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READER INITIATED ALERTS

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1,746 thoughts on “READER INITIATED ALERTS”

  1. I have to report today ; sold 5 of the 100 May WHR puts at 3.50
    down over $2k ; lets see if we get some recovery ; i’ve got 30 days left!

    Reply

  2. 2024 Mortgage Rates Hit YTD Highs…(Mortgage News Daily)

    * 30yr Jumbo…7.68%
    * 7/6 SOFR ARM…7.55%
    * 30yr Fixed…7.52%
    * 30yr VA…7.03%
    * 30yr FHA…7.00%
    * 15yr Fixed…6.91%

    Reply

  3. US Treasury Rates Today…(current / intraday high)…UP

    3m ~ 5.412% / 5.5%
    6m ~ 5.395% / 5.403%
    2y ~ 4.993% / 5.027%
    10y ~ 4.702% / 4.739%

    Reply

  4. Red Day Start For Preferred ETFs & Preferred Indices (10:20 CST)

    PSK (-1.33%)
    PGF (-1.32%)
    PGX (-1.30%)
    PFXF (-1.19%)
    PFF (-1.12%)
    PFFD (-1.11%)
    PFFA (-0.78%)
    FPE (-0.51%)
    PFFR (-0.26%)
    —————
    SPPHQUP (-1.19%)
    SPPREF (-1.01%)

    Reply

    1. RIV.PRA/PFF pair has traded in a range for the last year.. currently trading 1 sigma cheap..
      I could not find RXR.PRB

      Reply

    2. i bot REXR/PRB as the REXR.PRB/PFF PAIR has gone from near 3 sigma rich in may 2023 to near 2.5 sigma cheap today ((3yr horizon)… I paid 20.95 (20.79 stripped) for about a 7.07 current yield.. below is excerpt from S/A author Trapping Value regarding the preferreds
      Rexford Industrial Realty, Inc. 5.625% CUM PFD C (NYSE:REXR.PR.C) & Rexford Industrial Realty, Inc. 5.875% PFD SER B (NYSE:REXR.PR.B)
      While we have not been fans of the common shares, the REXR balance sheet is about as close to “fortress” as it gets. We have seen that term thrown around pretty loosely and even attributed to REITs like Ventas (VTR) which are now carrying 7X debt to EBITDA levels. But this is what a real fortress looks like.

      –
      REXR Presentation Q4-2023

      The preferred shares have been excellent investments if you can get them at the right price. We picked up REXR.PR.C on October 6, 2023, when it was at $19.83 and then sold out in December near $22.00. At present they are sort of middling with 6.5% yields. We would get interested again if we saw them yield over 7%.
      tks for the show

      Reply

  6. HWM.PR – does anyone have any ideas on the recent prices dropping? Lots of buys/outperform ratings out there. The yield is getting better and better…

    Reply

    1. It went all the way up 68 ish back in March. ..which was probably too high.
      I sold some near the top but still have a half position and am watching v closely for a re entry point.
      Its an odd cat this HWM. PR. Price movements are very jerky and dont always make sense. But it seems to be a solid payer.

      Reply

    2. The bots can be your friend or your enemy. I was able to force the bot into that last low sell yesterday. I have actually made a little money on this issue past few weeks despite playing into a general price decline. I havent really done a lot in fixed perps lately other than group rotation of a company I own and this issue. Only keep 300-400 shares recently on it, and dont plan on buying more. Unless I can work the bots over again. Overall still waiting for better absolute and relative values in the fixed perp market.

      Reply

      1. For the folks here in Rio Vista, what is a bot? I’ve seen this term used in place of ‘bought’ but I don’t think that is what your referring to…or is it?

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        1. I reference “bots” as being computer programs with their high speed intercept mechanisms that intercepts market order trades. In other words they butt in line to steal trades at the last second. Its enjoyable when you can occassionally turn the tables on them.

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          2. Grid, and here I was made to believe that bots are people that upset other people by saying things they disagree with, 😀

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          3. You’re talking about those automated trading programs the institutions use, got it. For some reason I’ve always called them algos (short for algorithms), but bots works just as well.

            Reply

            1. I tend to create my own words. When I suggest a restaurant to my lady I generally wind up having to describe the location, because I confuse her by giving it a “new name”. I can never remember their names…Crooked Tree,, Crooked Tavern, Twisted Tree…..Whatever it is….

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        1. Its more art than science with a “feel” of whats going on. For example yesterday after a few small trades the issue went quiet and bid ask spread separated wide to $55/$57. I put a lead bid out 10 cents higher and let it sit for an hour. Then I removed it to make sure there wasnt a bot taking the place of my bid it was about to intercept. So a few minutes before close, I set a low ask of $55.65 and immediately fired a market buy at it. My market buy order was “magically” intercepted at $55.37 if memory serves or so, and then I immediately cancelled my ask before it could get bought and market closed. You cant do more than 100 shares at a time and over time as the bot “learns” and wont chase, so you cant milk it. This really only works with illiquid NYSE issues. HL-B has been a good one. Typically if it goes dead (unlike today it was active) with a wide bid spread you can fire 100 lots and split the middle. Last couple times I bought on general spills then waited a few days until it dried up and was showing like $51 bid $55 ask with last trade say $52 yesterday. Fired the market sell order in and sold at $53 and $54 and booked quick $2-$3 a share profit. This doesnt happen daily, you have to pick the spots. For me maybe a 3-4 times a year on some issues I occasionally get. I wouldnt recommend doing it unless you get a feel on whats going on. Because you might or even very likely get a bad trade either buying or selling just doing it to see what happens.

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    3. I owned when it was the old $3.75 Alcoa preferred. Still do.
      HWM seems like a good company. The preferred has wild swings and only rated B+.I think it’s under $60 now, market is nuts so this one seems normal.

      Reply

      1. King, times have changed and companies change. Howmet preferred is now BB+, through recent credit upgrades its senior unsecured debt is BBB. The preferred as you know was an old Alcoa, that was passed onto Arconic and then quickly onto Howmet after separating from Arconic.

        Reply

  7. Meltup in everything RILY today, due to the outside report saying they are clean regarding the short seller allegations. No opinion as to whether RILY OR the shorts are correct, but clearly the market believed RILY, at least for one day.

    RILY, Com, 36.97%
    RILYL, Pref, 10.88%
    RILYP, Pref, 9.8%
    RILYG, Baby, 12.82%
    RILYK, Baby, 13.52%
    RILYM, Baby, 3.3%, matures 2/28/25
    RILYN, Baby, 13.19%
    RILYO, Baby, 0.09%, matures 5/31/24
    RILYT, Baby, 17.19%
    RILYZ, Baby, 17.17%

    Reply

    2. Slightly better than MFAN at currentplricingt but not enough oti buy over par. I’ll stick with MFA-B, better rate and more upside in exchange for no redempion date. Overrated factor in todays high rate envrronment;.

      Reply

  12. GEO Group 36162JAC0 called effective 4/29/24 at 102. I was hoping for four more years.

    Reply

    1. They refinanced with a private offering pushing out maturities another 3-4 years.

      Still a good outcome if you remember how most of us got these 2028 10.5% secured bonds in the first place. Very profitable going from the distressed unsecured 2024 bonds to this issue.

      Reply

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