DIS beat on the bottom line and missed on the top line. I suspect the top-line sales miss will weigh on the shares tomorrow.






So-so three-year auction.

Yield and bid to cover was fine, but direct and indirect buyers were at the lowest level in three years. Tomorrow's 10-year and Thursday's 30-year will be important tells.






KFN, a KKR-sponsored entity, maintains a portfolio of below-investment-grade corporate loans and debt securities, commercial real estate loans and debt securities and special situations.

The company funds its growth through the issuance of match-funded non-recourse debt in the form of collateralized loan obligations and collateralized debt obligations.

KKR Financial enjoys a strong ROI (rising), a 9% dividend yield (rising, expected 50% growth in dividend distributions) over the last 12 months and trades at a slight discount to book value (rising).

KKR Financial reported core investment income of $0.35 per share compared to consensus of $0.32 a share.

Book value increased 3% sequentially, to $9.41 (buoyed by retained earnings and gains on investments), cash earnings rose from $0.35 per share to $0.39 per share, and net interest income advanced by 4% from third quarter 2011.

There was no loan-loss provision, and the company deployed about $200 million in the period. Return on equity exceeded 18%, well above Street forecasts.

The company distributed $0.26, which included a special dividend of $0.08, again above expectations.

The pro-forma 2012 dividend yield is 9%.






According to a Greek official, the government is drafting an agreement on a bailout deal for approval today. Right. And all the Greek tax cheats are announced they are lining up, with cash in hand, at the Greek equivalent of the IRS.....






Investing in the market or in individual securities is always about asking myself the question, What is the risk and reward?

Chasing stocks (in either direction) is not for me, as price is what you pay, and value is what you get.