Investors clip the wings of American Eagle Outfitters Wednesday after the teen fashion retailer is forced to lower its holiday season sales forecast amid softer demand for men's and women's tops.
(Bloomberg) -- Catalyst Capital Group’s proposed offer to buy Hudson’s Bay Co. got a boost after the Ontario Securities Commission agreed to hear Catalyst’s complaint about a competing bid from a group led by the struggling retailer’s chairman.The Canadian regulator ruled Wednesday that it will proceed with a hearing this week into Catalyst’s concerns over the offer led by Chairman Richard Baker, who agreed to pay C$1.9 billion ($1.4 billion) to take the company private. Catalyst, a Toronto-based private equity firm that owns a 17.5% stake, has argued the Baker bid was made without proper disclosure to shareholders. Catalyst has made its own offer for Hudson’s Bay at a higher price than Baker’s group.The regulator’s hearing adds another twist to the saga surrounding the Canadian retailer, which is facing competing bids that have prompted diverging recommendations from shareholder advisory groups.Glass Lewis & Co. urged investors in the owner of Saks Fifth Avenue to support the Baker transaction at a shareholder meeting Dec. 17. It argued there’s no viable alternative on the table given that Baker’s group, which owns roughly 57% of the company, has said it won’t sell its shares. A special committee of HBC also rejected the Catalyst offer for the same reason.Institutional Shareholder Services Inc. last week urged investors to reject the Baker deal, saying that the company offered no clear reason why shareholders should accept it given that Catalyst has proposed a higher price.HBC shares have dropped seven straight sessions on investor concern that neither bid will go through.To contact the reporter on this story: Paula Sambo in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: David Scanlan at email@example.com, Jacqueline ThorpeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Five cases in which keeping your plan in place—or employing another non-IRA strategy—is the better move.
Shares of exercise bike company Peloton were under pressure Tuesday from a scathing research report that comes on the heels of blowback from its widely mocked ad. Andrew Left of Citron Research is well known on Wall Street for targeting companies he thinks have flawed business models and placing bets that their stocks will fall. Peloton went public in September at $29 a share.
Dollar-cost averaging is a popular strategy in which an investor purchases an asset at regularly timed intervals to mitigate the risk of buying high. But what about “dollar-cost ravaging?”
Okay, so it isn't the most polite question to ask. But boy is it natural to be curious about your peers' finances — and to feel comfort in knowing you're in the same boat as everyone else. (Any else have retirement-oriented fever dreams?) At R29, we're interested in erasing the taboo nature of money talk — so we thought we'd ask just about the most vulnerable question we could think of: How much money do you have in your bank account right now at this very moment? And speaking of, how much debt do you have? Oh and while you're at it, how do you feel about all of that information as it relates to the grand scheme of your life? We asked, and over 100 of you answered. Ahead, you'll find responses from a wide range of incomes, ages, and industries. Like what you see? How about some more R29 goodness, right here?How To Share Your Instagram Top Nine 2019These Are The Best Memes Of 2019 So FarAre You Embarrassed By Your Spotify Wrapped Music?
While living in Indiana before ever marriage, I set up a 401(k) and put a good amount of money into it. After leaving that job, it was rolled over into a traditional IRA. Would the courts look at my IRA money and bank accounts more as mine given that my husband never contributed to them?
DoubleLine Chief Executive Jeffrey Gundlach offered a bearish outlook in a CNBC interview, saying the U.S. market could be the worst performer during the next recession.
General Electric could be set for a big comeback in 2020 as its turnaround makes solid progress, a new GE analyst said.
Dec.12 -- Nestle SA is selling its U.S. ice cream business to a joint venture with private equity firm PAI Partners. It’s valued at $4 billion. The deal aims to create a stronger challenger to Unilever. Bloomberg Intelligence’s Duncan Fox discusses the deal on “Bloomberg Markets: European Open.”
Investors need to stay vigilant, says one market veteran.
Dec.11 -- Bloomberg Intelligence’s Eric Kazatsky examines the historical reaction of municipal bonds to Federal Reserve rate decisions and looks at relative value versus absolute yield in the municipal bond market. He speaks with Bloomberg’s Taylor Riggs on this week’s “Muni Moment” on "Bloomberg Markets."
How your 401(k) works after you retire depends on your age, whether you take withdrawals, or if you let it continue to accumulate earnings.
Investors will be monitoring earnings announcements from Costco, Broadcom and Oracle Thursday after the closing bell.
Germany recently halted Aurora Cannabis (NYSE: ACB) product sales, until the health authorities investigate the production process. The production step awaiting for the inspection is related to a method that Aurora utilizes to attain a long shelf life of the flower, German pharmacies reportedly said. Battley was alluding to the special permit that's demanded for distribution of irradiated medical cannabis products in Germany, adding “it’s going to take about four weeks” for the company to acquire it, according to Marijuana Business Daily.
DEEP DIVE U.S. stocks with attractive dividend yields have performed very well this year, for obvious reasons: Interest rates have declined at home and investors in Europe and Japan — where government and central-bank policies have pushed bond yields well into the negative — are desperate to find investments that will give them income.
Southwest Airlines has reached an agreement with The Boeing Co. related to the grounding of the Boeing 737 Max – and the airline reiterated plans to share to proceeds with the employees.
American and Canadian governments provide many of the same types of services for those in retirement, but the subtle differences between the two countries are worth noting.
Bank of America is incentivizing customers to do more of their day-to-day simple transactions digitally by paying them $15. It is cheaper for the bank and informs customers about options they may not know.
(Bloomberg) -- Almost four years after Mohammed bin Salman first said Saudi Arabia’s state oil giant was worth $2 trillion, the crown prince finally proved his point on Thursday.On the second day of trading on Riyadh’s stock exchange, Saudi Aramco surged -- briefly -- past his target. The valuation had become a matter of pride for Prince Mohammed, and he’s likely to claim victory over skeptical international investors who said the fair value for the world’s largest company is far lower.“I know he is proud,” his half-brother and oil minister, Prince Abdulaziz bin Salman, said in a TV interview after the shares were successfully allocated last week. “He made us all proud because he took good decisions. These decisions, you have seen it now, have brought us a 4.6 times over-subscription.”When the international sales effort was ditched back in November, the crown prince, advised by Prince Abdulaziz and Aramco Chairman Yasir Al-Rumayyan, decided to press on without the global fund management industry and use local capital to get as close to $2 trillion as possible.Reaching that mark took a major effort. Even before the international part of the share sale was all but abandoned, Aramco promised bumper dividends, minority shareholders were guaranteed payments at the state’s expense, and the company’s tax rates had been cut three times. The measures aimed at enhancing Aramco’s appeal, but as crude fluctuates, they may also undermine the stability of the oil revenues buttressing the kingdom’s economy.Banks were told to relax lending limits to maximize subscriptions, the richest Saudi families were pressed to make large commitments, retail investors got bonus shares, the governments of neighboring allies Kuwait and the United Arab Emirates were asked to help, and the Saudi state even committed more than $2 billion of its own money.Potential TroubleThe strategy worked, but it stores up potential trouble. Loans backed by Aramco shares are vulnerable to a drop in the share price, and the heavy reliance on local investors means the offering sucked up capital that could have found its way to other parts of the Saudi economy.It also makes an international listing, a big part of the original plan, more difficult. Global investors already had a chance to invest in Aramco shares at 32 riyals and balked. There’s no reason to think they would change their minds given another opportunity to invest at a still higher valuation on a different exchange.Aramco shares also look overvalued compared with other securities. At a market capitalization of $2 trillion, the dividend yield on Aramco shares is just 3.75%, based on the $75 billion a year in dividends the company has promised investors. That’s the same as the yield on Aramco’s bonds due in 2049 -- which entail less capital risk for investors -- and below the yield on long-dated Saudi government bonds.It’s also a long way below what other large oil companies pay: Exxon Mobil Corp.’s dividend yield is currently 5.1%, and Royal Dutch Shell Plc pays 6.8%. Even some Saudi companies provide better yields. Prince Alwaleed bin Talal’s Kingdom Holding Co. yields 6.8%, and Saudi Basic Industries Corp., which Aramco is acquiring, pays 4.9%.“For investors who have benefited so far, we would take profit here,” analysts at Sanford C. Bernstein Co. including Neil Beveridge and Oswald Clint said in a note on Thursday. “For those who have not, we would wait until a better entry point, which will inevitably come.”To contact the reporters on this story: Will Kennedy in London at firstname.lastname@example.org;Matthew Martin in Dubai at email@example.comTo contact the editors responsible for this story: Will Kennedy at firstname.lastname@example.org, Bruce Stanley, Amanda JordanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Tesla stock, in June, fell to levels not seen since early 2016. But with rapid growth in shipments, what does an analysis of the stock's fundamental and technical strength say about buying Tesla shares?
Dec.11 -- The world’s biggest company gets even bigger. Saudi Aramco had surged by the limit of 10% in its trading debut. Bloomberg’s Yousef Gamal El Din reports on “Bloomberg Markets: European Open.”