Thursday, March 4, 2010

Thursday premarket (SPG, GGWPQ, DIS, DDS,M)

The SEC charged a Miami couple in a ponzi scheme. They're accused of defrauding investors of $135million, promising returns of 9-16% annually....and they blame the real estate industry:
"Like thousands of other honorable business owners, Mr. and Mrs. Cantens were caught in the undertow of a massive collapse of the national real estate market owing to forces that were generally unforeseen by the real estate industry, the financial markets or responsible government agencies,."

General Growth Properties was given an extension in bankruptcy court, to explore various ways to recapitalize their operations. Among the conditions - they've had to open their books to Simon Property Group (SPG).

Some German politicians demand that in exchange for a bailout, the Greek's should sell off some island assets:
"Those in insolvency have to sell everything they have to pay their creditors," Schlarmann told Bild newspaper. "Greece owns buildings, companies and uninhabited islands, which could all be used for debt redemption."

Bank of America Merrill Lynch raised their rating on Disney (DIS) to Buy from Neutral. Their price target jumps to $42 form $33, implying 33% upside for shares. They see DIS as "one of the most compelling equities in the media and entertainment sector heading into fiscal 2011."

Mall-anchor department store Dillard's (DDS) reported that same store sales (sales from stores open at least a year) were up 2% for February, better than the one analyst estimate of -5%.

And Macy's (M) reported same store sales up 3.7%, well above the expected gain of 1.3% analysts were looking for.
Sales performance was strong at both Macy’s and Bloomingdale’s in February, despite a series of winter storms that affected store operations in some of our largest markets during key selling periods of the month. If not for the storms, we estimate that our February same-store sales would have been up by approximately 5 percent,” said Terry J. Lundgren, chairman, president and chief executive officer of Macy’s, Inc. “We are encouraged by continuing progress and results from the My Macy’s localization initiative and we are well prepared to maintain the momentum with exciting and fresh merchandise for the spring season."

Facebook is in no rush to "friend" Wall Street in an IPO, according to CEO Zuckerberg.

Copyright 2010 AlphaNinja

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