|Bid||2.4000 x 800|
|Ask||2.6000 x 1400|
|Day's Range||2.3900 - 2.5000|
|52 Week Range||2.2000 - 4.4400|
|Beta (3Y Monthly)||3.59|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 7, 2019 - Aug 12, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||1.00|
(Bloomberg) -- UBS Group AG’s top banker to billionaires said the wealthiest clients are sidelining financial institutions as they close private transactions without advice from investment banks.Family offices and some hedge funds are increasingly completing deals with each other or banding together on direct investments as eking out returns in public markets gets harder, Joe Stadler, UBS’s head of ultra-high-net-worth clients, said in an interview.“We have been looking at this trend for years now, but it’s accelerating, and for banking that could become the digitalization event for Kodak if we are not preparing ourselves,” he said, referring to the downfall of Eastman Kodak Co., the photography giant that was pushed into bankruptcy as digital cameras upended the film market.The growth of direct deals among the super-rich aligns with the rise of them taking control of their own fortunes through family offices. Following the lead of billionaires including Michael Dell and Bill Gates, many now act like private equity firms, buying large stakes in companies or acquiring them outright. Direct deals comprised almost a third of the firms’ portfolios last year, according to research by UBS and Campden Wealth.Banks are struggling to win these private deals because regulators require them to carry out so-called suitability tests: in other words, vetting clients to ensure they have enough financial know-how to be aware of all the risks. Banks feel compelled to carry out the tests even if they believe the client doesn’t need them, Stadler said. The customers, meanwhile, are put off by the paperwork, he said.“Suddenly you have no business,” he said, adding that banks need to create their own deal platforms and legal frameworks to stay relevant.Wealth advisers and banks are adding direct investing to their white-glove services for the rich -- and getting lucrative fees. For a family with $100 million to invest, upper-end advisers charge about 0.5%, or $500,000, annually. Almost 85% of family offices make direct investments, according to a Family Office Exchange survey released last month. There are more than 10,000 single-family offices globally, at least half of which were started in the past 15 years, according to accounting firm EY.Investment banks are already seeking to put themselves at the center of rich clients’ deals. Zurich-based UBS holds events around the world, wherever its wealthiest clients rub shoulders, and BNP Paribas SA created an online platform three years ago that allows its richest customers to search for co-investment opportunities. Earlier this year, Investec Plc’s private bank launched an initiative to connect wealthy customers by appointing a head of strategic client partnerships in London.To carve out business, banks need to leverage their skills, and UBS is adept at matching buyers and sellers, Stadler said.“If somebody wants to sell a plot of land in a large German city for 50 million euros, we know who is interested,” he said. “We know the buyer and we have to make sure we can match.”(Updates with survey results and EY data in seventh paragraph.)\--With assistance from Simone Foxman.To contact the reporters on this story: Ben Stupples in London at email@example.com;Patrick Winters in Zurich at firstname.lastname@example.orgTo contact the editors responsible for this story: Dale Crofts at email@example.com, Peter Eichenbaum, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Eastman Kodak Company (KODK) today announced that it has closed the previously announced issue and sale of $100 million aggregate principal amount of its 5.00% Secured Convertible Notes due 2021 (the “Convertible Notes”) to funds managed by Southeastern Asset Management, an employee-owned, global investment management firm. Kodak shareholders who are not affiliated with the purchasers of the Convertible Notes holding a majority of the outstanding shares of Kodak common stock not held by the purchasers of the Convertible Notes have entered into support agreements agreeing to execute written consents approving the conversion feature of the Convertible Notes and the issuance of shares of Kodak common stock upon conversion of the Convertible Notes.
Eastman Kodak Company (KODK) today announced that it has entered into an agreement for the issue and sale of $100 million aggregate principal amount of its 5.00% Secured Convertible Notes due 2021 (the “Convertible Notes”) to funds managed by Southeastern Asset Management, Inc., an employee-owned, global investment management firm (“Southeastern”). Kodak intends to use the net proceeds of the issuance and sale of the Convertible Notes to prepay in full its outstanding first lien term loans, and the remainder for general corporate purposes. To facilitate the Convertible Notes issuance, Kodak expects to enter into an amendment to its asset based revolving credit facility to permit the incurrence of the Convertible Notes.
MIAMI (AP) — The Rolling Loud Music Festival celebrating global hip-hop artists in South Florida did not go so well for Kodak Black and Lil Wayne.
On a per-share basis, the Rochester, New York-based company said it had a loss of 54 cents. Losses, adjusted to account for discontinued operations, came to 40 cents per share. The commercial and packaging ...
Eastman Kodak Company today reported financial results for the first quarter 2019, including a net loss of $18 million on revenues of $291 million and continued growth in key product areas.
Eastman Kodak Company will release its first-quarter 2019 financial results on Thursday, May 9, at 4:15 p.m. Eastern Daylight Time over Business Wire and kodak.com Investor Relations webpage.
LEWISTON, N.Y. (AP) — Kodak Black was arrested on drug and weapons charges as the rapper tried to cross from Canada into the United States near Niagara Falls, law enforcement officials said Thursday.
Today Eastman Kodak Company and Montagu Private Equity LLP announced the completion of the sale of Kodak’s Flexographic Packaging Division (FPD). The net proceeds from the transaction will be used by Kodak to reduce outstanding term debt. Over the past five years, FPD has grown and thrived within Kodak and become a significant player in the package printing industry.
Eastman Kodak Company (NYSE:KODK) reported its latest earnings results, which included a sales decline in its fiscal 2018 that played a role in KODK stock declining after hours.The Rochester, New York-based imaging firm said that for its fourth quarter of its fiscal 2018, it brought in sales of $366 million, a slight decline from what it brought in last year due in part to lower sales from its Print Systems brand. Net income for the period was a bright sign for the period at $19 million, considering the amount was a $46 million loss during the same period a year ago.For its fiscal 2018, Kodak brought in sales of $1.32 billion, a drop of 4.4% when compared to its fiscal 2017, due in part to a decline in sales from its Print Systems Division, which is its largest one. Every other division also experienced a dip in sales or flat revenues during 2018.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe business' operational EBITDA for the year took a turn for the worse, falling 90% to $1 million due in part to lower margins from its Print Systems segment. This was also Kodak's first quarter reporting earnings under its new CEO Jim Continenza, who replaced Jeff Clarke after the latter resigned from the company.KODK stock was surging about 5.2% during regular trading hours Monday in anticipation of the company's quarterly results. Underwhelming figures sent Kodak shares declining 6.7% after the bell. More From InvestorPlace * The Elite 8 Stocks to Buy for Massive Outperformance * 7 Reasons to Buy Housing Stocks in 2019 * 8 Genomic Testing Stocks That Can Ease the Sting of Theranos Compare Brokers The post Eastman Kodak Company Earnings: KODK Stock Sinks as 2018 Sales Down 4% appeared first on InvestorPlace.
Eastman Kodak Company today reported financial results for the full year 2018, including a net loss of $16 million on revenues of $1.3 billion and continued growth in key product areas.
NEW YORK, NY / ACCESSWIRE / April 1, 2019 / Eastman Kodak Company (NYSE: KODK ) will be discussing their earnings results in their 2018 Fourth Quarter Earnings to be held on April 1, 2019 at 5:00 PM Eastern ...
Eastman Kodak Company will release its fourth-quarter and full-year 2018 financial results on Monday, April 1, at 4:15 p.m. Eastern Daylight Time over Business Wire and kodak.com Investor Relations webpage.