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Stock Market & Financial Investment News

News Breaks
June 27, 2014
07:32 EDTSWAYStarwood Waypoint Residential acquires large pool on non-performing loans
Starwood Waypoint Residential Trust completed a $117M purchase of 1,441 non-performing loans. The purchase price represents approximately 61.8% of the total unpaid principal balance of $189.4M and 68.2% of the estimated broker price opinion value of $171.6M. This acquisition represents the seventh NPL pool purchased by the company and its predecessor entities, which in aggregate represents a total purchase price of $473.6M. This total purchase price represents approximately 54.7% of the total UPB of $866M and 64.9% of the estimated total BPO value of $729.4M at the time of each purchase. In addition, the company has entered into an agreement to upsize its existing $350M warehouse credit facility with Deutsche Bank A.G. to $500M. The credit facility has a term expiring in September, 2015 with a one-year extension. The additional $150M of capacity to the warehouse credit facility will be used to finance the acquisition of non-performing loan pools. At June 26, the company had utilized approximately $252M of capacity and had approximately $248M of availability under the expanded credit facility. Combined with the recent expansion of its $1B revolving credit facility secured by single-family residences, the company has a total credit capacity for investing in single-family residences and non-performing loan pools of $1.5B, with the ability to expand the capacity to $1.75B with the accordion feature of the revolving credit facility.
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July 8, 2014
10:28 EDTSWAYOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: A.O. Smith (AOS) initiated with an Outperform at Northland... Abengoa Yield (ABY) initiated with a Buy at BofA/Merrill... Aflac (AFL) initiated with a Buy at Drexel Hamilton... Aspen Aerogels (ASPN) initiated with a Buy at Canaccord... Boston Scientific (BSX) initiated with a Buy at CRT Capital... CSC (CSC) initiated with an Underweight at Morgan Stanley... Consumer Portfolio (CPSS) initiated with a Buy at Compass Point... Credit Acceptance (CACC) initiated with a Sell at Compass Point... Intuitive Surgical (ISRG) initiated with a Neutral at BTIG... Masimo (MASI) initiated with a Buy at BTIG... Memorial Resource (MRD) initiated with an Overweight at Barclays... MetLife (MET) initiated with a Buy at Drexel Hamilton... Mueller Water (MWA) initiated with a Market Perform at Northland... New York REIT (NYRT) initiated with a Market Perform at JMP Securities... NorthStar Asset Management (NSAM) initiated with a Market Perform at Keefe Bruyette... Ophthotech (OPHT) initiated with an Outperform at Oppenheimer... Performance Sports Group (PSG) initiated with an Outperform at Wedbush... Prudential (PRU) initiated with a Buy at Drexel Hamilton... RCS Capital (RCAP) initiated with a Neutral at BofA/Merrill... Santander Consumer (SC) initiated with a Neutral at Compass Point... Silicon Laboratories (SLAB) initiated with a Buy at MKM Partners... St. Jude Medical (STJ) initiated with a Buy at CRT Capital... Starwood Waypoint (SWAY) initiated with an Outperform at Keefe Bruyette... T-Mobile (TMUS) initiated with an Outperform at BMO Capital... TherapeuticsMD (TXMD) initiated with an Outperform at FBR Capital... Waddell & Reed (WDR) initiated with an Outperform at William Blair... Xerox (XRX) initiated with an Overweight at Morgan Stanley.
06:09 EDTSWAYStarwood Waypoint initiated with an Outperform at Keefe Bruyette
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