Price Crosses Moving Average
|Bid||53.92 x 1000|
|Ask||54.20 x 1000|
|Day's Range||53.14 - 54.01|
|52 Week Range||33.00 - 64.97|
|Beta (5Y Monthly)||1.42|
|PE Ratio (TTM)||282.46|
|Earnings Date||Jul 16, 2020 - Jul 20, 2020|
|Forward Dividend & Yield||1.97 (3.65%)|
|Ex-Dividend Date||May 01, 2020|
|1y Target Est||54.46|
Liquid alts—mutual funds and ETFs that mimic hedge-fund strategies—haven’t done well as a group. But amid a sea of problem funds are a handful that can help investors ride out a rocky market. Here’s how to understand the strategies, know when to use them, and how to choose a fund.
Private-equity backed EagleClaw Midstream is suing the former owners of Caprock Midstream, alleging they failed to disclose tens of millions of dollars of liabilities during acquisition talks. After the deal closed, EagleClaw discovered "numerous issues and claims for liabilities" with the pipeline assets, according to a lawsuit filed in a Texas court in Houston. The largest amount was a $22 million bill presented after the close by Cimarex Energy Co from an audit of a gas gathering, water handling and electrical services agreements, the suit claimed.
(Bloomberg) -- South Africa’s Naspers Ltd. and an investor group backed by German publisher Axel Springer SE are among suitors that submitted bids for EBay Inc.’s classified-advertising business, according to people familiar with the matter.Axel Springer teamed up with KKR & Co. for its offer, according to the people, who asked not to be identified because the information is private. Online classifieds company Adevinta ASA also made a bid for the unit by this week’s deadline, the people said. A consortium of Blackstone Group Inc., Permira and Hellman & Friedman has also been pursuing the business, the people said.The unit could fetch $8 billion to $10 billion, according to one of the people. EBay could decide as soon as next week which suitors advance to the next round, the people said.EBay shares rose 2.3% in New York Friday, valuing the company at about $30.5 billion.A potential sale of EBay’s classifieds unit could rank among the largest deals in Europe involving private equity firms this year. EBay is seeking a sale of the business at a time when market turmoil has hampered financing for leveraged buyouts, forcing companies to put a number of bidding processes on hold. Walmart Inc. paused the sale of a majority stake in its U.K. grocery chain Asda to focus management’s attention on running the business amid unprecedented spikes in demand driven by the coronavirus.Representatives for EBay, Adevinta, Axel Springer, Blackstone, KKR, Naspers and Permira declined to comment. A spokesperson for Hellman & Friedman didn’t immediately respond to a request for comment.EBay said in February it was in talks with multiple parties about a sale of the business and expected to update investors by the end of the first half. While the San Jose, California-based company reported better-than-expected sales in the first quarter, the classifieds unit dragged on results as the Covid-19 pandemic forced the closure of car dealerships.EBay’s classified business has attracted interest from several strategic and private equity firms, Dealreporter and The Wall Street Journal have previously reported, citing unidentified people. Permira partially owns Polish online auction site Allegro. Hellman & Friedman is a backer of digital car marketplace Autoscout24 GmbH.E-commerce group Naspers, Africa’s largest company by market value, is seeking to boost its portfolios in classifieds, food delivery and digital-payments businesses as well as education, Chief Executive Officer Bob Van Dijk said in an interview this month. The company acquires online companies around the world through Amsterdam-listed Prosus NV, which the company spun off in September last year.German publisher Axel Springer has ramped up its hunt for deals to accelerate a shift into digital media since agreeing to go private with the help of KKR last year.Norway’s Adevinta was spun off of Scandinavian media conglomerate Schibsted ASA last year with the goal of expanding in the global online classified market.(Updates with details on Axel Springer and Adevinta in last two paragraphs)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Blackstone Real Estate Income Trust, Inc. ("BREIT") announced today that its 2020 Annual Meeting of Stockholders (the "Annual Meeting") will be held as a virtual-only meeting on the previously announced date and time of Wednesday, June 17, 2020 at 9:00 a.m., Eastern Daylight Time in light of the public health impact of the novel coronavirus (COVID-19) pandemic. BREIT intends to return to an in-person format for future annual meetings of stockholders.
Moody's Investors Service, ("Moody's") downgraded BEP Ulterra Holdings, Inc.'s (Ulterra) ratings, including its Corporate Family Rating (CFR) to B3 from B2, Probability of Default Rating (PDR) to B3-PD from B2-PD, and senior secured term loan ratings to B3 from B2. The downgrade of Ulterra's CFR to B3 reflects Moody's expectation that the rapid decline in drilling activity in 2020 will reduce demand for Ulterra's services and cause a decline in earnings and deterioration in its leverage metrics in 2020, with slow recovery in 2021.
WeWork's India franchise said on Tuesday it laid off 100 employees, or 20% of its workforce, as the office-sharing startup joins a slew of firms that are cutting costs and revamping operations as a prolonged nationwide lockdown to curb the coronavirus has kept people indoors. A number of Indian startups, including restaurant aggregator Zomato and food delivery service Swiggy, have cut down their employees, as they reshape their business in response to the COVID-19 pandemic, which has forced 1.3 billion Indians indoors and crippled business. "We have optimised and planned our team strength based on the core business, as we continue to execute our long-term business strategy in India and aim to be profitable by early 2021," said Karan Virwani, chief executive at WeWork India, set up by real estate firm Embassy Group over 2 years ago.
Dutch bank NIBC Holding NV said late on Monday it has agreed to pay its 2019 dividend to its proposed buyer, U.S. equity firm Blackstone Group Inc, before the deal settles, in order to remove one hurdle to the proposed 1.36 billion-euro ($1.47 billion) takeover. NIBC said in April it would delay payment of its 0.53 euro ($0.5785) 2019 final dividend amid the coronavirus outbreak, following guidance from the Dutch Central Bank. Blackstone also said regulatory hang-ups could jeopardize the deal.
Billionaire hedge fund manager Bill Ackman’s Pershing Square Capital Management Ltd. has bought a $25 million stake in private equity firm Blackstone Group Inc. (BX) in the first quarter.Pershing Square said it built a position of almost 549,000 shares of Blackstone, according to a SEC filing. In addition, the billionaire’s portfolio disclosed a new position in Park Hotels & Resorts Inc. (PK), in which it bought 678,000 shares, valued at about $5.4 million, as of March 31.Shares in Blackstone this year slumped as much as 35% as of March 23. However, since then the stock has seen a nice recovery soaring 42% and trading at $51.07 as of Friday. In the first quarter of the year, Park Hotels shares have lost as much as 81%.The hedge fund manager has also taken some profits. During the first quarter, Pershing divested about 32% of the portfolio’s stake in Chipotle Mexican Grill (CMG). The value of the burrito chain’s shares has more than doubled in the past two months. Furthermore, Ackman bumped up investments in current holdings, including Starbucks (SBUX), Agilent Technologies Inc. (A), Lowes Companies (LOW) and Restaurant Brands International (QSR).Despite strong stock market volatility triggered by the coronavirus pandemic, Pershing’s portfolio this year returned 16.5% on its investments as of May 12.At the beginning of the year, billionaire investor Ackman moved to protect the firm’s stock portfolio against coronavirus-related panic selling in markets by buying credit default swaps. Pershing Square yielded a stellar $2.6 billion from hedging its stock portfolio through the credit protection. Most of the return was invested in buying more shares of the fund’s portfolio companies including, Hilton Worldwide Holdings Inc. (HLT) and Warren Buffet’s Berkshire Hathaway (BRK.A).Ackman is this year also upbeat about investment into infrastructure projects helping the U.S. economy recover from the repercussions of the coronavirus outbreak. In March, Pershing invested $500 million in Howard Hughes Corp. (HHC), one of the largest real estate development companies in the US.Last week, both Brian Bedell at Deutsche Bank and Christopher Harris at Wells Fargo raised Blackstone’s price target to $47 and $63 respectively from $43 and $58 previously. Bedell has a Hold rating on the stock while Harris views it as a Buy.Overall, TipRanks data shows that Wall Street analysts are cautiously optimistic about the shares with 8 Buys and 4 Holds adding up to a Moderate Buy consensus. The $54.10 average price target implies 5.9% upside potential over the coming year. (See Blackstone stock analysis on TipRanks).Related News: Buffett’s Berkshire Shaves Off 84% Of Its Goldman Sachs Stake Carl Icahn Initiates Position in Delek US Holdings, Boosts Occidental Petroleum Is Royal Caribbean Cruises (RCL) Stock a Buy? This Analyst Says Yes More recent articles from Smarter Analyst: * Apple China Sales On Recovery Path In April, iPhone Sales Jump 160% - Report * Vermilion Energy CEO Steps Down With Immediate Effect * American Airlines and Others Given Go-Ahead to Reduce Route Coverage * Facebook Workplace Hits 5 Million Paid Users As Remote Work Demand Rises
Moody's Investors Service, ("Moody's") downgraded Michaels Stores, Inc.'s ("Michaels ") corporate family rating to Ba3 from Ba2, its probability of default rating to Ba3-PD from Ba2-PD, its senior secured rating to Ba3 from Ba2, and unsecured rating to B2 from B1. The speculative grade liquidity rating was downgraded to SGL-2 from SGL-1.
Moody's Investors Service (Moody's) has assigned a Ba2 rating to Blackstone Mortgage Trust, Inc.'s (BXMT) Term Loan B add-on. BXMT's Ba2 corporate family rating (CFR) and Ba2 senior secured rating were unaffected by the company's decision to increase its existing Term Loan B by $250 million. BXMT's Ba2 CFR reflects the strength of the company's competitive positioning in the commercial real estate (CRE) sector resulting from its affiliation with The Blackstone Group L.P., and its strong asset quality, stable profitability and low leverage.
Moody's Investors Service ("Moody's") has affirmed Match Group, Inc.'s ("Match" or the "company") Ba2 Corporate Family Rating (CFR), Ba2-PD Probability of Default Rating (PDR), Ba1 ratings on the senior secured bank credit facilities and Ba3 ratings on the senior unsecured notes. Concurrently, Moody's assigned a Ba3 rating to the proposed $500 million senior unsecured notes.
Blackstone (NYSE:BX) announced today that Stephen Schwarzman, Chairman, CEO and Co-Founder, is scheduled to present virtually at Bernstein’s 36th Annual Strategic Decisions Conference on Wednesday, May 27, 2020 at 1:30PM ET.
Private equity firm KKR & Co Inc reported an 11% jump in after-tax distributable earnings in the first quarter on Wednesday, driven by growth in asset sales and management fees ahead of the coronavirus-linked market turmoil. After-tax distributable earnings rose to $355.3 million in the quarter through March, from $314.1 million a year earlier, KKR said. Private equity firms such as KKR were forced to mark down the value of many of their funds following a sharp decline in global markets in February and March amid the economic fallout of the pandemic, which shut down large swaths of the economy.
Private equity firms CVC Capital Partners and Blackstone Group Inc are in separate talks about investments in Italy's Serie A soccer league, the Financial Times reported on Tuesday. Blackstone is separately considering lending to clubs to help cover their costs during the shutdown of fixtures, the report added, citing people familiar with proposal.
(Bloomberg Opinion) -- Dealmakers, listen up. If you’re looking to close a transaction, make sure you read the contract terms even more carefully than usual. Buyer’s remorse is spreading in the coronavirus era.Several multibillion-dollar deals have already been scuttled. SoftBank Group Corp. has pulled out of a $3 billion promise to buy stock from employees of WeWork, while Mirae Asset Global Investments Co. canceled the $5.8 billion purchase of 15 U.S. luxury hotels from Anbang Insurance Group Co. WeWork co-founder Adam Neumann and Dajia Insurance Group (which took over Anbang’s assets after it was seized by the Chinese government) both contend that the buyers have used legally faulty pretexts to justify their actions, and they are suing.Using the fine print to renege on a deal isn’t pretty, but it’s understandable in an environment where virus-related lockdowns have ravaged economies across the world. Forecasts and valuation estimates predating the pandemic have been rendered all but meaningless.The damage may be considerable. In the real estate industry alone, there is more than $370 billion worth of M&A deals waiting to close, data compiled by Bloomberg show.Many more may fall through. Blackstone Group Inc.’s talks for a potential investment in Chinese commercial property developer Soho China Ltd. have stalled, Vinicy Chan and Manuel Baigorri of Bloomberg News reported Monday, citing people familiar with the matter. Meanwhile, Shenzhen-listed Oceanwide Holdings Co. saw its sale of an unfinished San Francisco project collapse in March. Oceanwide, which was scored CCC+ by Fitch Ratings before the agency withdrew its assessment, said that it agreed to sell to another buyer, Chinese buyout firm Hony Capital. That deal has yet to close.Real estate has been hit hard. Hotels, shopping malls and offices are empty as the virus shuts down travel, while social-distancing rules are keeping consumers and employees at home. What kind of cash flow can these businesses expect if further waves follow?Sure, deals fall through all the time — sometimes even the most settled-looking acquisitions can founder. That’s just part of life. What’s abnormal, however, is when deal-breaking becomes a trend. Then there are long-term repercussions. China has already learned the hard way. Since Beijing seized Anbang two years ago, its attempt to dispose of the insurer’s overseas acquisitions has turned into a nightmare. The government wasn’t able to sell the Waldorf Astoria, which Anbang bought in 2015 for $1.95 billion, because the famed Manhattan hotel was already closed for renovation. The insurer had planned to convert the top floors into luxury condominiums. Wanting to avoid a fire sale, authorities plowed in an estimated $1 billion to complete the project. Some of these condos just came to market in March, just as the virus surfaced in New York City. Even Beijing wasn’t sure if it would get the money back, Caixin reported in March.And now Mirae Asset is pulling out. Apart from massive losses, the cleanup is taking forever. This helps explain why the government has been keeping a tight lid on insurance in the last two years, insisting on it being dull and boring. Roughly half of an industry bailout fund, or about 61 billion yuan ($8.6 billion), has already been spent to honor obligations incurred by Anbang. The government can’t afford to see another insurer go bust.In real estate, China’s high-flying developers have lived dangerously for years, figuring they could always sell land or projects if they ran into financial trouble. For instance, Future Land Development Holdings Ltd. became deeply distressed last year after its billionaire chairman was taken into criminal custody for suspected molestation of a minor. The Shanghai-based company bounced back quickly, selling more than 10 billion yuan of projects within two months to repay debt. Future Land was lucky: That was before the virus, when we could still estimate rental yields or capital gains.We’re in a different world now. Deals may not close smoothly because, all of a sudden, we don’t know how to project future cash flows. Will the recovery be V-, U-, W- or L-shaped? Who can say. Our grasp of consumer demand, the oil that lubricates most deals, is missing. That means those that rely on asset sales for survival are in for a rude awakening.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. She previously wrote on markets for Barron's, following a career as an investment banker, and is a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Letteri will be a senior managing director at Blackstone Growth’s recently launched growth equity platform and will lead its financial-services efforts.
Moody's Investors Service today affirmed the Baa3 rating assigned to Sabine Pass Liquefaction LLC's (SPL) senior secured bonds as well as the Ba2 Corporate Family Rating (CFR), Ba2-PD probability of default rating, and Ba2 rating assigned to Cheniere Energy Partners, L.P's (CQP) senior unsecured notes. The outlooks for SPL and CQP are stable.
Blackstone (NYSE: BX) announced that Vini Letteri will join Blackstone Growth ("BXG"), the firm’s recently launched global growth equity investing platform. He will be a Senior Managing Director and brings two decades of experience as a seasoned growth equity investor and operations professional. Mr. Letteri joins BXG from KKR NGT’s growth equity platform, where he was the head of NGT North America and was the first employee in the firm’s growth equity business. He will be based in Blackstone’s San Francisco office and will lead BXG’s Financial Services efforts, among other senior leadership positions that he will assume across the business.
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]
(Bloomberg) -- J. Crew Group Inc. filed for bankruptcy with plans to hand control to its lenders, unable to revive its preppy clothing line amid the pandemic and crushed by debt rooted in a long-ago leveraged buyout.While J. Crew’s struggles pre-dated the coronavirus outbreak, it’s the first major retailer to go bankrupt during the ensuing economic shutdown, which has pushed dozens of chains to the brink of failure. Neiman Marcus Group Inc. and J.C. Penney Co. are among merchants that could be days away from default.J. Crew’s Chapter 11 filing in U.S. Bankruptcy Court in Richmond, Virginia, allows the company to stay in business while cutting its borrowings. Normally that would include keeping the doors open for its J. Crew and Madewell stores, but sales at those outlets vanished when the coronavirus forced shoppers to stay home and nonessential businesses to shut.Anchorage Capital Group, Blackstone Group Inc.’s GSO Capital Partners and Davidson Kempner Capital Management will be among J. Crew’s new owners and will shape the board of directors once it exits bankruptcy, according to court papers. Those firms are leading a $400 million bankruptcy loan to keep J. Crew operating, according to a statement Monday.Debt SwapAbout $2 billion of debt will be converted into equity, according to court papers, wiping out existing stakes held by TPG and Leonard Green & Partners, the private equity firms that acquired J. Crew in a 2011 leveraged buyout.The company has about 181 J. Crew-branded stores worldwide, with 140 Madewell stores and 170 factory stores, court papers show. It employed about 13,000 people, with 11,000 furloughed during the shutdown. J. Crew said it’s “hopeful that jobs will be minimally impacted when stores reopen.”Suppliers may be hard-hit by the bankruptcy deal, which calls for a 50% cap on their claims and a total pot of $50 million, and that’s if they sign a new trade agreement within 30 days. Other low-ranking creditors will share a disbursement as low as $1 million depending on how stakeholders vote, according to court papers.Revenue for 2020 is expected to be down about 32%, according to a regulatory filing, with a measure of adjusted earnings down 53%.Even before the virus spread, the company was struggling because shoppers were defecting to online merchants and consumer tastes were changing. J. Crew had been trying to rebound from some fashion misses and complaints of poor-quality clothing.Asset ShuffleThe company managed to sidestep default once before in 2017, with a financial overhaul that included shuffling assets in a way that moved fast-growing Madewell out of reach of creditors.The change did little to reverse the company’s fortunes, but it irked creditors and turned J. Crew’s name into a synonym on Wall Street for lopsided debt deals that leave lenders with weaker claims on company assets. The deal resulted in two lawsuits, court papers show, and J. Crew has appointed someone to review whether it could result in any more lawsuits during the bankruptcy.J. Crew was relying on an initial public offering of Madewell to raise capital and ease its heavy debt load, a legacy of the 2011 buyout. The turmoil in financial markets put an end to that option.Madewell will remain part of J. Crew under the bankruptcy agreement reached with its lenders, according to the statement. About 71% of the company’s term loan lenders and 78% of its so-called IPCo notes agreed to the deal, the company said.The case is Chinos Holdings Inc., 20-32181, U.S. Bankruptcy Court, Eastern District of Virginia (Richmond).(Updates with terms of bankruptcy plan, expected losses and 2017 deal, starting in the first paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.