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Notable Bankruptcies of 2008: Final Tally

Mon, 05 Jan 2009 23:35:00 GMT

In mid-August I predicted that “major” bankruptcies for 2008 would reach 225 (see Bankruptcies Revisited). Through October there had been 172 such bankruptcies, as reported by Bankrupctydata.com. That implied a pace of around 210 bankruptcies, well short of my prediction. At the time however, I suggested that the filing pace was likely to quicken in November and December as the economy deteriorated at a more rapid clip. Sure enough, the final numbers bear out my prediction. According to Bankruptcydata.com, “major” filings reached 231 in 2008. 231 bankruptcies falls far short of the 289 “major” bankruptcies in 2000 and 383 in 2001[More...]

Bankruptcies Revisited

Thu, 06 Nov 2008 04:34:00 GMT

In mid-August I predicted that bankruptcies for 2008 would reach 225 (see my post Bankruptcy Update). There had been 120 total bankruptcies at the time. The 120 bankruptcies as of August 15th implied a pace of about 195 bankruptcies, well shy of my prediction. But much has changed since mid-August, so let’s revisit that prediction. According to Bankrupctydata.com, there have been 172 bankruptcies through October. If we assume that bankruptcies continue to accumulate at 17 per month for the rest of the year (the monthly average), the implied total for 2008 would be 206. However, we know that the bankruptcy pace has quickened since August. In fact, since mid-August, bankruptcies have been averaging about 21 per month. If we use 21 per month instead[More...]

Noteworthy Bankruptcies

Wed, 18 Jun 2008 04:41:08 GMT

Several months ago I promised to keep tabs on notable bankruptcies of 2008 (see More Failure for Fodder). Well, we’re nearly half-way through the calendar year, so I thought I’d continue to make good on that promise.[More...]

IQW.PR.C June Conversion Ratio Announced

Fri, 30 May 2008 22:04:44 GMT

Quebecor World has announced:[More...]

Bookkeeping: Adding to Intuitive Surgical (ISRG)

Fri, 16 May 2008 18:48:21 GMT

This is purely a technical trade but I am adding to Intuitive Surgical (ISRG) north of $300, as the stock has broken back above the 50 day moving average, after building a month long base. Volume is also picking up. That's about as smart as I get on the t[More...]

Thursday's Fedwatch

Thu, 17 Jan 2008 13:06:14 GMT

Good morning. Investors are hoping for the best this morning as Bernanke is scheduled to speak at 10:AM. Traders are hoping that Ben will signal that a rate cut will come soon, that it will be much larger than expected, and that he and Washington will debut a stimulus package that will save America from recession. Meanwhile, a larger than expected [More...]

IQW.PR.D / IQW.PR.C on TSX Review for Possible Delisting

Thu, 17 Jan 2008 02:29:39 GMT

The Toronto Stock Exchange has announced it:is reviewing the securities of Quebecor World Inc. (Symbols: IQW; IQW.PR.C; IQW.PR.D) with respect to meeting the requirements for continued listing. The Company has been granted 30-days in which to regain compliance with these requirements, pursuant to the Remedial Review Process.In the impressive tradition of the TSX, they can’t be bothered...[More...]

Big Blue

Mon, 14 Jan 2008 14:08:35 GMT

Good morning. Premarket futures are higher this morning following good news from International Business Machines (IBM) who told the market really want they wanted to hear this morning- i.e. strong profits from Asia, Europe and emerging countries led to the better than expected results. In response, buyers are bidding up tech and hoping that more unexpected good news is coming as earnings season gets fully underway. While not all earnings news was great (see Sears (SHLD)), some positive analyst commentary, rumors of more writedowns in the financial space & subsequent takeovers,...[More...]

IQW.PR.C : Conversion to Common Requested for Over Half of Issue

Mon, 31 Dec 2007 00:44:20 GMT

Quebecor World has announced:that, on or prior to December 27, 2007, it received notices in respect of 3,975,663 of its 7,000,000 issued and outstanding Series 5 Cumulative Redeemable First Preferred Shares (TSX: IQW.PR.C) (the “Series 5 Preferred Shares”) requesting conversion into the Company’s Subordinate Voting Shares.In accordance with the provisions governing the Series 5 Preferred Shares, registered holders of such shares are entitled to convert all or any number of their Series 5 Preferred Shares into a number of Subordinate Voting Shares effective as of March 1, 2008 (the “First Conversion Date”), provided such holders gave notice of their intention to convert at least 65 days prior to the First Conversion Date. The next conversion date on which registered holders of the Series 5 Preferred Shares will be entitled to convert all or any number of such shares into Subordinate Voting Sha[More...]

Earnings: IQW, SLE & DRYS

Wed, 07 Nov 2007 15:37:01 GMT

We take a look this morning at a few of the earnings reports that have come out so far today, including those of which have caught our eye particularly:Missing estimates badly for its September quarter is Quebecor World (IQW), which posted a negative earnings surprise of 280%. Last year's quarter produced a positive EPS of 17 cents, so this quarter's -$0.36 amounts to a year-over-year decrease of over 311%! The worldwide print media services provider was actually up in early trading this morning after the miss. This may be due to the company's announcement that its European business is...[More...]