Sen. David Perdue, R-Ga., discusses opponent Jon Ossoff’s alleged ties to China, says he and Sen. Kelly Loeffler ‘can win Georgia and save America.’
Sen. David Perdue, R-Ga., discusses opponent Jon Ossoff’s alleged ties to China, says he and Sen. Kelly Loeffler ‘can win Georgia and save America.’
Did someone say $100 billion? And then some? Wall Street analysts did. A consensus sees Apple Inc (NASDAQ: AAPL) as joining that rarefied corporate crowd that’s broken the $100 billion in quarterly revenues mark when it opens the books Wednesday on its fiscal Q1. That’s a record for AAPL, of course, and may have been assisted by holiday sales of its new iPhone 12. But it’s one in a series of fresh peaks AAPL has scored in a year—one the company acknowledged was rocked by adversity in many corners. Chief Financial Officer Luca Maestri said the strong results in last quarter’s report were driven by “the unmatched loyalty of our customers.” That may or not be true, but when AAPL reports earnings, investors also will be listening to how well AAPL is playing the market share game. The work-from-home trend, fueled by the pandemic, looks like it might have been a game-changer for AAPL, according to Morningstar analysts who believe it powered sales of iPads, desktops, and laptops. All that could be overshadowed in fiscal Q1 by iPhone 12 holiday sales, which it’s probably safe to say will get a fair share of attention Wednesday afternoon following the closing bell. AAPL has always been an attention-getter when earnings season rolls around, and now, with it sporting a $2.34 trillion market cap and reaching new stock price highs, it looks like it’s sure to take a spot under the limelight even when it’s up against a host of other high-profile tech stocks earnings results this week. Tesla Inc (NASDAQ: TSLA) and Facebook, Inc. (NASDAQ: FB) report the same afternoon. The Numbers Wall Street analysts expect AAPL revenue to jump 12% year-over-year to about $103 billion, according to FactSet. But some firms, such as Loup Ventures, are looking for much stronger numbers: up 19% to $109.5 billion. From an earnings perspective, the Street has reached a consensus of $1.41 a share. Morgan Stanley (NYSE: MS) is also forecasting on the high side of consensus, eyeing revenues of $108.2 billion and earnings per share of $1.50. “Our recent conversations suggest investors expect Apple to release solid, but not great, December quarter results,” Morgan Stanley analysts wrote in a recent report. “We disagree and believe that Apple is likely to report all-time record quarterly revenue and earnings. “In our view, the iPhone 12 has been Apple’s most successful product launch in the last five years,” they said. More on that later. Any way you look at it, the numbers look robust. The Innovation Machine AAPL stopped giving guidance last year—kind of like many other companies uncertain of the ramifications of COVID-19 on their sales. In March, no one knew what the ricochet effects of the pandemic might be or how long it might last. We still don’t know all of that, but we have found that the city- and state-mandated quarantines and the overall fear of being in public helped fast-forward many trends that were already picking up steam. The digital transformation sped up, and it looks like AAPL might have been well-positioned for it. While the iPhone 12 might get most of the attention Wednesday, think back to last quarter when CEO Tim Cook noted all-time records for Mac and Services. Though he didn’t offer guidance for this past quarter per se, he did suggest double-digit gains on all product categories except the iPhone 12, which he thought would reach single-digit gains. FIGURE 1: APPLE LEAVES INDEX IN THE DUST. Over the last year, shares of Apple (AAPL—candlestick) have easily outpaced the Nasdaq-100 Index (NDX—purple line). Apple shares got off to a quick start in 2021, with investors apparently enthusiastic about tomorrow’s Q1 earnings prospects. Data source: Nasdaq. Chart source: The thinkorswim® platform from TD Ameritrade. For illustrative purposes only. Past performance does not guarantee future results. The Mighty iPhone 5G Launch Despite all the happy talk about fiscal Q4 revenues, iPhone’s weaker-than-expected sales offset the glee and pulled shares down nearly 6% in the first couple of days after the October earnings release. They have since recovered. AAPL reported iPhone sales of $26.4 billion in fiscal Q4, below the $27.73 billion expected by the Street. Much of that shortfall was attributed to AAPL’s decision to push the iPhone 12 launch into this most recent quarter, a move many believe may have led to consumers waiting for the upgrade before they bought. Back then, some analysts said a move to 5G could end up being a tailwind for the iPhone 12 with sales promotions and subscription services bundles. That, combined with the important holiday shopping season about to begin, could have led to a fast start for the new phone. We’ll see now if they were right. Analysts are mostly bullish on their iPhone sales expectations, with some saying the delay might have pushed around $4 billion in iPhone sales to the December quarter from the fiscal Q3. The Street’s consensus last stood at $59.58 billion, up better than 6% on a year-over-year basis. But Loup Ventures thinks that’s conservative. It’s looking for sales to vault 16% on a year-over-year basis to $64.9 billion, jumping to 59% of total sales compared with the iPhone’s typical 50% of sales standing. It’s unclear if that will actually be the case, but if it is it would reverse a trend in recent years toward iPhones being less of AAPL’s total revenue. The company has been emphasizing growth in services. Remember, we’re just two years out from January 2019 when Cook sent a letter to AAPL investors warning of a fiscal Q1 earnings shortfall due in part to weak iPhone sales in China. How things have changed. AAPL Earnings And Options Activity AAPL is expected to report an adjusted EPS of $1.41, up from $1.25 in the prior-year quarter, according to third-party consensus analyst estimates. Revenue is projected at $103.01 billion, up 16.4% from a year ago. The options market has priced in an expected share price move of 6.2% in either direction around the earnings release, according to the Market Maker Move™ indicator on the thinkorswim® platform. Looking at the Jan. 29 options expiration, puts have been active at the 125 and 135 strikes. But it’s been dwarfed by activity to the upside, heavy call volume at the 145 and 150 strikes. The implied volatility sits at the 34th percentile as of Tuesday morning. Note: Call options represent the right, but not the obligation, to buy the underlying security at a predetermined price over a set period of time. Put options represent the right, but not the obligation, to sell the underlying security at a predetermined price over a set period of time. Home Work And Its Tools The work- and study-from-home phenomenon helped drive sales of Macs and iPads last year, and analysts widely expect that trend continued into the fiscal Q1. A number of bells and whistles were added to new iPads and iPad Airs, and new computers with AAPL’s custom M1 chip replacing the Intel Corporation (NASDAQ: INTC) chip also hit the market. AAPL also is reportedly working on a new iPad Pro expected to be released in mid-March. There’s also talk on Wall Street that AAPL might have patented a new version of the Magic Keyboard for the iPad Pro. Given Cook’s comments about the “most prolific product introduction period,” analysts widely expect to hear about other new products coming on line. An update of the MacBook Air is one of those possible developments. AAPL is working on a thinner and lighter version of the MacBook Air, Bloomberg reported late last week, citing “people with knowledge of the matter. Analysts said they want to know if the planned release in the second half of this year is on track. Analysts at Monness, Crespi, Hardt & Co. expect AAPL to shed light on several new products and services, including how sales are going for its $549 AirPods Max over-the-ear headphones and the subscription Apple Fitness+ offering, plus ways to bundle services together for a discount. “In our view, Apple’s portfolio was positioned better-than-ever heading into the recent holiday season, while product and service updates position Planet Apple well in 2021,” the team wrote. And So Much More Among the myriad reasons AAPL’s earnings are such a magnet goes beyond products Other factors underscoring the company’s progress range from privacy concerns to app developer fees to government interventions and the overall economy. AAPL has done much to address many of these issues, but each quarter tends to introduce a fresh crop. In November, for example, AAPL said it would cut in half the commissions it charges smaller developers who sell software through the App Store and generate under $1 million in sales. AAPL’s original 30% take has long fueled complaints from developers, users and governments over its dominance in the digital world. The price cut to 15% appeased some but not all stakeholders and analysts hope the company will address how the cuts are panning out in the beginning weeks. Another question heading into earnings is AAPL’s cash position. The total cash trove stood at roughly $192 billion at the end of the company’s fiscal Q4, with about $112 billion in debt and a little more than $79 billion in cash. AAPL returned nearly $22 billion to shareholders in the form of buybacks and dividends. Investors can expect to continue to see more of that ahead, according to Loup Ventures, which estimates an additional $73 billion will be returned in coming years. TD Ameritrade® commentary for educational purposes only. Member SIPC. Options involve risks and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options. Photo by Trac Vu on Unsplash See more from BenzingaClick here for options trades from BenzingaBoeing Earnings Ahead: Eyeing Workforce Cuts, Aerospace Spending, And The Newly "Ungrounded" 737 MAXEarnings Continue With Johnson & Johnson, 3M Early, Followed By Microsoft Later© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The dynamic that has seemingly contributed to a short squeeze in the stock of videogame retailer GameStop Corp. also appears to be affecting shares in a host of other heavily shorted companies.
Highly shorted stocks are being targeted by some investors trying to force people who have bet the prices will fall into covering. Watch Dillard’s and AMC Entertainment.
(Bloomberg) -- Michael Burry’s bullish stance on GameStop Corp. in 2019 helped lay the foundations for one of the biggest retail investor frenzies in recent memory. Now the famed fund manager is warning that GameStop’s manic rally has gotten out of hand.“If I put $GME on your radar, and you did well, I’m genuinely happy for you,” Burry, best known for his prescient bet against mortgage securities before the 2008 financial crisis, said in a tweet on Tuesday. “However, what is going on now – there should be legal and regulatory repercussions. This is unnatural, insane, and dangerous.”Read more: How WallStreetBets Pushed GameStop Shares to the MoonBurry is “neither long nor short” GameStop, he said in a brief emailed response to questions from Bloomberg on Tuesday. His investment firm owned a 2.4% stake as of Sept. 30 after paring its holdings in the third quarter, according to regulatory filings compiled by Bloomberg.Burry, who became a household name after his mortgage trade was featured in “The Big Short,” helped draw attention to GameStop as early as mid-2019, when his Scion Asset Management unveiled a 3.3% stake in the beleaguered video-game retailer and urged the company to buy back shares. His position has been cited by some of the traders who’ve flooded online forums in recent weeks with posts imploring their fellow punters to buy.GameStop’s 642% surge since Jan. 12, plus another 41% gain in after-hours trading on Tuesday, has captivated Wall Street, drawn a tweet from Elon Musk and stymied short sellers including Gabe Plotkin’s Melvin Capital and Andrew Left’s Citron Research. It has also spurred calls for a Securities and Exchange Commission investigation, though experts say it’s difficult to prove chat-room posts are part of an illicit scheme to manipulate the market.(Updates with Burry comment in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Goldman Sachs sounds the alarm on some very hot tech stocks.
GameStop (GME) shares gained another 92% today to close at a record $147.98 a piece in another clash filled session between reddit WallStreetBets and short sellers. The company’s market cap is now over $10 billion.
Gamestop kept surging late on an Elon Musk tweet. Microsoft jumped late on earnings, while AMD and Palantir fell on news. Leading stocks struggled Tuesday.
Last week, EVgo became the latest charging infrastructure company to announce a SPAC deal to go public during a time that is seeing rapid adoption of electric vehicles and infrastructure. About EVgo: Climate Change Crisis Real Impact I Acquisition Corp (NYSE: CLII) is bringing EVgo public in a deal that values the company at $2.1 billion. EVgo has over 800 locations for its fast-charging stations in 34 states, including 67 major metropolitan markets. The company has supported over 220,000 customers. EVgo has the largest public DCFC (direct current fast charging) network. The company is a partner with General Motors Company (NYSE: GM), Tesla Inc (NASDAQ: TSLA), Nissan, Lyft Inc (NASDAQ: LYFT) and Uber Technologies Inc (NYSE: UBER). Charging stations are hosted at retail locations like Albertsons, Wawa and Kroger (NYSE: KR). DCFC is the key that sets EVgo apart from competitors. DCFC made up only 5% of the market in 2019 and is expected to grow share to 40% by 2040. EvGo has 818 DCFC sites and 1,412 charging units. Related Link: 7 Current And Former SPACs That Could Be 2020 Election Plays Competitors: EVgo is the only charging partner engaged by multiple OEMs to build out the network. A deal with General Motors will see the company add over 2,700 additional fast-charging locations. EVgo also has a deal with Nissan that gives $250 charging credits to customers. The company is also the first charging network with integrated Tesla connectors. Going forward, over 770 connectors are being added to chargers to help Tesla customers. In the electric vehicle charging market, EVgo competes with Blink Charging (NASDAQ: BLNK), Electrify America, which is owned by Volkswagen (OTC: VWAGY) and ChargePoint, which is merging with SPAC Switchback Energy Acquisition Corp (NYSE: SBE). EVBox Group, which is going public with SPAC TPG Pace Beneficial Finance Corp (NYSE: TPGY), could also soon be a competitor as it seeks to enter the U.S. market. ChargePoint and EVBox both have hundreds of thousands of charging stations. EVgo is the leader in DCFC trailing only Tesla by the number of locations with fast charging stations. Chargepoint had 731 locations as of June, Electrify America had 438 and Blink was part of a combined group that had 140 DCFC. One notable difference between the competitors is an area of concern for EVgo. Despite its lead in the number of DCFC locations, EVgo has less connections than rivals due to an average of 1.7 per location. EVgo’s total of 1,338 ranked behind Electrify America’s 1,807 and ChargePoint’s 1,614. The industry average was 3.8 connections per charging location. EVgo is working on expanding the number of connections per location in the future with future spots having four, six or eight charging connectors. EVgo also prides itself in a 98% uptime rating. Customer satisfaction scores reflect the uptime with EVgo scoring an 8.5 out of 10 for customer satisfaction compared to 8.0 for Electrify America, 7.6 for ChargePoint and 7.0 for Blink Charging. Benzinga’s Take: There could be room for several charging infrastructure stocks to gain on the continued rollout of the additional thousands of stations promised by President Joe Biden. ChargePoint looks like it could be a big winner with its large number of stations and lead in the total number of DCFC connectors. EVgo could be a winner as it works with partners like GM and Tesla to rollout additional DCFC locations and add Tesla connectors going forward. Share Performance: CLII shares have more than doubled since announcing the deal. Switchback shares are up nearly 300% in the last year. Blink Charging shares are up over 2,000% over the last year. See more from BenzingaClick here for options trades from BenzingaPalihapitiya Announces New PIPE Climate Investment: Who Could It Be?© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Regulators suspended the tech giant's planned listing before ordering a shake-up at the company.
Your retirement savings are $1 million. You want $100,000 of yearly retirement income, including Social Security. Is that doable without tons of risk?
Advanced Micro Devices Inc. has finally achieved many of its big goals that investors have been banking on over the past few years, as they drove its shares to become the biggest gainer in the S&P500 two years in a row. Now comes the the conundrum.
Plug Power raised 2021 guidance and a key 2024 target Tuesday, then announced a $1.5 billion secondary stock offering after the close.
Top news and what to watch in the markets on Tuesday, January 26, 2021.
For investors seeking a strong dividend player, there are some market segments that are known for their high-yield dividends, making them logical places to start looking for reliable payers. The hydrocarbon sector, oil and gas production and mainstreaming, is one of these. The sector deals in a products that’s essential – our world runs on oil and its by-products. And while overhead for energy companies is high, they still have a market for their deliverables, leading to a ready cash flow – which can be used, among other things, to pay the dividends. All of this has investment firm Raymond James looking to the roster oil and gas midstream companies for dividend stocks with growth potential. "We anticipate the [midstream] group will add around ~1 turn to its average EV/EBITDA multiple this year. This equates to a ~20-25% move in equity value," Raymond James analyst Justin Jenkins noted. Jenkins outlined a series of points leading to a midstream recovery in 2021, which include the shift from ‘lockdown’ to ‘reopen’ policies; a general boost on the way for commodities, as the economy picks up; a political point, that some of DC’s more traditional centrists are unlikely to vote in favor of anti-oil, Green New Deal policies; and finally, with stock values relatively low, the dividend yields are high. A look into the TipRanks database reveals two midstream companies that have come to Raymond James’ attention – for all of the points noted above. These are stocks with a specific set of clear attributes: a dividend yield of 7% or higher and Buy ratings. MPLX LP (MPLX) MPLX, which spun off of Marathon Petroleum eight years ago as a separate midstream entity, acquires, owns, and operates a series of midstream assets, including pipelines, terminals, refineries, and river shipping. MPLX’s main areas of operations are in the northern Rocky Mountains, and in the Midwest and stretching south to the Gulf of Mexico coast. Revenue reports through the ‘corona year’ of 2020 show the value potential of oil and gas midstreaming. The company reported $2.18 billion at the top line in Q1, $1.99 billion in Q2, and $2.16 billion in Q3; earnings turned negative in Q1, but were positive in both subsequent quarters. The Q3 report also showed $1.2 billion in net cash generated, more than enough to cover the company’s dividend distribution. MPLX pays out 68.75 cents per common share quarterly, or $2.75 annualized, which gives the dividend a high yield of 11.9%. The company has a diversified set of midstream operations, and strong cash generation, factors leading Raymond James' Justin Jenkins to upgrade his stance on MPLX from Neutral to Outperform (i.e. Buy). His price target, at $28, implies a 22% one-year upside for the shares. (To watch Jenkins’ track record, click here) Backing his stance, Jenkins writes, “Given the number of 'boxes' that the story for MPLX can check, it's no surprise that it's been a debate stock. With exposure to inflecting G&P trends, an expected refining/refined product volume recovery, the story hits many operational boxes - while also straddling several financial debates… We also think solid 2020 financial results should give longer-term confidence…” Turning now to the rest of the Street, it appears that other analysts are generally on the same page. With 6 Buys and 2 Holds assigned in the last three months, the consensus rating comes in as a Strong Buy. In addition, the $26.71 average price target puts the upside at ~17%. (See MPLX stock analysis on TipRanks) DCP Midstream Partners (DCP) Based in Denver, Colorado, the next stock is one of the country’s largest natural gas midstream operators. DCP controls a network of gas pipelines, hubs, storage facilities, and plants stretching between the Rocky Mountain, Midcontinent, and Permian Basin production areas and the Gulf Coast of Texas and Louisiana. The company also operates in the Antrim gas region of Michigan. In the most recent reported quarter – 3Q20 – DCP gathered and processed 4.5 billion cubic feet of gas per day, along with 375 thousand barrels of natural gas liquids. The company also reported $268 million in net cash generated, of which $130 million was free cash flow. The company reduced its debt load by $156 million in the quarter, and showed a 17% reduction in operating costs year-over-year. All of this allowed DCP to maintain its dividend at 39 cents per share. Early in the corona crisis, the company had to cut back that payment – but only once. The recently declared 4Q20 dividend is the fourth in a row at 39 cents per common share. The annualized rate of $1.56 gives a respectable yield of 7.8%. This is another stock that gets an upgrade from Raymond James. Analyst James Weston bumps this stock up from Neutral to Outperform (i.e. Buy), while setting a $24 target price to imply 20% growth on the one-year time horizon. “[We] expect DCP to post yet another solid quarter on sequential improvements in NGL prices, NGL market volatility, and positive upstream trends… we are not capitalizing current propane prices and anticipate a solid, but more normalized pricing regime over the next 12-18 months. In our view, this will create a beneficial operating environment for DCP cash flows that is not currently reflected in Street estimates,” Weston noted. All in all, the Moderate Buy analyst consensus rating on DCP is based on 7 recent reviews, breaking down 4 to 3 Buy versus Hold. Shares are priced at $19.58 and the average target of $23 suggests an upside of ~15% from that level. (See DCP 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.
Raytheon beat Q4 estimates and predicted increases in shareholder returns but gave mixed 2021 guidance.
GameStop appears to be in the middle of a short squeeze that has driven its stock up almost 500% over the past week.
Short-seller Andrew Left does not usually smoke. Left, who has built a reputation by targeting companies he thinks are overvalued, is as convinced as ever that videogame retailer GameStop is a dying business whose stock price will fall sharply someday. GameStop did not immediately respond to a Reuters request for comment.
Johnson & Johnson on Tuesday said it expected to report eagerly-awaited data on its COVID-19 vaccine early next week, and that it would be able to meet the delivery target for doses to countries with which it had signed supply agreements. Public health officials are increasingly counting on single-dose options like the one being tested by J&J to simplify and boost inoculations given the complications and slower-than-hoped rollout of authorized vaccines from Pfizer Inc and Moderna Inc, which require second shots weeks after the first. The company forecast 2021 profit well above Wall Street estimates, and its shares rose 3.4% to $171.55.
(Bloomberg) -- New York’s apartment investors are suddenly waist-deep in distress.By December, they were behind on $395 million of debt backed by mortgage bonds, almost 150 times the level a year earlier, according to Trepp data on commercial mortgage-backed securities. Tenants in rent-stabilized units owe at least $1 billion in rent and wealthier ones are fleeing the city, leaving behind vacancies and pushing newly-built luxury towers into foreclosure.For years, as crime dwindled and rent climbed in New York, investors gobbled up apartment buildings. But with the city’s economy and culture crushed by Covid-19, mounting job losses have derailed the gentrification boom and put financial pressure on landlords.“The people who specialize in mortgage workouts are the busiest people in New York real estate,” said Barry Hersh, a clinical associate professor of real estate at New York University.The developers who are in the most trouble pushed hard into Harlem and the Brooklyn hipster hubs of Crown Heights, Flatbush and Bushwick, squeezing out working-class residents by building new expensive units. Now, they’re grappling with eviction bans and new tenant protections as rent falls across New York.Colony 1209, a steel-gray apartment building, opened six years ago in the heart of Bushwick, an industrial vision of urban chic, with a billiards room and 24-hour doorman. The website pitched one bedrooms for $2,500 to “like-minded settlers” in the mostly Black and Hispanic neighborhood, which it called Brooklyn’s “new frontier.”Now Colony, renamed Dekalb 1209, faces foreclosure after owner Spruce Capital Partners defaulted on a $46 million mortgage. The five-year interest-only loan matured in October and was not extended, triggering the default, according to monthly filings by the loan’s servicer, Wells Fargo & Co.The lender is filing to repossess the building -- as soon as New York’s foreclosure moratorium expires -- while simultaneously discussing workout alternatives with the borrower. Spruce could not be reached for comment.Right before Covid hit, investors were willing to pay top-dollar for luxury buildings like Colony. They wanted alternatives to rent-regulated buildings, which saw values crimped by a 2019 law that banned tactics landlords depended on to convert rent-stabilized units to market-rate.“That was the bright spot until the pandemic happened,” said Victor Sozio, executive vice president at Ariel Property Advisors, a commercial brokerage firm in New York City.Plans ‘Stymied’Emerald Equities, a fast-growing condo conversion specialist, filed for bankruptcy in December on buildings in Harlem. In its filing, the company said its “well-laid plans were stymied” by the tenant-friendly law. Residents organized a rent strike, then collections plunged even more after the pandemic, driving Emerald to hand ownership to LoanCore Capital, which loaned $203 million for the project.Doug Kellner, an attorney for Emerald tenants, blames the current market troubles on New York’s eviction ban because it came without any accompanying financial support.“Everybody realizes that rent is the green blood that keeps a building operational,” Kellner said.Across the boroughs, rents are on a downward spiral, as landlords try to fill empty apartments with ever-sweeter tenant concessions -- only to see the number of vacant listings surge further.In Manhattan, available units nearly tripled in December from a year earlier, and the median rent plunged 17% to $2,800, according to data from Miller Samuel Inc. and Douglas Elliman Real Estate. Rents are down 11% in Brooklyn and 18% in Northwest Queens, where starry-eyed developers built glassy apartment fortresses along the waterfront for young midtown professionals.In some ways, investors may be better insulated than after the 2008 financial crisis. Lenders generally required bigger down payments and underwrote loans based on current rents rather than expectations for the future, said Shimon Shkury, Ariel’s president. If the vaccine works and college students and office workers start to return, so will the market, Shkury said.“I don’t think there will be as much distress as you think,” he said.Deregulating RentsLenders have already put $1.4 billion of commercial-backed multifamily debt on watchlists because of issues such as rising vacancies or impending maturities. That’s 19% of all outstanding debt, compared with 22% at the nadir of the financial crisis.The trouble will filter from highly-leveraged investors who expanded quickly to lenders with the most aggressive underwriting, says NYU’s Hersh.“There will be banks that go under,” he said.At the same time, the market for multifamily buildings has gone soft. The total dollar volume of New York City multifamily sales was $4.5 billion in 2020, a 61% plunge from 2018, before the pandemic or the new rent laws, according to a report by Ariel.Still, firms such Limekiln Real Estate Investment Management, see opportunities. The company made $224 million in New York multifamily loans in the second half of 2020, up from $9.3 million before the pandemic. It’s easier to extract better terms in a “lender’s market,” said Scott Waynebern, Limekiln’s president.“It’s tricky to find where the bottom is,” he said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Microsoft blew away Q2 2021 expectations on the strength of its cloud and personal computing businesses.