«Worst - case, assuming no increase
over our current level of state aid, a best case, assuming complete restoration of the Gap Elimination Adjustment and some additional level of Foundation Aid; and a «most likely» scenario somewhere between the two.»
It calls for authorizing DOE science program to spend up to $ 6.9 billion in 2018, a 49 % increase
over its current level of $ 4.6 billion.
According to the nonpartisan Congressional Budget Office, the planned Pentagon budget for 2021 would be some $ 700 billion, an increase
over the current level of about $ 520 billion.
Not exact matches
Gordon is curious about an untested policy called «price -
level targeting,» which would refocus monetary policy on achieving an absolute increase in prices
over time, rather than the
current emphasis on the rate
of change.
TD expects international potash prices to average close to their
current level of US$ 305 to US$ 320 per tonne
over the next two years, but said they will be volatile.
The central bank found that 39 %
of respondents said they planned to increase investment
over the next 12 months, while 32 % said they expected little change from
current levels and 30 % predicted a decline.
A 25 percent jump would take the Dow to
over 30,400, a gain
of more than 6000 points from
current levels.
A study by Glassdoor found that
over half
of employees believe if they lost their job they would be likely to find a new job matched to their experience and
current compensation
levels in the following six months.
Importantly, Series E investors negotiated for a guaranteed 20 % return upon an IPO, and so their stake is worth $ 180 million at the time
of the IPO (and
over $ 250 million at
current trading
levels).
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).
Following the announcement, crude oil immediately spiked 2.5 percent
over uncertainty
of how this might affect the Middle Eastern kingdom's position on keeping oil production at
current levels.
If
current laws remained generally unchanged, the United States would face steadily increasing federal budget deficits and debt
over the next 30 years — reaching the highest
level of debt relative to GDP ever experienced in this country.
I don't know exactly what's going to happen, but simple math based on the
current level of interest rates leads me to believe that these risk premiums will be much wider in the future
over longer time frames than they've been in the recent past.
At the
current level of 5.5 per cent, the cash rate is in line with its average
over the low inflation period since 1993.
The chart below provides a quick summary
of our return expectations for the S&P 500 — from
current price
levels —
over a variety
of investment horizons.
I emphasize the phrase «from
current price
levels,» as a significant retreat in valuations is likely to dramatically shift this profile, as it has
over the completion
of every market cycle in history.
«This asset class has a high
level of current income, and every academic study has shown if you hold your portfolio
over long period, you could get yield
of 8 % a year
over five to 10 years.»
It seeks (1) to provide a
level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream
of income
over the years.
If
current levels were to turn out, in hindsight, to be the final lows
of this decline, I suspect that the overall return
over the next cycle (by the time we do observe a full 20 % loss) will be as tame as we've seen since the bull market started in 2003.
Our Investment Strategy Report published on March 19 compared equity and bond yields
over multiple business cycles and found that the 10 - year Treasury yield might have to sustain
levels exceeding 3.5 % (far above what we believe is likely this year) before compelling a year - end 2018 S&P 500 Index target range below our
current year - end target
of 2800 - 2900.2
Because
of the
current pullback to the 10 - week MA, we expect the price action to hold at or around this
level over the next week or two before the uptrend resumes.
I expected that the shift in demand for iron ore generated by rebalancing would cause iron ore prices within 3 - 4 years to drop by
over 50 % from their then -
current levels of around $ 180 - 90 a ton.
Also, it's worth noting that even under this more than doubling
of rates from their
current levels, these losses are a fraction
of the 50 % declines that investors have experienced in stocks
over the past two decades.
But even if America's future average economic growth is as steep as optimists believe, say just
over 4 % a year, the
current level of share prices implies that profits will rise even faster.
This ratio means the market expects SASR's NOPAT to never meaningfully grow from
current levels over the remaining life
of the firm.
Under
current law, stabilizing the debt at its
current post-World War II record
level of 77 percent
of GDP would require deficit reduction
of 2.4 percent
of GDP per year
over three decades (the equivalent
of $ 6.1 trillion
over ten years).
Determining the peak federal funds rate
over the cycle is the key to estimating the
level of mortgage rates at the end
of the
current business cycle.
This ratio implies that the market expects Foot Locker's NOPAT to grow by 30 % from
current levels over the life
of the business.
While the
current price / peak - earnings multiple is already at an elevated
level above 18, what I'll call the «P / E equivalent» multiples on other fundamentals are: 21 on the basis
of book values, nearly 23 on the basis
of enterprise value / EBITDA (which factors in the increasing share
of debt on corporate balance sheets),
over 25 on the basis
of revenues, and 29 on the basis
of dividends (largely because dividend payout ratios remain relatively low even on the basis
of normalized earnings).
The point which Ben very appropriately emphasizes is that unmanaged secular stagnation in one place is contagious — that a higher
level of saving
over investment leading to low interest rates in one place, leads to
current account surplus, leads to a capital outflow, which then leads to currency depreciation, leads to currency appreciation in other places, and leads therefore to spreading low demand and low interest rates everywhere.
- Applying discounted multiples (relative to precedent industry transactions)
of 10.0 x and 9.0 x our 2019E EBITDA for the U.S. and International Networks segments, respectively, they derive an estimate
of intrinsic value
of $ 47 a share, representing
over 80 % upside from
current levels.
Since then, we have been posting new educational resources to the web site each week, and we have seen the association's membership grow from five initial members to its
current level of 40,000 - plus members from all
over the world.
And therefore, I am a little bit concerned that the absence
of term premium at the long end
of the market is the market's myopia
over the
current low
level of short - term interest rates.
On the basis
of valuation measures most tightly related to actual subsequent long - term market returns, we also estimate that the S&P 500 is likely to be lower 12 years from now, compared with
current levels, though dividend income may push the total return just
over zero on that horizon.
During the second half
of 2004, Australia's
current account deficit widened by almost 1 1/2 per cent
of GDP to
over 7 per cent
of GDP, the highest
level since the early 1950s.
Our technical analysis is in favor
of continuation
of the
current bullish wave, so we can see bitcoin price reach the $ 3,800 price
level within a week or so; however, a downwards price correction attempt can take
over for a short period, before heading North to even higher
levels.
For starters, bitcoin's share
of the total market has declined modestly
over the past week, from a high above 45 % to the
current level of around 43 %.
«Identifying VXX / XIV Tendencies» finds that the Volatility Risk Premium (VRP), estimated as the difference between the
current level of the S&P 500 implied volatility index (VIX) and the annualized standard deviation
of S&P 500 Index daily returns
over the previous 21 trading days (multiplying by the square root
of 250 to annualize), may be a useful predictor
of iPath S&P 500 VIX Short - term Futures ETN (VXX) and VelocityShares Daily Inverse VIX Short - term ETN (XIV) returns.
Looking back through history, whenever value stocks have gotten this cheap, subsequent long - term returns have generally been strong.3 From
current depressed valuation
levels, value stocks have in the past, on average, doubled
over the next five years.4 Not that we necessarily expect returns
of this magnitude this time around, but based on the data and our six decades
of experience investing through various market cycles, we believe the
current risk / reward proposition is heavily skewed in favor
of long - term value investors.
Prices are down more than $ 30
over the past two weeks to reach the
current level of $ 61.00.
I didn't write about Commenders with this
current situation in mind, but because I have generally been seeing an increased
level of push - back against them from the spiritual abuse survivor community
over the past five years.
«
Over a dozen studies show
current human exposure to biologically active
levels of this chemical, creating a potential for a variety
of health implications.»
At that point we watch the roster / asset shuffle start all
over again, as I don't see them keeping many (if any)
of the
current «core» players.This is complicated by the fact that the talent
level of those core players isn't high enough to make them valuable assets that can be used to make notable improvements in the near - term.
However, stars Joe Johnson and Al Horford combine to make
over $ 33 million in 2013 - 14, close to half
of what the
current luxury - tax
level is.
Up front we have a few world - class players surrounded by some serious pretenders... Sanchez is by far the most accomplished player in our attack but the controversy surrounding his contractual mishandling could see him go before the window closes or most definitely by season's end... obviously a mistake by both parties involved, as Sanchez's exploits have never been more on display than in North London, but the club's irresponsible wage structure and lack
of real intent have been the real undoing in this mess... Lacazette, who I think has some world - class skills as a front man, will only be as good as the players and system around him, which is troubling due to our
current roster and Wenger's love
of sideways passing... Walcott should have been sold years ago, enough said, and Welbeck should never have been brought in from the get - go... both
of these players have suffered numerous injuries
over their respective careers and neither are good enough to overcome such difficulties: not to mention, they both are below average first - touch players, which should be the baseline test for any player coming to a Wenger - led Arsenal team... Perez should have been played wide left or never purchased at all; what a huge waste
of time and money, which is ridiculous considering our penny pinching ways and the fact that fans had been clamoring for a real striker for years... finally Giroud, the fact that he stills wears the jersey is a direct indictment
of this club's failure to get things right... this isn't necessarily an attack on Giroud because I think he has some highly valued skills, but not for a team that has struggled to take their sideways soccer to the next
level, as his presence slows their game even more, combined with our average, at best, finishing skills... far too often those in charge have either settled or chosen half - measures and ultimately it is us that suffer because no matter what happens Wenger, Gazidis and Kroenke will always make more money whereas we will always be the ones paying for their mistakes... so every time someone suggests we should just shut - up and support the team just think
of all the sacrifices you've made along the way and simply reply... f *** off
Arsenal's Midfield is a complete mess at the moment.The Ox has presumably had enough; Coquelin frankly isn't good enough although is currently the only combative midfielder that the Club has in its ranks; Elneny is nothing more than a «squad player»; Wilshire has regressed
over the course
of 3 injury ravaged years and Cazorla is unlikely to play at the same
level again following on from his
current injury crisis....
over the years we've lost the opportunity to bring in talented, and innovative young managers, guys like pep, and kloop, these guys specifically had bias for arsenal due to our philosophy
of the game, and the
level of control granted our coach, this I believe has being our biggest undoing as the
current coach has for a long time placed his ego and face before the good
of the club and its fans.
But
levels of just 7 parts per billion are believed to be capable
of increasing a person's blood
level over 5 micrograms per deciliter - the
current level of concern for health.
The District has worked with their bond consultants to formulate a bond structure that would increase the amount
of property taxes that a $ 300,000 market value house pays to the Park District by $ 36
over current levels to retire this new debt.
Once all
of the bonds have been sold, the District is estimating that a $ 300,000 home would see an increase
of $ 36
over the
current amount, and sustained at that
level over a 25 - year period.