Trader Talk
- Hostage to Headlines
- Facebook Analyst Reports All Over the Map
- More Fallout From the Facebook Fiasco
- Facebook and Morgan Stanley's 99 Problems
- Lousy Economic Numbers, but Stocks Hold Up
- Eurobond Talk: Good News and Bad News
- Hopes Fading for Big Announcement From EU Leaders
- European 'Crisis Tennis' Again
- Facebook IPO 'Conspiracy' Theories Abound
- OK, Facebook Is Embarrassing
TRADER TALK RSS FEED
MOST SHARED
- Spain's Borrowing Costs Near Danger Level: Bailout Next?
- Will the Euro Misery Give Rise to Another Soros?
- Public Pensions Faulted for Bets on Rosy Returns
- Greece to Leave Euro Zone on June 18: Wealth Manager
- Winemaking Lures the Wealthy, But Not With Profits
- European Firms Plan for Greek Unrest and Euro Exit
- Italy 2-Year Borrowing Costs at Peak Since December
- Citigroup Lost $20 Million on Facebook IPO Trades
- Olive Oil Price Dip Adds to European Woes
- Labor Board Member Resigns Over Leak to GOP Allies
- A New Look at the ‘New Poor’
- Six Pack: Beer Buzz of the Week
- Greek Exit Could Trigger 50% Fall in Euro Stocks: Analyst
- Under Pressure, FHA Skews to Wealthier Home Buyers
- Big Stock Upside for Hudson City Deal: Analyst
- 5 High-Yield Stocks Ready to Boost Dividends
- Yoshikami: Four Things You Need to Know About Gold Now
- Steinbock: The Euro Zone Endgame Begins
- Option Bulls Take Another Shot on Idenix
- Greece Pours $22.6 Billion Into Four Biggest Banks
- European Companies Plan for Greek Unrest and Euro Exit
- Public Pensions Faulted for Bets on Rosy Returns
- Will the Euro Misery Give Rise to Another Soros?
- Greece to Leave Euro Zone on June 18: Wealth Manager
- Italy 2-Year Borrowing Costs at Peak Since December
- Euro Bond Wins Supporters, but Details Remain Vague
- German, UK Bond Yields Will Go Even Lower
- Labor Board Member Resigns Over Leak to GOP Allies
Biggest IPO of Year Prices
Text Size 
Reporter
Banco Santander Brazil [BSBR
Loading...
()
] (BSBR) priced its IPO this morning in the middle of the range, raising $8.05 billion, in the biggest IPO on a U.S. exchange in 18 months.
The company priced 600 million units at 23.5 reals each, the middle of the price range. The U.S. traded shares will begin trading at $13.50 at the NYSE and will be dual listed here and in Brazil.
In an unusual offering, Santander will offer its shares in the form of units, with each unit comprising 55 common shares and 50 preferred shares of Banco Santander Brazil.
That amounts to about 15 percent of Santander Brazil. The goal is to give the Spanish bank more opportunity to expand into Latin America.
Other well-known brand names may also go public soon, including Hyatt Hotels, currently controlled by the Pritzker family in Chicago.
Officials from Santander Brazil will be ringing the opening bell at the NYSE, but have declined requests for interviews.
Elsewhere:
1) Family Dollar [FDO
Loading...
()
] is up 4 percent after beating estimates ($0.43 vs. $0.41 est.) on stronger margins and improved customer traffic.
The discount retailer sees earnings guidance for the current quarter between $0.45 and $0.50 (vs. $0.47 est.) on an expected 3 percent to 5 percent rise same-store sales.
2) Yum! Brands [YUM
Loading...
()
] is up 1% after reporting better-than-expected earnings ($0.70 vs. $0.58 est.) as a result of falling commodity costs and a lower tax rate. Sales for the fast-food operator were weak though, as same-store sales fell 6 percent in the U.S. while remaining flat internationally.
The company also raises full-year guidance to $2.10-$2.14 vs. $2.13 est.
3) Sunoco [
Loading...
()
] is down 2 percent pre-open after announcing it will halve its divided to $0.15 and close a major New Jersey oil refinery.
4) Everybody likes B of A: today Wells Fargo upgraded Bank of America [BAC
Loading...
()
], saying that it trades at the deepest discount to normalized earnings of any big bank in their universe (though they reduce earnings estimates for Q3); yesterday Buckingham upgraded it; on Monday Goldman Sachs upgraded the whole big cap bank sector.
5) Additional offerings: AirTran [AAI
Loading...
()
] down 12 percent pre-open as it plans to sell $75 million in convertible senior notes and 9 million shares (no interest rate announced yet), while Avis Budget [CAR
Loading...
()
] also down 9 percent as it plans to sell $250 million in debt and enter into a warrant transaction to purchase a hedge against the convertible notes (a warrant gives the holder the right to purchase its securities at a stipulated price in the future).
6) A little bit better news on housing: the Mortgage Bankers Association (MBA) said purchases were up 13.2 percent last week (refis were up 18.2 percent) as the average 30-year rate fell to 4.89 percent, the lowest rates since late May.
_____________________________
_____________________________
Questions? Comments?
- Critical elections are scheduled for Greece in June. Here are some of the players and their roles.
- Our financial system is still not designed to meet the needs of poor families, says this author.
- Statistics show there aren’t many women billionaires compared to their male counterparts. Why?
- Click to see various forms of funding and what entrepreneurs have used to build successful companies.
- Here are some of the most expensive hotels in the world to book. And we mean expen$$ive.
- Always drink responsibly and when you do, try one of these more unusual and tasty drinks. Cheers!
- Hostage to Headlines
- Facebook Analyst Reports All Over the Map
- More Fallout From the Facebook Fiasco
- Facebook and Morgan Stanley's 99 Problems
- Lousy Economic Numbers, but Stocks Hold Up
- Eurobond Talk: Good News and Bad News
- Hopes Fading for Big Announcement From EU Leaders
- European 'Crisis Tennis' Again
- Facebook IPO 'Conspiracy' Theories Abound
- OK, Facebook Is Embarrassing
Data is a real-time snapshot *Data is delayed at least 15 minutes
