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Berkshire Hathaway: Buy Of The Century

Tue, 03 Mar 2009 15:21:00 GMT

Berkshire Hathaway: Buy of the Century by Investment U Research Team In the midst of Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A) reporting its worst year ever, -9.6%, the stock price has plummeted to a level not seen in almost [More...]

How to Beat Warren Buffett at His Own Game

Wed, 03 Dec 2008 20:19:00 GMT

How to Beat Warren Buffett at His Own Game This morning, Electricité de France (EPA: EDF) made another attempt to purchase Constellation Energy Group (NYSE: CEG). EDF’s new offer of $52 a share for half of the company is almost as much as MidAmerican Energy -Warren Buffett’s subsidiary of Berkshire Hathaway (NYSE: BRK.A) - paid for the entire company in September. His $4.7 billion deal for Constellation - about what it cost to build one nuclear reactor - bought him three[More...]

Pre Market Stock News and ETF Trading Brief

Wed, 03 Dec 2008 14:02:00 GMT

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Constellation Energy (CEG) Merger Arbitrage Opportunity

Tue, 28 Oct 2008 12:56:00 GMT

One of the four techniques implemented by Benjamin Graham was merger arbitrage. There’s been some good evidence that this strategy has worked for several decades for some value investors such as Graham and Buffett, producing double digit returns. Buffett had a nice discussion on his arbitrage experience with Arcata Corp in the 1980’s in his 1988 letter to shareholders. To evaluate arbitrage situations you must answer four questions: (1) How likely is it that the promised event will indeed occur? (2) How long will your money be tied up? (3) What chance is there that something still better will transpire - a competing takeover[More...]

Constellation Energy Appears To Be Back in Play

Fri, 03 Oct 2008 21:06:00 GMT

Hmm, Constellation Energy (CEG) is moving quite substantially over the Buffet bailout bid of $26.50... now approaching $29. Maybe this $35 bid from EDF still have some merit - the market seems to be signaling this. French power group EDF could still win Constellation Energy by drumming up support from the U.S. utility's shareholders to reject an agreed $4.7 billion bid from Warren Buffett. Consultants and analysts say Constellation stockholders may seek to overturn the company's decision to accept the bid by Buffett's MidAmerican Energy Holdings and push management to go for the higher French-backed bid instead."EDF is still in a privileged position to[More...]

Drama At The Constellation Energy Corral

Mon, 22 Sep 2008 18:27:00 GMT

Looks like EDF did make a bid after all A French nuclear power company is upping the ante for wholesale power supplier Constellation Energy Group Inc., offering to pay $8.50 per share more for the company, which has agreed to be sold to a unit of Warren Buffett's Berkshire Hathaway Inc. [More...]

FT.com: Electricite de France Eyes Constellation Energy (CEG) Bid

Thu, 18 Sep 2008 06:21:00 GMT

Well this news might keep the stock up for at least 10 minutes before short sellers attack by buying up credit swaps and signaling "this means the potential bid is a hoax!" Ok, I'm a little bitter... ;) Remember, EDF already owns nearly 10% of Constellati[More...]

Constellation Energy (CEG) now in Freefall

Wed, 17 Sep 2008 18:44:00 GMT

Looks like I found my personal Lehman Brothers - down from $38 to $18 in just 2 hours. Amazing. S&P, which has been a useless credit agency which missed the entire subprime debacle, is now in shoot first ask questions later mode - simply on the chance it[More...]

Future of Nuclear Energy Bright Despite EDF Setback

Mon, 11 Aug 2008 14:48:00 GMT

By Jennifer Yousfi And Jason Simpkins Money Morning Editors What was once viewed as a slam-dunk deal and partnership between Electricite de France SA (EDF) and British Energy Group PLC has...Money Morning is here to help investors profit handsomely on this seismic shift in the global economy. Money moves markets. But Money Morning lets you move first. [More...]

Periodicals Wrap-Up for Thursday, July 3rd

Thu, 03 Jul 2008 13:04:00 GMT

According to people familiar with the situation, the Wall Street Journal reported that Yahoo! (YHOO) is again talking to Time Warner (TWX), this time about taking over AOL, with Time Warner taking a stake in the combined entity. News Corp.[More...]

The Baltimore Sun Jay Hancock Column: O'Malley Tried, Failed to Stop Jump in BGE Rates

Tue, 03 Nov 2009 14:49:00 GMT

Nov. 3--The video, lovingly promoted by Maryland Republicans, has gotten nearly 4,000 hits on YouTube.
It's a 2006 ad for the successful gubernatorial campaign of Martin O'Malley.
But since he took office the governor has gone after BGE's parent again and again to obtain one-time rebates for household customers, stop future surcharges and protect BGE from financial trauma.

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CEG to Act Quickly on EDF Deal: Date Unclear on $100 Credit to BGE Clients, New Md. HQ

Tue, 03 Nov 2009 14:49:00 GMT

Nov. 3--Constellation Energy Group and its nuclear joint venture partner, Electricite de France, announced Monday that they will move quickly to close their $4.5 billion nuclear joint venture, though the deal leaves some unanswered questions.
Among them: when each of Constellation's Baltimore Gas and Electric residential customers will receive a one-time $100 credit, one of several conditions imposed by Maryland energy regulators last week.
Other issues left unresolved include the location of EDF's new U.S. headquarters in Maryland, the scope of Constellation's future charitable giving, and the construction of a visitor center and new nuclear unit at Calvert Cliffs.

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State OKs Constellation Deal: BGE Customers to Get $100 Credit As Part of Pact With French Utility

Sat, 31 Oct 2009 13:48:00 GMT

Oct. 31--Maryland regulators approved Constellation Energy Group's nuclear joint venture with a French utility Friday, adding conditions -- including a one-time $100 credit for each Baltimore Gas and Electric Co. customer -- that fell short of concessions Gov. Martin O'Malley had sought for the deal.
Besides imposing the residential ratepayer credits totaling $110.5 million, the Public Service Commission placed terms on the transaction that would protect BGE from future financial troubles of its parent company.
Among them: Constellation must make a $250 million cash infusion into BGE by June 30 to strengthen the utility and protect consumers.

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The Baltimore Sun Jay Hancock Column: PSC's Restrictions Not so Onerous for Constellation and EDF

Sat, 31 Oct 2009 13:47:00 GMT

Oct. 31--If EDF Group and Constellation Energy wanted to use Maryland regulators as an excuse to scrap their $4.5 billion deal, the regulators let them down.
The Public Service Commission's requirements for approving the deal are relatively minor.
They amount to shuffling around money the companies already have or were planning to spend -- plus new regulations Constellation has already agreed to in principle.

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Constellation Energy Remains Committed to EDF Deal: PSC Ruling Due Later Friday; Constellation Reports $137.6 Million 3Q Profit

Fri, 30 Oct 2009 14:46:00 GMT

Oct. 30--Baltimore's Constellation Energy Group said Friday it remains committed to selling half of its nuclear power business to a French utility after reports surfaced earlier this week that Electricite de France wants to scrap the $4.5 billion deal.
Maryland energy regulators are expected to issue an order at noon Friday on whether the transaction is in the public's best interest, the last regulatory hurdle for the deal to close.
"Both teams are working hard to get this transaction closed."

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O'Malley Now Supports Constellation-Electricite De France Deal: But Governor Puts Conditions on Approval

Mon, 26 Oct 2009 09:48:00 GMT

Oct. 26--Gov. Martin O'Malley for the first time is backing regulatory approval of Constellation Energy Group's joint venture with a French utility -- but only if BGE customers get one-time credits that could be worth more than $200 per household and other conditions are met.
O'Malley, a Democrat, has publicly reproached Constellation and argued that the Public Service Commission, the state's top energy regulator, should ensure that the company's proposal to sell half its nuclear business to Electricite de France for $4.5 billion is in the public's interest.
The governor's heavily qualified support for the transaction comes after he failed to wrangle concessions from Baltimore-based Constellation, which owns Baltimore Gas & Electric, during months of negotiations that took place apart from the regulatory hearings.

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New Owner, New Tenant: Public Radio International is Moving Its Local Offices into the 1890 Textile Building, Which Will Get a Makeover.

Sun, 25 Oct 2009 23:46:00 GMT

Oct. 25--One of the oldest buildings in Minneapolis' historic Warehouse District recently got a new owner and is about to get a new major tenant.
Public Radio International (PRI), whose programs are broadcast on more than 800 public radio stations, is moving its Twin Cities offices to the Textile Building at 119 4th St. N. PRI will lease about 23,000 square feet in the 111,843-square-foot building, about 5,000 square feet more than its current home in another Warehouse District building, Butler Square.
The building will be renamed Public Radio International, with redesigned space that will include studios and displays that will showcase PRI hosts and content on the ground floor and offices on the fifth floor.

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Becton to Buy Ann Arbor's HandyLab

Sat, 24 Oct 2009 18:46:00 GMT

Oct. 24--Ann Arbor-based HandyLab Inc. on Friday became the second University of Michigan spin-off firm to be acquired by a multinational company within the last 12 months.
The deal, whose terms were not disclosed, represents a victory for the state's small but growing venture capital industry since most of HandyLab's major investors are Michigan venture capital firms.
"It's the quintessential Michigan venture deal," said Jan Garfinkle, managing director of Ann Arbor-based Arboretum Ventures, one of HandyLab's investors.

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O'Malley Gives Up on Deal With CEG: He Says Company Would Not Go Far Enough to Reduce Electricity Prices

Wed, 21 Oct 2009 09:48:00 GMT

Oct. 21--Gov. Martin O'Malley said in an interview Tuesday that settlement talks between his office and Constellation Energy Group are over and vented frustration with the company that owns Baltimore Gas and Electric Co., the state's largest utility.
The governor tried to wrest concessions from Constellation as the company seeks state regulatory approval of a $4.5 billion deal to sell half its nuclear power business to French utility Electricite de France.
Constellation offered to give customers a break by delaying requests for rate increases, but O'Malley said that didn't go far enough.

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CIRI Moving Forward With Fire Island Wind Project

Thu, 15 Oct 2009 23:46:00 GMT

Oct. 15--Plans for its newly proposed coal-powered plant are grabbing headlines, but Cook Inlet Region Inc., an Alaska Native regional corporation headquartered in Anchorage, is still moving firmly ahead with plans for a multi-million dollar wind power project on Fire Island by 2011.
"We anticipate this will be enough to power 19,500 households," said Jim Jager, director of corporate communications for CIRI.
Jager said CIRI, in a business agreement with enXco, is moving ahead with the wind project.

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Constellation Energy and EDF Group Enter Definitive Investment Agreement

Wed, 17 Dec 2008 14:31:00 GMT

Constellation Energy (NYSE: CEG) and EDF Development Inc. (a wholly owned subsidiary of EDF) today announced a definitive investment agreement under which EDF Development Inc., will acquire a 49.99 percent interest in Constellation Energy Nuclear Group, LLC, for $4.5 billion. Constellation Energy Nuclear Group owns 3,869 megawatts of nuclear generating capacity, which consists of the Calvert Cliffs Nuclear Power Plant in Maryland, and Nine Mile Point Nuclear Station and R.E. Ginna Nuclear Power Plant in New York. EDF Development Inc.’s interest in Constellation Energy Nuclear Group will be structured as a new joint venture between the companies, separate from the existing UniStar joint venture.[More...]

Western Asset Emerging Markets Income Fund Inc. (“EMD”) Announces Quarterly Distribution for December 2008

Mon, 17 Nov 2008 21:01:00 GMT

Western Asset Emerging Markets Income Fund Inc., which is listed on the New York Stock Exchange under the symbol “EMD”, announced today a quarterly distribution of $0.2900 per common share payable in December 2008. Effective on November 3, 2008, Western Asset Emerging Markets Income Fund Inc. (NYSE: EMD) merged with and into Western Asset Emerging Markets Income Fund II Inc. (NYSE: EDF). Also effective November 3, Western Asset Emerging Markets Income Fund II Inc. (NYSE: EDF) changed its name to Western Asset Emerging Markets Income Fund Inc. and changed its trading symbol to "EMD".[More...]

Western Asset Emerging Markets Income Fund II Inc. Announces Completion of Merger and Share Conversion Price, Effectiveness of Name Change to Western Asset Emerging Markets Income Fund Inc. and Symbol Change to "EMD"

Mon, 03 Nov 2008 12:26:00 GMT

Western Asset Emerging Markets Income Fund II Inc., which is listed on the New York Stock Exchange under the symbol “EDF,” announced today the completion of the merger of Western Asset Emerging Markets Income Fund Inc. with and into Western Asset Emerging Markets Income Fund II Inc. Effective prior to the opening of business on November 3, 2008, shareholders of Western Asset Emerging Markets Income Fund Inc. (which previously traded on the New York Stock Exchange under the symbol “EMD”) became shareholders of Western Asset Emerging Markets Income Fund II Inc.[More...]

Replay Now Available for Legg Mason Affiliated Closed-End Funds Conference Call

Mon, 27 Oct 2008 20:05:00 GMT

On October 22, 2008 Legg Mason’s closed-end funds, that are advised or sub-advised by its affiliates, held a conference call to discuss the fixed income markets. Western Asset Management provided its view on the overall market, as well as the mortgage backed, high yield, emerging market and tax-exempt fixed income sectors.[More...]

Western Asset Emerging Market Income Fund II Inc. Announces Name Change to Western Asset Emerging Markets Income Fund Inc., Symbol Change to "EMD"

Wed, 22 Oct 2008 20:57:00 GMT

Western Asset Emerging Markets Income Fund II Inc., which is traded on the New York Stock Exchange under the symbol “EDF,” announced today a name change to Western Asset Emerging Markets Income Fund Inc. effective prior to the opening of trading on Monday, November 3, 2008. On November 3, 2008, the Fund will begin trading under the New York Stock Exchange symbol “EMD.” The CUSIP number for Western Asset Emerging Markets Income Fund Inc. will be as follows:[More...]

Legg Mason Affiliated Closed-End Funds Conference Call - Oct 22 2008 8:45AM

Wed, 22 Oct 2008 12:27:00 GMT

Legg Mason’s closed-end funds that are advised or sub-advised by its affiliates will host a conference call to discuss the fixed income markets today, Wednesday, October 22, 2008 at 4:15 pm eastern time. Western Asset Management will provide its view on the overall market, as well as the mortgage backed, high yield, emerging market and tax-exempt fixed income sectors.[More...]

Western Asset Emerging Markets Income Fund II Inc. as of September 30, 2008

Tue, 21 Oct 2008 20:07:00 GMT

Western Asset Emerging Markets Income Fund II Inc. (NYSE: EDF) announces its portfolio composition as of September 30, 2008.[More...]

Western Asset Emerging Markets Income Fund Inc. Declares Distribution, Suspends Distribution Reinvestment Program In Anticipation of Approved Merger

Fri, 17 Oct 2008 21:06:00 GMT

Western Asset Emerging Markets Income Fund Inc., which is listed on the New York Stock Exchange under the symbol “EMD,” today announced distributions of $0.2254 per common share from net investment income, $0.0022 per common share from short-term capital gains and $0.0098 per common share from long-term capital gains, payable October 31, 2008, to shareholders of record as of October 24, 2008, with an ex-dividend date of October 22, 2008. These distributions are being paid to common shareholders prior to the Fund’s merger with and into Western Asset Emerging Markets Income Fund II Inc. (NYSE: EDF) effective prior to the opening of business on November 3, 2008.[More...]

Western Asset Emerging Markets Income Fund Inc. Announces Results of Special Meeting of Stockholders

Fri, 17 Oct 2008 20:56:00 GMT

Western Asset Emerging Markets Income Fund Inc., which is listed on the New York Stock Exchange under the symbol “EMD”, announced today that, at its Special Meeting of Stockholders held earlier today, stockholders voted to approve the merger of Western Asset Emerging Markets Income Fund Inc. with and into Western Asset Emerging Markets Income Fund II Inc. (NYSE: EDF).[More...]

Legg Mason Affiliated Closed-End Funds Conference Call

Wed, 15 Oct 2008 12:38:00 GMT

Legg Mason’s closed-end funds that are advised or sub-advised by its affiliates will host a conference call to discuss the fixed income markets on Wednesday, October 22, 2008 at 4:15 pm eastern time. Western Asset Management will provide its view on the overall market, as well as the mortgage backed, high yield, emerging market and tax-exempt fixed income sectors.[More...]