Tontine Partners
StreetInsider.com has put together its 'Top 15 For 2008' which chronicles our view of the most significant news on Wall Street during the tumultuous year.
Number 6: Hedge Fund Meltdown
'Hedge fund' has been the buzz-word in the investment community over the last decade. Everyone either wanted to be running one or invested in one. The billions being made by hedge fund managers made even some of the top-paid Wall Streeters envious. If you were lucky enough to be invested with one of the top managers you were considered 'golden'. In 2008, the shine of the hedge fund world ended - and when it ended it was UGLY!
On average, hedge funds lost 18.3% in 2008. This number ...
Tontine Associates' Jeffrey Gendell, who is liquidating two hedge funds after heavy losses, is planning to start a new hedge fund in February, according to reports from Bloomberg.
In a letter to investors, Gendell said the new fund will invest in stocks ...
NAPERVILLE, Ill., Nov. 17 /PRNewswire-FirstCall/ -- Broadwind Energy, Inc. (OTC Bulletin Board: BWEN), a leading provider of components, logistics and services to the wind power and broader energy markets, today reported their results for the quarter and nine-month periods ended September 30, 2008. Quarterly revenues were $64.5 million, up from $40.8 million in the second quarter of fiscal 2008 and up from $3.1 million in the third quarter of 2007. The Company reported a net loss of $3.4 million, or ($0.04) per diluted share, in the third quarter of 2008, compared with net income of $683,000, or $0.01 per diluted share, in the same period in 2007. For the nine-month period ended September 30, 2008, the Company reported a net loss of $8.9 million, or ($0.10) per diluted share, compared to net income of $1.3 million, or $0.03 per diluted share, in the first nine months of 2007. Production ramp-up expenses, integration-related ...
No Harm, No Foul?
Traders spent the first half of yesterday’s session watching the major indices break down below their recent support levels. The thinking among the chart watching crowd was that if last Thursday’s low didn’t hold, the bears would resume complete control and it would be “game on” in terms of another full-fledged retest of the lows.
At that point in time, the indices were effectively in never-never land from a chart standpoint as they were neither overbought nor oversold and there wasn’t much in the way of short-term support to look to as a possible stopping point on the way down. So, with the Dow down more than -300 points, things were not looking very good.
The problems of the day were many. Global growth concerns were growing on the back of oil prices were diving below $60. However, it turns out that the decline in oil ...
