|Bid||33.27 x 1300|
|Ask||33.28 x 800|
|Day's Range||32.97 - 33.31|
|52 Week Range||17.33 - 33.31|
|Beta (5Y Monthly)||1.74|
|PE Ratio (TTM)||11.74|
|Forward Dividend & Yield||1.36 (4.13%)|
|Ex-Dividend Date||Nov 06, 2019|
|1y Target Est||N/A|
Moody's Investors Service, ("Moody's") assigned a Caa2 rating to Ortho-Clinical Diagnostics SA's ("Ortho" or "Ortho-Clinical Diagnostics") new senior unsecured notes. Ortho's existing ratings, including its B3 Corporate Family Rating, B3-PD Probability of Default Rating, and B2 senior secured bank credit facilities ratings, remain unchanged. Proceeds from the notes offering will be used to refinance a portion of the existing 6.625% USD unsecured notes that mature in 2022.
Downtown D.C.'s office vacancies hit another record-setting high in late 2019, a continued cause for alarm among the District's commercial real estate industry. The Downtown D.C. Business Improvement District estimates there's about 7.7 million square feet of empty office space within its borders, per a report the BID released earlier this month. The latest numbers bring the vacancy rate to 13.9%, the highest rate since 1993.
Big private-equity firms like Apollo Global Management or Carlyle Group would be among the logical buyers for the New York insurer, investment bankers said.
Not that it stops druggie daughter Ellie moaning about the priority given to “Dad’s career” as he urgently convenes the Cabinet Office Briefing Room. The crisis facing the Tory-by-implication PM Robert Sutherland (Robert Carlyle) is not international terrorism but cosmic rays that threaten large parts of the globe.
Moody's Investors Service, ("Moody's") downgraded Ortho-Clinical Diagnostics SA's ("Ortho") senior secured bank credit facilities ratings to B2 from B1. Moody's also assigned a B2 rating to the company's new $375 million-equivalent EUR term loan B due 2025. Moody's affirmed Ortho's Corporate Family Rating at B3 and the Probability of Default Rating at B3-PD and the Caa2 ratings of the senior unsecured notes due 2022.
(Bloomberg) -- The hedge fund industry’s main trade association has hired a Carlyle Group Inc. partner to be its new president, as the investment firms look to bolster their lobbying presence ahead of what promises to be a turbulent political year.Bryan Corbett will join the Managed Funds Association on Jan. 21, the Washington-based group said on Wednesday. A Republican who worked at the White House and Treasury Department during the George W. Bush administration, Corbett handled legislative affairs at Carlyle for five years before being promoted to a job involving the private-equity firm’s investments.The MFA represents more than 100 hedge funds, including D.E. Shaw & Co., Renaissance Technologies, Elliott Management Corp. and Bridgewater Associates. Though the industry has traditionally tried to keep a low profile in Washington, it regularly lobbies on tax and financial regulation issues.Hedge funds -- like most large financial services companies -- are concerned that they could become fodder for political attacks during the 2020 presidential campaign. A number of Democratic contenders, most notably Senators Elizabeth Warren and Bernie Sanders, have taken strong anti-Wall Street stances, bashing both investment firms and the rich people who run them.“There is going to be a real need for strong advocacy over the next couple of years,” said Corbett, who will replace Richard Baker, the former Louisiana congressman.The job is one of the highest-paying among Washington trade groups. Baker, who announced his retirement last year, earned $2.2 million, according to the MFA’s 2018 public tax filing.Corbett said he plans to push the association to get more involved not only at the federal government level, but also in the states and internationally, where the U.K.’s exit from the European Union has fueled uncertainty in the markets. He also will be looking to grow the organization’s membership.Before joining Carlyle in 2008, Corbett, 47, was a special assistant to President Bush for economic policy and a senior adviser to the deputy Treasury secretary. He began his government career as a counsel on the Senate Banking Committee under then-Chairman Richard Shelby.In an interview, Carlyle Co-Executive Chairman David Rubenstein said that while he’s sorry to see Corbett leave, he understands why the MFA sought him out.“Bryan is the kind of person you want to have representing you,” Rubenstein said. “He understands finance, he understands economics, he understands Capitol Hill.”To contact the reporter on this story: Robert Schmidt in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Jesse Westbrook at email@example.com, Gregory MottFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
(Bloomberg) -- Endeavor Group Holdings Inc., the talent agency and media business led by Ari Emanuel, acquired On Location Experiences, a high-end events business for the wealthy, from existing investors.Financial terms of the deal weren’t disclosed, though people familiar with the matter said it’s valued at about $660 million.The NFL, an investor in the company, is expected to increase its stake in the business to 20%, said the people, who asked not to be identified because the matter is private. The new owners named veteran media executive Paul Caine as president of On Location.“By bringing together a leader like On Location with Endeavor’s access and reach, we can advance the way consumers and brands think about money-can’t-buy experiences,” Emanuel said in a statement.On Location offers luxury travel, accommodations, and experiences like on-field and postgame access at the Super Bowl and international sports events. It has a number of major rights in its portfolio, including deals with the NCAA, the Masters, Grand Slam tennis events and the Ryder Cup.“We are committed to offering NFL fans unique and first-class experiences at our events,” NFL Commissioner Roger Goodell said. “On Location shares this commitment and delivers value for its partners and delights fans at events around the world.”The sale delivers a windfall to owners that include RedBird Capital, Bruin Sports Capital and Carlyle Group. RedBird and Bruin acquired the business for about $70 million in April 2015, people with knowledge of the matter said in April, when Bloomberg News first reported on the deal talks.Music FestivalsThe company also partners with music festivals and has eyed international expansion to link with major events and rights holders like the Olympics, FIFA and Formula One racing.Endeavor, parent of the Hollywood talent agency WME, called off an initial public offering in September, with the owners saying at the time that they wouldn’t “undervalue our company” amid a souring of the IPO market.In November, Endeavor bought the Harry Walker Agency, a group that books speaking engagements for celebrities including U.S. presidents Barack Obama and Bill Clinton, Shaquille O’Neal and former U.S. House Speaker John Boehner.Endeavor has been adding to its entertainment assets, which include the Ultimate Fighting Championship, Miss Universe and Professional Bull Riders. Caine in an interview said UFC’s growth under Endeavor is a good model for what can be accomplished with On Location.Bruin and RedBird owned more than 30% of On Location, according to one of the people, while Carlyle has about 10%.John Collins, On Location’s chief executive the past four years, will be an adviser to the company and Endeavor.(Updates with comments from Ari Emanuel in fourth paragraph and Roger Goodell in sixth paragraph.)To contact the reporter on this story: Scott Soshnick in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Nick Turner at email@example.com, John J. Edwards III, Cécile DauratFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
(Bloomberg) -- Private equity firms are ready to pounce in 2020, armed with a record level of cash.Firms led by Blackstone Group Inc. and Carlyle Group LP have amassed almost $1.5 trillion in unspent capital, the highest year-end total on record, according to data compiled by Preqin. While last year saw roughly $450 billion worth of private equity deals, M&A activity this year could be on a scale not seen since the financial crisis.“We’re entering the year with people feeling much better about the economic and geopolitical outlook than was the case a year ago,” said Jason Thomas, global head of research at private equity giant Carlyle.Here’s a look at industry figures for 2019, and what they could mean for the next 12 months.Low interest rates, the rise of index-tracking funds and years of lackluster hedge fund performance have pushed investors to private equity in search of higher returns. Many firms -- once known as leverage buyout shops -- have opted to accumulate those assets as valuations soar and competition for deals grows.One reason why firms can keep so much cash on hand ready for the right moment is because their investment options are expanding, according to Kewsong Lee, co-chief executive officer at Carlyle. Asset classes such as private credit and regions including Japan are opening up to private capital flows, he said at a conference in December.“It’s not only private equity that keeps growing, but new asset classes are emerging within private equity,” Lee said.While deal activity was down slightly on 2018, last year’s figures were still strong as firms continued to eye larger targets.In what could be the biggest-ever leveraged buyout, KKR & Co. approached drugstore giant Walgreens Boots Alliance Inc. in November about taking the company private. One of the largest deals last year was the roughly $14 billion buyout of fiber network company Zayo Group Holdings Inc. by Stockholm-based private equity firm EQT AB and Digital Colony Partners.The cash on hand could mean even more dealmaking in 2020, said Dave Tayeh, head of private equity in North America at alternative asset manager Investcorp.“There are many tailwinds expected to drive healthy deal flow -- from increased certainty around Brexit to continued low rates and ongoing technology disruption across sectors,” Tayeh said by email. “But global trade tensions and high valuations will continue to have an impact on M&A.”While cash assets are at an all-time high, fundraising has ticked down since the 2017 peak. The amount of capital raised by 2019 vintage funds, or those that began investing last year, was about $465 billion, according to data compiled by Bloomberg.“We’ve been through a peak in fundraising,” said Graham Elton, chairman of Bain & Co.’s private equity business in Europe, the Middle East and Africa. “Those who will suffer are the ones at the wrong end of the performance spectrum.”The sector has, however, remained popular among institutional and family office investors willing to trade lockups of committed money for as long as 10 years for the potential to earn stock market beating returns.“From a fundraising perspective, we believe any prospective hesitation among experienced investors will be at least partially offset by the flow of new investors moving into the space -- high-net worth individuals and family offices in particular,” said Andres Saenz, who leads EY’s global private equity practice.Over the 25 years ended in March, private equity funds returned more than 13% a year on average, compared with about 9% a year for the S&P 500 over the same period.Firms may find it hard to replicate their past gains, however. The tide of new money has pushed up asset prices at the expense of returns -- a pattern that’s occurred across all areas of the market, said Jill Shaw, managing director at Cambridge Associates, which manages funds on behalf of wealthy families and pension, endowment and foundation clients.The massive stockpile of capital is a concern and may push down investment returns, Bloomberg Intelligence analyst Paul Gulberg wrote in a July note.Carlyle’s Thomas said that he sees opportunities in oil and gas, which he views as cheap after investors fled the sector over fears for the firms’ environmental credentials. Shaw at Cambridge Associates said there is opportunity in small- and mid-cap companies where “prices are a bit more rational.”\--With assistance from Jesper Hjalm, Jan-Henrik Förster and Morgan McKinnon-Snell.To contact the reporters on this story: Melissa Karsh in New York at firstname.lastname@example.org;Benjamin Robertson in London at email@example.comTo contact the editors responsible for this story: Shelley Robinson at firstname.lastname@example.org, ;Sam Mamudi at email@example.com, Chris BourkeFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Moody's Investors Service ("Moody's") placed its ratings for TurboCombustor Technology, Inc. ("TurboCombustor," dba Paradigm Precision) on review for downgrade, including the company's B3 corporate family rating (CFR) and B3-PD probability of default rating, as well as its B3 senior secured debt ratings.
It's true that the markets continue to rise, and stocks keep hitting new highs almost daily.It's also true that we haven't had a recession in almost a decade, which is very rare.But that doesn't mean you should be complacent. Newton's Law of gravity still endures. And next might be positive, but expectations aren't for blockbuster growth.InvestorPlace - Stock Market News, Stock Advice & Trading TipsWhile it's great to have strong growth stocks, it's also important to get some income in the mix. Usually these stocks are based in solid sectors that reflect a strong U.S. economy and deliver inflation-beating dividends, so that you can reinvest … or simply pocket the cash. * 7 Vaping Stocks to Get into Ahead of the Crowd I've run my Portfolio Grader screens, and these seven top-tier dividend stocks for 2020 are all A-rated winners, that are perfect fits in anyone's portfolio. Dividend Stocks: The Carlyle Group (CG)Source: Casimiro PT / Shutterstock.com Dividend Yield: 4.3%The Carlyle Group (NASDAQ:CG) was set up in 1987, almost as a private equity firm for Washington, D.C. political veterans and their families. One of the more famous names is the Bush family.But those legacy political families also brought along other legacy political families from around the world.It was firm that would manage their money using alternative assets like real estate, corporate financing and natural resources. And the clients had a pretty good idea of what was happening in the world to help the company pick investments.Now, it's a larger business and has much bigger fish in its pond from Wall Street. But it has still maintained its quality, even at an $11 billion market capitalization.This year, the stock is up a whopping 94% and yet it still delivers a 4.3% dividend with a trailing price-to-earnings ratio slightly above 11. Omega Healthcare InvestorsSource: Shutterstock Dividend Yield: 6.4%Omega Healthcare Investors (NYSE:OHI) is a real estate investment trust (REIT) that focuses on triple net leases in the nursing home and assisted living facility space.The graying of the baby boomers is a significant demographic shift and this industry sector is going to play an enormous part.As a triple net lease operator, OHI leases properties to companies that run the businesses, and Omega isn't responsible for property taxes, maintenance or insurance. That means it doesn't have spend a lot of cash to keep these properties going, which helps boost funds from operations. * The 8 Biggest Investing Surprises of 2019 While the stock is up 17% in the past year, it delivers a healthy 6.4% dividend. And even if the broader economy slows, this sector will continue its steady growth, because the population is aging and will need more medical services in the coming years. Blackstone Group (BX)Source: Isabelle OHara / Shutterstock.com Dividend Yield: 3.5%Blackstone Group (NYSE:BX) is a massive investment and fund management services company that runs its own private equity funds in various sectors, including real estate and even private real estate investment trusts.It's the largest alternative asset management firm in the world. What does that mean? Basically, alternative assets are anything that isn't a stock, bond, commodity or derivative. That means its energy fund is about owning energy properties or land leases where energy companies drill. Its real estate division owns real estate and land that is bundled into a sector (commercial, tech, healthcare) and then shares are sold to hedge funds and high net worth individuals.It has been very good at what it does for three and a half decades. Even with a $66 billion market cap, the stock is up 95% in the past year, yet its trailing P/E ratio is only 24. And it still delivers a 3.5% dividend on top of that, after all the stock gains. Mid-America Apartment Communities (MAA)Source: Shutterstock Dividend Yield: 3.1%Mid-America Apartment Communities (NYSE:MAA) operates as REIT, and focuses on multi-family apartment communities in the Southeast, Mid-Atlantic and Southwest U.S.Currently, it operates over 100,000 units in more than 300 communities in 17 states. Most of its communities are built for career professionals who are looking for comfort, amenities, style and convenience without having to pay a premium for it.This is a good sector because it is an ideal Gen X and millennial play on the housing market. Given the student debt many carry, and their memories of the housing market crash, renting in a nice community is an attractive idea.Also, until they settle down, being able to move for opportunity is a big part of their lives, and renting is much less a hassle than buying and then having to sell before you leave. * 5 Large-Cap Dividend Stocks to Buy The stock is up 33% this year and it still has a dividend of 3.1%. It's a bit pricey here, but this is a growth sector that will continue to do well even if the broader economy slows. General Mills (GIS)Source: designs by Jack / Shutterstock.com Dividend Yield: 3.7%General Mills (NYSE:GIS) has been around since 1866, and is one of the top consumer staples companies in the world.Classic American brands like Betty Crocker, Pillsbury, Wheaties, Cheerios, Old El Paso, Green Giant and Yoplait are just a handful of examples.A few years back, this sector, especially the big consumer staples companies, had to reimagine themselves for the newer generations of consumers. The old baby boomer brands weren't drawing the Gen Xers or millennials.It took a while to turn the ship, but GIS is on its way back. It added new, health-conscious brands (like Annie's and Blue Buffalo) and also moved into Asian and Latino brands to address a changing American demographic.And it's paying off. The stock is up 37% in the past year, delivers a reliable 3.7% dividend and yet still has a trailing P/E ratio of around 15. What's more, earlier this week it announced that it beat earnings expectations in fiscal Q2. Southern Company (SO)Source: 360b / Shutterstock.com Dividend Yield: 3.9%Southern Company (NYSE:SO) is the second-largest utility in the U.S. It provides electricity to customers in Alabama, Georgia, Florida and Mississippi. It also has natural gas distribution channels through a number of other states, and significant solar power facilities as well.SO stock has been around since 1945 and is well positioned to grow it business and deliver new solutions to the region's energy needs.A few years back it attempted to build the first new nuclear power plant in decades, but regulatory issues turned the project into a nightmare. Fortunately, its base of 4.7 million customers and patient state regulators gave it some cushion. But now those days are behind it and SO is doing well with its natural gas business and alternative energy work. * 7 'Strong Buy' Stocks to Put on Your Wish List The stock is up 40% in the past 12 months, still delivers a nearly 4% dividend and is trading at a trailing P/E ratio of 14. And better yet, its dividend is bomb-proof. Target (TGT)Source: Robert Gregory Griffeth / Shutterstock.com Dividend Yield: 2%Target (NYSE:TGT) is big-box retailing royalty, going back all the way to 1902.This pick is all about the U.S. consumer. Well, it's a little about how Target overcame some pretty significant obstacles in transitioning to new generations of consumers, including grocery offerings and e-commerce.Five years ago, a lot of Old-School businesses were on the cusp of relevancy. You can see that by the fate of many department stores and retailers. Getting management to shift their thinking to new consumer trends was difficult because the model that brought them success was safe.But failing to adapt was even more dangerous. And TGT finally go it. It pivoted and the success is showing up in the stock, as it has brought back consumers, added new lines of products and become more nimble.TGT has a market cap of $65 billion and the stock is up more than 110% in the past year. That is confirmation of its rebirth.Its dividend may only be 2% at this point, but given that GDP is running about the same level, it's worth it since this long-term holding will deliver growth and income for a long time to come at this point.Louis Navellier had an unconventional start, as a grad student who accidentally built a market-beating stock system -- with returns rivaling even Warren Buffett. In his latest feat, Louis discovered the "Master Key" to profiting from the biggest tech revolution of this (or any) generation. Louis Navellier may hold some of the aforementioned securities in one or more of his newsletters. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Vaping Stocks to Get into Ahead of the Crowd * 5 Retail Stocks That Are Winning Big This Holiday Season * Make the Shift Toward Value Stocks With These 5 Picks The post 7 Top-Tier Dividend Stocks for 2020 appeared first on InvestorPlace.
Ah, diversification.It's a word you used to hear a lot about when it came to building a strong portfolio. But the thing is, trends change and all sorts of stories get written about income and/or growth being the bedrock of portfolios.In the height of the dotcom boom, brokers were telling their clients that growth was the new income and that those stupid income stocks were an anchor on their portfolio. Now, tech, e-commerce, and cannabis rule the day. But you need more than just those headline sectors in your portfolio.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThat's where mid-cap stocks come in. They are well suited for moderate growth markets like we're in now, because they can show more growth than lumbering large-cap stocks. They also offer more safety than small-caps. * The 8 Biggest Investing Surprises of 2019 These are 'Goldilocks' stocks that are worth a place in your portfolio. Below are seven ideal mid-cap stocks for a diverse portfolio. And they're all A-rated in my Portfolio Grader.Source: Shutterstock Avon Products (NYSE:AVP) may not be a name you thought you would see in this article, but it is back from oblivion and has actually posted some encouraging numbers in recent years.It's certainly a shadow of its former self, but it has retooled and shifted away from its U.S. base into developing markets where access to health and beauty products is more of a challenge.This was part of its allure in the U.S., when more of America was rural and getting a decent selection of beauty products was hard to come by on a regular basis. It was the same concept as the Sears catalog - it brought the store to you, but it involved having a real-life professional show you how to use the products - a makeup counter in your own home.This strategy has been working. And the cosmetics industry is predicted to boom in coming years.The stock is up a whopping 231% in the past year, so there are a lot of believers. In its latest quarter, profits were up but revenue missed slightly.Source: Casimiro PT / Shutterstock.com Carlyle Group (NYSE:CG) is essentially a private equity firm. Before (and after) it went public, it was the place where the Saudi royal family, the Bush family and other old money groups put some of their money in to diversify their portfolios beyond stocks and bonds.It was a very exclusive club. But then it opened up and started to wade into the water with other private equity firms. Now it owns real estate, buys into companies as turnaround plays, offers financing, etc.CG still a quiet company that has a very good track record. And even after running up 95% in the past year, the stock is only trading at a trailing PE under 11 and still delivers a solid 4.4% dividend. * 7 Biotech Stocks to Buy and Hold in 2020 There are certainly bigger names in this game, but CG's client list makes them a very interesting choice if you want to dip your toe into the growing private equity sector.Source: Shutterstock China Biologic Products (NASDAQ:CBPO) has been on my radar for many years. So it wasn't a surprise when a consortium came in and bought the company for $4 billion.When it started, CBPO was a solid medical company that focused on the boring end of drug development - plasma-based biopharmaceutical products for immune system disorders, epidemic diseases, and disaster relief medicines.Basically, it was making front line drugs for a developing economy. In China, that's a lot of business potential. And CBPO was one of the favorites of the government in the space.That means it gets the research grants and orders from the government. As a result, it went from a penny stock to a mid-cap stock literally overnight.It still has plenty of growth left in it, because these are precisely the kind of medical companies that China wants to build.Source: IgorGolovniov / Shutterstock.com ManTech International (NASDAQ:MANT) is an IT and technical services firm that works primarily in the defense sector. This is a very good place to be now.As we modernize the theater of war, it takes an extreme amount of technical support. Think about a networked battlefield with soldiers with heads-up display relaying information to other soldiers, equipment that locate where shots are coming from and calculate countermeasures, drones offering up images of potential combatants and non-combatants - all in real time.And then you have secure communications for covert operations and systems for intelligence services. This is all where MANT makes it business.The defense sector and intel services are very focused on electronic warfare. Money was put into the budget for a new space force as well. You can be sure that MANT is in the middle of all these new contracts. * 7 Energy Stocks That Are Still Worth Buying In 2020 The stock is up nearly 47% this year, yet it still trades at a trailing PE of 30. This is a good time to be a secure tech provider for defense and intel agencies.Source: Shutterstock Aqua America (NYSE:WTR) is one of the leading water companies east of the Rockies. It operates in Ohio, Texas, Illinois, North Carolina, Virginia, New Jersey and Indiana.Basically, as municipalities struggle to keep up to date on their water systems, they turn to companies like WTR to do it for them. Many older towns have outdated systems that need to be upgraded to current standards, pipes and pumps need to be replaced, and wastewater systems upgraded.WTR has the advantage of economies of scale and focused expertise. It has everything it needs on hand and do much of the work and maintenance cheaper than the towns can do it.It's a good business that works out for everyone. Residents get a value for their tax dollars and reliable drinking water, and companies gets long-term contracts.The stock is richly valued here, but the expectation is that WTR is in a growth phase now, so that shouldn't be an issue for long. Also, it has a rock-solid 2% dividend that adds to its allure.Source: madamF / Shutterstock.com Vipshop Holdings (NYSE:VIPS) is a Chinese e-commerce fashion retailer. Think of it as a Chinese version of Macy's (NYSE:M), but without the challenges of brick and mortar stores, or the loss of its brand power to emerging brands.VIPS is the emerging brand and it has a variety of products at all price points. In this way, it's also like a Chinese Amazon (NASDAQ:AMZN) of fashion for women, men and children.VIPS has come a long way in its 11 years. It has an $8 billion market cap now and the stock is up 163% in the past year. Remember, the U.S.-China trade war has been going on 18 months. * 7 Exciting Biotech Stocks to Buy Now The trade war has likely helped VIPS since it wasn't raising prices because of U.S. imports. It likely built an even bigger footprint for itself moving forward since it gained customers over that time. And now that the Chinese economy is on the mend, that means even more growth.Source: Shutterstock Kinross Gold (NYSE:KGC) is one of the bigger gold and silver mining players in the world. It's headquartered in Toronto, Canada but has mines all over the world, generally buying up smaller mines and adding them to its family.While gold may seem a bit antiquated an investment, the fact is, a good gold company is always a good hedge. When the markets are in turmoil or inflation starts to rise, gold rises in demand.And countries around the world still stockpile gold when they see market troubles.Also, silver is an industrial metal as well as a precious one. It's a crucial metal in a lot of high-performance electronics, so demand for silver can grow as demand for electronics expands.Miners don't follow the price of gold directly; they usually underperform when gold is weak and outperform when gold prices are strong. For example, gold is up 14% year to date but KGC is up 40%. This is neither good or bad, but it's good to know if you haven't owned a mining stock before.Again, this is a good hedge at a good time. It shouldn't be a major holding.Louis Navellier had an unconventional start, as a grad student who accidentally built a market-beating stock system -- with returns rivaling even Warren Buffett. In his latest feat, Louis discovered the "Master Key" to profiting from the biggest tech revolution of this (or any) generation. Louis Navellier may hold some of the aforementioned securities in one or more of his newsletters. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * The 8 Biggest Investing Surprises of 2019 * 7 Impressive Stocks to Buy Over $250 * 4 Small-Cap Energy Stocks Ready to Explode The post 7 Ideal Mid-Cap Stocks for a Diverse Portfolio appeared first on InvestorPlace.
Amid an overall bull market, many stocks that smart money investors were collectively bullish on surged through the end of November. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 54% and 51% respectively. Our research shows that most of the stocks that smart money likes historically generate strong […]
American Express Global Business Travel (GBT) confirmed Tuesday the signing of an an agreement for an equity recapitalization of the joint venture, that is half-owned by American Express Co. and half-owned by and investor Group led by Certares. The recapitalization was originally reported by The Wall Street Journal, which said the agreement would value the company at $5 billion, including debt. The investor group is led by Certares includes Qatar Investment Authority, certain funds managed by BlackRock Inc. and Teacher Retirement System of Texas, and will now include Carlyle Group L.P. and Singapore's sovereign wealth fund GIC, as well as Kaiser Permanente and the University of California Office of the Chief Investment Officer of the Regents. "This investment validates the success of the joint venture and underscores the strength of our long-term growth strategy," said Certares founder Greg O'Hara, who will continue as executive chairman of GBT. "We are pleased to continue working with American Express and nearly all of our original investors, as well as welcoming Carlyle, GIC and others to the group."
Carlyle Group L.P. and other investors are buying a stake in American Express Global Business Travel in a deal that values the company at $5 billion, according to a report in The Wall Street Journal. Citing a person familiar with the matter, the report said the of the new investment couldn't immediately be determined, and American Express Co. will retain a 50% ownership stake. The new investors include private-equity firm Carlyle, Singapore's sovereign-wealth fund GIC, Kaiser Permanente, Qatar Investment Authority, funds managed by BlackRock Inc. and the University of California Office of the Chief Investment Officer of the Regents.
Coalfire, a Westminster-based cybersecurity firm, announced today that it is getting acquired by Apax Partners, a British private equity advisory firm. Coalfire is being acquired from The Carlyle Group (Nasdaq: CG) and The Chertoff Group, both based in Washington, D.C. The deal is expected to be completed by early 2020 and financial terms were not disclosed. After growing under The Carlyle Group and The Chertoff Group, Coalfire was looking for further investment and growth opportunity, Patrick Kehoe, chief strategy and marketing officer for Coalfire, told Denver Business Journal.
Income investors who’ve dismissed publicly traded alternative-asset managers like Apollo Global Management because of their inconsistent payouts might want to reconsider: Many of these companies have shifted their policies to focus more on steady dividend payments.
Sameer Bhargava didn’t have a background in construction when he decided to make the leap from private equity, but he did have something he thought would be equally valuable: the ability to make things happen. Having worked for the likes of The Carlyle Group LP (NASDAQ: CG) and Bain Capital, Bhargava stepped into the role of chief financial officer at Clark Construction Group in 2016 with the aim of applying the Bethesda contracting giant’s track record of project management to converting big ideas into reality. After more than 20 of those projects were put into practice, the decisive moment came during a corporate leadership meeting in October, when Clark teams showed how those efforts helped clients avoid costly mistakes, save time or tackle projects more efficiently.
Moody's Investors Service ("Moody's") today downgraded Acosta, Inc.'s ("Acosta") probability of default rating to D-PD from C-PD/LD. The downgrade was prompted by Acosta initiating Chapter 11 bankruptcy proceedings on December 1, 2019.
(Bloomberg Opinion) -- For every 100 people in India, there are only three credit cards. A comparable penetration figure for the U.S. is 320.Statistics like these suggest that India’s first initial public offering of a credit card issuer is either an opportunity with boundless prospects — or a victim of arrested development. Which is it?The upcoming sale of shares in SBI Cards and Payment Services Ltd. will give investors a chance to find out. Between them, the controlling shareholder, State Bank of India, and its 26% partner, Carlyle Group, plan to sell up to 130.5 million shares. Throw in a simultaneous offer of new shares, and it could be a 96 billion rupee ($1.3 billion) IPO, India’s biggest in the current financial year, according to local media reports. Business is booming at the country’s second-largest card issuer. After Carlyle arrived in 2017 to replace GE Capital in the two-decade-old venture, earnings were 7.4 rupees a share in the year through March 2018. The most recent six-monthly profit topped that figure. Younger millennials and Generation Z — those born after 2000 — are driving this growth. In India’s fiscal year ended in March 2016, barely 2% of credit card transactions were originated by people below 25 years of age. That number has jumped to 10%. Add the 26-30 age group, and the youth share of plastic is 35%, beating people over 40 by as much as eight percentage points. Yet only about 5% of Indians’ consumption per capita takes place through credit cards. After growing 12% annually over four years, average spending per card is stalling. While a slowdown is only to be expected given a sharp decline in economic momentum, the reason has more to do with the merchant than the spender.E-commerce, which is increasingly the most obvious use of a credit card, will account for barely 7% of India’s $1.2 trillion-a-year retail industry by 2021, according to Deloitte Consulting. Another 18% will go to malls, department stores and other forms of organized retail. But three-quarters of the market will remain with mom-and-pop stores. An average shop can hope to receive $775 in monthly business from cardholders. Card issuers would garner revenue of $11 of that, but the bank that acquired the merchant and fitted it up would receive just $1.50 a month. It’s simply not worth anyone’s while to expand the business into smaller towns dominated by small shops. Increasingly ubiquitous smartphones are far more suitable for payment authentication in a low-middle-income country than credit cards. Google Pay and Walmart’s PhonePe are leading people-to-people mobile payments in India, using the so-called unified payments interface, a system linking India’s banks. The same system will also drive people-to-merchant payments. Credit will just be an added layer. Banks will compete for whoever can bring them a lot of customers. India’s richest man, Mukesh Ambani, has 355 million customers for his 4G mobile network, Jio. Unsurprisingly, the oil-to-telecom tycoon wants to connect 30 million small retailers with common inventory-management, billing and tax platforms as well as low-cost payment terminals. He won’t be alone. Even in Indian e-commerce, Walmart Inc.’s Flipkart Online Services Pvt is promoting “cardless” credit, where the financing comes from banks and nonbank lenders. During the recent local holiday sale season, three out of four Amazon.com Inc. customers who availed themselves of credit to make purchases came from Tier 2 and 3 cities, where card penetration is low; every second buyer who borrowed to buy something did so for the first time.The parent State Bank’s opportunity in unsecured retail loans will be far larger than that of its IPO-bound cards unit. India’s largest commercial bank will make its low-cost deposits available to Ambani, Walmart and other digital commerce hopefuls who might be looking to sweeten their proposition to customers with a dollop of credit. That should still leave plenty of headroom for SBI Cards to grow. Its 18% market share means the company will remain a sought-after choice for co-branded partnerships, such as with Indian Railways and ride-hailing app Ola.Carlyle’s partial exit would value the U.S. buyout firm’s 26% stake at about seven times what it paid in 2017, according to Reuters. That’s a neat pile to make from plastic in such a short time, and in a country where it hasn’t really taken off. IPO investors will be content with a lot less.To contact the author of this story: Andy Mukherjee at firstname.lastname@example.orgTo contact the editor responsible for this story: Patrick McDowell at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
SBI Cards and Payment Services, the credit card arm of State Bank of India (SBI), aims to raise roughly 90 billion rupees ($1.25 billion) in an initial public offering, according to a source familiar with the matter, in a deal set to make a bumper profit for U.S private equity firm Carlyle Group. SBI Cards is 74% owned by SBI, India's largest lender, while Carlyle Group owns the remaining 26%, a stake which it bought in 2017 from the lending arm of General Electric for about 20 billion rupees. SBI will divest 4%, while Carlyle is set to sell a 10% stake as part of the IPO process, which will also include a sale of fresh equity worth 5 billion rupees, according to a draft prospectus published by the book runners of the deal.