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WMB | UK Queen Elizabeth s grandson splits from wife Sun | LONDON Reuters Peter Phillips the grandson of Britain s Queen Elizabeth has separated from his Canadian wife after 12 years of marriage the Sun newspaper reported on Tuesday
The tabloid said Phillips the eldest of the British monarch s eight grandchildren was devastated that his wife Autumn wanted to split up
The couple who married in 2008 have two children Savannah 9 and Isla 7 Buckingham Palace said it had no comment as it was a private matter
Phillips 42 son of Elizabeth s daughter Princess Anne and 15th in line to the throne and Autumn 41 met in 2003 at the Montreal Grand Prix when he worked for the Formula 1 racing team BMW Williams NYSE WMB and she worked at the BMW hospitality suite
They married at the queen s Windsor Castle residence near London the scene for a number of recent royal weddings including that of another of Elizabeth s grandsons Prince Harry to his American wife Meghan
Phillips has no royal title and has tended to stay out of the limelight He did however organize a giant street party in front of Buckingham Palace to celebrate the queen s 90th birthday in 2016
The Sun said the monarch 93 would be very upset by the news which comes on the back on a series of major setbacks for the royal family
Harry and Meghan plunged the Windsors into crisis last month when they announced they wanted to cut back on official duties That led to a deal which means they will retire as working royals to spend more time in Canada and the United States
Meanwhile the queen s second son Prince Andrew also stepped down from public duties in November over his connections to sex scandals involving late U S financier Jeffrey Epstein
The queen must wonder what she has done to deserve this the Sun quoted an unnamed senior royal source as saying
Peter Phillips has always been a favorite of hers and Prince Philip and she will be crestfallen by this especially on top of all the other bad news It makes you wonder what s going to happen next |
WMB | NFL notebook QB Newton s future depends on health | Carolina Panthers owner David Tepper reiterated on Tuesday that the future of Cam Newton won t be decided until the quarterback s health is known
It s a question of how healthy he is foot and otherwise Tepper told a group of reporters in Charlotte That s still the No 1 overwhelming thing And everything comes from that
Asked about Newton s assertion during Super Bowl week that he would be back with the Panthers Tepper replied I m not a doctor I ve said it a million times is he healthy He s not a doctor So there s a lot of different things that can happen but first is he healthy Tell me that and we can talk
Newton who is recovering from December surgery for a Lisfranc injury in his left foot said two weeks ago in Miami that he had an unbelievable conversation with general manager Marty Hurney Tepper and new head coach Matt Rhule saying he left that meeting inspired He added that he will absolutely be back with the Panthers in 2020
The Dallas Cowboys hope to sign quarterback Dak Prescott to a long term extension before the window to use the franchise tag closes on March 10 NFL Network reported
Per the report the Cowboys will use the tag on Prescott if no deal can be completed by then but they would prefer to complete an extension beforehand
That would free up the franchise tag to potentially use on another pending free agent such as wide receiver Amari Cooper or cornerback Byron Jones Because 2020 is the final year of the collective bargaining agreement the Cowboys could also use the transition tag in addition to the franchise tag if they want to tag two players
The Washington Redskins are mending fences with stalwart left tackle Trent Williams NYSE WMB and the icy relationship between the sides is thawing a little bit NFL Network reported
Williams who previously had not been returning phone calls from the organization reportedly called back new head coach Ron Rivera and had a very positive conversation
The report added that the next step would be for Williams to visit the facility and hash out any remaining concerns There is optimism that Williams could return to the team to play in 2020 months after he was considered a very likely trade candidate this offseason
The Jacksonville Jaguars are hiring former New York Giants head coach Ben McAdoo as their quarterbacks coach ESPN reported
McAdoo 42 has spent the last two years out of the NFL since being fired by the Giants before the end of his second season He was let go after a 2 10 start in 2017 less than a year after helping New York go 11 5 and reach the playoffs
A 14 year veteran NFL coach McAdoo spent two years as the Giants offensive coordinator 2014 15 after eight years with the Green Bay Packers 2006 13 including the final two as quarterbacks coach
The Buffalo Bills and defensive tackle Star Lotulelei agreed to a restructured contract according to an ESPN report
Per the report Lotulelei s base salary will drop from 6 25 million to 4 5 million in 2020 but the figure is now fully guaranteed Additionally 2 5 million of his 6 5 million base salary in 2021 has been guaranteed for injury
Lotulelei is entering the third year of a five year 50 million contract signed as a free agent in March of 2018 He will count 8 35 million against the cap in 2020 and 10 85 million in 2021 though Buffalo could save 5 65 million in 2021 with his release next offseason
Cornerback Davon House retired as a Green Bay Packer ending an eight year NFL career
House 30 did not play in the NFL in 2019 but he spent six years with the Packers in two separate stints 2011 14 2017 18
In between House joined the Jacksonville Jaguars on a four year 24 5 million contract playing two seasons before his release He shined in his first year in Jacksonville picking off four passes breaking up 23 and collecting 60 tackles
Field Level Media |
C | Chinese Data Buoys Markets | The markets were buoyed by Chinese GDP data which indicated that an easing of monetary policy in the world s second largest economy is becoming increasingly likely Furthermore strong data releases from both sides of the Atlantic and a fall in peripheral European bond yields aided the general risk on environment The German ZEW investor confidence index rose the most on record from minus 53 8 in December to minus 21 6 in its second straight rise The EUR rallied to as high as 1 2810 before retreating to open this morning at 1 2730 Pimco s Bill Gross has weighed into the debate surrounding the role of credit rating agencies in the global financial system by saying that although some may argue that downgrades may not matter they may trigger a wave of selling by investors who are required to hold only the highest quality securities in their portfolios as a matter of regulation In the UK The GBP fell as inflation slowed to 4 2 from 4 8 in November and investors speculated that the Bank of England may introduce more quantitative easing It opens the morning at 1 5330 The Australian dollar after rallying strongly to 1 0450 on stop loss buying and the breach of option barriers has fallen back to 1 0370 this morning US equities gained in their first trading session of the week after the Martin Luther King holiday Manufacturing in the New York region grew by the fastest pace in nine months The S P 500 gained 0 36 to 1 293 with 48 companies in the index due to report quarterly results this week European bourses rose spurred by the record improvement in German investor confidence The DAX gained 1 82 to 6 333 while the FTSE rose 0 65 to 5 694 Today we have the release of Australian consumer sentiment and new motor vehicle sales Overnight we have the release of UK employment data US PPI and the Bank of Canada Monetary Policy Report Commodity prices rose on the back of a series of good data releases across China Europe and the US WTI Crude gained almost 2 to 100 60 on stronger German investor confidence and a push by France to fast track sanctions on Iran Precious metals consolidated with gold higher by 1 2 to 1 651 while silver consolidates just below 30 00 Soft commodities were broadly higher with cotton and soy beans leading the rally while copper gained more than 2 2 The CRB index has gained 3 13 points to 310 83 GOLD continued to grind higher in offshore trade as rising equities and a weakening USD left only one way fro commodities to move on the night China data yesterday triggered the gains seen last night and once we saw improved German sentiment and better than forecast manufacturing data in the US we continued to gain We did see some profit taking late in the session as US equities paired some of the earlier gains after Citigroup reported weak earnings which pushed the USD higher Gold finished US trade stronger by 1 50 at 1 655 Gold is not only a safe haven but is a highly demand related commodity and improving conditions globally coupled with the potential for easing in China should see prices rise further USD weakness will only add to upside pressure but if we were to see the Euro post some gains then gold could be back at 1 800 before we know it We have now managed to consolidate above support resistance at 1 642 and should now grin towards 1 700 The next hurdle is resistance at 1 667 and above here 1 777 and then it is a free run to 1 700 On the downside any losses from here should be limited by support down at 1 625 and closer in at 1 was almost the best performing currency on the globe during the last 24 hours as the positive climb started with the better than expected Chinese GDP data and the relationship to commodities and the talk of continued building in China propping up the Australian Dollar because of the need for our resources The break above 1 0400 was a surprise However after the better Chinese data we got the expected move above the 1 0370 pivot but we have to say 1 0450 was a little over extended Speculators were noted sellers towards the highs and have already proven that the markets remain unconvinced about the future direction The gains were quickly given up with the price ending the US session back below 1 0370 Westpac Consumer sentiment and New Motor Vehicle Sales are due during the local morning and motor vehicles sales expected to improve we could see incorrect positioning Car manufacturers have been heavily discounting so to pick the result looks harder than picking the winner in the races |
C | US Ind Prod to Bounce Back in Dec GS Earnings to Decline | A busy day is upon us as we see more earnings reports from the US financial sector and Industrial Production and Producer Price Index data from the world s largest economy Production is seen bouncing back after a weak November report when output declined for the first time since April Earnings season continues with financials Last Friday JP Morgan announced earnings per share in line with expectations and yesterday Citigroup and Wells Fargo presented varied reports with the former missing expectations by 26 percent Next up from the US financials segment we have Goldman Sachs among others today scheduled to release Q4 earnings at 13 00 GMT Compared to 4Q 10 when the bank presented EPS of 3 88 analysts are much more negative in their view regarding 4Q 11 as they look for EPS to be less than a third at 1 23 due to a weak trading quarter In addition to GS we also have Charles Schwap before market US Bankcorp before market and Bank of New York Mellon 11 30 The full list can be found here US producer prices to ease The commodity led reflation seen in 2011 is coming to an end this year having already slowed at the end of last year as slower growth and fading temporary effects weigh on prices Having peaked in July with growth of 13 7 percent year on year import prices have since eased to 8 5 percent with deceleration apparent in all of the intermediate months Today s report on producer prices is expected to reflect the same pattern in prices Even though consensus looks for a slight increase month on month of 0 1 percent also in the core index the year on year growth rate is expected to ease down to 5 1 percent from 5 7 percent prior Production to bounce back in the US November s surprise decline in Industrial Production of 0 2 percent month on month despite a healthy ISM Manufacturing report is set to be replaced by a 0 5 percent gain in December In November Manufacturing was the culprit in the Industrial Production report declining 0 4 percent has a weight of 74 67 pct in total IP while Utilities 0 2 and Mining 0 1 made up a bit for the weakness in Manufacturing Capacity Utilization is seen by consensus rising to 78 1 percent from 77 8 which would be the highest utilisation of existing capacity since July 08 79 pct UK labour market Before the US PPI numbers we have labour market data from the UK 09 30 which is expected to show an increase in jobless claims of 7 000 Eurozone Construction 10 00 and Credit Suisse ZEW 10 00 while the US also offers MBA Mortgage Applications 11 00 and the NAHB Housing Market Index 15 00 |
C | Danske Daily | Key newsThe slightly positive risk sentiment appears to be intact with no major market moving news overnight Stock markets are mostly higher and EUR has strengthened slightly across the board Focus today will be on the resumption of the PSI negotiations and Hungarian prime minister Orban s address to the European parliament Earnings will also remain in focus Markets OvernightSo far the slightly positive sentiment appears to be intact Economic data have in recent days beat expectations and the impact from S P s downgrade of France and other eurozone countries has so far proven modest The eurozone s bailout fund EFSF yesterday received solid demand at its 6M debt sales showing that the loss of its triple AAA rating did not have a substantial impact on EFSF s ability to fund itself at least for short maturities There has not been any major market moving news overnight The World Bank yesterday revised its forecast for global GDP growth in 2012 markedly lower to just 2 5 from previously 3 6 see World Bank and it expects global GDP growth to only recover modestly to 3 1 in 2013 The World Bank expects the euro area to contract 0 3 in 2012 and expand only 0 1 in 2013 The US stock market closed higher albeit off from earlier highs S P 500 closed up 0 4 Disappointing Q4 earnings from CitiGroup weighed on financial stocks yesterday The sentiment in the stock market hasremained slightly more positive in Asian trade US stock futures have edged slightly higher and Asian stock markets are mostly higher this morning with Nikkei and Hang Seng up 1 3 and 0 3 respectively In the US bond market there have been no major market movements overnight and the 10 year US bond yield is trading largely unchanged at 1 86 compared with yesterday s market close in Europe In the European bond markets Italian and Spanish bond yields edged slightly lower 6 50 and 5 13 respectively brushing off S P s recent downgrade In the FX market EUR has strengthened across the board on the back of the improved risk sentiment in the market and EUR USD is this morning trading 1 277 SEK and NOK have also weakened slightly against EUR Crude oil prices continue to edge higher with Brent oil up another 0 9 to USD112 on the back of increasing tensions in the Middle East Iran overnight has warned Saudi Arabia of consequences if it increases its oil production lost due to oil embargo on Iran Global DailyFocus today The negotiations on the Greeks PSI between IIF and the Greek government are set to resume today The main dispute remains what the coupon should be but also whether collective action clauses are to be imposed hence whether the leaders are still aiming for a voluntary deal could be part of the negotiations On the release calendar UK unemployment figures could attract attention In the US PPI data and industrial production will be the main releases The NAHB housing market index is expected to confirm that the recent improvement in the housing market is sustainable Fixed income markets Risk sentiment remains positive despite a negative rating cycle and despite fears of a hard Greek default in the coming months Stocks markets are higher volatility is coming down and peripherals in general are performing It certainly helps that US and Chinese data confirm ongoing economic recovery The markets will look for the 2 year auction in Germany today where EUR4bn 0 25 BKO Dec 13 are up for sale It will hardly be a market mover though |
C | European Markets Shrug Off S P Downgrades | EquitiesOver the weekend S P downgraded the debt ratings of 9 out of 17 euro zone countries sending Asian markets lower on Monday The Nikkei sank 1 4 to 8378 as the Euro Yen EURJPY fell to 97 22 its lowest level in more than a decade hurting exporters In Korea the Kospi shed 9 and Australia s ASX 200 dropped 1 2 The Hang Seng slid 1 to 19012 while the Shanghai Composite tumbled 1 7 largely erasing last week s gains Shanghai Composite Slides 1 7 In contrast European markets climbed despite the wave of credit downgrades The DAX rallied 1 3 the CAC40 climbed 9 and the FTSE rose 4 Late Monday S P downgraded the European Stability Fund s credit rating by one notch which may make it harder for the fund to obtain cheap funding CurrenciesGlobal currencies traded in relatively narrow ranges thanks to the US holiday The Canadian Dollar gained 5 to 1 1081 ahead of the Bank of Canada s rate decision on Tuesday The Swiss Franc slipped 3 to 1 0478 the Australian Dollar eased 2 to 1 0306 and the Euro edged down 1 to 1 2664 The Yen rose 2 to 76 78 Economic OutlookTuesday s sole economic report is the Empire State manufacturing survey Analysts are expecting the index to rise to 10 8 from last month s 9 5 reading Chinese GDP Better than Expected Lifting MarketsEquitiesGDP data from China showed the economy grew at 8 9 in the last quarter better than forecast The news sent the Shanghai Composite soaring 4 2 despite the fact that the figure was lower than last quarter s 9 1 growth Across the region stocks rallied particularly in neighboring Hong Kong where the Hang Seng jumped 3 2 to 19638 The Nikkei advanced 1 1 to 8466 the Kospi climbed 1 8 and the ASX rose by 1 7 The upbeat sentiment continued in Europe as the DAX rallied 1 8 the CAC40 gained 1 4 and the FTSE rose 7 Automakers posted a 2 8 gain as fear of a Chinese hard landing abated US stocks posted smaller gains The Dow tacked on 60 points to 12482 the Nasdaq advanced 6 and the S P 500 gained 4 Citigroup shares tumbled 8 2 after reporting weaker than expected earnings while Wells Fargo inched up 7 after beating estimates Financials traded mostly lower as the weight of Citigroup s disappointment hit the sector CurrenciesA successful bond auction in Spain helped boost European currencies The Swiss Franc rallied 8 to 1 0533 the Euro gained 6 to 1 2734 and the Pound inched up 1 to 1 5332 The Canadian Dollar edged up 3 after the Bank of Canada kept rates steady at 1 In the Pacific region the Australian Dollar climbed 7 to 1 0379 and the Yen closed down fractionally at 76 82 Economic OutlookThe Empire State manufacturing index blew past expectations rising to 13 5 from last month s 9 5 reading its highest level since April Housing Market Sentiment Soars to 4 5 Year HighEquitiesAsian markets traded mixed on Wednesday as doubts over Greece s debt burden clashed with Tuesday s cheer The Nikkei climbed 1 to 8551 lifted by a sharp 6 6 rally in Elpida Memory on news the company is seeking a deal with Micron Technology The Hang Seng rose 3 to 19687 while the Kospi and ASX 200 settled little changed The Shanghai Composite fell 1 4 to 2264 following Tuesday s powerful 4 2 rally the largest single day gain in more than 2 years European shares traded mixed as well The FTSE rose 2 the DAX gained 3 while the CAC40 eased 2 Societe Generale shares surged 6 as Greece resumed debt negotiations on hopes the bank s losses due to exposure to Greek debt will be less than feared Upbeat data and rumors of a possible Greek debt deal later in the week sent US stocks higher The Nasdaq led the advance climbing 1 5 The Dow rose 97 points to 12576 and the S P 500 gained 1 1 to 1308 Nasdaq Rallies 1 5 Goldman Sachs surged 6 8 after beating earnings estimates while Bank of NY Mellon sank 4 6 after reporting weak earnings Home builders soared thanks to upbeat home builder sentiment index data The index rose to its highest level since June 2007 Hovnanian closed up 12 2 and Pulte Homes posted a 5 9 gain CurrenciesThe Euro surged 1 6 as hopes for a solution to Greek s debt woes lifted the single currency The Australian Dollar rallied 1 2 to 1 0430 the Swiss Franc advance 1 to 1 0654 and the Pound climbed 8 to 1 5441 The Canadian Dollar posted a smaller 4 gain to 1 0112 and the Yen inched up fractionally to 76 99 Economic OutlookThe NAHB housing market index jumped to 25 from last month s reading of 21 blowing past analyst estimates of a rise to 22 Industrial production rose by 4 slightly less than forecast and PPI slipped 1 following last month s 3 gain Stocks Gain on IMF Hopes Kodak Files for BankruptcyEquitiesAsian markets rallied to their highest level in more than a month following news the IMF is hoping to raise 600 billion in funding to help tackle the euro debt crisis The Nikkei gained 1 to 8640 the Kospi jumped 1 2 and the Hang Seng rallied 1 3 China s Shanghai Composite climbed 1 3 nearly erasing Wednesday s 1 4 drop Australia s ASX 200 lagged the region easing 1 as employment data showed an unexpected drop of 30K jobs in December France s CAC40 soared 2 to 3329 as European indexes traded higher following strong bond auctions in Spain and France The DAX gained 1 and the FTSE rose 7 as European banks rocketed up 7 4 on hopes the IMF will help address the ongoing debt crisis US stocks posted moderate gains thanks to positive economic and earnings news The Dow rose 45 points to 12624 the Nasdaq rallied 7 and the S P 500 gained 5 to 1314 50 CurrenciesEuropean currencies advanced as renewed hopes for a debt solution lifted the region The Euro and Swiss Franc gained 8 and the Pound rose 4 to 1 5484 The Yen fell 4 to 77 12 while the Australian Dollar closed down 1 to 1 0412 Economic OutlookWeekly unemployment claims dropped to 352K vastly exceeding analyst expectations of 387K CPI was flat while core CPI rose 1 in line with forecasts On a weaker note housing starts fell to 660K 30K short of forecasts Asia Rallies Western Markets end MixedEquitiesAsian markets advanced on Friday shrugging off a weak PMI report from China The Nikkei rallied 1 5 to 8766 and the Kospi surged 1 8 both settling at their highest close in months The Shanghai Composite climbed 1 to 2319 and the Hang Seng gained 8 to 20110 reaching a 3 5 month high as it crossed back above the 20000 mark Australia s ASX 200 lagged slightly behind rising 6 In Europe stocks closed slightly lower but closed higher for the week The FTSE DAX and CAC40 all eased 2 US stocks ended mixed as investors reacted to a heavy dose of earnings news The Dow rallied 97 points to 12720 the S P 500 gained 1 while the Nasdaq closed down fractionally The VIX tumbled 8 to 18 28 Dow Rallies 97 Points on Strong Earnings NewsGoogle shares tumbled 8 4 to 586 after falling short of analyst estimates The company had beaten estimates on revenue for 8 straight quarters CurrenciesThe Pound advanced 6 to 1 5574 thanks to upbeat retails sales data which showed a gain of 6 after last month s 5 decline The Australian Dollar rallied 7 to 1 0494 The Euro slipped 3 to 1 2935 settling in the middle of its daily range while the Yen ticked up 1 to 77 03 Economic OutlookExisting home sales rose by 5 to an annualized rate of 4 61M up from last month s 4 39M reading but fell slightly short of analyst forecasts |
JPM | Bank of America strikes deal to avoid activist resolution on chairman role | By Ross Kerber Reuters An activist investor group said it is withdrawing a shareholder resolution that called for Bank of America to have an independent board chair easing some of the pressure the bank faced after giving its Chief Executive Brian Moynihan the additional title of chairman last year In return for avoiding a vote on the resolution at its springtime annual meeting Bank of America agreed to produce a report on its corporate culture and business practices said Seamus Finn chair of the Interfaith Center on Corporate Responsibility It had sponsored the resolution and recently forced JPMorgan Chase Co to complete a similar review Bank of America spokesman James Mahoney confirmed the deal with the activist group Finn said getting such a report completed was a higher priority than forcing a leadership change at the bank based in Charlotte N C His group has pushed financial institutions to do more to acknowledge their role in the 2008 global financial crisis But Moynihan took over the bank after the worst of the crisis Finn said making it easier to argue he can hold both titles He has delivered for the bank and he s the leader they want to run with he said Finn also credited the bank with naming Jack Bovender as its lead independent director in October as it gave Moynihan the additional title While various critics have urged banks to maintain independent board chairman to improve oversight Bank of America gave Bovender new duties it said were in line with best corporate governance practices
Bank of America spokesman Mahoney declined to comment on another request from two big pension funds for a vote on Moynihan s new dual role as chair and CEO They have asked the bank to hold a binding vote on the change at the company s springtime shareholder meeting |
JPM | U S court says JPMorgan must live with 1 5 billion paperwork error | By Tom Hals Reuters JPMorgan Chase Co got a painful reminder on Wednesday that we all have to live with our mistakes even a clerical mix up that could cost 1 5 billion A federal appeals court in Manhattan ruled on Wednesday that although it was not JPMorgan s intention it clearly authorized its law firm to file papers in 2008 that unsecured much of a loan to General Motors The difference was critical because the automaker soon after filed for bankruptcy During GM s Chapter 11 secured lenders were repaid in full while unsecured creditors lost out JPMorgan said it was reviewing the decision and its options The dispute involved the unintentional release of a lien on GM fixtures and equipment At the end of 2008 the automaker was preparing to pay off a 300 million financing and had the Mayer Brown law firm ready the documents The firm accidentally included a lien that secured the 1 5 billion loan in the list of security interests it terminated after the 300 million was repaid After GM filed for bankruptcy protection in 2009 the official committee of unsecured creditors asked a judge to rule that the 1 5 billion syndicated loan administered by JPMorgan was unsecured because of the mistake JPMorgan argued the loan s security interest was unintentionally terminated and was therefore still in effect U S Bankruptcy Judge Robert Gerber sided with JPMorgan in 2013 He said that while it was initially tempting to doom lenders to live with their mistakes he found JPMorgan had not expressly authorized the termination of the loan s security interest The unsecured creditors appealed to the U S Court of Appeals for the Second Circuit in Manhattan which reversed Gerber s ruling The three judge panel found that while JPMorgan never intended to terminate the main term loan security interest the bank had effectively given its authorization The appeals court noted that the filings ending the security interest were reviewed by the JPMorgan managing director responsible for the 1 5 billion loan and the law firm JPMorgan hired for the paperwork Simpson Thacher Bartlett JPMorgan reviewed and assented to the filing of that statement Nothing more is needed the 15 page opinion said Eric Fisher an attorney for the unsecured creditors declined to comment JP Morgan Chase Co sign outside headquarters in New York alt Reuters JP Morgan Chase Co sign outside headquarters in New York rel external image
The case is the Official Committee of Unsecured Creditors of Motors Liquidation Co v JPMorgan Chase Bank U S Court of Appeals for the Second Circuit No 13 2187 |
JPM | JPMorgan CEO Dimon s pay package rose above 20 million in 2014 WSJ | Reuters JPMorgan Chase Co N JPM Chief Executive Officer Jamie Dimon received a bigger pay package in 2014 than the 20 million he was given the year before the Wall Street Journal reported citing people familiar with the matter
The report did not say how much Dimon 58 received in salary bonus and equity grants for 2014 but in 2013 he received a package of 20 million comprising 18 5 million in restricted stock units and 1 5 million in salary
Two years ago Dimon s pay was cut in half to 11 5 million for 2012 which was the year JPMorgan traders handling company accounts lost 6 25 billion in the so called London Whale derivatives transactions Previously Dimon had received 23 million for each of 2011 and 2010
JPMorgan was not be immediately available for comment |
BMY | Exelixis EXEL Earnings Revenues Beat Estimates In Q4 | Exelixis Inc NASDAQ EXEL delivered better than expected results for fourth quarter 2018 wherein both earnings and revenues beat estimates on strong performance by Cabometyx
Following the announcement of the results shares of Exelixis gained 7 38 in the after market trading session However Exelixis shares have lost 24 1 in the past twelve months compared with the decline of 17 1
The company reported earnings of 37 cents easily beating the Zacks Consensus Estimate of 25 cents The bottom line was also up from 12 cents in the year ago quarter
Net revenues came in at 228 6 million up from 120 1 million in the year ago quarter The top line also surpassed the Zacks Consensus Estimate of 195 7 million
Quarter in Detail
Net product revenues came in at 176 2 million up 84 from the year ago quarter driven by continued growth of Cabometyx in the United States for the treatment of advanced renal cell carcinoma RCC
In April 2016 the FDA approved a tablet formulation of cabozantinib distinct from the capsule form under the brand name Cabometyx for the treatment of advanced RCC in patients who have received prior anti angiogenic therapy The FDA also expanded the drug s label for the treatment of previously untreated advanced RCC in December 2017
Cabometyx generated 171 6 million net product revenues Demand grew 8 4 sequentially
Cometriq cabozantinib capsules for the treatment of medullary thyroid cancer generated 4 6 million in net product revenues
Total collaboration revenues were 52 4 million compared with 24 4 million in the year ago quarter
In the reported quarter research and development expenses increased 77 9 to 57 3 million stemming from higher personnel expenses and clinical trial costs Selling general and administrative expenses were 52 4 million up 13 2 year over year driven by increases in personnel expenses and stock based compensation
Pipeline Update
In October 2018 Exelixis initiated a phase III trial COSMIC 311 of single agent cabozantinib in patients with radioiodine refractory differentiated thyroid cancer DTC who have progressed up to two prior vascular endothelial growth factor receptor VEGFR targeted therapies The co primary endpoints for the trial are progression free survival and objective response rate
In November 2018 Exelixis and partner Ipsen obtained European Commission s approval for Cabometyx as a monotherapy for the treatment of hepatocellular carcinoma HCC a form of liver cancer in adults who have previously been treated with Nexavar Per the agreement with Ipsen Exelixis received a milestone payment of 40 0 million for this approval in January 2019 The approval was based on results from the CELESTIAL trial The FDA also approved Cabometyx for the treatment of patients with HCC in January 2019
In December 2018 Exelixis and Ipsen initiated a pivotal phase III study COSMIC 312 to evaluate a Cabometyx combination therapy in treatment na ve advanced HCC Moreover an exploratory arm will also evaluate Cabometyx monotherapy in the first line setting for similar patients
Exelixis inked deals with Bristol Myers NYSE BMY and Roche OTC RHHBY to develop cabozantinib in combination with immunotherapy agents Earlier Exelixis announced encouraging results from the dose escalation stage of the phase Ib COSMIC 021 study on Cabometyx in combination with Tecentriq in previously untreated advanced RCC The combination was well tolerated and showed promising anti tumor activity
In January 2019 partner Daiichi Sankyo announced that Minnebro esaxerenone tablets were approved by the Japanese Ministry of Health Labour and Welfare as a treatment for patients with hypertension The compound was identified during the prior research collaboration between Exelixis and Daiichi Sankyo which the companies entered into in March 2006 and has been subsequently developed by Daiichi Sankyo
Consequently Exelixis will receive a 20 0 million milestone payment upon the first commercial sale of Minnebro in Japan The company is also eligible for additional commercialization milestone payments and low double digit royalties on sales of Minnebro
In September 2018 Exelixis announced that the National Comprehensive Cancer Network NCCN has updated its Clinical Practice Guidelines to include new recommendations for Cabometyx As a result of the update Cabometyx is now recommended by the NCCN for the treatment of advanced RCC regardless of patient risk status favorable intermediate and poor risk
2018 Results
Revenues came in at 853 8 million up from 452 5 million in 2017 Also revenues surpassed the Zacks Consensus Estimate of 819 4 million Earnings per share came in at 1 43 up from 49 cents in 2017 The top line also comfortably beat the Zacks Consensus Estimate of 1 30
2019 Guidance
R D expenses are expected to be between 285 million and 315 million Selling general and administrative SG A expenses are expected to be between 220 million and 240 million
Our Take
Exelixis fourth quarter results were impressive despite stiff competition from Pfizer s NYSE PFE Sutent Votrient and Inlyta among others Cabometyx continues to maintain its market leading position in RCC The drug gained market share throughout the fourth quarter
It ended the quarter with 34 market share backed by its broad label for advanced RCC and the recent NCCN update as the preferred TKI for the majority of both previously untreated and refractory RCC patients Demand grew 6 sequentially The company experienced a 10 increase in Cabometyx s prescriber base compared with that in the third quarter
The label expansion of the drug for second line HCC should diversify the franchise and further boost sales
We expect investors to focus on further label expansion of cabozantinib Three pivotal trials CheckMate 9ER evaluating Cabometyx in combination with Opdivo in first line RCC COSMIC 311 with single agent cabozantinib in second line DTC and COSMIC 312 evaluating Cabometyx in combination with Tecentriq in first line HCC are underway
Zacks Rank
Exelixis currently carries a Zacks Rank 3 Hold You can see
3 Medical Stocks to Buy Now
The greatest discovery in this century of biology is now at the flashpoint between theory and realization Billions of dollars in research have poured into it Companies are already generating revenue and cures for a variety of deadly diseases are in the pipeline
So are big potential profits for early investors Zacks has released an updated Special Report that explains this breakthrough and names the best 3 stocks to ride it |
C | GLOBAL MARKETS Shares oil slip as recovery hopes wane | U S shares buck global trend rise on stock upgrades
U S dollar climbs as appetite for risk wanes again
Oil falls toward 72 a barrel as dollar gains
Bonds ease as issuance concerns fill data void
Updates with close of U S markets
By Herbert Lash
NEW YORK Sept 18 Reuters U S stocks rose on corporate
profit hopes but global equities faltered and crude oil
slipped toward 72 a barrel on Friday as the U S dollar
rebounded from a one year low on waning risk appetite
Oil fell as dealers took profits from a 5 percent rally
earlier in the week and the dollar rose as investors trimmed
their positions ahead of holidays in Japan and Singapore next
week For details see ID nN18534676 and ID nN18264635
Analysts said a lack of conviction that the global economic
downturn was indeed ending had dragged down oil and some equity
markets on expectations that fuel demand could stay weak
World equities came under pressure after scaling an
11 month peak as investors took stock of recent hefty gains
The MSCI all country world index fell 0 2
percent after touching a high last seen in early October
But Wall Street rebounded from earlier losses as investors
bet the recovery will be strong enough to sustain corporate
profits Procter Gamble and major homebuilders
advanced on positive brokerage comments ID nN18266846
For the week all three major U S stock gauges rose more
than 2 percent
On a short term basis the market is due for a pause but
the underlying tone of the market and the economy is positive
at present said Michael Sheldon chief market strategist at
RDM Financial in Westport Connecticut
Procter Gamble Co jumped 3 2 percent to 57 32
after a Citigroup upgrade to buy on news P G is ready to cut
prices to regain market share P G was the top boost to the
30 stock Dow Jones industrial average ID nBNG419626
The Dow closed up 36 28 points or 0 37 percent at
9 820 20 The Standard Poor s 500 Index gained 2 81
points or 0 26 percent at 1 068 30 The Nasdaq Composite
Index rose 6 11 points or 0 29 percent at 2 132 86
Analysts said the trend for broad dollar weakness was
likely to persist The dollar has sold off sharply this month
as investors shifted into riskier assets on increasing signs of
a global recovery The prospect of low U S yields and concerns
about the U S fiscal deficit have fueled dollar selling
Today overall has been a retracement day and a
profit taking day said Andrew Busch a global FX strategist
at BMO Capital Markets in Chicago But I don t see anything
on the horizon just yet that would take us out of this
sell the U S dollar mode
U S crude for October delivery fell 43 cents to
settle at 72 04 a barrel while London Brent fell 23
cents to 71 32
U S Treasury debt prices slipped as dealers cut prices to
clear out inventory before underwriting the auction of 112
billion in new notes next week ID nN18534676
Bond losses widened in thin afternoon trade as participants
left for the weekend and for religious observance Rosh
Hashana the Jewish New Year holiday begins Friday evening
U S government debt sagged on the prospect of heavy
supply Benchmark 10 year notes fell 26 32 in price
to yield 3 49 percent
People looked ahead to next week s supply and there is
still some talk that the Fed will tighten monetary policy
sooner than some people thought and that there is a greater
divergence of opinion on the FOMC than most people thought
said Cary Leahey economist at Decision Economics in New York
Gold ended lower on profit taking capping a volatile week
in which the metal set an all time high of 1 030 80 an ounce
as a steadily falling dollar boosted investment demand
U S December gold futures settled down 3 20 at
1 010 30 an ounce in New York ID nLI152781
European shares pulled back from an 11 month high set on
Thursday as commodity stocks slipped but Britain s leading
share index logged a sixth straight session of gains supported
by an early rise on Wall Street
The FTSEurofirst 300 of top European shares closed
0 5 percent lower at 1 006 50
The FTSE 100 in London closed up 0 2 percent at
5 172 89 another 12 month closing high
Asian stocks retreated from 13 month highs as a conflicting
picture about the strength of a U S economic recovery stopped
investors from extending this week s rally
The Nikkei index fell 0 7 percent breaking a
three day rally while the MSCI index of Asia Pacific stocks
traded outside Japan dipped 0 6 percent
Reporting by Chuck Mikolajczak Nick Olivari and Pedro
Nicolaci da Costa in New York and Chris Baldwin and Dominic Lau
in London Writing by Herbert Lash Editing by James
Dalgleish |
WMB | Key Takeaways From Trump s State of the Union Speech | Bloomberg President Donald Trump on the eve of his likely acquittal in the Senate impeachment trial delivered his third State of the Union address and added to the drama with a handful of stage managed surprises
His 78 minute remarks to a Congress never mentioned the word impeachment yet partisanship loomed over his visit on Tuesday to Capitol Hill Republicans chanted four more years after the president was introduced at the podium and a swath of Democratic women were dressed in all white to honor suffragettes
The State of the Union offered Trump the chance to address the country after a tumultuous start to 2020 marked by conflict in the Middle East fears over a rapidly spreading virus and new trade deals with Mexico and China Here are the key takeaways
Betting on the Economy
Trump spent the first half hour of the speech lauding his record on the economy calling it the best it s ever been and pointing to a blue collar boom in a sign of how much he ll lean on the issue heading into the November election
He rattled off a series of robust job market stats unemployment rates for blacks Hispanic Americans and women have all hit record or near record lows during his presidency
Left unsaid was that those achievements are largely a function of a tight labor market and an economic expansion now in its record 11th year Cracks remain wage growth has slowed the participation rate the share of the working population employed or looking for work still hasn t recovered its pre recession level and the nation s overall income inequality is widening
As for the manufacturing sector factories are planning investment cuts this year for the first time since 2009 and jobs added to the sector have slowed in fact declining in December
Hyper Partisanship
Every State of the Union is a partisan affair but with the impeachment trial and Democratic primaries taking place the divide between the parties was stark The president spent nearly the entirety of his speech turned to his left to face friendlier Republicans while Democrats largely stayed seated
As Trump made his points House Speaker Nancy Pelosi frequently looked down and flipped through a copy of the president s speech gazed at her colleagues on the right side of the chamber and seemed astonished when Trump cited policy achievements such as criminal justice reform that only passed because of Democratic support
Without looking their way Trump criticized the one hundred thirty two lawmakers in this room who have endorsed legislation to impose a socialist takeover of our health care system He said another 130 Democrats would bankrupt our nation by providing free taxpayer funded health care to millions of undocumented migrants
But Pelosi got the final say As the president finished his speech she picked up her copy of his remarks and tore it in half
Limbaugh s Medal of Freedom
Trump delighted Republicans and horrified Democrats with the revelation that he was awarding the Presidential Medal of Freedom to conservative pundit Rush Limbaugh who disclosed on his radio show Monday that he had advanced lung cancer
The decision unusual for a State of the Union seemed to catch Limbaugh off guard He appeared astonished as Trump made the announcement and First Lady Melania Trump put the blue ribboned medal around his neck
He is the greatest fighter and winner that you will ever meet Trump said of Limbaugh Rush Limbaugh Thank you for your decades of tireless devotion to our country
Limbaugh an ardent Trump supporter has frequently courted controversy He gave fuel to Trump s debunked conspiracy that former President Barack Obama wasn t born in the U S Limbaugh also lost many advertisers in 2012 after denigrating law student Sandra Fluke for speaking out about birth control
Drug Prices
Trump demanded that Congress pass legislation that lowers prescription drug prices one of the few issues where Republicans and Democrats say they re willing to collaborate ahead of the November elections
I have been speaking to Senator Chuck Grassley of Iowa and others in the Congress in order to get something on drug pricing done and done properly Trump said Get a bill to my desk and I will sign it into law without delay
An obstacle could be one Trump s key allies in Congress Senate Majority Leader Mitch McConnell who has resisted bringing up bills opposed by the pharmaceutical industry Despite McConnell s stance Grassley a Republican has said he would work to advance legislation he s written with Senator Ron Wyden an Oregon Democrat
Members of both parties say lowering drug prices is a priority and various proposals have been circulating in Congress The Democratic led House passed a bill last year that would enable Medicare to negotiate drug prices but it hasn t been taken up in the Senate Many Democrats stood up in the House chamber and shouted the bill number HR 3 at Trump as he implored them to send him legislation
Reality Show Speech
In a nod to his reality show past Trump sprinkled emotional surprises and giveaways into the now common use of civilian guests in the House gallery To highlight his point about school choice the president announced that Janiyah Davis a fourth grader from Philadelphia sitting with her mother would be receiving a scholarship to attend the school of her choice
After singling out an eighth grade student from Arizona who Trump said dreams of joining the new Space Force the president recognized the boy s great grandfather Charles McGee a 100 year old World War II veteran McGee who was in the chamber after taking part in Sunday s Super Bowl festivities was promoted to brigadier general and had his stars pinned on his uniform by the president earlier Tuesday
In perhaps the most emotional moment of the night Trump acknowledged Amy Williams NYSE WMB whose husband Townsend was in Afghanistan on his fourth deployment After saying that Amy s two children had not seen their father s face in many months Trump announced that her husband was actually in the chamber Townsend walked down the steps toward her seat hugged their children and was reunited with his family
Tough Talk on Mideast Venezuela
While Trump touted his efforts to push back Islamic State and kill its leader Abu Bakr Al Baghdadi his claims to have wiped out the terror group contradicted military officials The Defense Intelligence Agency for instance has told the Pentagon s Inspector General that Islamic State exploited the withdrawal plans of U S troops from Syria to reconstitute
The president campaigned in 2016 on pulling the U S out of the Middle East s endless wars a theme he repeated on Tuesday but since May he has sent more than 15 000 troops to the region as part of his campaign to pressure Iran
Trump again said he wants to end the almost 19 year old war in Afghanistan but his chief envoy to peace talks said this week that the situation in Afghanistan is complicated and may not lend itself to an easy end
Referencing another foreign policy hotspot one of Trump s special guests in the audience was Juan Guaido the opposition leader whom the U S has recognized as Venezuela s legitimate leader more than a year ago
Inviting Guaido whom Trump referred to as Mr President was clearly meant to give a shot of momentum to the Venezuelan opposition parties that have been unable to oust President Nicolas Maduro
Maduro is an illegitimate ruler a tyrant who brutalizes his people Trump said But Maduro s grip of tyranny will be smashed and broken |
WMB | With made for TV flourish Trump makes case for bringing troops home | By Patricia Zengerle WASHINGTON Reuters U S President Donald Trump displayed reality TV flair on Tuesday to underscore his pledge to wind down the war in Afghanistan engineering the return of an Army sergeant who surprised his wife and two young children in the House of Representatives as a national broadcast audience looked on We are working to finally end America s longest war and bring our troops back home Trump said in his annual State of the Union speech to Congress prompting applause from both Democrats and his fellow Republicans But the applause would grow louder and longer in one of the few nonpartisan moments of Trump s 80 minute speech Discussing the sacrifices of military families Trump introduced Amy Williams NYSE WMB a military wife from North Carolina sitting by first lady Melania Trump with her two young children Trump described Williams as working full time while raising her children and volunteering to help other military families She has done that on her own he said for the past seven months while Sergeant First Class Townsend Williams was in Afghanistan his fourth deployment in the region But Amy there is one more thing Tonight we have a very special surprise the former reality television host said in a departure from his prepared remarks I am thrilled to inform you that your husband is back from deployment He is here with us tonight and we couldn t keep him waiting any longer Trump called out Amy Williams put her hands to her face and seemed to sob The sergeant in his dress uniform walked down the aisle and embraced his family before shaking Melania Trump s hand and waving to approving roars from the members of Congress officials and guests in the House chamber As the Williams family sat down Republican lawmakers chanted U S A U S A U S A as at a campaign rally Trump who campaigned on a promise to wind down America s endless wars was reported last year to be planning to withdraw about half of the 14 000 U S forces in Afghanistan adding pressure to secure a peace agreement with the Taliban But the president called off the talks to end the 18 year long war in September after an attack killed a U S soldier The talks resumed but were interrupted again in December after a suicide attack on a U S base outside Kabul killed two civilians GUEST FROM VENEZUELA Trump used another guest to bring a new focus to foreign policy Juan Guaido the leader of Venezuela s National Assembly who is recognized by the United States and most European and Latin American countries as Venezuela s rightful head of state The Trump administration has been working for more than a year to ratchet up sanctions and diplomatic pressure on Venezuela in the hope of ousting socialist President Nicolas Maduro Trump s push on Venezuela has been popular among Cuban Americans in Florida a key voting bloc in a state seen as central to Trump s re election hopes Trump also reiterated his call to Iran to abandon its pursuit of nuclear weapons and stop spreading terror saying Washington was here to help the Islamic Republic rebuild its economy if it would do so Iran has said its nuclear program is for peaceful purposes Trump in 2018 pulled the United States out of the 2015 Iran nuclear deal reached by former Democratic President Barack Obama reimposing sanctions He has since pursued a maximum pressure campaign against Tehran and ordered a drone strike last month that killed top Iranian general Qassem Soleimani The strike briefly raised fears of a U S Iran war Our message to the terrorists is clear You will never escape American justice You attack our citizens you forfeit your life Trump said in his speech |
WMB | Crossing the ETF Divide | When he first sat down with Grant Williams NYSE WMB in 2017 in a series called The Dark Side of ETFs Steven Bregman president and director of research at Horizon Kinetics dissected the problematic consequences of passive investing and the potential bubble that has since only grown In 2020 he has not changed his tune Ultimately Bregman and Michael Green debate the risks and fallacies of a market dynamic which Bregman argues presents incredible opportunity for investors willing to risk crossing the ETF divide Filmed on January 20 2020 in New York |
WMB | Top 25 roundup Baldwin s buzzer beater lifts No 19 Butler | Kamar Baldwin hit a 3 pointer at the buzzer to lift No 19 Butler past No 10 Villanova 79 76 on Wednesday night in Indianapolis
McDermott made two free throws to put Butler ahead 76 73 with 32 5 seconds left Saddiq Bey then tied the game at 76 for Villanova with a 3 pointer with 24 7 seconds remaining
Sean McDermott scored 21 points Bryce Golden added a career high 18 Baldwin chipped in 17 and Bryce Nze had 12 for the Bulldogs 18 5 6 4 Big East
Bey led Villanova with 29 points while Collin Gillespie added 28 The Wildcats 17 5 7 3 lost their second in a row
Vanderbilt 99 No 18 LSU 90
Behind career highs from Max Evans and Saben Lee the Commodores snapped the longest regular season conference losing streak in Southeastern Conference history by topping the Tigers in Nashville
Lee 33 points and Evans 31 helped the Commodores 9 13 1 8 end the team s SEC skid at 26 regular season games and 28 games against SEC teams overall Lee had a game high six assists Scotty Pippen Jr and Jordan Wright pitched in with 13 and 11 respectively
LSU 17 5 8 1 was the league s only unbeaten team in conference play coming in Emmitt Williams NYSE WMB 24 points Trendon Watford 26 and Javonte Smart and Skylar Mays 15 each led the Tigers in scoring Williams pulled down a game high 11 rebounds
No 5 Louisville 86 Wake Forest 76
Jordan Nwora had 21 points and the Cardinals stepped up their defense and used a 15 0 second half run to overcome a 15 point deficit and record their ninth straight victory over the visiting Demon Deacons
Dwayne Sutton finished with 15 points and 11 rebounds and Lamarr Kimble had all 14 of his points in the second half as six players scored in double figures for the Cardinals 20 3 11 1 Atlantic Coast Conference Louisville leads the league while off to the best ACC start in program history
Andrien White scored 17 points for Wake Forest 10 12 3 9 who got 16 points from Olivier Sarr and 14 from Brandon Childress
No 12 Seton Hall 78 Georgetown 71
Myles Powell scored a game high 34 points as the Pirates raced to a big early lead then held off a late Hoyas run in Washington
Jared Rhoden added 12 points and nine rebounds for Seton Hall 17 5 9 1 Big East which upped its conference lead over second place Villanova to two games The Pirates were coming off their first conference loss on Saturday to Xavier
Omer Yurtseven led Georgetown 13 10 3 7 with 19 points and 15 rebounds Jahvon Blair scored 18 points but made only 4 of 16 field goal tries and Terrell Allen hit for 11 but canned just 4 of 17 from the floor
No 13 West Virginia 76 Iowa State 61
Oscar Tshiebwe scored 16 points and grabbed 10 rebounds to lead the Mountaineers past the Cyclones in Big 12 Conference play at Morgantown W Va
Chase Harler added 14 points for West Virginia 18 4 6 3 while Derek Culver and Emmitt Matthews Jr scored 12 apiece and Jermaine Haley contributed 11 The Mountaineers have won two straight and four of their past five games
Rasir Bolton led Iowa State 9 13 2 7 with 18 points Tyrese Haliburton added 12 for the Cyclones who took their fourth straight loss and ninth in the past 11 games
Purdue 104 No 17 Iowa 68
Evan Boudreaux led five Boilermakers in double figures with 18 points lifting Purdue to a win over the Hawkeyes at West Lafayette Ind
A 3 pointer by walk on Tommy Luce in the closing minutes put Purdue over the century mark in scoring for the 80th time in program history The Boilermakers finished the game with a season high 19 3 pointers shooting 55 9 percent from 3 point range to post a season high 104 points
Jahaad Proctor Matt Haarms and Sasha Stefanovic each added 15 points for Purdue 13 10 6 6 Big Ten which won its second straight Eric Hunter Jr chipped in with 13 points Luka Garza the Big Ten s leading scorer at 23 points per game led Iowa 16 7 7 5 with 26 points
Providence 73 No 21 Creighton 56
A J Reeves scored 22 points and Alpha Diallo added 14 as the host Friars rallied from a double digit first half deficit to earn a Big East Conference victory over the Bluejays
David Duke added 12 points as Providence 13 10 6 4 won its second consecutive game against a ranked team after defeating Butler on Saturday The Friars finished 2 3 in a five game stretch against ranked teams the program s longest such streak since facing 10 consecutive during the 1990 91 season
Ty Shon Alexander scored 15 points while Damien Jefferson and Christian Bishop added 13 each as Creighton 17 6 6 4 saw its four game winning streak come to an end
Field Level Media |
WMB | NBA roundup Ibaka hits key shot in Raptors record win | Serge Ibaka made the decisive 3 pointer with 30 4 seconds remaining to finish with 30 points as the Toronto Raptors extended their winning streak to a franchise best 12 games Wednesday night with a 119 118 victory over the visiting Indiana Pacers
Kyle Lowry had 32 points 10 assists and eight rebounds for the Raptors who have won 12 straight regular season home games against the Pacers
Pascal Siakam had 25 points and nine rebounds for Toronto Terence Davis II had 11 points and Fred VanVleet chipped in 10
Malcolm Brogdon had 24 points for the Pacers who have lost three straight Doug McDermott added 19 points for the Pacers Domantas Sabonis had 15 points 11 rebounds and 10 assists and Victor Oladipo scored 13 points
Boston Celtics 116 Orlando Magic 100
Jayson Tatum scored 33 points and host Boston shot a blistering 56 5 percent from behind the 3 point arc to outlast Orlando Ahead of his first career All Star Game appearance Tatum carried the scoring with fellow All Star selection Kemba Walker sidelined due to a sore left knee
Tatum shot 5 of 11 from 3 point range and added eight rebounds and five assists Gordon Hayward finished with 23 points seven rebounds and seven assists for Boston However Jaylen Brown who scored 18 points and grabbed five rebounds appeared to turn his ankle in the closing minutes of the win
Evan Fournier led Orlando with 26 points Aaron Gordon posted 23 points and 10 rebounds while Nikola Vucevic finished with 12 points and 10 rebounds for the Magic who have dropped six of their past seven games
Atlanta Hawks 127 Minnesota Timberwolves 120
Trae Young and John Collins each produced a double double to lead Atlanta to a win in Minneapolis handing Minnesota its 13th consecutive loss
Young scored 38 points hitting six 3 pointers and had 11 assists for his 19th double double this season It was the 26th time Young has scored 30 plus points Collins had 27 points making 11 of 19 shots from the floor and grabbed 12 rebounds Minnesota had three players score 20 plus points led by Andrew Wiggins with 25 points and seven rebounds
Both teams had only 11 players active because of pending trades Atlanta s Evan Turner and Minnesota s Robert Covington two players rumored to be part of a four team deal were not available
Denver Nuggets 98 Utah Jazz 95
Nikola Jokic had 30 points 21 rebounds and 10 assists and short handed Denver came from behind to beat Utah in Salt Lake City The Nuggets had just seven players available due to injury and a pending trade
Jokic tied a career high with his rebound total and he notched his fourth triple double in the past nine games Jamal Murray added 31 points and Monte Morris scored 15 for the Nuggets who improved to 9 0 against the Northwest Division and won for the sixth time in eight games overall
Mike Conley had 21 points Donovan Mitchell scored 18 and Rudy Gobert had 16 points and 14 rebounds for the Jazz who have dropped five straight Bojan Bogdanovic and Jordan Clarkson added 16 each for Utah which blew a nine point lead in the last seven minutes
Los Angeles Clippers 128 Miami Heat 111
Paul George and Landry Shamet scored 23 points apiece and Los Angeles earned a victory over visiting Miami
Miami forward Jimmy Butler strained right shoulder and Los Angeles guard Patrick Beverley sore right groin left the game in the third quarter and did not return
Kawhi Leonard Montrezl Harrell and Lou Williams NYSE WMB each scored 14 points for the Clippers who had eight players reach double figures Derrick Jones Jr had 25 points and nine rebounds while Bam Adebayo scored 22 points and grabbed 11 boards for the Heat
Oklahoma City Thunder 109 Cleveland Cavaliers 103
Dennis Schroder scored 30 points off the bench to lift Oklahoma City to a home win over Cleveland
Schroder shot 10 of 17 from the floor Shai Gilgeous Alexander added 23 points and 10 rebounds for the Thunder
Collin Sexton had a team high 23 points and Kevin Love added 20 points as Cleveland s losing streak stretched to five games The Cavaliers have dropped 12 of their past 13
Memphis Grizzlies 121 Dallas Mavericks 107
Ja Morant scored 21 points while Jaren Jackson Jr and Tyus Jones added 19 each as Memphis capped a busy day with a victory at Dallas Memphis won for the sixth time in its past seven games and now has 12 victories over its past 15 contests
Brandon Clarke had 18 points as the Grizzlies won the game shortly after the team reportedly agreed to trade Andre Iguodala to the Miami Heat Iguodala was acquired from the Golden State Warriors in the offseason but declined to report to Memphis
Kristaps Porzingis scored 32 points for the Mavericks who were playing without leading scorer rebounder and assist man Luka Doncic for the fourth consecutive game because of a sprained right ankle
Detroit Pistons 116 Phoenix Suns 108
Andre Drummond powered his way to 31 points and 19 rebounds and host Detroit pulled away to beat Phoenix
Reggie Jackson had 25 points and nine assists for Detroit while Christian Wood contributed 21 points and eight rebounds Langston Galloway added 15 points off the bench and Bruce Brown chipped in nine points and seven assists
Kelly Oubre Jr s 30 points led the Suns who have lost four straight Deandre Ayton contributed 26 points 12 rebounds and four blocks while Devin Booker tossed in 22 points with seven assists Mikal Bridges added 13 points six rebounds and four assists
Brooklyn Nets 129 Golden State Warriors 88
Caris LeVert scored 23 points as Brooklyn started quickly and cruised to a rout of Golden State in New York
Joe Harris added 17 and tied a season high with nine rebounds while reserve Garrett Temple contributed 16 for the Nets Rodions Kurucs and Taurean Prince chipped in 12 apiece for Brooklyn which shot 51 percent on field goal attempts
D Angelo Russell received a tribute video after the first quarter and the former Brooklyn guard scored 17 on 7 of 20 shooting Russell missed all eight of his 3 point tries as the Warriors shot 36 5 percent from the floor and 12 8 percent 5 of 39 on 3 point tries
Field Level Media |
WMB | Eight spots up for grabs at new Fed Cup finals | By Martyn Herman
LONDON Reuters Sixteen nations will do battle this week to secure the last eight spots for the revamped Fed Cup finals in April with some heavyweights desperate to avoid missing the party
After the incident packed launch of the rebranded Davis Cup Finals in Madrid in November a marathon week for the men featuring 18 nations and culminating in glory for Spain the ITF s flagship women s team event is taking a similar path
Gone is the old format whereby two teams would emerge from the World Group to contest a final at the end of the season
In its place will be a 12 nation week long event in Budapest in April With such a quick turnaround the stakes have been raised considerably for the eight qualifying ties
Holders France and runners up Australia are exempt from qualifying while the Czech Republic have received a wildcard as have hosts Hungary Bidding to join them will be the likes of the United States Spain Russia and Romania
The U S out on their won with a record 18 Fed Cup titles host Latvia with newly crowned Australian Open champion Sofia Kenin joined by Serena Williams NYSE WMB and teenager Coco Gauff
Kenin 21 has rocketed up the rankings and will lead the team having moved ahead of 23 time Grand Slam singles champion Williams who will be the U S number two for the tie
It s a special feeling to be ahead of her I m just super excited I can t wait to compete be on the same team with her in Fed Cup Kenin said in the build up to the tie
Five time winners Spain take on Japan on outdoor clay in La Manga won all three previous meetings but kowing their task will be tougher this time with world number 10 Naomi Osaka back in team colours after skipping the competition last year
Last year s semi finalists Romania host four time champions Russia in Cluj but will not be able to call on the inspirational fighting spirit of Simona Halep who misses the tie
Canada s hopes of reaching the Budapest showpiece have been dealt a blow with world number six Bianca Andreescu ruled out of the singles for the clash with Switzerland in Biel
That means another chance for Leylah Annie Fernandez 17 who takes the second singles spot behind Eugenie Bouchard
Fernandez who made her debut last year against the Czechs takes on Swiss number two Jil Teichmann in the opener before Bouchard s stern test against world number five Belinda Bencic
Britain will be without Johanna Konta for their trip to Slovakia while in other ties the Netherlands host Belarus Brazil are at home to Germany and Belgium welcome Kazakhstan
Ties are contested over five rubbers four singles and a potential deciding doubles |
WMB | Exclusive China s mobile giants to take on Google s Play store sources | By David KIRTON SHENZHEN China Reuters China s Xiaomi HK 1810 Huawei Technologies HWT UL Oppo and Vivo are joining forces to create a platform for developers outside China to upload apps onto all of their app stores simultaneously in a move analysts say is meant to challenge the dominance of Google s Play store The four companies are ironing out kinks in what is known as the Global Developer Service Alliance GDSA The platform aims to make it easier for developers of games music movies and other apps to market their apps in overseas markets according to people with knowledge of the matter The GDSA was initially aiming to launch in March sources said although it is not clear how that will be affected by the recent coronavirus outbreak A prototype website says the platform will initially cover nine regions including India Indonesia and Russia Oppo and Vivo are both owned by Chinese manufacturer BBK Electronics Oppo Vivo and Xiaomi confirmed they jointly developed the GDSA as a way to upload apps to their stores simultaneously A Xiaomi spokesman said the alliance was not intended to challenge Google NASDAQ GOOGL and denied Huawei s involvement with it but Oppo and Vivo made no mention of Huawei in their statements Huawei declined to comment Google whose services are banned in China earned about 8 8 billion globally from the Play store in 2019 said Katie Williams NYSE WMB an analyst at Sensor Tower Google also sells content such as movies books and apps on the Play store and collects a 30 commission Google did not respond to a request for comment By forming this alliance each company will be looking to leverage the others advantages in different regions with Xiaomi s strong user base in India Vivo and Oppo in Southeast Asia and Huawei in Europe said Nicole Peng the VP of Mobility at Canalys Secondly it s to start to build some more negotiation power against Google she added Together the four companies made up 40 1 of global handset shipments in the fourth quarter of 2019 according to the consultancy IDC While Oppo Vivo and Xiaomi have full access to Google services in international markets Huawei lost access for new devices last year after the United States barred American suppliers from selling goods and service to it citing national security Chinese vendors are trying to capture a greater share of software and services as hardware sales slow said Will Wong a smartphone analyst with IDC App store pre loading apps advertisements and gaming are areas that could generate new revenue he said Huawei is also moving away from Google by developing its own Harmony OS as an alternative The GDSA s website includes the logo of Wanka Online HK 1762 a Hong Kong listed Android ecosystem platform next to a contact for the GDSA s General Secretariat Wanka declined to confirm its involvement The GDSA might be able to lure some app developers by providing more exposure than the already crowded Play store and the new platform could provide better monetary incentives analysts said By making it simple for developers to increase their reach across multiple app stores Huawei Oppo Vivo and Xiaomi stand to attract more developers and ultimately more apps said Williams
However managing the alliance may be a challenge Peng said The execution is difficult as its hard to say which company is pulling more weight and investing more in it We haven t seen the alliance model work well in the past |
WMB | Osaka suffers woeful Fed Cup return | Reuters Naomi Osaka s return to Japan s Fed Cup team after a year s absence turned sour on Friday as the world number 10 suffered a thrashing at the hands of Spain s Sara Sorribes Tormo The two time Grand Slam champion was expected to give Japan a huge boost in their bid to overcome five time champions Spain at the La Manga Club near Murcia but lost 6 0 6 3 Osaka whose Australian Open title defence was ended by 15 year old Coco Gauff looked totally ill at ease on the clay as she racked up 50 unforced errors in a torrid display against the world number 78 who claimed only a second Fed Cup singles win Honestly it wasn t even a match am emotional Osaka said For me I m kind of dealing with some stuff and I couldn t mentally get into the match It s sort of my fault Claycourt specialist Carla Suarez Navarro playing in her last home tie for Spain then beat Misaki Doi 6 3 6 4 to put Spain 2 0 ahead going into Saturday s reverse singles Spain need to win just one of Saturday s three rubbers to book their place in the inaugural Fed Cup Finals featuring 12 nations in Budapest in April Holders France runners up Australia wildcards Czech Republic and hosts Hungary will definitely be involved in the revamped event leaving eight others to book their places in this weekend s qualifiers Switzerland are well placed after moving 2 0 ahead in their tie against a much weakened Canada side in Biel Jil Teichmann battled past teenager Leylah Annie Fernandez before Belinda Bencic beat Gabriela Dabrowski who was a late replacement for an injured Eugenie Bouchard Canada were also unable to call upon U S Open champion Bianca Andreescu for Friday s singles The Netherlands and Belarus were locked at 1 1 with Aryna Sabalenka levelling the tie after Kiki Bertens had put the Dutch ahead with victory over Aliaksandra Sasnovich Britain s hopes of reaching the Budapest showdown are hanging by a thread after falling 2 0 behind in Slovakia Heather Watson was beaten 6 2 6 3 by Anna Karolina Schmiedlova before Harriet Dart lost to 6 7 3 6 3 7 5 to Viktoria Kuzmova despite coming back from 2 5 down in the decider Romania were without Simona Halep in Cluj but ended day one level at 1 1 with four time winners Russia while Belgium were also locked at one apiece with Kazakhstan Germany are in the driving seat in Brazil after wins for Laura Siegemund and Tatjana Maria in Florianopolis Later the United States who have won a record 18 Fed Cup titles attempt to book their place in Budapest as they begin their tie against Latvia
Newly crowned Australian Open champion Sofia Kenin leads the team with Serena Williams NYSE WMB relegated to second singles spot |
C | Muted Reaction to S P Downgrade | After downgrading nine European nations including France on January 13 Standard and Poor s announced that it will also cut the rating of the European Financial Stability Facility from AAA to AA The news offset a relatively successful French bond auction which saw yields fall on one year notes from 0 454 at a January 9 auction to 0 406 It appears that most investors had already priced in a cut in ratings for France and the reaction of investors in the first trading session after the release of the mass downgrades was rather muted Germany is now the only eurozone nation with a stable AAA rating The EUR has failed to move much from 18 month lows and opens the Asia morning trading at 1 2660 The focus this week for European leaders will be to address the mounting criticism of their handling of the debt crisis by delivering new fiscal rules and work out a solution for Greece as the rescue plan for that nation flounders The discussions surrounding Greece and the reduction of the debt burden remain a strong focus and will be an important test in the eyes of international investors Pimco s Bill Gross has already stated that a Greek default is very likely There was speculation last night that the ECB acted to buy Italian and Spanish bonds In other currencies the Australian dollar continues to hold up well at 1 0300 With the Martin Luther King holiday in the United States investors were focused largely on Europe and it was somewhat of a surprise to see a very muted reaction to the S P downgrade of a number of eurozone nations including France Although US markets were closed S P futures did record a modest rise as the market awaits results from Wells Fargo WFC Citigroup C and Microsoft MSFT this week In Europe after initial weakness the bourses there have closed higher with the DAX gaining 1 25 to 6 220 while the FTSE rose 0 37 to 5 657 Carnival CCL the world s largest cruise ship operator fell 14 after one of its ships struck rocks and capsized off the coast of Italy Commodities futures were largely closed for trade due to the US holiday WTI crude rose 1 to above 99 60 as the war of words escalated over the Iranian situation Precious metals are higher with gold gaining 0 8 to 1 644 while silver is trading just below 30 up 1 43 Soft commodities were largely closed for trade while copper gained 1 07 Today we have the release of the high impact Chinese GDP data amongst a series of other releases including retail sales and industrial production Overnight we have UK and European CPI a speech by BOE Governor King and the Canadian Rate Statement The Chinese data will have a strong impact on the markets this week if they show a marked slowdown in the world s second biggest economy as we expect GOLD moved higher in offshore trade as senti ment picked up especially in the Euro region with bond yields falling in France after a successful bond auction The USD steadied which assisted a rise in precious metals prices but all in all it was a quiet night with the US off on holidays Gold finished offshore trade stronger by 0 80 at 1 643 A very quiet night for precious metals last night as most of the big moves come out of the US and the liquidity just wasn t their as we had a US holiday Prices remained well bid throughout the session and are definitely looking prone to further gains Support down at 1 625 was never in doubt and this level remains short term support and below here key support is now located at 1 600 05 So depending on the timeframe depend son where stops should be placed Longer term holders should consider stops under 1 580 for now A move looks set to test 1 662 and if we get through here then we should continue to grind back towards 1 700 China data is key today so any weakness after this data should be an opportunity to get was one of the best performing currencies during the last 24 hours as the better than expected Australian Home Loans data started the ball rolling and with a lack of liquidity around the markets due to the US long weekend the price managed to get back above 1 0300 and posting a 1 0335 top during the US afternoon This bounce hasn t surprised us and yet again we are seeing it as another opportunity to re enter a short term sell position The price has already moved back to 1 0306 to close out the US session with the ratings agency S P taking any positive spin out of the markets with a downgrade to the EFSF Bailout Fund from AAA to AA There is a lack of Australian data however with the Chinese GDP release today expect some movement for the AUD The AUD looks to be on the knife s edge of something and this could be the tipping point An improvement in China will see the bulls take AUD above the pivot 1 0370 whilst a lower number will give the bears what they have been waiting for more Doom and Gloom with parity around the corner |
C | FX Market Commentary 18th January 2012 | Solid economic data paved the way higher for risk currencies overnight following on from yesterdays outperforming Chinese Gross Domestic Product Growth in China moderated to an annual pace of 8 9 percent in December beating consensus estimates of 8 7 percent growth If nothing else this simply shows Chinese growth is not falling off a cliff thus simmering the hard landing argument The Euro region was also able to muster some inspiration with better than anticipated Zew investor sentiment data and well attended auctions Demand for European debt also remained a positive driver with an Auction of Spanish debt seeing decidedly lower yields than last month s sale The European Financial Stability Facility also remained a market driver overnight but this time for the right reasons Despite being downgraded earlier this week by ratings agency Standard Poor s it seems demand for EFSF debt remains well regarded despite the downgrade with strong Auction results overnight Euro Zone consumer prices moderated in December to record annual growth of 2 7 percent from a previous 3 percent Economists anticipated 2 8 percent growth on year As one would expect the Euro was able to ride the wave of positivity with price action making a break to the upside of US1 27 Gains were also recorded against major counterparts with the exception of the in form Aussie dollar which received a significant boost yesterday courtesy of our largest trading partner China The Aussie went on to forge new highs against both the Euro and Sterling The local unit ran out of steam at 104 50 overnight before pairing gains over the latter half of U S trade coinciding with U S equities which pared gains after lackluster earnings by banking heavyweight citigroup Nevertheless US equities were able to squeeze out some gains by the close with the S P and DOW gaining 0 35 and 0 50 percent respectively We expect the resistant behavior at overnight highs to continue to play out with 104 5 a critical test for further upside At the time of writing the Aussie dollar is buying 103 8 US cents |
C | Greece Nears Deal S P500 Hits Highest Since July | Risk trades drifted lower in US trading on mixed reports from Greece and financial sector worries but the positive tone from Europe remained the dominant theme On the day EUR and AUD were the best performers with JPY and USD lagging but the overall moves were reasonably tame Chinese property prices highlight the Asia Pacific session Greece may avoid a disorderly bankruptcy after all An asset manager on the creditors committee was quoted late in the day saying he is highly confident a deal will get done that pays creditors 32 cents per euro The open question is whether the ISDA will trigger credit default swaps Earlier in the day Fitch said Greece is insolvent and will likely default by March 20 The ratings agency said a negotiated private sector haircut would still constitute a default Copper closed at the highest since October US stocks rose to the highest since July with the S P500 briefly climbing above 1300 before closing up 0 4 to 1294 On caveat was Citigroup which badly missed expectations and was the first major financial to report Q4 results The Empire Fed climbed to 13 5 compared to the 11 expected Cable lagged somewhat as EUR GBP shorts covered GBP USD hit 1 54 shortly after the European close but slowing inflation aided speculation the BOE will expand QE next month Italian 10 year yields fell 12bps to 6 50 Asia Pacific PreviewItalian PM Monti is meeting with the UKs Cameron and speaking at the London School of Economics at 2300 GMT At 0130 GMT China releases data on Dec property prices in what is the lone indicator that could spark market moves The World Bank releases growth forecasts beginning at 0200 GMT At 0430 GMT Japan releases final November industrial production data No change from the 4 0 y y initial reading is expected |
JPM | JP Morgan drops 2 3 after Q4 earnings disappoint | Investing com JPMorgan Chase Co NYSE JPM the largest U S bank reported weaker than expected fourth quarter earnings and revenue ahead of Wednesday s opening bell sending its shares lower in pre market trade JP Morgan said adjusted earnings per share came in at 1 19 in the fourth quarter below expectations for adjusted earnings of 1 31 per share and compared to earnings of 1 30 cents in the same period a year earlier Net income for the fourth quarter of 2014 was 4 9 billion compared with net income of 5 3 billion in the fourth quarter of 2013 The bank s revenue totaled 23 55 billion in the final three months of 2014 missing estimates for revenue of 24 0 billion
According to the report fourth quarter results were affected by a 990 million or 0 26 cents per share write off for legal expenses in the wake of government probes into alleged wrongdoing Commenting on the results Jamie Dimon Chairman and Chief Executive Officer said Our businesses continue to demonstrate strong momentum and expense discipline Traders will now turn their attention to the bank s conference call due to start at 8 30 a m Eastern Time Following the release of the report shares in JPM shed 2 3 in pre market trade to trade at 57 50 from Tuesday s closing price of 58 84 Meanwhile the outlook for U S equity markets was downbeat The Dow futures indicated a loss of 0 4 the S P 500 pointed to a decline of 0 4 while the tech heavy Nasdaq 100 indicated a drop of 0 3 |
JPM | Wells Fargo profit rises on higher commercial industrial loans | Reuters Wells Fargo Co the biggest U S mortgage lender reported a slight increase in quarterly profit as it lent more to commercial and industrial customers Wells Fargo s total loans rose 2 8 percent to 862 6 billion in the fourth quarter The bank s commercial and industrial lending rose 15 5 percent rise while its credit card loans increased 16 percent Mortgage lending however fell to 44 billion from 50 billion a year earlier and 48 billion in the third quarter Wells Fargo shares were down 1 5 percent in premarket trading on Wednesday Net income applicable to the bank s common shareholders rose to 5 38 billion or 1 02 per share from 5 37 billion or 1 00 per share a year earlier Well Fargo s net interest income rose 3 5 percent to 11 2 billion due to growth in total loans and higher income from investments and trading assets Revenue increased 3 3 percent to 21 4 billion Analysts on average had estimated earnings of 1 02 per share and revenue of 21 23 billion according to Thomson Reuters I B E S Wells Fargo had mortgage applications of 26 billion in the pipeline at the end of the fourth quarter compared with 25 billion at the end of the prior quarter JPMorgan Chase Co reported on Wednesday a 6 6 percent drop in quarterly profit as legal costs exceeded 1 billion in the wake of government probes into alleged wrongdoing and revenue from fixed income trading fell
Up to Tuesday s close Wells Fargo s stock had risen about 14 percent in the past 12 months while the KBW index of bank stocks had fallen 1 7 percent |
JPM | JPMorgan hit by legal costs Dimon says banks under assault | By Tanya Agrawal and David Henry Reuters JPMorgan Chase Co the biggest U S bank by assets reported a 6 6 percent drop in quarterly profit as legal costs exceeded 1 billion in the wake of government probes leading Chief Executive Jamie Dimon to claim banks were under assault JPMorgan agreed in November to pay 1 billion in penalties over its conduct in foreign exchange markets Investigations into that and other areas of the bank s business including alleged manipulation of Libor interest rates are continuing Banks are under assault Dimon said on a conference call with reporters on Wednesday responding to a question about the bank s legal costs We have five or six regulators coming at us on every issue Obviously companies make mistakes We try to resolve it we try to fix it we admit it he said However while legal expenses rose to 1 1 billion in the fourth quarter from 847 million in the same quarter last year total legal costs of 2 9 billion for the year were far less than the 11 1 billion recorded in 2013 Apart from legal costs JPMorgan s earnings were hit by a 14 percent fall in revenue from fixed income trading after adjusting for the sale of the bank s physical commodities business and accounting changes The results from JPMorgan the first big U S bank to report for the quarter are a pointer to the performance of its competitors which are also struggling to adjust to stricter trading rules in the aftermath of the financial crisis Like other banks JPMorgan has also been investing heavily to improve risk controls and system security The bank revealed in October that names addresses phone numbers and email addresses of the holders of about 83 million accounts were exposed when its systems were hacked Net income fell to 4 93 billion or 1 19 per share from 5 28 billion or 1 30 per share a year earlier Revenue on a managed basis fell 2 3 percent to 23 55 billion Analysts on average had expected earnings of 1 31 per share on revenue of 23 64 billion according to Thomson Reuters I B E S The bank s shares fell 4 percent in early trading JPMorgan s investment banking fees rose 8 percent to 1 8 billion driven by record debt underwriting fees of 1 1 billion
Revenue from home loans fell by 405 million to 1 9 billion Wells Fargo Co the biggest U S mortgage lender also reported a fall in mortgage lending on Wednesday but its profit rose slightly |
JPM | U S states ask JPMorgan Chase for security data as they probe hack | MIAMI Reuters States probing last summer s massive hack at JPMorgan Chase Co have asked for detailed data on the company s security practices and want to know whether the bank is certain that no sensitive account data was stolen Critical facts about the intrusion remain unclear including details concerning the cause of the breach and the nature of any procedures adopted or contemplated to prevent further breaches more than a dozen states said in a letter sent to the bank last week Reuters obtained a copy of the letter on Wednesday following a report in the New York Times The states announced the probe in October after JPMorgan said that some 83 million customer records had been stolen including names addresses and phone numbers The bank had assured authorities that more sensitive information such as account numbers Social Security data and passwords had not been compromised The states asked in a Jan 8 letter to JPMorgan s chief privacy officer Zoe Strickland whether the bank s investigation to date had turned up any information that is inconsistent with such statement They also asked whether the bank knew of any fraud related to the attack and for other details including descriptions of its security practices before the breach and steps it had taken to boost protections The letter which was signed by officials from Connecticut and Illinois on behalf of more than a dozen states also requested copies of any investigative reports and audits related to the breach Illinois and Connecticut are leading the multistate probe of the attack JP Morgan Chase Co sign outside headquarters in New York alt Reuters JP Morgan Chase Co sign outside headquarters in New York rel external image
A spokeswoman for JPMorgan Chase declined to comment on the letter |
JPM | Exclusive JPMorgan presses managers to cut costs as profits fall | By David Henry NEW YORK Reuters Senior executives at JPMorgan Chase Co N JPM are pressuring managers across the bank to cut costs after disappointing revenue growth has hurt profits a person familiar with the matter told Reuters on Wednesday The bank might implement specific expense goals for businesses the source told Reuters adding Everyone is having to give at the office on this JPMorgan said it expects to disclose more about its cost cutting efforts on Feb 24 when it hosts its investor day On Wednesday JPMorgan posted a 3 percent decline in revenue but only a 1 percent decline in non interest expense resulting in its overall income dropping by 7 percent Those results were disappointing enough to investors to pull the company s shares down 3 45 percent Even excluding 1 1 billion of legal expenses the bank recorded in the quarter it spent 61 percent of its revenue on expenses a ratio known as its efficiency ratio For all of 2014 expenses were 60 percent of revenue compared with 59 percent in 2013 Chief Financial Officer Marianne Lake said in a conference call with analysts to discuss the results that the company expects expenses to be only 55 percent of revenue over the medium term JPMorgan s trouble with expenses raises questions about its size at a time when regulators are creating harsher rules for the biggest U S banks and some analysts are wondering whether big banks should be broken up The last three years JPMorgan s efficiency has stalled out said analyst Mike Mayo of CLSA Investors might be OK with JPMorgan s size it if can show the benefits If they can t then let s talk about shrinkage and breakup JPMorgan executives said on Wednesday that they just need more time The bank has met its targets for cost savings in absolute dollar terms but those have not been enough to stay ahead of falling revenues CFO Lake said the company would see its cost cutting efforts pay off in 2016 and 2017 and she promised to give details on Feb 24 Big banks benefit from their size because different businesses can share some expenses such as human resources But being large can result in inefficiencies and higher capital requirements under U S rules Bank executives have said that JPMorgan has not generated the revenue growth they expected after low interest rates have cut into the profit they can earn on loans and other assets The bank s return on tangible common equity a measure of how much profit it can wring from shareholder funds was 13 percent in 2014 short of the bank s target of around 15 percent Chief Executive Officer Jamie Dimon has lamented to colleagues that some of its recent spending on complying with new rules was inefficient as the bank had to hire outside firms to do the work quickly said another person who is familiar with the matter With time the bank expects to find more efficient ways to maintain the new control systems An analyst on a conference call on Wednesday asked about breaking up JPMorgan an idea mentioned in a recent report by Goldman Sachs analysts Dimon responded that having a wide array of businesses helps cushion the bank against difficulties in any particular sector The model works from a business standpoint he said Mayo said investors want to see the bank become more intensely focused on costs especially because government regulators plan to require the bank to hold additional capital because of its complexity JP Morgan Chase Co sign outside headquarters in New York alt Reuters JP Morgan Chase Co sign outside headquarters in New York rel external image
If you are telling us to wait another two years that seems too long Mayo said |
BMY | 3 Reasons Growth Investors Will Love Bristol Myers BMY | Growth investors focus on stocks that are seeing above average financial growth as this feature helps these securities garner the market s attention and deliver solid returns But finding a great growth stock is not easy at all
By their very nature these stocks carry above average risk and volatility Moreover if a company s growth story is over or nearing its end betting on it could lead to significant loss
However the task of finding cutting edge growth stocks is made easy with the help of the Zacks Growth Style Score part of the Zacks Style Scores system which looks beyond the traditional growth attributes to analyze a company s real growth prospects
Bristol Myers Squibb BMY is one such stock that our proprietary system currently recommends The company not only has a favorable Growth Score but also carries a top Zacks Rank
Studies have shown that stocks with the best growth features consistently outperform the market And returns are even better for stocks that possess the combination of a Growth Score of A or B and a Zacks Rank 1 Strong Buy or 2 Buy
While there are numerous reasons why the stock of this biopharmaceutical company is a great growth pick right now we have highlighted three of the most important factors below
Earnings Growth
Arguably nothing is more important than earnings growth as surging profit levels is what most investors are after And for growth investors double digit earnings growth is definitely preferable and often an indication of strong prospects and stock price gains for the company under consideration
While the historical EPS growth rate for Bristol Myers is 17 4 investors should actually focus on the projected growth The company s EPS is expected to grow 4 6 this year crushing the industry average which calls for EPS growth of 2 8
Cash Flow Growth
Cash is the lifeblood of any business but higher than average cash flow growth is more beneficial and important for growth oriented companies than for mature companies That s because high cash accumulation enables these companies to undertake new projects without raising expensive outside funds
Right now year over year cash flow growth for Bristol Myers is 12 2 which is higher than many of its peers In fact the rate compares to the industry average of 7 7
While investors should actually consider the current cash flow growth it s worth taking a look at the historical rate too for putting the current reading into proper perspective The company s annualized cash flow growth rate has been 5 8 over the past 3 5 years versus the industry average of 2 6
Promising Earnings Estimate Revisions
Superiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions A positive trend is of course favorable here Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near term stock price movements
There have been upward revisions in current year earnings estimates for Bristol Myers The Zacks Consensus Estimate for the current year has surged 1 8 over the past month
Bottom Line
While the overall earnings estimate revisions have made Bristol Myers a Zacks Rank 2 stock it has earned itself a Growth Score of B based on a number of factors including the ones discussed above
You can see the complete list of today s Zacks 1 Rank Strong Buy stocks here
This combination indicates that Bristol Myers is a potential outperformer and a solid choice for growth investors |
BMY | This Is Why Bristol Myers Squibb BMY Is A Great Dividend Stock | Getting big returns from financial portfolios whether through stocks bonds ETFs other securities or a combination of all is an investor s dream But for income investors generating consistent cash flow from each of your liquid investments is your primary focus
Cash flow can come from bond interest interest from other types of investments and of course dividends A dividend is that coveted distribution of a company s earnings paid out to shareholders and investors often view it by its dividend yield a metric that measures the dividend as a percent of the current stock price Many academic studies show that dividends account for significant portions of long term returns with dividend contributions exceeding one third of total returns in many cases
Bristol Myers Squibb in Focus
Bristol Myers Squibb BMY is headquartered in New York and is in the Medical sector The stock has seen a price change of 3 39 since the start of the year The biopharmaceutical company is paying out a dividend of 0 41 per share at the moment with a dividend yield of 3 27 compared to the Large Cap Pharmaceuticals industry s yield of 2 74 and the S P 500 s yield of 1 97
In terms of dividend growth the company s current annualized dividend of 1 64 is up 2 5 from last year In the past five year period Bristol Myers Squibb has increased its dividend 4 times on a year over year basis for an average annual increase of 2 42 Any future dividend growth will depend on both earnings growth and the company s payout ratio a payout ratio is the proportion of a firm s annual earnings per share that it pays out as a dividend Bristol Myers s current payout ratio is 40 meaning it paid out 40 of its trailing 12 month EPS as dividend
BMY is expecting earnings to expand this fiscal year as well The Zacks Consensus Estimate for 2019 is 4 16 per share which represents a year over year growth rate of 4 52
Bottom Line
Investors like dividends for a variety of different reasons from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits It s important to keep in mind that not all companies provide a quarterly payout
High growth firms or tech start ups for example rarely provide their shareholders a dividend while larger more established companies that have more secure profits are often seen as the best dividend options Income investors must be conscious of the fact that high yielding stocks tend to struggle during periods of rising interest rates That said they can take comfort from the fact that BMY is not only an attractive dividend play but also represents a compelling investment opportunity with a Zacks Rank of 2 Buy |
C | Economic recovery hopes boost European equities | FTSEurofirst 300 up 0 5 pct highest close in 11 months
Financials advance Bank of Ireland surges 19 pct
Energy shares gain crude oil prices support
By Atul Prakash
LONDON Sept 17 Reuters European shares hit an 11 month
closing high for a second straight session on Thursday powered
by energy and financial stocks on expectations the global
economy was on a recovery path
A raft of macro economic data also boosted investors belief
that the worst of the economic downturn was over but analysts
said the market has risen too far too fast and could pause for a
short period before starting its forward march again
The FTSEurofirst 300 index of top European shares ended 0 5
percent higher at 1 011 26 points rising for the ninth session
in 10 The index up 21 percent in 2009 has jumped 57 percent
since hitting a record low in March this year
It is up 19 percent this quarter and on track to post the
index s strongest quarterly performance in almost a decade but
is still down about 38 percent from a near seven year high
touched in mid 2007
We are moving into a period of stronger economic growth and
there are tangible signs we are coming out of the recession You
have got companies going into this period of growth in a leaner
and meaner shape That s a pretty powerful mix of positivity
said Henk Potts equity strategist at Barclays Stockbrokers
The current rally is unsustainable but there is every
indication that we can at least hold on to these gains in the
short term be a little bit more cautious he added
Financials were among the top gainers with the DJ banking
index up 1 2 percent and surging 174 percent since early March
Standard Chartered HSBC Royal Bank of Scotland BNP Paribas
Societe Generale and Credit Agricole rose 0 5 3 8 percent
Bank of Ireland surged 18 6 percent after the bank said it
was confident it could raise internally any additional capital
that might be needed following the transfer of 16 billion euros
of loans to a state run bad bank
Swedbank fell 2 2 percent It moved to boost its core
capital announcing plans to buy back up to 3 billion Swedish
crowns 438 8 million of Tier 2 debt
EARNINGS RECOVERY
Citigroup said in a note that it preferred sectors like
financials and energy as they should continue to benefit from
an earnings recovery and are reasonably valued
Energy shares gained as crude hovered around 72 50 a barrel
after rising more than 5 percent this week BP Royal Dutch
Shell Repsol Total and StatoilHydro added 0 7 1 6 percent
Tullow Oil jumped 4 9 percent extending Wednesday s 9 2
percent rise after the oil explorer said it had struck what may
turn out to be the largest oil find yet in a block it plans to
partly sell off in Uganda s Lake Albert basin
Macroeconomic figures boosted market sentiment and prompted
investors to buy riskier assets such as equities
The VDAX NEW volatility index was down 0 3 percent The
lower the volatility index which is based on sell and buy
options on Frankfurt s top 30 stocks the higher is investors
appetite for risky assets
Data showed groundbreaking for U S homes and permits for
future building scaled a nine month high in August and the
number of people filing new claims for jobless benefits fell
last week boosting chances of a robust economic recovery
Factory activity in the country s Mid Atlantic region rose
in September to the highest level since June 2007 the
Philadelphia Federal Reserve Bank said Across Europe
Britain s FTSE 100 index Germany s DAX and France s CAC 40 rose
0 5 0 8 percent
We ve seen panic selling last winter now we re seeing
panic buying Investors who have been underweight on equities
now worry about missing the big rally said Jean Marie
Mercadal CIO of OFI Asset Management in Paris
But the easy part of the rebound is done Stocks still have
room to grow probably 20 percent over the next six months but
it s not going to be automatic People will have to do stock
picking
Additional reporting by Blaise Robinson in Paris Editing by
David Cowell |
C | FTSE pauses for breath miners oils banks weigh | FTSE 100 snaps five day winning streak
Commods banks under pressure after good run
Gains in defensive issues limit losses
By Tricia Wright
LONDON Sept 18 Reuters Britain s top share index
drifted lower early on Friday as investors took profits after a
five day winning run with commodity stocks and banks taking the
most points off the index
At 0816 GMT the FTSE 100 was 6 01 points or 0 1 percent
lower at 5 157 94 having closed up 0 8 percent at 5 163 95 on
Thursday its highest level since late September last year
It s been a fantastic week we blazed a trail we re
another 2 5 percent up We ve seen the FTSE go up 46 percent in
six months you can t blame people for taking a pause for
reflection said David Buik senior partner at BGC Partners
The FTSE 100 has risen over 21 percent this quarter and is
on track to post its best percentage quarterly gains since the
index was launched in 1984
But it is still down 4 9 percent from a year ago before the
collapse of Lehman Brothers which sent a shockwave around the
world
The bubble doesn t really show any signs of bursting
because the alternative asset classes are very unattractive
i e do you really want to buy gold starting at 1 013
Probably not Do you want to put money on deposit Probably
not Buik said
Miners were the biggest fallers under pressure against a
background of softer metals prices
Antofagasta Xstrata Lonmin and BHP Billiton dropped 0 7 to
2 4 percent
Energy stocks also fell as crude prices dipped below 72 a
barrel on Friday as a retreat by Asian equities markets weighed
on sentiment and encouraged investors to take profits
BG Group fell 1 4 percent while BP dropped 0 3 percent and
Cairn Energy shed 2 percent
A broker downgrade weighed on Tullow Oil off 1 6 percent
with Citigroup cutting its recommendation on the oil explorer to
hold from buy after strong gains over the past week and oil
find news on Thursday
Banks were on the back foot Lloyds Banking Group fell 1 2
percent after the part nationalised lender said it was in talks
over scaling back its participation in a state backed scheme to
insure it against credit losses and was also weighing up
alternatives to the scheme
Heavyweight HSBC fell 0 3 percent and Standard Chartered
shed 1 1 percent while Royal Bank of Scotland and Barclays
dropped 1 5 percent and 1 1 percent respectively despite
target price hikes by Goldman Sachs
British Land fell 1 2 percent Britain s second largest
real estate firm is poised to conclude the long awaited sale of
half of its Broadgate office complex to private equity firm
Blackstone the Financial Times reported on Friday
DEFENSIVES LIMIT LOSSES
Gains in defensive beverages and tobacco and pharmaceutical
stocks helped limit the FTSE 100 s losses as investors
appetite for risk ebbed and flowed
Diageo rose 1 1 percent Imperial Tobacco added 0 2 percent
and GlaxoSmithKline added 1 4 percent
The pharmaceutical firm is in talks to buy a 5 percent stake
in Indian drug maker Dr Reddy s Laboratories in a deal likely to
be valued at 150 million the Economic Times reported on
Friday citing sources privy to the development
Kingfisher climbed 2 2 percent topping the blue chip
leaderboard after the home improvements retailer s strong
first half results a day earlier prompted a round of price
target hikes by brokers
Standard Life was also lifted by positive broker comment
gaining 2 percent as Goldman Sachs raised its recommendation on
the insurer to buy from neutral
Investors will keep an eye on UK public sector borrowing
figures for August due at 0830 GMT
Economists polled by Reuters expect net public sector
borrowing to hit 17 5 billion pounds in August after reaching
8 016 billion pounds in July
Editing by Hans Peters |
C | FTSE ticks 0 1 pct higher defensives see demand | FTSE 100 seeks 6th straight session of gains
Defensive issues pull index higher
Commods banks weaker after recent gains
By David Brett
LONDON Sept 18 Reuters Britain s top share index hauled
itself back into positive territory by midday on Friday
searching for a sixth straight session of gains as investors
sought comfort in defensive issues and took profits in
commodities and banks
At 1114 GMT the FTSE 100 was up 4 95 points at 5 168 90
having earlier reached a new 2009 peak at 5 179 14 after
closing 0 8 percent higher on Thursday at its highest level
since late September last year
There is clearly a conflict going on right now with some
traders feeling it is time to book profits but the sentiment is
far from universal said Anthony Grech market strategist at IG
Index
Figures from Britain s Office for National Statistics which
said the public sector posted a net cash requirement of 10 379
billion pounds in August failed to deter investors
The figure was lower than the 12 billion pounds expected by
analysts but still twice the level of the same month a year ago
The bubble doesn t really show any signs of bursting said
David Buik senior partner at BGC Partners
Defensive stocks found support as investors turned back to
equities that have lagged the broader market rally and are
generally seen as safe havens
Beverages tobacco and pharmaceutical issues were the top
performers
Drinks maker Diageo and brewer SABMiller rose 1 3 and 1 5
percent respectively with SABMiller supported by a UBS upgrade
to buy
British American Tobacco added 0 6 percent whilst
GlaxoSmithKline AstraZeneca and Shire gained 0 2 2 percent
GlaxoSmithKline is in talks to buy a 5 percent stake in
Indian drug maker Dr Reddy s Laboratories in a deal likely to be
valued at 150 million the Economic Times reported on Friday
citing sources privy to the development
Real estate firms Hammerson and British Land were up 2 6 and
0 6 percent respectively underpinned by upgrades from Societe
Generale which raised the former to hold from sell and the
latter to buy from hold
British Land is poised to conclude the long awaited sale of
half of its Broadgate office complex to private equity firm
Blackstone the Financial Times reported on Friday
Kingfisher climbed 3 6 percent topping the blue chip
leaderboard after the home improvements retailer s strong
first half results a day earlier prompted a round of price
target hikes by brokers
BANKS OILS WEAK
Banks were mostly lower with Lloyds Banking Group down 0 9
percent while Standard Chartered Royal Bank of Scotland and
Barclays dropped 0 5 to 1 1 percent Only heavyweight HSBC
provided some support for the sector up 0 6 percent
Lloyds Banking Group said on Friday it was in talks over
scaling back or cancelling its participation in a state backed
scheme to insure it against credit losses
The Lloyds situation also led to weakness in sterling as
traders found sanctity in the more defensive U S dollar
Energy stocks were weak as crude prices dipped below 72 a
barrel on Friday BG Group fell 1 percent while BP dropped 0 4
percent and Cairn Energy shed 2 3 percent
A broker downgrade weighed on Tullow Oil off 3 1 percent
with Citigroup cutting its recommendation on the oil explorer to
hold from buy after strong gains over the past week and oil
find news on Thursday
Utilities were also lower with Pennon Severn Trent and
Centrica down 1 6 2 1 percent
With little news scheduled in the United States on Friday
stock index futures pointed to a quiet open on Wall Street with
the S P 500 and Dow Jones futures flat and Nasdaq 100 futures up
0 1 percent
Editing by Jon Loades Carter |
WMB | Mahomes Garoppolo and Brady in Super Bowl spotlight | By Steve Keating
MIAMI Reuters When the Kansas City Chiefs and San Francisco 49ers meet in the Super Bowl on Sunday there will be three quarterbacks to focus on Jimmy Garoppolo Patrick Mahomes and Tom Brady
Chiefs outrageously skilled Mahomes and the immensely competent Garoppolo will be the central figures at Hard Rock Stadium But make no mistake Brady will be an omnipresent figure throughout the NFL championship game
This will mark the first Super Bowl in four years and just the second in six that Brady and the New England Patriots will not be on the field However the future Hall of Famer is sure to be part of the conversation from beginning to end
While Garoppolo was Brady s understudy in New England Mahomes to many is his obvious heir apparent and the outcome of Sunday s game will put one on the path to assuming a leading role when the 42 year old finally decides it is time to retire
Garoppolo already has two Super Bowl rings from his time at the Patriots from 2014 and 2016 but never took a single snap in either contest
If he is to win his third halfway to Brady s six he will have to earn it and that is ok with him
Your past is part of you said Garoppolo who was traded from New England to San Francisco in 2017 The Patriots is where I started what they did there got to this point here
Last two Super Bowls I tried to treat them like I was the starter It s not too far off all this extra stuff that comes with it is a little different
The two Super Bowl rings mean a lot but a third would mean more
At the start of Super Bowl week Brady offered his former understudy the sporting equivalent of that old showbiz cliche of break a leg texting Garoppolo to just go win
In the two postseason wins over the Green Bay Packers and Minnesota Vikings that got the 49ers to the Super Bowl for the first time since 2013 Garoppolo totaled 27 passing attempts and 17 completions for 208 yards
That is around what Mahomes might throw in half a game
Garoppolo has displayed impressive game management in his career going 23 wins for five losses as a starter Mahomes has produced similar results 27 8 but with considerably more flair
Garoppolo s contributions have also been minimalist with a 49ers team constructed around a ferocious defense and a run first attack
In their 37 20 win playoff win over the Packers the 28 year old completed just six passes for 77 yards while running back Raheem Mostert ran for 220 yards the second most in NFL playoff history and scored four touchdowns
ONE MAN SHOW
Mahomes on the other hand has been a one man highlight reel particularly when he led the Chiefs back from a 24 0 deficit to dismiss the Houston Texans 51 31 in the divisional playoff
With the help of a speedy receiving corps of Tyreek Hill Sammy Watkins Mecole Hardman and running back Damien Williams NYSE WMB that could almost contend for a 4x100 meter relay Olympic gold medal Mahomes has thrown for 608 yards and eight touchdowns in two postseason contests
The 24 year old does not have any Super Bowl rings yet but he does already have an NFL most valuable player award on his growing resume
If the Chiefs back in the Super Bowl for the first time in half a century beat the 49ers Mahomes will become the youngest player to win both an NFL MVP award and a Super Bowl title
It s going to be a great challenge for us we have to make sure we re executing at a high level and not making mistakes and taking it one play at a time cautioned Mahomes I think the best thing about it is giving it to these playmakers around me and letting them make plays
It s going to be amazing
Additional reporting Amy Tennery Editing by Christian Radnedge |
WMB | Brexit at last Britain leaves the EU for an uncertain future | By Kate Holton and Guy Faulconbridge
LONDON Reuters The United Kingdom finally cast off from the European Union on Friday for an uncertain Brexit future turning its back after 47 years on the post World War Two project that sought to build the ruined nations of Europe into a global power
In its biggest geopolitical shift since losing its global empire the United Kingdom slipped away at 2300 GMT in a step cast by Prime Minister Boris Johnson as the dawn of new era
Thousands of Brexit supporters gathered outside the British parliament waving flags singing and reveling in a mix of nostalgia patriotism and defiance
This is a fantastic day said Tony Williams NYSE WMB 53 from south east London We are free from 11 o clock we have done it We have done it
Brexit once considered the unlikely dream of a motley crew of eurosceptics on the fringes of British politics also weakens the EU conceived as a way to bind together Europe s major powers in peace after centuries of conflict
When the exit day finally came after 3 1 2 years of wrangling since the 2016 referendum it was an anticlimax of sorts while Brexiteers waving flags toasted freedom in the rain many Britons showed indifference or relief
For many people this is an astonishing moment of hope a moment they thought would never come Johnson the New York born leader of the official Leave campaign said in a pre recorded address to the nation
Our job as the government my job is to bring this country together now and take us forward said Johnson
He celebrated in Downing Street with English sparkling wine and a distinctly British array of canap s including Shropshire blue cheese and Yorkshire puddings with beef and horseradish
The EU s most powerful leaders German Chancellor Angela Merkel and French President Emmanuel Macron cast Brexit as a sad moment that was a turning point for Europe The EU warned that leaving would be worse than staying
U S President Donald Trump has long supported Brexit His Secretary of State Mike Pompeo said Britons wanted to escape the tyranny of Brussels
In Brussels the British flag was lowered at EU headquarters Little will change immediately however as a transition period keeps the United Kingdom as a member in all but name until the end of 2020
Brexit supporters young and old packed into Parliament Square NYSE SQ to hear Brexit s other talisman campaigner Nigel Farage
We are getting our independence back Mark Leeds a 39 year old butcher told Reuters beside parliament
INDEPENDENCE DAY
Cast either as an epic opportunity or a grave mistake Brexit has turned long held views of Britain upside down just as the world grapples with the rise of China and the West s deepest divisions since the 1991 fall of the Soviet Union
It also diminishes the EU At the stroke of midnight in Brussels the bloc lost 15 of its economy its biggest military spender and the world s international financial capital London
Leaving was once a far fetched idea the UK joined in 1973 as the sick man of Europe and less than two decades ago British leaders were arguing about whether to join the euro
But the turmoil of the euro zone crisis fears about mass immigration and miscalculations by former Prime Minister David Cameron led to the 52 to 48 vote to leave in 2016
For proponents Brexit is independence day an escape from what they cast as a German dominated project with a doomed single currency that is failing its 500 million people
They hope departure will herald reforms to reshape Britain and propel it ahead of its European rivals
UNCERTAIN FUTURE
Opponents say Brexit is a folly that will weaken the West torpedo what is left of Britain s global clout undermine its economy and ultimately leave it a less cosmopolitan set of islands
David Tucker 75 said he had come to London from Wales to march in the hope that others would keep alive the prospect of one day rejoining the EU
It is a tragedy he said We were once part of the world s most powerful economic bloc Now we are just an inward looking island that is going to get smaller
Johnson has promised to strike a broad free trade agreement with the EU the world s biggest trading bloc though Merkel and Macron have warned that leaving will be harder than staying
But Brexit was always about much more than Europe The referendum exposed deep internal divisions and triggered soul searching about everything from immigration to empire and modern Britishness
It has tested the very fabric of what now looks a disunited kingdom England and Wales voted to leave but Scotland and Northern Ireland wanted to stay The strains could hasten another referendum on Scottish independence and even a push for a united Ireland
We ve had enough of the European Union we don t want it said Adrian Langshaw 42 We want to be a sovereign nation and live as a British nation make our decisions make our rules and live how we want |
WMB | For Miami stadium s neighbors Super Bowl brings years old tensions to surface | By Nick Brown MIAMI Reuters Renowned for flashy events and wild parties South Florida has hosted more Super Bowls than anywhere But many of those who live in the shadow of Hard Rock Stadium site of Sunday s Super Bowl LIV and home of the NFL s Miami Dolphins are hardly in a party mood Residents of Miami Gardens the mostly black working class city surrounding the stadium have long felt neglected and even exploited by the Dolphins organization They say their quality of life has become a casualty in the region s eternal quest for tourism dollars and fear the area s black community faces a fresh chapter in a history of displacement So instead of joining millions of Americans celebrating this weekend s game protesters will take to the streets outside the venue on Sunday to express their frustration Specifically they want to stop a proposal to bring Formula One auto racing to Miami beginning in 2021 through a partnership between Dolphins owner Stephen Ross and race promoter Formula One Group Locals say racial and socioeconomic bias is behind the plan When you live in these communities said Kevin Williams NYSE WMB principal at Norwood Elementary which sits a stone s throw from the stadium money talks everything else walks Ross and Formula One say the event could generate 400 million a year but locals are more concerned about noise and pollution There may be some benefits but they don t outweigh the health of our children said Williams Residents have suggested relocating the race to the Homestead Miami Speedway 46 miles 74 km south of Hard Rock But their efforts have hit walls Dade County Mayor Carlos Gimenez a Republican now running for Congress with an endorsement from President Donald Trump last year vetoed a measure to condition the event on local government approval A new measure up for a vote on Feb 4 would require the plan s sponsors to apply for a special permit and conduct public hearings But Commissioner Barbara Jordan who represents Miami Gardens and sponsored the measure told Reuters she is pessimistic about its chances of success A call to Gimenez s office was not returned YEARS OF FRUSTRATION Frustration in this bedroom community of 113 000 where rows of one floor concrete homes squeeze between busy thoroughfares has boiled for years as Hard Rock has grown into a super venue for concerts and sports Spectacles that wealthier whiter communities have blocked often wind up at Hard Rock The Miami Open tennis tournament moved there after organizers reached an impasse with the previous venue in Key Biscayne The Rolling Loud hip hop festival relocated to Hard Rock in 2018 when it failed to reach a deal at downtown Miami s Bayfront Park Indeed the Formula One venture was headed for downtown until residents there hired a local attorney to help fight it leading to a new plan for a track winding around Hard Rock Miami Gardens residents hired the same lawyer Samuel Dubbin but so far they are not having as much luck as their deeper pocketed neighbors When promoters made the venue switch in April Dolphins Chief Executive Tom Garfinkel cited traffic and construction disruptions in downtown Miami as a reason The concerns in Miami Gardens are the same Dubbin told Reuters It threatens the severe disruption to normal life he said and the noise inflicted on the people is undoubtedly at a level that threatens hearing loss Studies have shown links between noise pollution and health problems Formula One cars generate more than 130 decibels of sound at close range according to a September report by the auditor for the Miami Dade Board of County Commissioners more than a rock concert and nearly as much as a jet engine Health professionals peg the top of the safe noise range at about 70 75 decibels Miami Gardens resident Karen Hunter Jackson 61 said she was worried about air pollution and described the F1 plan as environmental racism It s an insult to us to suggest we trade our health for your new jobs she said FRAUGHT HISTORY Formula One said any suggestion that the proposed location at Hard Rock Stadium was motivated by bias is wrong It s a great location for a race it said in a statement to Reuters A spokesman for the Miami Dolphins declined to comment Formula One said the amount of pollution produced by F1 cars is tiny and that race organizers have made concessions to locals including a pledge not to begin weekend races before 3 p m on Fridays to limit noise pollution To some locals the controversy has dredged up painful memories of a legacy of displacement and voicelessness Many Miami Gardens residents have roots in Overtown a celebrated black community that lost most of its population in the 1960s when Interstate 95 was extended through Miami Its residents dispersed to surrounding areas that remained unincorporated for decades Only in 2003 did Miami Gardens incorporate as a city and only because the services that our area received were not up to snuff Jackson said Eventually Jordan fears Miami Gardens locals will get fed up enough to leave like many of their predecessors She said that is why she plans to attend Sunday s rally
It really concerns me she said that it may be changing our community all over again |
WMB | NBA roundup Lakers rebound to dominate Kings | Anthony Davis had a team high 21 points LeBron James ran up a triple double and the Los Angeles Lakers used a 44 point first quarter Saturday night to power a front running 129 113 victory over the host Sacramento Kings
Avery Bradley poured 16 of his 19 points into the first 12 minutes for the Lakers who were coming off a 127 119 home loss that followed a tribute to the late Kobe Bryant on Friday night
The Lakers improved to 7 0 on the second night of back to backs riding Bradley s four early 3 pointers to lead by as many as 24 in the first 12 minutes James finished with 15 points 10 rebounds and 11 assists for his 11th triple double of the season one off Luka Doncic s league lead and the 92nd of his career Only Oscar Robertson 181 Russell Westbrook 146 Magic Johnson 138 and Jason Kidd 107 have more career triple doubles
De Aaron Fox scored a game high 24 points and Buddy Hield had 22 for the Kings who had won three of their last four
Portland Trail Blazers 124 Utah Jazz 107
Damian Lillard continued his torrid roll with 51 points on 17 of 29 shooting from the field and he added 12 assists to lead host Portland past Utah
Lillard also made all eight of his free throws en route to his third 50 point effort over the past six games and fourth of the season He is averaging 48 8 points during the six game stretch Hassan Whiteside added 17 points 21 rebounds and three blocked shots as the Trail Blazers won their fourth straight game and fifth in their last six
Donovan Mitchell scored 25 points and Bojan Bogdanovic and Mike Conley added 22 apiece but couldn t prevent the Jazz from losing their season worst fourth straight game
Boston Celtics 116 Philadelphia 76ers 95
Jaylen Brown scored 32 points Jayson Tatum added 25 and Boston avoided a season sweep at the hands of visiting Philadelphia
Marcus Smart had 16 points Brad Wanamaker chipped in 15 and the Celtics won for the sixth time in their last seven games Boston played without leading scorer Kemba Walker sidelined by a sore left knee
Ben Simmons led the 76ers with 23 points and Joel Embiid was held to 11 on 1 of 11 shooting Philadelphia shot 36 9 percent 31 of 84 for the contest and 21 2 percent 7 of 33 from 3 point range in losing its second straight The 76ers had beaten the Celtics in their first three meetings this season including Dec 12 at TD Garden
Los Angeles Clippers 118 Minnesota Timberwolves 106
Kawhi Leonard scored 31 points in 24 minutes his ninth straight game of scoring at least 30 points as host Los Angeles defeated Minnesota
Paul George playing in his second contest after missing nine due to a left hamstring strain had 21 points and seven rebounds in 25 minutes Lou Williams NYSE WMB added 17 points and Montrezl Harrell contributed 16 points and six rebounds
Karl Anthony Towns had 32 points and 12 rebounds for the Timberwolves who lost their 11th straight game Andrew Wiggins limited with foul trouble in the first half had only 13 points on 4 of 11 shooting Josh Okogie had 13 points while Robert Covington chipped in 12 points
Miami Heat 102 Orlando Magic 89
Jimmy Butler scored 24 points and Tyler Herro added 23 as Miami handed host Orlando its season worst fifth straight defeat
Aaron Gordon led the Magic with 24 points and Nikola Vucevic added 21 Evan Fournier who entered the game as Orlando s leading scorer at 18 8 points was held to 12 points including five in the first three quarters Playing with a sore back he shot just 3 for 13 from the floor
Butler and teammate Bam Adebayo played their first game since being named All Stars on Thursday Adebayo had a poor shooting night going 1 for 8 with four points but he grabbed 14 rebounds had five assists and blocked a season high four shots
Dallas Mavericks 123 Atlanta Hawks 100
Jalen Brunson scored a season high 27 points to help host Dallas defeat Atlanta and secure coach Rick Carlisle s 500th win with the team In 12 seasons leading the Mavericks Carlisle is 500 435 a winning percentage of 53 5
Brunson starting for injured NBA All Star Luka Doncic was 12 for 22 from the floor two of them 3 pointers with eight assists in his ninth start of the season The Mavericks were also without Kristaps Porzingis for the second half in the back to back game
Atlanta was led by John Collins with 26 points and 11 rebounds his 12th double double in 24 games and 20 points from Kevin Huerter who made six 3 pointers Trae Young was limited to 12 points and left early with a sprained ankle
Washington Wizards 113 Brooklyn Nets 107
Bradley Beal scored 15 of his game high 34 points in the fourth quarter as host Washington rallied late and defeated Brooklyn which lost Kyrie Irving to a knee sprain in the fourth quarter
All of Beal s fourth quarter points came in the final 7 02 as he scored 15 of the team s last 21 during the comeback after the Nets had led most of the game Thomas Bryant pitched in for the Wizards with 17 points and 10 rebounds
Irving finished with 11 points ESPN reported he will undergo an MRI Sunday Spencer Dinwiddie led Brooklyn with 26 points and Garrett Temple added 17 all in the first half
San Antonio Spurs 114 Charlotte Hornets 90
DeMar DeRozan scored 24 points and Jakob Poeltl added a season best 17 on 7 for 8 shooting as San Antonio dominated the second half on the way to an easy home win against Charlotte
The Spurs trailed by 13 points at the half but stormed back in the third quarter After trailing 70 51 at the 9 22 mark San Antonio ripped off runs of 13 2 and 15 2 to jump back in front at 79 74 Poeltl and DeRozan each had eight points in the pivotal stretch which set the table for a 35 point fourth quarter
Miles Bridges led all scorers with 25 points for Charlotte with Cody Zeller adding 14 points and 12 rebounds Malik Monk totaled 11 points and Willy Hernangomez and Terry Rozier scored 10 each for the Hornets who have lost two straight games and 16 of their past 19
New York Knicks 92 Indiana Pacers 85
Marcus Morris Sr scored 12 of his game high 28 points in the fourth quarter and his jumper with 5 50 left gave New York Knicks a lead it would not relinquish in an upset of host Indiana
Julius Randle had 16 points and a season high 18 rebounds for the Knicks who entered Saturday tied for the worst record in the Eastern Conference but rode dominant defensive efforts in the first and fourth quarters to win for just the fourth time in the last 16 games Taj Gibson added 10 points
Domantas Sabonis had 25 points and eight rebounds for the Pacers who lost for only the third time in 11 games Indiana scored only 11 points in the first quarter its lowest output in a quarter all season before being outscored 20 14 in the fourth Myles Turner had 12 points while Malcolm Brogdon finished with eight points and 12 assists
Golden State Warriors 131 Cleveland Cavaliers 112
Draymond Green matched his career high with 16 assists including eight during a 44 point third quarter explosion that propelled Golden State to a romp at Cleveland
The Warriors shot 10 for 14 on 3 pointers in their third quarter blitz which began with a two point halftime lead and ended with a commanding 105 78 advantage Glenn Robinson III added 22 points for the Warriors while D Angelo Russell contributed 19 points seven rebounds and eight assists
Collin Sexton had a game high 23 points to pace the Cavaliers who dropped their 10th in a row at home and 10th in 11 games overall Kevin Love recorded a 14 point 11 rebound double double for the Cleveland which fell to 0 3 on a four game homestand
Field Level Media |
WMB | Chiefs 49ers deadlocked at half of Super Bowl LIV | MIAMI GARDENS Fla Each team scored a touchdown and a field goal as the Kansas City Chiefs and San Francisco 49ers went to halftime tied at 10 in Super Bowl LIV on Sunday It was only the fourth halftime tie in Super Bowl history
The 49ers took an early 3 0 lead driving from their own 18 to the Kansas City 20 after the Chiefs went three and out on their first possession Robbie Gould kicked a 38 yard field goal with 7 57 to play in the first quarter Wide receiver Deebo Samuel ran for 39 yards on two plays for first downs in the drive
Kansas City answered with two scoring drives A 15 play 75 yard possession drive that took 7 26 off the clock culminated with quarterback Patrick Mahomes running 1 yard for a touchdown and a 7 3 Chiefs lead with 31 seconds remaining in the first quarter Two plays earlier running back Damien Williams NYSE WMB ran 4 yards to the 1 on a fourth and 1 conversion
San Francisco quarterback Jimmy Garoppolo was pressured by defensive tackle Chris Jones and made an ill advised throw that was intercepted by Chiefs cornerback Bashaud Breeland at the Kansas City 45 yard line
After a 28 yard pass play from Mahomes to wide receiver Sammy Watkins and another fourth and 1 success by Williams Kansas City settled for a 31 yard field goal by Harrison Butker and a 10 3 lead with 9 32 to play in the first half
This time it was San Francisco s turn to answer driving 80 yards in seven plays to tie the game at 10 Samuel had a catch and run for 16 yards and another reception for 11 leading to a 15 yard scoring pass from Garoppolo to fullback Kyle Juszczyk
On the next to last play of the half there were boos when 49ers tight end George Kittle was penalized for offensive pass interference on a pass play from the Chiefs 45 yard line that would have moved the 49ers to the Chiefs 14 yard line with six seconds remaining San Francisco then took a knee to end the half
By Howard Balzer Field Level Media |
WMB | NHL roundup Penguins clip Caps in 1st meeting of season | Sam Lafferty Patric Hornqvist Dominik Simon and Brandon Tanev each scored a goal as the visiting Pittsburgh Penguins defeated the Washington Capitals 4 3 Sunday
This was the first time the two rivals have met this season and the 75th game where Sidney Crosby and Alex Ovechkin did battle including the playoffs Crosby and his friends took this one as their offense kept the pressure on Washington for long stretches
Pittsburgh goalie Matt Murray was in just his eighth game since the start of December but now has won six in a row He finished with 29 saves including 11 in the third period
Meanwhile Washington rookie goalie Ilya Samsonov had won his previous 11 decisions before dropping this one He also finished with 29 saves
Blue Jackets 4 Canadiens 3
Pierre Luc Dubois scored two goals and added an assist as Columbus defeated host Montreal
Elvis Merzlikins stopped 27 shots as the Blue Jackets earned at least one point for the eighth straight game Columbus is 17 2 5 over its past 24 games and Merzlikins is 10 0 2 since starting goalie Joonas Korpisalo sustained a knee injury on Dec 29
Canadiens goalie Carey Price making his fifth straight start stopped 23 in the loss Tomas Tatar Max Domi and Shea Weber scored for Montreal
Hurricanes 4 Canucks 3
Justin Williams NYSE WMB provided the winning marker in a shootout for the second time in his four games since returning to action lifting Carolina past visiting Vancouver
Nino Niederreiter Sebastian Aho and Andrei Svechnikov scored for the Hurricanes in regulation
Elias Pettersson scored two goals and Tyler Myers added the other in regulation for the Canucks who had a five game winning streak end Pettersson also converted in the shootout
Field Level Media |
WMB | After leading Chiefs to Super Bowl win the future belongs to Mahomes | By Steve Keating
MIAMI Reuters The Kansas City Chiefs ended a 50 year Super Bowl drought with a dramatic 31 20 comeback win over the San Francisco 49ers on Sunday in a breathtaking finish to the NFL s 100th season that may have also revealed a new star to kickoff the next century
The Chiefs young quarterback Patrick Mahomes stepped onto America s biggest sporting stage and produced an enthralling fourth quarter rally that even the 49ers grudgingly applauded
The 24 year old s performance underscored why he is being called the heir apparent to six time Super Bowl champion and future Hall of Famer Tom Brady of the Patriots
With the Chiefs trailing 20 10 Mahomes engineered three scoring drives in just over five minutes hitting Travis Kelce and Damien Williams NYSE WMB with short touchdown passes to give Kansas City the lead
Williams then raced 38 yards for the clinching score sparking wild celebration for long suffering Chiefs fans who had not seen their team hoist the Lombardi trophy since their victory over the Minnesota Vikings in Super Bowl IV
If Chiefs supporters were over the moon about the long overdue Super Bowl win at Hard Rock Stadium they will be doubly excited about what the future might hold with Mahomes calling plays for years to come
With an aging cast of quarterbacking greats marching towards retirement the NFL is searching for the new face of the league and after Sunday s display Mahomes looks to be the man
Mahomes who completed 26 of 42 attempts for 286 yards and threw two touchdown passes appeared out of sorts for nearly three quarters of the game but took charge when it mattered to earn the Super Bowl Most Valuable Player MVP honors
He becomes the second youngest quarterback to win a Super Bowl and the youngest to claim both NFL and Super Bowl MVP awards
CHIEFS DYNASTY
But while Mahomes has been more than willing to take on the responsibilities as a team leader he is not quite as prepared to assume the job of the NFL s frontman
There s several guys that could be the face of the NFL he said Just how good the quarterback play is now guys come in here year in and year out and play great football
Lamar Jackson of the Baltimore Ravens won the league MVP last night and he was a unanimous choice and had one of the best season of all time at the quarterback position so there s guys like that it seems every year
A lot of young quarterbacks and still a lot of veteran guys are playing at a very high level
I m just try to be the best Patrick Mahomes I can be and win football games
Very few quarterbacks veterans or newcomers have demonstrated the Houdini like ability to escape defeat
During the postseason with Mahomes leading Kansas City s explosive attack no lead has been safe
In the divisional playoffs the Chiefs fought back from 24 0 down to beat the Houston Texans and then erased a 10 0 Tennessee Titans advantage in the AFC championship
The strong armed charismatic leader has become a one man highlight reel with his no0look passes and scrambling wizardry
In just his second year as a starter statistically few have been better
Mahomes became only the second quarterback with 5 000 passing yards and 50 touchdowns in a single season
With his outrageous skill blue collar work ethic and self belief the Chiefs could be on the cusp of a dynasty
We will enjoy this and then we come back next year it is going to be the same hard thing the same amount of tenacity dedication every single day said Mahomes looking forward to next season even as the champagne corks were popping on the current campaign
We re going to take it one day at a time one year at a time and try to put together great years
Then at the end of it all we will have no regrets on where we are at
As long as we keep the people we have in this organization on this team with the coach we have we have a chance to be good year in and year out but it is not going to be easy |
WMB | Verbal fireworks likely at Trump s State of the Union speech | By Steve Holland
WASHINGTON Reuters U S President Donald Trump is putting the final touches on an election year State of the Union speech that figures to be high on drama putting him face to face with Democratic adversaries who impeached him but have failed to drive him from office
He will speak on Tuesday night in the chamber of the U S House of Representatives where in December Speaker Nancy Pelosi and the Democratic majority in the House approved two articles of impeachment against Trump for pressuring Ukraine to investigate Democratic rival Joe Biden
The big speech takes place one day after Democrats in Iowa choose who they want to face Trump as the Democratic presidential nominee in the Nov 3 election and one day before the Republican led Senate is expected to acquit him of impeachment charges
Sandwiched between these two events Trump s speech is expected to make some reference to the effort to toss him from office advisers said
At the same time he will offer to work with his political opponents on issues like reducing healthcare and drug prices and rebuilding infrastructure they said
We re really looking to giving a very very positive message Trump told reporters during a Super Bowl party at his golf club in West Palm Beach Florida
But the president held out little hope for bipartisan cooperation this year in the wake of the bitterly divided impeachment fight saying he doubted Democrats would want to work with him
I m not sure that they can do it to be honest I think they just want to win and it doesn t matter how they win Trump told the Fox network in a Super Bowl Sunday interview
The speech is attended by Democratic and Republican lawmakers from both the House and the Senate as well as VIP guests like Cabinet secretaries and Supreme Court justices The television audience for last year s speech was estimated at 47 million people
Given the ability to promote himself to that many people as he seeks re election some of his allies are concerned about his tendency to lash out at his critics They feel he should not dwell on impeachment in the speech but instead try to move on
It s the one time when the president can tell his story and a lot of people are listening said U S Senator Lindsey Graham a South Carolina Republican and close Trump confidant
I think it d be smart not to talk about impeachment Graham told reporters on Capitol Hill If most people are ready to move on from impeachment I hope he is too I don t think there s a real reason to talk about it
Trump s message on the campaign trail has been that he is a victim of a Democratic coup attempt
They want to nullify your ballots and overthrow the entire system of government he said at a rally in Des Moines Iowa on Thursday
Aides say the theme of Trump s speech is The Great American Comeback and that he will use it to emphasize the U S economy usually a dominant factor in whether a president wins re election
He will highlight trade agreements with China and with Mexico and Canada and will say his policies are responsible for boosting the U S economy
He is also expected to promote his efforts to limit migrants from crossing the southern U S border as well as national security moves such as his decision to kill Iranian military commander Qassem Soleimani with a U S drone strike
Super Bowl viewers got a preview of another theme criminal justice reform in a Trump campaign ad that featured a tearful Alice Johnson thanking the president for commuting her life sentence for a nonviolent drug offense
I promised to restore hope in America That includes the least among us Together let s KEEP AMERICA GREAT Trump said in a tweet
Republican strategist Ryan Williams NYSE WMB said Trump has a political need to emphasize the economy to try to make more voters comfortable with his chaotic presidency
Feelings about Trump are very ingrained He needs to push issues like his trade deal and the economy in order to persuade the very few voters that are persuadable The impeachment cloud has distracted him from things his campaign would like to stress Williams said |
WMB | Top 25 roundup No 1 Baylor wins 19th straight | Jared Butler scored 20 points as No 1 Baylor defeated Kansas State 73 67 Monday night in Manhattan Kan extending the Bears school record winning streak to 19 games
Baylor 20 1 9 0 Big 12 led wire to wire in snapping a six game losing streak to Kansas State 9 13 2 7
The Wildcats were within 44 39 early in the second half before Baylor used a 12 2 run to open a comfortable lead Kansas State got no closer than six points the rest of the way
Butler was joined in double figures by MaCio Teague with 15 points and Davion Mitchell with 13 Kansas State was led by Xavier Sneed with 23 points
No 3 Kansas 69 Texas 58
Senior center Udoka Azubuike came off the bench for the first time this season and recorded 17 points and 12 rebounds as the Jayhawks 19 3 8 1 Big 12 beat the Longhorns 14 8 4 5 in Lawrence Kan
Azubuike who came in as the only Big 12 player averaging a double double in conference play did not start after a disagreement with coach Bill Self at the end of the Jayhawks win Saturday over Texas Tech Matt Coleman III led Texas with 20 points
The win was the 699th for Self 57 who is in his 27th overall season as a head coach and 17th at Kansas He is on pace to become the second youngest Division I coach to reach the 700 win plateau behind Bob Knight Self s record at Kansas is 492 109
No 8 Florida State 65 North Carolina 59
Patrick Williams NYSE WMB and Trent Forrest each scored 14 points and the Seminoles took advantage of the Tar Heels long shooting drought for a victory at Tallahassee Fla
Raiquan Gray had 12 points for Florida State 19 3 9 2 Atlantic Coast Conference which is a game behind first place Louisville in the league
North Carolina s Cole Anthony scored 16 points in his second game back after knee surgery Christian Keeling had 14 and Leaky Black 10 The Tar Heels 10 12 3 8 dropped into a three way tie for last place in the ACC
Field Level Media |
WMB | Serena needs fresh approach to surpass Court says coach | Reuters Former world number one Serena Williams NYSE WMB must rethink her approach to Grand Slams after her latest bid to win a record equalling 24th major prize came unstuck at Melbourne Park her coach Patrick Mouratoglou has said
The 38 year old American who is looking to match Australian great Margaret Court s record has reached four Grand Slam finals since giving birth to daughter Olympia in 2017 but failed to win any of them
She arrived at this year s Australian Open having won the Auckland Classic title but was beaten by China s Wang Qiang in the third round
We have to accept the fact that it s not working Mouratoglou told the BBC
We have to face reality but she s positive that she can make it otherwise she probably wouldn t be on a tennis court anymore She believes she can and I believe it too She s not that far but we have to change a few things
Maybe come back with a different angle strategy and goals so she can make it She does feel positive she feels negative too because it s a failure when she doesn t win a Grand Slam
Mouratoglou said time was not on Williams side in the pursuit of the record
She had everything to retire 23 Grand Slam titles it s difficult to know how many chances she ll have I don t know how long she s going to be able to play but being able to reach four Grand Slam finals says a lot about her level
Her level is good enough but we have to understand what s going on why she s not able to win There s a big difference between reaching a final and winning one |
C | World Recession in Europe the Need to Avoid a Credit Crisis | It s been a difficult year for the global economy We see continuing deceleration in 2012 The crisis of public finances in the euro zone has undercut the economy of the region the fiscal austerity forced on virtually all of its governments has made a recession practically inevitable Despite an anticipated rebound in the U S the advanced economies as a group are likely to grow less in 2012 than in any of the last 30 years outside the recent recession The emerging economies however with their ever growing weight in the world can be expected to pull global growth to 3 4 in 2012 The cyclical rebound from the economic and financial crisis of 2008 09 turned out to be short lived We estimate 2011 global economic growth at 3 9 the lowest since 2003 excluding the last recession A number of headwinds arose in the first half of the year Strong inflationary pressures notably in energy and food crimped consumer purchasing power around the world In many countries mainly those whose labour markets have been slow to recover income gains have barely matched inflation Consumer spending has slowed accordingly Then Japan was struck by a tsunami that destroyed much of its industrial plant and disabled global supply chains for months Though these factors are unlikely to affect growth in 2012 euro zone public finances will remain the focus of investor attention In Europe the crisis that began in the spring of 2010 with worries about the solvency of Greece has ended up spreading throughout the zone European leaders have been unable to agree on action that would limit investor apprehensions to the worst off of the euro countries The default swap market registers fears about Italy greater than those about Greece in April 2010 The soaring cost of Italy s borrowing is made especially perilous by the country s high debt load The upshot is that stabilizing its debt to GDP ratio will take measures much more drastic than initially foreseen In our view the size of Italy s debt and its importance in the European banking system require that the authorities keep its financing costs sustainable especially since Italy unlike Greece and Portugal is generally regarded as solvent Things would probably not have reached this pass had European leaders not done too little too late as investor apprehension mounted Economists have long insisted that monetary union is not viable without fiscal union There has been real progress recently not least in a plan to improve the Stability and Growth Pact that would entail a loss of fiscal sovereignty for member countries whose deficits or debt exceed set limits To survive however we think the euro zone must ultimately go further harmonizing its economic and social policies on a model more favourable to growth and more sustainable in the long term In the meantime further short term measures will also be necessary to limit the financing costs of Spain and Italy Since insufficient funds are available to bail out these countries it seems increasingly clear that the rescue of the euro zone will require issuance of eurobonds ECB purchases of new bond issues or both For the euro economies the damage has been done Most countries of the zone are being forced to eliminate their deficits much faster than they had planned The resulting across the board fiscal austerity is likely to plunge the zone into its second recession in less than four years especially since the climate of uncertainty has undermined household and business confidence Industrial production has been in decline for two months now and retail sales are down from a year ago These conditions could exacerbate pressures on governments and financial institutions as they wrestle with their heavy indebtedness In our view however the central banks have the tools in place to move quickly to prevent the economic downturn from becoming a financial crisis Even Germany whose austerity measures need not be as sweeping as those of other euro countries is unlikely to come through unscathed Germany exports a hefty 12 6 of its GDP to other euro countries The euro zone s neighbours may also feel the shock waves The U K already facing an outlook of slow growth in its domestic economy will grow hardly at all if its major trading partners stumble The Chinese and U S economies on the other hand are much less exposed Their exports to the euro zone amount to only 4 0 and 1 2 of GDP respectively So if European governments and central banks can stop their recession from turning into a credit crunch the two heavyweights of the global economy will pull through The scope of the austerity that will grip the advanced economies in 2012 can be seen in IMF projections of changes in structural deficits illustrating the effect of discretionary changes to government budgets as of September At that time the IMF considered that the braking effect of fiscal policy in the advanced countries would be the sharpest since it began compiling the data in 2002 40 sharper than in 2011 And it is quite possible that the fiscal braking will be even more severe than expected since countries including France and Italy have adopted additional austerity measures since September The watch list includes besides governments the real estate sectors of the advanced economies The housing market is exposed to additional risk as a number of countries go into recession We are especially surprised to see 16 of the 22 OECD countries for which data are available reporting deflation of real home prices in the most recent quarter for which data are available One reason is that the demographics of European countries including Germany Spain and Italy are unfavourableto real estate the ranks of their first time homebuyers are depleting sharply This trend combined with a euro zone labour market that is especially hard on young people suggests to us that the housing sector in some advanced countries may remain under pressure over the coming quarters As the euro economy deteriorates the U S economy has been gaining strength The Citigroup Economic Surprise Index for the U S recently approached its most positive reading ever We are especially comforted by improvements in the labour market at a time when an unusually divided political landscape has generated high uncertainty about fiscal policy Despite these risks we see the U S economy accelerating to growth of 2 5 in 2012 after a difficult 2011 see U S section for details As for the emerging economies which bulk ever larger in the world economy current indicators are essentially in line with the consensus expectation World industrial production meanwhile is still trending up mainly as a result of a surge in the emerging economies However recession in Europe is likely to slow imports from Asia A recent deceleration of China s economy aroused apprehension though the 9 1 growth rate of its third quarter would be the envy of almost any other country It should be kept in mind that to counter inflation Beijing has considerably reduced its monetary accommodation in an attempt to cool its economic growth rate to about 8 However the anticipated sluggishness of the advanced economies in 2012 is likely to slow China s growth to a rate below that threshold In that event Beijing can be expected to offset export softness by stimulating domestic demand especially since recent reports show a sharp deceleration of consumer prices The recent decline of commodity prices in response to a decline of physical and financial demand and to the rise of the U S dollar will ultimately show up as disinflation If the economic picture deteriorates further inflation fears will completely dissipate and a number of central banks especially in emerging countries could put their shoulders to the wheel In the advanced countries real short rates are now more stimulative than in 2008 In addition several central banks use unconventional monetary stimulus currently All these factors considered we see the advanced economies taken together as likely to expand 1 3 in 2012 Outside the great recession of 2008 09 that would be the weakest annual growth of the last 30 years Yet the emerging economies given their growing share of world output are likely to push global growth to 3 4 in 2012 From 1980 to 2000 the advanced economies accounted for 63 of global growth Since 2000 they have accounted for 28 This new reality justifies optimism in the face of old world difficulties U S Accelerating growth in 2012It s now clear that the U S economy not just avoided recession in 2011 but in fact accelerated as the year progressed GDP in Q4 is tracking well above 2 annualized the best quarterly performance of 2011 Momentum should carry through to 2012 with the US achieving above potential growth for the first time in six years helped by resilient domestic demand and inventory rebuilding The big caveat however is that a European triggered global financial crisis is averted by policymakers who would presumably have learnt about the devastating costs of inaction la 2008 Consumers finding supportThe U S economy has rarely done badly when its consumers have been in a spending mood Its acceleration in the second half of 2011 was largely a result of consumers getting their mojo back With two months in Q4 real retail spending is tracking 6 3 annualized the highest since Q4 of 2010 Retail volumes in the second half of 2011 are on track to grow at twice the pace of the first half The outlook for 2012 consumer spending seems positive partly because of a slower pace of deleveraging Mortgage credit outstanding continues to drop but more slowly than before In Q3 moreover non mortgage credit even excluding student loans led by auto loans showed the first quarterly increase in three years Together with a stabilization of the savings rate these are signs that the worst of the deleveraging process may be over Another plus for consumer spending is the recovery now under way in employment Non farm payrolls rose 681 000 from June through November with all gains coming from the private sector The household survey also shows a clear improvement in the labour market full time employment up 759 000 over the same period In November more than 113 million Americans were employed full time the most since April 2009 Odds are that the uptrend will extend into the new year particularly given the strength of helpwanted listings which tend to lead the household employment survey Complementing the improvement in credit and the labour market in 2012 will be a diminished drag on consumer spending from the negative wealth effect of home prices Has housing finally hit bottom While it s too early to say whether the double dip housing recession is definitely over there are signs suggesting some stabilization ahead Residential investment grew in both Q2 and Q3 the first back toback quarterly increases since 2005 The pace of home price deflation seems to be moderating as supply and demand come into better balance Thanks to lower mortgage rates and depressed home prices affordability is the best in a generation That coupled with an 18 year low in the financial obligations ratio makes borrowing more likely Moreover higher rental demand has driven rents high enough as to give renters incentives to become home owners On the supply side while inventory remains large the drop in foreclosure rates is also helping somewhat in keeping supply growth under control The overall improving market conditions explain perhaps why builder confidence in December was the second highest since 2007 according to the National Association of Home Builders That said don t expect a significant turnaround in the housing market just yet A flattish trend is more likely for home prices in 2012 with improving demand likely to be offset by supply increases from both new construction and foreclosures that have yet to hit the market But importantly the reduced drag from housing should be supportive of consumption spending in 2012 Business investment to remain solidDomestic demand is likely to gain further support in 2012 from investment spending as businesses seek to maintain the growth of productivity and profits Though U S output is now back to pre recession levels employment remains 5 or so below the prerecession peak In short the U S is doing more with less This productivity boost has come from massive capital outlays over the last couple of years with investment in equipment and machinery now back to pre recession levels after growing 15 in 2010 and roughly 10 in 2011 Given the solid corporate profits of 2011 and the usual lag between profits and investment there is reason to expect capital spending to continue at a healthy pace in 2012 particularly if global economic uncertainty dissipates somewhat economy was subjected to a near government shutdown in April a debt ceiling drama and the ensuing US credit downgrade by S P in July August and the failure of the Super Committee in November December saw further debates and footdragging by Congress on what ought to be a straightforward decision on the extension of payroll tax cuts The fiscal outlook remains unclear Assuming nothing else changes on Capitol Hill and the current political impasse suggests just that outcome the US economy will face 2 1 tn in spending cuts over ten years Add to that the end of the Bush era tax cuts and the potential fiscal drag rises to over 2 of GDP in 2013 Facing the prospect of a recession inducing fiscal drag a new Congress after the 2012 Presidential elections will very likely kick the can down the road The inventory cycle to boost 2012 GDPHaving braked growth in 2011 inventories are set to contribute to it in 2012 Destocking has chopped 3 3 off GDP in the last four quarters alone Q410 to Q311 the largest 4 quarter cumulative drag outside of a recession in 25 years Now unless we re in a recession or heading precipitously towards one such inventory cuts are unsustainable In our view with domestic demand seemingly still resilient it s a question of time before the restocking process kicks back into gear History suggests there tends to be a couple of quarters lag in the inventory response to changes in final sales So the surge in final sales in Q3 bodes well for inventory rebuilding over the next few quarters assuming of course that the global economic picture doesn t darken any further Trade supported by a competitive US dollarThe resilience of domestic demand will be especially welcome in 2012 as global growth slows Trade may face some headwinds as a European recession translates into sluggish demand for American exports That said the overall impact on US growth isn t likely to be significant particularly given that only 20 or so of US exports go to Europe and exports account for less than 14 of the overall US economy Moreover the highly competitive U S dollar which in real terms is still near historic lows will provide some offset especially in markets of buoyant demand such as Asia and South America Further down the road exports are set to benefit from the long term trend of depreciation of the U S dollar On trade fundamentals alone the greenback needs not depreciate much more the trade deficit excluding petroleum is stabilizing at just 1 5 of GDP Depreciation pressures will come from elsewhere the country s precarious fiscal position the Fed s easy money policy China s reduction of its foreign exchange reserves We see the USD losing ground against most currencies primarily the yuan and the OPEC currencies if the latter are allowed to come off the peg crisis perhaps via sovereign defaults According to data from the Bank of International Settlements US exposure to European banks stood at US 3 8 tn at the end of Q2 Taking into account derivative contracts guarantees and credit commitments the exposure rises to roughly US 5 9 tn Although the bulk of that is being held by the nonbank private sector the banking sector also has significant exposure over US 700 bn No wonder that CDS spreads for American financials have risenin tandem with European ones as the debt crisis intensified on the old continent Should European debt turn sour expect US banks to take write downs triggering balance sheet repairs via recapitalizations and asset sales That eventuality a credit crunch is the major channel through which Europe could affect the United States QE3 in 2012 Fortunately the US has a more proactive central bank than Europeans do While an improving US economy and better credit flow make a third round of unsterilized bond purchases QE3 less necessary at this point a European triggered credit crunch would have the Fed take prompt action The recent easing in inflationary pressures with both the CPI and PPI on a declining path and stable inflationary expectations give the Fed more room to act if necessary Note that even with the currently wellfunctioning financial markets FOMC members continue to talk about the possibility of unleashing QE3 as a way of stimulating the economy Should credit markets freeze la 2008 expect talk to translate into action All told barring a European triggered global financial crisis and subsequent world recession US economic growth should accelerate to an above potential 2 5 in 2012 thanks to a combination of resilient domestic demand and inventory rebuilding Fiscal drag will continue to impose a speed limit on the economy in 2012 although that will pale in comparison to the impacts seen in 2013 and beyond Canada Headwinds from several fronts in 2012Facing challenges both at home and abroad in 2012 Canada stands to underperform the US for the first time in six years Domestic demand will be under siege from a likely softening in housing and a more moderate pace to consumption spending Trade will be vulnerable to the lagged impacts of a strong Canadian dollar although there will be some offset in the form of increasing demand from an accelerating US economy With domestic demand treading water and European inertia threatening to trigger a global financial crisis the Bank of Canada is likely to delay rate hikes to 2013 Labour market deceleration in 2012Canada s labour market recovery has been much stronger than that of the US with employment here now above the pre recession peak compared to American payrolls still languishing 5 below prerecession levels The difference between the two countries has of course been the relatively better economic growth in Canada But government payrolls have also been a big driver in boosting Canadian employment Over the last three years Oct08 to Nov11 Canada has added roughly 164 000 jobs 95 of which came from government Contrast this with the US where the purge in public sector payrolls has been unprecedented The increase in hiring by government together with the 278 000 job gains in private sector service producing industries lifted total services employment enough as to offset the purge in the goods sector payrolls The employment slump in the goods sector was driven by the manufacturing sector whose payrolls are at a record low This avalanche of pink slips from factories was partially offset by the uptrend in construction employment which reached new highs in 2011 What do those patterns suggest for the 2012 employment Simply put those trends aren t bullish The destruction of manufacturing jobs is symptomatic of a structural problem that s not going away anytime soon C impacts are described further on And the gains in construction jobs which have been fed by stimulus programs and the expansion of housing are likely to reverse as both of those boosters fade in 2012 Hiring in the resources sector may provide some support although the expected softening in commodity prices should limit employment gains there In any case any job gains in the resources sector which accounts for less than 10 of overall goods sector employment are unlikely to have a significant positive impact So expect the goods sector payrolls to remain weak This time however there won t be as much of an offset from services payrolls Government hiring at the pace seen over the last three years isn t sustainable nor likely to be permitted to continue particularly with deficit cutting plans underway The saving grace for Canadian employment in 2012 may be from private sector service providing sectors but even there we re not expecting miracles given the anticipated softening of the overall economy All told employment growth should be modest at just under 1 in 2012 contrasting with a roughly 1 5 increase in the prior year That should leave the unemployment rate averaging north of 7 in 2012 Consumers under stressA tepid labour market will evidently weigh on consumption spending in 2012 However a slower global economy should cap gasoline prices which will offer Canadians some relief That s pretty much the reverse of the scenario that played out in 2011 when the benefits of a relatively strong labour market on consumption spending was offset by high gasoline prices Another difference will be the impact of the housing market on consumers For now the Canadian housing market is being described as balanced with the listings to sales ratio remaining low enough as to allow home prices to rise at a modest pace But with the labour market likely to decelerate the resulting weakness in household incomes should work as to bring the existing home market closer to buyers market territory hence limiting price increases or even prompting price declines in some cases The market for multiple units e g condos apartments seem more prone for a price correction given how far new supply has strayed from that of singles So the housing wealth effect which has helped boost consumption spending over the last several years is likely to be less of a factor going forward How serious is the deleveraging threat to consumption spending We are less concerned about the negative impacts of deleveraging on consumption because we do not expect the savings rate to rise significantly given that interest rates are set to remain low for a while Rock bottom interest rates are clearly discouraging savings and encouraging debt accumulation The Bank of Canada is in a bind because it s being forced by global events to keep interest rates low hence fueling the debt accumulation spree of Canadians In fact the longer the BoC delays rate increases the harder it will be for it to raise rates without triggering a housing led recession Which is why the BoC felt that it had to repeatedly warn Canadians against over leverage going so far as to say that Canadians are now more indebted than the Americans While the latter statement may be true if one looks at an unadjusted ratio of household debt to disposable income which is indeed higher in Canada the comparison is arguably unfair Disposable incomes of Americans aren t exactly comparable to Canadian ones since the former get a lot less bang for the buck having to assume more significant expenses like health care outlays An adjusted ratio which removes health care expenses from the calculations shows that Canadians aren t quite as levered as Americans That said there s no denying that the Canadian debt picture isn t pretty Canadians will find it harder to service their debt once interest rates resume their ascendancy But rates are set to remain low over the next several years meaning that debt servicing costs should remain manageable over the near to medium term Deleveraging would become a more serious problem for consumption spending if interest rates rise quickly or if the housing market collapses We re not expecting either of those to materialize Still consumers will face enough challenges as to limit spending growth to less than 2 in 2012 Providing a partial offset in 2012 to a flatlining housing market and the anemic growth in consumption and government spending will be business investment spending Buoyed by strong corporate profits low interest rates and a strong Canadian dollar business outlays have decent fundamentals for expansion Planned outlays relating to projects in energy namely hydro and the oil sands will also help support investment That however won t prevent overall domestic demand to ramp down to a sub 2 performance in 2012 Canadian Trade Currency impacts offset by accelerating US economyWith the US economy going up one gear in 2012 demand for Canadian exports should improvesomewhat However it s not going to be smooth sailing for our exporters With only 5 or so of their products going to Europe Canadian exporters are lucky to not have significant direct exposure to waning demand from the old continent However exporters of resources will feel an indirect hit as the European recession weighs enough on global growth as to bring down commodity prices Non resource exporters may get some lift from an accelerating US economy but will be hampered by the lagged impacts of a strong Canadian dollar Note that the merchandise trade balance remained in deficit territory for the third year in a row in 2011 And as has been the case for seven of the eight preceding years trade was likely again a drag on the economy in 2011 So the currency s impacts can be significant Commodity prices which are largely determined on global markets have been on the rise over the past several years courtesy of the growing clout of emerging markets in the world economy fuelling the Canadian dollar s ascent While higher prices have allowed our resource exporters to cushion the blow of the stronger currency non resource exporters haven t been so lucky In fact excluding resources Canada s trade performance has been largely disappointing with the non energy trade balance on a steady decline in recent years The erosion of Canada s manufacturing base is one explanation for that alarming trend which is likely to extend into 2012 The poster child for this sad reality is the auto sector After rebounding strongly in the preceding year the Canadian auto sector struggled in 2011 Of course supply chain disruptions related to the Japanese tsunami played a role there but the negative impact of the strong currency cannot be ignored In 2011 Canada s share of the US auto market fell under 22 for the first time on record Low cost competitors with highly competitive currencies like Mexico have grabbed market share particularly in high margin segments like trucks and parts While over half of overall US truck imports came from Canada in 2002 our market share in that segment has shrunk to just 10 today Mexico s share in contrast has soared past 80 The contrast is less dramatic for the auto parts business although the trend is similarly depressing from a Canadian standpoint The only segment where Canadian exporters have been able to maintain market share was in the passenger car segment although that too could change for the worse sooner rather than later For instance note a recent comment from Chrysler s CEO Sergio Marchionne you cannot have an uncompetitive wage rate and then expect Chrysler or all the other car makers to keep on making cars in this country and be disadvantaged He has a valid point While Canadian manufacturing costs have tracked US ones closely up to 2002 the gap has widened significantly since then due to the Canadian dollar s ascent And with the US dollar expected to remain weak over the next several years and commodities continuing to inflate the loonie salvation for Canada s auto sector can only come via higher productivity In fact such a prescription applies to pretty much all of the non resource sector Canada is on track to improve its productivity record if recent trends in business investment are any guide but productivity improvements won t happen overnight So expect non resource exporters to remain under pressure over the near to medium term as they compete with lower cost competitors That said the acceleration of the US economy should be enough as to allow trade to turn into a contributor to growth in 2012 Indeed a rising tide tends to lift all boats even those that are listing badly The contribution from trade will be offset by a weakened domestic demand resulting in tepid GDP growth of just 2 for Canada in 2012 taking away our bragging rights of having outperformed the US economy since 2006 With domestic demand under pressure and the European debt crisis having the potential to spiral into a full blown global financial crisis the Bank of Canada is likely to play safe and delay rate hikes to 2013 |
C | Talking Forex Weekly Outlook 09 01 12 | EUR USDAs reported by the Commitment of Traders EUR shorts rose by another 9 last week hitting an unprecedented 138 909 net contracts short a fresh all time record As a result there is a risk that the pair may recover at least some of the losses next week on the back of short positions getting squeezed ahead of the ECB monetary policy meeting as market participants will likely speculate of yet more policy easing action by the central bank Still in the latest FX research note from Goldman Sachs analysts believe that with considerable downside risk in the short term there is a chance that EUR USD could reach 1 2000 In terms of technical levels supports are seen at 1 2680 42 and then at 1 2625 On the other hand resistance levels are noted at 1 2813 1 2946 and then at pair is expected to trade in sync with EUR USD which fell to 1 2700 level last week as policy makers continued to struggle to convince markets of their resolve to do whatever is necessary to preserve stability in the Eurozone Apart from paying close attention to the sovereign debt saga market participants will await the outcome of the latest MPC meeting Although the street estimates do not expect another boost to the APF program just yet speculation of such action by the BoE is likely to emerge in the coming days especially after last week analysts at Citigroup noted that the QE program may reach as much as GBP 600bln up from the initial estimate of GBP 500bln In terms of technical levels supports are seen at the 21Day Lower Bollinger Level at 1 5379 and then at 1 5325 On the other hand resistance levels are noted at 1 5580 1 5628 and then at price action is again expected to be driven by the news flow regarding the Eurozone amid a slew of government debt issuance as well as the fact that this week sees the ECB meet to announce policy rates |
JPM | JPMorgan to pay 500 million in Bear Stearns mortgage settlement source | By Jonathan Stempel NEW YORK Reuters JPMorgan Chase Co N JPM has agreed in principle to settle class action litigation arising from Bear Stearns sale of 17 58 billion of mortgage securities that proved defective during the recent U S housing and financial crises The largest U S bank which bought Bear in 2008 will pay roughly 500 million to investors led by a group of pension funds a person familiar with the matter said on Friday The person requested anonymity because the terms have not been made public JPMorgan declined to comment A lawyer for the investors did not immediately respond to requests for comment The accord which requires court approval was disclosed in a Thursday night filing with the U S District Court in Manhattan It is separate from JPMorgan s 13 billion settlement with regulators in November 2013 over mortgage securities sales The latest accord resolves claims that Bear violated federal securities laws by selling certificates backed by more than 47 000 largely subprime and low documentation Alt A mortgages in 14 offerings from May 2006 to April 2007 Investors said the offering documents contained false and misleading statements about the underwriting guidelines used by Bear s EMC Mortgage unit Countrywide Home Loans and other lenders and the accuracy of associated property appraisals Bear was not accused of fraud but investors sought to hold it strictly liable and negligent for their losses They said nearly all the certificates were cut to junk status although roughly 92 percent or 16 2 billion were once rated triple A JP Morgan Chase Co sign outside headquarters in New York alt Reuters JP Morgan Chase Co sign outside headquarters in New York rel external image
The lead plaintiffs are the Public Employees Retirement System of Mississippi and the New Jersey Carpenters Health Fund Both sides plan by Feb 2 to seek preliminary approval of the settlement from U S District Judge Laura Taylor Swain JPMorgan has resolved similar litigation over mortgage offerings from the former Washington Mutual Inc which the New York based bank also bought in 2008 It still faces litigation over some of its own mortgage offerings The case is In re Bear Stearns Mortgage Pass Through Certificates Litigation U S District Court Southern District of New York No 08 08093 2015 01 09T164121Z 2 LYNXMPEB080MI RTROPTP 1 JPMORGAN WHALE JPG urn newsml onlinereport com 20150109 nRTROPT20150109145558LYNXMPEB080MI JP Morgan Chase Co sign outside headquarters in New York OLUSBUS Reuters US Online Report Business News 20150109T145558 0000 20150109T145558 0000 |
BMY | Celgene CELG Q4 Earnings Beat Estimates Revenues Up Y Y | Celgene Corporation NASDAQ CELG reported better than expected results for the fourth quarter of 2018 led by an increase in psoriasis drug Otezla Lead drug Revlimid too maintained momentum for the company
Celgene s stock has lost 2 3 in the past six months compared with the s decline of 14 1
The company reported adjusted earnings of 2 39 per share which beat the Zacks Consensus Estimate of 2 32 up from 2 00 in the year ago quarter
Total revenues grew 16 year over year to 4 037 billion in the quarter and beat the Zacks Consensus Estimate of 3 98 billion
Otezla Revlimid Drive Growth
Net product sales increased 16 year over year to 4 036 billion Net sales of Revlimid came in at 2 5 billion reflecting 16 year over year increase The drug performed well both in the United States up 17 and international markets up 15 Growth in the quarter was driven by increase in market share and extended treatment duration
Net sales of another cancer drug Abraxane increased 7 in a year to 269 million Pomalyst Imnovid sales came in at 567 million up 28 year over year Sales were driven by increase in market share and extended duration
Sales of psoriasis drug Otezla surged 21 in a year to 448 million and surpassed the Zacks Consensus Estimate of 443 million Sales in the United States were driven by increase in demand while international sales were driven by launch uptake in key ex U S markets including Japan
All other product sales including Istodax Thalomid Vidaza and an authorized generic version of Vidaza in the United States totaled 203 million in the quarter down from 227 million in the year ago quarter
Adjusted research and development expenses increased 20 to 919 million driven by the inclusion of R D expenses associated with the acquisition of Juno and regulatory submission related work on multiple programs Adjusted selling general and administrative expenses increased 10 9 to 762 million
Pipeline Update
Celgene and partner bluebird bio NASDAQ BLUE announced the completion of enrollment in the KarMMa pivotal trial evaluating bb2121 in patients with relapsed and or refractory multiple myeloma RRMM
Celgene and partner Acceleron Pharma NASDAQ XLRN are evaluating luspatercept in two phase III studies BELIEVE and MEDALIST Both the companies intend to submit regulatory applications for the drug in the United States and Europe in 2019
Celgene submitted a New Drug Application NDA to the FDA for fedratinib to treat patients with myelofibrosis The company plans to submit a Marketing Authorization Application MAA with the European Medicines Agency EMA in the first half of 2019 In addition the phase III myelofibrosis program FREEDOM and FREEDOM 2 trials evaluating fedratinib in patients resistant or intolerant to ruxolitinib is initiating
Celgene is also working to expand Revlimid s label A supplemental NDA sNDA was submitted to the FDA for Revlimid in combination with Rituxan for the treatment of patients with relapsed and or refractory indolent NHL A decision is expected in the second half of 2019
2019 Outlook
Celgene expects earnings per share of 10 60 10 80 in 2019 The Zacks Consensus Estimate for earnings is 10 37 Net revenues are estimated around 17 0 17 2 billion while the Zacks Consensus Estimate for the same is pegged at 17 1 billion
Revlimid sales are projected to be 10 8 billion and Abraxane sales to be around 1 1 billion Pomalyst s revenues are expected to be 2 4 billion whereas Otezla sales are projected to be 1 9 billion
Our Take
Celgene s fourth quarter results were strong as the company comfortably beat on both sales and earnings led by robust performance by Otezla Revlimid sales were impressive as well
The focus is on the recent merger announcement with large cap pharma Bristol Myers Squibb Co NYSE BMY for a whopping 74 billion Per the terms Celgene shareholders will receive 50 plus one share of Bristol Myers and one tradeable Contingent Value Right CVR which will entitle the holder to receive a cash payment of 9 00 upon the achievement of FDA approval of all three products ozanimod liso cel and bb2121 within specified time periods
Zacks Rank
Celgene currently carries a Zacks Rank 1 Strong Buy You can see
Looking for Stocks with Skyrocketing Upside Zacks has just released a Special Report on the booming investment opportunities of legal marijuana Ignited by new referendums and legislation this industry is expected to blast from an already robust 6 7 billion to 20 2 billion in 2021 Early investors stand to make a killing but you have to be ready to act and know just where to look |
C | Reuters Summit Citi Russia says deposits returning to rouble | For other news from the Reuters Russia Investment Summit click
on
Rouble deposits grow month to month at single digit rate
No major collateral foreclosures on corporate loans
60 000 new credit cards issued in Russia this year
20 million new retail loans per month at present
By Conor Sweeney
MOSCOW Sept 15 Reuters After plunging during the global
credit crisis rouble deposits at Citibank s Russian arm have
resumed rising underlining a return of confidence in the local
economy the bank s Russia president said on Tuesday
Deposits of roubles at the bank slid early this year as
retail customers alarmed by the depreciation of the currency
which lost around 40 percent of its value versus the dollar
during a slow burn devaluation
This forced Russians to shift their savings into the dollar
which was seen as a safe haven during a time of instability in
the global financial market
Money began moving back into roubles towards the end of the
second quarter however after the currency regained stability
and the global crisis started to ease Zdenek Turek said in an
interview at the Reuters Russia Investment Summit
From the bottom which for us was about January to February
this year we have managed to double the amount of rouble
deposits said Turek a 20 year Citigroup veteran who took his
post in January transferring from South Africa
He declined to give specific numbers but estimated rouble
deposits at Citibank were now growing at a single digit rate
month to month Now more or less from our point of view
things are back to normal he said
In the Russian banking system as a whole rouble denominated
retail deposits for terms of up to 30 days slumped to 729 4
billion roubles 23 6 billion on April 1 this year from 840 0
billion on Jan 1 but had rebounded to 855 9 billion by Aug 1
according to central bank data
RECOVERY
Turek said the recovery of rouble deposits and a range of
other data indicated Russia s economy which shrank 10 1 percent
in the first half of this year in terms of gross domestic
product had stabilised and started to improve
We have seen positive trends in industrial production we
have seen positive trends in GDP month on month in June and
July so we have reasons to believe the economy has stabilised
and started to grow
With 58 branches and 3 000 employees Citibank s Russian arm
has issued 60 000 new credit cards so far this year and is now
extending 20 million of new retail loans per month Turek said
Conditions in Russia s interbank money market have become
much better after activity partially froze at the height of
the crisis he said
Although Citibank suffered a rise in its non performing
corporate loans in Russia the increase was less than originally
feared Turek said
On our portfolio of loans and credit cards we did see an
increase in non performance but less than anticipated frankly
and for existing loans we restructured with many of the clients
very actively
While some banks in Russia have been stuck with collateral
that they have difficulty liquidating Citibank has generally
not faced this dilemma Turek said
Our lending was always on the cashflow basis When we give
people money we want to see their capital we want to see the
business strategy and the cashflows and we never provide too
much emphasis on collateral
We don t have a particular experience with foreclosing and
realising the collateral yet We focussed on restoring the
cashflow generation of the company restoring the profitability
rather than trying to seize and realise the collateral
RISKS
However Turek said it was too early to declare a victory
there are still factors external that can disrupt the
recovery
We do need to see internal demand picking up but there
is a modest optimism a cautious optimism in the market
The government has addressed the situation in 2009 very
well but there is still the question of the situation in the
medium and longer term
For summit blog
1 30 85 roubles
Editing by Andrew Torchia and Simon Jessop |
C | POLL 60 pct of Americans find Wall St pay unreasonable | 56 pct say bankers fared better than others in crisis
36 pct see Obama government not doing enough about pay
But 51 pct see Obama doing enough or too much
By Steve Eder
NEW YORK Sept 15 Reuters A majority of Americans
believe Wall Street executive compensation is unreasonable
and that bankers fared better than others during the financial
crisis a poll conducted for Reuters shows
But while Americans may be stewing over outsized pay they
differ about what the Obama Administration should or can do
about it according to the phone poll of 1 000 adults by Ipsos
Public Affairs between Sept 11 and Sept 14
Twenty six percent said the administration was doing about
the right amount 25 percent said it was doing too much and 36
percent said it was doing too little
While the results show 60 percent of Americans are
concerned or angry about excessive pay Michael Gross the vice
president of Ipsos said they would still rather see the titans
of Wall Street rein in their own paydays than have the
government intervene
He noted that 51 percent think the government has done what
it can or done too much to control Wall Street compensation
My sense is that people don t necessarily see a role for
government in this Gross said Even though they see it as
unreasonable it isn t necessarily that they want government
regulating it
That might help explain President Obama s absence on the
issue in recent months
After beginning his presidency by criticizing bankers for
being paid too much too soon after taxpayers bailed out the
industry Obama has since retreated He sidestepped the topic
in a speech he made on Monday while visiting Wall Street the
day before the anniversary of the collapse of Lehman Brothers
It isn t an easy issue and the Obama Administration is
very aware of its complexity said Lawrence White a professor
at New York University s Stern School of Business
Obama s most visible action to date on executive
compensation is tapping Kenneth Feinberg a Washington lawyer
to serve as pay czar But Feinberg who has jurisdiction over
executive pay at firms like Citigroup Inc and Bank of
America Corp has told Reuters that he has not spoken
with the president
BANKERS DID BETTER
More than 300 000 people have lost jobs in the finance
industry since the start of 2008 according to Challenger Gray
Christmas an outplacement company
Still 56 percent of respondents in the poll said bankers
fared better than other people during the financial crisis
White the NYU business professor said Wall Street
believes its pay is justified despite public sentiment against
it
The big Wall Street view is Hey we work hard we achieve
a lot and we deserve what we get paid White said
But Alan Johnson a New York based compensation consultant
said public perception weighs on Wall Street and impacts
decisions made in boardrooms
It does matter Johnson said It matters a lot how the
American people feel about their financial system
With the media and politicians criticizing the industry for
its compensation packages Johnson said he had expected the
poll results to show that 100 percent of respondents were fed
up with Wall Street pay
As dark and as deep as this problem has been it is
encouraging that people haven t given up on their own
thinking Johnson said
Among respondents there was little variation based on
income race or region about their feelings on executive pay
By and large the bulk of groups think the compensation
packages are pretty unreasonable pollster Gross said
For a graphic about the poll see
For more coverage on executive compensation see
Editing by Gary Hill |
C | US STOCKS S P Nasdaq jump 1 pct on economy MA | CPI industrial output top estimates
Adobe to buy Omniture
Indexes up Dow by 0 8 pct S P Nasdaq up 1 pct
Updates to midday changes byline
By Edward Krudy
NEW YORK Sept 16 Reuters The S P 500 and Nasdaq both
jumped 1 percent on Wednesday as increased industrial
production and a pickup in mergers and acquisitions reinforced
hopes the economy was gaining speed
Commodity prices rose with gold hitting an 18 month high
and boosted natural resource companies like Freeport McMoran
Copper Gold Inc up 1 6 percent to 72 49
Software maker Adobe Systems Inc said it will buy Omniture
a company that makes software to analyze Web traffic in a bid
to boost sagging sales
Industrial output advanced for a second consecutive month
in August while higher gasoline costs pushed up consumer
prices although economists said the risk of inflation remained
low
This is a shot in the arm for recovery This is what we re
looking for Jack Ablin chief investment officer at Harris
Private bank in Chicago We re looking for solid evidence not
just stimulus the economy is recovering and this is really
the first piece of evidence that needs to fall into place
The Dow Jones industrial average was up 76 55 points or
0 79 percent at 9 759 96 The Standard Poor s 500 Index rose
11 72 points or 1 11 percent at 1 064 35 The Nasdaq
Composite Index jumped 21 74 points or 1 03 percent at
2 124 38
The S P hit a new high for the year shortly after the open
and is now up 56 percent from the March 9 low
In the latest sign that M A activity is picking up Adobe
said it plans to pay 1 8 billion for Omniture Inc as Adobe
the maker of Photoshop and Acrobat looks to turn around
declining sales
Adobe shares fell 6 percent to 33 49 while Omniture
shares surged 25 5 percent to 21 74
M A activity is considered a key sign post for the economy
as businesses display confidence and begin to spend
Financial shares led the market higher as the KBW banks
index rose 3 5 percent Citigroup Inc climbed 3 9 percent to
4 28 and JPMorgan Chase Co added 2 2 percent to 44 16
Gold hit an 18 month high of 1 020 50 an ounce and helped
to lift silver and platinum to multi month peaks while copper
hit a 1 week high The dollar slumped to a one year low against
a basket of currencies
There seems to be an inverse relationship between the
dollar and equity markets in general so any temporary rise in
the dollar could also lead to investors taking a little money
off the table said Michael Sheldon chief market strategist
at RDM Financial in Westport Connecticut
Genworth Financial Inc climbed 9 percent to 13 14 a day
after it priced a common share offering
Verizon Communications Inc capped gains on the Dow and was
down 2 3 percent to 30 28 UBS downgraded the stock to
neutral from buy saying the telecommunications company is
likely to miss its outlook for 2009 earnings growth |
C | Accounting body defends changes on G20 goal banks fret | By Huw Jones
LONDON Sept 16 Reuters A top accounting standards
setter said it has made big strides to reach a G20 goal of a
single global set of rules and defended its fair value rule
revamp despite criticisms it fails to go far enough
The International Accounting Standards Board IASB said in
a letter to U S President Barack Obama who hosts a G20 summit
in Pittsburgh on Sept 24 25 that there has been substantial
progress on the objectives the group set in April
These included convergence towards a single set of
high quality global accounting rules and taking steps to revamp
its fair value or mark to market rule that forces banks to value
assets at current distressed prices sparking big writedowns
France has already said the London based IASB s plans don t
go far enough in reducing the range of assets that have to be
valued at the going rate ID nL217686
The IASB hit back in its letter saying its emphasis has
been on defining appropriate valuation methods and not to
increase or decrease arbitrarily the use of fair value
Whether there is a decrease or an increase
of fair value will depend on a particular institution s business
model and holdings the IASB said in the letter made public on
Wednesday
The IASB also pointed out without naming it directly that
the U S Financial Accounting Standards Board was considering a
major widening in what comes under its fair value net much to
the anger of U S banks
The IASB is not proposing that the loan book of banks will
be held at fair value the IASB said
CONVERGENCE CONCERNS
This week the Financial Stability Board responsible for
coordinating implementation of G20 regulatory pledges welcomed
steps being taken by FASB and IASB to address weaknesses in
existing standards
Members encouraged agreement on converged standards that
would simplify and improve principles for valuation the FSB
said after a meeting in Paris on Tuesday
But the Institute of International Finance which represents
banks like Citigroup BBVA SEB and Deutsche Bank also wrote to
Obama last week asking for the G20 summit in Pittsburgh to
accelerate convergence and iron out fair value speed bumps
Recent developments suggest increasing risk of diverging
views interim standards that will need to be changed again and
inconsistent schedules for adoption the IIF letter said
This is the opposite of where we should be headed and the
two leading standard setters should be asked to adopt a joint
work program that minimizes the burden on issuers and confusion
among users the IIF said
The European Banking Federation said on Wednesday there was
a lack of coordination on fair value between the IASB which
sets standards used in over 100 countries including the EU and
the FASB
The EBF fears more assets will have to be marked to market
under the IASB plan which even so is more appropriate than
the FASB moves
Inconsistency between the two boards is putting global
convergence at risk the EBF said
The decision by the IASB to revise the rule in chunks
following pressure from EU finance ministers to speed up the
process may impact on the quality of the final standard the
EBF said
European Union leaders meet in Brussels on Thursday to
hammer out a common position for the G20 summit and in their
draft conclusions call on accounting rule setters to speed up
work on convergence with all G20 countries committing to
implement these new standards as soon as possible
Reporting by Huw Jones editing by ron Askew |
WMB | Williams declares 0 40 dividend | Williams NYSE WMB declares 0 40 share quarterly dividend 5 3 increase from prior dividend of 0 38
Forward yield 7 39
Payable March 30 for shareholders of record March 13 ex div March 12
See WMB Dividend Scorecard Yield Chart Dividend Growth |
WMB | Teenager Gauff to join Serena on U S Fed Cup team | Reuters Serena Williams NYSE WMB will be joined by teenage sensation Coco Gauff as part of the U S team that will face Latvia in a Fed Cup qualifier next month the United States Tennis Association said on Tuesday The USTA announced two weeks ago that Williams would return Fed Cup action for the Feb 7 8 tie in Everett Washington and now rounded out the team with Gauff Sofia Kenin Alison Riske and Bethanie Mattek Sands Gauff 15 made her splash debut on tour in 2019 and is set to rise into the top 50 of the rankings after her recent run at the Australian Open where she beat defending champion Naomi Osaka before falling to Kenin in the fourth round Kenin who enjoyed a breakout year in 2019 during which she won three WTA titles reached her first Grand Slam semi final this week in Melbourne where she will face Australian world number one Ash Barty Riske reached the Wimbledon quarter finals last year while Mattek Sands is a five time doubles and four time mixed doubles Grand Slam champion Williams last played Fed Cup in February 2018 which also marked her competitive return to tennis following the birth of her daughter
The winner of the tie versus Latvia advances to the 2020 Fed Cup Finals from April 14 19 in Budapest |
WMB | Top 25 roundup No 17 Auburn rallies beats Ole Miss in two overtimes | Senior Anfernee McLemore tied a career high with 19 points including a big 3 pointer before fouling out in the first overtime and guard Samir Doughty scored all 17 of his points after halftime as No 17 Auburn survived Mississippi s upset bid for an 83 82 victory in two overtimes Tuesday night in Oxford Miss
The Tigers 18 2 5 2 Southeastern Conference trailed the Rebels 10 10 1 6 by double digits for much of the night Auburn was down by 17 points at halftime faced a 19 point deficit early in the second half and trailed by 10 in the last six minutes
They also were down 82 78 in the second overtime before going on a 5 0 run capped by Isaac Okoro s driving bank shot and ensuing free with 1 41 remaining that ended the scoring
Junior Devontae Shuler scored a career high 26 points and Blake Hinson added 16 for the Rebels who were without Breein Tyree the SEC s leading scorer at 18 9 points per game for the extra periods He fouled out with 5 15 left in regulation after scoring just eight points
Virginia 61 No 5 Florida State 56
Mamadi Diakite scored 19 points hitting all three of his 3 point attempts and added nine rebounds as the Cavaliers scored the last eight points to snap the Seminoles 10 game winning streak in their Atlantic Coast Conference matchup in Charlottesville Va
Kihei Clark added 15 points and Braxton Key scored 13 for the Cavaliers 14 6 6 4 ACC who earned their second win against a top 10 team this season The defending national champs defeated then No 7 North Carolina on Dec 8
Devin Vassell scored 17 points to lead the Seminoles 17 3 7 2 who lost for the first time since Dec 3 at Indiana Florida State missed its chance to tie No 6 Louisville for most wins in the ACC First place Louisville is 8 1 while Florida State and Duke are 7 2
No 8 Villanova 79 St John s 59
Saddiq Bey scored 23 points and Collin Gillespie added 17 as the Wildcats overcame a sluggish start to defeat the Red Storm in Big East action at New York City
Jeremiah Robinson Earl had 13 points and 14 rebounds while Gillespie added 13 rebounds and six assists Justin Moore and Cole Swider scored 11 points each as the Wildcats 17 3 7 1 Big East earned their seventh consecutive victory and remained one game behind conference leading Seton Hall in the loss column
Rasheem Dunn scored 24 points and LJ Figueroa added 12 as St John s 13 9 2 7 lost for the fourth time in the past five games The Red Storm s only conference victories have come against DePaul
No 9 Duke 79 Pittsburgh 67
Vernon Carey Jr poured in 26 points and grabbed 13 rebounds as the Blue Devils withstood a second half rally from the Panthers in Durham N C
Tre Jones added 14 points and eight assists Jordan Goldwire had 13 points and Cassius Stanley provided 11 points for Duke 17 3 7 2 ACC which hadn t played in a week Au Diese Toney scored a career high 27 points to pace Pittsburgh 13 8 4 6
The contest marked the return of former Duke player and former assistant coach Jeff Capel the second year Pittsburgh coach who brought the Panthers to Cameron Indoor Stadium for the first time Capel was assessed a first half technical foul leading to Duke coach Mike Krzyzewski scolding the home fans at halftime after they had chanted Capel s name late in the opening half
No 16 Butler 69 Georgetown 64
Sean McDermott s seventh 3 pointer of the game with 49 seconds left snapped a tie and lifted the Bulldogs to a Big East Conference win over the Hoyas in Washington
Kamar Baldwin added two free throws with 32 seconds remaining as the Bulldogs 17 4 5 3 Big East overcame a 43 29 deficit late in the first half to win their second consecutive game McDermott finished with a game high 25 points on 9 for 12 shooting while Baldwin scored 13 and dished out six assists
Omer Yurtseven scored 14 points and grabbed 13 rebounds for the Hoyas 12 9 2 6 and Mac McClung added 12 points but made only 4 of 16 shots Jagan Mosely chipped in 11 and Qudus Wahab hit for 10 points
No 25 Rutgers 70 Purdue 63
Caleb McConnell scored 16 points and sank six free throws in the final 1 49 as the Scarlet Knights held on to beat the Boilermakers in Piscataway N J
Rutgers improved to 15 0 at home in front of its fifth straight sellout crowd also beating Purdue for the first time since 1975 and improving to 2 12 in the all time series by surviving a fierce comeback attempt
Jahaad Proctor led Purdue 11 10 4 6 with 19 points Trevion Williams NYSE WMB added 17 for the Boilermakers
Field Level Media |
WMB | Top 25 roundup Texas Tech takes down No 12 West Virginia | Davide Moretti s career high 25 points and hot shooting as a team helped Texas Tech upset No 12 West Virginia 89 81 Wednesday night in Lubbock Texas Terrence Shannon Jr added 23 points and seven rebounds while Jahmi us Ramsey scored 21 for the Red Raiders who made 25 of 46 shots for 54 3 percent and 28 of 32 free throws 87 5 percent for the game West Virginia didn t score a field goal for the final 3 53 of the game Derek Culver led the Mountaineers 16 4 4 3 Big 12 with 16 points one of five West Virginia players to score in double figures Five free throws from Shannon late in the first half helped Texas Tech 13 7 4 3 take a 41 30 lead with 1 02 to play The 11 point lead was the Red Raiders largest of the half and Shannon scored 13 of his points including seven free throws No 1 Baylor 67 Iowa State 53 MaCio Teague scored 15 points and led a balanced offensive attack as the Bears roared past the Cyclones at Ames Iowa Baylor 18 1 7 0 Big 12 led by 20 points after a second straight basket by Teague with 5 32 to play and was never challenged down the stretch Devonte Bandoo and Freddie Gillespie added 12 points each for the Bears Davion Mitchell hit for 10 points and Mark Vital grabbed nine rebounds Rasir Bolton who was named the Big 12 Conference Newcomer of Week on Monday led the Cyclones 9 11 2 5 with 19 points Tyresse Haliburton contributed 17 points and eight rebounds for Iowa State which has lost four of its past five games No 4 San Diego State 85 New Mexico 57 The Aztecs jumped out to an early 17 0 lead and cruised the rest of the way extending their program best start with a rout of the Lobos in Albuquerque In the process of continuing both its best start ever and longest winning streak in program history San Diego State 22 0 11 0 Mountain West Conference ended New Mexico s perfect start at home The Lobos 16 7 5 5 came into the contest 13 0 at the famed venue better known as The Pit but the closest they ever came after the Aztecs initial surge was within 14 points No 6 Louisville 86 Boston College 69 Jordan Nwora fired in a career high 37 points as the Cardinals pulled away late in the second half to defeat the Eagles in Chestnut Hill Mass Nwora whose previous career high was 32 points converted 11 of 20 field goal attempts going 7 of 14 from 3 point range Nwora was also 8 of 9 at the foul line and added nine rebounds as the Cardinals 18 3 9 1 Atlantic Coast Conference maintained first place in the league Derryck Thornton scored 17 points for the Eagles 10 11 4 6 who also got 16 from Jay Heath and 13 points from Jairus Hamilton No 7 Dayton 73 Duquesne 69 Obi Toppin scored 22 points and grabbed 10 rebounds as the Flyers held on to beat the host Dukes in Pittsburgh The Dukes erased a 19 point second half deficit and trailed 71 69 after Marcus Weathers made 1 of 2 free throws with 33 seconds left Toppin was fouled and made two free throws with 15 seconds left to ice the game for the Flyers 19 2 8 0 Atlantic 10 Conference Michael Hughes led the Dukes 15 5 5 3 with 19 points off the bench No 10 Seton Hall 64 DePaul 57 Myles Powell scored 18 of his 24 points in the second half and the Pirates overcame a nine point deficit to win their 10th in a row in beating the visiting Blue Demons in Big East play at Newark N J Powell scored nine straight points to lift the Pirates 16 4 8 0 Big East from a 51 49 hole to give them a 58 51 lead with 4 31 left in the game Powell moved into fourth on Seton Hall s career scoring list in helping the Pirates to 10 straight wins for the first time since 1992 93 Charlie Moore scored 14 and Jalen Coleman Lands added 10 for DePaul 13 8 1 7 which has lost three straight but didn t always play like a team that s last in the conference The Blue Demons held Seton Hall to 38 6 percent shooting but committed 20 turnovers and shot 33 3 percent overall No 13 Kentucky 71 Vanderbilt 62 The Commodores set an all time Southeastern Conference record with its 25th straight loss in league regular season play in losing at the Wildcats in Lexington Ky Guard Tyrese Maxey helped the Wildcats 16 4 6 1 SEC erase a double digit second half deficit with 17 points in the contest Guards Ashton Hagans and Immanuel Quickley added 12 and 11 each and forward Nick Richards had 15 points and 11 rebounds Guards Saben Lee 21 points Scotty Pippen Jr 12 Max Evans 10 and forward Dylan Disu 13 points 11 rebounds five blocks led the Commodores 8 12 0 7 Vanderbilt had shared the record losing skid with Sewanee which lost 24 in a row between 1938 40 before leaving the SEC No 14 Michigan State 79 Northwestern 50 The Spartans blew open a tight game with a dominant run that bridged both halves in a lopsided win over the visiting Wildcats in East Lansing Mich Cassius Winston scored a game high 18 points for the balanced Spartans 16 5 8 2 Big Ten which took over first place in the conference by a half game over Illinois Xavier Tillman and reserve Foster Loyer added 12 points each Pat Spencer scored 11 points to pace the Wildcats 6 14 1 9 who fell deeper into the Big Ten basement Northwestern made just 19 of 54 shots from the field including only 3 of 19 from the 3 point line as it suffered its 12th consecutive defeat against Michigan State No 21 Houston 69 East Carolina 59 Caleb Mills had 18 points and six assists and Quentin Grimes added 15 points and six rebounds to lead the Cougars over the Pirates in an American Athletic Conference game at Greenville N C East Carolina s Jayden Gardner had 29 points 19 rebounds and three assists Behind Gardner s effort he played all 40 minutes the Pirates became the first team to not be outrebounded by the Cougars this season Each team had 43 rebounds Houston 17 4 7 1 AAC has won five consecutive games and 11 of its last 12 The Cougars also increased their winning streak against East Carolina 9 12 3 5 to nine games No 22 LSU 90 Alabama 76 Emmitt Williams NYSE WMB and Trendon Watford had double doubles as the Tigers rolled to a 20 point first half lead and defeated the visiting Crimson Tide Williams had 23 points and 11 rebounds and Watford had 17 points and 15 rebounds as the Tigers 16 4 6 1 SEC outrebounded the Crimson Tide 49 31 Skylar Mays added 18 points and Darius Days and Javonte Smart scored 12 each Jaden Shackelford scored 21 Alex Reese had 17 and Kira Lewis Jr had 13 to lead Alabama 12 8 4 3 John Petty the seventh leading scorer in the SEC with an average of 16 4 points per game came off the bench for the Tide and scored four points on 1 for 7 shooting No 24 Penn State 64 Indiana 49 Lamar Stevens scored 17 points and grabbed nine rebounds to lift the Nittany Lions past the Hoosiers in University Park Pa In the process Stevens passed Joe Crispin 1 986 points and moved into third place on the school s all time scoring list Stevens ended the night with 1 994 career points Curtis Jones added 12 points for Penn State 15 5 5 4 Big Ten which improved to 11 1 at home this season
Trayce Jackson Davis led Indiana 15 6 5 5 with 14 points while Justin Smith added 13 The Hoosiers have dropped two games in a row and three of the past five Field Level Media |
WMB | Grand Slam experience has Muguruza primed for title Henin | By Ian Ransom
MELBOURNE Reuters Garbine Muguruza s big match experience should prove the difference in the Australian Open women s final against American surprise package Sofia Kenin according to seven times Grand Slam champion Justine Henin
The tournament has had plenty of upsets with Serena Williams NYSE WMB shocked by China s Wang Qiang and Kenin dumping top seed Ash Barty from the semi finals but Belgian Henin expects class to win out at Rod Laver Arena on Saturday
Twice Grand Slam champion Muguruza is playing her fourth major final while 14th seed Kenin is in her first having never made it past the fourth round of any of the Slams prior to Melbourne this year
I think Muguruza is the clear favorite to win of course because of her experience at the Grand Slams Henin who won the 2004 title at Melbourne Park told Reuters in an interview
It looks like her mind is completely on court totally connected to what she s doing
It s great to see her back at this level
She s had lots of ups and downs for sure but she s a girl who has the potential to play semi finals and finals everywhere
While Muguruza has returned to the form that saw her claim the 2016 French Open and 2017 Wimbledon crown 21 year old Kenin has had a fairytale run that really kicked off with a tough fourth round win over 15 year old American sensation Coco Gauff
She followed that up by knocking out Tunisian trailblazer Ons Jabeur in the quarters before breaking Australian hearts with a straight sets win over Barty
Henin a TV analyst for Eurosport said Kenin was not among the most impressive players on tour but her courage during the clutch moments had been a revelation
She doesn t do anything exceptional but she s doing what she can do She was maybe a little bit nervous in the beginning against Barty said 37 year old Henin who claimed Olympic tennis gold at the 2004 Athens Games
But when she had the opportunity to take the lead she went for it She has good vision of the court moves pretty well
Of course it s going to be her first Grand Slam final but from what we ve seen she s pretty relaxed
Henin said Muguruza s reunion with former coach Conchita Martinez the first Spanish woman to win Wimbledon had helped the 26 year old reset her game after a poor 2019 season
Muguruza s aggressive net rushing in Melbourne which unsettled Simona Halep during the semi final was also a sign of the confidence in her groundstrokes and tactics
I think she s moving well also which we saw during the second set against Halep when she was in defense said Henin
Sometimes she rushes a little bit too much and needs one or two more balls to build but the net rushing is pretty successful
She can volley pretty nicely so we ll probably see more of that in the final
While a third Grand Slam title would set former world number one Muguruza apart from most of her tour rivals Henin said the women s game was still searching for dominant players to succeed 23 times Grand Slam champion Serena Williams as the American great winds down her career
Who s going to be the player or among the two or three who are going to be really consistent every week she said
When you look at the men s tour it s different The same guys are almost playing in the quarters every week on tour and there are less surprises
The women s level has improved but it s just the consistency we want to see a little bit more |
WMB | Confident Kenin keen to take the fight to Muguruza | By Sudipto Ganguly
MELBOURNE Reuters Sofia Kenin will be making her debut in a Grand Slam final when she faces Garbine Muguruza for the Australian open title on Saturday but what she lacks in experience the American more than makes up for in courage and confidence
Muguruza has been in three previous Grand Slam finals winning two of them at Roland Garros 2016 and Wimbledon 2017 while the 21 year old American had been beyond the third round only once beating Serena Williams NYSE WMB at last year s French Open before losing to Ash Barty in the next round
But Kenin has shown at Melbourne Park she has the game to beat the biggest names building on a stellar 2019 when she won all three of her singles titles to reach a career high world ranking of 12
No matter who I m playing where I m playing I m going to fight for it It doesn t matter she said Of course I have a lot of respect for my opponents when I m playing
When I m going on court I m there to win I m there to do my job I m doing my best
Barty learned the hard way about Kenin s fighting spirit in their semi final
The world number one was on the front foot for most of their match but Kenin dug her heels in and fought back to defeat the Australian in front of her home fans
Spaniard Muguruza lost her only prior meeting with Moscow born Kenin in Beijing last year and knows the American will be no pushover
I think she s playing great I think since a while she s just progressing up in the rankings and in the results said Muguruza So I think she deserves to be in the final with the tennis she has been showing
While 14th seed Kenin has been the form player coming into Melbourne Muguruza was unseeded as a result of a largely dismal 2019 season
The Spaniard who reached the top of the WTA rankings in 2017 also suffered from a viral illness before the start of the Australian Open and had to withdraw from the quarter finals of the Hobart warmup
But she recovered to take her place at Melbourne Park and has gone from strength to strength downing world number three Simona Halep in a scorching semi final
Kenin said she would be out to land the first blow
Of course I want to do the first punches I don t want to be in defense against her She can really put the ball away She s really aggressive said the American
So I feel like it s going to be who s controlling the points more who is dictating Hopefully I can use what I did in Beijing to help me |
WMB | Top 25 roundup UCLA takes down No 20 Colorado | Chris Smith scored a career high 30 points and UCLA did not miss a free throw until the final minute en route to a 72 68 upset of No 20 Colorado on Thursday in Los Angeles The Bruins 11 10 4 4 Pac 12 Conference led almost wire to wire building a 12 point lead by halftime Behind Smith s outstanding performance UCLA weathered a second half surge from Colorado The Buffaloes 16 5 5 3 fell behind by 15 points seconds in the second half but scored 12 straight in less than five minutes to pull within three Evan Battey and McKinley Wright IV led Colorado with 14 points apiece Tyler Bey scored 12 points and grabbed a team high eight rebounds Lucas Siewert added 11 points No 2 Gonzaga 87 Santa Clara 72 Filip Petrusev recorded a career best 31 points on 14 of 18 shooting and also had nine rebounds and three steals to lead the Bulldogs past the host Broncos in their West Coast Conference matchup Ryan Woolridge contributed 13 points six assists and five rebounds as the Bulldogs 22 1 8 0 WCC won their 14th consecutive contest Admon Gilder and Drew Timme added 11 points apiece for Gonzaga which extended its record streak of WCC regular season victories to 35 DJ Mitchell scored 17 points for Santa Clara 17 6 4 4 which dropped to 15 2 at home Josip Vrankic added 15 points 12 rebounds and five assists while Jalen Williams NYSE WMB had 12 points and a career high five steals for the Broncos who have lost 21 straight meetings with the Zags No 11 Oregon 77 California 72 Payton Pritchard had 19 of his 21 points in the second half to help spur the Ducks over the host Golden Bears in a Pac 12 game at Berkeley Calif Pritchard s eight assists in the game makes him Oregon s career assist leader with 617 A game deciding 14 2 Oregon run including eight points by Pritchard gave the Ducks 18 4 7 2 Pac 12 a 72 60 lead with 50 seconds remaining in the game Matt Bradley had a game high 25 points on 8 for 16 shooting from the field for the Golden Bears 9 11 3 4 Kareem South also scored 13 points and Paris Austin had 12 followed by Grant Anticevich with 10 No 15 Maryland 82 No 18 Iowa 72 Anthony Cowan scored a career high 31 points and Jalen Smith added 18 points and 14 rebounds as the Terrapins held off the Hawkeyes in College Park Md The Terrapins 17 4 7 3 Big Ten ran their home record to 12 0 this season before a crowd of 16 369 Maryland which has won four straight games is now 5 0 in Big Ten Conference home contests Iowa 15 6 6 4 had a five game winning streak snapped as Maryland avenged a 67 49 loss at Iowa on Jan 10 Foul plagued Luka Garza led Iowa with 21 points and Joe Wieskamp who had 26 points in that first meeting finished with 17 No 19 Illinois 59 Minnesota 51 Andres Feliz scored 17 points on 6 of 11 shooting and the Illini held on to defeat the Golden Gophers in Champaign Ill Illinois 16 5 8 2 Big Ten earned its seventh consecutive victory which marks the longest active winning streak in the conference The Fighting Illini pulled even with No 14 Michigan State for first place in the Big Ten
Kofi Cockburn finished with 13 points and 10 rebounds for Illinois Ayo Dosunmu also had 13 points and Trent Frazier scored 10 Daniel Oturu had 20 points on 7 of 13 shooting to lead Minnesota 11 10 5 6 Marcus Carr finished with seven points and nine rebounds Field Level Media |
WMB | Muguruza must take command against Kenin says coach Martinez | By Sudipto Ganguly
MELBOURNE Reuters Garbine Muguruza has to be the one taking charge in the Australian Open final against fighter Sofia Kenin if she is to win her third Grand Slam title the Spaniard s coach Conchita Martinez said on Friday
Muguruza has been in three previous Grand Slam finals winning two of them at Roland Garros 2016 and Wimbledon 2017 while the 21 year old American will make her debut in a major final when they clash on Saturday
Martinez who won Wimbledon in 1994 and made the final at Melbourne Park four years later rejoined Muguruza in the off season on a full time basis after an interim coaching role with her compatriot in 2017
Martinez told a news conference on Friday that Kenin was a great player very good fighter
She strikes the ball good She is aggressive So the key is going to be to stay with her to stay aggressive try to be the one in command
It s not going to be easy but hopefully she Muguruza can do it
Muguruza is unseeded at the Australian Open following a poor 2019 and Martinez credited a strong pre season for her showing at Melbourne Park
I think she has the right attitude at the moment She s very focused said Martinez who coached the Spaniard during her Wimbledon title winning run in 2017 I have seen this look before when she s been playing really good tennis
Moscow born Kenin is coached by her father Alexander who left the former Soviet Union for the United States looking for a better life
Studying during the day and driving a taxi at night he says life was difficult when he first arrived in New York and that his daughter was aware of the sacrifices her parents had made
It probably gave her some of her trademark toughness he added
After the family moved to Florida a young Kenin picked up her father s racquets for hitouts on their driveway and her potential began to shine through
She is very devoted to what she is doing It s hard work it s not very easy It maybe cold hot whatever we don t miss a day unless we have to the coach told a news conference
Once we decided that s what we want to do I am very honored and pleased that she stuck to that
Much of the U S tennis headlines focus on Serena and Venus Williams NYSE WMB as well as the latest crowd favorite 15 year old Coco Gauff but Kenin s father was glad to be proved his faith in his daughter had not been misplaced
Those people who didn t believe in her they had valid reasons not to he said But thank God I saw something that they didn t because I know her better I feel pretty happy I guess I was right |
C | Week in Review Part I Europe Washington and Wall Street | When we last left off European leaders sans Britain were busily putting the final touches on the fiscal compact designed to enshrine tough budget rules and penalties for profligate spenders The full details are to be worked out over the coming weeks and months in time for a summit in March with ratification by all members of the EU or at least the euro 17 by June but already there are growing questions in various capitals such as what happens to each nation s tax policies or the financial transactions tax that upset Britain so much Given whatever the details are the Irish for example may be under pressure to hold a referendum that the government would struggle to win Parliaments in Slovakia which has the euro and the Czech Republic which doesn t may turn the compact down Finland is balking again over bailouts of other EU members and use of the European Stability Mechanism ESM France s leading presidential contender insists on Eurobonds And as The Economist editorializes there are murmurs that Germany which has benefited so handsomely from the euro is asking too much of everybody else All this while the bank funding crisis continues despite the European Central Bank s maneuvering and offer of cheap money for three years The stresses on the financial system haven t gone away and in some cases such as with small business have only gotten worse as banks pull back from lending even further And I hate to beat a dead horse but here s the bottom line We re still in a situation where we seem to be living auction to auction and again the eurozone s banks and sovereigns need to roll over some 2 trillion euro in debt next year 590 billion between Italy and Spain 925 billion over 2012 2013 and thus far ECB efforts to hold down rates have been largely ineffective True Spain s 10 year yielded around 5 35 by week s end which isn t a disaster but Italy s was back over 7 00 at one point and finished at 6 55 hardly sustainable Plus the new treaty being worked on does absolutely nothing in terms of increasing the size of the bailout pools or firewalls either through the ESM or European Financial Stability Facility EFSF All the compact did was raise 200 billion euro for the IMF which is peanuts given the potential exposures So we ll just continue to lurch from crisis to crisis good weeks followed by not so good ones with the U S and Asian economies broadly speaking held hostage Is this any way to run a planet It s also rather important that there s no growth in Europe Standard Chartered Bank forecasts the eurozone GDP will fall 1 2 in 2012 The eurozone s manufacturing index for December came in at 46 9 a fourth straight month of contraction Leading companies like Volkswagen AG said they ve turned more cautious on 2012 Ireland in reporting its economy shrunk in the third quarter by 1 9 is heading back into recession The new technocrat Italian government of Mario Monti may have received a vote of confidence for its austerity moves but there is no actual reform And when it comes to the nation where this whole mess all started Greece their contraction this year is going to be worse than expected down 5 5 Then there are the Brits who with Prime Minister Cameron s pullout at the EU summit now find themselves isolated with the rest of the EU having zero incentive to help the City of London and its key financial district that comprises such a large portion of Britain s economy At least for now the British people agree with their prime minister 62 19 according to the last poll I saw On Monday Cameron defended his use of the British veto as being in the national interest but the strain in his coalition is such that his deputy Nick Clegg refused to sit alongside him in the House of Commons Clegg claiming the veto was bad for British business even as Cameron s fellow Tory MPs applauded the prime minister s bulldog spirit Or as opposition leader David Miliband put it This is the first veto in history not to stop something The EU s plans are going right ahead adding that it was a very dangerous moment for Britain with far reaching consequences Fifty six years ago Anthony Eden walked away from the founding of the European Union and we paid the price for 20 years This has been an Anthony Eden moment for David Cameron If you look back to what the Prime Minister was warning of just two months ago namely the danger of a caucus of 17 countries bossing the rest of the European Union he has engineered a situation where it is 26 countries together and Britain on its own without a say for the first time since we joined the European Union London Times Then again just how united will the 26 be IMF Managing Director Christine Lagarde given all the above rightly concluded It s not a crisis that will be resolved by one group of countries taking action It s going to be hopefully resolved by all countries all regions all categories of countries actually taking action If the issues are not dealt with decisively the global economy could confront the same threats that pushed the world into the Great Depression of the 1930s The risk is that of retraction rising protectionism isolation This is exactly what happened in the Thirties and what followed was not something that we all are looking forward to It s a question of actually facing the issues not being in denial accepting the truth accepting the reality then dealing with it It doesn t help the euro region is unraveling to the extent the Northern nations are abandoning the periphery or as PIMCO s head of European portfolio management Andrew Balls told the Wall Street Journal We are seeing this deglobalization a de Euroization of the euro zone Investors are going back to their own markets They may still hold bonds but they won t have them spread across the euro zone as they had before Not good for the likes of Italy and increasing the chances for a deep recession And now you have situations such as France and Britain squaring off Both French Prime Minister Francois Fillon and the French central bank chief broke protocol in saying the ratings agencies should target Britain s triple A credit rating before they do France s Christian Noyer governor of the Banque de France said that he did not regard the threat of a downgrade on Paris as justified based on economic fundamentals adding Or if it is they should start by downgrading the UK which has a bigger deficit as much debt more inflation weaker growth and where bank lending is collapsing Prime Minister Fillon on a visit to Brazil said Our British friends have a higher deficit and more debt and I would say that the ratings agencies have not yet noted that This as France s own AAA is under imminent threat of being knocked down a peg At first David Cameron s office in London said nothing but then Deputy Prime Minister Clegg told Fillon to calm the rhetoric on the UK economy and that remarks from members of the French government were simply unacceptable Of course this stems from Prime Minister Cameron s veto of the EU wide compact involving all 27 Euro states At least Britain was then given an out of sorts and invited to participate in negotiations on governing the regions national economies Going back to the Dec 8 9 summit and Cameron s intransigence an official described the scene to Reuters Cameron was effectively asking for a softening of regulation on Britain s financial sector at a time when many voters and politicians believe banks are largely to blame for the crisis Europe is suffering and want tighter regulation on the sector It was as if the French had been waiting for this for years never believing Britain belonged in the European Union in the first place The official said The French were using all this as a really perfect alibi to get rid of the British Sarkozy used the proposals of the British to justify an intergovernmental treaty with Cameron playing right into Sarkozy s hands In just 10 20 minutes even Britain s allies in the EU agreed that Britain didn t deserve an opt out or exceptional treatment for their financial services and it didn t fly at all The non eurozone member states decided they wanted to be in and left Cameron completely isolated Various opinion on all topics Editorial Washington Post Two years ago on Dec 14 2009 Greek Prime Minister George Papandreou pledged that his debt ridden country would address and resolve once and for all deep rooted problems that are holding the nation back As if to mark the anniversary the International Monetary Fund brought out a report this week whose main conclusion is that Greece is not only not reforming fast enough but falling behind across a range of policies Instead of shrinking the Greek budget deficit is growing And instead of growing next year as the IMF once predicted the Greek economy will contract again In short while Europe s leaders turn their attention to ratification of a long term plan for fiscal discipline across the 17 nations that use the euro they still don t have a solution for the situation that plunged the continent into crisis in the first place and could yet trigger a meltdown So what s the problem in Greece Revenue collection i e further tax evasion Martin Feldstein Wall Street Journal The recent eurozone summit was a double failure It failed to achieve the increased European political integration that was the primary goal of German Chancellor Angela Merkel and the other European political leaders And it failed to improve the outlook for eurozone sovereign bonds because those politicians continued to insist that only a fiscal union and political integration could limit the interest rates on sovereign debt Yet Britain s unwillingness to modify the existing treaty without additional safeguards for the British economy means that the new rules would apply only to the 17 eurozone countries and others that wish to join them but that they don t constitute an official EU treaty and therefore cannot be enforced by the commission and other EU institutions So there really is no enforcement mechanism for the new budget rules even if all of the eurozone governments agree to sign a new accord Robert Samuelson Washington Post By now it s obvious that adopting the euro was a colossal blunder It may rank as Europe s worst policy mistake since World War II The virtues of the common currency it reduced transaction costs and the uncertainty of fluctuating exchange rates among national monies were temporary Its vices seem permanent or at least semi permanent the mounting economic costs of saving the euro the growing nationalism from arguing over who s to blame Do not expect some magical solution Europe has entered an economic and political purgatory from which there is no early escape On paper the crisis countries so far Greece Portugal Ireland Italy and Spain might benefit from abandoning the euro and resurrecting national currencies They could then devalue these currencies spurring exports and tourism But in practice this choice is dangerous and maybe impossible Any hint that a country might dump the euro would trigger runs on banks as depositors would seek to withdraw their euros Banks would collapse Deprived of buyers for their debt countries would default This would impose further losses on banks inside and outside the defaulting country Without viable bans borrowers would be starved for credit There would be capital controls restricting the shift of funds abroad If one country say Greece left the euro it might precipitate runs and capital flights elsewhere Writing in the Financial Times Citigroup chief economist Willem Buiter sketched this grim outlook Disorderly sovereign defaults and eurozone exits would drag down not just the European banking system but also the North Atlantic financial system The resulting financial crisis would trigger a global depression that would last for years with GDP likely falling by more than 10 and unemployment in the West reaching 20 or more Emerging markets would be dragged down too Wolfgang Munchau Financial Times To solve the crisis the eurozone requires in the long run a fiscal union with a prospect of a eurozone bond and in the short run unlimited sovereign bond market support by the European Central Bank What we now have is no treaty change no eurozone bond and no increase either in the rescue fund or in ECB support Of course what s so stupid about this whole freakin mess that threatens to take the entire world down is all Europe had to do was stick to the ceilings they adopted with the Maastricht Treaty 20 years ago when the euro was created starting with limiting deficits to 3 of GDP Anatole Kaletsky London Times And the winner was David Cameron With European markets collapsing after last Friday s historic summit meeting with France about to lose its credit rating and with the German parliament seething at Angela Merkel s failure to deliver on her promise of automatic sanctions for breaches of the budgetary ceilings it looks like the new eurozone treaty may not even be written much less signed or ratified Far from isolating or weakening Britain s position the Prime Minister has protected the fundamental EU treaties from ridicule and disrepute As details of the Franco German fiscal compact emerged over the weekend it became clear that this comprehensive and final response to the eurozone crisis was no more comprehensive or final than all the previous failed summit deals The only truly firm decision taken last week was to hold another meeting in three months time At that point all the impossibly contentious issues dividing France and Germany would somehow be miraculously resolved Until then eurozone citizens and global investors will be right to remain skeptical The reasons for skepticism can be grouped under three headings finance politics and economics Starting with finance the summit deal completely failed to satisfy the two conditions necessary to restore confidence among the creditors to eurozone governments and depositors in the Greek Italian and Spanish banks First the eurozone must be converted into a genuine fiscal union Second the European Central Bank needs to provide potentially unlimited financing to the weaker euro governments to bridge the gap between the political timetable for creating a fiscal union which will take several years and a market timetable that is measured in weeks or months The summit deal failed utterly on both these counts To make matters worse the process of fiscal union has not been backed as expected by the ECB Far from increasing support for Greece Italy and others the ECB reduced its purchases of their bonds to just 635 million euro last week from as much as 20 billion previously Instead of offering Italy and Spain bridging loans the ECB produced a bizarre plan to lend money covertly through a cockeyed scheme that in another context might be described as money laundering The ECB announced last week that it will offer all banks in the eurozone loans for three years in unlimited amounts at an interest rate of just 1 The banks will then be able to use this money to buy bonds issued by their own governments in most cases yielding 6 or more thus picking up five percentage points of profit by hoovering up whatever debts their governments might choose to issue in the months ahead If the Greek or Italian governments default on their debts the Greek and Italian banks will go spectacularly bust but these banks will go bust anyway if their governments ever default Thus all the incentives for bank managements are to go for broke risking their entire capital in the government debt markets and making maximum use of the new ECB credit lines Insane And I couldn t agree more with this conclusion from The Economist regarding the summit Although the compact was greeted as the acme of European solidarity it is more likely to provoke strife The summit poured cold water on the idea of Eurobonds in which all members would share some or all of the troubled economies burden of debt Instead the adjustment is being imposed almost entirely on deficit countries guaranteeing that it will be long and painful If in the coming years elected governments that impose austerity stir up civil unrest outside enforcers in the EU will before long become a target for popular rage |
JPM | JPMorgan to tweak excess capital in response to Fed s higher requirement executive | Reuters JPMorgan Chase Co N JPM will not keep as much excess capital over required levels as it might have and will make surgical changes in its business model in response to proposed new capital regulations the company s chief financial officer said on Wednesday Speaking at an investor conference in New York Marianne Lake said JPMorgan will probably hold about one half a percentage point more in capital than required instead of as much as a full point now that the Federal Reserve has spelled out its plans On Tuesday the Fed proposed higher capital requirements than pending international standards for big banks The higher requirements would hit JPMorgan the biggest U S bank by assets hardest and could force it to keep more than 20 billion of additional capital Lake said JPMorgan s large derivatives business appears to have been the big factor in its higher burden She said the bank will likely make surgical changes in its business to reduce the impact and stop short of an overhaul of its business model The bank can build up the additional required capital by retaining profits over a few quarters Lake said Investors are concerned that keeping more capital will dampen returns for shareholder for years to come as well as slow additional dividends and stock buybacks
Lake said the company has not decided whether to lower its target for return on equity because of the proposed rule Reporting by David Henry in New York Editing by Dan Grebler |
JPM | House narrowly passes spending bill averts government shutdown | By David Lawder and Richard Cowan
WASHINGTON Reuters The House of Representatives averted a government shutdown on Thursday narrowly passing a 1 1 trillion spending bill despite strenuous Democratic objections to controversial financial provisions
The vote followed a long day of drama and discord on Capitol Hill that highlighted fraying Democratic unity and featured an uneasy alliance between President Barack Obama and House Speaker John Boehner enemies in past budget battles but on the same side this time in pushing for passage
A vote on the measure was delayed for hours after Democrats revolted against provisions to roll back part of the Dodd Frank financial reform law and allow more big money political donations while conservative Republicans objected because the measure did not block funds for Obama s immigration order
Democrats said Republican leaders flexing their new political muscle after big wins in the midterm elections that will give them control of both chambers of Congress next year had gone too far in trying to roll back Dodd Frank
We have enough votes to show them never to do this again Democratic House Leader Nancy Pelosi told members of her party behind closed doors according to a source in the room
Some Democrats also demanded the removal of a provision that allows a massive increase in individual contributions to national political parties for federal elections potentially up to 777 600 a year
The debate pitted Obama against Pelosi one of his most loyal allies in Congress as Obama and his administration waged a last ditch campaign to persuade Democrats to set aside their objections arguing that if it failed the party would get a worse spending deal next year under Republican control
The effort to save the bill angered some Democrats who complained that both Obama and JPMorgan Chase Co chief executive Jamie Dimon were calling Democrats to support it
It is very strange very strange that the two of them would be working for the support of this bill said Representative Maxine Waters the top Democrat on the House Financial Services Committee
In the 219 206 vote 67 Republicans rejected the spending bill largely because it failed to take action to stop Obama s executive immigration order But that was offset by 57 Democrats who voted in favor
Shortly after passage both the House and Senate passed a 48 hour extension to allow the Senate more time to consider the measure Senate Democratic Leader Harry Reid said it would be debated on Friday
The 1 603 page bill negotiated by Republican and Democratic appropriators and leaders drew Democrats ire when they discovered it would roll back the Dodd Frank law due to go into effect next year by killing planned restrictions on derivatives trading by large banks allowing them to continue trading swaps and futures in units that benefit from federal deposit insurance and Federal Reserve loans
If passed by the Senate the spending bill would fund all government agencies through September 2015 except for the Department of Homeland Security which would get an extension only through Feb 27 Republicans intend to deny funding to the agency to carry out Obama s order allowing millions of undocumented immigrants to stay and work in the United States
The measure keeps domestic spending largely flat while providing billions of dollars in additional funds to fight Islamic State militants in Iraq and Syria and the Ebola outbreak in West Africa
Additional reporting by Susan Cornwell and Amanda Becker Editing by John Whitesides Tom Brown Lisa Shumaker Ken Wills and Simon Cameron Moore |
JPM | Wall Street dips in volatile trade oil prices fall further | By Caroline Valetkevitch NEW YORK Reuters U S stocks ended lower in a volatile session on Monday as oil prices extended their selloff adding to worries about weak global demand The losses follow the S P 500 s worst weekly performance since May 2012 The index is now down 3 4 percent since Dec 8 but is still up 7 6 percent for the year so far The S P 500 energy index bounced between positive and negative territory but ended down 0 7 percent after U S crude settled off 3 3 percent at 55 91 hitting fresh 5 1 2 year lows Both U S crude and Brent have fallen roughly 50 percent from highs in June The question of lower global demand and how that translates into global economic growth is a worry for investors said Bucky Hellwig senior vice president at BB T Wealth Management in Birmingham Alabama Utility and financial shares were also among the day s biggest losers with shares of JPMorgan Chase N JPM down 1 5 percent at 59 16 The Dow Jones industrial average DJI fell 99 99 points or 0 58 percent to 17 180 84 the S P 500 SPX lost 12 7 points or 0 63 percent to 1 989 63 and the Nasdaq Composite IXIC dropped 48 44 points or 1 04 percent to 4 605 16 The S P 500 ended below its 50 day moving average in a sign of possible further selling Shares of pet supply retailer PetSmart O PETM rose 4 2 percent to 80 97 after it agreed to be bought by a private equity consortium led by BC Partners Ltd for 8 7 billion in the largest leveraged buyout of the year Among the day s economic numbers U S manufacturing output recorded its largest increase in nine months in November as production expanded across the board pointing to underlying strength in the economy However the New York Federal Reserve s gauge of manufacturing turned negative in December for the first time in almost two years About 8 4 billion shares changed hands on U S exchanges above the 7 4 billion average for the last five sessions according to BATS Global Markets NYSE declining issues outnumbered advancers 2 354 to 749 for a 3 14 to 1 ratio on the Nasdaq 1 962 issues fell and 790 advanced for a 2 48 to 1 ratio
The S P 500 posted 10 new 52 week highs and 34 new lows the Nasdaq Composite recorded 40 new highs and 179 new lows Additional reporting by Rodrigo Campos Editing by Bernadette Baum Nick Zieminski and Meredith Mazzilli |
JPM | U S banks to move cautiously into Cuba trade groups say | By Emily Stephenson and Brett Wolf Reuters U S banks will be able to do more business in Cuba after the United States and the island nation agreed to restore diplomatic ties but trade groups said their members will be slow to ramp up operations fearing big penalties for mistakes Under a series of policy changes announced on Wednesday U S banks will find it easier to process money transfers to and from Cuban banks and U S travelers can use their home credit and debit cards in the island nation The U S Treasury Department said it expects to ease its sanction rules for banking in Cuba in the coming weeks But figuring out how to implement those regulations may not be worthwhile for banks because penalties for breaking sanctions rules can be severe and Cuba s economy is relatively small banking trade group officials said Rob Rowe a lawyer with the American Bankers Association said in an email that sanctions had been eased in the past without much change in banks activities I know that when restrictions were lifted on Myanmar Burma many banks decided that the rules were so complex and the penalties were so significant that it didn t make sense to go all out with business to that country Rowe said Officials stopped short of saying banks would ignore Cuba JPMorgan Chase Co said in a statement it was waiting for further details on how the rules would be implemented Banks have been asking questions about how rules might work said David Schwartz chief executive of the Florida International Bankers Association But regulators have gone hard after banks for sanctions violations in recent years BNP Paribas earlier this year agreed to pay nearly 9 billion for breaking embargoes including against Cuba Given the potential penalties a year from now I wouldn t expect to see a lot of movement said Schwartz U S President Barack Obama said on Wednesday that he was re establishing relations with Cuba because years of policies designed to isolate Cuba have failed to achieve change on the island Reporting by Emily Stephenson in Washington and Brett Wolf in St Louis Editing by Lisa Shumaker |
JPM | JPMorgan report to outline improved controls activist | By Ross Kerber BOSTON Reuters JPMorgan Chase Co will soon issue a report outlining improved controls it has been enacting in the wake of recent missteps including its role in the 2008 financial crisis according to a shareholder activist who has seen a draft The report could add pressure on other banks to show tangible changes to policies after a slew of scandals tainted the industry according to the activist Seamus Finn chair of the board of the Interfaith Center on Corporate Responsibility The report details policy changes including guidelines on when the bank can claw back executives bonuses specifics about how it manages risk and details about the responsibilities of its board of directors Finn said A JPMorgan official Joe Evangelisti said the bank would not comment on the report until it is issued likely in the coming days Members of Finn s group have pushed the bank to issue the report Finn said his organization was satisfied with the draft There s clearly an acknowledgement of their mistakes he said JPMorgan is the largest U S bank with over 2 5 trillion in assets In 2013 the bank agreed to a record 13 billion settlement with U S regulators over charges related to its role in the U S mortgage crisis a key factor in the 2008 global financial meltdown In 2012 one of its traders known as the London Whale lost more than 6 billion on bad derivatives trades also raising the ire of regulators and critics of the industry concerned by a lack of oversight JPMorgan Chairman and Chief Executive Jamie Dimon has already vowed improvements to the bank s standards Finn said JPMorgan s report could serve as a model in his group s talks with other banks such as Wells Fargo Co and Bank of America He said that while the new report does not seem to offer many new specifics it will be helpful in judging the bank in the future JP Morgan Chase Co sign outside headquarters in New York alt Reuters JP Morgan Chase Co sign outside headquarters in New York rel external image
Religious groups and labor unions have been among the most vocal shareholder activists calling for stricter corporate governance coming out of the financial crisis Reporting by Ross Kerber Editing by Richard Valdmanis and Alan Crosby |
JPM | Top bankers need to take cyber threat seriously BoE | By Matt Scuffham and William Schomberg LONDON Reuters Top British bankers and other senior executives in the financial services industry are not taking the risk of cyber attacks seriously enough financial policymakers at the Bank of England say Cyber crime costs the global economy 445 billion a year and the bill is rising according to the Center for Strategic and International Studies Banks are particularly vulnerable despite spending hundreds of millions of dollars a year on cyber defenses Increasingly sophisticated criminals are trying to steal money or client data cause havoc in financial markets or score political points Minutes of the most recent meetings of the Bank s Financial Policy Committee noted a tendency among banking firms to view cyber threats as a technical problem rather than an issue which merits board level attention given the evolving nature of cyber threats and the key importance of cyber resilience to continuity of financial services Cyber criminals obtained details of 83 million clients from JPMorgan Chase N JPM this year while Sony Pictures was hacked in an attack the United States has blamed on North Korea The minutes published on Monday showed the Bank of England and some financial service firms were in advanced discussions over taking a voluntary test known as CBEST in which they would hire hackers to attack them at will in order to test their resilience Other major banks and key financial institutions should also take the test as soon as possible the FPC minutes said The FPC also said banks in Britain need to do more than pass health checks on their ability to withstand financial shocks urging boards to improve the way their companies are run Last week the BoE said Britain s biggest lenders with the exception of the Co operative Bank had passed stress tests of how well prepared they were British banks have been embroiled in scandals ranging from attempts to fix benchmark interest and foreign exchange rates to the mis selling of loan insurance and complex hedging products to small businesses
In this environment the Committee judged that strong effective and well informed management and governance arrangements would be essential to rebuild confidence in the banking system the minutes said Reporting by Matt Scuffham and William Schomberg Editing by Ruth Pitchford |
JPM | Bank dealmakers set for bonus cheer bond traders not so much | By Steve Slater LONDON Reuters Investment bankers working on corporate takeovers and share issues can expect good news on bonuses when they return from the holidays after a buoyant year but bond and currency traders face lower payouts Investment banks will finalize bonuses over the next two months and early signs are that average payouts will be relatively flat or slightly higher across most banks although totals could drop at banks that have cut staff We re seeing bonus pools on average up by between 5 and 10 percent on 2013 numbers but that s massively differentiated across different businesses said Giles Orringe a London based partner at executive search firm Heidrick Struggles At the upper end of the range merger and acquisitions dealmakers and those advising on debt and equity issues should see bonuses up 5 10 percent on average industry sources said Taking a more bullish line Greg Bezant director at recruitment firm Phaidon International in Zurich predicted bonuses could be up 20 25 percent in some areas and merger and acquisitions and private equity units should fare well Traders in fixed income commodities and currencies are likely to see bonuses drop by up to 10 percent however after another bruising year Several banks are also expected to cut payouts in areas where they have been fined heavily for misconduct Six banks were fined a record 4 3 billion for attempted foreign exchange market rigging and there have also been fines for manipulating interest rates and commodities prices and other misdemeanors Several banks are under more pressure than others to cut costs hard which could see European banks being more restrained than U S rivals industry sources said Barclays L BARC angered investors last year by increasing bonuses despite a drop in profits and its Chief Executive Antony Jenkins has already signaled a likely cut in payouts I don t think it will be as controversial he said this week Banks contacted by Reuters over their bonus plans have declined to comment before they are finalised in full year results LIGHTNING ROD Bankers bonuses remain a lightning rod for industry critics and politicians who say not enough has been done to bring down high pay that encouraged the risk taking that contributed to the financial crisis Many shareholders too say pay needs to come down to help get returns back above the cost of capital U S bank JPMorgan N JPM paid managing directors on trading desks in London 461 000 pounds 715 000 on average in 2013 according to Emolument a website that benchmarks salaries Emolument said bonuses averaged more than 200 000 pounds at Deutsche Bank DE DBKGn UBS JPMorgan and Credit Suisse investment banks last year Bonuses for 2014 are expected to broadly reflect performance across business lines and the mixed fortunes for dealmakers and traders in London are expected to be repeated on Wall Street Revenues derived from takeover advice and share and debt offers are up 7 percent this year to their highest level since 2007 thanks to a deal making frenzy in the healthcare telecoms and consumer sectors and a revival in share offerings according to Thomson Reuters data JPMorgan and other U S banks made the most from fees Those advisory revenues only make up about one third of investment bank revenues however Overall revenues are likely to be down 4 percent on the year at 257 billion led by a 12 percent drop in fixed income commodities and currencies and a 3 percent dip in equities consultancy firm Coalition estimated That could mean some bankers expectations are too high A survey by recruitment firm Astbury Marsden said senior London finance sector staff expect bonuses to jump 21 percent this year The next bonus season typically between mid January and mid March will mark the start of another round of intense scrutiny of how banks structure pay in Europe Many banks introduced role based allowances this year to meet EU rules that cap bonuses at twice a banker s fixed salary but firms will have to change their pay structure again after regulators said those allowances must count as variable pay in the future
1 0 6447 pounds Additional reporting by Clare Hutchison Editing by Giles Elgood |
BMY | Are You Looking For A High Growth Dividend Stock Bristol Myers Squibb BMY Could Be A Great Choice | Getting big returns from financial portfolios whether through stocks bonds ETFs other securities or a combination of all is an investor s dream But for income investors generating consistent cash flow from each of your liquid investments is your primary focus
While cash flow can come from bond interest or interest from other types of investments income investors hone in on dividends A dividend is the distribution of a company s earnings paid out to shareholders it s often viewed by its dividend yield a metric that measures a dividend as a percent of the current stock price Many academic studies show that dividends make up large portions of long term returns and in many cases dividend contributions surpass one third of total returns
Bristol Myers Squibb in Focus
Headquartered in New York Bristol Myers Squibb BMY is a Medical stock that has seen a price change of 5 69 so far this year Currently paying a dividend of 0 41 per share the company has a dividend yield of 3 35 In comparison the Large Cap Pharmaceuticals industry s yield is 2 81 while the S P 500 s yield is 2
Taking a look at the company s dividend growth its current annualized dividend of 1 64 is up 2 5 from last year Bristol Myers Squibb has increased its dividend 4 times on a year over year basis over the last 5 years for an average annual increase of 2 42 Any future dividend growth will depend on both earnings growth and the company s payout ratio a payout ratio is the proportion of a firm s annual earnings per share that it pays out as a dividend Bristol Myers s current payout ratio is 43 This means it paid out 43 of its trailing 12 month EPS as dividend
Looking at this fiscal year BMY expects solid earnings growth The Zacks Consensus Estimate for 2019 is 4 14 per share which represents a year over year growth rate of 4 02
Bottom Line
From greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages investors like dividends for a variety of different reasons It s important to keep in mind that not all companies provide a quarterly payout
High growth firms or tech start ups for example rarely provide their shareholders a dividend while larger more established companies that have more secure profits are often seen as the best dividend options Income investors have to be mindful of the fact that high yielding stocks tend to struggle during periods of rising interest rates With that in mind BMY is a compelling investment opportunity Not only is it a strong dividend play but the stock currently sits at a Zacks Rank of 3 Hold |
C | FTSE falls 0 6 percent weighed by oils and miners | FTSE 100 slips back below 5 000 mark
Oils and miners under pressure
BoE keeps rates on hold QE maintained
By Harpreet Bhal
LONDON Sept 10 Reuters Britain s top share index
slipped back in midday trade on Thursday reversing early gains
and dipping below the 5 000 mark as the market digested the Bank
of England s decision to keep rates on hold at a record low
By 1144 GMT the FTSE 100 index was down 28 29 points or 0 6
percent at 4 976 01 It closed above the 5 000 level for the
first time since late September 2008 on Wednesday
The Bank of England left interest rates at 0 5 percent for
the sixth month running and said it would keep its 175 billion
pound asset buying programme in place
Oil majors were generally lower after sharp gains in the
previous session BP Royal Dutch Shell and Tullow Oil shed 0 5
to 1 6 percent though BG Group rose 0 2 percent
You can t go up in a straight line forever so a pullback
on the FTSE seems inevitable The question now is is this
going to be a consolidation and a healthy pullback or is it
going to be deeper said David Morrison market strategist at
GFT Global
The index has risen close to 44 percent since the lows of
March but has struggled to breach levels hit prior to the
collapse of Lehman Brothers trading 8 percent below the event
which caused chaos in the global financial system
The big level of a retracement from the old high to the low
in March is around 5 100 That would have been technically
significant 5 000 is just psychological Morrison said
Mining stocks were lower extending losses from the previous
session while gold slipped below 1 000 an ounce Lonmin
Xstrata Anglo American Rio Tinto BHP Billiton and Fresnillo
fell 1 5 to 2 percent
Food and general retailers were lower with traders pointing
to profit taking after the sectors recent gains The FTSE All
Share General Retailers Index is up 6 1 percent so far this
month rebounding from a 0 2 percent drop in August
Home Retail fell 6 8 percent It reported
better than expected second quarter sales at both its Argos and
Homebase businesses Kingfisher Marks Spencer and Next
dropped 3 to 4 1 percent
Wm Morrison Supermarkets shed 2 1 percent as the food
retailer said it sees slower market growth in the second half
with first half profits up 22 percent
J Sainsbury and Tesco shed 2 4 and 1 percent respectively
THOMAS COOK CLIMBS
On the upside Thomas Cook Group was in demand adding 4
percent as Arcandor s creditor banks confirmed the placement of
the German group s 43 9 percent stake in the tour operator
The share placing was being done in an indicated range of
around 240 245 pence per share traders said
Fellow tour operator TUI Travel rose 4 1 percent with
Collins Stewart upping ratings for both to hold from sell
Defensive stocks moved higher as risk averse investors sort
sanctuary in stocks which have lagged the main index rise
Utilities Centrica National Grid Penon Group and United
Utilities were up 0 2 to 2 1 percent
Centrica was helped by an upgrade to buy from Citigroup
Drugmakers AstraZeneca and Shire gained 0 4 and 2 4 percent
respectively
On the economic front house prices in Britain rose 0 8
percent in August leaving prices down 10 1 percent in the three
months to August versus a year ago mortgage lender Halifax
said
British construction orders rose 2 percent in the three
months to July against the previous three months and were down
10 percent compared to a year ago data showed
July U S international trade numbers and the weekly U S
jobless claims will be a focus at 1230 GMT
Editing by Jon Loades Carter |
C | ANALYSIS Intesa Sanpaolo can afford to spurn state aid | Bank can turn to asset sales capital markets
Intesa SP Core Tier 1 in line with European average
Conditions high coupon makes bank leery of state aid
By Ian Simpson
MILAN Sept 10 Reuters Intesa Sanpaolo SpA can afford to
brush aside 4 billion euros 5 83 billion in Italian state aid
and the strings attached to it on lending joining other big
banks in spurning government help
Analysts say Intesa Sanpaolo Italy s biggest retail bank
has a wide range of options to shore up capital ratios
including selling assets for about 10 billion euros and issuing
bonds that would be less expensive than the government scheme
A surprise change of stance by Chief Executive Corrado
Passera last week makes clear how Intesa Sanpaolo is well placed
to be picky about state aid It also underscores reluctance
among lenders for government entanglements
Passera seemed set to go ahead with the bonds in late August
when he said the board would decide this month However he told
the Financial Times the bank might say no or decide to issue
only part of them
A year after the collapse of Lehman Brothers Holdings Inc
eagerness to shed state interference is one of the reasons that
is growing and becoming stronger and stronger among investors
said Jean Sassus an analyst with Raymond James
As a shareholder you would prefer for them governments
to be out and have a clearcut situation where you have a
privately run company
Refusing state aid also could leave banks with a free hand
on dividend payouts after Intesa Sanpaolo and UniCredit both
reined in a payout from 2008 income
WALKING AWAY
Banks elsehwere are trying to cut ties to government or
limit state ownership U S banks Goldman Sachs and Morgan
Stanley repaid state help to escape a bailout program while
Britain s Lloyds Banking Group is mulling options and may raise
funds to reduce its reliance on a government insurance scheme
industry sources have said
And Societe Generale SA launched a 1 billion euro issue of
Tier 1 subordinated notes on Aug 26 which will let the French
bank pay back state aid The issue followed Deutsche Bank s
successful reopening of the market for banks to raise capital
A second analyst said strings attached to Italian aid such
as a commitment to boost lending to small businesses hard hit
by Italy s worst economic downturn since World War Two had also
made Intesa Sanpaolo and other banks leery
People in the market think it is expensive and banks should
just do a rights issue and not get involved with the
government said the analyst
Given their focus on the domestic lending market Italian
banks have been relatively unscathed by the financial meltdown
The cash short government has set up a 12 billion euro
scheme to shore up bank capital and assure lending to businesses
by buying lenders bonds with a hefty 8 5 percent coupon
Five banks including Italy s biggest bank UniCredit have
signed up to issue 9 billion euros worth of the bonds
However only one bank Banco Popolare has gone through
with issuing them for 1 45 billion euros
Economy minister Giulio Tremonti has repeatedly criticised
banks for their go slow approach and urged them to use the bonds
to support businesses
Loans to non financial businesses grew by just 2 6 percent
in May down from almost 13 percent the year before according
to the Association of Italian Banking
The biggest Italian banks have weaker capital ratios overall
than the European average Average Core Tier 1 a standard of
capital held against risky assets is estimated at 6 4 percent
at the end of 2009 below the European average of 7 percent
according to Citigroup
However Intesa Sanpaolo s Core Tier 1 is seen at 7 percent
pending the sale of the roughly 10 billion euros in non core
assets Citigroup said Disposals could boost the ratio by a
further 100 to 150 basis points
The market might debate whether the group will need to
subscribe the planned 4 billion euros of Tremonti bonds it
said in a research note
NO SHORTAGE OF OPTIONS
Il Messaggero newspaper said on Thursday that Intesa
Sanpaolo assets up for sale could include Banca Fideuram the
private bank unit at a price of 4 billion euros
Intesa Sanpaolo also could turn to capital markets
It launched on Wednesday a 10 year 1 5 billion euro Lower
Tier II bond a security that analysts say leaves the headline
ratios of Core Tier 1 and Tier 1 unchanged
The bank said it was taking advantage of favourable markets
amd the issue was in line with optimising total regulatory
capital
Intesa Sanpaolo could even issue the so called Tremonti
bonds and then quickly redeem them with proceeds from the asset
sales Deutsche Bank analyst Fabrizio Bernardi said in a
research note |
C | INTERVIEW UPDATE 2 Asia airports shippers ripe for deals | Korea s Incheon Airport could IPO minority stake
Bulk container shippers may consolidate
Adds background details
By Joseph Chaney Asia Resources Correspondent
HONG KONG Sept 14 Reuters Asia s airports and container
shippers will be the focus of IPOs and M A deals in the region s
industrials sector in the near term as governments look to
reduce deficits and shippers consolidate a top Citigroup banker
said on Monday
Global merger and acquisition volumes in the industrials
sector have plummeted more than 40 percent so far in 2009 to
roughly 138 billion according to Thomson Reuters data
Despite the gloomy numbers Asia is strong compared with
Western markets and strategically sound deals would move ahead
Michael Borch Citi s head of industrials global investment
banking Asia Pacific told Reuters
It is fairly well documented what Korea is looking to do
with Incheon Airport Borch said in an interview
The most likely outcome will be an IPO but of a minority
stake in the airport The reason being that with infrastructure
funds there are only a few that are happy to buy into assets
without control The only way you can monetise an asset without
control is by way of an IPO
Other regional governments have already tapped the markets
for their airports Beijing Capital International Airport Co
for example is listed in Hong Kong
Infrastructure asset sales can contribute to deficit
reduction Borch said
Airports Authority of India plans an IPO next near
according to media reports Hong Kong s government previously
had plans to privatise its Airport Authority through an IPO but
the plan has been shelved with no clear signs of revival
Citi meanwhile is hiring bankers and moving key employees
into Asia in anticipation of new dealflow
David Biller a managing director in the European
industrials team has recently relocated to Asia and as of
September will lead the bank s coverage of Asian diversified
industrials
The U S bank recently advised Allco Finance in its 3
billion deal with Hainan Airlines Group Citi has also done bond
deals in the region it was a lead underwriter for Hong
Kong based Kowloon Canton Railway Corp s KCRC 750 million
10 year bond in May
Citi received 45 billion of bailout money under TARP and
the U S government now owns a 34 percent stake in the company
CONTAINER SHIPPERS
Aside from airports the other segment of the industrials
sector that may see deals in Asia is container shippers Borch
said
You ve got an industry where you ve seen a drop off in the
transport requirement of something like 25 percent at the same
time where they have ordered new ships he said The volume is
down dramatically and the supply side is up incredibly
Earlier this month a top executive at Maersk Line a unit
of the world s top container shipper A P Moller Maersk told
Reuters the industry needed to consolidate after it suffered
major losses as a plunge in world trade hit freight rates and
volumes
Some analysts expect state backed companies such as
Singapore s Neptune Orient Lines NOL and China s Cosco
Holdings to lead the way in the consolidation process
There are way too many of these companies said Borch For
us the interesting thing is to try and figure out who are the
winners and to pick the winners
Additional reporting by Joanne Chiu Editing by David
Cowell |
WMB | NBA roundup Giannis Bucks light up Paris | Giannis Antetokounmpo put on a show with 30 points 16 rebounds and six assists lifting the Milwaukee Bucks to a 116 103 win over the Charlotte Hornets on Friday in the NBA s first regular season game in Paris After the teams battled to a tie at 78 through three quarters the Bucks pulled away with an 11 2 burst that featured an Antetokounmpo three point play three free throws from Kyle Korver after he was fouled on a 3 point shot attempt and a 3 point jumper from Khris Middleton Eric Bledsoe backed Antetokounmpo with 20 points for the Bucks and George Hill chipped in with 16 points Superior bench play kept Charlotte in the game with reserve Malik Monk leading all scorers with 31 points while Marvin Williams NYSE WMB added 18 Devonte Graham finished with 19 points to go with a team high seven rebounds Los Angeles Clippers 122 Miami Heat 117 Kawhi Leonard scored 17 of his game high 33 points in the crucial third quarter and had his first career triple double as Los Angeles beat host Miami which lost for only the second time in 22 home games The Heat were led by Jimmy Butler who had 20 points eight rebounds and seven assists before going out with a right ankle injury in the fourth quarter Miami was without three rotation players guard Goran Dragic calf injury Kendrick Nunn Achilles and Justise Winslow back Leonard who rested in Los Angeles previous game a loss to the Hawks in Atlanta also had 10 rebounds and 10 assists Clippers shooting guard Landry Shamet had 22 points Denver Nuggets 113 New Orleans Pelicans 106 Nikola Jokic Michael Porter Jr and Torrey Craig had double doubles as Denver won at New Orleans Zion Williamson had his second straight strong performance in a losing effort for the Pelicans The No 1 overall draft choice had 15 points on 7 of 9 shooting and six rebounds in 20 minutes two nights after scoring 22 points in 18 minutes of a loss to San Antonio in his long awaited NBA debut Jokic had 27 points and 12 rebounds Porter had 15 points and 10 rebounds and Craig had 15 points and 10 rebounds Josh Hart matched Williamson by scoring 15 for New Orleans Boston Celtics 109 Orlando Magic 98 Kemba Walker scored 37 points Gordon Hayward added 22 and short handed Boston surged past host Orlando for its third straight win Hayward also had 14 rebounds and Daniel Theis chipped in 16 points Boston played without two of its three top scorers in Jayson Tatum right groin strain and Jaylen Brown right ankle sprain and key reserve Enes Kanter also was out with a right hip contusion Evan Fournier had a team high 30 points Nikola Vucevic added 17 and 12 rebounds and Aaron Gordon scored 12 for the Magic who lost for the fourth time in their last five Memphis Grizzlies 125 Detroit Pistons 112 Jaren Jackson Jr had 29 points Dillon Brooks supplied 27 and visiting Memphis pulled away from Detroit which was missing center Andre Drummond lip and starting wings Bruce Brown and Tony Snell flu Rookie Ja Morant contributed 16 points and 12 assists Brandon Clarke had 15 points and 11 rebounds off the bench and De Anthony Melton added 14 points and five assists for Memphis Derrick Rose led Detroit with 22 points and eight assists Christian Wood contributed 20 points and six rebounds off the bench while Reggie Jackson Svi Mykhailiuk and Langston Galloway scored 14 points apiece Thon Maker chipped in 11 points and eight rebounds Toronto Raptors 118 New York Knicks 112 Kyle Lowry scored a game high 26 points as Toronto held off a furious fourth quarter rally by host New York to get its sixth straight win Pascal Siakam had 23 points and combined with Lowry to score the final 12 points seven for Siakam and five for Lowry Fred VanVleet scored 16 points while Norman Powell 16 points and Serge Ibaka 14 points reached double digits off the bench for Toronto Marcus Morris Sr 21 points 10 rebounds Julius Randle 20 points 11 rebounds and Elfrid Payton 13 points 11 assists had double doubles for the Knicks who led by as many as 13 points in the first quarter and made up all of a 12 point fourth quarter deficit but could not take the lead Sacramento Kings 98 Chicago Bulls 91 Buddy Hield scored 21 points on 7 of 12 shooting off the bench and Sacramento pulled away in the fourth quarter to defeat host Chicago Harrison Barnes added 19 points for the Kings and De Aaron Fox finished with 18 Sacramento snapped a six game losing streak and posted its first victory since Jan 7 against the Phoenix Suns Zach LaVine scored 21 points to lead the Bulls Chandler Hutchison had 11 points off the bench and Thaddeus Young and Kris Dunn both finished with 10 for Chicago which lost for the second time in the past three games Houston Rockets 131 Minnesota Timberwolves 124 Russell Westbrook paired a season high 45 points with 10 assists in Minneapolis and Houston extended Minnesota s losing skid to eight games Westbrook scored 27 second half points and dominated down the stretch to help the Rockets fend off the Timberwolves who attempted to rally behind Karl Anthony Towns 30 points 12 rebounds and Andrew Wiggins 28 points With James Harden scoring a season low 12 points on 3 of 13 shooting including 0 of 6 from 3 point range the Rockets turned to reserve guards Eric Gordon and Austin Rivers to provide support for Westbrook Gordon added a season high 27 points and Rivers tallied 16 points Westbrook also grabbed six rebounds and finished 13 of 13 from the free throw line Oklahoma City 140 Atlanta Hawks 111 Danilo Gallinari scored 25 points to lead host Oklahoma City to a season high point total during a victory over Atlanta Shai Gilgeous Alexander finished with 24 points as the Thunder won their fourth straight game Dennis Schroder added 21 points and Mike Muscala had 14 to help Oklahoma City s subs score 58 points John Collins shot 13 of 16 overall and scored 28 points for the Hawks who have lost three of four and seven of 10 Phoenix Suns 103 San Antonio Spurs 99 Devin Booker racked up 35 points and distributed 10 assists as Phoenix rode a definitive second quarter run and timely baskets down the stretch to end host San Antonio s three game winning streak The Suns led by six points heading to the fourth quarter and never relinquished the advantage San Antonio was within one point five times over the final 12 minutes but could never break through It was Booker s sixth double double of the year and his 18th game of the season with 30 or more points Dario Saric scored 20 points for Phoenix with Kelly Oubre Jr adding 16 Ricky Rubio hitting 11 and Deandre Ayton pumping in 10 points and grabbing 11 rebounds DeMar DeRozan led the Spurs with 30 points on 10 of 15 shooting LaMarcus Aldridge added 16 points and Derrick White tallied 13 for San Antonio Indiana Pacers 129 Golden State Warriors 118 T J Warren finished with a team high 33 points as Indiana overcame a slow start to beat Golden State in San Francisco The Pacers earned their third victory in four games on a western swing Indiana led by as many as 19 in the first half but found itself up just 112 106 after three throws by the Warriors Jordan Poole with 6 20 left in the game The Pacers then pulled away with a 6 0 burst
Doug McDermott scored 24 points for Indiana on 9 of 10 shooting including 6 of 7 success from 3 point range Golden State s D Angelo Russell led all scorers with 37 points Field Level Media |
WMB | Schwartzman seeking maiden victory over in form Djokovic | Reuters Diego Schwartzman joked after his Australian Open third round win on Friday that he knew more about the diminutive Yoshihito Nishioka than Novak Djokovic but the Argentine is well aware that beating the 16 times Grand Slam will be a tall order
Schwartzman heads into his fourth meeting with Djokovic on Sunday having never defeated the Serb who looked in ominous form in his thumping 6 3 6 2 6 2 win over Nishioka to stay on course for an eighth title in Melbourne
In other Sunday match ups Swiss world number three Roger Federer who came back from the brink to edge past Australian battler John Millman in five sets will hope his fourth round meeting with Marton Fucsovics of Hungary will be physically less demanding
Double Wimbledon champion Petra Kvitova has scythed down opponents without dropping a set in the tournament so far and the seventh seed will look to produce yet another ruthless display against Maria Sakkari of Greece
Top seed Ash Barty will resume her quest to become the first homegrown champion at the tournament since 1978 when she meets 18th seeded American Alison Riske while Tunisian sensation Ons Jabeur takes on Wang Qiang who knocked out Serena Williams NYSE WMB
Canada s Milos Raonic meets Marin Cilic of Croatia in a battle of the big servers before unseeded American Tennys Sandgren faces 12th seed Fabio Fognini of Italy
Teenager Coco Gauff who dumped defending champion Naomi Osaka in the last round and felled Venus Williams in her opener squares off against fellow American Sofia Kenin for a spot in the quarter finals |
WMB | Kenin brings Gauff s Melbourne run to an end | MELBOURNE Reuters American Sofia Kenin ended teen sensation Coco Gauff s run at the Australian Open on Sunday with a 6 7 5 6 3 6 0 victory to reach her first career Grand Slam quarter final
The 15 year old Gauff who had beaten defending champion Naomi Osaka in her previous match and seven times Grand Slam winner Venus Williams NYSE WMB in her opener rallied from a break down to win the opening set in a tiebreaker
While Gauff enjoyed most of the support at the packed Melbourne Arena Kenin the 14th seed fought her way back into the match and got the crucial break in the second set when Gauff served three double faults in the fourth game
The unforced errors kept mounting for Gauff in the third set as Kenin broke her three times to secure her place in the quarter finals against either China s Wang Qiang or Ons Jabeur of Tunisia |
WMB | Trump to unveil Middle East peace plan to Israeli leaders this week | By Steve Holland and Dan Williams NYSE WMB
WASHINGTON Reuters U S President Donald Trump is expected to disclose details of his long delayed Middle East peace proposal to Israeli leaders on Monday as he attempts to generate some momentum toward resolving one of the world s most intractable problems
Trump will hold separate back to back meetings with Israeli Prime Minister Benjamin Netanyahu and Benny Gantz the head of the centrist Blue and White Party who is Netanyahu s rival in March 2 elections
On Tuesday Trump will deliver joint remarks with Netanyahu at the White House where the president may reveal details of his peace proposal
The two days of foreign policy meetings will provide Trump with a contrast from the trial in the Republican led Senate that is weighing articles of impeachment against him approved by the Democratic led House of Representatives
But whether it truly will jumpstart the long stalled effort to bring Israelis and Palestinians together is far from certain
Palestinians have refused to engage the Trump administration on the effort and roundly denounced a 50 billion economic revival plan it set forth last July to lift the Palestinian and neighboring Arab state economies
Palestinians fear the plan will dash their hopes for an independent state in the West Bank east Jerusalem and the Gaza Strip
The White House hope was that if Trump could get the support of both Netanyahu and Gantz for the plan it would help provide some momentum A U S official said Trump wants to know both Netanyahu and Gantz are on board with the plan before announcing it
Trump s message to both You have six weeks to get this plan going if you want it the official said
Having both leaders present helps take the politics out of the effort said a U S source familiar with internal deliberations
The rationale is it depoliticizes this to the point that no matter what happens on March 2 the two leaders of the two largest parties can potentially be supportive the source said
The Trump plan is the product of three years effort by senior advisers Jared Kushner and Avi Berkowitz as well as Jason Greenblatt who left the government last autumn
Trump last year had hoped to release his secret proposal aimed at triggering negotiations between Israel and the Palestinians but was forced to delay it as Netanyahu struggled to form a governing coalition
The proposal more than 50 pages long aims to take on some of the most difficult issues separating the two such as the status of Jerusalem Palestinians want the city s eastern part as their future capital
Trump talking to reporters on Air Force One on Thursday said he was eager to release his plan
They say that s the hardest of all deals I love doing deals he said
Netanyahu a veteran right wing leader faces political and legal troubles at home as he heads for his third election in less than a year and was indicted on criminal charges in November He denies any wrongdoing
Netanyahu s principal domestic political rival Gantz a centrist former general last week lifted his objection to having the peace plan published before Israel s March election He had previously seen it as interference in the vote
I am looking forward to meeting the president a president of utmost friendliness to the State of Israel on a matter that is very important for the State of Israel with national strategic and security ramifications Gantz told reporters as he landed in Washington on Sunday
We will hold a back and forth get to know one another and take it from there
But Trump preoccupied with November s re election bid faces his own political clock and can ill afford to wait months for Israel to decide its next prime minister a U S official said |
WMB | NBA roundup Pelicans gets first win with Zion | Zion Williamson had his first double double as an NBA player and the New Orleans Pelicans won for the first time with him in the lineup 123 108 over the visiting Boston Celtics on Sunday Williams NYSE WMB the top pick in the 2019 NBA draft had 21 points and 11 rebounds in his third game after preseason knee surgery Jrue Holiday scored a team high 25 points and Derrick Favors added 15 points and 10 rebounds Lonzo Ball added a career high 15 assists to go with eight points All Star guard Kemba Walker led the Celtics with 35 points Gordon Hayward scored 23 and Jaylen Brown returning from a two game absence due to an ankle injury added 20 Before the singing of the national anthem the Pelicans held a 24 second moment of silence in honor of former Lakers star Kobe Bryant who died along with one of his daughters Gianna and seven others in a helicopter crash near Los Angeles on Sunday morning When the game began the teams followed the lead of the Spurs and Raptors earlier in the day by dribbling out the shot clock in Bryant s honor on their first possessions Portland Trail Blazers 139 Indiana Pacers 129 Damian Lillard continued his scoring spree with 50 points matched his season high of 13 assists and grabbed six rebounds to lead Portland past visiting Indiana Lillard made 14 of 23 shots from the field including 8 of 12 from 3 point range to become the first player in franchise history to record three straight efforts of 40 points or more CJ McCollum scored 28 points and made six 3 pointers for the Trail Blazers after missing the previous three games because of an ankle injury Jeremy Lamb scored 28 points and Domantas Sabonis had 27 points 14 rebounds and a career best 11 assists for the Pacers who lost for just the second time in their past nine games Indiana dropped its 11th straight game at Portland Atlanta Hawks 152 Washington Wizards 133 Trae Young responded in an emotional way to the reported death of Kobe Bryant by producing 45 points and 14 assists to help Atlanta defeat visiting Washington Sunday Young began the game wearing No 8 Bryant s original jersey number before changing into his usual No 11 Young wore Bryant s No 24 on the back of his shoes It was the eighth time this season Young has scored 40 plus points He was 13 of 24 from the floor 13 of 16 from the line and had six rebounds Five other players scored in double figures De Andre Hunter with 25 Kevin Huerter with 18 John Collins with 16 Bruno Fernando with 14 and Cam Reddish with 13 Fernando had 12 rebounds Bradley Beal had 40 points and six assists for Washington which had six other players score in double figures Troy Brown Jr finished with 19 points Los Angeles Clippers 112 Orlando Magic 97 Kawhi Leonard scored 31 points and grabbed 14 rebounds and Landry Shamet and Montrezl Harrell added 19 points each as Los Angeles used a third quarter charge to notch the road victory Lou Williams scored 15 points as the Clippers improved to 4 1 on their season long six game road trip Leonard extended his career long streak of 30 point games to eight Michael Carter Williams scored 15 points as the Magic lost their third consecutive game and fell for the fifth time in their past six games Orlando lost twice to the Clippers during that stretch falling 122 95 at Los Angeles on Dec 16 New York Knicks 110 Brooklyn Nets 97 Reggie Bullock fueled a decisive third quarter run by hitting back to back 3 pointers including the basket that gave New York the lead for good in its victory against visiting Brooklyn Julius Randle had 22 points and 15 rebounds as the Knicks won for just the third time in 13 games Marcus Morris Sr scored 21 points Taj Gibson scored 11 points and Bullock added 10 points Mitchell Robinson 12 points and Frank Ntilikina 11 points each scored double digits off the bench Spencer Dinwiddle scored 23 points for the Nets who have lost six of seven and are 3 14 since Christmas Taurean Prince had 14 points while Rodions Kurucs scored 12 points Joe Harris and Garrett Temple added 11 points apiece Denver Nuggets 117 Houston Rockets 110 Nikola Jokic had 24 points 12 rebounds and 11 assists Jerami Grant scored a season high 25 points and host Denver beat short handed Houston Michael Porter Jr and Monte Morris scored 17 points each Will Barton had 11 and Malik Beasley 10 for Denver The Rockets played without NBA leading scorer James Harden due to a left thigh contusion that head coach Mike D Antoni said might keep him out of Monday s game at Utah Toronto Raptors 110 San Antonio Spurs 106 Pascal Siakam scored 35 points 30 of them in a dominating first half and Fred VanVleet hit the decisive 3 pointer in the final minute as visiting Toronto earned a victory over San Antonio It was Toronto s seventh straight win tying its season best The last team to beat the Raptors was San Antonio which defeated the Raptors 105 104 in Toronto on Jan 12 Toronto led by 19 points in the first quarter by a dozen at halftime but by just a point heading into the final period The Spurs then scored 12 of the first 15 points of the period to take an eight point advantage before the Raptors answered with a 14 0 run Memphis Grizzlies 114 Phoenix Suns 109 Ja Morant scored 23 points to lead three Memphis players scoring 20 plus and the host Grizzlies held off Phoenix On a day with news of NBA legend Kobe Bryant s death Sunday s game opened with Memphis taking a 24 second shot clock violation Phoenix reciprocated with an eight second backcourt violation The gestures recognized Bryant s two professional jersey numbers 8 and 24
Following the somber tribute Memphis jumped ahead 30 18 after the first quarter Morant Jaren Jackson Jr and Dillon Brooks carried much of the scoring load from the outset and both Jackson and Brooks finished with 20 points Field Level Media |
WMB | Coaches welcome WTA trial of allowing coaching from stand | By Sudipto Ganguly MELBOURNE Reuters Coaches have welcomed the WTA Tour s decision to allow them to help players from the stands this season after the issue became a hot topic following the 2018 U S Open final when Serena Williams NYSE WMB was controversially penalized Williams s coach Patrick Mouratoglou gestured to Williams during her defeat by Japan s Naomi Osaka at Flushing Meadows leading to a code violation and sparking a heated row between the American great and the chair umpire Coaching from the stands would still be banned at Grand Slam events but the top women s tour said it would trial the new system at all WTA Premier and International tournaments this year starting with next month s Dubai Duty Free Championships and the Hungarian Ladies Open Darren Cahill coach of world number three Simona Halep said it was a step in the right direction I think as an industry a coaching industry in tennis it s important that we do evolve and do this he said on Monday I m really for it I think the WTA is doing a good thing The WTA which in the past has allowed players to call their coaches onto court at certain points during matches said the rules associated with on court coaching will remain the same The new trial will allow coaches to coach their player in the form they are currently coaching from the box without getting penalized the WTA said in a statement to Reuters Whether it s verbal words of encouragement or few words when their player is on the same side of the court to any hand signals such coaching as it takes place now from the box will be allowed The premise around this trial is that we feel coaching is taking place already from the box and as it s difficult to regulate this allows for consistency in rules across all matches Australian Cahill said he would have little to offer from the box even in similar situations to Monday when his player Halep was yelling at the stands and whacking her racquet into the ground Even today you know if I was allowed to coach today you d be surprised how little coaching the coaches will do if they re allowed to do it said Cahill who has also worked with Lleyton Hewitt and Andre Agassi The reason why probably a lot of it goes on at the moment is because you re not allowed to do it so you re trying to get the sneaky coaching message across But if you were allowed to do it it s a simple one line Hey Simona hold your line Okay that s coaching But it s not over the top coaching Artemon Apostu Efremov who is also part of Halep s coaching staff hoped the trial would be a success I think it s a step that should have been taken quite a while ago because coaches are part of the game he said
Mostly in all the sports you see coaches interact with the athletes |
WMB | McEnroe hopes Serena can beat crazy aunt Court s record | MELBOURNE Reuters John McEnroe mocked Australian Margaret Court as the crazy aunt of tennis on Monday and said he hoped Serena Williams NYSE WMB could beat the 77 year old s record of winning 24 Grand Slam singles titles
Court has attracted heavy criticism for voicing her religious based opposition to same sex marriage
The Australian Open on Monday marked the 50th anniversary of her 1970 feat of winning all four major titles in one calendar year with compatriot Rod Laver who completed the calendar slam twice in 1962 and 1969 handing her a trophy to some applause
McEnroe meanwhile unleashed his broadside on Eurosport television
There s only one thing longer than a list of Margaret Court s tennis achievements it s her list of offensive and homophobic statements said the seven times Grand Slam champion
Serena do me a favor get two more Grand Slams this year and get to 25 so we can leave Margaret Court and her offensive views in the past where they both belong Thank you added the American
Williams who won the last of her 23 majors at the Australian Open in 2017 was knocked out of this year s tournament in the third round
Court a Christian pastor at a Perth based church she set up decades ago launched a tirade against transgender athletes and called the teaching of LGBTI materials at schools the work of the devil during a sermon last month
Tennis Australia has been quick to stress it does not agree with Court s views on same sex marriage or the LGBTI community and has said the recognition is solely for her tennis achievements
McEnroe said the person could not be separated from the achievements
The air quality in Melbourne is not the only nightmare that Tennis Australia is having said the American referring to smoke from recent bushfires Margaret Court is another one
This year marks the 50th anniversary of Margaret Court s Grand Slam and Tennis Australia is facing a dilemma What do they do with their crazy aunt
Martina Navratilova who won 18 Grand Slam single titles and is a prominent activist for gay rights also raised a critical voice
It s just unfortunate because I think what Margaret Court doesn t realize is how many people she hurts with her rhetoric said the American
She can believe whatever she wants but she s actually hurting people and that s not OK |
WMB | Heavy hearts hang over Lakers Clippers contest | The stunning death of Kobe Bryant and his 13 year old daughter Gianna will cast a huge pall over the Staples Center when the Los Angeles Lakers host the Los Angeles Clippers on Tuesday night
The Lakers will play for the first time since Bryant and his daughter were killed Sunday along with seven others in a helicopter crash north of Los Angeles in Calabasas Calif Bryant 41 spent all 20 of his NBA seasons with the Lakers leading them to five NBA championships during his stellar career before retiring in 2016
As of Monday afternoon the Lakers organization hadn t issued a statement about Bryant s death There was no reference to it on the club s website either Although Lakers legends Magic Johnson Kareem Abdul Jabbar and Jerry West issued touching tributes Sunday the grieving players have said little with the exception of Anthony Davis
Man this is a tough one for me Davis wrote Monday on Instagram You were the first guy to put me under your wing and show me the ins and outs of the league Had so many great convos about so many things and I will cherish those moments forever Love you forever Bean
Less than 24 hours before the devastating news Davis and the Lakers completed a five game road trip after a 108 91 loss to the Philadelphia 76ers on Saturday In an eerie prelude LeBron James surpassed Bryant s mark of 33 643 points to become the NBA s third leading career scorer in the city where the late Laker grew up James wrote Mamba 4 Life on his game sneakers Bryant s last Twitter post saluted James
James who finished with 29 points eight assists and seven rebounds praised Bryant after the defeat
It s surreal It doesn t make no sense but the universe just puts things in your life said James according to the Orange County Register I m happy just to be in any conversation with Kobe Bean Bryant one of the all time great basketball players to ever play one of the all time greatest Lakers The man has two jersey hanging up in Staples Center It s just crazy
The Clippers managed a 112 97 win over the host Orlando Magic on Sunday despite the emotional day Kawhi Leonard had 31 points a season best 14 rebounds and seven assists for the Clippers the eighth consecutive game he has scored at least 30 points Landry Shamet and Montrezl Harrell added 19 points apiece
Like all NBA teams Bryant s death hit the Clippers hard Clippers assistant coach Tyronn Lue was a teammate of Bryant s from 1998 2001 and a member of two Lakers title teams while Clippers guard Lou Williams NYSE WMB played with Bryant in his final season
We re not prepared for this none of us were Clippers coach Doc Rivers told reporters after beating the Magic It s just really tough For Lue Kawhi it was just a lot of relationships that Kobe had with guys in our locker room I was worried I didn t know if our guys could get through it to be honest
Sometimes the stage is the best place to get away from reality he added
The Clippers won the two previous meetings with the Lakers rallying for a 111 106 Christmas Day victory behind 35 points and 12 rebounds from Leonard in their last contest
Field Level Media |
WMB | Chiefs notebook Reid relishes Super Bowl week | Maybe some other coaches would have dressed up for Super Bowl Opening Night but not Andy Reid
Instead the Kansas City Chiefs coach selected a bright red Hawaiian shirt for the prime time event Monday at Marlins Park in Miami A Chiefs logo adorned the shirt which attracted plenty of attention
I like dress codes as long as it s part Tommy Bahama Reid said with a grin I m good with what I got
Reid 61 has been good throughout his NFL coaching career which has included 14 years with the Philadelphia Eagles and seven years with the Chiefs He is 207 128 1 in the regular season
Only six coaches have more victories Don Shula 328 George Halas 318 Bill Belichick 273 Tom Landry 250 Curly Lambeau 226 and Paul Brown 216
Yet Reid is 14 14 in the playoffs and he has yet to win a Super Bowl as a coach losing in his lone attempt with the Philadelphia Eagles after the 2004 season A victory over the 49ers this weekend could permanently bolster his legacy
I m going to enjoy this Reid said I ve got a great team Very fortunate That s really all I care about
What would he like to see when the game kicks off Sunday evening
We probably need to start a little faster said Reid whose team fell into double digit holes in both playoff games so far It s worked out OK but for the coach s sake and his heart we d like to start a little faster
Chiefs running back LeSean McCoy has almost 2 500 carries in his career and has a chance to earn his first Super Bowl ring this weekend
But don t expect the 31 year old to ride off into the sunset regardless of the outcome
Nah I m not ready to retire yet McCoy said I still can play So I m not going to retire yet but that day is coming That day is definitely coming
McCoy rushed for 465 yards and four touchdowns in 13 games this season He has not carried the ball during the postseason as the Chiefs have relied mainly on Damien Williams NYSE WMB and Darwin Thompson
It s been up and down this year McCoy said Early in the year I got to play more then I got hurt I got sick The other backs stepped up and played really really good so my role kind of backtracked a little bit But to be honest whenever my name is called my number is called I m out there giving 110 percent Whatever it is
The Super Bowl media festivities took place less than 36 hours after Kobe Bryant his 13 year old daughter and seven others were killed in a helicopter crash near Los Angeles
Players remained in shock over the sudden loss of one of their sports heroes
I had an opportunity to meet Kobe and he s just an unbelievable person Chiefs tight end Travis Kelce said You can t say enough about who he was and his impact
Veteran pass rusher Terrell Suggs agreed
I think Shannon Sharpe said it best We all feel like we lost a relative like a loved one Suggs said Everybody feels like that Everybody s just kind of still in shock
Field Level Media |
WMB | Career took off after French Open win over Serena says Kenin | By Sudipto Ganguly
MELBOURNE Reuters Sofia Kenin made a name for herself last year when she dumped her idol Serena Williams NYSE WMB out of the French Open a victory the Australian Open semi finalist says was the pivotal moment of her tennis career
Williams had arrived in Paris seeking another Grand Slam title to equal the 24 won by Australian great Margaret Court but was bundled out in the third round in straight sets by Kenin
Kenin who says she dreams of a doubles pairing with Williams would fall in the next round to eventual champion Ash Barty but says that experience at Roland Garros changed her career trajectory
I feel like that was the first time I experienced getting to the second week she said after setting up an Australian Open semi final date with world number one Barty
Obviously it felt really different It s so much different
But yeah I feel like that match really changed things I obviously saw that I can play on this level I could play with the best Of course it just happens to be Serena my idol
I feel like after that things took off
The 21 year old had a breakthrough 2019 season when she won all three of her singles titles to reach a career high ranking of 12 the United States number two behind Williams
She finished the year with another impressive stat tied for hard court wins 38 with Barty
I feel like all the match play I ve had has helped me Kenin said Of course I m rising so I m trying to somehow keep my game stable just play with stability just play each match as one match at a time
I m really happy I ve worked really hard to get to where I am I ve done a really hard pre season I knew that it s going to help me and it s going to pay off Thank God it s paying off here
Kenin s run at Melbourne Park has prompted comparisons with fellow American Danielle Collins s march to last year s semi final as an unseeded player
The Moscow born Kenin whose parents moved to the United States when she was a baby is now the last remaining of 22 Americans in the women s main draw
It s exciting I m happy I m doing this for myself said Kenin who eliminated compatriot Coco Gauff in the fourth round I m trying not to think about the last American
But of course it s an honor it s a privilege I m happy to be where I am |
C | Europe Isn t as Sick as the Crowd is Making Out | Beware of being a bear as Europe isn t as sick as the average punter is making out Economic stats are actually surprising to the upside One would be forgiven for thinking that it is all over for Europe But what investors don t realize is that because of all the doom and gloom promulgated by the press of popular opinion economists analysts have overreacted and downgraded their expectations which has resulted in actual economic data releases coming in well ahead of doomy expectations What is the Citigroup European Economic Surprise Index In essence it is an index of expectations vs actual economic data releases If it is trending higher it suggests that economic data releases are coming in ahead of expectations Citigroup European Economic Surprise IndexRemember it is not what is talked about in the press that is important rather it is the degree to which it has been priced into the market Based on the Citigroup European Economic Surprise Index it would appear that everything talked about in the press plus a whole lot more has already been priced in This is actually a very bullish condition |
C | Spanish Debt Auction Puts Bounce in the Dead Cat | A strong Spanish debt auction today finally put a bid in the EUR USD after the key pair drooped below 1 30 of late Meanwhile the SNB disappoints those looking for a rise in the EURCHF floor After three days of bloodletting for risk on the re acceleration of the EU crisis the markets are trying to take a breather today driven perhaps by less catastrophic than feared data and a strong Spanish bond auction The HSBC flash PMI in China improved though still came in just below 50 and the European flash PMI s for December were slightly better than November levels if still a bit depressed In other words expectations may have gotten so bad here particularly for Europe that only truly catastrophic data has the power to pile on the pessimism While the latest political noise out of Europe continues to strip away the last shreds of confidence that any solution will ever be found that keeps the EU together many of the sovereign and bank liquidity indicators bounced in today s early trade after a scary semi meltdown yesterday This and the tightening sovereign debt spreads in general today were driven by a very successful auction of Spanish debt as Spain managed to sell twice as many bonds as anticipated at its auction today Some of that demand may be due to the anticipated boost in liquidity from the ECB s most recent measures which could allow Spanish and other banks to lock in fat spreads on LTRO and other borrowings versus investment in sovereign debt assuming that what looks well on paper ends well in reality SNBDespite evidence of a cratering Swiss economy and deflationary inflation readings of late the SNB today dashed market expectations that a new rise in the EUR CHF floor and or other measures would be announced today and CHF was bid driving EUR CHF back below 1 2300 Still the language on the SNB s intent was more than clear as Hildebrand stated that the SNB was ready to act at any time and that its current strength still presents a strong risk to the Swiss economy The inflation forecast for 2012 was kept at an outright negative 0 3 and the forecast for 2013 was lowered slightly The Citigroup economic data surprise index for Switzerland is at an astounding 127 the lowest since early 2009 It is clear the SNB will move again but it seems to want to keep the market guessing on timing a tactic that may actually enhance the eventual impact of a move Where we stand and looking aheadToday we re finally finding a bit of stabilization in risk appetite after a couple of rather heady days of declines triggered partially by the petulant reaction to the FOMC meeting not producing any QE3 guidance looks like a rather thin excuse as there should hardly have been any dramatic expectations heading into that meeting sometimes these event risks merely dam up market action due to those who would simply like to wait for event risks like this to be out of the way before putting on risk but also by the aggravated return of EU worries With US bond auctions this week showing a more than firm bid for US government paper all the way to the longest end of the curve it appears the market is raising its macro bet on a deflationary trend the Bernanke Fed notwithstanding US 30 year rates below 3 0 again are a very strong expression of caution Commodities are also beginning to look more than a bit frayed around the edges as the consensus wisdom of printing money means buy hard assets is being sorely tested at the moment Even crude oil finally managed to suffer a severe correction yesterday for the first time in months Meanwhile as one would expect in such circumstances the USD has broken new ground to the upside in recent days On the other hand equities have hardly corrected and an equity market rout would be the final straw for markets risk appetite here and in the G10 currencies could finally serve to administer a more definitive knock out blow to the Aussie On that front it is interesting to note that the US S P500 crossed and closed below the 50 day moving average again before today s enthusiastic response to the Spanish debt auction Ahead of the US equity market open risk appetite is getting a further boost from the latest figures out of the US to roll in better than expected with weekly jobless claims registering the lowest reading since pre Lehman days and the Empire Manufacturing survey showing a solid gain Watch for the Philly Fed out shortly Tomorrow s US November CPI release will be interesting as we look for a possible end to the rising trend in core prices on year on year comparisons The year on year core CPI has marched higher for 12 consecutive months in a row and in Oct sat at a near 3 year high of 2 1 Let s also watch how EUR USD behaves here around the 1 30 level as we are entering the final trading days of the year If we manage to avoid a dramatic move in underlying fundamentals and liquidity indicators we could see a chop fest for the next couple of weeks But if the Spanish auction merely proves a distraction that is not indicative of improving confidence in the near term liquidity then the latest directional move in risk could quickly extend |
C | Dollar Retreats Mildly as Risk Aversion Recedes | Dollar is mildly softer today as risk aversion recedes on solid data from US overnight Asian equities are genearlly higher following the mild 45pts recovery in DOW Fitch downgraded some of the world s largest banks on increasing challenges in the financial markets but the news was ignored Barclays and Credit Suisse were cut by tow notches to A while BofA BNP Paribas Citigroup Deusche Bank and Goldman Sachs were cut by one notch EUR USD is back above 1 3 psychological level and would likely consolidate above recent low of 1 2946 for a short while IMF Managing Director Lagarde warned that Europe s problem could not be solved by Europe alone and urged support from all countires all regions She said that the global economy could risk going into Great Depression of the 1930s if the issues are not dealt with decisively Lagarde said work should target from the core of the crisis at the moment ie Europan and in particular the countries of the eurozone Meanwhile Lagarde said internation support could be channeled through IMF for organizing a collective financial responsibility a fiscal solidarity and that element of risk sharing that is expected pretty much around the globe New York Fed Dudley said in his tesimony to Congress the dollar swap lines with other major central banks protect the US economy from big dollar assets selloff He warned that if the access to dollar funding were severely impaired this would necessitate the abrupt forced sales of dollar assets by these banks which could seriously disrupt U S markets and adversely affect U S businesses consumers and jobs Dudley noted htat US banks are deeply entwined with the EUropean banking system and if the European debt crisis were to broaden further and intensify this could put greater pressure on U S banks capital and liquidity buffers Italy will be a major focus today as Prime Minister Monti will face a confidence vote on the move too spped up approvide of the EUR 33b austerity packge The technocrats govenrmnet has overwhelming majority in both houses of paarliment and should pass easily today s vote in Chamber of Deputies and Senate before Christmas On the data front Eurozone trade surplus is expected to narrow to EUR 1 3b in October Canadian internaltion securities transactions are expected to rise to CAD 8 23b in October From US main focus will be on inflation data and CPI and core CPI are expected to be unchanged at 3 5 yoy and 2 1 yoy respectively |
C | Equity Markets Brace for a French Downgrade | In the unlikely event that ratings agencies decide to give everyone a break before Christmas the coming week could be the start of a period of relative calm before the proverbial storm Yet judging by the raft of declarations from top leaders in France it seems highly likely that Standard Poors have already given their verdict to French officials An announcement over the coming weekend would therefore not be far fetched as market participants will have time to ponder the impact of the downgrades whilst markets remain closed In any case nothing that was said or done over the past week would have managed to reassure rating agencies M Sarkozy for one managed to exhibit once again his lack of vision and understanding of the crisis indeed his hints that banks could use the 3 year LTRO operations to finance sovereign debt borders on the ridiculous whilst his call for yet another Franco German summit on jobs and economic growth was simply useless Russia also did not help sentiment either by announcing that it was ready to offer USD 10 billion to the International Monetary Fund to support the European rescue After the blank rejection from the US to participate and the untimely announcement by China of the set up of a new USD 300 billion sovereign wealth fund this is putting the IMF rescue team on thick ice Hence stock prices remained under pressure for most of the week as the market priced the negative news ahead to some extent Still whilst a loss of a triple A is never good news it is certainly not the end of the creditworthiness of a country as the examples of Japan and the US have shown in the recent past Once the news is out and the market knee jerk is out of the way some short term short covering might be in order in Europe This is certainly something to keep in mind going into next week s trading week From a relative play point of view it is also worth noticing that the US market has been in good part supported by positive surprise in US figures since the late summer However analysts may have now caught up and the cycle of positive surprise looks set to come to an end Citigroup Economic Surprise Index US weekly data source BloombergIndeed this is what the Citigroup surprise index for the US would seem to indicate as can be seen from the above chart the surprise effect works very much like a pendulum And the pendulum is now very stretched to the positive side This could lead to some relative disappointments going forward for the US market especially when one considers that Europe is now trading at a 10 year cyclically adjusted price earnings ratio of around 11 whilst the US market trades at roughly 20 on the same measure This shows that much bad news has been priced in by now for Europe whilst the US market may be relatively richly priced Although we still brace ourselves for a difficult start to the trading year in Europe the above dynamics must be kept in mind for a swift geographical re balancing in the not so distant future From a relative play perspective like pair trading a cursory look at the comparative performance of the Euro Stoxx 600 index and the S P 500 using exchange traded funds also gives an interesting perspective Euro Stoxx 600 ETF STOXXIEX xetr over S P 500 ETF SPY arcx daily chartExcluding currency effects the Euro Stoxx 600 has lost around 13 in 2011 but the relative strength of the S P 500 looks to be potentially waning and headed for some kind of reversal The implementation of such a strategy therefore already looks compelling With the above considerations in mind and a tight stop below the recent lows the risk reward for such a trade seems attractive especially considering the contrarian nature of the idea |
C | The Rumour Mill Starts Churning | Tight ranges and a fairly positive bias has been the order of the day Stocks in Europe have opened relatively flat while EUR USD has managed to sustain a ranger just above 1 30 between 1 3005 and 1 3045 It s Friday so the rumour mill has started chugging again The first is about the prospect of a cut in China s reserve requirement ratio which is positive for risk This comes after the USDCNY fix today was surprisingly low and there were signs of large scale dollar selling by Beijing As if to balance market sentiment the second rumour is that Spain and Italy will be downgraded by S P after the market close this evening The credit rating agency has a habit of downgrading Europeans late on a Friday night and S P put 15 out of 17 Eurozone members on negative watch earlier this month so if it does make the move it wouldn t be totally out of the blue The real surprise could be the market taking the news in its stride Italian and Spanish bonds yields have continued to moderate today Italian 10 year yields have fallen by 50 basis points in the last two days Downgrade what downgrade The bond market either pays no heed to rumours or it ignores credit rating agencies The French have been out to get the UK again this time the governor of the central bank said that the UK should be downgraded before France Surely this is a diplomatic no no but it highlights how far the British French relationship has deteriorated in recent months now even central bankers are getting spiteful 10 year UK Gilt yields are higher but that is not down to comments from Paris rather Gilts along with other safe havens are faltering as sentiment towards risk picks up as we head to the end of the week Fitch was also out in force last night downgrading the largest US and European banks This is unlikely to have a major impact on the markets as Fitch is playing catch up S P downgraded banks last month Although the Eurostoxx banks index is lower today it hasn t weighed too heavily on other sectors in European equity markets which are relatively flat However it reinforces how weak the banks positions are Every time their ratings get cut it costs them more in terms of capital requirements This is difficult to quantify as it depends on counterparties exchanges requirements etc but Citigroup have said that for every 1 notch downgrade it costs them 5 billion in extra capital requirements So the cumulative effect of downgrades is negative as it comes at the same time as banks try to navigate the sovereign debt crisis and boost capital levels Things are likely to be range bound today as investors cut positions before the weekend Added to this some people may be heading off for the Christmas break so capital could be left on the side lines from now until the New Year Next week is fairly light in terms of economic data and government debt auctions which may solidify ranges for some time A central bankers conference in Rome today that includes ECB President Draghi Bank of England Governor Mervyn King and a host of Fed members will add to headline risk later Also US CPI data could cause a flurry of excitement if we get a surprise economists expect no change in core YoY CPI of 2 1 for November Expect silly rumours to permeate this type of market If the Chinese do cut the RRR this is good news for the Aussie and risk in general EURGBP is in the tightest range I have seen for a while between 0 8380 and 0 8395 although it remains incredibly weak within its long term range Gold is making up some gains after being battered this week It is up 25 per ounce so far today but expect 1 600 then 1 620 the 200 day sma it fell through so easily on Wednesday to be key levels of resistance |
JPM | US urges banks to consider cyber risk insurance amid hacking threats | WASHINGTON Reuters Banks should consider cyber risk insurance to help deal with the financial fall out from the growing threat of cyber attacks a top U S regulator said on Wednesday Bankers and officials have become more vocal lately about concerns that malicious hacks could put customer data and the stability of the financial system at risk Cyber insurance will not stop hackers but it can help banks improve their broader cyber controls Treasury Deputy Secretary Sarah Bloom Raskin told the Texas Banker s Association at a cybersecurity conference Bankers rarely used to talk to me much about cybersecurity she said at the event in Austin according to prepared remarks Now this is one topic that comes up every day The Federal Bureau of Investigation warned that hackers have used malicious software to launch destructive attacks on companies following a massive breach at Sony Pictures Entertainment last week In August JPMorgan Chase Co was subject to a new kind of phishing scam that sought to access customer credentials not just for the bank but for other financial institutions Raskin said more than 50 carriers now offer some form of cyber risk insurance and Treasury was encouraging companies to develop insurance products that could improve firms overall cyber protection Ideally we can imagine the growth of the cyber insurance market as a mechanism that bolsters cyber hygiene for banks across the board she said The insurance broking arm of Marsh McLennan Companies estimates the U S cyber insurance market was worth 1 billion last year in gross written premiums and could reach as much as 2 billion this year But many insurers are still trying to develop their skills in handling hackers and data breaches Raskin also said Treasury was working on an exercise to test communication among government agencies and financial institutions during a cyber attack Bankers and the government say they want to figure out ways law enforcement can alert financial firms about cyber attacks without violating the privacy of businesses that are victimized Both sides have long complained that such concerns have hindered notification preventing the industry from quickly adapting to emerging threats
U S lawmakers were working on legislation that would lay out how companies can exchange more cybersecurity related information with each other and the government but made little progress in a busy election year Reporting by Anna Yukhananov Editing by Leslie Adler |
JPM | North Korea surfaces in Sony investigators probe into hack | By Jim Finkle Reuters Cyber investigators looking for the culprits of a devastating hack into Sony Pictures Entertainment have found some links to North Korea hacking tools similar to those used by that country in previous attacks on South Korea A person familiar with the company s investigation said on Wednesday that investigators hired by the company made the connection as they reviewed evidence left by the hackers The person was not authorized to publicly discuss the Sony probe and requested anonymity North Korea has been suggested by some experts as a possible source of the attack that exposed massive volumes of internal company data and shut down the computer systems of one of Hollywood s biggest studios The hacking launched on Nov 24 came a month before the entertainment unit at Sony Corp is due to release The Interview a comedy starring James Franco and Seth Rogen as two journalists recruited by the CIA to assassinate North Korean leader Kim Jong Un The Pyongyang government denounced the film as undisguised sponsoring of terrorism as well as an act of war in a letter to U N Secretary General Ban Ki moon in June The technology news site Re code reported earlier on Wednesday that Sony intends to name North Korea as the source of the attack But when asked about the Re code report a Sony spokeswoman said no announcement from the studio was coming U S national security officials also said government agencies still had not determined whether North Korea was responsible for the Sony Pictures attack The hacking has alarmed the government and cyber security experts who say this is the first major attack on a U S company to use a highly destructive class of malicious software that is designed to incapacitate computer networks The FBI issued a warning to U S businesses on Monday The attack s ramifications appear to have spread beyond Sony Information released by the hackers included documents that appeared to detail 2005 salaries and other personnel information from accounting and consulting firm Deloitte Touche DLTE UL according to cable news network Fusion The data may have come from the computer of a Sony employee who previously worked at Deloitte and had saved some files Fusion said in its report Deloitte spokesman Jonathan Gandal said company officials have not confirmed the veracity of this information at this time SERIOUS ISSUE OF SECURITY Sony hired security firm FireEye Inc and its Mandiant forensics unit to lead the probe Mandiant has handled some of the largest data breaches including the 2013 holiday attack on Target Corp One national security official said that numerous governments groups and individuals are capable of mounting sophisticated hacking attacks and that at this point the offensive on Sony Pictures did not appear particularly unique Another official said that it was still too soon after the hack to make definitive assessments of responsibility Representatives of the FBI and Department of Homeland Security which are conducting a separate investigation into the attack declined to comment as did the Justice Department and White House JPMorgan Chase Co Chief Executive Officer Jamie Dimon whose bank was recently hit by hackers stealing records of 83 million customers said companies need to learn how to cope with cyber threats like the Sony hack I mean I wouldn t freak out about it I would just take it like a serious issue of security Dimon told Reuters after an event hosted by the Business Roundtable in Washington Sony has struggled to get all of its systems back up nine days after the attack and studio co chiefs told staff in a memo on Tuesday that they still did not know the full scope of information that the hackers might have or release They said personnel and business information was compromised without giving further details while encouraging employees to use identity protection services offered by the company
The attack is another blow for Sony Pictures which produces the blockbuster James Bond and Spider Man franchises In the past year the company laid off staff and cut costs after pressure from activist investor Daniel Loeb to improve profitability That followed expensive 2013 flops such as After Earth and White House Down Additional reporting by Lisa Richwine in Los Angeles Malathi Nayak in San Francisco Mark Hosenball and Emily Stephenson in Washington Writing by Mary Milliken Editing by Lisa Shumaker |
JPM | JPMorgan s Dimon says no evidence of cancer | Reuters JPMorgan Chase Co N JPM Chief Executive Jamie Dimon said medical tests showed no evidence of cancer in my body according to an internal memo seen by Reuters
Dimon was diagnosed with throat cancer in July and was undergoing treatment Reporting by Tanya Agrawal in Bengaluru Editing by Kirti Pandey |
BMY | Exelixis Cabometyx Tablets Receive FDA Nod For Liver Cancer | Exelixis Inc NASDAQ EXEL announced that the FDA approved Cabometyx cabozantinib tablets for treatment of hepatocellular carcinoma HCC an aggressive form of liver cancer in patients who have been previously treated with Bayer s OTC BAYRY Nexavar sorafenib Shares of the company rose about 5 on Jan 15 following the news announcement Share price of Exelixis has increased 8 5 in the past year against the s decline of 15 4 The approval was supported by results from the phase III CELESTIAL study on Cabometyx for patients with advanced HCC having previously received Nexavar and may have undergone up to two prior systemic cancer therapies for HCC along with showing adequate liver function The study met its primary endpoint of overall survival OS Cabometyx showed a statistically significant and clinically meaningful improvement in overall survival OS versus placebo In the study OS was 10 2 months in the cabozantinib arm compared with 8 months in the placebo arm We remind investors that in November 2018 Exelixis partner received Ipsen received approval from the European Commission for the same indication Cabometyx is presently marketed in the United States for the treatment of patients with advanced renal cell carcinoma RCC who have received prior anti angiogenic therapy It is also approved in Europe for the first line treatment of adults with intermediate or poor risk advanced RCC Per the press release liver cancer is the leading cause of death among cancer patients More than 800 000 new patients are diagnosed with liver cancer which is the cause of death of more than 700 000 patients every year globally HCC is the most common form of liver cancer in the United States which was diagnosed in almost 75 of 42 000 liver cancer patients in 2018 Moreover patients with advanced HCC live less than six months without treatment We also remind investors that Exelixis along with Ipsen announced the initiation of a pivotal phase III study COSMIC 312 to evaluate a Cabometyx combination therapy in treatment na ve advanced HCC patients The COSMIC 312 study will compare the combination of Cabometyx and Roche s OTC RHHBY Tecentriq with Nexavar in previously untreated patients suffering from advanced HCC The co primary endpoints of the study are progression free survival PFS and OS Separately Exelixis has also initiated a phase Ib study investigator sponsored on cabozantinib in combination with Bristol Myers Squibb s NYSE BMY Opdivo nivolumab or Opdivo plus Yervoy in patients suffering from genitourinary tumors including bladder cancer and RCC These label expansion efforts for Cabometyx bode well for the company as the drug is the major revenue generator for the company Exelixis Inc Price Zacks RankExelixis currently carries a Zacks Rank 2 Buy You can see Looking for Stocks with Skyrocketing Upside Zacks has just released a Special Report on the booming investment opportunities of legal marijuana Ignited by new referendums and legislation this industry is expected to blast from an already robust 6 7 billion to 20 2 billion in 2021 Early investors stand to make a killing but you have to be ready to act and know just where to look |
BMY | Bristol Myers Squibb BMY Reports Next Week Wall Street Expects Earnings Growth | Bristol Myers Squibb BMY is expected to deliver a year over year increase in earnings on higher revenues when it reports results for the quarter ended December 2018 This widely known consensus outlook gives a good sense of the company s earnings picture but how the actual results compare to these estimates is a powerful factor that could impact its near term stock price
The stock might move higher if these key numbers top expectations in the upcoming earnings report which is expected to be released on January 24 On the other hand if they miss the stock may move lower
While management s discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations it s worth having a handicapping insight into the odds of a positive EPS surprise
Zacks Consensus Estimate
This biopharmaceutical company is expected to post quarterly earnings of 0 85 per share in its upcoming report which represents a year over year change of 25
Revenues are expected to be 5 98 billion up 9 7 from the year ago quarter
Estimate Revisions Trend
The consensus EPS estimate for the quarter has remained unchanged over the last 30 days This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change
Price Consensus and EPS Surprise
Earnings Whisper
Estimate revisions ahead of a company s earnings release offer clues to the business conditions for the period whose results are coming out This insight is at the core of our proprietary surprise prediction model the Zacks Earnings ESP Expected Surprise Prediction
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter the Most Accurate Estimate is a version of the Zacks Consensus whose definition is subject to change The idea here is that analysts revising their estimates right before an earnings release have the latest information which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier
Thus a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate However the model s predictive power is significant for positive ESP readings only
A positive Earnings ESP is a strong predictor of an earnings beat particularly when combined with a Zacks Rank 1 Strong Buy 2 Buy or 3 Hold Our research shows that stocks with this combination produce a positive surprise nearly 70 of the time and a solid Zacks Rank actually increases the predictive power of Earnings ESP
Please note that a negative Earnings ESP reading is not indicative of an earnings miss Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and or Zacks Rank of 4 Sell or 5 Strong Sell
How Have the Numbers Shaped Up for Bristol Myers
For Bristol Myers the Most Accurate Estimate is lower than the Zacks Consensus Estimate suggesting that analysts have recently become bearish on the company s earnings prospects This has resulted in an Earnings ESP of 0 12
On the other hand the stock currently carries a Zacks Rank of 3
So this combination makes it difficult to conclusively predict that Bristol Myers will beat the consensus EPS estimate
Does Earnings Surprise History Hold Any Clue
While calculating estimates for a company s future earnings analysts often consider to what extent it has been able to match past consensus estimates So it s worth taking a look at the surprise history for gauging its influence on the upcoming number
For the last reported quarter it was expected that Bristol Myers would post earnings of 0 91 per share when it actually produced earnings of 1 09 delivering a surprise of 19 78
Over the last four quarters the company has beaten consensus EPS estimates four times
Bottom Line
An earnings beat or miss may not be the sole basis for a stock moving higher or lower Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors Similarly unforeseen catalysts help a number of stocks gain despite an earnings miss
That said betting on stocks that are expected to beat earnings expectations does increase the odds of success This is why it s worth checking a company s Earnings ESP and Zacks Rank ahead of its quarterly release Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they ve reported
Bristol Myers doesn t appear a compelling earnings beat candidate However investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release |
C | SNAP ANALYSIS Rivals set to gain from UK mobile merger | Rivals could benefit if JV partners struggle to integrate
Analyst says deal is best outcome for Vodafone O2
JV unlikely to ditch Orange brand
By Kate Holton
LONDON Sept 8 Reuters Deutsche Telekom and France
Telecom s deal to combine their UK units faces big challenges
despite potentially large savings for the two groups and may
benefit rivals in the short term
Analysts said Deutsche Telekom and France Telecom may have
made life easier for the rivals by reducing the number of
operators jostling for share and any delay or conflict between
the two partners could magnify this advantage
We are not naive said Gervais Pellissier France Telecom
CFO on a conference call with media and analysts There will
be disagreements
Deutsche Telekom and France Telecom said on Tuesday they
planned to merge their British mobile units in a 50 50 joint
venture that would grab the top spot ahead of current leaders O2
of Telefonica and Vodafone
But the move will help all operators as the new entity
focuses on integration in a sector where customer loyalty is
low
In our view this is the best result for Vodafone and
Telefonica RBS said in a note to clients We remain nervous
that longer term the JV may have to compromise on strategy
while they benefit from a consolidated market without having to
commit capital
Citigroup analyst Terence Sinclair also suggested that the
new joint venture would be likely to focus on building
profitability rather than grabbing as many customers as
possible meaning that prices would stay firm for others
Other analysts pointed out that partnerships have often
proved difficult in the telecoms industry such as Vodafone s
ventures in the United States and France
But one banker on the deal told Reuters the agreement was a
way of bringing about change at minimal cost in a difficult
market and still creating billions of pounds of synergies
An operator who paid for consolidation would be a gift to
everyone else he said
The joint venture deal follows months of speculation that
either of Vodafone or 02 would bid for T Mobile UK after it
said it would consider all options following a massive
writedown
The main operators had all opened up to the idea of
in market consolidation after seeing pressure on prices slash
operating margins to well below European averages
REGULATOR CALLING
The new joint venture may also face other challenges in
terms of appeasing British and European regulators and deciding
which brand if either will survive
The companies said they would maintain the same brands
Orange and T Mobile UK for the next 18 months and then agree
with shareholders on the next move
They could continue to run both brands choose one or create
something new entirely although Orange is unlikely to want to
ditch the brand it uses across its portfolio especially in the
market where it launched
We both have huge brand loyalty in the UK and spent a lot
of money to build that up Orange UK chief executive and head
of the new joint venture Tom Alexander told reporters That
won t be thrown away lightly
That kind of debate however worried analysts who were
looking further down the line for any disagreements
Robin Bienenstock analyst at Sanford Bernstein said that
the synergies would be large and meaningful yet she noted
further cost reductions would be hampered if the firms kept both
brands alive
If they don t cut one of the brands eventually the
synergies will be one billion lower than they say they will be
said Bienenstock
Hours after the companies outlined their plans for the new
venture analysts and industry insiders were already looking
further down the line to how long the venture would last
Industry sources familiar with the negotiations said the
joint venture could eventually be floated or Deutsche Telekom
could sell or float its stake but added there was no rush
Deutsche said it was committed to 3 years to the venture
Additional reporting by Nicola Leske Kirstin Ridley and
Leila Abboud Editing by Sitaraman Shankar |
C | Global Wrap U S Markets Rise Led By Energy Shares | The Forex Trader Portal
Global Wrap
U S Markets Rise Led By Energy Shares
Current Futures Dow 69 00 S P 10 10 NASDAQ 15 75
Stock markets gained in the United States on Tuesday The Dow advanced 57 81 points while the S P 500 rose 8 44 points and the tech heavy Nasdaq had the largest percentage gain by climbing 17 33 points All sectors were showing increases with energy shares boasting a 2 32 percent rise and financial shares ahead by 1 12 percent Shares in Exxon Mobil saw an increase of 0 96 percent while energy giant BP rose 1 53 percent Financial shares that were on the rise included Citigroup Inc which gained 2 06 percent and Lloyds Banking Group with a 6 15 percent gain Meanwhile shares of AIG fell 6 19 percent
In other news the credit of U S consumers has declined more than five times the estimated amount Consumer credit declined by a staggering 21 6 billion This stems from tighter lending criteria by the banks who are reluctant to lend as well as consumers fretting over job losses and unwilling to borrow This is the sixth monthly drop in consumer credit and the longest streak of declines seen since the early 1990 s
The Dow Jones Index gained 57 81 points 0 61 to 9 499 08 while the S P 500 index added 8 44 points 0 83 to 1 024 84
Crude oil for October delivery was recently trading at 71 22 per barrel higher by 3 21
Gold for October delivery was recently trading higher by 0 80 to 997 50
Treasuries were little changed on the day The Treasury Department is preparing to sell 38 billion of 3 year notes Yield on the 10 year note changed 2 7 basis points to 3 44 |
WMB | Kilimanjaro climb inspires Muguruza for push to Melbourne summit | By Ian Ransom
MELBOURNE Reuters Having scaled Africa s highest mountain during the offseason former world number one Garbine Muguruza hopes to reach new heights at the Australian Open after suffering a tumble down the world rankings in 2019
The Venezuela born Spaniard made another determined push at Melbourne Park on Thursday heaving herself out of a mid match slump against Australia s Ajla Tomljanovic to reach the third round with a 6 3 3 6 6 3 win in the early match at Rod Laver Arena
The bright start at the year s first Grand Slam follows a disappointing finish to a 2019 season which saw her dumped out of the first round at Wimbledon and the U S Open
The 26 year old cut her season short swapped her rackets for crampons and headed to Tanzania with a friend to climb 5 895 meter 19 340 feet Mount Kilimanjaro a five day expedition in which she scaled cliffs waded through icy rivers and passed bitterly cold nights
It was a very hard challenge completely different to what I do Muguruza now ranked world number 32 told reporters at Melbourne Park
You re climbing that mountain and it s only you You don t get any award any prize any photo any nothing up there
I really like the experience to see myself in the middle of nowhere and yeah just having one clear thought just to keep climbing
Once one of the tour s most feared competitors and the only player to beat both Serena and Venus Williams NYSE WMB in Grand Slam finals Muguruza has gradually fallen off the radar
Following her 2017 Wimbledon triumph the second of her two major titles Muguruza reached the semi finals at the 2018 French Open but has not had a deep run at the Grand Slams since
Muguruza parted ways with her long time coach Sam Sumyk in July and finished outside the world top 20 at the end of the season for the first time since 2014
The new year began with a touch of pessimism as the former French Open champion pulled out of the Hobart International in the leadup to Melbourne Park with a viral illness
The lack of match practice told as she lost the opening set 6 0 in her first round clash against qualifier Shelby Rogers before steamrolling the American
Now re united with former mentor Conchita Martinez the first Spanish woman to win Wimbledon Muguruza has yet to produce her vintage best in Melbourne but her fighting spirit was enough to deal with Tomljanovic
Like everybody you work hard You put the hours in she said of her joy at the hard fought win
Nothing is guaranteed so you really appreciate the moment |
WMB | Australian Open order of play on Friday | MELBOURNE Reuters Order of play on the main showcourts on the fifth day of the Australian Open on Friday play begins at 0000 GMT prefix number denotes seeding
ROD LAVER ARENA
1 Ash Barty Australia v 29 Elena Rybakina Kazakhstan
27 Wang Qiang China v 8 Serena Williams NYSE WMB U S
Yoshihito Nishioka Japan v 2 Novak Djokovic Serbia
Not before 0800 GMT
3 Naomi Osaka Japan v Coco Gauff U S
John Millman Australia v 3 Roger Federer Switzerland
MARGARET COURT ARENA
14 Diego Schwartzman Argentina v 24 Dusan Lajovic Serbia
25 Ekaterina Alexandrova Russia v 7 Petra Kvitova Czech Republic
10 Madison Keys U S v 22 Maria Sakkari Greece
Not before 0800 GMT
6 Stefanos Tsitsipas Greece v 32 Milos Raonic Canada
Zhang Shuai China v 14 Sofia Kenin U S
MELBOURNE ARENA
Not before 0130 GMT
Ons Jabeur Tunisia v Caroline Wozniacki Denmark
Marin Cilic Croatia v 9 Roberto Bautista Agut Spain
22 Guido Pella Argentina v 12 Fabio Fognini Italy |
WMB | Gauff vows to be more aggressive in Osaka showdown | Reuters American teenager Coco Gauff has promised to be more aggressive against holder Naomi Osaka in the third round of the Australian Open on Friday as she hopes for a different outcome in their second career meeting
A nervous Gauff was beaten 6 3 6 0 by Japan s Osaka in the third round of the U S Open last year but the 15 year old said after her three set victory over Romania s Sorana Cirstea on Wednesday that things would be different
I ll be less nervous this time at the U S Open I was nervous It was my first time on Arthur Ashe Gauff who downed seven times Grand Slam winner Venus Williams NYSE WMB in her tournament opener in Melbourne told a news conference
We re both familiar with each other s games She plays really aggressive This time coming in I m going to be more aggressive I think I m more confident this time around
World number one Ash Barty will look to continue her strong start to the tournament but the home hope could face a tricky third round test against Hobart International champion Elena Rybakina in their first meeting
Roger Federer will play Australian battler John Millman who beat him at the 2018 U S Open while Novak Djokovic takes on Japan s Yoshihito Nishioka for a place in the fourth round
In other matches 23 times Grand Slam singles champion Serena Williams plays China s Wang Qiang Petra Kvitova meets Ekaterina Alexandrova and Caroline Wozniacki faces Ons Jabeur
Among the men sixth seed Stefanos Tsitsipas faces the big serving Milos Raonic while Marin Cilic meets Roberto Bautista Agut and Guido Pella plays Fabio Fognini |
WMB | Serena knocked out of Australian Open in shock upset by Wang | By Ian Ransom MELBOURNE Reuters Seven times champion Serena Williams NYSE WMB suffered a dramatic exit from the Australian Open on Friday her earliest in 14 years falling 6 4 6 7 2 7 5 to China s Wang Qiang in a stunning third round upset that tore the women s tournament open Wang who was thrashed 6 1 6 0 by Williams in the U S Open quarter finals savored sweet revenge on Rod Laver Arena to end the American s bid for a record equaling 24th Grand Slam title sending shockwaves through Melbourne Park A day before the Chinese New Year 27th seed Wang wavered when serving for the match at 5 4 in the second set but was magnificent under pressure in the decider She broke Williams s formidable serve to seal the thriller on the third match point when the American dumped a backhand into the net It was Williams earliest exit from the year s first Grand Slam since 2006 when her title defense was ended by Daniela Hantuchova I think my team always believe I can do it Wang said on court After last I played Serena I did really hard work on the court and off the court it s really good work and I believed I could do it During the second set I was a little bit confused but in my mind I knew I had to focus on the court focus on every point Wang 28 said Chinese New Year celebrations would be on hold before her fourth round clash against Tunisia s Ons Jabeur who knocked out Williams s good friend and former world number one Caroline Wozniacki drawing the curtain on the retiring Dane s career in tennis I ll take a rest and just prepare for the next match she said A slow burning contest burst into life in the ninth game when Wang broke Williams to love raising a gasp from the crowd with a breathless rush to the net Williams s shrieking hit ear splitting levels but Wang unintimidated calmly served out the set The Tianjin native broke Williams again in the second set but was denied a quick kill by the American s spirit and backhand Williams fired a pair of thumping winners before leveling terms with a forehand crosscourt at the end of a frenetic 24 shot rally The significance of the occasion lay heavy on Wang in the tiebreak as Williams roared ahead to level the match But Wang kept counter punching only denied another early break in the deciding set by the formidable Williams serve It was clear that Wang would need to produce something special to upset her iconic opponent and she nosed ahead to 6 5 after a blistering backhand that clipped the line She squandered two match points with a pair of unforced errors in the final nerve shredding game but held firm to capture arguably the finest Grand Slam win of her career |
WMB | Osaka still searching for champion mentality after Melbourne loss | MELBOURNE Reuters Naomi Osaka admitted to buckling under the pressure of having to defend her Australian Open title saying she was still searching for the champion mentality following her third round upset by American teenager Coco Gauff on Friday
The Japanese third seed who beat Petra Kvitova to win the title at Melbourne Park last year appeared out of sorts in her loss against 15 year old Gauff racking up 30 unforced errors to just 17 winners
Osaka s tame performance on Rod Laver Arena came less than four months after she beat Gauff easily 6 3 6 0 in the same round at the U S Open
I don t know I just feel tight like playing here a little bit because of the defending thing Osaka told reporters
I don t really have the champion mentality yet which is like someone that can deal with not playing 100 you know And I have always wanted to be like that but I guess I still have a long way to go
The loss marks the second Grand Slam in a row where Osaka has failed to retain her title after losing to Swiss Belinda Bencic in the fourth round at the U S Open last year Osaka had won her first major final in New York in 2018 beating six times champion Serena Williams NYSE WMB
Osaka said she was trying to get back into the mindset of winning tournaments rather than focusing on her performance in previous seasons
I think that s easier than thinking about defending she said
Osaka who was hailed as the future of women s tennis after her double Grand Slam success also acknowledged that the loss to the teenage Gauff stung
You don t want to lose to a 15 year old you know But I guess that s for me like a reality check It doesn t really matter the age of the opponent she said
Of course she deserves to be here She played her matches I just have to work harder |
WMB | Teenager Gauff stuns Osaka in Melbourne | By Rozanna Latiff MELBOURNE Reuters With composure that belied her age Coco Gauff claimed the biggest win of her young career on Friday with a stunning upset of defending champion Naomi Osaka at the Australian Open to reach the fourth round The 15 year old American took advantage of a misfiring Osaka for a brutally efficient 6 3 6 4 win in just 67 minutes on Rod Laver Arena Gauff who had beaten seven times Grand Slam champion Venus Williams NYSE WMB in her Australian Open debut on Monday said the win over Osaka ranked somewhere around the top of her biggest scalps I thought I played really well today and I was pretty composed and really calm she told reporters After losing to Osaka 6 3 6 0 at the U S Open last year Gauff said she felt less pressure and more confidence this time around against the Japanese third seed whose aggressive and heavy groundstrokes had troubled her in their previous meeting She definitely plays faster than most players I think at the U S Open I wasn t really prepared for that I feel like now I m more playing just having fun And I mean winning is a cherry on top but I m honestly having a lot of fun on the court even in those tight situations said Gauff Gauff who said she took a break from homework to play her night matches dazzled the crowd with her poise holding serve efficiently before a string of backhand errors off Osaka s racket gave the teenager the break midway through the first set Osaka appeared to stem the tide after fighting back from a break down early in the second set but could not keep up the momentum against the steady Gauff Gauff won a second break to go up 4 3 amid another flurry of errors from Osaka before serving out the victory with aplomb She next plays either China s Zhang Shuai or American 14th seed Sofia Kenin for a place in the quarter finals
Osaka was the third former women s champion to bow out at Melbourne Park on Friday after her immediate predecessors Caroline Wozniacki and Serena Williams lost their respective matches earlier in the day German Angelique Kerber who won in 2016 remains in the draw |
WMB | Pavlyuchenkova beats Pliskova as seeds continue to tumble | Reuters Anastasia Pavlyuchenkova secured her first career victory in seven attempts over world number two Karolina Pliskova on Saturday as the Australian Open lost another high seed in the third round
Russian Pavlyuchenkova battled to a 7 6 4 7 6 3 win over the second seeded Czech who joined defending champion Naomi Osaka and 23 times Grand Slam winner Serena Williams NYSE WMB in making third round exits
Pavlyuchenkova had a 4 1 lead in the first set and a 2 0 lead in the second before being taken to tiebreaks but won the key points to clinch victory in two hours 25 minutes
It hasn t sunk in yet I m still in the match and focusing on the next point Pavlyuchenkova said
I was thinking that if I take one or two games on her serve that would be amazing because she is the ace queen on the tour so that was my goal so I was focusing on returning well
I also managed to hold on my serve too so that helped
She will next meet three times Grand Slam champion Angelique Kerber in the fourth round after the German beat Italy s Camila Giorgi 6 2 6 7 4 6 3 on Margaret Court Arena |
WMB | Highlights Day six at the Australian Open | MELBOURNE Reuters Highlights of the sixth day at the Australian Open the first Grand Slam tournament of the year on Saturday times AEDT GMT 11
1440 SWIATEK ADVANCES WITH UPSET WIN OVER VEKIC
Unseeded Polish teenager Iga Swiatek knocked out 19th seed Donna Vekic 7 5 6 3 to reach the fourth round and match her best performance at a Grand Slam having reached the last 16 at Roland Garros last year
1427 KONTAVEIT SWATS ASIDE BENCIC
Estonia s Anett Kontaveit thrashed Swiss sixth seed Belinda Bencic 6 0 6 1 as the seeds continue to tumble Kontaveit who won the first nine games before Bencic got on the board took just 49 minutes to advance
I felt so good today It felt like everything I did went well so I m happy with that performance I served quite well and I was aggressive and I was doing the things I wanted to do really well Kontaveit said in a courtside interview
1341 PAVLYUCHENKOVA PIPS PLISKOVA
Russia s Anastasia Pavlyuchenkova stunned Czech second seed Karolina Pliskova 7 6 4 7 6 3 in an encounter between two former Australian Open junior champions The 30th seed takes on Angelique Kerber in the next round
1323 KERBER SEES OFF GIORGI TO REACH FOURTH ROUND
German Angelique Kerber seeded 17th defeated Camila Giorgi 6 2 6 7 4 6 3 to improve her head to head record against the Italian to 5 0
Giorgi struck an impressive 49 winners to Kerber s 15 but the 28 year old was undone by 65 unforced errors
1100 PLISKOVA ON COURT LOOKING TO AVOID UPSET
Second seed Karolina Pliskova gets play underway on Rod Laver Arena hoping she does not follow Serena Williams NYSE WMB and last year s champion Naomi Osaka out of the tournament after they were both upset in their third round matches on Friday
The Czech faces 30th seeded Russian Anastasia Pavlyuchenkova in the first match on the main showcourt while three times Grand Slam champion Angelique Kerber opens play on Margaret Court Arena against Italy s Camila Giorgi
There should be no disruptions to play with no chance of rain and only a moderate high of 26 Celsius 78 8 Fahrenheit expected |
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