Equities

No ratings updates to announce today. But, the FRO / NAT pairs trade has George Glass a bit excited. The drop in NAT on Friday was not easily explainable – as none of the other names took a similar hit. Volume was high – telling me that a fund or two was deleveraging on the Jim Cramer favorite. Having FRO as the short end of a pairs trade, however, is often painful – but the 9% intraday spread was too wide to walk away from. Both names are up about 5-6% in pre-market, though pattern day traders are expecting NAT to outperform FRO – if not today, then in the near future.

Piracy: A quote from Commodore Stephen Decatur on how to negotiate with pirates, “We shall offer them liberal and enlightened terms, dictated at the mouths of our cannons.”