SAM008 USAF G5 KAF AC of interdast departed JBA nw
DAWN75 USFSOC C-32B ended up at Souda Bay Crete about 6 hours ago
morning all
Crushed Archegos Portfolio Stocks Start Announcing Buybacks, Spike In Premarket
One of the biggest shocks in the aftermath of the Archegos margin call and hedge fund/prime broker blow up, is that the companies that have been swept in the "bath water" liquidation, who in the past had been aggressive buyers of their own stock, had remained suspiciously, almost ominously quiet and made no announcement about stabilizing their share prices by repurchasing their own stock as a result of the forced liquidations.
What made matters even more confusing is that the event that triggered this whole fiasco was Viacom's stock sale exactly one week ago when Viacom raised $3BN in new capital, including the sale of 20MM shares of common stock at a price of $85. Well, with VIAC stock now trading at roughly half that price, we said two days ago that Viacom should immediately repurchase the same amount of stock not only for an immediate accounting gain but also to show support and belief in its own value.
"VIAC stock is now trading at half the price where the company sold 20MM shares at $85 less than a week ago. The company should immediately announce a 20MM (or more) stock buyback"
— zerohedge (@zerohedge) March 29, 2021
And while literally moments later, Tencent did announce a $1 billion buyback…
Here we go: TME first, VIAC, DISCA and all the others on deck. pic.twitter.com/jWnnTJ250g
— zerohedge (@zerohedge) March 29, 2021
… so far media giants DISCA and VIAC have remained silent, much to out continued amazement, because while stock buybacks are now back at all time highs - as if the Covid crisis never happened - with the market back at a record, as we showed yesterday…… they are missing where they are needed the most - when stocks tumble and when management should give demonstrate faith in its own value.
How have DISCA and VIAC not announced accelerated buybacks yet?
— zerohedge (@zerohedge) March 29, 2021
Yet while we wait for Viacom and Discovery to do the right thing, other companies swept up in the Archegos liquidation are stepping up, and in addition to the Tencent Music $1BN buyback noted above, this morning we also got news that Vipshop, one of the companies hammered by the forced unwind of Archegos announced a $500MM stock buyback, sending its stock sharply higher…… and moments later, GSX Techedu ADR also soared as much as 9% in premarket trading after saying its founder, Chairman and CEO Larry Xiangdong Chen, announced he intends to use his personal funds to purchase up to $50 million of the company’s shares over the next 12 months. Chen said the company had repurchased $39.8 million of its shares under its up to $150 million share-repurchase program, and said he currently has not pledged any of his equity interest in the Company. We expect every other name that has been hammered by the Archegos blow up to duly follow suit and to announce their own buybacks or else investors will suspect that something is far more broken with the underlying business and the far lower stock price is justified by something more than just a forced liquidation.
https://www.zerohedge.com/markets/stocks-crushed-archegos-blowup-start-announcing-buybacks-spike-premarket
>>73950 pb
RCH762T USAF C-17 Globemaster on descent for Pittsburgh-departed JBA after a ground stop and inbound from Charleston Int'l Airport
Load #2 for Weds
09-0017 USAF C-32A south from JBA with VENUS30 C-40B and VENUS93 C-32A out behind
Credit Suisse in firing line after Archegos losses
Pressure was mounting on Credit Suisse on Tuesday over losses linked to the downfall of Archegos Capital, with analysts warning its dividend and share buyback plans may need to go on hold and investors advised to vote against management pay. Losses at Archegos, a family office run by former Tiger Asia manager Bill Hwang, sparked a sell-off in bank stocks on Monday as investors feared they would be forced to take big write-downs after extending billions of dollars in leverage to the fund.
Global lenders may lose more than $6 billion on Archegos, sources familiar with trades involving the U.S. investment firm have said. Credit Suisse and Japan’s Nomura are set to bear the brunt of this, according to statements from the banks and sources, with one source close to the Swiss lender saying its losses could be as high as $4 billion. The bank has declined to comment on the size of losses.
Credit Suisse’s shares fell further on Tuesday, trading down 2.33% at 1031 GMT, taking their loss so far this week to almost 16%. Shares in most other major European banks were up in morning trade.
The brokerage arm of Japan’s Mitsubishi UFJ Financial Group on Tuesday flagged potential losses at its European subsidiary of around $300 million related to a U.S. client, declining to comment on whether that client was Archegos. The prospect of big losses at Credit Suisse is piling pressure on the lender’s management, already reeling from the fallout surrounding collapsed supply chain finance company Greensill.
Earlier this month Credit Suisse shut $10 billion of supply chain finance funds that held bonds issued by Greensill, and is overhauling its asset management business to deal with the scandal.
On Tuesday Ethos, which advises shareholders on corporate governance, said Credit Suisse investors should vote against board and executive pay at its upcoming annual meeting.
https://www.reuters.com/article/usa-markets-blocktrades/update-2-credit-suisse-in-firing-line-after-archegos-losses-idUSL1N2LS0R3
Speaking of it's Annual Meeting-look who they are trying to add to the BoD in a few weeks:
none other than Blythe (never saw a piece of paper I could not securitize) Masters.
can't make this shit up
Credit Suisse Snags Blockchain Star
The board of directors of Credit Suisse is proposing Clare Brady and Blythe Masters for election as new non-executive members at the annual general meeting to be held on April 30, 2021
https://www.finews.com/news/english-news/43524-credit-suisse-board-of-directors-blythe-masters-clare-brady-urs-rohner
German AF GAF677 Bombardier Global 5000 inbound from Koln depart earlier today
02-4452 USAFSOC C-32B on approach for Albany NY Int'l Airport from McGuire AFB depart
80-1078 USAF U-2S Dragon Lady up early from Beale AFB over sw Oregon at 60K ft
They were practicing landings over the weekend and on friday here too.
Bank of America Ups Equality Pledge to $1.25 Billion Amid Anti-Asian Racism
Bank of America Corp. pledged an additional $250 million toward its push to advance racial equality, adding programs that advocate for Asian Americans to its existing initiatives.
The lender will commit $1.25 billion over five years, expanding an earlier pledge of $1 billion over four years, to support investments that address racial justice and advocate for equality for people and communities of color, including those of Asian descent, the bank said Tuesday in a statement. It allocated an immediate $1 million to advocacy and engagement efforts with the Asian-American community, including a grant to Asian Americans Advancing Justice, a nonprofit group. “We’ve witnessed increased racism and violence against Asian Americans, underlining the significant need for tools and resources to combat these, as well as a need for culturally specific mental health and victim-support resources,” Connie Chung Joe, chief executive officer of Asian Americans Advancing Justice in Los Angeles, said in the statement.
Bank of America said it added Chung Joe to its national community advisory council.
https://www.bnnbloomberg.ca/bank-of-america-ups-equality-pledge-to-1-25-billion-amid-anti-asian-racism-1.1584246
Indian AF INDIA1 PM Modi back at New Delhi-Gandhi Int'l from Chennai Int'l Airport
Tamil Nadu: PM Narendra Modi invokes MGR, Jayalalithaa's legacy, attacks DMK, Congress over dynasty politics
Prime Minister Narendra Modi addressed an election rally in Tamil Nadu's Dharmapuram on Tuesday. The public meeting was also attended by Chief Minister E Palaniswami and deputy chief minister O Panneerseelvam. While addressing the massive rally, Pm Modi invoked the legacy of MGR and J Jayalalithaa and attacked the DMK-Congress combine of women's issues.
https://www.timesnownews.com/india/tamil-nadu/article/tamil-nadu-election-2021-pm-narendra-modi-dharapuram-rally/738814
German AF GAF896 Airbus A340 (used as German Air Force 1 or "Merkel1") departed Azores after a quickish ground stop and heading back to Koln