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The Long And The Short Of It All: Fair Value By The Market

Thu, 16 Jul 2009 14:40:32 GMT

We are presenting a list of companies which we believe are currently mispriced, based on our estimate of fair value, by the market. We develop our fair value ranges by projected free cash flow out one year and estimating an appropriate FCF multiple based on our assessment of risk and the strength of the balance sheet. Cisco Systems (CSCO: 19.57, +0.84 (+4.48%)) Recent Price $17.04 Value Range 21.86 – $38.41 Cisco Systems, Inc. designs, manufactures and sells Internet protocol (IP)-based networking and other products related to the communications and information technology (IT) industry, and provides services associated with these products and their use. [More...]

Sallie Mae (NYSE: SLM) Backs Community's Proposal

Thu, 09 Jul 2009 16:27:50 GMT

On July 7, 2009, SLM Corporation (SLM), commonly known as Sallie Mae, announced its support for the Student Loan Community's proposal to reform the student loan program. The alternative proposal, put forth by a diverse group that includes non-profit, for-profit and state-based service providers and guaranty agencies seeks to enhance the Administration’s plan to better serve students, families, schools, and taxpayers. The plan also aims at retaining a significant role for private lenders in the student loan market. The Administration’s plan is framed to provide certainty that funding will be available to students and save nearly $90 billion over the next decade by ending unnecessary public subsidies paid to banks. It would use the freed up resources to partially cover the cost of a permanent increase in grants for students from[More...]

Forget Stress Tests: Consider Local Banking

Wed, 29 Apr 2009 18:12:33 GMT

A lot is being said about the impending release of bank stress test results. However, for most of us these stress tests are basically useless. The average consumer really doesn’t care a whole lot about whether or not 19 of the biggest banks have big enough capital cushions. Mainly because those 19 banks are most likely the institutions that the government would save anyway if they looked ready to fold. Wall Street investors care about capital cushions, but it’s really not the information you need to make every day personal finance decisions with regard to your bank (or credit union) — and whether your money is[More...]

Bloomberg: Financial Rescue Pledges Now $12.8 Trillion

Tue, 31 Mar 2009 21:29:00 GMT

I guess I am going to need to update this weekly; just last week it was $12 Trillion (Mar 25: Taxpayer Welfare to the System $3 Trillion Down, $9 Trillion to Go), now it appears to be up to $12.8 Trillion per Bloomberg. Numbing. And I was numb back in November 2008 when I said the Federal Reserve is now Atlas! (Nov 26, 2008: US Government on Hook for $8+ Trillion) I don't know how people can be cheering this; the rewards are short term in scope for the long term weight we are attaching around the necks of future generations. Sure some of this dollars are "investments" (surely AIG will pay us back!) and much of it is 'pledges' (just in case) but we have literally built a parallel economy of dollars to prop up the actual US economy. As[More...]

How the U.S. Credit Crisis Will Lead to an Overhaul of the U.S. Student Loan System

Thu, 05 Mar 2009 18:05:00 GMT

By Shah Gilani Contributing Editor Money Morning The costs of the ongoing credit crisis have been well chronicled. But there’s a bright spot, too. In a crushing blow to... 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...]

Good Riddance To February

Mon, 02 Mar 2009 04:51:00 GMT

In the face of a week full of government actions and lousy economic reports the markets responded by dropping like a rock. Major averages finished the week down between 4% and 5%. The S&P 500 finally closed below its November low, just as the Dow did a week ago. This is not a good thing, especially since the NASDAQ and the Russell 2000 are getting close to their lows, as well. Again, the government was at the center of a number of market-moving news items. The Treasury took a larger stake in Citi by converting preferred stock to common stock and providing Citi a boost in its measure of tangible common equity. Bank stress tests were announced and apparently 19 of the biggest banks will be evaluated over the next couple of months. The new administration's budget plan was revealed and health care companies, especially those in the managed care sector, plunged in response. The budget also suggested college students should borrow directly from the government[More...]

Weekly Review - Financials Take Down The Market, Again

Mon, 19 Jan 2009 04:04:00 GMT

It was all about the financials again this week. Citigroup reported over $8 billion in losses for the most recent quarter and announced it was splitting up into two entities: one to concentrate on core investment and banking activities, credit cards and high net worth individuals and another to hold all "non-core" businesses like real estate lending, private branded credit cards, various kinds of consumer lending (CitiFinancial, Primerica, student loan and auto lending) and most of the toxic waste currently dragging down the balance sheet. In addition, Citi did a deal to sell majority interest in its brokerage unit Smith Barney to Morgan Stanley. There was a whiff of desperation there as Smith Barney was actually one of Citi's profitable businesses. As if that wasn't exciting enough, we had Bank of America receiving another 11th hour bailout from the Treasury. BofA claimed that without it they wouldn't be able to complete the[More...]

Economic Stimulus: How Much Has Been Spent So Far?

Wed, 10 Dec 2008 21:32:00 GMT

We’ve all heard about economic stimulus packages, and, really, the big ones, like the $700 billion package or the housing rescue package are being talked about quite a bit. But there are smaller packages — like the student loan guarantees and the unemployment benefit extensions — that we don’t really know about. And then there are the huge expenditures that get brief coverage in the news: Commercial paper funding ($1.4 trillion) and money market guarantees ($719 billion). When you think about it, even the $1 trillion economic stimulus being considered right now is really a drop in the bucket. It’s exceptionally hard to keep track of how much all of this economic stimulus is[More...]

Bad News Laid Bare

Tue, 09 Dec 2008 21:43:00 GMT

Although I don't necessarily agree with all of the predictions and recommendations offered at the site or espoused by its publisher, Eric Janszen, iTulip.com is a great resource for news and commentary. One great example includes a recent post in its discussion forum, "Report from the Front: Conditions of Employers," which reveals some eye-opening "first and second person accounts of business conditions," as follows: Two weeks ago in Unemployment by industry: Recession or depression? we published our bottom-up, data driven analysis of future unemployment that estimated 10 million job losses in 2009, and identified the industries likely to the affected most and least. Last week[More...]

Why You Shouldn't Pay of Student Loans Early

Mon, 13 Oct 2008 00:47:00 GMT

My wife and I both recently finished with graduate school. The majority of our friends and colleagues are in the same situation. And with this pursuit of education also comes student loans for most. I was fortunate enough to be in a program that not only paid for my tuition, but gave me an annual stipend over $20,000. My wife was not as fortunate and accrued a good bit of student loan debt. One of the things that I keep telling her is that we are not going to scrape all of our money together over the next 5-10 years just to pay our student loans off early. And she keeps saying; 'but I don't want that kind of debt around!'. And so I figured if she is confused as to why we're not paying it off, then I should explain it to you the reader. To get right to the point, student loans are almost like free money because of the low interest rates. As long as the loans are from the government and not a private loan company, than this strategy should work for you[More...]

The Student Loan Corporation Announces Second Quarter Earnings

Fri, 17 Jul 2009 13:48:00 GMT

The Student Loan Corporation (NYSE:STU) today reported net income of $24.9 million, or $1.25 per share, for the quarter ended June 30, 2009, a decrease of $17.1 million (41%) compared to net income of $42.0 million, or $2.10 per share, reported for the same quarter of 2008.
The Company's net interest income of $70.9 million fell by $48.5 million reflecting margin compression during the second quarter of 2009.
This decrease was partially offset by gains on loan sales and lower operating expenses.

[More...]

The Student Loan Corporation Announces First Quarter Earnings

Mon, 27 Apr 2009 22:03:00 GMT

The Student Loan Corporation (NYSE:STU) today reported net income of $7.5 million, or $0.38 per share, for the quarter ended March 31, 2009, a decrease of $7.7 million (51%) compared to net income of $15.2 million, or $0.76 per share, reported for the same quarter of 2008. The Company’s net interest income of $58.1 million fell by $23.4 million reflecting margin compression during the first quarter of 2009. This decrease was partially offset by a $9.3 million reduction in operating expenses and $4.2 million lower provision for loan losses.[More...]

Citi Launches Online Advisor Tools to Help Students and Families Borrow Responsibly for College

Mon, 20 Apr 2009 20:57:00 GMT

The Student Loan Corporation (SLC), a subsidiary of Citibank, N.A., announced today the launch of two new interactive tools on its website, www.studentloan.com, that provide advice and guidance to help consumers understand the basics of obtaining and paying back student loans.[More...]

The Student Loan Corporation Remains Committed to Federal Student Lending

Wed, 18 Mar 2009 18:13:00 GMT

The Student Loan Corporation (SLC) reiterated today its commitment to the Federal Family Education Loan (FFEL) Program and to its mission of providing schools, students, and families with affordable, reliable access to higher education.[More...]

Student Loan Corporation Files Annual Report on Form 10-K

Mon, 02 Mar 2009 12:01:00 GMT

The Student Loan Corporation (NYSE:STU), a subsidiary of Citibank, N.A., today filed its Annual Report on Form 10-K for the year ended Dec. 31, 2008, with the Securities and Exchange Commission.[More...]

Zacks Bull & Bear of the Day Highlights: Salesforce.Com, California Pizza Kitchen, Sallie Mae, Nelnet and Student Loan Corp.

Fri, 27 Feb 2009 11:13:00 GMT

Zacks Equity Research picks Salesforce.com, Inc. (NYSE: CRM) as Bull of the Day and California Pizza Kitchen, Inc. (Nasdaq: CPKI) as Bear of the Day.
In addition, the analysts at Zacks Equity Research discuss the latest on Sallie Mae (NYSE: SLM), Nelnet Corp. (NYSE: NNI) and Student Loan Corp. (NYSE: STU).
Full analysis of all these stocks is available at: http://at.zacks.com/?id=2678

[More...]

The Student Loan Corporation Announces Year-End and Fourth Quarter Earnings

Fri, 23 Jan 2009 12:01:00 GMT

The Student Loan Corporation (NYSE:STU) today reported net income of $76.2 million, or $3.81 per share, for the year ended December 31, 2008, a decrease of $106.5 million (58%) compared to net income of $182.7 million, or $9.13 per share, reported for 2007. The unprecedented disruption and lack of liquidity in the financial markets has significantly affected the Company’s operations. These conditions contributed to a reduction in net interest income of $31.5 million (after tax) for 2008 as compared to 2007 and also limited the Company’s ability to sell and securitize loans, which resulted in a year-over-year decrease in associated gains of $66.3 million (after-tax). These decreases were offset by net increases in mark-to-market gains on the Company’s retained interests and associated hedges, which are recorded in fee and other income.[More...]

The Student Loan Corporation Streamlines Business Operations to Sustain Market Leadership

Fri, 05 Dec 2008 12:58:00 GMT

The Student Loan Corporation (SLC), a subsidiary of Citibank, N.A., announced it is restructuring various functional areas to prudently manage the business through continued unprecedented market conditions. A total of 91 positions will be affected, including 69 positions at SLC and 22 positions at Citibank (South Dakota), N.A. that directly support SLC. The restructuring will impact most of the company’s functional areas and the majority of positions will be discontinued in December 2008. This action is necessary to reduce expenses and drive efficiencies amid higher funding costs resulting from continued disruption in the capital markets.[More...]

The Student Loan Corporation Announces Third Quarter Earnings

Thu, 16 Oct 2008 12:14:00 GMT

The Student Loan Corporation (NYSE:STU) today reported net income of $4.4 million, or $0.22 per share, for the quarter ended September 30, 2008, a decrease of $20.6 million (82%) compared to net income of $25.0 million, or $1.25 per share, reported in same quarter of 2007. The overall deterioration in the financial markets has adversely affected the Company’s results of operations. These disruptions resulted in the Company recording a $19.2 million (after-tax) write down on loans held for sale that were transferred back into the Company’s portfolio during the quarter. In addition, due to the lack of liquidity in the whole loan market, the Company’s loan selling activities have significantly decreased, resulting in a $9.6 million (after-tax) decrease in associated gains from the same quarter in 2007. An increase of $15.9 million (after-tax) in the Company’s provision for loan losses also contributed to the year-over-year decline. These items were partially offset by a net increase in mark-to-market gains of $34.5 million (after-tax) on the Company’s retained interests and associated hedges over the same quarter in 2007.[More...]

The Student Loan Corporation Announces Second Quarter Earnings

Fri, 18 Jul 2008 11:57:00 GMT

The Student Loan Corporation (NYSE:STU) today reported net income of $42 million, or $2.10 per share, for the quarter ended June 30, 2008, a decrease of $29 million (40%) compared to net income of $71 million, or $3.53 per share, reported in same quarter of 2007. This decrease was primarily driven by a $26 million (after-tax) increase in the Company’s provision for loan losses, largely attributable to increased reserves associated with losses inherent in the higher risk, uninsured segment of the Company’s CitiAssist® private education loan portfolio. In addition, the Company’s gains on loans securitized decreased $29 million (after-tax) during the second quarter as compared to the same quarter in 2007, due to the overall degradation of market conditions. These decreases were partially offset by an increase in fee and other income of $18 million (after-tax), reflecting a net mark-to-market gain on the Company’s residual interests and associated hedges.[More...]

Form 3 THURM KEVIN L For: Oct 15 (10K)

Thu, 23 Oct 2008 14:39:00 GMT

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