once or twice before and don’t need to add another, even though the dividend is in the stratosphere.

      1. The interest rate goes up by 2% if the security is delisted. See page S-22 of the prospectus.

    2. It’s simply the change of control conversion rights in the prospectus. They’re required to make the offer

  11. 6% JPM Bond…

    * CUSIP 48130CNW1
    * A-/A1, Senior
    * Price 100.09, Coupon 6%
    * YTC 5.947 6/21/26
    * YTM 5.992 6/21/44

  12. Bloomberg: Powell comments on US Deficit/Debt Today

    …the US is running a very large deficit and it is unsustainable. The US will have to do something sooner or later, and sooner would be better than later.

    …the US debt growth is on an unsustainable path. The US deficit has never been so big when the unemployment is so low.

  13. A Few IG Pref Drops Today…

    ALL.PR.H – $21.58 (-1.19%), coupon 5.1%, current yield 5.84%
    ATH.PR.C – $24.89 (-1.03%), coupon 6.325%, current yield 6.34%
    MET.PR.E – $24.19 (-0.95%), coupon 5.625%, current yield 5.76%

      1. That was the overnight number, but what’s most important for F/F issues is 3 month SOFR which was 5.32089% yesterday and 5.31817% today according to CMEgroup.com. It’s been quite stable for a long time now, but is slowly, very slowly trending down in yield

        1. Sold my AGM PC yesterday at 25.32 It is being called in 2 weeks and I wanted to free up the money. Still looking for a replacement that has the safety AGM has with the implied backing of the government. A lot of nice dividends and interest hit the accounts yesterday, but it seems our holdings are a little light for July income. Bought 2 weeks ago TRINZ 25.05 and NMFCZ @ 25.25 for my higher risk basket and SCE H @ 25.10 and DPL Bond 233293AQ2 @ 93.472 for my lower risk basket.

          1. AGM-D is your best option among the remaining AGM prefs and a pretty good yield compared to most solidly IG qualified prefs.

            1. Landlord already hold the D & E Purchased at better prices. Wasn’t sure I wanted to add more to existing positions but it’s true I am not up to the 3% allocation on either I consider max in any one holding.

  14. Noticed that Sachem Capital (SACH) paid the interest on their notes but my account doesn’t show them paying the bonds off on 7/1/2024 or ‘delisting’ them from the exchange as they still are listed with no volume.

    1. SCCB? FWIW, my Fido acct showed interest and redemption payout as of 7/1 (and as usual, these showed up prior to opening–over the weekend for a Monday payment/redemption).

    1. Both went XDiv on Friday. AGNC down 6 cents after 12 cent monthly dividend. And NLY down 40 cents after 65 cent quarterly dividend. Not seeing anything unusual after XDiv date.

  15. Top 10 MMFs today…

    1. VMRXX…5.30%
    2. VUSXX…5.29%
    3. VMFXX…5.29%
    4. GABXX…5.25%
    5. DTGXX…5.23%
    6. IDSXX…5.18%
    7. FZDXX…5.15%
    8. SWVXX..5.14%
    9. TSCXX…5.10%
    10. PRTXX..5.07%

  16. JPMorgan announced that its Board of Directors intends to increase the quarterly common stock dividend to $1.25 per share (up from the current $1.15 per share) for the third quarter of 2024. The Firm’s quarterly common stock dividends are subject to approval by the Board of Directors at the customary times that those dividends are declared.

    The Firm’s Board of Directors has authorized a new common share repurchase program of $30 billion, effective July 1, 2024. The authorization to repurchase common shares will be used at management’s discretion, and the timing of repurchases and the exact amount of common shares that may be repurchased under the new authorization will be subject to various considerations.

    https://www.jpmorganchase.com/ir/news/2024/jpmc-plans-dividend-increase-and-has-authorized-a-new-common-share-repurchase-program#:~:text=JPMorgan%20Chase%20%26%20Co.,the%20third%20quarter%20of%202024.

  17. Customers Bancorp Announces Common Stock Repurchase Plan

    https://www.businesswire.com/news/home/20240701943029/en/

    [This looks like a re-up on a repurchase program not done last year…. interesting they will focus on the common, not retiring CUBI-E and F. Should preferred holders be happy or not? ]

    WEST READING, Pa.–(BUSINESS WIRE)–On June 26, 2024, the Board of Directors of Customers Bancorp, Inc. (NYSE: CUBI), the holding company for Customers Bank, authorized a new common stock repurchase plan, providing the company the option to purchase up to 497,509 shares of its outstanding common stock over a one-year period.

    “In 2023, we successfully built our capital ratios in an uncertain environment to position us for growth”
    Post this

    The company’s previous common stock repurchase plan, authorized on August 25, 2021, subsequently expired on September 27, 2023. At expiration, the previously authorized plan had 497,509 shares that had not been repurchased.

    “In 2023, we successfully built our capital ratios in an uncertain environment to position us for growth,” said Jay Sidhu, Chairman and CEO of Customers Bancorp, Inc. “Common equity Tier 1 increased by approximately 260 basis points and TCE/TA increased by approximately 100 basis points in 2023. We exceeded our Common equity Tier 1 target of 11.5% and are approaching our TCE/TA target of 7.5%. As a result, the Board of Directors believes it is prudent once again to have a share repurchase plan in place,” commented Sidhu.

    The timing, price and quantity of repurchases under the common stock repurchase plan will be at the discretion of Customers Bancorp and will depend on various factors, including the company’s capital position, liquidity, financial performance and alternative uses of capital, stock trading price, regulatory requirements and limitations, and general market conditions. The repurchase plan does not obligate Customers Bancorp to repurchase any particular number of shares and it may be suspended or terminated at any time. Customers Bancorp expects to fund any repurchases with cash on hand. The common stock repurchases may be effected through open market purchases or privately negotiated transactions, including repurchase plans that satisfy the conditions of Rule 10b5-1of the Securities Exchange Act of 1934, as amended.

    Institutional Background

    Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation’s top-performing banking companies with nearly $22 billion in assets making it one of the 80 largest bank holding companies in the U.S. Customers Bank’s commercial and consumer clients benefit from a full suite of technology-enabled tailored product experiences delivered by best-in-class customer service distinguished by a Single Point of Contact approach. In addition to traditional lines such as C&I lending, commercial real estate lending and multifamily lending, Customers Bank also provides a number of national corporate banking services to specialized lending clients. Major accolades include:

    No. 5 on American Banker 2023 list of top-performing banks with $10B to $50B in assets
    No. 29 out of the 100 largest publicly traded banks in 2024 Forbes Best Banks list
    No. 52 on Investor’s Business Daily 100 Best Stocks for 2023

    A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender. Learn more: http://www.customersbank.com.

    1. kind of a scratch your head kind of thing. they must think the stock is way undervalued to leave out 10 percent yielding preferred stock ??
      i guess i will just hold the preferred and watch their earning report coming up later this month

      1. management stock incentives would explain repurchasing stock rather than the preferreds

    2. Hmmmm … You would think they would he better off retiring some of the floating preferreds than buying back the common, but maybe they know something I don’t. In the meantime I’m quite happy to receive the juicy dividends on the full position of CUBI-E I have. I have developed an addiction to these floaters paying 10 or 11%! I wonder how this is going to end……

      1. Its funny how so many people use the “juicy” adjective when describing their high dividends.

  18. PEMBROKE, Bermuda, July 1, 2024 – PartnerRe Ltd. (“the Company”) today announced its intention to voluntarily delist its 4.875% Series J Fixed Rate Non-Cumulative Preferred Shares (the “Preferred Shares”) from the New York Stock Exchange (the “NYSE”), and to deregister the Preferred Shares under the U.S. Securities Exchange Act of 1934 (the “Exchange Act”). The Company has notified the NYSE of its intention to voluntarily delist the Preferred Shares.

    The Company currently anticipates that it will file with the U.S. Securities and Exchange Commission (the “SEC”) a Form 25, relating to the delisting and deregistration of the Preferred Shares under Section 12(b) of the Exchange Act, on or about July 11, 2024, with the delisting of the Preferred Shares expected to take effect ten days thereafter. As a result, the Company expects that the last trading day of the Preferred Shares on the NYSE will be on or about July 19, 2024. Further, on or about July 22, 2024, the Company intends to file a Form 15 with the SEC to suspend the Company’s reporting obligations under Section 15(d) of the Exchange Act.

    https://www.sec.gov/Archives/edgar/data/911421/000091142124000028/jul2024delistingpressrelea.htm

    1. Security going dark it appears and no stated maturity. There will soon be no way to sell it without taking a major whooping. Should drop to the 15 level soon. I sold my position today. Don’t want to be stuck with another LTSH, AFFT or PFX.

      1. Chris:

        So before today PRE+J was a 4.875% perpetual preferred yielding 6.25% that was the responsibility of a large private French insurer?

        May I ask why you or anyone else here on III owned this security? This one seemed prime for going dark status and didn’t pay much in yield to begin with?

        I didn’t know about this security until the 7/1/24 post by “J”…if I can get a 9-10% permanent yield on this one I may not care about the dark status. The current owner (Covea) seems rock solid and they paid nearly $10B for PartnerRE two years ago….last I checked PFF still owned 800K shares of this one as of 3/31/24.

        Thanks!

        https://www.reinsurancene.ws/covea-completes-deal-to-purchase-partnerre-from-exor/

        Thanks!

          1. Phree:

            Thanks for feedback. I don’t think PFF has even started selling its PRE+J position yet. The robots who run that big, dumb ETF still may not even know about the going dark status.

            I’m holding out for $12.50 and 9.75% yield. This is likely to be one wild ride between now and 7/19/24. Hold onto your britches!

            1. Paging Wanda
              If when this goes dark and your broker marks it down to zero it might be a good candidate for a Roth conversion. Depends on your tolerance for risk.

              1. Charles. Thank you. Schwab assisted me today with the ROTH conversion at zero value. It took calls and meetings with third party vendors but legal ruled the security transfer valuation is proper.

                I doubt I have any interest in PRE If it stops paying I cannot take the loss in a ROTH.

                1. TNT, I hold shares of AIC at Schwab in my IRA account which is now valued at zero. Did you confirm that it can be converted to my Schwab Roth account at zero value? I can only do this at a zero-value due to income restrictions. Thank you in advance for your research.

                  1. Does it actually show a zero value? Mine at schwab, in the newly created “fixed income” section with a CUSIP instead of ticker AIC, just shows N/A and my cost basis. When I go to do the conversion, it’s giving me a value of $25.565.

                    Mostly I’m curious if there are differences in how Schwab displays their accounts among different customers.

                    1. Mark, I noticed they not only recently gave me an assigned value of $0.00, they also changed the name to Arlington 6.75% preferred (cusip number also) and slotted it in the fixed income section from equities. It also shows when hitting symbol link an “evaluated price” of your mentioned $25.565 price too.

                2. I have no intention of taking the risk on this one either. Last one I did was Cowen When TD bought it.

    2. RE: PRE

      Thanks again J.

      I was able to unload my PREPRJ and keep my cg. I also bought a little back at a significantly lower price for my IRA. I don’t care if it sits there like my South Jersey Inds does.

  19. 10yr T Rate Direction

    Let’s see if the recent 2 week trend continues or reverses this week. 10yr T up almost 20bp in 2 weeks, 4.21% on 6/13 now nearing 4.4% on 6/28.

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