footnoted
@footnoted
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Reading SEC filings intensively and obsessively for the past 20 years. Home of the Friday Night Dump. Find out more here:
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For all of those times I've said that there are no mistakes in SEC filings: here's one. An 8-K that is labeled as a 10-Q. $MKTW
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Yesterday was the 30th anniversary of
@SEC_Gov
's EDGAR. As much as it can frustrate me at times, it deserves to be celebrated for democratizing information flow to anyone willing to dig in! Happy birthday EDGAR.
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Final bleary-eyed tally on
#fridaynightdump
disclosures related to $SIVB:
Total number of 8Ks filed after 4 pm: 245
Total that mention SIVB: 100
Three buckets of disclosure:
No impact: 68 companies
Some/limited impact: 25
Multi-million impact: 7
1/2
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How much does it cost for a family to go to the
#SuperBowl
? If you're $DKNG CEO Jason Robins, the answer is $131K according to the proxy filed tonight.
#fridaynightdumo
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Holy cannoli! In the first 30 minutes after markets closed, there's been 132 8Ks filed so far. That's a big
#fridaynightdump
!
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Didn’t think the Dalai Lama and the Rolling Stones could be mentioned in the same SEC filing? Here you go!
http://t.co/WnXtcIpmwT
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It's not a Friday, but there's a lot of dumping going on at EDGAR today! More than 40 8Ks in under 20 minutes since markets closed! That's a lot of turkey!
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Wow...talk about deflation! When $LBYTA bought Zulily in 2015, it paid $2.4 billion. Last year, it was sold to an investment firm for under $100m. Today, it sold again to $BYON for $4.5m!
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Some interesting disclosures in $META proxy filed late today:
*$1.8m spent on one director's personal security
*$DASH CEO Tony Xu, another director, got $1.4m in stock
*$27m in "all other comp" for Zuck, whose "salary" remains at $1
$4.3m in private jet usage for Sheryl Sandberg
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Hard to believe it, but footnoted is 20 years old today! Some quick thoughts on that anniversary here:
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For all those romantics out there, remember that today is the busiest day of the year for SEC filings! I've counted more than 2,000 so far with more than 900 13Fs so far. The bulk will come in after 4 pm. Nothing says I love you like a juicy SEC filing!😍
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Riffing on something
@nongaap
wrote earlier: $SIVB was required to disclose the departure of its Chief Risk Officer last April. Ditto for the new CRO it hired in December. Why it didn't is a mystery.
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In first 10 minutes of
#fridaynightdump
there were 10 8-Ks filed by different companies saying they had no relationship with $SIVB. More on the way. Guess the total number to win a copy of my book.
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There were 245 8-Ks filed after 4 pm today and it looks like close to half of them related to $SIVB. Still going through them now.
#fridaynightdump
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Looking at all filings for today (not just
#fridaynightdump
) it looks like $SIVB was mentioned in 166 filings, based on quick
@AlphaSenseInc
search. A mixture of 10Ks and 8Ks. Also another 34 press releases.
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$RBLX just filed on its exposure to $SIVB. Of the $3B in cash it has, 5% held at the failed bank.
#fridaynightdump
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A very geeky question, but how often are SIC codes updated? See Netflix description below.
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Today is one of those rare/weird days where markets are closed, but the SEC remains open. That could result in some interesting filings later today.
#fridaynightdump
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Think the
#fridaynightdump
isn't real? There were 229 8Ks filed in the 90 minutes after markets closed today for the 3-day weekend compared with 93 filed in the 10 hours prior.
#MemorialDayWeekend
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If you haven’t read background of the deal on $GMCR deal, it’s worth reading. Pre-holiday dump!
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Playing catch up on those crazy Form 4s filed by 3 Twitter execs late on Friday.
@chancery_daily
has been on this and it's worth reading his tweets. Seems as if the execs filed the Form 4s instead of $TWTR. Definitely more to this story!
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Directors resignation letters are as rare as hens’ teeth. So this one is worth reading
http://t.co/JwU9qUGST4
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Would never describe myself as brilliant, but happy to take the compliment! Stats show that the
#fridaynightdump
is real.
Gaming
@SECGov
policies keeps investors in the dark for hours or days - from brilliant Michelle Leder of
@footnoted
.
Below 8-k filings (unexpected events) during day (blue) & night (green). Friday night often delays access until Monday.
Sign up at .
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Took a break from SEC filings and got an early peak at the
#ParisOlympics
swimming/diving facility courtesy of some of the architects behind the project,
@VenhoevenCS
. Looks amazing!
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Taped this a few weeks ago. Check it out to learn more about what I look for in SEC filings.
Ep661:
@footnoted
– Read the 10-K Before You Buy That Stock
“Pay attention to the stuff in the 10-K if it is a significant position for you.”
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@StockJabber
@RKrooton
@Crussian17
@AlderLaneEggs
@FriendlyBearSA
@AureliusValue
So the technical deadline was Feb. 29. There's an automatic 14-day extension, so that brings it to March 15. After that, they're not in compliance. It's pretty common for companies to say they will get their filing in within that 15-day extension, but $RILY didn't do that here.
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Just a reminder that today at 5:30 EST is the 10-K filing deadline for large companies. So far, 46 10Ks have been filed. That will pick up dramatically come 4 pm. Guess the total number of 10-Ks filed by 5 pm today to win a signed copy of my book.
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More on late 10-Ks: although the 10K deadline for large companies was Thursday, they had until Friday to disclose a late 10-K. There were 21 companies that did that on Friday and another 15 on Thursday. Taken together, that's a bigger number than normal.
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Interesting piece on
#AI
and its ability to read SEC filings correctly. So much unstructured info in the filings that even after 20 years, I'm often surprised by what/where I find things.
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Let the last
#fridaynightdump
of 2022 begin. Guess the final number of 8Ks filed between 4 and 5:30 today to win a free signed copy of my book. All guesses must be made by 5:15 pm EST to qualify.
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This is when the 10-K magic starts to happen! 15 minutes before the deadline is when the 💩really starts to fly!
SILVERGATE CAPITAL FILES TO DELAY 10-K ANNUAL REPORT
SILVERGATE EVALUATES IMPACT OF EVENTS ON GOING CONCERN
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Another big sale of $TWTR stock by
@ev
filed late today. 372,000 shares sold between $36 and $37.68.
http://t.co/ozo9OA9FbP
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Nice chart on some of the bigger $SIVB disclosures yesterday.
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Tidbit from $LNKD proxy: company purchased 20,000 copies of Reid Hoffman’s book, spending $500K. Why publishers love CEO tomes!
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Can it possibly get more exciting than this? Spending my Saturday night with a guy named EDGAR!
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So far, 82 8Ks filed in the first 30 minutes after markets closed. Looks like it may be a gusher today!
#fridaynightdump
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Total
#fridaynightdump
8K count was 115 filed in the 90 minutes after 4 pm, compared with 66 8Ks filed in the 10 hours prior.
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Gotta love the
#mondaymorning
dump when companies file so late on a Friday that it isn't visible until Monday at 6 am. Take this 8-K filed by $GEN. A $1.5m award against the company morphs into a $53m one.
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$Z a great poster child for “adjusted EBITDA”. They list 9 ways/things it doesn’t include!
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OK. I'm beyond confused as to why these were even filed tonight since Twitter has not been a public company for more than a month now. Any ideas
@AsifSuria
, my go-to person on Form 4s?
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From the pre-holiday SEC filings dump. Big $TWTR stock sale by
@ev
filed at 9:30 pm
http://t.co/oL3bAgctFQ
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Missed this news last week with everything else going on, but
@EDGAR_Online
, the OG of SEC filings, was sold last week, undoubtedly for a lot less than RR Donnelly paid for them a decade ago.
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Just over 90 8-Ks filed so far today. Could be a gusher tonight once markets close. Stay tuned for the
#fridaynightdump
!
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Form 4s being dumped tonight. Here’s
@marissamayer
selling 36,000 shares of $YHOO
http://t.co/zGnWnfSUKF
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Gonna be a gusher tonight! So far, 45 8Ks filed in the first 10 minutes after markets closed!
#fridaynightdump
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An $18m fine for $JPM from
@SECGov
seems like a gentle tap on the pinky, given that they just reported quarterly revenue of nearly $40B and earnings of $12.1B.
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OMG! Funniest 13D filing ever. Says
@jimcramer
has “ionized lavender water on your barren cranium”. Must read!
http://t.co/bWS5lISDhq
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Great Jesse Drucker story on how U.S. Billionaires Avoid Reporting Cash to IRS -
http://t.co/bMs3eqdZ
via
@BloombergNews
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@NonGaap
Just thinking this through a bit more: how do you find something that a company chose not to disclose? We may not know why they waited until the PRE 14A last Friday to disclose the CRO's departure last April, but it's hard to argue it was an accident. $SFIB
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$FB "We subtract purchases of property and equipment in our calculation of free cash flow”. Why stop there?
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Just a friendly reminder that the SEC is closed tomorrow for Veteran's Day, which means the
#fridaynightdump
is on a Thursday this week!
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So Blackstone was charged with disclosure failures by SEC. Has to pay $39m in fees, which is probably their annual
@dietcoke
bill.
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Am in love -- seriously -- with the simplicity of $COST employment agreements. Why can't more be like this?
http://t.co/6mYpEmWx
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Interesting new disclosure in Wal-Mart 10-K on its dependence on people who receive public assistance.
http://t.co/1kDbdNULLh
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Looking like a bumper crop of filings today! 69 8-Ks filed in the first 10 minutes after markets closed.
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Final 8-K count for today with SEC closed tomorrow, but markets open: 342 8Ks filed after 4 pm today.
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Tidbit from $TWTR 10-Q: 93% of purchase price of 2 companies bought in Q1 attributed to goodwill.
#Periscope
http://t.co/NvxzfOCm6Y
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Looks like we're getting mixed up....again. I talk about SEC filings.
@footenoted
talks about football. I know nothing about football. How's your knowledge of filings, Jordan?
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One of the interesting things about tonight's
#fridaynightdump
is that you're seeing disclosures for things that happened a week ago. SEC rules allow companies to wait 4 business days and with the July 4 holiday, today is the 4th day.
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When a director resigns and includes a letter claiming problems with related-party transactions, it's like finding a rare white truffle. $WERN Read more here:
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Quick reminder that the SEC is closed for
#veteransday
tomorrow, so the
#fridaynightdump
starts in >an hour.
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Wisdom from Warren: "When CEOs tout EBITDA as a valuation guide, wire
them up for a polygraph test.”
http://t.co/Eor8AzPEAa
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I first wrote about payday loans for
@slate
in 2004. Nice to see
@CFPB
getting on the case in 2015! Sigh!
http://t.co/OZIB3EDZCh
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Why do companies always say they will vigorously defend themselves? Is there some other type of defense when faced with lawsuit? $AAC
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Want to know how crazy the LA real estate market is? Check out this counter I got the other day!
#bubble
http://t.co/4eky7wm8nY
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Interesting tidbit in $UBER employment agreement with CEO: Dara Khosrowshahi no longer required to work at HQ in SF.
#fridaynightdump
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This is what happens when a reporter writes about an SEC filing and doesn’t know what they’re doing!
http://t.co/mOIyVewmeg
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(2/2) My guess is that those companies that had a bigger impact spent much of today trying to get a handle on things, instead of rushing to file an 8-K. Those disclosures will probably hit middle of next week. $SIVB
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Final
#fridaynightdump
count is 235 8Ks filed after 4 pm today. That compares with 106 8Ks filed during the 10 hours prior.
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$GOOGL filed its proxy late today and they spent $5.9m on Sundar Pichai's personal security which is about 1/4 of what $META spent on Zuck.
#fridaynightdump
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Get those guesses in on total number of 10-Ks filed today (deadline day for large filers). Post your guess by 5 pm to win a signed copy of my book. So far, I count 191, so if you guessed earlier, feel free to revise.
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Say it ain't so! $SDC giving $300K in RSUs to its directors and using scans of PDFs to make their 10-K harder to read!
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Markets are closed, but companies have another 75 minutes to file 8Ks and up until 10 pm to file Form 4s. The dump is open for business!
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Think I need to start a new feature: I call BS. Some of the things companies say in their filings are beyond twisted logic!
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Seems as if 1 short seller of $YELP could easily fund this documentary.
http://t.co/bTfCt3AFGW
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Just a reminder that I'm doing a free online class on reading SEC filings in two weeks. You can sign up here.
http://t.co/NrDZxWaWXU
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My 5 year-old just volunteered to help read SEC filings! Should be interesting!
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Tried to find a pie to celebrate
#PiDay
here in Paris, only to realize after using my pigeon French at my 4th bakery that it isn't a thing here because today is 14.3, not 3.14.
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$GOOG visits the
#fridaynightdump
with this new 10b5 plan by co-founders
http://t.co/xu3T2kEq8S
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Here's a fun little
#fridaynightdump
from $FOX: Viet Dinh, the company's chief legal and policy officer will get $23m in cash plus two years of consulting at $2.5m a year.
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Not sure what's going on with EDGAR this morning, but it's not churning out filings yet. Should have started at 6 am, including filings that were snuck in late Friday.
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Jim Chanos on reading SEC filings via
@Reuters
: "Amazing how many investors don't read docs. They exist for a reason"
http://t.co/4FFMpY4I
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It's free! RT
@BizJournalism
: 3-day SEC Filings Master Class: Online, Nov. 13-15
http://t.co/HpVSg6k3
with me!
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I'll be doing another online Master Class on how to read SEC filings Oct. 7-9. It's free thanks to
@bizjournalism
!
http://t.co/NrDZxWaWXU
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For fans of footnotes, this Form 4 filed by
@Carl_C_Icahn
at 8 pm on Friday can’t be beat
http://t.co/3lUJXgg8zX
$ENZN
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Missed this
@wsj
article earlier this week on FOIA requests by hedge funds. Worth reading.
http://t.co/sLNZbaTfo5
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Remember: the day after 10Ks are due, companies are required to file a separate document if they weren't able to get their 10Ks in on time. Here's that list with some interesting names on it $LMND, $MVIS, $RIOT among others:
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Seriously
@chase
? You want to charge me $75 to order some checks? Did I wake up in the 70s when there were few choices?
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Feels nice to be reading the
#fridaynightdump
with a dog by my side, for the first time in 3 years.
http://t.co/YVqnYJuhm6
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Pro tip: if you're the CIO at a public company, you can't share MNPI even if the person you're sharing with works at the same company.
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Final
#fridaynightdump
count: 132 8Ks filed after 4 pm today vs. 78 filed in the 10 hours prior.
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Downturn in the market produces the first Form 4 citing a margin call sale in quite awhile. $MHR
http://t.co/ledeAD9UvL
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