Lazard doing good today, back to $25 again, with volume soar compared to average daily volume last two weeks. MM absorbed tons of shares yesterday at low as $23.70 level. Will see momentum followed. Today LAZ announce two more deal with two new IPO companies: 1. Geron Corp. (GERN) announced that on September 19, 2005, the underwriters of its public offering of 6 million shares of common stock exercised their over-allotment option in full to purchase 900,000 additional shares. The move resulted in an additional gross public offering price of $8.1 million. UBS Investment Bank acted as the sole book-running manager for the underwritten public offering. SG Cowen & Co., LLC, Needham & Co., LLC, Lazard Capital Markets, LLC, Rodman & Renshaw, LLC, and WBB Securities, LLC, acted as comanagers. 2. 2005 OCT 22 - (NewsRx.com) -- GTx, Inc., (GTXI) announced that it is offering to sell, subject to market and other conditions, 5,000,000 shares of newly issued common stock pursuant to its effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission. The company intends to grant the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock. Goldman, Sachs & Co. is acting as the sole book-running manager of the offering. Lazard Capital Markets, LLC, and SG Cowen & Co., LLC, are acting as comanagers of the offering. LAZ now together with those biggest investment banks in the business, like GS, UBS, Bear Stearn, etc.
Warning: watch how MM boost FLEX up in the next 10 days, don't forget the last three month, MM's holding increased by almost 10% with price down. Typical MM play here. So many report shows that FLEX is the top pick among EMS industry. Oct 25th will be its earning day and EMS is coming back and expanding in 2006 so I believe FLEX will announce a very positive guidance for 2006. Dirty cheap here, good timing to load FLEX.
news on Reuter: LAZARD. Will close strongly today above $25 George Bilicic, managing director and head of Lazard's global power and energy investment banking group, will take on the responsibility for leading the firm's Midwestern U.S. advisory operations. In the newly created position, Bilicic will retain his current role, while coordinating Lazard's efforts in developing the advisory business in the Midwest. He will keep offices in New York and Chicago. George Bilicic heads the Global Power & Utilities Group of Lazard in New York where he is a managing director. http://today.reuters.com/investing/...014:MTFH42190_2005-10-14_18-21-31_N14566858:1 http://www.ttnews.com/lmt/UFMSept05/energybill.asp
Lazard World Dividend & Income Fund Declares Monthly Dividend NEW YORK - (BUSINESS WIRE) - Oct. 17, 2005 - The Board of Directors of Lazard World Dividend & Income Fund (NYSE:LOR) today declared a monthly dividend distribution of $0.1167 per share on the company's outstanding common stock. The dividend is payable on November 23, 2005 to shareholders of record on November 10, 2005. The ex-dividend date is November 8, 2005. Lazard Global Total Return & Income Fund Declares Monthly Dividend NEW YORK - (BUSINESS WIRE) - Oct. 17, 2005 - The Board of Directors of Lazard Global Total Return & Income Fund (NYSE:LGI) today declared, pursuant to a level distribution policy, a monthly dividend distribution of $0.1042 per share on the company's outstanding common stock. The dividend is payable on November 23, 2005 to shareholders of record on November 10, 2005. The ex-dividend date is November 8, 2005.
Manager Michael G. Fry to Join Lazard Asset Management This guy will bring more deals to LAZ for sure, by just look at his background. 17 October 2005 LONDON - (BUSINESS WIRE) - Oct. 17, 2005 - Lazard Asset Management (LAM) announced today that Michael G. Fry, a senior global equity portfolio manager, is joining the firm as a Managing Director, based in London. Mr. Fry will join LAM's Global Equity and Global Ex-U.S. Equity Portfolio Management teams as a senior Portfolio Manager. Prior to joining LAM, Mr. Fry spent 10 years at UBS Global Asset Management. Mr. Fry's most recent position was Head of Global Equity Portfolio Management, and he also served as the lead Portfolio Manager for global equities. Before this, Mr. Fry held positions at UBS as Global Head of Equity Research and Head of Australian Equities. "We are very pleased to add a global investment professional with Michael's breadth of experience," said Ashish Bhutani, LAM's Chief Executive Officer. John Reinsberg, Deputy Chairman of LAM, added: "Michael is a key hire for Lazard Asset Management and its clients, and we believe he will enhance our robust global equity efforts with his strong investment insight and skill." Before joining UBS, Mr. Fry was a Portfolio Manager at Armstrong Jones Investment Management, and at Schroder Asset Management in Sydney, Australia; as well as serving as a Senior Accountant at Price Waterhouse in Adelaide, Australia. An indirect subsidiary of Lazard Ltd (NYSE: LAZ), Lazard Asset Management offers a range of equity, fixed-income, and alternative investment products worldwide. The firm manages more than $73 billion for institutional clients and high-net-worth individuals.
FLEX boom, short cover (13.57M shares shorted) after news of Flex's changes in its Board and with solid news that Flextronics July-Sept net up 24 pct on yr. Like I pointed out last week, watch how MM boost its price up before its earning on Oct 25th. Call FLEX again here at $12 level. Target by S&P, FirstCall and BankofAmerica is $16. India Flextronics Software 2Q Net INR324M Vs INR256M 8 words 19 October 2005 04:39 am Dow Jones International News Oct 19 (Reuters) - Three months ended Sept. 30 (versus the same period a year earlier, in million rupees unless stated) Net profit 321 vs 258 Total income 1,493 vs 1,181 NOTE: Flextronics Software Services Ltd. is majority-owned by Singapore-based Flextronics International Ltd. (Reporting by Rosemary Arackaparambil in Mumbai) ($1 = 45.2 rupees)
Great news for FLEX, earning next Tues. Watch it. FLEXTRONICS SOFTWARE ANNOUNCES Q2, H1 RESULTS 248 words 19 October 2005 Hindustan Times English (c) 2005 The Hindustan Times Ltd Hindustan Times MUMBAI, India, Oct. 19 -- The Bombay Stock Exchange Limited (BSE) made the following corporate announcement: Flextronics Software Systems Ltd., has announced the following results for the quarter & half year ended September 30, 2005: The audited results for the quarter & half year ended September 30, 2005 The company has posted a net profit after tax of Rs. 321 million for the quarter ended September 30, 2005 as compared to Rs. 258 million for the quarter ended September 30, 2004. Total income has increased from Rs. 1,181 million in Q2-05 to Rs. 1,493 million for the quarter ended September 30, 2005. The company has posted a net profit of Rs. 558 million for the half-year ended September 30, 2005 as compared to Rs. 506 million for the half-year ended September 30, 2004. Total income has increased from Rs. 2,296 million in H1-05 to Rs. 2,772 million for the half-year ended September 30, 2005. The unaudited consolidated results are as follows: The Group has posted a net profit after tax of Rs. 324 million for the quarter ended September 30, 2005 as compared to Rs. 256 million for the quarter ended September 30, 2004. Total income has increased from Rs. 1,193 million in Q2-05 to Rs. 1,510 million for the quarter ended September 30, 2005. Edited Press Release are provided through HT Syndication, New Delhi.
GHL Greenhill 3Q profit more than doubles, 3Q EPS 58c Vs 27c. LAZ is much bigger and boarder in business than GHL and specialize in M&A and international asset management. GHL fantastic earning shed light to LAZ's 3Q (9th, Nov). LAZ's target been upgraded from $27 to $29 by BOA analyst recently, who is all star analyst in banking industry. LAZ still trading at its IPO price, still cheap (keeping at $25 showing the value confirm and support). Although LAZ has higher debt than GHL, look at LAZ recently hire all those big guys in the banking industry which will bring much more big deals to LAZARD. My Target still $27 at the end of this year. Added more share last week at lower than $24, and I called it that time.
I feel sorry about those investor who followed my recommend and in FLEX,it is all my bad. I did a lot of research on FLEX and didn't expect FLEX generated lost last quarter. Like the analyst mentions Flex won a $2 billion contract with Nortel Networks and a more than $1 billion contract with Kyocera Corp. that should boost results heading into calendar year 2006. It has completed the divestiture of two divisions. Flextronics Semiconductor was sold to AMIS Holdings, and 70% of Flextronics Network Services has been merged with Telavie AS, a unit of Altor 2003 Fund. Those two units accounted for about $900 million in annual revenues. FLEX received more than $500 million, and retains a 30% stake in the network services business. These sales will likely have a dilutive impact on earnings in the near term, offset partly by debt paydown and share repurchases. Still, the increased concentration of resources on vertical-integration offerings points to more rapid profit growth over the long term. New customers are likely to support solid top-line gains. Flextronics has added new customers in the server and storage, computer-peripheral, and semiconductor-equipment markets. This business should begin to materially impact revenues next fiscal year (fiscal years end March 31st). Plus, revenues from the industrial and medical industries are growing rapidly. We think FLEX will continue to attract clients in growing markets, thanks to its EMS market leadership and wide range of capabilities. Revenues from Nortel should be about $1 billion this fiscal year. Barring further delays, the transfer of that firm's production operations to FLEX should be completed by April, 2006, and those operations ought to provide more than $2 billion in revenues in fiscal 2006. Remaining payments to Nortel as of June 30, 2005 were around $525 million, and these outlays should be completed by December, 2006. Standard & Poor's Equity Research analyst Richard N. Stice lowered estimates and the price target on Flextronics International (nasdaq: FLEX - news - people ) but reiterated a "buy" rating with target $13-$16. I added 2k position at $9 this morning. Investors always overreact to the earning report. I am looking its future earning not the historical earning. EMS industry is recovering since 2004, as number 1 in the industry, Flex will do good.