An interest rate is «fixed» if it remains unchanged over time, while a «variable» interest rate changes over time based
on fluctuations in a market benchmark rate.
An interest rate is «fixed» if it remains unchanged over time, while a «variable» interest rate changes over time based
on fluctuations in a market benchmark rate, such as 1 - month LIBOR.
Not exact matches
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.
Actual operational and financial results of SkyWest, SkyWest Airlines and ExpressJet will likely also vary, and may vary materially, from those anticipated, estimated, projected or expected for a number of other reasons, including,
in addition to those identified above: the challenges and costs of integrating operations and realizing anticipated synergies and other benefits from the acquisition of ExpressJet; the challenges of competing successfully
in a highly competitive and rapidly changing industry; developments associated with
fluctuations in the economy and the demand for air travel; the financial stability of SkyWest's major partners and any potential impact of their financial condition
on the operations of SkyWest, SkyWest Airlines, or ExpressJet;
fluctuations in flight schedules, which are determined by the major partners for whom SkyWest's operating airlines conduct flight operations; variations
in market and economic conditions; significant aircraft lease and debt commitments; residual aircraft values and related impairment charges; labor relations and costs; the impact of global instability; rapidly fluctuating fuel costs, and potential fuel shortages; the impact of weather - related or other natural disasters
on air travel and airline costs; aircraft deliveries; the ability to attract and retain qualified pilots and other unanticipated factors.
While
fluctuations in the global price of coffee
on the commodity
markets led industry behemoth Starbucks to boost its per - cup price tag last month, a growing share of consumer dollars are going to higher - cost specialty or craft coffee.
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.
Actual results, including with respect to our targets and prospects, could differ materially due to a number of factors, including the risk that we may not obtain sufficient orders to achieve our targeted revenues; price competition
in key
markets; the risk that we or our channel partners are not able to develop and expand customer bases and accurately anticipate demand from end customers, which can result
in increased inventory and reduced orders as we experience wide
fluctuations in supply and demand; the risk that our commercial Lighting Products results will continue to suffer if new issues arise regarding issues related to product quality for this business; the risk that we may experience production difficulties that preclude us from shipping sufficient quantities to meet customer orders or that result
in higher production costs and lower margins; our ability to lower costs; the risk that our results will suffer if we are unable to balance
fluctuations in customer demand and capacity, including bringing
on additional capacity
on a timely basis to meet customer demand; the risk that longer manufacturing lead times may cause customers to fulfill their orders with a competitor's products instead; the risk that the economic and political uncertainty caused by the proposed tariffs by the United States
on Chinese goods, and any corresponding Chinese tariffs
in response, may negatively impact demand for our products; product mix; risks associated with the ramp - up of production of our new products, and our entry into new business channels different from those
in which we have historically operated; the risk that customers do not maintain their favorable perception of our brand and products, resulting
in lower demand for our products; the risk that our products fail to perform or fail to meet customer requirements or expectations, resulting
in significant additional costs, including costs associated with warranty returns or the potential recall of our products; ongoing uncertainty
in global economic conditions, infrastructure development or customer demand that could negatively affect product demand, collectability of receivables and other related matters as consumers and businesses may defer purchases or payments, or default
on payments; risks resulting from the concentration of our business among few customers, including the risk that customers may reduce or cancel orders or fail to honor purchase commitments; the risk that we are not able to enter into acceptable contractual arrangements with the significant customers of the acquired Infineon RF Power business or otherwise not fully realize anticipated benefits of the transaction; the risk that retail customers may alter promotional pricing, increase promotion of a competitor's products over our products or reduce their inventory levels, all of which could negatively affect product demand; the risk that our investments may experience periods of significant stock price volatility causing us to recognize fair value losses
on our investment; the risk posed by managing an increasingly complex supply chain that has the ability to supply a sufficient quantity of raw materials, subsystems and finished products with the required specifications and quality; the risk we may be required to record a significant charge to earnings if our goodwill or amortizable assets become impaired; risks relating to confidential information theft or misuse, including through cyber-attacks or cyber intrusion; our ability to complete development and commercialization of products under development, such as our pipeline of Wolfspeed products, improved LED chips, LED components, and LED lighting products risks related to our multi-year warranty periods for LED lighting products; risks associated with acquisitions, divestitures, joint ventures or investments generally; the rapid development of new technology and competing products that may impair demand or render our products obsolete; the potential lack of customer acceptance for our products; risks associated with ongoing litigation; and other factors discussed
in our filings with the Securities and Exchange Commission (SEC), including our report
on Form 10 - K for the fiscal year ended June 25, 2017, and subsequent reports filed with the SEC.
Many people think they have to be investing professionals to put money
in the stock
market, or that they should be trying to beat it, buying and selling regularly based
on market fluctuations to try to avoid losing money.
Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, and capital
markets conditions and other factors beyond the Company's control, including natural and other disasters or climate change affecting the operations of the Company or its customers and suppliers; (2) the Company's credit ratings and its cost of capital; (3) competitive conditions and customer preferences; (4) foreign currency exchange rates and
fluctuations in those rates; (5) the timing and
market acceptance of new product offerings; (6) the availability and cost of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (7) the impact of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (8) generating fewer productivity improvements than estimated; (9) unanticipated problems or delays with the phased implementation of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company's information technology infrastructure; (10) financial
market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans; and (11) legal proceedings, including significant developments that could occur
in the legal and regulatory proceedings described
in the Company's Annual Report
on Form 10 - K for the year ended Dec. 31, 2017, and any subsequent quarterly reports
on Form 10 - Q (the «Reports»).
These risks and uncertainties include: Gilead's ability to achieve its anticipated full year 2018 financial results; Gilead's ability to sustain growth
in revenues for its antiviral and other programs; the risk that private and public payers may be reluctant to provide, or continue to provide, coverage or reimbursement for new products, including Vosevi, Yescarta, Epclusa, Harvoni, Genvoya, Odefsey, Descovy, Biktarvy and Vemlidy ®; austerity measures
in European countries that may increase the amount of discount required
on Gilead's products; an increase
in discounts, chargebacks and rebates due to ongoing contracts and future negotiations with commercial and government payers; a larger than anticipated shift
in payer mix to more highly discounted payer segments and geographic regions and decreases
in treatment duration; availability of funding for state AIDS Drug Assistance Programs (ADAPs); continued
fluctuations in ADAP purchases driven by federal and state grant cycles which may not mirror patient demand and may cause
fluctuations in Gilead's earnings;
market share and price erosion caused by the introduction of generic versions of Viread and Truvada, an uncertain global macroeconomic environment; and potential amendments to the Affordable Care Act or other government action that could have the effect of lowering prices or reducing the number of insured patients; the possibility of unfavorable results from clinical trials involving investigational compounds; Gilead's ability to initiate clinical trials
in its currently anticipated timeframes; the levels of inventory held by wholesalers and retailers which may cause
fluctuations in Gilead's earnings; Kite's ability to develop and commercialize cell therapies utilizing the zinc finger nuclease technology platform and realize the benefits of the Sangamo partnership; Gilead's ability to submit new drug applications for new product candidates
in the timelines currently anticipated; Gilead's ability to receive regulatory approvals
in a timely manner or at all, for new and current products, including Biktarvy; Gilead's ability to successfully commercialize its products, including Biktarvy; the risk that physicians and patients may not see advantages of these products over other therapies and may therefore be reluctant to prescribe the products; Gilead's ability to successfully develop its hematology / oncology and inflammation / respiratory programs; safety and efficacy data from clinical studies may not warrant further development of Gilead's product candidates, including GS - 9620 and Yescarta
in combination with Pfizer's utomilumab; Gilead's ability to pay dividends or complete its share repurchase program due to changes
in its stock price, corporate or other
market conditions;
fluctuations in the foreign exchange rate of the U.S. dollar that may cause an unfavorable foreign currency exchange impact
on Gilead's future revenues and pre-tax earnings; and other risks identified from time to time
in Gilead's reports filed with the U.S. Securities and Exchange Commission (the SEC).
These risks include,
in no particular order, the following: the trends toward more high - definition,
on - demand and anytime, anywhere video will not continue to develop at its current pace or will expire; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the mix of products and services sold
in various geographies and the effect it has
on gross margins; delays or decreases
in capital spending
in the cable, satellite, telco, broadcast and media industries; customer concentration and consolidation; the impact of general economic conditions
on our sales and operations; our ability to develop new and enhanced products
in a timely manner and
market acceptance of our new or existing products; losses of one or more key customers; risks associated with our international operations; exchange rate
fluctuations of the currencies
in which we conduct business; risks associated with our CableOS ™ and VOS ™ product solutions; dependence
on market acceptance of various types of broadband services,
on the adoption of new broadband technologies and
on broadband industry trends; inventory management; the lack of timely availability of parts or raw materials necessary to produce our products; the impact of increases
in the prices of raw materials and oil; the effect of competition,
on both revenue and gross margins; difficulties associated with rapid technological changes
in our
markets; risks associated with unpredictable sales cycles; our dependence
on contract manufacturers and sole or limited source suppliers; and the effect
on our business of natural disasters.
Privately issued securities are not traded
on established
markets and may be illiquid, difficult to value and subject to wide
fluctuations in value.
In Strategic Growth, the Fund remains largely hedged, with an exposure to
market fluctuations ranging from between 5 - 15 % of portfolio value, depending
on day - to - day
market conditions.
Last week I noted that the Fund would quickly and almost invariably lose at least 1 - 2 %
in the event of a substantial
market decline, at which point I expected the put options beneath the portfolio to reduce the impact of
market fluctuations on the portfolio.
Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high - purity silicon; demand for end - use products by consumers and inventory levels of such products
in the supply chain; changes
in demand from significant customers; changes
in demand from major
markets such as Japan, the U.S., India and China; changes
in customer order patterns; changes
in product mix; capacity utilization; level of competition; pricing pressure and declines
in average selling prices; delays
in new product introduction; delays
in utility - scale project approval process; delays
in utility - scale project construction; delays
in the completion of project sales; continued success
in technological innovations and delivery of products with the features customers demand; shortage
in supply of materials or capacity requirements; availability of financing; exchange rate
fluctuations; litigation and other risks as described
in the Company's SEC filings, including its annual report
on Form 20 - F filed
on April 27, 2017.
Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high - purity silicon; demand for end - use products by consumers and inventory levels of such products
in the supply chain; changes
in demand from significant customers; changes
in demand from major
markets such as Japan, the U.S., India and China; changes
in customer order patterns; changes
in product mix; capacity utilization; level of competition; pricing pressure and declines
in average selling prices; delays
in new product introduction; delays
in utility - scale project approval process; delays
in utility - scale project construction; continued success
in technological innovations and delivery of products with the features customers demand; shortage
in supply of materials or capacity requirements; availability of financing; exchange rate
fluctuations; litigation and other risks as described
in the Company's SEC filings, including its annual report
on Form 20 - F filed
on April 20, 2016.
It has historically made sense to hedge against
market fluctuations based
on much less restrictive definitions of
market conditions, but at present, the
market is
in a set of conditions that has almost invariably been followed by deep and abrupt losses, though often only after a further marginal advance over a small number of trading sessions.
Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high - purity silicon; demand for end - use products by consumers and inventory levels of such products
in the supply chain; changes
in demand from significant customers; changes
in demand from major
markets such as Japan, the U.S., India and China; changes
in customer order patterns; changes
in product mix; capacity utilization; level of competition; pricing pressure and declines
in average selling prices; delays
in new product introduction; delays
in utility - scale project approval process; delays
in utility - scale project construction; cancelation of utility - scale feed -
in - tariff contracts
in Japan; continued success
in technological innovations and delivery of products with the features customers demand; shortage
in supply of materials or capacity requirements; availability of financing; exchange rate
fluctuations; litigation and other risks as described
in the Company's SEC filings, including its annual report
on Form 20 - F filed
on April 27, 2017.
Negative conditions
in the general economy both
in the United States and abroad, including conditions resulting from financial and credit
market fluctuations and terrorist attacks
in the United States, Europe or elsewhere, could cause a decrease
in corporate spending
on enterprise software
in general and slow down the rate of growth of our business.
Important factors that may affect the Company's business and operations and that may cause actual results to differ materially from those
in the forward - looking statements include, but are not limited to, increased competition; the Company's ability to maintain, extend and expand its reputation and brand image; the Company's ability to differentiate its products from other brands; the consolidation of retail customers; the Company's ability to predict, identify and interpret changes
in consumer preferences and demand; the Company's ability to drive revenue growth
in its key product categories, increase its
market share, or add products; an impairment of the carrying value of goodwill or other indefinite - lived intangible assets; volatility
in commodity, energy and other input costs; changes
in the Company's management team or other key personnel; the Company's inability to realize the anticipated benefits from the Company's cost savings initiatives; changes
in relationships with significant customers and suppliers; execution of the Company's international expansion strategy; changes
in laws and regulations; legal claims or other regulatory enforcement actions; product recalls or product liability claims; unanticipated business disruptions; failure to successfully integrate the Company; the Company's ability to complete or realize the benefits from potential and completed acquisitions, alliances, divestitures or joint ventures; economic and political conditions
in the nations
in which the Company operates; the volatility of capital
markets; increased pension, labor and people - related expenses; volatility
in the
market value of all or a portion of the derivatives that the Company uses; exchange rate
fluctuations; disruptions
in information technology networks and systems; the Company's inability to protect intellectual property rights; impacts of natural events
in the locations
in which the Company or its customers, suppliers or regulators operate; the Company's indebtedness and ability to pay such indebtedness; the Company's dividend payments
on its Series A Preferred Stock; tax law changes or interpretations; pricing actions; and other factors.
Accordingly, the Strategic Growth Fund is now back to a fully - hedged investment stance - meaning that the Fund continues to be fully invested
in a broadly diversified group of stocks that appear to have some combination of favorable valuation and favorable
market action, while at the same time, the Fund carries an offsetting short position of equal size
in the S&P 500 and Russell 2000 indices (using option combinations that mimic short futures contracts) intended to mute the impact of broad
market fluctuations on the Fund.
Depending
on the specific
market environment, the Funds may employ hedging techniques to minimize the impact of
fluctuations in the overall stock or bond
markets, and may also take positions
in individual securities that differ substantially from their weights
in the major stock or bond
market indices.
Still, given the
market's rich valuation, one would have expected
in advance that the Fund would be largely hedged, and to that extent, the Fund's hedging approach performed
in 2006 basically as expected - it muted the impact of
market fluctuations on the Fund, and contributed several percent
in «implied» interest.
I explicitly do not attempt to «time» or «catch» or «call» the direction of the
market in any particular instance, but instead align our exposure to
market fluctuations with what can be expected
on average.
We also need to pay them
in our own crypto - currency so our product and ecosystem is not dependent
on the
market fluctuation of other currencies such as BTC or ETH.
So
in addition, the Fund periodically hedges its exposure to those
market fluctuations, based primarily
on the status of valuations and
market action (price behavior, trading volume, breadth, industry action, and other asset types such as bonds, commodities, and so forth).
It can cause companies to hold back
on technology spending,
marketing expenditures and other investments
in their future
in order to meet a prognostication affected by factors outside the company's control, such as
fluctuations in commodity prices, stock
market volatility and even the weather.
People
in Singapore are using binary options to trade
on price
fluctuations in these financial
markets.
«It's hard to say why so few properties are coming
on the
market,» Alexander said, adding that luxury buyers tend to be insulated from
fluctuations in interest rates.
In practice, that means that the Fund would quickly and almost invariably lose at least 1 - 2 % in the event of a substantial market decline, at which point I would expect the put options beneath the portfolio to reduce the impact of market fluctuations on the portfoli
In practice, that means that the Fund would quickly and almost invariably lose at least 1 - 2 %
in the event of a substantial market decline, at which point I would expect the put options beneath the portfolio to reduce the impact of market fluctuations on the portfoli
in the event of a substantial
market decline, at which point I would expect the put options beneath the portfolio to reduce the impact of
market fluctuations on the portfolio.
Examples of these risks, uncertainties and other factors include, but are not limited to the impact of: adverse general economic and related factors, such as fluctuating or increasing levels of unemployment, underemployment and the volatility of fuel prices, declines
in the securities and real estate
markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence; adverse events impacting the security of travel, such as terrorist acts, armed conflict and threats thereof, acts of piracy, and other international events; the risks and increased costs associated with operating internationally; our expansion into and investments
in new
markets; breaches
in data security or other disturbances to our information technology and other networks; the spread of epidemics and viral outbreaks; adverse incidents involving cruise ships; changes
in fuel prices and / or other cruise operating costs; any impairment of our tradenames or goodwill; our hedging strategies; our inability to obtain adequate insurance coverage; our substantial indebtedness, including the ability to raise additional capital to fund our operations, and to generate the necessary amount of cash to service our existing debt; restrictions
in the agreements governing our indebtedness that limit our flexibility
in operating our business; the significant portion of our assets pledged as collateral under our existing debt agreements and the ability of our creditors to accelerate the repayment of our indebtedness; volatility and disruptions
in the global credit and financial
markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees;
fluctuations in foreign currency exchange rates; overcapacity
in key
markets or globally; our inability to recruit or retain qualified personnel or the loss of key personnel; future changes relating to how external distribution channels sell and
market our cruises; our reliance
on third parties to provide hotel management services to certain ships and certain other services; delays
in our shipbuilding program and ship repairs, maintenance and refurbishments; future increases
in the price of, or major changes or reduction
in, commercial airline services; seasonal variations
in passenger fare rates and occupancy levels at different times of the year; our ability to keep pace with developments
in technology; amendments to our collective bargaining agreements for crew members and other employee relation issues; the continued availability of attractive port destinations; pending or threatened litigation, investigations and enforcement actions; changes involving the tax and environmental regulatory regimes
in which we operate; and other factors set forth under «Risk Factors»
in our most recently filed Annual Report
on Form 10 - K and subsequent filings by the Company with the Securities and Exchange Commission.
In the long run, currency fluctuations might well cancel each other out, but the company's emphasis on tapping into emerging markets where electronic payment transactions are only in their infancy could pay big dividends in future year
In the long run, currency
fluctuations might well cancel each other out, but the company's emphasis
on tapping into emerging
markets where electronic payment transactions are only
in their infancy could pay big dividends in future year
in their infancy could pay big dividends
in future year
in future years.
When
market conditions are unfavorable
in the view of the investment manager, the Fund may experience limited, zero, or possibly negative correlation with general
market fluctuations for meaningful periods of time, and the Fund may experience a net loss of time - value
on purchased options.
As currency
fluctuation has become such a large part of the bulk wine
market in recent years, all eyes are now
on Greece during these Dog Days of Summer.
Like what you need to cover
in any supplier / buyer distribution agreements, what questions you need to ask your bulk wine supplier, how to manage annual currency
fluctuations and how to capitalize
on new Bulk
markets.
While these returns vary, the dividend is calculated based
on a five - year average
in order to smooth out the short - term effects of
market fluctuations.
An admission
on page 16 of exposure to
fluctuations in the
market values of investments stands out:
The well - stocked talent pipeline takes
on an unusual vitality — an ability to withstand
market fluctuation, changes
in consumer trends, introduction of new technology — well, gosh — life itself.
On the flip side, no down payment means you start your life as a homeowner with no equity
in your property, making you more susceptible to
fluctuations in your local real estate
market.
The price of a fund's shares and the cash flows you receive will depend
on the bond
market's
fluctuations — which are influenced by changes
in interest rates — and, of course, the manager's skill.
Fourth, consumption responds to
fluctuations in the
market value of the financial assets because the dollar amount of the drawdown is based
on the portfolio's current
market value.
Toll Brothers» national scope and its focus
on the luxury end of the homebuilding spectrum give it some protection from
fluctuations in the U.S. economy and U.S. housing
market, but it is far from immune to these factors.
You're investing your retirement money for decades, so don't overly focus
on short - term
fluctuations in the
market.
Limited Management, Trading Cost and Rebalance — Investing according to specific, mechanical criteria applied
on a specific date each year may prevent a portfolio from responding to
market fluctuations or changes
in the financial condition or business prospects of the selected companies during the year.
This is also called as systematic risk and is based
on the day - to - day price
fluctuation in the
market.
In short, we are well hedged against the potential for significant market losses, but with the implied volatility on index options fairly low, we've used shorter - term market fluctuations to modify our hedges in a way that better allows for any extension of the market's advanc
In short, we are well hedged against the potential for significant
market losses, but with the implied volatility
on index options fairly low, we've used shorter - term
market fluctuations to modify our hedges
in a way that better allows for any extension of the market's advanc
in a way that better allows for any extension of the
market's advance.
Real - time: Balances display values that change with
market price
fluctuations on the underlying securities
in your account.
When
market conditions are favorable
in the view of the investment manager, the use of options to increase
market exposure may amplify the Fund's sensitivity to general
market fluctuations for meaningful periods of time, and the Fund may experience a net loss of time - value
on purchased options.
For investors seeking long - term investment returns
in value - focused stocks over the complete investment cycle (bull and bear
markets combined), with added emphasis
on reducing exposure to general
market fluctuations in conditions viewed by the Advisor as unfavorable to stocks.
For investors seeking long - term investment returns
in the U.S. equity
market over the complete investment cycle (bull and bear
markets combined), with added emphasis
on reducing exposure to general
market fluctuations in conditions viewed by the Advisor as unfavorable to stocks.