Paulson's Investment in CB Richard Ellis Can't Boost Real Estate Sector Today (CBG, CBL, CMO, NLY)
Stocks in the Real Estate Operations sector are underperforming the broader markets today despite news from John Paulson's Paulson & Co. that it has invested $100 million in commercial real estate servicing firm, CB Richard Ellis (NYSE: CBG). Shares of CBG spiked more than 14% today.
As the investment by Paulson (who made billions shorting housing over the last few years) should certainly be a positive for the sector, other factors are weighing on the group today:
- CBL & Associates (NYSE: CBL) announced that it plans to sell 50 million shares in a public offering and, consequently, sees FY09 results below the Street.
- CB Richard Ellis issued Q2 EPS guidance of $0.00-$0.07, versus the consensus of $0.07
- an analyst at Sterne Agee downgraded Capstead Mortgage (NYSE: CMO), Annaly Capital (NYSE: NLY) and MFA Financial (NYSE: MFA) from Buy to Neutral this morning. CMO and MFA fell about 4% today, while Annaly closed about 1% lower.
Create E-mail AlertRelated Categories
Insiders' BlogTrader Talk
Stocks Mentioned
+0.30Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
