Articles Written by:    CHRIS MARSHALL     

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GE: More Bad News to Come?

GE (GE) is due to announce its second quarter results in the next few weeks; so what is the outlook for GE?  In the first quarter, GE had a nightmare set of figures, whereby the only division doing well was Infrastructure. Discounting the Broadcasting ...

From CHRIS MARSHALL, Seeking Alpha,  17 Jun 2008
Related Topics: Toshiba

Lehman Brothers: Will the Share Issue Fail?

Earlier this week, Lehman Brothers (LEH) announced plans for its restructuring, which includes issuing 143 million shares of common stock at $28.00 to raise $4 billion, along with the raising of $2 billion of preference shares. Now, the obvious ...

From CHRIS MARSHALL, Seeking Alpha,  12 Jun 2008
Related Topics: Lehman Brothers

Commercial Real Estate Headed the Way of Residential?

The sale of Harry Macklowe’s GM Tower portfolio will set a new benchmark for the valuation of Commercial Office Real Estate for New York, and probably for the US, as a whole.  The GM Tower, a 50 Floor building, overlooking Central Park, was estimated ...

From CHRIS MARSHALL, ETF Investor,  27 May 2008
Related Topics: Harry Macklowe

Why I'm Cynical About Thornburg Mortgage

I cannot understand the logic behind the current high price of Thornburg Mortgage (TMA). Five days ago I stated this, as comments to other blogs, on this site. At the time, it was $1.38, and it has now sunk to $1.07 (as of market close today). I ...

From CHRIS MARSHALL, ETF Investor,  15 Apr 2008
Related Topics: Thornburg Mortgage, Inc.

After GE's Miss, Who’s Next?

The next two weeks will be crucial for Wall Street (many analysts will be working all weekend on re-evaluating bellwether stocks), but in my view the three most important stocks to watch are Citigroup, Merrill Lynch and Caterpillar. I expect write ...

From CHRIS MARSHALL, ETF Investor,  13 Apr 2008
Related Topics: Citigroup,  Merrill Lynch

Is General Electric Overvalued?

First let me state the obvious: General Electric (GE) is a well run diversified company with a great track record. However, as its financial activities are a growing part of its portfolio, what would be the effects during an economic downturn? There ...

From CHRIS MARSHALL, ETF Investor,  8 Apr 2008
Related Topics: General Electric

Regulating Multi-tiered Stockholder Structures

1) All listed companies must convert all preferential shares to ordinary shares (within 3 years). It is now 6 years since the Sarbanes-Oxley Act was brought in to make the financial details of listed companies transparent, whereby company directors ...

From CHRIS MARSHALL, ETF Investor,  4 Apr 2008

Taubman Centers: Are All Retail REITs Overvalued?

I have been looking at regional centers and malls for sale on the open market to aid in the valuation of retail REITs. I have listed 3 as examples. Occupancy varies from 80% to 95% and net operating income [NOI] from 7% to 11%. These prices are real - ...

From CHRIS MARSHALL, ETF Investor,  1 Apr 2008
Related Topics: Taubman Centers, Inc.

Can Taubman Centers Survive?

Let's go back to basics. Their balance sheet shows that the assets of Taubman Centers (TCO) and its liabilities cancel each other out, i.e. zero value. However, we must calculate an enterprise value based on revenue, cashflow, etc. Both of these are ...

From CHRIS MARSHALL, ETF Investor,  30 Mar 2008
Related Topics: Taubman Centers, Inc.

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