Kelley, McKeefrey, Dockery (212) 829-5482
The RMZ was resilient last week gaining 1.3% vs a 0.002% drop in the S&P. Year to date the RMZ is up 15.92% (adjusted for dividends) vs. (0.11%) for the S&P. According to CB Richard Ellis the U.S. office vacancy rate will remain at 17% through the first half of next year before beginning to recover. Home values in the U.K. dropped in August by 0.3% on average(to $246,000), the biggest drop in 16 months. 700 is the next upside level psychologically in the RMZ to fight through. This week we get Case-Shiller on Tuesday, earnings from HOV in the homebuilding space on Wednesday, and Pending Home Sales Thursday. On the desk we were better for sale by 2:1 as clients took advantage of the market strength to lighten select positions.
ARI, BAM, BEE, FCE-A, FOR, FVE, KRC, LALLF, MAR, MHGC, MHO, NLY, NRF, PPS, ROIC, SNH, URI, WYNN
Disclaimer: Prepared by staff of Cantor Fitzgerald & Co. ("Cantor") and is for information purposes only. It is not intended to form the basis of any investment decision, should not be considered a recommendation by Cantor or any other person and does not constitute an offer or solicitation with respect to the purchase or sale of any investment nor is it a confirmation of terms. Any calculations and valuations presented herein are intended as a basis for discussion. Sources of information are believed to be reliable but Cantor makes no representation and gives no warranty that the information contained herein is accurate or complete. Any opinions or estimates given may change. Cantor undertakes no obligation to provide recipients with any additional information or any update to or correction of the information contained herein. This material is intended solely for institutional investors and investors who Cantor reasonably believes are institutional investors. Cantor, its officers, employees, affiliates and partners shall not be liable to any person in any way whatsoever for any losses, costs or claims howsoever arising from any inaccuracies or omissions in the information contained herein or any reliance on that information. Cantor may have positions in financial instruments mentioned, may have acquired such positions at prices no longer available, and may have interests different or adverse to your interests. No liability is accepted by Cantor for any loss that may arise from any use of the information contained herein or derived here from. This product may not be reproduced or redistributed outside the recipient's organization. Sources: Cantor Fitzgerald & Co., Reuters, Bloomberg, CNBC, Dow Jones, Marketwatch, Trade-Alert, and the Wall Street Journal. ***All eco data from Bloomberg and DJ
