Fifth Street Asset Management provided commentary
on capital markets in Q3 / 16 and a forecast of what's to come in 2017.
Not exact matches
On what the bull
market needs to stay alive: «I think you need a catalyst because valuations are at the point now where,
in my opinion, where it's going to be difficult to get sustainable earnings growth without
capital spending,» said Trennert.
Important factors that could cause actual results to differ materially from those reflected
in such forward - looking statements and that should be considered
in evaluating our outlook include, but are not limited to, the following: 1) our ability to continue to grow our business and execute our growth strategy, including the timing, execution, and profitability of new and maturing programs; 2) our ability to perform our obligations under our new and maturing commercial, business aircraft, and military development programs, and the related recurring production; 3) our ability to accurately estimate and manage performance, cost, and revenue under our contracts, including our ability to achieve certain cost reductions with respect to the B787 program; 4) margin pressures and the potential for additional forward losses
on new and maturing programs; 5) our ability to accommodate, and the cost of accommodating, announced increases
in the build rates of certain aircraft; 6) the effect
on aircraft demand and build rates of changing customer preferences for business aircraft, including the effect of global economic conditions
on the business aircraft
market and expanding conflicts or political unrest
in the Middle East or Asia; 7) customer cancellations or deferrals as a result of global economic uncertainty or otherwise; 8) the effect of economic conditions
in the industries and
markets in which we operate
in the U.S. and globally and any changes therein, including fluctuations
in foreign currency exchange rates; 9) the success and timely execution of key milestones such as the receipt of necessary regulatory approvals, including our ability to obtain
in a timely fashion any required regulatory or other third party approvals for the consummation of our announced acquisition of Asco, and customer adherence to their announced schedules; 10) our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing and our other customers; 11) our ability to enter into profitable supply arrangements with additional customers; 12) the ability of all parties to satisfy their performance requirements under existing supply contracts with our two major customers, Boeing and Airbus, and other customers, and the risk of nonpayment by such customers; 13) any adverse impact
on Boeing's and Airbus» production of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts of terrorism; 14) any adverse impact
on the demand for air travel or our operations from the outbreak of diseases or epidemic or pandemic outbreaks; 15) our ability to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns
on pension plan assets and the impact of future discount rate changes
on pension obligations; 17) our ability to borrow additional funds or refinance debt, including our ability to obtain the debt to finance the purchase price for our announced acquisition of Asco
on favorable terms or at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect of governmental laws, such as U.S. export control laws and U.S. and foreign anti-bribery laws such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both
in the U.S. and abroad; 20) the effect of changes
in tax law, such as the effect of The Tax Cuts and Jobs Act (the «TCJA») that was enacted
on December 22, 2017, and changes to the interpretations of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect of such changes; 21) any reduction
in our credit ratings; 22) our dependence
on our suppliers, as well as the cost and availability of raw materials and purchased components; 23) our ability to recruit and retain a critical mass of highly - skilled employees and our relationships with the unions representing many of our employees; 24) spending by the U.S. and other governments
on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional
capital needs or for payment of interest
on, and principal of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness of any interest rate hedging programs; 28) the effectiveness of our internal control over financial reporting; 29) the outcome or impact of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition of Asco
in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco as a result of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks of doing business internationally, including fluctuations
in foreign current exchange rates, impositions of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other things.
As power is consolidating
in the VC industry, with fewer firms getting a greater share of LP funding, VC firms are beginning to realize the power that branding and
marketing can have
on dealflow and their ability to raise
capital.
One trend to keep an eye
on is mutual funds investing
in private
capital markets, according to a press release about the report.
Johnson, who is «very bullish»
on the future of cryptocurrency, has spearheaded research efforts
in crypto at both Jump Trading and Jump
Capital to help understand the nascent
market.
IIF noted
in a recent report that plans to privatize several state - owned enterprises beyond the Aramco deal, a doubling
in the size of the domestic stock
market and the trading of local currency government bonds
on the Saudi exchange, which began this month, all deepen the kingdom's
capital markets.
Cohodes established a short position
in Home
Capital in the fall of 2014, partly because of his views
on the housing
market, but also because of the company's business model and lending practices.
Also Munger weighs
in on market bubbles, bitcoin and venture
capital.
But, Jason said, for the next decade they plan to restrict themselves to just living
on the cash flowing from investments and ignore any
capital or
market increases
in the value of properties, pensions, and shares.
Youssef Haidar, founder and CEO of Stonepine
Capital Partners, a Dubai - based asset manager with a focus
on private equity
in emerging
markets, shares his thoughts
on entrepreneurship.
Indeed, the once thriving labour - sponsored funds sector seems to be teetering
on the verge of oblivion — a good thing,
in the eyes of critics who claim it puts unsophisticated investors at risk and skews Canada's venture
capital market toward technology sector long shots with little chance of payoff.
«
In venture
capital, the same is true — we tap into the network aggressively to understand people's perspective
on the
market and the company.»
Drayton is building the Seattle - based company with an emphasis
on capital efficiency, utilizing existing infrastructure instead of opening up warehouses, and investing rationally
in marketing.
But as BMO
Capital Markets analyst Tim Long said
in a note to investors
on Tuesday, those results were actually better than expected.
Russ Koesterich, BlackRock, and Dorothy Weaver, Collins
Capital, weigh
in on the
market's reaction to the Fed's decision to raise rates by 25 basis points.
Walter Spracklin of RBC
Capital Markets said most of the layoffs
in Montreal will be coming from the CSeries program while U.S. layoffs will be focused
on the Learjet program.
Mark Mahaney, RBC
Capital Markets, and Gene Munster, Loup Ventures founder, weigh
in on the tech sector.
Concurrent with this orgy of public debt, the State encourages massive expansion of private credit via fractional lending, low bank reserves, and other forms of leverage,
in a vain attempt to stimulate demand
in an economy burdened with overcapacity, declining employment, marginal return
on capital and saturated
markets.
Quadratic
Capital Management's Nancy Davis — who correctly predicted the blow - up
in the popular wager
on low volatility by hedge funds before last week's plunge — thinks the
market will remain turbulent.
On top of all that, Fastly — or any other buyer — has to have confidence that the vendor is going to survive a potential downturn
in the
capital markets and a wave of consolidation.
Now he's stepping down as CEO of the fast casual restaurant company —
in large part to focus
on a problem that extends beyond the restaurant realm: what Shaich says is short - term thinking
in capital markets and the national debate.
Shares
in Adelaide - based Flinders Mines plummeted
on the stock
market today after it announced a $ 6.7 million
capital raising to complete a feasibility study
on its Pilbara iron ore project.
Dan Morehead, founder and CEO of Pantera
Capital, a hedge fund that specializes
in cryptocurrencies, says his firm trades
on all the major online exchanges, but will turn to a trading outfit, like Circle's, when the desk posts prices «at a discount to the
market.»
Founder Cheryl Ng has long believed
in building
markets incrementally, placing modest quantities with international distributors as a means of testing consumer acceptance without risking a lot of
capital on large production runs.
Actual results and the timing of events could differ materially from those anticipated
in the forward - looking statements due to these risks and uncertainties as well as other factors, which include, without limitation: the uncertain timing of, and risks relating to, the executive search process; risks related to the potential failure of eptinezumab to demonstrate safety and efficacy
in clinical testing; Alder's ability to conduct clinical trials and studies of eptinezumab sufficient to achieve a positive completion; the availability of data at the expected times; the clinical, therapeutic and commercial value of eptinezumab; risks and uncertainties related to regulatory application, review and approval processes and Alder's compliance with applicable legal and regulatory requirements; risks and uncertainties relating to the manufacture of eptinezumab; Alder's ability to obtain and protect intellectual property rights, and operate without infringing
on the intellectual property rights of others; the uncertain timing and level of expenses associated with Alder's development and commercialization activities; the sufficiency of Alder's
capital and other resources;
market competition; changes
in economic and business conditions; and other factors discussed under the caption «Risk Factors»
in Alder's Annual Report
on Form 10 - K for the fiscal year ended December 31, 2017, which was filed with the Securities and Exchange Commission (SEC)
on February 26, 2018, and is available
on the SEC's website at www.sec.gov.
Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions
in the industries and
markets in which United Technologies and Rockwell Collins operate
in the U.S. and globally and any changes therein, including financial
market conditions, fluctuations
in commodity prices, interest rates and foreign currency exchange rates, levels of end
market demand
in construction and
in both the commercial and defense segments of the aerospace industry, levels of air travel, financial condition of commercial airlines, the impact of weather conditions and natural disasters and the financial condition of our customers and suppliers; (2) challenges
in the development, production, delivery, support, performance and realization of the anticipated benefits of advanced technologies and new products and services; (3) the scope, nature, impact or timing of acquisition and divestiture or restructuring activity, including the pending acquisition of Rockwell Collins, including among other things integration of acquired businesses into United Technologies» existing businesses and realization of synergies and opportunities for growth and innovation; (4) future timing and levels of indebtedness, including indebtedness expected to be incurred by United Technologies
in connection with the pending Rockwell Collins acquisition, and
capital spending and research and development spending, including
in connection with the pending Rockwell Collins acquisition; (5) future availability of credit and factors that may affect such availability, including credit
market conditions and our
capital structure; (6) the timing and scope of future repurchases of United Technologies» common stock, which may be suspended at any time due to various factors, including
market conditions and the level of other investing activities and uses of cash, including
in connection with the proposed acquisition of Rockwell; (7) delays and disruption
in delivery of materials and services from suppliers; (8) company and customer - directed cost reduction efforts and restructuring costs and savings and other consequences thereof; (9) new business and investment opportunities; (10) our ability to realize the intended benefits of organizational changes; (11) the anticipated benefits of diversification and balance of operations across product lines, regions and industries; (12) the outcome of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact of the negotiation of collective bargaining agreements and labor disputes; (15) the effect of changes
in political conditions
in the U.S. and other countries
in which United Technologies and Rockwell Collins operate, including the effect of changes
in U.S. trade policies or the U.K.'s pending withdrawal from the EU,
on general
market conditions, global trade policies and currency exchange rates
in the near term and beyond; (16) the effect of changes
in tax (including U.S. tax reform enacted
on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations
in the U.S. and other countries
in which United Technologies and Rockwell Collins operate; (17) the ability of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result
in the imposition of conditions that could adversely affect the combined company or the expected benefits of the merger) and to satisfy the other conditions to the closing of the pending acquisition
on a timely basis or at all; (18) the occurrence of events that may give rise to a right of one or both of United Technologies or Rockwell Collins to terminate the merger agreement, including
in circumstances that might require Rockwell Collins to pay a termination fee of $ 695 million to United Technologies or $ 50 million of expense reimbursement; (19) negative effects of the announcement or the completion of the merger
on the
market price of United Technologies» and / or Rockwell Collins» common stock and / or
on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted
in their operation of their businesses while the merger agreement is
in effect; (21) risks relating to the value of the United Technologies» shares to be issued
in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personnel.
RBC's
capital markets division saw a 13 per cent jump year -
on - year
in net income to $ 748 million, primarily due to a lower effective tax rate largely due to U.S. tax changes and higher results
in corporate and investment banking and global
markets.
Boston Consulting Group tackled some of these issues
in a big report
on capital markets and investment banking.
Edward Williams, an analyst with BMO
Capital Markets, also has a buy rating
on Pandora and points out that the company is also getting
in the traditional radio space.
Daniel Schwartz, York
Capital Management co-CEO, weighs
in on the strength of the M&A
market and where he sees the biggest opportunities, including biotechnology and the telecom industry.
Tom Sepenzis, Northland
Capital Markets managing director, weighs
in on the news that Broadcom is exploring a takeover deal for Qualcomm.
A daughter to Cuban immigrants, Pestana is involved
in various firm initiatives focused
on diversity and is currently the Diversity & Inclusion Champion for the NY Banking and
Capital Market Group.
In a move to reduce the flow of foreign cash into
markets like Toronto and Vancouver, the government said it will tighten a loophole
on an exemption that allows homeowners to avoid paying
capital gains tax
on the sale of a principal residence.
Indeed, one of the strongest arguments
in favour of the euro project was the possibility that it could produce a continent - wide
capital market on the scale found
in the US.
Instagram is hanging
on to a demographic that's rapidly abandoning the Facebook platform, according to a new RBC
Capital Markets survey, making Mark Zuckerberg's buy of the photo - sharing app «one of the best acquisitions
in internet history» according to one analyst.
She began her career
in investment banking, with a focus
on mergers and acquisitions and debt
capital markets.
Both of those homegrown companies built a formidable strategic advantage by being first
in the Latin American
market, says Alan Colmenares, who worked for Intel's venture
capital arm
in Mexico and Brazil and now serves as a facilitator
in his native Colombia for the Founder Institute, an incubator focused
on tech start - ups across the globe.
And he has good corapany
on what must be one of the country's most formidable game - company boards: Richard W. Melmon, co-founder and executive vice-president, who was formerly VisiCorp's director of
marketing; Steve Wozniak, the company's technical adviser, renowned computer freak, co-founder of Apple Computer and inventor of the Apple II: and Don Valentine the tough, well - connected Wall Street-wise general partner of
Capital Management Services, and an early investor
in Apple Computer.
«We believe near - term sentiment and fear of the long - term impact of Amazon
on Costco's business could continue to create an overhang
on COST shares and limit valuation upside,» BMO
Capital Markets analysts said
in a pre-earnings client note.
During a webcast presenting his 2017 outlook, Gundlach, the founder of DoubleLine
Capital, said certain «second - tier» managers were focusing
on 2.6 % as an important level for the 10 - year Treasury yield — a threshold beyond which the bull
market in bonds would end.
Case
in point: Arlan Hamilton, the founder of Backstage
Capital, an early stage tech investment fund that focuses on three underserved markets in the world of venture capital: black, female, LGBTQ company founders, or any combination of the
Capital, an early stage tech investment fund that focuses
on three underserved
markets in the world of venture
capital: black, female, LGBTQ company founders, or any combination of the
capital: black, female, LGBTQ company founders, or any combination of the three.
raise late - stage venture and other private
capital on equal or better terms than
in the public
markets — and with less hassle.
Private companies now have an unprecedented ability to raise late - stage venture and other private
capital to finance their innovation and investment, often
on equal or better terms than
in the public
markets and with less hassle.
The slowing of China's growth and manufacturing sector during the past year has hit investor sentiment towards the world's second - largest economy, causing volatility
in its
capital flows, putting pressure
on its yuan currency and forcing the central bank to intervene
in currency
markets.
The Canadian bank finished the quarter with $ 81 million
in US equity
capital markets revenue, according to data from Dealogic, jumping four spots to sixth
on the league table.
Each week, he enters his ideas
on a simple form
in his computer that allows him to examine target
markets,
marketing and pricing factors, the estimated start - up
capital and time commitment, and the three - year revenue potential.
Both J.P. Morgan and RBC
Capital Markets cited Kohl's improving same - store sales
in raising their ratings
on the apparel department store.
In addition to experimenting with online
marketing channels, Lenda spent most of its seed
capital on people, growing from four employees to 15.
«How banks feel that they're going to achieve above - average growth levels by pursuing
capital intensive strategies
in a
market that is as slow as the Canadian
market is a mystery to us,» says Brad Smith, an analyst with Stonecap Securities
in Toronto, who has an Underperform rating
on the stock.