|Bid||28.30 x 900|
|Ask||28.35 x 1400|
|Day's Range||28.20 - 28.48|
|52 Week Range||21.10 - 28.60|
|PE Ratio (TTM)||12.99|
|Forward Dividend & Yield||2.57 (9.79%)|
|1y Target Est||N/A|
It was the most exhaustive site search many local officials had ever seen. When it was over, Nashville seized a deal that cities originally on AllianceBernstein's list — such as Charlotte, a stronghold of the South's banking industry — had vied for. We go behind the deal.
A Wall Street investment firm passed over Charlotte for Nashville, Tenn., for its new corporate headquarters at least in part because of the Queen City's existing financial services base.
The company's decision to pursue a lease at this particular project is a milestone whose importance is hard to overstate — eliminating the biggest question still looming over the development.
Many are watching to see whether the new tax law will spur individuals or companies to leave California and other high-tax states. Brokerage pioneer Chuck Schwab says it's already happening.
If formally approved next week, this would be the second-largest FastTrack economic development grant a company has received since the start of 2011.
The impact is that if one stock — say, Apple Inc. (NASDAQ:AAPL) — has a bad day, it can drive indexes such as the S&P 500 or Dow Jones Industrials down significantly. The antidote is to diversify into smaller stocks that aren’t found in many indexes or ETFs to insulate your portfolio from general market sell-offs led by indexes. Natural Resource owns large parcels of land in the Eastern U.S., Appalachia, Central Illinois and the Western U.S. And in turn, it leases the land to mining companies under long-term contracts in return for royalty payments.
Investors from AllianceBernstein LP to UBS Wealth Management say that while the short-term pain developing-nation assets are experiencing isn’t entirely over, the selloff won’t be anywhere near the magnitude seen during the height of the taper tantrum in May 2013. Back then, emerging-market currencies and bonds slumped for about six weeks as the dollar and U.S. rates rose in response to the Federal Reserve unexpectedly suggesting it would reduce debt purchases. Investors have pulled more than $5.5 billion from bond markets since mid-April, according to the Institute of International Finance.
A Tennessee law enacted last month that specifically cuts taxes for publicly traded investment firms will benefit AllianceBernstein Holding LP in its move to Nashville from New York City. No Tennessee companies qualified when the state legislature considered it in February. Governor Bill Haslam signed the proposal into law April 9 and AllianceBernstein, which manages $550 billion, announced May 2 it was moving its headquarters, including 1,050 legal, marketing and IT workers, to the home of country music, starting this year.
Though the full impact won't be felt for awhile, the first employees will begin relocating from Manhattan this summer.
"This opens up an entirely new type of company that would locate here. This is not someone's back-office operations. We love those, by the way. This is a global headquarters," says Gov. Bill Haslam.
"There are different drivers bringing Nashville to the fore as a candidate for Amazon, and it's not public transit — never was, and wouldn't have been for years, even if it had passed," one site-selection expert says.
AllianceBernstein Holding L.P. officially announced Wednesday that Nashville, Tenn., will be the new home for the New York finance giant. The project is lucrative, promising upwards of $70 million in investment from AllianceBernstein and 1,050 corporate office jobs. Charlotte was purportedly one of two finalist cities for the project but ultimately lost out, despite being a financial-services hub.
Will employees of AllianceBernstein be whistling Dixie or singing the blues? The New York based money manager shocked everyone this week with the announcement that it will be relocating from Manhattan ...
Bloomberg's Jason Kelly discusses the low-tax advantage and other aspects of AllianceBernstein's move to the Music City on "Bloomberg Markets: Balance of Power." (Source: Bloomberg)
New York is losing more than a thousand financial-industry jobs -- and Manhattan’s loss is Music City’s gain. AllianceBernstein Holding LP is moving its corporate headquarters and about 1,050 jobs to Nashville, Tennessee, the company said in a filing Wednesday, concluding a months-long search that evaluated 30 cities on attributes including housing, cost of living, education and weather. While some of the firm’s traditional Wall Street functions -- including portfolio management, sell-side research and trading, and private wealth management -- will stay in New York, workers from finance, legal, sales and marketing teams, among other functions, will start relocating this year.
Yahoo Finance's LIVE market coverage and analysis of stocks and bonds begins each day at 11:45 a.m. ET.
Asset manager AllianceBernstein will move its headquarters from Midtown Manhattan to Nashville and relocate about 1,050 jobs beginning later this year, according to a filing with the Securities and Exchange Commission. Operations directly related to finance, such as the private wealth management business and sell-side research and trading, will remain in New York, the filing says. Asset manager AllianceBernstein is leaving New York for Nashville.
May.18 -- Nomura's George Goncalves, Sanford C. Bernstein's Noah Weisberger and Bloomberg's Gina Martin Adams discuss how they see the Italian government plan working on "Bloomberg Markets: The Open."
Tennessee Gov. Bill Haslam discusses how his state manages to have such low income and corporate taxes, which helped convince AllianceBernstein to relocate its headquarters to Tennessee.
The asset manager is pulling up stakes and moving its corporate headquarters and, over one thousand employees, to Nashville. Yahoo Finance's Seana Smith, Dan Roberts and Brittany Jones-Cooper discuss the news.
May.02 -- Bloomberg's Jason Kelly discusses the low-tax advantage and other aspects of AllianceBernstein's move to the Music City on "Bloomberg Markets: Balance of Power."