Yahoo Finance talks to George Pyne, Bruin Sports Capital CEO, about how streaming services could make a major play in live sports.
Yahoo Finance talks to George Pyne, Bruin Sports Capital CEO, about how streaming services could make a major play in live sports.
(Bloomberg) -- Jaguar Land Rover’s Indian owner reported a pretax profit for the three months through March as a recovery in Chinese demand lifted sales of the automaker’s luxury sports cars and SUVs.Tata Motors Ltd. posted fourth-quarter earnings of 57 billion rupees ($23 million) before tax and one-time items on Tuesday, rebounding from a loss of 65 billion rupees a year earlier. Revenue soared 42% and exceeded estimates.JLR’s improving sales performance is crucial for Mumbai-based Tata as the group’s Indian business is being buffeted by the surge in coronavirus cases gripping the country. Government-imposed lockdowns have shuttered sales outlets and halted factories’ production lines.“While demand remains strong, the supply situation over the next few months is likely to be adversely impacted by disruptions from Covid-19 lockdowns in India and semiconductor shortages worldwide,” Tata said in a statement.Charge TakenThe group booked a 1.5 billion-pound ($2.1 billion) charge initially flagged in February related to JLR’s shift to electric models, though its net loss still narrowed.Tata Motors closed 3.5% higher before the company released earnings. The stock is up 80% this year.Jaguar Land Rover posted a pretax profit of 534 million pounds in the quarter after selling 12% more vehicles. Sales more than doubled in China and increased 10% in North America.All model ranges except Jaguar-brand autos were back to pre-Covid levels in the quarter, lifting JLR’s market share to 6%. That was up from 4.4% in the first three months of the financial year, with the new Defender sport utility vehicle spurring gains.Chip IssueThe global shortage of semiconductors has affected JLR since the quarter ended, forcing the carmaker to suspend production at its Castle Bromwich and Halewood plants for a limited period.The company is working with suppliers to resolve the issue, though Chief Financial Officer Adrian Mardell said it could contribute to a small Ebit loss in the current quarter, which is always JLR’s weakest for cash flow. He reiterated full-year cash and profit-margin targets.JLR is staging a recovery after wrangling with uncertainty over Brexit and stricter emissions limits in the past few years. Chief Executive Officer Thierry Bollore has outlined plans to cut costs by 2.5 billion pounds and reduce headcount by 2,000 while accelerating an electrification drive.The company said it has reduced expenses to lower its breakeven point to 400,000 vehicle sales a year, from 600,000 in 2019.Tata said its own operations will show a “relatively weak” performance in the current quarter as the Covid-19 outbreak hampers production and commodity prices increase. It expects a gradual improvement later in the year.(Updates with sales details in the eighth 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 City of London's 'Golden Age' as Europe's financial capital is over following Brexit, but it will remain a major and profitable centre, NatWest bank chairman Howard Davies said on Tuesday. The City has been largely cut off from the EU since Britain's full departure on Dec. 31, 2020, with bankers and City officials not expecting any direct access to the bloc anytime soon. "Almost five years after the Brexit referendum, and five months after Britain's exit from the European Union, the future of London as a global financial center seems secure," Davies said in a column for Project Syndicate on Tuesday.
(Bloomberg) -- A growing chorus of analysts is warning that high-quality company debt may have nowhere to go but down as investment-grade spreads approach levels last seen in the lead-up to the dot-com bubble.“The best days are behind” for corporate credit, Morgan Stanley strategists led by Srikanth Sankaran wrote in a May 16 midyear outlook. “The combination of extended valuations, less favorable technicals and a slower pace of balance sheet repair suggests that credit markets have progressed to a mid-cycle environment.”Spreads on BBB rated bonds, which account for more than half of the high-grade universe, narrowed to an average of 106 basis points over Treasuries on Monday, fueled by investor demand for the lowest-rated yet highest-yielding part of the asset class. Should spreads breach 100 basis points, it would be the first time since the dot-com era of the late 1990s.Morgan Stanley is calling for 17 basis points of widening for U.S. investment-grade bonds through the first half of 2022, and downgraded its credit outlook to neutral.Meanwhile, Bank of America Corp. expects another stretch of rising Treasury yields will “lead the market to price in a much faster rate-hiking cycle,” strategists led by Hans Mikkelsen wrote in a note distributed Monday. That will cause spreads to widen in the coming months as investors are pushed to either sell or sit on the sidelines.Still, some say BBBs, the best performing tier of high-grade credit this year, may continue to enjoy a tailwind despite the tight spreads. Citigroup Inc. notes that President Joe Biden’s bailout of multi-employer pensions may spur tens of billions of dollars in demand for corporate bonds with the lowest investment-grade ratings.Morgan Stanley’s bearish forecast for credit overall also favors BBBs due to their marginally higher yields, with expectations that returns will now be driven “by carry and credit-picking rather than beta and capital appreciation.”And duration is also working in the rating bucket’s favor. With shorter average maturities than higher-rated corporate debt, BBBs are less exposed to losses from rising rates.U.S.Seven companies are looking to sell fresh debt in the U.S. investment-grade bond market Tuesday, including Charter Communications and Microchip Technology. Monday’s session saw the week kick off with almost $20 billion in new sales from 10 issuers.Borrowers are growing increasingly frustrated at a perceived failure by banks to explain their Libor transition plans and offer products tied to replacement rates.For the first time since January 2020, U.S. bankruptcy courts saw no large Chapter 11 bankruptcy filings last week.Eric Cole’s Warlander Asset Management will combine with Ellington Management Group as the investment firms seek to expand their corporate credit capabilities, according to an investor letter seen by Bloomberg.For deal updates, click here for the New Issue MonitorFor more, click here for the Credit Daybook AmericasEuropeA triple-tranche sale from American Tower and the final SURE offering from the EU led a jam-packed day for deals in Europe’s bond market.Credit Suisse Group AG on Monday issued its first euro and sterling notes since the collapse of Greensill Capital and Archegos Capital Management. While the sales left demand for the bank’s debt in no doubt, they also highlighted increases in the bank’s funding costs since March.Lender calls for Carnival, Solera and Vocus term loans were Tuesday, while commitments were due for Azelis.AsiaChina Huarong Asset Management Co. has transferred funds to repay a $300 million bond maturing Thursday, according to a person familiar with the matter.Still, bondholders in the bad-debt manager may face significant losses, with China planning an overhaul that would hit both domestic and foreign creditors, according to a New York Times report.As the Huarong saga increases scrutiny of ‘bad bank’ debt globally, India’s version will keep a tight leash on its own debt financing, according to a top official of the association helping to finalize the details.Global banks are losing share in the $186 billion lending market for Chinese borrowers offshore, falling behind local rivals boosting their presence just as the nation’s corporate sector recovers from the pandemic.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Home Depot had a strong first quarter, but in the process experienced some shocking levels of inflation as the economy rebounds from the pandemic.
Stocks fell on Monday, resuming last week's declines as investors' concerns around rising inflation persisted.
A paper that my colleague Anqi Chen and I wrote last year — “How Much Taxes Will Retirees Owe on Their Retirement Income?” — keeps hitting the “top 10” list on a major listserv for social sciences research. As people approach retirement, they tend to add up their financial resources — Social Security benefits, defined benefit pensions, defined contribution balances, and other assets. The question we look at is just how large the tax burden is for the typical retired household and for households at different income levels.
‘Will she still be able to use our daughter as a tax deduction? My concern is also with the coming child tax credit this summer.’
AT&T's stock is the biggest loser in the S&P 500 on Tuesday. Its valuation depends on how much credit investors give the combined WarnerMedia/Discovery for its future streaming efforts.
Learn the basic structure of a 401(k) and why it may not be enough to sustain you during retirement.
Experienced hands look to be buying the dip as a key bitcoin price indicator suggests the pullback may be coming to an end.
Amid the slump sweeping across crypto assets Tuesday, investors were turning their attention to a meme asset, SafeMoon, that has garnered increased attention was recently drawing fresh looks after comments made by Barstool Sports founder Dave Portnoy on Twitter.
Raoul Pal tells bitcoin investors that current volatility is to be expected, but big things are around the corner.
‘Everybody wants to have asset prices forever going up and the cost of financing to be next to nothing,' Kerry Killinger says.
(Bloomberg) -- Bitcoin and other major cryptocurrencies slumped after the People’s Bank of China reiterated that the digital tokens cannot be used as a form of payment.The largest cryptocurrency fell as much as 5.3% to $42,430 in New York, continuing a week-long slide sparked by Elon Musk’s back-and-forth comments on Tesla Inc.’s holdings of the coin. Bitcoin is now at its lowest level since early February. Ether lost more than 7%, while last week’s sensation, Internet Computer, continued its plunge. Dogecoin also slid.“This is the latest chapter of China tightening the noose around crypto,” said Antoni Trenchev, managing partner and co-founder of Nexo in London, a crypto lender.Virtual currencies should not and cannot be used in the market because they’re not real currencies, according to a notice posted on PBOC’s official WeChat account. Financial and payments institutions are not allowed to price products or services with virtual currency, the note said.Beijing since 2017 has abolished initial coin offerings and clamped down on virtual currency trading within its borders, forcing many exchanges overseas. The country was once home to about 90% of trades but the lion’s share of mining and major players have since fled abroad.Read more: Bitcoin Chartists See Rout Worsening With $40,000 in FocusChina has recently taken steps to issue its own digital yuan, seeking to replace cash and maintain control over a payments landscape that has become increasingly dominated by technology companies not regulated like banks.“It’s no surprise to me, as Chinese capital controls can be challenged by cryptocurrency purchases in the country and transfers out of the country,” said Adam Reynolds, CEO for APAC at Saxo Markets. “So avoiding use of them in the country is essential to maintaining capital controls. The only tolerable digital currency to a government with strong capital controls is their own CBDC.”Many chartists and technical analysts are looking at Bitcoin’s 14-day Relative Strength Index (RSI), which entered oversold levels Tuesday. In addition, an acceleration in its selloff could mean the coin approaches its next support around $40,000. A fall to that level would mark the first time since September that Bitcoin would test its average price over the past 200 days. And breaching it could mean it drops to $30,000, where it’s previously found support.For Stephane Ouellette, chief executive and co-founder of FRNT Financial, the moves have more to do with Musk’s recent tweets about Bitcoin.“It’s just a bit of a mess. TSLA’s entrance into the space saw some of the most aggressive BTC buying I’ve personally ever seen -- and it has to unwind,” he said. The EV-maker’s retraction that it will accept Bitcoin as payment “was the catalyst that accelerated the spread consolidation. Then over the weekend, little comments here and there have continued to confuse.”Meanwhile, the latest Bank of America fund manager survey showed that “Long Bitcoin” is the most crowded trade in the world right now. The poll captures 194 fund managers with $592 billion worth of AUM overall.“The fact that the BofA manager survey shows that the ‘long Bitcoin’ trade is the most crowded one on the Street right now isn’t helping either,” said Matt Maley, chief market strategist for Miller Tabak + Co. “When an asset becomes the most crowded trade in the BofA survey, it has frequently signaled a near-term pullback in the past. When you combine this with the news out of China, it’s not a surprise that Bitcoin is seeing some more weakness.”(Updates throughout, adds technical analysis, adds Ouellette comments)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
SafeMoon debuted its cryptocurrency in March, claiming to solve common problems that plague Bitcoin, Ethereum, and Dogecoin.
GameStop and AMC overcame rocky starts to the trading day as comments on social media surged and retail traders mused once again about “squeeze"s on both stocks.
The payments will reach more than 65 million children, according to senior administration officials.
The legislation would outlaw penalizing taxpayers until the IRS clarifies its policies.
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.
There are good and bad financial decisions on certain topics, but a decision like this where you have such a high level of savings at your age means you’ve already won in many respects. You never have to worry about a monthly mortgage payment. This isn’t a great feature in times of financial hardship or when you need to access your investment dollars.