Special dividend happened today and stock executed the reverse split. So the forced selling associated with the dividend (tax considerations) and the index ejection (MSCI) are now (finally) behind us.
Pro forma, the company has $1.2b... login to read the rest
The MSCI ejection triggered an estimated 50-100mm shares of selling - a huge number relative to daily volume of ~8mm normally (across all exchanges). We think the market has been absorbing this over the last... login to read the rest
Thanks for the update, helpful detail. Was there an official statement re: the MSCI index deletion? I see an Exane research report mentioning it, but nothing else - mind sharing a link if you have... login to read the rest
One thing I forgot to highlight in the write-up was the impact of index selling. CNE is going to be removed from the MSCI (announced at the beginning of this week, triggered huge volume). This... login to read the rest
1) Strong earnings out of Cairn India - Net cash balance is now $1.2 billion; they will double production over the next 2 years while generating ~$1.5 billion of FCF in 2012 on a ~$13... login to read the rest
Utah - You raise fair questions, the biggest of which is where they deploy their M&A dollars. My answer to all of that is it's in the price and then some. The NAV of the... login to read the rest
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