Stupidity is contagious. It gets us all from time to time. Even respectable companies can catch it. As I do every week, let's take a look at five dumb financial events this week that may make your head spin.
1. Frank LINN
LINN Energy (NASDAQ: LINE ) took a hit after revealing that the SEC is launching an inquiry into the company's hedging strategies, accounting metrics, and the proposed purchase of Berry Petroleum.
LINN's been a serial acquirer. It's been snapping up smaller oil and natural gas providers in this highly fragmented sector. LINN racked up $2.9 billion in purchases last year alone and the Berry deal would put it well above that in 2013.
Accounting can get tricky as companies go on buying sprees, but investors tend to steer clear once regulators start launching investigations.
The silver lining for daring income chasers is that LINN's yield just got ridiculously juicy. It declared a monthly cash distribution this week that translates into an annualized yield of 12.7% on the units based on Wednesday's close.
10 Best Financial Stocks To Own For 2014: Dorchester Minerals L.P.(DMLP)
Dorchester Minerals, L.P. engages in the acquisition, ownership, and administration of producing and non-producing natural gas and crude oil royalty, net profits, and leasehold interests in the United States. Its net profits interests represent net profits overriding royalty interests in various properties owned by the operating partnership; and royalty properties consist of producing and nonproducing mineral, royalty, overriding royalty, net profits, and leasehold interests located in 574 counties and parishes in 25 states. Dorchester Minerals Management LP serves as the general partner of Dorchester Minerals, L.P. The company was founded in 1982 and is based in Dallas, Texas.
10 Best Financial Stocks To Own For 2014: BancFirst Corporation(BANF)
BancFirst Corporation operates as the holding company for BancFirst that provides commercial banking services to retail customers and small to medium-sized businesses in the non-metropolitan trade centers of Oklahoma and the metropolitan markets of Oklahoma City, Tulsa, Lawton, Muskogee, Norman, and Shawnee. It offers various deposit services, such as checking, negotiable order of withdrawal, savings, money market, sweep, club, and individual retirement accounts, as well as certificates of deposit. The company?s loan portfolio comprises commercial loans offered to small to medium-sized businesses in light manufacturing, local wholesale and retail trade, commercial and residential real estate development and construction, services, agriculture, and energy industries; commercial mortgages; working capital lines of credit; and other forms of asset-based financing. BancFirst?s loan portfolio also includes agricultural loans; small business administration guaranteed loans; an d financing for automobiles, residential mortgage loans, home equity loans, and other personal loans. In addition, the company offers funds transfer services, collections, safe deposit boxes, cash management services, retail brokerage services, insurance, and overdraft protection and autodraft services. Further, it provides trust services, as well as acts as executor, administrator, trustee, and transfer agent; and item processing, research, and correspondent banking services. Additionally, the company involves in the investment management and administration of trusts for individuals, corporations, and employee benefit plans; and provision of investment options. As of July 19, 2011, it operated 89 banking locations serving 50 communities in Oklahoma. The company was formerly known as United Community Corporation and changed its name to BancFirst Corporation in November 1988. BancFirst Corporation was founded in 1984 and is headquartered in Oklahoma City, Oklahoma.
Top 10 Growth Stocks For 2014: Putnam Premier Income Trust(PPT)
Putnam Premier Income Trust is a closed ended fixed income mutual fund launched and managed by Putnam Investment Management, LLC. The fund is co-managed by Putnam Investments (U.K.) Limited and The Putnam Advisory Company, LLC. It invests in the public fixed income markets across the globe. The fund primarily invests in U.S. high-grade and high-yield bonds with an average credit quality of BBB by S&P Corporation. It benchmarks the performance of its portfolio against the Barclays Capital Government Bond Index. Putnam Premier Income Trust was formed on February 29, 1988 and is domiciled in the United States.
10 Best Financial Stocks To Own For 2014: Singapore Exchange Limited (S68.SI)
Singapore Exchange Limited operates as an integrated securities and derivatives exchange in Singapore and related clearing houses. The company provides listing, trading, clearing, depository, market data, and connectivity services; and member services and issuer services for the securities and derivatives market, as well as counterparty guarantee services. Its security products include stocks, American depository receipts, business trusts, company warrants, global depository receipts, real estates investment trusts, securities borrowing and lending, stapled securities, certificates, exchange traded funds, exchange traded notes, extended settlement, and structured warrants; and fixed income products comprise retail bonds, retail preference shares, SGS bonds, and wholesale bonds. The company�s derivative products include equity index, interest rates, and dividend index; commodities comprise agriculture, energy, and metals; and bulk commodities include freight, foreign excha nge forwards, interest rate swaps, and oil. It also operates SGX AsiaClear, a clearing platform for over-the-counter traded financial derivatives for technically specified rubber 20 (TSR20) rubber contract, bulk commodities, freight, interest rate swaps, and oil derivatives, as well as operates as a commodity exchange. In addition, the company provides data and information services, such as securities book, SGX derivatives quote, SGX news, SGX securities and derivatives market direct feed, SGX live data and news, historical market data, and broker services; and computer services and maintenance, and software maintenance services. Singapore Exchange Limited was incorporated in 1999 and is based in Singapore.
10 Best Financial Stocks To Own For 2014: Mint Technology Corp.(MIT.V)
Mint Technology Corp., through its subsidiary, Mint Middle East LLC, provides vertically integrated prepaid card and payroll services in the Middle East. The company manages the issuance, administration, customer support, payment processing, set-up, sponsorship, and reporting of the cards and related activities. It designs, packages, delivers, and manages MasterCard and Visa branded payment programs for global acceptance and utility for credit card issuers, retailers, and member associations. The company also plans to provide alternative payment solutions, including microcredit, mobile top-up, and money remittance services to the unbanked sector of the working population in other countries in the Middle East and North Africa. Mint Technology Corp. is based in Toronto, Canada.
10 Best Financial Stocks To Own For 2014: Stratus Properties Inc.(STRS)
Stratus Properties Inc. engages in the acquisition, development, management, operation, and sale of commercial, hotel, entertainment, and multi-family and single-family residential real estate properties located primarily in the Austin, Texas area. It operates the W Austin Hotel & Residences project located on a 2-acre city block in downtown Austin; and residential real estate properties, including developed, under development, and undeveloped properties in the Barton Creek community, the Circle C community and Lantana, and the condominium units at the W Austin Hotel & Residences project. The company also engages in the leasing of commercial properties comprising two office buildings at 7500 Rialto Boulevard; office and retail space at the W Austin Hotel & Residences project; and a retail building and a bank building in the Barton Creek Village, as well as two retail buildings, including a bank building and the Parkside Village project in the Circle C community. Stratus Pr operties Inc. was founded in 1992 and is headquartered in Austin, Texas.
10 Best Financial Stocks To Own For 2014: Banco Santander S.A.(STD)
Banco Santander, S.A. provides a range of banking and financial products. It accepts customer demand, time, and notice deposits, and international and domestic interbank deposits, as well as offers auto financing, personal loans, and credit cards; and automated cash dispensers, savings books updaters, telephone banking services, and electronic and Internet banking services. The company also engages corporate banking, treasury, and investment banking activities. It provides transaction banking services in cash management, trade finance, and basic financing; and corporate finance services for mergers and acquisitions, and asset and capital structuring, as well as involves in the origination activities and risk management, and distribution of structured products and debt in the credit markets; structuring and trading activities in financial markets of interest rate and exchange rate instruments; and activities relating to the equity markets. In addition, it engages in the des ign and management of mutual and pension funds, and life and general insurance products. The company operates primarily in Spain, the United Kingdom, other European countries, Brazil and other Latin American countries, and the United States. As of December 31, 2010, it had 6,063 branch offices in continental Europe; 1,416 branches in the United Kingdom; 5,882 branches in Latin America; and 721 branches in the United States. The company was formerly known as Banco Santander Central Hispano S.A. and changed its name to Banco Santander, S.A. in June 2007. Banco Santander, S.A. was founded in 1857 and is based in Madrid, Spain.
Advisors' Opinion:- [By Chandan Dubey]
This article will describe what a bank does. Then we will move on to reading the balance sheet of a bank. As an example, I take the balance sheet of one of my holdings, Banco Santander (STD).
- [By Holly LaFon]
Charlie: Yes, I have a question. Do you think the opportunity is more in stocks or in debt, or both? If you look at Spain, the biggest companies in Spain, one is a bank, Bank Santander (STD). The other is Telefonica (TEF), a phone company. What other opportunities do you see there?
10 Best Financial Stocks To Own For 2014: Virginia Commerce Bancorp(VCBI)
Virginia Commerce Bancorp, Inc. operates as the bank holding company for Virginia Commerce Bank that provides business and consumer banking services. The company accepts various deposit products comprising demand deposits, savings and money market accounts, and time deposits. It also originates commercial loans, commercial real estate loans, lines of credit, equipment financing, construction loans, letters of credit, residential mortgages, personal loans, auto loans, and home equity loans and lines of credit. In addition, the company offers merchant bankcard, electronic funds transfer, lock-box, remote deposit capture, online banking, investment, safe deposit boxes, and other customary banking services. It serves small-to-medium sized businesses, including firms that have contracts with the U.S. government, associations, retailers, industrial businesses, professionals and their firms, business executives, investors, and consumers. The company serves the Northern Virginia s uburbs of Washington, D.C. consisting of Arlington, Fairfax, Fauquier, Loudoun, Prince William, Spotsylvania, and Stafford Counties; the cities of Alexandria, Fairfax, Falls Church, Fredericksburg, Manassas, and Manassas Park; and the Washington, D.C., as well as the nearby Maryland counties of Montgomery and Prince Georges. It operates through 28 branch offices, 1 residential mortgage office, and 1 investment services office. The company was founded in 1988 and is headquartered in Arlington, Virginia.
10 Best Financial Stocks To Own For 2014: Stamford Land Corporation Ltd (H07.SI)
Stamford Land Corporation Ltd, an investment holding company, owns and operates a portfolio of luxury hotels in Australia, Singapore, and New Zealand. It operates hotels and resorts under the Stamford Grand North Ryde, Sir Stamford Circular Quay, Stamford Plaza Sydney Airport, Stamford Grand Adelaide, Stamford Plaza Adelaide, Stamford Plaza Melbourne, Stamford Plaza Brisbane, and Stamford Plaza Auckland names. It also engages in the investment, construction, development, and trading of residential apartments, and retail and commercial buildings. In addition, the company is involved in providing travel agency services; importing, exporting, and dealing in wall coverings, interior decorations, and furnishing products; and offering management and consultancy services. Stamford Land Corporation Ltd is based in Singapore.
10 Best Financial Stocks To Own For 2014: Community Partners Bancorp(CPBC)
Community Partners Bancorp operates as the holding company for Two River Community Bank, a state-chartered commercial bank that provides a range of commercial and retail banking services to small and medium-sized businesses, not-for-profit organizations, professionals, and individuals principally in Monmouth and Union counties, New Jersey. The company offers a range of deposit products, including non-interest bearing or lower cost interest bearing checking accounts, savings accounts, money market accounts, and certificates of deposit accounts. It also provides various loan products consisting of construction loans for residential dwellings, apartment buildings, restaurants, shopping centers, and owner-occupied business properties; commercial business loans; commercial real estate loans for the acquisition of new property or the refinancing of existing property; residential real estate and consumer loans, including residential mortgages, home equity lines of credit, equity loans, personal loans, automobile loans, and overdraft protection; participation loans; and small business administration loans. In addition, the company offers safe deposit boxes, night depositories, wire transfers, money orders, travelers? checks, automated teller machines, direct deposits, telephone and Internet banking services, and corporate business services. It operates 15 banking offices in Middletown, Allaire, Atlantic Highlands, Cliffwood, Manasquan, Navesink, Port Monmouth, Red Bank, Tinton Falls, West Long Branch, Westfield, Cranford, and Fanwood, New Jersey. The company was founded in 2000 and is based in Middletown, New Jersey.
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