Friday, October 19, 2018

New York Companies Total Pretax Earnings Experienced a Huge Earnings Growth Deceleration in the Most Recent Quarter, With the First Quarter 2018’s Total Pretax Earnings Growth of a Blistering 15.0% Taking a 45% Haircut Down to Up a Much Lower 8.3% in the Second Quarter of 2018. When There is Such a Huge Earnings Growth Deceleration in Only a One Quarter Period of Time, Many Financially-Savvy New Yorkers and Other Many Financially-Savvy People in the US Have To Be Concerned.

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But on the Very Positive Side, From a Longer Term Perspective, New York Companies Had Their Total Annual Audited Pretax Income Increase By an Absolutely Amazing $389 Bil During the Entire Span of the Obama Administration From 2008, the Year Before Barack Obama Took Office, to 2016, Obama's Last Year in Office.


These 169 New York Companies Posted a Total Audited Pretax Loss of $142 Bil in 2008, the Year Before the Obama Administration Took Office.  

Then in the Last Year of the Obama Administration in 2016, These same 169 New York Companies Generated Total Audited Pretax Income of $247 Bil, thus the Near Miraculous $389 Bil Total Annual Earnings Improvement.

I think a lot of the credit here for this remarkable earnings turnaround has to go to the Triple B's ..... Bernanke, Barack and Bloomberg.  Just saying!
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From a review of US SEC filings, there were 181 Companies, including REITs, effectively headquartered in New York with stock market caps of more than $1 Bil recently.

The last thing nearly all Republicans, a high percentage of Independents and even many perceptive Democrats want to see is New York Companies Total Earnings Growth decelerating so precipitously in such a short period of time ….. in only one quarter of time. 

My focus is on Pretax Income rather than on After-Tax Net Income because Income Taxes are simply a transfer of financial wealth between US Corporations and the US Federal, US State and Foreign Governments.  It has nothing whatsoever to do with Company Operating Performance.

From a review of SEC filings, the chart below shows the Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the Second and First Quarters of both 2018 and 2017 for these 181 fine New York Companies.


US US US US
GAAP GAAP GAAP GAAP
Pretax Pretax Pretax Pretax
Income Income Income Income
(Loss) (Loss) (Loss) (Loss)
June Qtr June Qtr % Mar Qtr Mar Qtr %
July Qtr July Qtr Change Apr Qtr Apr Qtr Change
New York Companies or Aug Qtr or Aug Qtr Better or May Qtr or May Qtr Better
Market Caps Above $1 Bil 2018 2017 (Worse) 2018 2017 (Worse)
mils $ mils $ mils $ mils $
JPMorgan Chase            10,572              9,749 8%        10,662         8,341 28%
Citigroup              5,945              5,678 5%          6,090         5,981 2%
Verizon Communications              5,527              6,967 -21%          6,054         5,182 17%
Pfizer              4,527              3,815 19%          4,127         3,951 4%
Morgan Stanley              3,109              2,642 18%          3,420         2,808 22%
Goldman Sachs              3,276              2,509 31%          3,419         2,539 35%
Philip Morris              2,939              2,531 16%          2,206         2,199 0%
American Express              2,091              1,957 7%          2,082         1,839 13%
Mastercard              1,922              1,628 18%          1,803         1,478 22%
Bristol-Myers Squibb                 517              1,295 -60%          1,779         1,955 -9%
PepsiCo              2,900              2,774 5%          1,657         1,721 -4%
MetLife              1,101              1,018 8%          1,656         1,072 54%
Accenture plc              1,457              1,292 13%          1,613            874 85%
Bank of New York Mellon              1,394              1,308 7%          1,444         1,206 20%
BlackRock              1,416              1,238 14%          1,359         1,136 20%
Twenty-First Century Fox              1,081                 815 33%          1,331         1,252 6%
Annaly Capital Management                 599                   14 4179%          1,328            441 201%
American International Group              1,252              1,667 -25%          1,227         1,727 -29%
International Business Machines              2,776              2,443 14%          1,136         1,424 -20%
Colgate Palmolive                 888                 829             924            862
Marsh & McLennan                 719                 711             916            753
Constellation Brands              1,365                 634 115%             902            472 91%
Blackstone Group LP              1,690                 765 121%             897         1,059 -15%
Travelers Companies                 631                 790 -20%             778            760 2%
S&P Global                 657                 640             681            611
AmTrust Financial Services               (101)                     9             661              72 818%
CBS Corp                 513                 566             646            592
KKR & Co LP              1,627                 887 83%             621            838 -26%
New Residential Investment                 183                 420 -56%             607            143 324%
Regeneron Pharmaceuticals                 656                 526             585            432
Consolidated Edison                 226                 277             545            615
Estee Lauder                 261                 207             480            407
Icahn Enterprises LP                 421              1,670 -75%             479           (134) 457%
Virtu Financial                   49                     5             469              24 1854%
M&T Bank Corp                 655                 596             458            518
Moody's Corp                 496                 462             441            451
Loews Corp                 307                 347             405            510
Omnicom Group                 532                 522             376            370
Sirius XM Holdings                 363                 322             370            321
AXA Equitable Holdings                 314                 614 -49%             370           (167) 322%
Two Harbors Investment Corp                 133                     3 4333%             339              34 897%
E Trade Group                 345                 317             334            225
Paychex                 323                 319             320            301
Viacom                 607                 921 -34%             287            154 86%
CA Technologies                   82                 238             243            198
Ares Capital Corp                 254                 178             242            118
Nasdaq Inc                 288                 211             239            215
Chimera Investment Corp                 118                 115             239            163
Foot Locker                 115                   73             229            269
AMC Networks                 143                 168             218            216
Assured Guaranty Ltd                   87                 150             217            372
L3 Technologies                 237                 254             216            199
PVH Corp                 202                 151             216              84
Alleghany                 372                 140             208            208
Arconic                 194                 269 -28%             199            484 -59%
Thomson Reuters                 139                   62             199            156
Henry Schein                 194                 208             196            189
XL Group Ltd                 364                 339             193            227
Tiffany                 182                 173             191            136
Arch Capital Group Ltd                 280                 233             188            302
Lazard Ltd                 200                 173             186            150
First Data Corp                 365                 271             161              91
Intl Flavors & Fragrances                 122                 142             159            138
Kimco Realty                 166                 155             144              78
New York Community Bancorp                 144                 181             144            164
Tapestry                 173                 179             142            147
MSCI Inc                 156                 118             139            102
Assurant                   78                 179             137            215
BGC Partners                   66                   94             133              58
National Fuel Gas                   82                   96             130            142
Sterling Bancorp                 146                   63             128              57
Broadridge Financial                 258                 285             125            106
Evercore                 107                   48             115            113
VICI Properties Inc                 142                    -               114               -  
Nielsen Holdings                 120                 224             114            116
SL Green Realty                 116                   16             114                1
JetBlue Airways               (160)                 325 -149%             110            121
ITT Inc                   79                   59             109              55
Jefferies Financial Group                   38                   46             107            398
Xylem                 150                 121               95              70
Triton Intl Ltd                 123                   60               93              43
Take-Two Interactive                   77                   47               91            111
MFA Financial                   70                   80               83              78
Ubiquiti Networks                   85                   70               80              72
Michael Kors                 206                 150               74             (41)
National General Holdings                   44                   25               72              41
Ladder Capital Corp                   44                   38               72              18
Scholastic                 (83)               (102)               72              64
MSG Networks                   70                   66               70              74
Alliance Bernstein Holding LP                   65                   48               66              50
Macquarie Infrastructure                   48                   44               64              55
W.P. Carey Inc                   86                   69               62              59
Brixmor Property Group                   80                   75               61              72
Blackstone Mortgage Trust                   73                   51               61              51
MarketAxess Holdings                   53                   50               61              55
IAC/Interactive                 312                   61 411%               59                5 1080%
Moelis & Co                   59                   59               57              46
Prospect Capital                 114                   51               52              19
Community Bank System                   55                   25               52              36
Minerals Technologies                   55                   57               50              46
Apollo Commercial RE Finance                   55                   36               49              47
Signature Bank                 206                   13               47            189
Shutterstock                   (1)                     5               44              11
Newmark Group                   15                   56               39              37
Steven Madden Ltd                   43                   43               37              31
Cohen & Steers                   35                   37               37              36
Life Storage                   39                   19               34              21
NBT Bancorp                   36                   32               33              28
ABM Industries                   36                   21               32              49
Inter Parfums                   20                   14               32              27
New York Times                   34                   22               27              24
Weight Watchers Intl                   91                   71               26                2
Moog                   55                   48               26              48
Tompkins Financial                   28                   25               26              23
Ralph Lauren                 133                   87               25           (269) 109%
Balchem                   25                   22               25              21
Ship Finance Intl Ltd                   15                   20               25              32
Monro                   27                   28               24              15
New Mountain Finance                   23                   27               24              30
Hain Celestial Group                     6                     1               24              42
KKR RE Finance Trust                   24                   14               23              11
Golub Capital BDC                   22                   20               23              21
Voya Financial                 241                 155               21            113
Apollo Investment Corp                   13                   29               21                8
TCG BDC Inc                   13                   16               21              16
Systemax                   25                   22               20              12
ExlService Holdings                   20                   21               19              20
Empire State Realty                   32                   34               18              19
Seritage Growth Properties                 (11)                 (35)               16             (33)
Och-Ziff Capital Mgt Group LLC                 (36)                   39               16              18
Wisdom Tree Investments                   22                   22               14              15
G-III Apparel Group Ltd                   13                 (13)               13             (16)
Etsy Inc                     5                     2               13               (1)
Atlas Air Worldwide                   (8)                   50               13                1
Standard Motor Products                   22                   30               12              26
Gramercy Property Trust                   21                     6               12               (8)
Conmed                   12                     8               12               (7)
Gibraltar Industries                   29                   21               11                6
Medidata Solutions                   17                   10               10              10
Getty Realty                   14                   15               10                8
Madison Square Garden                 (52)                 (93)                 9             (17)
Hess Corp                   27               (425) 106%                 8           (309) 103%
Shake Shak                   13                   12                 6                6
Global Net Lease                     9                     6                 6                8
Loral Space & Comm Equip                   (5)                   (3)                 4            137
PJT Partners                   10                   (2)                 3                2
Griffon                     9                     5                 3                4
Paramount Group                 (37)                 139                 3                6
Vornado Realty Trust                 105                 129                 2              60
Outfront Media                     3                   38                 2               (1)
Bunge Ltd                 (15)                   26                 2              82
Verint Systems                   19                   (1)                (1)             (20)
New Media Investment Group                   15                 (14)                (1)             (10)
Park City Holdco                   37                   40                (2)               (7)
Interpublic Group of Cos                 211                 189                (3)              21
LivePerson                   (8)                   (7)                (4)               (5)
Acadia Realty Trust                   (2)                     6                (4)              20
Acorda Therapeutics                   55                   (3)                (5)             (20)
Presidio                   23                   18                (5)             (31)
Athenex                 (37)                 (39)                (7)             (41)
Longfin                   (4)                 (18)                (8)                0
Fortress Transp&Infrastr Investrs                   (6)                   (5)                (9)               (9)
Sothebys                   75                 108              (11)             (18)
ANGI Homeservices                   21                   (4)              (13)               -  
Varonis Systems Inc                 (12)                   (5)              (15)             (12)
Lexington Realty Trust                   (1)                     7              (15)              42
Yext Inc                 (21)                 (16)              (18)             (16)
Teladoc                 (25)                 (15)              (24)             (16)
MongoDB                 (31)                 (26)              (29)             (19)
Intra-Cellular Therapies                 (37)                 (18)              (35)             (27)
HRG Group                   65                   23              (39)              16
TG Therapeutics                 (44)                 (28)              (42)             (28)
Prestige Brands Holdings                   46                   53              (53)              19
Coty Inc               (166)               (340) 51%              (56)           (253) 78%
Intercept Pharmaceuticals                 (75)                 (87)              (82)             (90)
Revlon               (124)                 (25)              (93)             (77)
Apollo Global Mgt LLC                 163                 192            (101)            394 -126%
ADT Inc                 (71)                 (93)            (165)           (172)
Altice USA               (104)               (732) 86%            (190)           (122) -56%
Corning Inc                 864                 592 46%            (465)              20 -2425%
News Corp               (292)               (408) 28%         (1,107)              45 -2560%
Total all 181 New York Companies            77,707            71,729 8.3%        74,076       64,406 15.0%

Also from a review of SEC filings, the chart below shows the Gold-Standard US GAAP Audited Pretax Income (Loss) From Continuing Operations for Annual Fiscal Year Ended (FYE) 2016 and Annual FYE 2008, spanning the entire Obama Administration, for the 169 New York Companies which reported both their Annual 2016 and Annual 2008 Pretax Income (Loss) to the SEC or which initiated their Company Operations from scratch during the Obama Administration.  There also were a handful of Company Separations included below.
Obama 2016 Bush 2008
Last Audited Last Audited
Year Pretax Year Pretax
in Income in Income 2016
Office (Loss) Office (Loss) vs
New York Companies 2016 From 2008 From 2008
Stock Market Caps Above $1 Bil City State Company Continuing Company Continuing Better
HQs HQs FYE Operations FYE Operations (Worse)
 $ mils  $ mils  $ mils
JPMorgan Chase New York NY Dec 16       34,536 Dec 08         2,773       31,763
Citigroup New York NY Dec 16       21,477 Dec 08      (53,055)       74,532
Verizon Communications New York NY Dec 16       20,986 Dec 08       15,914         5,072
International Business Machines Armonk NY Dec 16       12,330 Dec 08       16,715        (4,385)
Goldman Sachs New York NY Dec 16       10,304 Nov 08         2,336         7,968
Philip Morris New York NY Dec 16       10,018 Dec 08         9,937              81
Morgan Stanley New York NY Dec 16         8,848 Nov 08         1,137         7,711
PepsiCo Purchase NY Dec 16         8,553 Dec 08         7,021         1,532
Pfizer New York NY Dec 16         8,351 Dec 08         9,694        (1,343)
American Express New York NY Dec 16         8,096 Dec 08         3,581         4,515
Bristol-Myers Squibb New York NY Dec 16         5,915 Dec 08         4,776         1,139
Mastercard Purchase NY Dec 16         5,646 Dec 08           (383)         6,029
Accenture plc New York NY Aug 16         5,604 Aug 08         3,108         2,496
Time Warner New York NY Dec 16         5,195 Dec 08      (16,649)       21,844
Bank of New York Mellon New York NY Dec 16         4,725 Dec 08         1,939         2,786
Twenty-First Century Fox New York NY Jun 17         4,689 Jun 09        (5,539)       10,228
BlackRock New York NY Dec 16         4,460 Dec 08         1,019         3,441
Travelers New York NY Dec16         4,053 Dec 08         3,716            337
Colgate Palmolive New York NY Dec 16         3,738 Dec 08         2,925            813
Corning Inc Corning NY Dec 16         3,692 Dec 08         2,851            841
S&P Global New York NY Dec 16         3,188 Dec 08         1,299         1,889
Marsh & McLennan New York NY Dec 16         2,480 Dec 08              79         2,401
Blackstone Group LP New York NY Dec 16         2,382 Dec 08        (5,608)         7,990
CBS Corp New York NY Dec 16         2,180 Dec 08      (12,593)       14,773
Constellation Brands Victor NY Feb 17         2,093 Feb 09           (107)         2,200
M&T Bank Corp Buffalo NY Dec 16         2,058 Dec 08            740         1,318
Viacom New York NY Sep 16         1,990 Dec 08         1,855            135
Consolidated Edison New York NY Dec 16         1,943 Dec 08         1,457            486
Omnicom Group New York NY Dec 16         1,847 Dec 08         1,657            190
Estee Lauder New York NY Jun 17         1,617 Jun 09            343         1,274
Annaly Capital Management New York NY Dec 16         1,431 Dec 08            372         1,059
Regeneron Pharmaceuticals Tarrytown NY Dec 16         1,330 Dec 08             (80)         1,410
Paychex Rochester NY May 17         1,245 May 09            812            433
JetBlue Airways Long Island City NY Dec 16         1,216 Dec 08             (76)         1,292
Sirius XM Holdings New York NY Dec 16         1,092 Dec 08        (5,311)         6,403
CA Inc New York NY Mar 17         1,073 Mar 09         1,102             (29)
Apollo Global Mgt LLC New York NY Dec 16         1,061 Dec 08        (2,927)         3,988
Thomson Reuters New York NY Dec 16         1,041 Dec 08         1,756           (715)
Assured Guaranty Ltd New York NY Dec 16         1,017 Dec 08            112            905
Foot Locker New York NY Jan 17         1,004 Jan 09           (100)         1,104
Bunge Ltd White Plains NY Dec 16            996 Dec 08         1,537           (541)
Vornado Realty Trust New York NY Dec 16            983 Dec 08              79            904
KKR & Co LP New York NY Dec 16            975 Dec 08      (13,048)       14,023
Loews Corp New York NY Dec 16            936 Dec 08            587            349
Arch Capital Group Ltd New York NY Dec 16            856 Dec 08            305            551
L3 Technologies New York NY Dec 16            850 Dec 08         1,423           (573)
Assurant New York NY Dec 16            849 Dec 08            563            286
E Trade Group New York NY Dec 16            838 Dec 08        (1,279)         2,117
Interpublic Group of Cos New York NY Dec 16            831 Dec 08            475            356
Nielsen Holdings New York NY Dec 16            816 Dec 08           (278)         1,094
New York Community Bancorp Westbury NY Dec 16            777 Dec 08              54            723
Henry Schein Melville NY Dec 16            774 Dec 08            406            368
Tapestry New York NY Jun 17            759 Jun 09            977           (218)
First Data Corp New York NY Dec 16            741 Dec 08        (4,307)         5,048
Michael Kors New York NY Mar 17            689 Mar 09              22            667
Tiffany New York NY Jan 17            677 Jan 09            346            331
PVH Corp New York NY Jan 17            674 Jan 09            146            528
Signature Bank New York NY Dec 16            657 Dec 08              72            585
Alleghany New York NY Dec 16            648 Dec 08              61            587
New Residential Investment New York NY Dec 16            622 Dec 08  SEP             622
Moody's Corp New York NY Dec 16            558 Dec 08            726           (168)
Chimera Investment Corp New York NY Dec 16            552 Dec 08           (120)            672
Intl Flavors & Fragrances New York NY Dec 16            524 Dec 08            281            243
Lazard Ltd New York NY Dec 16            517 Dec 08                3            514
AmTrust Financial Services New York NY Dec 16            516 Dec 08            101            415
Broadridge Financial Lake Success NY Jun 17            488 Jun 09            346            142
Ares Capital Corp New York NY Dec 16            474 Dec 08           (139)            613
Kimco Realty New Hyde Park NY Dec 16            459 Dec 08            227            232
AMC Networks New York NY Dec 16            455 Dec 08             (18)            473
Arconic New York NY Dec 16            414 Dec 08            792           (378)
KCG Holdings New York NY Dec16            396 Dec 08            470             (74)
MSCI Inc New York NY Dec 16            386 Nov 08            110            276
MSC Industrial Direct Co Melville NY Aug16            372 Aug 08            313              59
Two Harbors Investment Corp New York NY Dec 16            366 Dec 08                3            363
Xylem Rye Brook NY Dec 16            340 Dec 08            312              28
Jeffries Financial (Leucadia National) New York NY Dec 16            316 Dec 08           (906)         1,222
BGC Partners New York NY Dec 16            314 Dec 08              10            304
MFA Financial New York NY Dec 16            313 Dec 08              46            267
Ubiquiti Networks New York NY Jun 17            285 Jun 09              18            267
SL Green Realty New York NY Dec 16            279 Dec 08              77            202
W.P. Carey Inc New York NY Dec 16            278 Dec 08              97            181
Brixmor Property Group New York NY Dec 16            278 Dec 08           (951)         1,229
MSG Networks New York NY Jun 17            276 Dec 08             (16)            292
Evercore New York NY Dec 16            268 Dec 08               (9)            277
ITT Inc White Plains NY Dec 16            258 Dec 08              68            190
Prospect Capital New York NY Jun 17            253 Jun 09              35            218
Blackstone Mortgage Trust New York NY Dec 16            247 Dec 08             (56)            303
Allied World Assurance New York NY Dec16            246 Dec 08            176              70
Alliance Bernstein Holding LP New York NY Dec 16            239 Dec 08            279             (40)
National General Holdings New York NY Dec 16            236 Dec 08               -              236
Macquarie Infrastructure New York NY Dec 16            226 Dec 08           (264)            490
Fortress Group LLC New York NY Dec16            209 Dec 08        (1,106)         1,315
Sterling Bancorp Montebello NY Dec 16            207 Sep 08              34            173
MarketAxess Holdings New York NY Dec 16            192 Dec 08              13            179
Park City Holdco Elmsford NY Dec 16            187 Dec 08              64            123
HRG Group New York NY Sep 16            176 Sep 08               (0)            176
Moog East Aurora NY Sep 16            173 Sep 08 168                5
Minerals Technologies New York NY Dec 16            172 Dec 08              82              90
Steven Madden Ltd Long Island City NY Dec 16            171 Dec 08              46            125
Apollo Commercial RE Finance New York NY Dec 16            158 Dec 08               -              158
Kate Spade & Co New York NY Dec16            156 Dec 08           (789)            945
Community Bank System DeWitt NY Dec 16            155 Dec 08              57              98
WebMD Health Corp New York NY Dec16            147 Dec 08            493           (346)
Ship Finance Intl Ltd New York NY Dec 16            146 Dec 08            182             (36)
Cohen & Steers New York NY Dec 16            143 Dec 08              46              97
Nasdaq Inc New York NY Dec 16            136 Dec 08            522           (386)
Acadia Realty Trust Rye NY Dec 16            135 Dec 08              32            103
Ladder Capital Corp New York NY Dec 16            120 Dec 08               (6)            126
NBT Bancorp Norwich NY Dec 16            119 Dec 08              84              35
Empire State Realty Trust New York NY Dec 16            113 Dec 08              53              60
Astoria Financial Corp Lake Success NY Dec16            112 Dec 08            104                8
New Mountain Finance New York NY Dec 16            112 Dec 08               (1)            113
Prestige Brands Holdings Tarrytown NY Mar 17            111 Mar 09           (196)            307
Ambac Financial Group New York NY Dec16            105 Dec 08        (5,618)         5,723
Sothebys New York NY Dec 16            100 Dec 08              51              49
Standard Motor Products Long Island City NY Dec 16              99 Dec 08             (29)            128
Lexington Realty Trust New York NY Dec 16              98 Dec 08             (12)            110
Monro Rochester NY Mar 17              97 Mar 09 38              59
Outfront Media New York NY Dec 16              96 Dec 08        (2,085)         2,181
Atlas Air Worldwide Purchase NY Dec 16              89 Dec 08            110             (21)
Hain Celestial Group Lake Success NY Jun 17              89 Jun 09             (16)            105
Scholastic Corp New York NY May 17              88 May 09              25              63
Tompkins Financial Ithaca NY Dec 16              87 Dec 08              44              43
Life Storage Williamsville NY Dec 16              85 Dec 08              37              48
Weight Watchers Intl New York NY Dec 16              84 Dec 08            334           (250)
ExlService Holdings New York NY Dec 16              84 Dec 08              10              74
Balchem New Hampton NY Dec 16              83 Dec 08              28              55
G-III Apparel Group Ltd New York NY Jan 17              78 Jan 09               (9)              87
Drive Shack (Was Newcastle Investment Corp) New York NY Dec 16              78 Dec 08        (2,976)         3,054
Take-Two Interactive New York NY Mar 17              77 Oct 08            112             (35)
Loral Space & Comm Equip New York NY Dec 16              76 Dec 08           (647)            723
Golub Capital BDC New York NY Sep 16              69 Sep 08               (3)              72
Astronics East Aurora NY Dec 16              69 Dec 08                8              61
Inter Parfums New York NY Dec 16              67 Dec 08              46              21
Wisdom Tree Investments New York NY Dec 16              56 Dec 08             (27)              83
ABM Industries New York NY Oct 16              52 Oct 08              84             (32)
Global Net Lease New York NY Dec 16              52 Dec 08               -                52
Gibraltar Industries Buffalo NY Dec 16              50 Dec 08              39              11
Shutterstock New York NY Dec 16              44 Dec 08              21              23
Getty Realty Jericho NY Dec 16              42 Dec 08              39                3
Medidata Solutions New York NY Dec 16              37 Dec 08             (17)              54
KKR RE Finance Trust New York NY Dec 16              33 Dec 08               -                33
New York Times New York NY Dec 16              31 Dec 08             (71)            102
Gramercy Property Trust New York NY Dec 16              22 Dec 08               (7)              29
Conmed Utica NY Dec 16              19 Dec 08 69             (50)
Apollo Investment Corp New York NY Mar 17              18 Mar 09           (612)            630
PJT Partners New York NY Dec 16              15 Dec 08  SEP               15
Revlon New York NY Dec 16                9 Dec 08              29             (20)
Systemax Port Washington NY Dec 16                2 Dec 08              84             (82)
LivePerson New York NY Dec 16             (20) Dec 08              13             (33)
Verint Systems Melville NY Jan 17             (23) Jan 09             (59)              36
Bankrate New York NY Dec16             (26) Dec 08              35             (61)
Fortress Transp&Infrastr Investrs New York NY Dec 16             (40) Dec 08               -               (40)
Acorda Therapeutics Inc Ardsley NY Dec16             (42) Dec 08             (74)              32
American International Group New York NY Dec 16             (74) Dec 08    (108,761)     108,687
IAC/Interactive New York NY Dec 16             (81) Dec 08              93           (174)
Time Inc New York NY Dec16             (81) Dec 08        (6,624)         6,543
Madison Square Garden New York NY Jun 17             (87) Jun 09  SEP              (87)
Ralph Lauren New York NY Mar 17           (105) Mar 09            588           (693)
Seritage Growth Properties New York NY Dec 16           (121) Dec 08               -             (121)
Alcoa New York NY Dec16           (162) Dec 08  SEP            (162)
MetLife New York NY Dec 16           (195) Dec 08         5,090        (5,285)
MBIA Inc Purchase NY Dec16           (339) Dec 08        (3,727)         3,388
National Fuel Gas Williamsville NY Sep 16           (524) Sep 08            437           (961)
Voya Financial New York NY Dec 16           (613) Dec 08        (8,042)         7,429
News Corp New York NY Jun 17           (615) Jun 09  SEP            (615)
Coty Inc New York NY Jun 17           (658) Jun 09            182           (840)
Icahn Enterprises LP New York NY Dec 16        (2,184) Dec 08        (3,126)            942
Hess Corp New York NY Dec 16        (3,854) Dec 08         4,700        (8,554)
              -  
Total all 169 Nrew York Cos     247,367    (141,564)     388,931