17
Feb

Almost A Trillion Dollar Tuesday

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The Week Ahead

  • Tuesday (2/17) - President Obama to sign $787 billion stimulus package in Denver, economic data include Empire State and Homebuilders' index. IPAA OGIS Florida Conference Feb 17 & 18. See schedule and companies of interest below. 
  • Wednesday (2/18) - Housing Starts (forecast 518K), Industrial Production (forecast down 1.8%)
  • Thursday (2/19) - EIA Natural Gas Inventory report at 10:30 am EST, EIA Oil Inventory report at 11 am EST,  initial jobless claims, PPI, leading indicators
  • Friday (2/20) - CPI (up 0.3%, up 0.1% core)
  • Saturday (2/21) - equity options expiration

In Today's Post

  1. Holdings Watch
  2. Commodity Watch
  3. Earnings Calendar
  4. Stuff We Care About Today
  5. Crack Spread Update
  6. Odds & Ends

Holdings Watch- The wiki tab is updated.

Commodity Watch:

Crude oil - After falling 5% last week to close at $37.51, crude ended the lightly traded Monday session at $36.85. This morning crude is trading back into the mid $35s as world markets roll over and the dollar rises above its recent trading range.

  • IEA Watch - Serious Supply Crunch in 2010. The group sees a lack of spending due to low prices as the culprit  for the coming crunch (I know, well duh!) but then continued its mixed message by asking OPEC to not make further production cuts to, um, boost prices. Oil trading was open yesterday and briefly bounced over the $38 mark when the report hit the tape.

 

  • MEND Watch: The Movement for the Emancipation of the Nigerian Delta attacked two Shell flow stations this morning. No word on damage or disruptions yet but MEND is definitely stepping its activities back up. 

 

  • Hugo Will Be Around Forever Watch: Chavez won his referendum on Sunday meaning he can rule after 2012 as term limits will be removed. That's probably a minor positive for oil prices as the leader equates to Krptonite for oil company desire to invest in Venezuela.

 

  • What's Legally Yours Is Mine Watch:
    • Libya - Gaddafi ~ "The administration has failed and the state economy has failed. Enough is enough. The solution is we Libyans take directly the oil money and decide what to do with the money," This statement comes on the heals of recent promises to rewrite contracts with foreign oil companies to reduce their shares. Gaddafi estimates $32 billion of annual oil revenues could be divided amongst the country's 5 million residents.  Libya produces about 1.7 mm bopd and this plan sounds like a recipe for falling production to me.
    • Ecuador - The country is set to freeze the assets of Repsol and Perenco over back taxes owed from a windfall profits tax levied in 2007.

 

  • Russian SPR - Russia is talking about creating a 126.4 million barrel oil reserve, potentially formalizing the proposal in conjunction with the March OPEC meeting. The Russian deputy prime minster essentially said it is wise to buy when prices are low. 

Natural gas fell $0.16 to $4.30 yesterday while other U.S. markets slept, retreating hard in the face of continued Spring-like weather. The natural gas chart now looks like this ...pretty weak as the Spring shoulder season approaches. This morning gas is trading off slightly.

  • Weather Watch:
    • Last Week: HDDs tumbled to 158 (which was actually better than the expected 145) but lousy compared to the season normal (205) and even worse compared to the year ago reading (222).  We haven't had a reading this small since November and it should toss us squarely back into the land of double digit (not triple digit) storage withdrawals.
    • This Week: the forecast calls for gas weighted heating degree days of 195 which is essentially normal for this time of year.
  • Imports totaled 9.2 Bcfgpd last week, down 0.6 Bcfgpd from the year ago period all due to lower Canadian volumes.
    • LNG - up a touch to 0.9 Bcfgpd, no breakout apparently underway but it faces a string of easy comps for the whole year and any significant rally in volumes will be depressing or at least constraining for U.S. gas prices. if they are not offset by further weakness from Canada.
    • Canadian volumes continue to lag year ago levels

Earnings Calendar

Stuff We Care About Today:

IPAA OGIS Florida - Feb 17 & 18:

  • See schedule here .
  • Companies I'll listen To:(all times EST)
    • Feb 17:
      • CPE - 10
      • PETD -  11:30
      • BPZ - 2:30
    • Feb 18:
      • CRZO - 10:30
      • GST - 11:30
      • KOG - 2:30

RIG Reports "In Line" 4Q08 Results, Proposes Buy Back

  • The 4Q Numbers:
    • Reported Revenue of $3.27 B vs $3.285 expected
    • EPS of $3.69 (ex items) vs $3.70 expected
    • Average day rate up 3.8% sequentially to $251Kpd.
    • Utilization remains high across all categories of rigs in the fleet and improved from the third quarter in areas but standard jackups. Fleet utilization was 90%, flat with year ago levels and up 1% from last quarter.
  • RIG To Buy Back $3 Billion:
    • Seeking board approval for the buyback which could begin in May 2009,
    • $3 billion at $60 this would equate to 50 mm shares or 16% of the outstanding common,
    • This should go over pretty well with shareholders as their EBITDA should be more than double that level this year.
  • Conference Call: Today, 10 am EST.

 

CHK reports after the close. I was asked over the weekend if I'll be playing earnings. They may be able to announce some more nice Haynesville results and more details on some of the quiet shale prospects but I think it is capital discipline analysts and pm's want to hear so it really depends on how Aubrey spins it. Their reserves, production and asset writedown are already out the door so at least those are not a worry. Tough to say but I'm biased to be long a little in options and will hold my stock.

 

Crack Spread Update: Margins continue to bear up well as refiners curtail capacity, crude imports remain high and demand treads water.  No additional puts for this group and I may add VLO calls if the group suffers further weakness this week with the broad markets.

Odds & Ends

Analyst Watch:  (EGLE) cut to Hold at Lazard, (BPZ) cut to Hold at Wunderlich.

 

108 Responses to “Almost A Trillion Dollar Tuesday”

  1. 1
    BirdsofpreyRcool Says:

    No good news this morning, I’m afraid. So, just the Facts, Jack —

    · Very strong flight to safety this AM as stocks move to lows…

    · SP futures down over 19pts; now just below the big 800 level

    · Europe also at lows down 2.8%; HK/China/India all finished down 3%+

    · CDX IG11 starts 8bps wider to 206/208

    · US treasuries VERY strong across the curve; 30yr up 2 full pts (yield down to 3.57%), 10yr yield down to 2.76%

    · USD quite strong on safety bid; DXY +0.8pts; EUR falling to 1.26 vs USD

    · Crude dn 40c to $37/bbl, Natgas dn 16c to $4.29/Mmbtu

    · Gold surging eighteen bucks to $961/oz, highest level since mid-July..

    · Base metals complex is lower, volumes are light: nickel dn 2%, copper and zinc both dn 1.5%, aluminum dn 1%..

    · Baltic Dry fell 3.2% y’day, its third straight decline..

  2. 2
    BirdsofpreyRcool Says:

    The Empire Manufacturing Index for Feb added a bucket of ice to the dash of cold water being thrown on the market today. As an early indicator of the strength of exports and the manufacturing sector, it paints a pretty dismal picture.

    Empire Manufacturing came in at -34.65 vs the -23.75 expected and the -22.2 reported last month.

    Manufacturing in New York contracted at the fastest pace on record. New orders decreased to the lowest on record and prices received are dropping much faster than costs… squeezing margins. Inventories are down, a bit of good news. Unfortunately, the 6 month outlook turned more pessimistic, though, dropping to -6.6 from -4.

    IG 211 +11 bps from Friday’s close.

  3. 3
    zman Says:

    Thanks BOP for all the news. I think. Wow ugly.

    Calvo – saw your question on the wrap re the USL. I have not really looked at that ETF yet but noted with Tater how illiquid it is. Will have a closer look soon, concept seems more sound than the monthly roll employed by USO.

    Dollar is on fire this morning along with gold, bad for oil.

  4. 4
    BirdsofpreyRcool Says:

    Trading Desk points out that the only level that counts now is last years low of 741 on the S&P.

    Also, recommend selling any morning rally off the lows.

  5. 5
    BirdsofpreyRcool Says:

    Hey! If anyone has any GOOD news, feel free to jump in here. Could use a bit of a mood-enhancer.

    Pretty bleak stuff out there. Feels like the world is waking up to a new reality.

  6. 6
    zman Says:

    I hear ya BOP, but it always looks darkest before the turn. Back in 20 minutes.

  7. 7
    Nicky Says:

    Amazing how this always happens on a Bank Holiday.

  8. 8
    BirdsofpreyRcool Says:

    Excel Says Some Charterers Paying Half Rate, Suspends Dividend
    2009-02-17 14:24:35.610 GMT

    By Todd Zeranski
    Feb. 17 (Bloomberg) — Excel Maritime Carriers Ltd., a transporter of commodities including iron ore and coal, said at least two charterers have begun paying the shipowner half of the agreed rate, and the company may pursue legal action.
    Excel also said it suspended its dividend beginning in the fourth quarter of 2008 to save money, according to a Market Wire statement today.
    The shipowner said the two charterers have lease contracts on three ships. If the company continues to receive a half rate for the duration of the charter contracts, Excel would lose about
    $107 million. An unspecified number of other charterers have approached Kifisia, Greece-based Excel about renegotiating rates, according to the statement.
    Commodity shipping costs as measured by the Baltic Dry Index fell a record 92 percent last year. Weakening demand for iron ore from Chinese steelmakers and a lack of trade finance to purchase cargoes caused rates to plunge.
    Excel “considers cash-flow security and preservation an issue of great importance and as a result will carefully evaluate all its alternatives, including the full enforcement of its legal rights,” according to the statement.
    Excel Chief Financial Officer Eleftherios Papatrifon and Nicolas Bornozis, an Excel spokesman who works for Capital Link Shipping, were not immediately available for comment.
    Excel joins DryShips Inc., Eagle Bulk Shipping Inc. and Genco Shipping & Trading Ltd. in suspending dividends to save cash. Excel most recently paid a 40-cent-per-share dividend in November, amounting to about $17.8 million.

  9. 9
    Sambone Says:

    By Brian Baskin
    Of DOW JONES NEWSWIRES

    NEW YORK (Dow Jones)–Crude oil futures traded lower as renewed fears of a
    deepening global economic downturn took hold among investors.
    Light, sweet crude for March delivery traded $2.31, or 6.2%, lower at $35.20 a
    barrel on the New York Mercantile Exchange, after dropping to $34.95 a barrel
    earlier in the day. Brent crude on the ICE futures exchange traded $1.27, or
    2.9%, lower at $42.01 a barrel.
    Oil is one of many markets that have moved sharply lower Tuesday. European and
    Asian stock markets were down on reports of worsening economic conditions in
    several countries. U.S. equities are poised to fall over concerns about the
    ability of automakers to submit adequate restructuring plans ahead of a
    government deadline.
    “It’s just the overall marketplace globally,” rather than any news from the
    energy world driving oil prices lower, said Tony Rosado, a broker with GA
    Global Markets.
    Crude futures could be setting up to test the December low of $32.40 a barrel,
    wrote Ed Meir with MF Global. A successful breach will depend on whether the
    market begins to feel the effect of production cuts by the Organization of
    Petroleum Exporting Countries, he wrote. Several OPEC members have said that
    they are considering another round of cuts in March.
    OPEC agreed to reduce output by 4.2 million barrels a day in the final months
    of 2008. Compliance is thought to be around 70%, or 3 million barrels a day.
    That exceeds most forecasts for lost demand in the first half of 2009, though
    customers are only just beginning to see significantly fewer barrels arrive
    from OPEC producers.
    “We believe the oil balance is now entering a tightening phase, setting to
    gather momentum moving more deeply into the year,” wrote analysts with Barclays
    Capital.
    U.S. oil inventory data has shown a sharp increase in stocks over the last few
    weeks, however. The latest data is due out Wednesday from the American
    Petroleum Institute and Thursday from the Department of Energy.
    Front-month March reformulated gasoline blendstock, or RBOB, recently traded
    down 4.33 cents, or 3.6%, at $1.1630 a gallon. March heating oil traded 7.81
    cents, or 6%, lower at $1.2219 a gallon.

    -By Brian Baskin, Dow Jones Newswires
    Dow Jones Newswires
    02-17-09 0932ET

  10. 10
    Sambone Says:

    BOP #5

    “Denise Richards Joins Dancing With The Stars!”

  11. 11
    BirdsofpreyRcool Says:

    Sambone — that worked. LOL. thanks!

  12. 12
    Sambone Says:

    NEW DELHI, Feb 17 (Reuters) – India’s crude oil demand is
    expected to rise by 150,000 barrels a day in the March quarter
    due to the commissioning of Reliance Industries’ RELI.BO new
    refinery, Oil Minister Murli Deora said on Tuesday.
    Reliance began operations at a new 580,000 bpd refinery next
    to its existing plant in end-December, making the Jamnagar fuel
    complex in western Gujarat state the world’s biggest, processing
    1.24 million bpd of oil.
    Deora also told lawmakers that demand for petroleum products
    in the current financial year was estimated at 133.4 million
    tonnes, a growth of 3.5 percent over the previous 12 months.
    According to the latest government data, India’s oil product
    consumption during April-December grew 4 percent over the
    previous year to 98.23 million tonnes, while its crude oil
    imports grew 1.9 percent to 2.48 million barrels a day.

    (Reporting by Nidhi Verma, Editing by Mark Williams)

    Tue Feb 17 14:44:37 2009

  13. 13
    Nicky Says:

    BOP – does the trading desk think we may try and fill the gap?

  14. 14
    BirdsofpreyRcool Says:

    Nicky — Trading Desk does not think we fill the 741 gap today.

  15. 15
    zman Says:

    Re 8. Thanks for that, had not seen. Lots of stories of that type around. Suggestion to Excel Carriers, PIK tax. Payment in kind as in “wow, that’s a nice cargo container, I think I’ll keep it”.

    Re 10. No shots at Denise. If someone would show a little more faith in her she could be a great flight attendant.

  16. 16
    BirdsofpreyRcool Says:

    IG tried to rally off the lows, failed. Now at wides for the day —

    IG 212 +12bps

    Sambone… could use another mood-enhancer, if you got one.

  17. 17
    zman Says:

    RIG call in 5 minutes. Good to listen to for the state of the offshore and specifically deepwater markets. Stock off $4 on in line numbers, metrics slightly up, but lots of people see a laundry list of charges on a day like today and punt.

    Conversely, DO the only bit of green on my screen. Don’t see a broker upgrade there, probably the effect of going into the S&P500.

  18. 18
    BirdsofpreyRcool Says:

    Nicky — However, Cross-Asset Class Market Strategist (who has been calling the correct shots for the last 4 years…. maybe longer, but I’ve only worked with him for 4 yrs) says that Yes, we will fill that gap at some point.

  19. 19
    zman Says:

    RIG 4Q Call:

    Backlog: $39 billion, slightly down from last quarter.

    N. Sea floaters – 2 midwater floaters stacks, 1 contract canceled

    Gulf of Mexico – turnkey business is lower.

    Jackups – 3 idle, more to come (weakness in far and middle east)

    Majority of high spec fleet contracted into 2011 and beyond.

    more in a bit…

  20. 20
    zman Says:

    RIG 4Q Call #2:

    Cost guidance is slightly lower for 2009 relative to guidance on the 3Q call. Part of this is dollar strength related. This is bringing the stock off the low…

  21. 21
    zman Says:

    BOP – KOG speaking tomorrow at IPAA, no chance yet they will have anything to say on their 2 wells, right?

  22. 22
    elduque Says:

    BDI -13 1895

    TED +.30 94.63

    BDI was down yesterday, bounced a little today.

  23. 23
    zman Says:

    RIG Call #3:

    60% of $38.7 billion revenue backlog is with a rated customers.

    $300 mm was lost out of backlog due to credit problems at one customer.

    Near term plan is to reduce debt with free cash flow prior to commencement of a share repo if approved by shareholders.

    Q&A about to start.

  24. 24
    zman Says:

    El-D #8 above is troubling. Also saw EGLE catch another downgrade.

  25. 25
    zman Says:

    RIG Q&A

    Midwater market seems pretty stable but the lack of tendering is causing them some concern.

    On Jackups, they are in discussions for contract extensions, not seeing a lot of open tendering. More bad news for guys like ESV, RDC.

    Deepwater market – anticipate the deepwater market being stronger in 2011 and 2012 than they would have at this time this year. This is due to a lack of orders of new builds, delays in deliveries and a handful of new build rig cancellations, and they see growing demand for deepwater, sees deepwater long term demand as “exceptionally good”

  26. 26
    BirdsofpreyRcool Says:

    z — re: KOG. Expecting any day now to hear that they TD’d their 2nd Bakken well on the FBIR and “encountered oil shows.” That’s about all they can honestly say at this point as the next thing they need to do is move a completion rig onto the first well site.

    If they keep to the schedule they laid out last November and announce they TD’d the 2nd well soon, we should hear the results of the completion on the 1st well sometime during the second week in March. That is a “make-it-or-break-it” announcement for this little company. If the first well is economic, their 36,000 net acres are worth something. If not, well… at least they don’t have any debt at this point. Gives them a few options to drop back and consider what to do next.

    Thanks for the head’s up about the IPAA presentation. KOG has been keeping a very low profile lately (very tight hole), so presenting at IPAA is definitely a good sign.

  27. 27
    zman Says:

    RIG Q&A #2:

    Call going well, no sense of story coming apart.

    Share repurchase ?: vote in May, then board would decide when/if they go into the market to repo shares.

    Special dividend ?: the vote does not authorize a special dividend…that’s a modest negative on the stock right now, as people like the one done over at DO and want one here. Stock down $1.80 at the time of the question, will see how it moves from this point as this may or may not cause a further dip.

  28. 28
    zman Says:

    Thanks BOP, definitely keeping an eye out on this little option of a story.

  29. 29
    zman Says:

    Market looks to have fallen asleep. Is the POTUS on a plane? What time is he going to sign the bill?

  30. 30
    BirdsofpreyRcool Says:

    The POTUS may be on a plane, as he is expected to sign the Stim-Bill in Denver… but the Exec-comp provisions are causing a bit of friction.

    Stimulus & the TARP – a last minute Sen Dodd addition to the stimulus package makes it both less desirable for banks to retain TARP dollars and easier for them to pay back the government – Congress passed the stimulus package as expected and Obama is going to sign the bill Tues during a ceremony in Denver. However, a last minute amendment slipped into the legislation by Sen Dodd regarding new stringent regulations for all banks that have received TARP dollars is causing a flurry of controversy. The Dodd addition is more strict than what the White House had envisioned and Obama officials this weekend appeared to suggest a compromise could be reached that was more lenient, but Congressional officials (inc. Rep Frank and Sen Shelby) said Dodd’s amendment would be enforced. In addition to strict new executive comp limits, Dodd also made it easier for banks to pay back the TARP, removing the stipulation that they must first raise private capital to refund the government.

  31. 31
    zman Says:

    RIG call getting a little redundant. Nothing in their to cause a panic, nothing to really get anyone really fired up either. Nutshell is that deepwater remains strong, mid water ok, and jack up market continues to weaken as rigs around the globe get stacked. That really isn’t news. Stock will likely trade with the market post call.

  32. 32
    BirdsofpreyRcool Says:

    Not looking too good for little SNG… that’s the problem with banks. They want their umbrella back, now that it’s raining.

    SNG (Bank sends demand letter)

    Canadian Superior (SNG) announced that it received a demand letter from the Canadian Western Bank for repayment of all amounts outstanding under SNG’s $45MM credit facility.

  33. 33
    BirdsofpreyRcool Says:

    oops… Trump Entertainment files for bankruptcy… again. Chapter 22 for the Atlantic City “resort/casino.”

    Donald left the ship as it was sinking, last Friday.

  34. 34
    BirdsofpreyRcool Says:

    wow. It gets even better… it’s not a Chapter 22… it’s a Chapter 33. Trump casinos went into bankruptcy protection for the 3rd time.

  35. 35
    choices Says:

    Japan had worst quarter since 1974, not 1980’s 0r 1990’s but back to 1974-Chinese market and oil stocks are down big time, heard Dubai is awash with bad debt, looks like a ghost town-just a little more good news-have a nice day (as they say) heh, heh

  36. 36
    choices Says:

    I’m trying to help Z with the adage “always the darkest before the dawn”

  37. 37
    zman Says:

    The market to Trump: “You’re Fired!”

    RIG trading a little lower with the market, I’ll give that another day before deciding to add or pull the rip cord for now.

    CHK – I think I will opt to not play directly in tonight’s earnings release. They have recently given us reserve guidance which implies production that was in line with past guidance. We know production guidance won’t be going up and the best you can really hope for is flat capex guidance from the last press release. They will have more on the news front, sure but a lot of that thunder was stolen by the January operations update which they used to push forward a debt deal. More important to the stock is the macro of the market and that looks pretty iffy right now to say the least. Better for me to sit on hands that try to bottom fish when the market is more concerned with Geitner’s next utterance than with falling rig counts and strong hedge positions.

  38. 38
    choices Says:

    BOP, what do you think of the idea of nationalizing the largest insolvent banks similar to a FDIC seizure and sell off of assets-I’m reading more discussion of this-what will it do to the markets as now the bank index is dragging everything down.

  39. 39
    VTZ Says:

    choices, you’re not worried about what that does the the US balance sheet? Who is going to buy all the bonds they are going to issue? Why isn’t anybody talking about serious devaluation of the USD? Who is going to buy any assets? Many are worthless. Could Eastern Europe style currency crisis happen here?

    Too many unknowns…

  40. 40
    VTZ Says:

    Another one… Once people see the assets of the first big bank that goes under so that they can buy their assets, what happens to the others?

  41. 41
    zman Says:

    Las Vegas vs Detroit

    http://realestate.yahoo.com/promo/americas-emptiest-cities.html

  42. 42
    choices Says:

    VTZ, I agree about the unknowns and I’m sure as hell worried about a lot of the implications but these so-called Zombie Banks are just sucking up capital now with no end in sight-the oligarchs here are not dissimilar to the Russian oligarchs of the 1990s who pillaged the Russian economy-removing at least some of the US oligarchs would allow for possible reform of the financial system which is badly needed, not just more of the same as we are seeing now.

  43. 43
    VTZ Says:

    choices, I say let them go into structured bankruptcy and let the vultures come in. The only reason this isnt happening is because the finance industry owns all the finance industry bonds and they dont want to lose out.

    If this isn’t going to happen, nationalize them now and the taxpayer can lose out.

    Either way someone is going to lose.

  44. 44
    choices Says:

    V,the big concern I have for BK, structured or otherwise, is the linkage with third parties-when lehmans went under, a lot of other parties were left sucking air as a result.

    The taxpayer is going to lose, one way or another, as NO ONE can depend on the idiots in Congress to support them-guess who is most opposed to nationalization-Shumer, who is in Wall Street’s pocket. The average taxpayer does not have the clout to buy protection in congress.

  45. 45
    VTZ Says:

    choices, they were left sucking air because their assets got valued at what they are worth! That needs to happen! Let’s all stop pretending!

  46. 46
    zman Says:

    California to lay off 20,000 state employees, halt all public works projects (which will mean a lot of construction workers idled as well).

  47. 47
    BirdsofpreyRcool Says:

    choices — problem is, you can’t “nationalize” one bank and not all the others. Who in their right mind would leave their money in a bank that was NOT owned by the US Govt? With the ease of on-line banking these days, rational people would move their funds from non-nationalized banks into the nationalized one.

    Can you imagine applying to Barney Frank for your VISA card? Maybe it comes down to that… but, I hope not.

    I think regional (private) banking is one of the things that made America great. Most businesses are small businesses. I still believe the best business/commerce decisions are still made in the private sector. Not in the Theater of the Absurd (ref: Barney Frank).

  48. 48
    BirdsofpreyRcool Says:

    choices — seizing assets and shutting down zombie banks is different than “nationalizing banks.” I think the former is what needs to be done (a la “RTC” in the early 1990s). The latter is just a further step toward a socialized economy.

  49. 49
    choices Says:

    Look on the bright side-at least, Geithner has not YET appeared in public completly hammered.

    http://www.talkingpointsmemo.com/news/2009/02/japan_finance_chief_quits_over_alleged_drunkenness.php

    I saw the TV clip of this and he was HAMMERED.

  50. 50
    BirdsofpreyRcool Says:

    z — re Calif… California planted the seeds to this showdown when they passed Prop 13 in 1978 and continued to expand social programs. It was written in the stars that this would happen, sooner or later.

    Much like GM’s decades of bad management decisions has lead to what should be a Chapter 11 filing.

    This is not the fault of just this recession. It’s the accumulation of decades of pressure building up.

    Warren Buffett said it best — “When the tide goes you, you get to see who isn’t wearing a bathingsuit.” (or something like that… you get the picture)

  51. 51
    zman Says:

    True, I think Geithner was hammered when he was writing his speech but sobered up to give it. Never come to a press conference without a firmly grounded plan especially after the POTUS hypes said plan.

    Energy stocks beaten down but trending sideways with the market for now. CHK continues to ease, now down $1.50 near LOD. Still not planning on biting pre numbers.

    IPAA conference appears lightly attended, presentations are not as far as I can tell on line.

  52. 52
    choices Says:

    bop-I agree with the distinction-nationalization means the govt runs the bank, which, of course, is not the answer. I believe turning these banks over to the regulators ala a large FDIC takeover is the more accurate concept. What I understand, the seizure of Indiebank was done very well by the FDIC.

    I should be more precise as should the media.

  53. 53
    zman Says:

    R Allen Stanford, the next Madoff?

  54. 54
    BirdsofpreyRcool Says:

    choices — i agree with you. shoot the zombies in the head, seize their assets, auction/sell/liquidate back into the private sector.

  55. 55
    Sambone Says:

    #53 – Yes

  56. 56
    elduque Says:

    You know, I really think the sky is falling. Sun coming up on Maui, for another beautiful day.

    Anybody got any feel re market movement. Seems to me that volume is very light.

  57. 57
    Alhambra Says:

    Z, what’s your opinion on EOG? Stock is low today and would appreciate your outlook and thoughts. Thanks

  58. 58
    zman Says:

    El-d – volume is light in energy again. HK holding better than most, down 7%.

    I honestly think they should make Ponzi schemes and fraud of Madoff and Stanford proportion a treason offense.

    EOG thoughts. Off a little worse than its peers today, very cheap for it on forward numbers but that previously mentioned sky is falling mentality and their lack of oil hedges and lightly hedge gas position means they will mark the moves in oil and gas more closely.

    I’m a little tempted to fish them, don’t need a commodity bounce to do it, just a commodity stabilization. They are exceedingly cheap and given the strength of their balance sheet can quickly ratchet up production if oil prices recover (basically by turning behind pipe production in the Bakken to sales) and by adding rigs in the Bakken and Barnett. For now, they are one of the big pressures on onshore U.S. rig rates and service rates.

    Chart is in “look out below territory” with little to no support to my layman’s TA eye. Next stop $56 and then $50 I’d say. Which is about a day’s move these days. If I do it it will be for a quick move with a market bounce as I still think the shoulder season will be ugly for gas.

  59. 59
    Sambone Says:

    Subject – Nationalization of Banks – IMO

    Ok, Much has been made about the US Government “Taking over the banks”. Background – Watch “House of Cards” on CNBS. Banks used to be run by sane/prudent people who looked out for the shareholders best interest. Today as we can see Greed overcame ethics awhile back.
    I don’t believe that Big Ben and Big Tim are going to let the Big boys (BAC/C) go the way of Lehman. They learned their lesson. I believe that VP and Ken will go back to the trough to stay alive. What will happen is that the common will be diluted to the point that it’s almost worthless as per the Fed. Bonds will continue to pay (See Fannie Mae, etc.) Most preferreds are Captial trust which are secured by underlining bonds. Now they can halt paying the trusts, but they are cummilative. Down the road when the banks finally reveal the true extent of their holdings and everything has bleed out, we’ll see banks go back to the old rules, 20% down, hold the paper, know thy client. Then the banks will turn the corner. The US will either get paid back or write it off. Then reverse splits will begin, the common will slowly come back and then eventually if they stopped paying the yield on the trusts, they will start paying again. This is what my crystal ball looks like.
    NOTE – Look at AIG (80% owned by the US) and FRE and FMN (100% owned by the US).

  60. 60
    choices Says:

    pds off 20% today-stk really has been slammed the last few weeks-looks like the Grey Wolf boys do not like to hold their PDS shares. tempted to buy more for the long long haul when it gets to “zero” as it reported decent earnings Q4 w/o GW additions. I cannot find a rig count for them.

  61. 61
    zman Says:

    Choices – I saw piece the other day from an analyst stating GW/PDS, UDRL taking the biggest hit on rigs to date, NBR less so. Don’t have numbers for you but they were big drops, utilization should be in the PDS earnings report.

  62. 62
    choices Says:

    thanks, z

  63. 63
    Sambone Says:

    This is from a buddy of mine who listened to the RIG call.

    Transocean reported 4Q08 revenues = $3.27 billion, up 57% YOY but slightly lower than $3.29 billion expected. 4Q08 EPS = $3.69, down 12% YOY and a penny worse than consensus. The 4Q08 EPS backs out $385 million of special charges, which impacted EPS by $1.19.

    For year 2008, RIG reported revenues = $12.7 billion. 2008 EPS = $14.33, again, adding back the special charges.

    For year 2009, consensus EPS = $14.72.

    4Q08 revenues by rig type:

    UltraDeepwater Floaters = $673 million, up 48.6% YOY and up 9.1% from 3Q08.
    Deepwater Floaters = $331 million, up 14.1% YOY and up 2.5% from 3Q08.
    Harsh Environ Floaters = $164 million, up 36.6% YOY and up 0.6% from 3Q08.
    Midwater Floaters = $767 million, up 49.3% YOY and 15.5% from 3Q08.
    High-Spec Jackups = $146 million, up 128.1% YOY and up 1.4% from 3Q08.
    Standard Jackups = $709 million, up 83.7% YOY and down 5.3% from 3Q08.

    4Q08 dayrates by rig type:

    UltraDeepwater Floaters = $423,600, up 22.4% YOY and up 5.6% from 3Q08.
    Deepwater Floaters = $299,000, up 12.7% YOY and down 7.3% from 3Q08.
    Harsh Environ Floaters = $358,900, up 10.0% YOY and down 1.3% from 3Q08.
    Midwater Floaters = $329,200, up 19.9% YOY and up 12.4% from 3Q08.
    High-Spec Jackups = $169,100, down 2.5% YOY and down 5.3% from 3Q08.
    Standard Jackups = $156,100, down 22.1% YOY and down 22.7% from 3Q08.

    4Q08 fleet utilization rates by rig type:

    UltraDeepwater Floaters = 96%, down 100 bps YOY and up 300 bps from 3Q08.
    Deepwater Floaters = 75%, flat YOY and up 700 bps from 3Q08.
    Harsh Environ Floaters = 100%, up 2000 bps YOY and up 200 bps from 3Q08.
    Midwater Floaters = 92%, down 320 bps YOY and up 450 bps from 3Q08.
    High-Spec Jackups = 94%, down 600 bps YOY and up 750 bps from 3Q08.
    Standard Jackups = 90%, down 110 bps YOY and down 320 bps from 3Q08.

    As you can see, RIG reported weakness in its Midwater floaters and Jackup dayrates, while utilization rate remained steady. The company’s deepwater rigs continued to be the strongest in the Transocean fleet.

    In terms of rig availability, Transocean has the following uncontracted rigs for 2009:

    High-Spec Floaters (Ultra, Deep, and Harsh): 5%
    Midwater: 16%
    Jackups: 28%

    For 2010, the uncontracted rigs look like this:

    High-Spec Floaters (Ultra, Deep, and Harsh): 10%
    Midwater: 42%
    Jackups: 69%

    Total contracted backlog = $38.7 billion. This equates to just over 3 years worth of revenues.

    By management’s projections, free cash flows for next 10 years (based on existing backlog contracts) = $17.6 billion. Total debt maturities over same timeframe = $13.8 billion. The resulting excess = $3.8 billion. Management spent this cash on debt retirement.

    With 320 million shares out, a question on the conf call asked if management would rather spend its excess free cash flows on dividends rather than share buybacks. For instance, for 2009, free cash flow is projected to be $2.7 billion, while debt maturities will come to only $400 million. The resulting excess could afford up to $7.50 per share in annual dividends. If just 50% of this excess was declared as a dividend, it would pay $3.75 per year and yield 6.6% on current quote. This would no doubt help support the stock price much more than a buyback. This type of question is likely to be repeated in the coming quarters at companies still able to generate free cash flows.

    Using Value Line’s avg PE of 11.0x the consensus 2009 EPS, the 12-month target price = $161.92, a 184% potential upside. Back on June 30, 2008, 2009 EPS estimates were $16.86. This points to the relatively small reduction in earnings estimates (down 13%) in relation to the stock price decline (down 65%).

  64. 64
    zman Says:

    Sam – Management basically shot down the idea of a special dividend on the call. They said they had looked at it but would need shareholder approval for it and they did not put that on the ballot for May along with the buyout. Switzerland requires shareholder approval of buybacks and special dividends so you can pretty much throw the idea out for now as management is looking first to pay down debt and then to buy back shares.

  65. 65
    elduque Says:

    We need a catalyst:

    1. UAW agrees to amend contracts
    2. Mark to market is suspended
    3. Gov’t stabilizes housing prices, by minimizing foreclosures.

    Add or subtract to the list.

  66. 66
    Sambone Says:

    #64, Hmmm, seems to me if that is the case, they will just pay down debt as they have in the past. If they use free cash flow to pay debt, earnings will rise.

  67. 67
    reefguy Says:

    epl- current market cap 22MM, by the morning zilch..

  68. 68
    zman Says:

    Sam – they are targeting a certain amount of debt over free cash flow by year end. Doesn’t sound like a big leap for them to get there and then they stop and buyback shares. So maybe only a $B or $1.5B of debt retirement and then share repo. They are a bit tricky to pin down on their plans for all of this as the decisions stem from a good sized decision tree. Special dividend seems to not be anywhere high on their list.

  69. 69
    zman Says:

    EPL = activist shareholder trouble, eh.

  70. 70
    choices Says:

    Stanford just charged with fraud-a the beat goes on.

  71. 71
    reefguy Says:

    EPL- gonna have less directors and no equity by the morning

  72. 72
    zman Says:

    Obama to sign stim pack at 2:40 EST. Wonder if market moves with the pen.

  73. 73
    choices Says:

    http://www.washingtonpost.com/wp-dyn/content/article/2009/02/16/AR2009021601180.html?nav=hcmodule

    Background for Geithner’s dud-FWIW

  74. 74
    zman Says:

    Thanks for 73 Choices.

    Market, commodities and energy stocks just treading water now, need that catalyst El-D was looking for.

  75. 75
    zman Says:

    Obama flying to Denver in a 747-400 to sign a bill at a natural science museum to stress how “green” the bill is. Wow.

  76. 76
    BirdsofpreyRcool Says:

    z — funny how only us little people (non-politicians, non-actors, non-ex Vice Presidents) are supposed to actually DO something about our “carbon footprints.” The other group just flies around the world telling the rest of us to “sacrifice.”

  77. 77
    zman Says:

    BOP – the irony burns me up so badly I want to take one of the windmills off my new logo, lol.

    The market is about as flat as it gets on a day when its actually open. Even DO is off and they get added to the S&P 500 which is usually good for a small positive move.

    Speaking of green energy, solars taking on the chin again and alt energy ETFs TAN and GEX getting clubbed. Not a lot of rationale thought out there right now. Good day to read about stuff you’d like to buy when the dust settles.

  78. 78
    BirdsofpreyRcool Says:

    z – Ted Kennedy’s NIMBY salute to windmills pretty much summed it up for me.

  79. 79
    BirdsofpreyRcool Says:

    ‘Dirty’ Tar Sands in Canada to Test Obama Green Goals (Update1)
    2009-02-17 15:09:40.892 GMT

    By Jim Efstathiou Jr.
    Feb. 17 (Bloomberg) — Petroleum extracted from tar sands in Canada may provide the first foreign-policy test for President Barack Obama’s environmental agenda.
    U.S. and Canadian conservationists have called on Obama to reject any bid to exempt the oil from proposed climate-protection rules when he visits Canada Prime Minister Stephen Harper this week in Ottawa, his first meeting with a head of government.
    The oil is separated from sand and clay with intense heat in a process that releases more greenhouse gases than pumping conventional crude. The total “life-cycle” of emissions released, all the way to filling a car’s tank with gasoline, are 20 percent more, the Rand Corp. research organization of Santa Monica, California, said in a 2008 report.
    “Obama’s going to be under heavy pressure from Canada to allow the current importation to continue and to dramatically expand it on energy-security grounds,” said Bill Grant, associate executive director of the Izaac Walton League of America, a conservation group. “And there’s going to be a strong pushback from the environmental community on that.”
    Environmentalists increasingly want the entire life-cycle of fuels regulated to stem greenhouse-gas emissions blamed for global warming. California, the most populous state, has proposed rules to promote cleaner fuels that would effectively ban tar- sands oil mined in Alberta, according to Gary Mar, minister counselor in Washington for the western Canadian province.
    Obama backs slashing emissions of heat-trapping gases to 1990 levels and hasn’t announced a policy on heavy oil from Canada. The new president will have to square his environmental agenda with his call to trim dependence on oil supplies from the Mideast and with the U.S.’s longstanding policy to treat Canada as a commercial and strategic ally.

    Largest Trade Partner

    Canada is the U.S.’s biggest trading partner with about $600 billion in annual commerce last year. It sells about 60 percent of its tar-sands oil to U.S. refineries. Canadian companies have invested about C$110 billion ($88 billion) in oil-sands developments since 1958.
    The U.S. imported about 780,000 barrels a day of tar-sands oil in 2008, according to the Canadian Association of Petroleum Producers. Nexen Inc., owner of the C$6.1 billion Long Lake oil- sands project in Alberta, Royal Dutch Shell Plc., Europe’s largest oil company, and other producers plan to ship about 3.3 million barrels a day by 2020.
    “Oil sands are part of the overall supply-demand energy balance in North America,” Canada Environment Minister Jim Prentice said last week in a telephone interview from Calgary.
    Oil and coal, like solar and hydroelectric power, “are all important to fit into a common approach” on climate regulation.

    24 Years of Supplies

    Oil sands hold the equivalent of 173 billion barrels, enough to supply the U.S. for 24 years. Only Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries, has more reserves.
    “We want American policy makers to know that our oil is the largest supply in the world outside the control of OPEC,” Mar, who represents Alberta in the U.S. capital, said in an interview.
    “This can go a long way to breathing life into the president’s desire to reduce reliance on oil that comes from less-friendly parts of the world.”
    Energy and the environment are on the agenda for the Feb. 19 meeting, said Harper’s spokesman, Dimitri Soudas. He declined to comment on the prospect of rules that could affect oil exports.

    ‘A Better Job Environmentally’

    “To be frank on the oil sands, we’ve got to do a better job environmentally,” Harper told a Calgary radio station on Jan.
    13. “At the same time, the development of these things is pretty important, in our judgment, to North American energy security. So I think there’s balance to be seen there.”
    Wishart Robson, climate-change adviser to Nexen’s chief executive, Marvin Romanow, said the U.S. can spend far less to help clean up oil-sands processing than it does to secure supplies from Kuwait, Saudi Arabia and other OPEC members. The government of Alberta has pledged $2 billion to develop systems to capture and store carbon-dioxide emissions from processing oil sands.
    “It’s in our mutual interest to bring this on,” Robson said in an interview. “Is there a way that we can share those costs for the benefit of both countries?”

    ‘Dirty, Dangerous’

    Obama campaigned on a promise to wean the U.S. off “dirty, dwindling and dangerously expensive” oil. As president he supports a national rule to encourage cleaner motor fuels. The former Illinois senator hasn’t said whether he favors the California pollution-control model, which could shut out oil imports from Alberta, or regulations such as those being debated in Minnesota that would continue oil sands imports.
    Obama spokesman Ben LaBolt declined to comment.
    “Canada is extremely concerned that California would set the course to national and possibly international low carbon fuel policies,” Scotty Greenwood, executive director of the Washington-based Canadian American Business Council, said in an interview.
    Prentice said the neighbors should work together to develop systems to trap and bury underground the carbon-dioxide emissions from oil-sands development. That would help “transition from a high-carbon present to a low-carbon future while avoiding a disruptive and dislocative period,” Prentice said on Jan. 20.

    Mining, Heating Earth

    Oil sands are deposits of bitumen, a heavy, viscous crude that must be upgraded before it can be used by refiners. Higher carbon emissions come mainly from the energy needed to separate the oil from the sand and clay it is bound up with. The tar is extracted either by mining or heating the earth and pumping it out.
    “We don’t want the U.S. to do anything to support expansion of tar sands,” Susan Casey-Lefkowitz, director of the Canada program at the environmental advocate Natural Resources Defense Council, said in an interview. “More than that, we want to see life-cycle analysis of the greenhouse-gas emission of fuels so you’re not encouraging fuels that have higher emissions.”
    Oil-sands mines along the Athabasca River near Fort McMurray, Alberta, are as large as 80 meters (262 feet) deep and have claimed almost 500 square kilometers (193 square miles) of forest. They have created bitumen and clay-laden ponds with oily sheens of grays and green hues that have killed scores of birds.

    ‘Cheap Fuel’

    “You want low carbon emissions but you want cheap fuel,”
    Ryan Todd, an analyst for Deutsche Bank AG in New York, said in an interview. Strict regulations “would obviously be incredibly damaging to Canada’s oil and gas sector and very disruptive to global oil markets.”
    Producers also face market challenges. Oil prices must return to $85 to $100 a barrel for them to turn a profit, Todd said.
    No matter how reliable Canada may be as a U.S. supplier, it won’t make up for the environmental costs of producing tar sands oil, Casey-Lefkowitz said.
    “Harper may hope to get special protections for tar sands emissions,” Casey-Lefkowitz said. “We’re not sure that you can ever make tar sands extraction environmentally sustainable.”

  80. 80
    BirdsofpreyRcool Says:

    IG Index at 214 +14bps

  81. 81
    zman Says:

    MEND may have attacked an Equatorial Guinea oil facility today as well as the 2 Nigerian flow stations listed in the post.

    http://www.google.com/hostednews/afp/article/ALeqM5j7FIe-gGSRHTJBNKQ63Xv392Kqbw

  82. 82
    zman Says:

    Oil closing the session down $2.50 with the Dow, at that time down 250. So we are back to that old game.

  83. 83
    zman Says:

    Not giving this little mini-rally into the Stimulus package signing much credence.

    EOG getting clocked now, down 12%, another day like today and I’m in.

  84. 84
    BirdsofpreyRcool Says:

    POTUS picks up pen….

  85. 85
    ram Says:

    What’s a POTUS?

  86. 86
    BirdsofpreyRcool Says:

    it is the Airforce’s shorthand for “President Of The Unites States.”

  87. 87
    zman Says:

    President Of The US

  88. 88
    BirdsofpreyRcool Says:

    and the Airforce is not sexist… there is also “FLOTUS.”

  89. 89
    ram Says:

    Oh, I was thinking that the “O” was for Obama and the other letters created a sarchastic phrase. I’m glad I didn’t try to guess.

  90. 90
    choices Says:

    stk option expiration this Fri-“may” have something to do with the casino this week.

  91. 91
    zman Says:

    Market has basically done nothing since about 20 minutes after the open. No news out of the energy group…very dull.

  92. 92
    choices Says:

    my idea of buying stk and selling covered calls seems to working out really well-heh

  93. 93
    BirdsofpreyRcool Says:

    choices — re: stock options… last time we hit a low (last Nov) was in a stock options expiry week. Ended the week higher, tho. So, good point.

  94. 94
    choices Says:

    Apparently, West European banks were using the yen carry trade to finance E.Eur loans-now unwinding-could explain very strong dollar today-another brilliant idea by bankers.

  95. 95
    BirdsofpreyRcool Says:

    Banks trading at LOD.

  96. 96
    Wyoming Says:

    Message from MEND
    http://www.screencast.com/t/fy3sk2UXDx

    Just trying something out.

  97. 97
    Sambone Says:

    Per CNBC, the sign currently on the sign of the front door of Stanford Financial: “We are temporarily closed. The company is still in operation but under the management of a receiver.”

    Because “Gone Fishing” Would’ve Sounded Too Madoff-y*

  98. 98
    Sambone Says:

    “Sticky Wickets”

    http://www.thesun.co.uk/sol/homepage/sport/cricket/article1862430.ece

  99. 99
    Sambone Says:

    Closed caption contest.

    “Hey, what me worry, the Columbians don’t need their cash”

    http://img.thesun.co.uk/multimedia/archive/00631/1_666x450_631769a.jpg

    (From THE WALL STREET JOURNAL)
    By Evan Perez in Antigua, Glenn Simpson in Washington and Dionne Searcey in
    New York
    Depositors from as far away as Colombia have begun arriving in the island
    nation of Antigua, seeking to withdraw their money from an offshore bank under
    investigation by U.S. state and federal authorities.
    Stanford International Bank Ltd. and related firms controlled by Texas
    businessman R. Allen Stanford have fallen under scrutiny by the Federal Bureau
    of Investigation, the Securities and Exchange Commission and other regulatory
    bodies, according to people familiar with the matter.
    Authorities are examining the group’s marketing practices, which include
    offering certificates of deposit with unusually high interest rates, as well as
    a mutual-fund product sold by Stanford Trust Co., a person familiar with the
    matter says.
    The product, known as Stanford Allocation Strategies, is supposed to “reduce
    volatility throughout the investment cycle,” according to Stanford’s Web site.
    Investigators are looking at whether Stanford provided false historical return
    data that bolstered its performance, this person said.
    Reached by telephone on Monday afternoon, the chief financial officer at
    Stanford International Bank, James M. Davis, declined to comment when asked if
    investors are having difficulty obtaining redemptions. “I don’t have any
    comment, but I appreciate your call,” said Mr. Davis, the longtime top aide to
    Mr. Stanford.
    Mr. Stanford said in a conference call to employees Tuesday there would be a
    temporary moratorium of two months on early redemptions for CDs, according to
    one Stanford financial adviser who has worked at the firm for about five years.
    Depositors sign contracts that state redemptions are accommodated at the
    discretion of the institution, said the adviser, who added that he himself has
    a sizable amount of money invested in the bank’s CDs.
    The bank says it has more than 30,000 investors and $8.5 billion in assets; it
    says the larger group of which it is a part manages over $51 billion in assets.
    A spokesman for parent company Stanford Financial Group, based in Houston and
    St. Croix, U.S. Virgin Islands, said depositors may withdraw funds in
    accordance with the terms of their accounts.
    In Antigua, anxious depositors have flown in from overseas to seek their money
    from Stanford International Bank. Meanwhile, some local clients of the separate
    Stanford-controlled Bank of Antigua have caused what one local attorney called
    a “mini-run on the bank.”
    Clients have been told processing of the withdrawals could take several days,
    according to depositors and attorneys.
    One depositor arrived Monday on her first visit to this lush Caribbean island,
    mobbed in recent days by British tourists following their national cricket
    squad taking on the West Indies.
    “This is not a vacation, I’m here to calm my nerves” said the depositor, who
    says she has hundreds of thousands of dollars tied up in Stanford certificates
    of deposit. “For some people, this isn’t a lot of money. For me this is my
    life.”
    One depositor in Houston said he tried to redeem his CDs worth roughly
    $500,000 Friday morning after reading newspaper articles about the
    investigation into Mr. Stanford’s operations. The rate on his CDs was 8.25%, he
    said.
    “Ironically, I thought it was one of the more safe investments,” he said. “My
    fear is that some investors are being allowed to redeem CDs while others are
    not. I am trying to get additional information about the bank and my redemption
    request, but have been unsuccessful so far.”
    Atlanta lawyer James A. Dunlap Jr. said he has been advising a retired woman
    in Texas who invested about $250,000 in Stanford Bank CDs. “She has been
    advised she can’t withdraw it,” Mr. Dunlap said. “She was just told that she
    can’t withdraw it now, but they are working to try to raise funds to be able to
    make a redemption good.” Mr. Dunlap is soliciting other Stanford customers as
    potential clients through an ad on Google.
    Mr. Stanford, a flamboyant entrepreneur who launched a Caribbean airline that
    subsequently went out of business and has lavished money on real-estate
    ventures in Antigua, has been ratcheting back his spending lately. Local
    reports say a Stanford-related real-estate venture laid off more than 200
    workers recently.
    Just three months ago, Mr. Stanford paid out $20 million in prize money to the
    winners of a single cricket match in Antigua. Mr. Stanford announced his
    inaugural tournament by descending on Lord’s Cricket Ground in London in what
    was described as a gold-plated helicopter. According to the Times of London,
    Mr. Stanford now plans to continue the tournament but in reduced form.
    As reported, Stanford International Bank recently curtailed financing
    commitments to two small American companies, regulatory filings show.
    The Florida firm losing $16 million in financing from Stanford International
    is called Elandia International Inc. of Coral Gables, which trades
    over-the-counter. Elandia says it controls a collection of small
    telecommunications firms in Latin America and the South Pacific. Efforts to
    contact Elandia executives by phone and e-mail were unsuccessful.
    Stanford also owns a majority of the shares of Health Systems Solutions Inc.
    of New York City, which is traded on the OTC Bulletin Board. In October the
    firm agreed to acquire Emageon Inc. of Birmingham, Ala., but the deal was
    terminated Friday with Emageon attributing the development to Health Systems’
    inability to obtain funding on or before the closing deadling of Feb. 11.
    Executives of Emageon couldn’t be reached for comment. Health Systems
    executives didn’t respond to requests for comment.

    Kara Scannell in Washington contributed to this article.

  100. 100
    choices Says:

    Sir Stanford was “in bed” with both political parties-“Big John” Cornyn (and an unidentified companion) took a trip to Carib in 2004 on Sir Stanford’s dime.

  101. 101
    choices Says:

    I wonder if Sir Stanford will be allowed to stay under house arrest in one his mansions as Bernie is in his NYC penthouse.

  102. 102
    choices Says:

    I will shut up now-it has been one frenetic day for me.

  103. 103
    BirdsofpreyRcool Says:

    DJIA and S&P500 at lowest close since November 20, 2008.

  104. 104
    zman Says:

    Wow, shamugly close. Beerthirty.

  105. 105
    BirdsofpreyRcool Says:

    z – any first impressions on CHK’s earnings?

  106. 106
    zman Says:

    Nope, got a soccer practice, will have something out on it around 10 or 11 pm EST

  107. 107
    BirdsofpreyRcool Says:

    z – soccer practise is a MUCH better use of time. enjoy!

  108. 108
    zman Says:

    We shall see if it is. Nine 5 year olds in 46 degree weather with a 10 mph crosswind and light mist. I’d rather look at the numbers but thanks. Gotta run.

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