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Overtly Optimistic Earnings Estimates – InsideArbitrage Friday Wrap

  • March 24, 2023

FRIDAY WRAP

Our list of curated tweets for the current week

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Special Situations

Bank underwriters across the US and Europe are pulling leveraged-finance sales and pausing future deals amid tepid demand.

U.S. Xpress Enterprises $USX to be acquired by Knight-Swift Transportation Holdings $KNX for $808 million or $6.15 per share in cash.

UBS races to seal Credit Suisse deal as soon as late April, sources say

Credit Suisse

Silicon Valley Bank hired BlackRock to study its risk controls and securities portfolio in the years leading up to its demise.

Omaha Private Jets we tracked flew to and from the HQ's near the following Regional Banks

Currently reading “Billion Dollar Lessons” and it’s crazy to think that of the 4 red flags outlined in the book when moving into adjacent markets…Ritchie Bros is falling for at least 3 with its acquisition of $IAA

Expect the Tegna-Standard General battle with the FCC to head to the D.C. Circuit, in a likely fight over a mandamus petition in April.

US SUIT AGAINST JETBLUE-SPIRIT MERGER SET FOR OCT. 16 TRIAL

Toshiba agrees to a buyout led by Japan Industrial Partners for $15 billion

$TA $BP TravelCenters of America gains after revealing unsolicited $92 a share bid, above deal with BP

Extra Space Storage is weighing making an offer for Life Storage, the REIT that rejected a takeover from Public Storage earlier this year

Stratasys $SSYS Board of Directors Rejects Unsolicited Proposal from Nano Dimension $NNDM.

$CRWD CFO Burt Podbere sells $2.21 million, or 16,615 shares, of Crowdstrike.

PG&E's CFO Leaves To Join Another Utility - C-Suite Transitions

Victory Capital Announces $100 Million Share Repurchase – Buyback Wednesdays

$RH: "Since the middle of December 2022, we have repurchased an aggregate of approximately 2.6 million shares of common stock pursuant to our previously authorized share repurchase program.

ABB sets new $1 billion stock repurchase program, after completing last year’s $2 billion program

Since $RILY was retained to repurchase shares for $AAMC, there have been $1.2m in shares repurchased (per the conference call today).

Investing

I feel like those who have the least saved have learned how to make it work more so than those featured who had much more.

Cheaper stocks outperform the market.

silicon valley bank screwed the pooch on managing interest rate risk

here's what happens to the common equity tier one capital ratio among m&t bank and its peers when you factor in unrealized losses on securities due to rising rates

I shall henceforth remember this day as: The "Block $SQ is a fraud" Nasdaq Rally

Earnings outlook: The chart illustrates a certain limbo.

KB Home CC: In the early weeks of March, net orders were down 24% for the first two weeks against a very strong period last year. $KBH

KB Home reports a 36% cancellation rate for Q1 2023.

Tell me, you’re gonna miss without telling me you’re gonna miss.

The U.S. Economy

The Fed updated their balance sheet ... now ~two-thirds of QT has been reversed.

S&P Global just released their 2024 #earnings #estimates.

NEW: Powell says Fed officials "just don't" see rate cuts this year

US not considering 'blanket insurance' for bank deposits, Yellen says

Great piece from @vtg2 , with insights from practically everyone you'd want to weigh in on the past 15 years of bank regulation

Truly insane when you think about it… - Fed overprints - Keeps rates at 0% for too long - Dismisses inflation as transitory - Hikes rates too late - Overtightens and breaks something - Recession

 

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