I bought a couple of more bricks in mid-town Manhattan by adding 25 shares of S L Green at around 15. This brings my total involvement in Manhattan real estate to 50 shares of SLG and 100 shares of SLGPRD. Being a penny pincher sometimes, I decided to buy those shares when SLG started to fall to below 14.8 but was too slow in entering the order. Bricks are a lot more expensive up in NY than here in Tennessee. I am limited in the amount of money that I can use to buy common stocks as previously explained. I am taking the $400 or so used to fund this buy from the remaining $2000 left from the Kraft sell. The shares in SLG are certainly volatile. This will have to be a long term hold with no stop loss given the volatility in the shares. The way that I limit my loss in those circumstances is simply to ease into the position at different intervals in both time and price and, most importantly, limiting the total amount of cash used to buy shares to well within my tolerance levels for a total loss.
An early rally evaporated after the release of dismal consumer confidence numbers. MarketWatch
If you start to expect nothing but dismal and awful news, then there is no longer any surprise component. I expect just awful news for at least the next six months. The market is however giving the appearance of trying to find some stability at the 8000 level in the DJIA and in the low to mid 800s for the S & P 500.
Excluding costs from restructuring, DuPont reported a loss of 28 cents for the 4th quarter as compared to earnings of 60 cents in the prior year period. DD also lowered its forecast for 2009 to a range of $2 to $2.5. MarketWatch The current price of 23 and change already reflects a lot of bad news. The stock has already returned to 1991 levels. CNBC.com
Verizon released a decent report. Earnings before restructuring charges met estimates at 61 cents. Costs associated mainly with a reduction in the work force reduced earnings per share to 43 cents. Verizon Wireless added 1.4 million customers in the 4th quarter ending the year with over 72 million customers. Retail additions were at 1.2 million. During 2008 VZ lost 12.2% of its residential land lines. It added in the 4th quarter 282,000 high speed internet customers and 303,000 TV customers.
There was a slowdown in new wireless customers compared to the 3rd quarter and revenue was slightly under the analysts' estimate. Analysts were expecting 1.6 million new wireless customers. Seeking Alpha I have a small position in both Verizon's stock and senior bonds. I am considering adding some shares on further price weakness. Maybe it is just me, but I view that down move this morning in VZ stock to be unjustified.
Corning announced that it will cut 13% of its payroll. GLW reported a 31% decline in revenue for the 4th quarter and earnings of 13 cents before items.
The TC with the senior Liberty Media bond, PIS, goes ex interest tomorrow.
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The S & P Case Schiller 20 city home price index has showed a 25.1% fall in home prices since peaking in July 2006.S&P: Home values post 18.2 pct annual drop in Nov.: Financial News - Yahoo! Finance