Warren Buffett’s Berkshire Hathaway Inc. reduced its investment in Goldman Sachs Group Inc. by 13 percent during the third quarter.
Frontier Communications (NASDAQ:FTR) is up 5.6%, getting a boost from becoming Macquarie's new top telecom pick fresh off FCC approval of Frontier's takeover of some of Verizon's wireline operations.
Poring through Frontier's 8-K on the Verizon ops in California, Florida and Texas, Macquarie's Kevin Smithen sees a return to growth in operating revenues, part of "vastly improved" results that should allow for more attractive terms on the company's bond deal.
Adjusted EBITDA margins were increasing 130 bps from the prior quarter to 30.4%, while free cash flow of $330M for the first half was up $286M from the prior year.
Frontier shares are down 17.2% YTD but have gained 9.6% over the past couple of days.
You had to own FTR by today to qualify for the dividend. Its not paid out until the end of September.
If it goes down further, the dividend will purchase more shares.
With the newest VZ purchase FTR will derive less than 20% of revenues from wireline voice operations. Increasingly, FTR is more of an ISP, business, and cable TV provider.
This is a very common practice among corporate executives, and yes, I'm sure many Frontier employees are out there waiting tables, in the military reserves, or having their Pampered Chef parties on the weekends.
Yahoo site is a mess
Every time I enter my zip code in Auto section, it keeps coming up New York, New York.
And I don't live in NY.
Multifamily now dropping.
Despite soaring homebuilder sentiment, permits plunged to 1.103mm SAAR - the lowest in 7 months - thanks to a collapse in multi-family permits to the lowest since 2014.
Good one. Still here, and still holding FTR. Shares will hover around $5 as debt issuance based on $5 share price. Execution is now key as most regulatory hurdles cleared. Full speed ahead.
BTW- Been busy with the docs as my mother (who lives with us) isn't doing so well these days.
Return of capital dividends are nothing new. Like FTR's cash flow and have reinvested dividends since the beginning in 1965. This one is held in a family trust account.
Mortgage applications down 6.2% as refinancings slide
Total volume fell 6.2 percent on a seasonally adjusted basis for the week ending September 4 versus the previous week, according to the Mortgage Bankers Association (MBA).
Applications to refinance home loans, which had shot up dramatically two weeks ago, fell 10 percent in the past week.
Macy's will close 35 to 40 underperforming stores, around 5% of its total locations, the department store chain announced Tuesday. The closures are a bold move: Macy's has closed a net total of 40 stores over the past five years. CEO Terry Lundgren said the retailer will remain a major store operator, but noted the change comes as shoppers alter their habits, buying more merchandise online.
Lockheed Martin Corp will announce plans on Wednesday to lay off about 500 people across its information systems and government services division, which it plans to sell or spin off later this year, a person familiar with the plans said.
Wynn Resorts operates Wynn Macau and is currently constructing Wynn Palace, a $4.1 billion project on the Cotai Strip in Macau, expected to open in the first half of 2016.
Las Vegas Sands owns three properties in Macau through its majority-owned subsidiary Sands China. The company is currently spending $2.7 billion to build a fourth property, the 3,000-room Parisian Macau, expected to open in 2016.
MGM Resorts also holds a stake in a portfolio of Macau properties through MGM China. It plans to open a new property in Cotai in the fourth quarter of 2016.
With many billions of capital spending committed, the casinos group is heavily exposed to a possible slowdown in China's economy. Macau gaming revenue began to decline in June 2014 and has continued since then. In August, gross gaming revenue fell 35.5% from the year-ago period, a 15th straight month of declines. It fell 34.5% in July and 36% in June.
In addition to China's economic challenges, the fall-off in Macau gaming is attributed to the Chinese government's aggressive crackdown on money laundering and corruption, a smoking ban in Macau casinos and a reduction in visas issued. More recently, a plunging Chinese stock market and the devaluation of the Chinese yuan added more friction. About 70% of Macau visitors come from mainland China.
On Friday, Wynn Resorts stock traded near five-year lows and 70% below its March 2014 high.
Deutsche Bank (DBKGn.DE) aims to cut roughly 23,000 jobs, or about one quarter of total staff, through layoffs mainly in technology activities and by spinning off its PostBank (DPBGn.DE) division, financial sources said on Monday