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almaty jan 13 reuters kazakhstans central bank kept its policy rate unchanged at 1675 on friday saying it was likely to remain at that level for an extended period of time the move had been anticipated by the market as december inflation figures were in line with the central banks forecast consumer price growth has accelerated to over 20 in annual terms its highest since the 1990s but began slowing in monthonmonth terms the bank said in a statement that uncertainty including from the russiaukraine conflict remained elevated and monetary policy needed to remain tight in order to mitigate inflation risks at the same time it said the potential for further rate hikes was limited the bank will next review its rate on feb 24 after updating its macroeconomic forecasts reporting by mariya gordeyeva writing by olzhas auyezov editing by toby chopra | 0 |
shares of gsk plc gsk rallied 106 to £1333 tuesday on what proved to be an allaround positive trading session for the stock market with the ftse 100 index ukx rising 064 to 745369 gsk plc closed £476 short of its 52week high £1808 which the company reached on july 20 trading volume 43 m remained 36 million below its 50day average volume of 79 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
the numbers the us federal budget deficit widened to 2196 billion in august up from 1706 billion in the same month last year the treasury department said wednesday for the first eleven months of the fiscal year the deficit narrowed sharply to 946 billion from 177 trillion in the same period last year as pandemic expenses have eased key details for the first eleven months of the 2022 fiscal year which ends sept 30 receipts were up 23 while outlays fell 15 in august receipts were up 13 while outlays were down 19 interest on the federal debt totaled 88 billion in august up from 58 billion in the same month last year for the year to date the interest on the federal debt rose 29 to 678 billion interest on the debt is expected to continue to rise as the federal reserve raises interest rate to combat high inflation with august 1 landing on a weekend in 2021 benefit payments were accelerated to july without the calendar adjustments the deficit last month was virtually flat compared with august 2021 big picture according to the congressional budget office the outlook for the annual deficit remains uncertain even though there is only one month left in the fiscal year that’s because of uncertainty over the timing and amounts of the changes to student loan programs in the wake of the debt relief plan announced late last month by president joe biden without the changes to student loans the annual 2022 budget deficit could be about 1 trillion compared with a 28 trillion shortfall last year cbo said market reaction the yield on the 10year treasury note tmubmusd10y rose 7 basis points to 343 after the upside surprise to the august consumer price inflation data | 0 |
0506 us stock indexes fell on friday amid concerns about the prospect of more fed rate hikes this report produced by chris dignam | 0 |
shares of cbre group inc cl a cbre inched 055 higher to 7517 tuesday on what proved to be an allaround great trading session for the stock market with the sp 500 index spx rising 130 to 400287 and the dow jones industrial average djia rising 098 to 3256060 this was the stocks second consecutive day of gains cbre group inc cl a closed 1904 below its 52week high 9421 which the company achieved on march 30th editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
today is your lucky day get 50 off and get 2 bear market beating options trade straight to your inbox and sms every month click here now to get started dublin march 17 2022 globe newswire the global embedded lending business and investment opportunities q1 2022 update report has been added to researchandmarketscoms offering according to the q4 2021 embedded finance survey embedded lending industry is expected to reach us519550 million in 2022 the embedded lending industry is expected to grow steadily over the forecast period recording a cagr of 275 during 20222029 the embedded lending revenues in the region will increase from us519550 million in 2022 to reach us1999246 million by 2029 the asia pacific is home to the leading embedded lending providers in the world the region has been and continues to be a hotspot for some of the most advanced fintech markets globally furthermore the growing number of technological advancements by fintechs has made the asia pacific region a world leader in fintech innovations countries such as australia india china singapore indonesia and malaysia recorded strong demand growth for embedded lending options in the previous four to eight quarters the presence of a large young population in the region is primarily driving the demand and market growth the chinese embedded lending market has emerged as the most dominant market in asiapacific the massive growth in ecommerce sales and the continuously growing popularity of embedded lending options are crucial factors for attracting investments in the country additionally with the growing efforts of the chinese government to push the online credit market colossal growth is anticipated in the country the publisher expects that the increased market attractiveness of online credit is likely to attract global companies in the chinese embedded lending market in the next four to six quarters market players are raising funds to expand their offerings for business lending segment in europe the business lending segment is offering a significant growth opportunity for embedded lending companies postpandemic market participants are raising funds to improve their offering and expand their foothold in the business lending segment this will help the lending companies and players in the ecosystem to capitalize on the overall prospects in this market with companies developing new products is expected to result in innovations and improved features in the embedded lending platform strategic partnership with global players to drive financial inclusion through embedded lending in the africa and middle east region in the africa and middle east region there is a large proportion of the young population who do not have access to financial services targeting such consumer demographics firms are entering into strategic alliances with global players to drive financial inclusion in the region embedded lending to revolutionize the trade finance market in latin america the broken financing system in latin america makes it nearly impossible for small exporters to compete with large exporters notably banks often make small and medium enterprises wait for nearly three months before rejecting 50 of the trade finance applications this is where embedded lending providers are coming to the forefront to support small and mediumsized exporters in latin america this report provides global insights along with an indepth data centric analysis of the embedded lending industry covering 50 kpis for each region and country 370 charts and 290 tables in all key topics covered embedded lending industry market size and forecast 20202029 embedded lending industry market size and forecast by consumer segment embedded lending industry market size and forecast by business to business b2b sectors embedded lending industry market size and forecast by business to consumer b2c sectors for more information about this report visit httpswwwresearchandmarketscomr5y80k0 about researchandmarketscom researchandmarketscom is the worlds leading source for international market research reports and market data we provide you with the latest data on international and regional markets key industries the top companies new products and the latest trends | 0 |
shares of lordstown motors corp ride tumbled 130 toward a record low in premarket trading tuesday after the electric vehicle maker declared a 1for15 reverse stock split the split will be effective may 24 the split will cause each 15 shares of the company’s outstanding class a common stock to be combined into one share of class a stock effectively multiplying the stock price by 15 “the reverse stock split is intended to improve the marketability and liquidity of the class a common stock” the company said in a statement “a higher market price can make the class a common stock more attractive to a broader range of institutional investors professional investors and other members of the investing public” the stock has closed below the 1 level since march 7 and closed at a record low of 27 cents on may 19 it has plummeted 737 year to date through monday while the global x autonomous electric vehicles exchangetraded fund driv has run up 197 and the sp 500 spx has advanced 92 | 0 |
stocks extend losses in afternoon trade on thursday despite briefly trimming the mornings worst levels following a batch of economic data suggested the us economy could sustain higher interest rates from the federal reserve stocks erased gains from wednesday when the dow jones industrial average rose 549 points for its largest percentagepoint increase since july while the sp 500 and nasdaq saw their biggest gains in more than a month us stocks were down sharply on thursday after the impact of bank of englands intervention to calm uk bonds faded from global markets as yields on treasury bonds and european government debt moved higher once again and the dollar strengthened the sp 500 briefly touched a fresh intraday low of 361969 its weakest level since nov 30 2020 before stocks briefly trimmed their worst losses in a note to clients a team of fixedincome strategists at barclays explained why the market impact of the bank of englands intervention was so shortlived while the bondmarket intervention might stave off a crisis it didnt change anything in regards to the macro backdrop and investors are instead being forced to price in expectations that a combination of monetary and fiscal stimulus could further stoke inflationary pressures after the first rounds of shortcovering and squaring up of positions is over we worry that markets will go back to fixating on one issue large fiscal stimulus is now being accompanied by openended monetary stimulus for the next few weeks the team of barclays macro strategists wrote see us stocks surge without help from apple for the first time in more than 2 years as a result borrowing costs are expected to continue rising as most of the worlds big central banks rush to combat inflation which in turn diminishes demand for risk assets the benchmark 10year treasury yield climbed to 3766 and the equivalent duration uk 10year gilt rose to 4142 the stoxx 600 index of european stocks fell 17 the us dollar also weighed on stocks as it resumed its advance against the euro and pound but the ice us dollar index fell 03 against a basket of rival currencies to 11232 after trading just shy of its 20year high around 11450 set at midweek the dollar still exhibits a strong negative correlation to global equities because in a world where monetary and fiscal policy are now at odds with each other the value of collateral is being testedthe whole reason central banks are hiking rates is to tighten financial conditions which implicitly means that the fed is targeting a lower equity market said a team of citi analysts led by jamie fahy apple inc aapl was blamed for helping to exacerbate the weakness in stocks while also contributing heavily to the nasdaqs decline of more than 3 as reports about iphone production cuts continued to weigh on the megacap consumertech giant shares were down more than 4 in recent trade investor anxiety manifested in the cboe volatility index or the vix a measure of expected sp 500 volatility known as wall streets fear gauge the vix whose longterm average is around 20 was hovering near 32 having stood above 32 in a note to clients on thursday nicholas colas cofounder of datatrek research said the vix would likely need to hold above 30 until at least friday to signal a tradeable low seewall streets fear gauge might hold the key to the timing of the next market rebound heres why on the economic data front the latest update to secondquarter gdp figures confirmed that the us economy shrank at an annualized clip of 06 in the second quarter however a weekly report on us jobless benefit claims revealed that the number of americans initially applying for unemployment benefits fell by 16000 to 193000 in the week ended september 24 the lowest level since april the jobless claims data helped to weigh on stocks by emboldening a view that the fed will stick with its plans to continue raising interest rates current labor market conditions will likely keep the fed on track to aggressively tighten monetary policy at the next meeting in november said jeffrey roach chief economist for lpl financial cleveland fed president loretta mester said in an interview on cnbc that the interest rates in the us havent reached restrictive territory yet and that the fed has yet to reach a point where it should consider pausing rate hikes st louis fed president james bullard defended the fed from claims its policy of aggressive interestrate hikes is creating impossible conditions for foreign central banks seefed rate hikes were no surprise to foreign central banks bullard says san francisco fed president mary daly will make some comments at 445 pm | 0 |
uk stocks dropped tuesday as the ftse 100 index ukx finished down 036 at 752742 of the ftse 100 constituents investment advisors company abrdn plc abdn saw the largest decline tuesday as shares plunged 1167 shares of precious metals firm fresnillo plc fres and building materialsproducts company melrose industries plc mro declined 337 and 298 respectively glencore plc glen a general mining company and major international banks firm barclays plc barc rounded out the top five largest decreases as their stocks declined 265 and 248 respectively intercontinental hotels group plc ihg a hotels company saw the largest increase among ftse 100 constituents as shares climbed 233 on tuesday shares of pharmaceuticals firm hikma pharmaceuticals plc hik and nonlife insurance company admiral group plc adm climbed 209 and 151 respectively astrazeneca plc azn a biotechnology company and broadcasting company itv plc itv rounded out the top five largest increases as their stocks climbed 132 and 132 respectively the pound was down 042 against dollar gbpusd at 12729 and was up 003 against the euro gbpeur at €11621 brent crude brn00 declined 01 to 8522 and the yield on the 10year gilt tmbmkgb10y declined 7190 basis points to 4386 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of constellation brands inc cl a stz inched 035 higher to 24500 tuesday on what proved to be an allaround dismal trading session for the stock market with the sp 500 index spx falling 067 to 409119 and dow jones industrial average djia falling 123 to 3239617 the stocks rise snapped a twoday losing streak constellation brands inc cl a closed 1653 short of its 52week high 26153 which the company reached on april 21st the stock outperformed some of its competitors tuesday as diageo plc adr deo fell 158 to 18918 brownforman corp cl b bf fell 054 to 7436 and boston beer co cl a sam fell 215 to 37244 trading volume 772708 remained 255900 below its 50day average volume of 10 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
us treasury yields were little changed on thursday as investors looked to economic data that could provide fresh hints about the outlook for the economy and inflation at 516 am et the yield on the 10year treasury was up by less than a basis point to 35715 the 2year treasury was last trading at 40907 after rising by around one basis point yields and prices move in opposite directions and one basis point equals 001 | 0 |
the fed has to remain hawkish in its remarks says ritholtzs josh brown cnbc’s ‘halftime report’ investment committee bill baruch josh brown jason snipe and jenny harrington discuss stocks plunging today after a weak retail report and the feds hawkish stance after yesterdays 50 bps rate hike | 0 |
shares of walmart inc wmt inched 090 higher to 13807 monday on what proved to be an allaround favorable trading session for the stock market with the sp 500 index spx rising 106 to 411041 and the dow jones industrial average djia rising 071 to 3238134 this was the stocks fourth consecutive day of gains walmart inc closed 2270 short of its 52week high 16077 which the company reached on april 21st the stock demonstrated a mixed performance when compared to some of its competitors monday as amazoncom inc amzn rose 239 to 13645 costco wholesale corp cost rose 055 to 53952 and target corp tgt rose 012 to 17385 trading volume 48 m remained 34 million below its 50day average volume of 81 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of mettlertoledo international inc mtd rose 270 to 155424 monday on what proved to be an allaround favorable trading session for the stock market with the sp 500 index spx rising 114 to 413729 and the dow jones industrial average djia rising 111 to 3424593 the stocks rise snapped a threeday losing streak mettlertoledo international inc closed 5501 short of its 52week high 160925 which the company reached on february 3rd the stock outperformed some of its competitors monday as emerson electric co emr rose 123 to 8691 roper technologies inc rop rose 053 to 42968 and agilent technologies inc a rose 134 to 15460 trading volume 116633 eclipsed its 50day average volume of 96603 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of fidelity national information services inc fis inched 050 higher to 6769 tuesday on what proved to be an allaround positive trading session for the stock market with the sp 500 index spx rising 010 to 382162 and the dow jones industrial average djia rising 028 to 3284974 the stocks rise snapped a fourday losing streak fidelity national information services inc closed 5437 below its 52week high 12206 which the company reached on february 1st the stock demonstrated a mixed performance when compared to some of its competitors tuesday as mastercard inc ma rose 050 to 34295 paypal holdings inc pypl fell 028 to 6876 and international business machines corp ibm rose 174 to 14128 trading volume 54 m remained 23 million below its 50day average volume of 78 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of smith nephew plc sn inched up 032 to £1098 thursday on what proved to be an allaround rough trading session for the stock market with the ftse 100 index ukx falling 037 to 746928 smith nephew plc closed £260 short of its 52week high £1358 which the company achieved on january 11 trading volume 12 m remained 14 million below its 50day average volume of 26 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of united rentals inc uri rallied 216 to 32895 tuesday on what proved to be an allaround favorable trading session for the stock market with the sp 500 index spx rising 178 to 464923 and the dow jones industrial average djia rising 160 to 3549270 the stocks rise snapped a threeday losing streak united rentals inc closed 8604 short of its 52week high 41499 which the company achieved on november 8th the stock demonstrated a mixed performance when compared to some of its competitors tuesday as fastenal co fast rose 044 to 6159 oshkosh corp osk rose 297 to 10819 and terex corp tex rose 525 to 4273 trading volume 615787 remained 5227 below its 50day average volume of 621014 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of hilton worldwide holdings inc hlt rallied 343 to 13852 wednesday on what proved to be an allaround great trading session for the stock market with the sp 500 index spx rising 257 to 427788 and the dow jones industrial average djia rising 200 to 3328625 this was the stocks second consecutive day of gains hilton worldwide holdings inc closed 2244 below its 52week high 16096 which the company reached on february 16th the stock demonstrated a mixed performance when compared to some of its competitors wednesday as marriott international inc mar rose 437 to 15947 hyatt hotels corp h rose 500 to 8884 and choice hotels international inc chh rose 207 to 13443 trading volume 32 m eclipsed its 50day average volume of 28 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of thomson reuters corp tri slid 134 to c12474 thursday in what proved to be an allaround rough trading session for the canadian market with the sptsx composite index gsptse falling 310 to 1900406 the stocks fall snapped a twoday winning streak thomson reuters corp closed c3188 below its 52week high c15662 which the company reached on november 29th trading volume of 409969 shares eclipsed its 50day average volume of 363662 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
vaxxinity inc shares were up 55 to 584 in heavy trading on a day when there was no apparent news or releases from the company volume for the stock was 93 million shares at 1250 pm et compared with its 65day average volume of 86000 shares the stock was paused for volatility several times during fridays trading session the stock hit its 52week low of 304 last friday earlier in the week a filing to the securities and exchange committee revealed that chairman lou reese bought 22900 shares of vaxxinity shares at 348 a share mr reese now has direct ownership of 516 million shares and indirect ownership of 42 million shares | 0 |
shares of cboe global markets inc cboe inched 025 higher to 11773 wednesday on what proved to be an allaround positive trading session for the stock market with the sp 500 index spx rising 036 to 384508 and the dow jones industrial average djia rising 023 to 3103768 this was the stocks third consecutive day of gains cboe global markets inc closed 2127 short of its 52week high 13900 which the company achieved on august 18th the stock outperformed some of its competitors wednesday as cme group inc cl a cme fell 020 to 20396 intercontinental exchange inc ice fell 054 to 9550 and nasdaq inc ndaq fell 044 to 15679 trading volume 658994 eclipsed its 50day average volume of 630591 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
wells fargos mike mayo on what the feds decision means for bank stocks the federal reserve on wednesday considerably raised its expectations for inflation this year and brought forward the time frame on when it will next raise interest rates mike mayo senior analyst at wells fargo joined squawk box on thursday to discuss what this decision could mean for the financial sector | 0 |
shares of micron technology inc mu slid 067 to 7678 monday on what proved to be an allaround dismal trading session for the stock market with the sp 500 index spx falling 000 to 468280 and dow jones industrial average djia falling 004 to 3608745 the stocks fall snapped a twoday winning streak micron technology inc closed 2018 below its 52week high 9696 which the company achieved on april 12th the stock demonstrated a mixed performance when compared to some of its competitors monday as intel corp intc rose 002 to 5032 stmicroelectronics nv stm fell 029 to 5108 and western digital corp wdc fell 269 to 5893 trading volume 126 m remained 40 million below its 50day average volume of 167 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of analog devices inc adi slid 422 to 13673 friday on what proved to be an allaround poor trading session for the stock market with the sp 500 index spx falling 237 to 358307 and dow jones industrial average djia falling 134 to 2963483 analog devices inc closed 5522 below its 52week high 19195 which the company achieved on november 22nd the stock underperformed when compared to some of its competitors friday as texas instruments inc txn fell 389 to 14834 microchip technology inc mchp fell 358 to 5731 and stmicroelectronics nv stm fell 395 to 3061 trading volume 49 m eclipsed its 50day average volume of 34 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
saputo inc said it would permanently close three facilities as part of its efforts to streamline its manufacturing operations in the us while it plans to build a new facility in wisconsin and expand its stringcheese operations in california the canadian dairyproduct company said it would close its operations in big stone sd green bay wis and south gate calif facilities it said it is constructing a new franklin wis facility to consolidate and modernize cutandwrap activities in the midwest and that it is converting its bardsley street facility in tulare calif into a stringcheese packaging operation saputo said the facility closures construction and conversion are part of efforts to restructure and streamline manufacturing in the us and australia to meet demand and spur growth roughly 720 employees would be affected by the consolidation intiatives and given offers for severance outplacement support and relocation opportunities to other saputo facilities the company said the new wisconsin facility involves an investment of 240 million canadian dollars us1807 million and is slated to operate at full capacity in the third quarter of fiscal 2025 including by taking in existing packaging operations from other manufacturing sites the converted tulare facility involves a c75 million investment and is slated to operate at full capacity by the third quarter of fiscal 2025 saputo said costs related to the capital investments and consolidation initiatives are expected to reach about c23 million after taxes including a noncash fixed assets writedown of about c13 million after taxes said saputo the company said it would start recording these costs in the fourth quarter of fiscal 2023 investment and consolidation plans for saputos us segment are expected to yield financial benefits beginning in the fourth quarter of fiscal 2024 with a full potential of about c74 million after taxes annually by the end of fiscal 2027 the company said early last year saputo moved to close cutandwrap activities in tulare in fiscal 2023 and streamline two operations in australia in november saputo said it would close a facility in australias southeastern victoria state and streamline two other facilities in the country | 0 |
shares of ppg industries inc ppg slipped 107 to 17060 monday on what proved to be an allaround favorable trading session for the stock market with the sp 500 index spx rising 064 to 479656 and the dow jones industrial average djia rising 068 to 3658506 ppg industries inc closed 1237 below its 52week high 18297 which the company achieved on june 7th the stock demonstrated a mixed performance when compared to some of its competitors monday as sherwinwilliams co shw fell 370 to 33912 basf se adr basfy rose 086 to 1768 and owens corning oc fell 050 to 9005 trading volume 827617 remained 398218 below its 50day average volume of 12 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
citigroup inc c stock is up 2 in premarket trades after the bank reported a higher firstquarter profit that beat analyst estimates citi said its earnings for the three months ended march 31 increased to 46 billion or 219 per share up from 43 billion or 202 a share in the yearago quarter adjusted profit was 186 a share revenue increased to 214 billion from 192 billion citigroup was expected to earn adjusted profit of 165 a share according to factset data the bank’s revenue target was 2002 billion citigroup stock is up 46 in 2023 compared to an 8 rise by the sp 500 and a 27 rise by the dow jones industrial average | 0 |
us stocks opened lower on friday as a surge in the cost of deutsche banks creditdefault swaps hammered shares of the german lender helping to reignite bankingsector worries that have rattled markets in recent weeks on thursday the dow finished 75 points or 023 higher at 32105 after stocks pared earlier gains as bankingsector fears reemerged shares of deutsche bank ag dbkxe were down more than 10 in premarket trading after the cost of insuring the bank against a credit default jumped overnight to the highest level in four years deutsche banks at1 securities which convert into equity in the event of a failure have dropped sharply in value after switzerland wiped out the value of similar instruments from credit suisse while preserving some value in its equity during its merger with credit suisse last week other bank regulators have said they will not follow suit clearly somebody thinks there are some concerns there said randy frederick managing director of trading and derivatives at charles schwab the problems facing european banks stem back to the era of negative interest rates which set banks up for large losses on their bond holdings he said the selloff in db shares weighed on banks in the us and europe as well as the broader market as bankingsector fears reemerged shares of ubs group ubs which recently agreed to buy crosstown rival credit suisse traded lower other major european lenders includingitalys unicredit spa and spains banco santander sa also saw their shares sink the thing thats important to know about financials is there probably are banks that have problems but there are others that dont frederick told marketwatch during a phone interview people need to do some research shares of us regional lenders including first republic bank frc and rival pacwest bancorp pacw were also down financials were the secondworst performing sector on the sp 500 with only energy stocks faring worse on friday while the bankingsector drama has hammered the financial sector the outperformance of megacap technology stocks and other sectors has helped to limit losses for us stocks since the beginning of march the sp 500 is down by just 13 according to factset data investors were also paying attention to the latest batch of weekly data from the federal reserve which showed that banks slightly reduced their emergency borrowing from the fed to 1639 billion from 1647 billion in the latest week concerns about the fragility of the banking sector have been percolating following a year of aggressive centralbank interest rate hikes led by the federal reserve which have caused banks to take large losses on their bond portfolios in the weeks since californias silicon valley bank collapsed global central banks have pursued other measures to improve liquidity in the global financial system including introducing daily dollar swap line operations while the fed introduced a new emergencylending facility that would value banks eligible collateral at par the fed also signaled on wednesday that it would likely only deliver one more 25 basis point hike in 2023 after hiking its policy rate by 25 basis points to a range of 475 to 5 see also feds bullard says lower bond yields may offset some of the negative fallout from recent bank stress in us economic data on friday a report on sales of durable goods in the us released friday showed orders fell 1 in february largely because of waning demand for passenger planes and new cars treasury yields continued to decline on friday with the spread between the 2year treasury note yield and the 10year note narrowing to less than 40 basis points down from 100 basis points just a few weeks ago investors including doublelines jeffrey gundlach said this is a red alert that the us economy is headed for a recession matthew j maley chief market strategist at miller tabak co said investors should probably be less concerned about the banks and more concerned about what a recession might do to corporate earnings dont get us wrong if were headed for another major banking crisis the markets will get hit even harder maley said in emailed commentary however even if the situation with the global banks calms down the stock market is still headed much lower see deutsche bank drops weighing on banking stocks and scholastic tumbles on disappointing results this content was created by marketwatch which is operated by dow jones co marketwatch is published independently from dow jones newswires and the wall street journal | 0 |
shares of novavax inc nvax advanced 733 to 3062 wednesday on what proved to be an allaround positive trading session for the stock market with the nasdaq composite index comp rising 214 to 1179190 and the dow jones industrial average djia rising 140 to 3158128 the stocks rise snapped a fiveday losing streak novavax inc closed 24718 short of its 52week high 27780 which the company reached on september 8th the stock demonstrated a mixed performance when compared to some of its competitors wednesday as replimune group inc repl rose 552 to 1912 vbi vaccines inc vbiv rose 429 to 088 and anaptysbio inc anab rose 833 to 2641 trading volume 37 m remained 29 million below its 50day average volume of 66 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of lamb weston holdings inc lw slipped 107 to 8615 thursday on what proved to be an allaround dismal trading session for the stock market with the sp 500 index spx falling 249 to 389575 and dow jones industrial average djia falling 225 to 3320222 the stocks fall snapped a threeday winning streak lamb weston holdings inc closed 248 short of its 52week high 8863 which the company reached on december 6th the stock demonstrated a mixed performance when compared to some of its competitors | 0 |
gold futures settled lower thursday for a third session in a row at their lowest since late march strength in the us dollar and treasury yields have pressured prices for the precious metal as investors continue to monitor developments regarding a deal on the us debt ceiling gold for june delivery gcm23 settled at 195980 an ounce on comex down 2510 or 13 for the session that was the lowest mostactive contract settlement since march 27 factset data show | 0 |
j sainsbury plc sbry shares advanced 331 to £225 tuesday on what proved to be an allaround favorable trading session for the stock market with the ftse 100 index ukx rising 137 to 755409 j sainsbury plc closed 7870 pence below its 52week high £304 which the company reached on january 19 trading volume 58 m remained 12 million below its 50day average volume of 70 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of block inc sq slid 107 to 8079 tuesday on what proved to be an allaround mixed trading session for the stock market with the dow jones industrial average djia rising 031 to 3373396 and the nasdaq composite index comp falling 027 to 1133427 the stocks fall snapped a twoday winning streak block inc closed 6821 short of its 52week high 14900 which the company achieved on march 29th | 0 |
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shares of kinder morgan inc kmi slid 119 to 1666 tuesday on what proved to be an allaround favorable trading session for the stock market with the sp 500 index spx rising 039 to 470090 and the dow jones industrial average djia rising 015 to 3614222 kinder morgan inc closed 263 short of its 52week high 1929 which the company reached on june 11th the stock underperformed when compared to some of its competitors tuesday as exxon mobil corp xom rose 101 to 6502 and enterprise products partners lp epd rose 079 to 2310 trading volume 110 m remained 34 million below its 50day average volume of 144 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
stock in electriccharging equipment provider evgo was falling after the company blew away wall street’ thirdquarter earnings expectations the drop following earnings actually is a good result even for bullish investors evgo ticker evgo fell about 5 in premarket trading sp 500 and dow jones industrial average futures were both down about 02 | 0 |
the taiwan prepaid cards business and investment opportunities market size and forecast 20162025 consumer attitude behaviour retail spend market risk report has been added to researchandmarketscoms offering according to the q2 2021 global prepaid card survey prepaid card market in the taiwan is expected to grow by 80 on annual basis to reach us 146772 million in 2021 the prepaid card market expected to grow over the forecast period recording a cagr of 75 during 20212025 the prepaid card market in taiwan will increase from us 135947 million in 2020 to reach us 181317 million by 2025 indepth understanding of prepaid card market dynamics understand market opportunity industry dynamics key trends and drivers across 75 market segments and subsegments of prepaid cards in taiwan develop market specific strategies identify growth segments and target specific opportunities to formulate your prepaid cards strategy assess market specific key trends drivers and risks in prepaid cards industry get insights into consumer attitude and behaviour understand changing consumer attitude and behaviour and boost roi get detailed insights into retail spend through prepaid cards teen and campus prepaid card market size and forecast by functional attribute business and administrative expense prepaid card market size and forecast by consumer segments taiwan social security and other government benefit programs prepaid card market size and forecast taiwan utilities and other prepaid cards market size and forecast for more information about this report visit httpswwwresearchandmarketscomraqxzao | 0 |
shares of jpmorgan chase co jpm inched 005 higher to 13648 wednesday on what proved to be an allaround mixed trading session for the stock market with the sp 500 index spx rising 045 to 413764 and the dow jones industrial average djia falling 009 to 3353133 jpmorgan chase co closed 786 below its 52week high 14434 which the company reached on february 7th | 0 |
shares of hanesbrands inc hbi advanced 582 to 673 tuesday on what proved to be an allaround poor trading session for the stock market with the sp 500 index spx falling 040 to 382414 and dow jones industrial average djia falling 003 to 3313637 this was the stocks third consecutive day of gains hanesbrands inc closed 1082 short of its 52week high 1755 which the company achieved on january 5th the stock outperformed some of its competitors tuesday as berkshire hathaway inc cl a brka rose 017 to 46952500 berkshire hathaway inc cl b brkb rose 033 to 30991 and vf corp vfc rose 047 to 2774 trading volume 109 m eclipsed its 50day average volume of 103 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
the boe raised interest rates 50 basis points thursday taking borrowing costs to 175 in an ongoing bid to curb soaring inflation london the bank of england on thursday defended its decision to hike interest rates at the fastest clip in 27 years saying the uk faces a very big shock to inflation boe governor andrew bailey said that the risks of high inflation becoming persistent had risen since the banks previous meeting in june prompting it to take stronger action were facing a very big shock to inflation bailey told cnbcs joumanna bercetche our action today was very very clearly that we feel weve got to take stronger action the boe on thursday raised interest rates by 50 basis points taking borrowing costs to 175 in an ongoing bid to curb soaring inflation it also issued a dire outlook for uk economic growth predicting that the country will enter recession from the fourth quarter of 2022 with the downturn expected to last for five quarters the central bank has faced criticism for not acting sooner and more aggressively to tackle runaway inflation but bailey insisted thursday that many of the inflationary shocks facing the uk economy were external and unexpected most notably russias war in ukraine and its detrimental impact on energy prices we dont make policy with hindsight bailey said the war in ukraine is not something that was foreseen or frankly could be foreseen | 0 |
shares of westrock co wrk slipped 090 to 2860 monday on what proved to be an allaround poor trading session for the stock market with the sp 500 index spx falling 020 to 427379 and dow jones industrial average djia falling 059 to 3356286 westrock co closed 2114 short of its 52week high 4974 which the company reached on june 7th the stock underperformed when compared to some of its competitors monday as international paper co ip fell 033 to 3028 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of restaurant brands international inc qsr inched 062 higher to c10268 friday in what proved to be an allaround positive trading session for the canadian market with the sptsx composite index gsptse rising 054 to 2054751 restaurant brands international inc closed c119 short of its 52week high c10387 which the company achieved on july 4th trading volume of 450118 shares remained below its 50day average volume of 733195 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of hewlett packard enterprise co hpe dropped 007 to 1442 tuesday on what proved to be an allaround great trading session for the stock market with the sp 500 index spx rising 056 to 382811 and the dow jones industrial average djia rising 102 to 3316083 the stocks fall snapped a twoday winning streak hewlett packard enterprise co closed 334 short of its 52week high 1776 which the company reached on february 10th the stock underperformed when compared to some of its competitors tuesday as radware ltd rdwr rose 670 to 2151 trading volume 111 m remained 31 million below its 50day average volume of 142 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
polymetal international plc poly shares dropped 417 to £288 wednesday on what proved to be an allaround favorable trading session for the stock market with the ftse 100 index ukx rising 020 to 778837 polymetal international plc closed 7477 pence short of its 52week high £362 which the company reached on january 18 | 0 |
three us senators and a house member told amazoncom and facebook to abandon their efforts to disqualify federal trade commission chair lina khan from involvement with the commission’s antitrust activities related to the two businesses “your efforts only add to the perception that you are attempting to bully yourregulators disarm the ftc and avoid accountability rather than to strengthen ethics standards and you should cease these efforts immediately” the four politicians all democrats told the companies in a letter | 0 |
shares of principal financial group inc pfg rallied 186 to 7053 monday on what proved to be an allaround positive trading session for the stock market with the sp 500 index spx rising 186 to 397375 and the dow jones industrial average djia rising 198 to 3188024 the stocks rise snapped a threeday losing streak principal financial group inc closed 983 below its 52week high 8036 which the company achieved on february 10th the stock demonstrated a mixed performance when compared to some of its competitors monday as aflac inc afl rose 261 to 5653 assurant inc aiz rose 132 to 17849 and aegon nv adr aeg rose 493 to 532 trading volume 16 m remained 221675 below its 50day average volume of 19 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of northrop grumman corp noc inched 029 higher to 47416 thursday on what proved to be an allaround positive trading session for the stock market with the sp 500 index spx rising 133 to 414622 and the dow jones industrial average djia rising 114 to 3402969 this was the stocks second consecutive day of gains northrop grumman corp closed 8211 short of its 52week high 55627 which the company achieved on october 28th the stock demonstrated a mixed performance when compared to some of its competitors thursday as raytheon technologies corp rtx rose 016 to 10168 boeing co ba rose 059 to 21359 and lockheed martin corp lmt rose 083 to 49214 trading volume 539632 remained 366240 below its 50day average volume of 905872 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of builders firstsource inc bldr rallied 07 in premarket trading monday after the building products and prefabricated components supplier boosted its stock repurchase program by 1 billion the increase give the company authorization to buy back 15 billion worth of stock which represents 168 of the companys market capitalization of 891 billion as of fridays close from august 2021 through nov 8 2022 the company had spent 38 billion to repurchase 295 of its shares outstanding at an average price of 6223 or 28 above fridays closing price of 6052 since nov 11 the company has spent 68 million to repurchase 11 million shares at an average price of 6305 the stock rally ahead of mondays open was despite a selloff in the broader stock market with futures es00 for the sp 500 spx falling 07 | 0 |
for most financiers “government” is a fourletter word but private equity billionaire ramzi musallam has turned tragedy into a forbes 400 fortune by distilling the motivations of the largest player in the global economy amzi musallam returned to his desk after a quick trip to the bathroom on september 10 2012 to find his assistant visibly shaken she informed him that a call had come in about musallam’s boss robert mckeon he had just killed himself in his southern connecticut mansion at the age of 58 musallam jumped in his car and raced the 40 miles up i95 from midtown manhattan to darien connecticut he was close to mckeon and knew his boss was struggling with his mental health but musallam never expected mckeon would take his own life he was a force of nature through sheer will mckeon had worked himself up from the streets of the bronx where his father was a drake’s cakes delivery man supporting seven children to the upper echelons of finance musallam was in shock “it was just so devastating” musallam says “for as long as i had known him we had worked together it was tough i had never experienced anything like this” while mckeon’s american dream had soured into a nightmare musallam’s was about to soar he returned to the office to devise a plan to stave off the collapse of veritas capital the private equity firm mckeon had founded in 1992 musallam had come onboard in 1998 and was veritas’ secondhighestranking executive the morning after the suicide musallam began holding emergency meetings with the company’s investors mckeon’s death meant they suddenly had the right to tear up their commitments to fund veritas’ deals instead musallam persuaded them to bet on him he also cut a deal with mckeon’s family that would transfer ownership of mckeon’s majority stake in veritas mostly to musallam years later the hasty deal would produce bad blood—and a lawsuit—between musallam and mckeon’s family but these maneuvers laid the foundation for a stunning wall street success nearly a decade later veritas capital’s assets have grown from 2 billion in 2012 to 36 billion today and its funds have generated staggering net internal rates of return of 31 the funds have lost money on only a single investment 87 million on a solar panel company in new mexico and since musallam took over veritas has distributed 12 billion to its investors at 53 musallam finds himself worth an estimated 4 billion good enough for a debut appearance on this year’s forbes 400 musallam produced this track record by focusing on technology companies that operate in sectors dominated by the united states’ federal government particularly defense health care and education america’s 68 trillion worth of annual spending and sweeping regulatory power give it unparalleled sway in these markets while many buyout firms try to avoid investing in areas affected by government interference musallam’s strategy hinges on understanding what the most influential player in the global economy will do next “i and the firm maintain a very close proximity to government because government is at the forefront of all the complexities and issues that confront us” says musallam sitting in his manhattan office whose broad views of central park mark it as distinctly distant from washington dc “these are governmentinfluenced markets no doubt about it and being close to how the government thinks about those markets enables us to understand how we can best invest” the formula has worked in january veritas was listed as the private equity industry’s fourthbestperforming firm by the closely followed hec–dow jones ranking see below ahead of highflying firms like thoma bravo vista equity partners and clayton dubilier rice private equity is a notoriously secretive business—which makes it hard for outsiders to assess which firms are outperforming the best data comes from oliver gottschalg a professor at hec paris business school who analyzed 529 firms over a tenyear period despite his ease navigating washington and wall street musallam shuns publicity he rarely speaks to the press he is one of a handful of financiers with top government security clearance “there are people in the private equity world who have a lot of visibility that is not ramzi he is understated but extremely effective” says david solomon ceo of goldman sachs “he has quietly built an extremely valuable business being at the intersection of governmentregulated markets and technology which is rare for private equity” palestinian christian born in jerusalem ramzi’s father samih musallam landed in new york city in late 1950 shortly after the first arabisraeli war in 1948 his first night at the ymca all his belongings were stolen he persevered eventually earning a civil engineering degree from the university of missouri before settling—and prospering—in effingham illinois by the mid1960s the now successful samih returned to the middle east his second son ramzi was born in 1968 in amman jordan samih musallam worked for the us army corps of engineers moving his family constantly ramzi’s formative years were spent in emerging markets such as saudi arabia and tanzania “we were literally in the middle of nowhere—there was nothing there no village nothing” recalls musallam of his years in africa “we were homeschooled and learned through correspondence there was no ipad we would do an assignment and my mom would mail it in” musallam says the experience was an immersion course in navigating relationships with people from different cultural backgrounds one that taught him sensitivity and resilience his family was once held at gunpoint in tanzania and shaken down by bandits on a dirt road “i thought it was normal” he says by the time musallam was in high school his family returned to the us and landed in pine brook new jersey he studied economics at colgate university and started on wall street as a jpmorgan investment banker in 1990 before jumping two years later into private equity at a boutique firm berkshire partners he then headed to the university of chicago for business school where he talked himself into a job with the investment operation of jay pritzker the billionaire who built the hyatt hotels chain when he graduated in 1998 musallam headed to new york where he was hired by robert mckeon six years earlier mckeon had founded veritas capital after leaving wasserstein perella co the pioneering investment bank cofounded by bruce wasserstein and immortalized in a 1989 forbes story “bid ’em up bruce” which described how the firm’s clients were often coaxed into overpaying for targets mckeon had run wasserstein perella’s successful private equity arm and had grown tired of funneling most of his unit’s profits to bruce wasserstein at veritas mckeon owned a majority of the company and raised money on a dealbydeal basis from a network of ceos including chevron’s george keller and ford’s harold “red” poling his only partner was thomas campbell a fellow banker who had left wasserstein perella with him to start veritas and who mckeon would shove out the door in 2007 musallam pushed mckeon in two new directions first he helped convince mckeon to move beyond his dealbydeal approach and raise private equity funds from institutional investors that would lock up cash for years that gave them flexibility and helped the business grow second musallam figured out that defense contractors would be fertile buyout targets for funds willing to deal with the idiosyncrasies of government contracting starting with the purchase of pei electronics a huntsville alabama–based military equipment maker veritas cobbled together what would become integrated defense technologies which it listed on the new york stock exchange in 2002 defense deals would become veritas’ bread and butter when one looked particularly promising mckeon would take a cue from bruce wasserstein and grab more of the riches for himself he personally made 350 million just from dyncorp a military contractor that was sold in 2010 mckeon’s death tripped veritas’ “keyperson” provision giving the firm’s investors the right to stop providing capital for new deals had enough of those investors walked away it would have destroyed the firm musallam had six months to get through the keyperson process before the investor spigot turned off “i don’t get stressed” musallam says “i was very focused because i knew in my heart that we had a tremendous opportunity” he traveled across america to meet with veritas’ investors ultimately convincing every one of them to stick with him and his team partly by cutting veritas’ management fees “there was no real precedent for this” musallam says “we got 100 approval from our investor base which nobody thought we could get” at the same time musallam had to persuade mckeon’s estate controlled by one of his brothers and established for the benefit of his four children to transfer mckeon’s veritas ownership to him absent musallam’s efforts to get investor buyins the whole firm would have collapsed so his negotiating position with the family was strong by january 2013 mckeon’s family agreed to transfer ownership of veritas in exchange for 10 of the proceeds of any future sale of its management company and the three general partnerships associated with its existing funds they also retained a reduced portion of mckeon’s performance fees from existing veritas funds and 5 of the performance fees for the next two funds veritas raised it was a complete victory for musallam the firm would remain in business with him as its majority owner and ceo “he was not just dealing with the investors and the firm—he was dealing with losing someone he was close to and he never wavered even answering questions that were sometimes probing and personal” says veritas investor claudia baron who runs 6 billion of private equity investments for chicagobased asset manager ppm america “i thought if that is how he acts during a stressful time he’s going to have the same level of thoughtfulness and integrity in deal work” or years musallam was obsessed with the digitization of health records he was first turned on to the idea of a government–private sector partnership involving healthcare it through conversations with kerry weems who headed medicare in george w bush’s administration musallam made a habit of staying close to people like weems who controlled one of the largest budgets in the us government veritas would dip its toe into these waters in 2007 by buying its first health care it services firm vangent it would sell the company to general dynamics four years later for a 350 million profit “health care is a broken system” musallam says “my fundamental belief is that technology can improve it” in 2012 musallam approached information giant thomson reuters about buying the businesses it had cobbled together to provide data on insurance claims and health care expenditures to hospitals and insurance companies musallam was certain that veritas needed to go big on health care data—and after putting up 465 million veritas was able to acquire the group in a 13 billion leveraged buyout making it one of the firm’s largest bets musallam renamed the thomson reuters unit truven health analytics and initiated 165 million of new capital expenditures to help transform the company from a mere data provider into a business that could help customers learn how to provide better care while reducing costs and waste to speed things along truven was paired with a defense intelligence software company veritas had purchased from lockheed martin that had already developed efficient algorithms to analyze petabytes of data “we make our companies collaborate” musallam says “it’s not a nice thing to do it’s a requirement” musallam pivoted truven toward the public sector it began selling its services to government customers such as medicare for the first time in 2016 truven sold to ibm for 26 billion making veritas 32 times its original investment veritas is the rare governmentfocused buyout shop that does not hire prominent former politicians or government officials instead musallam prefers to tap into decades of relationships he spends a lot of time sitting through briefings in “sensitive compartmented information facilities” scifs set up by the military for which top security clearances are required—and mobile phones are banned “the us government is the largest single investor in technology bar none by multiples of what the entire venture capital community invests—dozens of different federal agencies investing directly into companies” musallam says “a lot of the businesses that we’re very familiar with have gotten their start through governmentfunded customer rd programs google apple a lot of what is on your iphone tesla is another example the space companies—built through collaboration in some form with the government” the burgeoning field of cybersecurity is another focus for veritas in 2014 musallam bought a busted security startup called beyondtrust putting up 145 million of equity in a 310 million buyout veritas had beyondtrust boost its rd spending by 44 to bolster its products which stop both rogue employees and external bad guys from hacking in beyondtrust’s revenue swelled growing 20 a year and in 2018 veritas sold it for 755 million making 38 times what it put in musallam has kept one foot firmly in the defense arena in 2015 veritas together with some coinvestors put down 845 million to buy flailing aerospace repair company standardaero from dubai aerospace in a 21 billion deal musallam had just raised 19 billion for veritas’ first new fund under his watch and wagered a big chunk of it on the scottsdale arizona company musallam knew aerospace well given that veritas had formerly owned vertex aerospace a standardaero competitor standardaero quickly expanded in europe and asia having developed a way to trim the time required to repair jet engines it was soon winning new government contracts in 2019 musallam sold standardaero to carlyle group for 53 billion more than tripling veritas’ initial investment by 2019 veritas was humming with all five of its buyout funds performing in the industry’s top quartile according to research firm preqin simultaneously the great bull market had outside investors lining up to own stakes in wall street’s most successful firms and in 2020 new york–based dyal capital approached musallam to buy a stake in the business in october 2020 musallam agreed to sell 118 of veritas to dyal for 725 million in cash plus a 200 million sweetener in the form of a loan to veritas which created a windfall for musallam and his veritas partners who pocketed most of the proceeds the deal valued veritas at 62 billion with musallam retaining a majority stake unfortunately the dyal deal upset robert mckeon’s heirs this february the family sued musallam for breach of contract claiming the 200 million loan was designed to cheat them out of their right to 10 of the proceeds of any sale of the firm some 20 million in court filings musallam claimed he stayed true to the contract “a loan is not a sale” he stated in september new york state supreme court justice jennifer schecter agreed with musallam and tossed out the case while dealing with mckeon’s family musallam worked from a desk near a large picture of his father samih who died a decade ago it’s a reminder that the american dream is alive and well—but also that great happiness requires more than just great wealth “he did what you hear and read about—he took the boat to new york” musallam says “he’s overlooking and watching me” | 0 |
former treasury secretary lawrence summers said he maintains his view that inflation cannot be brought down to the 2 range without getting wage inflation substantially down you dont get wage inflation substantially down without meaningful slack in the labor market and we dont have slack in the labor market” summers said in an interview with bloomberg television also read how to invest in startups major wall street indices gained over 2 on friday following the release of the employment data that showed december payrolls rose more than expected wage increases slowed and services activity contracted reducing concerns about the federal reserves interest rate hiking path the spdr sp 500 etf trust spy closed 229 higher while the vanguard total bond market index fund etf bnd gained 110 on recession prospects the former treasury secretary thinks prospects of a recession in the winter or the spring of 2023 are certainly lower right now he further highlighted that the central bank’s views have come around to those quite close to him “they think inflation is the primary concern they explicitly recognize that theres going to need to increase in unemployment to contain inflation he said “theyre showing awareness of the fact that the neutral interest rate is a real interest rate concept rather than a nominal interest rate concept theyre recognizing that the tradeoff is not between unemployment and inflation but between unemployment and the level of entrenched in inflation” summers said he finds it interesting that the fed is indicating a commitment to tighter policies more focus on resisting inflation than the market is expecting they will carry through on it “i think i would be closer to the fed at this point in terms of judging what will happen than i would be to the market” he said read next big banks to kick off q4 earnings season amid expectations for first sp 500 profit decline in more than 2 years | 0 |
shares of pvh corp pvh rose 246 to 10712 monday on what proved to be an allaround great trading session for the stock market with the sp 500 index spx rising 085 to 447953 and the dow jones industrial average djia rising 061 to 3533571 the stocks rise snapped a fiveday losing streak pvh corp closed 1406 below its 52week high 12118 which the company achieved on may 10th the stock outperformed some of its competitors monday as vf corp vfc rose 050 to 7681 ralph lauren corp cl a rl rose 171 to 11826 and hanesbrands inc hbi rose 148 to 1923 trading volume 17 m eclipsed its 50day average volume of 852494 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of vornado realty trust vno shed 110 to 4227 thursday on what proved to be an allaround favorable trading session for the stock market with the sp 500 index spx rising 028 to 453695 and the dow jones industrial average djia rising 037 to 3544382 the stocks fall snapped a twoday winning streak vornado realty trust closed 864 short of its 52week high 5091 which the company achieved on june 8th the stock demonstrated a mixed performance when compared to some of its competitors thursday as sl green realty corp slg fell 041 to 7121 lexington realty trust lxp rose 123 to 1397 and alexanders inc alx fell 234 to 26354 trading volume 10 m remained 302029 below its 50day average volume of 13 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
siemens ag reported results for its first quarter which runs from october to december on thursday heres what you need to know revenue review the german technology major posted revenue of 1650 billion euros 1873 billion in the quarter up from eur1407 billion in the same period the year prior that beat expectations of eur1595 billion according to consensus provided by the company net income review the munichbased company reported eur164 billion in net income in the three months to dec 31 compared with eur138 billion a year before expectations were of eur161 billion supply chains siemens said it avoided major disruptions from supplychain issues associated with electronics components raw materials and logistics it added in its outlook that it expects supplychain constraints to ease during its 2022 fiscal year after strong revenue and orders that jumped 42 on a comparable basis siemens is navigating supplychain challenges better than peers analysts at berenberg said portfolio ahead of the 1q results siemens sold its postal logistics division to koerber for an enterprise value of eur115 billion and divested itself of its part in a joint venture with valeo for a profit gain of around eur300 million in comments to journalists chief executive roland busch said the company still intends to reduce its stake in siemens energy but didnt give details on a timeline mr busch also ruled out listing its electromobility chargingtechnology business on the stock exchange a strategy currently being adopted by swiss rival abb ltd there has also been no decision on the spinoff of its large drives applications business which was confirmed for a carve out in november chief financial officer ralf thomas said even so the two disposals mean siemenss progress on its portfoliostreamlining strategy is now ahead of expectations berenberg said while some of the gains for the disposals were baked into thursdays reiterated guidance there is still further upside risk to estimates especially given the companys earnings results in 1q the bank added guidance siemens confirmed its fullyear guidance including midsingledigit comparablerevenue growth a booktobill ratio above 1 and adjusted earnings per share of between eur870 and eur910 firstquarter results particularly in orders pave the way for 2022 guidance raises in the coming quarters deutsche bank analysts said not only are market conditions favorable but siemenss portfoliowell attuned to automation digitalization and decarbonization trendsalso gives it strong prospects versus peers deutsche added a lack of an upgrade to 2022 guidance might be a function of siemenss conservatism berenberg said citi analysts said they expect consensus to move to the upper end or even exceed the companys eps guidance range | 0 |
shares of microsoft corp msft shed 139 to 28615 friday on what proved to be an allaround grim trading session for the stock market with the sp 500 index spx falling 129 to 422848 and dow jones industrial average djia falling 086 to 3370674 this was the stocks fourth consecutive day of losses microsoft corp closed 6352 short of its 52week high 34967 which the company reached on november 22nd the stock demonstrated a mixed performance when compared to some of its competitors friday as apple inc aapl fell 151 to 17152 alphabet inc cl a googl fell 246 to 11721 and sap se adr sap fell 091 to 9162 trading volume 199 m remained 60 million below its 50day average volume of 260 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of southern co so inched 016 higher to 7469 tuesday on what proved to be an allaround rough trading session for the stock market with the sp 500 index spx falling 046 to 411917 and dow jones industrial average djia falling 017 to 3356181 southern co closed 588 short of its 52week high 8057 which the company achieved on august 19th | 0 |
shares of dr horton inc dhi inched 086 higher to 8864 wednesday on what proved to be an allaround great trading session for the stock market with the sp 500 index spx rising 085 to 448070 and the dow jones industrial average djia rising 068 to 3481439 the stocks rise snapped an eightday losing streak dr horton inc closed 1825 short of its 52week high 10689 which the company achieved on may 10th the stock outperformed some of its competitors wednesday as lennar corp cl a len fell 014 to 9845 nvr inc nvr fell 047 to 493538 and pultegroup inc phm rose 085 to 4758 trading volume 29 m eclipsed its 50day average volume of 25 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of synchrony financial syf inched 052 higher to 3651 wednesday on what proved to be an allaround favorable trading session for the stock market with the sp 500 index spx rising 028 to 414760 and the dow jones industrial average djia rising 011 to 3412805 synchrony financial closed 886 short of its 52week high 4537 which the company achieved on february 16th the stock demonstrated a mixed performance when compared to some of its competitors wednesday as apple inc aapl rose 139 to 15533 jpmorgan chase co jpm rose 042 to 14380 and visa inc cl a v fell 020 to 22892 trading volume 31 m remained 26 million below its 50day average volume of 58 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
dec 3 reuters the following bids mergers acquisitions and disposals were reported by 1130 gmt on friday dubais dp world has pulled out of a joint bid with an israeli company to privatise israels haifa port israels privatisation body said read more familyowned ap moller holding owner of danish shipping giant maersk said it had agreed to buy unilabs a provider of medical diagnostic services including covid19 tests from ukbased private equity investor apax partners read more shares in swedish orphan biovitrum sobi sobivst plunged 23 after us private equity firm advent international and singapores sovereign wealth fund said they were withdrawing their bid for the drugmaker read more norwegian real estate firm entra entraol said it had agreed to buy rival oslo areal for 1355 billion norwegian crowns 148 billion in the latest twist of consolidation in the nordic real estate sector read more italian pharmaceutical group recordati recimi has signed an agreement to buy ukheadquartered eusa pharma for an enterprise value of 750 million euros 847 million to boost its rare disease products portfolio it said in a statement read more outdoor sporting goods retailer sportsmans warehouse holdings inc spwho and great outdoors group owner of the bass pro shops chain have called off their merger deal according to a regulatory filing on thursday read more australian biopharmaceutical giant csl ltd cslax is in exclusive talks to buy swiss drugmaker vifor pharma vifns in a a10 billion 7 billion deal australian media reported sending the swiss drugmakers shares up by a fifth read more the us federal trade commission on thursday sued to block us chip company nvidia corps nvdao more than 80 billion planned acquisition of british chip technology provider arm adding to already significant global regulatory challenges of the deal read more one of the bidders for the bankrupt limetree bay refinery objected to the winning bid in court this week arguing the new company which said it wants to restart the caribbean facility really wants to liquidate its assets read more compiled by rajarshi roy and ruhi soni in bengaluru | 0 |
shares of waste management inc wm inched 025 higher to 16946 tuesday on what proved to be an allaround grim trading session for the stock market with the sp 500 index spx falling 046 to 411917 and dow jones industrial average djia falling 017 to 3356181 this was the stocks fifth consecutive day of gains | 0 |
shares of globe life inc gl shed 163 to 9909 monday on what proved to be an allaround rough trading session for the stock market with the sp 500 index spx falling 028 to 411863 and dow jones industrial average djia falling 014 to 3279840 globe life inc closed 952 below its 52week high 10861 which the company reached on february 10th the stock demonstrated a mixed performance when compared to some of its competitors monday as china life insurance co ltd adr lfc fell 107 to 739 prudential plc adr puk fell 241 to 2433 and metlife inc met fell 057 to 6289 trading volume 512203 remained 23556 below its 50day average volume of 535759 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
china’s 2001 entry into the wto marked the beginning of the golden age of globalization this was the catalyst that led to the global outsourcing of domestic manufacturing capacity to lower cost regions around the world as a result world economies became more interlinked in 2016 president trump began his administration by imposing tariffs on china one of the united states’ largest trading partners this signaled globalization’s peak and the beginning of a shift downward this shift has continued with the biden administration and the passing of the bipartisan infrastructure law bil 550b and the chips and science act 53b the legislative goal is to improve us economic competition innovation and industrial productivity on august 16 2022 biden signed the inflation reduction act ira it directs new federal spending toward reducing carbon emissions the ira’s primary objective is to spur investments in us domestic manufacturing capacity this most recent legislative action is another step toward the “made in america” goal and increasing manufacturingrelated national security its signing was a boon for the alternative energy sector’s 2022 performance 2023 has been marked by higher volatility as the final legislative details implementation and earnings impact of the ira have slowly crystalized meanwhile threats made against parts of the bill during lastminute legislative horse trading in the debt ceiling negotiations also created uncertainty with that signed we have a clearer roadmap as to how to best position for the ira from an investment perspective we believe those companies that have these three characteristics stand to benefit the most 1 meaningfully collect the ira corporate tax credit 2 established us based manufacturing operations and 3 viewed as important players in the ira based on these criteria we believe first solar stands to benefit furthermore we believe that first solar has positioned itself as one of the national champions in its implementation in first solar’s q422 earnings call they provided initial guidance as to the positive financial impact the credit would have in 2023 at the time the stock was trading 170 and rallied 30 to 220 the stock has given back a portion of these gains and currently trades at 187 at current levels we see a compelling riskreward our medium price target indicates 30 upside versus 7 downside longer term we see over 50 upside to our price target we have a preference for companies who are selling to utilities such as first solar rather than those selling to consumers via installers such as enphase enphase will not immediately benefit and the impact will be smaller plus management pointed out nearterm macro concerns due to higher interest rates affecting their business tesla may potentially benefit from its battery operations which could provide a buffer to its automotive margins if it continues to lower prices to gain share what is the ira based on an analysis by mckinsey and company the ira directs nearly 400b in federal funding to clean energy with the goal of substantially lowering the us’s carbon emission by the end of this decade the funds will be dispersed via a mix of tax incentives grants and loan guarantees clean electricity and transmission will receive the highest funding followed by clean transportation including electricvehicle ev incentives in the past the us has generally relied on imports for solar equipment this law will encourage more production at home with incentives for domestic solar panels and inverter manufacturing it is also designed to support the construction of renewable electricity plants who benefits from it the most in the mckinsey report there are estimates that the majority of the 394b in energy and climate funding will be in the form of tax credits corporations with us manufacturing capacity are the biggest beneficiaries with an estimated 216 billion worth of tax incentives available they are meant to provide an incentive for private domestic investment in clean energy transport and manufacturing many of the tax incentives are direct pay meaning they can claim their credit in that tax year and be paid the following year how does the ira impact earnings the ira should provide an earnings tailwind for the clean energy sector companies are now just beginning to discuss the potential earnings impact in their commentary some have provided more details than others from an investment perspective the key is to identify companies with us based manufacturing capacity that are eligible to directly collect a portion of the corporate tax incentive 216b rather than those companies that will indirectly benefit from consumers claiming the consumer tax incentive 43b critically it’s important to identify those companies whose earnings will be significantly impacted by the corporate tax incentive for example this is the potential impact the iratc will have on first solar’s gross margins its gross margins more than double the intent of the ira bill is clear provide companies with a profitable financial incentive to install domestic manufacturing capacity one of the reasons that first solar stands out is due in no part to the fact that they have provided the most visibility as to how the ira will impact their earnings in doing so they have provided a useful investment framework to assess how other companies may benefit not every company will have this type of impact on their profitability companies are eligible to claim these claims starting in 2023 through 2030 it is still very early stages on assessing the full impact this may have on the years to come those that are positioned to meaningfully collect them will outperform those that aren’t how does the ira tax credit iratc work this is how first solar described how the iratc will work with the benefit first recorded in q1 of 2023 “following consultation review with outside advisers our auditors and the sec we expect to recognize these credits as a reduction to cost of sales in the period such modules and the integrated eligible components are sold to customers” in their 2023 guidance they went on to say “i’ll now cover the full year 2023 guidance ranges our net sales guidance is between 34 billion and 36 billion gross margin is expected to be between 12 billion and 13 billion which includes 660 million to 710 million of advanced manufacturing production tax credits under section 45x of the ira and 110 million to 130 million of ramp and underutilization costs this results in a full year 2023 earnings per diluted share guidance range of 7 to 8” the best way to appreciate the impact of the iratc is to analyze the impact on profitability with and without the iratc fslr’s guidance provides insight on the impact of the iratc to simplify the analysis we’ve taken the midpoint and excluded the rampup related costs as we pointed out earlier first solar’s gross margins will more than double another way to look at it is that in addition to the first solar’s current estimated 2023 average sales price of 029 per watt first solar will receive an additional 017 per watt in the form of the iratc an effective 59 increase in its sales price this is how fslr broke down the 2023 iratc in the q422 call “given our fully integrated thin film manufacturing process we expect that this guidance will entitle us to integrated tax credits for wafers cells and module assembly which we estimate will equal approximately 017 per watt for modules produced in the united states and sold to a thirdparty” because first solar has been advised to treat the iratc as a reduction in costs of sales it’s important to focus on their growth in earnings per share assuming other companies adopt the same reporting standard the same investment parameters will apply the impact on earnings is significant consensus earnings are expected to increase 80 from 2023 to 2024 and 50 from 2024 to 2025 comparing it to 2022 is not an applestoapples comparison as there was no iratc benefit in 2022 while gross margins were impacted by higher than expected logistic related costs there were mainly penalty costs related to exceeding dock waiting times due to covid supplychain issues fslr has indicated that these and other costs will trend back down toward prepandemic levels over the course of the year not every company will capture a similar level of profitability uplift generally speaking those with higher domestic content can claim more of the iratc companies will seek to capture as much of the iratc as possible and from an investment perspective companies that have existing domestic capacity and can claim the iratc in 2023 will be the stocks that benefit the most in the shortterm in q422 fslr provided insights on domestic capacity expansion as it relates to collecting the iratc “… we believe that the intent of ira is to create enduring longterm supply chains which would therefore motivate and align the incentives to true manufacturing in the us more than just final module assembly with all the build material being sourced from international locations and if everything lines up along those lines then that sort of helps inform our view there as it relates to the inherent value of more domestic manufacturing plus we want to make sure that while we believe were fully entitled to the vertically integrated manufacturing tax credit to the extent that we can get confirmation through guidance from irs and treasury that would be very beneficial as we think about factory expansion” the key word is “vertically integrated” the more that a company’s us based manufacturing is vertically integrated the more of the iratc it can claim fslr manufactures solar modules based on thin film cadmium telluride cadtel photovoltaic pv technology demonstrated to have lower cost superior scalability and a higher theoretical efficiency limit over conventional technologies like crystalline silicon csi solar module sales represented 93 of total sales and the majority of sales were to developers and operators of systems in the united states a few of its largest customers include intersect power lightsource bp and nextera energy fslr will benefit as its clients have an incentive to build out their own capacity to capture the iratc we have preference toward those companies that will benefit from the corporate iratc rather than the consumer iratc the former includes utilities while the latter includes installers that are reliant on consumers to make the financial outlay to install solar panels etc it goes without saying that the ira is an important piece of legislature first solar is positioning themselves as one of the national champions to help in the ira’s implementation as we’ve seen internationally national champions typically get to provide input into and beneficial treatment from the government and other regulatory bodies we believe the amount of iratc visibility that fslr has provided in contrast to others thus far is a reflection of that a further case in point in the q123 call first solar cited remaining legislative hurdles there was a tugofwar to finalize the details of the ira bill between the treasury and congress it came down to assembled vs made in the usa the former relates to companies that apply for waivers to procure certain components overseas assemble the final product domestically and then attempt to qualify for the iratc “as it relates to capacity expansion look the as we said the primary engaging factor right now is clarity on policy and i said it in my prepared remarks if we if the domestic content stays true to the congressional intent of ira and it truly requires a highly manufacturable component here in the us in order to qualify and the bonus being truly a bonus and not trying to create some form of entitlement which we believe that should include at least the cell if not beyond the cell as part of the domestic content requirements to be manufactured here in the us thats going to be a key determining factor in terms of new capacity” after that comment an iratc bonus was announced that heavily favors and appeases “national champions” like first solar who are in the best position to collect the iratc bonus that is tied to the use of us steel in their manufacturing we estimate that the iratc bonus is worth another 003 to 005 per watt so breaking it all down this is the estimated impact the iratc and iratc bonus will have on first solar’s estimated effective “total selling price” before domestic price escalators a 75 increase from its 0295 estimated asp in q422 fslr guided for about 700m in 2023 iratc the stock rallied higher but has been very volatile and now has given up most of its gains we believe this has been somewhat selfinflicted if first solar management can be criticized for one thing is that they could have done a better job of managing expectations for example as part of its 700 guidance it stated “section 45x credits recognized will increase after q1 driven by both the timing of volumes sold as well as the inventory lag whereby products sold in the early part of 2023 may have been manufactured in 2022” despite this market expectations were likely elevated going into q1 and the market did not appreciate these timing differences additionally logistic costs that were elevated during the pandemic have not quite returned to normalized levels and were still a drag on gross margins while fslr did not provide any q1 guidance it did miss consensus by a significant margin q123 sales were 583 million up 49 yy and down 45 sequentially q123 sales missed consensus expectations of 713m and eps was 047 vs consensus expectations of 086 despite this q123 miss fslr management did not change their full year 2023 guidance and stated “we anticipate our earnings profile will be higher in the second half of the year” putting this all together we can see the timing on consensus eps and fslr iratc recognition it’s still very much 2h23 weighted in light of the timing differences and the fact that legislation had not yet been finalized at the time of their 2023 iratc guidance given in q4 if flsr could do it all over again we suspect they likely would have provided more conservative fy2023 iratc guidance and wait to revise it up as the final legislative details were cemented although from an earnings and iratc contribution perspective q223 will not make a large contribution it is important in terms of fslr reestablishing credibility to their 2023 earnings guidance and confidence in the potential earnings power in 2024 and 2025 unlike q123 expectations are muted going into q2 the iratc bonus may provide fslr another lever to at least meet q223 consensus importantly the iratc bonus may provide an opportunity for fslr to revise up their 700 iratc guidance the stock would react positively in this situation however the one factor worth noting is that the ceo has recently sold about 8m worth of stock at current levels around 185 we see a compelling riskreward our medium price target indicates 30 upside versus 7 downside longer term we see over 50 upside to our price target once we gain more confidence the 2025 eps is attainable where on consensus estimates valuation is not demanding will tesla benefit from the iratc tesla stands to benefit indirectly from the consumer ira tax credit as it may spur demand for its evs the ira provides consumers a maximum 7500 tax credit to incentivize the purchase of ev over combustion engine cars not every automaker’s ev will quality for the tax credit in the case of tesla their model 3 and model y qualify for the full credit consumers have to meet certain criteria to claim the full 7500 for example married couples filing jointly can’t make more than 300000 and 150000 for singles importantly you have to have paid at least 7500 in federal taxes in order to claim the full 7500 credit in your tax return in states like california tesla cars qualify for the cleaner vehicle rebate which ranges from 2000 to 7000 this is an actual cash rebate rather than a tax reduction for those consumers who were already interested in buying a tesla these two programs provide further incentives on the corporate tax credit side we have been waiting to see if tesla will provide guidance as to whether their battery manufacturing qualifies for section 45x of the inflation reduction act tax credits iratc given the accounting treatment of the iratc the credit lifts both gross and operating margins benchmark mineral intelligence estimates that tesla will receive 18b in iratc in 2023 to provide some context tesla reported 27b in gaap operating profit in q123 this works out to 1000 iratc per car based on tesla’s 18 million unit production guidance if benchmark’s estimate is accurate this is very important for tesla’s stock price currently the market is concerned that tesla will sacrifice automotive margins in the short term by lowering its prices to gain market share the iratc potentially will provide a cushion so that tesla’s margins are impacted less by lowering prices or put another way it may provide tesla ammunition to further lower prices perhaps an unintended consequence of the ira whereby the us government is providing a company financial support to attack the major us auto manufacturers however tesla has not yet provided any official guidance they may do so in q223 will installers benefit from the iratc our analysis points towards less of a benefit for moduleinverter companies such as enphase who typically manufacture overseas and then sell through installers who then sell to us consumers enphase outsources the actual manufacturing of its solar inverters to overseas electronic contract manufacturers ecm enphase is in the process of using a us based ecm in order to qualify for parts of the iratc however enph will have to giveup a portion of the iratc to the ecm this us operation should be fully up and running in 2024 and will contribute about 50 of enphase’s total manufacturing capacity so enphase won’t benefit from the iratc until sometime next year based on enphase’s initial guidance we estimate this could add additional 25 to enphase’s gross margins which currently stand at about 43 the iratc is in place until 2030 the last remaining details of the bill were just finalized taking a baseball analogy the game is not even in the first inning this will unfold over the next several years the inflation reduction act is an important piece of legislation and is supportive of the alternative energy sector we prefer companies that have more direct earnings exposure to the iratc and to corporate ie utility rather than consumer capex for a potential entry we’d like to see if price can break above 230 if it can then it could reset the current downward bias we would consider that a clear breakout buy on the other hand if we do fail to break above this level we will be looking to 145 for our first target buy we share buy plans such as this one every week in our premium webinars held on thursdays at 430 pm est we also issue realtime trade alerts when we do buy and are one of the only audited portfolios available to retail investors our performance exceeds institutional alltech portfolios learn more here please note the io fund conducts research and draws conclusions for the company’s portfolio we then share that information with our readers and offer realtime trade notifications this is not a guarantee of a stock’s performance and it is not financial advice please consult your personal financial advisor before buying any stock in the companies mentioned in this analysis beth kindig and the io fund own shares in tsla at the time of writing and may own stocks pictured in the charts if you would like notifications when my new articles are published please hit the button below to follow me | 0 |
shares of torontodominion bank td shed 098 to c8273 monday in what proved to be an allaround poor trading session for the canadian market with the sptsx composite index gsptse falling 008 to 2067674 torontodominion bank closed c1440 below its 52week high c9713 which the company achieved on june 1st trading volume of 79 m shares eclipsed its 50day average volume of 74 m | 0 |
occidental petroleum corp bought back 522 million of berkshire hathaway inc’s preferred stock in the second quarter demonstrating its willingness to repay warren buffett even as commodity prices drop the purchase brings occidental’s redemptions this year to 12 of berkshire’s initial 10 billion investment which was used to fund the producer’s acquisition of anadarko petroleum corp in 2019 berkshire’s preferred stock carries an 8 annual dividend making it an expensive part of occidental’s capital structure separately berkshire owns 25 of occidental’s common stock and is the company’s largest shareholder according to data compiled by bloomberg berkshire is willing to buy more occidental common stock buffett said at its shareholder meeting in omaha earlier this year however he ruled out buying the oil producer in its entirety occidental shares dropped as much as 27 in aftermarket trading as the company missed analysts’ earnings estimates because of weaker realized prices for its gas production the company raised its 2023 production guidance 13 but also reported higher capital spending than expected | 0 |
shares of london stock exchange group plc lseg inched up 043 to £8494 friday on what proved to be an allaround favorable trading session for the stock market with the ftse 100 index ukx rising 156 to 760728 london stock exchange group plc closed £400 below its 52week high £8894 which the company achieved on march 31 trading volume 608436 remained 11 million below its 50day average volume of 18 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of analog devices inc adi rallied 229 to 19636 monday on what proved to be an allaround positive trading session for the stock market with the sp 500 index spx rising 039 to 452279 and the dow jones industrial average djia rising 022 to 3458535 analog devices inc closed 308 below its 52week high 19944 which the company achieved on july 13th the stock demonstrated a mixed performance when compared to some of its competitors monday as broadcom inc avgo rose 245 to 91035 texas instruments inc txn rose 141 to 18340 and kla corp klac rose 328 to 49038 trading volume 32 m remained 463777 below its 50day average volume of 37 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
there are few moredominant and bettermanaged retailers than publix super markets the top florida grocer the company’s recent fourthquarter report underscored its strength publix had operating earnings of 13 billion in the period up 35 year over year while fullyear 2022 profits totaled 4 billion up 13 from 2021 | 0 |
shares of duke realty corp dre slumped 071 to 5452 monday on what proved to be an allaround grim trading session for the stock market with the sp 500 index spx falling 295 to 420109 and dow jones industrial average djia falling 237 to 3281738 the stocks fall snapped a threeday winning streak duke realty corp closed 1170 short of its 52week high 6622 which the company reached on december 31st the stock demonstrated a mixed performance when compared to some of its competitors monday as welltower inc well fell 018 to 8692 ventas inc vtr fell 007 to 5592 and healthpeak properties inc peak fell 243 to 3216 trading volume 27 m eclipsed its 50day average volume of 18 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
gold prices advanced wednesday in the first session of march after booking their biggest monthly decline since june 2021 in february the us dollar is kicking off march in the red after the ice us dollar index dxy a gauge of the greenback’s strength against a basket of major currencies logged its biggest monthly advance since september in february the weaker greenback is helping to bolster the price of gold along with us stocks which looked set to open higher wednesday | 0 |
when stocks fall bond prices rise or at least thats whats supposed to happen these days most asset classes appear to be falling simultaneously the s p 500 has fallen by about 8 over the past month while us treasury yields have continued to push higher with prices heading lower amid this environment hedge funds have broadly outperformed and are well placed to navigate current market volatility according to a new report by ubs research by the swiss investment bank shows that hedge funds gained 04 in august while global stocks declined by more than 4 hedge funds are alternative investments that employ a wide range of strategies including betting on falling markets many also utilise leverage to maximise returns such investments were previously restricted to a select group of investors but are now wisely accessible through etfs the ubs report also showed that the hedge fund performance tracker the hfri fund weighted index had fallen by just 4 this year until august as the msci world index declined by 156 over the same period the chart below shows how hedge funds have consistently beaten broader equity indexes this year for example despite a morethan 8 fall in the msci world index in april and june hedge funds returned 23 and 07 for the two respective months the banks note to clients said most hedge fund strategies had outperformed thanks to political risks macro issues and monetary policy weighing on markets certain hedge fund strategies can perform well in volatile and sidewaysmoving markets an environment we expect to last into next year the report said this year has seen recession risks increase as central banks have turned more hawkish over inflation in such a scenario ubs said it prefers hedge funds that offer macro strategies that can trade on volatile markets these funds can invest in a much wider range of underlying securities including commodities and foreign exchange as well as bonds and equities the report said multistrategy funds are also attractive because they offer access to multiple sources of alpha and can swiftly reallocate their capital to the most attractive opportunities as they evolve can bonds make a comeback while bond prices are falling alongside stocks right now ubs expects that relationship to reverse back to normality soon the report said that since 1930 bond prices had rallied after 12 months of negative returns for both stocks and bonds bonds have returned 11 on average every time | 0 |
cardinal health inc cah on thursday said it authorized a new 35 billion stock buyback program until the end of 2027 cardinal health said it expects 2024 adjusted profit of 645 to 670 a share compared to the wall street analyst estimate of 655 a share according to factset data the company also narrowed its 2023 adjusted profit guidance to 565 to 580 a share from 560 to 580 a share previously compared to analyst view of 573 a share cardinal health said it raised its longterm financial target for its pharmaceutical unit to 4 to 6 growth from its previous projection for lowsingle digit to midsingle digit growth cardinal health stock is up 83 in 2023 compared to an 112 rise by the sp 500 spx | 0 |
shares of algonquin power utilities corp aqn rallied 233 to c1495 tuesday in what proved to be an allaround positive trading session for the canadian market with the sptsx composite index gsptse rising 059 to 1966031 algonquin power utilities corp closed c524 short of its 52week high c2019 which the company reached on april 8th trading volume of 15 m shares remained below its 50day average volume of 25 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
indusind bank ltd 532187 shares inched down 033 to 120930 indian rupees thursday on what proved to be an allaround poor trading session for the stock market with the sp bse sensex index 1 falling 025 to 5995803 indusind bank ltd closed 6595 rupees short of its 52week high 127525 rupees which the company reached on september 20 the stock demonstrated a mixed performance when compared to some of its competitors thursday as union bank of india unionbank fell 051 to 7805 rupees and state bank of india sbin fell 030 to 59490 rupees trading volume 48696 remained 88710 below its 50day average volume of 137406 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
european stocks posted solid gains on thursday as the debate over the impact of higher inflation remained front and center while investors continued to look ahead to the coming wave of us corporate earnings reports equity markets appear to have shaken off their caution of recent weeks and are moving higher in unison this morning wrote chris beauchamp chief market analyst at ig yesterdays strong us cpi print and this mornings robust chinese ppi figure have not dented investor enthusiasm for stocks after us earnings season got off to a good start from jpmorgan set against the future of central bank stimulus investors continue to fret over whether recent spikes in inflation are transitory or more longlastingand what it means for monetary policy the federal reserve is expected to announce that it will begin slowing or tapering its program of monthly asset purchases which add liquidity to markets in november shares on the move publicis rose 36 after reporting net revenue in the third quarter ahead of expectations citi said publicis bumped up its revenue target for the year after a very encouraging set of trends in the third quarter with new guidance ahead of expectations publiciss new target is higher than citis estimate of 82 and consensus of 72 the us bank noted the new outlook implies organic growth between 4 and 6 in the fourth quarter compared with a 39 decline last year economic insight pantheon macroeconomics said official and private forecasts for eurozone gdp growth will roll over but inflation projections will continue climbing growth forecasts for the eurozone have increased this year especially since the end of the second quarter when europes vaccination drive accelerated pantheons economists said the consensus sees 2021 eurozone growth at 5 we have no objection with the idea that eurozone gdp will rise 5 this year but the reopening bump in economic activity is now over and downside risks are piling up pantheon said for 2022 pantheon has cut its forecast to 35 gdp growth regarding inflation pantheon said it will peak soon but economists see a distinct risk that it will remain higher than markets expect next year stock futures rose ahead of a wave of earnings including from major banks which investors will use to assess how companies are positioned to deal with risks including inflation and higher energy prices can companies weather those risks or was the entire rally only fueled by ultraloose monetary policy said carsten brzeski ings global head of macro research investors are looking to see where are we in terms of the postlockdown cycle and also to get some insights into how solid earnings and companies are going into this tapering period and this era of somewhat higher interest rates data include jobless claims for the week ended oct 9 which are forecast to fall for a second consecutive week according to economists surveyed by the wall street journal the dollar continued to weaken in europe and although the market largely shrugged off the higherthanexpected cpi reading inflation fears havent gone away said dbs it noted that data due later thursday may show ppi surged 87 on year in september however dbs said there is still room for the usd index to rise further toward 9600 in the coming months unicredit said a drop in the 10year treasurygerman bund yield spread below 170 basis points was also likely to be contributing to the dollars decline eurusd is showing resilience again reapproaching the 116 handle but has to break above 11650 to reduce selling pressure in a more convincing way sterlings gains on speculation about an imminent uk interestrate rise are expected to be limited reflecting concerns about the nations particularly severe supply chain issues labor shortages and high inflation said commerzbank many of the supply shortages that the world is experiencing reflect pentup demand in the wake of coronavirus so are expected to be temporary but this view doesnt apply to the uk due to brexit said commerzbanks ulrich leuchtmann the uk also faces further political and economic risks from its stubborn position in postbrexit negotiations he added those make a stronger sterling impossible despite rapid bank of england rate hikes the turkish lira fell to a record low versus the dollar after president recep tayyip erdogan fired three central bank officials erdogan removed deputy governors ugur namik kucuk and semih tumen along with monetary policy committee member adullah yavas erdogan believes that cutting interest rates causes inflation to fall and he tends to fire central bank employees including governors who disagree with him in this respect said oanda analyst jeffrey halley readers should be pencilling in usdtry trading on a 100000 handle sooner rather than later dz bank said inflation remains the strongest driver in eurozone government bond markets causing investors significant total return losses on a monthly basis even government bonds of periphery countries suffered a more than one percent total return loss because yield spreads over bunds have hardly moved while carry and rolldown are far from being sufficient to cushion rising bond yields said analyst sebastian fellechner axa investment managers said the latest inflation data from the us and germany shouldnt give central banks any reason to change their announced policy in the case of the fed it means a gradual scaling back of the bondbuying programs from november followed by gradual rises of key interest rate from mid2022 said achim stranz chief investment officer for the european central bank it means a similar strategy with a six to 12month time lag commerzbank expects shortterm consolidation in german bunds to continue as rates expectations already seem overstretched the banks rates strategists suggest the selloff in the recent days may have been excessive bunds are finally taking a breather from the vicious frontenddriven selloff over recent days with the curve flattening from the longend they added that significant impulses either from interest rate or inflation expectations are probably needed for the bearish trend to continue a softer stance about the path of interest rate rises in the uk from bank of england ratesetters speaking on thursday could prompt the gilt yield curve to steepen said mizuho theres a strong chance that todays speakers could provide more clarity on where the consensus of the monetary policy committee really is and wed expect this consensus to favour a more gradual path than is currently priced this could be a catalyst to steepen gilt forwards of intermediate maturities which beyond 2 years are now extremely flat mizuho said noting that the segments between 2year 1year forwards and fouryear 1year forwards are now inverted track the latest analysts comments on uk gilts here oil prices extended their gains in europe following the ieas monthly market report release showing forecasts for as much as 500000 barrels a day of extra oil demand in the coming months as a result of gastooil switching an acute shortage of natural gas lng and coal supplies stemming from the gathering global economic recovery has sparked a precipitous runup in prices for energy supplies and is triggering a massive switch to oil products and direct crude use for power generation the iea said adding that powergeneration plants fertilizer producers manufacturing operations and refineries are all affected gold prices hovered close to a onemonth high after the inflation data which also pushed the dollar and treasury yields lower further helping bullion zinc prices rose almost 3 after major producer nyrstar said it would cut output at three of its european smelters by 50 due to rising energy costs the belgiumbased company said it was no longer economically feasible to operate the plant at full capacity other metals were also rising with aluminum up 29 and copper up 17 soaring naturalgas and coal prices are forcing powergeneration companies and manufacturers to switch to using oil a move that could add half a million barrels a day to global demand the international energy agency said thursday in its monthly market report the iea increased its global oildemand forecasts for this year and the next by 170000 and 210000 barrels a day respectively but added that the cumulative effect of the energy crisis could be as large as 500000 barrels a day from september through next years first quarter german economy forecast to grow 24 in 2021 and 48 in 2022 a complete normalization of contactintensive activities isnt expected in the short term in germany and supply bottlenecks are hampering manufacturing for the time being the countrys leading economicresearch institutes said in a joint report the corona pandemic still shapes the economic situation in germany according to the joint economic forecasts report by the ifo institute diw berlin ifw kiel iwh and rwi publicis groupe sa boosted its outlook for 2021 organic revenue growth thanks to strong demand for digital marketing services in the third quarter the parisbased advertising company which owns agencies such as saatchi saatchi leo burnett and spark foundry said it expects organic revenue to grow 85 to 9 in 2021 from the previous year up from an earlier forecast of 7 growth organic revenue growth is a common metric that strips out the effects of currency fluctuations acquisitions and disposals | 0 |
while it’s been a down year for the stock market as a whole it’s been a good year for healthcare stocks as these often defensive plays live up to their reputation during the bear market despite the strong showing of healthcare stocks morningstar equity analysts still see plenty of attractive opportunities for longterm investors the morningstar us healthcare index which measures the performance of stocks in the healthcare sector lost 28 for the year through dec 13 while the broader market fell 158 during the same period as measured by the morningstar us market index still of the 96 healthcare companies reviewed by morningstar equity analysts 588 are currently undervalued what kinds of companies are healthcare stocks a wide range of companies fall under the umbrella of healthcare stocks the morningstar us healthcare index comprises seven industries including biotechnology drug manufacturers healthcare plans healthcare providers and services medical devices and instruments medical diagnostics and research and medical distribution there are companies engaged in the research discovery development and production of innovative drugs and technologies and companies that offer a wide variety of managed health products and services like health maintenance organizations and preferred provider organizations some of the largest healthcare stocks include unitedhealth group unh johnson johnson jnj and eli lilly lly healthcare stocks fall under morningstar’s defensive super sector meaning they tend to do well even when the overall market is down for this screen we looked for the 10 most undervalued stocks in the morningstar us healthcare index all carrying a morningstar rating of 4 or 5 stars then we looked for healthcare stocks that have earned a morningstar economic moat rating of wide to screen for companies with durable competitive advantages these were the 10 most undervalued healthcare stocks in the morningstar healthcare index as of dec 1 the most undervalued healthcare stocks are gsk and zimmer biomet holdings both trading at a 30 discount to their morningstar fair value estimate the least undervalued on the list is astrazeneca trading at an 8 discount morningstar analysts believe all 10 of these stocks are high quality and continue to be undervalued in the market the shares have largely recuperated the over 30 billion in market capitalization lost when significant investor concern over zantac litigation emerged in august even with the rebound we continue to view the stocks as undervalued with the market not fully appreciating the growth potential of the firms and their wide moats” patents economies of scale and a powerful distribution network support gsk’s wide moat gsk’s patentprotected drugs carry strong pricing power which enables the firm to generate returns on invested capital in excess of its cost of capital further the patents give the company time to develop the next generation of drugs before generic competition arises while gsk holds a diversified product portfolio there is some product concentration with its largest drug triumeq for hiv representing close to 10 of total sales but we expect new products will mitigate the generic competition that likely won’t emerge until 2027 or later also gsk’s operating structure allows for costcutting following patent losses to reduce the margin pressure from lost highmargin drug sales overall gsk’s established product line creates the enormous cash flows needed to fund the average 800 million in development costs per new drug a powerful distribution network sets up the company as a strong partner for smaller drug companies that lack gsk’s resources gsk’s entrenched vaccines platform creates an added layer of competitive advantage stemming from cost advantages in creating vaccines” as one of the largest pharmaceutical and vaccine companies gsk has used its vast resources to create the next generation of healthcare treatments the company’s innovative new product lineup and expansive list of patentprotected drugs create a wide economic moat” “zimmer’s strategy is twopronged first it is focused on cultivating close relationships with orthopedic surgeons who make the brand choice high switching costs and hightouch service keep the surgeons closely tied to their primary vendor and the surgeons bring in enough profitable procedures to keep hospital administrators at bay” second the firm aims to accelerate growth through innovative products and improved execution the latter is critical in our view to realizing the firm’s potential” zimmer’s wide economic moat stems from two major sources first there are substantial switching costs for orthopedic surgeons the extensive instrumentation or tool sets used to prepare bones and install implants are specific to each company the learning curve to become proficient in using one company’s instrumentation is significant” zimmer’s moat also involves intangible assets including intellectual property that protects the product portfolio which is characterized by evolutionary changes to technology because new generations of products rely on intellectual property established by earlier iterations of those devices” we’re holding steady on our fair value estimate at 175 per share which reflects our expectation that more normal procedure volume will be able to flow through after 2022 thanks to widespread vaccinations and some level of covid19 immunity acquired by extensive infection by previous variants” “medtronic’s standing as the largest pureplay medical device maker remains a force to be reckoned with in the medtech landscape pairing medtronic’s diversified product portfolio aimed at a wide range of chronic diseases with its expansive selection of products for acute care in hospitals has bolstered medtronic’s position as a key partner for its hospital customers medtronic has historically focused on innovation designing and manufacturing devices to address cardiac care neurological and spinal conditions and diabetes all along the firm has remained focused on its fundamental strategy of innovation it is often first to market with new products and has invested heavily in internal research and development efforts as well as acquiring emerging technologies” medtronic’s wide moat is rooted in its dominant presence in highly engineered medical devices to treat chronic diseases including those beyond its historical stronghold in heart disease medtronic’s strongest moat source is intangible assets and to a lesser extent switching costs that are associated with specific products” medtronic’s wide moat is bolstered by several intangibles including intellectual property and carefully nurtured relationships with physicians thanks to its persistent ability to innovate medtronic is often first to market with new products in various therapeutic areas” overall we now include the following in our assumptions for medtronic a more gradual resumption of prepandemic procedure volume in fiscal 2023 and 2024 hospital labor constraints that will prevent significant expansion of capacity through the midterm and the anticipated launch of renal denervation by early 2024 we project 3 average annual topline growth through fiscal 2027 as procedure volume returns and stabilizes closer to prepandemic levels over the next 18 months” “we think roche’s drug portfolio and industryleading diagnostics conspire to create maintainable competitive advantages as the market leader in both biotech and diagnostics this swiss healthcare giant is in a unique position to guide global health care into a safer more personalized and more costeffective endeavor strong information sharing continues between genentech and roche researchers boosting research and development productivity and personalized medicine offerings that take advantage of roche’s diagnostic arm” roche’s wide moat arises from its status as the leader in oncology therapeutics and in vitro diagnostics and the firm has a promising strategy of combining its expertise in both areas to generate a growing personalized medicine pipeline making use of companion diagnostics” much of roche’s moat in pharmaceuticals is derived from its long relationship with genentech” roughly 80 of roche’s pharmaceutical sales are from biologics which has insulated the firm to some extent from rapid erosion of its blockbusters biosimilars followon versions of branded biologics are associated with significantly higher costs of manufacturing clinical trials and marketing than traditional smallmolecule generics and therefore have not had as dramatic an impact on branded drug sales at launch” we think roche’s pharmaceutical division will see a 5 topline compound annual growth rate through 2026 with diagnostics division sales remaining flat over this period due to a strong covid19related 2021 performance” we’ve slightly adjusted our fair value estimates for roche shares to chf 42857 from chf 3355 which also incorporates recent foreign exchange volatility and we think roche shares remain significantly undervalued” “bayer reported strong thirdquarter results ahead of our expectations but we don’t expect any major changes to our fair value estimate strong crop science prices partly supported the outperformance but we expect increased competition in 2023 which will likely reverse some of bayer’s recent gains however the crop science business remains well positioned for growth over the long term led by innovative new products such as shortstature corn and nextgeneration trait protection that help reinforce the firm’s wide moat we continue to view bayer as undervalued with the market not fully appreciating the innovation at the company and overly concerned about past glyphosate litigation pressures beyond the innovation in crop science bayer recently introduced drugs nubeqa for cancer and kerendia for kidney disease that are starting to contribute meaningfully to the top line representing close to eur 200 million collectively in the quarter” similar to other large pharmaceutical companies bayer’s drug unit supports a wide economic moat the company has a diverse portfolio of patentprotected drugs and a growing number of biologic drugs the company also has a strong global salesforce that can attract smaller drug firms to partner with bayer for commercialization efforts which augment bayer’s internal drugdevelopment efforts the company’s consumer health business benefits from a narrow economic moat largely because of its strong brand power consumers continue to pay a premium for aspirin and aleve even though strong generic competition has existed for many years” overall bayer looks poised for steady sales and earnings growth over the next five years and we project a 3 fiveyear compound annual growth rate cagr for sales and a 4 fiveyear cagr for earnings” “veeva is the leading provider of cloudbased software solutions tailored to the life sciences industry it provides an ecosystem of products to address the operating challenges and regulatory requirements that companies in the space face instead of focusing on a general onesizefitsall system veeva has created platforms that are purely designed to serve one industry’ we assign veeva a wide moat rating because we believe the firm’s high retention rate and its customers’ unlikeliness to move to a different product switching costs should continue to support economic profits for at least the next 20 years” the company operates in two categories commercial solutions and rd solutions” in the near term management expects the number of life sciences sales representatives to drop roughly 10 by the end of fiscal year 2024 as the industry adopts more digital solutions a trend that we view as likely we expect this rep reduction to create some headwinds for both commercial and rd businesses the lowered user base will directly impact veeva crm as each contract with customers are priced by the number of end users but we think veeva will more than offset this by continuing to gain market share and its other businesses within the segment such as its presence in commercial content management and data and analytics propelling top line growth veeva continues to win new customers in its crm or vault commercial solutions and further penetrates its existing userbase shown by the consistently increasing number of average commercial products per user we expect the commercial business to grow at a modest to high singledigit over the next five years for rd solutions we expect revenue growth to soften but we still expect a very strong growth for this healthcare stock over the next five years with a revenue cagr of 22” “sanofi’s wide lineup of branded drugs and vaccines and robust pipeline create strong cash flows and a wide economic moat growth of existing products and new product launches should help offset upcoming patent losses sanofi’s existing product line boasts several toptier drugs including immunology drug dupixent dupixent looks well positioned to reach peak sales over eur 14 billion with an initial focus on the moderate to severe atopic dermatitis market we expect additional indications in areas such as the more recently added severe asthma indication will help the drug serve additional patients” while sanofi shares profits on the drug with regeneron the very high sales expected for the drug should provide a strong tailwind to overall growth for the company additionally sanofi holds a strong position with several vaccines and rare disease drugs that should hold up well as pricing pressures and competition tend to be less severe in these areas” sanofi is making mixed progress but with limited nearterm patent losses besides the 2023 exclusivity loss on multiple sclerosis drug aubagio the firm has time to develop its nextgeneration drugs” overall we project a fiveyear average annual revenue growth rate of close to 5 largely driven by steady dupixent gains along with gains in consumer products and vaccines as well as new product launches offsetting patent losses and deteriorating pricing for lantus following a sharp patent cliff in 2013 sanofi faces relatively mild patent losses and diverse operations in vaccines consumer products and emerging markets should lead to steady growth over the long term also we expect the streamlining of operations costcutting and gains in high margin specialty drugs to offset falling lantus pricing in the us resulting in operating margin expansion over the next three years furthermore we estimate the company’s weighted average cost of capital at 7 which is in line with the company’s peer group” “west pharmaceutical services is the global market leader in primary packaging and delivery components for injectable therapeutics primary packaging is the material that first envelops a drug product and safe production of drugdelivery packaging is critical for the successful delivery of pharmaceutical products packaging must ensure drugs don’t leak into the surrounding material and vice versa because of the missioncritical nature of these components it’s important for customers to trust the quality of manufacturing and design” west is primarily chosen as a vendor for its quality reputation and supply chain expertise the firm’s massive scale at more than 40 billion components per year limits the chance of component shortages as many components can be made in a different facility if any one plant faces difficulties” west has carved out a wide economic moat in the field of complex injectable device packaging from a proven level of expertise in the space and the durability of profits supported by packagingspecific regulatory approvals” west’s dominant market position which has proved to be durable over the past several decades is evidence of strong intangible assets west participated as a vendor in at least 90 of biologic drugs brought to market in 2019 in the us and europe” we are maintaining our fair value estimate on west pharma of 280 we think west’s growth is likely to be fairly resilient once covid19 sales begin to roll off the top line” “astrazeneca has built its leading presence in the pharma and biotech industry on patentprotected drugs and a developing pipeline that add up to a wide moat the replenishment of new drugs is setting up industryleading growth astrazeneca’s pipeline is emerging as one of the strongest in the drug group and we think the company is developing several key products that hold blockbuster potential in particular the company’s recently launched cancer drugs tagrisso and imfinzi are wellpositioned based on leading efficacy in hardtotreat cancers” as astra’s next generation of drugs launch we expect operating margins to improve based on the strong pricing power of the new drugs and the operating leverage the firm should attain as the new drugs reach critical mass” astra is making solid strides with its pipeline setting up the potential for steady longterm growth we are most bullish on the recently announced positive clinical data in breast cancer for two key drugs camizestrant and capivasertib which seem less appreciated by the market potentially due to other drugs with similar mechanisms of action that failed” we continue to view this healthcare stock as undervalued with the market not fully appreciating the strong growth outlook and the innovative pipeline that also supports the firm’s wide moat” “zoetis reported thirdquarter results that were characterized by a number of growing pains that we categorize as shortterm turbulence but we’ve moderately trimmed our fair value estimate of this healthcare stock to 170 per share down from 186 after adjusting our estimate for 202223 to reflect ongoing unfavorable foreign exchange drag from nearterm materials shortages and the delay in us regulatory approval of librela nonetheless shares remain undervalued from our perspective despite these nearterm constraints we see little to alter our confidence in zoetis’ wide economic moat including its intangible assets and cost structure” zoetis continues to enjoy robust growth in its companion animal segment with quarterly operational revenue up 10 but the livestock segment remains soft with a quarterly decline of 3 thanks to pressure from generics and increased competition across cattle swine and fowl” zoetis is the undisputed leader in the global animal health industry and we believe it possesses the widest moat of all the competitors zoetis has set itself apart based on its impressive innovation that shows up across its product portfolio including a number of drugs for specific pet ailments such as separation anxiety” we expect zoetis to grow faster than the industry and maintain aboveaverage margins due to its scale and its shift toward the fastergrowing companion animal segment zoetis’ investments in dermatology parasiticide and monoclonal antibody innovation have been paying off handsomely here” zoetis enjoys a wide economic moat thanks to its intangible assets and cost advantages although patents are not essential for maintaining a product in the animal health industry at least 20 of the firm’s revenue comes from products protected by patents that allow zoetis to charge a premium price and insulate it from competition the firm’s strong brand name is another advantage over competitors” considering the firm’s strong grip on expense control we expect zoetis to largely maintain the operating margin gains made in the past two years we now project adjusted operating margin to reach 38 by 2026—an increase of roughly 220 basis points of growth compared with highwater mark in 2021” | 0 |
sp 500 futures advanced wednesday night as investors looked beyond the latest interest rate hike and commentary from the federal reserve futures tied to the broad index added 04 nasdaq 100 futures gained 11 helped by meta shares futures connected to the dow jones industrial average added 12 points trading near flat meta surged 17 in extended trading after reporting a fourthquarter beat on revenue and announcing a 40 billion stock buyback that helped investors look past losses in the business unit overseeing the metaverse the moves follow a positive day for the three major indexes the sp 500 reversed losses to end the regular session with a jump of 105 while the nasdaq composite closed 2 higher meanwhile the dow eked out a narrow 002 gain after dropping more than 500 points earlier in the day investors closely watched the fed meeting wednesday where a 025 percentage point interest rate hike was announced that marked a pull back from the 05 percentage point increase at decembers meeting bolstering investor optimism that inflation is cooling enough for the central bank to take notice but the bank gave no indication of an upcoming pause in rate hikes traders think the fed is behind the curve and that inflation threat is receding rapidly said jamie dutta market analyst at vantage the fed is open to changing its mind and may have to if the economy loses momentum investors will watch thursday for earnings reports from household names including apple alphabet amazon ford motor and starbucks they will also look for data on jobless claims productivity labor costs and factory orders | 0 |
shares of marsh mclennan cos mmc inched 041 higher to 17489 tuesday on what proved to be an allaround mixed trading session for the stock market with the sp 500 index spx rising 009 to 415487 and the dow jones industrial average djia falling 003 to 3397663 this was the stocks sixth consecutive day of gains marsh mclennan cos closed 825 short of its 52week high 18314 which the company reached on april 21st the stock demonstrated a mixed performance when compared to some of its competitors tuesday as accenture plc cl a acn fell 001 to 27996 chubb ltd cb rose 176 to 20169 and american international group inc aig rose 104 to 5246 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of duke realty corp dre jumped 45 in premarket trading monday after the owner of rentable industrial assets in logistics markets agreed to be acquired by fellow real estate investment trust reit prologis inc pld in an allstock deal valued at about 26 billion including debt prologis shares shed 41 ahead of the open under terms of the deal duke realty shareholders will receive 0475 prologis shares for each duke realty share they own based on fridays closing prices that values duke realty shares at 5569 each which represents an 119 premium and implies a market capitalization for duke realty of 2141 billion the companies said there is potential for synergies of 375 million to 400 million prologis said it plans to hold about 94 of duke realtys assets and exit one market in addition to generating significant synergies the combination of these portfolios will help us deliver more services to our customers and drive incremental longterm earnings growth said prologis chief financial officer tim arndt duke realtys stock has dropped 242 year to date through friday and prologis stock has shed 304 while the spdr real estate select sector etf xlre has declined 205 and the sp 500 spx has lost 182 | 0 |
shares of sysco corp syy slumped 085 to 8557 wednesday on what proved to be an allaround rough trading session for the stock market with the sp 500 index spx falling 072 to 427404 and dow jones industrial average djia falling 050 to 3398032 the stocks fall snapped a fourday winning streak sysco corp closed 596 below its 52week high 9153 which the company reached on april 21st trading volume 17 m remained 581067 below its 50day average volume of 23 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of nrg energy inc nrg advanced 124 to 3835 tuesday on what proved to be an allaround great trading session for the stock market with the sp 500 index spx rising 028 to 456746 and the dow jones industrial average djia rising 008 to 3543807 nrg energy inc closed 745 below its 52week high 4580 which the company reached on november 14th the stock outperformed some of its competitors tuesday as duke energy corp duk rose 055 to 9529 exelon corp exc rose 044 to 4302 and sempra sre rose 011 to 15141 trading volume 47 m remained 783732 below its 50day average volume of 55 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
today only get 40 off benzingas winning options trading strategy even during bear markets click here to see the trades a whale with a lot of money to spend has taken a noticeably bullish stance on united airlines holdings looking at options history for united airlines holdings ual we detected 21 strange trades if we consider the specifics of each trade it is accurate to state that 71 of the investors opened trades with bullish expectations and 28 with bearish from the overall spotted trades 3 are puts for a total amount of 139488 and 18 calls for a total amount of 2618705 taking into account the volume and open interest on these contracts it appears that whales have been targeting a price range from 420 to 540 for united airlines holdings over the last 3 months looking at the volume and open interest is a powerful move while trading options this data can help you track the liquidity and interest for united airlines holdingss options for a given strike price below we can observe the evolution of the volume and open interest of calls and puts respectively for all of united airlines holdingss whale trades within a strike price range from 420 to 540 in the last 30 days united airlines holdings option volume and open interest over last 30 days where is united airlines holdings standing right now with a volume of 2440344 the price of ual is up 243 at 4513 rsi indicators hint that the underlying stock may be approaching overbought next earnings are expected to be released in 52 days options are a riskier asset compared to just trading the stock but they have higher profit potential serious options traders manage this risk by educating themselves daily scaling in and out of trades following more than one indicator and following the markets closely if you are already an options trader or would like to get started head on over to benzinga pro benzinga pro gives you uptodate news and analytics to empower your investing and trading strategy | 0 |
the us commerce department on friday accused several solar companies of evading american tariffs on imports of chinamade components findings that could add to tensions between beijing and washington the department has been investigating claims that certain manufacturers of solar cells and modules went around antidumping and countervailing duties on china | 0 |
shares of vertex pharmaceuticals inc vrtx inched 022 higher to 34832 wednesday on what proved to be an allaround poor trading session for the stock market with the sp 500 index spx falling 020 to 444682 and dow jones industrial average djia falling 038 to 3428864 vertex pharmaceuticals inc closed 662 short of its 52week high 35494 which the company achieved on june 30th | 0 |
in our age of social media and competitive punditry this could be what a market bottom sounds like on tuesday cnbc grabbed bridgewater founder ray dalio in davos and asked him whether his belief that “cash is trash” remains true given you know inflation bear markets and recession “of course cash is still trash” dalio shot back “do you know how fast you’re losing buying power in cash” and equities he added “are even trashier” he suggested that investors try real estate pessimism is contagious also on tuesday | 0 |
shares of rallybio corp tumbled more than 15 and hit a new alltime low on friday after the clinicalstage biotechnology company said it was raising 50 million in a downsized public offering the new haven conn company which had about 321 million shares outstanding before the offering said it is selling more than 833 million common shares and prefunded warrants at 6 apiece in the offering the stock closed at 670 on thursday rallybio shares fell nearly 17 during thursdays session after the company said it planned to raise 75 million in the offering rallybio said it plans to use proceeds from the offering to fund clinical regulatory and manufacturing development of its rlyb212 and rlyb116 product candidates and to fund the ongoing research and development of additional candidates rallybio shares were recently changing hands at 556 down 17 after falling to 486 their lowest level since the company went public in july 2021 earlier in the session the stock is now more than 75 below the alltime high of 2578 reached shortly after the ipo | 0 |
despite lingering uncertainty in the metals and mining sector morgan stanley thinks there are some strong value opportunities in the space analyst carlos de alba upgraded shares of alcoa teck and nexa to overweight from equal weight noting he is turning selectively more positive on certain mining stocks where they see opportunities for deep value or selfhelp stories alcoa has a strong cash cost curve and capacity cuts to smelting which is a term use to describe the process of extracting metal from its ore de alba said nexa was upgraded to overweight due to reaching deepvalue territory and future results vary conservative he said teck was named a top pick due to forthcoming value expected as the company increases its exposure to copper while also having what they see as a cheap valuation cash flow is also likely to rise the analyst noted which could prompt higher dividend payments we are only selectively upgrading mining stocks those where we see deep value andor selfhelp stories amid persisting macrochina recovery uncertainties the note said de alba emphasized caution on the sector due to macro uncertainties in china that kept upgrades conservative despite what they see as attractive valuations strong cash flow generation capital expenditure declines and low leverage morgan stanleys china economist believes a gradual exit from covidzero and coordinated intervention in the property sector could result in improving demand only by spring de alba wrote however morgan stanleys commodities team still sees some more downside to prices before green shoots emerge metal and mining stocks have struggled in recent months as concerns over an economic cooling that could shrink demand for metals worried investors on friday alcoa shares fell more than 2 while tech slid 1 nexa shares advanced 1 cnbcs michael bloom contributed reporting | 0 |
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a view of the brani keppel and tanjong pagar container terminals in singapore august 19 2022 reutersedgar su singapore sept 1 reuters economists have cut growth forecasts and upped inflation expectations for singapore according to a central bank survey published on thursday with a global slowdown seen as the biggest risk to the tradesensitive city state the median forecast of 21 economists surveyed by the monetary authority of singapore mas is for singapores economy to grow 35 this year down from a forecast of 38 in junes survey read more the median inflation forecast is for broad consumer prices to rise 57 over 2022 up from 5 predicted in june the mas sent out the survey early in august when the government also downgraded growth forecasts and as central banks around the world stepped up efforts to contain inflation by raising interest rates read more almost three quarters of survey respondents saw an external growth slowdown among trading partners as the top downside risk to the economy while 615 rated a better than expected recovery in china as the most likely source of an upside surprise weak chinese data in recent weeks will not be encouraging for that view however nor would disappointing singapore manufacturing figures published last week read more on the inflation front the most recent data from july had singapores consumer prices rising at their fastest pace in 13 years and the finance minister this month said he did not expect it to peak until the fourth quarter of this year read more singapore unexpectedly tightened monetary policy twice this year in january and july a majority of economists expect yearonyear corporate profits to fall in the september quarter the survey showed although most also think property prices will rise and corporate bond spreads will stay stable | 0 |
fonix mobile plc said thursday that revenue and profit for fiscal 2022 increased after growth in its three business segments and remain in line with managements expectations the londonlisted mobile payments and messaging company said adjusted earnings before interest taxes depreciation and amortization for the year ended june 30 rose 163 to 103 million pounds 123 million compared with gbp88 million a year earlier gross profit increased by 165 to gbp132 million total volume of mobile payments grew by 11 to gbp2586 million the board continues to be confident in the growth potential for fonix going into fiscal 2023 it said it intends to pay a final dividend in november shares in the company at 0800 gmt were up 300 pence or 2 at 15600 pence | 0 |
shares of equifax inc efx slipped 134 to 19940 wednesday on what proved to be an allaround mixed trading session for the stock market with the dow jones industrial average djia rising 024 to 3348272 and the sp 500 index spx falling 025 to 409038 this was the stocks third consecutive day of losses equifax inc closed 3474 short of its 52week high 23414 which the company reached on february 2nd the stock underperformed when compared to some of its competitors wednesday as sp global inc spgi fell 052 to 34460 moodys corp mco fell 036 to 30285 and fortinet inc ftnt fell 124 to 6515 trading volume 475350 remained 307948 below its 50day average volume of 783298 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of international business machines corp ibm slipped 169 to 14002 wednesday on what proved to be an allaround grim trading session for the stock market with the sp 500 index spx falling 120 to 378322 and dow jones industrial average djia falling 110 to 3287571 the stocks fall snapped a twoday winning streak international business machines corp closed 1319 below its 52week high 15321 which the company achieved on december 13th the stock underperformed when compared to some of its competitors wednesday as microsoft corp msft fell 103 to 23453 alphabet inc cl c goog fell 167 to 8646 and alphabet inc cl a googl fell 157 to 8602 trading volume 25 m remained 23 million below its 50day average volume of 48 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
shares of edison international eix shed 074 to 6731 tuesday on what proved to be an allaround positive trading session for the stock market with the sp 500 index spx rising 129 to 416400 and the dow jones industrial average djia rising 078 to 3415669 edison international closed 601 below its 52week high 7332 which the company achieved on april 21st the stock underperformed when compared to some of its competitors tuesday as nextera energy inc nee rose 075 to 7608 southern co so fell 024 to 6774 and dominion energy inc d fell 023 to 6160 trading volume 14 m remained 613674 below its 50day average volume of 20 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
junshi biosciences reported dismal results in the first quarter with operating income plunging nearly 60 and its net loss expanding by 37 hopes of a big revenue boost from an oral covid drug have been dashed and the company may not recoup its investment in the short term as local equity markets flounder chinese drug companies are heading westwards in their quest for cash and the preferred destination looks to be zurich shanghai junshi biosciences co ltd 1877hk 688180sh is the latest biotech to hop on board the european financing express using a crossborder stock link the maker of drugs to treat covid and cancer announced last monday that it plans to sell up to 68 million global depositary receipts gdrs on the six swiss exchange aiming for proceeds of around 34 billion yuan 475 million to replenish its finances and support product development the company finds itself strapped for cash after a particularly dire set of earnings in the first quarter junshi’s operating income fell nearly 60 to 255 million yuan and its net loss ballooned 37 to 543 million yuan bloated by 528 million yuan in rd costs junshi was left with just 499 billion yuan of cash in its coffers in the past the company made several successful financing trips to the capital markets in december 2018 it raised hk294 billion yuan 377 million through a listing on the hong kong stock exchange and followed up in july 2020 with a 449 billion yuan bounty from shanghai’s nasdaqstyle star market since then it has also raised money through private share placements most recently in november last year junshi netted 378 billion yuan that time by issuing new ashares as of endmarch the company had 345 billion yuan of unused funds from that share placement judging from the market reaction investors are not happy to hear that the company wants to dip into the capital pool again barely half a year after its last funding effort the company’s shanghai and hong kong share prices fell sharply at the news closing down more than 5 this time junshi bio has decided to go the gdr route via switzerland to reboot its finances joining a growing list of chinese companies attracted by easier listing requirements and faster approvals on the european exchange the gdrs are certificates issued by a custodian bank that represent chinese yuandenominated shares after a lockup period of 120 days the certificates can be converted into the underlying stock and sold on shanghai and shenzhen exchanges the relatively straightforward procedures for approvals and issuance can usually be completed within three to four months the cost of issuing swiss gdrs is also lower than for other overseas ipos so far this year pharmaceutical companies cansino biologics 6185hk 688185sh and china meheco group 600056sh have also announced plans to issue gdrs in switzerland in the first quarter most of the company’s operating revenue came from an anticancer drug toripalimab approved for use since 2018 the pd1 antibody brought in 196 million yuan in the quarter almost 80 of overall revenue sales have been rising as the drug was approved for more conditions but the effect could be waning in the first quarter the drug’s sales rose nearly 78 from the same period a year earlier but the revenue amount was below the 218 million yuan and 214 million yuan in the third and fourth quarters of last year meanwhile sales of its once hotly anticipated oral drug to treat covid vv116 are far below expectations after gaining marketing approval from regulators in january the drug generated sales of just 115 million yuan in the first quarter that’s a far cry from the bumper income predicted by some analysts when the covid pandemic was raging guosheng securities for example once forecast that the drug could rack up annual sales of 176 billion yuan or more junshi invested heavily to develop the covid oral drug exciting investors along the way but by the time the product came to market the opportunity for windfall profits had largely passed as the pandemic ebbed the company said in a previous financial report that it had spent 391 million yuan on rd for the drug with total investment expected to reach 880 million yuan based on current sales the company looks unlikely to recoup its investment in the short term junshi’s other commercialized drugs are an antiinflammatory injection adalimumab and a product used in a combined antibody therapy for covid adalimumab only gained marketing approval in march last year and was first prescribed two months later being still relatively new to the market it managed only 2908 million in sales revenue junshi’s covidneutralizing antibody used in combination with a drug from eli lilly lly gained emergencyuse approval from us drug regulators in early 2021 boosting the chinese company’s revenues that year but the us regulatory body narrowed the scope of the license last year saying the product was not very effective against the omicron variant demand for junshi’s monoclonal antibody etesevimab nosedived and the product is no longer generating revenue junshi has been losing money for years and its big bets on new drugs have yet to pay off some industry experts have expressed doubts about whether the company can achieve a selfsustaining business dynamic without external financing aside from its handful of products on the market the company does have nearly 50 drugs in the pipeline in the areas of oncology autoimmunity metabolic disease and neurology three new drugs are in phase iii clinical trials and two are at the phase ii stage a further 24 are in phase i trials and 20 are at the preclinical stage the potential roster of drugs is substantial but the huge cost of developing them is weighing heavily on company finances small wonder that junshi has been in active pursuit of overseas revenue on jun 1 the company announced its manufacturing site had passed a prelicense inspection by us drug regulators and its partner coherus biosciences inc chrs was preparing to launch the toripalimab cancer drug in the us market coherus expects the drug to be approved in the third quarter of this year potentially becoming the first chinesedeveloped pd1 immunotherapy drug to launch in the united states junshi also announced a joint venture with rxilient biotech to develop and sell toripalimab in nine countries in southeast asia the disappointing return on drug investments so far has battered junshi’s share price which has fallen more than 75 from a record high reached in february 2021 the company’s latest pricetosales ps ratio is about 138 times slightly below the 148 times for innovative drug leader beigene bgne but beigene’s earnings are in better shape with revenues rising 57 in the first quarter although the firm was still in the red junshi is grappling with weak sales of its highinvestment drugs an uncertain push into overseas markets and a cashhungry research pipeline investors may be left wondering whether the company can serve up a positive plot twist to inspire fresh confidence for the future | 0 |
cathie woodled ark investment management bought a whopping 205 million stake in cryptocurrency exchange platform coinbase global inc coin on thursday funds operated by ark purchased over 353000 shares of the company on a day when its stock fell over 78 the purchase was conducted via the flagship ark innovation etf arkk and the ark next generation internet etf arkw also read how to buy coinbase coin stock coinbase shares have risen over 72 since the beginning of the year led by a resurgence in crypto trading bitcoin btcusd is up over 20 while ethereum ethusd has gained over 18 during the period however a large class action lawsuit could be the next big overhang in the crypto industry law firm cryptolawyersorg announced it has commenced an investigation on behalf of customers of coinbase robinhood markets inc hood and other cryptocurrency exchanges who have purchased crypto securities from those companies the investigation concerns possible violations of state and federal securities laws and the failure to furnish investors with material risk disclosures as required by those laws a release said “we believe coinbase robinhood and other exchanges have violated the law and investors who lost money purchasing cryptocurrencies on their platforms may be entitled to recover those losses” cofounder tom grady said cryptolawyersorg is currently asking clients of coinbase robinhood and other exchanges who suffered losses purchasing cryptocurrencies on their platforms to reach out to share information about their investments other buy ark also bought over 265000 shares of robinhood at an estimated valuation of over 25 million based on thursdays closing price read next jpmorgan strategist warns risk of ‘unknown unknowns’ highest since global financial crisis ‘things are getting uglier’ | 0 |
shares fell as much as 38 to 2981 singapore dollars us2224 and were on track for the biggest oneday percentage loss in over a year the singaporean banks net profit including oneoff expenses rose 12 to s457 billion us341 billion which was below the s472 billion net profit estimate compiled by factset citi analysts said that while results were below consensus some of the positives included the banks net interest margin expansion and lower credit costs however the quarteroverquarter fall in current account savings account and decline in loans were among the key negatives they noted | 0 |
in a significant development caceis a fundamental asset servicing division of banking behemoths crédit agricole and santander has received the green light from french regulators to offer cryptocurrency custody services as per frances financial markets authority amf caceis bank was registered for this purpose on june 20 which is confirmed on the regulators website what the crypto custody approval means caceis bank a wellestablished entity serving asset managers including insurers pension funds and private equity firms now stands alongside other major traditional finance players such as societe generales forge and axa investment managers which have already been acknowledged under europe’s crypto regulatory structure this development comes as the european union is gearing up to enforce new cryptocurrency licensing regulations referred to as mica beginning in 2024 there have been whispers surrounding caceiss intention to acquire crypto regulatory status since 2021 with a staggering 46 trillion euros approximately 51 trillion in assets under custody this registration represents a monumental leap for caceis also read ftx paying more legal fees than the gdp of a small island in france acquiring registration from amf is a mandatory step for entities wishing to offer cryptocurrency custody exchange or trading services notably binance bnbusd is facing scrutiny from french authorities for allegedly offering services in an unauthorized manner before obtaining approval in 2022 traditional bank move closer to crypto caceiss move to secure crypto custody registration is part of a broader trend of traditional financial institutions exhibiting a growing interest in the cryptocurrency sector deutsche bank db recently disclosed its intent to procure a crypto custody license in germany similarly blackrock blk the worlds most prominent asset manager recently submitted an application to manage an exchangetraded fund correlated with the price of bitcoin btcusd read next dais realworld backing makerdao acquires 700m in us treasuries for collateralization | 0 |
shares of principal financial group inc pfg rose 117 to 7936 thursday on what proved to be an allaround poor trading session for the stock market with the sp 500 index spx falling 025 to 450189 and dow jones industrial average djia falling 019 to 3521589 principal financial group inc closed 1681 short of its 52week high 9617 which the company reached on november 11th the stock outperformed some of its competitors thursday as chubb ltd cb fell 129 to 20290 trading volume 854890 remained 383198 below its 50day average volume of 12 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use | 0 |
locafy limited surged 897 to 1328 after the company announced an agreement with a usbased media publisher to utilize entitybased keystone seo technology root inc shares surged 40 to 1359 following a wall street journal report suggesting the company has received a takeover bid sotera health company gained 144 to 1716 sotera health finalized settlement of ethylene oxide litigation in illinois igm biosciences inc shares climbed 127 to 998 after the company reported pricing of 1073 million upsized public offering and concurrent private placement amc entertainment holdings inc climbed 103 to 18750 possibly in reaction to a recommendation from special master corinne elise amato on the objections raised in relation to the companys proposed settlement with shareholders roivant sciences ltd surged 102 to 1050 after the company reported results from the chronic period of the tuscany2 phase 2b study of rvt3101 in ulcerative colitis demonstrating improved efficacy from the induction to chronic period despegarcom corp gained 78 to 753 b riley securities initiated coverage on despegarcom with a buy rating and announced a price target of 10 steelcase inc climbed 65 to 771 as the company reported betterthanexpected earnings for its first quarter commercial metals company gained 53 to 5016 following strong quarterly results read more us stocks lower following initial jobless claims report © 2023 benzingacom benzinga does not provide investment advice all rights reserved | 0 |
south korean shares dropped to their lowest in more than a week on thursday as investors worries about a fullscale russian invasion of ukraine and the economic impact of surging covid19 cases at home the korean won weakened while the benchmark bond yield rose by 0150 gmt the benchmark kospi ks11 shed 4098 points or 151 to 267855 after having fallen as much as 182 earlier in the session to the lowest since feb 15 leading the decline chip giants samsung electronics 005930ks and sk hynix 000660ks fell 137 and 311 respectively while battery maker lg energy solution 373220ks dropped 430 risk appetite took a hit after us secretary of state antony blinken told nbc news that he expected russia to invade ukraine before the night was over though he still sees a chance to avert a major aggression read more the statement comes after the united states imposed sanctions on the company in charge of building russias nord stream 2 gas pipeline on wednesday expanding penalties on moscow read more meanwhile the bank of korea kept interest rates steady on thursday taking a breather after backtoback hikes as surging coronavirus cases and escalating tensions in ukraine cloud the economic outlook read more the country reported 170016 new covid19 cases for wednesday near the peak of 171452 infections reported a day earlier read more on the ukraine front ahead the united nations security council and the group of seven world leaders will separately hold meetings to discuss the crisis diplomats and the white house said foreigners were net sellers of 2900 billion won 24227 million worth of shares on the main board the won was quoted at 11973 per dollar on the onshore settlement platform down 031 in offshore trading the won was quoted at 11970 while in nondeliverable forward trading its onemonth contract was quoted at 11972 in money and debt markets march futures on threeyear treasury bonds fell 016 point to 10757 the most liquid 3year korean treasury bond yield rose by 5 basis points to 2370 | 0 |
shares of british american tobacco plc bats inched up 004 to £2524 friday on what proved to be an allaround rough trading session for the stock market with the ftse 100 index ukx falling 008 to 743457 british american tobacco plc closed £1031 short of its 52week high £3555 which the company achieved on july 20 | 0 |
a bullish consensus for chinese shares is emerging on wall street with newfound optimism around president xi jinping’s policy pivots and november’s epic stock rebound prompting some major banks to move away from their longheld bearish views morgan stanley notable for its cautious view lifted its targets for the country’s stock gauges last week expecting the msci china index to rally 14 by the end of next year bank of america corp has turned tactically positive on china where some key equity gauges lost more than a third of their value in the year through october making them the world’s worst performers | 0 |
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