tyb's
GTMO844 US Navy Beech Huron appears off se Florida nw- heading to NAS Jax
PAT009 C-560 on final at Newark Int'l, NJ from JBA
BORAX07 E-6B Mercury TACAMO ne from Albuquerque INt'l (Kirtland AFB-they share Sunport Int'l)
Oil ETF trying to avoid imploding on retail investors attempts another trick with reverse split
The United States Oil Fund, a popular exchange-traded security known for its ‘USO’ ticker, announced another change to the fund’s makeup on Wednesday as it tries desperately to retain investors after a 77% drop this year.
USCF, the manager of the fund, said that it will execute a one-for-eight reverse share split for USO that will go into effect after the close on April 28.
A reverse stock split reduces the number of shares outstanding, but raises the price of the stock. This is a cosmetic change and the net effect to the return for existing shareholders will be nothing. None of the fund’s fundamentals are altered.
After opening in the green, shares fell more than 5% to $2.68.
The fund, which is popular with retail investors, seeks to track the price of oil. USO has sustained heavy losses as the price of crude falls. Starting on Friday, USCF began implementing a number of changes to the fund’s structure in an effort to stave off additional losses.
On Tuesday USCF said that going forward the fund would hold longer-term West Texas Intermediate contracts instead of just focusing on the front month contract.
USCF also said that it was temporarily suspending the issuance of so-called creation baskets. Creation baskets are how an ETF creates new shares to meet demand. The baskets hold the underlying securities, which in this case are plummeting oil futures. With the halting of these creation baskets, the ETF will essentially now trade with a fixed number of shares like a closed-end mutual fund.
When asked why the fund keeps changing its structure, USCF chief marketing officer Katie Rooney told CNBC the following: “Due to extraordinary market conditions in the crude oil markets, including super contango, USO has invested in other permitted investments, as described in the prospectus.”
Hayman Capital Management CIO Kyle Bass, who has been a vocal critic of commodity-focused ETFs geared toward retail investors, called the reverse split “garbage” in a tweet. Bass also has a short position in in some of these ETFs.
https://www.cnbc.com/2020/04/22/the-oil-etf-trying-to-avoid-imploding-on-retail-investors-attempts-another-trick-with-reverse-split.html
This reduces the number of shares outstanding, which in theory leads to a higher stock price. A reverse stock split does not change any of the fund’s underlying fundamentals.
you asked…answer given.
VM767 C-560 on final at Davenport, IA-Quad Cities International Airport-origin
2-FLYY UK Gov't Pilatus PC-12/47E se from Istanbul, Ataturk Int'l airport
Registered: Guernsey, United Kingdom
DDFI5899 and EASY40 C-560's out of Ft. Lauderdale Exec. Airport and nw
Victoria's Secret sale could be nixed, L Brands stock sinks 20%
L Brands Inc. LB, -20.14% stock sank 20.7% before it was halted on Wednesday after it confirmed that it received notice from Sycamore Partners that the private-equity firm plans to terminate the deal to purchase a 55% stake in Victoria's Secret for $525 million. The deal, which includes the lingerie business, Victoria's Secret Beauty and the Pink brand, was announced February 20. Sycamore Partners has filed a lawsuit in Delaware to call off the transaction, claiming that the measures taken by L Brands amid the COVID-19 outbreak, including not paying April rent, were a violation of the terms of the deal. "L Brands believes that Sycamore Partners' purported termination of the transaction agreement is invalid," the company said in a statement. "L Brands will vigorously defend the lawsuit and pursue all legal remedies to enforce its contractual rights, including the right of specific performance." L Brands stock has plunged 61.5% over the past year while the S&P 500 index SPX, 2.16% is down nearly 4% for the period.
https://www.marketwatch.com/story/victorias-secret-sale-could-be-nixed-l-brands-stock-sinks-20-2020-04-22
he thinks it does. fucking amateur