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On Wednesday, Varonis Systems got an upgrade for its IBD SmartSelect Composite Rating from 91 to 97.
On Wednesday, Varonis Systems got an upgrade for its IBD SmartSelect Composite Rating from 91 to 97.
By Geoffrey Smith
(Bloomberg) -- SoftBank Group Corp., the technology dealmaker founded by billionaire Masayoshi Son, is considering listing a special purpose acquisition company in Europe, people with knowledge of the matter said.The Japanese conglomerate’s Vision Fund is discussing plans to raise capital for a blank-check company on the Amsterdam stock exchange later this year, the people said, asking not to be identified because the information is private. It is considering seeking about 250 million euros ($304 million) from the deal, though the target hasn’t been finalized, the people said.The SPAC would hunt for investments in the European technology industry and other high-growth areas, the people said. Deliberations are at an early stage, and details of the potential listing could change, the people said.A representative for the SoftBank Vision Fund declined to comment.Blank-check companies have completed $102 billion of U.S. initial public offerings this year, while $3.6 billion has been raised on European exchanges, data compiled by Bloomberg show. SoftBank has embraced the boom, with various arms of the Japanese conglomerate raising a combined $3.3 billion for nine U.S.-listed SPACs during the latest financial year.The pace of European listings has started rising as activity in New York slows, with British dealmaker Ian Osborne among the latest to raise funds on the continent. Dieter Wemmer, the former chief financial officer at Allianz SE, is also planning a blank-check company in Amsterdam targeting insurance deals, Bloomberg News has reported.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
* Cautious mood in Asia as Singapore, Taiwan see outbreaks * Risk currencies slip, but dollar still faces broad pressure * Fed minutes in focus * Graphic: World FX rates https://tmsnrt.rs/2RBWI5E By Tom Westbrook and Stanley White SINGAPORE/TOKYO, May 17 (Reuters) - The U.S. dollar was supported on Monday amid renewed worries about coronavirus restrictions in Asia, but investors are heavily positioned for it to fall while the U.S. Federal Reserve keeps rates low. Bitcoin skidded to a three-month low after Tesla Inc boss Elon Musk suggested at the weekend that the car maker is considering selling or may have already sold some of its holdings in the cryptocurrency. Easing commodity prices and fresh virus outbreaks in Singapore and Taiwan - where COVID-19 had been contained - helped modest dollar gains of 0.3% against the Australian dollar and 0.4% versus the New Zealand dollar.
The Paxos Settlement Service uses blockchain technology to speed up the process of completing transactions.
(Bloomberg) -- JD Logistics Inc., the delivery arm of e-commerce giant JD.com Inc., is seeking to raise as much as HK$26.4 billion ($3.4 billion) in its Hong Kong initial public offering, seizing on China’s online shopping boom sparked by the coronavirus pandemic.The warehousing and shipping company is selling 609.2 million shares at HK$39.36 to HK$43.36 each, according to a statement published in the South China Morning Post. The company will start taking investor orders from Monday and is set to begin trading on May 28 in Hong Kong. The deal is expected to be priced on May 21, according to the terms of the IPO obtained by Bloomberg News.At $3.4 billion, JD Logistics would be the second-largest IPO in the city this year, after Kuaishou Technology’s $6.2 billion listing in February. Hong Kong has seen two other blockbuster JD.com-related offerings in the past 12 months, including online health-care unit JD Health International Inc.’s $4 billion IPO in December, as well as its own second listing in June, which raised $4.6 billion.JD Logistics’ first-time share sale comes as Hong Kong’s market shrugs off concerns over inflation. The city has hosted $20.5 billion worth of IPOs so far this year, nearly seven times the $3 billion raised in the same period in 2020, data compiled by Bloomberg show.Created in 2007 and set up as a standalone unit under JD.com a decade later, JD Logistics’ networks include both so-called last mile and longer distance lines, as well as cold chain and bulky item networks, according to its prospectus. It operated more than 900 warehouses across China as of the end of 2020.The logistics firm’s revenue climbed 47% in 2020 to 73.4 billion yuan, the prospectus shows. The company reported a net loss of 4.1 billion yuan last year, compared to 2.2 billion yuan in 2019. It plans to use the proceeds from the IPO to upgrade and expand its logistics networks, develop advanced technologies and to expand its customer base.JD Logistics has attracted seven cornerstone investors to its offering, who agreed to subscribe for about $1.53 billion of stock, according to the terms.The cornerstone investors are:SoftBank Vision Fund $600 millionTemasek Holdings Pte about $220 millionBlackstone Group Inc. $150 millionTiger Global $200 millionChina Chengtong Holdings Group Ltd. $160 millionMatthews Asia $100 millionOaktree Capital $100 millionBofA Securities Inc., Goldman Sachs Group Inc. and Haitong International Securities Group Ltd. are joint sponsors for the listing.(Updates with details of cornerstone investors from term sheet.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The payments will reach more than 65 million children, according to senior administration officials.
The air is leaking out of the crypto complex, led by sharp declines in popular trades, including bitcoin, dogecoin and crypto platform Coinbase Global on Monday.
The crypto car drove to the dump Monday as most blockchain assets fell.
Dividend stocks are always popular. They offer investors a clear path to returns, with regular cash payments and a yield – a return on the original investment – that usually far exceeds bond yields. But not all dividend stocks are created equal, and some offer better opportunities than others. Dividend yield is a key metric. Among S&P listed companies the average yield is only 2%. However, the highest yields aren’t always the way to go. Investors should also consider share appreciation or upside potential – these factors aren’t always connected to dividends, but they will affect the general returns available from a given stock. To that end, we’ve used the TipRanks database to pull up two high-yield dividend stocks that share a profile: a Buy-rating from the Street’s analyst corps; considerable upside potential; and a dividend yielding over 8%. Let’s take a closer look. New York Mortgage Trust (NYMT) We’ll start with a real estate investment trust (REIT), a logical place to turn for high dividend returns. REITs typically pay out higher than average dividends, as a way of complying with profit-return regulations in the tax code. New York Mortgage Trust, which holds a portfolio of adjustable-rate residential mortgage loans, commercial mortgages, and non-agency mortgage-backed securities, is typical of its niche, both in the quality of its portfolio and its high yield dividend. In its recent 1Q21 financial release, NYMT listed several metrics of interest to investors. The company sold off non-agency RMBS and CMBS totaling $111.6 million, purchased $347.3 million in residential loans, and finished the quarter with $4.72 billion in total assets. The company saw net investment income of $30.3 million, and was able to fund its dividend payment, to the tune of 10 cents per common share. At that payment rate, the dividend yields 8.91%. This was the second dividend declaration in a row at 10 cents; the company has been gradually increasing the payment since cutting it back last summer during the worst of the corona crisis. B. Riley analyst Matt Howlett was impressed by NYMT’s management of the recent economic crisis, and that factor takes a lead role in his recent initiation report. “Over the last decade, NYMT has delivered among the highest economic return within the space due in part to strong asset selection, low leverage, and a highly efficient operating structure. While the March 2020 liquidity crisis was a setback for the industry, NYMT managed the crisis admirably, in our view, and avoided any major wear and tear on the company. In fact, we argue that as NYMT has rebuilt, its originations have become more direct (acquiring loans vs. securities), and its cost of capital has been declining,” Howlett opined. In line with these comments, Howlett rates the stock a Buy, and his $6 price target implies a one-year upside potential of 36%. Based on the current dividend yield and the expected price appreciation, the stock has ~45% potential total return profile. (To watch Howlett’s track record, click here) Overall, there are four recent reviews on record for NYMT, and they break down to 2 Buys, 1 Hold, and 1 Sell for a Moderate Buy consensus rating. The shares are selling for $4.45, and the average price target of $5.17 suggests room for ~17% upside from that level. (See NYMT stock analysis on TipRanks) Global Net Lease (GNL) Next up, Global Net Lease, is another REIT. The portfolio here is built on commercial real estate properties. A review of the company’s portfolio shows 306 such properties, totaling 37.2 million square feet of leasable space, let to 130 tenants. GNL operates in 10 countries, and boasts that 99.7% of its total square footage has been leased. The average lease has 8.3 years remaining – an important factor, as the long term provides stability to the portfolio. In the first quarter of 2021, GNL showed a top line of $89.4 million, up 12.8% from the year-ago quarter. The company ran a net loss, but at $800,000 that loss was significantly smaller than the $5 million lost in 1Q20. Net operating income was up from $71.9 million one year ago to $81.8 million in 1Q21. GNL reported sound liquidity in the quarter, with $262.9 million in cash or cash equivalents and an additional $88.6 million available in credit. And most importantly, GNL reported collecting 100% of rents due in Q1. GNL declared a 40 cent dividend for common shareholders during the quarter, and through it distributed a total of $36.2 million. At that rate, the dividend annualizes to $1.60 and gives a high yield of 8.59%. The dividend was cut last year during the corona crisis, but has been kept stable for five quarters since then. All of this adds up to a company that is sound on fundamentals of its business, and that has attracted notice from analyst Bryan Maher. In his note for B. Riley, Maher writes, “GNL's strong portfolio metrics provide for an attractive setup for the balance of 2021…. Given that GNL, in our view, is not over-levered and can borrow at exceedingly low rates, combined with prudent use of its in-place ATM, we are not concerned about the REIT's ability to finance acquisitions to hit our $300.0M target for 2021.” The analyst summed up, "Given GNL's well-crafted industrial/ office net lease portfolio and strong operating metrics, we reiterate our Buy rating on the shares." The Buy rating comes with a $23 price target attached. At current share price, that implies an upside of ~25% for the next 12 months. (To watch Maher’s track record, click here) Some stocks fly under the radar, and GNL is one of those. Maher's is the only recent analyst review of this company. (See GNL stock analysis on TipRanks) To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
Consequently, data retrieved from Glassnode affirmed the Bitcoin supply held by long term holders has returned to accumulation mode, even as price dips.
AT&T ruined a lot of shareholder value by trying to get success in the media business, a veteran media analyst Craig Moffett tells Yahoo Finance Live.
‘When same-sex marriage became a possibility in New York, he declined to consider it because he did not want to take on any possible financial obligations that a future divorce might entail.’
Cathie Wood's firm believes the concern about Bitcoin mining's impact on the environment is misguided.
Berkshire Hathaway took a stake of more than $900 million in insurance broker (AON) and sold off nearly all of its longtime investment in (WFC) (WFC) in the first quarter. Berkshire’s quarterly 13-F filing released late Monday showed a new position of about 4.1 million shares in Aon (ticker: AON). Berkshire (BRK.A, BRK.B) has been steadily selling its stake in Wells Fargo since early 2020.
The telecom company has long been a favorite of dividend investors, but its hefty debt load had called into question the sustainability of its payout.
The hedge fund investor's closed-end fund continues to trade at a big discount to its asset value despite solid gains in 2021 and huge returns in 2019 and 2020.
(Bloomberg) -- It’s a Wall Street nightmare. You score hundreds of millions of dollars on a trade and you just can’t get paid.That’s what Goldman Sachs Group Inc. faces in a transaction pitting its traders against Mexico’s dominant power company, championed by none other than President Andres Manuel Lopez Obrador, according to people with knowledge of the matter. At issue: roughly $400 million the Wall Street bank believes it’s owed from a natural-gas trade that went wild when a deep freeze hit Texas in February.In private discussions with Goldman Sachs, state-owned utility Comision Federal de Electricidad has blamed rogue traders, ejected staff and even hinted that the side lacking financial sophistication in the trade was, perhaps, the Wall Street bank, the people said.If the impasse continues to escalate, it risks dragging the bank into a political blowup.The freakishly cold storm that battered the central U.S. set off sweeping blackouts as ice formed on wind turbines and some pipelines froze, forcing oil and gas wells to shut. As power suppliers and traders struggled to track down fuel to meet obligations, prices skyrocketed. The surge benefited companies that happened to be on the right side of trades, but their ability to collect depends on what happens to gas suppliers, power generators and utility customers, some of whom have filed price-gouging lawsuits.The cost of paying Goldman Sachs could ultimately come from Mexican households, many of whom were left without power in the winter -- not so much because of local malfunctions but because authorities in Texas cut off fuel exports when their own lightly regulated system failed. It’s little surprise then that officials south of the border are reluctant to write a check to a giant U.S. bank.Yet anybody who bails on such a bet risks becoming persona non grata on Wall Street, complicating their future access. On the other side, Goldman’s leaders have to consider how angry they want to make the government of Mexico, a market where the firm has been expanding.The descriptions of the dispute and the underlying transaction between Goldman and a CFE subsidiary were provided by people with knowledge of the matter, who asked not to be identified publicly discussing the talks. A representative for Goldman Sachs didn’t comment for this story.The bank and CFE are heading into arbitration over the matter, a spokeswoman for the utility told a Whatsapp chat room with journalists on Monday, noting “the CFE considers that it has solid and sufficient arguments.”On the face of it, it was a routine natural-gas contract. Goldman had entered into the arrangement with CFE International, an arm of CFE. The investment bank’s obligations were tied to a monthly index of gas prices, while the CFE unit would be exposed to daily rates at certain hubs, such as the Waha hub in West Texas.The daily price there surged by nearly 100 times, whereas the monthly price was left largely unchanged, leaving the CFE subsidiary on the hook for an unusually large amount. But instead of the contract getting settled in the Wall Street firm’s favor, the situation has devolved into an acrimonious spat.The Mexican utility has argued that the traders who initiated the deal at its subsidiary weren’t authorized to do so, and some of them have since left, the people said. CFE has also argued it shouldn’t have to fulfill the contract because of the unforeseeable, extreme price action. And it has asserted that Goldman failed to strike a rock-solid contract because it didn’t get an explicit nod from the parent company as a guarantor on the trade, undermining the bank’s ability to extract the money.For Goldman, the dispute boils down to a contractual obligation that its counterparty is duty-bound to fulfill, even if the debt resulted from unforeseen disaster. The bank has also privately argued that such a trade was routinely carried out between the two sides and that the subsidiary even represented in documentation that it had a guarantee from the parent company, a person close to Goldman said. Chat logs during the deal indicate that CFE’s subsidiary was seeking approvals on various aspects of the trade from its parent, the person said.It’s unclear how and when Goldman will be able to realize the money it insists it’s owed, especially as CFE becomes a central part of the Mexican president’s campaign to reshape the domestic energy market.Read More: Mexico Blames U.S. as Energy Crisis Spills Across the BorderSince winning in a landslide in 2018, Lopez Obrador has sought to roll back energy reforms by his predecessor and has said he wants to turn CFE back into an economic champion. He’s broadly blamed private companies for fleecing the nation in deals hatched with corrupt officials, and he’s taken particular issue with gas contracts that he says unfairly benefited businesses at the expense of the state utility.“We are going to continue to comply with the commitment not to increase the price of electricity, even with speculation and the increases in gas prices that are taking place in Texas and the United States,” he said during his morning press conference on Feb. 18.(Updates with comment from CFE spokeswoman in ninth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The company’s decision to unwind its media efforts has broad ramifications for the telecom and content world—and investors.
The relief bill the president signed in March is giving states money for direct payments.
Coinbase Global on Monday said it plans to sell $1.25 billion of convertible debt. Its stock closed below its $250 reference price for the first time since the crypto platform listed on the Nasdaq exchange in mid-April.