Position Updates: WMby The Fly on April 8th, 2008 at 1:10 pm |
As you know, “The Fly” is short (WM: 3.90 -4.88%), from as high as $18.50. I read over the terms of today’s 7 billion dollar financing and it’s ridiculous.
First of all, they are pricing a gigunta amount of shares significantly below the market @ $8.74. Selling WM here is equal to taking on the arduous task of shooting fish in a barrel.
Once again, all of the private equity rumors were inflated. TPG anchored the deal, but only took down 2 billion worth of Wamu crap.
Additionally, Wamu will be forced to change the way the bank raises money. They will be forced to shut down all wholesale mortgage operations, and refocus on retail, in an attempt to stop the bleeding.
In other words, Wamu will never be the same again.
With all of the dilution in the stock, I like my chances of covering my short position, under $10.
iBC Call to Arms UPDATE: A staunch internet ally of mine, Howard, is up for some sort of mundane internet award, for one of his Wallstrip shows. Frankly, I do not care for much, with the marked exception of 2 1/2 inch rib eyes. However, I care a great deal about “mundane internet awards.” It’s one of “The Fly’s” weaknesses.
In short, go vote here tomorrow. Do it for Howard. Do it for your country. More importantly, do it for “The Fly.”
NOTE: Failure to vote for this important matter may result in the removal of your mustache, the next time you are drinking a glass of Merlot.
Well done. You have been dead on with WM, next up TSCM.
April 8th, 2008 at 1:16 pm‘Whoo-hoo!’
April 8th, 2008 at 1:22 pmfuck todays market, is everyone just waiting for the FOMC minutes in 1 hour .. then we take it lower cause one dude has a negative bias.
IMMR, VMW for me. And a bit of DZZ for the contrarian Fly play.
Who’s gonna tell me how to post charts on this thing ?
April 8th, 2008 at 1:22 pmWith that ‘tude, all you get is your fucking mustache punched off on this site.
This isn’t realmoney.com, where you come and make fun of the top blogger (Cramer).
This here is a ghetto. You can get shot for looking at my blog the wrong way.
You’ve been warned.
April 8th, 2008 at 1:24 pmGreg go over to the peanut gallery then upload or you can use something like http://imageshack.us/ and paste the link here.
April 8th, 2008 at 1:26 pmCubsRock: Thanks, just read the FAQ on videos and stuff.
Fly: Was that directed at me ? I was not making fun of top blogger. The one dude i was referring to was possibly one of the Fed heads who has a negative bias. Just saying seems like we are waiting for fed minutes.
April 8th, 2008 at 1:37 pmGRMN getting HOMO HAMMERED…where is the value?
April 8th, 2008 at 1:41 pm$39…$29….$19…Lenny,Howard,Fly?
Oh, ’scuse me, was that your GPS I was using for target practice at the party, MrKCBill? Sorry.
Howard deserves the Webby award, I love that video.
April 8th, 2008 at 1:50 pmI hate shooting fish in a barrel. First you gotta get your gun, then you gotta load it, then you gotta actually walk over to the barrel, then you gotta listen to all that loud noise. Then you get all wet and you gotta call somebody over to get the fish (I ain’t touching no dead fish). It takes like 20 minutes just to clean up. I’d rather sit on the couch and somebody just deposit the money in my account. Even all this typing is making my fingers hurt.
April 8th, 2008 at 1:50 pmAnybody watching coal stocks? God damn…
April 8th, 2008 at 1:50 pmWow, GRMN at 52 week low. Will have to watch this as it nears $40.
April 8th, 2008 at 1:51 pmI am missing something here. How could they price this shit at 8.75 yet the stock hangs out with 12 year olds? Come on. I shorted this shithole yesterday at 13.10 and I wonder if they are getting something from somewhere else. Stops in place as I don’t yet understand the rationale. Any help guys? Why is this not in the 9’s?
April 8th, 2008 at 1:53 pmCoal is the new solar.
It is so clean you can eat it.
April 8th, 2008 at 1:57 pmI just want to apologize here to “the Fly” for accidentally giving him a -1 karma point there. I meant to do +1.
Since I know he sees everything, I’m throwing out this preemptive public apology.
Sincerely,
-DT
April 8th, 2008 at 1:57 pmGap-
April 8th, 2008 at 2:07 pmbecause that would be too logical (and because you shorted it).
Finally got some minutes … down we go.
Seems we had two dissenting FED chiefs.
April 8th, 2008 at 2:08 pmThe Wallstrip video is on the film ballot:
April 8th, 2008 at 2:08 pm‘Online Film & Video Craft’ –> ‘Best Editing’
Failure to vote for this important matter may result in the removal of your mustache, the next time you are drinking a glass of Merlot.
I’ve not a mustache to target, but please, if you catch me drinking a glass of merlot (small “m” — it’s a varietal, not a brand), please don’t bother punching me.
Just shoot me.
April 8th, 2008 at 2:09 pmFly, you are short BTU(coal stock) via SMN…
April 8th, 2008 at 2:11 pmNo I am not.
Mike:
You are in great danger of being kicked down an elevator shaft.
Tread carefully.
April 8th, 2008 at 2:17 pmhttp://www.minyanville.com/articles/index.php?a=16624
interesting correlation btw small biz sentiment & the russell 2k
April 8th, 2008 at 2:17 pmThe market knifes lower proving the FLY is correct once again yet SMN edges lower and in the process bankrupts the Fly. Odd no ?
April 8th, 2008 at 2:20 pmHeard something about the WM float being doubled with the addition of another 805,000,000 shares upon conversion of all preferred, warrants and bonds along with new common. Should be cut in half unless one expects them to make money from the mortgage biz going forward… they are closing their satellite mortgage ops and now only writing mortgages from a branch office ….. don’t hold your breath longs.
BTW, FoxBiz Newz ratings must need a boost^^ as Liz is sporting a CNBC type top, pretty blue too^^
April 8th, 2008 at 2:22 pm(Christopher Walken voice on:)
“Big” Mike mentions coal stocks being “on fiah” (ed note: Christopher Walken is from Astoria, Queens).
I have decided to shawt coal heah, specifically, MEE, and have devised… a unique hedge… foah this position.
Y’seeee… I have taken a couple of pieces of coal… and placed them… in my ass.
This way…. when I’m watching my MEE shawt vacillate… all day! … between fawty eight dollahs an’ fifty cents…. and …. fawty eight dollahs…. I can utilize…. the puckering of my ass… to tuhn that piece of coal… inna diamonds!
Y’see?
(/Christopher Walken voice)
April 8th, 2008 at 2:32 pmi sold garmin above 100 on the way up and down and its done. nokia changed the whole industry with the navteq purchase
April 8th, 2008 at 2:34 pmJake did you see that bit on SNL Sat night with everyone talking like Walken.
April 8th, 2008 at 3:10 pmVery good.
KC — I did not, but I have seen him many times on SNL… he’s a pretty decent comic actor these days.
Did they do “The Continental?”
April 8th, 2008 at 3:54 pm