In the end,
prices of financial markets are determined by the «actions» of investors to emerging economic and financial environment, rather than by the environment itself.
Not exact matches
The minutes
of the Fed's June meeting noted that «some participants suggested that increased risk tolerance among investors might be contributing to elevated asset
prices more broadly; a few participants expressed concern that subdued
market volatility, coupled with a low equity premium, could lead to a build - up
of risks to
financial stability.»
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.
They are worried about the economies
of China and other emerging
markets and what that means for
financial markets and commodity
prices.
the Company's share repurchase plans depend on a variety
of factors, including the Company's
financial position, earnings, share
price, catastrophe losses, maintaining capital levels commensurate with the Company's desired ratings from independent rating agencies, funding
of the Company's qualified pension plan, capital requirements
of the Company's operating subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings),
market conditions and other factors.
«Current concerns in the
financial markets center around the absence
of liquidity and the effect it might have on future
market prices,» Janus» Bill Gross said in June.
It is anomalous to see
financial journalists talk about the futility
of market timing in the stock
market but then give the impression houses should be sold to avoid an anticipated collapse in
prices.
It pointed to the continued presence
of fragile fixed - income
market liquidity as a key vulnerability in the overall
financial system, while it repeats the risks
of a sharp increase in long - term interest rates, stress from emerging
markets like China and prolonged weakness in commodity
prices.
The terms and
prices of variable annuities were much better before the
financial crisis, but the rationale for a contract that guarantees an income stream while allowing for some participation in potential growth in the investment
markets remains intact, according to Mark Cortazzo, senior partner at Macro Consulting Group.
One example is the use
of stolen
financial information to undercut an acquisition target's
market value in order to later acquire the company at a fire - sale
price.
But with mounting sovereign debts, anti-austerity riots in southern Europe, and the
price of gold soaring, even some moderate
financial observers are worrying that
market grizzlies might turn out to be right.
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.
With the recent drop in commodity
prices, especially for West Texas Intermediate crude oil, consumers are poised to win big - time while many in the
financial markets are seeing a stream
of losses.
A deal is by no means assured in light
of the company's uncertain
financial prospects and steep
price tag — its
market value is more than $ 16 billion after talk
of a sale drove the stock up over the past few days.
Weak
pricing was the biggest reason that Cenovus missed on most forecasts, said analyst Travis Wood
of National Bank
Financial Markets.
Some foreign investors, rather than crunching data on earnings and stock valuations to come up with investment strategies, actively mimicked the actions
of China's so - called «national team» — a group
of state - backed
financial institutions that were tasked with propping up share
prices in the height
of the
market rout.
During difficult
market conditions, such as the asset - backed commercial paper crisis in the summer
of 2007 and the global
financial crisis
of late 2008, the BAX has consistently provided customers with
price transparency, liquidity and central counterparty guaranteed transactions.
New Zealand's booming housing
prices are now 45.4 % above the previous
market peak
of late 2007, and officials warn the rapid increases pose a risk to
financial stability.
To leverage the cost advantage, Richter learned how to monitor constantly fluctuating
prices and reroute calls on the fly to chase the bargains, like a
financial trader moving money from one currency or commodity into others in sync with the complex ebb and flow
of the
market.
Important factors that could cause our actual results and
financial condition to differ materially from those indicated in the forward - looking statements include, among others, the following: our ability to successfully and profitably market our products and services; the acceptance of our products and services by patients and healthcare providers; our ability to meet demand for our products and services; the willingness of health insurance companies and other payers to cover Cologuard and adequately reimburse us for our performance of the Cologuard test; the amount and nature of competition from other cancer screening and diagnostic products and services; the effects of the adoption, modification or repeal of any healthcare reform law, rule, order, interpretation or policy; the effects of changes in pricing, coverage and reimbursement for our products and services, including without limitation as a result of the Protecting Access to Medicare Act of 2014; recommendations, guidelines and quality metrics issued by various organizations such as the U.S. Preventive Services Task Force, the American Cancer Society, and the National Committee for Quality Assurance regarding cancer screening or our products and services; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, licensing and supplier arrangements; our ability to maintain regulatory approvals and comply with applicable regulations; and the other risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10 - K and our subsequently filed Quarterly Reports on For
financial condition to differ materially from those indicated in the forward - looking statements include, among others, the following: our ability to successfully and profitably
market our products and services; the acceptance
of our products and services by patients and healthcare providers; our ability to meet demand for our products and services; the willingness
of health insurance companies and other payers to cover Cologuard and adequately reimburse us for our performance
of the Cologuard test; the amount and nature
of competition from other cancer screening and diagnostic products and services; the effects
of the adoption, modification or repeal
of any healthcare reform law, rule, order, interpretation or policy; the effects
of changes in
pricing, coverage and reimbursement for our products and services, including without limitation as a result
of the Protecting Access to Medicare Act
of 2014; recommendations, guidelines and quality metrics issued by various organizations such as the U.S. Preventive Services Task Force, the American Cancer Society, and the National Committee for Quality Assurance regarding cancer screening or our products and services; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, licensing and supplier arrangements; our ability to maintain regulatory approvals and comply with applicable regulations; and the other risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis
of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10 - K and our subsequently filed Quarterly Reports on For
Financial Condition and Results
of Operations sections
of our most recently filed Annual Report on Form 10 - K and our subsequently filed Quarterly Reports on Form 10 - Q.
The stricter residential mortgage lending regulations introduced by the Office
of the Superintendent
of Financial Institutions were aimed at reducing risk in the
market amid high housing
prices.
The company's
financial performance in the year to date has been mixed after its decision to raise the
prices of its products weakened its
market share and forced it to trim its sales growth forecast for the full year.
The more consequential reforms — such as introducing
market - based interest rates, reducing excess capacity, subjecting state - owned enterprises to increased competition and
financial discipline, enforcing strict environmental laws, and raising
prices of natural resources — are expected to depress growth.
It pumped in more than $ 200 billion dollars to support stock
prices, suspended all initial public offerings, and arrested more than a dozen executives in the
financial industry on charges
of «malicious manipulation
of the
market.»
Think about it; if you were unlucky enough to buy into the stock
market at the peak in 2008, just before the
financial crisis hit full force, your gains (excluding dividends) wouldn't buy you much more than two loaves
of price - fixed bread at Loblaws and a bag
of President's Choice sour grapes.
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).
Examples
of such projects providing marginal benefits are: improving
financial reporting systems through better information technology, minor tweaks to supply chain logistics, cutting back on
marketing or increasing low - cost advertising (like social media), «rationalization»
of head count, holding average wages as low as possible, squeezing suppliers a little bit, not repatriating earnings to stave off taxation, refinancing rather than retiring debts, and the share buyback that is insensitive to a company's current stock
price.
Right now with earnings growth very strong and the bond
market already reflecting a fair amount
of Fed tightening (
pricing in 5 rate hikes over the coming 2 years), my sense is that the stock
market is in OK shape to withstand some tightening
of financial conditions and not unravel in the process.
«The improvement in
financial integration was particularly visible in the case
of price - based indicators, especially those covering the capital
markets,» the ECB said.
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price average, the J. Crew Co., Facebook, Coke vs. Pepsi, and others
The bond
market knows how to read the
financial statements, and
prices of RadioShack debt have been falling accordingly.
Some central banks, including the Bank
of England and the European Central Bank, condition their forecasts on paths implied by
financial market prices; others, including the Sveriges Riksbank and the Norges Bank, condition their forecasts on staff expectations
of the future policy interest rate.
Economic theory is most comfortable with fully integrated systems in which
prices and flows
of goods and services along with real and
financial capital responding continuously and completely to
market forces.
Financial conditions affect households» and firms» decisions, so that the transmission of U.S. monetary policy to the real economy depends, to a large extent, on how changes in monetary policy help deliver the appropriate financial market conditions to support our objectives of price stability and maximum em
Financial conditions affect households» and firms» decisions, so that the transmission
of U.S. monetary policy to the real economy depends, to a large extent, on how changes in monetary policy help deliver the appropriate
financial market conditions to support our objectives of price stability and maximum em
financial market conditions to support our objectives
of price stability and maximum employment.
The future value
of our Class A common stock will depend to a large degree on our business and
financial performance, and we can not assure you that the
price of our Class A common stock will equal or exceed the
price at which our securities have traded on these private secondary
markets.
This means that during times
of financial uncertainty or stock
market panic, investors often buy large amounts
of gold, pushing its
price up.
The public equity
market is factually and demonstrably a small fraction
of the
financial assets available and traded in the economy, and it still is not clear to me why that particular slice
of the asset world should be used as a
price guide for the social discount rate.
Is the systematic method
of analyzing
financial instruments, including securities, futures and interest rate products, with only
market - delivered information such as
price, volume, volatility and open interest.
There has been volatility in
financial markets and downward pressure on the
prices of many commodities that Canada sells.
The home page is a mixture
of Bitcoin
financial news,
market prices, and network stats like the current hash rate.
Although the USD - denominated
price of Bitcoin (BTC) and many other cryptocurrencies have pulled back significantly from 2017 highs, the ICO
market continues to chug along like the little
financial engine that could.
2018 Outlook: «A synchronized improvement in global economic and
financial market conditions means fundamentals are likely to play a larger role in driving individual stock
prices, while geopolitical risks and investor complacency leave
markets vulnerable to bouts
of volatility that may present us with attractive investment entry points.»
«No longer did Talon have an underlying equity value: the right set
of price moves in the
financial markets could reduce the value
of its holdings to zero,» the lawsuit says.
Because our model focuses on quantifying the
market's expectations for the future
financial performance
of a company as embedded in the stock
price, we need a more dynamic DCF model than the traditional models that force the valuation
of every stock into a 5 or 10 - year forecast horizon.
Almost every
financial website, from Bloomberg to Google Finance, puts the P / E near the top
of the page, right near the stock
price and
market cap.
But sooner or later we have to see a start to the process
of adjusting these
financial prices and I would expect Australian
financial markets to be able to take all that in their stride.
The essence
of the global
financial bubble is that savings are diverted to inflate the stock
market, bond
market and real estate
prices rather than to build new factories and employ more labor.
... The
pricing of financial assets, and today's extraordinarily low interest rates indicate that a flight from the dollar is the last thing expected in
financial markets.
As the leadership
of corporations has passed from what Thorstein Veblen called the «engineers» to the
financial managers, the objective is not to produce more or expand
market share, but to increase the
price of stocks, other securities and real estate.
Tullett Prebon Information (TPI) is a provider
of «real - time
price information from the global OTC
financial and commodity
markets.»