Active Watch List: The Goldman Sachs Group, Inc. (NYSE:GS), Scorpio Tankers Inc. (NYSE:STNG), Redwood Trust, Inc. (NYSE:RWT)
The Goldman Sachs Group, Inc. (NYSE:GS) moves down -4.06% to close at $158.99 with the total traded volume of 5.25 Million. Goldman Sachs Group Inc. (GS) plans to cut up to 10% of its fixed-income traders and salespeople later this quarter, the Wall Street Journal reported citing people familiar with the matter. The firm ultimately may cut deeper in those operations than its yearly push to cull about 5 percent of staff to make way for new hires, or it could shrink the unit by refraining from replacing those who go, the Journal stated. The move wouldn’t affect over 250 people, the newspaper stated.
Stocks of Scorpio Tankers Inc. (NYSE:STNG) shows active performance, fell down to knees -7.78% to trade at $5.69as Scorpio Tankers Inc. (STNG) reported the upsizing of its before reported ING Credit Facility. In January 2016, the Firm attain a commitment to upsize its before reported $87.0 million credit facility with ING Bank N.V. to $132.5 million. The facility will bear interest at LIBOR plus a margin of 1.95% per annum, and the proceeds will be used to partially finance the purchase of STI Lombard (presently bareboat chartered-in) and refinance the existing indebtedness on an MR product tanker (2015 built). The terms and conditions, comprising covenants, of the credit facility are same to those in the Firm’s existing credit facilities. The Firm showed a positive 32.00% in the net profit margin and in addition to its operating margin, which remained 45.60%.
Redwood Trust, Inc. (NYSE:RWT) luring passive investments, as shares Dropped -4.23% ended at $12.46 as the stock held volume of 1.33 Million as compared to average daily volume of 607.05. Redwood Trust, Inc. (RWT) addressed impact of release by the Federal Housing Finance Agency (FHFA) of its final regulation relating to captive insurance firm membership in the Federal Home Loan Bank System. Redwood Trust’s wholly-owned captive insurance firm subsidiary, RWT Financial, LLC, is presently a member of the Federal Home Loan Bank of Chicago (FHLB Chicago) and, as a member, is able to maintain borrowings (also referred to as advances) from the FHLB Chicago that are collateralized by residential mortgage loans and other eligible assets held by RWT Financial in its investment portfolio. Because RWT Financial was admitted as a member of the FHLB Chicago previous to September 2014, it is eligible under the FHFA’s final regulation to remain as a member of the FHLB Chicago for a five-year transition period following the effectiveness of the FHFA’s final regulation. In addition, under the FHFA’s final regulation, the FHLB Chicago is permitted to allow advances that were outstanding to RWT Financial previous to effectiveness of the FHFA’s final regulation to remain outstanding until planned maturity, even if that planned maturity extends beyond the five-year transition period. The final regulation will become effective 30 days following official publication in the Federal Register.