Knight Capital Group (KCG)


New member
27. Dez. 2011
Was denkt ihr.. Langsam wirds interessant nachdem Sie sich heute nochmals halbiert haben.Anscheinend finden Gespräche mit JPM zur Stärkung der Kapitalbasis statt!

Wird schwierig für KCG; sind fast 4 Jahresgewinne...

Tough math - KCG probably needs $600M of equity capital but its market cap is only $300M and therefore probably can only raise $80M to $90M using normal rules of thumb. A sale of the firm would take 90 days under good conditions and therefore only an equity or quasi-equity investment makes sense. However, with weakness in the markets, there is likely to be few likely buyers. In a good year KCG earns $115M and therefore the $440M loss is debilitating. (Watch for the secondary losses related the loss of client confidence.) Net revs for the June quarter declined by 13% YoY. The Market-Making segment revenues were down 21% with pre-tax income down 84% from $39.2M to $5.9M due to trading losses related to the Facebook IPO. June quarter oper inc was down from $29.5M to $5.4M. We are downgrading
Siehe auch:

*WSJ: Knight in Discussions About Possible Deal With Electronic-Trading Firm Virtu — Sources

*WSJ: Talks Also Involve Silver Lake Partners, An Investor in Virtu — Sources

*WSJ: Talks in Early Stages and No Deal Guaranteed — Sources

*WSJ: Knight Also in Talks With Other Potential Funders, Partners — Sources ... d=yahoo_hs
Noch ein Artikel dazu:

Knight is a large player in the business, handling about 15 percent of the daily trading volume on the New York Stock Exchange, but is largely unknown outside of the HFT sphere. The irony of its current situation is acute: The firm's slogan is "The Science of Trading, the Standard of Trust," and its trading floor figured in heavily during the movie, "Wall Street 2: Money Never Sleeps."Market pros wondered about the firm's future, both because of the capital hit it will take as well as the public relations nightmare that likely will persuade clients to take their business to other firms."They just took a huge capital hit. All of a sudden you have to constrain a lot of your trading activities," says Michael Cohn, a former specialist on the NYSE and now chief market strategist at Atlantis Asset Management in New York. "They're basically going to have to sell a stake in themselves in order to get back to where they were in terms of freedom to trade."Ironically enough, Cohn and others mostly praised Knight for the way it handled the situation, coming clean both to clients and at the exchange about its problems. ... 03431.htmlPositiv ist, dass Knight den/die Fehler offen eingestanden hat...ganz im Gegensatz zu Brokern wie MF Global etc., die bis am Schluss Märchen erzählt und die Situation beschönigt haben.
Solche Aktien rühre ich nicht an. Ich hoffe, Du/Ihr habt schon wieder verkauft am Freitag, es gibt eine massive Verwässerung mit neuen Aktien.. hätte es wohl bei Chapter 11 geendet.