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You're at a fruit market. But, instead of just being able to buy apples at this fruit market, you can also sell fruit.
You're not a farmer, so you come to the market to buy some apples and you see two fruit stands. Fruit Stand A on the left
is buying and selling apples at 50 cents apiece. However, Fruit Stand B on the right is buying and selling apples at 53 cents
apiece. People are buying and selling apples at these two stands all the time, and the price at a stand could change at any
moment. But, while you're there, apples are 50 cents and 53 cents, respectively.
You're a smart person, and you quickly
realize that you can buy apples from Stand A and then sell them across the street to Stand B and make a 3-cent profit. But
you have to do it now; you can't wait. So you buy all the apples at Stand A and then run to sell them all to Stand B.
Congratulations.
You've committed fruit-stand arbitrage.
Arbitrage is exactly that: the selling of the same item between two different
markets to make a profit off the mathematical differences in price. However, it's not apples that are traded--the goods in
question are usually stocks, currencies and other securities. Arbitrage happens when you get a stock, usually a common one
like General Electric that's traded on multiple markets (Japan, Hong Kong, U.S., etc¿). The stock is usually worth within
fractions of a penny the same on each of those markets. However, there are often some minor variations.
People who
participate in arbitrage take advantage of these variations--and make a ton of money doing it. As seen in the fruit stand
example, you can make a "riskless profit" from buying and selling apples between different markets.
There are some
big hedge funds that make almost all their money off arbitrage. But, despite this simple example, arbitrage is mathematically
complex--and involves a good portion of risk if you don't know what you're doing. You probably won't be able to participate
in arbitrage directly, but you can always invest in a mutual fund that does.
Home / Markets / Industries / Finance
Tuesday, July 01, 2008
American Campus Communities Announces Second Quarter 2008 Earnings Release and Conference Call
Comtex
AUSTIN, Texas, Jul 01, 2008 (BUSINESS WIRE) ----American Campus Communities, Inc. (NYSE:ACC), the nation's largest owner, manager and developer of high-quality student housing properties in the U.S., today announced that the company will report financial results for the second quarter 2008 after the market close on Monday, August 4, 2008. The company will host its quarterly earnings conference call for investors and other interested parties on Tuesday, August 5, 2008 at 11 a.m. Eastern Time (ET). ACC management will discuss the quarterly results and business outlook for 2008 on the conference call. The press release will be available in the Investor Relations section of the company's website.
The conference call and an accompanying slide presentation will be accessible through the Internet. To listen to the live broadcast, go to www.studenthousing.com or www.earnings.com at least 15 minutes prior to the call so that required audio software can be downloaded. A replay of the conference call will be available beginning two hours after the end of the call until August 12, 2008 by dialing 888-286-8010 or 617-801-6888 passcode 70234020. Additionally, the replay will be available for 30 days at www.studenthousing.com and www.earnings.com, and a podcast can be accessed on www.REITcafe.com and the company's website shortly after the call.
About American Campus Communities, Inc.
American Campus Communities, Inc. is the largest developer, owner and manager of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management, and operational management of student housing properties. American Campus Communities owns 88 student housing properties containing approximately 54,300 beds. The company also owns a minority interest in 21 joint venture properties containing 12,100 beds. Including its owned, joint venture and third-party managed properties, ACC's total managed portfolio consists of 145 properties with approximately 92,100 beds. Additional information is available at www.studenthousing.com.
SOURCE: American Campus Communities, Inc.
American Campus Communities, Inc. Investor Relations Gina Cowart, 512-732-1000
Copyright Business Wire 2008 ********************************************************************** As of Friday, 06-27-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 06-18-2008 for ACC @ $29.66. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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