MRNS reached a high of $2.39, not too long after an offering at $1.25 Pricing PR December 11, 2019 10:30 ET| https://www.globenewswire.com/news-...n-Stock-and-Concurrent-Private-Placement.html Closing PR December 13, 2019 16:01 ET https://www.globenewswire.com/news-...cise-of-Underwriters-Option-to-Purchase-.html
Coronavirus stocks mrna,vir,ino,nvax,nnvc,apt,lake,aphi,llit,cbli,codx,vivo,vcnx,bimi,mgen,sxtc,aemd,vxrt,bcrx mrna vir ino nvax nnvc apt lake aphi llit cbli codx vivo vcnx bimi mgen sxtc aemd vxrt bcrx
South African Banks Cut Deeper Into Junk by Fitch on Virus https://www.bloomberg.com/news/arti...-banks-cut-deeper-into-junk-by-fitch-on-virus Absa Group Ltd Standard Bank Group Nedbank Group Ltd Investec Ltd local unit of FirstRand Ltd https://www.bloomberg.com/news/arti...-hit-south-african-banks-trapped-in-recession Nedbank suggested to be the worst of the bunch
Interesting info regarding the demarcation between the potential "winners" and "losers" of government bailouts: https://www.zerohedge.com/energy/mnuchin-says-energy-firms-can-be-bailed-out-fed https://zh-prod-1cc738ca-7d3b-4a72-...p/public/inline-images/fed bailout fund_0.jpg The graphic above (from the article in the link) looks like it has come from a government document. It suggests that bailouts will be provided to BBB (and higher) rated companies. So that would suggest that shorting BB (and below) rated companies is far safer than shorting investment grade companies. It also suggests that a downgrade to BB is devastating for a company, because (according to the rules today which may change) that means it is no longer eligible for a bailout.
It seems that today's announcements reiterate the idea that bailouts are available for BBB and higher rated companies. ZH article at 8.44am on Thursday April 9 https://www.zerohedge.com/economics/fed-unveils-new-bailout-program-will-inject-23-trillion-loans ZH article at 9.37am on Thursday April 9 https://www.zerohedge.com/markets/free-markets-are-dead-fed-start-buying-junk-bonds-junk-etfs Why March 22? Because Ford was downgraded on March 24, and as a result its bonds are surging. Federal Reserve announcement at 8.30am on Thursday April 9 "Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy" https://www.federalreserve.gov/newsevents/pressreleases/monetary20200409a.htm Term sheet of primary market facility https://www.federalreserve.gov/newsevents/pressreleases/files/monetary20200409a5.pdf 1. The issuer is a business that is created or organized in the United States or under the laws of the United States with significant operations in and a majority of its employees based in the United States. 2. The issuer was rated at least BBB-/Baa3 as of March 22, 2020, by a major nationally recognized statistical rating organization (“NRSRO”). If rated by multiple major NRSROs, the issuer must be rated at least BBB-/Baa3 by two or more NRSROs as of March 22, 2020. a. Issuers that were rated at least BBB-/Baa3 as of March 22, 2020, but are subsequently downgraded, must be rated at least BB-/Ba3 at the time the Facility makes a purchase. If rated by multiple major NRSROs, such issuers must be rated at least BB-/Ba3 by two or more NRSROs at the time the Facility makes a purchase. b. In every case, issuer ratings are subject to review by the Federal Reserve. Term sheet of secondary market facility https://www.federalreserve.gov/newsevents/pressreleases/files/monetary20200409a2.pdf 1. The issuer is a business that is created or organized in the United States or under the laws of the United States with significant operations in and a majority of its employees based in the United States. 2. The issuer was rated at least BBB-/Baa3 as of March 22, 2020, by a major nationally recognized statistical rating organization (“NRSRO”). If rated by multiple major NRSROs, the issuer must be rated at least BBB-/Baa3 by two or more NRSROs as of March 22, 2020. a. An issuer that was rated at least BBB-/Baa3 as of March 22, 2020, but was subsequently downgraded, must be rated at least BB-/Ba3 as of the date on which the Facility makes apurchase. If rated by multiple major NRSROs, such an issuer must be rated at least BB-/Ba3 by two or more NRSROs at the time the Facility makes a purchase. *********** From ZH: Why March 22? Because Ford was downgraded on March 24, and as a result its bonds are surging.
Clearly erroneous execution policies: Nasdaq https://www.nasdaqtrader.com/Trader.aspx?id=ClearlyErroneous NYSE https://www.nyse.com/CEE https://www.nyse.com/publicdocs/nys...eous_Execution_Rule_and_Procedure_Changes.pdf Nasdaqtrader info: http://www.nasdaqtrader.com/Trader.aspx?id=MarketSystemStatus&cid=topnav Previous threads: https://www.elitetrader.com/et/thre...ught-xph-at-81-15-now-it-is-38-higher.293789/ http://www.elitetrader.com/et/index.php?threads/trade-busts.137405/page-2 http://www.elitetrader.com/et/index.php?threads/filled-after-a-30-drop-in-less-than-1-minute.244894/ keywords: trade bust busts clearly erroneous CEE XPH August 24 m22au .
Loans for oil and gas industry "Mnuchin Weighs Lending Program for Struggling Oil Companies" April 23, 2020, 6:33 PM EDT Updated on April 23, 2020, 9:45 PM EDT https://www.bloomberg.com/news/arti...lending-facility-for-struggling-oil-companies "Trump Developing Plan to Aid Oil Industry Despite Opposition" https://www.bloomberg.com/news/arti...plans-to-aid-oil-despite-democrats-opposition April 24, 2020, 4:00 AM EDT Updated on April 24, 2020, 1:58 PM EDT "U.S.'s Mnuchin considers lending program for struggling oil companies: Bloomberg News" April 24, 2020 / 12:42 AM / a day ago https://www.reuters.com/article/us-...ng-oil-companies-bloomberg-news-idUSKCN22602S "Those Mnuchin Fracker Loans Look More Like Equity" April 24, 2020, 9:16 AM EDT https://www.bloomberg.com/opinion/articles/2020-04-24/mnuchin-fracker-loans-look-more-like-equity "Trump Team Faces Hurdles Getting Fed to Help Battered Oil Firms" April 24, 2020, 6:09 PM EDT https://www.bloomberg.com/news/arti...urdles-getting-fed-to-help-battered-oil-firms .
Mortgage Servicers - possibly no bailout "Mnuchin Says U.S. Has No Plans for Mortgage Servicer Lifeline" April 23, 2020, 7:00 PM EDT Updated on April 23, 2020, 8:57 PM EDT https://www.bloomberg.com/news/arti...s-has-no-plans-for-mortgage-servicer-lifeline
Info about bailouts for companies deemed "critical to national security" "Mnuchin Asks for Equity Stakes in Exchange for $17 Billion Aid" https://www.bloomberg.com/news/arti...-equity-stakes-in-exchange-for-17-billion-aid
More info about global airline bailouts: "Covid-19 crisis opens doors to a leaner but meaner British Airways" https://www.theguardian.com/busines...r-lining-for-a-lighter-leaner-british-airways .